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 OUR PRODUCT OFFERINGS
Equity - Marketcap

JM ELSS TAX SAVER FUND JM FLEXICAP FUND JM MIDCAP FUND

47.11% 17.07% 35.13% 44.62% 15.79% 38.62% 1.50% 69.31% 27.46%

Large Mid Small Large Mid Small Large Mid Small

JM FOCUSED FUND JM LARGE CAP FUND JM VALUE FUND

57.96% 18.64% 19.34% 83.63% 6.96% 7.73% 29.86% 16.72% 53.28%

Large Mid Small Large Mid Small Large Mid Small

Hybrid - Asset Allocation

JM SMALL CAP FUND
JM ARBITRAGE FUND JM AGGRESSIVE HYBRID FUND
0.00% 8.83% 89.40%

75.17% 20.81% 4.02% 71.91% 18.52% 9.57%

Large Mid Small
Equity Debt TREPS & Others Equity Debt TREPS & Others

Fixed Income - Rating Profile

JM OVERNIGHT JM LIQUID FUND JM LOW DURATION FUND

FUND

100% 78.29% 11.72% 9.79% 0.20% 62.29% 14.50% 11.62% 11.33% 0.26%

Cash & other A1+/AAA GOI SOV Cash & Other CDMDFA2 A1+/AAA AA+/AA GOI SOV Cash & Other CDMDFA2
receivables Receivable Receivable

JM MEDIUM TO
JM DYNAMIC BOND FUND JM SHORT DURATION FUND LONG DURATION FUND

91.74% 8.01% 0.25% 64.37% 31.20% 4.16% 0.27% 87.26% 12.52% 0.22%

GOI SOV Cash & Other CDMDFA2 A1+/AAA GOI SOV Cash & Other CDMDFA2 GOI SOV Cash & Other CDMDFA2
Receivable Receivable Receivable

CDMDFA2 - Corporate Debt Market Development Fund - A2 Units | Details as on September 30, 2024
HOW TO READ A FACT SHEET

Details as on September 30, 2024

The below definitions are in alphabetical order.

AUM : Assets Under Management (AUM) refers to the recent / updated cumulative market value of investments managed by a mutual fund or any
investment firm.
Application Amount for Fresh Subscription : This is the minimum investment amount for a new investor in a mutual fund scheme.
Benchmark : A group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment
performance of mutual funds, among other investments. Some typical benchmarks include the Nifty, Sensex, BSE200, BSE500, 10-Year Gsec, etc.
Beta : Beta (β) is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole (usually the S&P 500).
Stocks with betas higher than 1.0 can be interpreted as more volatile than the S&P 500.
Entry Load : A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. Entry load is
charged at the time an investor purchases the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For
instance, if the NAV is Rs. 100 and the entry load is 1%, the investor will enter the fund at Rs 101.
Note: SEBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his
assessment of various factors including the service rendered by the distributor.

Exit Load : Exit load is charged at the time an investor redeems the units of a mutual fund. The exit load is deducted from the prevailing NAV at the
time of redemption. For instance, if the NAV is Rs 100 and the exit load is 1%, the redemption price would be Rs 99 Per Unit.
Fund Manager : An employee of the asset management company such as a mutual fund, who manages investments of the scheme.
Holdings : The holdings or the portfolio is a mutual fund’s latest or updated reported statement of investments/securities. These are usually
displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being
invested by the fund manager.
IDCW : Income Distribution cum Capital Withdrawal is the new name for Dividend as per recent SEBI Guidelines.
Modified Duration : Modified duration is the price sensitivity and the percentage change in price for a unit change in yield.
Minimum Additional Amount : This is the minimum investment amount for an existing investor in a mutual fund scheme.
Nature of Scheme : The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual
fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund.Likewise, a mutual fund that aims
at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have subcategories.
NAV : The Net Asset Value (NAV) is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is
calculated at the end of every business day. It is the value at which the investor enters or exits the mutual fund.
Rating Profile : Mutual funds invest in Fixed Income / Debt Securities after evaluating their creditworthiness as disclosed by the ratings. A depiction
of the mutual fund in various investments based on their ratings becomes the rating profile of the Debt Scheme.
SIP : Systematic Investment Plan (SIP) works on the principle of making periodic investments of a fixed sum. It works similar to a recurring deposit
of a bank.
Standard Deviation : Standard deviation is a statistical measure of the range of an investment’s performance. When a mutual fund has a high
standard deviation, its means its range of performance is wide, implying greater volatility.
Sharpe Ratio : The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated
using standard deviation and excess return to determine reward per unit of risk.
Yield to Maturity : The Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual
rate. The YTM factors in the bond’s current market price, par value, coupon interest rate and time to maturity.
Total Expense Ratio - As on last day of the month & includes additional expenses provided in Regulation 52(6A)(b) and 52(6A)(c) of SEBI (Mutual
Funds) Regulations, 1996 and Goods and Service Tax on Management Fees.
INDEX

Details as on September 30, 2024

Contents Page No.

Market Outlook - Equity 1
Market Outlook - Debt 10
Equity Funds
JM ELSS Tax Saver Fund 16
JM Flexicap Fund 17
JM Midcap Fund 18
JM Small Cap Fund 19
JM Large Cap Fund 20
JM Value Fund 21
JM Focused Fund 22
Hybrid Funds
JM Arbitrage Fund 23
JM Aggressive Hybrid Fund 25
Debt Funds
JM Overnight Fund 26
JM Liquid Fund 27
JM Short Duration Fund 28
JM Dynamic Bond Fund 29
JM Low Duration Fund 30
JM Medium to Long Duration Fund 31
Others
JM Equity Schemes at a Glance 32
JM Debt Schemes at a Glance 33
IDCW History 34
Equity Scheme Performance (Fund Manager wise) 35
Debt Scheme Performance (Fund Manager wise) 36
SIP Performance 37
Risk-o-Meter (Equity Schemes) 39
Risk-o-Meter (Debt Schemes) 40
Notice cum Addendum 41
Contact Details 42
EQUITY MARKET
OUTLOOK
7 min read Details as on September 30, 2024

Markets
• The Nifty Index was up 2.3% for the month ended September 2024.
• The Nifty Midcap 150 Index was up by 1.8% whereas the Nifty Small-cap 250 Index was up by 1.3% in September 2024.
• Sector-wise, Nifty Metal (+8.4%), Nifty India Consumption (+6.2%), & Nifty Realty (+4.3%) were the top performing indices whereas Nifty PSU
Banks (-3.3%), Nifty IT (-2.0%) & Nifty PSE (-1.8%) were the laggards.
• Global indices ended the month of September 2024, on a mixed note, Dow Jones was up 1.8%, Nasdaq was up by 2.7% while FTSE 100 was
down by -1.7%.
• The India VIX saw a decrease in September 2024. It was at 12.79 compared to 13.39 in the previous month, down by 4.5%. The Chicago Board
Options Exchange VIX saw an increase in the month of September 2024 & was at 16.73 as against 15.0 on the previous month, up by 11.5%.
• Foreign Institutional Investor (FII) were net buyers for the month of September 2024. Net FII inflows were INR 56,220crs. Domestic Institutional
Investor (DII) bought stocks worth INR 31,860 crs whereas MFs were net buyers worth INR 18,287crs.
INDEX Price as on Price as on Price as on MOM % Chg Y-O-Y % Chg
30-Sep-23 31-Aug-24 30-Sep-24
Nifty 50 19638 25236 25811 2.3% 31.4%
Nifty Midcap 150 15141 21925 22312 1.8% 47.4%
NSE NIFTY Smallcap 250 12230 18170 18411 1.3% 50.5%
India NSE Volatility IX 11.45 13.39 12.79 -4.5% 11.7%
CBOE Volatility Index 17.52 15.00 16.73 11.5% -4.5%
Indian Rupee Spot 83.04 83.87 83.80 -0.1% 0.9%
DOW JONES INDUS. AVG 33508 41563 42330 1.8% 26.3%
NASDAQ COMPOSITE 13219 17714 18189 2.7% 37.6%
FTSE 100 INDEX 7608 8377 8237 -1.7% 8.3%
Source: JMF MF Research, Bloomberg
Particulars For the Month For the Month For the Month CYTD FY 2023-2024
of Sep-23 of Aug-24 of Sep-24 31-Sep-24
FII SEBI (Equity) (in INR Crs)* -18894 11678 56220 98502 208200
MF SEBI (Equity) (in INR Crs)** 20843 31685 18287 265749 200695
DII (Cash) (in INR Crs)** 20313 48279 31860 340612 209790
Source: Bloomberg, *FII SEBI- Provisional & includes primary & secondary market Transactions, ** Provisional nos & includes only secondary market
Transactions.
Best Performing Sector for % Chg Worst Performing Sector for % Chg
September 2024 September 2024
Nifty Metal 8.4% Nifty PSU Bank -3.3%
Nifty India Consumption 6.2% Nifty IT -2.0%
Nifty Realty 4.3% Nifty PSE -1.8%
Source: JMF MF Research, Bloomberg

Source: JMF MF Research, Bloomberg

Nifty 50 Fwd PE is now trading > 1 standard deviation over the mean PE. Nifty Midcap 100 is trading >2 standard deviation above the mean fwd PE.

1
EQUITY MARKET
OUTLOOK
Details as on September 30, 2024

Shifting Sands
Indian markets continued to deliver positive returns in September. However, large cap indices outperformed both small caps and midcaps. The
materials sector outperformed on back of improving China sentiment, as also the Utilities on back of higher power demand. A surprising reversal
in the IT sector was observed even though expectations of US recovery gained ground.
The US Federal Reserve cut rates by 50 bps in its September meeting. This is expected to improve the US housing sector and reduce pressure on
household budgets. Equity markets revived in the US and India as well. The NIFTY 50 index crossed 26,000 – an all-time high.
The recent quarter has seen rapid sector movements, with industrials and energy sectors pulling back, while consumer discretionary was gaining
ground in a steady manner. Post elections, and the recent budget, there appears to be a change in sentiment and government priorities. Tax
revenues are slowing down, indicating that corporate profit growth is easing. Also, capex momentum is definitely below last year, highlighting the
sudden decline in industrials.
Government’s capex push remains lackluster so far in FY’25:
Central Government’s capex spends in August 2024 stood Rs. 39,727
Crore, declining by 30% y-o-y and 50.5% m-o-m. On a FYTD basis
(April 2024-August 2024), capital expenditure has contracted by
19.5% compared to a growth of 48.5% in the corresponding period
of the previous financial year. Key ministries which accounted for 90%
of the budgeted capex for FY’25 noted a y-o-y decline, except for
Ministry of Housing and Urban Affairs.

