CONTACT JM FINANCIAL MUTUAL FUND.The Scheme may enter into plain vanilla interest rate swaps for...

CONTACTCONTACTNovember 2010

Trust is always the answer

NOTICE - CUM - AddENdUMI. THIS ADDENDUM DATED SEPTEMBER 29, 2010 SETS OUT THE CHANGES TO

BE MADE IN THE STATEMENT OF ADDITIONAL INFORMATION (“SAI”), SCHEME INFORMATION DOCUMENT (“SID”) AND KEY INFORMATION MEMORANDUM (“KIM”) OF ALL THE SCHEMES OF JM FINANCIAL MUTUAL FUND.

I. Investments in derivatives

In accordance with SEBI Circular Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010, the following clauses shall be inserted in the Scheme Information Documents of all the schemes of JM Financial Mutual Fund under the head “What are the Investment Restrictions”

1. The cumulative gross exposure through equity, debt and derivative positions (through debt and derivative positions only in case of debt schemes) will not exceed 100% of the net assets of the scheme. Cash or cash equivalents with residual maturity of less than 91 days may be treated as not creating any exposure.

2. The Scheme shall not write options or purchase instruments with embedded written options.

3. The total exposure related to option premium paid shall not exceed 20% of the net assets of the scheme.

4. Exposure due to hedging positions may not be included in the above mentioned limits subject to the following :

a. Hedging positions are the derivative positions that reduce possible losses on an existing position in securities and till the existing position remains.

b. Hedging positions shall not be taken for existing derivative positions. Exposure due to such positions shall be added and treated under limits mentioned in Point 1.

c. Any derivative instrument used to hedge has the same underlying security as the existing position being hedged.

d. The quantity of underlying associated with the derivative position taken for hedging purposes does not exceed the quantity of the existing position against which hedge has been taken.

5. The Scheme may enter into plain vanilla interest rate swaps for hedging purposes. The counter party in such transactions has to be an entity recognized as a market maker by RBI. Further, the value of the notional principal in such cases shall not exceed the value of respective existing assets being hedged by the scheme. Exposure to a single counterparty in such transactions should not exceed 10% of the net assets of the scheme.

6. Exposure due to derivative positions taken for hedging purposes in excess of the underlying position against which the hedging position has been taken, shall be treated under the limits mentioned in point 1.

Definition of Exposure in case of Derivative Positions

7. Each position taken in derivatives shall have an associated exposure as defined under and will be computed as follows:

Position Exposure Long Future Futures Price * Lot Size * Number of Contracts Short Future Futures Price * Lot Size * Number of Contracts Option bought Option Premium Paid * Lot Size * Number of Contracts.

The derivative transactions shall also be disclosed in the half yearly portfolio/ annual report of the schemes in line with requirements under SEBI

Regulations.

The above provisions shall be effective October 1, 2010.

II. Application Supported by Blocked Amount (ASBA)

The following paragraph pertaining to “Application Supported by Blocked Amount” shall be inserted to the Statement of Additional Information:

Investors will be provided ASBA facility for all NFOs launched on or after October 01, 2010. ASBA means “Application Supported by Blocked Amount”. ASBA is an application containing an authorization to block the application money in the bank account, for applying during the NFO. An ASBA investor shall submit an ASBA physically or electronically through the internet banking system to the Self Certified Syndicate Bank (SCSB) with whom the bank account to be blocked, is maintained. Self Certified Syndicate Bank has the same meaning as given to it in clause (zi) of sub-regulation (1) of regulation 2 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. SCSB is a bank which is recognized as a bank capable of providing ASBA services to its customers. Names of such banks would appear on the website of SEBI.

The SCSB shall then block the application money in the bank account specified in the ASBA, on the basis of an authorization to this effect given by the account holder. The application money shall remain blocked in the bank account till the allotment of the issue or till withdrawal/ rejection of the application, as the case may be. ASBA facility will be available to all categories of investors and will co-exist with the existing process, wherein cheques/ demand drafts are used as a mode of payment.

III. Change in Fund Management Responsibilities

In addition to the existing equity schemes being managed by him, Mr. Sanjay Chhabaria is being designated as the Fund Manager for JM Financial Services Sector Fund, JM Hi Fi Fund, JM Contra Fund, JM Tax Gain Fund and JM Agri & Infra Fund with effect from October 1, 2010. All references to the existing Fund Manager of the aforesaid schemes, wherever they appear, shall stand deleted.

IV. THIS ADDENDUM SETS OUT THE CHANGES TO BE MADE IN THE STATEMENT OF ADDITIONAL INFORMATION (“SAI”), SCHEME INFORMATION DOCUMENT (“SID”) AND KEY INFORMATION MEMORANDUM (“KIM”) OF ALL THE SCHEMES OF JM FINANCIAL MUTUAL FUND.

I. Transferability of units

Notice is hereby given that in accordance with SEBI Circular No. CIR/IMD/DF/10/2010 dated August 18, 2010 on transferability of mutual fund units, investors/unitholders of the schemes of JM Financial Mutual Fund are requested to note that units held in demat form (currently units of JM FMP Fund – Series XVI and JM FMP Fund – Series XVIII) shall be freely transferable under the depository system, except in case of units held in Equity Linked Savings Scheme (ELSS) during the lock-in period.

All other features and terms and conditions of the scheme(s) shall remain unchanged.

II. 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.

III. Changes in Key Management Personnel

Mr. Sandeep Neema, key personnel of the AMC has been designated as Head – Equity Research.

Introduction of Know Your Distributor (KYD) certification for Mutual Fund Distributors

On SEBI’s advice AMFI has introduced KYD certification for new and existing distributors effective from September 1, 2010. However, the existing ARN holders may comply with KYD norms within 6 months i.e. by end of February 2011 and submit the KYD certification, failing which AMC will be constrained to suspend the payment of commission till the distributors comply with the requirements.

The detailed process note is available on AMFI Website (amfiindia.com) as well as on the website of CAMS (camsonline.com)

Exit load on intra-scheme redemptions/switch outs : The applicable exit load, if any, will be charged for redemptions/ switch outs of the scheme (i.e. at portfolio level) before the completion of the stipulated load/lock-in period. The stipulated load/lock-in period will be reckoned from the date of allotment of units for a particular transaction in the scheme (i.e. at portfolio level) till the date of redemption/ switch out from that scheme, irrespective of the number of intra-scheme switches by the investor between the aforementioned two dates (e.g switches between plans/sub-plans/options/sub-options within the scheme having the same portfolio).

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

Details as on October 31, 2010A Monthly Fund Update from JM Financial Mutual Fund

Market Update - Equity

Market Update - derivatives

Economy

In its second quarter monetary policy review, Reserve Bank of India (RBI) lifted both the repo rate and reverse repo rates by 25bps to 6.25% and 5.25% respectively, as per market expectations. RBI maintained its forecasts for GDP growth of 8.5% for 2010-11 and WPI inflation of 5.5% (6.0% in the old WPI time series). RBI has taken a targeted step at curbing the price rise at the premium end of residential segment by raising risk weights. RBI has moved to raise risk weights for residential housing loans of Rs. 7.5m and above to 125% from 75%. The loan to value ratio has been capped at 80% of the total flat value.

Index of Industrial Production (IIP) growth came in at 5.6% Y-o-Y for the month of August, 10, much below consensus expectation of 9.5%. One of the predominant factors in driving down growth was a sharp fall in the capital goods index (-2.6% Y-o-Y for Aug, 10 vs 72.0% Y-o-Y in July, 10). Amongst other components, the consumer non durables sector continued to be weak, although durable goods growth remained strong. Intermediate goods, which generally lead the headline index by 2-4 months and has been on a moderating trend, inched slightly higher to 10.0% Y-o-Y in August, 10 .

Stock markEt

The Foreign Institutional Investor (FII) buying continued in October as well, consequently Nifty hit the monthly high of 6284 in the first half of the month but fund diversion for the Coal India IPO in the second half lead to an almost flat monthly closing of 6017 on Nifty. CNX Midcap Index was up by a modest 2.1% this month. Midcap stocks witnessed higher volatility as compared to large caps. FIIs were net buyers to the tune of ~USD 4.3 bn this month, while Domestics were net sellers of ~USD 1.3 bn in cash equities. Pharmaceutical, Banking & Financial Services, Autos, Cement, Retail and Sugar were the outperforming sectors in the month while Telecom, Real Estate, Power Utilities were the under performers.

markEt outlook

In absolute terms, Sensex is almost back at the peak - though not in terms of valuation. At the previous peak 1-year forward PE of Sensex was 21X whereas today it’s at 16.5X FY12 estimated earnings. Another point to note is that usually in a bubble, most sectors and stocks move up to a similar extent which has not been the case this time. The present bull market has been uneven as the broader indices (BSE Small Cap, BSE Mid Cap etc.) have not participated in the rally to the same extent as the narrower indices (e.g. Sensex).

Key economic indicators are also better anchored at this point compared to the last market cycle - growth is more stable, inflation, while sticky, is moderating and the government has more policy freedom available.

For India, the second round of quantitative easing in the US is likely to increased capital inflows in the immediate term and appreciation pressures on the currency. Correspondingly, the Central Bank may come under pressure to check currency gains sometime in the near future. A QE2 propelled rise in commodity prices poses risks for domestic inflation as well as India’s current account balance.

