Key Information Memorandum & Common Application Form

Transcription

1 Key Information Memorandum & Common Application Form OPEN-ENDED GROWTH SCHEMES Offer of units for subscription at Net Asset Value (NAV) based prices (Subject to prevailing load structure) JM ARBITRAGE ADVANTAGE FUND JM EMERGING LEADERS FUND JM CORE 11 FUND JM EQUITY FUND JM MULTI STRATEGY FUND JM NIFTY PLUS FUND OPEN-ENDED SECTOR EQUITY SCHEMES JM BASIC FUND OPEN-ENDED EQUITY LINKED SAVINGS SCHEME JM TAX GAIN FUND OPEN-ENDED BALANCED SCHEME JM BALANCED FUND OPEN-ENDED EQUITY ORIENTED INTERVAL FUND JM INTERVAL FUND OPEN-ENDED INCOME Scheme JM FLOATER FUND - LONG TERM PLAN JM INCOME FUND JM MIP FUND (An open-ended monthly income fund with no assured return) JM MONEY MANAGER FUND JM SHORT TERM FUND OPEN-ENDED LIQUID SCHEMES JM FLOATER FUND - SHORT TERM PLAN JM HIGH LIQUIDITY FUND OPEN-ENDED GILT SCHEME JM G-SEC FUND SPONSOR: JM Financial Ltd. TRUSTEE: JM Financial Trustee Company Private Limited REGISTRAR: Karvy Computershare Private Limited. INVESTMENT MANAGER: JM Financial Asset Management Private Limited, 502, 5th Floor, A Wing, Laxmi Towers, Badra - Kurla Complex, Mumbai Tel. : (022) Fax : (022) Website: investor@jmfinancial.in This Key Information Memorandum (KIM) sets forth the information, which a prospective investor ought to know before investing. For further details of the scheme/mutual, due diligence certificate by the AMC, Key Personnel, investors rights & services, risk factors, penalties & pending litigations, associate transactions etc. investors should, before investment, refer to the Scheme Information Document (SID) available free of cost at any of the Investor Service Centres or distributors or from the website The Scheme particulars have been prepared in accordance with Securities and Exchange Board of India (Mutual s) Regulations 1996, as amended till date, and filed with Securities and Exchange Board of India (SEBI). The units being offered for public subscription have not been approved or disapproved by SEBI, nor has SEBI certified the accuracy or adequacy of this KIM. The date of this Key Information Memorandum is April 27th, JM SCHEMES RECKONER Minimum criteria for Investment & 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. In case of JM Tax Gain, additional purchase is in multiples of Rs. 500/- each. 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 thereafter 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 s/sub- s/options/sub-options, in the below mentioned schemes, the default s/sub-s/options/sub-options for purchase transactions would be as under : EQUITY SCHEMES Currently available facilities Default Sr. Schemes no. Min. investment Default Default Sub Redemption Options Sub Options amt. Option Option Time# 1 JM Arbitrage Advantage T+3(*) Business Rs. 5000/- 2 JM Balanced Rs. 5000/- T+3 Business 3 JM Basic Rs. 5000/- T+3 Business 4 JM Emerging Leaders Rs. 5000/- T+3 Business 5 JM Equity Rs. 5000/- T+3 Business 6 JM Multi Strategy Rs. 5000/- T+3 Business 7 JM Nifty Plus Rs. 5000/- T+3 Business Rs. 500/- or in Payout 8 JM Tax Gain multiple of Rs. Payout T+3 Business 500/- each 9 JM Core 11 Rs. 5000/- Payout T+3 Business Sr. Schemes no. 1 2 JM Money Manager Min. investment amt. Rs. 5000/- JM Floater - Rs. 5000/- Short Term Currently available facilities DEBT & LIQUID SCHEMES s Options Sub Options Default Regular Weekly Fortnightly Weekly Super Fortnightly Super Plus Weekly Fortnightly Super Plus - Default Default Option Default Sub Option Redemption Time# T+1 Business T+1 Business Sr. Schemes no JM G Sec JM High Liquidity JM Income JM Floater - Long Term JM MIP JM Short Term Min. investment amt. Rs. 5000/ Rs. 5000/- Rs. 1,00,00,000/- Rs. 5,00,00,000/- Rs. 5000/- - Rs. 5000/- Rs. 5,000/- - Rs. 5000/ Rs / Currently available facilities s Options Sub Options Default Regular Regular Weekly Quarterly Annual Bonus Weekly Institutional Bonus Super Institutional Weekly Regular Premium Regular Institutional / / Weekly / Weekly Default Default Option Payout / - Payout / Payout / Payout / Payout / Fortnightly Payout / Monthly / Quarterly / Annual Payout / - Fortnightly Payout / Fortnightly Payout / If investment amt is < Rs. 1 crore then Regular; If investment amount is equal to or more than Rs. 1 crore but less than Rs. 5 crores then Institutional. If investment amount is equal to or more than Rs. 5 crores then Super Institutional - Premium If investment amt is < Rs. 1 lac then Regular, else Institutional Monthly Default Sub Option Payout Redemption Time# T+2 Business T+1 Business T+2 Business T+1 Business T+2 Business T+1 Business * The redemption shall be in terms of Interval Period defined hereinbelow. # 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. 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. Note: shall be declared at the descretion of the Trustee subject to the availability of distributable profits as compiled in accordance with SEBI (MF) 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 as there is no dividend reinvestment option under the scheme.

