creating wealth...the reserve bank of india (rbi), in its credit policy, hiked the crr by 25bps (eff...
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CONTACTCONTACTAugust-2008
Wealth !
Creating
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
1
Market Update - Equity
Market Update - Derivatives
ECONOMY
The Reserve Bank of India (RBI), in its credit policy, hiked the CRR by 25bps (eff ective 30th Aug’08) and the repo rate by
50bps, higher than what markets had expected. The policy statement highlights the Central Bank’s concerns about aggregate
demand pressures in the economy as refl ected in higher domestic infl ation, rising non-food credit off take, widening trade
defi cit, and loose fi scal policy. The monetary policy actions reinforce RBI’s intention (and eff orts) to moderate loan growth
sharply in ensuing months given that loan growth is still at +25% as of July 4, 2008. The RBI also issued guidance to banks
to moderate loan growth and tighten credit monitoring systems.
Infl ation showed signs of stability; for the week ending 19 Jul ’08, headline (wholesale price index, WPI) infl ation was
11.98%, marginally below consensus (12.03%). It is believed going ahead, infl ation would soften during the latter half of
the fi scal year. Factors that could soften infl ation are a decline in global commodity prices. The RBI, as expected, maintained
its hawkish stance in the July announcement, but was more biased than expected. It is reiterated that infl ation is close to
its peak and further monetary action is unlikely, barring unexpected developments.
While India’s growth has already reverted to more sustainable levels, the global macro- environment remains key risk to
a possible further slowdown. If commodity prices stay at higher levels, it could worsen India’s economic outlook. However,
It is believed commodity prices would correct sharply during latter half of the year; this should result in an acceleration in
capital infl ows and improved outlook for fi nancial markets. The downside risks and upside revision to our estimates will
depend on the trend of global commodity prices and the duration of the pain in global fi nancial markets.
STOCK MARKET
The month of July was marked by key political, fundamental, corporate and international events for Indian stock market.
Key indices gained around 7%, retrieving from a sharp historic monthly fall of 18% in June. Amid persisting nervous and
highly volatile trading, index heavy weight stocks prices continued to fall and the Sensex touched its year’s low of 12,576
on July 16, a level it touched last on April 2, 2007. A sharp fall in IIP (3.8% in May) and high infl ation (close to 12%) were
the key fundamentals that drew the market down to these levels. Volatility in the market was also driven by fi rst quarter
FY09 corporate results with many results beating market estimates barring a few. A key aspect of the results were forex
losses reported by a large number of corporates during the fi rst quarter due mainly to market to market on external
borrowings. Towards the second half of the month, markets rallied helped by global clues and key political events when
the ruling government won a key trust vote. Among the sectors, PSU stocks and Capital goods were in lime light, mainly
due to better than expected corporate results while banking outperformed driven by low valuations and improving global
fi nancial market outlook.
Volatility in the markets today is driven by various factors at play. There is the slowing global economy and the stress
in the fi nancial sector globally which has led to a squeeze on liquidity and credit fl ow. The germination of the same was
the US subprime problem and has rapidly spread to other parts of the US economy and has also fl own abroad through
complex derivative products which have impacted fi nancial institutions all over the world, more so in the US and Japan.
Rapid interest rate cuts by the US Fed have limited the damage to some extent but seem to have created a US dollar carry
trade which has led to a huge fl ow of money into commodities. This has in turn created strong infl ationary pressures due
to the increase in prices of commodities across the board from oil to agricommodities to metals. It has also fl own through
to secondary products made from primary commodities lately. This has now created a dichotomy where central bankers
across the world are faced with slowing growth and strong infl ationary pressures.
It is strongly believed that a combination of slowing global growth and reduced liquidity fl ows will lead to a collapse of
the commodity bubble going forward; It has already been seen several agri-commodities and base metals correcting. As
commodities correct they will lead to a reduction of infl ationary pressures and it is expected that infl ation in India should
trend down over the next one year.
MARKET OUTLOOK
The diffi cult macro environment of the past six months has improved – with reduced concerns on fi nancial turmoil,
commodity prices and interest rates. Going forward, Most of these concerns will get addressed over the next 12 months
which should lead to a strong rally in the stocks. Given strong earnings growth it is believed that markets over the next one
year are likely to deliver a return of 30-40%. The pace of the move will depend on various factors like the rate of change of
infl ation, commodity price movements as well as clarity on global economic growth. Overall, the long term positive trend
remains intact. (Source: Bloomberg)
Markets traded in a narrow band as the political uncertainty prevailed at the Parliment. However, with the SP expressing
their support to the UPA govt., the markets rallied close to 15% from the bottom. The cost-of-carry for the month was
negative. The scheme encashed on the previous months rollovers at the beginning of the month. The rollovers to from
July to August series were at very good levels due to the improved sentiments in the markets. Few dividend play arbitrage
trades entered into by the fund also added to the benefi t of the scheme. The cost-of-carry for August series is expanded
due to lower arbitrage deployment pressure, as high most of the funds were fully deployed into arbitrage. The Sensex and
the Nifty may face multiple resistances on their upward journey. However, good rollovers to the August series and higher
cost-of-carry may spell good news for the arbitrageurs and the returns may improve going forward.
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CONTACTDetails as on July 31, 2008CONTACT
2
contd....
Market Update - Debt
Indicators Current Month Last Month M-o-M Variation
Forex Reserves* USD Bln 306.60 312.48 -5.88
Credit Off take* - Rs Crs 2,407,860 2,331,180 76,680
Credit Deposit Ratio * 72.83 73.09
WPI Infl ation*(%) 11.98% 11.42% 0.0056
10-Year Yield - India* (%) 9.31% 8.69% 0.0062
10-year Yield - USA* (%) 3.93% 3.96% -0.0003
Exchange Rate* USD/INR 42.49 43.03 -0.54
Brent Crude per/bbl* 125.00 140.00 -15
Reverse Repo-Daily Avg Rs Crs 1,223.00 5,000.00 (3,777.00)
Repo Average-Daily Avg Rs Crs 29,453.00 13,280.00 16,173.00
* Data Reported as on month-end, Source RBI, WSS & Bloomberg.
Government bond yields continued to rise during the month on higher infl ation, RBI stance on interest
rates, higher cut off s set by RBI at the primary auctions and tight liquidity conditions. Underlying sentiments
remained bearish on back of fi scal concerns & infl ationary pressures and supply of government bonds. RBI
delivered the fi rst quarterly review of the monetary policy and hiked the repo rate by 50 basis points to 9.00%
and CRR by 50 basis points to 9.00%. The 10 year bond yield gradually rose from 8.70% in the last month
and touched a high of 9.54% during the month and ended at 9.31%.Yields retraced on easing international
crude oil prices as the 10 year benchmark yield fell to a low 9.02% before the credit policy as crude prices
slumped by around 15% in three trading sessions. The 10 year yield again spiked by around 40 basis points
intraday and touched a high of 9.54% as RBI unexpectedly raised the repo rate by 50 basis points and CRR by
25 basis points in the monetary policy review. WPI infl ation continued to remain in double digit and touched
a high of 11.98% as against 11.42% in the previous month. International crude oil prices retraced on strength
in US dollar and fell by around $20 per barrel to end at $125 per barrel. Expectations of further softening in
international crude oil prices led to sharp reversal in swap rates as the benchmark 5 year OIS rate retraced by
about 100 basis points during the month to end at 9.25%. Activity in the long end corporate bond market
remained lackluster.
Highlights of the monetary policy review
• Bank Rate kept unchanged.
• Reverse Repo Rate under LAF kept unchanged.
• Repo Rate increased by 50 basis points from 8.5 per cent to 9.00 per cent.
• Cash Reserve Ratio to be increased by 25 basis points to 9.0 per cent with eff ect from the fortnight
beginning August 30, 2008.
• GDP growth projection for 2008-09 revised from the range of 8.0-8.5 per cent to around 8.0 per cent,
barring domestic or external shocks.
• While the policy actions would aim to bring down the current intolerable level of infl ation to a tolerable
level of below 5.0 per cent as soon as possible and around 3.0 per cent over the medium-term, at this
juncture a realistic policy endeavour would be to bring down infl ation from the current level of about 11.0-
12.0 per cent to a level close to 7.0 per cent by March 31, 2009.
• While there are early signs of some moderation in money supply and deposit growth, they continue to
expand above the indicative projections warranting continuous vigilance and appropriate and timely
policy responses.
• In view of the evolving environment of heightened uncertainty in global markets and the dangers of
potential spillovers to domestic markets, liquidity management will continue to receive priority in the
hierarchy of policy objectives over the period ahead.
• Monetary Policy stance
• Barring the emergence of any adverse and unexpected developments in various sectors of the economy,
assuming that capital fl ows are eff ectively managed, and keeping in view the current assessment of the
economy including the outlook for growth and infl ation, the overall stance of monetary policy in 2008-09
will broadly continue to be:
o To ensure a monetary and interest rate environment that accords high priority to price stability, well-
anchored infl ation expectations and orderly conditions in fi nancial markets while being conducive to
continuation of the growth momentum.
o To respond swiftly on a continuing basis to the evolving constellation of adverse international
developments and to the domestic situation impinging on infl ation expectations, fi nancial stability and
growth momentum, with both conventional and unconventional measures, as appropriate.
o To emphasise credit quality as well as credit delivery, in particular, for employment-intensive sectors,
while pursuing fi nancial inclusion.
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CONTACTDetails as on July 31, 2008CONTACT
3
Market Update - Debt
Factor: Infl ation
Short Term: Negative
Medium Term: Negative
Domestic infl ation continued to remain in double digit and touched a high of 11.98% as compared to
11.42% in the last month Fuel index rose from 374.2 to 376.2 during the month. Primary article index rose to
247 as compared to 246 and manufactured index rose from 204 to 206 during the month. In a bid to combat
infl ationary pressure, RBI again tightened the monetary policy by increasing the repo rate by 50 basis points to
9.00% and CRR by another 50 basis points to 9.00% Going forward we expect headline infl ation to continue to
remain at an elevated level on high commodity and energy prices Headline infl ation for the month of August
08 is expected to be in the range of 11.00%-13.00% assuming no further increase in domestic fuel prices
(Source: Bloomberg)
Factor: Liquidity
Short Term: Negative
Medium Term: Neutral
Domestic liquidity situation continued to remain tight during the month on CRR outfl ows, MSS issuances,
government bond acutions and RBI intervention in foreign exchange market. Aggressive intervention by RBI in
the foreign exchange market to control the depreciating rupee put strain on domestic liquidity. RBI conducted
MSS auctions worth Rs 9000 crores during the month. Government balance with the Reserve Bank of India
towards the month end was at Rs 100 crores.Tight liquidity conditions were evident as RBI received average
bids worth Rs 30000 crores during the month in the daily repo auction, which was higher by about 16000
croroes from the previous month Inter bank call rates & CBLO rates spiked up on tight liquidity situation
and monetary tightening by RBI but traded between the repo and reverse repo corridor in most part of the
month. Yields on money market assets yields rose by around 50-75 basis points on tight liquidity conditions
and higher primary issuances. Going forward in the month of August 2008 we expect the domestic liquidity
situation to remain tight on account of CRR outfl ows, RBI intervention in foreign exchange market and auction
& MSS outfl ows.
Factor: Global interest rates
Short Term: Neutral
Medium Term: Neutral
US government bond yields continued to remain in a narrow range of 3.96%-4.10% and ended fl at at
3.96%. Economic data continued to remain weak with the unemployment rate touching a high of 5.7% as
against the market expectation of 5.6%. 2nd quarter GDP was lower than the market expectation at 1.9%.
The US dollar rallied and ended at 1.55 to the euro on expectations the US Federal Reserve is close to its rate
easing cycle. Federal Reserve is likely to keep interest rates unchanged at the meeting scheduled in the month
of August (Source: Bloomberg)
Factor: Forex
Short Term: Positive
Medium Term: Negative
India’s Forex reserves fell by $5.8 billion and stood at a $ 306.60 billion as on 25th July 2008. The sharp
decline in forex reserve was on account of RBI’s buying of oil bonds and intervention in the forex market.
As per offi cial statistics RBI bought oil bonds worth Rs 5700 crores from oil marketing companies as per the
special market operation. INR ended strong during the month on back of recovery in the local stock market,
lower crude oil prices and RBI’s intervention to protect the value of the INR. INR touched a high of 42.1350
during the month and ended at 42.49 as against the previous close of 43.03.Going forward, we expect the INR
to trade in range with a positive bias on easing oil prices Sharp volatility on either side will be checked by RBI.
OUTLOOK
Headline infl ation is likely to remain in double digit for next 2-3 months on back of high commodity prices.
Higher crude oil prices, constant supply of government bonds, RBI stance on interest rates and tight liquidity
conditions will keep sentiments cautions in the near term. Domestic fi scal concerns including possibility
of extra market borrowing for FY09, present infl ationary pressures and RBI stance on interest rates will keep
sentiments bearish in the medium term. We expect the 10 year benchmark yield to remain in the range of
9.00%-9.54% in the month of august. As per the scheduled auction calendar the Government is expected to
borrow Rs 16000 crores in the month of August 2008. We expect the domestic liquidity situation to continue
to remain tight on CRR hike, auction outfl ows and RBI intervention in the foreign exchange market. Money
market asset yields are expected to trade fi rm on tight liquidity conditions. We expect 5 year AAA corporate
bonds-GSec spreads to range between 140-150 basis points.
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
4
SNAPSHOTINVESTMENT OBJECTIVE
To provide optimum capital growth and appreciation.
FUND MANAGER
Sanjay Chhabaria
(Managing this fund since December, 2007 & total 8 yrs of
experience in fund management & equity research).
INCEPTION
1st April, 1995
NAV DETAILS
Growth Plan (Rs.) : 34.0792
Dividend Plan (Rs.) : 15.3111
CORPUS
Rs. 63.75 Crores
MINIMUM INVESTMENT @
Rs. 5000/-.
ENTRY LOAD
2.25% of NAV on all investments of less than Rs. 3 crores;
Nil for investments of Rs.3 crores and above. Nil for
investments made through SIP and STP.
EXIT LOAD
1.00% of NAV on all investments of less than Rs. 3 crores, in
case the investments are redeemed within 1 year of transfer
/ allotment of units. 0.50% of NAV on all investments of Rs.
3 crores and above, in case the investments are redeemed
within 91 days of transfer / allotment of units. 2.25% of
NAV on all investments made through SIP and STP, in case
the investments are redeemed within 2 years of transfer /
allotment of respective installments.
PLANS / OPTIONS
Dividend plan (Payout & Reinvestment options) &
Growth plan.
REDEMPTION TIME #
T+3 Working Days.
PORTFOLIO TURNOVER RATIO: 0.1952
EXPENSE RATIO: 2.50%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@) After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Equity Fund(An Open-Ended Growth Scheme)
ASSET ALLOCATION
(*includes net receivables / payables, if any)
DIVIDEND HISTORYFinancial Year Record Date Dividend (%)
FY 2006-07 August 28, 2006 20.00%
FY 2005-06 March 27, 2006 40.00%
FY 2004-05 March 29, 2005 45.00%
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/-.
PERFORMANCE (%) Plan 6 Mths 1 Year 3 Years 5 Years Incep.*
Growth Plan (25.10) (21.35) 15.52 29.48 9.62
BSE Sensex** (18.66) (7.67) 23.35 30.46 11.75
* Inception date = Allotment date i.e. 01.04.1995
** Benchmark Index: BSE Sensex
Note: Compounded Annualised Growth Returns (CAGR) for period 1 year or
more, with reinvestment of dividends (if any). Past performance may or may
not be sustained in future.