A positive over a 12-month horizon is expected as valuations are at average levels, healthy earnings growth and improvement in Return on Equity (RoEs) forecast, and increased capital inflows due to the second round of quantitative easing.

After the big move in September, both the Nifty and the Sensex moved in a small range of around 5% in October. The indices struggled to cross their

respective all-time high levels. However, the cost-of-carry continued to be high for the month. As a result, there were hardly any opportunities for

unwinding of Arbitrage positions. Majority of our positions were rolled over from October to November series and at better levels than of past few

months. It is expected that the next few months will continue to be good for Arbitrage funds.

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From The debt desk

Indicators current month

last month

m-o-m Variation

Forex Reserves* USD Bln 295 292 3.804

Credit Off take* - Rs Crs 3,468,999 3,382,928 86071

Credit Deposit Ratio * 72.45 72.12 0.33

WPI Inflation*(%) 8.62% 8.51% 0.11%

10-Year Yield - India* (%) 8.05% 7.85% 0.20%

10-year Yield - USA* (%) 2.55% 2.52% 0.03%

Exchange Rate* USD/INR 44.35 44.96 (0.61%)

Brent Crude per/bbl* 82.00 76.00 6.00

Reverse Repo-Daily Avg Rs Crs 3000 5600 (2,600.00)

Repo Average-Daily Avg Rs Crs 66000 28000 38,000.00

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

Government bond yields rose during the month by about 15-25 basis points on profit booking, continuous supply of bonds, high inflation and tight domestic liquidity situation. The sharp rally which occurred after the increase in FII limits last month got reversed on profit taking and tight domestic liquidity situation. Domestic economic data continued to remain firm with headline inflation at 8.62% for the month of September 2010. Tight domestic liquidity situation was evident as RBI received average bids of INR 66000 crores during the month in the daily repo auction. In a bid to improve the local liquidity situation, Government of India announced a buy back of short dated government securities to an extent of Rs. 28000 crores. The 10 year benchmark yield ended higher at 8.05% as against 7.85% in the previous month.

Factor: Inflation Short term: negative medium term: neutral

Headline inflation for the month of September 10 was at 8.62% as compared to 8.51% in the previous month. Headline inflation continued to remain firm, with no immediate signs of easing. Food inflation and primary articles inflation continued to remain elevated. The absolute index level was higher at 141.1. Fuel index was at 147.6 as compared to 148.00 in the previous month, manufactured index rose from 127.2 to 127.6. Headline inflation is expected to remain around the 8.50% mark for the month of October 2010.

Factor: liquidityShort term: negative medium term: neutral

System liquidity continued to remain tight on higher government balances and IPO related outflows. Tight liquidity conditions were evident as RBI received average bids of INR 66000 crores during the month in the daily repo auction as against INR 28000 crores in the previous month. Inter bank call rates & CBLO were firm on account of tight liquidity situation. Money market rates remained firm on selling

by mutual funds and continued supply in the primary segment. RBI also initiated the Second Liquidity Adjustment Facility (SLAF) to improve the liquidity situation. Going forward in the month of November 2010, it is expected that the liquidity situation will improve on account of steps initiated by RBI and Government of India.

Factor: Global interest rates Short term: neutral medium term: neutral Global interest rates remained range bound with a lower bias on mixed economic data. The Federal Reserve has assured the market of lower policy rates till the time economy is on a firm footing. US dollar index ended flat at 77.30 as compared to 78 in the last month. Reversal of interest rate cycle in developed countries will be slower than developing countries and most developed central banks are likely to keep policy rates low till the time clear signs of growth emerge.

outlook

RBI has admitted that at current levels on policy rates, we are close to neutral levels. Further RBI moves on monetary action will depend on impeding macro economic data. Outcome of the policy, appetite for bonds in the auctions, domestic macro economic data and global macro economic scenario will drive the movement of yields. It is expected that RBI will raise the key rates by 25 basis points in the upcoming policy. It is expected that the benchmark 10-year will move in the range of 7.80-8.10% in the month of November, 2010. Expectations of moderation in economic data and RBI’s calibrated approach in tightening the monetary cycle will keep a cap on sharp rise in yields. Government efforts to rein in fiscal deficit will clearly act positive in the medium term for the bond market. 5-Year credit spreads expected to be in the range of 80-100 basis points. Domestic liquidity situation is expected to remain neutral as RBI stance is to generate liquidity conditions consistent with more effective transmission of policy actions.

2

3

Details as on October 29, 2010

ASSET ALLOCATION BY SECTOR


Jm contra Fund(An Open-Ended Equity Oriented Fund) Jm Equity Fund

(An Open-Ended Growth Scheme)

SNAPSHOTINVESTMENT OBJECTIVE : To provide optimum capital growth and

appreciation.

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

INCEPTION : 1st April, 1995

NAV dETAILS : Growth Plan (Rs.) : 40.0350Dividend Plan (Rs.) : 16.2964

CORPUS : AAUM (Rs.) : 34.72 Crores

PORTFOLIO TURNOVER RATIO : 0.1187

EXPENSE RATIO : 2.50%

PORTFOLIO Issuer % to NAVJai Prakash Associates 7.67Tata Motors 7.37Mahindra & Mahindra 7.20Reliance Industries 6.76Eicher Motors 6.65Bharat Heavy Electricals 6.62Tata Power 6.30Hindustan Lever 6.24Infosys Technologies 6.02Larsen & Toubro 5.91Ipca Laboratories 4.62Reliance Infrastructure 3.54Sterlite Industries 3.48Jindal Steel & Power 2.93Allahabad Bank 2.83Bombay Rayon Fashions 2.78Equity less than 2.5% of corpus 4.94Total Equity Holdings 91.86CBLO & Others* 8.14Total Assets 100.00

SNAPSHOTINVESTMENT OBJECTIVE : To provide capital appreciation by following

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

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

INCEPTION : 7th September, 2007





PORTFOLIO Issuer % to NAVReliance Industries 5.74Unichem Laboratories 5.13Power Trading Corporation 5.13Tata Motors 4.90Indiabulls Financial Services 4.76Power Finance Corporation 4.09Reliance Infrastructure 3.95Simplex Projects 3.91Sintex Industries 3.86

Jai Prakash Associates 3.76AXIS Bank 3.63Mahindra & Mahindra 3.48Hinduja Ventures 3.28IL&FS Transportation Networks 3.24Tata Iron & Steel 3.13Sobha Developers 3.10Nitesh Estate 3.09Bajaj Electricals 2.95Polaris Software & Lab 2.71Equity less than 2.5% of corpus 16.72Total Equity Holdings 90.55Total Debt Holdings 5.67CBLO & Others* 3.78Total Assets 100.00

Jm Basic Fund(An Open-Ended Sector Scheme)

SNAPSHOTINVESTMENT OBJECTIVE : To provide capital appreciation to its

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

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

INCEPTION : 2nd June, 1997



PORTFOLIO TURNOVER RATIO

: 0.1819


RISK REPORT 3 Years (Monthly) RF=6%

Scheme Name Beta Sharpe Std. dev.JM Equity Fund - Growth Option 0.94 (0.01) 2.18

Source: Mutual Funds India Explorer.


Scheme Name Beta Sharpe Std. dev.JM Contra Fund - Growth Option 0.95 (0.03) 2.42


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

JM Equity Fund - Growth Plan

12.34 18.42 (9.17) 11.62 9.31

BSE Sensex** 14.09 26.10 0.33 20.49 12.35 ^^ Inception date = Allotment date i.e. 01.04.1995** Benchmark Index: BSE SensexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

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

JM Contra Fund - Growth Plan 9.24 24.00 (17.92) (13.19)BSE 500 Index** 14.12 30.94 1.07 9.25

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

Issuer % to NAVAction Construction Equipment 5.81Sanghvi Movers 5.75JSW Steel 5.11Power Trading Corporation 4.83Power Finance Corporation 4.57Larsen & Toubro 4.05Sintex Industries 4.04Reliance Infrastructure 4.03KEC International 4.00Greenply Industries 3.92Crompton Greaves 3.75JSW Energy 3.63IL&FS Transportation Networks 3.55Bharat Heavy Electricals 3.45Hindustan Construction Co. 3.14IVRCL Infrastructure & Projects 3.11Kalpataru Power Transmission 3.06GVK Power & Infrastructure 2.99HEG 2.98Jyoti Structures 2.83Welspun Corp 2.67Sterlite Industries 2.60Equity less than 2.5% of corpus 11.85Total Equity Holdings 95.70Total derivatives Holdings (0.78)Total debt Holdings 3.77CBLO & Others* 1.31Total Assets 100.00

