from the debt desk - jm financial€¦ · from the debt desk key data and events ... alcoholic...

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Details as on October 31, 2012

From The Debt DeskKey data and events – October 2012

Monetary & Liquidity Measure: The Cash Reserve Ratio (CRR) of scheduled banks was further reduced by 25 basis point from 4.50% to 4.25% of their Net Demand and Time Liability (NDTL). This will inject around 175 billion of primary liquidity into the banking system. And the other key policy rates were unchanged.

WPI Inflation: The provisional inflation for the month of Sept, 2012 was 7.81% as against 7.55% in Aug, 2012 on account of rising fuel prices. The inflation figure has been at its highest level, since Nov 2011.

IIP: The provisional Index of Industrial Production (IIP) for the month of Aug, 2012 was at 2.7% as against -0.2% in the month of July, 2012.

Forex reserves: The Forex Reserves as on Oct, 2012 was at USD 295.24 billion as against USD 293.97 billion as on Sept, 2012.

Domestic Liquidity: Liquidity remained tight as RBI received average daily bids of around INR 69,000 crores during the month in the daily LAF repo auction.

Fixed Income and Currency data:

Indian 10 year government bond: Government bond yields rose marginally as RBI refrained from cutting the repo rate during the review of monetary policy.

Indian 5 year corporate Bond yield ended higher as RBI kept the repo rate unchanged Supply pressure pushed 5-year corporate bonds at 9.00% levels, higher by about 10 basis points, as compared to the previous close.

3 Month Certificate of Deposit ended lower at 8.34% as on Oct 31’ 12 as against 8.51% for the previous month, in the absence of supply.

12 Month Certificate of Deposit ended lower at 8.58% as on Oct 31’ 12 as against 8.85% in the previous month, on improvement in liquidity situation.

USD/INR: The local currency ended weaker by about 2% to end the month at 53.86 to the US dollar

Global data:

10 year US bond yield ended higher at 1.69% as compared to 1.63% in the previous month, on improved global clues.

Brent Crude ended lower to end at $109.41 per barrel at the end of Oct month as against $113.25 in the previous month.

Source: RBI WSS & Bloomberg

Monthly Market Update by JM Financial Mutual Fund

Market Update - Equity

Market Update - Derivatives

ECONOMy

IIP for Aug at 2.7% was above consensus expectations of 1% and also marked a recovery over the last few months. While Capital Goods continued to be at -1.7%, it did see a sharp improvement over the last few months. Consumer Goods was the other category that saw an improvement – up 5% vis-à-vis 0.5% earlier. The WPI for Sept month stood at 7.8%, being higher than in the month of Aug i.e. 7.6%, due to diesel price hike. The core data remained unchanged at 5.6%. Sep CPI came in slightly lower at 9.7% with an improvement across all components. The core CPI however remained unchanged at 8.2%. RBI cut the CRR by 25bps leaving the benchmark repo rate unchanged. The RBI also announced a 75bps increase in provisioning for restructured assets.

Following the string of measures that were taken in the month of Sep, the Cabinet announced an increase in FDI limit in the insurance sector to 49% and also permitted FDI in pension funds. However, these changes will require approval by both the Houses of Parliament.

STOCK MaRKET

Indian equities witnessed consolidation in the month of Oct, following the strong performance in the month of Sep. Nifty went down by 1.5% during the month. After the pick-up in activity last month, several bulk deals were seen, which totaled upto $2bn in the month of Oct. This absorbed fair bit of the FII flow into the country. FIIs continued to be net buyers into Indian equities with the month of Oct seeing them bring in another $2bn. Following this, their overall buying YTD has now clocked $18.1bn. DIIs consistently continue to occupy the other side of the trade – net selling another $853mn in the month of Oct. DII YTD net selling stands at $8bn. Within the domestics, both Insurance companies and Mutual Funds contributed equally to the selling of $433mn and $420mn, respectively.

The October expiry level of Nifty was 1% higher than that of September level. The October series witnessed total rollovers of 81 % which is in line with the six month average. Nifty rollovers were at 60% v/s the six month average of 63%. Bank Nifty rolls were at 68% v/s past six months average of 62%. Overall rolls were in line with its three month average of 71%. In Sectors specifically, automobiles, alcoholic beverage & pharmaceuticals saw higher rolls whereas Software, Construction & Cements witnessed lower rolls compared to past six months averages. The total Open Interest at the start of November, 2012 expiry is INR 1024.9 bn as against INR 1070.5 bn at the start of October, 2012 expiry. Volatility in the markets is expected to help churn the arbitrage portfolio and better returns could be expected.

Source: Bloomberg and JM aMC Research

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ASSET AllocATion by SEcTor

JM Equity Fund(An Open-Ended Growth Scheme)

SnAPSHoTinvESTMEnT objEcTivE : To provide optimum capital growth

and appreciation.FUnD MAnAgEr : Sanjay chhabaria

( M a n a g i n g t h i s f u n d s i n ce December, 2007 & more than 12 yrs of experience in fund management & equity research)

incEPTion@ : 1st April, 1995nAv DETAilS : Growth Option (Rs.) : 34.0248

Dividend Option (Rs.) : 13.8499

corPUS (July 12 - Sept 12) : Qtly - AAUM (Rs.) : 42.57 CroresPorTFolio TUrnovEr rATio : 0.0452

PorTFolio issuer % to nAvICICI Bank 10.47$

Housing Development Finance 7.74Reliance Industries 7.70Larsen & Toubro 7.65ITC 6.54HDFC Bank 6.47Grasim Industries 5.09Infosys 4.38Maruti Udyog 4.23Associated Cement Companies 3.82Tata Motors 3.54Tata Consultancy Service 3.07Mahindra & Mahindra 2.98Bharti Airtel 2.76Dr Reddy's Lab 2.43Bajaj Auto 2.33LIC Housing Finance 2.21Bharat Heavy Electricals 2.20National Thermal Power Corporation 2.10Coal India 2.08Tata Power 2.04Equity less than 2% of corpus 6.34Total Equity Holdings 98.17cblo & others* 1.83Total Assets 100.00

$ increase over 10% on account of market movements/change in net assets of the scheme.

JM Basic Fund(An Open-Ended Sector Scheme)

SnAPSHoTinvESTMEnT objEcTivE

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

FUnD MAnAgEr : Asit bhandarkar(Managing this fund since December, 2006 & total 9 yrs of experience in fund management & equity research).

incEPTion@ : 2nd June, 1997nAv DETAilS : Growth Option (Rs.) : 13.1400


corPUS (July 12 - Sept 12)

: Qtly - AAUM (Rs.) : 203.65 Crores

PorTFolio TUrnovEr rATio

: 0.0488

riSK rEPorTScheme name beta Sharpe Std. Dev.JM Equity Fund - Growth Option 1.06 (0.38) 20.09

Source: Mutual Funds India Explorernote: Standard Deviation & Sharpe are calculated on Annualised basis using 3 years history of monthly returns (using daily frequency). Risk Free rate assumed to be 8.14% (91 day Treasury Bill yield as on Oct 31, 2012) for calculation of Sharpe Ratio.

PErForMAncE (%) Kindly Refer Page No. 9

PorTFolioissuer % to nAvLarsen & Toubro 8.67ICICI Bank 8.35Housing Development Finance 7.85Maruti Udyog 4.93Tata Motors 4.90Associated Cement Companies 4.79Mahindra & Mahindra 4.10HDFC Bank 3.85Tata Iron & Steel 3.37Reliance Industries 3.31L&T Finance Holdings 3.24Infrastructure Development Finance Company 3.16Thermax 3.11Jai Prakash Associates 3.10JSW Steel 3.01State Bank Of India 2.82AXIS Bank 2.74Mahindra & Mahindra Financial Services 2.45Bajaj Auto 2.42Power Finance Corporation 2.35Cairn India 2.29Exide Industries 2.22Crompton Greaves 2.00Equity less than 2% of corpus 10.85Total Equity Holdings 99.88cblo & others* 0.12Total Assets 100.00


riSK rEPorTScheme name beta Sharpe Std. Dev.