RISK REPORT 3 Years (Monthly) RF=6%
Scheme Name Beta Sharpe Std. Dev.
JM Equity Fund - Growth Option 1.04 0.13 8.72
Disclaimer: Source: Mutual Funds India Explorer.
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Auto 146.79 2.30
Maruti Udyog 146.79 2.30
Auto Ancillaries 182.10 2.86
Apollo Tyre 182.10 2.86
Banks 334.58 5.25
ICICI Bank 334.58 5.25
Beverages 5.48 0.09
McDowell Holdings 5.48 0.09
Construction 316.20 4.97
Hindustan Construction Co. 165.59 2.60
IVRCL Infrastructure & Projects 150.28 2.36
Unitech 0.33 0.01
Construction Materials 9.12 0.14
Simplex Projects 9.12 0.14
Consumer Durables 189.95 2.98
Voltas 189.95 2.98
Consumer Non Durable 278.81 4.37
Balrampur Chini Mills 273.76 4.29
Hindustan Unilever 4.19 0.07
Renaissance Jewellery Detachable
warrant
0.86 0.01
Finance 299.12 4.69
Nifty - Futures 299.12 4.69
Industrial Capital Goods 718.44 11.27
Bharat Heavy Electricals 420.50 6.60
Larsen & Toubro 297.94 4.67
Pesticides 460.89 7.23
United Phosphorous 460.89 7.23
Petroleum Products 1.57 0.02
Reliance Industries 1.57 0.02
Power 642.02 10.07
Reliance Power 248.40 3.90
Tata Power 393.62 6.17
Software 976.72 15.32
Infosys Technologies 281.85 4.42
Satyam Computers Services 543.09 8.52
Tech Mahindra 151.78 2.38
Telecom-Equipment & Accesories 66.40 1.04
MIC Electronics 66.40 1.04
Telecom-Services 648.27 10.17
Reliance Communications 357.96 5.62
Reliance Communications - Futures 290.31 4.55
Textile Products 636.30 9.98
Bombay Rayon Fashions 636.30 9.98
Transportation 228.27 3.58
Jet Airways India 228.27 3.58
Total Equity 6,141.03 96.33
CBLO 538.41 8.45
Others* (304.46) (4.78)
Total Assets 6,374.98 100.00
(*includes net receivables / payables, if any)
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
5
SNAPSHOTINVESTMENT OBJECTIVEThe primary objective of the Scheme will be 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 MANAGERAsit Bhandarkar(Managing this fund since December, 2006 & total 5 yrs of experience in fund management & equity research).
INCEPTION2nd June, 1997
NAV DETAILS
Growth Plan (Rs.) : 21.2802
Dividend Plan (Rs.) : 16.0250
CORPUSRs. 883.56 Crores
MINIMUM INVESTMENT @ Rs. 5000/-.
ENTRY LOAD 2.25% of NAV on all investments of less than Rs.3 crores; Nil for investments of Rs.3 crores and above. Nil for investments made through SIP and STP.
EXIT LOAD1.00% of NAV on all investments of less than Rs. 3 crores, in case the investments are redeemed within 1 year of transfer / allotment of units. 0.50% of NAV on all investments of Rs. 3 crores and above, in case the investments are redeemed within 91 days of transfer / allotment of units. 2.25% of NAV on all investments made through SIP and STP, in case the investments are redeemed within 2 years of transfer / allotment of respective installments.
PLANS / OPTIONSDividend plan (Payout & Reinvestment options) & Growth plan.
REDEMPTION TIME #
T+3 Working Days.
PORTFOLIO TURNOVER RATIO : 0.1748
EXPENSE RATIO : 2.04%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Basic Fund(An Open-Ended Equity Oriented Growth Scheme)
����Value Research Rating###
JM BASIC FUNDIN EQUITY - DIVERSIFIED CATEGORY
(209 Open-Ended Schemes) for 3 and 5 yearsperiods ending July 2008.
DIVIDEND HISTORYFinancial Year Record Date Dividend (%)
FY 2007-08 January 11, 2008 36.00%
September 21, 2007 45.00%
FY 2004-05 December 27, 2004 10.00%
FY 2003-04 March 18, 2004 10.00%
February 18, 2004 7.50%
January 18, 2004 10.00%
December 18, 2003 15.00%
November 18, 2003 30.00%
September 09, 2003 15.00%
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/-.
PERFORMANCE (%) Plan 6 Mths 1 Year 3 Years 5 Years Incep.*
Basic Fund (33.41) (20.70) 25.91 23.98 28.87
BSE BII** (17.16) 8.70 40.65 NA NA
* Inception date = Allotment date i.e. 02.06.1997** Benchmark Index: BSE Basic Industries Index (�) $
Note: CAGR for period 1 year or more, with reinvestment of dividends (if any).
Past performance may or may not be sustained in future.
RISK REPORT3 Years (Monthly) RF=6%
Scheme Name Beta Sharpe Std. Dev.
JM Basic Fund - Growth Option 1.16 0.20 9.90
Disclaimer: Source: Mutual Funds India Explorer. Since Mutual Funds India
Explorer does not have cutomised index values of JM Basic Fund, BSE
Sensex is considered for calculation of Beta.
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Auto Ancillaries 2,812.91 3.18
Apollo Tyre 2,812.91 3.18
Building Products 2,146.26 2.43
Greenply Industries 2,146.26 2.43
Construction 19,080.14 21.59
Era Constructions (India) 1,423.17 1.61
GMR Infrastructure - Futures 2,347.57 2.66
Hindustan Construction Co. 3,692.42 4.18
IVRCL Infrastructure & Projects 3,597.56 4.07
Nagarjuna Construction Co. 2,230.33 2.52
Punj Lloyd 3,180.22 3.60
Punj Lloyd - Futures 2,608.87 2.95
Construction Materials 3,758.83 4.25
Action Construction Equipment 3,758.83 4.25
Consumer Durables 4,851.53 5.49
Voltas 4,851.53 5.49
Consumer Non Durable 4,871.24 5.51
Balrampur Chini Mills 3,845.71 4.35
Balrampur Chini Mills - Futures 1,025.53 1.16
Ferrous Metals 6,820.07 7.72
Jai Corp 642.29 0.73
PSL 6,177.78 6.99
Finance 2,876.20 3.26
Infrastructure Development Finance Company
2,876.20 3.26
Industrial Capital Goods 18,578.52 21.02
Bharat Heavy Electricals 1,518.85 1.72
Bharat Heavy Electricals - Futures 5,797.86 6.56
Bharati Shipyard 4,046.03 4.58
Emco 3,079.16 3.48
Praj Industries 4,136.62 4.68
Industrial Products 10,776.28 12.20
Everest Kanto Cylinder 2,959.75 3.35
Sintex Industries 7,816.53 8.85
Petroleum Products 20.72 0.02
Reliance Industries 20.72 0.02
Power 596.51 0.68
Lanco Infratech 596.51 0.68
Telephone Cables 2,525.61 2.86
Finolex Cables 2,525.61 2.86
Transportation 3,412.28 3.86
Sanghvi Movers 3,412.28 3.86
Total Equity 83,127.10 94.07
CBLO 5,962.93 6.75
Others* (733.87) (0.82)
Total Assets 88,356.16 100.00
(*includes net receivables / payables, if any)(*includes net receivables / payables, if any)
ASSET ALLOCATION
($) 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”.
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
6
SNAPSHOTINVESTMENT OBJECTIVEThe primary investment objective of the scheme is to seek long
term capital appreciation from investment in a portfolio of stocks
across all market capitalization range. The portfolio may include
those companies operating in emerging sectors of the economy or
companies which exhibit potential to become leaders of tomorrow.
However, there can be no assurances that the investment objective
will be achieved.
FUND MANAGER Sandip Sabharwal
(Managing this fund since December, 2006 & total 11 yrs of
experience in fund management & equity research).
INCEPTION
27th July, 2005
NAV DETAILS
Growth Plan (Rs.) : 10.5322
Dividend Plan (Rs.) : 10.5553
CORPUS
Rs. 438.65 Crores
MINIMUM INVESTMENT @
Rs. 5000/-.
ENTRY LOAD
2.25% of NAV on all investments of less than Rs. 3 crores;
Nil for investments of Rs.3 crores and above. Nil for
investments made through SIP and STP.
EXIT LOAD
1.00% of NAV on all investments of less than Rs. 3 crores, in
case the investments are redeemed within 1 year of transfer
/ allotment of units. 0.50% of NAV on all investments of Rs.
3 crores and above, in case the investments are redeemed
within 91 days of transfer / allotment of units. 2.25% of
NAV on all investments made through SIP and STP, in case
the investments are redeemed within 2 years of transfer /
allotment of respective installments.
PLANS / OPTIONS
Dividend plan (Payout & Reinvestment options) &
Growth plan.
REDEMPTION TIME #
T+3 Working Days.
PORTFOLIO TURNOVER RATIO: 0.0119
EXPENSE RATIO: 2.24%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@) After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Emerging Leaders Fund(An Open-Ended Equity Oriented Growth Scheme)
(*includes net receivables / payables, if any)
ASSET ALLOCATION
PERFORMANCE (%) Plan 6 Mths 1 Years Incep.*
JM Emerging Leaders - Growth Plan (35.23) (15.94) 1.74
BSE 200** (21.58) (7.64) 21.09
* Inception date = Allotment date i.e. 27.07.2005
** Benchmark Index: BSE 200 Index
Note: CAGR for period 1 year or more, with reinvestment of dividends (if any). Past
performance may or may not be sustained in future.
RISK REPORT 3 Years (Monthly) RF=6%
Scheme Name Beta Sharpe Std. Dev.
JM ELF Fund - Growth Option 1.02 0.01 9.87
Disclaimer: Source: Mutual Funds India Explorer.
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Cement 1,661.00 3.79
Century Textile & Inds. 1,661.00 3.79
Construction 1,549.90 3.53
Nagarjuna Construction Co. 1,549.90 3.53
Construction Materials 3,158.63 7.20
Action Construction Equipment 1,540.20 3.51
Simplex Projects 1,618.43 3.69
Consumer Non Durable 9,034.51 20.59
Gitanjali Gems 3,344.37 7.62
Gitanjali Gems - Futures 890.36 2.03
Hanung Toys & Textiles 2,812.50 6.41
Rajesh Exports 1,648.53 3.76
Rajesh Exports - Futures 170.48 0.39
Renaissance Jewellery 168.27 0.38
Industrial Capital Goods 6,760.33 15.41
Bharati Shipyard 1,306.99 2.98
Emco 2,404.69 5.48
Praj Industries 1,066.75 2.43
Praj Industries - Futures 1,981.90 4.52
Industrial Products 3,080.44 7.02
Sintex Industries 3,080.44 7.02
Software 9,428.41 21.49
3i Infotech 2,896.45 6.60
Bartronics India 2,404.60 5.48
Mphasis BFL 3,705.16 8.45
Mphasis BFL - Futures 422.20 0.96
Telecom-Equipment &
Accesories
3,118.65 7.11
XL Telecom 3,118.65 7.11
Telecom-Services 1,066.80 2.43
Tulip IT Services 1,066.80 2.43
Textile Products 4,112.54 9.37
Bombay Rayon Fashions 3,246.44 7.40
Bombay Rayon Fashions - Futures 866.10 1.97
Transportation 2,459.54 5.61
Jet Airways India 1,161.54 2.65
Spicejet 1,298.00 2.96
Total Equity 45,430.75 103.55
CBLO 730.42 1.67
Others* (2,296.36) (5.22)
Total Assets 43,864.81 100.00
(*includes net receivables / payables, if any)
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
7
SNAPSHOTINVESTMENT OBJECTIVEThe investment objective of the Scheme is to provide capital appreciation by primarily investing in small cap and mid-cap stocks. Small cap stock is defi 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 defi 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 MANAGERSandip Sabharwal(Managing this fund since April, 2007 & total 11 years of experience in fund management & equity research).
INCEPTION30th April, 2007
NAV DETAILSRegular PlanGrowth Option (Rs.) : 9.1806Dividend Option (Rs.) : 9.1805
CORPUS: Rs. 157.47 Crores
MINIMUM INVESTMENT @ : Rs. 5000/-.
ENTRY LOAD 2.25% of NAV on all investments of less than Rs.3 crores; Nil for investments of Rs.3 crores and above. Nil for investments made through SIP and STP.
EXIT LOAD1.00% of NAV on all investments of less than Rs. 3 crores, in case the investments are redeemed within 1 year of transfer / allotment of units. 0.50% of NAV on all investments of Rs. 3 crores and above, in case the investments are redeemed within 91 days of transfer / allotment of units. 2.25% of NAV on all investments made through SIP and STP, in case the investments are redeemed within 2 years of transfer / allotment of respective installments.
PLANS / OPTIONSDividend plan (Payout & Reinvestment options) & Growth plan.
REDEMPTION TIME #
T+3 Working Days.
PORTFOLIO TURNOVER RATIO : 0.0602
EXPENSE RATIO : 2.38 %
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Small & Mid-Cap Fund(An Open-Ended Equity Oriented Fund)
PERFORMANCE (%)
Plan 6 Mths 1 Years Incep.*Regular Plan - Growth Option (35.93) (17.14) (6.59)
CNX MCI ** (24.23) (10.35) 4.40
* Inception date = Allotment date i.e. 30.04.2007
** Benchmark Index: CNX Mid Cap Index
Note: CAGR for period 1 year or more, with reinvestment of dividends (if any). Past
performance may or may not be sustained in future.
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Auto Ancillaries 975.33 6.19
Apollo Tyre 975.33 6.19
Construction 852.08 5.41
Hindustan Construction Co. 346.18 2.20
Nagarjuna Construction Co. 505.90 3.21
Construction Materials 518.82 3.29
Simplex Projects 518.82 3.29
Consumer Non Durable 3,401.77 21.60
Gitanjali Gems 1,329.78 8.44
Hanung Toys & Textiles 2,070.10 13.15#
Renaissance Jewellery Detachable
warrant
1.89 0.01
Hotels 571.79 3.63
Country Club India 571.79 3.63
Industrial Capital Goods 1,428.28 9.07
Bharati Shipyard 482.08 3.06
Emco 820.18 5.21
Titagrah Wagons 126.02 0.80
Industrial Products 1,440.44 9.15
Sintex Industries 1,440.44 9.15
Non Ferrous Metals 1,069.46 6.79
Sujan Towers 1,069.46 6.79
Power - Cables 65.66 0.42
Diamond Power Infrastructure 65.66 0.42
Software 542.37 3.44
3i Infotech 542.37 3.44
Telecom-Services 1,526.55 9.69
Tulip IT Services 1,526.55 9.69
Textile Products 1,845.10 11.72
Bombay Rayon Fashions 1,845.10 11.72#
Transportation 794.09 5.04
Spicejet 794.09 5.04
Total Equity 15,031.74 95.44
CBLO 169.50 1.08
Others* 545.39 3.48
Total Assets 15,746.63 100.00
(*includes net receivables / payables, if any)# increase over 10% on account of market movements / change in net assets of the scheme
ASSET ALLOCATION
(*includes net receivables / payables, if any)
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.
