ANNUAL REPORT 2018-2019 - Mutual Fund...Annual Report 2018-2019 JM FINANCIAL MUTUAL FUND Dear...

JM FINANCIAL MUTUAL FUND

ANNUAL REPORT 2018-2019

Please refer Scheme Information Document for details on Riskometer

BOARD OF DIRECTORSJM Financial Trustee Company Private Limited(as on 31st March, 2019)

JM Financial Asset Management Limited(as on 31st March, 2019)

Mr. Nimesh N. Kampani, Chairman Mr. V. P. Shetty, ChairmanMr. Sharad M. Kulkarni Mr. Darius PandoleDr. R. Srinivasan Mr. G. M. RamamurthyMr. Vivek Jetley Mr. Rajendra P. ChitaleMs. Madhu Dubhashi 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 & Co. 1st Floor, Elphinstone House17 Marzban road,Mumbai - 400001.

Karvy Fintech 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 2018-2019


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, 2019.

ECONOMIC OUTLOOK

The GDP growth for the F.Y. 2018-19 as released by the Central Statistics Office (CSO) on May 31, 2019, has been revised downwards to 6.80%, lower than CSO’s previous estimate of 7.00%. The moderation in growth was led by slowdown in the farm sector and manufacturing sector. On the expenditure front, consumption and investment demand depicted moderation led by tighter financial conditions, sluggish private capex and curtailed Government spending before elections.

The GDP growth is projected to strengthen to 7.20% in F.Y. 2019-20 from 6.80%- in the range of 6.40-6.70 % for the Half Year ended September 30, 2019 and 7.20-7.50% for the Half Year ended March 31, 2020, with risks being evenly balanced.

Data for Quarter ended March 31, 2019 indicates that domestic investment activity has weakened and overall demand has been weighed down partly by slowing exports. Weak global demand due to escalation in trade wars may further impact India’s exports and investment activity. Further, private consumption, especially in rural areas, has weakened in recent months. However, on the positive side, political stability, high capacity utilization, the uptick in business expectations in Quarter ended September 30, 2019, buoyant stock market conditions and higher financial flows to the commercial sector augur well for investment activity.

The Consumer Price Index (CPI) inflation reduced to 2.86% in March, 2019 from 4.28% in March, 2018. CPI inflation is expected to average in the range of 3.00-3.10% for the Half Year ended September 30, 2019 and to 3.40-3.70% for the Half Year ended March 31, 2020, with risks broadly balanced. Risks around the baseline inflation trajectory emanate from uncertainties relating to the monsoon, unseasonal spikes in vegetable prices, international fuel prices and their pass-through to domestic prices, geo-political tensions, financial market volatility and the fiscal scenario.

The Current Account Deficit (CAD) for the first three quarters of the financial year 2018-19 widened to 2.2% of GDP. The outbound shipments stood at USD 331 Bn registering 9.10% growth while imports stood at USD 507.4 Bn growing by 9.00%. Given the same the current account deficit is estimated to widen to 2.20-2.30%

of GDP during Financial Year ended March 31, 2019 from 1.90% during Financial Year ended March 31, 2018.

Fiscal deficit for F.Y. 2018-19 was estimated at 3.30% of GDP at the start of year but on account of short fall in revenue was revised upward at 3.40% by cutting budgeted expenditures.

The forex reserve remained flat year on year at USD 422 Bn.

Weaker global growth is expected to keep the crude oil prices around US$ 60- $75 /bbl. US Fed has turned extremely dovish by pushing out rate increases into 2020. Against this backdrop, market expects capital flows to be better in Financial Year 2019-20 compared to Financial Year 2018-19, given easier monetary policy stance by G-4 central banks.

However, risks to these can emerge from (i) Brexit uncertainties, (ii) US-China trade relations and also US-India trade relations, (iii) extreme adverse global growth conditions. These uncertainties can lead to a global risk aversion and hence could be negative for EM flows and currencies.

INR/USD is expected to be in the band range of 65-70.

With moderation in headline inflation, easing liquidity and expectation of prudence in fiscal management, RBI is expected to ease the policy rates further in F.Y. 2019-20 to support weaker growth.

Both the Sensex and Nifty went up by 18.71% and 16.39%, respectively, during the financial year ended March 31, 2019. Broader indices like BSE 100 and BSE 500 also went up by 13.85% and 9.64% respectively over the previous year.

Comparison of indices as on March 28, 2018 and March 29, 2019 (being the last business days of respective Financial Years) is as follows:

Index Name From Date (28-Mar-2018)

To Date (29-Mar-2019 )

Compounded Annualized (%)

Nifty 50 TRI 13865.60 16146.11 16.40Nifty Midcap 100 TRI 23880.80 23436.91 -1.85S&P BSE 100 TRI 12307.10 14017.72 13.86S&P BSE 200 TRI 5192.59 5820.83 12.06S&P BSE 500 TRI 16524.90 18122.52 9.64S&P BSE Sensex TRI 47086.90 55924.39 18.71

Source: www.mutualfundsindia.com

REPORT OF THE BOARD OF TRUSTEES

SCHEME DETAILS & PERFORMANCE

Performance of all the Schemes as on March 31, 2019 is as follows:

Name of Schemes NAV as on March 31,

2019

Benchmark Index Scheme Returns since inception (%)

Benchmark Returns since inception (%)

Scheme Returns since last 1 year (%)

Benchmark Returns since last 1 year (%)

JM Large Cap Fund - Growth 66.3637 S&P BSE Sensex TRI 8.20 11.62 5.82 18.71JM Large Cap Fund - Dir - Growth 71.0172 S&P BSE Sensex TRI 11.39 13.08 7.02 18.71JM Equity Hybrid Fund - Growth 47.2095 Crisil Hybrid 35+65 Aggressive Index 11.63 N A 7.59 10.44JM Equity Hybrid Fund - Dir - Growth 50.2169 Crisil Hybrid 35+65 Aggressive Index 11.81 11.79 9.03 10.44JM Value Fund - Growth 32.4745 S&P BSE 200 TRI 16.13 13.45 5.22 12.06JM Value Fund - Dir - Growth 34.6279 S&P BSE 200 TRI 14.97 13.35 5.90 12.06JM Arbitrage Fund - Growth 24.1638 Nifty 50 Arbitrage Index 7.19 N A 4.80 5.35JM Arbitrage Fund - Dir - Growth 24.8911 Nifty 50 Arbitrage Index 7.37 6.68 5.21 5.35JM Tax Gain Fund - Growth 17.0039 S&P BSE 500 TRI 4.94 10.14 6.89 9.64JM Tax Gain Fund - Dir - Growth 18.3081 S&P BSE 500 TRI 16.25 13.26 7.69 9.64JM Multicap Fund - Growth 31.1109 S&P BSE 500 TRI 11.39 12.33 5.95 9.64JM Multicap Fund - Dir - Growth 33.2613 S&P BSE 500 TRI 15.21 13.26 6.78 9.64JM Core 11 Fund - Growth 9.3941 S&P BSE Sensex TRI -0.56 9.53 11.79 18.71JM Core 11 Fund - Dir - Growth 10.1205 S&P BSE Sensex TRI 16.56 13.08 13.31 18.71JM Income Fund - Growth 49.8942 Crisil Composite Bond Fund Index 6.92 N A 6.08 6.72JM Income - Dir - Growth 53.0984 Crisil Composite Bond Fund Index 7.30 8.27 7.14 6.72JM Short Term Fund - Growth 26.0200 Crisil Short Term Bond Fund Index 6.16 7.20 6.54 7.56JM Short Term Fund - Dir - Growth 26.4317 Crisil Short Term Bond Fund Index 7.87 8.39 6.81 7.56JM Liquid Fund - Growth 50.9378 Crisil Liquid Fund Index 7.96 N A 7.52 7.63JM Liquid Fund - Dir - Growth 51.1901 Crisil Liquid Fund Index 8.18 8.02 7.60 7.63

3



Name of Schemes NAV as on March 31,

2019

Benchmark Index Scheme Returns since inception (%)

Benchmark Returns since inception (%)

Scheme Returns since last 1 year (%)

Benchmark Returns since last 1 year (%)

JM Dynamic Debt Fund - Growth 28.8155 Crisil Composite Bond Fund Index 6.94 6.62 7.39 6.72JM Dynamic Debt Fund - Dir - Growth 29.7785 Crisil Composite Bond Fund Index 8.74 8.27 7.93 6.72JM Low Duration Fund - Growth 26.5635 Crisil Liquid Fund Index 8.12 7.53 7.32 7.63JM Low Duration Fund - Dir - Growth 26.7431 Crisil Liquid Fund Index 8.27 8.02 7.43 7.63JM Money Market Fund - Growth 26.3917 Crisil Liquid Fund Index 8.06 7.53 7.03 7.63JM Money Market Fund - Dir - Growth 26.7496 Crisil Liquid Fund Index 8.14 8.02 7.25 7.63JM Ultra Short Duration Fund - Growth 26.0084 Crisil Liquid Fund Index 7.94 7.53 6.91 7.63JM Ultra Short Duration Fund - Dir - Growth 26.6599 Crisil Liquid Fund Index 8.57 8.02 7.44 7.63JM G-Sec Fund - Growth 56.8660 Crisil Gilt Index 9.32 9.04 5.09 7.91JM G-Sec Fund - Dir - Growth 59.4650 Crisil Gilt Index 7.95 7.88 5.89 7.91

Source: www.mutualfundsindia.comPast 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.e) In plans/options/sub-options, where there were no units on the date of inception, the first NAV has been considered when units were allotted consequently.f) The Direct Plans of the Schemes were launched in January, 2013. The returns since inception for these plans have been considered accordingly.

