Market Update - Equity. Market Update - Derivatives. From The Debt Desk. Monthly Market Update by JM Financial Mutual Fund

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3 Monthly Market Update by JM Financial Mutual Fund Market Update - Equity ECONOMY India s 2QFY 14 GDP growth improved to 4.8% against a consensus expectation of 4.6%, improving slightly from 4.4% in 1QFY 14. Agriculture grew by 4.6% on above normal monsoons, industry growth was at 2.3% with improvements in all sub sectors but services growth slowed down to 5.9%. Meanwhile, September IIP at 2% rose significantly from 0.4% in August, but was below street estimates. Manufacturing continued to be a drag at 0.6%. October WPI continued the hardening trend as it came in at 7% v/s. 6.5% in the previous month as vegetable prices remained high. Core WPI was up marginally, from 2% in September to 2.1% in October. Notably, August WPI was revised up to 7% from 6.1% earlier. October CPI too inched up higher to 10.1% from 9.8% in September. However, core CPI eased to 8.1% from 8.4% last month. The RBI Governor sought to assuage fears as he confirmed speculations that majority of the USD demand from oil importers has returned to markets as the currency swap facility was gradually being tapered down. This helped to keep the INR steady. STOCK MARKET Nifty declined by 2% during the month of November. FIIs remained net buyers with net inflows to the tune of $1.1bn, bringing the YTD amount to about $17.5bn net inflows. DIIs were net sellers to the tune of $1.5bn. Of this, insurance companies accounted for $1.3bn of outflows while MFs recorded net outflows of $207mn. YTD, DIIs are net sellers at $11.7bn. Market Update - Derivatives The November expiry level of the Nifty index was around 3% lower than that of the October level. Rollovers were on the higher side with market-wide rollover on the last day at ~79% which was higher compared to average rollovers of ~70% (last three series). The December series started with market wide future open interest of ~INR 449bn as against ~INR 458bn seen at the start of the November expiry. Nifty rollovers stood at ~73% compared to average rollovers of ~63% (last three series). Stock futures rolls were at 82%; 8 percentage points higher than its three-month average of 74%. Finance (86%) and Pharma (85%) sectors witnessed highest rollovers whereas IT (77%) and Banking (77%) witnessed the lowest rollovers. Volatility in the markets may help churn the arbitrage portfolio and generate good returns. From The Debt Desk Key data and events November, 2013 Government bond yields remained in a range during the month. RBI set a coupon of 8.83% for the new 10 year benchmark yield. The new 10 year bond traded at around 8.75% during the month end. WPI Inflation: The provisional inflation for the month of October, 2013 was 7.00% as against 6.46% in September, IIP: The provisional Index of Industrial Production (IIP) for the month of September, 2013 was at 2.0% as against revised IIP of 0.4% in the month of August, CPI: The Combined Provisional Index for Consumer Price Index (CPI) for the month of October, 2013 was at 10.09% as against revised CPI of 9.84% in the month of September, Forex Reserves: The Forex Reserves as on November 29, 2013 was at USD billion as against USD billion as on October 25, 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 5 year corporate Bond yield ended at 9.60% as compared to 9.50%. 3 Month Certificate of Deposit ended higher at 9.00% as compared to 8.75% on tight liquidity situation. 12 Month Certificate of Deposit ended higher at 9.50% as compared to 9.00% on tight liquidity situation. USD/INR: The local currency traded in a narrow range and ended at as against the US dollar on account of dollar demand by Oil Marketing Companies (OMC). Global data: 10 year US bond yield ended higher at 2.85% as compared to 2.52% in the previous month on account of strong US data. Source for above Commentry: RBI WSS, Bloomberg and JMF AMC Research 1