Source: CMIE, JMF MF Research | As per latest available data

Source: CMIE, JMF MF Research | As per latest available data

Growth in government’s tax revenue slowing:

Source: CMIE, JMF MF Research | As per latest available data

2
EQUITY MARKET
OUTLOOK
Details as on September 30, 2024

On a FYTD basis (April-August 2024), the net tax revenue of the government grew by 8.7%, lower than 14.8% witnessed in the corresponding period
of the previous year. While income tax revenue continues to observe robust double digit growth, corporate tax revenue contracted by 6.0% during
April-August 2024. Eight Core Sector data for August showed some signs of weakness, the index de-grew by 1.8% y-o-y and de-grew by 4.2% m-o-m

Source: CMIE, JMF MF Research | As per latest available data

State elections could change focus: There are five states coming up for elections over the next six months – Kashmir, Haryana, Maharashtra,
Jharkhand and Delhi. The outcomes of these elections may change market sentiments. These elections are important in cementing the position of
the current party at the Center. There is a risk that election promises made to woo the electorate could damage the state finances and shift focus
away from infrastructure to social expenditure.
Indian markets trade at a premium to other regional peers and Emerging Markets: India currently trades at 70-80% premium to other emerging
markets. While lower interest rates in Developed Markets will increase flows to emerging markets, Indian markets may be ignored due to its
expensive valuations. Chinese markets have rallied recently on the back of stimulus measures leading to some speculation of FIIs selling Indian
equities in favor of Chinese equities. This outward flow could impact markets.
Corporate Earnings growth will remain muted: Financials which is a large contributor to profits is expected to face challenges in asset quality and
interest spreads. Further, volatility in commodity prices and increased competition from China in exports could impact corporate profits. While
profits and profitability will be maintained, growth is likely to remain weak.
Record amount of money being raised by Indian Corporates: There has been a record amount of issues in H1FY'25 raising nearly as much as FY'24.
We reckon that FY'25 will be the best year in terms of secondary and primary equity raise. The amount of equity raised by Initial Public Offering's
(IPOs ) and Qualified Institutional Placement (QIPs) is likely to dampen secondary market flows and hence lead to some market consolidation.
H1FY'25 FY'24 FY'23 FY'22
IPO/FPO/OFS (nos) 52 107 56 76
Amount raised 753 864 632 1303
QIP (nos) 46 65 11 29
Amount raised 662 713 90 285
Total raised 1416 1578 723 1589
Source: Prime Data Base, JMF MF Research | As per latest available data | FPO - Follow-on Public Offer, OFS - Offer for Sale
Growth outlook for certain sectors still looks bright: We believe that alternate energy, power and power transmission, data centers and urban
renewal are sustainable themes to invest in for the medium to long term. The inflow of record Foreign Direct Investment (FDI) is an indication that
Indian infrastructure can attract foreign capital and grow sustainably. However, the recent sharp appreciation has made us cautious. Consumption
is recovering gradually across consumer durables. However, there are also increasing signs of borrower stress in SME and unsecured credit which
makes us cautious in the financial space. The US Presidential elections also increases uncertainty to trade and India’s service exports. Also, there are
potential risks to the global trade and economy if the ongoing war between Israel and Iran escalates, which is not fully factored in by the markets
as of now.
We expect India to eventually follow global trends and begin lowering interest rates. Delay in doing so, could induce a sustained slowdown which
may difficult to overcome. We are of the view that India will need to reduce interest rates to maintain the growth momentum.
Portfolio Positioning: We have consciously reduced industrials in light of valuations and potential change in government focus. We continue to
remain optimistic of India’s infrastructure growth and hence demand for industrials but will wait valuations to become more favorable. We have

3
EQUITY MARKET
OUTLOOK
Details as on September 30, 2024

Scheme wise Fund Managers Commentary

Scheme Portfolio commentary Portfolio Positioning
• We added 5 new stocks and sold 8 stocks as we tried to consolidate the • We will lower volatility by covering the portfolio gaps versus the
portfolio. benchmark further.
• The Scheme took steps to sell stocks and sectors which became sources • We are optimistic about the capex cycle and an uptick in rural
JM
of volatility. consumption but we may add to financials in a calibrated manner.
Flexicap
• Industrials held on very well in the Scheme but the underweight in • We may raise allocation to large caps as we recalibrate risk-reward
Fund
Financials exposed us to volatility as the sector moved up sharply led to navigate uncertainties in the next quarter.
by private banks. • We may keep our “foot off the pedal” as we watch the environment
over next 3 months before we “step on the accelerator” again.
• The Scheme had 4 new additions and 7 deletions this month. • We will remain market cap agnostic here vs other portfolios but
• Scheme suffered volatility versus the benchmark as our holdings in will focus on upping liquidity as well as quality.
consumer discretionary names did not perform in line with the index. • We do anticipate more opportunities for this Scheme in case the
JM
Our Under Weight (u/w) in financials also caused volatility. market depth narrows.
Value
• Good news is most of the portfolio names remained resilient and a • In the Interim, we may take steps to control volatility versus
Fund
small set caused some distress. We are in midst of cutting these sources index without losing our focus of adding to attractively valued
of volatility and adding newer high growth names which in the current opportunities with superior risk reward.
macro context provides us with superior valuation comfort.
• During the month, we added 17 stocks and sold 9 stocks. • We might have curbed the volatility in the Scheme with our
• Most of the actions that we took were to cover the gaps versus the actions in the previous month.
JM Large
benchmark quickly so that the volatility reduces sharply. • Our focus will now move to making this portfolio leaner and
Cap Fund
meaner as we concentrate our focus on high conviction names
through this results season.
• We now hold 27 stocks versus 30 stocks couple of months back. As • We shall remain more dynamic in this portfolio now having
discussed here previously, we have consolidated the portfolio this stabilised the performance over last 3 years.
JM month and reduced the beta as well. • We will look for new opportunities through the results season with
Focused • We have added 6 new stocks this month and sold 7 names as we chose hope to add to return with minimal incremental risk.
Fund to move into stocks with lower valuation and lower volatility.
• Our Under Weight (u/w) in financials did not help the Scheme. We have
tried to cure this with addition of newer names in the Scheme.
• Financials underweight was solely the reason for volatility in the • We may look to reduce the number of names in the portfolio as we
JM ELSS
Scheme. get into the next result season with more focused portfolio.
Tax Saver
• We have sold 7 stocks this month and added 6 stocks as we booked
Fund
profits and moved to blue chips.
• We sold 9 names and added 7 new names this month as we made • We will prefer lower beta names and focus on improving quality
space for larger more liquid new ideas. and liquidity.
• We have shifted to stocks which are beneficiaries of consumption • We hope to take benefit of any intermittent volatility in the
trends and reduced stocks which benefit from investment trends. markets.
JM Midcap
• We have added to our financials weight tactically with a view to make • We will focus on the results season and take cues for further action
Fund
the portfolio more balanced. in the portfolio.
• Our strategy of being more dynamic helped this Scheme hold its • We also will focus on tactically taking a medium term view on
ground in an otherwise volatile environment. certain high growth high quality high conviction stocks even if
the stocks may be trading at a premium to the general market.
• We have added 9 new stocks while we sold of 5 stocks inline as we • We are continuously looking at new ideas to keep the portfolio
booked profits and made space for new ideas. refreshed.
• The Scheme picked up pace this month as some of our ideas matured • We will try and cover any sharp sectoral deviations. This will be
helping us beat the benchmark. important in face of elevated valuations.
JM Small
• Portfolio has consumer discretionary, staples and materials Over • We are focusing on regular profit booking. In stocks where
Cap Fund
Weight (o/w). valuations get heady too quickly, we won’t hesitate to replace
• Our underweight on financials and industrials benefited the Scheme them.
as the smaller financials and industrials lagged the large cap peers • We will keep a highly diversified stance with high liquidity and
sharply. agility as required.
• We added 2 new names and sold out 7 stocks with a view to reduce our • We may further reduce the percentage equity holding slightly.
Equity percentage in the Scheme as discussed previously. • In Financials, we will add high quality high visibility names for
JM
• Most stocks sold were small caps as we tried reducing the volatility generating alpha while we tactically make necessary adjustments
Aggressive
much more than merely reducing the equity exposure. from an index coverage perspective.
Hybrid
• Financials particularly large caps caused some volatility. • We will look to add to stocks which add to alpha and the stability
Fund
of our portfolio during the result season.
• Large cap weightage may increase incrementally in the Scheme.
Note: The above exposure is subject to change basis Fund Managers views & market conditions, but will be within the limits of the Scheme
Information Document(s) of the respective Scheme(s).
4
Details as on September 30, 2024

The apparel and textile industry in India contributes around 2.3 % to the country’s GDP, 13% of industrial production in value terms and 12%
to exports. India is among top 5 exporters of textiles and apparel(T&A) in the world. As one of the largest cotton manufacturers, low cost work
force, and established skill sets, India has a chance to increase its participation in the global trade. Domestic demand is also increasing and the
opportunity to have a large retail presence across various segments also exists.
As of CY22, China, Bangladesh and Italy were the top three exporters of textiles with a share of 34%, 6% and 5% respectively. In the same period,
India’s share in overall global trade has remained constant at ~4% and stood at USD 39 billion in CY22. Adoption of China-plus-one policy to de-risk
the supply chain may help in driving the export opportunities to Indian textile players.
Decline in China’s export of apparel to US provides an opportunity to Indian exporters
China’s apparel export share to US has come down from 31% in CY18 to 21% in CY22 but still it holds a 30% market share at global level. Decline
in China market share in US and other countries has been captured by Bangladesh and Vietnam. US has 21% share in global apparel imports.
Government initiatives such as Production Linked Incentives (PLI) Scheme for Textiles, Scheme for Integrated Textile Parks (“SITP”), Export Promotion
Capital Goods Scheme, along with incentive packages by various state governments and set-up of mega textile parks, provides support to Indian
textile players to make them competitive in textile exports

India’s Textiles & Apparel (T&A) Market

India has a robust end-to-end value chain in the textile industry, spanning raw materials like natural and MMF (Man Made Fibre) to the final product
and covering apparel, home textiles, and technical textiles. India is the world's second-largest clothing manufacturer and one of the top five
exporting nations. India has key advantage of availability of cotton and other raw materials along with skilled and abundant workforce compared
to other countries. India can be a big beneficiary of global T&A (Textile & Apparel) export opportunity given the availability of raw materials such
as cotton, wool, silk, and jute.
India’s T&A Market Size

Source: Alok Industries Annual Report FY'24 | As per latest available data

5
 Few Facts About Indian Textile Industry
India is the only country, which is producing all the four commercial varieties of silk, namely
1. Mulberry 2. Tropical Tasar & Oak Tasar 3. Muga 4. Eri
India occupies 1st position in the world in cotton acreage with around 133 lakh hectares.
Technical Textiles makes up 12-15% of Indian textile value chain.
5th largest exporter of textiles and apparel.
13% of country’s export earnings.
India is the 2nd largest producer of textiles in the world after China.
India is 2nd largest producer of silk in the world.
India is also the 2nd largest producer of manmade fibres next to China.

Textile & Apparel export from India

Free Trade Agreements (FTA): FTA are exclusive agreements allow participating countries to open their borders to free trade. A cost-benefit
analysis of FTAs is not limited to an assessment of their impact on trade balances as industry players may also get other benefits which can be in the
form of technology transfer, value-added linkages, trade-related investment flows, and improved access to a greater variety of intermediate goods
and services.
India has recently signed Free Trade Agreement (FTA) with Australia, U.A.E and the negotiation with the United Kingdom (UK) & Europe are in
advance stage. Once the FTA is signed, it will open up new opportunities for the Indian textile industry as it can provide more level playing field to
the industry and will help in exporting the textile products freely.
India and other Asian countries are tough competitors to each other: Bangladesh and Vietnam have better operational efficiency/higher
government support than India and also enjoy trade agreement benefits with major textile importer countries like US, Canada, Japan, UK etc
which creates a tough competition for Indian T&A exporters. India is actively considering the possibility of Comprehensive Economic Partnership
Agreements (CEPAs) and Free Trade Agreements (FTAs) with various countries which can enhance the market size and facilitate exporters in the
Indian textile sector.
India’s export in T&A: In FY'23, India’s textile and apparel exports amounted to US$37 Bn, and is estimated to reach US$65 Bn in FY26E. With
international buyers seeking alternatives to China, India has a favourable opportunity to expand its global export presence. India’s exports are
expected to accelerate in future and can achieve a market share of 8% in FY'30 as against 4% market currently.
India's T&A Export Data

Exports 2005-06 2010-11 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2025-26E
Textiles 9 17 20 19 20 21 18 19 28 21 21 35
Apparel 9 12 17 17 17 16 16 12 16 16 15 30
Total 18 29 37 36 37 37 34 31 44 37 36 65
Source: Elara Capital, JM MF Research | As per latest available data | Estimate