JM Basic Fund - Growth Option 1.27 (0.59) 25.36



SnAPSHoTinvESTMEnT objEcTivE : To provide capital appreciation by

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

FUnD MAnAgEr : Sanjay chhabaria(Managing this fund since February, 2009 & more than 12 years of experience in fund management & equity research).

incEPTion@ : 23rd September, 2008nAv DETAilS : Growth Option (Rs.) : 12.5102


corPUS (July 12 - Sept 12) : Qtly - AAUM (Rs.) : 196.35 CroresPorTFolio TUrnovEr rATio

: 0.0359

JM Multi Strategy Fund (An Open-Ended Equity Oriented Scheme)

PorTFolioissuer % to nAvHousing Development Finance 9.97ICICI Bank 9.62Larsen & Toubro 9.52Infosys 5.35Maruti Udyog 4.93Associated Cement Companies 4.75Reliance Industries 4.49Tata Motors 4.43Eicher Motors 4.26HDFC Bank 4.11Mahindra & Mahindra Financial Services 3.96Infrastructure Development Finance Company 3.74Bajaj Auto 3.31Mahindra & Mahindra 2.70Bharti Airtel 2.60Bharat Heavy Electricals 2.45Dr Reddy's Lab 2.31LIC Housing Finance 2.19Hindalco Industries 2.16Nestle India 2.13Equity less than 2% of corpus 8.11Total Equity Holdings 97.09cblo & others* 2.91Total Assets 100.00


Total Equity: 98.17%

0.94%

1.42%

2.08%

2.20%

2.43%

2.76%

4.14%

7.46%

7.65%

7.70%

8.16%

8.9%

11.30%

13.08%

17.94%

Non Ferrous Metals

Ferrous Metals

Mineral/Mining

Industrial Capital Goods

Pharmaceuticals

Telecom-Services

Power

Software

Construction Project

Petroleum Products

Consumer Non Durable

Cement

Finance

Auto

Banks


0.51%0.79%

1.37%1.84%

2.22%2.29%

3.31%4.79%

5.17%6.38%

8.66%8.80%

16.36%17.76%

19.64%

Industrial ProductsConsumer Non Durable

PharmaceuticalsNon Ferrous Metals

Auto AncillariesOil

Petroleum ProductsCement

ConstructionFerrous Metals

Construction ProjectIndustrial Capital Goods

AutoBanks

Finance

4




SnAPSHoTinvESTMEnT objEcTivE : To provide long-term growth by

i nve s t i n g p re d o m i n a nt l y i n a concentrated portfolio of equity / equity related instruments

FUnD MAnAgEr : Asit bhandarkar(Managing this fund since February, 2009 & total 9 yrs of experience in fund management & equity research).

incEPTion@ : 5th March, 2008nAv DETAilS : Growth Option (Rs.) : 3.5776



: 0.0774

PorTFolio issuer % to nAvMaruti Udyog 9.56Dr Reddy's Lab 9.46Infrastructure Development Finance Company 9.40

Infosys 9.09Yes Bank 9.07ICICI Bank 9.04Larsen & Toubro 8.92Tata Motors 8.39Power Finance Corporation 8.25Bajaj Auto 8.24Tata Iron & Steel 7.98Total Equity Holdings 97.40cblo & others* 2.60Total Assets 100.00

JM Core 11 Fund (An Open-Ended equity oriented scheme)






SnAPSHoTinvESTMEnT objEcTivE : 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.

FUnD MAnAgEr : Sanjay chhabaria: (Managing this fund since October 2010 & more than 12 yrs of experience in fund management & equity research).

incEPTion@ : 31st March, 2008nAv DETAilS : Growth Option (Rs.) : 6.6638



: 0.0053

JM Tax Gain Fund (An Open-Ended Equity Linked Savings Scheme)

SnAPSHoTinvESTMEnT objEcTivE : To provide steady current income as

well as long term growth of capital.FUnD MAnAgEr : Sanjay chhabaria

(Managing this fund since February, 2008 & more than 12 years of experience in fund management & equity research).

incEPTion@ : 1st April, 1995nAv DETAilS : Growth Option (Rs.) : 23.3053

Dividend Option (Rs.) : 16.6225corPUS (July 12 - Sept 12) : Qtly - AAUM (Rs.) : 7.56 CroresPorTFolio TUrnovEr rATio

: 0.0142

PorTFolio issuer % to nAv

Larsen & Toubro 8.34ICICI Bank 7.92Associated Cement Companies 7.58Eicher Motors 6.61Maruti Udyog 6.26Housing Development Finance 5.98HDFC Bank 5.27Mahindra & Mahindra Financial Services

4.38

Sun Pharmaceuticals Industries 4.36State Bank Of India 4.06ITC 3.79Punjab National Bank 3.71Cairn India 3.57Thermax 3.21Equity less than 2% of corpus 0.04Total Equity Holdings 75.08cblo & others* 24.92Total Assets 100.00

JM Balanced Fund (An Open-Ended Balanced Scheme)

riSK rEPorTScheme name beta Sharpe Std. Dev.JM Tax Gain Fund - Growth Option 1.05 (0.28) 20.58


riSK rEPorT Scheme name beta Sharpe Std. Dev.JM Multi Strategy Fund - Growth Option

1.12 (0.48) 21.44


PorTFolio issuer % to nAv

Housing Development Finance 9.93Eicher Motors 9.02Larsen & Toubro 7.30ICICI Bank 6.80HDFC Bank 6.47Grasim Industries 5.96Reliance Industries 5.46Maruti Udyog 4.91Divi'S Laboratories 4.59Associated Cement Companies 4.21Mahindra & Mahindra Financial Services 4.09Crompton Greaves 4.01Mahindra & Mahindra 3.82Jai Prakash Associates 3.61Tata Motors 3.38Infrastructure Development Finance Company 3.33Thermax 3.32Bajaj Auto 2.92SKF India 2.77

Sundaram Finance 2.59Equity less than 2% of corpus 0.75Total Equity Holdings 99.24cblo & others* 0.76Total Assets 100.00


0.04%

3.21%

3.57%

3.79%

4.36%

7.58%

8.34%

10.36%

12.87%

20.96%

Petroleum Products

Industrial Capital GoodsOil


Pharmaceuticals

Cement

Construction ProjectFinance

Auto

Banks


7.98%

8.92%

9.09%

9.46%

17.64%

18.11%

26.19%

Ferrous Metals


Software

Pharmaceuticals

Finance

Banks

Auto


2.77%4.36%4.59%

5.46%7.30%7.33%

10.17%13.27%

19.94%24.04%

Industrial ProductsConstruction

PharmaceuticalsPetroleum ProductsConstruction Project


CementBanks

FinanceAuto


0.19%

1.45%

1.93%

2.16%

2.32%

2.60%

3.20%

3.72%

4.49%

4.75%

5.36%

9.52%

14.66%

19.64%

21.13%

Ferrous Metals

Auto Ancillaries

Construction

Non Ferrous Metals


Telecom-Services

Pharmaceuticals


Petroleum Products

Cement

Software


Banks

Auto

Finance

5


riSK rEPorTScheme name beta Sharpe Std. Dev.JM Core 11 Fund - Growth Option 1.42 (0.31) 28.47




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

FUnD MAnAgEr : Shalini Tibrewala(Managing this fund since September, 2003 & over 14 years of experience in fund management & financial services sector).

incEPTion@ : 18th September, 2003nAv DETAilS : Growth Option (Rs.) : 17.1220

Dividend Option - Monthly Dividend(Rs.): 10.5610Dividend Option - Quarterly Dividend(Rs.): 12.9015Dividend Option - Annual Dividend (Rs.): 13.7550



PorTFolio issuer % to nAv ratingAssociated Cement Companies 3.52Cairn India 1.95HDFC Bank 4.27Larsen & Toubro 4.96Total Equity Holdings 14.70Money Market instruments 35.65commercial PaperReligare Finvest 17.80 ICRA A1+Vodafone India 17.85 CRISIL A1+corporate Debt 3.04Britannia Industries 3.04 CRISIL AAATotal Debt Holdings 38.69cblo & others* 46.61Total Assets 100.00

JM MIP Fund (An Open-Ended Monthly Income Fund with no assured return. Monthly Income is not assured and is subject to the availability of the distributable surplus.)


PorTFolio STATiSTicSCurrent Yield 8.79%Duration 0.0433 yearsAverage Maturity 0.0434 years

SnAPSHoTinvESTMEnT objEcTivE : To generate income through arbitrage

opportunities emerging out of mis-pricing between the cash market and the derivatives market and through deployment of surplus cash in fixed income instruments.

