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

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1 Details as on September 30, 2014 Monthly Market Update by JM Financial Mutual Fund Details as on September 30, 2014 Market Update - Equity ECONOMY July factory output was a disappointment at 0.5% v/s. 3.9% in the month of June. On a use-based classification, both capital goods and consumer goods were in the red at -3.8% and -7.4% respectively. Meanwhile, the September Manufacturing PMI came in at 51v/s in the month of August. Headline CPI remained elevated at 7.8% in August (v/s. 8% in July) but was in line with expectations higher food inflation being offset by softer commodity prices. Core CPI however saw a sharp decline to 6.9% from 7.4% earlier. WPI headline touched a 5 year low at 3.7%. The RBI had its bi-monthly policy meeting in October and it decided to keep the key policy rates unchanged, as was expected by the market. SECTOR-WISE PERFORMANCE Both Sensex and Nifty remained more or less flat during the month of October. September saw a smart recovery in capital market activity with 18 deals totaling $1.1bn during the month. The IPO market also saw a rebound and surprisingly we also saw the return of FCCBs with L&T making a $200mn issuance. FIIs continued to deploy money into Indian equities at a similar pace as August net buying $850mn in September, taking the YTD tally to $13.8bn. DIIs, meanwhile returned to being net sellers in the month with a small net selling of $195mn, increasing the YTD total to $5.4bn. Mutual funds once again bought a net of $527mn while insurers emerged as the sellers. Market Update - Derivatives The September expiry level of the Nifty index was around 0.5% lower than that of the August level. The market-wide rollovers stood at ~79% which is in line with the average rollovers (last three series). The October series started with market wide future open interest of ~INR 646bn as against ~INR 664bn, seen at the start of the September expiry. Short aggression was seen in the rolls. The Nifty rollovers on the last day were at ~72% which was a tad higher compared to average rollovers of ~71% (last three series). The Infrastructure, Media and Pharmaceutical sectors witnessed strong rolls whereas weak rolls were seen in Banking, Metals and Telecom. Volatility in the markets may help churn the arbitrage portfolio and generate good returns. From The Debt Desk Key data and events September, 2014 Government bond yields remained in a range during the month. The new 10 year bond traded at around 8.51% as on 30th September, 2014 as against 8.56 % in the previous month. WPI Inflation: The provisional inflation for the month of August, 2014 was 3.74% as against 5.19% in July, IIP: The provisional Index of Industrial Production (IIP) for the month of July, 2014 was at 0.50% as against revised IIP of 3.90% for the month of June, CPI: The Combined Provisional Consumer Price Index (CPI) for the month of August, 2014 was at 7.80% as against revised CPI of 7.96% for the month of July, Forex reserves: The Forex Reserves as on September 26, 2014 was at USD billion as against USD billion as on August 29, Domestic Liquidity: Liquidity remained tight as RBI received average daily bids of around INR crores during the month in the daily LAF & term repo auction Fixed Income and Currency data: Indian 5 year Corporate Bond yield ended at 9.20% as compared to 9.30%. 3 Month Certificate of Deposit rates ended flat at 8.70% as compared to 8.75%. 12 Month Certificate of Deposit rates ended higher at 9.05% as compared to 9.10%. USD/INR: The local currency ended at Rs Global data: 10 year US bond yield ended lower at 2.49 v/s. 2.35% in the previous month. Source for above Commentry: RBI WSS, Bloomberg and JMF AMC Research 1

