ANNUAL REPORT 2015-2016 · 2018-10-24 · 2 Annual Report 2015-2016 JM FINANCIAL MUTUAL FUND Dear...

JM FINANCIAL MUTUAL FUND

ANNUAL REPORT 2015-2016

Please refer Scheme Information Document for details on Riskometer

BOARD OF DIRECTORSJM Financial Trustee Company Private Limited(as on 31st March, 2016)

JM Financial Asset Management Limited(as on 31st March, 2016)

Mr. Nimesh N. Kampani, Chairman Mr. V. P. Shetty, ChairmanMr. Anant V. Setalvad Mr. Darius PandoleMr. Darius E. Udwadia Mr. G. M. RamamurthyMr. Sharad M. Kulkarni Mr. Rajendra P. ChitaleDr. R. Srinivasan Mr. V. P. Singh

SPONSOR TRUSTEE INVESTMENT MANAGERJM Financial LimitedCIN: L67120MH1986PLC038784Registered Office: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025.

JM Financial Trustee Company Private LimitedCIN: U65991MH1994PTC078880Registered Office: 141, Maker Chambers III, Nariman Point, Mumbai - 400 021.Corporate Office: 5th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025.

JM Financial Asset Management Limited (Formerly known as JM Financial Asset Management Private Limited) CIN: U65991MH1994PLC078879Registered Office: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025.Corporate Office: Office B, 8th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025.Tel. No.: 022-6198 7777Fax No.: 022- 6198 7704

AUDITORS LEGAL ADVISOR REGISTRAR & TRANSFER AGENT S.R.Batliboi & Co. LLP,Chartered Accountants14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400 028, India.

Udwadia Udeshi & Argus Partners 1st Floor, Elphinstone House17 Marzban road,Mumbai - 400001.

Karvy Computershare Private LimitedKarvy Selenium Tower B, Plot No. 31 & 32, First Floor, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad - 500 032.

CUSTODIAN BANKERSHDFC Bank LimitedLodha – I Think Techno Campus, Building Alpha, Custody Department, 8th Floor, Opp Crompton Greaves, Kanjurmarg (E), Mumbai – 400 042.

HDFC Bank Limited

CORPORATE OFFICE

JM Financial Asset Management Limited (Formerly known as JM Financial Asset Management Private Ltd) Corporate Identity Number: U65991MH1994PLC078879

Office B, 8th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025.

Tel. No.: 022 - 6198 7777 | Fax No.: 022 - 6198 7704 | E-mail: [email protected] | Website: www.jmfinancialmf.com

2

Annual Report 2015-2016


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 March 31, 2016.

ECONOMIC OUTLOOK

The GDP estimate (third Quarter) for the F.Y. 2015-16, released by the Central Statistics Office (CSO), showed that the Indian Economy growing at a robust pace of 7.30% Y-o-Y.

The uneven recovery in growth in F.Y. 2015-16 is likely to strengthen, gradually into 2016-17.The GDP growth projection for F.Y. 2016-17 has been retained at 7.60%, assuming a normal monsoon, the likely boost to consumption demand from the implementation of the 7th Pay Commission recommendations and One Rank One Pension (OROP), and continuing monetary policy accommodation.

Globally, almost all major Central Banks (barring USA) have been following an accommodative monetary policy stance due to falling inflation across geographies, largely on account of sharp correction in crude oil, commodity prices and also food prices.

Consumer Price Index (CPI) inflation declined to 4.83% in March, 2016 from 5.25% in March, 2015. CPI inflation is expected to average around 5.00% by the end of F.Y. 2016-17 with assumption of normal monsoon and range bound level of commodity prices, especially Oil.

Inflation as per the Wholesale Price Index (WPI) remained in negative territory for almost full year rising marginally from - 2.33% in March, 2015 to -0.85% in March, 2016.

The Current Account Deficit (CAD) also narrowed during the year. During the first three quarters of F.Y. 2015-16, CAD was recorded at $21.9 billion and stood at 1.4% of GDP compared to 1.7% in the same corresponding period a year ago.

The moderation in current account gap is largely attributable to lower crude import bill that fell to USD 78 billion in F.Y. 2015-16 from USD 131 billion in F.Y. 2014-15 and contraction in trade deficit of merchandise goods along with rise in services trade surplus.

Fiscal deficit for F.Y. 2015-16 was retained at 3.90% of GDP and is estimated to be around 3.50% for F.Y. 2016-17.

The forex reserve is at all-time high of US$360bn. RBI will continue to be a net purchaser of the USD with a view to garner higher foreign exchange reserves to combat unforeseen circumstances, especially with further US Fed rate hike and likely outflow of FCNR (B) deposits maturing in September, 2016.

INR/USD is expected in the band of 66-68 in the near term with some interim volatility.

Easing headline inflation and improvement in quality of fiscal deficit has provided room for RBI to ease the policy rates by 75 bps in F.Y. 2015-16. We expect global central banks, including the RBI, to stay on the easing trajectory in the near to medium term, Exception being the US Fed which started hiking rates in December, 2015 and is expected to gradually raise rates further subject to macro data supporting it.

The Sensex Index earnings per share is expected to be at Rs. 1530 in F.Y. 2016-17 and it is trading at a price to earning ratio of 17.2X.

Both the Sensex and Nifty corrected by 9.3% and 8.8%, respectively, during the financial year ended March 31, 2016. Broader indices like BSE 100 and BSE 500 also corrected by 8.9% and 7.8% returns respectively over previous year. Even though benchmark indices have stagnated over last 12-15 months, the transmission of rate cuts could possibly lead to improved corporate balance sheets and better market returns over the next year.

Comparison of indices as on April 1, 2015 and March 31, 2016 is as follows:

Index Name From Date (April 01, 2015)

To Date (March 31, 2016)

Compounded Annualized (%)

Nifty 50 8491 7738 (8.84)Nifty Free Float Midcap 100 13001 12753 (1.91)S&P BSE 100 8607 7835 (8.94)S&P BSE 200 3538 3259 (7.84)S&P BSE 500 11049 10185 (7.80)S&P BSE Sensex 27957 25342 (9.33)

Source: RBI, Ministry of Statistics and Programme Implementation (MOSPI), CCIL and Bloomberg

REPORT OF THE BOARD OF TRUSTEES

SCHEME DETAILS & PERFORMANCE

Performance of all the Schemes as on March 31, 2016 was as follows $:

Name of Schemes NAV as on March 31,

2016

Benchmark Index Scheme Returns since inception (%)

Benchmark Returns since inception (%)

Scheme Returns since last 1 year (%)

Benchmark Returns since last 1 year (%)

JM Equity Fund - Dividend 20.7934 BSE Sensex 10.41 10.25 (9.29) (9.33)JM Equity Fund - Growth 51.0820 BSE Sensex 8.07 10.25 (9.29) (9.33)JM Equity Fund (Direct) - Dividend 21.3946 BSE Sensex 12.22 7.55 (8.42) (9.33)JM Equity Fund (Direct) - Growth 52.7282 BSE Sensex 12.29 8.27 (7.59) (9.33)JM Equity Fund - Monthly Dividend Option* 21.0379 BSE Sensex (6.68) (8.33) N A N A JM Equity Fund (Direct) -Monthly Dividend Option* 21.6564 BSE Sensex (5.53) (8.33) N A N A JM Equity Fund - Quarterly Dividend Option* 21.0610 BSE Sensex (6.19) (8.33) N A N A JM Equity Fund (Direct) - Quarterly Dividend Option* 21.6564 BSE Sensex (5.53) (8.33) N A N A JM Equity Fund - Half Yearly Dividend Option* 14.7020 BSE Sensex (8.74) (8.33) N A N A JM Equity Fund (Direct) - Half Yearly Dividend Option* 21.6562 BSE Sensex (6.68) (8.33) N A N A JM Equity Fund - Annual Dividend Option* 21.0623 BSE Sensex (6.18) (8.33) N A N A JM Equity Fund (Direct) - Annual Dividend Option* 21.6564 BSE Sensex (5.53) (8.33) N A N A JM Balanced Fund - Dividend 10.1171 Crisil Balanced Fund Index 11.42 NIL (5.76) (2.90)JM Balanced Fund - Growth 36.1717 Crisil Balanced Fund Index 11.97 N A (5.71) (2.90)JM Balanced Fund (Direct) - Dividend 26.4831 Crisil Balanced Fund Index 13.00 8.69 (4.82) (2.90)JM Balanced Fund (Direct) - Growth 37.7122 Crisil Balanced Fund Index 14.66 8.91 (4.42) (2.90)JM Balanced Fund - Half Yearly Dividend Option 26.0832 Crisil Balanced Fund Index (0.98) (0.34) (4.63) (2.90)JM Balanced Fund (Direct) - Half Yearly Dividend Option 26.7817 Crisil Balanced Fund Index 0.07 (0.34) (3.72) (2.90)JM Balanced Fund - Bonus Option - Principal Units 36.5847 Crisil Balanced Fund Index (0.95) (0.34) (4.62) (2.90)JM Balanced Fund (Direct) - Bonus Option - Principal Units 37.9768 Crisil Balanced Fund Index 0.07 (0.34) (3.72) (2.90)JM Balanced Fund - Annual Bonus Option -Principal Units 36.5847 Crisil Balanced Fund Index (0.95) (0.34) (4.62) (2.90)JM Balanced Fund (Direct) - Annual Bonus Option - Principal Units 37.6365 Crisil Balanced Fund Index 4.00 4.66 (4.59) (2.90)JM Balanced Fund - Annual Dividend Option 26.0850 Crisil Balanced Fund Index (1.15) 1.69 (4.63) (2.90)JM Balanced Fund (Direct) - Annual Dividend Option 26.6513 Crisil Balanced Fund Index (0.42) 1.69 (4.11) (2.90)JM Balanced Fund - Half Yearly Bonus Option - Principal Units 36.5847 Crisil Balanced Fund Index (0.95) (0.34) (4.62) (2.90)

