Market Update - Equity

Transcription

1 Monthly Market Update by JM Financial Mutual Fund Details as on June 29, 2012 Market Update - Equity Economy For the month of April 2012, IIP stood at 0.1% as against market expectations of 1.8%. This was the third consecutive month when it was below expectations and has become a cause for concern. The near flat growth in April was dragged by the contraction in Capital Goods and Intermediate Goods, while Consumer Goods saw a recovery over the previous month. WPI inflation for May rose to 7.6% vs 7.2% last month. Inflation trend is expected to remain elevated on the back of the hike in Minimum Support Prices (MSPs). RBI s decision to leave the key rates and the CRR unchanged did not go down well with the markets. The street was expecting a 25bps cut in the repo rate following the weak growth trends - but RBI decided to hold back any further loosening. Rupee continued to weaken in June and surpassed 57 to the USD for the first time. STOCK MarkeT June had Indian equities providing relief even as the bearish mood among investors continued to persist. While equities shot up due to Greek re-election results globally, Indian macro performance continued to disappoint and weak monsoon only compounded the woes. Indian equities recorded a positive performance (7.2%) on the back of global risk-on trade. India, however continued to face domestic headwinds and even though equities were stubborn, the rupee saw new lows in June. In July, the market will be hoping to see at least some positive steps being taken to redress the macro situation, while at the same time rooting for the government to clear some of the backlog on pending decisions. PM taking over the Finance ministry has significantly raised expectations of government action to boost the economy. FIIs came in with s in the block deals in the month of June - taking their net buying for the month to $575mn. FII YTD net buy has now totalled $9.1bn. DIIs net buying stood at $219mn in June. YTD, however, they still remained net sellers to the tune of $3.7bn. Within the DIIs, Mutual Funds and Insurance companies both emerged as net buyers last month, bringing in $88mn and $131mn respectively. Market Update - Derivatives The June expiry level was around 4.5% higher than that of May. The market wide rollovers stood at ~77%. The rollovers were on the higher side as compared to ~71% rollovers seen last expiry. The July series started with market wide future open interest of ~INR 373bn as against ~INR 311bn seen at the start of the June expiry. Nifty rollovers picked up on the last day with ~68% positions getting shifted to the July series compared to ~59% rollovers seen in the last series. Stock Futures rolls were 4% higher than the three month avg. of 77%. Technology & Financial names saw higher rollover activity in June series as compared to their three month average. Volatility in the markets may help to churn the arbitrage portfolio and generate good returns. Source: Bloomberg and JM AMC Research 1

2 From The Debt Desk Key data and events June 2012 FII Limits: The FII limit in G-Sec was enhanced by USD 5bn which increased the total FII limit in G-Sec from USD 15bn to USD 20bn. Monetary Policy: RBI kept key rates unchanged in the June Policy review. WPI Inflation: The provisional inflation for the month of May 12 was 7.55% as against the 7.23% in April 12. IIP: The provisional Index of Industrial Production (IIP) for the month of April 12 was at 0.1% as against -3.2% in the month of March Forex reserves: The Forex Reserves as on 30th June, 2012 increased to USD billion as against USD billion as on 31st May, Domestic Liquidity: Liquidity remained tight as RBI received average daily bids of around INR crores during the month in the daily LAF repo auction. Fixed Income and Currency data: Indian 10 year government bond: RBI set the cut off of new 10-year benchmark at 8.15%. Bond yields remained in a narrow range on global risk aversion. Indian 5 year corporate Bond yield as on 30th June 12 remained unchanged at 9.40%. 3 Months Certificate of Deposit ended lower at 8.90% as on 30th June 12 against 9.40% for the previous month, on expectations of improvement in liquidity situation. 12 Months Certificate of Deposit ended at 9.40% as on 30th June 12 against 9.80% in the previous month on expectations of improvement in liquidity situation. USD/INR: The local currency ended stronger by about 0.86% to end the month at to the US dollar. Global data: 10 year US bond yield ended higher at 1.64% as compared to 1.42% in the previous month. Brent Crude ended lower to end at $97 per barrel as against $98.81 in the previous month, on weak global clues. Source: RBI WSS & Bloomberg 2