4



SCHEMES OF JM FINANCIAL MUTUAL FUND:JM Ultra Short Duration Fund: The investment objective of this Scheme is to generate stable long term returns with low risk strategy and capital appreciation/accretion besides preservation of capital through investments in Debt & Money Market instruments such that the Macaulay duration(1) of the portfolio is between 3 months - 6 months.The funds invested in the instruments under this Scheme are of higher credit quality. The Scheme has underperformed the benchmark in last one year and outperformed the benchmark since inception.The scheme primarily invests in money market securities and short maturity bonds. During the financial year 2018-19, NBFC/HFC sector was hit by liquidity crisis. In light of the crisis of confidence and the preference of investor to remain invested in good quality portfolios, the Scheme was maintaining high quality liquid assets in order to meet liquidity requirements and accordingly the scheme underperformed the benchmark.JM Money Market Fund: The investment objective of this Scheme is to generate stable long term returns with low risk strategy and capital appreciation/accretion besides preservation of capital through investments in money market instruments having maturity of upto 1 year.The Scheme has underperformed the benchmark in last one year. However, the Scheme has outperformed the benchmark since inception and has posted a return of 8.06% p.a. since inception.JM Low Duration Fund: The investment objective of the Scheme is to generate stable long term returns with low risk strategy and capital appreciation/ accretion besides preservation of capital through investments in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 6 months - 12 months.The Scheme has underperformed the benchmark in last one year and outperformed the benchmark since inception.The scheme primarily invests in money market securities and short maturity bonds. During the financial year 2018-19, NBFC/HFC sector was hit by liquidity crisis. In light of the crisis of confidence and the preference of investor to remain invested in good quality portfolios, the Scheme was maintaining high quality liquid assets in order to meet liquidity requirements and accordingly the scheme underperformed the benchmark.JM Liquid 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 securities with maturity of upto 91 days only. The Scheme has marginally underperformed the benchmark in the last financial year. The Scheme has posted a return of 7.96% p.a. since inception. Interest rates are expected to remain stable to benign as interest rate cuts and adequate systemic liquidity is expected going forward.JM Dynamic Debt Fund:The investment objective will be to actively manage a portfolio with good quality debt as well as Money Market Instruments so as to provide reasonable returns and liquidity to the Unit holders.The Scheme provide regular income and capital appreciation has outperformed the benchmark since inception and during the financial year.The scheme primarily invests in money market securities and short maturity bonds. During the financial year 2018-19, NBFC/HFC sector was hit by liquidity crisis. In light of the crisis of confidence and the preference of investor to remain invested in good quality portfolios, the Scheme was maintaining high quality liquid assets in order to meet liquidity requirements and accordingly the scheme underperformed the benchmark.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 during the financial year and outperformed the benchmark since inception. The Scheme was maintaining low duration as government bond observed trading volatility on concerns of global growth, rising crude oil prices, negative system liquidity, lower tax collection on account of shortfall in GST, expectation of fiscal slippage, higher state government bond supply and elections.The AMC has filed an application with SEBI for approval of merger of JM G-Sec Fund with JM Income Fund and is awaiting SEBI’s approval for the same.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 the benchmark returns during last one year and also since inception. The Scheme was maintaining low duration as government bonds observed trading volatility on concerns of global growth, rising crude oil prices, negative system liquidity, lower tax collection on account of shortfall in GST, expectation of fiscal slippage, higher state government bond supply and elections.The AMC has filed an application with SEBI for approval of merger of JM G-Sec Fund with JM Income Fund and is awaiting SEBI’s approval for the same.JM Short Term Fund: The investment objective 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 has underperformed the benchmark during the financial year and since inception. The Scheme provides moderate returns commensurate with its nature. The Scheme may invest up to 100% in money market instruments and debt.The Scheme was maintaining low duration as government bonds observed trading volatility on concerns of global growth, rising crude oil prices, negative system liquidity, lower tax collection on account of shortfall in GST, expectation of fiscal slippage, higher state government bond supply and elections.JM Arbitrage Fund: The 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.The regular and the direct Scheme has underperformed the benchmark in the F.Y. 2018-19 due to lower spreads of portfolio stocks. The Direct Plan of the Scheme has outperformed the benchmark since inception. Markets are expected to be volatile in the near future. This volatility is expected to help 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 Value Fund:JM Value Fund is an open-ended diversified equity Scheme which aims to provide long term capital growth by investing primarily in a well-diversified portfolio of undervalued securities.The Scheme’s Direct Plan and Normal Plan has underperformed its benchmark in F.Y. 2018-19 primarily owing to underexposure to technology and energy sectors and over exposure to metals and auto sector. However, the Scheme continues to outperform its benchmark since inception. 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. 2018-19 primarily owing to underexposure to energy and IT sectors and over exposure to auto sector. The direct plan of the Scheme has underperformed the benchmark in F.Y. 2018-19 but has outperformed since inception. The Normal Plan has underperformed the benchmark since inception.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. The concentrated nature of the Scheme results in volatility during sharp market falls but the Scheme recovers equally sharply on the market rise.JM Large Cap Fund:The investment objective of the Scheme is to provide optimum capital growth and appreciationThe Scheme has adopted a defensive positioning given the sharp run up in the markets. In case of a sharp correction in the markets, the strategy is expected to give rich dividends.However, owing to the current positioning the Scheme has underperformed the benchmark in F.Y. 2018-19 and since inception. JM Multicap Fund:The Scheme is an open-ended diversified equity fund which aims to provide capital appreciation by investing primarily in equity and equity related securities of various market capitalisations.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 underperformed the benchmark during the F.Y. 2018-19 but has outperformed since inception. The underperformance is primarily owing to underexposure to energy and IT sectors and over exposure to auto sector. The Normal Plan has underperformed the benchmark during the Financial Year as well as since inception. 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. 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 underperformed the benchmark during the F.Y. 2018-19 but has outperformed since inception. The underperformance is primarily owing to underexposure to energy and IT sectors and over exposure to auto sector. The Normal Plan has underperformed the benchmark during the Financial Year as well as since inception. JM Equity Hybrid Fund:JM Equity hybrid 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%-80% in equity while the remaining amount is in debt. The Scheme has adopted a defensive positioning given the sharp run up in the markets. The Scheme has increased the amount of cash/debt in the portfolio upto 35%. In case of a sharp correction in the markets, the strategy is expected to give rich dividends.