2 JM Equity Fund (An Open-Ended ) INVESTMENT OBJECTIVE : To provide optimum capital growth and appreciation. : Sanjay Chhabaria (Managing this fund since December, 2007 & more than 14 yrs of experience in fund management & equity research) Chaitanya Choksi (Managing this fund since July 18, 2014 and has around 11 years of work experience in the field of equity research and capital markets.) : 1st April, 1995 CORPUS (July 14 - Sept 14) TURNOVER RATIO ASSET ALLOCATION BY SECTOR 2 : Option: Option: Option: Option: : Qtly - AAUM (`) : Crores : Issuer % to NAV ICICI Bank 7.21 Larsen & Toubro 5.45 Motherson Sumi Systems 4.87 ACC 4.83 Tata Motors 4.33 Housing Development Finance Corporation 4.24 State Bank Of India 4.22 Hindustan Petroleum Corporation 4.21 Credit Analysis and Research 4.18 HDFC Bank 4.14 Eicher Motors 4.13 Tata Consultancy Services 3.93 Sundaram Finance 3.75 Crompton Greaves 3.73 HCL Technologies 3.57 Balkrishna Industries 3.56 Oil & Natural Gas Corporation 3.52 Bata India 3.16 Dr Reddy's Laboratories 2.78 Hero Motocorp 2.45 Bharat Forge 2.37 Ultratech Cement 2.27 Cummins India 2.12 AXIS Bank 2.03 Equity less than 2% of corpus 7.82 Total Equity Holdings Non Convertible Preference Share % CR Non-Convertible Pref Shares 0.06 Total Debt Holdings 0.06 CBLO & Others* 1.07 Kindly Refer Page No. 9 RISK REPORT Name Beta Sharpe Std. Dev. JM Equity Fund - Option Source: Mutual Funds India Explorer Note: Standard Deviation & Sharpe are calculated on Annualised basis using 3 years history of monthly returns (using daily frequency). Risk Free rate assumed to be 8.60% (91 day Treasury Bill yield as on Sept 30, 2014) for calculation of Sharpe ratio. JM Basic Fund (An Open-Ended Sector ) INVESTMENT OBJECTIVE : 2nd June, 1997 CORPUS (July 14 - Sept 14) 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 12 yrs of experience in fund management & equity research). : Option: Option: Option: Option: : Qtly - AAUM (`) : Crores : Issuer % to NAV Dr Reddy's Laboratories 6.94 Hindustan Petroleum Corporation 6.20 Larsen & Toubro 6.19 Tata Motors 4.86 Crompton Greaves 4.68 Yes Bank 4.37 ACC 4.21 Bharat Forge 3.92 Maruti Suzuki India 3.65 HDFC Bank 3.48 Thermax 3.48 Credit Analysis and Research 3.45 Voltas 3.41 VA Tech Wabag 3.18 Balkrishna Industries 3.15 Motherson Sumi Systems 3.11 Bajaj Finance 2.99 Canara Bank 2.90 Kotak Mahindra Bank 2.87 AXIS Bank 2.78 Cummins India 2.61 Bata India 2.45 SKF India 2.33 Godrej Properties 2.23 Power Finance Corporation 2.09 ICICI Bank 2.07 Equity less than 2% of corpus 5.58 Total Equity Holdings CBLO & Others* 0.82 Kindly Refer Page No. 9 Details as on September 30, 2014 ASSET ALLOCATION BY SECTOR RISK REPORT Name Beta Sharpe Std. Dev. JM Basic Fund - Option Source: Mutual Funds India Explorer Note: Standard Deviation & Sharpe are calculated on Annualised basis using 3 years history of monthly returns (using daily frequency). Risk Free rate assumed to be 8.60% (91 day Treasury Bill yield as on Sept 30, 2014) for calculation of Sharpe ratio. JM Multi Strategy Fund (An Open-Ended Equity Oriented ) INVESTMENT OBJECTIVE : 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 14 years of experience in fund management & equity research). : 23rd September, 2008 : Option: Option: Option: Option: CORPUS (July 14 - Sept 14) : Qtly - AAUM (`) : Crores TURNOVER RATIO : Issuer % to NAV Eicher Motors $ ICICI Bank 6.44 Larsen & Toubro 6.05 ACC 4.97 Tata Motors 3.99 Motherson Sumi Systems 3.83 Crompton Greaves 3.83 Power Finance Corporation 3.25 VA Tech Wabag 3.06 HDFC Bank 3.02 HCL Technologies 2.97 State Bank Of India 2.96 Tech Mahindra 2.94 Housing Development Finance Corporation 2.92 Oil & Natural Gas Corporation 2.83 Punjab National Bank 2.76 Balkrishna Industries 2.68 Credit Analysis and Research 2.60 Hero Motocorp 2.45 Hindustan Petroleum Corporation 2.38 Bharat Forge 2.37