3 JM Equity Fund (An Open-Ended ) by sector : To provide optimum capital growth and appreciation. : Sanjay Chhabaria ( M a n a g i n g t h i s f u n d s i n ce December, 2007 & more than 12 yrs of experience in fund management & equity research) : 1st April, 1995 NAV DETAILS : (Rs.) : (Rs.) : CORPUS (Apr 12 - June 12) : Qtly - AAUM (Rs.) : Crores Turnover Ratio : Expense Ratio** : 2.50% Issuer % to NAV ICICI Bank 8.38 Larsen & Toubro 6.27 Housing Development Finance 5.20 Infosys 5.05 Reliance Industries 4.50 Punjab National Bank 4.11 Tata Consultancy Service 3.80 AXIS Bank 3.73 Bharti Airtel 3.72 ITC 3.62 State Bank Of India 3.17 Tata Motors 3.03 Coal India 2.75 Dr. Reddy's Lab Asian Paints 2.67 Bharat Heavy Electricals 2.67 Sterlite Industries 2.63 Grasim Industries 2.62 Tata Iron & Steel 2.54 Oil & Natural Gas Corp Associated Cement Companies 2.41 Hindalco Industries 2.27 Sundaram Finance 2.27 Jindal Steel & Power 2.24 Tata Power 2.21 Equity less than 2% of corpus 9.37 Total Equity Holdings CBLO & Others* 3.57 RISK REPORT Name Beta Sharpe Std. Dev. JM Equity Fund - Option 1.02 (0.38) Source: Mutual Funds India Explorer Note: Standard Deviation & Sharpe are Calculated on Annualised basis using 3 years history of monthly returns (using daily frequency). Risk Free rate assumed to be 8.27% (91 day Treasury Bill yield as on June 30, 2012) for calculation of Sharpe Ratio. JM Basic Fund (An Open-Ended Sector ) : To provide capital appreciation to its Unitholders through judicious deployment of the corpus of the 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. : Asit Bhandarkar (Managing this fund since December, 2006 & total 9 yrs of experience in fund management & equity research). : 2nd June, 1997 NAV DETAILS : (Rs.) : (Rs.) : CORPUS (Apr 12 - June : Qtly - AAUM (Rs.) : Crores 12) : Turnover Ratio Expense Ratio** : 2.37% Issuer % to NAV ICICI Bank 8.47 Larsen & Toubro 8.45 Tata Motors 5.07 Infrastructure Development Finance Company 4.79 State Bank Of India 4.72 Maruti Udyog 4.41 Mahindra & Mahindra 4.32 Associated Cement Companies 4.23 AXIS Bank 3.63 HDFC Bank 3.61 Tata Iron & Steel 3.48 Bharti Airtel 3.07 L&T Finance Holdings 3.06 Jai Prakash Associates 2.99 Mahindra & Mahindra Financial Services 2.81 Reliance Industries 2.77 Jindal Steel & Power 2.71 Power Finance Corporation 2.69 Exide Industries 2.68 Bajaj 2.65 Thermax 2.64 Action Construction Equipment 2.33 Asian Paints 2.31 Cairn India 2.30 JSW Steel 2.13 Equity less than 2% of corpus 4.96 Total Equity Holdings CBLO & Others* 2.72 by sector Details as on June 29, 2012 RISK REPORT Name Beta Sharpe Std. Dev. JM Basic Fund - Option 1.19 (0.69) Source: Mutual Funds India Explorer Note: Standard Deviation & Sharpe are Calculated on Annualised basis using 3 years history of monthly returns ( using daily frequency). Risk Free rate assumed to be 8.27% (91 day Treasury Bill yield as on June 30, 2012) for calculation of Sharpe Ratio. JM Multi Strategy Fund (An Open-Ended Equity Oriented ) : To provide capital appreciation by investing in equity and equity related securities using a combination of strategies. : Sanjay Chhabaria (Managing this fund since February, 2009 & more than 12 years of experience in fund management & equity research). : 23rd September, 2008 NAV DETAILS : (Rs.) : (Rs.) : CORPUS (Apr 12 - June 12) : Qtly - AAUM (Rs.) : Crores Turnover : Ratio Expense Ratio** : 2.37% Issuer % to NAV ICICI Bank 9.57 Larsen & Toubro 9.10 Infosys 6.83 Bank of Baroda 5.48 State Bank Of India 5.14 Tata Motors 4.48 Bharti Airtel 4.11 Eicher Motors 3.69 Associated Cement Companies 3.38 Reliance Industries 3.14 JSW Steel 2.97 Bharat Heavy Electricals 2.96 Bajaj 2.80 Dr Reddy's Lab 2.61 Infrastructure Development Finance Company 2.57 AXIS Bank 2.56 Maruti Udyog 2.56 Hindalco Industries 2.54 Jindal Steel & Power 2.16 Nestle India 2.05 Mahindra & Mahindra 2.04 HCL Technologies 2.04 Mahindra & Mahindra Financial Services 2.02 Equity less than 2% of corpus 8.81 Total Equity Holdings CBLO & Others*

4 by sector RISK REPORT Name Beta Sharpe Std. Dev. JM Multi Strategy Fund (0.45) Option Source: Mutual Funds India Explorer Note: Standard Deviation & Sharpe are Calculated on Annualised basis using 3 years history of monthly returns ( using daily frequency). Risk Free rate assumed to be 8.27% (91 day Treasury Bill yield as on June 30, 2012) for calculation of Sharpe Ratio. JM Tax Gain Fund (An Open-Ended Equity Linked Savings ) 4 : To generate long-term capital growth from a diversified and actively managed portfolio of equity and equity related securities and to enable investors a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time. However, there can be no assurance that the objective of the scheme will be achieved. : Sanjay Chhabaria: (Managing this fund since October 2010 & more than 12 yrs of experience in fund management & equity research). : 31st March, 2008 NAV DETAILS : (Rs.) : (Rs.) : CORPUS (Apr 12 - June 12) : Qtly - AAUM (Rs.) : Crores Turnover : Ratio Expense Ratio** : 2.50% Issuer % to NAV Infosys 8.09 Eicher Motors 8.02 ICICI Bank 6.82 AXIS Bank 6.66 Larsen & Toubro 6.43 Mahindra & Mahindra 5.16 HDFC Bank 4.65 SKF India 4.07 Associated Cement Companies 3.99 Tata Motors 3.99 Bank of Baroda 3.36 Opto Circuits (India) 3.31 Crompton Greaves 2.86 Thermax 2.81 Sundaram Finance 2.80 Mahindra & Mahindra Financial Services 2.74 Jindal Steel & Power 2.71 Divi'S Laboratories 2.46 Dr. Reddy's Lab 2.28 Maruti Udyog 2.27 Bharti Airtel 2.26 Equity less than 2% of corpus 6.22 Total Equity Holdings CBLO & Others* 6.04 by sector RISK REPORT Name Beta Sharpe Std. Dev. JM Tax Gain Fund - Option 1.01 (0.42) Source: Mutual Funds India Explorer Note: Standard Deviation & Sharpe are Calculated on Annualised basis using 3 years history of monthly returns (using daily frequency). Risk Free rate assumed to be 8.27% (91 day Treasury Bill yield as on June 30, 2012) for calculation of Sharpe Ratio. JM Balanced Fund (An Open-Ended Balanced ) : To provide steady current income as well as long term growth of capital. : Sanjay Chhabaria (Managing this fund since February, 2008 & more than 12 years of experience in fund management & equity research). : 1st April, 1995 NAV DETAILS : (Rs.) : (Rs.) : CORPUS (Apr 12 - June 12) : Qtly - AAUM (Rs.) : 7.75 Crores Turnover : Ratio Expense Ratio** : 2.50% Issuer % to NAV Larsen & Toubro 6.83 Associated Cement Companies 6.64 ICICI Bank 6.47 Punjab National Bank 6.29 Infosys 5.50 Eicher Motors 5.43 State Bank Of India 5.20 Housing Development Finance 4.88 Maruti Udyog 4.86 Bharti Airtel 3.99 Sun Pharmaceuticals Industries 3.80 ITC 3.31 Mahindra & Mahindra Financial Services 3.11 Thermax 2.51 Equity less than 2% of corpus 0.04 Total Equity Holdings CBLO & Others* Details as on June 29, 2012 by sector JM Core 11 Fund (An Open-Ended equity oriented scheme) : To provide long-term growth by i nve s t i n g p re d o m i n a ntly i n a concentrated portfolio of equity / equity related instruments : Asit Bhandarkar (Managing this fund since February, 2009 & total 9 yrs of experience in fund management & equity research). : 5th March, 2008 NAV DETAILS : (Rs.) : (Rs.) : CORPUS (Apr 12 - June 12) : Qtly - AAUM (Rs.) : Crores Turnover : Ratio Expense Ratio** : 2.50% Issuer % to NAV Larsen & Toubro 9.63 ICICI Bank 9.49 Tata Iron & Steel 9.36 Infrastructure Development Finance Company 9.03 Power Finance Corporation 8.95 Infosys 8.88 Hindalco Industries 8.76 Dr Reddy's Lab 8.74 Yes Bank 8.38 PTC India 7.85 Tata Motors 7.21 Total Equity Holdings CBLO & Others* 3.72 by sector