6
Ready-Made Garments (RMG) / apparel accounted for the highest share in Indian textile exports in FY'23: Apparel sales accounted for 44%
of the total Indian textile trade in FY'23, followed by yarn and Home textiles.
Segment wise break up of India’s T&A Exports (Value US$ Bn)
100
5
12

45

43
2 36 37
34 7 2
29 2 31 2
5 2 6 7 14
1 6 16
4
16 15
12 16 12 6 17
4 5 4 5
8 5
4 5 4 5 7 7
4 2 3 4 2 2
2010-11 2019-20 2020-2 1 2021-22 2022-2 3 2 023-24(E) 2030-31(P)
Fibe r Yarn Fabric Appare l Home Textile s Others Total

Source: Alok Industries Annual Report FY'24 | As per latest available data
US and Bangladesh are major export destinations for Indian textile products: US, Bangladesh, UK are the top three importers of textile products
from India with the combined contribution of 41.2%. of India’s total textile export, 29% is exported to USA followed by Bangladesh with a share of
7% and UK imported India’s 6% of total India’s export in FY'23.
India’s RMG prospects are encouraging over medium-to-long-term; Industry consolidation trends likely to continue

Global wovenR MG category tradeh as growna t~ 3% CAGR over thel astd ecadew hile kni dR MG tradeh as grownb y~ 3.5%

297
271 259
227 225 216 222 220 233 233 232 236 233
205 205 198 200 211 214 213 213 212 206 206

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Global woven Ready-MadeG arments (RMG)T rade ($ bn) Global Kni ed Ready-MadeG arments (RMG)T rade ($ bn)

Over thes amep eriod, Indian wovenR MG exportsh aver ecorded~ 1.4% CAGR whilek ni dR MG exports have exhibited3 .3% CAGR
9.2 9.3 9.2
8.3 8.2 8.7 8.3 8.5
8.0 7.7 7.7 8.0 7.8 8.0 7.8 8.2 7.7 7.8
7.4 7.5
6.7 6.7 6.3 6.7
5.8 5.6 5.9
5.0

FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

IndiaW oven Ready-MadeG arments (RMG) Exports ($ bn) IndiaK nitR eady-MadeG arments (RMG)E xports ($ bn)

Source: Avendus Spark Report | As per latest available data

7
India’s T&A Trade Challenges:
• India’s T&A exports continues to face stiff challenges from the small countries like Bangladesh, Vietnam, Sri Lanka and Taiwan etc., who have
got the preferred treatment from the countries of European Union and U.S. The above mentioned factors have had and will continue to have
a significant bearing on the financial performance of the Indian T&A export Industry in the coming periods. So far, drop in the China Share's in
Global Textile Trade has been beneficial to Vietnam and Bangladesh mainly; While India's T&A export industry share has remained the same and
could not gain.
• The slowdown in the global trade because of the geo political tension, higher prices of raw cotton affected exports of textile products. Moreover,
Red sea disturbances have also posed a serious threat to the shipment of textile products.
• The Indian textile industry is largely unorganized with high production, ageing machinery and absence of level playing field for value added
cotton products in consumer markets. To address these problems, Indian Government has introduced various initiatives to make the sector
globally competitive, boost exports, and facilitate modernization, thereby increasing productivity and employment.

India’s Domestic Textile & Apparel Industry

Domestic textile and apparel market size is estimated at around US$138 Bn in FY'24 and is likely to grow at a CAGR of 10.4% by 2030, reaching a
value of US$250 Bn. Apparel, constituting the majority share of the market, is expected to grow at a CAGR of 9.9%, followed by technical textiles and
home textiles industry with a CAGR of 13% and 8.1% respectively.
India’s domestic T&A market (Value in USD Bn)

Source: Alok Industries Annual Report FY'24 | As per latest available data
Indian textile industry has several levers for healthy growth
India has catalysts for growth like increased urbanisation, rising per capita income and spending power: Indian textiles industry is set for
strong growth, buoyed by strong domestic consumption as well as export demand. We expect that India’s growing population, rising per capita
income, growing middle class and shift in preference to branded products to boost domestic demand of textile and apparels. According to World
Bank, urban population accounts for 31% of the total population of India and is likely to increase to 40% by 2030. Changing taste and preferences
in the urban part acts as a key driver of textile consumption growth in the country.

Source: Credo Brands Report | As per latest available data

8
India’s per capita consumption of clothing is significantly lower than developed countries and offers growth opportunities: As of CY21,
India’s annual per capita consumption of clothing and footwear was estimated to be ~USD 83 while developed countries like US and EU per capita
stands at ~USD 723 and ~USD 566 respectively, indicating a significant potential for growth in Indian textile and apparel industry in coming years.

Source: Sanathan textile DRHP | As per latest available data

Government trying to resolve the challenges of Indian textile industry: The majority of India's textile and apparel production capacity is on
account of MSMEs, which account for over 80% of the sector, and the average scale of operations is relatively small. Thus, efficiency and economies
of scale are limited.
To resolve the issues, the government has announced seven PM MITRA Parks, with a budget of Rs 4,445 Crore. These parks will be established from
FY'22 to FY'28 in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, and Maharashtra. The parks will feature 1,000-acre
industrial infrastructure and "plug and play" facilities.
In December 2021, the Government also approved a Production Linked Incentive (PLI) Scheme with Rs 10,683 Crores over five years for man-made
fibre apparel and fabrics and technical textiles. It is expected to attract over Rs 19,000 Crore in investment by FY'25. Actual investment done for
textile products under PLI scheme is Rs 4063 Cr.
Key Indian beneficiaries: USA is a major market for Indian home textile players. The key players which are likely to benefit due to normalisation
of inventory, expected Free Trade Agreement and China plus one strategy followed by various countries are KPR Mills, Gokaldas Exports, Welspun
Living, Indo Count Industries, Shahi Exports, Trident, Arvind Ltd etc. We expect large companies to benefit from the increased exports opportunity
as they have scale advantages.
Indian textile companies’ earnings growth and Debt Equity ratio over last 6 years: Significant deleveraging has happened which is visible from
below mentioned table.
Top 7 Textile companies FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24

Profit Growth -19.3 3.8 -4.5 -16.5 175.4 -26.7 9.5

Debt Equity Ratio 0.7 0.7 0.6 0.5 0.5 0.4 0.4
Source: Ace Equity | As per latest available data

9
FIXED INCOME
MARKET OUTLOOK
7 min read Details as on September 30, 2024

GLOBAL UPDATE
Global
Global bond yields decreased significantly
in September 2024, with 10Y US treasury
yield, 10Y Germany bond & 10Y Japan bond
softening by 14 bps,16 bps & 4 bps respectively.
Key developments on the macro-economic
were:
US
• The Fed in September 2024 decided to
cut its policy rate by 50 bps to 4.75%-
5.00% taking into account the softening
in the labor market. US Labor market
data for August 2024 showed continued
deterioration as unemployment rate came
in at 4.2%, significantly higher than the pre- Source: Bloomberg, JMF MF Research | As per latest available data
pandemic level (December 2019- 3.6%).
Also, US CPI & PPI inflation maintained disinflationary trend as both numbers printed lower than previous month. The US yield curve has
steepened as investors position for rate cuts while pricing out recession risks. After Fed rate cut of 50bps mid-September, the yield curve
changed its course with 2Y rates remaining unchanged (around 3.55-3.60 band) while 30Y rates sold off by 9 bps. Further, the 2*10Y inverse
spread witnessed since July 2022 reversed to a positive spread of 17 bps in September 2024 as markets digested FED’s dovish policy.
• Inflation: CPI Inflation continued its downward trend to print at 2.5% Y-O-Y in August 2024 in line with expectations vs 2.9% Y-O-Y in July 2024.
The annual core CPI has consistently printed at 3.2% for consecutively two months. PPI M-0-M for August 2024 increased to 0.2% vs expectations
of 0.1%.US PCE inflation printed at 2.2%Y-O-Y lower than expectations in August and core PCE printed in at 2.7% Y-0-Y. FED forecasts in September
2024 policy estimate PCE inflation at 2.1% in CY2025 ,20 bps lower than June policy.
• Growth: Flash estimate for US manufacturing PMI for September 2024 stood at 47.0, lower than previous month’s reading of 47.9 and market
expectation of 48.6. In addition, services PMI as per flash estimate came in at 55.4, lower than previous month’s reading of 55.7 but marginally
higher than market expectation of 55.3. Retail sales for August 2024 increased to 0.1% M-O-M from -0.2% expectations. The US FED expects the
GDP to grow by 2.0% in 2024, marginally lower than earlier projection of 2.1%.
• Labour: JOLTS job openings fell to 7.67mn (expectations: 8.1mn) in July 2024 and June 2024 number was revised downwards to 7.91mn from
8.18m, indicating weakness in the labour market. On the other hand, continuing Jobless Claims decreased to 1834k from 1821k previously.
Similarly, Initial Jobless Claims decreased to 218k in the last week of August vs expectations of 224k. US non-farm payrolls printed in at 142K
slightly lower than our expectations of 164K in August with substantial downward revisions to the previous two months. Unemployment rate
for the month of August 2024 printed at 4.2% marginally lower than previous month’s reading of 4.3%. Average hourly earnings Y-O-Y August
2024 increased to 3.8% from 3.6%.
Euro Zone: In September 2024, ECB cut its policy rate by 25bps after its first rate cut in June 2024 citing inflation to be on downward trajectory.
Growth remains subdued due to low consumption. The council reiterated that they do not pre-commit to a particular path and would be data
dependent in the coming months.
Canada: The Bank of Canada reduced its policy rate by 25bps for the third time to 4.25% in light of slowing inflation and low consumption. They
reassured to remain committed on restoring price stability.
Japan: 10Y Japanese Government Bonds (JGBs) showed a downward move amid strong Japanese Yen (JPY) and closed at 0.87% in September
2024. Yen appreciated in September 2024 averaging around 143 levels, substantially stronger thanan average of 146 level in August 2024.
Bank of Japan (BOJ) kept interest rates unchanged at 0.25% in September 2024. Further rate hikes by BOJ or even an expectation of it may have a
compounding effect on the carry-trade unwinding as JPY continues to strengthen against USD. This monetary policy divergence of US and Japan
will be a key risk for global markets. We remain watchful of the developments, as Japan is one of the largest holders of United States Treasury (UST)
and the interplay between USD/JPY, 10Y Japan benchmark and 10Y UST continues to provide uncertainty on global rates.
China: Chinese Manufacturing PMI increased marginally to 49.8 from expectations of 49.4, consumer prices printed at 0.6% Y-O-Y (expectations
0.7% Y-O-Y) and producer prices printed at -1.8% Y-O-Y (expectations -1.5%) in August 2024. As mentioned in our Factsheet of August 2024, ‘China
continues in slow down mode with deflationary conditions and base case remains that the central bank would continue to stimulate the economy
through interest rates as well as other policy tools.’ Soon after Fed rate cut Chinese central bank cut its seven-day interest rate to 1.5% from 1.7%.
Peoples’ Bank of China also reduced reserve assets by 50bps to revive growth, protect the housing market crash and support price decline.