4 JM Equity Fund (An Open-Ended ) INVESTMENT OBJECTIVE : To provide optimum capital growth and appreciation. FUND MANAGER : Sanjay Chhabaria (Managing this fund since December, 2007 & more than 12 yrs of experience in fund management & equity research) : 1st April, 1995 CORPUS (July 13 - Sept 13) TURNOVER RATIO Issuer : Option: Option: Option: Option: : Qtly - AAUM (`) : Crores : ASSET ALLOCATION BY SECTOR % to NAV Infosys 7.94 HDFC Bank 7.02 ICICI Bank 6.49 Reliance Industries 6.47 Housing Development Finance Corporation 5.62 ITC 4.86 Larsen & Toubro 4.76 Tata Motors 4.05 ACC 3.99 State Bank Of India 3.97 IDFC 3.78 Dr Reddy's Laboratories 3.77 Tata Consultancy Services 3.65 Mahindra & Mahindra 3.59 Bharti Airtel 2.98 Oil & Natural Gas Corporation 2.95 Equity less than 2% of corpus Total Equity Holdings CBLO & Others* 1.02 Kindly Refer Page No. 8 RISK REPORT Name Beta Sharpe Std. Dev. JM Equity Fund - Option 1.11 (0.52) 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 8.84% (91 day Treasury Bill yield as on Nov 29, 2013) for calculation of Sharpe ratio. JM Basic Fund (An Open-Ended Sector ) INVESTMENT OBJECTIVE FUND MANAGER : 2nd June, 1997 CORPUS (July 13 - Sept 13) TURNOVER RATIO : 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 11 yrs of experience in fund management & equity research). : Option: Option: Option: Option: : Qtly - AAUM (`) : Crores : Issuer % to NAV Larsen & Toubro 8.11 Yes Bank 6.10 Tata Motors 5.75 Bharti Airtel 5.49 Mahindra & Mahindra 5.26 Oil & Natural Gas Corporation 4.78 ICICI Bank 4.61 ACC 4.53 HDFC Bank 4.18 Housing Development Finance Corporation 4.13 Thermax 4.08 IDFC 3.48 Power Finance Corporation 3.46 Crompton Greaves 3.29 Bajaj Auto 3.05 AXIS Bank 3.02 Hero Motocorp 3.01 Dr Reddy's Laboratories 2.66 Mahindra & Mahindra Financial Services 2.61 Jaiprakash Associates 2.52 Exide Industries 2.28 Hindalco Industries 2.27 Maruti Suzuki India 2.11 Idea Cellular 2.05 L&T Finance Holdings 2.03 Equity less than 2% of corpus 4.18 Total Equity Holdings CBLO & Others* 0.96 ASSET ALLOCATION BY SECTOR Kindly Refer Page No. 8 RISK REPORT Name Beta Sharpe Std. Dev. JM Basic Fund - Option 1.33 (0.60) 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 8.84% (91 day Treasury Bill yield as on Nov 29, 2013) for calculation of Sharpe ratio. JM Multi Strategy Fund (An Open-Ended Equity Oriented ) INVESTMENT OBJECTIVE FUND MANAGER : 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 : Option: Option: Option: Option: CORPUS (July 13 - Sept 13) : Qtly - AAUM (`) : Crores TURNOVER RATIO : Issuer % to NAV Larsen & Toubro 6.72 Infosys 5.99 Eicher Motors 5.85 ICICI Bank 5.72 Housing Development Finance Corporation 5.00 HDFC Bank 4.72 IDFC 4.45 Tata Motors 4.27 Mahindra & Mahindra 4.05 ACC 4.02 Oil & Natural Gas Corporation 3.74 Dr Reddy's Laboratories 3.37 Power Finance Corporation 3.35 Grasim Industries 3.32 State Bank Of India 2.99 Mahindra & Mahindra Financial Services 2.53 Bharti Airtel 2.45 Tata Power Company 2.27 IndusInd Bank 2.26 Hero Motocorp 2.20 Equity less than 2% of corpus Total Equity Holdings CBLO & Others* 0.59 Kindly Refer Page No. 8 2

5 ASSET ALLOCATION BY SECTOR RISK REPORT Name Beta Sharpe Std. Dev. JM Multi Strategy Fund - Option INVESTMENT OBJECTIVE FUND MANAGER : 31st March, 2008 CORPUS (July 13 - Sept 13) TURNOVER RATIO 1.17 (0.59) 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 8.84% (91 day Treasury Bill yield as on Nov 29, 2013) for calculation of Sharpe ratio. JM Tax Gain Fund (An Open-Ended Equity Linked Savings ) : 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). : Option: Option: Option: Option: : Qtly - AAUM (`) : Crores : Issuer % to NAV Eicher Motors 7.15 ICICI Bank 6.33 Infosys 5.68 Larsen & Toubro 5.31 HDFC Bank 5.04 Housing Development Finance Corporation 4.46 IDFC 4.23 Dr Reddy's Laboratories 4.21 ACC 4.09 Tata Motors 4.05 Bharti Airtel 3.88 Sundaram Finance 3.87 Mahindra & Mahindra 3.84 Mahindra & Mahindra Financial Services 3.51 Grasim Industries 3.30 Thermax 3.27 Oil & Natural Gas Corporation 3.04 Divi'S Laboratories 2.73 SKF India 2.70 Crompton Greaves 2.54 Bajaj Auto 2.44 IndusInd Bank 2.15 Equity less than 2% of corpus Total Equity Holdings CBLO & Others* 1.77 ASSET ALLOCATION BY SECTOR Kindly Refer Page No. 8 RISK REPORT Name Beta Sharpe Std. Dev. JM Tax Gain Fund - Option 1.10 (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 8.84% (91 day Treasury Bill yield as on Nov 29, 2013) for calculation of Sharpe ratio. JM Balanced Fund (An Open-Ended Balanced ) INVESTMENT OBJECTIVE : To provide steady current income as well as long term growth of capital. FUND MANAGER : Sanjay Chhabaria (Managing this fund since February, 2008 & more than 12 years of experience in fund management & equity research). : 1st April, 1995 CORPUS (July 13 - Sept 13) TURNOVER RATIO : Option: Option: Option: Option: : Qtly - AAUM (`) : 6.15 Crores : Issuer % to NAV Infosys 7.15 State Bank Of India 6.68 ICICI Bank 6.01 ITC 5.46 Eicher Motors 5.16 