5 Details as on June 29, 2012 RISK REPORT Name Beta Sharpe Std. Dev. JM Core 11 Fund - Option 1.39 (0.48) Source: Mutual Funds India Explorer Note: Standard Deviation & Sharpe are Calculated on Annualised basis using 3 years history of monthly returns (using daily frequency). Risk Free rate assumed to be 8.27% (91 day Treasury Bill yield as on June 30, 2012) for calculation of Sharpe Ratio. 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.) : To generate regular income, primarily through s in fixed income securities so as to make monthly, quarterly and annual dividend distribution, declare bonus in the growth option. The Fund would also aim to achieve capital appreciation through investing a portion of its assets in equity and equity related securities. : Shalini Tibrewala (Managing this fund since September, 2003 & over 14 years of experience in fund management & financial services sector). : 18th September, 2003 NAV DETAILS : (Rs.) : s: Monthly Div. option (Rs.): Quarterly Div. option (Rs.): Annual Div. option (Rs.): CORPUS (Apr 12 - June : Qtly - AAUM (Rs.) : 5.48 Crores 12) Expense Ratio** : 2.25% Associated Cement Companies 3.24 Larsen & Toubro 5.23 Total Equity Holdings 8.47 Corporate Debt AXIS Bank ICRA AAA Britannia Industries 3.02 CRISIL AAA Shriram Transport Finance Company CARE AA+ Total Debt Holdings CBLO & Others* by sector Kindly Refer Page No. 10 statistics Current Yield 7.81% Duration years Average Maturity years JM Arbitrage Advantage Fund (An Open-Ended Equity Oriented Interval ) : To generate income through arbitrage opportunities emerging out of mispricing between the cash market and the derivatives market and through deployment of surplus cash in fixed income instruments. : Chaitanya Choksi (Managing this fund since Feb 1, 2011 and has around 10 years of work experience in the field of equity research and capital markets.) : 18th July, 2006 NAV DETAILS : (Rs.) : (Rs.) : CORPUS (Apr 12 - June 12) : Qtly - AAUM (Rs.) : Crores Turnover : Ratio Expense Ratio** : 1.00% Issuer Market Value (Rs. In Lacs) % to NAV Market Value (Rs. In Lacs) Futures Ancillaries (25.55) Apollo Tyre Apollo Tyre - Futures (25.55) Construction Project (69.09) IRB Infrastructure Developers IRB Infrastructure Developers (69.09) - Futures Consumer Durables (141.61) Videocon Industries Videocon Industries - Futures (141.61) Consumer Non Durable (151.39) Bajaj Hindustan Bajaj Hindustan - Futures (62.40) Shree Renuka Sugars Shree Renuka Sugars - Futures (56.23) Tata Tea Tata Tea - Futures (32.76) Ferrous Metals (169.43) JSW Steel JSW Steel - Futures (169.43) Finance (168.12) IFCI IFCI - Futures (168.12) Non Ferrous Metals (77.41) Hindalco Industries Hindalco Industries - Futures (77.41) Power (253.58) National Hydroelec Power Corporation National Hydroelec Power (206.64) Corporation - Futures PTC India PTC India - Futures (46.94) Retailing (227.79) Pantaloon Retail (India) Pantaloon Retail (India) - (227.79) Futures Telecom-Services (321.58) Reliance Communications Reliance Communications - (97.36) Futures Tata Teleservices (Maharashtra) Tata Teleservices (Maharashtra) (224.22) - Futures Textile Products (64.44) Alok Industries Alok Industries - Futures (64.44) Transportation (11.48) Shipping Corporation of India Shipping Corporation of India (11.48) - Futures Total Equity Holdings 1, ( ) Fixed Deposit HDFC Bank Yes Bank Total Debt Holdings CBLO & Others* Total Assets 2, Note: Nifty Futures that are sold is a complete hedge against the purchase of Nifty Basket. by sector Although classified under Equity category, Risk ratios are not calculated for JM Arbitrage Advantage Fund as the scheme is benchmarked to CLFI. 5