2 Highlights of the scheme(s) Name(s) of the Scheme(s) JM Equity JM Emerging Leaders JM Multi Strategy Type of Scheme An open-ended growth scheme An open-ended equity oriented growth scheme An open ended equity oriented scheme Investment Objective To provide optimum Capital growth and appreciation. To seek long term capital appreciation from investment in a portfolio of stocks across all market capitalization range. The portfolio may include those companies However, there can be no assurance that the investment objectives of operating in emerging sectors of the economy or companies which exhibit potential the Scheme will be realized. The Scheme does not guarantee/indicate any to become leaders of tomorrow. returns. Investment Strategy Asset Allocation Pattern of the Scheme of the Scheme 2 JM Equity seeks to invest a substantial portion of its portfolio in equity and equity related instruments. Under normal circumstances, around 80% of the corpus shall be deployed in such securities and the balance in debt/ money market instruments. However, whenever the valuations of securities rise in a sharp manner, the AMC will take advantage of trading opportunities presented and in such a scenario, the will have a high turnover rate. Risk Profile Equity 80% to 100% High Debt, Money market and short term Low debt inst maturing within one year 0% to 20% The notional value of derivatives shall not exceed the AUM of the scheme. Mutual Units involve investment risks including the possible loss of principal. Please read the SID carefully for details on risk factors before investment. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. Under normal circumstances, the corpus would be invested in equities and equity oriented securities of companies across all sectors and market cap range.the Scheme s investment strategy would be to utilize the extensive research resources to identify stocks across market capitalizations and across sectors. The investment universe of this Scheme shall comprise of stocks from all market capitalisation range viz., large cap, mid cap and small cap as defined which may be across all sectors. The fund will seek to use predominantly a bottom-up research approach to select stocks in the emerging sectors of the economy and companies which have the potential to become tomorrow s leaders. The Scheme could also invest in stocks that attract a low Price-Earnings multiple relative to peers in the same sector and have the potential to deserve a higher multiple due to structural changes in business environment. The Scheme could have a high portfolio turnover ratio and is suitable for investors having a reasonably longer investment horizon. Equity & equity related instruments** 80% to 100% Medium to High Money market instruments / Debt* 0% to 20% Low to Medium **The notional value of derivatives shall not exceed the AUM of the scheme. * including securitized debt upto a maximum of 20% of net assets of this scheme. For short term period on defensive consideration the scheme may invest upto 100% of the funds available in overnight interbank call/notice money and/or repos, the primary motive being to protect the Net Asset Value of the Scheme and protect unitholders interest so also to earn reasonable returns on liquid funds maintained for redemption/ repurchase of units. Mutual Units involve investment risks including the possible loss of principal. To provide capital appreciation by investing in equity and equity related securities using a combination of strategies The Scheme proposes to invest primarily in equities and equity related securities using a combination of strategies. Depending on the prevailing market conditions, the Scheme will either adopt the growth or value style of investing. During benign market conditions, the Scheme will act like an aggressive growth fund with a concentrated portfolio of say stocks with a targeted portfolio beta of greater than 1 whereas in a bearish market the Scheme will have a low volatility conservative portfolio of larger number of stocks in the range of 40 to 60 stocks with a targeted portfolio beta of less than 1. Equity & equity related instruments (including equity derivatives)** Money market instruments / debt securities (including securitized debt* to the extent of 20%) 65% to 100% 0% to 35% Medium to High Low to Medium **The notional value of derivatives shall not exceed the AUM of the scheme. * excluding foreign securitized debt. The AMC intends to invest in derivative instruments in accordance with the SEBI Regulations, as and when opportunities arise in the derivatives markets. The investment in derivatives will be broadly in line with the investment objective of the Scheme. Mutual Units involve investment risks including the possible loss of principal. Please read the SID carefully for details on risk factors before investment. s and Options (Payout & option) & (Payout & option) & (Payout & option) & Applicable NAV Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Minimum Application Refer JM SCHEMES RECKONER on page 1 Refer JM SCHEMES RECKONER on page 1 Refer JM SCHEMES RECKONER on page 1 Amount / No. of Units Dispatch of Repurchase / Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Redemption request Benchmark Index BSE Sensex BSE 200 Index BSE 500 Index Policy Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Name of the Manager Sanjay Chhabaria Asit Bhandarkar Sanjay Chhabaria Performance of the Scheme Compounded annualized returns Compounded annualized returns (%) of option as on March 31, Returns 1 year 3 years 5 years Since inception* JM Equity 5.39 (2.43) BSE Sensex * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or FY FY JM Equity - FY BSE Sensex FY FY Compounded annualized returns (%) of option as on March 31, Returns 1 year 3 years 5 years Since inception* JM Emerging Leaders (7.97) (16.21) (9.95) (5.57) BSE 200 Index * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future FY FY JM Emerging Leaders - FY BSE200 FY FY Entry Load NIL NIL NIL Exit Load (ii) Recurring expenses [% of Net ] 1.00% of NAV on all investment (including SIP/ STP/ SWP) transactions, if 1.00% of NAV on all investment (including SIP/ STP/ SWP) transactions, if redeemed redeemed / switched-out within 365 days of transfer/ allotment of units in / switched-out within 365 days of transfer/ allotment of units in normal transactions/ normal transactions/ allotment of units of respective installments in SIP/ STP/ allotment of units of respective installments in SIP/ STP/ SWP transactions. SWP transactions. First Rs.100 crores Next Rs.300 crores crores 2.50% 2.25% % 1. 