5



However, owing to the current positioning the regular and direct plan has underperformed the benchmark in Financial Year 2018-19. However, the direct growth plan has outperformed since inception. (1) Concept of Macaulay Duration: The Macaulay duration (named after Frederick Macaulay, an economist who developed the concept in 1938) is a measure of a bond’s sensitivity to interest rate changes. Duration tells investors the length of time, in years, that it will take a bond’s cash flows to repay the investor the price he or she has paid for the bond.Fixed income securities with higher duration have higher interest rate sensitivity i.e. the changes in price of higher duration bonds are higher as compared to lower duration ones.A zero coupon bond is one which does not pay any interest and all payments are received at maturity. For a zero coupon bond, the duration is same as residual maturity.Formula: There is more than one way to calculate duration, but the Macaulay duration is the most common. The formula is:

where: t = period in which the coupon is received, C = periodic (usually semiannual) coupon payment, y = the periodic yield to maturity or required yield, n = number periods, M = maturity value (in `), P = market price of bond.Notes: Duration is quoted in “years.” If a bond has a semi-annual period, we convert duration to years before quoting it (a duration of 8 semiannual periods is 4 years). Duration is a measure of interest-rate risk. Or, stated differently, duration is a measure of how sensitive the price of a fixed-income instrument is to interest-rate changes. When we say, “The duration of the bond is 4 years,” we mean: “If the interest rate on the bond goes up by 1%, the bond’s price will decline by 4%.”BRIEF BACKGROUND OF SPONSORS, TRUST, TRUSTEE COMPANY AND AMCJM 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 Trusts 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. made initial contributions of Rs. one lakh each towards setting up of JM Financial Mutual Fund, which amount has been invested in JM Large Cap Fund (Earlier known as JM Equity Fund).The Trustee Company has entered into an Investment Management Agreement dated September 1, 1994 with JM Financial Asset Management 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 is 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 DividendThe Unclaimed Redemptions and Dividends as on March 31, 2019 are as under:

Unclaimed Dividends & Unclaimed Redemptions Statement as on 31/03/2019

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 FUND 856 742,750.59 29 399,220.83 885 1,141,971.41

JM CORE 11 FUND - 0.00 409 8,865,944.94 409 8,865,944.94

JM DYNAMIC DEBT FUND

10 216,553.54 4 242.59 14 216,796.12

JM EQUITY HYBRID FUND

2,622 2,987,363.07 36 698,779.01 2,658 3,686,142.09

JM G-SEC FUND 30 27,746.20 14 153,076.96 44 180,823.15

JM INCOME FUND 3,255 1,365,121.18 63 997,153.48 3,318 2,362,274.66

JM LARGE CAP FUND 2,156 1,556,458.07 271 4,649,955.59 2,427 6,206,413.66

JM LIQUID FUND 41 119,373.86 66 1,433,141.95 107 1,552,515.81

JM LOW DURATION FUND

- 0.00 22 133,993.43 22 133,993.43

Unclaimed Dividends & Unclaimed Redemptions Statement as on 31/03/2019

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 MONEY MARKET FUND

- 0.00 2 4.02 2 4.02

JM MULTICAP FUND 52 82,291.59 1,880 26,932,747.62 1,932 27,015,039.22

JM SHORT TERM FUND 79 38,028.21 16 360,400.40 95 398,428.61

JM ULTRA SHORT DURATION FUND

1 203.83 14 124,069.39 15 124,273.22

JM VALUE FUND 785 1,257,617.54 2,794 29,097,515.55 3,579 30,355,133.09

JM FIXED MATURITY PLAN

13 13,821.53 2 10,420.94 15 24,242.47

JM FIXED MATURITY PLAN - QSA4

17 11,804.29 - 0.00 17 11,804.29

JM EQUITY TAX SAVER FUND

- 0.00 202 1,815,808.07 202 1,815,808.07

JM FLOATER FUND SHORT TERM PLAN

2 4,107.45 32 574,317.30 34 578,424.75

JM INTERVAL FUND 6 5,595.18 22 204,660.76 28 210,255.94

JM MIP FUND 335 162,531.09 213 8,246,684.16 548 8,409,215.25

JM TAX GAIN FUND - 0.00 358 5,111,469.16 358 5,111,469.16

JM TAX SAVER PLAN 96 105 239,998.51 - 0.00 105 239,998.51

JM TAX SAVER PLAN 97 11 3,694.33 - 0.00 11 3,694.33

JM TAX SAVER PLAN 98 7 27,547.10 - 0.00 7 27,547.10

MULTIPLE SCHEMES (MIXED)

395 195,089.14 - 0.00 395 195,089.14

Scheme/Investor Break Up not available(Miscellaneous)

7 403,154.54 2 523,865.39 9 927,019.94

Total 10,785 9,460,850.84 6,451 90,333,471.53 17,236 99,794,322.38Notes: 1. The above figures indicate the current value of investment of Unclaimed Dividend and Redemption

Amounts as on 31/03/2019. 2. The number of Folios vis-à-vis the amount shown in the above table are based on the available details

with respective identified/unidentified Folios.3. The unclaimed amounts pertaining to identified folios have been invested in Unclaimed Plans of JM Liquid

Fund ( formerly known as JM High Liquidity Fund) in the respective folios as per the guidelines of SEBI.4. 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.

6



REDRESSAL OF COMPLAINTS RECEIVED AGAINST THE MUTUAL FUND DURING THE PERIOD FROM APRIL 1, 2018 TO MARCH 31, 2019 Total Number of Folios: 1,42,654

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*

PendingWithin 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 1 1 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 1 1 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 0 0 0 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 3 0 0 0 0 0 0 0 0 0 0 3 Total 3 2 2 0 0 0 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.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, Custodians, 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. for their dedication, commitment and wholehearted support throughout the year.

For and on behalf of the Board of Trustees

Place : Mumbai Nimesh KampaniDated : June 24, 2019 Chairman

7



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 Balance Sheets as at 31 March 2019, the Revenue Accounts and Cash Flow Statement where applicable for the year ended 31 March 2019, and a summary of significant accounting policies and other explanatory information.

Name of the SchemeJM Large Cap Fund (Formerly known as JM Equity Fund)JM Core 11 FundJM Tax Gain FundJM Equity Hybrid Fund (Formerly known as JM Balanced Fund)JM Multicap Fund (Formerly known as JM Multi Strategy Fund)JM Liquid Fund (Formerly known as JM High Liquidity Fund)JM Money Market Fund (Formerly known as JM Money Manager Fund - Super Plan)JM Low Duration Fund (Formerly known as JM Money Manager Fund - Super Plus Plan)JM Dynamic Debt Fund (Formerly known as JM Floater Long Term Fund)JM Ultra Short Duration Fund (Formerly known as JM Money Manager Fund - Regular Plan)JM Income FundJM Short Term FundJM G-Sec FundJM Value Fund (Formerly known as JM Basic Fund)JM Arbitrage Fund (Formerly known as JM Arbitrage Advantage Fund)

In our opinion and to the best of our information and according to the explanations given to us, the financial statements of the Schemes have been prepared, in all material aspects, 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 and amendments thereto (‘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 balance sheets, of the state of affairs of the respective Schemes as at balance sheet date;

(b) in the case of the revenue accounts, of the surplus for the year ended on that date; and

(c) in the case of the cash flow statements, where applicable, of the cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) the Institute of Chartered Accountants of India (“the ICAI”). Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the Financial Statements’ section of our report. We are independent of the Schemes in accordance with the ‘Code of Ethics’ issued by the ICAI together with the ethical requirements that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management of JM Financial Asset Management Limited (hereinafter referred to as’ ‘the AMC’), the Schemes’ 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, where applicable, 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 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.

In preparing the financial statements, management is responsible for assessing the Scheme’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Scheme or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibility for the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit 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 internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material

8



uncertainty exists related to events or conditions that may cast significant doubt on the Schemes’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Schemes to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the management of AMC, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provided the management of AMC with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by Regulation 55(4) and clause 5(ii)(2) of the Eleventh Schedule of the SEBI Regulations, we report that:

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

b. In our opinion, the balance sheets and revenue accounts dealt by this report have been prepared in conformity with the accounting policies and standards specified in the Ninth Schedule to the Regulations; and

c. The balance sheets, revenue accounts, and cash flow statements dealt with by this report are in agreement with the books of account of the Schemes.

2. In our opinion, and on the basis of information and explanations given to us, the methods used to value non-traded securities as at March 31, 2019 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 Directors of JM Financial Trustee Company Private Limited, and are fair and reasonable.

For S.R. Batliboi & Co. LLPChartered Accountants

ICAI Firm Registration Number: 301003E/E300005

Per Jayesh GandhiPartner

Membership No. 037924Place: MumbaiDated: April 25, 2019

9



Audited Balance Sheet As At March 31, 2019 Figures in Rs.JM Large Cap Fund JM Core 11 Fund JM Tax Gain Fund

Sch. March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018LiabilitiesUnit Capital A 12,803,241,719 18,021,916,882 457,658,310 401,070,729 187,280,347 195,856,013 Reserves & Surplus B 11,965,596,448 3,779,520,204 (19,259,943) (62,051,199) 132,357,104 116,032,637 Current Liabilities & Provisions C 399,423,046 2,812,205,084 4,111,401 2,525,774 1,442,678 1,501,465 Total 25,168,261,213 24,613,642,170 442,509,768 341,545,304 321,080,129 313,390,115 AssetsInvestments D 20,973,626,562 20,530,458,972 428,227,055 332,560,237 314,988,426 307,328,404 Deposits E 4,046,461,061 3,425,718,745 11,104,489 7,278,355 5,157,969 5,197,309 Other Current Assets F 148,173,590 657,464,453 3,178,224 1,706,712 933,734 864,402 Total 25,168,261,213 24,613,642,170 442,509,768 341,545,304 321,080,129 313,390,115