6 JM High Liquidity Fund (An Open - Ended Liquid ) Fund Manager 6 : To provide income by way of dividend (dividend plans) and capital gains (growth plan) through investing in debt and money market instruments. : Shalini Tibrewala (Managing this fund since December, 1997 & over 14 years of experience in fund management & financial services sector). : Regular - : 31st December, 1997 Regular - WDO: 31st December, 1997 Regular - DDO: 2nd July, 2001 Regular - QDO.: 23rd Sept, Bonus: 17th August, 2002 Institutional - : 4th April, 2003 Institutional - WDO: 4th April, 2003 Institutional - DDO: 28th July, 2003 Super Institutional - :19th May, Super Institutional - DDO:19th May, Super Institutional - WDO: 19th May, NAV DETAILS as on June 30, 2012 CORPUS (Apr 12 - June 12) Expense Ratios** : Regular Option (Rs.): Weekly Option (Rs.): Daily Option (Rs.): Bonus Option (Rs.): Quarterly Option (Rs.): Institutional Option (Rs.): Weekly Option (Rs.): Daily Option (Rs.): Super Institutional Option (Rs.): Weekly Option (Rs.): Daily Option (Rs.): : Qtly - AAUM (Rs.) : Crores : Regular : 0.50% Institutional : 0.40% Super Institutional : 0.30% Money Market Instruments Certificate of Deposits Allahabad Bank 6.36 ICRA A1+ AXIS Bank 2.16 CRISIL A1+ Bank of India 4.26 CRISIL A1+ Bank of Maharashtra 2.12 CRISIL A1+ Canara Bank 5.56 CRISIL A1+ Central Bank of India 2.12 CARE A1+ Corporation Bank 5.37 CRISIL A1+ Dena Bank 0.56 CRISIL A1+ Federal Bank 0.56 CRISIL A1+ HDFC Bank 2.14 CARE A1+ IndusInd Bank 2.13 CRISIL A1+ ING Vysya Bank 2.14 CRISIL A1+ Kotak Mahindra Bank 0.56 CRISIL A1+ Punjab National Bank 3.19 CARE A1+ South Indian Bank 2.12 CARE A1+ State Bank of Travancore 1.06 CRISIL A1+ State Bank of Mysore 1.06 ICRA A1+ State Bank of Bikaner & Jaipur 5.30 CRISIL A1+ State Bank of Hyderabad 1.07 ICRA A1+ State Bank of Patiala 7.04 ICRA A1+ UCO Bank 2.13 CRISIL A1+ UCO Bank 4.24 CARE A1+ United Bank of India 4.24 CARE A1+ Commercial Paper Century Textiles 2.12 CARE A1+ Ericsson India 2.15 ICRA A1+ HCL Infosystems 0.64 ICRA A1+ HSIL 1.06 ICRA A1+ India Infoline Finance 1.06 CRISIL A1+ Jindal Power 2.13 CARE A1+ Piramal Healthcare 4.29 ICRA A1+ Religare Securities 1.07 CRISIL A1+ Srei Equipment Finance 2.11 ICRA A1+ Vodafone India 4.29 CRISIL A1+ Treasury Bills Days T- Bill 0.17 GOI SOV Total Debt Holdings CBLO & Others* Kindly Refer Page No. 10 statistics Current Yield 9.11% Duration years Average Maturity years JM Money Manager Fund - Regular (An Open - Ended Debt ) : To generate stable long term returns with low risk strategy and capital appreciation/accretion through s in debt instruments and related securities besides preservation of capital. : Vikas Agrawal (Managing this fund since July, 2011 & has total 9 years of experience in fixed income market). : Regular - : 27th Sept, 2006 Regular - DDO: 27th Sept, 2006 Regular - WDO: 26th July, 2007 Regular - FDO: 26th Sept, 2008 NAV DETAILS : Regular - option (Rs.) : Daily option (Rs.) : Weekly option (Rs.) : Fortnightly option (Rs.) : CORPUS (Apr 12 - : Qtly - AAUM (Rs.) : Crores June 12) Expense Ratio** : 0.50% Money Market Instruments Certificate of Deposits Canara Bank CRISIL A1+ Corporation Bank CRISIL A1+ Punjab & Sind Bank 5.94 ICRA A1+ Punjab National Bank CARE A1+ Commercial Paper HDFC ICRA A1+ India Infoline Finance CRISIL A1+ Religare Finvest ICRA A1+ Kindly Refer Page No. 10 Details as on June 29, 2012 RHC Holding ICRA A1+ (SO) Total Debt Holdings CBLO & Others* 0.42 statistics Current Yield 9.99% Duration years Average Maturity years JM Money Manager Fund - Super (An Open - Ended Debt ) : To generate stable long term returns with low risk strategy and capital appreciation/ accretion through s in debt instruments and related securities besides preservation of capital. : Vikas Agrawal (Managing this fund since July, 2011 & has total 9 years of experience in fixed income market). : Super - : 27th Sept, 2006 Super - DDO: 27th Sept, 2006 Super - WDO: 12th October, 2007 Super - FDO: 2nd April, 2008 NAV DETAILS : Super option (Rs.) : Daily option (Rs.) : Weekly option (Rs.) : Fortnightly option (Rs.) : CORPUS : Qtly - AAUM (Rs.) : Crores (Apr 12 - June 12) Expense Ratio** : 0.42% Money Market Instruments Certificate of Deposits Allahabad Bank ICRA A1+ Canara Bank CRISIL A1+ Central Bank 6.59 CARE A1+ Indian Overseas Bank ICRA A1+ Punjab & Sind Bank 4.90 ICRA A1+ Punjab National Bank CARE A1+ Commercial Paper Aditya Birla Finance ICRA A1+ Religare Securities CRISIL A1+ RHC Holding India ICRA A1+ (SO) Total Debt Holdings CBLO & Others* 0.83