75% Actual Expenses for the period 1st April 2010 to 31st March 2011: 2.50% First Rs.100 crores Next Rs.300 crores crores Actual Expenses for the period 1st April 2010 to 31st March 2011 : 2.38% No. of Folios as on Quarterly Avg. AUM (In ) - Jan 11 to Mar Compounded annualized returns (%) of option as on March 31, Returns 1 year Since inception* JM Multi Strategy (1.98) BSE 500 Index * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future JM Multi Strategy - BSE 500 FY FY % of NAV on all investment (including SIP/ STP/ SWP) transactions, if redeemed / switched-out within 365 days of transfer/ allotment of units in normal transactions/ allotment of units of respective installments in SIP/ STP/ SWP transactions. Highlights of the scheme(s) Name(s) of the Scheme(s) JM Core 11 JM Nifty Plus JM Basic Type of Scheme An open ended equity oriented scheme An open-ended equity oriented scheme An open-ended sector scheme Investment Objective To provide long-term growth by investing predominantly in a concentrated portfolio of equity / equity related instruments of companies. Investment Strategy Asset Allocation Pattern of the Scheme of the Scheme The Scheme will have a concentrated portfolio with not more than 11 stocks in the portfolio with each stock being invested to the extent of 9.09% of the NAV of the Scheme. The portfolio will be rebalanced on a fortnightly basis so as to prevent any one stock going above the targeted concentration range. To prevent stagnancy of the portfolio, the portfolio will be reviewed on a half yearly basis whereby some stocks would be replaced. Equity and equity related 65% to 100% Medium to High securities # Money Market Instruments 0% to 35% Low to Medium / Debt The Scheme will not invest in securitized debt. # Exposure to derivatives would be capped at 50 % of equity portfolio of the Scheme. The cumulative gross exposure through equity, debt and derivative positions will not exceed 100% of the net assets of the Scheme. The Trustee may, from time to time, pending deployment of funds of the Scheme in securities in terms of the investment objective of the Scheme, invest the funds of the Scheme in short-term deposits of scheduled commercial banks in accordance with SEBI Circular No. SEBI/IMD/CIR No. 1/91171/07 dated April 16, 2007, as amended. To outperform the benchmark by predominantly investing in the constituents of S & P CNX Nifty in the same weightages as in its composition and through deployment of surplus cash in debt and money market instruments and derivative instruments. However, there can be no assurance that the investment objective of the scheme will be realized. The scheme does not guarantee/indicate any returns. The JM Nifty Plus will be a fund, where the scheme will endeavor to provide returns better than the benchmark. Hence the will at all times be deployed with a minimum of 65% and maximum upto 100% of the corpus into Nifty 50 shares, in the same weightages as its composition thus maintaining the equity status of the. Besides that in times when there are good investment opportunities, the following strategies may be followed which will endeavor to provide additional returns : a) Arbitrage Opportunities b) Ratio/Spread Trades. c) Option Strategies. Security Maximum Exposure (%) Equity stocks comprising the S&P CNX Nifty Index High Equity Derivatives 0 50 High Debt & Money Market Instruments (including securitised debt) 0-35 Low to Medium The notional value of derivatives shall not exceed the AUM of the scheme. Mutual Units involve investment risks including the possible loss of Mutual Units involve investment risks including the possible loss of principal. principal. Please read the SID carefully for details on risk factors before investment. Actual Expenses for the period 1st April 2010 to 31st March 2011 : 2.50% To its Unitholders through judicious deployment of the corpus of the Scheme in sectors categorized under basic industry in the normal parlance and in context of the Indian economy, including but not limited to, energy, petrochemicals, oil & gas, power generation & distribution, electrical equipment suppliers, metals and building material. The fund would continue to remain open-ended with a sector focus. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. Under normal circumstances, the corpus would be invested in equities and equity type securities 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 materials. The fund would continue to remin open-ended with a sector focus. Exposure of investment in individual scrip if part of the Sectoral Index shall not be restricted to 10% of NAV as Clause 10 of Seventh Schedule of SEBI Regulations has clarified that the limit of 10 percent shall not be applicable for investments in index fund or sector or industry specific scheme. Equity & equity related instruments (including equity 80% to 100% High derivatives) Debt securities & Money market instruments 0% to 20% Low Securitised Debt 0% to 20% Low Mutual Units involve investment risks including the possible loss of principal. Please read the SID carefully for details on risk factors before investment. s and Options (Payout & option) & (Payout & option) &. (Payout & option) & Applicable NAV Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Minimum Application Amount Refer JM SCHEMES RECKONER on page 1 Refer JM SCHEMES RECKONER on page 1 Refer JM SCHEMES RECKONER on page 1 / No. of Units Dispatch of Repurchase / Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Redemption request Benchmark Index BSE Sensex S&P CNX Nifty Index w.e.f. November 1, 2010, the benchmark index of JM Basic has been changes to BSE 200 from BSE Basic Industries Index (Disclaimer Pls refer Pg no. 11.