Larsen & Toubro 4.61 Mahindra & Mahindra 4.51 Housing Development Finance Corporation 4.24 HDFC Bank 4.13 Thermax 3.87 Dr Reddy's Laboratories 3.65 Grasim Industries 3.12 Reliance Industries 3.07 Bharti Airtel 2.64 Maruti Suzuki India 2.46 ACC 2.42 Crompton Greaves 2.29 Mahindra & Mahindra Financial Services 2.17 Equity less than 2% of corpus 1.17 Total Equity Holdings CBLO & Others* ASSET ALLOCATION BY SECTOR Kindly Refer Page No. 8 JM Core 11 Fund (An Open-Ended equity oriented scheme) INVESTMENT OBJECTIVE FUND MANAGER : 5th March, 2008 CORPUS (July 13 - Sept 13) TURNOVER RATIO : 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 11 yrs of experience in fund management & equity research). : Option: Option: Option: Option: : Qtly - AAUM (`) : Crores : Issuer % to NAV Power Finance Corporation $ Larsen & Toubro 9.80 Tata Motors 9.70 Mahindra & Mahindra 9.36 Dr Reddy's Laboratories 9.06 ICICI Bank 8.79 IDFC 8.43 Oil & Natural Gas Corporation 8.38 Tech Mahindra 8.17 Grasim Industries 8.15 Yes Bank 7.60 Total Equity Holdings CBLO & Others* 2.55 $ increase over 10% on account of market movements/change in net assets of the scheme. ASSET ALLOCATION BY SECTOR Kindly Refer Page No. 8 3

6 RISK REPORT Name Beta Sharpe Std. Dev. JM Core 11 Fund - Option 1.40 (0.30) 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 8.84% (91 day Treasury Bill yield as on Nov 29, 2013) 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.) INVESTMENT OBJECTIVE FUND MANAGER ASSET ALLOCATION BY SECTOR 4 : 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 CORPUS (July 13 - Sept 13) Issuer : Option: Option-Monthly : Option-Quarterly : Option-Annual : Option: Option-Monthly : Option-Quarterly : Option-Annual : : Qtly - AAUM (`) : 4.95 Crores % to NAV ACC 3.42 HDFC Bank 5.43 Larsen & Toubro 5.83 Total Equity Holdings CBLO & Others* Kindly Refer Page No. 9 STATISTICS Current Yield 6.53% Duration years Average Maturity years JM Arbitrage Advantage Fund (An Open-Ended Equity Oriented Interval ) INVESTMENT OBJECTIVE : 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. FUND MANAGER : Chaitanya Choksi (Managing this fund since Feb 1, 2011 and has around 11 years of work experience in the field of equity research and capital markets.) : 18th July, 2006 : Option: Option: Option: Option: CORPUS (July 13 - Sept 13) : Qtly - AAUM (`) : Crores TURNOVER : RATIO Issuer Market Value (` In Lacs) % to NAV Market Value (` In Lacs) Futures Auto (634.03) Tata Motors Tata Motors - Futures (634.03) Auto Ancillaries (337.79) Apollo Tyre Apollo Tyre - Futures (337.79) Banks (589.91) Allahabad Bank Allahabad Bank - Futures (33.21) Federal Bank Federal Bank - Futures (127.60) Indian Overseas Bank Indian Overseas Bank - Futures (16.67) The Karnataka Bank The Karnataka Bank - Futures (25.13) Yes Bank Yes Bank - Futures (387.30) Construction (84.32) Unitech Unitech - Futures (84.32) Consumer Non Durable (850.37) Tata Global Beverages Tata Global Beverages - Futures (255.68) United Spirits United Spirits - Futures (594.69) Ferrous Metals (37.11) JSW Steel JSW Steel - Futures (37.11) Finance (334.12) IDFC IDFC - Futures (268.93) LIC Housing Finance LIC Housing Finance - Futures (65.19) Industrial Products (108.76) Jain Irrigation Systems Jain Irrigation Systems - (108.76) Futures Media & Entertainment (307.02) Dish TV Dish TV - Futures (94.58) Sun TV Sun TV - Futures (149.60) Zee Entertainment Enterprises Zee Entertainment Enterprises (62.84) - Futures Mineral/Mining (59.01) Sesa Sterlite Sesa Sterlite - Futures (59.01) Oil (117.18) Cairn India Cairn India - Futures (117.18) Petroleum Products (101.99) Hindustan Petroleum Corporation Hindustan Petroleum (101.99) Corporation - Futures Pharmaceuticals (195.04) Aurobindo Pharma Aurobindo Pharma - Futures (177.99) Ranbaxy Laboratories Ranbaxy Laboratories - Futures (17.05) Power (72.30) PTC India PTC India - Futures (72.30) Software (545.29) Oracle Financial Services Software Oracle Financial Services (77.88) Software - Futures Tech Mahindra Tech Mahindra - Futures (467.41) Total Equity Holdings 4, ( ) Fixed Deposit HDFC Bank Yes Bank OTHER MUTUAL FUND UNITS JM High Liquidity Fund Option Total Debt Holdings 1, CBLO & Others* Total Assets 5, Note: Nifty Futures that are sold is a complete hedge against the purchase of Nifty Basket. ASSET ALLOCATION BY SECTOR Kindly Refer Page No. 8 Although classified under Equity category, Risk ratios are not calculated for JM Arbitrage Advantage Fund as the scheme is benchmarked to CLFI.