7 Kindly Refer Page No. 10 statistics Current Yield 9.78% Duration years Average Maturity years JM Money Manager Fund - Super Plus (An Open - Ended Debt ) : To generate stable long term returns with low risk strategy and capital appreciation/ accretion through s in debt instruments and related securities besides preservation of capital. : Shalini Tibrewala (Managing this fund since September, 2006 & has over 14 years of experience in fund management & financial services sector). : Super Plus - : 27th Sept, 2006 Super Plus - DDO: 27th Sept, 2006 Super Plus - WDO: 16th July, 2007 Super Plus - FDO: 12th July, 2007 NAV DETAILS : Super Plus - option (Rs.) : Daily option (Rs.) : Weekly option (Rs.) : Fortnightly option (Rs.) : CORPUS (Apr 12 - : Qtly - AAUM (Rs.) : Crores June 12) Expense Ratio** : 0.50% Money Market Instruments Certificate of Deposits AXIS Bank 2.43 CRISIL A1+ Canara Bank 2.44 ICRA A1+ Central Bank of India 2.43 CARE A1+ Corporation Bank 2.44 CRISIL A1+ IDBI Bank 0.50 CRISIL A1+ Indian Overseas Bank 2.43 ICRA A1+ IndusInd Bank 4.87 CRISIL A1+ Karur Vysya Bank 2.43 CRISIL A1+ Oriental Bank of Commerce 2.44 CRISIL A1+ Punjab & Sind Bank 2.48 ICRA A1+ Punjab National Bank 4.87 CARE A1+ State Bank of Patiala 9.71 ICRA A1+ Syndicate Bank 2.43 CARE A1+ UCO Bank 4.87 CRISIL A1+ United Bank of India 4.85 CARE A1+ Commercial Paper India Infoline Finance 9.68 CRISIL A1+ Manaksia 1.94 CARE A1+ Religare Finvest 4.83 ICRA A1+ Religare Securities 2.45 CRISIL A1+ RHC Holding India 4.84 ICRA A1+ (SO) Corporate Debt 1.61 AXIS Bank 1.30 ICRA AAA ICICI Bank 0.31 CARE AAA Treasury Bills Days T- Bill 0.20 GOI SOV Total Debt Holdings CBLO & Others* Kindly Refer Page No. 10 statistics Current Yield 9.32% Duration years Average Maturity years JM Floater Fund - Long Term (An Open-Ended Income ) : To provide regular income and capital appreciation through in floating rate debt instruments, fixed rate debt instruments swapped for floating rate returns and also fixed rate instruments and money market instruments. : Shalini Tibrewala (Managing this fund since March, 2006 & has over 14 years of experience in fund management & financial services sector). : Regular - : 25th June, 2003 Regular - : 25th June, 2003 Regular - DDO: 22nd May, 2007 Regular - WDO: 22nd May, 2007 Premium - : 13th October, 2004 Premium - : 13th October, 2004 Premium - DDO: 15th May, 2007 Premium - WDO: 18th May, 2007 NAV DETAILS : Regular - option (Rs.): option (Rs.): Daily option (Rs.): Wkly option (Rs.): Premium - option (Rs.): option (Rs.): Daily option (Rs.): Wkly option (Rs.): CORPUS (Apr 12 - : Qtly - AAUM (Rs.) : 3.38 Crores June 12) Expense Ratios** : Regular : 0.60% Premium : 0.50% Kindly Refer Page No. 10 Details as on June 29, 2012 CBLO & Others* statistics Current Yield 7.06% Duration years Average Maturity years JM Floater Fund - Short Term (An Open-Ended Liquid ) : 25th June, 2003 NAV DETAILS as on June 30, 2012 CORPUS (Apr 12 - June 12) Expense Ratio** : 0.42% : To provide regular income and capital appreciation through in floating rate debt instruments, fixed rate debt instruments swapped for floating rate returns and also fixed rate instruments and money market instruments. : Shalini Tibrewala (Managing this fund since September, 2006 & over 14 years of experience in fund management & financial services sector). : Floater Fund Short Term option (Rs.) : Daily option (Rs.) : : Qtly - AAUM (Rs.) : Crores CBLO & Others* Kindly Refer Page No. 10 statistics Current Yield 7.06% Duration Years Avg. Maturity Years 7

8 Details as on June 29, 2012 JM Short Term Fund (An Open-Ended Income ) : To generate regular returns and high level of liquidity with low risk strategy and capital appreciation / accretion through in debt instruments and related securities besides preservation of capital. : Girish Hisaria (Managing this fund since July 2009 & has total 7 years of experience in Fixed Income Markets). : Regular - : 24th June, 2002 Regular - : 24th June, 2002 Regular - DDO: 31st March, 2011 Institutional - : 4th April, 2003 Institutional - : 4th April, 2003 Institutional - DDO: 6th April, 2011 NAV DETAILS : Regular - option (Rs.): option (Rs.): Daily option (Rs.): Institutional - option (Rs.): option (Rs.): Daily option (Rs.): CORPUS (Apr 12 - : Qtly - AAUM (Rs.) : Crores June 12) Expense Ratios** : Regular : 1.04% Institutional : 0.80% Money Market Instruments Certificate of Deposits Oriental Bank of Commerce CRISIL A1+ Punjab National Bank CARE A1+ State Bank of Bikaner & Jaipur CRISIL A1+ Commercial Paper India Infoline Finance CRISIL A1+ Religare Finvest 9.93 ICRA A1+ RHC Holding India ICRA A1+ (SO) Treasury Bills Days T- Bill 1.35 GOI SOV Total Debt Holdings CBLO & Others* 6.15 JM Income Fund (An Open-Ended Income ) : To generate stable long term returns with low risk strategy and capital appreciation / accretion through in debt instruments and related securities besides preservation of capital. : Girish Hisaria (Managing this fund since July 2009 & has total 7 years of experience in Fixed Income Markets). : option: 1st April, 1995 option: 1st April, Bonus Option: 18th March, 2002 NAV DETAILS : option (Rs.) : option (Rs.) : Bonus option (Rs.) : CORPUS (Apr 12 - June 12) : Qtly - AAUM (Rs.) : 9.81 Crores Expense Ratio** : 2.25% Money Market Instruments Certificate of Deposits AXIS Bank 9.98 CRISIL A1+ Canara Bank 4.75 CRISIL A1+ Vijaya Bank 9.97 CARE A1+ Yes Bank 9.97 ICRA A1+ Corporate Debt AXIS Bank ICRA AAA Shriram Transport Finance Company 6.70 CARE AA+ Total Debt Holdings CBLO & Others* statistics Current Yield 8.33% Duration Years Avg. Maturity Years JM G-Sec Fund (An Open-Ended Dedicated Gilt ) : To provide ultimate level of safety to its unitholders through s in sovereign securities issued by the Central and State Government. : Girish Hisaria (Managing this fund since July 2009 & has total 7 years of experience in Fixed Income Markets). : Regular - : 29th September, 1999 Regular - : 29th September, 1999 Regular - - Bonus : 30th November, 2002 NAV DETAILS : Regular - option (Rs.) : option (Rs.) : Bonus option (Rs.) : CORPUS (Apr 12 - June : Qtly - AAUM (Rs.) : Crores 12) Expense Ratio** : 2.25% TREASURY BILLS Days T- Bill GOI SOV Total Debt Holdings CBLO & Others* statistics Current Yield 7.18% Duration Years Avg. Maturity Years statistics Current Yield 10.10% Duration Years Avg. Maturity Years 8 (*) Others may include net receivables / payables, cash, cash equivalents, stocks in transition and other instruments such as warrants, convertibles etc. ** wise Total Expense Ratio (From Financial year beginning till date).