3 Policy Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Highlights of the scheme(s) Name(s) of the Scheme(s) JM Tax Gain JM Balanced JM Arbitrage Advantage Type of Scheme An Open-Ended Equity Linked Savings Scheme An Open-Ended Balanced Scheme An open-ended equity oriented interval scheme Investment Objective Investment Strategy Asset Allocation Pattern of the Scheme of the Scheme To generate long-term capital growth from a diversified and actively managed portfolio of equity and equity related securities and to enable investors a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. The Mutual adopts a scientific approach to investments. Securities are selected for various funds by the fund managers based on a continuous study of trends in industries and companies, including management capabilities, global competitiveness, earning power, growth / payout features and other relevant investment criteria, which would, inter-alia include evaluation of the outlook of the economy, exposure to various industries and geographical regions, evaluation of the intrinsic worth of specific opportunities such as primary market transactions, private placements etc. Equity and Equity related instruments* Money Market Instruments / Debt 80% to 100% Medium to High 0% to 20% Low to Medium *In accordance with the ELSS notification of November, 2005, the s collected under the Scheme shall be invested in equities, cumulative convertible preference shares and fully convertible debentures and bonds of companies. Investment may also be made in partly convertible issues of debentures and bonds including those issued on rights basis subject to the condition that, as far as possible, the non-convertible portion of the debentures so acquired or subscribed, shall be disinvested within a period of twelve months. The scheme falls in the ELSS category and is eligible for Tax Benefits under section 80C of Income Tax Act, Mutual Units involve investment risks including the possible loss of principal. Please read the SID carefully for details on risk factors before investment. To provide steady current income as well as long term growth of capital. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. In order to stabilize equity volatility, JM Balanced seeks a judicious mix of debt securities in its portfolio. The scheme, under normal circumstances, will seek to invest upto 65% of its assets in equity markets and the balance in debt and money market securities.the fund, while at all times emphasizing on a long term investment approach, will take advantage of the trading opportunities that present themselves from time to time because of inefficiencies in securities market with a view to booking short term profits Portfolio turnover will therefore depend upon the circumstances prevalent at any time. However, this allocation is not absolute and the fund manager may take a defensive view on the equity markets and reallocate the assets for a short term period. Due to market fluctuations, if the equity component of the Portfolio goes above 75%, the fund manager shall balance the Portfolio in order to bring down the equity component. Equity & Equity related instruments 65% to 75% Medium to High Debt securities (including fixed income derivatives and securitized debt*) and money market instruments 25% to 35% Low to Medium The notional value of derivatives shall not exceed the AUM of the scheme. * Allocation in securitized debt will not exceed 10% of the net assets Mutual Units involve investment risks including the possible loss of principal. To generate income through arbitrage opportunities emerging out of mis-pricing between the cash market and the derivatives market and through deployment of surplus cash in fixed income instruments. However, there can be no assurance that the investment objective of the scheme will be realized. The scheme does not guarantee/indicate any returns. JM Financial Mutual adopts a scientific approach to investments. Securities are selected for various funds by the fund managers based on a continuous study of trends in industries and companies, including management capabilities, global competitiveness, earning power, growth features and other relevant investment criteria. The Manager would identify opportunities for mis-pricing and execute the deals simultaneously in both the markets. In terms of the SEBI guidelines the scheme shall not short sell in the cash market at all times. Due to mis pricing between the cash and the underlying derivative security, the fund manager shall deploy investments in securities accordingly. Equity & Equity related instruments 65% to 80% Derivatives including stock futures and stock options # Money Market Instruments / Debt* / Fixed Income Derivatives 65% to 80% 20% to 35% Medium to High Medium to High Medium to High # The notional value exposure in derivatives securities would be reckoned for the purposes of the specified limits. *Including securitized debt upto a maximum of 30% of net assets of this scheme. Debt instruments will include Government securities, corporate debentures, bonds, promissory notes, money market instruments, pass-through obligations, asset backed securities / securitized debt and other possible similar instruments. In line with the provisions of the SEBI circular no. DNPD/Cir-29/2005 dated September 14, 2005 duly amended by circular no. DNPD/Cir-30/2006 dated January 20, 2006 by enumerating the guidelines for participation in Derivatives, the scheme shall execute transactions in the derivatives markets. The maximum derivative position will not exceed 80% of