7 JM High Liquidity Fund (An Open - Ended Liquid ) INVESTMENT OBJECTIVE FUND MANAGER : 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). : Option: 31st December, 1997 Weekly Option: 31st December, 1997 Daily Option: 2nd July, 2001 Quarterly Option.: 23rd Sept, 2003 Option: 17th August, 2002 Institutional Plan - : 4th April, 2003 Institutional Plan - WDO: 4th April, 2003 Institutional Plan - DDO: 28th July, 2003 Super Institutional Plan - :19th May, Super Institutional Plan - DDO:19th May, Super Institutional Plan - WDO: 19th May, as on Nov 30, 2013 CORPUS (July 13 - Sept 13) : Option: Weekly Option: Daily Option: Option: Quarterly Option: Option: Weekly Option: Daily Option: Option: Quarterly Option: Institutional Plan: Option: Daily Option: Super Institutional Plan: Option: : Qtly - AAUM (`) : Crores Issuer % to NAV Rating Money Market Instruments Certificate of Deposits Allahabad Bank 0.93 ICRA A1+ Andhra Bank 1.40 CARE A1+ Bank of Baroda 0.47 ICRA A1+ Bank of Maharashtra 0.47 CRISIL A1+ Canara Bank 5.62 CRISIL A1+ Central Bank of India 5.64 CRISIL A1+ Corporation Bank 0.94 CRISIL A1+ Dena Bank 1.89 CRISIL A1+ ICICI Bank 4.70 ICRA A1+ IDBI Bank 1.88 CRISIL A1+ Indian Bank 2.80 IND A1+ Indian Overseas Bank 0.93 CRISIL A1+ IndusInd Bank 4.72 CRISIL A1+ Kotak Mahindra Bank 1.89 CRISIL A1+ Punjab National Bank 0.94 ICRA A1+ South Indian Bank 3.78 CARE A1+ State Bank of Mysore 0.94 ICRA A1+ State Bank of Patiala 0.94 ICRA A1+ State Bank of Travancore 3.76 CRISIL A1+ Syndicate Bank 0.47 CARE A1+ The Ratnakar Bank 0.94 ICRA A1+ Commercial Paper Afcons Infrastructure 0.84 ICRA A1+ Ashok Leyland 1.88 ICRA A1+ Bajaj Finance 0.47 ICRA A1+ Blue Star 0.47 CARE A1+ Century Textiles & Industries 2.82 CARE A1+ Chennai Petroleum Corporation 1.80 ICRA A1+ Export Import Bank of India 0.94 CRISIL A1+ Godrej & Boyce Mfg. Company 1.88 CRISIL A1+ Gruh Finance 0.94 CRISIL A1+ HDFC 0.94 ICRA A1+ Hindustan Petroleum Corporation 0.94 CRISIL A1+ India Infoline 1.37 ICRA A1+ India Infoline Finance 0.94 ICRA A1+ Indian Oil Corporation 2.45 ICRA A1+ Jindal Saw 0.85 CARE A1+ Kotak Mahindra Prime 0.94 CRISIL A1+ Liberty Phosphate 0.28 CRISIL A1+ Magma Fincorp 0.47 CARE A1+ Motherson Sumi Systems 0.47 ICRA A1+ National Housing Bank 0.47 ICRA A1+ Piramal Enterprises 2.82 ICRA A1+ Redington India 0.94 ICRA A1+ Religare Finvest 0.94 ICRA A1+ Religare Securities 0.85 ICRA A1+ Sabero Organics Gujarat 0.47 CRISIL A1+ SBI Cards & Payment Services 0.94 CRISIL A1+ Shapoorji Pallonji & Company 2.70 ICRA A1+ Srei Equipment Finance 1.88 ICRA A1+ Supreme Industries 0.38 CRISIL A1+ Tata Global Beverages 1.41 ICRA A1+ Tata Motors 0.94 ICRA A1+ The Ramco Cements 1.41 ICRA A1+ Treasury Bills Days T-Bill 4.52 GOI SOV Total Debt Holdings CBLO & Others* ASSET ALLOCATION Kindly Refer Page No. 9 STATISTICS Current Yield 9.09% Duration years Average Maturity years JM Money Manager Fund - Regular Plan (An Open - Ended Debt ) INVESTMENT OBJECTIVE : 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. FUND MANAGER : Vikas Agrawal (Managing this fund since July, 2011 & has total 10 years of experience in fixed income market). : Regular Plan - : 27th Sept, 2006 Regular Plan - DDO: 27th Sept, 2006 Regular Plan - WDO: 26th July, 2007 Regular Plan - FDO: 26th Sept, 2008 Regular Plan - : 18th March, 2013 : Regular Plan - Option: Daily Option: Weekly Option: Fortnightly Option: Option: Option: Daily Option: Weekly Option: Fortnightly Option: Option: CORPUS : Qtly - AAUM (`) : Crores (July 13 - Sept 13) ASSET ALLOCATION Kindly Refer Page No. 9 Issuer % to NAV Rating Money Market Instruments Certificate of Deposits Canara Bank CRISIL A1+ Corporation Bank CRISIL A1+ Punjab National Bank CARE A1+ Commercial Paper Aditya Birla Finance $ ICRA A1+ Total Debt Holdings CBLO & Others* 4.34 $ increase over 30% on account of market movements/change in net assets of the scheme. STATISTICS Current Yield 9.09% Duration years Average Maturity years JM Money Manager Fund - Super Plan (An Open - Ended Debt ) INVESTMENT OBJECTIVE FUND MANAGER : 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 10 years of experience in fixed income market). : Super Plan - : 27th Sept, 2006 Super Plan - DDO: 27th Sept, 2006 Super Plan - WDO: 12th October, 2007 Super Plan - FDO: 2nd April, 2008 Super Plan - : 18th March, 2013 CORPUS (July 13 - Sept 13) : Option: Daily Option: Weekly Option: Fortnightly Option: Option: Option: Daily Option: Weekly Option: Fortnightly Option: Option: : Qtly - AAUM (`) : Crores 5