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2016





JM Balanced Fund (Direct) - Half Yearly Bonus Option - Principal Units 37.9768 Crisil Balanced Fund Index 0.07 (0.34) (3.72) (2.90)JM Balanced Fund - Quarterly Bonus Option - Principal Units 36.5847 Crisil Balanced Fund Index (0.95) (0.34) (4.62) (2.90)JM Balanced Fund (Direct) - Quarterly Bonus Option - Principal Units 37.9768 Crisil Balanced Fund Index 0.07 (0.34) (3.72) (2.90)JM Balanced Fund - Monthly Dividend 26.0832 Crisil Balanced Fund Index (0.98) (0.34) (4.63) (2.90)JM Balanced Fund (Direct) - Monthly Dividend 26.7817 Crisil Balanced Fund Index 0.07 (0.34) (3.72) (2.90)JM Balanced Fund - Quarterly Dividend 11.2404 Crisil Balanced Fund Index (1.81) (0.34) (5.65) (2.90)JM Balanced Fund (Direct) - Quarterly Dividend 26.6354 Crisil Balanced Fund Index (0.36) (0.34) (4.24) (2.90)JM Basic Fund - Dividend 13.7546 BSE 200 15.81 12.31 (8.21) (7.84)JM Basic Fund - Growth 19.6977 BSE 200 15.81 12.31 (8.21) (7.84)JM Basic Fund (Direct) - Dividend 14.0306 BSE 200 10.61 9.24 (7.65) (7.84)JM Basic Fund (Direct) - Growth 20.3367 BSE 200 11.02 9.24 (6.51) (7.84)JM Arbitrage Advantage Fund - Dividend 10.4107 Crisil Liquid Fund Index 7.71 7.59 6.52 8.04 JM Arbitrage Advantage Fund - Growth 20.5701 Crisil Liquid Fund Index 7.71 7.59 6.51 8.04 JM Arbitrage Advantage Fund (Direct) - Dividend 10.7328 Crisil Liquid Fund Index 8.47 8.81 8.19 8.04 JM Arbitrage Advantage Fund (Direct) - Growth 20.9227 Crisil Liquid Fund Index 8.57 8.81 7.13 8.04 JM Arbitrage Advantage Fund - Bonus Option - Principal Units 11.1832 Crisil Liquid Fund Index 7.17 8.40 6.51 8.04 JM Arbitrage Advantage Fund (Direct) - Bonus Option - Principal Units 11.2111 Crisil Liquid Fund Index 7.59 8.39 6.90 8.04 JM Arbitrage Advantage Fund - Annual Bonus Option - Principal Units 20.6498 Crisil Liquid Fund Index 7.42 8.24 6.91 8.04 JM Arbitrage Advantage Fund (Direct) - Annual Bonus Option - Principal Units 10.7604 Crisil Liquid Fund Index 7.50 8.24 6.90 8.04 JM Arbitrage Advantage Fund - Half Yearly Bonus Option - Principal Units 20.6847 Crisil Liquid Fund Index 7.56 8.24 7.09 8.04 JM Arbitrage Advantage Fund (Direct) - Half Yearly Bonus Option - Principal Units 20.8918 Crisil Liquid Fund Index 7.56 8.24 6.97 8.04 JM Arbitrage Advantage Fund - Quarterly Bonus Option - Principal Units 20.6847 Crisil Liquid Fund Index 7.56 8.24 7.09 8.04 JM Arbitrage Advantage Fund (Direct) - Quarterly Bonus Option - Principal Units 20.8918 Crisil Liquid Fund Index 7.56 8.24 6.97 8.04 JM Arbitrage Advantage Fund - Monthly Dividend* 10.9491 Crisil Liquid Fund Index 4.36 5.27 N A N A JM Arbitrage Advantage Fund (Direct) - Monthly Dividend* 11.2648 Crisil Liquid Fund Index 4.54 5.27 N A N A JM Arbitrage Advantage Fund - Quarterly Dividend* 10.9717 Crisil Liquid Fund Index 4.58 5.27 N A N A JM Arbitrage Advantage Fund (Direct) - Quarterly Dividend* 11.2962 Crisil Liquid Fund Index 4.83 5.27 N A N A JM Arbitrage Advantage Fund - Half Yearly Dividend* 10.9675 Crisil Liquid Fund Index 4.54 5.27 N A N A JM Arbitrage Advantage Fund (Direct) - Half Yearly Dividend* 11.2962 Crisil Liquid Fund Index 4.83 5.27 N A N A JM Arbitrage Advantage Fund - Annual Dividend Option* 10.9717 Crisil Liquid Fund Index 4.58 5.27 N A N A JM Arbitrage Advantage Fund (Direct) - Annual Dividend Option* 11.2962 Crisil Liquid Fund Index 4.83 5.27 N A N A JM Tax Gain Fund - Dividend 10.6840 BSE 500 Index 0.83 6.49 (8.58) (7.80)JM Tax Gain Fund - Growth 10.6840 BSE 500 Index 0.83 6.49 (8.58) (7.80)JM Tax Gain Fund (Direct) - Dividend 10.9636 BSE 500 Index 13.93 8.93 (7.84) (7.80)JM Tax Gain Fund (Direct) - Growth 11.0825 BSE 500 Index 14.47 9.21 (6.61) (7.80)JM Multi Strategy Fund - Dividend 18.2916 BSE 500 Index 8.36 9.37 (10.06) (7.80)JM Multi Strategy Fund - Growth 19.6671 BSE 500 Index 9.41 9.37 (10.06) (7.80)JM Multi Strategy Fund (Direct) - Dividend 18.6805 BSE 500 Index 12.42 9.21 (9.46) (7.80)JM Multi Strategy Fund (Direct) - Growth 20.3087 BSE 500 Index 12.81 9.21 (8.38) (7.80)JM Core 11 Fund - Dividend 5.2610 BSE Sensex (7.64) 5.42 (10.36) (9.33)JM Core 11 Fund - Growth 5.2612 BSE Sensex (7.64) 5.42 (10.36) (9.33)JM Core 11 Fund (Direct) - Dividend 5.3902 BSE Sensex 10.00 7.95 (9.46) (9.33)JM Core 11 Fund (Direct) - Growth 5.4522 BSE Sensex 11.00 8.27 (8.57) (9.33)JM Income Fund - Bonus Option 17.2710 Crisil Composite Bond Fund Index 4.90 N A 2.06 8.22 JM Income Fund - Quarterly Dividend Option 14.3531 Crisil Composite Bond Fund Index 8.07 N A 2.06 8.22 JM Income Fund - Growth 42.2144 Crisil Composite Bond Fund Index 7.09 N A 2.06 8.22 JM Income Fund (Direct) - Bonus Option 18.6276 Crisil Composite Bond Fund Index 9.19 8.87 4.55 8.22 JM Income Fund (Direct) - Quarterly Dividend Option 15.3734 Crisil Composite Bond Fund Index 8.94 8.87 4.56 8.22 JM Income Fund (Direct) - Growth 43.5976 Crisil Composite Bond Fund Index 7.70 8.87 3.24 8.22 JM Short Term Fund - Dividend 10.5755 Crisil Liquid Fund Index 8.29 6.84 6.85 8.04 JM Short Term Fund - Daily Dividend 11.2932 Crisil Liquid Fund Index 8.84 8.63 6.85 8.04 JM Short Term Fund - Growth& 21.2197 Crisil Liquid Fund Index 5.96 6.84 6.85 8.04 JM Short Term Fund (Direct) - Dividend 10.6109 Crisil Liquid Fund Index 8.41 8.78 7.13 8.04 JM Short Term Fund (Direct) - Daily Dividend 11.5539 Crisil Liquid Fund Index 8.51 8.78 7.36 8.04