the portfolio (i.e. net assets including cash). The above limits shall be in line with the investment objective of the scheme. Mutual Units involve investment risks including the possible loss of principal. s and Options (Payout only) & (Payout & option) & (Payout & option) & Applicable NAV Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Minimum Application Amount Refer JM SCHEMES RECKONER on page 1 Refer JM SCHEMES RECKONER on page 1 Refer JM SCHEMES RECKONER on page 1 / No. of Units Dispatch of Repurchase / Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Redemption request Benchmark Index BSE 500 Index CRISIL Balanced Index (CBFI) CRISIL Liquid Index (CLFI) Policy Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Name of the Manager Sanjay Chhabaria Sanjay Chhabaria Chaitanya Choksi Performance of the Scheme Compounded annualized returns (%) of option as on March 31, Compounded annualized returns (%) of option as on March 31, Compounded annualized returns (%) of option as on March 31, Compounded annualized Returns 1 Year 3 Years 5 Years Since Inception* Returns 1 Year 3 Years Since Inception* returns Returns 1 Year 3 Years Since Inception* JM Balanced 6.78 (1.83) JM Arbitrage Advantage JM Tax Gain (0.18) (10.96) (10.96) BSE 500 Index CBFI NA CLFI * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may JM Tax Gain - BSE 500 FY FY * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or JM Balanced - Crisil Balanced Index Entry Load NIL NIL NIL Exit Load Exit Load is NIL. The scheme falls in the ELSS category and is eligible for Tax Benefits under section 80C. 1.00% of NAV on all investment (including SIP/ STP/ SWP) transactions, if redeemed / switched-out within 365 days of transfer/ allotment of units in normal transactions/ allotment of units of respective installments in SIP/ STP/ SWP transactions. * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future. 1 JM Arbitrage Advantage - Crisil Liquid Index FY FY FY FY % of NAV on all investments, if redeemed/switched-out within 30 days from the date of transfer/allotment of units in normal transactions/allotment of units of respective installments in SIP/STP/SWP transactions. (ii) Recurring expenses [% of Net ] Actual Expenses for the period 1st April 2010 to 31st March 2011 : 2.50% Actual Expenses for the period 1st April 2010 to 31st March 2011 : 2.50% Actual Expenses for the period 1st April 2010 to 31st March 2011: 1.01% No. of Folios as on Quarterly Avg. AUM (In ) - Jan 11 to Mar Name of the Manager Asit Bhandarkar Chaitanya Choksi Asit Bhandarkar Performance of the Scheme Compounded annualized returns (%) of option as on March 31, Compounded annualized returns (%) of option as on March 31, Compounded annualized returns (%) of option as on March 31, Compounded annualized returns Returns 1 Year Since Inception* Returns 1 year 3 years Since inception* JM Core 11 (11.96) (22.55) (26.26) BSE Sensex Index * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may JM Core 11 - FY FY BSE Sensex FY JM Nifty Plus S & P CNX Nifty Index * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or JM Nifty Plus - S&P Nifty FY FY Returns 1 year 3 years 5 years Since Inception* Basic (24.88) (19.73) (4.58) BSE BII** * Date of inception = Date of allotment i.e **Benchmark Index has been changed from S&P CNX Petrochemical Index to BSE Basic Industries Index w.e.f. June 22,2005 Note: Compounded Annualised Returns (CAGR) for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may not be sustained in future JM Basic - BSE200 Entry Load NIL NIL NIL Exit Load 1.00% of NAV on all investment (including SIP/ STP/ SWP) transactions, if redeemed / switched-out within 365 days of transfer/ allotment of units in normal transactions/ allotment of units of respective installments in SIP/ STP/ SWP transactions. NIL 1.00% of NAV on all investment (including SIP/ STP/ SWP) transactions, if redeemed / switched-out within 365 days of transfer/ allotment of units in normal transactions/ allotment of units of respective installments in SIP/ STP/ SWP transactions. (ii) Recurring expenses [% of Net ] First Rs. 100 Next Rs. 300 Next Rs. 300 Actual Expenses for the period 1st April 2010 to 31st March 2011 : 2.32% Actual Expenses for the period 1st April 2010 to 31st March 2011 : 1.21% No. of Folios as on Quarterly Avg. AUM (In ) - Jan 11 to Mar Actual Expenses for the period 1st April 2010 to 31st March 2011 : 2.29% 3

4 Highlights of the scheme(s) Name(s) of the Scheme(s) JM Short Term JM Floater - Long Term (formerly known as JM Liquid Plus ) JM Floater - Short Term Type of Scheme An Open-Ended Income scheme An open-ended income scheme An open-ended liquid scheme Investment Objective Investment Strategy Asset Allocation Pattern of the Scheme of the Scheme s and Options Highlights of the scheme(s) Name(s) of the Scheme(s) JM High Liquidity JM Income JM Money Manager Type of Scheme An open-ended liquid scheme An open-ended income scheme An open-ended Debt scheme Investment Objective To provide income by way of dividend (dividend plans) and capital gains (growth plan) through investing in debt and money market instruments. Investment Strategy Asset Allocation Pattern of the Scheme of the Scheme s and Options However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. Securities will be selected by the fund manager based on a continuous study of the trends in the economy, liquidity and interest rates, management capabilities, credit rating and other relevant investment criteria. A constant watch will be kept on various liquidity indicators in the economy, inflation rate