Revenue Account for the Year / Period ended March 31, 2019 Figures in Rs.JM Large Cap Fund JM Core 11 Fund JM Tax Gain Fund

Sch. March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018IncomeDividend 235,361,986 230,860,887 3,553,259 3,200,437 2,748,060 2,842,984 Interest 364,117,444 422,526,096 567,749 474,994 229,805 209,836 Net Profit on sale/redemption of investments (other than inter scheme transfer/sale)

- 2,308,653,615 31,289,460 34,234,328 25,113,177 36,586,216

Net Profit on inter-scheme transfer/sale of investments - - - - - - Net Profit on futures/options 1,100,726,765 - - - - - Net change in mark to market value of investments 212,093,398 111,201,763 21,056,911 14,881,875 1,570,348 10,923,774 Other income ( Refer note No. III. 2. r. of Schedule H ) - 2,949 - 61 - 60 Exit load 19,863,458 90,736,182 53,168 148,840 - - Total income 1,932,163,051 3,163,981,492 56,520,547 52,940,535 29,661,390 50,562,870 Expenses and lossesManagement & operating expenses G 532,640,594 592,094,286 8,832,215 9,833,457 8,381,215 9,541,443 Net Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

2,136,910 - - - - -

Net Loss on inter-scheme transfer/sale of investments 532,000 - - - - - Net Loss on futures/options - 22,204,772 - - - - Net change in mark to market value of investments - - - - - - Provision for depreciation in value of investments in securities

403,558,524 696,441,476 - - - -

Total expenses & losses 938,868,028 1,310,740,534 8,832,215 9,833,457 8,381,215 9,541,443 Surplus / (Deficit) for the period / year 993,295,023 1,853,240,958 47,688,332 43,107,078 21,280,175 41,021,427 Add/(Less): Income equalisation account 22,789,995,435 38,688,340,682 (7,212,044) 3,113,286 (3,494,080) 2,482,054 Add: Write back of provision for unrealised appreciation on investments

96,609,915 - 113,090,089 98,208,214 135,115,957 124,192,183

Less: Provision for unrealised appreciation on investments

(308,703,313) (96,609,915) (134,147,000) (113,090,089) (136,686,305) (135,115,957)

Surplus / (Deficit) 23,571,197,060 40,444,971,725 19,419,377 31,338,489 16,215,747 32,579,707 Balance brought forward from previous year 3,959,105,364 5,112,100,370 (2,175,411,058) (2,206,749,547) 14,372,448 (18,207,259)Surplus / (Deficit) available for distribution 27,530,302,424 45,557,072,095 (2,155,991,681) (2,175,411,058) 30,588,195 14,372,448 AppropriationIncome distribution 16,321,176,899 41,597,966,731 - - - - Distribution tax 2,112,322,951 - - - - - Balance carried to the balance sheet 9,096,802,574 3,959,105,364 (2,155,991,681) (2,175,411,058) 30,588,195 14,372,448 Significant Accounting Policies and Notes on Accounts

H

Fund Manager Asit Bhandarkar & Chaitanya Choksi Asit Bhandarkar & Chaitanya Choksi Sanjay Chhabaria & Chaitanya ChoksiAs 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/E300005

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

For and on behalf of JM Financial Trustee Company Private Limited

Nimesh N Kampani Sharad Kulkarni Date: April 25, 2019Chairman Director Place: Mumbai

10



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Large Cap Fund JM Core 11 Fund JM Tax Gain Fund

March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018Initial CapitalIssued and Subscribed 980,650,546 980,650,546 6,725,124,597 6,725,124,597 610,490,000 610,490,000 No. of Units of face value of Rs.10/- each include applicable Load 98,065,061 98,065,061 672,512,460 672,512,460 59,739,010 59,739,010 SCHEDULE AUnit Capital At end of the yearDividend 4,239,111,571 34,607,866 56,920,233 76,234,868 56,136,158 61,624,070 Growth 22,944,723 25,872,489 283,264,781 279,282,942 121,751,560 128,979,138 Bonus - - - - - - Daily Dividend - - - - - - Weekly Dividend - - - - - - Fortnightly Dividend - - - - - - Monthly Dividend 23,366,001 17,655,806,334 - - - - Quarterly Dividend 11,206,055 297,540,428 - - - - Half Yearly Dividend 6,132,324 7,089,756 - - - - Annual Dividend 8,495,507,539 25,106 - - - - Regular Dividend - - - - - - Regular Daily Dividend - - - - - - Regular Growth - - - - - - Super Institutional Growth - - - - - - Premium Dividend - - - - - - Premium Growth - - - - - - Premium Daily Dividend - - - - - - Quarterly Bonus - - - - - -

Quarterly Bonus - Direct - - - - - - Half Yearly Bonus - - - - - - Half Yearly Bonus - Direct - - - - - - Annual Bonus - - - - - - Dividend - Direct 128,542 64,422 2,918,993 1,628,285 793,290 487,203 Growth - Direct 4,703,995 759,616 114,554,303 43,924,634 8,599,339 4,765,602 Bonus - Direct - - - - - - Daily Dividend - Direct - - - - - - Weekly Dividend - Direct - - - - - - Fortnightly Dividend - Direct - - - - - - Monthly Dividend - Direct 7,931 4,362 - - - - Quarterly Dividend - Direct 37,545 51,309 - - - - Half Yearly Dividend - Direct 91,117 90,832 - - - - Annual Dividend - Direct 4,376 4,362 - - - - Annual Bonus - Direct - - - - - - Growth Plan - Unclaimed Redemption - Direct - - - - - - Growth Plan - Unclaimed Dividend - Direct - - - - - - Growth Plan - Unclaimed Redemption - Investor Education Fund - Direct

- - - - - -

Growth Plan - Unclaimed Dividend - Investor Education Fund - Direct - - - - - - Total 12,803,241,719 18,021,916,882 457,658,310 401,070,729 187,280,347 195,856,013 No. of Units of face value of Rs.10/- each 1,280,324,172 1,802,191,688 45,765,831 40,107,073 18,728,035 19,585,601 SCHEDULE BReserves & SurplusUnit premium reserveOpening balance (276,195,075) 17,390,110 2,000,269,770 2,000,269,772 (33,455,768) (16,615,498)Add/(Less): On account of purchase/sale of units 2,836,285,636 (293,585,185) 2,314,968 (2) (1,461,628) (16,840,270)Closing Balance 2,560,090,561 (276,195,075) 2,002,584,738 2,000,269,770 (34,917,396) (33,455,768)Unrealised Appreciation ReserveOpening balance 96,609,915 - 113,090,089 98,208,214 135,115,957 124,192,183 Add/(Less): Unrealised appreciation in value of investments 212,093,398 96,609,915 21,056,911 14,881,875 1,570,348 10,923,774 Closing balance 308,703,313 96,609,915 134,147,000 113,090,089 136,686,305 135,115,957 Surplus/(Deficit) brought forward from revenue account 9,096,802,574 3,959,105,364 (2,155,991,681) (2,175,411,058) 30,588,195 14,372,448 Grand Total 11,965,596,448 3,779,520,204 (19,259,943) (62,051,199) 132,357,104 116,032,637 SCHEDULE CCurrent Liabilities & ProvisionsContracts for purchase of investments - 1,625,520,508 - - - - Management fee payable 21,126,707 178,475 1,535,060 599,359 294,023 520,781

11



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Large Cap Fund JM Core 11 Fund JM Tax Gain Fund

March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018Trusteeship fee payable 817,486 1,065,951 15,779 13,180 11,959 12,186 Load payable 392 453 - - 727 825 Applications pending for allotment of units 4,955 4,955 951,100 7,500 27,500 500 Payable on mark to market of futures 47,495,305 - - - - - Redemption payable 293,140,374 1,120,305,179 1,455,732 1,616,636 355,763 704,594 Interest received in advance - - - - - - Others 36,837,827 65,129,563 153,730 289,099 752,706 262,579 Total 399,423,046 2,812,205,084 4,111,401 2,525,774 1,442,678 1,501,465 SCHEDULE DInvestmentsEquity shares 20,123,920,036 17,784,550,047 428,227,055 332,560,237 314,988,426 307,328,404 Less: Provision for equity shares at cost (578,039) (578,039) - - - - Preference shares - - - - - - Privately Placed Debentures/Bonds - - - - - - Debt securities listed/ awaiting listing on a recognised stock exchange 49,347,350 1,712,948,002 - - - - Less : Provision for depreciation in value of investments in securities - (696,441,476) - - - - Government securities - - - - - - Treasury bills - - - - - - Commercial paper - - - - - - Certificate of deposits - 1,729,980,438 - - - - Others (Mutual Fund Units) 800,937,215 - - - - - Total 20,973,626,562 20,530,458,972 428,227,055 332,560,237 314,988,426 307,328,404 SCHEDULE EDeposits