FUnD MAnAgEr : chaitanya choksi(Managing this fund since Feb 1, 2011 and has around 10 years of work experience in the field of equity research and capital markets.)

incEPTion@ : 18th July, 2006nAv DETAilS : Dividend Option (Rs.) : 10.4793

Growth Option (Rs.) : 15.7765


: 0.1728

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

PorTFolio

issuer

Market value

(rs. in lacs)

% to nAv

Market value

(rs. in lacs)

Futures

Auto Ancillaries 99.53 4.25 (100.40)Apollo Tyre 99.53 4.25Apollo Tyre - Futures (100.40)banks 304.05 12.98 (306.28)Indian Overseas Bank 14.31 0.61Indian Overseas Bank - Futures (14.43)Karnataka Bank 113.90 4.86Karnataka Bank - Futures (114.53)Punjab National Bank 129.22 5.52Punjab National Bank - Futures (130.31)UCO Bank 46.62 1.99UCO Bank - Futures (47.01)cement 165.65 7.07 (166.93)Grasim Industries 165.65 7.07Grasim Industries - Futures (166.93)consumer non Durable 107.09 4.57 (107.83)Tata Tea 60.06 2.56Tata Tea - Futures (60.32)United Spirits 47.03 2.01United Spirits - Futures (47.51)Finance 213.00 9.10 (214.23)Housing Development Finance 121.98 5.21Housing Development Finance - Futures

(122.39)

IFCI 91.02 3.89

IFCI - Futures (91.84)gas 61.70 2.64 (62.05)Indraprastha Gas 61.70 2.64Indraprastha Gas - Futures (62.05)Hotels 20.14 0.86 (20.30)Indian Hotels Co 20.14 0.86Indian Hotels Co - Futures (20.30)Media & Entertainment 45.24 1.93 (45.54)Dish TV 45.24 1.93Dish TV - Futures (45.54)Power 297.96 12.72 (301.13)GVK Power & Infrastructure 10.63 0.45GVK Power & Infrastructure - Futures

(10.71)

National Hydroelec Power Corporation

241.36 10.31

National Hydroelec Power Corporation - Futures

(244.16)

PTC India 45.97 1.96PTC India - Futures (46.26)retailing 186.63 7.97 (188.50)Pantaloon Retail (India) 186.63 7.97Pantaloon Retail (India) - Futures

(188.50)

Software 43.50 1.86 (43.84)I-Flex Solutions 43.50 1.86I-Flex Solutions - Futures (43.84)Textile Products 58.65 2.51 (58.91)Alok Industries 58.65 2.51Alok Industries - Futures (58.91)Total Equity Holdings 1603.14 68.46 (1615.94)Fixed Deposit 525.00 22.42HDFC Bank 100.00 4.27Yes Bank 425.00 18.15Total Debt Holdings 525.00 22.42cblo & others* 213.65 9.12Total Assets 2341.79 100.00

note: Nifty Futures that are sold is a complete hedge against the purchase of Nifty Basket.



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

1.95%3.04%3.53%4.27%4.96%

35.65%46.61%

Cairn IndiaCorporate Debt

Associated Cement CompaniesHDFC Bank

Larsen & ToubroMoney Market Instruments

CBLO & Others*


12.98%

12.72%

9.10%

7.97%

7.07%

4.57%

4.25%

2.63%

2.50%

1.93%

1.86%

0.86%Hotels

Software

Media & Entertainment

Textile Products

Gas

Auto Ancillaries


Cement

Retailing

Finance

Power

Banks

6



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

FUnD MAnAgEr

: Shalini Tibrewala(Managing this fund since December, 1997 & over 14 years of experience in fund management & financial services sector).

incEPTion@ : growth option: 31st December, 1997Weekly Dividend option: 31st December, 1997Daily Dividend option: 2nd July, 2001Quarterly Dividend option.: 23rd Sept, 2003bonus option: 17th August, 2002institutional Plan - growth: 4th April, 2003institutional Plan - WDo: 4th April, 2003institutional Plan - DDo: 28th July, 2003Super institutional Plan - growth:19th May, 2004.Super institutional Plan - DDo:19th May, 2004.Super institutional Plan - WDo: 19th May, 2004.

nAv DETAilS : Growth Option (Rs.): 30.8756Weekly Dividend Option (Rs.): 11.0060Daily Dividend Option (Rs.): 10.4302 Bonus Option (Rs.): 16.2139Quarterly Dividend Option (Rs.): 17.4759institutional Plan Growth Option (Rs.): 18.6521Weekly Dividend Option (Rs.): 10.7583Daily Dividend Option (Rs.): 10.0159Super institutional Plan Growth Option (Rs.): 17.7572Weekly Dividend Option (Rs.): 10.1525Daily Dividend Option (Rs.): 10.0165



JM High Liquidity Fund(An Open - Ended Liquid Scheme)

PorTFolio issuer % to nAv ratingMoney Market instruments 76.06certificate of DepositsAllahabad Bank 2.00 ICRA A1+Andhra Bank 4.49 CARE A1+Bank of Maharashtra 1.00 CRISIL A1+Canara Bank 2.49 CRISIL A1+Central Bank of India 4.00 CARE A1+Corporation Bank 1.00 CRISIL A1+ICICI Bank 2.49 ICRA A1+Indian Bank 1.49 FITCH A1+IndusInd Bank 0.90 CRISIL A1+Kotak Mahindra Bank 1.00 CRISIL A1+Oriental Bank of Commerce 3.19 CRISIL A1+Punjab & Sind Bank 2.00 ICRA A1+Punjab National Bank 2.99 CARE A1+State Bank of Mysore 4.97 ICRA A1+State Bank of Bikaner & Jaipur 1.00 CRISIL A1+Syndicate Bank 1.99 CARE A1+UCO Bank 1.99 CRISIL A1+Union Bank of India 1.00 CRISIL A1+commercial PaperBerger Paints India 2.20 CRISIL A1+Blue Star 0.40 CARE A1+Century Textiles & Industries 1.99 CARE A1+Deepak Fertilisers & Petrochemicals Corpn.

0.99 CARE A1+

Dewan Housing Finance Corporation

0.99 CRISIL A1+

Ericsson India 1.00 ICRA A1+Essel Mining & Industries 1.00 ICRA A1+

JM Money Manager Fund - Regular Plan(An Open - Ended Debt Scheme)

ASSET AllocATion




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

FUnD MAnAgEr : vikas Agrawal(Managing this fund since July, 2011 & has total 9 years of experience in fixed income market).

incEPTion@ : regular Plan - growth: 27th Sept, 2006regular Plan - DDo: 27th Sept, 2006regular Plan - WDo: 26th July, 2007regular Plan - FDo: 26th Sept, 2008

nAv DETAilS : regular Plan - Growth Option (Rs.) : 15.7133Daily Dividend Option (Rs.) : 10.0350Weekly Dividend Option (Rs.) : 10.6110Fortnightly Dividend Option (Rs.) : 10.2538



PorTFolio issuer % to nAv ratingMoney Market instruments 101.36certificate of DepositsAllahabad Bank 8.26 ICRA A1+Indusind Bank 13.76 CRISIL A1+commercial PaperAlkem Laboratories 13.68 CRISIL A1+Cholamandalam Investment & Finance 13.54 ICRA A1+

ASSET AllocATion


PorTFolio STATiSTicS Current Yield 9.36%Duration 0.1312 yearsAverage Maturity 0.1312 years

JM Money Manager Fund - Super Plan(An Open - Ended Debt Scheme)


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

FUnD MAnAgEr : vikas Agrawal(Managing this fund since July, 2011 & has total 9 years of experience in fixed income market).

incEPTion@ : Super Plan - growth: 27th Sept, 2006Super Plan - DDo: 27th Sept, 2006Super Plan - WDo: 12th October, 2007Super Plan - FDo: 2nd April, 2008

nAv DETAilS : Super PlanGrowth Option (Rs.) : 16.1685Daily Dividend Option (Rs.) : 10.0090Weekly Dividend Option (Rs.) : 10.6437Fortnightly Dividend Option (Rs.) : 10.3030



PorTFolio issuer % to nAv ratingMoney Market instruments 97.07certificate of DepositsAllahabad Bank 16.23 ICRA A1+Andhra Bank 11.60 CARE A1+Canara Bank 11.62 CRISIL A1+Punjab National Bank 4.65 CARE A1+commercial PaperBlue Star 6.97 CARE A1+India Infoline Finance 11.57 ICRA A1+RHC Holding 11.51 ICRA A1+ (SO)Shriram City Union Finance 11.66 CRISIL A1+Tata Teleservices 11.26 CARE A1+Total Debt Holdings 97.07cblo & others* 2.93Total Assets 100.00