10
FIXED INCOME
MARKET OUTLOOK
Details as on September 30, 2024

Key Interest Rate Actions during the month

Date Country Particulars Actual Forecast Previous
04 September 2024 Chile Interest Rate Decision (Sep) ê 5.50% 5.50% 5.75%
04 September 2024 Poland Interest Rate Decision (Sep) è 5.75% 5.75% 5.75%
04 September 2024 Canada BoC Interest Rate Decision ê 4.25% 4.25% 4.50%
05 September 2024 Malaysia Interest Rate è 3.00% 3.00% 3.00%
05 September 2024 Egypt Interest Rate Decision è 27.25% 27.25% 27.25%
12 September 2024 Euro Area ECB Interest Rate Decision (Sep) ê 3.65% 3.65% 4.25%
13 September 2024 Peru Interest Rate Decision (Sep) ê 5.25% 5.25% 5.50%
13 September 2024 Russia Interest Rate Decision (Sep) é 19.00% 18.00% 18.00%
18 September 2024 Indonesia Interest Rate Decision ê 6.00% 6.25% 6.25%
18 September 2024 US Fed Interest Rate Decision ê 5.00% 5.25% 5.50%
18 September 2024 Kuwait Interest Rate Decision ê 4.00% - 4.25%
18 September 2024 Bahrain Interest Rate Decision ê 5.75% - 6.25%
19 September 2024 Brazil Interest Rate Decision é 10.75% 10.75% 10.50%
19 September 2024 Taiwan Interest Rate (Q3) è 2.00% 2.00% 2.00%
19 September 2024 Norway Interest Rate Decision è 4.50% 4.50% 4.50%
19 September 2024 UK BoE Interest Rate Decision (Sep) è 5.00% 5.00% 5.00%
19 September 2024 Ukraine Interest Rate Decision è 13.00% - 13.00%
19 September 2024 Turkey One-Week Repo Rate (Sep) è 50.00% 50.00% 50.00%
19 September 2024 South Africa Interest Rate Decision (Sep) ê 8.00% 8.00% 8.25%
19 September 2024 Angola Interest Rate Decision (MoM) è 19.50% - 19.50%
20 September 2024 China PBoC Loan Prime Rate è 3.35% 3.35% 3.35%
20 September 2024 Japan BoJ Interest Rate Decision è 0.25% 0.25% 0.25%
20 September 2024 Mauritius Interest Rate Decision (Q4) ê 4.00% - 4.50%
24 September 2024 Australia RBA Interest Rate Decision (Sep) è 4.35% 4.35% 4.35%
24 September 2024 Hungary Interest Rate Decision (Sep) ê 6.50% 6.50% 6.75%
24 September 2024 Nigeria Interest Rate Decision é 27.25% - 26.75%
25 September 2024 Sweden Interest Rate Decision ê 3.25% 3.25% 3.50%
25 September 2024 Czechia Interest Rate Decision ê 4.25% 4.25% 4.50%
26 September 2024 Switzerland SNB Interest Rate Decision (Q3) ê 1.00% 1.00% 1.25%
27 September 2024 Mexico Interest Rate Decision (Sep) ê 10.50% 10.50% 10.75%
30 September 2024 Columbia Interest Rate Decision (Oct) ê 10.25% - 10.75%
Source: Investing.com, JMF MF Research

DOMESTIC UPDATE • The 10Y G-Sec traded in a band of 6.72%-

6.87% and closed at 6.75% September
Bond and Money Markets: 2024, vis-a-vis 6.86% in August 2024.
• Yields of 91 Day T-Bill, 182 Day T-Bill and 364
Day T-Bill softened by ~26bps, ~17 bps and
~17 bps respectively as RBI cancelled last
two auctions for the quarter amounting to
40,000 Crs.
• Indian benchmark bond yields were lower
broadly by 10 bps during the month. In
tandem with UST yields which drifted
lower, 10Y IGB crossed crucial 6.80% levels
mid-month. Fed rate cut of 50bps, favorable
crude (69.2 – 77.5 USD/ barrel (BBL) range),
weakening DXY and borrowing calendar
for H2 FY'25 in line with expectations led to
10Y IGB hovering around 6.75%.
Source: FBIL, Cogencis, JMF MF Research | As per latest available data • Rest of the curve drifted lower in sync with
UST yield movement and continuance of FII
inflows.
11
FIXED INCOME
MARKET OUTLOOK
Details as on September 30, 2024

CPI inflation drifts below RBI’s target for the second consecutive month:

Source: MoSPI, JMF MF Research | As per latest available data

• CPI inflation rose to 3.65% in August 2024 from 3.60% in July 2024. The reading also came in marginally higher than the Bloomberg’s median
poll of 3.47%.
• Although on a sequential basis, the headline index remained unchanged, unfavourable base of ~5 bps, led the year-on-year reading to increase
from 3.60% in July 2024 to 3.60% in August 2024.
• Food and beverages inflation marginally increased to 5.30% in August 2024 from 5.06% in July 2024. Vegetables observed higher inflation of
10.66% in August 2024, an increase from 6.83% in July 2024. Pulses & products continued to maintain their double-digit price increase at 13.60%
in August 2024, although marginally lower than 14.77% in July 2024. Also, cereals and products inflation saw a slight dip at 7.31% in August 2024
from 8.14% in July 2024. On the other hand, spices noted a higher deflation of -4.40% in August 2024 as compared to -1.43% in July 2024.
• In August 2024, the CPI ex food and beverages stood below 4.0%, at 2.26%, for the twelfth consecutive month.
• Core inflation surged slightly to 3.40% in August 2024 from 3.39% in July 2024. Transport and Communication jumped to 2.71% in August 2024
from 2.60% in July 2024, highest in the last seventeen months.

Currency:
USD/CNY USD/INR USD/JPY EUR/USD GBP/USD DXY
1M Depreciation (-)/Appreciation (+) 1.11% 0.14% 2.54% 1.00% 1.97% -1.21%
3M Depreciation (-)/Appreciation (+) 3.50% -0.44% 11.46% 4.16% 5.86% -5.10%
1Y Depreciation (-)/Appreciation (+) 3.91% -0.86% 4.63% 5.54% 9.73% -5.37%
CYTD Depreciation (-)/Appreciation (+) 1.23% -0.63% -1.11% 1.03% 5.18% -0.85%
Source: Bloomberg, JMF MF Research | As per latest available data

Source: Bloomberg, JMF MF Research | As per latest available data

12
FIXED INCOME
MARKET OUTLOOK
Details as on September 30, 2024

• During September 2024, US dollar traded with a weakening bias and depreciated by ~1.21%. The US Federal Reserve started with the much
awaited rate cut cycle with a massive 50 bps rate cut.
• While US dollar depreciated during the month, JPY on the other hand, continued its appreciating trend.
• Though JPY appreciated during the month, it still remains substantially weak relative to Chinese yuan renminbi (CNY), Indian Rupee
(INR) and Indian Depository Receipt (IDR).
• INR appreciated by 0.14% in September 2024. INR traded in the range of Rs. 83.56-83.98/USD during the month and ended the month at Rs.
83.76/USD.
• Foreign Portfolio Investment (FPIs) were net buyers in both equity and debt markets in September 2024, with inflows of Rs. 57,724 Crore and Rs.
32,850 Crore respectively.
• Forex reserves reached the highest level, at USD 692.3 Bn as on September 20, 2024 from USD 681.7 Bn a month ago.

Systemic Liquidity:

Source: RBI, JMF MF Research | As per latest available data

• Liquidity conditions during September 2024 noted momentary tightness following the outflows related to advance tax and GST, however
balanced thereafter towards the end of the month.
• Daily average liquidity surplus moderated to Rs. 1,00,916 Crore in September 2024, from a daily average surplus of Rs. 1,50,897 Crore in August
2024.
• Due to some tightness in liquidity, the daily average of weighted average call rate stood at 6.55%, marginally higher than the previous month’s
average of 6.52%.
• Since June 2024, the RBI has outright sold securities worth Rs. 24,070 Crore, in view to absorb excess liquidity, although the quantum of these
open market operation (OMO) sales has been modest.

Bank Credit & Deposit:

13
FIXED INCOME
MARKET OUTLOOK
Details as on September 30, 2024

Source: CMIE, JMF MF Research | As per latest available data

• Bank credit growth stood at 13.4% as on September 6, 2024 on a year-on-year basis, marginally lower than a month ago level of 13.6%.
• Bank deposit growth on the other hand improved marginally to 11.2% as on September 6, 2024 from a month ago level of 10.9%.
• Credit growth continue to outpace deposit growth, which remains a key concern for the RBI.

Our takeaways:

Global:
• The economic indicators continue to show a mixed picture especially with strong indicators such as robust GDP and retail spending. However,
slowing labour markets and moderating inflation seems to have tilted the odds towards softening of interest rate stance by the FED.
• The Federal Reserve System (FED) has started its rate cut cycle by reducing rates aggressively -50bps. The dot plot projects further rate cut of
50bps in the remainder of 2024, 100 bps in 2025 and 50 bps in 2026. External Commercial Borrowing (ECB) is also expected to continue to be
on a rate cut path in the foreseeable future though they have refrained from committing to any particular path.
• Key monitorable remains from developments in China as well as Japan over the medium term. China would be expected to have support
both from monetary but more importantly fiscal side to get its house back on track. The resultant impact on commodity cycle upturn may be
a development to be watchful of for import dependent nations like India. Japan, on the other hand, shall be on a rate hike journey and the
resultant impact of unwinding of yen carry trades on various asset classes would be another important monitorable.

Domestic:
Reasons for being cautious in India are:
• While domestic inflation is susceptible to volatility due to food components, continuance of resilient domestic growth necessitates no rush for
softening in interest rates.
• Despite the flows related to inclusion in the bond indices beginning from June 2024, the INR seems to continue to be very range bound.
However, if our hypothesis of a weakening dollar remains valid, then fear of further INR depreciation reduces for now.
• The deposit-credit gap in the banking system has sustained for a while indicating that the shorter end of the curve may see higher supply
due to the battle to raise deposits in the financial sector, thereby putting a floor for the overall curve.
However, reasons capping the domestic yields and dictating our fund positioning are:
• Flows from off shore investors due to inclusion in the Global Bond Indices from June 2024 onwards which has resulted in a positive demand
supply equation.
• A reduction in overall fiscal deficit for the year as announced in the budget with commitment to reduce it further over next few years.
• Fairly positive real rates (CPI for FY'25 projected by RBI is 4.5% and Repo rate is at 6.5%) maintained for a while.

14
FIXED INCOME
MARKET OUTLOOK
Details as on September 30, 2024

Current Scheme Positioning:

We have remained in top range of the mandated duration across our portfolios given the incremental positives mentioned above. In addition, we
look to add duration on dips as interest rate cycle looks to reverse and also look to add carry assets as we see spreads to peak out over coming
months.
JM Liquid Fund
The Scheme continues to focus on enhancing accruals while aiming to keep appropriate mix of liquid and semi liquid money market assets.
Higher incremental credit-deposit ratio provides continuous opportunity to invest in money market instruments at attractive spreads over the
repo rate.
JM Low Duration Fund
The Scheme aims to generate optimum risk adjusted returns in the current interest rate scenario. The Scheme has been deploying cash in mix of
securities between 6 months to 3 years to maintain an appropriate blend of accruals and duration in the portfolio. The scheme has incrementally
allocated in upto 1yr Certificate of Deposit (Cds) which were available at attractive carry. Overall, the scheme has invested in mix of upto AA
assets in 1-2 years bucket to improve the accrual of the portfolio and three to five-year government securities to participate in potential gains as
sovereign part of the curve witnesses’ higher demand on bond index inclusion.
JM Short Duration Fund
The Scheme has maintained duration higher than 2.5 years through a mix of government securities and AAA rated corporate bonds remaining
within our internal guard rails (No exposure in non AAA and no security > 5yr duration). The Scheme would continue to evaluate the macros
to manage duration actively and maintain appropriate mix of asset class based on relative valuation to ensure optimum carry of the portfolio
predominantly through 1-5 years AAA rated/Sovereign assets. Given the yield curve is likely to steepen hereon, the scheme approach is likely to
deliver better performance.
JM Dynamic Bond Fund
The Scheme has maintained duration at the upper end of the duration band given the current position of the interest rate cycle. The Scheme
endeavours to assess the risk-reward parameters on a continuous basis and would actively manage duration in accordance with its mandate as
the uncertain macros may require tweaking duration stance frequently.
JM Medium to Long Duration Fund
The Scheme has maintained duration towards the higher end of the regulatory framework (SEBI mandate 4-7 years). The Scheme endeavours to
assess the risk-reward parameters on a continuous basis and would actively manage duration in accordance with its mandate.
The above mentioned approach might change depending upon market conditions and Fund Managers views, but will be within the limits of the
Scheme Information Document. Source: Bloomberg, Cogencis, RBI, Reuters, Refinitiv, investing.com, tradingeconomics.com