movement, cash flows etc. so as to ascertain the expected changes in interest rates in the short/medium term and accordingly funds would be invested to optimize returns. Being a cash management product, the primary aim of the fund will be to invest in securities which have superior liquidity. The Scheme will have an appropriate mix of money market securities and fixed income securities depending on the prevailing market outlook to generate reasonable return with low risk and high level of liquidity. Risk Profile Debt 0% to 30% Low Money Market & Short Term debt instruments maturing within one year 70% to 100% Low Mutual Units involve investment risks including the possible loss of principal. Regular with, Weekly, Quarterly,, & Bonus. Institutional with, Weekly,. Super Institutional with, Weekly,. To generate stable long term returns with low risk strategy and capital appreciation / accretion through investment in debt instruments and related securities besides preservation of capital. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. JM Income will seek to invest in high quality debt and money market instruments. The fund aims to identify securities, which offer superior levels of yield at lower levels of risks. With the aim of controlling risks, rigorous in depth credit evaluation of the securities proposed to be invested in will be carried out by the investment team of the AMC. Rated Debt instruments in which the Scheme invests will be of investment grade as rated by a credit rating agency. The AMC will be guided by the ratings of Rating Agencies such as CRISIL, CARE, ICRA and Duff and Phelps Credit Rating India Limited or any other rating agencies that may be registered with SEBI from time to time. In case a debt instrument is not rated, necessary clearance of the Committee/ Board as per requirements of Regulations/Guidelines /Circulars will be obtained for such an investment. The Scheme may also use various derivatives and hedging products from time to time, as would be available and permitted by SEBI, in an attempt to protect the value of the portfolio and enhance Unitholders interest. The Scheme may invest in other debt Schemes managed by the AMC or in the debt Schemes of any other Mutual s, provided it is in conformity to the investment objectives of the Scheme and in terms of the prevailing Regulations. As per the Regulations, no investment management fees will be charged for such investments and the aggregate inter Scheme investment made by all Schemes of JM Financial Mutual or in the Schemes under the management of other asset management companies shall not exceed 5% of the net asset value of JM Financial Mutual. Debt 0% to 100% Low to Medium Money Market and Debt Instruments 0% to 100% Low maturing within one year The gross notional exposure in derivatives shall not exceed the AuM of the Scheme. Mutual Units involve investment risks including the possible loss of principal. (Payout & option), To generate stable long term returns with low risk strategy and capital appreciation/ accretion through investments in debt instruments and related securities besides preservation of capital However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. JM Financial Mutual adopts a scientific approach to investments. Securities are selected for various funds by the fund managers based on a continuous study of trends in industries and companies, including management capabilities, global competitiveness, earning power, growth/payout features and other relevant investment criteria, which would, inter alia, include evaluation of the outlook of the economy, exposure to various industries and geographical regions, evaluation of the intrinsic worth of specific opportunities such as primary market transactions, private placements, etc. Debt Securities Money Market / Short term debt instruments Risk Profile 0% to 100% Low Mutual Units involve investment risks including the possible loss of principal. Please read the SID carefully for details on risk factors before investment. Regular, Super & Super Plus with, Weekly, Fortnightly & options Applicable NAV Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Minimum Application Amount / No. of Units To generate regular returns and high level of liquidity with low risk strategy and capital appreciation / accretion through investment in debt instruments and related securities besides preservation of capital. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. The investment focus of the scheme is to achieve the investment of the scheme through investments in a combination of debt and money market instruments having varied yields and maturity profile. The scheme is being positioned as a product having the essence of both debt and money market schemes. As such the product is being positioned as intervening product between the long-term debt scheme and short-term cash/liquid scheme. Further, the composition of maturity profile of the instruments may vary substantially from time to time depending upon the changes due to purchase and repurchase of units. Proportion % of corpus Risk Min Likely Max upto Profile Debt, Money Market Instruments with residual average maturity of equal to Low or less than 367 days Debt, Money Market Instruments with residual average maturity of equal to or more than 367 days* Low to Medium * Including securitized debt 0% - 70% of net assets of this scheme Mutual Units involve investment risks including the possible loss of principal. Regular with Fortnightly, & option, Institutional with Fortnightly, & option To provide regular income and capital appreciation through investment in floating rate debt instruments, fixed rate debt instruments swapped for floating rate returns and also fixed rate instruments and money market instruments. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. The will seek to invest in quality debt and money market instruments. The fund aims to identify securities, which offer superior levels of yields at lower levels of risk. With the aim of controlling risks, rigorous in-depth credit evaluations of the securities proposed to be invested in will be carried out. Debt Money market and short term debt Inst. maturing within one year. 0% to 65% 35% to 100% To provide regular income and capital appreciation through investment in floating rate debt instruments, fixed rate debt instruments swapped for floating rate returns and also fixed rate instruments and money market instruments. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. The will seek to invest in quality debt and money market instruments. The fund aims to identify securities, which offer superior levels of yields at lower levels of risk. With the aim of controlling risks, rigorous in-depth credit evaluations of the securities proposed to be invested in will be carried out. Refer JM SCHEMES RECKONER on page 1 Refer JM SCHEMES RECKONER on page 1 Refer JM SCHEMES RECKONER on page 1 Risk Profile Low to Medium Low to Medium Mutual Units involve investment risks including the possible loss of principal. Regular & Premium : option, option, option, Weekly option Floating rate debt securities / fixed rate debt securities swapped for floating rate returns Fixed rate debt securities (including securitized debt / money market securities* 35% to 100% Risk Profile Low to Medium 0% to 65% Low *Exposure to Securitised Debt 0% - 70% of net assets of this scheme with low risk profile. Mutual Units involve investment risks including the possible loss of principal. Short Term with and options. Applicable NAV Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Minimum Application Amount Refer JM SCHEMES RECKONER on page 1 Refer JM SCHEMES RECKONER on page 1 Refer JM SCHEMES RECKONER on page 1 / No. of Units Dispatch of Repurchase / Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Redemption request Benchmark Index CRISIL Liquid Index (CLFI) CRISIL Liquid Index (CLFI) CRISIL Liquid Index (CLFI) Frequency^ Regular : / Weekly. Premium : / Weekly. Policy Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Name of the Manager Shalini Tibrewala & Girish Hisaria Shalini Tibrewala Shalini Tibrewala Performance of the Scheme Compounded annualized returns (%) of option as on March 31, Compounded annualized returns (%) of option as on March 31, Compounded annualized returns (%) of option as on March 31, Compounded annualized returns Returns 1 Year 3 Years 5 Years Since Inception* Returns 1 Year 3 Years 5 Years Since Inception* Returns 1 year 3 years 5 years Since Inception* JM Short Term JM Floater - LTP JM Floater - STP CLFI * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or JM Short Term - Crisil Liquid Index CLFI JM Floater - LT - Reg - Crisil Liquid Index CLFI * Date of inception = Date of allotment i.e * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or Entry Load NIL NIL NIL Exit Load NIL NIL NIL (ii) Recurring expenses [% of Net ] 2.25% % 1.75% 1.50% Actual Expenses for the period 1st April 2010 to 31st March 2011: 0.76% 2.25% % 1.75% 1.50% Actual Expenses for the period 1st April 2010 to 31st March 2011 : 0.52% No. of Folios as on Quarterly Avg. AUM (In ) - Jan 11 to Mar Note: Compounded Annualised Returns (CAGR) for period 1 year or 1 JM Floater - S TP- Crisil Liquid Index 2.25% % 1.75% 1.50% Actual Expenses for the period 1st April 2010 to 31st March 2011: 0.25% 4

5 Dispatch of Repurchase / Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Redemption request Benchmark Index CRISIL Liquid Index (CLFI) CRISIL Composite Bond Index (CCBFI) CRISIL Liquid Index (CLFI) Frequency^ Regular plan - / Weekly / Quarterly, Institutional plan - / Weekly, Quarterly / Weekly / Fortnightly (with compulsory reinvestment). Super Institutional plan - / Weekly Policy Details are set out in subsequent pages. Details are set out in subsequent pages. Details are set out in subsequent pages. Name of the Manager Shalini Tibrewala Shalini Tibrewala & Girish Hisaria Shalini Tibrewala Performance of the Scheme Compounded annualized returns (%) of option as on March 31, Compounded annualized returns (%) of option as on March 31, Compounded annualized returns (%) of option as on March 31, Compounded annualized returns Returns 1 year 3 years 5 years Since Inception* Returns 1 year 3 years 5 years Since Incep.* JM High Liquidity CLFI N A * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or JM Income 4.22 (0.67) CCBFI NA * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or not be sustained in future. Returns 1 Year 3 Years Since Inception* Regular Super Super Plus CLFI * Date of inception = Date of allotment i.e Note: Simple Annualised Returns for period less than 1 year with reinvestment of dividends (if any). Past performance may or may 1 JM High Liquidity - Crisil Liquid Index JM Income - Crisil Composite Bond Index 1 1 JM Money Manager - Reg - FY FY FY FY JM Money Manager - Super - JM Money Crisil Liquid Manager - Index Super Plus - Entry Load NIL NIL NIL Exit Load NIL NIL JM Money Manager - Regular : 0.25% of NAV on all investments, in case the investments are redeemed/switched-out within 45 days from the date of transfer/allotment of units in normal transactions/allotment of units of