Creating Wealth...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

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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.



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.



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.



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




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



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%


(@)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.


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%


distribution taxes wherever applicable. Past performance may or may not

be sustained in future. The face value per unit is Rs. 10/-.


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).


RISK REPORT3 Years (Monthly) RF=6%


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.


(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



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”.



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


INCEPTION

27th July, 2005

NAV DETAILS



CORPUS

Rs. 438.65 Crores


Rs. 5000/-.

ENTRY LOAD




EXIT LOAD









PLANS / OPTIONS


Growth plan.

REDEMPTION TIME #

T+3 Working Days.





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


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


** 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.



JM ELF Fund - Growth Option 1.02 0.01 9.87



(Rs. In Lacs)

% to

NAV

Cement 1,661.00 3.79

Century Textile & Inds. 1,661.00 3.79


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


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


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



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




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/-.




REDEMPTION TIME #

T+3 Working Days.


EXPENSE RATIO : 2.38 %



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


** Benchmark Index: CNX Mid Cap Index




(Rs. In Lacs)

% to

NAV





Nagarjuna Construction Co. 505.90 3.21




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


Bharati Shipyard 482.08 3.06

Emco 820.18 5.21

Titagrah Wagons 126.02 0.80



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


Tulip IT Services 1,526.55 9.69

Textile Products 1,845.10 11.72

Bombay Rayon Fashions 1,845.10 11.72#


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


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.



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



CORPUS

Rs. 24.39 Crores


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.




(@) 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



JM HI FI Fund - Growth Plan (40.05) (27.68) (5.65)

S & P ** (15.66) (4.31) 10.26


** Benchmark Index: S&P CNX Nifty Index




(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



Kalindee Rail Nirman(Eng) 158.61 6.50

Punj Lloyd 161.85 6.64



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


ABB 142.69 5.85

Bharat Bijlee 56.26 2.31



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




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.


INCEPTION29th June, 2004

NAV DETAILS








REDEMPTION TIME #

T+3 Working Days.




(@)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


(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


Tata Motors 87.77 10.84



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




Dividend Plan

FY 2005-06 February 14, 2006 45.00%





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


** Benchmark Index: BSE Auto Sector Index






JM Auto Sector Fund - Growth Option 0.91 0.01 8.19




10

SNAPSHOT


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



CORPUS

Rs. 7.52 Crores


Rs. 5000/-.

ENTRY LOAD




EXIT LOAD









PLANS / OPTIONS


Growth plan.

REDEMPTION TIME #

T+3 Working Days.





JM Healthcare Sector Fund(An Open-Ended Sector Fund)


(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


CBLO 94.07 12.51

Others* 1.05 0.14





Dividend Plan

FY 2005-06 January 12, 2006 20.00%

FY 2004-05 January 14, 2005 10.00%





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


** Benchmark Index: BSE Healthcare






JM Healthcare Sector Fund -

Growth Option

0.60 0.10 7.05


ASSET ALLOCATION



11

SNAPSHOT


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.


INCEPTION7th December, 2006

NAV DETAILS








REDEMPTION TIME #

T+3 Working Days.





($) 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 (�) $




(Rs. In Lacs)

% to

NAV

Software 57.07 8.87

Geodesic Information Systems 32.29 5.02

Tech Mahindra 24.78 3.85


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


CBLO 32.00 4.98

Others* (0.09) 0.00




ASSET ALLOCATION



12

SNAPSHOT


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





ENTRY LOAD




EXIT LOAD









PLANS / OPTIONS


Growth plan.

REDEMPTION TIME #

T+3 Working Days.





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


Growth Plan (35.18) (14.31) 6.58

BSE Finance** (36.94) (14.96) 0.39


** Benchmark Index: BSE Finance Index (�) $




(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


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


CBLO 87.46 1.38

Others* (15.29) (0.24)

Total Assets 6,348.58 100.00


ASSET ALLOCATION


($) 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.



13

SNAPSHOT


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


INCEPTION1st April, 1995

NAV DETAILS








REDEMPTION TIME #

T+3 Working Days.





JM Balanced Fund(An Open-Ended Balanced Scheme)


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%






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




(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


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



Emco 89.61 2.94



Software 389.41 12.76

3i Infotech 280.15 9.18

Infosys Technologies 109.26 3.58




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


ASSET ALLOCATION




14

SNAPSHOT


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


Dividend Plan - Monthly Div. option (Rs.) : 10.1049

Quarterly Div. option (Rs.) : 10.8177

Annual Div. option (Rs.) : 11.5072



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.



(*) 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.


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


FY 2008-09 $ June 14, 2008 -

FY 2007-08 $ March 14, 2007 -

December 14, 2007 -

JM MIP Fund - Annual Div. Option


FY 2007-08$ - -

FY 2006-07$ September 22, 2006 9.00%

FY 2005-06$ September 26,2005 11.50%




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


** Benchmark Index: CRISIL MIP Blended Index

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



PORTFOLIO STATISTICSCurrent Yield 8.72%

Duration 0.9613 years

Average Maturity 1.0887 years


(Rs. In Lacs)

% to

NAV

Rating

Auto 17.27 1.56




Banks 25.26 2.28

HDFC Bank 25.26 2.28

Beverages 0.27 0.02

McDowell Holdings 0.27 0.02


Action Construction Equipment 31.22 2.82


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


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



UTI Bank 20.01 1.81 LAA+


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


ASSET ALLOCATION




15

SNAPSHOT


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





ENTRY LOAD NIL

EXIT LOAD

0.50% of NAV on all investments if redeemed within 30

days of transfer / allotment of units.