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
8
SNAPSHOT
INVESTMENT 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 benefi t from the structural changes
brought about by the continuing liberalization in economic policies
and investments by the Government in the housing, infrastructure
and fi nancial services sectors.
FUND MANAGER
Sandeep Neema
(Managing this fund since April, 2006 & total 13 years of experience
in fund management & equity research).
INCEPTION
7th April, 2006
NAV DETAILS
Growth Plan (Rs.) : 8.7390
Dividend Plan (Rs.) : 8.7385
CORPUS
Rs. 24.39 Crores
MINIMUM INVESTMENT @
Rs. 5000/-.
ENTRY LOAD
2.25% of NAV on all investments of less than Rs. 3 crores; Nil for
investments of Rs. 3 crores and above. Nil for investments made
through SIP and STP.
EXIT LOAD
1.00% of NAV on all investments of less than Rs. 3 crores, in case
the investments are redeemed within 1 year of transfer / allotment
of units. 0.50% of NAV on all investments of Rs. 3 crores and above,
in case the investments are redeemed within 91 days of transfer /
allotment of units. 2.25% of NAV on all investments made through
SIP and STP, in case the investments are redeemed within 2 years
of transfer / allotment of respective installments.
PLANS / OPTIONS
Dividend plan (Payout & Reinvestment options) & Growth plan.
REDEMPTION TIME #
T+3 Working Days.
PORTFOLIO TURNOVER RATIO : 0.2573
EXPENSE RATIO : 2.50%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@) After the minimum investment, additional investment under all Schemes / Plans is in multiples of Re. 1/-. For ongoing investment in an existing folio, the minimum investment will be Rs. 1,000/- and in multiples of Re.1/- thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er documents.
JM HI FI Fund (JM Housing, Infrastructure & Financial Services Fund)(An Open-Ended Equity Oriented Growth Fund)
ASSET ALLOCATION
(*includes net receivables / payables, if any)
PERFORMANCE (%) Plan 6 Mths 1 Years Incep.*
JM HI FI Fund - Growth Plan (40.05) (27.68) (5.65)
S & P ** (15.66) (4.31) 10.26
* Inception date = Allotment date i.e. 07.04.2006
** Benchmark Index: S&P CNX Nifty Index
Note: CAGR for period 1 year or more, with reinvestment of dividends (if any).
Past performance may or may not be sustained in future.
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Banks 408.11 16.74
AXIS Bank 69.31 2.84
HDFC Bank 107.07 4.39
Punjab National Bank 126.49 5.19
Union Bank 105.24 4.32
Construction 429.40 17.61
Hindustan Construction Co. 108.94 4.47
Kalindee Rail Nirman(Eng) 158.61 6.50
Punj Lloyd 161.85 6.64
Construction Materials 84.11 3.45
Simplex Projects 84.11 3.45
Consumer Durables 79.04 3.24
Voltas 79.04 3.24
Ferrous Metals 165.95 6.81
Jai Corp 165.95 6.81
Finance 242.51 9.94
LIC Housing Finance 242.51 9.94
Industrial Capital Goods 640.63 26.28
ABB 142.69 5.85
Bharat Bijlee 56.26 2.31
Bharat Heavy Electricals 104.28 4.28
Larsen & Toubro 156.33 6.41
Praj Industries 181.07 7.43
Industrial Products 75.38 3.09
Everest Kanto Cylinder 75.38 3.09
Non Ferrous Metals 184.48 7.56
National Aluminium - Futures 184.48 7.56
Real Estate Developers 160.21 6.57
Housing Development & Inf. 67.54 2.77
Indiabulls Real Estate 92.67 3.80
Total Equity 2,469.82 101.29
CBLO 86.78 3.56
Others* (118.00) (4.85)
Total Assets 2,438.60 100.00
(*includes net receivables / payables, if any)
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
9
SNAPSHOT
INVESTMENT OBJECTIVETo provide capital appreciation to its unitholders through judicious
deployment of the corpus of the scheme in the zauto & auto
ancillary sector.
FUND MANAGERAsit Bhandarkar(Managing this fund since December, 2006 & total 5 yrs of experience in fund management & equity research).
INCEPTION29th June, 2004
NAV DETAILS
Growth Plan (Rs.) : 15.4671
Dividend Plan (Rs.) : 11.8375
CORPUSRs. 8.10 Crores
MINIMUM INVESTMENT @ Rs. 5000/-.
ENTRY LOAD 2.25% of NAV on all investments of less than Rs.3 crores; Nil for investments of Rs.3 crores and above. Nil for investments made through SIP and STP.
EXIT LOAD1.00% of NAV on all investments of less than Rs. 3 crores, in case the investments are redeemed within 1 year of transfer / allotment of units. 0.50% of NAV on all investments of Rs. 3 crores and above, in case the investments are redeemed within 91 days of transfer / allotment of units. 2.25% of NAV on all investments made through SIP and STP, in case the investments are redeemed within 2 years of transfer / allotment of respective installments.
PLANS / OPTIONSDividend plan (Payout & Reinvestment options) & Growth plan.
REDEMPTION TIME #
T+3 Working Days.
PORTFOLIO TURNOVER RATIO : 0.0000
EXPENSE RATIO : 2.50%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIzP/STP/SWP option, please refer to respective scheme off er document.
JM Auto Sector Fund(An Open-Ended Sector Fund)
ASSET ALLOCATION
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Auto 515.76 63.68
Bajaj Auto 83.52 10.31
Eicher Motors 78.01 9.63
Escorts India 71.11 8.78
Mahindra & Mahindra 106.12 13.10
Maruti Udyog 89.23 11.02
Tata Motors 87.77 10.84
Auto Ancillaries 154.93 19.13
Apollo Tyre 68.27 8.43
Exide Industries 86.66 10.70
Industrial Products 126.89 15.67
Cummins India 69.99 8.64
Ramkrishna Forgings 56.90 7.03
Total Equity 797.58 98.48
CBLO 11.43 1.41
Others* 0.85 0.11
Total Assets 809.86 100.00
(*includes net receivables / payables, if any)
(*includes net receivables / payables, if any)
DIVIDEND HISTORYFinancial Year Record Date Dividend (%)
Dividend Plan
FY 2005-06 February 14, 2006 45.00%
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/-.
PERFORMANCE (%) Plan 6 Mths 1 Years 3 Years Incep.*
JM Auto Sector Fund -
Growth Plan(27.30) (28.99) 0.74 11.25
BSE Auto** (23.86) (25.36) 5.03 13.43
* Inception date = Allotment date i.e. 29.06.2004
** Benchmark Index: BSE Auto Sector Index
Note: Compounded Annualised Growth Returns (CAGR) for period 1 year or
more, with reinvestment of dividends (if any). Past performance may or may
not be sustained in future.
RISK REPORT 3 Years (Monthly) RF=6%
Scheme Name Beta Sharpe Std. Dev.
JM Auto Sector Fund - Growth Option 0.91 0.01 8.19
Disclaimer: Source: Mutual Funds India Explorer.
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
10
SNAPSHOT
INVESTMENT OBJECTIVE
To provide capital appreciation to its unitholders through
judicious deployment of the corpus of the scheme in the
healthcare sector.
FUND MANAGER
Asit Bhandarkar
(Managing this fund since December, 2006 & total 5 years
of experience in fund management & equity research).
INCEPTION
29th June, 2004
NAV DETAILS
Growth Plan (Rs.) : 18.8802
Dividend Plan (Rs.) : 14.9752
CORPUS
Rs. 7.52 Crores
MINIMUM INVESTMENT @
Rs. 5000/-.
ENTRY LOAD
2.25% of NAV on all investments of less than Rs. 3 crores;
Nil for investments of Rs.3 crores and above. Nil for
investments made through SIP and STP.
EXIT LOAD
1.00% of NAV on all investments of less than Rs. 3 crores, in
case the investments are redeemed within 1 year of transfer
/ allotment of units. 0.50% of NAV on all investments of Rs.
3 crores and above, in case the investments are redeemed
within 91 days of transfer / allotment of units. 2.25% of
NAV on all investments made through SIP and STP, in case
the investments are redeemed within 2 years of transfer /
allotment of respective installments.
PLANS / OPTIONS
Dividend plan (Payout & Reinvestment options) &
Growth plan.
REDEMPTION TIME #
T+3 Working Days.
PORTFOLIO TURNOVER RATIO: 0.0718
EXPENSE RATIO: 2.50%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@) After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Healthcare Sector Fund(An Open-Ended Sector Fund)
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Pharmaceuticals 656.91 87.35
Aurobindo Pharma 41.25 5.49
Cadila Healthcare 58.77 7.81
Dishman Pharmaceuticals &
Chemicals
71.43 9.50
Glenmark Pharmaceuticals 68.11 9.06
Indoco Remedies 36.04 4.79
Ipca Laboratories 38.69 5.14
Jubilant Organosys 32.29 4.29
Lupin 81.87 10.89
Panacea Biotech 40.44 5.38
Piramal Healthcare 41.25 5.49
Ranbaxy Laboratories 65.99 8.77
Sun Pharmaceuticals Industries 80.78 10.74
Total Equity 656.91 87.35
CBLO 94.07 12.51
Others* 1.05 0.14
Total Assets 752.03 100.00
(*includes net receivables / payables, if any)
(*includes net receivables / payables, if any)
DIVIDEND HISTORYFinancial Year Record Date Dividend (%)
Dividend Plan
FY 2005-06 January 12, 2006 20.00%
FY 2004-05 January 14, 2005 10.00%
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/-.
PERFORMANCE (%) Plan 6 Mths 1 Years 3 Years Incep.*
Growth Plan 10.57 5.94 11.74 16.81
BSE Healthcare** 15.50 11.90 12.80 17.69
* Inception date = Allotment date i.e. 29.06.2004
** Benchmark Index: BSE Healthcare
Note: Compounded Annualised Growth Returns (CAGR) for period 1 year or
more, with reinvestment of dividends (if any). Past performance may or may
not be sustained in future.
RISK REPORT 3 Years (Monthly) RF=6%
Scheme Name Beta Sharpe Std. Dev.
JM Healthcare Sector Fund -
Growth Option
0.60 0.10 7.05
Disclaimer: Source: Mutual Funds India Explorer.
ASSET ALLOCATION
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CONTACTDetails as on July 31, 2008CONTACT
11
SNAPSHOT
INVESTMENT OBJECTIVE
The primary investment objective of the scheme is 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 MANAGERAsit Bhandarkar(Managing this fund since December, 2006 & total 5 yrs of experience in fund management & equity research).
INCEPTION7th December, 2006
NAV DETAILS
Growth Plan (Rs.) : 10.5191
Dividend Plan (Rs.) : 10.5197
CORPUSRs. 6.43 Crores
MINIMUM INVESTMENT @ Rs. 5000/-.
ENTRY LOAD 2.25% of NAV on all investments of less than Rs.3 crores; Nil for investments of Rs.3 crores and above. Nil for investments made through SIP and STP.
EXIT LOAD1.00% of NAV on all investments of less than Rs. 3 crores, in case the investments are redeemed within 1 year of transfer / allotment of units. 0.50% of NAV on all investments of Rs. 3 crores and above, in case the investments are redeemed within 91 days of transfer / allotment of units. 2.25% of NAV on all investments made through SIP and STP, in case the investments are redeemed within 2 years of transfer / allotment of respective installments.
PLANS / OPTIONSDividend plan (Payout & Reinvestment options) & Growth plan.
REDEMPTION TIME #
T+3 Working Days.
PORTFOLIO TURNOVER RATIO : 0.0335
EXPENSE RATIO : 2.50%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
($) 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.
JM Telecom Sector Fund(An Open-Ended Equity Oriented Sector Fund)
PERFORMANCE (%) Plan 6Mths 1 Years Incep.*
Growth Plan (15.40) (16.44) 3.12
BSE Telecom** (13.14) (12.46) 8.16
* Inception date = Allotment date i.e. 07.12.2006** Benchmark Index: BSE Telecom Index (�) $
Note: CAGR for period 1 year or more, with reinvestment of dividends (if any).
Past performance may or may not be sustained in future.
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Software 57.07 8.87
Geodesic Information Systems 32.29 5.02
Tech Mahindra 24.78 3.85
Telecom-Services 536.13 83.37
Bharti Airtel 211.64 32.91
Reliance Communications 204.05 31.73
Tanla Solutions 38.63 6.01
Tulip IT Services 81.81 12.72
Telephone Cables 17.88 2.78
Finolex Cables 17.88 2.78
Total Equity 611.08 95.02
CBLO 32.00 4.98
Others* (0.09) 0.00
Total Assets 642.99 100.00
(*includes net receivables / payables, if any)
(*includes net receivables / payables, if any)
ASSET ALLOCATION
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CONTACTDetails as on July 31, 2008CONTACT
12
SNAPSHOT
INVESTMENT OBJECTIVE
The primary investment objective of the scheme is to invest
predominantly in equity & equity related instruments in
the Banking / Financial institution / NBFC and housing
fi nance 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
Sandeep Neema
(Managing this fund since December, 2006 & total 13 years
of experience in fund management & equity research).
INCEPTION
7th December, 2006
NAV DETAILS
Growth Plan (Rs.) : 11.1084
Dividend Plan (Rs.) : 11.1074
CORPUS: Rs. 63.49 Crores
MINIMUM INVESTMENT @ : Rs. 5000/-.
ENTRY LOAD
2.25% of NAV on all investments of less than Rs. 3 crores;
Nil for investments of Rs.3 crores and above. Nil for
investments made through SIP and STP.
EXIT LOAD
1.00% of NAV on all investments of less than Rs. 3 crores, in
case the investments are redeemed within 1 year of transfer
/ allotment of units. 0.50% of NAV on all investments of Rs.
3 crores and above, in case the investments are redeemed
within 91 days of transfer / allotment of units. 2.25% of
NAV on all investments made through SIP and STP, in case
the investments are redeemed within 2 years of transfer /
allotment of respective installments.
PLANS / OPTIONS
Dividend plan (Payout & Reinvestment options) &
Growth plan.
REDEMPTION TIME #
T+3 Working Days.
PORTFOLIO TURNOVER RATIO: 0.2326
EXPENSE RATIO: 2.50%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@) After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Financial Services Sector Fund(An Open-Ended Equity Oriented Sector Fund)
PERFORMANCE (%) Plan 6 Mths 1 Years Incep.*
Growth Plan (35.18) (14.31) 6.58
BSE Finance** (36.94) (14.96) 0.39
* Inception date = Allotment date i.e. 07.12.2006
** Benchmark Index: BSE Finance Index (�) $
Note: CAGR for period 1 year or more, with reinvestment of dividends (if any). Past
performance may or may not be sustained in future.
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Banks 3,879.13 61.09
AXIS Bank 211.67 3.33
Bank of Baroda 512.60 8.07
Bank of India 272.60 4.29
HDFC Bank 463.42 7.30
ICICI Bank 763.87 12.03
Punjab National Bank 364.02 5.73
State Bank of India 376.99 5.94
Union Bank 394.65 6.22
Yes Bank 255.40 4.02
Yes Bank - Futures 263.91 4.16
Finance 2,397.28 37.77
Cholamandalam DBS Finance 288.03 4.54
IL&FS Investment Managers 262.25 4.13
Infrastructure Development
Finance Company
290.93 4.58
JM Financial 502.00 7.91
Mahindra & Mahindra Financial
Services
187.28 2.95
Reliance Capital 710.26 11.19
Shriram Transport Finance Co. 156.53 2.47
Total Equity 6,276.41 98.86
CBLO 87.46 1.38
Others* (15.29) (0.24)
Total Assets 6,348.58 100.00
(*includes net receivables / payables, if any)
ASSET ALLOCATION
(*includes net receivables / payables, if any)
($) 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.