8 Issuer % to NAV Rating Money Market Instruments Certificate of Deposits Allahabad Bank 4.73 ICRA A1+ Bank of India 4.69 CRISIL A1+ Canara Bank CRISIL A1+ Corporation Bank 6.57 CRISIL A1+ IDBI Bank 9.44 CRISIL A1+ Indian Bank 9.46 IND A1+ Indian Overseas Bank 9.38 CRISIL A1+ Oriental Bank of Commerce 4.74 CRISIL A1+ Punjab National Bank 4.69 ICRA A1+ State Bank of Hyderabad ICRA A1+ Union Bank of India CRISIL A1+ Total Debt Holdings CBLO & Others* 0.87 ASSET ALLOCATION Kindly Refer Page No. 9 STATISTICS Current Yield 9.03% Duration years Average Maturity years JM Money Manager Fund - Super Plus Plan (An Open - Ended Debt ) INVESTMENT : To generate stable long term returns with low OBJECTIVE risk strategy and capital appreciation/accretion through s in debt instruments and related securities besides preservation of capital. FUND MANAGER : Shalini Tibrewala (Managing this fund since September, 2006 & has over 14 years of experience in fund management & financial services sector). : Super Plus Plan - : 27th Sept, 2006 Super Plus Plan - DDO: 27th Sept, 2006 Super Plus Plan - WDO: 16th July, 2007 Super Plus Plan - FDO: 12th July, 2007 Super Plus Plan - : 18th March, 2013 CORPUS (July 13 - Sept 13) ASSET ALLOCATION 6 : Option: Daily Option: Weekly Option: Fortnightly Option: Option: Option: Daily Option: Weekly Option: Fortnightly Option: Option: : Qtly - AAUM (`) : Crores Issuer % to NAV Rating Money Market Instruments Certificate of Deposits Allahabad Bank 3.79 ICRA A1+ AXIS Bank 3.83 CRISIL A1+ Bank of India 1.88 CRISIL A1+ Canara Bank 5.64 CRISIL A1+ Corporation Bank 4.88 CRISIL A1+ ICICI Bank 3.82 ICRA A1+ Punjab National Bank 1.92 CARE A1+ State Bank of Hyderabad 3.75 ICRA A1+ State Bank of Mysore ICRA A1+ Union Bank of India 5.67 CRISIL A1+ Commercial Paper Fullerton India Credit Company 7.33 ICRA A1+ Kotak Mahindra Prime 7.65 CRISIL A1+ Piramal Enterprises ICRA A1+ Ranbaxy Laboratories 5.60 ICRA A1+ Shapoorji Pallonji & Company 3.78 ICRA A1+ Tata Capital Financial Services 9.70 ICRA A1+ Corporate Debt 5.38 Power Finance Corporation 0.77 CRISIL AAA Export Import Bank of India 3.84 CRISIL AAA Rural Electrification Corporation 0.77 CRISIL AAA Treasury Bills Days T-Bill 0.38 GOI SOV Total Debt Holdings CBLO & Others* 0.86 Kindly Refer Page No. 9 STATISTICS Current Yield 9.21% Duration years Average Maturity years JM Floater Long Term Fund (An Open-Ended Income ) (w.e.f. December 28, 2012, the name has been changed from JM Floater Fund - Long Term Plan) INVESTMENT OBJECTIVE : 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. FUND MANAGER : Shalini Tibrewala (Managing this fund since March, 2006 & has over 14 years of experience in fund management & financial services sector). : : 25th June, 2003 : 25th June, 2003 Daily Option: 22nd May, 2007 Weekly Option: 22nd May, 2007 : 18th March, 2013 Premium Plan - : 13th October, 2004 Premium Plan - : 13th October, 2004 Premium Plan - DDO: 15th May, 2007 Premium Plan - WDO: 18th May, 2007 ASSET ALLOCATION Issuer % to NAV Rating Money Market Instruments Commercial Paper Afcons Infrastructure 9.14 ICRA A1+ India Infoline ICRA A1+ Indian Oil Corporation 9.27 ICRA A1+ Piramal Enterprises 9.20 ICRA A1+ Religare Securities 9.27 ICRA A1+ Total Debt Holdings CBLO & Others* Kindly Refer Page No. 9 STATISTICS Current Yield 8.39% Duration years Average Maturity years JM Floater Short Term Fund (An Open-Ended Liquid ) (w.e.f. December 28, 2012, the name has been changed from JM Floater Fund - Short Term Plan) INVESTMENT OBJECTIVE FUND MANAGER : Option: Option: Daily Option: Wkly Option: Option: Option: Option: Daily Option: Wkly Option: Option: Premium Plan - Option: Option: Daily Option: Wkly Option: CORPUS : Qtly - AAUM (`) : Crores (July 13 - Sept 13) : 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). : : 25th June, 2003 Daily Option: 25th June, 2003 : 18th March, 2013 : Option : as on Nov Daily Option : , 2013 Option : Option : Daily Option : Option : CORPUS (July 13 - Sept 13) : Qtly - AAUM (`) : Crores

9 Issuer % to NAV Rating CBLO & Others* ASSET ALLOCATION Kindly Refer Page No. 9 STATISTICS Current Yield 8.20% Duration Years Avg. Maturity Years JM Short Term Fund (An Open-Ended Income ) INVESTMENT OBJECTIVE FUND MANAGER : 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 10 years of experience in Fixed Income Markets). : Regular Plan - : 24th June, 2002 Regular Plan - : 24th June, 2002 Regular Plan - DDO: 31st March, 2011 : 4th April, 2003 : 4th April, 2003 Daily Option: 6th April, 2011 CORPUS (July 13 - Sept 13) : Option: Option: Daily Option: Option: Option: Daily Option: Regular- Option: Regular- Option: Regular-Daily Option: : Qtly - AAUM (`) : Crores Issuer % to NAV Rating Money