REDEMPTION TIME #

T+2 (^) Working Days.

(^) Refer Page 18.





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 - 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)


GMR Infrastructure 185.70 0.30

GMR Infrastructure - Futures (186.50)


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)


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)


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)


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)



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%




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


** Benchmark Index: CRI SIL Liquid Fund Index


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

sustained in future.

ASSET ALLOCATION



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)



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)


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



17

SNAPSHOT


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



Bonus Option (Rs.) : 11.7132



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.




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





$ 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.





Value (Rs.

In Lacs)

% to

NAV

Market

Value (Rs.

In Lacs)

Futures

Rating


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 - Futures

(139.89)

Power 58.71 2.40

Lanco Infratech 58.71 2.40

Lanco Infratech - Futures

(59.12)



Unitech 763.19 31.24 F1+




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


ASSET ALLOCATION


(^) 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.



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



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


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


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.


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.


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


** 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


(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+


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+


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+



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


Total Debt 1.98 0.35

CBLO 561.44 99.66

Others* (0.05) (0.01)


(*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 2004-05$ Dividend Plan 22.3350%

Daily Dividend Plan 4.2926%





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.



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


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).


EXPENSE RATIO : Regular Plan : 0.34% Super Plan : 0.34% Super Plus Plan : 0.34%




JM Money Manager Fund(An Open-Ended Income Scheme)


Value (Rs. In

Lacs)

% to

NAV

Rating

REGULAR PLAN


Allahabad Bank 1,357.87 59.62 P1+

IDBI Bank 260.72 11.45 PR1+



Indiabulls Fin. Ser. 99.68 4.38 P1+




Ballarpur Industries 100.00 4.39 P1+

Deccan Chronicle Holdings 100.00 4.39 AA


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




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+


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+




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+



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





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 3,716.53 1.53 P1+






State Bank of Mysore 2,472.79 1.02 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 Indore 494.59 0.20 P1+



Vijaya Bank 4,849.09 1.99 PR1+

Yes Bank 2,486.17 1.02 A1+


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+


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+


Citicorp Finance 790.00 0.32 AAA



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



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)




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


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%



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.



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


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.






Premium Plan:CRISIL AAAf RATED ##


JM Liquid Plus Fund(An Open-Ended Income Scheme)(Formerly known as JM Floater Fund - Long Term Plan)

ASSET ALLOCATION (SUPER PLAN)

DIVIDEND HISTORY



Premium Plan - Daily Dividend option 2.4963%

Premium - Weekly Dividend option 2.2190%

Premium - Dividend Option 2.4440%



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%







Regular Plan 3.82 7.85 6.70 5.69 5.65

CLFI** 3.69 6.91 6.56 5.62 5.60


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.





(Rs. In Lacs)

% to

NAV


ICICI Bank 406.77 16.48 A1+





UTI Bank 290.09 11.75 LAA+


Kotak Mahindra Prime 400.00 16.20 # 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.




22

SNAPSHOT


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 -



CORPUS

Rs. 17.32 Crores


Rs. 5000/-.

ENTRY LOAD

NIL

EXIT LOAD

NIL

PLANS / OPTIONS

Short Term plan with Dividend & Growth options.


Daily

REDEMPTION TIME #

T+1 Working Days.





JM Floater Fund(An Open-Ended Liquid Scheme)

DIVIDEND HISTORY

FY 2008-09$ Short Term Plan - Dividend Option 2.5236%





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



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


(Rs. In Lacs)

% to

NAV

Rating





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


ASSET ALLOCATION




23

SNAPSHOT


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 -



Institutional Plan -




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.




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

DIVIDEND HISTORYFinancial Year Plan Dividend (%)


Inst. Plan - Dividend Option 2.1860%













Growth Plan 0.86 6.30 6.42 6.03 6.47

CLFI** 3.69 6.91 6.56 5.62 5.59


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.



Avg. Maturity 1.5529 Years


(Rs. In Lacs)

% to

NAV

Rating



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


ASSET ALLOCATION



JM SHORT TERM FUND - REGULARIN DEBT - SHORT TERM CATEGORY

(24 Open-Ended Schemes) for 18 months period ending July 2008.



24

SNAPSHOT


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 -

Bonus option (Rs.) : 11.9777

CORPUS

Rs. 19.22 Crores


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.


Quarterly

REDEMPTION TIME #

T+2 Working Days.





JM Income Fund(An Open-Ended Income Scheme)

CRISIL AAAf RATED ##


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





Growth Plan (3.70) 0.49 2.20 2.90 8.38

CCBFI** (1.39) 2.48 3.92 3.60 NA


** Benchmark Index: CRISIL Composite Bond Fund Index







(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





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


ASSET ALLOCATION




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


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%




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





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


more, with reinvestment of dividends (if any).



(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)


PF PLUS PLAN

Total Debt 0.00 0.00

CBLO 148.46 23.81

Others* 475.04 76.19



PORTFOLIO STATISTICSRegular Plan

Current Yield 7.04%



PF Plus Plan

Current Yield 6.50%



ASSET ALLOCATIONASSET ALLOCATION

(*includes net receivables / payables, if any) (*includes net receivables / payables, if any)


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


option Super Plan:

Growth option Daily Div option

Weekly Div option

Super Plus

Plan Growth option


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


Plan



Plan

Growth Plan

Dividend Plan


Plan


Plan


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


Rs. 3000 or more per quarter

(For Quarterly Frequency)

2 or more where atleast 2


*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