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2016





JM Short Term Fund (Direct) - Growth* 21.3861 Crisil Liquid Fund Index 8.39 8.78 7.14 8.04 JM Short Term Fund - Regular Plan - Dividend 11.6396 Crisil Liquid Fund Index 7.95 6.77 6.58 8.04 JM Short Term Fund - Regular Plan - Daily Dividend 11.1967 Crisil Liquid Fund Index 8.57 8.63 6.58 8.04 JM Short Term Fund - Regular Plan - Growth 28.9873 Crisil Liquid Fund Index 8.03 6.77 6.58 8.04 JM High Liquidity Fund - Growth Option 41.3281 Crisil Liquid Fund Index 8.08 N A 8.29 8.04 JM High Liquidity Fund - Bonus Option 13.2333 Crisil Liquid Fund Index 7.16 N A 8.29 8.04 JM High Liquidity Fund - Daily Dividend 10.4302 Crisil Liquid Fund Index 7.05 N A 8.29 8.04 JM High Liquidity Fund - Weekly Dividend 11.0175 Crisil Liquid Fund Index 7.54 N A 8.29 8.04 JM High Liquidity Fund - Quarterly Dividend Option 23.3919 Crisil Liquid Fund Index 7.26 N A 8.29 8.04 JM High Liquidity Fund (Direct) - Growth Option 41.4345 Crisil Liquid Fund Index 9.00 8.78 8.36 8.04 JM High Liquidity Fund (Direct) - Bonus Option 13.2986 Crisil Liquid Fund Index 9.08 8.79 8.45 8.04 JM High Liquidity Fund (Direct) - Daily Dividend 10.4302 Crisil Liquid Fund Index 9.00 8.78 8.36 8.04 JM High Liquidity Fund (Direct) - Weekly Dividend 11.0201 Crisil Liquid Fund Index 9.13 8.78 8.36 8.04 JM High Liquidity Fund (Direct) - Quarterly Dividend Option 23.5090 Crisil Liquid Fund Index 9.09 8.81 8.45 8.04 JM High Liquidity Fund - Institutional Plan - Daily Dividend 10.0159 Crisil Liquid Fund Index 7.37 6.89 8.58 8.04 JM High Liquidity Fund - Super Institutional Plan - Growth 23.7646 Crisil Liquid Fund Index 7.56 7.08 8.29 8.04 JM Floater Long Term Fund - Premium Plan - Daily Dividend 10.0170 Crisil Liquid Fund Index 7.67 7.63 8.88 8.04 JM Floater Long Term Fund - Premium Plan - Dividend 10.3567 Crisil Liquid Fund Index 7.28 7.20 8.89 8.04 JM Floater Long Term Fund - Premium Plan - Growth 22.3434 Crisil Liquid Fund Index 7.26 7.20 8.96 8.04 JM Floater Long Term Fund - Dividend 23.1626 Crisil Liquid Fund Index 6.80 6.87 8.83 8.04 JM Floater Long Term Fund - Growth 23.0910 Crisil Liquid Fund Index 6.77 6.87 8.87 8.04 JM Floater Long Term Fund - Daily Dividend 10.0169 Crisil Liquid Fund Index 8.59 7.62 8.94 8.04 JM Floater Long Term Fund - Weekly Dividend Option 10.5616 Crisil Liquid Fund Index 7.53 7.62 8.95 8.04 JM Floater Long Term Fund - Half Yearly Bonus Option - Principal Units 23.1859 Crisil Liquid Fund Index 9.26 8.24 9.28 8.04 JM Floater Long Term Fund (Direct) - Half Yearly Bonus Option - Principal Units 23.5447 Crisil Liquid Fund Index 9.83 8.24 9.82 8.04 JM Floater Long Term Fund - Bonus Option - Principal Units 23.0912 Crisil Liquid Fund Index 8.80 8.43 8.87 8.04 JM Floater Long Term Fund (Direct) - Bonus Option - Principal Units 23.4137 Crisil Liquid Fund Index 9.23 8.82 9.41 8.04 JM Floater Long Term Fund (Direct) - Dividend 23.6326 Crisil Liquid Fund Index 9.37 8.81 9.42 8.04 JM Floater Long Term Fund (Direct) - Growth 23.4600 Crisil Liquid Fund Index 9.24 8.81 9.50 8.04 JM Floater Long Term Fund (Direct) - Daily Dividend 10.0173 Crisil Liquid Fund Index 9.62 8.81 9.41 8.04 JM Floater Long Term Fund (Direct) - Weekly Dividend Option 10.5692 Crisil Liquid Fund Index 9.51 8.81 9.82 8.04 JM Floater Long Term Fund - Monthly Dividend Option 23.2561 Crisil Liquid Fund Index 9.22 8.24 9.24 8.04 JM Floater Long Term Fund (Direct) - Monthly Dividend Option 23.7181 Crisil Liquid Fund Index 9.83 8.24 9.82 8.04 JM Floater Short Term Fund - Half Yearly Bonus Option - Principal Units 23.1033 Crisil Liquid Fund Index 7.39 8.24 6.89 8.04 JM Floater Short Term Fund (Direct) - Half Yearly Bonus Option - Principal Units 23.2117 Crisil Liquid Fund Index 7.55 8.24 7.00 8.04 JM Floater Short Term Fund - Monthly Dividend Option 11.0486 Crisil Liquid Fund Index 7.40 8.24 6.87 8.04 JM Floater Short Term Fund (Direct) - Monthly Dividend Option 10.9059 Crisil Liquid Fund Index 7.45 8.18 7.02 8.04 JM Floater Short Term Fund - Daily Dividend 10.0883 Crisil Liquid Fund Index 6.83 6.87 6.60 8.04 JM Floater Short Term Fund - Growth 23.0443 Crisil Liquid Fund Index 6.75 6.87 6.60 8.04 JM Floater Short Term Fund - Bonus Option - Principal Units 23.1033 Crisil Liquid Fund Index 7.39 8.24 6.89 8.04 JM Floater Short Term Fund (Direct) - Bonus Option - Principal Units 23.1955 Crisil Liquid Fund Index 7.98 8.83 6.96 8.04 JM Floater Short Term Fund (Direct) - Daily Dividend 10.0892 Crisil Liquid Fund Index 8.97 8.81 7.46 8.04 JM Floater Short Term Fund (Direct) - Growth 23.1364 Crisil Liquid Fund Index 7.95 8.81 6.70 8.04 JM Money Manager Fund-Super Plus Plan-Daily Dividend 10.0335 Crisil Liquid Fund Index 8.35 7.64 8.36 8.04 JM Money Manager Fund-Super Plus Plan-Fortnightly Dividend 10.3814 Crisil Liquid Fund Index 8.34 7.60 8.36 8.04 JM Money Manager Fund-Super Plus Plan -Bonus Option-Principal Units 12.9268 Crisil Liquid Fund Index 8.84 8.83 8.36 8.04 JM Money Manager Fund-Super Plus Plan (Direct)-Bonus Option-Principal Units 12.9688 Crisil Liquid Fund Index 8.95 8.82 8.47 8.04 JM Money Manager Fund-Super Plus Plan-Growth 21.4584 Crisil Liquid Fund Index 8.36 7.64 8.36 8.04 JM Money Manager Fund-Super Plus Plan-Weekly Dividend 10.6739 Crisil Liquid Fund Index 8.34 7.60 8.36 8.04 JM Money Manager Fund-Super Plus Plan (Direct)-Daily Dividend 10.0336 Crisil Liquid Fund Index 8.98 8.78 8.47 8.04 JM Money Manager Fund-Super Plus Plan (Direct)-Fortnightly Dividend 10.3966 Crisil Liquid Fund Index 8.98 8.78 8.47 8.04 JM Money Manager Fund-Super Plus Plan (Direct)-Growth 21.5286 Crisil Liquid Fund Index 8.98 8.78 8.47 8.04 JM Money Manager Fund -Super Plus Plan (Direct)-Weekly Dividend 10.6898 Crisil Liquid Fund Index 9.17 8.81 8.47 8.04 JM Money Manager Fund-Super Plan-Daily Dividend 10.0387 Crisil Liquid Fund Index 8.43 7.64 8.21 8.04

5




2016





JM Money Manager Fund-Super Plan-Fortnightly Dividend 10.3565 Crisil Liquid Fund Index 8.66 7.71 8.21 8.04 JM Money Manager Fund-Super Plan-Growth 21.6029 Crisil Liquid Fund Index 8.43 7.64 8.21 8.04 JM Money Manager Fund-Super Plan-Weekly Dividend 10.6858 Crisil Liquid Fund Index 8.61 7.66 8.21 8.04 JM Money Manager Fund-Super Plan (Direct)-Daily Dividend 10.0419 Crisil Liquid Fund Index 9.01 8.78 8.42 8.04 JM Money Manager Fund-Super Plan (Direct)-Fortnightly Dividend 10.3707 Crisil Liquid Fund Index 9.14 8.81 8.77 8.04 JM Money Manager Fund-Super Plan (Direct)-Growth 21.7374 Crisil Liquid Fund Index 9.04 8.78 8.47 8.04 JM Money Manager Fund-Super Plan (Direct)-Weekly Dividend 10.6963 Crisil Liquid Fund Index 9.26 8.81 8.71 8.04 JM Money Manager Fund-Super Plan-Bonus Option-Principal Units 12.0351 Crisil Liquid Fund Index 8.82 8.83 8.21 8.04 JM Money Manager Fund-Super Plan (Direct)-Bonus Option-Principal Units 12.0822 Crisil Liquid Fund Index 9.03 8.82 8.42 8.04 JM Money Manager Fund-Regular Plan-Daily Dividend 10.0350 Crisil Liquid Fund Index 8.17 7.64 8.54 8.04 JM Money Manager Fund-Regular Plan-Fortnightly Dividend 10.2805 Crisil Liquid Fund Index 8.26 7.70 8.54 8.04 JM Money Manager Fund-Regular Plan-Growth 21.0931 Crisil Liquid Fund Index 8.16 7.64 8.54 8.04 JM Money Manager Fund-Regular Plan-Weekly Dividend 10.6425 Crisil Liquid Fund Index 8.26 7.61 8.54 8.04 JM Money Manager Fund-Regular Plan (Direct)-Daily Dividend 10.0350 Crisil Liquid Fund Index 9.27 8.78 9.03 8.04 JM Money Manager Fund-Regular Plan (Direct)-Fortnightly Dividend 10.3070 Crisil Liquid Fund Index 9.27 8.79 9.03 8.04 JM Money Manager Fund-Regular Plan (Direct)-Growth 21.2925 Crisil Liquid Fund Index 9.30 8.78 9.06 8.04 JM Money Manager Fund-Regular Plan (Direct)-Weekly Dividend 10.6537 Crisil Liquid Fund Index 9.39 8.81 9.03 8.04 JM Money Manager Fund-Regular Plan -Bonus Option-Principal Units 21.1970 Crisil Liquid Fund Index 9.08 8.24 9.00 8.04 JM Money Manager Fund-Regular Plan (Direct)-Bonus Option-Principal Units 21.4132 Crisil Liquid Fund Index 9.47 8.82 9.49 8.04 JM MIP Fund - Annual Dividend 18.1675 Crisil MIP Blended Index 6.72 8.07 5.25 5.65 JM MIP Fund - Growth 22.6126 Crisil MIP Blended Index 6.72 8.07 5.24 5.65 JM MIP Fund - Monthly Dividend 11.5657 Crisil MIP Blended Index 6.72 8.07 5.24 5.65 JM MIP Fund - Quarterly Dividend 17.0388 Crisil MIP Blended Index 6.72 8.07 5.24 5.65 JM MIP Fund (Direct) - Annual Dividend 19.3773 Crisil MIP Blended Index 11.18 8.98 7.18 5.65 JM MIP Fund (Direct) - Growth 23.8963 Crisil MIP Blended Index 10.85 8.98 6.76 5.65 JM MIP Fund (Direct) - Monthly Dividend 13.9613 Crisil MIP Blended Index 14.33 8.98 17.04 5.65 JM MIP Fund (Direct) - Quarterly Dividend 18.0582 Crisil MIP Blended Index 11.18 8.98 11.92 5.65 JM MIP Fund - Bonus Option - Principal Units 22.8768 Crisil MIP Blended Index 5.19 5.01 6.25 5.65 JM MIP Fund (Direct) - Bonus Option - Principal Units 24.0359 Crisil MIP Blended Index 6.04 5.01 7.18 5.65 JM G-Sec Fund - Growth 46.3944 I sec Composite Index 9.74 N A 4.66 8.20 JM G-Sec Fund - Bonus 22.5673 I sec Composite Index 7.40 N A 4.68 8.20 JM G-Sec Fund - Quarterly Dividend 21.2033 I sec Composite Index 9.74 N A 4.66 8.20 JM G-Sec Fund (Direct) - Growth 47.4149 I sec Composite Index 8.05 9.20 5.48 8.20 JM G-Sec Fund (Direct) - Bonus 24.0860 I sec Composite Index 9.47 9.04 6.41 8.20 JM G-Sec Fund (Direct) - Quarterly Dividend 21.7892 I sec Composite Index 7.86 8.97 5.47 8.20 JM G-Sec Fund - Monthly Dividend Option* 21.3766 I sec Composite Index 6.47 8.35 N A N A JM G-Sec Fund - (Direct) Monthly Dividend Option* 21.9632 I sec Composite Index 7.18 8.35 N A N A JM G-Sec Fund - Half Yearly Dividend Option* 21.3766 I sec Composite Index 6.47 8.35 N A N A JM G-Sec Fund - (Direct) Half Yearly Dividend Option* 21.9632 I sec Composite Index 7.18 8.35 N A N A JM G-Sec Fund -Annual Dividend Option* 21.3766 I sec Composite Index 6.47 8.35 N A N A JM G-Sec Fund - (Direct) Annual Dividend Option* 21.9632 I sec Composite Index 7.18 8.35 N A N A

Source: www.mutualfundsindia.com

$ The performance is based on NAV, as on last business day of March, 2016.& The units did not remain in the Scheme/Plan on a continuous basis during the period. At times, the units were redeemed fully & re-allotted within the period. * Absolute Returns. The names of the Benchmark Indices have since been amended, wherever applicable.Past performance may or may not be sustained in future.