Market Instruments Certificate of Deposits Indian Bank IND A1+ State Bank of Travancore CRISIL A1+ Government Securities % GOI GOI SOV 8.83% GOI GOI SOV Corporate Debt Rural Electrification Corportion 5.99 CRISIL AAA Power Finance Corporation CRISIL AAA LIC Housing Finance 6.09 CRISIL AAA Shriram Transport Finance Company 3.01 CARE AA+ Treasury Bills Days T-Bill 3.00 GOI SOV Total Debt Holdings CBLO & Others* ASSET ALLOCATION Kindly Refer Page No. 8 STATISTICS Current Yield 8.29% Duration Years Avg. Maturity Years JM Income Fund (An Open-Ended Income ) INVESTMENT OBJECTIVE : 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. FUND MANAGER : Girish Hisaria (Managing this fund since July 2009 & has total 10 years of experience in Fixed Income Markets). : Option: 1st April, 1995 Quarterly Option: 1st April, 1995 Option: 18th March, 2002 : Option : Quarterly Option : Option : Option : Quarterly Option: Option : CORPUS (July 13 - Sept 13) : Qtly - AAUM (`) : Crores Issuer % to NAV Rating Money Market Instruments Certificate of Deposits AXIS Bank 0.56 CRISIL A1+ Indian Bank IND A1+ Government Securities % GOI GOI SOV 8.83% GOI GOI SOV 9.20% GOI GOI SOV Total Debt Holdings CBLO & Others* ASSET ALLOCATION Kindly Refer Page No. 8 STATISTICS Current Yield 8.13% Duration Years Avg. Maturity Years JM G-Sec Fund (An Open-Ended Dedicated Gilt ) INVESTMENT OBJECTIVE ASSET ALLOCATION : To provide ultimate level of safety to its unitholders through s in sovereign securities issued by the Central and State Government. FUND MANAGER : Girish Hisaria (Managing this fund since July 2009 & has total 10 years of experience in Fixed Income Markets). : Option : 29th September, 1999 Quarterly Option : 29th September, 1999 Option : 30th November, 2002 : Option : Quarterly Option : Option : Option : Quarterly Option: Option : CORPUS : Qtly - AAUM (`) : Crores (July 13 - Sept 13) Issuer % to NAV Rating Government Securities % GOI GOI SOV 8.83% GOI GOI SOV 9.20% GOI GOI SOV Total Debt Holdings CBLO & Others* Kindly Refer Page No. 8 STATISTICS Current Yield 8.16% Duration Years Avg. Maturity Years (*) Others may include net receivables / payables, cash, cash equivalents, stocks in transition and other instruments such as warrants, convertibles etc. 7

10 ANNEXURE FOR RETURNS OF ALL THE SCHEMES Performance as on September 30, 2013 Name Sept 30, 2012 to Sept 30, 2013 Sept 30, 2011 to Sept 30, 2012 Sept 30, 2010 to Sept 30, 2011 Since inception till Sept 30, 2013 (CAGR) Inception Equity s Funds Managed by Sanjay Chhabaria JM Balanced Fund (15.30) Apr-95 Bench Mark Crisil Balanced Fund Index (10.04) N A N A Crisil 1 Year T Bill* S & P Nifty Index* (18.02) JM Equity Fund 9623 (3.77) (22.92) Apr-95 Bench Mark BSE Sensex (18.01) S & P Nifty Index* (18.02) JM Multi Strategy Fund 9334 (6.66) (29.43) Sep-08 Bench Mark BSE (2.59) (20.02) S & P Nifty Index* (18.02) JM Tax Gain Fund 9480 (5.20) (26.02) 6293 (8.07) 31-Mar-08 Bench Mark BSE (2.59) (20.02) S & P Nifty Index* (18.02) Funds Managed by Asit Bhandarkar JM Basic Fund 8675 (13.25) (38.20) June-97 Bench Mark BSE 200 Index 9889 (1.11) (19.85) S & P Nifty Index* (18.02) JM Core 11 Fund 8982 (10.18) (35.98) 3202 (18.47) 5-Mar-08 Bench Mark BSE Sensex (17.55) S & P Nifty Index* (17.49) Funds Managed by Chaitanya Choksi JM Arbitrage Advantage Fund July-06 Bench Mark Crisil Liquid Fund Index S & P Nifty Index # (18.02) # performance may not be strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc. Performance as on September 30, 2013 Name Sept 30, 2012 to Sept 30, 2013 Sept 30, 2011 to Sept 30, 2012 Sept 30, 2010 to Sept 30, 2011 Since inception till Sept 30, 2013 (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*

11 ANNEXURE FOR RETURNS OF ALL THE SCHEMES Name Sept 30, 2012 to Sept 30, 2013 Sept 30, 2011 to Sept 30, 2012 Sept 30, 2010 to Sept 30, 2011 Since inception till Sept 30, 2013 (CAGR) Inception Funds Managed by Vikas Agrawal JM Money Manager Fund Regular Plan Sep-06 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* JM Money Manager Fund Super Plan Sep-06 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* Funds Managed by Shalini Tibrewala JM Floater Long Term Fund 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* (16.29) Crisil 1 Year T Bill* JM Money Manager Fund Super Plus Plan Sep-06 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* Performance for Liquid s Name Sept 30, 2012 to Sept 30, 2013 Sept 30, 2011 to Sept 30, 2012 Sept 30, 2010 to Sept 30, 2011 Since inception till Sept 30, 2013 (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 Short Term Fund June-03 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* Performance for Liquid s Simple Annualised 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* (1.42) 3.11 JM Floater Short Term Fund June-03 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* (1.42) 3.11 *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 of `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. 9