9 ANNEXURE FOR RETURNS OF ALL THE SCHEMES Performance as on June 30, 2012 Name June 30, 2011 to June 30, 2012 June 30, 2010 to June 30, 2011 June 30, 2009 to June 30, 2010 Details as on June 29, 2012 Since inception till June 30, 2012 (CAGR) Inception Equity s Funds Managed by Sanjay Chhabaria JM Balanced Fund 9579 (4.21) 9798 (2.02) Apr-95 Bench Mark Crisil Balanced Fund Index 9901 (0.99) N A N A Crisil 1 Year T Bill* S & P Nifty Index* 9347 (6.53) JM Equity Fund 8929 (10.71) 9796 (2.04) Apr-95 Bench Mark BSE Sensex 9249 (7.51) S & P Nifty Index* 9347 (6.53) JM Multi Strategy Fund 8672 (13.28) 9059 (9.41) Sep-08 Bench Mark BSE (8.02) S & P Nifty Index* 9347 (6.53) JM Tax Gain Fund 8626 (13.74) 9290 (7.10) (11.75) 31-Mar-08 Bench Mark BSE (8.02) S & P Nifty Index* 9347 (6.53) Funds Managed by Asit Bhandarkar JM Basic Fund 9142 (8.58) 7298 (27.02) June-97 Bench Mark BSE 200 Index 9237 (7.63) S & P Nifty Index* 9347 (6.53) JM Core 11 Fund 8771 (12.29) 8189 (18.11) (22.43) 5-Mar-08 Bench Mark BSE Sensex 9249 (7.51) S & P Nifty Index* 9347 (6.53) Funds Managed by Chaitanya Choksi JM Arbitrage Advantage Fund July-06 Bench Mark Crisil Liquid Fund Index S & P Nifty Index # 9347 (6.53) # performance may not be strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc. Performance as on June 30, 2012 Name June 30, 2011 to June 30, 2012 June 30, 2010 to June 30, 2011 June 30, 2009 to June 30, 2010 Since inception till June 30, 2012 (CAGR) Inception Date@ Debt s Funds Managed by Girish Hisaria JM Gsec Fund Sep-99 Bench Mark I Sec Composite Index N A N A Crisil 10 Year G Sec Paper* N A N A JM Income Fund Apr-95 Bench Mark Crisil Composite Bond Fund Index N A N A Crisil 10 Year G Sec Paper* N A N A JM Short Term Fund June-02 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill*

10 ANNEXURE FOR RETURNS OF ALL THE SCHEMES Name June 30, 2011 to June 30, 2012 June 30, 2010 to June 30, 2011 June 30, 2009 to June 30, 2010 Performance for Liquid s Simple Annualised Details as on June 29, 2012 Since inception till June 30, 2012 (CAGR) Inception Date@ Funds Managed by Vikas Agrawal JM Money Manager Fund Regular Sep-06 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* JM Money Manager Fund Super Sep-06 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* Funds Managed by Shalini Tibrewala JM Floater Fund - Long Term June-03 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* JM MIP Fund Sep-03 Bench Mark Crisil MIP Blended Index S & P Nifty Index* 9347 (6.53) Crisil 1 Year T Bill* JM Money Manager Fund Super Plus Sep-06 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* Performance for Liquid s Name June 30, 2011 to June 30, 2012 June 30, 2010 to June 30, 2011 June 30, 2009 to June 30, 2010 Since inception till June 30, 2012 (CAGR) Inception Date@ Funds Managed by Shalini Tibrewala JM High Liquidity Fund Dec-97 Bench Mark Crisil Liquid Fund Index N A N A Crisil 1 Year T Bill* JM Floater Fund - Short Term June-03 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* Name 7 Days 15 Days 1 mth 3 mths 6 mths Inception Date@ Funds Managed by Shalini Tibrewala JM High Liquidity Fund Dec-97 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* JM Floater Fund - Short Term June-03 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* *Additional Inception Date is considered as the date of first time allotment of units. Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other. Absolute returns are computed on s is of Rs 10,000. are computed on Compounded Annual Rate (CAGR) basis. Load is not considered for computation of returns. Option has been considered for calculating the performance of the above mentioned schemes. Mutual Fund s are subject to market risks, read all scheme related documents carefully. 10

11 Details as on June 29, 2012 DIVIDEND HISTORY (for past 3 years) JM Equity Fund Financial Year Record Date (Rs. per unit) FY FY FY The face value per unit is Rs. 10/-. JM Basic Fund Financial Year Record Date (Rs. per unit) FY FY FY The face value per unit is Rs. 10/- JM Balanced Fund Financial Year Record Date (Rs. per unit) FY FY FY The face value per unit is Rs. 10/-. JM Multi Strategy Fund Financial Year Record Date (Rs. per unit) FY FY FY The face value per unit is Rs. 10/-. JM Tax Gain Fund Financial Year Record Date (Rs. per unit) FY FY FY The face value per unit is Rs. 10/-. JM Core 11 Fund Financial Year Record Date (Rs. per unit) FY FY FY The face value per unit is Rs. 10/-. JM MIP Fund JM MIP Fund - Monthly Div. Option Financial Year Record Date (Rs. per unit) FY $ April 12 - June FY $ Jan 12 - Mar Oct 11 - Dec July 11 - Sept FY $ Jan 11 - March 11 Oct 10 - Dec July 10 - Sept JM MIP Fund - Quarterly Div. Option Financial Year Record Date (Rs. per unit) FY $ - - FY $ - - FY $ - - JM MIP Fund - Annual Div. Option Financial Year Record Date (Rs. per unit) FY $ - FY $ - FY $ - taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is Rs. 10/-. $ Includes Distribution Tax. JM Arbitrage Advantage Fund Financial Year Record Date (Rs. per unit) FY June FY March December September FY March December September The face value per unit is Rs. 10/- JM High Liquidity Fund Financial Year (Rs. per unit) FY $ Regular - Weekly Option Regular - Daily Option Regular - Quarterly Option - Inst. - Weekly option Inst. - Daily option Super Inst. - Weekly Div. option Super Inst. - Daily Div. option FY $ Regular - Weekly Option Regular - Daily Option Regular - Quarterly Option - Inst. - Weekly option Inst. - Daily option Super Inst. - Weekly Div. option Super Inst. - Daily Div. option FY $ Regular - Weekly Option Regular - Daily Option Regular - Quarterly Option - Inst. - Weekly option Inst. - Daily option Super Inst. - Weekly Div. option Super Inst. - Daily Div. option The face value per unit is Rs.10/-. $ Includes Distribution Tax JM Money Manager Fund Financial Year (Rs. per unit) FY $ Regular - Daily option Regular - Weekly option Regular - Fortnightly option Super - Daily option Super - Weekly option Super - Fortnightly option Super Plus - Daily option Super Plus - Weekly option Super Plus - Fortnightly option FY $ Regular - Daily option Regular - Weekly option Regular - Fortnightly option Super - Daily option Super - Weekly option Super - Fortnightly option Super Plus - Daily option Super Plus - Weekly option Super Plus - Fortnightly option FY $ Regular - Daily option Regular - Weekly option Regular - Fortnightly option Super - Daily option Super - Weekly option Super - Fortnightly option Super Plus - Daily option Super Plus - Weekly option Super Plus - Fortnightly option The face value per unit is Rs.10/-. $ Includes Distribution Tax. JM Floater Fund - LTP Financial Year (Rs. per unit) FY $ Regular - option - Regular - Daily option Regular - Weekly option Premium - option Premium - Weekly option Premium - Daily Option FY $ Regular - option - Regular - Daily option Regular - Weekly option Premium - option Premium - Weekly option Premium - Daily Option FY $ Regular - Daily option Regular - Weekly option Premium - option Premium - Weekly option Premium - Daily Option The face value per unit is Rs. 10/-. $ Includes Distribution Tax. JM Floater Fund - STP Financial Year (Rs. per unit) FY $ Short Term - Daily Option FY $ Short Term - Daily Option FY $ Short Term - Daily Option The face value per unit is Rs.10/-. $ Includes Distribution Tax JM Short Term Fund Financial Year (Rs. per unit) FY $ Regular - Option Inst. - Option Regular - Daily Option Inst. - Daily Option FY $ Regular - Option Inst. - Option Regular - Daily Option Inst. - Daily Option FY $ Regular - Option Inst. - Option The face value per unit is Rs. 10/-. $ Includes Distribution Tax. JM G-Sec Fund Regular - Div. Option (Rs. per unit) FY $ - FY $ - FY $ 0.25 The face value per unit is Rs.10/-. $ Includes Distribution Tax. 11