Notes:

a) Returns are Compounded Annualised Growth Rate Returns, with reinvestment of dividends, if any, unless otherwise mentioned.

b) In cases where there has been a change in the benchmark indices of the existing schemes, the current benchmark has been used for calculating the returns since inception.

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 of the units.

6



SCHEMES OF JM FINANCIAL MUTUAL FUND:

JM Money Manager Fund

(A) JM Money Manager Fund - Regular Plan:

The investment objective of this scheme is to generate stable long term returns with low risk strategy and capital appreciation/accretion through investments in debt instruments and related securities besides preservation of capital. The fund invests in instruments of higher credit quality.

The fund is positioned to deliver higher accrual and capital appreciation on easing liquidity and expectations of downward movement in yields. The Scheme has outperformed the benchmark in last one year and since its inception.

(B) JM Money Manager Fund - Super Plan:

The investment objective of this scheme is to generate stable long term returns with low risk strategy and capital appreciation/accretion through investments in debt instruments and related securities besides preservation of capital. The fund invests in instruments of higher credit quality.

The fund is positioned to deliver higher capital appreciation on easing liquidity and expectations of downward movement in yields. The Scheme has outperformed the benchmark in last one year and since inception.

(C) JM Money Manager Fund - Super Plus Plan:

The investment objective of the Scheme is to generate stable long term returns with low risk strategy and capital appreciation/ accretion through investments in debt instruments and related securities besides preservation of capital.

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 is positioned to deliver higher capital appreciation on easing liquidity and expectations of downward movement in yields. The Scheme has outperformed the benchmark in last one year and since inception.

JM High Liquidity Fund

The investment objective 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 has outperformed the benchmark since inception and also in the last financial year.

Short term rates are expected to remain benign as we expect interest rates cuts in the next year.

JM Floater Short Term Fund (formerly known as JM Floater Fund – Short Term Plan)

The investment objective of the Scheme is 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 has underperformed in the last financial year and also marginally since inception on account of higher asset allocation towards cash.

JM Floater Long Term Fund (formerly known as JM Floater Fund – Long Term Plan)

The investment objective of the Scheme is 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 has underperformed the benchmark since inception marginally but has outperformed the index in the last financial year.

JM G-Sec Fund

The investment objective of the scheme is to provide ultimate level of safety to its unit holders through investments in sovereign securities issued by the Central and State Government.

The Scheme has underperformed the benchmark index returns during last one year. The primary reason for underperformance has been rise in bond yields during second half of F.Y. 2016 on account of supply of UDAY bonds and expectation of slippage from Fiscal deficit targets. Scheme has been running higher duration to capitalize on capital gains on easing monetary policy.

Government bond yields are expected to remain range bound with lower bias on expectation of further easing in interest rates. The Scheme is positioned to take advantage of falling interest rates.

JM Income Fund

The investment objective 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 Scheme has underperformed with the benchmark returns in during last one year. The primary reason for underperformance has been rise in bond yields during second half of F.Y. 2016 on account of supply of UDAY bonds and expectation of slippage from Fiscal deficit targets. Scheme has been running higher duration to capitalize on capital gains on easing monetary policy.

Interest rates are expected to remain soft with lower bias on expectation of further repo rate cuts. The

Scheme is positioned to take advantage of falling interest rates.

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 Scheme provides moderate returns commensurate with its nature. The Scheme may invest up to 100% in money market instruments and debt.

The Scheme has underperformed the benchmark returns in last one year and also since its inception. The primary reason for underperformance has been slightly higher exposure to government bonds. Bond yields rose higher during second half of F.Y. 2016.

Interest rates are expected to remain soft with lower bias on expectation of further repo rate cuts. The Scheme is positioned to take advantage of falling interest rates.

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

The Scheme has underperformed the benchmark returns marginally during the last financial year and also since inception. Interest rates are expected to remain benign, soft and equities are expected to post moderate performance in the year ahead amidst volatility.

JM Arbitrage Advantage Fund

The 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.

During the F.Y. 2013-14, the Scheme was changed from an interval scheme to open ended equity scheme, after obtaining necessary approvals from SEBI.

The Scheme has underperformed the benchmark in the F.Y. 2015-16 due to higher interest rates prevalent during the year as compared to arbitrage returns. The Normal Plan of the Scheme continues to outperform the benchmark since inception whereas the Direct Plan has underperformed the benchmark since inception.

Markets are expected to be volatile in the near future. This volatility will help to churn the Arbitrage portfolio as few stock futures tend to trade at a discount to their cash market prices. The same can be deployed into fresh arbitrage in other stocks, whereby the returns of the Scheme could be enhanced.

JM Basic Fund

The primary objective of the Scheme is 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 materials. The Fund would continue to remain open-ended with a sector focus.

The Scheme’s Direct Plan has outperformed its benchmark in F.Y. 2015-16 as well as since its inception.

The combination of diversification, higher co-relation to Nifty and quality high growth midcaps is expected to give the portfolio an essential fundamental strength and stability going forward.

JM Core 11 Fund

JM Core 11 Fund is an open 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 underperformed its benchmark in F.Y. 2015-16 and also underperformed since inception. However, the direct plans of Scheme are out performing the benchmark since inception and the direct – growth plan has outperformed the benchmark in last financial year. The primary reason for underperformance has been the sharp drop in the markets in the last quarter of the fiscal. The concentrated nature of the scheme results in volatility during sharp market falls but the scheme recovers equally sharply on the market rise.

The Scheme has invested in 11 predominantly large cap stocks with high growth potential. It is believed that a combination of high growth stocks and high liquidity will give the portfolio an essential fundamental strength, stability and flexibility going forward.

JM Equity Fund

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

The Scheme continues to hold a diversified portfolio with a prudent mix of large cap and mid cap stocks.

The Scheme has outperformed the benchmark in F.Y. 2015-16. The Normal Plan of the scheme has underperformed the benchmark since inception whereas the direct plan has outperformed the benchmark since inception.

7



JM Multi Strategy Fund

JM Multi Strategy Fund is an open ended equity oriented scheme with the investment objective to provide capital appreciation by investing in equity and equity related securities using a combination of strategies.

This Scheme has a diversified portfolio and invests in companies across all market capitalisations. The Scheme seeks to provide capital appreciation by investing in growth stocks which are available at reasonable valuations across sectors.

The Scheme’s Direct Plan has outperformed the benchmark since inception and so has the Normal - Growth Plan. During the F.Y. 15-16, the scheme has underperformed due to being slight overweight in the banking sector.

JM Tax Gain Fund

The investment 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. However, there can be no assurance that the investment objective of the scheme will be achieved.

This Scheme has a diversified portfolio and invests in companies across all market capitalisations. The Scheme seeks to provide capital appreciation by investing in growth stocks which are available at reasonable valuations across sectors.

The Scheme’s direct plan has outperformed the benchmark since inception. During the F.Y. 15-16, the Normal Plan – Growth has underperformed due to it being slight overweight in the banking sector.

JM Balanced Fund

JM Balanced Fund is an open-ended balanced Scheme with the investment objective to provide steady current income as well as long term growth of capital. The scheme invests 65-75% in equity while the remaining amount is in debt. The Scheme’s Direct Plan has significantly outperformed the benchmark since inception. During the F.Y. 15-16, the scheme has underperformed due to it being slight overweight in the banking sector.

BRIEF BACKGROUND OF SPONSORS, TRUST, TRUSTEE COMPANY AND AMC

JM Financial Mutual Fund had been constituted as a Trust in 1994, with J.M. Financial & Investment Consultancy Services Pvt. Limited and JM Financial Limited as Settlors and JM Financial Trustee Company Private Limited as the Trustee Company in accordance with the provisions of the Indian Trust Act, 1882 and is duly registered under the Indian Registration Act, 1908.

JM Financial Mutual Fund was registered with SEBI on September 15, 1994. J.M. Financial & Investment Consultancy Services Pvt. Ltd. and JM Financial Ltd. have made initial contributions of Rs. one lakh each towards setting up of JM Financial Mutual Fund, which amount has been invested in JM Equity Fund.

The Trustee Company has entered into an Investment Management Agreement dated September 1, 1994 with JM Financial Asset Management Limited (Formerly known as JM Financial Asset Management Private Limited) (the AMC) to function as the Investment Manager for all the schemes of JM Financial Mutual 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.

JM FINANCIAL TRUSTEE COMPANY PRIVATE LIMITED (TRUSTEE COMPANY)

The Trustee Company is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unit holders. The Trustee Company has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed. The Trustee Company 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 SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.

ACCOUNTING POLICIES

Accounting Policies are in accordance with Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.

Unclaimed Redemptions and Dividend

The Unclaimed Redemptions and Dividends as on March 31, 2016 are as under:

Scheme Unclaimed Dividends Unclaimed Redemptions Total

No. of Folios

Amount (In Rs.)

No. of Folios

Amount (In Rs.)