3 Thermax 2.21 Voltas 2.09 Equity less than 2% of corpus Total Equity Holdings CBLO & Others* 0.48 $ increase over 10% on account of market movements/change in net asset of the scheme. Kindly Refer Page No. 9 ASSET ALLOCATION BY SECTOR Auto Banks Finance Construction Project Industrial Capital Goods Cement Auto Ancillaries Software Oil Construction Industrial Products Petroleum Products Mineral/Mining Consumer Non Durable Total Equity: 99.77% RISK REPORT Name Beta Sharpe Std. Dev. JM Multi Strategy Fund Option Source: Mutual Funds India Explorer Note: Standard Deviation & Sharpe are calculated on Annualised basis using 3 years history of monthly returns (using daily frequency). Risk Free rate assumed to be 8.60% (91 day Treasury Bill yield as on Sept 30, 2014) for calculation of Sharpe ratio. JM Tax Gain Fund (An Open-Ended Equity Linked Savings ) INVESTMENT OBJECTIVE : 31st March, 2008 CORPUS (July 14 - Sept 14) TURNOVER RATIO 3.03% 2.88% 2.43% 2.27% 1.24% 1.09% 5.65% 8.50% 8.40% 8.06% 7.95% 12.00% : 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 14 yrs of experience in fund management & equity research). Chaitanya Choksi (Managing this fund since July 18, 2014 and has around 11 years of work experience in the field of equity research and capital markets.) : Option: Option: Option: Option: : Qtly - AAUM (`) : Crores : % 17.66% Issuer % to NAV Eicher Motors $ Sundaram Finance 5.85 Larsen & Toubro 5.67 ICICI Bank 5.36 Hindustan Petroleum Corporation 4.80 ACC 4.60 Crompton Greaves 4.51 Thermax 4.12 SKF India 4.02 Oil & Natural Gas Corporation 3.97 Power Finance Corporation 3.51 Balkrishna Industries 3.48 Punjab National Bank 3.45 Voltas 2.71 Motherson Sumi Systems 2.66 Tata Motors 2.63 Housing Development Finance Corporation 2.53 Bajaj Finance 2.44 Bata India 2.38 Grasim Industries 2.12 Jaiprakash Associates 2.10 HDFC Bank 2.09 Cummins India 2.01 Equity less than 2% of corpus Total Equity Holdings CBLO & Others* 1.37 $ increase over 10% on account of market movements/change in net asset of the scheme. ASSET ALLOCATION BY SECTOR Kindly Refer Page No. 9 RISK REPORT Name Beta Sharpe Std. Dev. JM Tax Gain Fund - Option Source: Mutual Funds India Explorer Note: Standard Deviation & Sharpe are calculated on Annualised basis using 3 years history of monthly returns (using daily frequency). Risk Free rate assumed to be 8.60% (91 day Treasury Bill yield as on Sept 30, 2014) 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. : Sanjay Chhabaria (Managing this fund since February, 2008 & more than 14 years of experience in fund management & equity research). : 1st April, 1995 : Option: Option: Annual Option: Option: Option: Annual Option: Annual Option: CORPUS (July 14 - Sept 14) : Qtly - AAUM (`) : 7.00 Crores TURNOVER : RATIO Issuer Details as on September 30, 2014 % to NAV ITC 6.59 Infosys 5.57 ICICI Bank 5.33 HDFC Bank 5.25 Housing Development Finance Corporation 5.22 Tata Consultancy Services 4.95 Reliance Industries 4.82 Larsen & Toubro 3.78 Tata Motors 3.16 State Bank Of India 2.41 Oil & Natural Gas Corporation 2.14 AXIS Bank 2.06 Sun Pharmaceuticals Industries 2.01 Mahindra & Mahindra 2.00 Equity less than 2% of corpus Total Equity Holdings CBLO & Others* ASSET ALLOCATION BY SECTOR Kindly Refer Page No. 9 JM Core 11 Fund (An Open-Ended equity oriented scheme) INVESTMENT OBJECTIVE : To provide long-term growth by investing predominantly in a concentrated portfolio of equity / equity related instruments : Asit Bhandarkar (Managing this fund since February, 2009 & total 12 yrs of experience in fund management & equity research). Chaitanya Choksi (Managing this fund since July 18, 2014 and has around 11 years of work experience in the field of equity research and capital markets.) : 5th March, 2008 CORPUS (July 14 - Sept 14) TURNOVER RATIO : Option: Option: Option: Option: : Qtly - AAUM (`) : Crores : ASSET ALLOCATION BY SECTOR 3

4 Issuer % to NAV Tech Mahindra $ Motherson Sumi Systems $ Hindustan Petroleum Corporation 9.51 Crompton Greaves 9.35 Tata Motors 9.24 Yes Bank 8.74 Power Finance Corporation 8.51 ICICI Bank 8.50 Oil & Natural Gas Corporation 8.41 Larsen & Toubro 8.16 State Bank Of India 7.46 Total Equity Holdings CBLO & Others* 1.35 $ increase over 10% on account of market movements/change in net asset of the scheme. Kindly Refer Page No. 9 RISK REPORT Name Beta Sharpe Std. Dev. JM Core 11 Fund - Option Source: Mutual Funds India Explorer Note: Standard Deviation & Sharpe are calculated on Annualised basis using 3 years history of monthly returns (using daily frequency). Risk Free rate assumed to be 8.60% (91 day Treasury Bill yield as on Sept 30, 