First Blue Home Finance 0.50 CRISIL A1+Godrej & Boyce Mfg. Company 0.79 CRISIL A1+HCL Infosystems 1.60 ICRA A1+India Infoline Finance 1.00 ICRA A1+Indian Oil Corporation 2.49 ICRA A1+Jindal Saw 1.98 ICRA A1+Jindal Steel & Power 2.97 ICRA A1+National Housing Bank 4.58 ICRA A1+Redington India 0.99 ICRA A1+Reliance Capital 0.99 CRISIL A1+Religare Securities 0.99 CRISIL A1+Srei Equipment Finance 1.99 ICRA A1+Sundaram BNP Paribas Home Finance

0.99 CRISIL A1+

Tata Teleservices 2.48 CARE A1+Transport Corporation of India 0.20 ICRA A1+Vardhman Textiles 1.98 CRISIL A1+Vodafone India 0.98 CRISIL A1+Treasury bills 0.0891 Days T- Bill 0.08 GOI SOVTotal Debt Holdings 76.14cblo & others* 23.86Total Assets 100.00

HSIL 13.67 ICRA A1+India Infoline Finance 13.75 ICRA A1+National Housing Bank 11.02 ICRA A1+RHC Holding 13.68 ICRA A1+ (SO)Total Debt Holdings 101.36cblo & others* (1.36)Total Assets 100.00

(1.36%)

101.36%

CBLO & Others*

Money Market Instruments

76.06%

Treasury Bills


23.87%CBLO & Others*

0.08%

7


ASSET AllocATion



JM Money Manager Fund - Super Plus Plan(An Open - Ended Debt Scheme)


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

FUnD MAnAgEr : Shalini Tibrewala(Managing this fund since September, 2006 & has over 14 years of experience in fund management & financial services sector).

incEPTion@ : Super Plus Plan - growth: 27th Sept, 2006Super Plus Plan - DDo: 27th Sept, 2006Super Plus Plan - WDo: 16th July, 2007Super Plus Plan - FDo: 12th July, 2007

nAv DETAilS : Super Plus Plan -Growth Option (Rs.) : 16.0457Daily Dividend Option (Rs.) : 10.0060Weekly Dividend Option (Rs.) : 10.6400Fortnightly Dividend Option (Rs.) : 10.3547



ASSET AllocATion



PorTFolio issuer % to nAv ratingMoney Market instruments 97.01certificate of DepositsBank of Maharashtra 5.67 CRISIL A1+Canara Bank 5.66 CRISIL A1+ICICI Bank 5.67 ICRA A1+Punjab National Bank 1.70 CARE A1+South Indian Bank 5.67 CARE A1+The Ratnakar Bank 2.83 ICRA A1+UCO Bank 5.66 CRISIL A1+commercial PaperAlembic Pharmaceuticals 5.61 CRISIL A1+Alkem Laboratories 11.23 CRISIL A1+Century Textiles & Industries 5.65 CARE A1+Ericsson India 2.81 ICRA A1+HCL Infosystems 5.11 ICRA A1+India Infoline Finance 14.12 ICRA A1+Reliance Capital 8.47 CRISIL A1+Religare Finvest 5.53 ICRA A1+RHC Holding 5.62 ICRA A1+ (SO)corporate Debt 1.49ICICI Bank 0.35 CARE AAA

JM Floater Fund - Long Term Plan(An Open-Ended Income Scheme)


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

FUnD MAnAgEr : Shalini Tibrewala(Managing this fund since March, 2006 & has over 14 years of experience in fund management & financial services sector).

incEPTion@ : growth : 25th June, 2003Dividend : 25th June, 2003Daily Dividend option: 22nd May, 2007Weekly Dividend option: 22nd May, 2007Premium Plan - growth: 13th October, 2004Premium Plan - Dividend: 13th October, 2004Premium Plan - DDo: 15th May, 2007Premium Plan - WDo: 18th May, 2007

nAv DETAilS : Growth Option (Rs.): 17.4236 Dividend Option (Rs.): 17.4838Daily Dividend Option (Rs.): 10.0031 Wkly Dividend Option (Rs.): 10.5484

Premium Plan - Growth Option (Rs.): 16.8187Dividend Option (Rs.): 10.3733 Daily Dividend Option (Rs.): 10.0031 Wkly Dividend Option (Rs.): 10.5840




ASSET AllocATion

PorTFolio issuer % to nAv ratingcblo & others* 100.00Total Assets 100.00

PorTFolio STATiSTicSCurrent Yield 7.93%Duration 0.0027 years

Average Maturity 0.0027 years

JM Floater Fund - Short Term Plan(An Open-Ended Liquid Scheme)


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

FUnD MAnAgEr : Shalini Tibrewala(Managing this fund since September, 2006 & over 14 years of experience in fund management & financial services sector).

incEPTion@ : 25th June, 2003

nAv DETAilS : Floater Fund Short Term Plan Growth Option (Rs.) : 17.8323Daily Dividend Option (Rs.) : 10.0883



Rural Electrification Corporation 1.14 CRISIL AAATreasury bills 0.2391 Days T- Bill 0.23 GOI SOVTotal Debt Holdings 98.73cblo & others* 1.27Total Assets 100.00

PorTFolioissuer % to nAv ratingcblo & others* 100.00Total Assets 100.00

ASSET AllocATion


PorTFolio STATiSTicSCurrent Yield 7.93%Duration 0.0027 YearsAvg. Maturity 0.0027 Years

1.27%

1.49%

97.01%

Treasury Bills

CBLO & Others*

Corporate Debt


0.23%



2.93%



8


JM Short Term Fund(An Open-Ended Income Scheme)


: To generate regular returns and high level of liquidity with low risk strategy and capital appreciation / accretion through investment in debt instruments and related securities besides preservation of capital.

FUnD MAnAgEr : girish Hisaria(Managing this fund since July 2009 & has total 7 years of experience in Fixed Income Markets).

incEPTion@ : regular Plan - growth: 24th June, 2002regular Plan - Dividend: 24th June, 2002regular Plan - DDo: 31st March, 2011growth: 4th April, 2003Dividend: 4th April, 2003Daily Dividend option: 6th April, 2011

nAv DETAilS : Growth option (Rs.): 16.2059Dividend option (Rs.): 10.5659Daily Dividend option (Rs.): 10.0397regular Plan -Growth option (Rs.): 22.3279Dividend option (Rs.): 11.6375Daily Dividend option (Rs.): 10.0316



ASSET AllocATion

PorTFolio issuer % to nAv ratingMoney Market instruments 57.30certificate of DepositsCorporation Bank 9.27 CRISIL A1+

Punjab National Bank 18.18 CARE A1+commercial PaperIndia Infoline Finance 9.49 ICRA A1+Power Finance Corportion 9.04 CRISIL A1+RHC Holding 9.43 ICRA A1+ (SO)Vodafone India 1.89 CRISIL A1+corporate Debt 30.25Export Import Bank of India 3.79 CRISIL AAAHindalco Industries 1.93 CRISIL AA+Power Finance Corporation 1.90 CRISIL AAAReliance Gas Transportation Infrastructure

1.94 CRISIL AAA

Rural Electrification Corporation 5.74 CRISIL AAAShriram Transport Finance Company 1.92 CARE AA+Sterlite Industries 1.92 CRISIL AA+Bajaj Finance 3.83 ICRA AA+Export Import Bank of India 1.92 CRISIL AAARural Electrification Corporation 1.54 CRISIL AAASundaram BNP Paribas Home Finance 3.82 CARE AA+Treasury bills 0.7691 Days T- Bill 0.76 GOI SOVTotal Debt Holdings 88.31cblo & others* 11.69Total Assets 100.00


JM Income Fund(An Open-Ended Income Scheme)

SnAPSHoTinvESTMEnT objEcTivE : 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.


incEPTion@ : growth option: 1st April, 1995Dividend option: 1st April, 1995bonus option: 18th March, 2002

nAv DETAilS : Growth Option (Rs.) : 33.5684Dividend Option (Rs.) : 11.8763Bonus Option (Rs.) : 13.7331

corPUS (July 12 - Sept 12) : Qtly - AAUM (Rs.) : 9.87 Crores

PorTFolio issuer % to nAv ratingMoney Market instruments 35.84certificate of Deposits