No. of Folios

Amount(In Rs.)

JM Arbitrage Advantage Fund

152 101,993.68 6 97,215.54 158 199,209.23

JM Balanced Fund 2,087 1,774,751.41 7 201,333.91 2,094 1,976,085.32

JM Basic Fund 374 641,997.04 812 7,137,931.06 1,186 7,779,928.09

JM Core 11 Fund - - 135 2,608,761.47 135 2,608,761.47

JM Equity Fund 2,103 1,432,040.55 88 1,293,845.82 2,191 2,725,886.37

Scheme Unclaimed Dividends Unclaimed Redemptions Total

No. of Folios

Amount (In Rs.)

No. of Folios

Amount (In Rs.)

No. of Folios

Amount(In Rs.)

JM Equity Tax Saver Fund

- - 82 782,703.33 82 782,703.33

JM Fixed Maturity Plan - QSA4

17 11,843.11 - - 17 11,843.11

JM Floater Short Term Fund

- - 1 12,363.49 1 12,363.49

JM Floater Long Term Fund

10 217,265.70 - - 10 217,265.70

JM G-sec Fund 21 14,748.67 1 35,451.69 22 50,200.36

JM High Liquidity Fund

39 124,011.88 - - 39 124,011.88

JM Income Fund 3,284 1,382,228.17 11 150,719.74 3,295 1,532,947.91

JM Interval Fund - - 3 47,890.87 3 47,890.87

JM MIP Fund 195 103,839.55 3 149,520.09 198 253,359.64

JM Multi Strategy Fund

13 26,861.55 511 5,886,228.09 524 5,913,089.64

JM Short Term Fund 33 17,578.89 1 8,835.33 34 26,414.22

JM Tax Gain Fund - - 122 1,400,745.36 122 1,400,745.36

JM Tax Saver Plan 96 105 246,348.15 - - 105 246,348.15

JM Tax Saver Plan 97 11 3,793.60 - - 11 3,793.60

JM Tax Saver Plan 98 7 28,271.11 - - 7 28,271.11

Multiple Schemes (Mixed)

403 204,595.41 - - 403 204,595.41

Scheme/Investor Break Up not available(Miscellaneous)

8 694,889.88 1 242,762.28 9 937,652.15

Total 8,862 7,027,058.34 1,784 20,056,308.06 10,646 27,083,366.27*

* The total amount of Rs. 27,083,366.27 is higher by 14 paisa due to rounding off of Individual folio balances in various Schemes.

Notes:

a) The above figures indicate the value of investment of Unclaimed Dividend and Redemption amounts as on March 31, 2016.

b) The number of folios vis-à-vis the amount shown in the above table is based on the available details with respective identified/unidentified folios.

c) Investors are requested to reconcile their Bank account statements with their Investments in JM Financial Mutual Fund and contact the AMC in case of non - receipt of any Dividend/ Redemption proceeds.

8



REDRESSAL OF COMPLAINTS RECEIVED AGAINST THE MUTUAL FUND DURING THE PERIOD FROM APRIL 1, 2015 TO MARCH 31, 2016Total Number of Folios: 1,63,983

Com-plaint Code

Type of Complaint # (a) No of Complaints pending at the beginning of the Year

Action on (a) and (b)(b) No of complaints received during the year

Resolved Non Action-able*

PendingWith in 30 days

30 - 60 days

60 - 180 days

Beyond 180 days

0-3 months

3-6 months

6-9 months

9-12 months

More than 12 months

I A Non receipt of Dividend on Units 0 0 0 0 0 0 0 0 0 0 0 0

I B Interest on delayed payment of Dividend

0 0 0 0 0 0 0 0 0 0 0 0

I C Non receipt of Redemption Proceeds 0 2 2 0 0 0 0 0 0 0 0 0I D Interest on delayed payment of

Redemption0 0 0 0 0 0 0 0 0 0 0 0

II A Non receipt of Statement of Account/Unit Certificate

0 0 0 0 0 0 0 0 0 0 0 0

II B Discrepancy in Statement of Account 0 0 0 0 0 0 0 0 0 0 0 0II C Data corrections in Investor details 1 50 51 0 0 0 0 0 0 0 0 0II D Non receipt of Annual Report/Abridged

Summary0 0 0 0 0 0 0 0 0 0 0 0

III A Wrong switch between Schemes 0 0 0 0 0 0 0 0 0 0 0 0III B Unauthorized switch between Schemes 0 0 0 0 0 0 0 0 0 0 0 0III C Deviation from Scheme attributes 0 0 0 0 0 0 0 0 0 0 0 0III D Wrong or excess charges/load 0 0 0 0 0 0 0 0 0 0 0 0III E Non updation of changes viz. address,

PAN, bank details, nomination, etc0 0 0 0 0 0 0 0 0 0 0 0

IV Others 4 0 0 0 0 1 0 0 0 0 0 3 Total 5 52 53 0 0 1 0 0 0 0 0 3

# - including against its authorized persons / distributors / employees etc.

*Non-actionable means the complaints that are incomplete / outside the scope of the Mutual Fund. Statutory Informationa. The Sponsor is not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond its initial contribution (to the extent contributed) of Rs. 1 lakh 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 will be disclosed on the website (www.jmfinancialmf.com) and shall be available for inspection at the Corporate Office of the Mutual Fund. Present and prospective unit holders can obtain a 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 the Auditors, Custodian, Registrars & Transfer Agents, Bankers and all other service providers for their support. The Trustees also take this opportunity to place on record their appreciation for the contribution made by the employees of JM Financial Asset Management Limited and JM Financial Trustee Company Pvt. Ltd. and for their dedication, commitment and wholehearted support throughout the year.

For and on behalf of the Board of Trustees

Place : Mumbai Nimesh KampaniDated : July 15, 2016 Chairman

9



INDEPENDENT AUDITORS’ REPORT

To the Trustees ofJM Financial Mutual FundReport on the Financial Statements

We have audited the accompanying financial statements of the schemes mentioned below (collectively “the Schemes”), which comprise the balancesheets as at the dates mentioned below, the revenue accounts andcash flow statements, where applicable,for the period as mentioned below, and a summary of significant accounting policies and other explanatory information.

Name of the Scheme Period covered by revenue account and cash flow Balance sheet dateJM Basic Fund 1 April 2015 to 31 March 2016 31 March 2016

JM Core 11 Fund 1 April 2015 to 31 March 2016 31 March 2016

JM Equity Fund 1 April 2015 to 31 March 2016 31 March 2016

JM Balanced Fund 1 April 2015 to 31 March 2016 31 March 2016

JM Multi Strategy Fund 1 April 2015 to 31 March 2016 31 March 2016

JM Tax Gain Fund 1 April 2015 to 31 March 2016 31 March 2016

JM Floater Short Term Fund 1 April 2015 to 31 March 2016 31 March 2016

JM MIP Fund 1 April 2015 to 31 March 2016 31 March 2016

JM High Liquidity Fund 1 April 2015 to 31 March 2016 31 March 2016

JM Money Manager Fund - Super Plus Plan 1 April 2015 to 31 March 2016 31 March 2016

JM Floater Long Term Fund 1 April 2015 to 31 March 2016 31 March 2016

JM Income Fund 1 April 2015 to 31 March 2016 31 March 2016

JM Short Term Fund 1 April 2015 to 31 March 2016 31 March 2016

JM G-Sec Fund 1 April 2015 to 31 March 2016 31 March 2016

JM Arbitrage Advantage Fund 1 April 2015 to 31 March 2016 31 March 2016

JM Money Manager Fund - Super Plan 1 April 2015 to 31 March 2016 31 March 2016

JM Money Manager Fund - Regular Plan 1 April 2015 to 31 March 2016 31 March 2016

JM Fixed Maturity Fund-Series-XXV-Plan A 1 April 2015 to 6 April 2015 6 April 2015Management’s Responsibility for the Financial Statements

Management of JM Financial Asset Management Limited, the scheme’s asset manager, is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Schemes in accordance with accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the SEBI Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the balance sheet, of the state of affairs of the Schemes as at the dates mentioned above;

(b) in the case of the revenue account,of the surplus/deficit for the periodas mentioned above; and

(c) in the case of the cash flow statement, where applicable, of the cash flows for the period as mentioned above.

Report on Other Legal and Regulatory Requirements

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

2. The balance sheet and revenue account dealt with by this report are in agreement with the books of account.

3. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformity with the accounting policies and standards specified in the Ninth Schedule to the SEBI Regulations.

4. In our opinion, and on the basis of information and explanations given to us, the methods used to value non traded securities as at 31 March 2016 are in accordance with the SEBI Regulations and other guidelines issued by the Securities and Exchange Board of India, as applicable, and approved by the Board of Trustees, and are fair and reasonable.