2014) 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 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 14 - Sept 14) : Option: Option-Monthly : Option-Quarterly : Option-Annual : Option: Option-Monthly : Option-Quarterly : Option-Annual : : Qtly - AAUM (`) : 4.79 Crores Issuer ASSET ALLOCATION BY SECTOR % to NAV ACC 1.48 HDFC Bank 1.84 Larsen & Toubro 3.07 Total Equity Holdings 6.39 CBLO & Others* Kindly Refer Page No. 10 STATISTICS Current Yield 6.61% Duration years Average Maturity years JM Arbitrage Advantage Fund (An Open-Ended Equity Oriented ) INVESTMENT OBJECTIVE : 18th July, 2006 CORPUS (July 14 - Sept 14) TURNOVER RATIO Issuer : 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. : 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.) Asit Bhandarkar (Managing this fund since July 18, 2014 & total 12 yrs of experience in fund management & equity research). Sanjay Chhabaria: (Managing this fund since July 18, 2014 & more than 14 yrs of experience in fund management & equity research). : Option: Option: Option: Option: Option: Option: : Qtly - AAUM (`) : Crores : Market Value (` In Lacs) % to NAV Market Value (` In Lacs) Futures Auto ( ) Ashok Leyland Ashok Leyland - Futures (508.82) Bajaj Auto Bajaj Auto - Futures ( ) Hero Motocorp Hero Motocorp - Futures ( ) Details as on September 30, 2014 Mahindra & Mahindra Mahindra & Mahindra - Futures ( ) Maruti Suzuki India Maruti Suzuki India - Futures ( ) Tata Motors Tata Motors - Futures ( ) Auto Ancillaries ( ) Apollo Tyre Apollo Tyre - Futures ( ) Exide Industries Exide Industries - Futures (180.68) Banks ( ) Allahabad Bank Allahabad Bank - Futures ( ) Andhra Bank Andhra Bank - Futures (630.24) AXIS Bank AXIS Bank - Futures ( ) Bank Of Baroda Bank Of Baroda - Futures ( ) Bank of India Bank of India - Futures ( ) Federal Bank Federal Bank - Futures ( ) HDFC Bank HDFC Bank - Futures ( ) ICICI Bank ICICI Bank - Futures ( ) IDBI Bank IDBI Bank - Futures (271.95) Indian Overseas Bank Indian Overseas Bank - Futures (261.29) IndusInd Bank IndusInd Bank - Futures ( ) Oriental Bank of Commerce Oriental Bank of Commerce - Futures (583.00) Punjab National Bank Punjab National Bank - Futures ( ) State Bank Of India State Bank Of India - Futures ( ) Syndicate Bank Syndicate Bank - Futures ( ) The Karnataka Bank The Karnataka Bank - Futures (414.05) UCO BANK UCO BANK - Futures (652.44) Cement ( ) ACC ACC - Futures ( ) Ambuja Cements Ambuja Cements - Futures ( ) Century Textiles & Industries Century Textiles & Industries - Futures ( ) Grasim Industries Grasim Industries - Futures ( ) India Cements India Cements - Futures (122.36) Chemicals ( ) Tata Chemicals Tata Chemicals - Futures ( ) Construction ( ) DLF DLF - Futures (858.91) Indiabulls Real Estate Indiabulls Real Estate - Futures ( ) IRB Infrastructure Developers IRB Infrastructure Developers - ( ) Futures Jaiprakash Associates Jaiprakash Associates - Futures ( ) Unitech Unitech - Futures ( ) Construction Project ( ) GMR INFRASTRUCTURE GMR INFRASTRUCTURE - Futures ( )

5 Larsen & Toubro Larsen & Toubro - Futures ( ) Voltas Voltas - Futures ( ) Consumer Durables ( ) Titan Company Titan Company - Futures ( ) Consumer Non Durables ( ) Asian Paints Asian Paints - Futures ( ) Bata India Bata India - Futures (192.94) Colgate Palmolive (India) Colgate Palmolive (India) - Futures ( ) Dabur India Dabur India - Futures (76.11) ITC ITC - Futures ( ) Mcleod Russel India Mcleod Russel India - Futures (5.87) Tata Global Beverages Tata Global Beverages - Futures ( ) Diversified ( ) Aditya Birla Nuvo Aditya Birla Nuvo - Futures ( ) Ferrous Metals ( ) Jindal Steel & Power Jindal Steel & Power - Futures ( ) JSW Steel JSW Steel - Futures ( ) Tata Iron & Steel Co Tata Iron & Steel Co - Futures ( ) Finance ( ) Housing Development Finance Corporation Housing Development Finance ( ) Corporation - Futures IDFC IDFC - Futures ( ) IFCI IFCI - Futures ( ) L&T Finance Holdings L&T Finance Holdings - Futures (648.06) LIC Housing Finance LIC Housing Finance - Futures ( ) Mahindra & Mahindra Financial Services Mahindra & Mahindra Financial (464.24) Services - Futures Power Finance Corporation Power Finance Corporation - Futures (902.67) Reliance Capital Reliance Capital - Futures ( ) Rural Electrification Corp Rural Electrification Corp - Futures ( ) Gas ( ) G A I L (India) G A I L (India) - Futures (320.35) Indraprastha Gas Indraprastha Gas - Futures (828.39) Industrial Capital Goods ( ) Crompton Greaves Crompton Greaves - Futures ( ) Siemens Siemens - Futures (830.70) Industrial Products ( ) Bharat Forge Bharat Forge - Futures ( ) Jain Irrigation Systems Jain Irrigation Systems - Futures (583.13) Media & Entertainment ( ) Dish TV Dish TV - Futures (807.24) Zee Entertainment Enterprises Zee Entertainment Enterprises - ( ) Futures Mineral/Mining ( ) Coal India Coal India - Futures ( ) NMDC NMDC - Futures ( ) Sesa Sterlite Sesa Sterlite - Futures ( ) Non Ferrous Metals ( ) Hindalco Industries Hindalco Industries - Futures ( ) Hindustan Zinc Hindustan Zinc - Futures (112.74) Oil ( ) Cairn India Cairn India - Futures (513.89) Oil & Natural Gas Corporation Oil & Natural Gas Corporation - ( ) Futures Petroleum Products ( ) Bharat Petroleum Corp Bharat Petroleum Corp - Futures ( ) Hindustan Petroleum Corporation Hindustan Petroleum Corporation ( ) - Futures Indian Oil Corporation Indian Oil Corporation - Futures ( ) Reliance Industries Reliance Industries - Futures ( ) Pharmaceuticals ( ) Aurobindo Pharma Aurobindo Pharma - Futures ( ) Biocon Biocon - Futures ( ) Cipla Cipla - Futures ( ) Divi'S Laboratories Divi'S Laboratories - Futures (553.15) Dr Reddy's Laboratories Dr Reddy's Laboratories - Futures ( ) Glenmark Phramaceuticals Limted Glenmark Phramaceuticals Limted (908.00) - Futures Lupin Lupin - Futures ( ) Ranbaxy Laboratories Ranbaxy Laboratories - Futures ( ) Sun Pharmaceuticals Industries Sun Pharmaceuticals Industries - ( ) Futures Power ( ) ADANI POWER ADANI POWER - Futures (565.70) Jaiprakash Power Ventures Jaiprakash Power Ventures - Futures (528.98) JSW Energy JSW Energy - Futures (79.58) NHPC NHPC - Futures (157.58) NTPC NTPC - Futures ( ) Power Grid Corp of India Power Grid Corp of India - Futures ( ) Reliance Infrastructure Reliance Infrastructure - Futures (256.35) Reliance Power Reliance Power - Futures ( ) Tata Power Company Tata Power Company - Futures ( ) Software ( ) HCL Technologies HCL Technologies - Futures ( ) Hexaware Technologies Hexaware Technologies - Futures (376.93) Tata Consultancy Services Tata Consultancy Services - Futures ( ) Tech Mahindra Tech Mahindra - Futures ( ) Details as on September 30, 2014 Wipro Wipro - Futures ( ) Telecom-Services ( ) Bharti Airtel Bharti Airtel - Futures (293.65) Idea Cellular Idea Cellular - Futures (213.76) Reliance Communications Reliance Communications - Futures ( ) Tata Communications Tata Communications - Futures (784.24) Textile Products (215.39) Arvind Arvind - Futures (215.39) Transportation ( ) Mundra Port and Special Economic Zone Mundra Port and Special Economic ( ) Zone - Futures Total Equity Holdings ( ) Issuer ASSET ALLOCATION BY SECTOR Kindly Refer Page No. 9 Market Value (` In Lacs) % to NAV Rating COMMERCIAL PAPER Tata Motors Finance ICRA A1+ Fixed Deposit Margin HDFC Bank IndusInd Bank The Ratnakar Bank Yes Bank OTHER MUTUAL FUND UNITS JM High Liquidity Fund Option Total Debt Holdings CBLO & Others* Total Assets Note: Nifty Futures that are sold is a complete hedge against the purchase of Nifty Basket. Although classified under Equity category, Risk ratios are not calculated for JM Arbitrage Advantage Fund as the scheme is benchmarked to CLFI. 5