PORTFOLIO


Total Equity: 90.55%0.02%

1.41%1.85%

2.95%3.24%

3.39%3.86%

4.76%5.13%5.20%

5.74%5.92%5.99%

7.95%8.04%8.05%

8.38%8.67%

Telecom-ServicesCement

EngineeringConsumer Durables

TransportationIndustrial Capital Goods

Industrial ProductsFinance

Power GenerationFerrous Metals

Petroleum ProductsBanks

SoftwareConstruction Project

PowerConstruction

AutoPharmaceuticals

Total Equity: 91.86%0.75%0.98%

2.78%2.93%

3.48%4.62%

4.96%6.02%

6.41%6.76%

8.57%9.85%

12.53%21.22%

CementTelecom-Services

Textile ProductsFerrous Metals

Non Ferrous MetalsPharmaceuticals

BanksSoftware

Consumer Non DurablePetroleum Products

Construction ProjectPower

Industrial Capital GoodsAuto


0.80%1.30%

2.32%2.60%

2.98%3.52%

3.92%4.04%

5.81%6.25%

7.66%9.30%

10.02%15.22%

19.92%

Petroleum ProductsTelecom-Services

OilPharmaceuticals

Non Ferrous MetalsDiversified

FinanceConsumer Non Durable

Industrial ProductsConstruction

Construction ProjectPower Generation

TransportationFerrous Metals

PowerIndustrial Capital Goods

4


ASSET ALLOCATION BY SECTOR ASSET ALLOCATION BY SECTOR

PORTFOLIO Issuer % to NAVRaymond 5.23Indiabulls Financial Services 5.21Everest Kanto Cylinder 4.91Spicejet 4.70Jet Airways India 4.68Dewan Housing Fin Corp 4.57Yes Bank 4.43Dish TV 4.25Voltamp Transformers 4.14Action Construction Equipment 3.96Godawari Power & Ispat 3.93Sundaram Finance 3.86

United Phosphorous 3.65Opto Circuits (India) 3.44SKF India 3.44Pantaloon Retail (India) 3.36Nitesh Estate 3.36Mphasis BFL 3.27Gateway Distriparks 3.07Simplex Projects 3.06PVR 3.04BLKashyap & Sons 2.84Equity less than 2.5% of corpus 7.93Total Equity Holdings 94.30CBLO & Others* 5.70Total Assets 100.00

PORTFOLIO Issuer % to NAVEicher Motors 9.36Sintex Industries 8.24Ashok Leyland 7.90Simplex Projects 7.31AIA Engineering 6.88Sanghvi Movers 6.28Action Construction Equipment 6.26Bombay Rayon Fashions 5.72Power Trading Corporation 5.49Allahabad Bank 5.08Tulip Telecom 4.53IVRCL Infrastructure & Projects 4.04Bajaj Electricals 3.98United Phosphorous 3.53GVK Power & Infrastructure 3.23Mphasis BFL 3.09Max India 2.52Equity less than 2.5% of corpus 3.97Total Equity Holdings 97.42CBLO & Others* 2.58Total Assets 100.00

PORTFOLIO Issuer % to NAVInfrastructure Development Finance Company 6.54MBL Infrastructures 6.36Supreme Infrastructure India 6.18Amtek Auto 6.05Elecon Engineering Co. 6.01Dena Bank 5.75Industrial Development Bank of India 5.25Indiabulls Financial Services 5.13Everest Kanto Cylinder 4.99Monnet Ispat 4.82

Dewan Housing Fin Corp 4.46Reliance Capital 4.36IVRCL Infrastructure & Projects 3.95Voltas 3.87DLF 3.85NMDC 3.39Reliance Communications 3.31National Thermal Power Corporation 3.30Suzlon Energy 3.10Equity less than 2.5% of corpus 4.42Total Equity Holdings 95.08CBLO & Others* 4.92Total Assets 100.00

SNAPSHOTINVESTMENT OBJECTIVE : To seek long term capital appreciation from

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

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

INCEPTION : 27th July, 2005NAV dETAILS : Growth Plan (Rs.) : 9.7067

Dividend Plan (Rs.) : 9.7277CORPUS : AAUM (Rs.) : 214.18 CroresPORTFOLIO TURNOVER RATIO : 0.0891EXPENSE RATIO : 2.36%

Jm Small & mid-cap Fund(An Open-Ended Equity Oriented Scheme)

SNAPSHOTINVESTMENT OBJECTIVE : To provide capital appreciation by primarily

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

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

INCEPTION : 30th April, 2007




: 0.0550


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


JM ELF - Growth Plan 17.13 33.22 (15.51) 1.41 (0.56)BSE 200 Index** 13.98 29.59 1.38 20.53 19.81

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


Scheme Name Beta Sharpe Std. dev.JM ELF Fund - Growth Option 0.85 (0.03) 2.28


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

Regular Plan - Growth Option 6.95 16.51 (23.00) (11.94)CNX MCI ** 16.12 42.40 7.91 17.99

^^ Inception date = Allotment date i.e. 30.04.2007, ** Benchmark Index: CNX Mid Cap Index ~, (~) Disclaimer: Refer page no. 15Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

SNAPSHOTINVESTMENT OBJECTIVE : To generate medium to long term capital

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

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

INCEPTION : 7th April, 2006NAV dETAILS : Growth Plan (Rs.) : 6.3876

Dividend Plan (Rs.) : 6.3876CORPUS : AAUM (Rs.) : 11.46 CroresPORTFOLIO TURNOVER RATIO : 0.0573


Jm HI FI Fund (JM Housing, Infrastructure & Financial Services Fund)(An Open-Ended Equity Oriented Growth Scheme)


JM Basic Fund - Growth Plan

(5.81) 5.57 (19.22) 10.06 21.98

BSE BII** 4.24 15.29 (4.88) 25.67 NA ^^ Inception date = Allotment date i.e. 02.06.1997** Benchmark Index: BSE Basic Industries Index () $ #

($) disclaimer: Refer page no. 15 (#) The Board of directors of JM Financial Trustee Company at their meeting held on October 29, 2010 have changed the benchmark of JM Basic Fund from BSE Basic Industries Index () to BSE 200.Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

RISK REPORT3 Years (daily) RF=6%

Scheme Name Beta Sharpe Std. dev.JM Basic Fund - Growth Option 0.97 (0.03) 2.38

Source: Mutual Funds India Explorer. Since Mutual Funds India Explorer does not have customised index values of JM Basic Fund, BSE Sensex is considered for calculation of Beta.


Scheme Name Beta Sharpe Std. dev.JM SMC Fund - Growth Option 0.83 (0.04) 2.23



0.93%1.74%

2.32%3.27%3.36%3.44%3.44%

3.65%3.86%3.93%

4.91%5.23%

6.58%6.97%

7.76%9.78%

10.38%12.45%

Auto AncillariesTelecom-Services

Telecom-Equipment & AccesoriesDiversified

SoftwareRETAIL

Auto ComponentsPharmaceuticals

PesticidesNBFC

Ferrous MetalsIndustrial ProductsTextiles & Apparel

BanksIndustrial Capital GoodsMedia & Entertainment

FinanceConstruction

Transportation

Total Equity: 97.42%

1.17%3.09%3.23%

3.53%3.98%

4.53%5.08%

5.49%5.72%

6.30%6.82%6.88%

10.76%13.57%

17.26%

Consumer Non DurableSoftware

PowerPesticides

Consumer DurablesTelecom-Services

BanksPower Generation

Textile ProductsConstruction Project

TransportationEngineering

Industrial ProductsConstruction

Auto

5


PORTFOLIOIssuer % to NAVEicher Motors 12.90#

Power Trading Corporation 8.37Polaris Software & Lab 7.74Amara Raja Batteries 6.51AIA Engineering 6.44Opto Circuits (India) 6.08Ashok Leyland 4.96Allahabad Bank 4.37Indiabulls Financial Services 3.89Action Construction Equipment 3.86Bajaj Electricals 3.48India Infoline 3.47Gateway Distriparks 3.04IVRCL Infrastructure & Projects 3.01Marico 3.00CESC 2.75Indian Bank 2.63Sanghvi Movers 2.61Equity less than 2.5% of corpus 10.52Total Equity Holdings 99.61CBLO & Others* 0.39Total Assets 100.00

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

PORTFOLIOIssuer % to NAVEicher Motors 14.00#

Bharat Heavy Electricals 7.73Jai Prakash Associates 6.92Polaris Software & Lab 6.29Tata Motors 6.01IVRCL Infrastructure & Projects 4.64Bajaj Electricals 4.61Reliance Industries 4.59Power Finance Corporation 4.40Power Trading Corporation 3.93JSW Steel 3.63Infosys Technologies 3.60TATA Consultancy Service 3.24CESC 3.21Tata Iron & Steel 3.12Reliance Infrastructure 2.90Jyoti Structures 2.83Sintex Industries 2.79Equity less than 2.5% of corpus 3.24Total Equity Holdings 91.69CBLO & Others* 8.31Total Assets 100.00



ASSET ALLOCATION BY SECTOR ASSET ALLOCATION BY SECTOR

SNAPSHOTINVESTMENT OBJECTIVE : To provide capital appreciation by investing

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

FUNd MANAGER : Sanjay Chhabaria

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

INCEPTION : 23rd September, 2008





Jm mid cap Fund(An Open-Ended Equity Oriented Scheme)(Formerly known as JM Auto Sector Fund)

SNAPSHOTINVESTMENT OBJECTIVE : To generate long term capital growth at a

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

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

INCEPTION : 29th June, 2004NAV dETAILS : Growth Plan (Rs.) : 29.0416

Dividend Plan (Rs.) : 19.8961CORPUS : AAUM (Rs.) : 10.13 CroresPORTFOLIO TURNOVER RATIO : 0.0644EXPENSE RATIO : 2.50%

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

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

JM HI FI Fund - Growth Plan 10.82 25.70 (25.96) (9.35)S & P CNX Nifty Index** 14.01 27.80 0.66 12.93