CBLO 530,361,061 1,025,718,745 11,004,489 7,278,355 5,057,969 5,197,309 Term deposits with scheduled bank - - - - - - Margin deposits 3,505,500,000 2,400,000,000 - - - - Deposit with CCIL 10,600,000 - 100,000 - 100,000 - Total 4,046,461,061 3,425,718,745 11,104,489 7,278,355 5,157,969 5,197,309 SCHEDULE FOther Current AssetsBalances with banks in current account 2,482,567 417,332,643 2,299,965 1,473,534 600,310 609,348

Contracts for sale of investments 125,020,513 96,979,558 - - - - Receivable on mark to market of futures - 117,048,493 - - - - Outstanding and accrued income 26,120,586 26,076,787 5,954 4,686 2,737 3,302 Less : Provision for doubtful income (5,484,932) - - - - - Receivable on maturity of investment 1,100,000,000 - - - - - Less : Provision for doubtful receivable (1,100,000,000) - - - - - Subscription receivable 159 1,226 510,540 226,963 330,000 251,000 Others 34,697 25,746 361,765 1,529 687 752 Total 148,173,590 657,464,453 3,178,224 1,706,712 933,734 864,402 SCHEDULE GManagement & Operating ExpensesManagement fees 281,776,180 310,074,325 5,312,182 5,997,708 4,760,790 5,549,994 Service tax\ G.S.T on management fees 50,719,712 54,547,335 956,192 1,037,195 856,942 958,405 Trusteeship fees 12,877,379 14,883,338 177,207 168,893 153,581 163,412 Interest on borrowing - - - - - - Commission to agents 153,780,129 176,828,843 1,730,174 2,019,211 1,989,195 2,140,674 Publicity expenses 689,957 2,208,765 5,826 6,097 30,219 9,425 Audit fees 2,679,014 700,000 96,783 111,691 51,941 115,477 Custodian fees 2,645,313 2,825,264 40,948 38,881 36,078 38,246 Registrar fee 18,481,562 20,547,474 255,651 240,839 220,839 233,267 Administrative expenses 3,840,390 3,526,139 186,369 146,014 220,198 267,695 Investor awareness expenses 5,150,958 5,953,342 70,883 67,557 61,432 65,365 Less: Expenses borne by AMC/ Trustee - (539) - (629) - (517)Total 532,640,594 592,094,286 8,832,215 9,833,457 8,381,215 9,541,443

12



Audited Balance Sheet As At March 31, 2019 Figures in Rs.JM Equity Hybrid Fund JM Multicap Fund JM Liquid Fund

Sch. March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018LiabilitiesUnit Capital A 156,755,310 19,730,718,694 4,633,316,302 483,598,354 7,089,446,957 5,506,080,141 Reserves & Surplus B 127,963,438 17,882,386,534 8,844,765,320 908,138,737 12,859,749,000 13,524,294,332 Current Liabilities & Provisions C 68,323,775 14,839,731,578 5,505,739,602 6,499,046 306,369,569 121,258,747 Total 353,042,523 52,452,836,806 18,983,821,224 1,398,236,137 20,255,565,526 19,151,633,220 AssetsInvestments D 234,187,337 39,319,167,532 12,237,408,797 1,292,355,096 18,120,610,558 16,519,814,852 Deposits E 73,834,292 8,706,122,130 6,240,551,702 103,491,789 148,146,923 310,851,390 Other Current Assets F 45,020,894 4,427,547,144 505,860,725 2,389,252 1,986,808,045 2,320,966,978 Total 353,042,523 52,452,836,806 18,983,821,224 1,398,236,137 20,255,565,526 19,151,633,220

Revenue Account for the Year / Period ended March 31, 2019 Figures in Rs.JM Equity Hybrid Fund JM Multicap Fund JM Liquid Fund

Sch. March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018IncomeDividend 243,154,387 254,690,303 11,748,041 18,601,419 - - Interest 803,798,778 590,365,773 9,579,277 2,240,946 2,118,637,993 3,320,497,437 Net Profit on sale/redemption of investments (other than inter scheme transfer/sale)

- 1,047,921,451 437,761,083 111,531,929 5,510,553 9,950,901

Net Profit on inter-scheme transfer/sale of investments - - - - 92,507 18,851 Net Profit on futures/options 1,950,127,316 25,317,002 - - - - Net change in mark to market value of investments 219,613,619 - - 28,317,528 - 9,853,404 Other income ( Refer note No. III. 2. r. of Schedule H ) - 12,195,841 - 266 - 10,471 Exit load 4,656,876 29,414,687 22,537 241,713 - - Total income 3,221,350,976 1,959,905,057 459,110,938 160,933,801 2,124,241,053 3,340,331,064 Expenses and lossesManagement & operating expenses G 463,933,778 481,393,390 39,029,255 42,452,274 42,192,251 109,855,758 Net Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

502,077,831 - - - - -

Net Loss on inter-scheme transfer/sale of investments - - - - - -

Net Loss on futures/options - - - - - - Net change in mark to market value of investments - 187,375,405 334,166,475 - 1,535,321 - Provision for depreciation in value of investments in securities

194,120,508 355,879,493 - - - -

Total expenses & losses 1,160,132,117 1,024,648,288 373,195,730 42,452,274 43,727,572 109,855,758 Surplus / (Deficit) for the period / year 2,061,218,859 935,256,769 85,915,208 118,481,527 2,080,513,481 3,230,475,306 Add/(Less): Income equalisation account (13,514,754,186) 53,856,518,384 4,488,400,988 (43,401,479) (2,544,244,018) (6,789,514,740)Add: Write back of provision for unrealised appreciation on investments

- 3,131,004 501,554,115 473,236,587 12,200,845 2,347,441


(35,369,219) - (167,387,640) (501,554,115) (10,665,524) (12,200,845)

Surplus / (Deficit) (11,488,904,546) 54,794,906,157 4,908,482,671 46,762,520 (462,195,216) (3,568,892,838)Balance brought forward from previous year 17,763,963,755 5,552,258,619 (68,332,991) (115,095,511) 13,499,072,202 17,430,195,081 Surplus / (Deficit) available for distribution 6,275,059,209 60,347,164,776 4,840,149,680 (68,332,991) 13,036,876,986 13,861,302,243 AppropriationIncome distribution 4,804,695,973 42,583,201,021 - - 140,702,909 246,324,462 Distribution tax 621,834,418 - - - 65,402,980 115,905,579 Balance carried to the balance sheet 848,528,818 17,763,963,755 4,840,149,680 (68,332,991) 12,830,771,097 13,499,072,202 Significant Accounting Policies and Notes on Accounts

H

Fund Manager Sanjay Chhabaria Shalini Tibrewala

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/E300005

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



13



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Equity Hybrid Fund JM Multicap Fund JM Liquid Fund

March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018Initial CapitalIssued and Subscribed 496,639,000 496,639,000 677,203,774 677,203,774 60,185,000 60,185,000 No. of Units of face value of Rs.10/- each include applicable Load 49,663,900 49,663,900 66,440,385 66,440,385 6,018,500 6,018,500 SCHEDULE AUnit Capital At end of the yearDividend 13,418,268 14,954,716 4,320,769,434 147,609,147 - - Growth 17,375,605 46,492,172 292,640,872 315,984,192 807,212,873 1,347,817,338 Bonus 1,422 1,422 - - 27,626,531 29,019,383 Daily Dividend - - - - 1,459,565,454 420,899,055 Weekly Dividend - - - - 46,692,681 180,246,572 Fortnightly Dividend - - - - - - Monthly Dividend 300,227 107,256 - - - - Quarterly Dividend 4,877,394 8,325,916 - - 12,265,242 19,174,090 Half Yearly Dividend 66,438 132,967 - - - - Annual Dividend 64,793,994 6,994,256,191 - - - - Regular Dividend - - - - - - Regular Daily Dividend - - - - - - Regular Growth - - - - - - Super Institutional Growth - - - - 193,955 201,386 Premium Dividend - - - - - - Premium Growth - - - - - - Premium Daily 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 146,863 792,182 2,222,038 2,270,918 - - Growth - Direct 281,755 229,975 17,683,958 17,734,097 2,246,036,118 2,210,023,092 Bonus - Direct 1,386 1,386 - - 4,946 4,946 Daily Dividend - Direct - - - - 2,438,578,536 1,255,491,520 Weekly Dividend - Direct - - - - 26,091,539 28,380,898 Fortnightly Dividend - Direct - - - - - - Monthly Dividend - Direct 10,780 71,342 - - - - Quarterly Dividend - Direct 53,721,610 1,354,460,806 - - 4,503,313 5,187,994 Half Yearly Dividend - Direct 3,312 1,923 - - - - Annual Dividend - Direct 1,742,160 11,310,876,344 - - - - Annual Bonus - Direct 7,058 7,058 - - - - Growth Plan - Unclaimed Redemption - Direct - - - - 13,925,617 4,518,338 Growth Plan - Unclaimed Dividend - Direct - - - - 544,579 384,776 Growth Plan - Unclaimed Redemption - Investor Education Fund - Direct