6 JM High Liquidity Fund (An Open - Ended Liquid ) 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, 2004 Super Institutional Plan - DDO:19th May, 2004 Super Institutional Plan - WDO: 19th May, 2004 : 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: CORPUS : Qtly - AAUM (`) : Crores (July 14 - Sept 14) Issuer % to NAV Rating Money Market Instruments Certificate of Deposits Allahabad Bank 3.76 ICRA A1+ Andhra Bank 5.00 CARE A1+ Canara Bank CRISIL A1+ IDBI Bank 5.02 CRISIL A1+ IndusInd Bank 2.51 CRISIL A1+ Jammu & Kashmir Bank 5.05 CRISIL A1+ Oriental Bank of Commerce 2.75 CRISIL A1+ Punjab & Sind Bank 5.02 ICRA A1+ Syndicate Bank 7.49 CARE A1+ Commercial Paper Blue Star 1.25 CARE A1+ HSIL 1.99 CARE A1+ IIFL Holdings 2.49 ICRA A1+ National Fertilizers 2.49 CRISIL A1+ Nirma 5.01 CRISIL A1+ Reliance Infrastructures 9.93 IND A1+ Religare Securities 4.97 ICRA A1+ RHC Holding 4.96 ICRA A1+ (SO) Simplex Infrastructures 4.97 CARE A1+ Fixed Deposit Syndicate Bank 6.31 UCO Bank 5.04 Treasury Bills Day T-Bill 0.25 GOI SOV Total Debt Holdings CBLO & Others* (6.52) ASSET ALLOCATION Kindly Refer Page No. 10 STATISTICS Current Yield 9.14% 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. : 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 CORPUS (July 14 - Sept 14) : Regular Plan - Option: Daily Option: Weekly Option: Fortnightly Option: Option: Option: Daily Option: Weekly Option: Fortnightly Option: Option: : Qtly - AAUM (`) : Crores ASSET ALLOCATION Kindly Refer Page No. 10 Details as on September 30, 2014 Issuer % to NAV Rating Money Market Instruments Certificate of Deposits Bank of India CRISIL A1+ Canara Bank CRISIL A1+ Jammu & Kashmir Bank 6.34 CRISIL A1+ Karur Vysya Bank 2.77 CRISIL A1+ Punjab National Bank $ ICRA A1+ Union Bank of India CRISIL A1+ Commercial Paper Kotak Mahindra Investments CRISIL A1+ Total Debt Holdings CBLO & Others* 0.75 $ increase over 30% on account of market movements/change in net asset of the scheme. STATISTICS Current Yield 8.78% Duration years Average Maturity years JM Money Manager Fund - Super 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. : 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 14 - Sept 14) : Option: Daily Option: Weekly Option: Fortnightly Option: Option: Option: Daily Option: Weekly Option: Fortnightly Option: Option: : Qtly - AAUM (`) : Crores 6

7 Details as on September 30, 2014 Issuer % to NAV Rating Money Market Instruments Certificate of Deposits Bank of Baroda 7.60 ICRA A1+ Bank of India CRISIL A1+ Canara Bank 7.60 CRISIL A1+ Punjab National Bank ICRA A1+ State Bank of Patiala ICRA A1+ Union Bank of India CRISIL A1+ Vijaya Bank 0.45 CARE A1+ Total Debt Holdings CBLO & Others* 0.22 ASSET ALLOCATION Kindly Refer Page No. 10 STATISTICS Current Yield 8.70% Duration years Average Maturity years JM Money Manager Fund - Super Plus 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. : Vikas Agrawal (Managing this fund since September 24, 2014 & has total 10 years of experience in fixed income market). : 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 14 - Sept 14) : 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 AXIS Bank 5.09 CRISIL A1+ Bank of India 7.50 CRISIL A1+ Canara Bank CRISIL A1+ Corporation Bank CRISIL A1+ Punjab National Bank ICRA A1+ State Bank of Travancore 5.00 CRISIL A1+ Union Bank of India CRISIL A1+ Commercial Paper NABARD 5.11 CRISIL A1+ Ranbaxy Laboratories 5.13 ICRA A1+ Sundaram BNP Paribas Home Finance 5.03 ICRA A1+ Sundaram Finance 2.49 CRISIL A1+ Corporate Debt 8.33 Power Finance Corporation 1.06 CRISIL AAA Rural Electrification Corporation 1.04 CRISIL AAA Tata Motors Finance 6.23 CRISIL AA Total Debt Holdings CBLO & Others* 0.64 ASSET ALLOCATION Kindly Refer Page No. 10 STATISTICS Current Yield 8.77% Duration years Average Maturity years JM Floater Long Term Fund (An Open-Ended Income ) INVESTMENT OBJECTIVE FUND MANAGER : To provide regular income and capital appreciation through in floating rate debt instruments, fixed rate debt instruments swapped for floating rate returns and also fixed rate instruments and money market instruments. : Shalini Tibrewala (Managing this fund since March, 2006 & has over 14 years of experience in fund management & financial services sector). : : 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 : 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 14 - Sept 14) Issuer % to NAV Rating Money Market Instruments Certificate of Deposits Bank of India $ CRISIL A1+ Commercial Paper RHC Holding $ ICRA A1+ (SO) Total Debt Holdings CBLO & Others* 5.65 $ increase over 30% on account of market movements/change in net asset of the scheme. ASSET ALLOCATION Money Market Instruments 94.35% Kindly Refer Page No. 10 STATISTICS Current Yield 9.85% Duration years Average Maturity years JM Floater Short Term Fund (An Open-Ended Liquid ) 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. : 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 CBLO & Others* CORPUS (July 14 - Sept 14) 5.65% : Option : Daily Option : Option : Option : Daily Option : Option : : Qtly - AAUM (`) : 5.41 Crores Issuer % to NAV Rating CBLO & Others* ASSET ALLOCATION Kindly Refer Page No. 10 STATISTICS Current Yield 6.61% Duration Years Avg. Maturity Years 7