Abbreviation with Full Form

UST US Treasury yield LPR Loan Prime Rate
NFP Non Farm Payroll CNY Chinese Yuan
CPI Consumer Price Index INR Indian Rupee
FOMC Federal Open Market Committee IDR Indonesian Rupiah
DXY Dollar Index PCE Personal Consumption expenditure
FED Federal Reserve/ Central Bank of US OMO Open market operations
PPI Purchasing Power Index FII Foreign Institutional Investor
BOJ Bank of Japan FX Forex
JGBs Japan Government Bonds BOE Bank of England
USD US Dollar JPY Japanese Yen
PMI Purchasing Manager's Index EUR Euro
PBOC People Bank of China GBP British Pound
15
JM ELSS Tax Saver Fund
An open ended equity linked saving
scheme with a statutory lock in of 3
years and tax benefit

Details as on September 30, 2024

INVESTMENT OBJECTIVE INCEPTION DATE 31st March, 2008

The investment objective is to generate long-term capital growth from a diversified and actively managed portfolio of equity and equity related #Benchmark Index: BSE 500 TRI
securities and to enable investors a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time. There can be no ##Additional Benchmark Index: Nifty 50 TRI
assurance that the investment objective of the scheme will be realized. The scheme does not guarantee/ indicate any returns. Investors are required
to read all the scheme related information carefully. FUND MANAGER DETAILS
SCHEME PORTFOLIO (TOP 25 STOCKS) MARKET CAPITALIZATION (% OF TOTAL) Primary Fund Manager
Name of Instrument % to NAV 0.69%
Mr. Chaitanya Choksi (Managing this Scheme since July 18, 2014 and
HDFC Bank Limited 5.39 has around 21 years of work experience in the field of equity research
and fund management).
Infosys Limited 4.97
ICICI Bank Limited 3.47 Secondary Fund Manager
Larsen & Toubro Limited 3.30 Mr. Asit Bhandarkar (Managing this Scheme since December, 2021 &
35.13% total 20 years of experience in fund management & equity research).
State Bank of India 2.65 47.11%

Newgen Software Technologies Ltd. 2.28 Debt Portion

Zomato Limited 2.20 Mr. Gurvinder Singh Wasan (Managing this Scheme since December
17.07%
Hindalco Industries Limited 2.19 1, 2022 & has around 20 years of experience in the field of fixed income
markets.)
Bharti Airtel Limited 2.12 Large Cap Mid Cap Small Cap TREPS & Others
Trent Limited 2.07 NAV DETAILS (IN RS. PER UNIT)
Power Finance Corporation Limited 2.03 PORTFOLIO CLASSIFICATION BY SECTOR ALLOCATION (%)
(Regular) - Growth Option: 52.4235
Balrampur Chini Mills Limited 2.00 (Regular) - IDCW (Payout): 52.4227
Jyothy Labs Limited 2.00 (Direct) - Growth Option: 59.2938
Mrs. Bectors Food Specialities Ltd. 1.99 (Direct) - IDCW (Payout): 57.8320
Voltas Limited 1.93 FUND SIZE
SBI Life Insurance Company Limited 1.93
Month End AUM : Rs. 186.75 Crore
Suzlon Energy Limited 1.91 Monthly AAUM : Rs. 184.29 Crore
NTPC Limited 1.90
ISIN
UltraTech Cement Limited 1.80
Varun Beverages Limited 1.79 (Regular) - Growth Option: INF192K01650
(Direct) - Growth Option: INF192K01CE3
Honeywell Automation India Limited 1.77
Firstsource Solutions Limited 1.65 PORTFOLIO TURNOVER RATIO 1.1534
Dr. Reddy's Laboratories Limited 1.64
Linde India Limited 1.59 MINIMUM APPLICATION AMOUNT
Blue Star Limited 1.59 Purchase: ` 500/- and in multiples of Rs. 500/- thereafter.
Other Equity Stocks 41.16 Additional Purchase: ` 500/- and in multiples of Rs. 500/- thereafter.
Total Equity Holdings 99.32
EXIT LOAD
TREPS & Others * 0.68
NIL
Total Assets 100.00
* includes net receivables / payables if any EXPENSE RATIO
Regular Plan 2.37%
Direct Plan 1.15%
RISK RATIOS
Scheme Name Beta Sharpe~ Std. Dev.
Total no. of Equity Stocks$$: 59
JM ELSS Tax Saver Fund - 0.93 1.04 13.97
Performance ^ - Regular Plan - Growth Option Growth Option
BSE 500 TRI - 0.87 13.13
Scheme Benchmark# Additional Value of ` 10,000 invested
Period Returns Returns Benchmark## Returns Benchmark# Additional Source: www.mutualfundsindia.com Disclaimer : Sharpe, Beta &
Scheme (`) Standard Deviation are calculated on the basis of absolute return using
(%) (%) (%) (`) Benchmark## (`)
1-month rolling & 1-month frequency for a period of 3 years and Sharpe
1 Year 53.08 40.85 32.80 15,344 14,111 13,301
& Standard Deviation are annualized by SQRT12. ~Risk Free rate: 6.55%.
3 Years 22.16 18.39 14.92 18,240 16,601 15,183
5 Years 23.86 22.38 18.95 29,185 27,481 23,836 For Risk-o-meter (Scheme & Benchmark), refer page no. 39.
Since Inception 10.55 13.21 12.16 52,391 77,582 66,518
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment.
Since Inception Date = Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed Scan for complete portfolio
on Compounded Annual Growth Rate (CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded annualized
(CAGR). For performance of other schemes managed by Fund Managers & Performance of Direct Plan, refer page no. 35. For Additional Performance
Note, refer page no. 36. $$ for complete portfolio kindly refer to the portfolio of schemes uploaded on the website of Mutual Fund.

16
JM Flexicap Fund
An open ended dynamic equity scheme
investing across large cap, mid cap,
small cap stocks

Details as on September 30, 2024

INVESTMENT OBJECTIVE INCEPTION DATE 23rd September, 2008

JM Flexicap Fund is an open-ended diversified equity fund which aims to provide capital appreciation by investing primarily in equity and equity related #Benchmark Index: BSE 500 TRI
securities of various market capitalisation. There can be no assurance that the investment objective of the scheme will be realized. The scheme does ##Additional Benchmark Index: Nifty 50 TRI
not guarantee/ indicate any returns. Investors are required to read all the scheme related information carefully.
FUND MANAGER DETAILS
SCHEME PORTFOLIO (TOP 25 STOCKS) MARKET CAPITALIZATION (% OF TOTAL)
Primary Fund Manager
Name of Instrument % to NAV
0.97% Mr. Satish Ramanathan (Managing this Scheme since August 20,
HDFC Bank Limited 6.46 2021 & total years of experience of around 3 decades)
ICICI Bank Limited 4.41 Secondary Fund Manager
Infosys Limited 3.72
Mr. Chaitanya Choksi (Managing this Scheme since December 2021
Larsen & Toubro Limited 3.04 and has around 21 years of work experience in the field of equity
State Bank of India 3.00 44.62% research and fund management ).
38.62%
Dr. Reddy's Laboratories Limited 2.91 Debt Portion
Asian Paints Limited 2.57 Mr. Gurvinder Singh Wasan (Managing this Scheme since December
15.79% 1, 2022 & has around 20 years of experience in the field of fixed income
CESC Limited 2.54
KEC International Limited 2.35 markets.)
Large Cap Mid Cap Small Cap TREPS & Others
Samvardhana Motherson International Limited 2.34 NAV DETAILS (IN RS. PER UNIT)
ITC Limited 2.29 (Regular) - Growth Option: 108.9261
ICRA Limited 2.12 PORTFOLIO CLASSIFICATION BY SECTOR ALLOCATION (%) (Regular) - IDCW (Payout): 83.9359
Hindalco Industries Limited 1.96 (Direct) - Growth Option: 122.6694
Tech Mahindra Limited 1.91 (Direct) - IDCW (Payout): 111.5005
Mrs. Bectors Food Specialities Ltd. 1.86 FUND SIZE
Ambuja Cements Limited 1.79
Month End AUM : Rs. 4,531.48 Crore
Biocon Limited 1.79
Monthly AAUM : Rs. 4,379.84 Crore
Blue Star Limited 1.71
Petronet LNG Limited 1.68 ISIN
REC Limited 1.60 (Regular) - Growth Option: INF192K01635
Multi Commodity Exchange of India Limited 1.56 (Direct) - Growth Option: INF192K01CC7
Deepak Fertilizers& Petrochemicals Corporation Ltd 1.54 PORTFOLIO TURNOVER RATIO 1.3652
Arvind Limited 1.54
MINIMUM APPLICATION AMOUNT
Glenmark Pharmaceuticals Limited 1.53
Devyani International Limited 1.52 Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
Other Equity Stocks 39.26
Total Equity Holdings 99.03 EXIT LOAD
TREPS & Others * 0.97 • If the units are redeemed/switched out on or before 30 days from the
Total Assets 100.00 date of allotment – 1.00%.
* includes net receivables / payables if any • If the units are redeemed / switched out after 30 days from the date
of allotment – Nil.
EXPENSE RATIO
Regular Plan 1.82%
Direct Plan 0.42%
RISK RATIOS
Total no. of Equity Stocks$$: 63
Scheme Name Beta Sharpe~ Std. Dev.
JM Flexicap Fund - Growth Option 0.89 1.45 13.26
Performance ^ - Regular Plan - Growth Option
Value of ` 10,000 invested BSE 500 TRI - 0.87 13.13
Scheme Benchmark# Additional
Period Returns Returns Benchmark## Returns Benchmark# Additional Source: www.mutualfundsindia.com Disclaimer : Sharpe, Beta &
Scheme (`) Standard Deviation are calculated on the basis of absolute return using
(%) (%) (%) (`) Benchmark## (`)
1 Year 58.64 40.85 32.80 15,904 14,111 13,301 1-month rolling & 1-month frequency for a period of 3 years and Sharpe
& Standard Deviation are annualized by SQRT12. ~Risk Free rate: 6.55%.
3 Years 28.03 18.39 14.92 21,000 16,601 15,183
5 Years 26.28 22.38 18.95 32,153 27,481 23,836 For Risk-o-meter (Scheme & Benchmark), refer page no. 39.
Since Inception 16.06 14.78 13.46 1,08,861 91,130 75,707
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Scan for complete portfolio
Since Inception Date = Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed
on Compounded Annual Growth Rate (CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded annualized
(CAGR). For performance of other schemes managed by Fund Managers & Performance of Direct Plan, refer page no. 35. For Additional Performance
Note, refer page no. 36. $$ for complete portfolio kindly refer to the portfolio of schemes uploaded on the website of Mutual Fund.