respective installments in SIP/STP/SWP transactions. JM Money Manager - Super : 0.10% of NAV on all investments, in case the investments are redeemed/switched-out within 30 days from the date of transfer/allotment of units in normal transactions/allotment of units of respective installments in SIP/STP/SWP transactions. JM Money Manager - Super Plus : NIL (ii) Recurring expenses [% of Net ] Highlights of the scheme(s) Name(s) of the Scheme(s) JM MIP JM G-Sec Type of Scheme Investment Objective Investment Strategy 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 investments in fixed income securities so as to make monthly, quarterly and annual dividend distribution, declare bonus in the growth option. The would also aim to achieve capital appreciation through investing a portion of its assets in equity and equity related securities. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. To achieve the investment objective, assets under the Scheme will be invested in wide range of fixed income and money market instruments. The Scheme may also invest a small part of its assets in equity/equity related instruments. Further the Scheme may also invest in financial derivatives such as options and futures & IRS that are permitted or may become permissible under SEBI/RBI Regulations. The proportion of assets to be so invested would be decided by the AMC at the appropriate time, and would be done in accordance with the relevant guidelines to be issued by SEBI/RBI and other authorities. Asset Allocation Pattern of the Scheme Equity and Equity related instruments 0% to 15% Medium to High of the Scheme Debt and Money Market securities 85% to 100%* Low to Medium *Exposure to securitised debt 0% 70% of net asset of this scheme with low risk profile. Mutual Units involve investment risks including the possible loss of principal. Please read the SID carefully for details on risk factors before investment. An open-ended dedicated gilts scheme To provide ultimate level of safety to its unitholders through investments in sovereign securities issued by the Central and State Government. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/indicate any returns. In line with the objective of JM G-Sec, the investment strategy has been designed to ensure safety which is a paramount feature of investment in this fund with returns commensurate to investment in Government Securities. The Investment Manager would endeavour to achieve an improved return than the returns traditionally expected from such an instrument by actively managing the portfolio. Further, by enlarging the basket of Government securities, the safety of the as a whole will be elevated to the highest degree than what is normally associated with an individual security. Government Securities / Treasury Bills 0% to 100% Low to Medium CBLO/REPO 0% to 100% Low The gross notional exposure in derivatives shall not exceed the AuM of the Scheme. s and Options with Monthly, Quarterly and Annual options & Regular -,. Applicable NAV Details are set out in subsequent pages. Details are set out in subsequent pages. Minimum Application Amount Refer JM SCHEMES RECKONER on page 1 Refer JM SCHEMES RECKONER on page 1 / No. of Units Dispatch of Repurchase / Details are set out in subsequent pages. Details are set out in subsequent pages. Redemption request Benchmark Index CRISIL MIP Blended Index (CMIP In) I-SEC Composite Index Frequency^ Monthly / Quarterly / Annual - Policy Details are set out in subsequent pages. Details are set out in subsequent pages. Mutual Units involve investment risks including the possible loss of principal. Please read the SID carefully for details on risk factors before investment. Name of the Manager Shalini Tibrewala Shalini Tibrewala & Girish Hisaria Performance of the Scheme Compounded annualized Compounded annualized returns (%) of option as on March 31, Compounded annualized returns (%) of option as on March 31, returns Returns 1 Year 3 Years 5 Years Since Inception* Returns JM G-Sec 1 Year 3 Years 5 Years Since Incep.* JM MIP (Regular ) Entry Load CMIP In * Date of inception = Date of allotment i.e Note: Compounded Annualised Returns (CAGR) for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may NIL % % 1.75% 1.50% Actual Expenses for the period 1st April 2010 to 31st March 2011: 0.20% JM MIP - Crisil MIP Blended Index Exit Load 0.50% of NAV on all investments in case the investments are redeemed/switched-out within 182 days of transfer /allotment of units in normal transactions/respective installments under SIP/STP transaction mode. (ii) Recurring expenses [% of Net ] 2.25% % 1.75% 1.50% Actual Expenses for the period 1st April 2010 to 31st March 2011: 2.25% No. of Folios as on ISEC Composite Index NA * Date of inception = Date of allotment i.e. Regular ; PF Plus Note: Compounded Annualised Returns (CAGR) for period 1 year or more, with reinvestment of dividends (if any). Past performance may or may NIL NIL % % 1.75% 1.50% Actual Expenses for the period 1st April 2010 to 31st March 2011: 2.25% JM G Sec Regular - I-Sec Composite Index 2.25% % 1.75% 1.50% Actual Expenses for the period 1st April 2010 to 31st March 2011: 2.25% Quarterly Avg. AUM (In ) Jan 11 to Mar 11 ^Pls refer page no. 1 for reckoner regarding default sub-option in case of dividend reinvestment. Under Option the dividend will be automatically reinvested by default. 2.25% % 1.75% 1.50% Actual Expenses for the period 1st April 2010 to 31st March 2011 Regular % Super % Super Plus % No. of Folios as on Quarterly Avg. AUM (In ) - Jan 11 to Mar Regular plan: , Super : , Super Plus :