AXIS Bank 10.31 CRISIL A1+Canara Bank 4.91 CRISIL A1+Vijaya Bank 10.31 CARE A1+Yes Bank 10.31 ICRA A1+government Securities 32.058.97% GOI 2030 32.05 GOI SOVcorporate Debt 10.25Rural Electrification Corporation 10.25 CRISIL AAATotal Debt Holdings 78.14cblo & others* 21.86Total Assets 100.00

ASSET AllocATion



ASSET AllocATion

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


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


incEPTion@ : regular Plan - growth option : 29th September, 1999regular Plan - Dividend option : 29th September, 1999regular Plan - bonus option : 30th November, 2002

nAv DETAilS : regular Plan -Growth Option (Rs.) : 35.9656Dividend Option (Rs.) : 16.8951Bonus Option (Rs.) : 17.4903



PorTFolio issuer % to nAv rating

government Securities 55.62

8.83% GOI 2041 23.07 GOI SOV

8.97% GOI 2030 32.55 GOI SOV

Treasury bills 8.80

91 Days T- Bill 8.80 GOI SOV

Total Debt Holdings 64.42

cblo & others* 35.58

Total Assets 100.00



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


30.25%

57.29%

CBLO & Others*


11.69%

Corporate Debt

0.76%Treasury Bills

35.84%

21.87%


CBLO & Others*

32.05%Government Securities

10.25%Corporate Debt

8.80%


Government Securities

35.58%Treasury Bills

9


aNNEXURE FOR RETURNS OF aLL THE SCHEMESPerformance as on September 30, 2012

Sept 30, 2011 to Sept 30, 2012

Sept 30, 2010 to Sept 30, 2011

Sept 30, 2009 to Sept 30, 2010

Since inception till Sept 30, 2012 (CaGR)

Inception Date@

Scheme Name

Values of Initial

investment of Rs. 10000

SchemeReturns

(%)

Values of Initial


SchemeReturns

(%)

Values of Initial


SchemeReturns

(%)

Values of Initial


SchemeReturns (%)

Equity Schemes

Funds Managed by Sanjay Chhabaria

JM Balanced Fund 11280 12.80 8470 (15.30) 11234 12.34 69870 11.74 1-apr-95

Bench Mark Crisil Balanced Fund Index 11372 13.72 8996 (10.04) 11421 14.21 N A N A

Crisil 1 Year T Bill* 10811 8.11 10538 5.38 10242 2.42 34102 7.26

S & P Nifty Index* 11538 15.38 8198 (18.02) 11861 18.61 57595 10.52

JM Equity Fund 11245 12.45 7708 (22.92) 11066 10.66 34478 7.33 1-apr-95

Bench Mark BSE Sensex 11403 14.03 8199 (18.01) 11718 17.18 57537 10.51

S & P Nifty Index* 11538 15.38 8198 (18.02) 11861 18.61 57595 10.52

JM Multi Strategy Fund 11144 11.44 7057 (29.43) 10907 9.07 12695 6.12 23-Sep-08

Bench Mark BSE 500 11285 12.85 7998 (20.02) 12185 21.85 13883 8.51

S & P Nifty Index* 11538 15.38 8198 (18.02) 11861 18.61 13820 8.39

JM Tax Gain Fund 11301 13.01 7398 (26.02) 11979 19.79 6638 (8.71) 31-Mar-08

Bench Mark BSE 500 11285 12.85 7998 (20.02) 12185 21.85 11704 3.56

S & P Nifty Index* 11538 15.38 8198 (18.02) 11861 18.61 12046 4.23

Funds Managed by asit Bhandarkar

JM Basic Fund 11885 18.85 6180 (38.20) 9937 (0.63) 106923 16.71 2-June-97

Bench Mark BSE 200 Index 11377 13.77 8015 (19.85) 12079 20.79 63057 12.76

S & P Nifty Index* 11538 15.38 8198 (18.02) 11861 18.61 53555 11.56

JM Core 11 Fund 11410 14.10 6402 (35.98) 10112 1.12 3565 (20.20) 5-Mar-08

Bench Mark BSE Sensex 11403 14.03 8199 (18.01) 11718 17.18 11342 2.79

S & P Nifty Index* 11538 15.38 8198 (18.02) 11861 18.61 11589 3.28

Funds Managed by Chaitanya Choksi

JM arbitrage advantage Fund 10957 9.57 10794 7.94 10427 4.27 15684 7.53 18-July-06

Bench Mark Crisil Liquid Fund Index 10865 8.65 10777 7.77 10405 4.05 15194 6.97

S & P Nifty Index # 11538 15.38 8198 (18.02) 11861 18.61 19051 10.95

# Scheme performance may not be strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc.

Performance as on September 30, 2012

Sept 30, 2011 to Sept 30, 2012

Sept 30, 2010 to Sept 30, 2011

Sept 30, 2009 to Sept 30, 2010


Inception Date@

Scheme Name

Values of Initial


SchemeReturns

(%)

Values of Initial


SchemeReturns

(%)

Values of Initial


SchemeReturns

(%)

Values of Initial


SchemeReturns (%)

Debt Schemes

Funds Managed by Girish Hisaria

JM Gsec Fund 11350 13.50 10365 3.65 10423 4.23 35773 10.29 29-Sep-99

Bench Mark I Sec Composite Index 11007 10.07 10630 6.30 10565 5.65 N A N A

Crisil 10 Year G Sec Paper* 10803 8.03 10320 3.20 10395 3.95 N A N A

JM Income Fund 10991 9.91 10470 4.70 10389 3.89 33363 7.12 1-apr-95

Bench Mark Crisil Composite Bond Fund Index 10953 9.53 10558 5.58 10547 5.47 N A N A

Crisil 10 Year G Sec Paper* 10803 8.03 10320 3.20 10395 3.95 N A N A

JM Short Term Fund 11023 10.23 10840 8.40 10587 5.87 22165 8.06 24-June-02



10


aNNEXURE FOR RETURNS OF aLL THE SCHEMES

Performance for Liquid Schemes Simple annualised Returns (%)

Scheme Name 7 Days 15 Days 1 mth 3 mths 6 mths Inception Date@

Funds Managed by Shalini TibrewalaJM High Liquidity Fund 8.35 8.43 8.53 8.93 9.51 31-Dec-97Bench Mark Crisil Liquid Fund Index 7.54 7.50 7.49 7.74 8.25Crisil 1 Year T Bill* 8.13 7.96 8.89 8.06 8.30JM Floater Fund - Short Term Plan 7.48 7.41 7.30 7.43 9.01 25-June-03Bench Mark Crisil Liquid Fund Index 7.54 7.50 7.49 7.74 8.25Crisil 1 Year T Bill* 8.13 7.96 8.89 8.06 8.30

*Additional Benchmark @ Inception Date is considered as the date of first time allotment of units.

Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Absolute returns are computed on investments of Rs 10,000. Returns are computed on Compounded Annual Growth Rate (CAGR) basis. Load is not considered for computation of returns. Growth Option has been considered for calculating the performance of the above mentioned schemes.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Sept 30, 2011 to Sept 30, 2012

Sept 30, 2010 to Sept 30, 2011

Sept 30, 2009 to Sept 30, 2010


Inception Date@

Scheme Name

Values of Initial


SchemeReturns

(%)

Values of Initial


SchemeReturns

(%)

Values of Initial


SchemeReturns

(%)

Values of Initial


SchemeReturns (%)

Funds Managed by Vikas agrawal

JM Money Manager Fund Regular Plan 11037 10.37 10920 9.20 10493 4.93 15587 7.67 27-Sep-06



JM Money Manager Fund Super Plan 11035 10.35 10911 9.11 10581 5.81 16037 8.18 27-Sep-06



Funds Managed by Shalini Tibrewala

JM Floater Fund - Long Term Plan 10807 8.07 10778 7.78 10467 4.67 17311 6.10 25-June-03



JM MIP Fund 11005 10.05 10231 2.31 10479 4.79 17059 6.09 18-Sep-03

Bench Mark Crisil MIP Blended Index 11038 10.38 10221 2.21 10768 7.68 19513 7.67

S & P Nifty Index* 11371 13.71 8371 (16.29) 11966 19.66 43792 17.76


JM Money Manager Fund Super Plus Plan 11019 10.35 10853 9.11 10492 5.81 15918 8.18 27-Sep-06