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


JM Mid Cap Fund - Growth Plan

9.75 23.58 7.40 13.08 18.32

CNX Mid Cap Index**

16.12 42.40 7.91 21.91 28.31

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

RISK REPORT3 Years (daily) RF=6%

Scheme Name Beta Sharpe Std. dev.JM Mid Cap Fund - Growth Option 0.71 0.02 1.83


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

JM Multi Strategy Fund - Growth Plan 8.14 17.15 26.18

BSE 500 Index** 14.12 30.94 23.16


PORTFOLIO Issuer % to NAVLupin 12.53#

Reliance Industries 9.31

Hindalco Industries 7.58

Bharat Heavy Electricals 6.90

Power Finance Corporation 6.24

Larsen & Toubro 5.99

Infosys Technologies 5.66

Sterlite Industries 5.33

Tata Iron & Steel 4.60

Jai Prakash Associates 4.57

Infrastructure Development Finance Company 4.50

HCL Technologies 3.46

Reliance Infrastructure 3.36

Oil & Natural Gas Corp 3.23

Jindal Steel & Power 3.19

Tata Motors 3.15

Ultratech Cement 2.72

Equity less than 2.5% of corpus 2.89

Total Equity Holdings 95.21

CBLO & Others* 4.79

Total Assets 100.00



SNAPSHOTINVESTMENT OBJECTIVE : To generate returns by predominantly

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

FUNd MANAGER : Sanjay Chhabaria

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

INCEPTION : 29th June, 2004

NAV dETAILS : Growth Plan (Rs.): 20.6568Dividend Plan (Rs.): 15.1900




Jm large cap Fund(An Open-Ended Equity Oriented Scheme)(Formerly known as JM HealthCare Sector Fund)


Scheme Name Beta Sharpe Std. dev.JM HIFI Fund - Growth Option 0.94 (0.05) 2.29


Total Equity: 95.08%3.30%3.31%3.39%

3.85%3.87%

4.99%6.05%6.18%

6.95%9.11%

10.31%13.29%

20.48%

PowerTelecom-Services

Mineral/MiningReal Estate Developers

Consumer DurablesIndustrial Products

Auto AncillariesConstruction

Ferrous MetalsIndustrial Capital Goods

Construction ProjectBanks

Finance


2.75%3.00%3.01%

3.48%6.08%

6.34%6.44%

7.00%7.84%

8.37%8.95%9.11%

9.38%17.86%

PowerConsumer Non Durable

Construction ProjectConsumer Durables

PharmaceuticalsConstructionEngineering

BanksTransportation

Power GenerationAuto Ancillaries

FinanceSoftware

Auto


2.79%4.59%4.61%

6.75%6.76%

7.73%11.56%

12.41%13.14%

20.02%

TransportationIndustrial Products

Petroleum ProductsConsumer Durables

Ferrous MetalsPower Generation

Industrial Capital GoodsConstruction Project

PowerSoftware

Auto


0.54%2.22%

2.72%3.23%3.29%

4.50%4.57%

7.79%9.12%

9.31%9.60%

12.53%12.88%12.91%

Power GenerationBanks

CementOil

AutoFinance

Construction ProjectFerrous Metals

SoftwarePetroleum Products

PowerPharmaceuticals

Industrial Capital GoodsNon Ferrous Metals

6


PORTFOLIOIssuer % to NAVBharti Airtel 52.89Reliance Communications 16.66Idea Cellular 10.71Tulip Telecom 8.67OnMobile Global 8.49Total Equity Holdings 97.42CBLO & Others* 2.58Total Assets 100.00

PORTFOLIOIssuer % to NAVInfrastructure Development Finance Company 8.37HDFC Bank 7.73Bank of Baroda 6.67AXIS Bank 6.66Oriental Bank of Commerce 6.54Dena Bank 5.29Kotak Mahindra Bank 5.28Yes Bank 5.21Housing Development Finance 4.85Federal Bank 4.74Dewan Housing Fin Corp 3.78Indiabulls Financial Services 3.66Standard Chartered Bank 3.53Central Bank of India 2.97IL&FS Investment Managers 2.93State Bank Of India 2.70Industrial Development Bank of India 2.61Equity less than 2.5% of corpus 2.27Total Equity Holdings 85.78CBLO & Others* 14.22Total Assets 100.00




Jm telecom Sector Fund(An Open-Ended Equity Oriented Sector Scheme)

SNAPSHOTINVESTMENT OBJECTIVE : To invest predominantly in equity & equity

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

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

INCEPTION : 7th December, 2006






JM Large Cap Fund - Growth Option

15.59 26.41 5.05 9.36 12.13

S & P CNX Nifty Index** 14.01 27.80 0.66 20.49 24.27 ^^ Inception date = Allotment date i.e. 29.06.2004** Benchmark Index: S & P CNX Nifty IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

RISK REPORT 3 Years (daily) RF=6%

Scheme Name Beta Sharpe Std. dev.JM Large Cap Fund - Growth Option 0.55 0.01 1.53



JM Telecom Sector Fund - Growth Plan

7.31 14.12 (17.22) (4.57)

BSE Telecom Index** 8.30 9.09 (22.05) (7.08)^^ Inception date = Allotment date i.e. 07.12.2006, ** Benchmark Index: BSE Telecom Index () ^ (^) disclaimer: Refer page no. 15Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.


Scheme Name Beta Sharpe Std. dev.JM Telecom Sector Fund - Growth Option 0.96 (0.03) 2.47



JM Financial Services Sector Fund - Growth Plan

27.67 41.06 (9.06) 4.75

BSE Finance Index** 26.63 47.84 7.37 18.95 ^^ Inception date = Allotment date i.e. 07.12.2006 ** Benchmark Index: BSE Finance Index () ! (!) disclaimer: Refer page no. 15Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.


Scheme Name Beta Sharpe Std. dev.JM Financial Services Sector Fund - Growth Option

1.00 (0.01) 2.42


Jm Financial Services Sector Fund(An Open-Ended Equity Oriented Sector Scheme)

SNAPSHOTINVESTMENT OBJECTIVE : To invest predominantly in equity & equity

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

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

INCEPTION : 7th December, 2006





PORTFOLIO Issuer % to NAVUnited Spirits 5.27KPIT Cummins Infosytems 5.20Infrastructure Development Finance Company 4.97Divi'S Laboratories 4.55Hexaware Technologies 4.09

Piramal Healthcare 4.08Unichem Laboratories 3.96PVR 3.51Elecon Engineering Co 3.47Ranbaxy Laboratories 3.44Tata Iron & Steel 3.36AXIS Bank 3.34Tata Motors 3.26Everest Kanto Cylinder 3.13Opto Circuits (India) 3.01Mphasis BFL 3.00Standard Chartered Bank 2.90Dewan Housing Fin Corp 2.79IVRCL Infrastructure & Projects 2.79Biocon 2.74Simplex Projects 2.60Kotak Mahindra Bank 2.55NIIT 2.33Allied Digital Services 2.32Nitesh Estate 2.24Consolidated Construction Consortium 2.23Allahabad Bank 1.58Whirlpool India 1.17Jet Airways India 0.63Total Equity Holdings 90.52Total debt Holdings 1.24CBLO & Others* 8.24Total Assets 100.00


JM Tax Gain Fund - Growth 8.72 23.11 (8.24)BSE 500 Index** 14.12 30.94 10.87


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.


INCEPTION : 31st March, 2008NAV dETAILS : Growth Plan (Rs.) : 8.0096

Dividend Plan (Rs.) : 8.0096

CORPUS : AAUM (Rs.) : 65.80 CroresPORTFOLIO TURNOVER RATIO

: 0.1038


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

8.49%

88.93%

Telecom-Equipment & Accessories

Telecom-Services



23.60%

62.19%

Finance

Banks


1.17%2.32%

3.13%3.26%3.36%3.47%3.51%

4.84%5.02%5.27%

7.76%10.37%

14.62%21.79%

TransportationConsumer Durables

HardwareIndustrial Products

AutoFerrous Metals

Industrial Capital GoodsMedia & Entertainment

ConstructionConstruction Project

Consumer Non DurableFinance

BanksSoftware

Pharmaceuticals

7



SNAPSHOTINVESTMENT OBJECTIVE : To provide steady current income as well

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

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

INCEPTION : 1st April, 1995NAV dETAILS : Growth Plan (Rs.) : 24.6451

Dividend Plan (Rs.) : 17.5772CORPUS : AAUM (Rs.) : 16.34 Crores


: 0.0357


PORTFOLIO Issuer % to NAVReliance Industries 7.80IVRCL Infrastructure & Projects 6.58Allahabad Bank 5.82

Bharti Airtel 5.30Bharat Heavy Electricals 5.14Mahindra & Mahindra 4.79ITC 4.29Sintex Industries 4.13Infosys Technologies 4.12Eicher Motors 3.77Sterlite Industries 3.38Reliance Infrastructure 3.37India Infoline 3.14CESC 2.79Ipca Laboratories 2.67Equity less than 2.5% of corpus 1.00Total Equity Holdings 68.09Total debt Holdings 26.21CBLO & Others* 5.70Total Assets 100.00

SNAPSHOTINVESTMENT OBJECTIVE : To provide long-term growth by investing

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


INCEPTION : 16th January, 2008NAV dETAILS : Growth Plan (Rs.) : 3.0443


CORPUS : AAUM (Rs.) : 128.70 CroresPORTFOLIO TURNOVER RATIO : 0.2545


PORTFOLIO Issuer % to NAVMahindra & Mahindra Financial Services 8.29

Elecon Engineering Co 6.50



Bharat Forge 5.04

JSW Steel 4.80


United Phosphorous 4.30


IVRCL Infrastructure & Projects 4.12

Bharat Bijlee 3.93

Lanco Infratech 3.89

Jayshree Tea & Industries 3.76

Supreme Infrastructure India 3.74


Rallis India 3.62

MBL Infrastructures 3.49

Voltas 3.16

Reliance Communications 2.84



CBLO & Others* 6.31

Total Assets 100.00

Jm Balanced Fund (An Open-Ended Balanced Scheme)

Jm agri & Infra Fund(A Close-Ended Equity Oriented Scheme)(A 3 year close-ended equity oriented Scheme with an automatic conversion into an open-ended equity oriented Scheme on maturity)


JM Balanced Fund - Growth Plan 9.05 22.74 (7.98) 11.35 13.64

CBFI** 9.79 19.78 4.01 15.78 NA ^^ Inception date = Allotment date i.e. 01.04.1995** Benchmark Index: Crisil Balanced Fund IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.