- - - - 4,595,433 3,504,194

Growth Plan - Unclaimed Dividend - Investor Education Fund - Direct - - - - 1,610,140 1,226,559 Total 156,755,310 19,730,718,694 4,633,316,302 483,598,354 7,089,446,957 5,506,080,141 No. of Units of face value of Rs.10/- each 15,675,531 1,973,071,869 463,331,630 48,359,835 708,944,696 550,608,014 SCHEDULE BReserves & SurplusUnit premium reserveOpening balance 118,422,779 807,802,629 474,917,613 471,431,613 13,021,285 26,482,657 Add/(Less): On account of purchase/sale of units (874,357,378) (689,379,850) 3,362,310,387 3,486,000 5,291,094 (13,461,372)Closing Balance (755,934,599) 118,422,779 3,837,228,000 474,917,613 18,312,379 13,021,285 Unrealised Appreciation ReserveOpening balance - 3,131,004 501,554,115 473,236,587 12,200,845 2,347,441 Add/(Less): Unrealised appreciation in value of investments 35,369,219 (3,131,004) (334,166,475) 28,317,528 (1,535,321) 9,853,404

Closing balance 35,369,219 - 167,387,640 501,554,115 10,665,524 12,200,845 Surplus/(Deficit) brought forward from revenue account 848,528,818 17,763,963,755 4,840,149,680 (68,332,991) 12,830,771,097 13,499,072,202 Grand Total 127,963,438 17,882,386,534 8,844,765,320 908,138,737 12,859,749,000 13,524,294,332

SCHEDULE CCurrent Liabilities & ProvisionsContracts for purchase of investments - 1,541,528,299 5,497,482,480 - 297,240,300 98,955,450 Management fee payable 14,573,542 53,757,325 3,228,762 2,972,116 801,240 741,995

14



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Equity Hybrid Fund JM Multicap Fund JM Liquid Fund

March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018Trusteeship fee payable 489,798 1,853,092 82,131 54,901 994,456 1,267,404 Load payable 112 114 6,881 7,938 - - Applications pending for allotment of units - 5,000 21,000 31,001 1,163,000 13,716,948 Payable on mark to market of futures - - 1,082,218 - - - Redemption payable 50,446,132 13,222,926,462 1,551,129 2,699,591 - - Interest received in advance - - 40,902 - 576,480 1,438,000 Others 2,814,191 19,661,286 2,244,099 733,499 5,594,093 5,138,950 Total 68,323,775 14,839,731,578 5,505,739,602 6,499,046 306,369,569 121,258,747 SCHEDULE DInvestmentsEquity shares 184,994,656 24,765,305,177 6,316,606,740 1,292,355,096 - - Less: Provision for equity shares at cost (32,569) (32,569) - - - - Preference shares - - - - - - Privately Placed Debentures/Bonds - - - - - - Debt securities listed/ awaiting listing on a recognised stock exchange 49,225,250 1,066,911,498 - - - - Less : Provision for depreciation in value of investments in securities - (355,879,493) - - - - Government securities - - - - - - Treasury bills - - - - 49,615,600 - Commercial paper - 5,303,936,276 2,562,090,747 - 6,761,408,248 4,053,764,455 Certificate of deposits - 7,536,100,034 1,908,161,884 - 11,309,586,710 12,466,050,397 Others (Mutual Fund Units) - 1,002,826,609 1,450,549,426 - - - Total 234,187,337 39,319,167,532 12,237,408,797 1,292,355,096 18,120,610,558 16,519,814,852 SCHEDULE EDeposits

CBLO 48,734,292 4,916,122,130 5,990,251,702 103,491,789 132,846,923 23,751,390 Term deposits with scheduled bank - - - - - 250,000,000 Margin deposits - 3,690,000,000 250,000,000 - - - Deposit with CCIL 25,100,000 100,000,000 300,000 - 15,300,000 37,100,000 Total 73,834,292 8,706,122,130 6,240,551,702 103,491,789 148,146,923 310,851,390 SCHEDULE FOther Current AssetsBalances with banks in current account 154,245 144,374,807 766,479 2,114,312 1,141,230 8,128,467

Contracts for sale of investments 41,830,685 4,080,163,044 501,670,718 - 1,985,518,000 2,290,847,850 Receivable on mark to market of futures - 179,506,962 - - - - Outstanding and accrued income 9,715,624 23,487,552 3,241,282 66,686 71,506 782,429 Less : Provision for doubtful income (7,172,602) - - - - - Receivable on maturity of investment 550,000,000 - - - - - Less : Provision for doubtful receivable (550,000,000) - - - - - Subscription receivable 5,193 11,149 15,699 42,576 - 21,129,706 Others 487,749 3,630 166,547 165,678 77,309 78,526 Total 45,020,894 4,427,547,144 505,860,725 2,389,252 1,986,808,045 2,320,966,978 SCHEDULE GManagement & Operating ExpensesManagement fees 300,440,844 374,855,238 24,087,153 26,651,117 2,631,510 33,743,058 Service tax\ G.S.T on management fees 54,079,352 65,235,409 4,335,688 4,615,889 473,668 5,626,911 Trusteeship fees 16,298,510 14,258,236 716,811 735,265 14,307,902 24,319,344 Interest on borrowing - - - - 2,035,798 8,691,849 Commission to agents 61,475,486 2,492,836 7,319,537 7,468,109 3,572,809 6,138,148 Publicity expenses 230,548 84,101 72,646 25,810 331,843 708,447 Audit fees 758,130 110,127 161,534 491,248 289,269 700,000 Custodian fees 2,941,036 2,544,850 179,037 168,010 1,918,725 1,840,011 Registrar fee 19,301,027 15,902,668 1,053,311 1,048,063 10,084,039 17,063,981 Administrative expenses 1,889,434 208,856 816,813 955,012 823,523 1,210,121 Investor awareness expenses 6,519,411 5,703,301 286,725 294,106 5,723,165 9,814,233 Less: Expenses borne by AMC/ Trustee - (2,232) - (355) - (345)Total 463,933,778 481,393,390 39,029,255 42,452,274 42,192,251 109,855,758

15



Audited Balance Sheet As At March 31, 2019 Figures in Rs.JM Money Market Fund JM Low Duration Fund JM Dynamic Debt Fund

Sch. March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018LiabilitiesUnit Capital A 113,710,552 174,363,090 795,084,164 2,301,753,264 1,342,663,136 935,166,093 Reserves & Surplus B 121,654,751 150,068,744 1,107,147,684 2,673,765,716 2,134,601,290 1,110,756,481 Current Liabilities & Provisions C 221,353 433,932 2,635,421 43,815,286 11,394,599 55,418,762 Total 235,586,656 324,865,766 1,904,867,269 5,019,334,266 3,488,659,025 2,101,341,336 AssetsInvestments D 222,234,356 320,640,573 1,799,528,045 4,869,732,487 3,407,972,698 2,014,945,693 Deposits E 13,307,285 3,653,933 70,912,349 59,196,541 65,027,320 30,525,725 Other Current Assets F 45,015 571,260 34,426,875 90,405,238 15,659,007 55,869,918 Total 235,586,656 324,865,766 1,904,867,269 5,019,334,266 3,488,659,025 2,101,341,336

Revenue Account for the Year / Period ended March 31, 2019 Figures in Rs.JM Money Market Fund JM Low Duration Fund JM Dynamic Debt Fund

Sch. March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018IncomeDividend - - - - - - Interest 20,854,268 68,573,713 230,520,839 452,956,512 244,628,669 182,194,866 Net Profit on sale/redemption of investments (other than inter scheme transfer/sale)

45,465 288,460 - 8,444,040 1,269,764 512,566

Net Profit on inter-scheme transfer/sale of investments 27,240 3,662 49,771 - - - Net Profit on futures/options - - - - - - Net change in mark to market value of investments - - - - 2,007,574 1,466,912 Other income ( Refer note No. III. 2. r. of Schedule H ) - 289 - 1,214 - 391 Exit load - - - - - - Total income 20,926,973 68,866,124 230,570,610 461,401,766 247,906,007 184,174,735 Expenses and lossesManagement & operating expenses G 1,605,932 5,046,126 13,143,731 26,763,771 20,205,522 13,887,958 Net Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