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
13
SNAPSHOT
INVESTMENT OBJECTIVE
To provide steady current income as well as long term
growth of capital.
FUND MANAGERSanjay Chhabaria
(Managing this fund since February, 2008 & total 8 years of
experience in fund management & equity research).
INCEPTION1st April, 1995
NAV DETAILS
Growth Plan (Rs.) : 21.1878
Dividend Plan (Rs.) : 16.1076
CORPUSRs. 30.53 Crores
MINIMUM INVESTMENT @ Rs. 5000/-.
ENTRY LOAD 2.25% of NAV on all investments of less than Rs.3 crores; Nil for investments of Rs.3 crores and above. Nil for investments made through SIP and STP.
EXIT LOAD1.00% of NAV on all investments of less than Rs. 3 crores, in case the investments are redeemed within 1 year of transfer / allotment of units. 0.50% of NAV on all investments of Rs. 3 crores and above, in case the investments are redeemed within 91 days of transfer / allotment of units. 2.25% of NAV on all investments made through SIP and STP, in case the investments are redeemed within 2 years of transfer / allotment of respective installments.
PLANS / OPTIONSDividend plan (Payout & Reinvestment options) & Growth plan.
REDEMPTION TIME #
T+3 Working Days.
PORTFOLIO TURNOVER RATIO : 0.2231
EXPENSE RATIO : 2.50%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Balanced Fund(An Open-Ended Balanced Scheme)
DIVIDEND HISTORYFinancial Year Record Date Dividend (%)
Dividend Plan
FY 2005-06 Febuary 16,2006 19.30%
FY 2004-05 March 29, 2005 25.00%
FY 2003-04 November 18, 2003 10.00%
September 09, 2003 10.00%
Growth Plan
FY 2003-04 December 19, 2003 40.00%
September 09, 2003 72.00%
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/-.
PERFORMANCE (%) Plan 6 Mths 1 Year 3 Years 5 Years Incep.*
Growth Plan (25.51) (22.03) 14.85 18.36 14.80
CBFI** (10.27) (0.59) 16.16 19.71 NA
* Inception date = Allotment date i.e. 01.04.1995** Benchmark Index: Crisil Balanced Fund Index
Note: CAGR for period 1 year or more, with reinvestment of dividends (if any).
Past performance may or may not be sustained in future.
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Rating
Banks 231.52 7.58
ICICI Bank 231.52 7.58
Cement 47.95 1.57
Century Textile & Inds. 47.95 1.57
Construction 271.46 8.89
IVRCL Infrastructure & Projects 228.42 7.48
Kalindee Rail Nirman(Eng) 43.04 1.41
Consumer Non Durable 267.77 8.77
Balrampur Chini Mills 267.77 8.77
Ferrous Metals 195.51 6.40
PSL 195.51 6.40
Industrial Capital Goods 252.76 8.28
Bharat Heavy Electricals 163.15 5.34
Emco 89.61 2.94
Petroleum Products 0.32 0.01
Reliance Industries 0.32 0.01
Software 389.41 12.76
3i Infotech 280.15 9.18
Infosys Technologies 109.26 3.58
Telecom-Services 119.81 3.92
Bharti Airtel 119.81 3.92
Total Equity 1,776.51 58.18
Non Convertible Debentures
39.16 1.28
ICICI Bank 19.64 0.64 AAA
DSP Merrill Lynch Capital 19.52 0.64 AAA(fso)
Floating Rate Bonds 500.41 16.39
Indian Railway Fin. Corp. 80.41 2.63 AAA
Union Bank of India 420.00 13.76 AA+
Privately Placed Debenture 420.51 13.78
Citi Fin.Con.Finance 420.51 13.78 AAA
Total Debt 960.08 31.45
CBLO 141.20 4.63
Others* 174.91 5.74
Total Assets 3,052.70 100.00
(*includes net receivables / payables, if any)
ASSET ALLOCATION
(*includes net receivables / payables, if any)
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
14
SNAPSHOT
INVESTMENT OBJECTIVE
To generate regular income, primarily through investments
in fi xed 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 Sept., 2003 & total 10 years
of experience in fund management & fi nancial services
sector).
INCEPTION :
18th September, 2003
NAV DETAILS
Growth Plan (Rs.) : 13.8302
Dividend Plan - Monthly Div. option (Rs.) : 10.1049
Quarterly Div. option (Rs.) : 10.8177
Annual Div. option (Rs.) : 11.5072
CORPUS: Rs. 11.07 Crores
MINIMUM INVESTMENT @ : Rs. 10000/-.
ENTRY LOAD
NIL
EXIT LOAD
0.50% of NAV on all investments upto and including Rs.
5 lakhs, if redeemed or switched out within 3 months of
investment and Nil for investments exceeding Rs. 5 lakhs.
However, no exit load is applicable for investors availing
Systematic Withdrawal Option.
PLANS / OPTIONS
Dividend plan with Monthly, Quarterly and Annual options
& Growth plan.
DIVIDEND FREQUENCY *
Monthly / Quarterly / Annual
REDEMPTION TIME # : T+2 Working Days.
EXPENSE RATIO: 2.25%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(*) Dividends shall be declared at the discretion of the Trustee subject to availability of distributable profits as computed in accordance with SEBI (Mutual Funds) Regulations, 1996.
(@) After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
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.)
DIVIDEND HISTORYJM MIP Fund - Monthly Div. Option
Financial Year Record Date Dividend (%)
FY 2008-09 $ May 2, 2008 0.61%
June 2, 2008 0.61%
July 2, 2008 0.50%
JM MIP Fund - Quarterly Div. Option
Financial Year Record Date Dividend (%)
FY 2008-09 $ June 14, 2008 -
FY 2007-08 $ March 14, 2007 -
December 14, 2007 -
JM MIP Fund - Annual Div. Option
Financial Year Record Date Dividend (%)
FY 2007-08$ - -
FY 2006-07$ September 22, 2006 9.00%
FY 2005-06$ September 26,2005 11.50%
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.
PERFORMANCE (%) Plan 6 Mths 1 Year 3 Years Incep.*
Growth Plan (4.25) 0.75 6.36 6.88
CMIP In** (3.29) 2.24 7.14 7.32
* 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.
PORTFOLIO STATISTICSCurrent Yield 8.72%
Duration 0.9613 years
Average Maturity 1.0887 years
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Rating
Auto 17.27 1.56
Maruti Udyog 17.27 1.56
Auto Ancillaries 18.21 1.64
Apollo Tyre 18.21 1.64
Banks 25.26 2.28
HDFC Bank 25.26 2.28
Beverages 0.27 0.02
McDowell Holdings 0.27 0.02
Construction Materials 33.36 3.01
Action Construction Equipment 31.22 2.82
Simplex Projects 2.14 0.19
Power Generation 3.10 0.28
Power Grid Corp. of India 3.10 0.28
Telecom-Equipment &
Accesories
17.02 1.54
XL Telecom 17.02 1.54
Total Equity 114.49 10.33
Commercial Paper 295.40 26.68
Unitech 295.40 26.68 F1+
Non Convertible Debenture 141.85 12.81
Reliance Industries 141.85 12.81 AAA
Floating Rate Bonds 230.01 20.78
Union Bank of India 210.00 18.97 AA+
UTI Bank 20.01 1.81 LAA+
Privately Placed Debenture 100.00 9.03
Ranbaxy Laboratories 100.00 9.03 P1+
Total Debt 767.26 69.30
CBLO 219.19 19.80
Others* 6.22 0.57
Total Assets 1,107.16 100.00
(*includes net receivables / payables, if any)
ASSET ALLOCATION
(*includes net receivables / payables, if any)
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
15
SNAPSHOT
INVESTMENT OBJECTIVE
The primary investment objective of the scheme is
to generate income through arbitrage opportunities
emerging out of mis-pricing between the cash market and
the derivatives market and through deployment of surplus
cash in fi xed income instruments.
FUND MANAGERBiren Mehta
(Managing this fund since July, 2006 & total 17 years of
experience in fund management & capital markets).
INCEPTION18th July, 2006
NAV DETAILS
Growth Plan (Rs.) : 11.8097
Dividend Plan (Rs.) : 10.1622
CORPUSRs. 617.37 Crores
MINIMUM INVESTMENT @ Rs. 5000/-.
ENTRY LOAD NIL
EXIT LOAD
0.50% of NAV on all investments if redeemed within 30
days of transfer / allotment of units.
PLANS / OPTIONSDividend plan (Payout & Reinvestment options) & Growth plan.
REDEMPTION TIME #
T+2 (^) Working Days.
(^) Refer Page 18.
PORTFOLIO TURNOVER RATIO : 0.7363
EXPENSE RATIO : 1.30%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Arbitrage Advantage Fund(An Open-Ended Equity Oriented Interval Fund)
PORTFOLIO Issuer Market
Value (Rs.
In Lacs)
% to
NAV
Market
Value
(Rs. In Lacs)
Futures
Rating
Auto 789.05 1.27
Ashok Leyland 404.27 0.65
Ashok Leyland - Futures (407.90)
Escorts India 166.38 0.27
Escorts India - Futures (170.22)
TVS Motor 218.40 0.35
TVS Motor - Futures (215.68)
Aviation Services 11.44 0.02
Deccan Aviation 11.44 0.02
Deccan Aviation - Futures (11.55)
Banking Services 1,046.15 1.69
Dena Bank 31.33 0.05
Dena Bank - Futures (31.68)
Development Credit Bank 162.93 0.26
Development Credit Bank - Futures
(164.77)
Syndicate Bank 851.89 1.38
Syndicate Bank - Futures (857.49)
Banks 2,758.18 4.47
Allahabad Bank 90.30 0.15
Allahabad Bank - Futures (91.14)
Bank of Baroda 850.40 1.38
Bank of Baroda - Futures (838.13)
Bank of India 194.23 0.31
Bank of India - Futures (194.87)
HDFC Bank 219.63 0.36
HDFC Bank - Futures (220.42)
Oriental Bank of Commerce 289.01 0.47
Oriental Bank of Commerce - Futures
(291.64)
Punjab National Bank 674.91 1.09
Punjab National Bank - Futures (678.72)
Vijaya Bank 439.70 0.71
Vijaya Bank - Futures (443.99)
Cement 1,511.27 2.44
Century Textile & Inds. 291.72 0.47
Century Textile & Inds. - Futures (294.67)
India Cements 755.60 1.22
India Cements - Futures (754.03)
Ultratech Cement 463.95 0.75
Ultratech Cement - Futures (464.79)
Computers & Peripherals 53.88 0.09
Moser Baer India 53.88 0.09
Moser Baer India - Futures (54.57)
Construction 2,909.18 4.72
GMR Infrastructure 185.70 0.30
GMR Infrastructure - Futures (186.50)
Hindustan Construction Co. 944.36 1.53
Hindustan Construction Co. - Futures
(954.65)
Jai Prakash Associates 824.78 1.34
Jai Prakash Associates - Futures (826.88)
Nagarjuna Construction Co. 247.67 0.40
Nagarjuna Construction Co. - Futures
(250.04)
Parsvnath Developers 375.25 0.61
Parsvnath Developers - Futures (378.96)
Punj Lloyd 269.08 0.44
Punj Lloyd - Futures (270.02)
Sobha Developers 62.34 0.10
Sobha Developers - Futures (62.98)
Construction Materials 100.47 0.16
Omaxe 100.47 0.16
Omaxe - Futures (101.02)
Consumer Durables 1,034.57 1.68
Voltas 1,034.57 1.68
Voltas - Futures (1,044.70)
Consumer Non Durable 1,988.67 3.22
Bajaj Hindustan 81.87 0.13
Bajaj Hindustan - Futures (82.43)
Balrampur Chini Mills 1,277.09 2.07
Balrampur Chini Mills - Futures (1,286.05)
Gitanjali Gems 88.73 0.14
Gitanjali Gems - Futures (89.17)
Rajesh Exports 302.53 0.49
Rajesh Exports - Futures (305.52)
Shree Renuka Sugars 238.45 0.39
Shree Renuka Sugars - Futures (239.78)
Ferrous Metals 2,861.21 4.64
Ispat Industries 1,163.30 1.88
Ispat Industries - Futures (1,176.67)
Jindal Stainless 31.39 0.05
Jindal Stainless - Futures (31.36)
Jindal Steel & Power 757.34 1.23
Jindal Steel & Power - Futures (761.25)
Maharashtra Seamless 41.55 0.07
Maharashtra Seamless - Futures (41.96)
Sesa Goa 867.63 1.41
Sesa Goa - Futures (874.52)
Fertilizers 1,074.96 1.75
Nagarjuna Fertilizers 868.00 1.41
Nagarjuna Fertilizers - Futures (874.72)
Oswal Chemicals & Fertilizers 206.96 0.34
Oswal Chemicals & Fertilizers - Futures
(209.63)
Finance 4,428.84 7.17
IFCI 2,381.62 3.86
IFCI - Futures (2,397.17)
Reliance Capital 1,859.00 3.01
Reliance Capital - Futures (1,865.22)
Rural Electrifi cation Corp 188.22 0.30
Rural Electrifi cation Corp - Futures
(189.30)
Gas Utilities 250.83 0.41
Reliance Natural Resources 250.83 0.41
Reliance Natural Resources - Futures
(251.72)
Hotels 77.50 0.13
Hotel Leela Venture 49.61 0.08
Hotel Leela Venture - Futures (49.46)
Indian Hotels Co. 27.89 0.05
Indian Hotels Co.- Futures (28.17)
Industrial Capital Goods 2,696.69 4.37
Aban Off shore 807.10 1.31
Aban Off shore - Futures (814.51)
Lakshmi Machine Works 639.13 1.04
Lakshmi Machine Works - Futures
(647.37)
Praj Industries 884.58 1.43
Praj Industries - Futures (891.86)
Suzlon Energy 365.88 0.59
Suzlon Energy - Futures (367.93)
Media 125.57 0.20
Wire & Wireless (India) 125.57 0.20
Wire & Wireless (India) - Futures (127.23)
Media & Entertainment 779.71 1.26
Adlabs Films 779.71 1.26
Adlabs Films - Futures (785.90)
Metals & Mining 545.10 0.88
Neyveli Lignite Corporation 545.10 0.88
Neyveli Lignite Corporation - Futures
(545.34)
Non Ferrous Metals 250.25 0.41
Hindalco Industries 250.25 0.41
Hindalco Industries - Futures (251.76)
Pesticides & Agrochemicals 258.57 0.42
BASF India 258.57 0.42
Petrochemicals 343.89 0.56
Mangalore Refi neries & Petrochemicals
59.01 0.10
Mangalore Refi neries & Petrochemicals - Futures
(59.45)
Petronet LNG 284.88 0.46
Petronet LNG - Futures (288.24)
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CONTACTDetails as on July 31, 2008CONTACT
16
JM Arbitrage Advantage Fund(An Open-Ended Equity Oriented Interval Fund)
DIVIDEND HISTORYFinancial Year Record Date Dividend (%)Dividend PlanFY 2008-09 June 20, 2008 2.20%FY 2007-08 March 19, 2008 2.50%
January 18,2008 2.00%September 21, 2007 2.50%June 22, 2007 2.00%
FY 2006-07 March 23, 2007 2.00%December 22, 2006 2.20%
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/-
PERFORMANCE (%) Plan 6 Mths 1 Year Incep.*Growth Plan 3.24 8.06 8.50CLFI** 3.69 6.91 7.11