8 Details as on September 30, 2014 JM Short Term Fund (An Open-Ended Income ) INVESTMENT OBJECTIVE : 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. : Vikas Agrawal (Managing this fund since August 8, 2014 & has total 10 years of experience in fixed income market). : 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 14 - Sept 14) ASSET ALLOCATION : 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 Jammu & Kashmir Bank CRISIL A1+ Government Securities % GOI GOI SOV 8.83% GOI GOI SOV Corporate Debt Power Grid Corporation CRISIL AAA LIC Housing Finance CRISIL AAA Power Finance Corporation CRISIL AAA Treasury Bills Day T-Bill 9.97 GOI SOV Total Debt Holdings CBLO & Others* 5.00 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. : Vikas Agrawal (Managing this fund since August 8, 2014 & has total 10 years of experience in fixed income market). : Option: 1st April, 1995 Quarterly Option: 1st April, 1995 Option: 18th March, 2002 : Option : Quarterly Option : Option : Option : Quarterly Option: Option : CORPUS (July 14 - Sept 14) : Qtly - AAUM (`) : Crores Issuer % to NAV Rating Government Securities % GOI GOI SOV 9.23% GOI GOI SOV Corporate Debt Power Grid Corporation CRISIL AAA Power Finance Corporation CRISIL AAA Total Debt Holdings CBLO & Others* 5.20 ASSET ALLOCATION Kindly Refer Page No. 9 STATISTICS Current Yield 8.76% 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. : Vikas Agrawal (Managing this fund since August 8, 2014 & has total 10 years of experience in fixed income market). : 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 14 - Sept 14) Issuer % to NAV Rating Government Securities % GOI GOI SOV 9.23% GOI GOI SOV Total Debt Holdings CBLO & Others* Kindly Refer Page No. 9 STATISTICS Current Yield 8.34% Duration Years Avg. Maturity Years Kindly Refer Page No. 9 STATISTICS Current Yield 8.98% 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. 8

9 ANNEXURE FOR RETURNS OF ALL THE SCHEMES Performance as on September 30, 2014 Name Sept 30, 2013 to Sept 30, 2014 Sept 30, 2012 to Sept 30, 2013 Sept 30, 2011 to Sept 30, 2012 Details as on September 30, 2014 Since inception till Sept 30, 2014 (CAGR) Inception Equity s Funds Managed by Sanjay Chhabaria JM Balanced Fund Apr-95 Bench Mark Crisil Balanced Fund Index N A N A Crisil 1 Year T Bill* S & P Nifty Index* JM Multi Strategy Fund (6.66) Sep-08 Bench Mark BSE (2.59) S & P Nifty Index* Funds Managed by Asit Bhandarkar JM Basic Fund (13.25) June-97 Bench Mark BSE 200 Index (1.11) S & P Nifty Index* Funds jointly managed by Chaitanya Choksi and Sanjay Chhabaria JM Equity Fund (3.77) Apr-95 Bench Mark BSE Sensex S & P Nifty Index* JM Tax Gain Fund (5.20) Mar-08 Bench Mark BSE (2.59) S & P Nifty Index* Funds jointly managed by Chaitanya Choksi and Asit Bhandarkar JM Core 11 Fund (10.18) (9.44) 5-Mar-08 Bench Mark BSE Sensex S & P Nifty Index* Funds jointly managed by Chaitanya Choksi, Asit Bhandarkar and Sanjay Chhabaria JM Arbitrage Advantage Fund July-06 Bench Mark Crisil Liquid Fund Index S & P Nifty Index # # 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, 2014 Name Sept 30, 2013 to Sept 30, 2014 Sept 30, 2012 to Sept 30, 2013 Sept 30, 2011 to Sept 30, 2012 Since inception till Sept 30, 2014 (CAGR) Inception Date@ Debt s Funds Managed by Vikas Agrawal JM Gsec Fund Sep-99 Bench Mark I Sec Composite Index N A N A Crisil 10 Year G Sec Paper* N A N A JM Income Fund Apr-95 Bench Mark Crisil Composite Bond Fund Index N A N A Crisil 10 Year G Sec Paper* N A N A JM Short Term Fund June-02 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill*