- - 11,274,925 - - -

Net Loss on inter-scheme transfer/sale of investments - - - 22,234 - - Net Loss on futures/options - - - - - - Net change in mark to market value of investments 363,289 31,758 12,145,046 21,491,832 - - Provision for depreciation in value of investments in securities

- - - - - -

Total expenses & losses 1,969,221 5,077,884 36,563,702 48,277,837 20,205,522 13,887,958 Surplus / (Deficit) for the period / year 18,957,752 63,788,240 194,006,908 413,123,929 227,700,485 170,286,777 Add/(Less): Income equalisation account (44,267,433) (454,857,406) (1,734,202,034) (338,668,846) 826,781,385 110,919,886 Add: Write back of provision for unrealised appreciation on investments

476,881 508,639 5,768,121 27,259,952 2,048,155 581,242


(113,592) (476,881) - (5,768,120) (4,055,729) (2,048,154)

Surplus / (Deficit) (24,946,392) (391,037,408) (1,534,427,005) 95,946,915 1,052,474,296 279,739,751 Balance brought forward from previous year 152,740,319 549,023,069 2,691,941,726 2,641,287,425 1,108,928,887 857,184,459 Surplus / (Deficit) available for distribution 127,793,927 157,985,661 1,157,514,721 2,737,234,340 2,161,403,183 1,136,924,210 AppropriationIncome distribution 2,234,321 3,779,434 16,057,258 31,454,595 21,574,002 19,380,926 Distribution tax 868,653 1,465,908 7,007,050 13,838,019 9,646,496 8,614,397

Balance carried to the balance sheet 124,690,953 152,740,319 1,134,450,413 2,691,941,726 2,130,182,685 1,108,928,887 Significant Accounting Policies and Notes on Accounts

H

Fund Manager Shalini Tibrewala Vikas Agrawal


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



16



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Money Market Fund JM Low Duration Fund JM Dynamic Debt Fund

March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018Initial CapitalIssued and Subscribed 163,825,000 163,825,000 1,063,907,041 1,063,907,041 3,464,215 3,464,215 No. of Units of face value of Rs.10/- each include applicable Load 16,382,500 16,382,500 106,390,704 106,390,704 346,421 346,421 SCHEDULE AUnit Capital At end of the yearDividend - - - - 812,884 896,573 Growth 61,370,003 87,828,065 141,749,660 425,394,114 137,662,943 206,934,742 Bonus 16,450,964 18,703,749 419,566 45,353,661 130,972 130,972 Daily Dividend 14,598,139 25,460,907 104,828,588 120,548,532 43,671,302 30,382,617 Weekly Dividend 5,166,614 7,525,622 598,220 14,278,432 767,997 334,325 Fortnightly Dividend 4,665,508 19,757,676 11,760 85,165,482 - - Monthly Dividend - - - - 197,530 662,155 Quarterly Dividend - - - - - - Half Yearly Dividend - - - - - - Annual Dividend - - - - - - Regular Dividend - - - - - - Regular Daily Dividend - - - - - - Regular Growth - - - - - - Super Institutional Growth - - - - - - Premium Dividend - - - - 2,731 2,731 Premium Growth - - - - 3,209 3,209 Premium Daily Dividend - - - - 24,706 24,706 Quarterly Bonus - - - - - - Quarterly Bonus - Direct - - - - - - Half Yearly Bonus - - - - 5,220 5,220 Half Yearly Bonus - Direct - - - - 5,168 5,168 Annual Bonus - - - - - - Dividend - Direct - - - - 316,875 345,238 Growth - Direct 6,762,326 7,775,832 513,590,851 1,347,454,819 943,833,619 428,197,663 Bonus - Direct 2,936,965 3,684,441 17,778,822 17,778,822 2,583,799 2,583,799 Daily Dividend - Direct 1,746,677 3,614,057 15,866,251 245,652,236 212,422,247 264,315,475 Weekly Dividend - Direct 6,580 6,276 114,711 7,497 6,807 6,472 Fortnightly Dividend - Direct 6,776 6,465 125,735 119,669 - - Monthly Dividend - Direct - - - - 215,127 335,028 Quarterly Dividend - Direct - - - - - - Half Yearly Dividend - Direct - - - - - - Annual Dividend - Direct - - - - - - Annual Bonus - Direct - - - - - - Growth Plan - Unclaimed Redemption - Direct - - - - - - Growth Plan - Unclaimed Dividend - Direct - - - - - - Growth Plan - Unclaimed Redemption - Investor Education Fund - Direct

- - - - - -

Growth Plan - Unclaimed Dividend - Investor Education Fund - Direct - - - - - - Total 113,710,552 174,363,090 795,084,164 2,301,753,264 1,342,663,136 935,166,093 No. of Units of face value of Rs.10/- each 11,371,055 17,436,309 79,508,416 230,175,326 134,266,314 93,516,609 SCHEDULE BReserves & SurplusUnit premium reserveOpening balance (3,148,456) 2,665,043 (23,944,130) (27,985,234) (220,560) 234,279 Add/(Less): On account of purchase/sale of units (1,338) (5,813,499) (3,358,599) 4,041,104 583,436 (454,839)Closing Balance (3,149,794) (3,148,456) (27,302,729) (23,944,130) 362,876 (220,560)Unrealised Appreciation ReserveOpening balance 476,881 508,639 5,768,121 27,259,952 2,048,155 581,242 Add/(Less): Unrealised appreciation in value of investments (363,289) (31,758) (5,768,121) (21,491,832) 2,007,574 1,466,912

Closing balance 113,592 476,881 - 5,768,120 4,055,729 2,048,154 Surplus/(Deficit) brought forward from revenue account 124,690,953 152,740,319 1,134,450,413 2,691,941,726 2,130,182,685 1,108,928,887 Grand Total 121,654,751 150,068,744 1,107,147,684 2,673,765,716 2,134,601,290 1,110,756,481 SCHEDULE CCurrent Liabilities & ProvisionsContracts for purchase of investments - - - - - - Management fee payable 183,953 78,262 563,307 1,286,271 1,070,153 825,435

17



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Money Market Fund JM Low Duration Fund JM Dynamic Debt Fund

March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018Trusteeship fee payable 9,306 13,289 51,928 195,415 113,039 97,792 Load payable - - - - - - Applications pending for allotment of units - - - 250,000 1,975,000 53,527,025 Payable on mark to market of futures - - - - - - Redemption payable - 115,993 1,517,449 41,009,827 6,778,815 60,825 Interest received in advance - - - - - - Others 28,094 226,388 502,737 1,073,773 1,457,592 907,685 Total 221,353 433,932 2,635,421 43,815,286 11,394,599 55,418,762 SCHEDULE DInvestmentsEquity shares - - - - - - Less: Provision for equity shares at cost - - - - - - Preference shares - - - - - - Privately Placed Debentures/Bonds - - - - - - Debt securities listed/ awaiting listing on a recognised stock exchange - 30,859,508 596,718,514 2,048,181,838 221,196,248 100,306,700 Less : Provision for depreciation in value of investments in securities - - - - - - Government securities - - - - - - Treasury bills 4,939,246 - 9,878,491 148,352,401 11,360,263 49,560,100 Commercial paper 98,694,676 184,437,230 - 1,427,356,023 1,136,485,118 1,666,772,487 Certificate of deposits 118,600,434 105,343,835 1,192,931,040 1,245,842,225 2,038,931,069 198,306,406 Others (Mutual Fund Units) - - - - - - Total 222,234,356 320,640,573 1,799,528,045 4,869,732,487 3,407,972,698 2,014,945,693 SCHEDULE EDeposits

CBLO 13,307,285 3,653,933 44,512,349 53,796,541 63,327,320 30,525,725 Term deposits with scheduled bank - - - - - - Margin deposits - - - - - - Deposit with CCIL - - 26,400,000 5,400,000 1,700,000 - Total 13,307,285 3,653,933 70,912,349 59,196,541 65,027,320 30,525,725 SCHEDULE FOther Current AssetsBalances with banks in current account - 3,149 305,645 10,209,149 1,206,660 1,856,975