17
 JM Midcap Fund
An open ended equity scheme
predominantly investing in mid cap stocks

Details as on September 30, 2024

INVESTMENT OBJECTIVE INCEPTION DATE 21st November, 2022

To provide long-term capital appreciation/income by investing predominantly in Mid-Cap companies. There is no assurance that the investment #Benchmark Index: NIFTY MIDCAP 150 TRI
objective of the Scheme will be realized. ##Additional Benchmark Index: Nifty 50 TRI

SCHEME PORTFOLIO (TOP 25 STOCKS) MARKET CAPITALIZATION (% OF TOTAL) FUND MANAGER DETAILS

Name of Instrument % to NAV Primary Fund Manager

1.74% 1.50%
IPCA Laboratories Limited 3.48 Mr. Satish Ramanathan (Managing this Scheme since November 21,
Tata Technologies Limited 3.06 2022 & total years of experience of around 3 decades)
Max Healthcare Institute Limited 2.92 Secondary Fund Manager
Berger Paints (I) Limited 2.85 27.46% Mr. Chaitanya Choksi (Managing this Scheme since November 21, 2022
JSW Infrastructure Limited 2.68 and has around 21 years of work experience in the field of equity research
and fund management).
JK Cement Limited 2.56
Glenmark Pharmaceuticals Limited 2.52 69.31% Debt Portion
Alkem Laboratories Limited 2.48 Mr. Gurvinder Singh Wasan (Managing this Scheme since December
Aurobindo Pharma Limited 2.47 1, 2022 & has around 20 years of experience in the field of fixed income
Large Cap Mid Cap Small Cap TREPS & Others markets.)
Fortis Healthcare Limited 2.44
Devyani International Limited 2.43 NAV DETAILS (IN RS. PER UNIT)
PORTFOLIO CLASSIFICATION BY SECTOR ALLOCATION (%)
Voltas Limited 2.29 (Regular) - Growth Option: 20.5525
Honeywell Automation India Limited 2.21 (Regular) - IDCW (Payout): 20.5525
BSE Ltd. 2.15 (Direct) - Growth Option: 21.2872
Cummins India Limited 2.14 (Direct) - IDCW ( Payout): 21.2872
Biocon Limited 2.11 FUND SIZE
The Federal Bank Limited 2.03
Month End AUM : Rs. 1,747.31 Crore
Aadhar Housing Finance Limited 2.00
Monthly AAUM : Rs. 1,719.43 Crore
Amber Enterprises India Limited 1.97
Sumitomo Chemical India Limited 1.95 ISIN
Thomas Cook (India) Limited 1.95 (Regular) - Growth Option: INF192K01MS2
Exide Industries Limited 1.83 (Direct) - Growth Option: INF192K01MV6
LIC Housing Finance Limited 1.82 PORTFOLIO TURNOVER RATIO 1.2591
PI Industries Limited 1.73
Persistent Systems Limited 1.64 MINIMUM APPLICATION AMOUNT
Other Equity Stocks 40.57 Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
Total Equity Holdings 98.26 Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
TREPS & Others * 1.74 EXIT LOAD
Total Assets 100.00 • If the units are redeemed/switched out on or before 180 days from the
* includes net receivables / payables if any date of allotment – 1.00%.
• If the units are redeemed/switched out after 180 days from the date
of allotment – Nil.
EXPENSE RATIO
Regular Plan 1.98%
Direct Plan 0.28%
Total no. of Equity Stocks$$: 61
RISK RATIOS
Performance ^ - Regular Plan - Growth Option Portfolio Beta, Standard Deviation, Sharpe Ratio and Tracking Error of the
Scheme Benchmark# Additional Value of ` 10,000 invested Scheme is not computed since the Scheme has not completed 3 years
Period Returns Returns Benchmark## Returns Benchmark# Additional from its inception.
Scheme (`)
(%) (%) (%) (`) Benchmark## (`)
1 Year 56.41 47.90 32.80 15,679 14,822 13,301 For Risk-o-meter (Scheme & Benchmark), refer page no. 39.
3 Years NA NA NA NA NA NA
5 Years NA NA NA NA NA NA
Since Inception 47.29 42.21 22.15 20,552 19,253 14,509
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment.
Since Inception Date = Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed Scan for complete portfolio
on Compounded Annual Growth Rate (CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded annualized
(CAGR). NA: Not Available. For performance of other schemes managed by Fund Managers & Performance of Direct Plan, refer page no. 35. For Additional
Performance Note, refer page no. 36. $$ for complete portfolio kindly refer to the portfolio of schemes uploaded on the website of Mutual Fund.

18
JM Small Cap Fund
An open ended equity scheme
predominantly investing in Small Cap
stocks

Details as on September 30, 2024

INVESTMENT OBJECTIVE INCEPTION DATE 18th June, 2024

The primary objective of the Scheme is to generate long-term capital appreciation by investing predominantly in equity and equity related securities #Benchmark Index: Nifty Smallcap 250 TRI
of small cap companies, as defined by SEBI. However, there is no assurance that the investment objective of the Scheme will be achieved. The Scheme ##Additional Benchmark Index: Nifty 50 TRI
does not guarantee/indicate any returns.
FUND MANAGER DETAILS
SCHEME PORTFOLIO (TOP 25 STOCKS) MARKET CAPITALIZATION (% OF TOTAL)
Primary Fund Manager
Name of Instrument % to NAV 1.77% Mr. Asit Bhandarkar (Managing this Scheme since June 18, 2024 & total
8.83%
Godfrey Phillips India Limited 2.84 20 years of experience in fund management & equity research).
AMI Organics Ltd. 2.17 Secondary Fund Manager
Akums Drugs and Pharmaceuticals Ltd 2.08 Mr. Chaitanya Choksi (Managing this Scheme since June 18, 2024
Restaurant Brands Asia Limited 1.97 and has around 21 years of work experience in the field of equity
Jubilant Pharmova Limited 1.95 research and fund management ).
Mrs. Bectors Food Specialities Ltd. 1.90 Debt Portion
Central Depository Services (India) Limited 1.85 89.40% Mr. Gurvinder Singh Wasan (Managing this Scheme since June 18, 2024
& has around 20 years of experience in the field of fixed income markets.)
PCBL LIMITED 1.80
Samhi Hotels Limited 1.80
PG Electroplast Ltd. 1.79 Mid Cap Small Cap TREPS & Others NAV DETAILS (IN RS. PER UNIT)
Crompton Greaves Consumer Electricals Limited 1.78 (Regular) - Growth Option: 10.9836
PORTFOLIO CLASSIFICATION BY SECTOR ALLOCATION (%) (Regular) - IDCW (Payout): 10.9836
Venus Pipes & Tubes Ltd. 1.78
(Direct) - Growth Option: 11.0406
BIRLASOFT LIMITED 1.77 (Direct) - IDCW (Payout): 11.0406
Five-Star Business Finance Limited 1.69
Gulf Oil Lubricants India Limited 1.68 FUND SIZE
Bharat Bijlee Limited 1.63 Month End AUM : Rs. 561.80 Crore
Sansera Engineering Ltd. 1.60 Monthly AAUM : Rs. 542.41 Crore
Allied Blenders and Distillers Limited 1.51 ISIN
BSE Ltd. 1.51 (Regular) - Growth Option: INF192K01NE0
Computer Age Management Services Limited 1.51 (Direct) - Growth Option: INF192K01NH3
Power Mech Projects Ltd. 1.51 MINIMUM APPLICATION AMOUNT
CESC Limited 1.51
Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
India Glycols Limited 1.48 Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
Newgen Software Technologies Ltd. 1.48
EXIT LOAD
Blue Star Limited 1.47
Other Equity Stocks 54.19 • If the units are redeemed/switched out on or before 180 days from the
date of allotment – 1.00%.
Total Equity Holdings 98.23 • If the units are redeemed / switched out after 180 days from the date
TREPS & Others * 1.77 of allotment – Nil.
Total Assets 100.00
EXPENSE RATIO
* includes net receivables / payables if any
Regular Plan 2.30%
Direct Plan 0.52%
RISK RATIOS
Portfolio Beta, Standard Deviation, Sharpe Ratio and Tracking Error of the
Total no. of Equity Stocks$$: 73 Scheme is not computed since the Scheme has not completed 3 years
from its inception.
Portfolio Turnover Ratio is not computed since the Scheme has not
completed 1 year from its inception.
The returns are not computed for JM Small Cap Fund since the scheme
has not completed six months from its inception.

For Risk-o-meter (Scheme & Benchmark), refer page no. 39.

Scan for complete portfolio

19
JM Large Cap Fund
An open ended equity scheme predominantly
investing in large cap stocks

Details as on September 30, 2024

INVESTMENT OBJECTIVE INCEPTION DATE 1st April, 1995

The investment objective of the scheme is to provide optimum capital growth and appreciation.There can be no assurance that the investment #Benchmark Index: BSE 100 TRI
objective of the scheme will be realized. The scheme does not guarantee/ indicate any returns. Investors are required to read all the scheme related ##Additional Benchmark Index: Nifty 50 TRI
information carefully.
FUND MANAGER DETAILS
SCHEME PORTFOLIO (TOP 25 STOCKS) MARKET CAPITALIZATION (% OF TOTAL)
Primary Fund Manager
Name of Instrument % to NAV 7.73% 1.67%
Mr. Satish Ramanathan (Managing this Scheme since August 20,
HDFC Bank Limited 8.54 2021 & total experience of around 3 decades)
6.96%
ICICI Bank Limited 6.41 Secondary Fund Manager
Infosys Limited 4.61 Mr. Asit Bhandarkar (Managing this Scheme since October 5, 2017 &
NTPC Limited 3.65 total 20 years of experience in fund management & equity research).
State Bank of India 3.29 Debt Portion
Asian Paints Limited 3.27 83.63% Mr. Gurvinder Singh Wasan (Managing this Scheme since December
1, 2022 & has around 20 years of experience in the field of fixed income
ITC Limited 3.26
markets.)
Reliance Industries Limited 3.20
Larsen & Toubro Limited 3.07 Large Cap Mid Cap Small Cap TREPS & Others NAV DETAILS (IN RS. PER UNIT)
Titan Company Limited 3.00 (Regular) - Growth Option: 167.3914
PORTFOLIO CLASSIFICATION BY SECTOR ALLOCATION (%) (Regular) - IDCW (Payout): 32.4946
Tata Consultancy Services Limited 2.90
(Direct) - Growth Option: 189.0138
Ambuja Cements Limited 2.55
(Direct) - IDCW (Payout): 75.8868
Bank of Baroda 2.54
ICICI Prudential Life Insurance Company 2.51 FUND SIZE
Limited Month End AUM : Rs. 429.06 Crore
Dr. Reddy's Laboratories Limited 2.25 Monthly AAUM : Rs. 411.06 Crore
Samvardhana Motherson International Limited 2.12
ISIN
Bajaj Auto Limited 2.10
(Regular) - Growth Option: INF192K01601
Jubilant Foodworks Limited 1.99 (Direct) - Growth Option: INF192K01BZ0
Zomato Limited 1.96
Sun Pharmaceutical Industries Limited 1.93 PORTFOLIO TURNOVER RATIO 2.1002
AMI Organics Ltd. 1.91 MINIMUM APPLICATION AMOUNT
LTIMindtree Limited 1.82 Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
Power Finance Corporation Limited 1.71 Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
Pidilite Industries Limited 1.64
EXIT LOAD
Maruti Suzuki India Limited 1.54
Other Equity Stocks 24.57 • If the units are redeemed/switched out on or before 30 days from the
date of allotment – 1.00%.
Total Equity Holdings 98.33 • If the units are redeemed / switched out after 30 days from the date
TREPS & Others * 1.67 of allotment – Nil.
Total Assets 100.00 EXPENSE RATIO
* includes net receivables / payables if any
Regular Plan 2.36%
Direct Plan 0.66%

Total no. of Equity Stocks$$: 48 RISK RATIOS

Scheme Name Beta Sharpe~ Std. Dev.
Performance ^ - Regular Plan - Growth Option JM Large Cap Fund - Growth Option 0.88 0.98 12.44
Scheme Benchmark# Additional Value of ` 10,000 invested BSE 100 TRI - 0.77 12.62
Period Returns Returns Benchmark## Returns Benchmark# Additional
Scheme (`) Source: www.mutualfundsindia.com Disclaimer : Sharpe, Beta &
(%) (%) (%) (`) Benchmark## (`)
Standard Deviation are calculated on the basis of absolute return using
1 Year 43.56 37.36 32.80 14,384 13,760 13,301 1-month rolling & 1-month frequency for a period of 3 years and Sharpe
3 Years 19.57 16.76 14.92 17,103 15,925 15,183 & Standard Deviation are annualized by SQRT12. ~Risk Free rate: 6.55%.
5 Years 20.25 20.29 18.95 25,169 25,211 23,836
Since Inception 10.02 13.06 12.97 1,67,597 3,74,849 3,66,139 For Risk-o-meter (Scheme & Benchmark), refer page no. 39.
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment.
Since Inception Date = Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed Scan for complete portfolio
on Compounded Annual Growth Rate (CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded annualized
(CAGR). For performance of other schemes managed by Fund Managers & Performance of Direct Plan, refer page no. 35. For Additional Performance
Note, refer page no. 36. $$ for complete portfolio kindly refer to the portfolio of schemes uploaded on the website of Mutual Fund.