10 ANNEXURE FOR RETURNS OF ALL THE SCHEMES Details as on September 30, 2014 Name Sept 30, 2013 to Sept 30, 2014 Sept 30, 2012 to Sept 30, 2013 Sept 30, 2011 to Sept 30, 2012 Since inception till Sept 30, 2014 (CAGR) Inception 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* JM Money Manager Fund Super Plus 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* Crisil 1 Year T Bill* Performance for Liquid s Name Funds Managed by Shalini Tibrewala Sept 30, 2013 to Sept 30, 2014 Sept 30, 2012 to Sept 30, 2013 Sept 30, 2011 to Sept 30, 2012 Since inception till Sept 30, 2014 (CAGR) Inception Date@ 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* JM Floater Short Term Fund June-03 Bench Mark Crisil Liquid Fund Index Crisil 1 Year T Bill* *Additional Inception Date is considered as the date of first time allotment of units. Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other. Absolute returns are computed on s 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. 10

11 Details as on September 30, 2014 DIVIDEND/BONUS HISTORY (for past 3 years) JM Equity Fund Financial Year Record Date (` per unit) FY NIL - FY NIL - FY NIL - The face value per unit is ` 10/-. JM Basic Fund Financial Year Record Date (` per unit) FY NIL - FY NIL - FY NIL - The face value per unit is ` 10/- JM Balanced Fund Financial Year Record Date (` per unit) FY NIL - FY NIL - FY NIL - The face value per unit is `10/-. JM Multi Strategy Fund Financial Year Record Date (` per unit) FY NIL - FY NIL - FY NIL - The face value per unit is ` 10/-. JM Tax Gain Fund Financial Year Record Date (` per unit) FY NIL - FY NIL - FY NIL - The face value per unit is ` 10/-. JM Core 11 Fund Financial Year Record Date (` per unit) FY NIL - FY NIL - FY NIL - The face value per unit is ` 10/-. JM MIP Fund JM MIP Fund - Option - Monthly Financial Year Record Date (` per unit) FY $ 1-September September August August July July June June May May April April FY $ 3-Mar Mar Feb Feb Jan Jan Dec Dec 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 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 $ NIL - FY $ NIL - FY $ NIL - 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 September September August August July July June June May May April April FY Mar Mar Jan Jan Sept Sept Jun Jun FY Mar Mar Jan 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 Inst. Plan - Daily 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 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 The face value per unit is `10/-. $ Includes Distribution Tax JM Money Manager Fund Financial Plan FYTD* Year (` 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 -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

12 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 The face value per unit is `10/-. $ Includes Distribution Tax. JM Floater Long Term Fund Financial Year Plan FYTD* (` per unit) FY $ 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 $ option - Daily option Daily option Weekly option 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 Financial Year Plan FYTD* (` per unit) FY $ Daily Option Daily Option FY $ Daily Option Daily Option FY $ Daily Option 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 - Option Regular - Daily Option Option Option Daily Option 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 - FY $ Quarterly Option Quarterly Option 0.50 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 - FY $ Quarterly Option Quarterly Option 0.50 FY $ - - The face value per unit is `10/-. $ Includes Distribution Tax. *FYTD: Financial Year to Date BONUS HISTORY # Name Date Ratio JM High Liquidity Fund 14-Jan :100 MMF-Super Plus Plan - Option 5-August :100 MMF-Super Plus Plan - Option 5-August :100 MMF-Super Plan - Option 13-Feb :100 MMF-Super Plan - Option 13-Feb :100 Past performance may or may not be sustained in future. The face value per unit is `10/-. # Pursuant to allotment of bonus 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.