12 DIVIDEND/BONUS HISTORY (for past 3 years) JM Equity Fund Financial Year Record Date (` per unit) FY FY FY The face value per unit is ` 10/-. JM Basic Fund Financial Year Record Date (` per unit) FY FY FY The face value per unit is ` 10/- JM Balanced Fund Financial Year Record Date (` per unit) FY FY FY The face value per unit is `10/-. JM Multi Strategy Fund Financial Year Record Date (` per unit) FY FY FY The face value per unit is ` 10/-. JM Tax Gain Fund Financial Year Record Date (` per unit) FY FY FY The face value per unit is ` 10/-. JM Core 11 Fund Financial Year Record Date (` per unit) FY FY FY The face value per unit is ` 10/-. JM MIP Fund JM MIP Fund - Option - Monthly Financial Year Record Date (` per unit) FY $ 1-Nov Nov Oct Oct Sept Sept August August July July Jun Jun May May April Apr FY $ 1-Mar Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr FY $ 1-Mar Feb Jan-12 1-Dec Nov Oct-11 2-Sep Aug-11 4-Jul Jun May Apr JM MIP Fund - Option - Quarterly Financial Year Record Date (` per unit) FY $ - - FY $ - - FY $ - - JM MIP Fund - Option - Annual Financial Year Record Date (` per unit) FY $ - FY $ - FY $ - taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is ` 10/-. $ Includes Distribution Tax. JM Arbitrage Advantage Fund Financial Year Record Date (` per unit) FY Sept Sept Jun Jun FY Mar Mar Jan Sep Jun FY Mar Dec Sep Jun The face value per unit is `10/- JM High Liquidity Fund Financial FYTD* Plan Year (` per unit) FY $ Weekly Option Weekly Option Daily Option Daily Option Quarterly Option - Inst. Plan - Weekly option Inst. Plan - Daily option Super Inst. Plan - Weekly Div. option FY $ Weekly Option Weekly Option Daily Option Daily Option Quarterly Option - Inst. Plan - Weekly option Inst. Plan - Daily option Super Inst. Plan - Weekly Div. option Super Inst. Plan - Daily Div. option FY $ Regular Plan - Weekly Option Regular Plan - Daily Option Regular Plan - Quarterly Option - Inst. Plan - Weekly option Inst. Plan - Daily option Super Inst. Plan - Weekly Div. option Super Inst. Plan - Daily Div. option # Option : 64 : 100 on 14/01/2013 The face value per unit is `10/-. $ Includes Distribution Tax # Pursuant to allotment of units, the NAV of the /Option falls in proportion to the bonus units allotted. However, the total value of units held by the investor on the record date would remain the same. JM Money Manager Fund Financial Year Plan FYTD* (` per unit) FY $ Regular Plan - Daily option Regular Plan -Daily option Regular Plan - Weekly option Regular Plan Weekly option Regular Plan - Fortnightly option Regular Plan -Fortnightly option Super Plan - Daily option Super Plan -Daily option Super Plan - Weekly option Super Plan Weekly option Super Plan - Fortnightly option Super Plan Fortnightly option Super Plus Plan - Daily option Super Plus Plan -Daily option Super Plus Plan - Weekly option Super Plus Plan Weekly option Super Plus Plan - Fortnightly option Super Plus Plan -Fortnightly option FY $ Regular Plan - Daily option Regular Plan -Daily option Regular Plan - Weekly option Regular Plan Weekly option Regular Plan - Fortnightly option Regular Plan -Fortnightly option Super Plan - Daily option Super Plan -Daily option Super Plan - Weekly option Super Plan Weekly option Super Plan - Fortnightly option Super Plan Fortnightly option Super Plus Plan - Daily option Super Plus Plan -Daily option Super Plus Plan - Weekly option Super Plus Plan Weekly option Super Plus Plan - Fortnightly option Super Plus Plan -Fortnightly option FY $ Regular Plan - Daily option Regular Plan - Weekly option Regular Plan - Fortnightly option Super Plan - Daily option Super Plan - Weekly option Super Plan - Fortnightly option Super Plus Plan - Daily option Super Plus Plan - Weekly option Super Plus Plan - Fortnightly option Name Date Ratio MMF-Super Plus Plan - Option# 5-August :100 MMF-Super Plus Plan - Option# 5-August :100 taxes wherever applicable. Past performance may or may not be sustained in future. The face value per unit is `10/-. $ Includes Distribution Tax. # Pursuant to allotment of units, the NAV of the /Option falls in proportion to the bonus units allotted. However, the total value of units held by the investor on the record date would remain the same.