12 JM EQUITY SCHEMES AT A GLANCE Introduction of no Entry Load and treatment of Exit Load. In accordance with the requirements specified by the SEBI circular no. SEBI/IMD/CIR No.4/168230/09 dated June 30, 2009, no entry load will be charged for fresh purchase / additional purchase / switch-in transactions accepted by the Fund with effect from August 1, Similarly, no entry load will be charged with respect to applications for fresh registrations under Systematic /Systematic Transfer accepted by the Fund with effect from August 1, Also, in compliance with SEBI Circular no. SEBI / IMD / CIR No. 7 / / 2009 dated August 17, 2009, parity among all classes of unit holders in terms of charging exit load shall be made applicable at the portfolio level with effect from August 24, Load Structure: Entry Load: for all Open-ended Equity s. Exit Load: As mentioned in the table hereunder: Minimum criteria for & Redemption Purchase : As mentioned in the reckoner table for normal transactions other than through SIP/STP. Additional Purchase : Rs. 1,000/- or any amount thereafter in all schemes except JM Tax Gain Fund. Repurchase : Minimum redemption from existing Unit Accounts for normal transactions other than through STP/SWP would be a) Rs. 500 and any amount thereafter OR b) 50 units or any number of units there after subject to keeping a minimum balance of 500 units or Rs. 5000/- whichever is less. c) for all the units in the folio for the respective plan if the available balance is less than Rs. 500/- or less than 50 units on the day of submission of valid redemption request. Reckoner and Default Options In case an investor fails to specify his preference of Options/Sub-Options, in the below mentioned schemes, the default Options/ Sub-Options would be as under : EQUITY SCHEMES Currently available facilities Sr. no. s Allotment Date 1 JM - Arbitrage Advantage Fund Min. amnt. July 18, 2006 Rs. 5000/- 2 JM Balanced Fund April 1, 1995 Rs. 5000/- 3 JM Basic Fund June 2, 1997 Rs. 5000/- 4 JM Core 11 Fund March 5, 2008 Rs. 5000/- 5 JM Equity Fund April 1, 1995 Rs. 5000/- 6 JM Multi Strategy Fund 7 JM Tax Gain Fund September 23, 2008 March 31, 2008 Rs. 5000/- Rs. 500/- or in multiples of Rs. 500/- each Options Sub Options Default Option Payout / Payout / Payout / Payout / Payout / Payout / Payout Default Sub Option Exit Lock-in 0.50% 30 Days 1.00% 365 Days 1.00% 365 Days 1.00% 365 Days 1.00% 365 Days 1.00% 365 Days Payout && Redemption Time# T+3 (*) Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days T+3 Business Days && JM Tax Gain Fund :- The scheme falls in the ELSS category and is eligible for tax benefits under section 80C of Income Tax Act. There is a lock-in period of 3 years under the. # AMC would adhere to the aforesaid service standards for redemption payments on best efforts basis under normal circumstances subject to the overall 10 business days as stipulated by SEBI. *JM - Arbitrage Advantage Fund: The redemption shall be in terms of Interval Period defined hereinbelow. Redemption request can be submitted to the official point of acceptance on any business day till 3.00 pm. All redemption requests received till Friday (in case such Friday is a holiday then the last business day) of the week preceding the interval period, would be processed at the NAV of the Interval Period. The Interval period will be the settlement Thursday (the settlement day for derivatives segment in the NSE which is currently last Thursday of the month) or any day which is declared as the settlement day for Derivatives segment by the NSE. Illustrative Example: Interval Cycle Cut-off for for redemption / switch-out requests Applicable NAV for redemption / switch-out For Nov-Dec 2010 All redemptions / switch-out requests received till before 3 p.m. NAV of For Dec - Jan 2011 All redemptions / switch-out requests received after 3 p.m. on till 3.00 pm NAV of It is clarified that the cut-off timings will also be applicable to s made through The exit load shown in the above table are applicable for allotment of units for made through fresh purchases/switch-in/shift-in or through respective SIP/STP/SWP Instalments out of the fresh registration effected during the period when above exit load rates are applicable. The exit load are subject to change at any time. Hence, all Investors are advised to check the current exit load from the nearest Investor Service Centers before. Intra & Inter Equity Switches: No exit load for inter and intra equity switches except in case of (i) switches by SIP/STP investors within 24 months (for cases registered from up to ) and within 12 months (for cases registered upto ) of respective SIP/STP installments (ii) switches by STP investors (for cases registered w.e.f ) within 24 months of respective STP installments (iii) switches by SIP investors (for cases registered w.e.f ) within 12 months of respective SIP installments (iv) switches to / from JM Arbitrage Advantage Fund to any equity schemes. Exit load on intra-scheme redemptions/switch outs:it load on intra-scheme redemptions/switch outs : The applicable exit load, if any, will be charged for redemptions/ switch outs of the scheme (i.e. at portfolio level) before the completion of the stipulated load/lock-in period. The stipulated load/lock-in period will be reckoned from the date of allotment of units for a particular transaction in the scheme (i.e. at portfolio level) till the date of redemption/ switch out from that scheme, irrespective of the number of intra-scheme switches by the investor between the aforementioned two dates (e.g switches between options/sub-options within the scheme having the same portfolio). However, Government levies eg. STT (wherever applicable) will continue to be deducted for every intra-scheme and inter-scheme switch-out/redemption transactions. The above details are subject to provisions laid down in the respective Information Documents and Addenda issued from time to time.