* Inception date = Allotment date i.e. 18.07.2006
** Benchmark Index: CRI SIL 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.
ASSET ALLOCATION
(*includes net receivables / payables, if any)
(*includes net receivables / payables, if any)
Petroleum Products 2,697.32 4.37
Chennai Petroleum 654.17 1.06
Chennai Petroleum - Futures (636.17)
Hindustan Petroleum 1,533.08 2.48
Hindustan Petroleum - Futures (1,534.13)
Indian Oil Corporation 510.07 0.83
Indian Oil Corporation - Futures (514.82)
Pharmaceuticals 441.29 0.71
Aurobindo Pharma 136.51 0.22
Aurobindo Pharma - Futures (136.49)
Cipla 197.01 0.32
Cipla - Futures (196.61)
Ranbaxy Laboratories - Futures (19.76)
Wockhardt Pharma 107.77 0.17
Wockhardt Pharma - Futures (108.89)
Power 1,453.71 2.36
Jaiprakash Hydro-Power 99.47 0.16
Jaiprakash Hydro-Power - Futures
(100.41)
Lanco Infratech 1,042.08 1.69
Lanco Infratech - Futures (1,049.38)
Reliance Power 312.16 0.51
Reliance Power - Futures (314.23)
Real Estate Developers 1,638.18 2.65
Ansal Properties & Infrastructure 142.98 0.23
Ansal Properties & Infrastructure - Futures
(144.72)
Housing Development & Inf. 1,379.57 2.23
Housing Development & Inf. - Futures
(1,391.06)
Peninsula Land 115.63 0.19
Peninsula Land - Futures (116.25)
Retail 344.50 0.56
Pantaloon Retail (India) 344.50 0.56
Pantaloon Retail (India) - Futures
(347.85)
Software 2,091.65 3.39
Infosys Technologies 1,171.75 1.90
Infosys Technologies - Futures (1,179.78)
Mphasis BFL 248.05 0.40
Mphasis BFL - Futures (249.94)
NIIT Technologies 352.82 0.57
NIIT Technologies - Futures (356.86)
Polaris Software & Lab 35.38 0.06
Polaris Software & Lab - Futures (35.67)
Satyam Computers Services 283.65 0.46
Satyam Computers Services - Futures
(283.02)
Steel 1,199.64 1.94
Welspun Gujarat Stahl Rohren 1,199.64 1.94
Welspun Gujarat Stahl Rohren - Futures
(1,214.05)
Telecom-Services 3,805.38 6.17
Bharti Airtel 21.96 0.04
Bharti Airtel - Futures (22.07)
GTL 411.23 0.67
GTL - Futures (415.80)
Idea Cellular 166.41 0.27
Idea Cellular - Futures (167.93)
Mahanagar Tel. Nigam 1,532.36 2.48
Mahanagar Tel. Nigam - Futures (1,545.67)
Spice Communications 972.28 1.57
Tata Teleservices (Maharashtra) 701.14 1.14
Tata Teleservices (Maharashtra) - Futures
(708.20)
Textile Products 622.02 1.01
Arvind 405.85 0.66
Arvind - Futures (410.53)
S.Kumars Nationwide 216.17 0.35
S.Kumars Nationwide - Futures (218.03)
Textiles - Synthetic 376.63 0.61
SRF 376.63 0.61
SRF - Futures (381.33)
Transportation 61.18 0.10
GE Shipping Company 61.18 0.10
GE Shipping Company - Futures (61.88)
Total Equity 40,627.48 65.83
Fixed Deposit Scheme 21,300.00 34.51
AXIS Bank 2,500.00 4.05
AXIS Bank 2,000.00 3.24
AXIS Bank 2,000.00 3.24
HDFC Bank 1,500.00 2.43
HDFC Bank 800.00 1.30
HDFC Bank 1,000.00 1.62
HDFC Bank 500.00 0.81
Jammu & Kashmir Bank 4,000.00 6.48
Jammu & Kashmir Bank 2,000.00 3.24
Punjab National Bank 3,000.00 4.86
Punjab National Bank 2,000.00 3.24
Securitised 1,252.33 2.03
CLSS 2 Trust 2009 Sr. A2 1,252.33 2.03 P1+(so)
Total Debt 22,552.33 36.54
CBLO & Others* (1,443.03) (2.37)
Total Assets 61,736.78 100.00
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
17
SNAPSHOT
INVESTMENT OBJECTIVE
The primary investment objective of the scheme is
to generate income through arbitrage opportunities
emerging out of mis-pricing between the cash market and
the derivatives market and through deployment of surplus
cash in fi xed income instruments.
However, there can be no assurance that the investment
objective of the scheme will be realized. The scheme does
not guarantee/indicate any returns.
FUND MANAGERBiren Mehta
(Managing this fund since March, 2005 & total 17 years of
experience in fund management & capital markets)
INCEPTION4th March, 2005
NAV DETAILS
Growth Plan (Rs.) : 12.6412
Dividend Plan (Rs.) : 10.1706
Bonus Option (Rs.) : 11.7132
CORPUSRs. 24.43 Crores
MINIMUM INVESTMENT @ Rs. 5000/-.
ENTRY LOAD NIL
EXIT LOAD
On all investments of less than and including Rs. 1 crore
: 2% for investments redeemed within 25 days from the
date of allotment; 1.5% for investments redeemed within
85 days from the date of allotment; 1% for investments
redeemed within 175 days from the date of allotment.
On all investments above Rs. 1 crore: 0.50% for investments
redeemed / switched out within 25 days from the date
of allotment.
PLANS / OPTIONS
Dividend (Payout & Reinvestment option), Growth &
Bonus options.
REDEMPTION TIME #
T+2 (^) Working Days.
EXPENSE RATIO : 0.82%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Equity & Derivative Fund(An Income Scheme - Interval Fund)
DIVIDEND / BONUS HISTORYDividend Option
FY 2008-09 $ 2.5000%
FY 2007-08 $ 8.1000%
FY 2006-07 $ 8.3910%
FY 2005-06 $ 3.4400%
Bonus Option 80:1000 on 28/08/2006
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.
PERFORMANCE (%) Plan 6 Mths 1 Year 3 Years Incep.*
Growth Plan 2.77 7.14 7.33 7.11
CLFI** 3.69 6.91 6.56 6.34
* Inception date = Allotment date i.e. 04.03.2005** Benchmark Index: CRISIL Liquid Fund Index
Note: CAGR for period 1 year or more, with reinvestment of dividends (if
any). Past performance may or may not be sustained in future.
PORTFOLIO STATISTICSCurrent Yield 8.17%
Duration 1.0480 years
Average Maturity 1.0785 years
PORTFOLIO Issuer Market
Value (Rs.
In Lacs)
% to
NAV
Market
Value (Rs.
In Lacs)
Futures
Rating
Construction 50.76 2.08
Sobha Developers 50.76 2.08
Sobha Developers - Futures
(51.28)
Finance 99.25 4.06
Rural Electrifi cation Corp 99.25 4.06
Rural Electrifi cation Corp - Futures
(99.81)
Industrial Capital Goods
139.40 5.71
Larsen & Toubro 139.40 5.71
Larsen & Toubro - Futures
(139.89)
Power 58.71 2.40
Lanco Infratech 58.71 2.40
Lanco Infratech - Futures
(59.12)
Total Equity 348.12 14.25
Commercial Paper 763.19 31.24
Unitech 763.19 31.24 F1+
Floating Rate Bonds 760.83 31.14
Indian Railway Fin. Corp. 160.82 6.58 AAA
Union Bank of India 550.00 22.51 AA+
UTI Bank 50.01 2.05 LAA+
Total Debt 1,524.02 62.38
CBLO & Others* 570.76 23.37
Total Assets 2,442.90 100.00
(*includes net receivables / payables, if any)
ASSET ALLOCATION
(*includes net receivables / payables, if any)
(^) The redemption shall be in terms of Interval Period defi ned herein below.Redemption request can be submitted to the offi cial 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/switchout
For July 2007 - 26.07.2007 All redemptions received till 20.07.2007 before 3.00 p.m. NAV of 26.07.2007
For 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 clarifi ed that the cut-off timings will also be applicable to investments made through “sweepmode”.Investors will not have to bear entry load, wherever applicable, for their inter-equity and intra equity scheme switches except in case of (i) switches to / from JM Arbitrage Advantage Fund from / to any equity scheme and (ii) switches from any scheme to an equity scheme during its New Fund Offer period.
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
18
SNAPSHOTINVESTMENT OBJECTIVE
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 10 years of
experience in fund management & fi nancial services sector).
INCEPTION
31st December, 1997
Super Institutional Plan: May 2004.
Premium Plan - Daily Div. Option: February, 2006
NAV DETAILS
Regular Plan
Growth Plan (Rs.) : 22.7476
Dividend Plan (Rs.) : 10.5589
Daily Dividend Plan (Rs.) : 10.4302
Growth Plan - Bonus option (Rs.) : 11.9457
Dividend Plan - Qtly. Dividend option (Rs.) : 13.0965
Institutional Plan
Growth option (Rs.) : 13.7247
Dividend option (Rs.) : 10.3200
Daily Dividend option (Rs.) : 10.0159
Super Institutional Plan
Growth option (Rs.) : 13.0495
Daily Dividend option (Rs.) : 10.0165
Wkly. Dividend option (Rs.) : 10.0000
Premium Plan - Daily Dividend option (Rs.) : 10.0000
CORPUS : Rs. 733.28 Crores
MINIMUM INVESTMENT @
Rs. 5000/- for Regular plan & Premium Plan, Rs. 1 crore for
Institutional plan & Rs. 5 crore for Super Institutional plan.
ENTRY LOAD: NIL
EXIT LOAD: NIL
PLANS / OPTIONS
Regular Plan with Dividend (Daily, Weekly & Quarterly), Growth
& Bonus.
Institutional plan with Growth, Dividend with Daily & Weekly
Dividend options.
Super Institutional plan with Growth, Dividend, Weekly & Daily
Dividend options.
Premium plan with Daily Dividend option.
DIVIDEND FREQUENCY *
Regular plan - Daily / Weekly / Quarterly
Institutional plan - Daily / Weekly
Super Institutional plan - Daily / Weekly
Premium Plan - Daily
REDEMPTION TIME# : T + 1 Working Days.
EXPENSE RATIO
High Liquidity Fund : 0.20%
High Liquidity Fund - Premium Plan Daily Dividend Option: 0.20%
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective Scheme Off er Document.
(*) Dividends shall be declared at the discretion of the Trustee subject to availability of distributable profi ts as computed in accordance with SEBI (Mutual Funds) Regulations, 1996.
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
CRISIL AAAf RATED ##
## Please refer to the back cover page.
JM High Liquidity Fund(An Open-Ended Liquid Scheme)
JM HIGH LIQUIDITY FUND PREMIUM PLAN
ASSET ALLOCATION
PERFORMANCE (%) Plan 7 Days 15 Days 30 Days 3 Month 6 MonthGrowth Plan 8.91 8.92 8.78 8.51 8.35CLFI** 8.33 8.57 8.00 6.75 7.40
Plan 1 Year 3 Years 5 Years Incep.*Growth Plan 8.06 6.88 5.93 8.07CLFI** 6.91 6.56 5.62 NA
* Inception date = Allotment date i.e. 31.12.1997
** Benchmark Index: CRISIL Liquid Fund Index
Note: 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.
PORTFOLIO STATISTICSHigh Liquidity FundCurrent Yield 8.86%Duration 0.2426 yearsAverage Maturity 0.2456 years
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Rating
Certifi cate of Deposits 42,196.31 57.99
Canara Bank 393.71 0.54 P1+
Canara Bank 4,248.87 5.84 P1+
Corporation Bank 2,392.29 3.29 P1+
ICICI Bank 543.63 0.75 A1+
ICICI Bank 2,382.80 3.27 A1+
IDBI Bank 1,430.57 1.97 PR1+
Jammu & Kashmir Bank 7,901.14 10.86 P1+
Oriental Bank of Commerce 2,430.57 3.34 P1+
Oriental Bank of Commerce 888.79 1.22 P1+
Punjab National Bank 2,467.63 3.39 A1+
Punjab National Bank 2,381.13 3.27 A1+
State Bank of India 4,687.43 6.44 P1+
State Bank of Mysore 4,817.50 6.62 A1+
State Bank of Patiala 4,930.50 6.78 A1+
Union Bank of India 299.75 0.41 A1+
Commercial Paper 17,308.79 23.79
Power Fin. Corp. 12,317.40 16.93 P1+
Rabo India fi n 4,991.39 6.86 P1+
Floating Rate Bonds 20,873.68 28.68
Alkem Laboratories 2,500.00 3.44 P1+
BHW Home Finance 2,200.00 3.02 A1+
Blue Star 2,000.00 2.75 PR1+
Citicorp Finance 210.00 0.29 AAA
Citicorp Maruti Fin. 1,000.30 1.37 AAA
India Infoline 2,500.00 3.44 A1+
Indian Railway Fin. Corp. 663.38 0.91 AAA
Piramal Healthcare 5,000.00 6.87 A1+**
Piramal Healthcare 500.00 0.69 A1+
Redington India 1,000.00 1.37 P1+
Reliance Capital 2,300.00 3.16 A1+
Usha Martin 1,000.00 1.37 PR1+
Privately Placed Debenture 1,093.90 1.50
First Leasing Co. of India 693.90 0.95 PR1+
Ranbaxy Laboratories 400.00 0.55 P1+
Securitised 10,042.99 13.80
Credit Asset Trust Series XVI - Class A2 2,505.12 3.44 F1+(ind)(so)
GE Loan Trust Series I 2,500.00 3.44 LAA(so)
India Loan Sec. Series VI Trust 2006 Sr.A 73.74 0.10 AAA(so)
Indian Corporate Loan Sec.
TrustSr.15-A2
4,746.56 6.52 P1+(so)
Indian Corporate Loan Sec.
TrustSr.15-A3
217.57 0.30 P1+(so)
Total Debt 91,515.67 125.76
CBLO 83.57 0.11
Others* (18,834.29) (25.87)
Total Assets 72,764.95 100.00
JM HIGH LIQUIDITY FUND - PREMIUM PLAN - DAILY DIVIDEND
Certifi cate of Deposits 1.98 0.35
Oriental Bank of Commerce 1.98 0.35 P1+
Total Debt 1.98 0.35
CBLO 561.44 99.66
Others* (0.05) (0.01)
Total Assets 563.37 100.00
(*includes net receivables / payables, if any)(**shadow rating)
(*includes net receivables / payables, if any)(*includes net receivables / payables, if any)
JM HIGH LIQUIDITY FUND
ASSET ALLOCATION
DIVIDEND / BONUS HISTORY :
FY 2008-09$ Regular Plan - Dividend Option 2.5800%
Regular Plan - Daily Dividend Option 2.8913%
Regular Plan - Quarterly Dividend Option -
Inst. Plan - Dividend option 2.5200%
Inst. Plan - Daily Dividend option 2.7770%
Super Inst. Plan - Weekly Div. option 1.1670%
Super Inst. Plan - Daily Div. option 2.7766%
Premium Plan - Daily Div. option 2.1732%
FY 2006-07$ Regular Plan - Dividend Option 5.906%
Regular Plan - Daily Dividend Option 7.049%
Inst. Plan - Dividend option 5.855%
Inst. Plan - Daily Dividend option 6.868%
Super Inst. Plan - Weekly Div. option 5.944%
Super Inst. Plan - Daily Div. option 6.982%
Premium Plan - Daily Div. option 6.918%
FY 2005-06$ Regular Plan - Dividend Option 4.5880%
Regular Plan - Daily Dividend Option 5.0985%
Inst. Plan - Dividend option 4.9020%
Inst. Plan - Daily Dividend option 5.2423%
Super Inst. Plan - Weekly Div. option 5.2540%
Super Inst. Plan - Daily Div. option 5.5167%
Premium Plan - Daily Div. option 0.8614%
FY 2004-05$ Dividend Plan 22.3350%
Daily Dividend Plan 4.2926%
Inst. Plan - Dividend option 4.4630%
Inst. Plan - Daily Dividend option 4.4686%
Super Inst. Plan - Weekly Div. option 3.9730%
Super Inst. Plan - Daily Div. option 4.0218%
Regular Plan - Growth - Bonus option :190 : 1000 on 23/10/2006
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.