Scheme Name Beta Sharpe Std. dev.JM Balanced Fund - Growth Option 0.00 (0.02) 1.68




JM Agri & Infra Fund – Growth Plan (2.18) 3.48 (34.74)BSE 500 Index** 14.12 30.94 (1.34)


SNAPSHOTINVESTMENT OBJECTIVE : To provide long-term growth by investing

predominantly in a concentrated portfolio of equity / equity related instruments

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

INCEPTION : 5th March, 2008

NAV dETAILS as on October 27, 2010

: Growth Plan (Rs.) : 4.8400Dividend Plan (Rs.) : 4.8400



: 0.1695


PORTFOLIOIssuer % to NAVICICI Bank 9.29

Ashok Leyland 9.04

Sintex Industries 8.87

Mahindra & Mahindra 8.81


Diamond Power Infrastructure 8.46


Hindustan Construction Co 7.57

IVRCL Infrastructure & Projects 7.29

Bombay Rayon Fashions 4.29

Polaris Software & Lab 3.54


Total Equity Holdings 87.29Total debt Holdings 9.19CBLO & Others* 3.52Total Assets 100.00

Jm core 11 Fund - Series 1(A 3 year Close Ended Equity Oriented Scheme)


JM Core 11 Fund - Series 1 - Growth Plan

2.43 7.89 (23.98)

BSE Sensex** 14.09 22.92 7.49 ^^Inception date = Allotment date i.e. 05.03.2008** Benchmark Index: BSE SensexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.



4.29%

5.99%

8.22%

8.46%

8.56%

8.87%

9.29%

15.76%

17.84%

Textile Products

Software

Ferrous Metals

Power - Cables

Power

Industrial Products

Banks

Construction Project

Auto

8



Growth Plan 2.75 6.90 2.24 5.58 6.13

CMIP In** 3.71 8.61 6.00 8.30 8.02

^^ Inception date = Allotment date i.e. 18.09.2003

** Benchmark Index: CRISIL MIP Blended Index

Note: Absolute Returns for period less than 1 year. CAGR for period 1 year or more,

with reinvestment of dividends (if any). Past performance may or may not be

sustained in future. The performance of the dividend plan for the investor would be

net of the dividend distribution tax, as applicable.

PORTFOLIO STATISTICSCurrent Yield 7.35%Duration 0.7000 yearsAverage Maturity 0.8068 years


JM Nifty Plus Fund - Growth Plan 15.15 26.76 45.63 S&P CNX Nifty Index** 14.01 27.80 56.42

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



SNAPSHOTINVESTMENT OBJECTIVE

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

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

INCEPTION : 18th September, 2003

NAV dETAILS : Growth Plan (Rs.) : 15.2694Dividend Plans: Monthly Div. option (Rs.): 10.2736Quarterly Div. option (Rs.): 11.5053Annual Div. option (Rs.): 12.2665



SNAPSHOTINVESTMENT OBJECTIVE : To generate investment returns by

predominantly investing in S & P CNX Nifty Stocks and Nifty and its 50 constituents in the same weightages as its composition and through deployment of surplus cash in debt and money market instruments and derivative instruments.

FUNd MANAGER : Sanjay Chhabaria(Managing this fund since May, 2010 & total 10 years of experience in fund management & equity research).

INCEPTION : 2nd February, 2009

NAV dETAILS : Growth Plan (Rs.) : 19.2127Dividend Plans (Rs.) : 17.4972




PORTFOLIO Issuer % to NAV Rating

Allahabad Bank 5.05



JSW Steel 1.18

McDowell Holdings 0.03


Money Market Instruments 31.69

Commercial Paper

India Infoline 18.78 A1+

Religare Securities 12.91 P1+

Corporate debt 9.88

Britannia 1.99 AAA

Shriram Transport Finance Company 7.89 AA+

Floating Rate Instruments 32.85

Union Bank of India 24.63# AA+

UTI Bank 8.22 LAA+

Total debt Holdings 74.42

CBLO & Others* 10.74

Total Assets 100.00# increase over 15% on account of market movements/change in net assets of the scheme.

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.)

Jm nifty Plus Fund Open Ended Equity Scheme

PORTFOLIO

Issuer % to NAVReliance Industries 6.99

Infosys Technologies 5.40

ICICI Bank 5.03

Larsen & Toubro 4.05

ITC 3.38

Housing Development Finance 3.35

State Bank Of India 3.06

HDFC Bank 3.03

TATA Consultancy Service 2.01


Bharti Airtel 1.50

Bharat Heavy Electricals 1.46

AXIS Bank 1.41

Tata Motors 1.39


Mahindra & Mahindra 1.18

Hindustan Lever 1.16

Hindalco Industries 1.03

Jindal Steel & Power 1.02

Sterlite Industries 1.01

National Thermal Power Corporation 0.94


Tata Power 0.85

G A I L (India) 0.83

Wipro 0.79

Bajaj Auto 0.79

Dr Reddy's Lab 0.79

Maruti Udyog 0.77

Cipla 0.68

Hero Honda Motors 0.67

Punjab National Bank 0.65

Kotak Mahindra Bank 0.64

Sun Pharmaceuticals Industries 0.60



Cairn India 0.52

DLF 0.48

Siemens 0.47

Sesa Goa 0.46

Reliance Communications 0.45

Gujarat Ambuja Cements 0.43

Steel Authority of India 0.43

Associated Cement Companies 0.37

HCL Technologies 0.36

Bharat Petroleum 0.36

Reliance Capital 0.35

Ranbaxy Laboratories 0.33

Power Grid Corp of India 0.22

Reliance Power 0.22

Suzlon Energy 0.17


Futures & Options

Nifty - Futures 32.75

Total derivative Hodings 32.75

CBLO & Others* 0.21

Total Assets 100.00

Total Equity: 67.04%0.48%0.52%

0.81%0.83%

1.95%2.04%2.18%

2.39%2.78%

3.29%4.54%4.56%

4.81%6.15%

7.35%8.56%

13.81%

Real Estate DevelopersConstruction Project

CementGas Utilities

Telecom-ServicesNon Ferrous Metals

OilPharmaceuticals

PowerFerrous Metals

Consumer Non DurableFinance

AutoIndustrial Capital Goods

Petroleum ProductsSoftware

Banks

9



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

FUNd MANAGER : Mikesh Ganger(Managing this fund since September, 2009 & total 6 years experience in the areas of arbitrageand options trading.)

INCEPTION : 18th July, 2006




: 0.1004


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

Value Research Rating###

JM ARBITRAGE ADVANTAGE FUND IN HYBRID - ARBITRAGE CATEGORY

(19 Open-Ended Equity Schemes) for 3 years period ending October 2010.

ASSET ALLOCATION

PORTFOLIO

Issuer Market Value(Rs. In Lacs)

% to NAV

Market Value (Rs.

In Lacs) Futures

Auto Ancillaries 5.72 0.09 (5.79)

Apollo Tyre 5.72 0.09

Apollo Tyre - Futures (5.79)

Banks 116.44 1.84 (117.26)

Dena Bank 16.40 0.26

Dena Bank - Futures (16.56)

Punjab National Bank 100.04 1.58

Punjab National Bank - Futures

(100.7)

Consumer durables 261.26 4.13 (263.32)

Videocon Industries 261.26 4.13

Videocon Industries - Futures (263.32)

Consumer Non durable 44.39 0.70 (44.86)

Bajaj Hindustan 44.39 0.70

Bajaj Hindustan - Futures (44.86)

Ferrous Metals 27.36 0.43 (27.57)

Welspun Corp 27.36 0.43

Welspun Corp - Futures (27.57)

Finance 376.18 5.95 (380.26)

IFCI 376.18 5.95

IFCI - Futures (380.26)

Industrial Capital Goods 186.51 2.95 (188.56)

ABG Shipyard 81.71 1.29

ABG Shipyard - Futures (82.69)

Praj Industries 104.80 1.66

Praj Industries - Futures (105.87)

Media & Entertainment 496.78 7.86 (498.21)

Television Eighteen India 496.78 7.86

Television Eighteen India - Futures

(498.21)

Oil 259.69 4.11 (263.57)

K S Oils 259.69 4.11

K S Oils - Futures (263.57)

Petroleum Products 617.32 9.77 (622.88)

Hindustan Petroleum 433.70 6.86

Hindustan Petroleum - Futures

(437.66)