13 Load Structure: Entry Load: for all Open-ended Debt & Liquid s. Exit Load: As mentioned in the table hereunder: Reckoner and Default Options: Sr. no. 1 2 s JM Money Manager Fund JM Floater Fund - Short Term Min. amt. Rs. 5000/- Rs. 5000/- Currently available facilities JM DEBT SCHEMES AT A GLANCE DEBT SCHEMES s Options Sub Options Default Daily Weekly Regular Fortnightly Daily Weekly Super Fortnightly Daily Super Plus Weekly Fortnightly Super Plus Daily - Super Plus Super Plus Default Default Option Daily Daily Daily Daily 3 JM G Sec Fund Rs. 5000/- Regular Payout* / - 4 JM High Liquidity Fund Rs. 5000/- Rs. 1,00,00,000/- Rs. 5,00,00,000/- 5 JM Income Fund Rs. 5000/- - 6 JM Floater Fund - Long Term 7 JM MIP Fund Rs. 5,000/- - Regular Institutional Super Institutional Regular Premium Daily Weekly Payout* / Quarterly Daily Weekly Daily Weekly Daily / Weekly Daily / Weekly Monthly / Quarterly / Annual Payout* / Payout* / Payout* / Rs. 5000/- Payout*/ Payout* / Payout* / - If amt is < Rs. 1 crore then Regular; If amount is equal to or more than Rs. 1 crore but less than Rs. 5 crores then Institutional. If amount is equal to or more than Rs. 5 crores then Super Institutional Premium Daily Daily Daily Daily Daily Monthly Default Sub Option Exit Lock-in 0.25% 45 Days 0.10% 30 Days 1.00% 365 Days Payout* 0.50% 182 Days Redemption Time # T+1 T+1 T+1 T+1 T+1 T+1 T+2

14 Sr. no. s 8 JM Short Term Fund Min. amt. Rs. 5000/- Rs /- Currently available facilities s Options Sub Options Default Regular Daily Institutional Daily Payout* / Payout* / If amt is < Rs. 1 lac then Regular, else Institutional Default Default Option Default Sub Option Exit Lock-in 0.25% 30 Days Redemption Time # T+1 # AMC would adhere to the aforesaid service standards for redemption payments on best efforts basis under normal circumstances subject to the overall 10 business days as stipulated by The exit load shown in the above table are applicable for allotment of units for made through fresh purchases/switch-in/shift-in or through respective SIP/STP/SWP Instalments out of the fresh registration effected during the period when above exit load rates are applicable. The exit load are subject to change at any time. Hence, all Investors are advised to check the current exit load from the nearest Investor Service Centers before. In case, the investor does not mention the name of /Options/Sub-Options/or wherever there is an ambiguity in choice of /Option/Sub-Option opted for, the AMC/Registrar will allot the units as per default s/options/sub-options. In case, it is not possible to decide about the default s/options/sub-options, then the application will be treated as invalid and summarily rejected. In case of purchase transactions, where there is a mismatch in the amounts on the Transaction Slip / Application Form and the payment instrument / credit received, the AMC may at its discretion allot the units for the lesser of the two amounts and refund / utilize the excess, if any, for any other transaction submitted by the same investor, subject to the fulfillment of other regulatory requirements for the fresh transaction. Note: shall be declared at the discretion of the Trustee subject to the availability of distributable profits as compiled in accordance with SEBI (Mutual Funds) Regulations, *No dividend under shall be distributed in cash even for those unitholders who have opted for payout where such dividend on a single payout is less than Rs.100/-. Consequently, such dividend (less than Rs.100/-) shall be compulsorily re-invested except under JM Tax Gain Fund as there is no dividend re option under the scheme. ADDENDUM Dated JUNE 29, 2012 (Ref No. 08/ ) NOTICE CUM ADDENDUM ADDENDUM TO THE STATEMENT OF ADDITIONAL INFORMATION, SCHEME INFORMATION DOCUMENT(S) AND KEY INFORMATION MEMORANDUM(S) (AS APPLICABLE) OF ALL THE SCHEME(S) OF JM FINANCIAL MUTUAL FUND Pursuant to sub regulation (1), (2) and (4) of Regulation 36 of SEBI (Mutual Funds) Regulations, 1996 read with SEBI gazette notification dated August 30, 2011, SEBI circular no. Cir/ IMD/DF/16/ 2011 dated September 8, 2011 and addendum no. 017/ dated September 30, 2011 issued by the AMC, investors are requested to note the following regarding dispatch of account statements with effect from July 1, 2012: 1. The Consolidated Account Statement (CAS) for each calendar month is to be issued on or before tenth day of succeeding month, to the investors who have provided valid Permanent Account Number (PAN). Due to this regulatory change, AMC shall now cease to send physical account statement to the investors after every financial transaction including systematic transactions. Further, CAS will be sent via where any of the folios consolidated has an id or to the id of the first unit holder as per KYC records. 2. For folios not included in the Consolidated Account Statement (CAS), the AMC shall henceforth issue account statement to the investors on a monthly basis, pursuant to any financial transaction in such folios, on or before tenth day of succeeding month. In case of a New Fund Offer Period (NFO), the AMC shall send confirmation specifying the number of units allotted to the applicant by way of a physical account statement or an and/or SMS to the investor s registered address and/or at id/mobile number, not later than five business days from the date of closure of the NFO. Investors are requested to note the above.