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
19
SNAPSHOT
INVESTMENT OBJECTIVEAn open-ended liquid scheme which seeks to provide income by way of dividend (dividend option) and capital gains (growth option) through investing in debt and money market instruments.
FUND MANAGERShalini Tibrewala(Managing this fund since September, 2006 & total 10 years of experience in fund management & financial services sector).
INCEPTION27th September, 2006
NAV DETAILSRegular Plan - Growth option : 11.4667 Daily Dividend option : 10.0112 Weekly Dividend option : 10.1351Super Plan - Growth option : 11.4587 Daily Dividend option : 10.0055 Weekly Dividend option : 10.1135 Fortnightly Dividend option : 10.0454Super Plus Plan - Growth option : 11.6565 Daily Dividend option : 10.0041 Weekly Dividend option : 10.1456 Fortnightly Dividend option : 10.1097
CORPUS: Rs. 2,864.55 Crores
MINIMUM INVESTMENT @ : Rs. 5000/-.
ENTRY LOAD: NIL
EXIT LOADNil for Regular PLan.Super plan: 0.10% if redeemed within 30 calendar days from the date of allotment of units. Super Plus plan : 0.1% if redeemed within 7 calendar days from the date of allotment of units.
PLANS / OPTIONSRegular plan, Super plan & Super Plus plan with Growth option, Daily Div. option, Weekly Div. option, Fortnightly Div. option
DIVIDEND FREQUENCY*Daily / Weekly / Fortnightly (with compulsory reinvestment).
REDEMPTION TIME # : T+1 Working Days.
EXPENSE RATIO : Regular Plan : 0.34% Super Plan : 0.34% Super Plus Plan : 0.34%
(*) Dividends shall be declared at the discretion of the Trustee subject to availability of distributable profi ts as computed in accordance with SEBI (Mutual Funds) Regulations, 1996.
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Money Manager Fund(An Open-Ended Income Scheme)
PORTFOLIO Issuer Market
Value (Rs. In
Lacs)
% to
NAV
Rating
REGULAR PLAN
Certifi cate of Deposits 1,718.51 75.46
Allahabad Bank 1,357.87 59.62 P1+
IDBI Bank 260.72 11.45 PR1+
Union Bank of India 99.92 4.39 A1+
Commercial Paper 99.68 4.38
Indiabulls Fin. Ser. 99.68 4.38 P1+
Non Convertible Debenture 70.92 3.11
Reliance Industries 70.92 3.11 AAA
Privately Placed Debenture 300.00 13.17
Ballarpur Industries 100.00 4.39 P1+
Deccan Chronicle Holdings 100.00 4.39 AA
Ranbaxy Laboratories 100.00 4.39 P1+
Total Debt 2,189.11 96.12
CBLO 83.16 3.65
Others* 5.37 0.23
Total Assets 2,277.64 100.00
SUPER PLAN
Certifi cate of Deposits 25.98 0.06
Union Bank of India 25.98 0.06 A1+
Commercial Paper 12,530.10 30.50
Hindustan Sanitaryware & Ind. 4,925.29 11.99 A1+
Indiabulls Fin. Ser. 4,136.87 10.07 P1+
Tata Motor Fin. 1,988.86 4.84 A1+
Tata Sons 1,479.08 3.60 P1+
Floating Rate Bonds 12,600.00 30.68
Berger Paints India 2,000.00 4.87 P1+
Gammon India 2,000.00 4.87 PR1+
Gammon India 500.00 1.22 PR1+
India Infoline 2,500.00 6.09 A1+
Lanco Industries 2,600.00 6.33 PR1+
Redington India 3,000.00 7.30 P1+
Non Convertible Debenture 70.92 0.17
Reliance Industries 70.92 0.17 AAA
Privately Placed Debenture 12,739.94 31.01
Chambal Fert. & Chem. 1,000.00 2.43 P1+
Indiabulls Fin. Ser. 5,000.00 12.17 P1+
Kotak Mahindra Invt. 39.94 0.10 A1+
Kotak Mahindra Prime 200.00 0.49 P1+
Magma Shrachi Finance 2,000.00 4.87 PR1+
Manaksia 700.00 1.70 PR1+
Ranbaxy Laboratories 3,500.00 8.52 A1+
Ranbaxy Laboratories 300.00 0.73 P1+
Securitised 1,505.58 3.66
Credit Asset Trust Sr. XXXV-Class A4 1,505.58 3.66 LAAA(so)
Total Debt 39,472.52 96.08
CBLO 1,476.20 3.59
Others* 131.68 0.33
Total Assets 41,080.40 100.00
SUPER PLUS PLAN
Certifi cate of Deposits 194,683.75 80.07
Allahabad Bank 2,380.98 0.98 P1+
Allahabad Bank 8,341.20 3.43 P1+
Allahabad Bank 2,471.01 1.02 P1+
Andhra Bank 18,874.38 7.76 A1+
AXIS Bank 492.70 0.20 P1+
Canara Bank 6,706.70 2.76 P1+
Canara Bank 11,797.25 4.85 P1+
Canara Bank 2,417.68 0.99 P1+
Corporation Bank 2,378.16 0.98 P1+
Federal Bank 2,413.02 0.99 P1+
ICICI Bank 2,473.59 1.02 A1+
ICICI Bank 11,879.62 4.89 A1+
ICICI Bank 4,795.12 1.97 A1+
ICICI Bank 4,771.65 1.96 A1+
ICICI Bank 2,415.87 0.99 A1+
IDBI Bank 4,479.65 1.84 PR1+
IDBI Bank 9,666.82 3.98 PR1+
Oriental Bank of Commerce 221.49 0.09 P1+
Oriental Bank of Commerce 3,716.53 1.53 P1+
Punjab National Bank 3,321.87 1.37 A1+
Punjab National Bank 13,645.33 5.61 A1+
Punjab National Bank 5,776.34 2.38 A1+
Punjab National Bank 4,462.53 1.84 A1+
Punjab National Bank 4,939.29 2.03 A1+
State Bank of Mysore 2,472.79 1.02 A1+
State Bank of Patiala 4,738.73 1.95 A1+
State Bank of Travancore 4,796.48 1.97 P1+
State Bank of Hyderabad 4,839.96 1.99 A1+
State Bank of Bikaner & Jaipur 4,806.21 1.98 P1+
State Bank of India 9,583.81 3.94 P1+
State Bank of India 8,436.93 3.47 P1+
State Bank of Indore 494.59 0.20 P1+
State Bank of Patiala 2,479.21 1.02 A1+
State Bank of Patiala 9,861.00 4.06 A1+
Vijaya Bank 4,849.09 1.99 PR1+
Yes Bank 2,486.17 1.02 A1+
Commercial Paper 22,509.68 9.26
Birla Global Finance 2,440.22 1.00 A1+
Britannia Ind. 2,476.80 1.02 P1+
HDFC 551.74 0.23 P1+
ICICI Home Finance 2,408.59 0.99 A1+
ICICI Home Finance 2,392.22 0.98 A1+
Indiabulls Fin. Ser. 24.92 0.01 P1+
Investsmart Fin. Ser. 2,379.80 0.98 A1+
L & T Infra.Fin. Co. 2,496.04 1.03 A1+
National Housing Bank 4,947.53 2.04 A1+
Sharekhan 2,391.82 0.98 A1+
Floating Rate Bonds 18,290.00 7.52
Citicorp Finance 790.00 0.32 AAA
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
20
JM Money Manager Fund(An Open-Ended Income Scheme)
PERFORMANCE (%) Plan 6 Mths 1 Year Incep.*Regular Plan - Growth option 4.50 8.26 7.71
Super Plan - Growth option 4.50 8.21 7.66Super Plus Plan - Growth option 4.35 8.81 8.67CLFI ** 3.69 6.91 7.26
* Inception date = Allotment date i.e. 27.09.2006
** Benchmark Index: CRISIL Liquid Fund Index
Note: 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.
PORTFOLIO STATISTICSRegular PlanCurrent Yield 8.63%Duration 0.3874 yearsAverage Maturity 0.4042 yearsSuper PlanCurrent Yield 9.61%Duration 0.1634 yearsAverage Maturity 0.1655 yearsSuper Plus PlanCurrent Yield 8.87%Duration 0.4207 yearsAverage Maturity 0.4221 years
ASSET ALLOCATION (SUPER PLUS PLAN)
ASSET ALLOCATION (SUPER PLAN)
ASSET ALLOCATION (REGULAR PLAN)
(*includes net receivables / payables, if any)
(*includes net receivables / payables, if any)
(*includes net receivables / payables, if any)
Gammon India 3,300.00 1.36 PR1+
Hindustan National Glass & Ind. 3,800.00 1.56 PR1+
Lanco Industries 2,000.00 0.82 PR1+
Lanco Industries 400.00 0.16 PR1+
Lanco Industries 500.00 0.21 PR1+
Magma Shrachi Fin. 2,500.00 1.03 PR1+
Piramal Healthcare 5,000.00 2.06 A1+**
Non Convertible Debentures 4,751.79 1.96
CitiFinancial Con.Fin. 485.23 0.20 AAA
Export Import Bank of India 1,499.61 0.62 AAA
Kotak Mahindra Prime 409.99 0.17 LAA
Nabard 2,356.96 0.97 AAA
Privately Placed Debenture 2,680.25 1.10
Birla Global Finance 46.00 0.02 A1+
Citi Fin.Con.Finance 264.04 0.11 AAA
First Leasing Co. of India 1,000.00 0.41 PR1+
First Leasing Co. of India 70.00 0.03 PR1+
I L & F S 1,000.21 0.41 LAAA
Ranbaxy Holding Company 300.00 0.12 P1
Treasury Bills 697.97 0.29
364 Days T-Bill 15/08/08 697.97 0.29 SOV
Total Debt 243,613.44 100.20
CBLO 2,135.77 0.88
Others* (2,651.75) (1.08)
Total Assets 243,097.46 100.00
(*includes net receivables / payables, if any) (** Shadow Rating)
DIVIDEND / BONUS HISTORY :
FY 2008-09$ Regular Plan - Daily Dividend option 2.5401%
Regular Plan - Weekly Dividend option 2.5100%
Super Plan - Daily Dividend option 3.0536%
Super Plan - Weekly Dividend option 2.6650%
Super Plan - Fortnightly Dividend option 2.6090%
Super Plus Plan - Daily Dividend option 2.8534%
Super Plus Plan - Weekly Dividend option 2.5080%
Super Plus Plan - Fortnightly Dividend option 2.6190%
FY 2007-08$ Regular Plan - Daily Dividend option 7.4100%
Regular Plan - Weekly Dividend option 4.1820%
Super Plan - Daily Dividend option 6.7320%
Super Plan - Weekly Dividend option 3.0190%
Super Plus Plan - Daily Dividend option 8.3526%
Super Plus Plan - Weekly Dividend option 4.8830%
Super Plus Plan - Fortnightly Dividend option 5.1990%
FY 2006-07$ Regular Plan - Dividend option 3.713%
Super Plan - Dividend option 3.765%
Super Plus Plan - Dividend option 4.058%
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.
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
21
SNAPSHOT
INVESTMENT OBJECTIVETo provide regular income and capital appreciation through investment in fl oating rate debt instruments, fi xed rate debt instruments swapped for fl oating rate returns and also fi xed rate instruments and money market instruments.
FUND MANAGERShalini Tibrewala(Managing this fund since March, 2006 & total 10 years of experience in fund management & fi nancial services sector).
INCEPTION25th June, 2003Liquid Plus Fund - Premium Plan (LPF-PP):September, 2004
NAV DETAILSRegular Plan - Growth option (Rs.) : 13.2367 Dividend option (Rs.) : 13.2818 Daily Dividend option (Rs.) : 10.0031 Wkly Dividend option (Rs.) : 10.1288Premium Plan - Growth option (Rs.) : 12.7215 Dividend option (Rs.) : 10.1617 Daily Dividend option (Rs.) : 10.0031 Wkly Dividend option (Rs.) : 10.1557
CORPUS : Rs. 24.69 Crores
MINIMUM INVESTMENT @ : Rs. 5000/-.
ENTRY LOAD : NIL
EXIT LOAD0.50% on all investments upto and including Rs. 5 lakhs, if such investments are redeemed or switched out within 90 days of investment. Nil for investments above Rs. 5 lakhs.Liquid Plus Fund - Premium Plan: Nil
PLANS / OPTIONSRegular plan & Premium plan with Dividend & Growth options.
DIVIDEND FREQUENCY *Regular Plan: Daily / Weekly.Liquid Plus Fund - Premium Plan: Daily / Weekly.
REDEMPTION TIME # : T+1 Working Days.
EXPENSE RATIO : 0.54%
(*) Dividends shall be declared at the discretion of the Trustee subject to availability of distributable profits as computed in accordance with SEBI (Mutual Funds) Regulations, 1996.
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
Premium Plan:CRISIL AAAf RATED ##
## Please refer to the back cover page.
JM Liquid Plus Fund(An Open-Ended Income Scheme)(Formerly known as JM Floater Fund - Long Term Plan)
ASSET ALLOCATION (SUPER PLAN)
DIVIDEND HISTORY
FY 2008-09$ Regular Plan - Daily Dividend option 2.4630%
Regular Plan - Weekly Dividend option 2.1820%
Premium Plan - Daily Dividend option 2.4963%
Premium - Weekly Dividend option 2.2190%
Premium - Dividend Option 2.4440%
FY 2007-08$ Regular Plan - Daily Dividend option 6.4537%
Regular Plan - Weekly Dividend option 5.2330%
Premium Plan - Daily Dividend option 6.6912%
Premium - Weekly Dividend option 5.4420%
Premium - Dividend Option 7.0010%
FY 2006-07$ Long Term Plan - Premium Plan - Div. Option 5.579%
FY 2005-06$ Long Term Plan - Premium Plan - Div. Option 5.3830%
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.
PERFORMANCE (%) Plan 6 Mths 1 Year 3 Years 5 Years Incep.*
Regular Plan 3.82 7.85 6.70 5.69 5.65
CLFI** 3.69 6.91 6.56 5.62 5.60
* Inception date = Allotment date i.e. 25.06.2003** 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.