Reliance Industries 183.62 2.91

Reliance Industries - Futures (185.22)

Pharmaceuticals 19.66 0.31 (19.84)

Sterling Biotech 19.66 0.31

Sterling Biotech - Futures (19.84)

Power 113.96 1.80 (115.02)

Reliance Infrastructure 113.96 1.80

Reliance Infrastructure - Futures

(115.02)

Power Generation 274.56 4.34 (277.64)

National Hydroelec Power Corporation

274.56 4.34

National Hydroelec Power Corporation - Futures

(277.64)

Retail 251.24 3.98 (254.34)

Pantaloon Retail (India) 251.24 3.98

Pantaloon Retail (India) - Futures

(254.34)

Software 298.11 4.72 (301.95)

Firstsource Solutions 298.11 4.72

Firstsource Solutions - Futures

(301.95)

Telecom-Services 525.83 8.32 (531.67)

Mahanagar Tel Nigam 37.80 0.60

Mahanagar Tel Nigam - Futures

(38.22)

Tata Teleservices (Maharashtra)

488.03 7.72

Tata Teleservices (Maharashtra) - Futures

(493.45)

Textile Products 296.73 4.70 (297.61)

Bombay Rayon Fashions 296.73 4.70

Bombay Rayon Fashions - Futures

(297.61)

Total Equity Holdings 4171.74 66.02 (4210.32)

Fixed deposit Scheme 1800.00 28.48

Jammu & Kashmir Bank 1800.00 28.48

Total debt Holdings 1800.00 28.48

CBLO & Others* 347.57 5.50

Total Assets 6319.31 100.00Note: Nifty Futures that are sold is a complete hedge against the purchase of Nifty Basket.


Growth Plan 2.87 4.24 6.15 6.97

CLFI** 2.65 4.36 6.09 6.38 ^^ Inception date = Allotment date i.e. 18.07.2006** Benchmark Index: CRI SIL Liquid Fund IndexNote: Absolute Returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.


Scheme Name Beta Sharpe Std. dev.

JM Arbitrage Advantage Fund - Growth Option

(0.02) 0.05 0.17


10


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

ASSET ALLOCATION (REGULAR)

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

7.70 7.31 6.94 6.27 5.67

CLFI** 6.60 6.45 6.19 5.89 5.25

Plan 1 Year 3 Years 5 Years Incep.^^

Regular Plan - Growth Plan

4.88 6.58 6.56 7.70

CLFI** 4.36 6.09 6.29 N A ^^ Inception date = Allotment date i.e. 31.12.1997** Benchmark Index: CRISIL Liquid Fund IndexNote: Simple Annualised returns for period less than 1 year. CAGR for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. The performance of the dividend plan for the investor would be net of the dividend distribution tax, as applicable.

SNAPSHOTINVESTMENT OBJECTIVE : To generate stable long term returns with low

risk strategy and capital appreciation/accretion through investments in debt instruments and related securities besides preservation of capital.

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

INCEPTION : Regular Plan - Growth: 27th Sept, 2006Regular Plan - ddO: 27th Sept, 2006Regular Plan - WdO: 26th July, 2007Regular Plan - FdO: 26th Sept, 2008

NAV dETAILS : Regular Plan -Growth option (Rs.) : 13.0083Daily Dividend option (Rs.) : 10.0112Weekly Dividend option (Rs.) : 10.3410Fortnightly Dividend option (Rs.) : 10.1083

CORPUS : AAUM (Rs.) : 165.83 CroresEXPENSE RATIO : 0.37%

PORTFOLIO Issuer % to NAV RatingMoney Market Instruments 99.02Certifi cate of depositsAllahabad Bank 8.35 P1+IndusInd Bank 16.08 P1+Karur Vysya Bank 4.81 P1+Punjab National Bank 8.11 A1+Commercial PaperECL Finance 9.67 P1+Edelweiss Capital 2.56 P1+ICICI Securities 16.07 P1+India Infoline 16.02 A1+L & T Infrastructure Finance 16.06 A1+Reliance Communication 1.29 PR1+Floating Rate Instruments 0.06Union Bank of India 0.06 AA+Total debt Holdings 99.08CBLO & Others* 0.92Total Assets 100.00


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

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

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


: Regular PlanGrowth Plan (Rs.): 25.9080Wkly. Dividend Plan (Rs.): 10.7623Daily Dividend Plan (Rs.): 10.4302Growth Plan - Bonus option (Rs.): 13.6053Qtly. Dividend option (Rs.): 14.6641Institutional PlanGrowth option (Rs.): 15.6312Wkly. Dividend option (Rs.): 10.5176Daily Dividend option (Rs.): 10.0159Super Institutional PlanGrowth option (Rs.): 14.8630Daily Dividend option (Rs.): 10.0165Wkly. Dividend option (Rs.): 10.0000



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

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


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

JM HIGH LIQUIDITY FUND - SUPER INSTITUTIONAL IN DEBT - ULTRA SHORT TERM & ULTRA SHORT TERM INSTITUTIONAL CATEGORY

(96 & 123 Open-Ended Schemes) for 18 months period ending October 2010.

ASSET ALLOCATION (REGULAR PLAN)


Regular Plan - Growth option 2.92 5.29 6.51 6.64CLFI ** 2.65 4.36 6.09 6.42

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

PORTFOLIO STATISTICSRegular PlanCurrent Yield 8.64%Duration 0.1055 yearsAverage Maturity 0.1055 years

PORTFOLIO STATISTICSHigh Liquidity FundCurrent Yield 8.99%Duration 0.0865 yearsAverage Maturity 0.0865 years


Money Market Instruments 180.07Certifi cate of depositsAllahabad Bank 9.47 P1+Andhra Bank 1.50 PR1+Axis Bank 1.58 P1+Bank of Baroda 3.16 A1+Bank of Maharashtra 3.16 A1+Canara Bank 14.79 P1+Central Bank of India 7.92 A1+Corporation Bank 3.72 P1+Dena Bank 3.16 P1+Indian Bank 3.16 P1+Indusind Bank 2.53 P1+Oriental Bank of Commerce 1.59 P1+Punjab National Bank 0.95 A1+

State Bank of Bikaner & Jaipur 4.11 P1+State Bank of India 3.16 P1+UCO Bank 4.74 P1+YES Bank 1.58 A1+Commercial PaperAditya Birla Finance 1.14 A1+Alembic 1.90 P1+Apollo Tyres 1.58 P1+Berger Paints India 5.09 P1+Century Textiles & Ind 3.15 PR1+Chambal Fertilsers 6.36 P1+Deepak Fertilisers & Petro 1.89 A1+Deutsche Post Bank Home Finance 0.77 P1+ECL Finance 5.40 P1+Edelweiss Capital 9.52 P1+Godrej Agrovet 0.96 A1+HCL Infosystems 1.91 A1+IDBI Home Finance 2.86 A1+India Infoline Invest Services 14.30 A1+In� na Finance 15.86 P1+Jindal Steel & Power 1.58 A1+L & T Finance 1.59 PR1+Manappuram General Finance 1.58 A1+Motherson Sumi Systems 0.95 A1+Rashtirya Ispat Nigam 1.59 P1+Reliance Capital 3.40 A1+Reliance Communication 5.70 PR1+Reliance Communication 3.18 A1+Religare Finvest 5.47 A1+Sharekhan 9.56 A1+Simplex Infrastructures 0.95 PR1+Transport Corp. of India 1.58 A1+Corporate debt 5.11ECL Finance 5.11 A1+Total debt Holdings 185.18CBLO & Others* (85.18)Total Assets 100.00

11


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

Super Plus Plan - CRISIL AAAf RATED ##

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

JM MONEY MANAGER FUND - SUPER PLUS IN DEBT - LIQUID PLUS CATEGORY

(158 Open-Ended Schemes) for 18 months period ending October 2010.

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

Super Plan - CRISIL AAAf RATED ##


JM MONEY MANAGER FUND - SUPER IN DEBT - LIQUID PLUS CATEGORY

(158 Open-Ended Schemes) for 18 months period ending October 2010.


: 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 & total 14 years of experience in fund management & � nancial 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.) : 13.3748Daily Dividend option (Rs.) : 10.0053Weekly Dividend option (Rs.) : 10.3780Fortnightly Dividend option (Rs.) : 10.2130




: 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.