For S.R. Batliboi & Co. LLPChartered Accountants

ICAI Firm Registration Number: 301003E

Per Jayesh GandhiPartner

Membership No. 037924Place: MumbaiDated: April 25, 2016

10



Audited Balance Sheet As At March 31, 2016 Figures in Rs.JM Equity Fund JM Tax Gain Fund JM Balanced Fund

Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015LiabilitiesUnit Capital A 2,745,795,149 88,736,731 250,422,821 280,021,194 16,160,977,988 7,124,744,508 Reserves & Surplus B 2,878,931,498 235,248,249 17,274,817 47,318,441 11,790,388,130 2,443,596,698 Current Liabilities & Provisions C 4,006,513,237 2,312,666 945,910 1,365,031 27,602,284,905 271,593,184 Total 9,631,239,884 326,297,646 268,643,548 328,704,666 55,553,651,023 9,839,934,390 AssetsInvestments D 6,787,663,522 313,854,751 258,830,241 321,276,487 38,328,644,136 9,803,578,329 Deposits E 148,223,610 11,812,294 9,492,039 7,170,497 126,765,726 4,833,313 Other Current Assets F 2,695,352,752 630,601 321,268 257,682 17,098,241,161 31,522,748 Total 9,631,239,884 326,297,646 268,643,548 328,704,666 55,553,651,023 9,839,934,390

Revenue Account for the Year / Period ended March 31, 2016 Figures in Rs.JM Equity Fund JM Tax Gain Fund JM Balanced Fund

Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015IncomeDividend 30,462,602 5,145,633 3,231,074 3,866,106 344,109,257 25,698,275 Interest 23,584,946 361,292 292,902 368,167 778,513,423 181,833,117 Profit on sale/redemption of investments (other than inter scheme transfer/sale)

234,007,122 49,024,647 60,495,091 57,436,989 958,124,327 1,047,401,370

Profit on inter-scheme transfer/sale of investments - - - - - - Profit on Futures / Options - - - - - - Other income ( Refer note No.III 2.q. of Schedule H ) - - - - - - Net change in unrealised appreciation / depreciation of Investments

- 84,295,509 - 82,420,351 - 241,640,584

Exit load collected 1,636,659 157,434 - - 15,877,677 13,587,182 Total Income 289,691,329 138,984,515 64,019,067 144,091,613 2,096,624,684 1,510,160,528 Expenses and LossesManagement & Operating expenses G 81,817,130 10,084,581 8,652,295 9,633,600 816,260,500 155,184,811 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

197,382,615 2,621,442 3,233,026 6,197,074 2,127,939,254 196,111,339

Loss on Futures / Options - - - - - - Loss on inter-scheme transfer/sale of investments - - - - - - Net change in unrealised appreciation/depreciation of Investments

214,001,674 - 77,919,978 - 865,963,058 -

Total Expenses & Losses 493,201,419 12,706,023 89,805,299 15,830,674 3,810,162,812 351,296,150 Surplus / (Deficit) for the Period / Year (203,510,090) 126,278,492 (25,786,232) 128,260,939 (1,713,538,128) 1,158,864,378 Add/(Less): Income Equalisation Account 6,623,640,113 (29,615,783) 8,767,836 29,926,112 52,510,358,180 16,812,764,493 Add: Write back of provision for Unrealised Appreciation on Investments

138,836,586 54,541,077 156,534,015 74,113,665 253,781,026 12,140,442

Less: Provision for Unrealised Appreciation on Investments

- (138,836,586) (78,614,038) (156,534,016) - (253,781,026)

Surplus / (Deficit) 6,558,966,609 12,367,200 60,901,581 75,766,700 51,050,601,078 17,729,988,287 Balance brought forward from previous year 83,097,597 70,730,397 (117,908,502) (193,675,202) 1,928,423,866 24,622,238 Surplus / (Deficit) available for distribution 6,642,064,206 83,097,597 (57,006,921) (117,908,502) 52,979,024,944 17,754,610,525 Appropriation

Income Distribution 3,976,742,036 - - - 41,755,553,427 15,826,186,659

Distribution Tax - - - - - -

Balance carried to the Balance Sheet 2,665,322,170 83,097,597 (57,006,921) (117,908,502) 11,223,471,517 1,928,423,866 Accounting Policies and Notes on Accounts HFund Manager Sanjay Chhabaria & Chaitanya Choksi Sanjay Chhabaria

As per our report of even date For and on behalf ofFor S.R.Batliboi & Co. LLP JM Financial Asset Management LimitedChartered Accountants ICAI Firm Registration No. 301003E

J.M. Gandhi V. P. Shetty G. M. Ramamurthy Bhanu Katoch Sanjay Chhabaria Chaitanya Choksi Partner Chairman Director Chief Executive Officer Fund Manager Fund ManagerMembership No. 037924

For and on behalf of JM Financial Trustee Company Private Limited

Anant Setalvad Dr. R. Srinivasan Date: April 25, 2016Director Director Place: Mumbai

11



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Equity Fund JM Tax Gain Fund JM Balanced Fund

March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015

SCHEDULE A

Unit Capital

Dividend 46,477,892 52,612,427 80,966,686 90,220,248 41,947,589 7,075,489,890

Growth 427,441,765 35,793,020 165,730,980 188,810,191 3,914,637,233 47,542,535

Bonus - - - - 1,422 1,422

Daily Dividend - - - - - -

Weekly Dividend - - - - - -

Fortnightly Dividend - - - - - -

Monthly Dividend 97,993 - - - 2,145 1,954

Quarterly Dividend 52,482 - - - 12,195,062,780 1,954

Half Yearly Dividend 2,270,446,746 - - - 1,954 1,954

Annual Dividend 4,454 - - - 1,954 1,954

Regular Dividend - - - - - -

Regular Daily Dividend - - - - - -

Regular Growth - - - - - -

Institutional Daily Dividend - - - - - -

Super Institutional Growth - - - - - -

Premium Dividend - - - - - -

Premium Growth - - - - - -

Premium Daily Dividend - - - - - -

Premium Weekly Dividend - - - - - -

Quarterly Bonus - - - - 1,422 1,422

Quarterly Bonus - Direct - - - - 1,386 1,386

Half Yearly Bonus - - - - 1,422 1,422

Half Yearly Bonus - Direct - - - - 1,386 1,386

Annual Bonus - - - - 1,422 1,422

Dividend - Direct 221,152 45,862 222,013 208,793 677,465 730,470

Growth - Direct 1,030,554 285,422 3,503,142 781,962 8,615,094 949,199

Bonus - Direct - - - - 1,386 1,386

Daily Dividend - Direct - - - - - -

Weekly Dividend - Direct - - - - - -

Fortnightly Dividend - Direct - - - - - -

Monthly Dividend - Direct 4,362 - - - 1,923 1,923

Quarterly Dividend - Direct 4,362 - - - 1,923 1,923

Half Yearly Dividend - Direct 9,025 - - - 1,923 1,923

Annual Dividend - Direct 4,362 - - - 9,101 1,925

Annual Bonus - Direct - - - - 7,058 7,058

Total 2,745,795,149 88,736,731 250,422,821 280,021,194 16,160,977,988 7,124,744,508

No. of Units of face value of Rs.10/- each 274,579,515 8,873,673 25,042,282 28,002,119 1,616,097,799 712,474,451

SCHEDULE B

Reserves & Surplus

Unit premium reserve

Opening balance 13,314,066 75,359,129 8,692,927 40,066,604 261,391,806 5,961

Add/(Less): On account of purchase/sale of units 200,295,262 (62,045,063) (13,025,227) (31,373,677) 305,524,807 261,385,845

Closing Balance 213,609,328 13,314,066 (4,332,300) 8,692,927 566,916,613 261,391,806

Unrealised Appreciation Reserve

Opening balance 138,836,586 54,541,077 156,534,016 74,113,665 253,781,026 12,140,442

Add/(Less): Unrealised appreciation in value of investments (138,836,586) 84,295,509 (77,919,978) 82,420,351 (253,781,026) 241,640,584

Closing balance - 138,836,586 78,614,038 156,534,016 - 253,781,026

Surplus/(Deficit) brought forward from revenue account 2,665,322,170 83,097,597 (57,006,921) (117,908,502) 11,223,471,517 1,928,423,866

Grand Total 2,878,931,498 235,248,249 17,274,817 47,318,441 11,790,388,130 2,443,596,698

SCHEDULE C

Current Liabilities & Provisions

Contracts for purchase of investments - - - - - -

Management fee payable 6,080,941 583,125 433,051 452,664 70,966,363 6,630,233

Trusteeship fee payable 343,578 12,954 10,026 12,840 2,312,360 576,973

Load payable - - - - - -

Applications pending for allotment of units - - - - - -

12



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Equity Fund JM Tax Gain Fund JM Balanced Fund


Others 4,490,951 451,678 96,781 328,555 21,064,198 19,447,687

Mark to market payable - - - - - -

Payable on repurchase of units 3,995,597,767 1,264,909 406,052 570,972 27,507,941,984 244,938,291

Interest received in advance - - - - - -

Total 4,006,513,237 2,312,666 945,910 1,365,031 27,602,284,905 271,593,184

SCHEDULE D

Investments

Equity shares 5,347,761,011 314,231,190 258,830,241 321,276,487 22,149,892,152 7,192,571,912

Less: Provision for equity shares at cost (578,039) (578,039) - - (32,569) (32,569)

Preference shares - 201,600 - - - -

Privately Placed Debentures/Bonds - - - - - -

Debt securities listed/ awaiting listing on a recognised stock exchange 701,289,800 - - - 4,758,152,234 10,620,616

Government securities - - - - - -

Treasury bills - - - - - -

Commercial paper - - - - 3,503,587,298 -

Securitised - - - - - -

Certificate of deposits 739,190,750 - - - 2,908,486,792 2,600,418,370

Others (Mutual Fund Units) - - - - 5,008,558,229 -

Total 6,787,663,522 313,854,751 258,830,241 321,276,487 38,328,644,136 9,803,578,329

SCHEDULE E

Deposits

CBLO 148,223,610 11,812,294 9,492,039 7,170,497 126,765,726 4,833,313

Term deposits - - - - - -

Deposit with CCIL - - - - - -

Total 148,223,610 11,812,294 9,492,039 7,170,497 126,765,726 4,833,313

SCHEDULE F

Other Current Assets

Balances with banks in current account 822,547 580,038 291,906 180,780 10,178,966 31,464,939

Contracts for sale of investments 2,689,777,906 - - - 16,960,396,911 -

Mark to market receivable - - - - - -

Outstanding and accrued income 4,087,766 80,738 28,305 1,597 126,339,730 19,440

Less : Provision for doubtful income (63,003) (63,003) - - - -

Receivable on reissue of units 706,807 8,526 1,000 75,000 1,325,497 -

Others 20,729 24,302 57 305 57 38,369

Total 2,695,352,752 630,601 321,268 257,682 17,098,241,161 31,522,748

SCHEDULE G

Management & Operating Expenses

Management fees 32,516,453 6,526,134 4,947,941 5,344,210 356,306,712 52,086,741

Service tax on management fees 4,671,553 806,630 688,261 660,544 50,572,777 6,437,921

Trusteeship fees 1,654,670 171,980 148,899 166,281 18,949,549 3,460,196

Interest on borrowing - - - - - -

Registration and legal expenses 6,726 5,251 6,795 4,767 198,530 1,012

Commission to agents 38,032,306 1,208,965 2,003,455 2,253,438 317,980,197 138,671,562