Performance for Liquid Schemes

Sept 30, 2011 to Sept 30, 2012

Sept 30, 2010 to Sept 30, 2011

Sept 30, 2009 to Sept 30, 2010


Inception Date@

Scheme Name

Values of Initial


SchemeReturns

(%)

Values of Initial


SchemeReturns

(%)

Values of Initial


SchemeReturns

(%)

Values of Initial


SchemeReturns (%)

Funds Managed by Shalini Tibrewala

JM High Liquidity Fund 10972 9.72 10847 8.47 10462 4.62 30654 7.89 31-Dec-97

Bench Mark Crisil Liquid Fund Index 10869 8.69 10777 7.77 10405 4.05 N A N A


JM Floater Fund - Short Term Plan 10889 8.89 10719 7.19 10443 4.43 17722 6.36 25-June-03

Bench Mark Crisil Liquid Fund Index 10869 8.69 10777 7.77 10404 4.04 17442 6.18Crisil 1 Year T Bill* 10816 8.16 10538 5.38 10241 2.41 16047 5.23

11


Super Plus Plan - Weekly Dividend option 0.5509Super Plus Plan - Fortnightly Dividend option 0.5877

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

jM Floater Fund - lTPFinancial year Plan Dividend

(rs. per unit)FY 2012-13$ Dividend option -

Daily Dividend option 0.4363Weekly Dividend option 0.4124Premium Plan - Dividend option 0.4279Premium Plan - Weekly Dividend option 0.4192Premium Plan - Daily Dividend Option 0.4415

FY 2011-12$ Regular Plan - Dividend option -Regular Plan - Daily Dividend option 0.8030Regular Plan - Weekly Dividend option 0.7154Premium Plan - Dividend option 0.7804Premium Plan - Weekly Dividend option 0.7262Premium Plan - Daily Dividend Option 0.8130

FY 2010-11$ Regular Plan - Dividend option -Regular Plan - Daily Dividend option 0.5950Regular Plan - Weekly Dividend option 0.5182Premium Plan - Dividend option 0.5665Premium Plan - Weekly Dividend option 0.5284Premium Plan - Daily Dividend Option 0.6052

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

jM Floater Fund - STPFinancial year Plan Dividend

(rs. per unit)FY 2012-13$ Short Term Plan - Daily Dividend Option 0.5074FY 2011-12$ Short Term Plan - Daily Dividend Option 0.7877FY 2010-11$ Short Term Plan - Daily Dividend Option 0.5733

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

jM Short Term FundFinancial year Plan Dividend

(rs. per unit)FY 2012-13$ Regular - Dividend Option 0.6295

Dividend Option 0.5857Regular - Daily Dividend Option 0.5461Daily Dividend Option 0.5534

FY 2011-12$ Regular Plan - Dividend Option 0.9954Inst. Plan - Dividend Option 0.9295Regular Plan - Daily Dividend Option 0.9314Inst. Plan - Daily Dividend Option 0.9401

FY 2010-11$ Regular Plan - Dividend Option 0.6807Inst. Plan - Dividend Option 0.6516

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

jM income FundDividend Option (Rs. per unit)

FY 2012-13$ -FY 2011-12$ -FY 2010-11$ -


jM g-Sec FundRegular Plan - Dividend Option (Rs. per unit)

FY 2012-13$ -FY 2011-12$ -FY 2010-11$ 0.25


jM Equity FundFinancial year record Date Dividend (rs. per unit)FY 2012-13 NIL -FY 2011-12 NIL -FY 2010-11 NIL -

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

jM basic FundFinancial year record Date Dividend (rs. per unit)FY 2012-13 NIL -FY 2011-12 NIL -FY 2010-11 NIL -

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

jM balanced FundFinancial year record Date Dividend (rs. per unit)Dividend PlanFY 2012-13 NIL -FY 2011-12 NIL -FY 2010-11 NIL -


jM Multi Strategy FundFinancial year record Date Dividend (rs. per unit)Dividend PlanFY 2012-13 NIL -FY 2011-12 NIL -FY 2010-11 NIL -


jM Tax gain FundFinancial year record Date Dividend (rs. per unit)Dividend PlanFY 2012-13 NIL -FY 2011-12 NIL -FY 2010-11 NIL -


jM core 11 FundFinancial year record Date Dividend (rs. per unit)Dividend PlanFY 2012-13 NIL -FY 2011-12 NIL -FY 2010-11 NIL -


jM MiP FundjM MiP Fund - Dividend option - Monthly Dividend

Financial year record Date Dividend (rs. per unit)FY 2012-13 $ Oct 12 - Dec 12 0.05

July 12 - Sept 12 0.15April 12 - June 12 0.15

FY 2011-12 $ Jan 12 - Mar 12 0.10Oct 11 - Dec 11 0.10

July 11 - Sept 11 0.09FY 2010-11 $ Jan 11 - March 11 NIL

Oct 10 - Dec 10 0.15July 10 - Sept 10 0.15

jM MiP Fund - Dividend option - Quarterly DividendFinancial year record Date Dividend (rs. per unit)

FY 2012-13 $ - -FY 2011-12 $ - -FY 2010-11 $ - -

jM MiP Fund - Dividend option - Annual DividendFinancial year record Date Dividend (rs. per unit)

FY 2012-13$ NIL -FY 2011-12$ NIL -FY 2010-11$ NIL -

After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable.

DIVIDEND HISTORy (for past 3 years)Past performance may or may not be sustained in future. The face value per unit is Rs. 10/-.$ Includes Dividend Distribution Tax.

jM Arbitrage Advantage FundFinancial year record Date Dividend (rs. per unit)Dividend PlanFY 2012-13 September 2012 0.225

June 2012 0.20FY 2011-12 March 2012 0.200

December 2011 0.160September 2011 0.160June 2011 0.175

FY 2010-11 March 2011 0.175December 2010 0.175September 2010 0.12June 2010 0.08

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

jM High liquidity FundFinancial

year Plan Dividend (rs. per unit)

FY 2012-13$ Weekly Dividend Option 0.5360Daily Dividend Option 0.5601Quarterly Dividend Option -Inst. Plan - Weekly Dividend option 0.5288Inst. Plan - Daily Dividend option 0.5429Super Inst. Plan - Weekly Div. option 0.5035Super Inst. Plan - Daily Div. option 0.5480

FY 2011-12$ Regular Plan - Weekly Dividend Option 0.8290Regular Plan - Daily Dividend Option 0.9338Regular Plan - Quarterly Dividend Option -Inst. Plan - Weekly Dividend option 0.8161Inst. Plan - Daily Dividend option 0.9039Super Inst. Plan - Weekly Div. option 0.5613Super Inst. Plan - Daily Div. option 0.9116

FY 2010-11$ Regular Plan - Weekly Dividend Option 0.5849Regular Plan - Daily Dividend Option 0.6665Regular Plan - Quarterly Dividend Option -Inst. Plan - Weekly Dividend option 0.5713Inst. Plan - Daily Dividend option 0.6403Super Inst. Plan - Weekly Div. option 0.2032Super Inst. Plan - Daily Div. option 0.6400

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

jM Money Manager FundFinancial

year Plan Dividend (rs. per unit)

FY 2012-13$ Regular Plan - Daily Dividend option 0.5506Regular Plan - Weekly Dividend option 0.5456Regular Plan - Fortnightly Dividend option 0.5466Super Plan - Daily Dividend option 0.5836Super Plan - Weekly Dividend option 0.5515Super Plan - Fortnightly Dividend option 0.5558Super Plus Plan - Daily Dividend option 0.5688Super Plus Plan - Weekly Dividend option 0.5425Super Plus Plan - Fortnightly Dividend option 0.5474

FY 2011-12$ Regular Plan - Daily Dividend option 0.9680Regular Plan - Weekly Dividend option 0.8560Regular Plan - Fortnightly Dividend option 0.9048Super Plan - Daily Dividend option 0.9545Super Plan - Weekly Dividend option 0.8455Super Plan - Fortnightly Dividend option 0.8965Super Plus Plan - Daily Dividend option 0.9240Super Plus Plan - Weekly Dividend option 0.8190Super Plus Plan - Fortnightly Dividend option 0.8730

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

JM EQUITy SCHEMES aT a GLaNCE

Introduction of no Entry Load and treatment of Exit Load.In accordance with the requirements specified by the SEBI circular no. SEBI/IMD/CIR No.4/168230/09 dated June 30, 2009, no entry load will be charged for fresh purchase / additional purchase / switch-in transactions accepted by the Fund with effect from August 1, 2009. Similarly, no entry load will be charged with respect to applications for fresh registrations under Systematic Investment Plan/Systematic Transfer Plan accepted by the Fund with effect from August 1, 2009.Also, in compliance with SEBI Circular no. SEBI / IMD / CIR No. 7 /173650 / 2009 dated August 17, 2009, parity among all classes of unit holders in terms of charging exit load shall be made applicable at the portfolio level with effect from August 24, 2009.