INCEPTION : Super Plan - Growth: 27th Sept, 2006Super Plan - ddO: 27th Sept, 2006Super Plan - WdO: 12th October, 2007Super Plan - FdO: 2nd April, 2008

NAV dETAILS : Super PlanGrowth option (Rs.) : 13.3991Daily Dividend option (Rs.) : 10.0118Weekly Dividend option (Rs.) : 10.3729Fortnightly Dividend option (Rs.) : 10.1585





Certifi cate of deposits

Allahabad Bank 5.30 P1+

AXIS Bank 0.72 P1+

Canara Bank 12.87 P1+

Central Bank of India 3.60 A1+

Corporation Bank 4.44 P1+

Dhanlakshmi Bank 3.58 P1+

Federal Bank 2.14 P1+

Karur Vysya Bank 6.06 P1+

Punjab National Bank 1.15 A1+

State Bank of Mysore 3.55 A1+

UCO Bank 7.18 P1+

Commercial Paper

Edelweiss Capital 12.41 P1+

Edelweiss Securities 3.60 P1+

ICICI Securities 3.56 P1+


Morgan Stanley (India) 3.56 F1+

Motherson Sumi Systems 3.57 A1+

Reliance Communication 0.58 PR1+

Religare Finvest 10.97 A1+

Religare Securities 10.68 A1+


Union Bank of India 0.01 AA+


CBLO & Others* 0.18

Total Assets 100.00

ASSET ALLOCATION (SUPER PLAN)

ASSET ALLOCATION (SUPER PLUS PLAN)


Super Plus Plan - Growth option 2.59 5.03 6.97 7.37

CLFI ** 2.65 4.36 6.09 6.42

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

** Benchmark Index: CRISIL Liquid Fund Index

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

PORTFOLIO STATISTICSSuper Plus PlanCurrent Yield 8.76%Duration 0.2366 yearsAverage Maturity 0.2366 years


Super Plan - Growth option 3.16 6.00 7.56 7.42 CLFI ** 2.65 4.36 6.09 6.42


PORTFOLIO STATISTICSSuper PlanCurrent Yield 8.28%Duration 0.1221 yearsAverage Maturity 0.1221 years




Bank of Maharashtra 3.35 A1+

Karur Vysya Bank 3.34 P1+

Oriental Bank of Commerce 6.69 P1+

Punjab National Bank 24.72 A1+

State Bank of Patiala 3.33 P1+

State Bank of Travancore 3.33 P1+

UCO Bank 6.75 P1+

Commercial Paper

Alembic 4.01 P1+

Century Textiles 6.69 PR1+

Deutsche Post Bank Home Finance 1.33 P1+

ECL Finance 13.46 P1+

Jubilant Organosys 6.69 F1+

Reliance Communication 0.20 PR1+

Corporate debt 10.58

ICICI Bank Bonds 0.43 AAA

Deccan Chronicle Holding 10.15 PR1+



UTI Bank 1.77 LAA+

Treasury Bills 0.67

91 Days T-Bill 0.67 SOV


CBLO & Others* 1.34

Total Assets 100.00

12


ASSET ALLOCATION

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 : Shalini Tibrewala(Managing this fund since February, 2009

& total 14 years of experience in fund

management & � nancial services sector).

Girish Hisaria(Managing this fund since July 2009 &

total 7 years of experience in Fixed Income

Markets).

INCEPTION : Regular Plan: 18th June, 2002

Institutional Plan: 4th April, 2003

NAV dETAILS : Regular Plan - Growth Plan (Rs.) : 18.6243


Institutional Plan - Growth option (Rs.) : 13.4396

Dividend option (Rs.) : 10.4263



PORTFOLIO Issuer % to NAV RatingMoney Market Instruments 65.65


United Bank of India 32.59# A1+

Commercial Paper

Edelweiss Capital 32.75# P1+


Corporate debt 1.77

Shriram Transport Finance Company 1.77 AA+



Treasury Bills 6.59




Total Assets 100.00


ASSET ALLOCATION

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

SNAPSHOTINVESTMENT OBJECTIVE : To provide regular income and capital

appreciation through investment in � oating rate debt instruments, � xed rate debt instruments swapped for floating rate returns and also fixed rate instruments and money market instruments.



INCEPTION : 25th June, 2003


: Short Term Plan - Growth option (Rs.) : 15.2644Dividend option (Rs.) : 10.0883



PORTFOLIOIssuer % to NAV RatingMoney Market Instruments 91.57Certifi cate of depositsCanara Bank 13.06 P1+Punjab National Bank 26.11 A1+Commercial PaperDeutsche Post Bank Home Finance 26.17 P1+Reliance Commmunication 26.23 PR1+Total debt Holdings 91.57CBLO & Others* 8.43Total Assets 100.00

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

Short Term Plan 6.40 6.27 6.23 5.29 CLFI** 6.60 6.45 6.19 5.89

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

Short Term Plan 5.21 4.67 5.91 6.26 5.92 CLFI** 5.25 4.36 6.09 6.29 5.64

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

PORTFOLIO STATISTICSJM Floater Fund - Short Term PlanCurrent Yield 6.86%Duration 0.0629 YearsAvg. Maturity 0.0629 Years


Regular Plan 2.56 4.81 6.13 6.22 5.61

CLFI** 2.65 4.36 6.09 6.29 5.64


PORTFOLIO STATISTICSCurrent Yield 6.75%Duration 0.0728 years

Average Maturity 0.0728 years

ASSET ALLOCATION

Jm Floater Fund - long term Plan(An Open-Ended Income Scheme)(Formerly known as JM Liquid Plus Fund)

SNAPSHOTINVESTMENT OBJECTIVE : To provide regular income and capital

appreciation through investment in � oating rate debt instruments, fixed rate debt instruments swapped for � oating rate returns and also � xed rate instruments and money market instruments.

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

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

NAV dETAILS : Regular Plan - Growth option (Rs.): 14.9344Dividend option (Rs.): 14.9856Daily Dividend option (Rs.): 10.0031Wkly Dividend option (Rs.): 10.3295Premium Plan - Growth option (Rs.): 14.3856Dividend option (Rs.): 10.2521Daily Dividend option (Rs.): 10.0031Wkly Dividend option (Rs.): 10.3608



PORTFOLIO Issuer % to NAV RatingMoney Market Instruments 96.10Certifi cate of depositsAndhra Bank 16.53 PR1+Canara Bank 6.62 P1+Punjab National Bank 13.23 A1+Commercial paperDeutsche Post Bank Home Fiinance 19.88 P1+Reliance Capital 19.90 A1+Reliance Commmunication 19.94 PR1+Total debt Holdings 96.10CBLO & Others* 3.90Total Assets 100.00

1.77%

6.59%

11.49%

14.50%

65.65%

Corporate Debt

Treasury Bills

CBLO & Others*

Floating Rate Instruments

Money Market Instruments

13


ASSET ALLOCATION ASSET ALLOCATION (REGULAR)

Jm Income Fund(An Open-Ended Income Scheme)

CRISIL AAAf RATED ##

## Please refer to the back cover page.

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


JM G-SEC - REGULAR PLAN IN GILT - MEDIUM & LONG TERM CATEGORY

(52 Schemes) for 18 months period ending October 2010.


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


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

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

NAV dETAILS : Growth Plan (Rs.) : 28.9939Dividend Plan (Rs.) : 10.2579Growth Plan - Bonus Option (Rs.) : 11.8617




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

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

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

NAV dETAILS : Regular Plan -Growth option (Rs.) : 30.2622Dividend option (Rs.) : 14.2159Bonus option (Rs.) : 14.7168

CORPUS : AAUM (Rs.) : 16.78 CroresEXPENSE RATIO : 2.25%

PORTFOLIO Issuer % to NAV RatingMoney Market Instruments 10.59Commercial Paper



Corporate debt 1.11Shriram Transport Finance Company 1.11 AA+

Floating Rate Instruments 22.33Union Bank of India 12.40 AA+

UTI Bank 9.93 LAA+

Treasury Bills 12.3991 Days T-Bill 12.39 SOV

Total debt Holdings 46.42CBLO & Others* 53.58Total Assets 100.00


Treasury Bills 8.93




Total Assets 100.00


Regular Plan - Growth

2.91 5.82 9.67 8.64 7.73

CLFI** 2.65 4.36 6.09 6.29 5.63 ^^ Inception date = Allotment date i.e. 24.06.2002** Benchmark Index: CRISIL Liquid Fund Index

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

PORTFOLIO STATISTICSCurrent Yield 7.65%Duration 0.3000 YearsAvg. Maturity 0.3545 Years


Growth Plan 2.08 4.14 (0.82) 0.95 7.07 CCBFI** 1.89 5.33 6.02 5.52 NA

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



Regular Plan 0.45 3.32 11.88 8.50 10.50 I-SEC** 2.19 5.62 7.73 7.07 NA

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


14


DIVIDEnD HIStoryJM Equity FundFinancial Year Record date dividend (Rs. per unit)FY 2010-11 NIL -FY 2009-10 March 19, 2010 1.50FY 2008-09 NIL -

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

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

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

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


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


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


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


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


JM MIP FundJM MIP Fund - Monthly div. Option

Financial Year Record date dividend (Rs. per unit)FY 2010-11 $ October 2010 0.05

September 2010 0.05August 2010 0.05

FY 2009-10 $ March 2010 0.05February 2010 0.05

JM MIP Fund - Quarterly div. Option Financial Year Record date dividend (Rs. per unit)

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

June 2009 -JM MIP Fund - Annual div. Option

Financial Year Record date dividend (Rs. per unit)FY 2010-11$ NIL -FY 2009-10$ NIL -FY 2008-09$ March 30, 2009 0.3839FY 2007-08$ NIL -

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

JM Arbitrage Advantage FundFinancial Year Record date dividend (Rs. per unit)dividend PlanFY 2010-11 September 21, 2010 0.12

June 16, 2010 0.08FY 2009-10 March 17, 2010 0.06

January 14, 2010 0.10September 16, 2009 0.08

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

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

JM High Liquidity FundFinancial

Year Plan dividend (Rs. per unit)