13 JM Floater Long Term Fund (w.e.f. December 28, 2012, the name has been changed to JM Floater Long Term Fund) Financial Year Plan FYTD* (` per unit) FY $ option - Daily option Daily option Weekly option Weekly option Premium Plan - option Premium Plan - Weekly option Premium Plan - Daily Option FY $ option - Daily option Daily option Weekly option Weekly option Premium Plan - option Premium Plan - Weekly option Premium Plan - Daily Option FY $ Regular Plan - option - Regular Plan - Daily option Regular Plan - Weekly option Premium Plan - option Premium Plan - Weekly option Premium Plan - Daily Option The face value per unit is `10/-. $ Includes Distribution Tax. JM Floater Short Term Fund (w.e.f. December 28, 2012, the name has been changed to JM Floater Short Term Fund) Financial Year Plan FYTD* (` per unit) FY $ Daily Option Daily Option FY $ Daily Option Daily Option FY $ Daily Option The face value per unit is `10/-. $ Includes Distribution Tax JM Short Term Fund Financial Year Plan FYTD* (` per unit) FY $ Regular - Option Regular - Daily Option Option Option Daily Option Daily Option FY $ Regular - Option Regular - Daily Option Option Option Daily Option Daily Option FY $ Regular Plan - Option Inst. Plan - Option Regular Plan - Daily Option Inst. Plan - Daily Option The face value per unit is ` 10/-. $ Includes Distribution Tax. JM Income Fund Financial Year Plan FYTD* (` per unit) FY $ Quarterly Option Quarterly Option 0.50 FY $ - - FY $ - - The face value per unit is `10/-. $ Includes Distribution Tax. JM G-Sec Fund Financial Year Plan FYTD* (` per unit) FY $ Quarterly Option Quarterly Option 0.50 FY $ - - FY $ - - The face value per unit is `10/-. $ Includes Distribution Tax. *FYTD: Financial Year to Date 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 is being charged for fresh purchase / additional purchase / switch-in transactions accepted by the Fund with effect from August 1, Similarly, no entry load is being charged with respect to applications for fresh registrations under Systematic Investment Plan/Systematic Transfer Plan 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 is 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 Investment & Redemption Purchase : ` 5000/- for normal transactions other than through SIP/STP in all schemes. `500/- or in multiples of `500/- each in JM Tax Gain Fund. Additional Purchase : ` 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) ` 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 ` 5000/- whichever is less. c) for all the units in the folio for the respective plan if the available balance is less than ` 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 Plan Options Sub Options Default Option Default Sub Option Exit Lock-in Redemption Time# 1 JM - Arbitrage Advantage Fund 2 JM Balanced Fund July 18, 2006 April 1, 1995 Re Re Re Re Re Re Re Re 0.50% 30 Days 1.00% 365 Days T+3 (*) Business Days T+3 Business Days

14 3 JM Basic Fund 4 JM Core 11 Fund June 2, 1997 March 5, JM Equity Fund April 1, JM Multi Strategy Fund 7 JM Tax Gain Fund September 23, 2008 March 31,2008 Re Re Re Re Re Re Re Re Re Re Re Re Re Re Re Re Payout Payout 1.00% 365 Days 1.00% 365 Days 1.00% 365 Days 1.00% 365 Days Payout && 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. Load structure : A) Exit load on intra-scheme redemptions/switch outs : No exit load shall be charged for any switch of s between Existing Plan (whether the s were made before or after the Effective Date i.e ) and Direct Plan within the same scheme (within the same Portfolio). The same procedure will be applicable for switches between various options of Existing Plan and/or Direct Plan (at Portfolio Level). 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 (at Portfolio Level), irrespective of the number of intra-scheme switches by the investor between the aforementioned two dates (e.g. switches between plans/sub-plans/options/sub-options within the scheme having the same portfolio). The extant provisions of applicability of load on redemptions/ switches from one to another will continue to be applicable. B) In case of Intra & Inter equity switches: (including SIP/STP): 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. However, Government levies eg. STT (wherever applicable) will continue to be deducted for every intra-scheme and inter-scheme switch-out/redemption transactions under A) & B) above. The above details are subject to provisions laid down in the respective Information Documents and Addenda issued from time to time.