20
JM Value Fund
An open ended equity scheme following
a value investment strategy

Details as on September 30, 2024

INVESTMENT OBJECTIVE INCEPTION DATE 2nd June, 1997

JM Value Fund is an open-ended diversified equity scheme which aims to provide long term capital growth by investing primarily in a well-diversified #Benchmark Index: BSE 500 TRI
portfolio of undervalued securities. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme ##Additional Benchmark Index: Nifty 50 TRI
does not guarantee/ indicate any returns. Investors are required to read all the scheme related information carefully.
FUND MANAGER DETAILS
SCHEME PORTFOLIO (TOP 25 STOCKS) MARKET CAPITALIZATION (% OF TOTAL)
Primary Fund Manager
Name of Instrument % to NAV 0.14%
Mr. Satish Ramanathan (Managing this Scheme since August 20,
HDFC Bank Limited 6.24 2021 & total years of experience of around 3 decades)
NTPC Limited 3.19 Secondary Fund Manager
Dr. Reddy's Laboratories Limited 2.99 Mr. Asit Bhandarkar (Managing this Scheme since December, 2006 &
29.86% total 20 years of experience in fund management & equity research).
ICICI Bank Limited 2.93
Hindustan Petroleum Corporation Limited 2.80 53.28% Debt Portion
Infosys Limited 2.58 Mr. Gurvinder Singh Wasan (Managing this Scheme since December
16.72% 1, 2022 & has around 20 years of experience in the field of fixed income
Restaurant Brands Asia Limited 2.28
markets.)
LIC Housing Finance Limited 2.21
State Bank of India 2.18 NAV DETAILS (IN RS. PER UNIT)
Large Cap Mid Cap Small Cap TREPS & Others
Larsen & Toubro Limited 2.03 (Regular) - Growth Option: 108.9078
Suven Pharmaceuticals Limited 2.03 (Regular) - IDCW (Payout): 76.0490
PORTFOLIO CLASSIFICATION BY SECTOR ALLOCATION (%)
(Direct) - Growth Option: 121.0540
Voltas Limited 1.93
(Direct) - IDCW (Payout): 82.4786
Godfrey Phillips India Limited 1.91
Signatureglobal (India) Limited 1.85 FUND SIZE
REC Limited 1.84 Month End AUM : Rs. 1,084.63 Crore
Bharat Bijlee Limited 1.78 Monthly AAUM : Rs. 1,075.35 Crore
Suzlon Energy Limited 1.77 ISIN
Kalpataru Projects International Ltd. 1.71
(Regular) - Growth Option: INF137A01037
Biocon Limited 1.71 (Direct) - Growth Option: INF192K01BT3
Amber Enterprises India Limited 1.69
Gulf Oil Lubricants India Limited 1.67 PORTFOLIO TURNOVER RATIO 0.9209
Samhi Hotels Limited 1.64 MINIMUM APPLICATION AMOUNT
CESC Limited 1.63 Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
Deepak Fertilizers& Petrochemicals Corporation 1.60 Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
Ltd
Mahindra & Mahindra Limited 1.57 EXIT LOAD
Other Equity Stocks 44.10 • If the units are redeemed/switched out on or before 30 days from the
date of allotment – 1.00%.
Total Equity Holdings 99.86
• If the units are redeemed / switched out after 30 days from the date
TREPS & Others * 0.14 of allotment – Nil.
Total Assets 100.00
EXPENSE RATIO
* includes net receivables / payables if any
Regular Plan 2.18%
Direct Plan 0.83%
RISK RATIOS
Total no. of Equity Stocks$$: 63 Scheme Name Beta Sharpe~ Std. Dev.
Performance ^ - Regular Plan - Growth Option JM Value Fund - Growth Option 0.90 1.40 14.30
Scheme Benchmark# Additional Value of ` 10,000 invested BSE 500 TRI - 0.87 13.13
Period Returns Returns Benchmark## Returns Benchmark# Additional Source: www.mutualfundsindia.com Disclaimer : Sharpe, Beta &
Scheme (`) Standard Deviation are calculated on the basis of absolute return using
(%) (%) (%) (`) Benchmark## (`)
1 Year 54.30 40.85 32.80 15,467 14,111 13,301 1-month rolling & 1-month frequency for a period of 3 years and Sharpe
3 Years 28.77 18.39 14.92 21,367 16,601 15,183 & Standard Deviation are annualized by SQRT12. ~Risk Free rate: 6.55%.
5 Years 27.31 22.38 18.95 33,488 27,481 23,836 For Risk-o-meter (Scheme & Benchmark), refer page no. 39.
Since Inception 17.78 NA 13.76 8,78,336 NA 3,39,782
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Scan for complete portfolio
Since Inception Date = Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed
on Compounded Annual Growth Rate (CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded annualized
(CAGR). NA: Not Available. For performance of other schemes managed by Fund Managers & Performance of Direct Plan, refer page no. 35. For Additional
Performance Note, refer page no. 36. $$ for complete portfolio kindly refer to the portfolio of schemes uploaded on the website of Mutual Fund.

21
 JM Focused Fund
An open-ended equity scheme investing in
maximum of 30 stocks of large cap, mid cap
and small cap companies

Details as on September 30, 2024

INVESTMENT OBJECTIVE INCEPTION DATE 5th March, 2008

The investment objective of the Scheme is to generate long-term capital appreciation/income by investing in equity and equity related instruments across #Benchmark Index: BSE 500 TRI
market capitalization of up to 30 companies. However there can be no assurance that the investment objective of the Scheme will be realized. The Scheme ##Additional Benchmark Index: Nifty 50 TRI
does not guarantee/indicate any returns. Investors are required to read all the scheme related information carefully.
SCHEME PORTFOLIO (TOP 25 STOCKS) MARKET CAPITALIZATION (% OF TOTAL) FUND MANAGER DETAILS

Name of Instrument % to NAV 4.06% Primary Fund Manager

HDFC Bank Limited 6.44 Mr. Asit Bhandarkar (Managing this Scheme since February, 2009 &
total 20 years of experience in fund management & equity research).
ICICI Bank Limited 5.96
Secondary Fund Manager
Infosys Limited 5.19 19.34% Mr. Chaitanya Choksi (Managing this Scheme since July 18, 2014 and
Trent Limited 4.32 has around 21 years of work experience in the field of equity research
Nestle India Limited 4.09 57.96% and fund management).
18.64%
Zomato Limited 4.01 Debt Portion
Havells India Limited 3.94 Mr. Gurvinder Singh Wasan (Managing this Scheme since December
Titan Company Limited 3.88 1, 2022 & has around 20 years of experience in the field of fixed income
markets.)
BIRLASOFT LIMITED 3.85 Large Cap Mid Cap Small Cap TREPS & Others
Amber Enterprises India Limited 3.80 NAV DETAILS (IN RS. PER UNIT)
Go Digit General Insurance Limited 3.61 PORTFOLIO CLASSIFICATION BY SECTOR ALLOCATION (%) (Regular) - Growth Option: 21.2621
Jubilant Foodworks Limited 3.44 (Regular) - IDCW (Payout): 21.2612
JSW Infrastructure Limited 3.41 (Direct) - Growth Option: 24.4955
BASF India Limited 3.17 (Direct) - IDCW (Payout): 24.0063
Canara Bank 3.14 FUND SIZE
Akums Drugs and Pharmaceuticals Ltd 3.06 Month End AUM : Rs. 177.39 Crore
Samvardhana Motherson International Limited 2.98 Monthly AAUM : Rs. 170.86 Crore
JK Cement Limited 2.88
ISIN
REC Limited 2.88
(Regular) - Growth Option: INF192K01577
Bharat Electronics Limited 2.81 (Direct) - Growth Option: INF192K01BW7
Deepak Fertilizers& Petrochemicals Corporation 2.81
Ltd PORTFOLIO TURNOVER RATIO 2.1157
Larsen & Toubro Limited 2.80
MINIMUM APPLICATION AMOUNT
Axis Bank Limited 2.78
Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
NTPC Limited 2.75 Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
Petronet LNG Limited 2.68
Other Equity Stocks 5.28 EXIT LOAD
Total Equity Holdings 95.94 • If the units are redeemed/switched out on or before 30 days from the
TREPS & Others * 4.06 date of allotment – 1.00%.
Total Assets 100.00 • If the units are redeemed / switched out after 30 days from the date
of allotment – Nil.
* includes net receivables / payables if any
EXPENSE RATIO
Regular Plan 2.37%
Direct Plan 0.77%
Total no. of Equity Stocks : 27 $$

RISK RATIOS
Performance ^ - Regular Plan - Growth Option
Value of ` 10,000 invested Scheme Name Beta Sharpe~ Std. Dev.
Scheme Benchmark# Additional
Period Returns Returns Benchmark## Returns Benchmark# Additional JM Focused Fund - Growth Option 0.88 1.07 13.30
Scheme (`) BSE 500 TRI - 0.87 13.13
(%) (%) (%) (`) Benchmark## (`)
1 Year 43.47 40.85 32.80 14,375 14,111 13,301 Source: www.mutualfundsindia.com Disclaimer : Sharpe, Beta &
3 Years 21.79 18.39 14.92 18,075 16,601 15,183 Standard Deviation are calculated on the basis of absolute return using
5 Years 18.22 22.38 18.95 23,113 27,481 23,836 1-month rolling & 1-month frequency for a period of 3 years and Sharpe
& Standard Deviation are annualized by SQRT12. ~Risk Free rate: 6.55%.
Since Inception 4.65 12.67 11.84 21,249 72,305 63,961
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. For Risk-o-meter (Scheme & Benchmark), refer page no. 39.
Since Inception Date = Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed Scan for complete portfolio
on Compounded Annual Growth Rate (CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded annualized
(CAGR). For performance of other schemes managed by Fund Managers & Performance of Direct Plan, refer page no. 35. For Additional Performance
Note, refer page no. 36. $$ for complete portfolio kindly refer to the portfolio of schemes uploaded on the website of Mutual Fund.