Publicity expenses 550,225 418,758 5,028 173,610 32,429,080 2,035,314

Audit fees 259,451 27,896 21,011 42,561 2,991,440 1,698,372

Custodian fees 355,480 39,177 33,716 37,188 3,567,016 712,076

Registrar fee 3,438,418 436,655 308,165 421,243 21,719,133 4,054,153

Administrative expenses 628,621 375,600 518,452 491,582 6,001,356 1,448,181

Investor awareness expenses 661,868 68,791 59,560 66,512 7,579,830 1,384,067

Less: Expenses reimbursed / to be reimbursed by AMC (958,641) (1,256) (88,988) (28,336) (2,035,120) (56,804,784)

Total 81,817,130 10,084,581 8,652,295 9,633,600 816,260,500 155,184,811

13



Audited Balance Sheet As At March 31, 2016 Figures in Rs.JM Multi Strategy Fund JM High Liquidity Fund JM Floater Long Term Fund

Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015LiabilitiesUnit Capital A 571,415,325 677,129,728 7,426,861,779 6,941,267,676 504,902,261 617,634,100 Reserves & Surplus B 525,873,206 763,857,668 16,698,458,638 10,264,501,446 427,149,084 553,901,325 Current Liabilities & Provisions C 3,914,094 5,288,945 6,895,159 256,722,686 2,915,236 535,729 Total 1,101,202,625 1,446,276,341 24,132,215,576 17,462,491,808 934,966,581 1,172,071,154 AssetsInvestments D 1,059,135,060 1,384,460,092 22,638,574,463 15,474,755,067 917,538,560 1,162,121,080 Deposits E 41,243,768 60,672,579 6,044,322 14,005,089 13,170,673 9,745,623 Other Current Assets F 823,797 1,143,670 1,487,596,791 1,973,731,652 4,257,348 204,451 Total 1,101,202,625 1,446,276,341 24,132,215,576 17,462,491,808 934,966,581 1,172,071,154

Revenue Account for the Year / Period ended March 31, 2016 Figures in Rs.JM Multi Strategy Fund JM High Liquidity Fund JM Floater Long Term Fund

Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015

IncomeDividend 14,885,055 17,618,195 - - - - Interest 2,081,572 1,124,802 3,347,348,906 4,268,844,930 79,176,086 227,302,079 Profit on sale/redemption of investments (other than inter scheme transfer/sale)

240,799,791 215,799,701 866,858 8,201,967 256,757 405,360

Profit on inter-scheme transfer/sale of investments - - 12,713 20,685 69,958 16,676 Profit on Futures / Options - - - - - - Other income ( Refer note No.III 2.q. of Schedule H ) - - 3,307 1,792,277 - 141,899 Net change in unrealised appreciation / depreciation of Investments

- 396,117,147 10,231,455 3,052,525 341,402 109,204

Exit load collected 39,390 204,384 - - - - Total Income 257,805,808 630,864,229 3,358,463,239 4,281,912,384 79,844,203 227,975,218 Expenses and LossesManagement & Operating expenses G 36,785,120 40,926,803 95,580,814 112,019,188 6,027,592 14,881,532 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

32,094,673 32,540,403 2,239,814 1,266,842 1,194 4,942,837

Loss on Futures / Options - - - - - -

Loss on inter-scheme transfer/sale of investments - - - - 972 2,548,135 Net change in unrealised appreciation/depreciation of Investments

319,061,482 - - - - -

Total Expenses & Losses 387,941,275 73,467,206 97,820,628 113,286,030 6,029,758 22,372,504 Surplus / (Deficit) for the Period / Year (130,135,467) 557,397,023 3,260,642,611 4,168,626,354 73,814,445 205,602,714 Add/(Less): Income Equalisation Account 69,432,434 248,528,582 3,793,413,150 3,695,819,550 (189,105,152) 41,457,061 Add: Write back of provision for Unrealised Appreciation on Investments

621,613,427 225,496,280 7,837,540 4,785,015 446,859 337,655


(302,551,945) (621,613,427) (18,068,995) (7,837,540) (788,261) (446,859)

Surplus / (Deficit) 258,358,449 409,808,458 7,043,824,306 7,861,393,379 (115,632,109) 246,950,571 Balance brought forward from previous year (606,869,470) (1,016,677,928) 10,252,352,247 3,355,659,542 553,201,106 313,241,794 Surplus / (Deficit) available for distribution (348,511,021) (606,869,470) 17,296,176,553 11,217,052,921 437,568,997 560,192,365 AppropriationIncome Distribution - - 423,770,006 692,745,166 7,640,800 5,201,294 Distribution Tax - - 204,525,619 271,955,508 3,546,563 1,789,965 Balance carried to the Balance Sheet (348,511,021) (606,869,470) 16,667,880,928 10,252,352,247 426,381,634 553,201,106 Accounting Policies and Notes on Accounts HFund Manager Sanjay Chhabaria Shalini Tibrewala


J.M. Gandhi V. P. Shetty G. M. Ramamurthy Bhanu Katoch Sanjay Chhabaria Shalini Tibrewala Partner Chairman Director Chief Executive Officer Fund Manager Fund ManagerMembership No. 037924



14



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Multi Strategy Fund JM High Liquidity Fund JM Floater Long Term Fund


SCHEDULE A

Unit Capital

Dividend 194,561,238 262,804,990 - - 278,669 27,422,076

Growth 372,733,117 413,145,447 1,894,018,645 2,593,521,391 93,709,227 60,310,852

Bonus - - 194,446,908 205,681,084 45,124,127 45,977,720

Daily Dividend - - 819,049,837 2,349,248,511 38,228,538 129,794,387

Weekly Dividend - - 74,006,950 25,784,468 66,512 228,864

Fortnightly Dividend - - - - - -

Monthly Dividend - - - - 16,078 5,202

Quarterly Dividend - - 9,052,938 2,050,914 - -

Half Yearly Dividend - - - - - -

Annual Dividend - - - - - -




Institutional Daily Dividend - - 18,313 18,313 - -

Super Institutional Growth - - 201,386 202,520 - -

Premium Dividend - - - - 2,731 2,731

Premium Growth - - - - 3,209 3,209

Premium Daily Dividend - - - - 24,706 24,706

Premium Weekly Dividend - - - - - 69,501

Quarterly Bonus - - - - - -

Quarterly Bonus - Direct - - - - - -

Half Yearly Bonus - - - - 5,220 5,220

Half Yearly Bonus - Direct - - - - 5,168 5,168

Annual Bonus - - - - - -

Dividend - Direct 164,885 111,650 - - 79,682 592,019

Growth - Direct 3,956,085 1,067,641 3,372,423,793 983,513,848 176,611,141 347,755,572

Bonus - Direct - - 4,946 4,946 5,099,307 5,144,534

Daily Dividend - Direct - - 1,063,530,865 781,148,918 145,637,017 281,760

Weekly Dividend - Direct - - 104,400 89,965 5,799 5,449

Fortnightly Dividend - Direct - - - - - -

Monthly Dividend - Direct - - - - 5,130 5,130

Quarterly Dividend - Direct - - 2,798 2,798 - -

Half Yearly Dividend - Direct - - - - - -

Annual Dividend - Direct - - - - - -

Annual Bonus - Direct - - - - - -

Total 571,415,325 677,129,728 7,426,861,779 6,941,267,676 504,902,261 617,634,100

No. of Units of face value of Rs.10/- each 57,141,533 67,712,973 742,686,178 694,126,768 50,490,226 61,763,410

SCHEDULE B

Reserves & Surplus


Opening balance 749,113,711 1,186,390,052 4,311,659 156,210 253,360 24,190

Add/(Less): On account of purchase/sale of units (177,281,429) (437,276,341) 8,197,056 4,155,449 (274,171) 229,170

Closing Balance 571,832,282 749,113,711 12,508,715 4,311,659 (20,811) 253,360


Opening balance 621,613,427 225,496,280 7,837,540 4,785,015 446,859 337,655

Add/(Less): Unrealised appreciation in value of investments (319,061,482) 396,117,147 10,231,455 3,052,525 341,402 109,204

Closing balance 302,551,945 621,613,427 18,068,995 7,837,540 788,261 446,859

Surplus/(Deficit) brought forward from revenue account (348,511,021) (606,869,470) 16,667,880,928 10,252,352,247 426,381,634 553,201,106

Grand Total 525,873,206 763,857,668 16,698,458,638 10,264,501,446 427,149,084 553,901,325

SCHEDULE C


Contracts for purchase of investments - - - 245,565,750 - -

Management fee payable 2,426,015 2,398,480 1,675,208 1,814,569 351,457 230,647

Trusteeship fee payable 40,946 57,412 1,443,356 1,513,116 46,244 32,545


Applications pending for allotment of units - - 82,400 369,000 2,000,000 -

15



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Multi Strategy Fund JM High Liquidity Fund JM Floater Long Term Fund


Others 279,848 1,246,375 2,474,445 4,364,792 112,797 272,537


Payable on repurchase of units 1,167,285 1,586,678 371 371 404,738 -

Interest received in advance - - 1,219,379 3,095,088 - -

Total 3,914,094 5,288,945 6,895,159 256,722,686 2,915,236 535,729

SCHEDULE D

Investments

Equity shares 1,059,135,060 1,384,460,092 - - - -

Less: Provision for equity shares at cost - - - - - -

Preference shares - - - - - -


Debt securities listed/ awaiting listing on a recognised stock exchange - - - - 100,189,200 -

Government securities - - - - - -

Treasury bills - - 49,423,250 49,515,950 - -

Commercial paper - - 6,029,093,690 5,067,527,162 590,001,608 1,142,304,350

Securitised - - - - - -

Certificate of deposits - - 16,560,057,523 10,357,711,955 227,347,752 19,816,730

Others (Mutual Fund Units) - - - - - -

Total 1,059,135,060 1,384,460,092 22,638,574,463 15,474,755,067 917,538,560 1,162,121,080

SCHEDULE E

Deposits

CBLO 41,243,768 60,672,579 6,044,322 14,005,089 13,170,673 9,745,623

Term deposits - - - - - -

Deposit with CCIL - - - - - -

Total 41,243,768 60,672,579 6,044,322 14,005,089 13,170,673 9,745,623

SCHEDULE F

Other Current Assets

Balances with banks in current account 546,535 943,190 352,798 2,111,167 3,180,982 -