PORTFOLIO STATISTICSCurrent Yield 8.46%
Duration 1.0057 years
Average Maturity 1.0057 years
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Certifi cate of Deposits 761.30 30.84
ICICI Bank 406.77 16.48 A1+
Oriental Bank of Commerce 354.53 14.36 P1+
Floating Rate Bonds 870.55 35.26
Indian Railway Fin. Corp. 90.46 3.66 AAA
Union Bank of India 490.00 19.85 AA+
UTI Bank 290.09 11.75 LAA+
Privately Placed Debenture 500.00 20.25
Kotak Mahindra Prime 400.00 16.20 # P1+
Ranbaxy Laboratories 100.00 4.05 P1+
Total Debt 2,131.85 86.35
CBLO 290.49 11.77
Others* 46.48 1.88
Total Assets 2,468.82 100.00
(*includes net receivables / payables, if any)# For instruments other than Money Market, increase over 15% is on account of market movements / change in net assets of the scheme.
(*includes net receivables / payables, if any)
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
22
SNAPSHOT
INVESTMENT OBJECTIVE
To provide regular income and capital appreciation
through investment in fl oating rate debt instruments,
fi xed rate debt instruments swapped for fl oating rate
returns and also fi xed rate instruments and money market
instruments.
FUND MANAGER
Shalini Tibrewala
(Managing this fund since March, 2006 & total 10 years
of experience in fund management & fi nancial services
sector).
INCEPTION
25th June, 2003
NAV DETAILS
Short Term Plan -
Growth option (Rs.) : 13.5765
Dividend option (Rs.) : 10.0883
CORPUS
Rs. 17.32 Crores
MINIMUM INVESTMENT @
Rs. 5000/-.
ENTRY LOAD
NIL
EXIT LOAD
NIL
PLANS / OPTIONS
Short Term plan with Dividend & Growth options.
DIVIDEND FREQUENCY *
Daily
REDEMPTION TIME #
T+1 Working Days.
EXPENSE RATIO: 0.25%
(*) Dividends shall be declared at the discretion of the Trustee subject to availability of distributable profits as computed in accordance with SEBI (Mutual Funds) Regulations, 1996.
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@) After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Floater Fund(An Open-Ended Liquid Scheme)
DIVIDEND HISTORY
FY 2008-09$ Short Term Plan - Dividend Option 2.5236%
FY 2007-08$ Short Term Plan - Dividend Option 7.0486%
FY 2006-07$ Short Term Plan - Dividend Option 6.742%
FY 2005-06$ Short Term Plan - Dividend Option 5.3910%
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.
PERFORMANCE (%) Plan 7 Days 15 Days 30 Days 3 Mths
Short Term Plan 8.31 7.97 7.71 7.58
CLFI** 8.33 8.57 8.00 6.75
Plan 6 Mths 1 Year 3 Years 5 Years Incep.*
Short Term Plan 7.57 7.44 6.91 6.21 6.17
CLFI** 7.40 6.91 6.56 5.62 5.60
* Inception date = Allotment date i.e. 25.06.2003
** Benchmark Index: CRISIL Liquid Fund Index
Note: 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.
PORTFOLIO STATISTICSShort Term Plan
Current Yield 8.98%
Duration 0.1820 Years
Avg. Maturity 0.1850Years
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Rating
Certifi cate of Deposits 47.40 2.74
Oriental Bank of Commerce 47.40 2.74 P1+
Floating Rate Bonds 1,590.26 91.82
Union Bank of India 700.00 40.42 AA+
UTI Bank 890.26 51.40 LAA+
Total Debt 1,637.66 94.56
CBLO 0.49 0.03
Others* 93.77 5.41
Total Assets 1,731.92 100.00
(*includes net receivables / payables, if any)
ASSET ALLOCATION
(*includes net receivables / payables, if any)
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
23
SNAPSHOT
INVESTMENT OBJECTIVE
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 MANAGERMohit Verma
(Managing this fund since August, 2007 & total 14 years of
experience in fi nancial services sector out of which 8 years
of experience in the interest rate markets).
INCEPTION24th June, 2002
NAV DETAILS
Regular Plan -
Growth Plan (Rs.) : 14.6651
Dividend Plan (Rs.) : 11.2397
Institutional Plan -
Growth option (Rs.) : 10.4930
Dividend option (Rs.) : 10.1909
CORPUSRs. 22.20 Crores
MINIMUM INVESTMENT @ Rs. 5000/-.Institutional Plan: Rs. 1 Lakh.
ENTRY LOAD NIL
EXIT LOADNIL
PLANS / OPTIONS
Dividend (Payout & Reinvestment option) & Growth.
Institutional Plan with Dividend & Growth option.
REDEMPTION TIME #
T+1 Working Days.
EXPENSE RATIO : 0.81%
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Short Term Fund(An Open-Ended Income Scheme)
DIVIDEND HISTORYFinancial Year Plan Dividend (%)
FY 2008-09$ Dividend Plan 2.3120%
Inst. Plan - Dividend Option 2.1860%
FY 2007-08$ Dividend Plan 6.8580%
Inst. Plan - Dividend Option 9.2980%
FY 2006-07$ Dividend Plan 2.885%
Inst. Plan - Dividend Option 6.403%
FY 2005-06$ Dividend Plan 3.2600%
Inst. Plan - Dividend Option 4.8030%
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.
PERFORMANCE (%) Plan 6 Mths 1 Year 3 Years 5 Years Incep.*
Growth Plan 0.86 6.30 6.42 6.03 6.47
CLFI** 3.69 6.91 6.56 5.62 5.59
* 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.
PORTFOLIO STATISTICSCurrent Yield 8.91%
Duration 1.3722 Years
Avg. Maturity 1.5529 Years
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Rating
Commercial Paper 124.60 5.61
Indiabulls Fin. Ser. 124.60 5.61 P1+
Non Convertible Debenture
484.21 21.81
Infrastructure Leasing&Fin.Ser.
484.21 21.81# AAA (ind)
Privately Placed Debenture
684.55 30.83
Citi Fin.Con.Finance 684.55 30.83# AAA
Total Debt 1,293.36 58.25
CBLO 378.11 17.03
Others* 548.76 24.72
Total Assets 2,220.23 100.00
(*includes net receivables / payables, if any)# For instruments other than Money Market, increase over 15% is on account of market movements / change in net assets of the scheme.
ASSET ALLOCATION
(*includes net receivables / payables, if any)
���Value Research Rating###
JM SHORT TERM FUND - REGULARIN DEBT - SHORT TERM CATEGORY
(24 Open-Ended Schemes) for 18 months period ending July 2008.
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
24
SNAPSHOT
INVESTMENT OBJECTIVE
To generate stable long term returns with low risk strategy
and capital appreciation / accretion through investment
in debt instruments and related securities besides
preservation of capital.
FUND MANAGER
Mohit Verma
(Managing this fund since August, 2007 & total 14 years of
experience in fi nancial services sector out of which 8 years
of experience in the interest rate markets).
INCEPTION
1st April, 1995
NAV DETAILS
Growth Plan (Rs.) : 29.2775
Dividend Plan (Rs.) : 10.3582
Growth Plan -
Bonus option (Rs.) : 11.9777
CORPUS
Rs. 19.22 Crores
MINIMUM INVESTMENT @
Rs. 5000/-.
ENTRY LOAD
NIL
EXIT LOAD
0.40% for investments upto Rs. 5 lakhs if redemptions /
switches are carried out within a period of 90 days from
the date of investment. Nil for investments more than
Rs. 5 lakhs.
PLANS / OPTIONS
Dividend (Payout & Reinvestment option) & Growth.
DIVIDEND FREQUENCY *
Quarterly
REDEMPTION TIME #
T+2 Working Days.
EXPENSE RATIO: 2.00%
(*) Dividends shall be declared at the discretion of the Trustee subject to availability of distributable profits as computed in accordance with SEBI (Mutual Funds) Regulations, 1996.
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@) After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM Income Fund(An Open-Ended Income Scheme)
CRISIL AAAf RATED ##
## Please refer to the back cover page.
DIVIDEND / BONUS HISTORY
Dividend Plan
FY 2006-07$ 2.500%
FY 2005-06$ 3.526%
FY 2004-05$ 1.64%
Growth Plan - Bonus Option
12.5 : 1000 on 14/03/04 50 : 1000 on 24/12/02
25 : 1000 on 14/12/03 35 : 1000 on 24/09/02
25 : 1000 on 14/09/03 15 : 1000 on 28/06/02
22 : 1000 on 14/06/03 1 : 1 on 25/03/02
20 : 1000 on 14/04/03
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.
PERFORMANCE (%) Plan 6 Mths 1 Year 3 Years 5 Years Incep.*
Growth Plan (3.70) 0.49 2.20 2.90 8.38
CCBFI** (1.39) 2.48 3.92 3.60 NA
* Inception date = Allotment date i.e. 01.04.1995
** Benchmark Index: CRISIL Composite Bond Fund Index
Note: CAGR for period 1 year or more, with reinvestment of dividends (if any).
Past performance may or may not be sustained in future.
PORTFOLIO STATISTICSCurrent Yield 9.97%
Duration 1.6700 Years
Avg. Maturity 1.7225 Years
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
Rating
Non Convertible
Debentures
458.84 23.88
DSP Merrill Lynch Capital 107.38 5.59 AAA(fso)
ICICI Bank 280.54 14.60 AAA
Reliance Industries 70.92 3.69 AAA
Floating Rate Bonds 390.12 20.29
Indian Railway Fin. Corp. 10.05 0.52 AAA
Union Bank of India 130.00 6.76 AA+
UTI Bank 250.07 13.01 LAA+
Privately Placed
Debenture
491.84 25.60
Citi Fin.Con.Finance 293.38 15.27# AAA
Unitech 198.46 10.33 A+ (ind)
Securitised 288.37 15.00
CLSS 2 Trust 2009 Sr. A2
30/03/09
89.45 4.65 P1+(so)
Credit Asset Trust Series
L-Class A3 16/06/09
198.92 10.35 F1+(ind)(so)
Total Debt 1,629.17 84.77
CBLO 187.06 9.73
Others* 105.53 5.50
Total Assets 1,921.76 100.00
(*includes net receivables / payables, if any)# For instruments other than Money Market, increase over 15% is on account of market movements / change in net assets of the scheme.
ASSET ALLOCATION
(*includes net receivables / payables, if any)
Trust is always the answer
CONTACTDetails as on July 31, 2008CONTACT
25
SNAPSHOT
INVESTMENT OBJECTIVETo provide ultimate level of safety to its unitholders through investments in sovereign securities issued by the Central and State Government.
FUND MANAGERMohit Verma(Managing this fund since August, 2007 & total 14 years of experience in fi nancial services sector out of which 8 years of experience in the interest rate markets).
INCEPTIONRegular Plan : 29th September, 1999PF Plus Plan : 15th January, 2004
NAV DETAILSRegular Plan - Growth option (Rs.) : 22.3816 Dividend option (Rs.) : 10.7003 Bonus option (Rs.) : 10.8887PF Plus Plan - Growth option (Rs.) : 10.9224 Dividend option (Rs.) : 10.9260
CORPUS: Rs. 9.44 Crores
MINIMUM INVESTMENT @ Regular Plan : Rs. 5000/-PF Plus Plan : Rs. 1 lakh.
ENTRY LOAD: NIL
EXIT LOADRegular Plan - Exit load of 0.25% for investments upto Rs. 2 Lacs redeemed or switched out within 90 days from date of investment. No exit load for investments above Rs. 2 Lacs. PF Plus Plan - Exit Load of 0.60% at applicable NAV if redeemed either through normal redemption or exercising Fixed Period RedemptionOption (FPRO) or switched out within 180 days from the date of the investment. No exit load would be applicable for cases covered under Automatic Annual Reinvestment Option (AARO) and Automatic Capital Appreciation Withdrawal Option (ACAWO).
PLANS / OPTIONSRegular Plan - Dividend, Growth, Growth - Bonus Options.PF Plus Plan - Growth and Dividend options.
DIVIDEND FREQUENCY*Regular Plan - Quarterly
REDEMPTION TIME #
T+2 Working Days.
EXPENSE RATIO : Regular Plan - 1.35%,PF Plus Plan - 1.05%
(*) Dividends shall be declared at the discretion of the Trustee subject to availability of distributable profi ts as computed in accordance with SEBI (Mutual Funds) Regulations, 1996.
(#) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Off er Document.
(@)After the minimum investment, additional investment under all Schemes / Plans is any amount thereafter. For ongoing investment in an existing folio, the minimum investment will be Rs. 1000/- or any amount thereafter. For investing under SIP/STP/SWP option, please refer to respective scheme off er document.
JM G-Sec Fund(An Open-Ended Dedicated Gilt Scheme)
DIVIDEND / BONUS HISTORY
Regular Plan - Div. Option PF Plan - Dividend Option
FY 2007-08$ - -
FY 2006-07$ 2.8% -
FY 2005-06$ 3.8500% -
Regular Plan - Bonus Option
15 : 1000 on 14/06/06 10 : 1000 on 14/03/05
20 : 1000 on 14/03/06 5 : 1000 on 14/12/04
7.5 : 1000 on 15/12/05 5 : 1000 on 14/06/04
6.5 : 1000 on 15/09/05 12.5 : 1000 on 14/03/04
10 : 1000 on 14/06/05
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.
PERFORMANCE (%) Plan 6 Mths 1 Year 3 Years 5 Years Incep.*
Regular Plan 1.38 3.89 3.77 3.86 9.54
I-SEC** (4.41) 0.22 4.28 4.05 NA
Plan 6 Mths 1 Year 3 Years Incep.*
PF Plus Plan (3.01) (1.34) 1.43 1.96
I-SEC** (4.41) 0.22 4.28 3.47
* Inception date = Allotment date i.e.
Regular : 29.09.1999
PF Plus Plan : 15.01.2004
** Benchmark Index: I-SEC Composite 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.
PORTFOLIO Issuer Market Value
(Rs. In Lacs)
% to
NAV
REGULAR PLAN
Treasury Bills 299.13 93.30
364 Days T-Bill 15/08/08 299.13 93.30 SOV
Total Debt 299.13 93.30
CBLO 21.96 6.85
Others* (0.46) (0.15)
Total Assets 320.63 100.00
PF PLUS PLAN
Total Debt 0.00 0.00
CBLO 148.46 23.81
Others* 475.04 76.19
Total Assets 623.50 100.00
(*includes net receivables / payables, if any)
PORTFOLIO STATISTICSRegular Plan
Current Yield 7.04%
Duration 0.0359 Years
Avg. Maturity 0.0385 Years
PF Plus Plan
Current Yield 6.50%
Duration 0.0027 Years
Avg. Maturity 0.0027 Years
ASSET ALLOCATIONASSET ALLOCATION
(*includes net receivables / payables, if any) (*includes net receivables / payables, if any)
���Value Research Rating###
JM G-SEC REGULAR PLANIN GILT - MEDIUM & LONG TERM CATEGORY
(42 Schemes) for 18 month periodending June 2008.
Scheme
Details
JM Arbitrage
Advantage Fund
JM Equity &
Derivative Fund
JM High
Liquidity Fund
JM Money
Manager Fund
JM Liquid Plus
Fund
JM Floater
Fund
JM Short Term
Fund
JM Income
Fund
JM G-sec Fund
(Regular Plan)
JM G-sec Fund
(PF Plus Plan)Launch Date June 2006 Feb 2005 Dec 1997
***Super
IP: May ‘04 Premium Plan
- Daily Div Option: 10 Feb 2006
Sept 2006 June 2003 LPF-PP° :
Sept 2004
June 2003 June 2002 Dec 1994 Sept 1999 Dec 2003
Entry Load Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Exit Load 0.50% of NAV on all investments
if redeemed within 30 days
of transfer / allotment of units.