FY 2010-11$ Regular Plan - Weekly Dividend Option 0.2824

Regular Plan - Daily Dividend Option 0.3305

Regular Plan - Quarterly Dividend Option -

Inst. Plan - Weekly Dividend option 0.2759

Inst. Plan - Daily Dividend option 0.3174

Super Inst. Plan - Weekly Div. option -

Super Inst. Plan - Daily Div. option 0.3174

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


Regular Plan - Quarterly Dividend Option -

Inst. Plan - Weekly Dividend option 0.3815


Super Inst. Plan - Weekly Div. option -


FY 2008-09$ Regular Plan - Dividend Option 0.7685


Regular Plan - Quarterly Dividend Option 0.2349

Inst. Plan - Dividend option 0.7522


Super Inst. Plan - Weekly Div. option 0.1959


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

JM Money Manager FundFinancial

Year Plan dividend (Rs. per unit)

FY 2010-11$ Regular Plan - Daily Dividend option 0.3377Regular Plan - Weekly Dividend option 0.2953Regular Plan - Fortnightly Dividend option 0.3116Super Plan - Daily Dividend option 0.3558Super Plan - Weekly Dividend option 0.3083Super Plan - Fortnightly Dividend option 0.3314Super Plus Plan - Daily Dividend option 0.2965Super Plus Plan - Weekly Dividend option 0.2585Super Plus Plan - Fortnightly Dividend option 0.2760

FY 2009-10$ Regular Plan - Daily Dividend option 0.3994Regular Plan - Weekly Dividend option 0.3425Regular Plan - Fortnightly Dividend option 0.3662Super Plan - Daily Dividend option 0.5787Super Plan - Weekly Dividend option 0.4943Super Plan - Fortnightly Dividend option 0.5337Super Plus Plan - Daily Dividend option 0.4942Super Plus Plan - Weekly Dividend option 0.4223Super Plus Plan - Fortnightly Dividend option 0.4591

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

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

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

JM Floater Fund - LTPFinancial Year Plan dividend

(Rs. per unit)FY 2010-11$ Regular Plan - Daily Dividend option 0.2916

Regular Plan - Weekly Dividend option 0.2542

Premium Plan - Dividend option 0.2793

Premium Plan - Weekly Dividend option 0.2600

Premium Plan - Daily Dividend Option 0.2975

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

Regular Plan - Weekly Dividend option 0. 3639

Premium Plan - Dividend option 0.4061


Premium Plan - Daily Dividend Option 0.4358

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

Regular Plan - Weekly Dividend option 0.6343

Premium Plan - Daily Dividend option 0.7460


Premium Plan - Dividend Option 0.7233

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

15


JM Floater Fund - STPFinancial Year Plan dividend

(Rs. per unit)FY 2010-11$ Short Term Plan - Dividend Option 0.2996

FY 2009-10$ Short Term Plan - Dividend Option 0.3703

FY 2008-09$ Short Term Plan - Dividend Option 0.7641After payment of dividend, the NAV will fall to the extent of payout and distribution taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs.10/-.$ Includes Dividend Distribution Tax

JM Short Term FundFinancial Year Plan dividend

(Rs. per unit)

FY 2010-11$ Dividend Plan 0.3539

Inst. Plan - Dividend Option 0.3404


Inst. Plan - Dividend Option 0.5708


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

JM Income Funddividend PlanFY 2010-11$ -FY 2009-10$ -FY 2008-09$ -


JM G-Sec FundRegular Plan - Div. Option

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


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

Fund Related Disclaimers

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

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

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

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

SCHEMES AT A GLANCE FOR JM EQUITY SCHEMES

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

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

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

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

EQUITY SCHEMES

Currently available facilitiesSr. no. Schemes Inception Date Min. investment amnt. Options Sub Options Default Option Default Sub

OptionRedemption Time

1 JM - Arbitrage Advantage Fund June 2006 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+2 (*) Business DaysGrowth Plan2 JM Mid Cap Fund June 2004 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan3 JM Balanced Fund Dec 1994 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan4 JM Basic Fund March 1997 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan5 JM Contra Fund July 2007 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan6 JM Emerging Leaders Fund June 2005 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan7 JM Equity Fund Dec 1994 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan8 JM Financial Services Sector Fund Nov 2006 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan9 JM - Housing, Infrastructure & Financial

Services Fund Feb 2006 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan10 JM Large Cap Fund June 2004 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan11 JM Multi Strategy Fund September 2008 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan12 JM Nifty Plus Fund Feb 2009 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan13 JM Small & Midcap Fund March 2007 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan14 JM Tax Gain Fund March 2008 Rs. 500/- or in multiples

of Rs. 500/- eachDividend Plan Payout Growth Plan Payout T+3 Business DaysGrowth Plan

15 JM Telecom Sector Fund Nov 2006 Rs. 5000/- Dividend Plan Payout / Reinvestment Growth Plan Reinvestment T+3 Business DaysGrowth Plan* 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 Period Applications for redemption / switchout Applicable NAV for the redemption/switchoutFor July 2007 - 26.07.2007 All redemptions received till 20.07.2007 before 3.00 p.m. NAV of 26.07.2007For August 2007 - 30.08.2007 All redemptions received on 20.07.2007 after 3.00 p.m. and during the period 21.07.2007 to 24.08.2007 before 3.00 p.m. NAV of 30.08.2007

It is clarified that the cut-off timings will also be applicable to investments made through “sweepmode”.Intra & Inter Equity Switches: No exit load for inter and intra equity switches except in case of (i) switches by SIP/STP investors within 24 months (for cases registered from 4.1.2008 up to 2.10.2008) and within 12 months (for cases registered upto 3.1.2008) of respective SIP/STP installments (ii) switches by STP investors (for cases registered w.e.f. 3.10.2008) within 24 months of respective STP installments (iii) switches by SIP investors (for cases registered w.e.f. 3.10.2008) within 12 months of respective SIP installments (iv) switches to / from JM Arbitrage Advantage Fund / JM Nifty Plus Fund from / to any equity schemes.In the event of non fulfillment of the criteria specified for a valid SIP application, the AMC reserves the right to revert all the previous allotments and reallot the units afresh with loads (in case of applications for SIP transactions routed through a broker/agent/distributor) as applicable on the respective due dates by treating them as normal investments. In addition the AMC may also recover the amount of load waived for all allotments directly from the investor or by debit to his folios maintained with JM Financial Mutual Fund. The revertal and reprocessing of units in the above case would be subject to the investor meeting the minimum subscription amount (after deduction of permissible DD charges). In case an investor is unable to meet the minimum subscription criteria due to non fulfillment of the other conditions or discontinuation of the SIP on request by the investor, the AMC reserves the right to redeem/refund with current valuation on the date of review by the AMC.The above details are subject to provisions laid down in the respective Scheme Information Documents.

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

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

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

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

Reckoner and Default Options:

DEBT SCHEMES

Sr. no. Schemes

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

Option Redemption Time

1 JM Money Manager Fund Rs. 5000/-

Regular Plan

Daily DividendAuto Reinvestment

Super Plus Plan Daily Dividend Auto Reinvestment

T+1Business Days

Weekly DividendFortnightly DividendGrowth

Super Plan

Daily DividendAuto ReinvestmentWeekly Dividend

Fortnightly DividendGrowth

Super Plus Plan

Daily DividendAuto ReinvestmentWeekly Dividend

Fortnightly DividendGrowth

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

Daily Dividend Auto Reinvestment - Daily Dividend Auto

Reinvestment T+1Business DaysGrowth

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

ReinvestmentT+2

Business DaysGrowth

4 JM High Liquidity Fund

Rs. 5000/- Regular Plan

Daily Dividend Auto Reinvestment

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

Daily Dividend

Auto Reinvestment

T+1Business Days

Weekly DividendPayout / ReinvestmentQuarterly Dividend

Annual DividendGrowthBonus

Rs. 1,00,00,000/-

Institutional Plan


Daily Dividend

Auto Reinvestment

Weekly Dividend Payout / Reinvestment

GrowthBonus

Rs. 5,00,00,000/-

Super Institu-tional Plan


Daily Dividend

Auto ReinvestmentWeekly Dividend Payout /

ReinvestmentGrowth

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

ReinvestmentT+2

Business DaysGrowth

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

Regular Plan Dividend / Daily Dividend / Weekly Dividend AutoReinvestment

Premium Plan

Daily Dividend

Auto Reinvestment

T+1Business Days

Growth

Premium Plan

Daily Dividend / Weekly Dividend AutoReinvestment

Daily Dividend

Auto ReinvestmentFortnightly Dividend Payout /

ReinvestmentGrowth

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

Payout / Reinvestment - Monthly

Dividend Payout T+2Business DaysGrowth

8 JM Short Term Fund

Rs. 5000/ Regular Plan Fortnightly Dividend Payout / Reinvestment

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

Growth Dividend Reinvestment T+1

Business Days

Growth

Rs. 100000/ Institutional Plan

Fortnightly Dividend Payout / Reinvestment

GrowthBonus

In case, the investor does not mention the name of Plan/Options/Sub-Options/or wherever there is an ambiguity in choice of Plan/Option/Sub-Option opted for, the AMC/Registrar will allot the units as per default Plans/Options/Sub-Options.

In case, it is not possible to decide about the default Plans/Options/Sub-Options, then the application will be treated as invalid and summarily rejected.

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

No dividend under Dividend Plan shall be distributed in cash even for those unitholders who have opted for payout where such dividend on a single payout is less than Rs.100/-. Consequently, such dividend (less than Rs.100/-) shall be compulsorily re-invested except under JM Tax Gain Fund as there is no dividend reinvestment option under the scheme.

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