Load Structure:

Entry Load: NIL for all Open-ended Equity Schemes.

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

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

EQUITy SCHEMES

Currently available facilities

Sr. no.

Schemes allotment Date

Min. invest-ment amnt.

Options Sub Options Default Op-tion

Default Sub Option

Exit Load @@@

Lock-in Periods @@@

Redemp-tion Time#

1 JM - Arbitrage Advan-tage Fund July 18, 2006 Rs. 5000/-

Dividend Payout / ReinvestmentGrowth Reinvest-

ment 0.50% 30 Days T+3 (*) Busi-ness DaysGrowth

2 JM Balanced Fund April 1, 1995 Rs. 5000/-Dividend Payout / Reinvestment

Growth Reinvest-ment 1.00% 365 Days T+3 Busi-

ness DaysGrowth

3 JM Basic Fund June 2, 1997 Rs. 5000/-Dividend Payout / Reinvestment


ness DaysGrowth

4 JM Core 11 Fund March 5, 2008 Rs. 5000/-


ment 1.00% 365 Days T+3 Busi-ness DaysGrowth

5 JM Equity Fund April 1, 1995 Rs. 5000/-Dividend Payout / Reinvestment


ness DaysGrowth

6 JM Multi Strategy Fund September 23, 2008 Rs. 5000/-


ment 1.00% 365 Days T+3 Busi-ness DaysGrowth

7 JM Tax Gain Fund March 31, 2008

Rs. 500/- or in multiples of Rs. 500/- each

Dividend PayoutGrowth Payout NIL && T+3 Busi-

ness DaysGrowth

&& JM Tax Gain Fund :- The scheme falls in the ELSS category and is eligible for tax benefits under section 80C of Income Tax Act. There is a lock-in period of 3 years under the Scheme.# AMC would adhere to the aforesaid service standards for redemption payments on best efforts basis under normal circumstances subject to the overall 10 business days as stipulated by SEBI.*JM - arbitrage advantage Fund: The redemption shall be in terms of Interval Period defined hereinbelow.

Redemption request can be submitted to the official point of acceptance on any business day till 3.00 pm. All redemption requests received till Friday (in case such Friday is a holiday then the last business day) of the week preceding the interval period, would be processed at the NAV of the Interval Period. The Interval period will be the settlement Thursday (the settlement day for derivatives segment in the NSE which is currently last Thursday of the month) or any day which is declared as the settlement day for Derivatives segment by the NSE.

Illustrative Example:

Interval Cycle Cut-off for for redemption / switch-out requests applicable NaV for redemption / switch-out

For Nov-Dec 2010 All redemptions / switch-out requests received till 24.12.2010 before 3 p.m. NAV of 30.12.2010 For Dec - Jan 2011 All redemptions / switch-out requests received after 3 p.m. on 24.12.2010 till 3.00 pm 21.01.2011 NAV of 27.01.2011

It is clarified that the cut-off timings will also be applicable to investments made through “sweepmode”.

@@@ The exit load shown in the above table are applicable for allotment of units for investment made through fresh purchases/switch-in/shift-in or through respective SIP/STP/SWP Instalments out of the fresh registration effected during the period when above exit load rates are applicable. The exit load are subject to change at any time. Hence, all Investors are advised to check the current exit load from the nearest Investor Service Centers before investment.Intra & Inter Equity Switches: No exit load for inter and intra equity switches except in case of (i) switches by SIP/STP investors within 24 months (for cases registered from 4.1.2008 up to 2.10.2008) and within 12 months (for cases registered upto 3.1.2008) of respective SIP/STP installments (ii) switches by STP investors (for cases registered w.e.f. 3.10.2008) within 24 months of respective STP installments (iii) switches by SIP investors (for cases registered w.e.f. 3.10.2008) within 12 months of respective SIP installments (iv) switches to / from JM Arbitrage Advantage Fund to any equity schemes.Exit load on intra-scheme redemptions/switch outs:it load on intra-scheme redemptions/switch outs : The applicable exit load, if any, will be charged for redemptions/ switch outs of the scheme (i.e. at portfolio level) before the completion of the stipulated load/lock-in period. The stipulated load/lock-in period will be reckoned from the date of allotment of units for a particular transaction in the scheme (i.e. at portfolio level) till the date of redemption/ switch out from that scheme, irrespective of the number of intra-scheme switches by the investor between the aforementioned two dates (e.g switches between options/sub-options within the scheme having the same portfolio).

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

The above details are subject to provisions laid down in the respective Scheme Information Documents and addenda issued from time to time.

JM DEBT SCHEMES aT a GLaNCELoad Structure:

Entry Load: NIL for all Open-ended Debt & Liquid Schemes.

Exit Load: As mentioned in the table hereunder:

Minimum Investment amount: Rs. 5000/- and any amount thereafter.

additional Purchase amount:: Rs. 1000/- and any amount thereafter.

Reckoner and Default Options:

DEBT SCHEMES

Plan(s) / Option(s) available for fresh subscription

Sr. no.

Type of Scheme Schemes Plan Options Sub Options Default

PlanDefault Option

Default Sub-Option

Exit Load @@@

Lock-in Periods

@@@

Redemption Time#

1 Liquid JM High Liquidity Fund -

Daily Dividend Reinvestment

- Daily Dividend

Auto Reinvestment NIL NIL T+1

Business Day

Weekly Dividend Payout*/ Reinvestment

Quarterly Dividend Payout*/ Reinvestment

Growth

Bonus Principal Units

2 Liquid JM Floater Fund - Short Term Plan -

Daily Dividend Reinvestment-

Daily Dividend


Business DayGrowth

3 Debt JM Money Manager Fund

Regular Plan

Daily Dividend

Auto Reinvestment Super

Plus PlanDaily

DividendAuto

Reinvestment 0.25% 45 Days

T+1 Business Day

Weekly Dividend

Fortnightly Dividend

Growth

Super Plan

Daily Dividend


Plus PlanDaily

DividendAuto

Reinvestment 0.10% 30 DaysWeekly Dividend


Growth

Super Plus Plan

Daily Dividend


Plus PlanDaily

DividendAuto

Reinvestment NIL NILWeekly Dividend


Growth

4 Income JM Short Term Fund -

Dividend Payout*/ Reinvestment

- Growth Dividend Reinvestment 0.25% 30 Days T+1

Business DayDaily Dividend Reinvestment

Growth

5 Gilt JM G Sec Fund Regular Plan


- Growth Dividend Reinvestment NIL NIL T+1

Business DayGrowth


6 Income JM Income Fund -


- Growth Dividend Reinvestment 1.00% 365 Days T+1

Business DayGrowth


7 Income JM Floater Fund - Long Term Plan -

Daily Dividend Auto Reinvestment

- Daily Dividend


Business Day

Weekly Dividend


Growth

8 Income JM MIP Fund -

Dividend Option - Monthly Dividend

Payout*/ Reinvestment

- Monthly Dividend Payout* 0.50% 182 Days T+2

Business Day

Dividend Option - Quarterly Dividend

Dividend Option - Annual Dividend

Growth

Capital Appriciation Withdrawal

Fixed Amount Withdrawal

# AMC would adhere to the aforesaid service standards for redemption payments on best efforts basis under normal circumstances subject to the overall 10 business

days as stipulated by SEBI.

@@@ The exit load shown in the above table are applicable for allotment of units for investment made through fresh purchases/switch-in/shift-in or through respective SIP/STP/SWP Instalments out of the fresh registration effected during the period when above exit load rates are applicable. The exit load are subject to change at any time. Hence, all Investors are advised to check the current exit load from the nearest Investor Service Centers before investment.