Contracts for sale of investments - - 1,487,170,000 1,971,540,000 - -

Mark to market receivable - - - - - -

Outstanding and accrued income 96,780 13,517 973 3,229 310,484 2,119

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

Receivable on reissue of units 15,499 20,306 - - 763,307 199,900

Others 164,983 166,657 73,020 77,256 2,575 2,432

Total 823,797 1,143,670 1,487,596,791 1,973,731,652 4,257,348 204,451

SCHEDULE G

Management & Operating Expenses

Management fees 24,004,349 24,732,603 36,450,105 39,674,891 2,646,824 6,579,918

Service tax on management fees 3,335,929 3,056,950 5,124,659 4,903,819 370,197 813,279

Trusteeship fees 634,402 722,107 20,310,241 24,109,022 420,970 1,286,188

Interest on borrowing - - 12,628 - - -

Registration and legal expenses 29,914 20,895 357,823 146,071 24,300 12,159

Commission to agents 6,299,321 7,037,758 5,845,682 8,092,824 228,108 2,777,329

Publicity expenses 16,498 1,257,497 1,200,713 4,062,694 401,704 807,780

Audit fees 67,521 140,419 240,316 516,561 19,224 31,643

Custodian fees 143,191 161,050 2,764,124 3,331,968 53,836 206,488

Registrar fee 1,309,966 1,817,614 14,096,297 16,410,116 482,199 1,470,289

Administrative expenses 981,566 1,738,210 3,646,484 3,325,773 1,263,720 541,450

Investor awareness expenses 253,760 288,838 8,192,497 9,668,940 168,388 514,475

Less: Expenses reimbursed / to be reimbursed by AMC (291,297) (47,138) (2,660,755) (2,223,491) (51,878) (159,466)

Total 36,785,120 40,926,803 95,580,814 112,019,188 6,027,592 14,881,532

16



Audited Balance Sheet As At March 31, 2016 Figures in Rs.JM Floater Short Term Fund JM MIP Fund JM Money Manager Fund - Super Plus Plan

Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015LiabilitiesUnit Capital A 8,442,060 596,597,586 755,139,933 24,790,831 5,178,882,341 8,237,443,402 Reserves & Surplus B 10,511,728 679,543,985 1,029,027,898 19,915,002 2,072,899,876 1,938,019,442 Current Liabilities & Provisions C 14,750 385,704 446,260 201,593 58,510,021 17,101,317 Total 18,968,538 1,276,527,275 1,784,614,091 44,907,426 7,310,292,238 10,192,564,161 AssetsInvestments D - 576,687,912 1,755,212,321 36,410,885 7,213,734,722 9,951,655,491 Deposits E 18,962,888 11,082,658 29,392,202 7,177,659 22,947,782 213,421,528 Other Current Assets F 5,650 688,756,705 9,568 1,318,882 73,609,734 27,487,142 Total 18,968,538 1,276,527,275 1,784,614,091 44,907,426 7,310,292,238 10,192,564,161

Revenue Account for the Year / Period ended March 31, 2016 Figures in Rs.JM Floater Short Term Fund JM MIP Fund JM Money Manager Fund - Super Plus Plan

Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015

IncomeDividend - - 38,350 61,938 - - Interest 12,387,064 23,108,205 51,241,755 4,023,429 822,888,025 1,042,159,483 Profit on sale/redemption of investments (other than inter scheme transfer/sale)

6,493 1,401,264 1,645,277 3,878,929 39,438,734 23,273,217

Profit on inter-scheme transfer/sale of investments - 9,676 - - - - Profit on Futures / Options - - - - - - Other income ( Refer note No.III 2.q. of Schedule H ) - - - - - 24,437 Net change in unrealised appreciation / depreciation of Investments

- - - - 2,203,475 3,817,499

Exit load collected 1,967 121,425 - 906,469 - - Total Income 12,395,524 24,640,570 52,925,382 8,870,765 864,530,234 1,069,274,636 Expenses and LossesManagement & Operating expenses G 1,127,109 946,029 3,400,854 1,365,101 49,499,855 58,318,461 Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

192,331 609,683 96,043 - 5,198,190 5,647,204

Loss on Futures / Options - - - - - - Loss on inter-scheme transfer/sale of investments - - - - - 39,629 Net change in unrealised appreciation/depreciation of Investments

- 1,978,406 733,226 220,734 - -

Total Expenses & Losses 1,319,440 3,534,118 4,230,123 1,585,835 54,698,045 64,005,294 Surplus / (Deficit) for the Period / Year 11,076,084 21,106,452 48,695,259 7,284,930 809,832,189 1,005,269,342 Add/(Less): Income Equalisation Account (679,971,772) 286,110,893 846,963,029 (3,458,901) (592,227,041) (299,867,792)Add: Write back of provision for Unrealised Appreciation on Investments

- 1,978,406 2,184,242 2,404,976 21,789,565 17,972,066


- - (1,451,016) (2,184,242) (23,993,040) (21,789,565)

Surplus / (Deficit) (668,895,688) 309,195,751 896,391,514 4,046,763 215,401,673 701,584,051 Balance brought forward from previous year 680,142,867 374,714,114 19,630,888 15,873,361 1,910,735,316 1,363,382,665 Surplus / (Deficit) available for distribution 11,247,179 683,909,865 916,022,402 19,920,124 2,126,136,989 2,064,966,716 AppropriationIncome Distribution 97,729 2,833,142 172,287 215,984 53,799,901 113,034,507 Distribution Tax 38,838 933,856 68,638 73,252 22,874,399 41,196,893

Balance carried to the Balance Sheet 11,110,612 680,142,867 915,781,477 19,630,888 2,049,462,689 1,910,735,316 Accounting Policies and Notes on Accounts HFund Manager Shalini Tibrewala Vikas Agrawal


J.M. Gandhi V. P. Shetty G. M. Ramamurthy Bhanu Katoch Shalini Tibrewala Vikas Agrawal Partner Chairman Director Chief Executive Officer Fund Manager Fund ManagerMembership No. 037924



17



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Floater Short Term Fund JM MIP Fund JM Money Manager Fund - Super Plus Plan


SCHEDULE A

Unit Capital

Dividend - - - - - -

Growth 4,316,045 5,618,037 86,236,460 12,085,416 307,339,112 510,677,329

Bonus 4,661 5,135 2,309 2,309 2,032,226,993 5,068,538,436

Daily Dividend 397,424 1,684,714 - - 371,944,286 434,579,505

Weekly Dividend - - - - 66,306,890 33,718,100

Fortnightly Dividend - - - - 5,773,729 4,059,577

Monthly Dividend 4,885 4,885 3,156,853 4,228,725 - -

Quarterly Dividend - - 7,231,093 7,643,600 - -

Half Yearly Dividend - - - - - -

Annual Dividend - - 714,743 753,384 - -




Institutional Daily Dividend - - - - - -

Super Institutional Growth - - - - - -

Premium Dividend - - - - - -

Premium Growth - - - - - -

Premium Daily Dividend - - - - - -

Premium Weekly Dividend - - - - - -

Quarterly Bonus - - - - - -

Quarterly Bonus - Direct - - - - - -

Half Yearly Bonus 4,661 5,135 - - - -

Half Yearly Bonus - Direct 4,644 5,117 - - - -

Annual Bonus - - - - - -

Dividend - Direct - - - - - -

Growth - Direct 3,694,123 576,095,662 657,783,552 62,624 567,812,502 147,897,063

Bonus - Direct 4,646 5,938 2,217 2,217 1,564,104,367 1,590,103,410

Daily Dividend - Direct 6,015 13,168,007 - - 260,736,042 445,356,789

Weekly Dividend - Direct - - - - 2,530,694 2,401,836

Fortnightly Dividend - Direct - - - - 107,726 111,357

Monthly Dividend - Direct 4,956 4,956 5,258 5,108 - -

Quarterly Dividend - Direct - - 3,843 3,843 - -

Half Yearly Dividend - Direct - - - - - -

Annual Dividend - Direct - - 3,605 3,605 - -

Annual Bonus - Direct - - - - - -

Total 8,442,060 596,597,586 755,139,933 24,790,831 5,178,882,341 8,237,443,402

No. of Units of face value of Rs.10/- each 844,206 59,659,759 75,513,993 2,479,083 517,888,234 823,744,340

SCHEDULE B

Reserves & Surplus


Opening balance (598,882) 460,696 (1,900,128) (714,156) 5,494,561 6,044,369

Add/(Less): On account of purchase/sale of units (2) (1,059,578) 113,695,533 (1,185,972) (6,050,414) (549,808)

Closing Balance (598,884) (598,882) 111,795,405 (1,900,128) (555,853) 5,494,561


Opening balance - 1,978,406 2,184,242 2,404,976 21,789,565 17,972,066

Add/(Less): Unrealised appreciation in value of investments - (1,978,406) (733,226) (220,734) 2,203,475 3,817,499

Closing balance - - 1,451,016 2,184,242 23,993,040 21,789,565

Surplus/(Deficit) brought forward from revenue account 11,110,612 680,142,867 915,781,477 19,630,888 2,049,462,689 1,910,735,316

Grand Total 10,511,728 679,543,985 1,029,027,898 19,915,002 2,072,899,876 1,938,019,442

SCHEDULE C


Contracts for purchase of investments - - - - - -

Management fee payable 4,104 195,123 278,882 91,429 1,941,962 2,566,867

Trusteeship fee payable 2,960 44,398 76,018 1,738 282,990 396,233


Applications pending for allotment of units 2,500 - - - - -

18



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Floater Short Term Fund JM MIP Fund JM Money Manager Fund - Super Plus Plan


Others 5,186 146,183 91,360 74,644 1,023,349 2,036,418


Payable on repurchase of units - - - 33,782 55,261,720 12,101,799

Interest received in advance - - - - - -

Total 14,750 385,704 446,260 201,593 58,510,021 17,101,317

SCHEDULE D

Investments

Equity shares - - - 6,737,140 - -

Less: Provision for equity shares at cost - - - - - -

Preference shares - - - - - -


Debt securities listed/ awaiting listing on a recognised stock exchange - - - - 1,932,625,453 376,758,873

ANNUAL REPORT 2015-2016 · 2018-10-24 · 2 Annual Report 2015-2016 JM FINANCIAL MUTUAL FUND Dear...

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