On all
investments of
less than and
including Rs.
1 crore : 2% for investments
redeemed within 25 days
from the date of allotment; 1.5% for investments
redeemed within 85 days
from the date of allotment; 1%
for investments redeemed within
175 days from the date of allotment.
On all
investments above Rs. 1
crore: 0.50% for investments redeemed / switched out
within 25 daysfrom the date of
allotment.
Nil Regular Plan : Nil Super Plan : 0.1% if redeemed
within 30 calendar days from the date of allotment
of units. Super Plus
Plan: 0.1% if redeemed
within 7 calendar days from the date of allotment of
units.
LPF: 0.50% on all investments
upto and including Rs. 5 Lakhs, if such investments
are redeemed or switched out within 90 days of
investment. Nil for investments
above Rs. 5 Lakhs.
LPF-PP0: Nil
STP: Nil Nil 0.40% for investments
upto Rs. 5 Lakhs if
redemptions / switches are carried out within a period of 90 days from the date of investment.
Nil for investments more than
Rs. 5 Lakhs.
0.25% for investments
upto Rs. 2 Lacs redeemed or
switched out within 90 days from date
of investment. No exit load for
investments above Rs. 2 Lacs.
Nil 0.60% (+)
Plans/
Options
Growth Plan
Dividend Plan
Growth Option
Dividend Option
Bonus Option
Growth Plan Dividend Plan Daily Div. Plan Growth Plan
Bonus OptionDividend Plan Qly. Div. option
Inst. Plan
Growth option Dividend option Daily Div option
Super Inst.
Plan: Growth option
Daily Div option Weekly Div
option Premium
Plan(PP): Daily Div Option
Regular Plan: Growth option
Daily Div option Weekly Div
option Super Plan:
Growth option Daily Div option
Weekly Div option
Super Plus
Plan Growth option
Daily Div option Weekly Div
option Fortnightly - Div
Option
Regular Plan: Growth Option
Dividend OptionDaily Div.
Option Weekly. Div.
Option Premium Plan: Growth Option
Dividend OptionDaily Div.
Option Weekly. Div.
Option
Short Term
Plan:
Growth Option
Dividend Option
Growth Plan Dividend PlanInstitutional
Plan :
Growth OptionDividend Option
Growth Plan Dividend Plan
Growth OptionDividend OptionBonus Option
Growth OptionDividend Option
Minimum Investment #
Rs. 5000 Rs. 5000 Regular, & Premium Plan :
Rs. 5000 ** Rs. 1 Crore *** Rs. 5 Crore
Rs. 5000 Rs. 5000LPF-PP0
Rs. 5000
Rs. 5000 Rs. 5000**Rs. 1 Lakh
Rs. 5000 Rs. 5000 Rs. 1 Lakh
Dividend Frequency ##
- - $ Daily / Weekly / Qtly
**Daily / Weekly
***Daily / Weekly
Premium Plan: Daily
Daily / Weekly / Fortnightly (with compulsory re-
investment)
Regular PlanDaily / Weekly
LPF-PP0: Daily / Weekly
Daily - Quarterly Quarterly -
Redemption Time ###
T+2 (****) Working Days
T+2 (****) Working Days
T+1Working Days
T+1Working Days
T+1Working Days
T+1 Working
Days
T+1 Working Days
T+2 Working
Days
T+2 Working Days
T+2 Working Days
SCHEMES AT A GLANCE
Trust is always the answer26
SCHEMES AT A GLANCE
Trust is always the answer 27
Scheme Details
JM Contra Fund
JM Equity Fund
JM Basic Fund
JM Emerging Leaders
Fund
JM Small & Midcap
Fund
JM HI FI Fund
JM Auto Sector Fund
JM Healthcare
Sector Fund
JM Telecom Sector Fund
JM Financial Services
Sector Fund
JM Balanced
Fund
JM MIP Fund
Launch Date
July 2007 Dec 1994 March 1997 June 2005 March 2007 Feb 2006 June 2004 June 2004 Nov 2006 Nov 2006 Dec 1994 Aug 2003
Entry Load 2.25% µ 2.25% µ 2.25% µ 2.25% µ 2.25% µ 2.25% µ 2.25% µ 2.25% µ 2.25% µ 2.25% µ 2.25% µ Nil
Exit Load 1.00% @
0.50% @@
2.25% @@@
1.00% @
0.50% @@
2.25% @@@
1.00% @
0.50% @@
2.25% @@@
1.00% @
0.50% @@
2.25% @@@
1.00% @
0.50% @@
2.25% @@@
1.00% @
0.50% @@
2.25% @@@
1.00% @
0.50% @@
2.25% @@@
1.00% @
0.50% @@
2.25% @@@
1.00% @
0.50% @@
2.25% @@@
1.00% @
0.50% @@
2.25% @@@
1.00% @
0.50% @@
2.25% @@@
0.50% ~
Plans/Options
Growth Plan
Dividend Plan
Growth Plan Dividend
Plan
Growth Plan Dividend
Plan
Growth Plan Dividend Plan
Growth Plan Dividend
Plan
Growth Plan
Dividend Plan
Growth Plan Dividend
Plan
Growth Plan Dividend
Plan
Growth Plan Dividend
Plan
Growth Plan Dividend Plan
Growth Plan
Dividend Plan
Growth Plan Dividend Plan
Mly. Div OptionQly. Div Option
Ann. Div Option
Minimum Investment #
Rs. 5000 Rs. 5000 Rs. 5000 Rs. 5000 Rs. 5000 Rs. 5000 Rs. 5000 Rs. 5000 Rs. 5000 Rs. 5000 Rs. 5000 Rs. 10000
Dividend Frequency##
- - - - - - - - - - - Monthly /Quarterly / Annually
Redemption Time ###
T+3 Working
Days
T+3 Working
Days
T+3 Working
Days
T+3 Working Days
T+3 Working Days
T+3 Working
Days
T+3 Working
Days
T+3 Working
Days
T+3 Working
Days
T+3 Working
Days
T+3 Working
Days
T+2 Working Days
ABBREVIATIONS : ($) Regular Plan. (*) For Regular - Daily Dividend Plans / Options. (**) For Institutional Plan. (***) For Super Institutional Plan. (+) Regular Plan - Exit load of 0.25% for investments upto Rs. 2 Lacs redeemed or switched out within 90 days from date of investment. No exit load for investments above Rs. 2 Lacs. PF Plus Plan - Exit Load of 0.60% at applicable NAV if redeemed either through normal redemption or exercising Fixed Period RedemptionOption (FPRO) or switched out within 180 days from the date of the investment. No exit load would be applicable for cases covered under Automatic Annual Reinvestment Option (AARO) and Automatic Capital Appreciation Withdrawal Option (ACAWO). (°) LPF-PP : Liquid Plus Fund - Premium Plan. (µ) 2.25% of NAV on all investments of less than Rs. 3 crores; Nil for investments of Rs.3 crores and above. Nil for investments made through Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP). (@) 1.00% of NAV on all investments of less than Rs. 3 crores, in case the investments are redeemed within 1 year of transfer / allotment of units. (@@) 0.50% of NAV on all investments of Rs. 3 crores and above, in case the investments are redeemed within 91 days of transfer / allotment of units. (@@@) 2.25% of NAV on all investments made through SIP and STP, in case the investments are redeemed within 2 years of transfer / allotment of respective installments. (~) 0.50% of NAV on all investments upto and including Rs. 5 lakhs, if redeemed or switched out within 3 months of investment and Nil for investments exceeding Rs. 5 lakhs. However, no exit load is applicable for investors availing Systematic Withdrawal Option. (#) After the minimum investment, additional investment under all Schemes / Plans is in multiples of Re. 1/-. For ongoing investment in an existing folio, the minimum investment will be Rs. 1,000/- and in multiples of Re.1/- thereafter. For investing under SIF/STF/SWP option, please refer to respective scheme offer documents. (##) Dividends shall be declared at the discretion of the Trustee subject to availability of distributable profi ts as computed in accordance with SEBI (Mutual Funds) Regulations, 1996. (###) It will be our endeavor to dispatch redemption proceeds as indicated in the table above. As per the Regulations, the Fund is required to dispatch redemption proceeds within 10 Business days of receiving a valid redemption request. For further details, investors are requested to refer to the Scheme Offer Document.
(****) The redemption shall be in terms of Interval Period defi ned hereinbelow.Redemption request can be submitted to the offi cial 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/switchout
For July 2007 - 26.07.2007 All redemptions received till 20.07.2007 before 3.00 p.m. NAV of 26.07.2007
For 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 clarifi ed that the cut-off timings will also be applicable to investments made through “sweepmode”.Investors will not have to bear entry load, wherever applicable, for their inter-equity and intra equity scheme switches except in case of (i) switches to / from JM Arbitrage Advantage Fund from / to any equity scheme and (ii) switches from any scheme to an equity scheme during its New Fund Offer period.The above details are subject to provisions laid down in the respective scheme Offer Documents.
CORRIGENDUM
This is with reference to the Advertisement which was published in the Financial Express (All
Edition) and Nav Shakti (Mumbai) on July 15, 2008.
Kindly note that JM Fixed Maturity Fund - Series XII - Monthly Plan 1 off ers the
investors two investment options : Dividend option and Growth option.
Investors are requested to indicate their preference while investing in the plan/sub plan. In case
an investor fails to specify his preference between the dividend and the growth option, he shall
be deemed to have opted for the Dividend Option. On selecting the dividend option, in case an
investor fails to specify his preference for dividend payout or dividend reinvestment, he shall be
deemed to have opted for the Dividend Reinvestment Option under the dividend option.
ADDENDUM
THIS ADDENDUM DATED JULY 28, 2008 SETS OUT THE CHANGES TO BE MADE IN THE OFFER
DOCUMENTS / KEY INFORMATION MEMORANDA OF ALL THE SCHEMES OF JM FINANCIAL
MUTUAL FUND
I. Minimum Investment Criteria: The minimum investment criteria (including for SIP) will be
considered after taking into account the permissible DD charges.
II. Redemption/ Switch of units: It is clarifi ed that in case of diff erence in the amount and units
mentioned in any request for Redemption/ Switch, the lower of the two on rupee equivalent
basis on the Transaction/ applicable NAV date will be considered by the AMC. In case an in-
vestor does not fi ll in the Amount/ Units in the Transaction Slip, the AMC will redeem/ switch
out all the outstanding units subject to the Scheme, Plan, Option being clearly mentioned.
III. Systematic Investment Plans
A. Quarterly SIP option
In addition to the monthly option, the AMC is now off ering the quarterly SIP option
to its investors in all open ended schemes and close ended equity schemes which will
open for subscription at the end of the specifi ed period. The main features of this option
are as under:
• The minimum amount for quarterly SIP option would be Rs 3000 per quarter or
more and the minimum no. of mandatory installments would be 2. The 2 manda-
tory installments should be consecutive ones, failing which the SIP will be treated
as a normal application and will be subject to normal entry/ exit load as appli-
cable on the respective dates of investment.
• Investors can choose any one of the following six SIP dates: 1st, 5th, 10th, 15th,
20th or 25th of the month.
• All SIP Installments including the fi rst one are required to be of same amount.
For starting an SIP at the time of initial investment itself, the investor has to en-
sure that initial investment and remaining future SIP installments are of same
amount.
• The fi rst investment under SIP has to be made through physical cheque/DD pay-
able locally at the place of submission of the application. However subsequent
installments can be through ECS/ Direct Debit or through PDCs, It may be noted
that besides the above, the other terms and conditions governing the Monthly SIP
option will also be applicable to the Quarterly SIP Option.
B. Valid SIP application
An investor wishing to avail of the Systematic Investment Plan will have to adhere to
the following conditions in order to be treated as a valid SIP
1. Minimum no. of installments
Amount per Installment
(Rupees in whole Numbers) *
Minimum Mandatory Installments*
Rs. 500 to Rs. 999 per month
(For Monthly Frequency)
12 or more out of which 10
installments must be eff ected
Rs. 1000 or more per month
(For Monthly Frequency)
6 or more out of which 5
installments must be eff ected
Rs. 3000 or more per quarter
(For Quarterly Frequency)
2 or more where atleast 2
installments must be eff ected
*These conditions are to be fulfi lled in addition to other conditions.
2. No two consecutive SIP installments should fail.
3. The minimum subscription amount as per the Off er Document of the respective
scheme/ Plan/Sub-Plan/ Option/ Sub-Option e.g Rs. 5,000/- should be received
by the AMC during the opted period, through the minimum no. of mandatory in-
stallments mentioned in the table above.
4. A separate form is required for each SIP date / frequency/ Scheme/ Plan/ Sub-
Plan/ Option/ Sub-Option. Application forms with multiple choices will be sum-
marily rejected.
In the event of non-fulfi llment of the fi rst 2 criteria cited above, the AMC reserves the right to
revert all the previous allotments and reallot the units afresh with loads as applicable on the
respective due dates by treating them as the normal investments and/or recover the amount of
load waived for all allotments directly from the investor or by debit to his folio/s maintained with
JM Financial Mutual Fund subject to meeting the minimum subscription amount criteria (after
taking care of permissible DD charges). In the event of nonfulfi llment of minimum subscription
amount criteria of the opted scheme/plan/option, the AMC shall refund the amount without any
interest.
In the event of not meeting any one or more of the above mentioned criteria, the SIP will stand
terminated and the investor will be required to make a fresh SIP applicaton if he is desirous of
availing this facility in future also . The fresh application will be subject to the current terms and
conditions of the respective scheme/plan/option.
THIS ADDENDUM DATED JULY 31, 2008 SETS OUT THE CHANGES TO BE MADE IN THE OFFER
DOCUMENT / KEY INFORMATION MEMORANDUM OF JM MULTI STRATEGY FUND EFFECTIVE
JULY 31, 2008
CHANGE IN LOAD STRUCTURE
It has been decided to change the existing load structure of JM Multi Strategy Fund as under :
EXISTING LOAD STRUCTURE REVISED LOAD STRUCTURE
Scheme Particulars Load ExitLoad Particulars Load Exit Load
JM Multi
Strategy
Fund
In case of
investments
< 5 crores
In case of
investments
> = Rs. 5
crores
In case of
investments
made
through
Systematic
Investment
Plan
2.25%
Nil
Nil
1% if redeemed
within 6
months of
allotment /
transfer of
units.
0.5% if
redeemed
within 6
months of
allotment/
transfer of units
2.25% if
redeemed
within 1 year
of allotment /
transfer of units
of respective
instalments.
In case of
investments
< 2 crores
In case of
investments
> = Rs. 2
crores
In case of
investments
made
through
Systematic
Investment
Plan
2.25%
Nil
Nil
1% if
redeemed
within 6
months of
allotment /
transfer of
units
0.5% if
redeemed
within 3
months of
allotment/
transfer of
units
2.25% if
redeemed
within 2
years of
allotment
/ transfer
of units of
respective
Investors are requested to note that the change in load structure shall be applicable for all
prospective investments in the above scheme with eff ect from July 31, 2008 i.e. investments
made on or after July 31, 2008.
UPDATES
Trust is always the answer28