In case, the investor does not mention the name of the Plan/ Option/ Sub-option/or wherever there is an ambiguity in choice of Plan/ Option/ Sub-option opted for purchase/ switch application(s), the AMC/ Registrar may allot the units as per default Plans/ Options/ Sub-options, if no clarification letter is provided by the investor on the transaction date. However, in case of fresh purchase application, the AMC/ Registrar at its discretion may allot the units based on the Plan/ Option/ Sub-option appearing on the respective payment instrument.

In case, there is complete ambiguity regarding the Plans/ Options/ Sub-options, the application will be treated as invalid and will be summarily rejected.

In case of purchase transactions, where there is a mismatch in the amounts on the Transaction Slip / Application Form and the payment instrument / credit received, the AMC may at its discretion allot the units for the lesser of the two amounts and refund / utilize the excess, if any, for any other transaction submitted by the same investor, subject to the fulfillment of other regulatory requirements for the fresh transaction.

Note: Dividend shall be declared at the discretion of the Trustee subject to the availability of distributable profits as compiled in accordance with SEBI (Mutual Funds) Regulations, 1996.

*No dividend under Dividend Plan shall be distributed in cash even for those unitholders who have opted for payout where such dividend on a single payout is less than Rs.100/-.

Consequently, such dividend (less than Rs.100/-) shall be compulsorily re-invested except under JM Tax Gain Fund as there is no dividend reinvestment option under the scheme.

As per SEBI Circular no. CIR/IMD/DF/21/2012 dated September 13, 2012, with effect from October 1, 2012, fresh subscriptions (including SIPs/Switches) shall be accepted under only one plan of JM High Liquidity Fund, JM Floater Fund-Long Term Plan and JM Short Term Fund (herein referred as surviving plan) and not in any other plans (suspended plans). Any subscriptions received under the suspended plans of the aforesaid schemes, will be processed under their surviving plans. The surviving plan.

The suspended plans as mentioned in the below table will continue till the existing investors remain invested in the plans.

Plan(s) / Option(s) not available for fresh subscription

Sr. no. Type of Scheme Schemes Plans Options Minimum investment amount

1 Liquid JM High Liquidity Fund

Institutional PlanDaily Dividend

Rs. 1,00,00,000/-Weekly DividendGrowth

Super Institutional Plan

Daily DividendRs. 5,00,00,000/-Weekly Dividend

Growth

2 Income JM Short Term Fund Regular PlanDividend

Rs. 5000/-Daily DividendGrowth

3 Income JM Floater Fund - Long Term Plan Premium Plan

Daily Dividend

Rs. 5000/-Weekly Dividend

Dividend

Growth

The cases registered for Systematic Investment Plans (SIPs), Systematic Transfer Plans (STPs), Dividend Reinvestment Facilities prior to October 1, 2012 in the Suspended Plan will be processed if their due dates are falling upto October 31, 2012. From November 1, 2012, all Systematic Investment Plans (SIPs), Systematic Transfer Plans (STPs), Dividend Reinvestment Facilities of the Suspended Plans will automatically stand discontinued. However, the investor may opt for investment in Surviving Plan or any other scheme of JM Financial Mutual Fund by registering for fresh SIPs/STPs/ Dividend Reinvestment.

All investors are requested to note that the following schemes are being renamed as under:

Sr. No. Existing Name Proposed Name

1 JM High Liquidity Fund – Regular Plan JM High Liquidity Fund

2 JM Floater Fund – Long Term Plan – Regular Plan JM Floater Fund – Long Term Plan

3 JM Short Term Fund – Institutional Plan JM Short Term Fund

All other terms and conditions of the aforesaid schemes remain unchanged. This addendum shall form an integral part of SAI, SID and KIM of the above schemes of JM Financial Mutual Fund.

NOTICE DATED OCTObEr 18, 2012 (ref No. 15/2012-13)NOTICE is hereby given that the following Point of Acceptance of JM Financial Asset Management Private Limited (the “AMC”) will be de-activated with effect from October 19, 2012 for acceptance of transactions.

Location Address

Coimbatore Door no.196/ 17, First Floor, Aiswarya Commercial Centre,Thiruvenkatasamy Road, R.S. Puram, Coimbatore 641 002.

Investors are requested to make a note of the above change and may avail the services of local Karvy office as per the computer printed address on the Statement of Account issued to them or any of the nearest Official Points of Acceptance of the AMC for any transaction related matter.

NOTICE Cum ADDENDum DATED OCTObEr 30, 2012 (ref No. 16/2012-13)Disclosure of Half – Yearly Audited Financial results of all the Schemes of Jm Financial mutual Fund (the “mutual Fund”)All unitholders of the Mutual Fund are requested to note that in terms of Sub – Regulation (1) of Regulation 59 of SEBI (Mutual Funds) (Second Amendment) Regulations, 2012, the half yearly audited financial results for the period ended September 30, 2012 of all the schemes of the Mutual Fund have been hosted on the website of JM Financial Asset Management Private Limited (the “AMC”).

Unitholders can access to financial results using the following link: http://www.jmfinancialmf.com/Downloads

1. THIS ADDENDum SETS OuT THE CHANGES TO bE mADE IN THE STATEmENT OF ADDITIONAL INFOrmATION (“SAI”) OF Jm FINANCIAL muTuAL FuND Mr. Aket V Dingal has been appointed as an Key Personnel of the AMC with effect from October 29, 2012.

Consequently, the following clause under the Para “Information on Key Personnel” is added in the SAI of JM Financial Mutual Fund:

Mr. Aket V Dingal (Associate Vice President – Information Technology)

Masters in Business Administration , Systems; Bachelor in Business Administration, Diploma in Computer TechnologyAge: 35 Years

Mr. Aket Dingal has more than 10 years of experience in Information Technology. He is associated with JM Financial Asset Management Private Limited (the “AMC”) since June 2006. Prior to joining the AMC, he has worked with Credit Information Bureau (India) Limited as Senior Manager – Information Technology, Zenta Limited and SBI Funds Management Private Limited. Currently, he is responsible for handling the Information Technology and Systems at the AMC.

2. THIS ADDENDum SETS OuT THE CHANGES TO bE mADE IN SCHEmE INFOrmATION DOCumENT (“SID”) AND KEY INFOrmATION mEmOrANDum (“KIm”) OF Jm HIGH LIquIDITY FuND, Jm FLOATEr FuND – LONG TErm PLAN AND Jm SHOrT TErm FuND (THE “SCHEmES”) OF Jm FINANCIAL muTuAL FuND (THE “muTuAL FuND”).This is further to the notice – cum – addendum dated September 28, 2012, corrigendum dated October 03, 2012 and addendum dated October 09, 2012 regarding suspension of fresh subscriptions under the suspended plans and renaming of some of the plans of Schemes of JM Financial Mutual Fund.

The Institutional Plan and Super Institutional Plan of JM High Liquidity Fund, Regular Plan of JM Short Term Fund and Premium Plan of JM Floater Fund – Long Term Plan have been suspended (hereinafter referred to as “suspended plans”).

The surviving plans of the Schemes have been renamed as under (hereinafter referred to as “surviving plans”)

• JM High Liquidity Fund – Regular Plan as JM High Liquidity Fund,

• JM Floater – Long Term Plan – Regular Plan as JM Floater Fund – Long Term Plan

• JM Short Term Fund – Institutional Plan as JM Short Term Fund

The investors of the Schemes are aware that currently fresh subscriptions are accepted only under the surviving plans of the Schemes and not in the suspended plans of the Schemes.

All the investors of the aforesaid Schemes are hereby requested to take note of the following with respect to the re-investment of dividend, effective from November 01, 2012:

1. Dividend accrued (if any) under any Dividend Option (Dividend Re-investment being its sub – option) of the suspended plans shall be re-invested in the corresponding options under the surviving plans of the respective Schemes, if such dividend per folio, per occasion is upto Rs. 2000/-. In such scenario, the same folio number will have units in two plans, i.e. units created till October 31, 2012 in suspended plans and units created from November 01, 2012 in the surviving plans. Investors are requested to mention the specific plan/option while submitting any transaction requests.

In case, such dividend is more than Rs. 2000/- per folio, per occasion, the same shall be considered for dividend payout.

2. Kindly note that for the above re-investment of dividend in surviving plans, the minimum investment amount criteria/lock – in period/load structure applicable for purchases/switch – in under the surviving plans shall not apply. However, the minimum redemption amount/units criteria under the surviving plans shall apply.

All other terms and conditions of the SID and KIM of the schemes remain unchanged.

noTicE / ADDEnDUM