Contracts for sale of investments - - - - - - Receivable on mark to market of futures - - - - - - Outstanding and accrued income 7,201 480,009 33,985,544 79,825,992 14,049,281 1,059,961 Less : Provision for doubtful income - - - - - - Receivable on maturity of investment - - - - - - Less : Provision for doubtful receivable - - - - - - Subscription receivable - - 104,185 - 400,000 52,876,540 Others 37,814 88,102 31,501 370,097 3,066 76,442 Total 45,015 571,260 34,426,875 90,405,238 15,659,007 55,869,918 SCHEDULE GManagement & Operating ExpensesManagement fees 801,975 2,324,353 7,135,309 15,555,089 12,058,585 7,696,893 Service tax\ G.S.T on management fees 144,346 389,644 1,284,356 2,726,141 2,170,538 1,330,261 Trusteeship fees 140,352 487,231 1,499,003 3,169,446 1,512,089 1,133,964 Interest on borrowing - - 1,429 - - - Commission to agents 171,614 428,951 929,404 1,601,221 972,417 484,216 Publicity expenses 33,648 448,151 126,022 82,040 634,901 549,552 Audit fees 10,954 33,455 46,270 73,055 75,364 182,732 Custodian fees 8,751 68,492 154,456 169,436 216,416 197,479 Registrar fee 100,167 570,390 1,047,000 1,969,221 1,792,636 1,334,211 Administrative expenses 137,987 174,965 320,879 438,037 167,744 587,589 Investor awareness expenses 56,138 194,890 599,603 1,267,779 604,832 453,584 Less: Expenses borne by AMC/ Trustee - (74,396) - (287,694) - (62,523)Total 1,605,932 5,046,126 13,143,731 26,763,771 20,205,522 13,887,958

18



Audited Balance Sheet As At March 31, 2019 Figures in Rs.JM Ultra Short Duration Fund JM Income Fund JM Short Term Fund

Sch. March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018LiabilitiesUnit Capital A 349,087,770 510,869,128 52,589,830 171,758,389 178,024,060 158,231,535 Reserves & Surplus B 371,335,511 386,857,612 170,518,282 611,010,865 293,944,604 230,810,483 Current Liabilities & Provisions C 11,542,332 2,170,459 20,625,853 50,821,661 30,546,111 266,160 Total 731,965,613 899,897,199 243,733,965 833,590,915 502,514,775 389,308,178 AssetsInvestments D 697,669,501 858,272,271 232,174,762 746,199,014 427,994,517 328,404,546 Deposits E 11,625,306 25,537,245 7,920,584 82,977,957 70,602,000 58,036,260 Other Current Assets F 22,670,806 16,087,683 3,638,619 4,413,944 3,918,258 2,867,372 Total 731,965,613 899,897,199 243,733,965 833,590,915 502,514,775 389,308,178

Revenue Account for the Year / Period ended March 31, 2019 Figures in Rs.JM Ultra Short Duration Fund JM Income Fund JM Short Term Fund

Sch. March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018IncomeDividend - - - - - - Interest 73,169,753 80,617,899 15,127,684 30,559,670 15,416,156 23,091,170 Net Profit on sale/redemption of investments (other than inter scheme transfer/sale)

- 229,280 25,949 - 13,880 647,201

Net Profit on inter-scheme transfer/sale of investments - 17,775 - - - - Net Profit on futures/options - - - - - - Net change in mark to market value of investments 1,332,141 - - - - - Other income ( Refer note No. III. 2. r. of Schedule H ) 2,990 213 - 104 - 63 Exit load - - - - 67 216 Total income 74,504,884 80,865,167 15,153,633 30,559,774 15,430,103 23,738,650 Expenses and lossesManagement & operating expenses G 8,249,363 10,588,719 2,060,678 3,764,168 1,749,488 2,893,895 Net Loss on sale/redemption of investments (other than inter-scheme transfer/sale)

1,036,001 - - 1,217,390 - -

Net Loss on inter-scheme transfer/sale of investments 1,037,027 - 235,962 - 576,101 - Net Loss on futures/options - - - - - - Net change in mark to market value of investments - 2,869,299 99,634 1,797,057 966,826 1,423,248 Provision for depreciation in value of investments in securities

- - - - - -

Total expenses & losses 10,322,391 13,458,018 2,396,274 6,778,615 3,292,415 4,317,143 Surplus / (Deficit) for the period / year 64,182,493 67,407,149 12,757,359 23,781,159 12,137,688 19,421,507 Add/(Less): Income equalisation account (70,358,140) (64,647,574) (404,553,281) 174,394,424 51,219,013 16,290,163 Add: Write back of provision for unrealised appreciation on investments

- 2,310,904 423,754 2,220,811 774,540 2,197,788


(773,746) - (324,120) (423,754) - (774,540)

Surplus / (Deficit) (6,949,393) 5,070,479 (391,696,288) 199,972,640 64,131,241 37,134,918 Balance brought forward from previous year 386,362,013 405,162,970 560,745,117 360,772,477 231,520,548 194,591,375 Surplus / (Deficit) available for distribution 379,412,620 410,233,449 169,048,829 560,745,117 295,651,789 231,726,293 AppropriationIncome distribution 6,466,957 16,527,855 - - 158,026 148,521 Distribution tax 2,761,300 7,343,581 - - 61,501 57,224

Balance carried to the balance sheet 370,184,363 386,362,013 169,048,829 560,745,117 295,432,262 231,520,548 Significant Accounting Policies and Notes on Accounts

H

Fund Manager Vikas Agrawal


Per Jayesh Gandhi V. P. Shetty G. M. Ramamurthy Bhanu Katoch Vikas Agrawal Partner Director Director Chief Executive Officer Fund ManagerMembership No. 037924



19



Schedules forming part of Balance Sheet and Revenue Account Figures in Rs.JM Ultra Short Duration Fund JM Income Fund JM Short Term Fund

March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018Initial CapitalIssued and Subscribed 20,141,644 20,141,644 461,685,500 461,685,500 353,403,073 353,403,073 No. of Units of face value of Rs.10/- each include applicable Load 2,014,164 2,014,164 46,168,550 46,168,550 35,340,307 35,340,307 SCHEDULE AUnit Capital At end of the yearDividend - - - - 1,527,161 1,524,130 Growth 218,175,277 236,938,292 19,376,392 19,854,917 24,869,568 80,886,709 Bonus 5,176 5,176 2,083,639 2,098,681 - - Daily Dividend 114,096,608 222,981,079 - - 227,936 1,952,017 Weekly Dividend 2,462,695 5,015,733 - - - - Fortnightly Dividend 1,587,071 15,092,500 - - - - Monthly Dividend - - - - - - Quarterly Dividend - - 11,925,275 17,000,713 - - Half Yearly Dividend - - - - - - Annual Dividend - - - - - - Regular Dividend - - - - 1,263,116 1,473,723 Regular Daily Dividend - - - - 50,458 50,458 Regular Growth - - - - 7,826,308 8,060,014 Super Institutional Growth - - - - - - Premium Dividend - - - - - - Premium Growth - - - - - - Premium Daily Dividend - - - - - - Quarterly Bonus - - - - - - Quarterly Bonus - Direct - - - - - - Half Yearly Bonus - - - - - - Half Yearly Bonus - Direct - - - - - - Annual Bonus - - - - - - Dividend - Direct - - - - 6,511 255,351 Growth - Direct 12,568,670 30,253,543 19,196,763 132,796,317 142,247,569 64,014,652 Bonus - Direct 5,148 5,148 3,542 3,542 - - Daily Dividend - Direct 113,577 507,762 - - 5,433 14,481 Weekly Dividend - Direct 6,699 6,386 - - - - Fortnightly Dividend - Direct 66,849 63,509 - - - - Monthly Dividend - Direct - - - - - - Quarterly Dividend - Direct - - 4,219 4,219 - - Half Yearly Dividend - Direct - - - - - - Annual Dividend - Direct - - - - - - Annual Bonus - Direct - - - - - - Growth Plan - Unclaimed Redemption - Direct - - - - - - Growth Plan - Unclaimed Dividend - Direct - - - - - - Growth Plan - Unclaimed Redemption - Investor Education Fund - Direct

- - - - - -

Growth Plan - Unclaimed Dividend - Investor Education Fund - Direct - - - - - - Total 349,087,770 510,869,128 52,589,830 171,758,389 178,024,060 158,231,535 No. of Units of face value of Rs.10/- each 34,908,777 51,086,913 5,258,983 17,175,839 17,802,406 15,823,154 SCHEDULE BReserves & SurplusUnit premium reserveOpening balance 495,599 752,180 49,841,994 22,883,057 (1,484,605) (1,239,982)Add/(Less): On account of purchase/sale of units (118,197) (256,581) (48,696,661) 26,958,937 (3,053) (244,623)Closing Balance 377

ANNUAL REPORT 2018-2019 - Mutual Fund...Annual Report 2018-2019 JM FINANCIAL MUTUAL FUND Dear...

Documents

Transcript of ANNUAL REPORT 2018-2019 - Mutual Fund...Annual Report 2018-2019 JM FINANCIAL MUTUAL FUND Dear...