22
JM Arbitrage Fund
An open ended scheme investing in
arbitrage opportunities

Details as on September 30, 2024

INVESTMENT OBJECTIVE INCEPTION DATE 18th July, 2006

The investment objective of the Scheme is to generate income through arbitrage opportunities emerging out of mispricing between the cash market #Benchmark Index: Nifty 50 Arbitrage Index
and the derivatives market and through deployment of surplus cash in fixed income instruments. There can be no assurance that the investment ##Additional Benchmark Index: Crisil 1 Year T Bill Index
objective of the scheme will be realized. The scheme does not guarantee/ indicate any returns. Investors are required to read all the scheme related
information carefully.
FUND MANAGER DETAILS
SCHEME PORTFOLIO
Primary Fund Manager
% to NAV % to NAV
Name of Instrument % to NAV Rating Name of Instrument % to NAV Rating Mr. Asit Bhandarkar (Managing this Scheme since July 18, 2014 & total
Futures Futures 20 years of experience in fund management & equity research).
Aerospace & Defense 5.12 -5.15 Gas 1.29 -1.30
Bharat Electronics Ltd. 2.14 -2.15 Petronet LNG Ltd. 1.29 -1.30 Secondary Fund Manager
Hindustan Aeronautics Ltd. 2.98 -3.00 Healthcare Services 2.07 -2.09 Mr. Chaitanya Choksi (Managing this Scheme since February 01, 2011
Agricultural Food & Other 0.46 -0.46 Apollo Hospitals Enterprise Ltd. 2.07 -2.09 and has around 21 years of work experience in the field of equity
Products Insurance 1.92 -1.94 research and fund management).
Marico Ltd. 0.46 -0.46
HDFC Life Insurance Company Ltd. 1.73 -1.75 Debt Portion
Automobiles 1.24 -1.25 ICICI Prudential Life Insurance 0.19 -0.19
Mahindra & Mahindra Ltd. 0.53 -0.54 Mr. Gurvinder Singh Wasan (Managing this Scheme since December
Company Ltd.
Maruti Suzuki India Ltd. 0.11 -0.11 1, 2022 & has around 20 years of experience in the field of fixed income
Industrial Products 0.95 -0.96
0.60 -0.60 0.95 -0.96
markets.)
TVS Motor Company Ltd. Polycab India Ltd.
Banks 15.49 -15.60 Leisure Services 1.26 -1.28 NAV DETAILS (IN RS. PER UNIT)
Axis Bank Ltd. 1.27 -1.28 Indian Railway Catering And Tourism 0.62 -0.63
Bandhan Bank Ltd. 2.26 -2.27 Corporation Ltd. (Regular) - Growth Option: 31.1006
Bank of Baroda 2.66 -2.67 The Indian Hotels Company Ltd. 0.64 -0.65 (Regular) - IDCW (Payout): 14.4349
Canara Bank 1.85 -1.87 Metals & Minerals Trading 2.01 -2.02 (Direct) - Growth Option: 33.0021
HDFC Bank Ltd. 0.57 -0.58 Adani Enterprises Ltd. 2.01 -2.02 (Direct) - IDCW (Payout): 15.5518
IndusInd Bank Ltd. 3.09 -3.11 Minerals & Mining 0.06 -0.06
Kotak Mahindra Bank Ltd. 2.28 -2.30 NMDC Ltd. 0.06 -0.06 FUND SIZE
RBL Bank Ltd. 0.67 -0.68 Non - Ferrous Metals 0.23 -0.23 Month End AUM : Rs. 182.50 Crore
State Bank of India 0.68 -0.68 Hindalco Industries Ltd. 0.23 -0.23 Monthly AAUM : Rs. 179.28 Crore
The Federal Bank Ltd. 0.16 -0.16 Oil 0.16 -0.16
Capital Markets 3.87 -3.89 Oil & Natural Gas Corporation Ltd. 0.16 -0.16 ISIN
HDFC Asset Management Company 0.71 -0.71 Pharmaceuticals & Biotechnology 6.98 -7.03 (Regular) - Growth Option: INF192K01510
Ltd. Abbott India Ltd. 0.06 -0.06 (Direct) - Growth Option: INF192K01BN6
Indian Energy Exchange Ltd. 2.60 -2.62 Biocon Ltd. 3.13 -3.16
Multi Commodity Exchange of 0.56 -0.56 Cipla Ltd. 1.71 -1.72 PORTFOLIO TURNOVER RATIO 12.9863
India Ltd. Dr. Reddy's Laboratories Ltd. 0.23 -0.23
Cement & Cement Products 0.12 -0.12 MINIMUM APPLICATION AMOUNT
Glenmark Pharmaceuticals Ltd. 1.20 -1.21
ACC Ltd. 0.08 -0.08
Laurus Labs Ltd. 0.65 -0.65 Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
Shree Cements Ltd. 0.04 -0.04
Petroleum Products 2.30 -2.32 Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
Chemicals & Petrochemicals 1.13 -1.14 Hindustan Petroleum Corporation Ltd. 0.15 -0.15
Aarti Industries Ltd. 0.51 -0.52 Indian Oil Corporation Ltd. 0.77 -0.77 EXIT LOAD
Gujarat Narmada Valley Fertilizers & 0.53 -0.53 Reliance Industries Ltd. 1.38 -1.40
Chemicals Ltd • If the units are redeemed / switched out on or before 30 days from the
Power 6.57 -6.60
Pidilite Industries Ltd. 0.09 -0.09 date of allotment – 0.50%.
NTPC Ltd. 3.21 -3.22
Construction 2.39 -2.41 • If the units are redeemed / switched out after 30 days from the date
2.39 -2.41 Tata Power Company Ltd. 3.36 -3.38
Larsen & Toubro Ltd. of allotment – Nil.
2.73 -2.75 Realty 2.87 -2.88
Consumer Durables
Crompton Greaves Consumer 0.29 -0.29 DLF Ltd. 2.43 -2.44 EXPENSE RATIO
Electricals Ltd. Oberoi Realty Ltd. 0.44 -0.44
0.06 -0.06 Retailing 0.45 -0.45
Regular Plan 1.07%
Havells India Ltd.
2.38 -2.40 Aditya Birla Fashion and Retail Ltd. 0.45 -0.45 Direct Plan 0.37%
Titan Company Ltd.
Diversified FMCG 2.00 -2.02 Transport Infrastructure 0.99 -0.99 RISK RATIOS
ITC Ltd. 2.00 -2.02 GMR Airports Infrastructure Ltd. 0.99 -0.99
Electrical Equipment 0.32 -0.32 Telecom - Services 2.72 -2.75 Scheme Name Beta Sharpe~ Std. Dev.
Bharat Heavy Electricals Ltd. 0.32 -0.32 Bharti Airtel Ltd. 0.67 -0.68 JM Arbitrage Fund - Growth Option 0.71 -1.78 0.63
Fertilizers & Agrochemicals 0.09 -0.09 Indus Towers Ltd. 2.05 -2.07 Nifty 50 Arbitrage Index - -1.00 0.69
UPL Ltd. 0.09 -0.09 Total Equity Holdings 75.17 -75.68 Source: www.mutualfundsindia.com Disclaimer : Sharpe, Beta & Standard
Food Products 0.14 -0.14 Other Mutual Fund Units 7.17 Deviation are calculated on the basis of absolute return using 1-month rolling
Britannia Industries Ltd. 0.14 -0.14 JM Liquid Fund - Direct Growth 7.17 & 1-month frequency for a period of 3 years and Sharpe & Standard Deviation
Ferrous Metals 1.99 -2.00 Treasury Bills 13.64 are annualized by SQRT12. ~Risk Free rate: 6.55%.
JSW Steel Ltd. 0.15 -0.15 182 Days T-Bill 6.01 SOV
Jindal Steel & Power Ltd. 0.11 -0.11 364 Days T-Bill 6.00 SOV
Tata Steel Ltd. 1.73 -1.74 91 Days T-Bill 1.63 SOV Scan for complete portfolio
Finance 5.25 -5.28 Total Debt Holdings 20.81
Bajaj Finance Ltd. 3.38 -3.40
TREPS & Others * 4.02
Bajaj Finserv Ltd. 1.08 -1.09
Total Assets 100.00
LIC Housing Finance Ltd. 0.73 -0.73
0.06 -0.06
* includes net receivables / payables if any
REC Ltd.
Total no. of Equity Stocks$$: 67
23
JM Arbitrage Fund
An open ended scheme investing in
arbitrage opportunities

Details as on September 30, 2024

Performance ^ - Regular Plan - Growth Option PORTFOLIO CLASSIFICATION BY SECTOR ALLOCATION (%)
Scheme Benchmark# Additional Value of ` 10,000 invested
Period Returns Returns Benchmark## Returns Benchmark# Additional
Scheme (`)
(%) (%) (%) (`) Benchmark## (`)
1 Year 6.93 7.05 7.64 10,697 10,709 10,764
3 Years 5.55 6.09 5.84 11,761 11,942 11,855
5 Years 4.47 5.02 5.56 12,447 12,778 13,104
Since Inception 6.43 NA 6.20 31,118 NA 29,751
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment.
Since Inception Date = Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed
on Compounded Annual Growth Rate (CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded annualized
(CAGR). NA: Not Available. For performance of other schemes managed by Fund Managers & Performance of Direct Plan, refer page no. 35. For Additional
Performance Note, refer page no. 36. $$ for complete portfolio kindly refer to the portfolio of schemes uploaded on the website of Mutual Fund.

For Risk-o-meter (Scheme & Benchmark), refer page no. 39.

JM ARBITRAGE FUND - EXPIRY ANALYSIS

MARKET CAPITALIZATION (% OF TOTAL)

Source: Axis Capital
• Annualised Roll spreads of Top 50 stocks in September’24 were lower as compared to August’24.
• India Government Security 1 year Yield was lower in September ’24 as compared to August’24. 24.88%

• Market wide Rollovers were lower in September’24 as compared to August’24. 52.62%

6.26%

JM ARBITRAGE FUND - RETURN TRENDS

16.25%

Trends
MOM change QOQ change YOY change
Equity portion Returns ê ê ê Large Cap Mid Cap Small Cap TREPS & Others

Debt portion Returns ê ê ê

Total Returns ê ê ê
Source – JMF MF Research
Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment.

24
JM Aggressive Hybrid Fund
An open ended hybrid scheme investing
predominantly in equity and equity
related instruments

Details as on September 30, 2024

INVESTMENT OBJECTIVE INCEPTION DATE 1st April, 1995

The investment objective of the Scheme is to provide steady current income as well as long term growth of capital. There can be no assurance that #Benchmark Index: CRISIL Hybrid 35+65 Aggressive Index
the investment objective of the scheme will be realized. The scheme does not guarantee/ indicate any returns. Investors are required to read all the ##Additional Benchmark Index: Nifty 50 TRI
scheme related information carefully.
FUND MANAGER DETAILS
SCHEME PORTFOLIO MARKET CAPITALIZATION (% OF TOTAL)
Primary Fund Manager
Name of Instrument % to NAV Rating Mr. Asit Bhandarkar (Managing this Scheme since December, 2021 & total 20
HDFC Bank Limited 5.12 years of experience in fund management & equity research).
ICICI Bank Limited 3.23 28.09% 28.21% Secondary Fund Manager
Balrampur Chini Mills Limited 2.61 Mr. Chaitanya Choksi (Managing this Scheme since August 20, 2021 and has
around 21 years of work experience in the field of equity research and fund
ITC Limited 2.50
management).
Axis Bank Limited 2.40 9.20% Debt Portion
Bajaj Auto Limited 2.36 Mr. Gurvinder Singh Wasan (Managing this Scheme since December 1, 2022 &
34.50%
Infosys Limited 2.33 has around 20 years of experience in the field of fixed income markets.)
Voltas Limited 2.15
Akums Drugs and Pharmaceuticals Ltd. 2.11 NAV DETAILS (IN RS. PER UNIT)
Varun Beverages Limited 2.07 Large Cap Mid Cap Small Cap TREPS & Others (Regular) - Growth Option: 128.5261
Zomato Limited 2.06 (Regular) - IDCW (Payout): 35.9475
Equity Less than 2% of corpus 42.98 PORTFOLIO CLASSIFICATION BY SECTOR ALLOCATION (%) (Direct) - Growth Option: 144.9390
Total Equity Holdings 71.91 (Direct) - IDCW (Payout): 79.9080
Corporate Debt 8.12 FUND SIZE
Bajaj Housing Finance 1.71 CRISIL AAA
Month End AUM : Rs. 642.94 Crore
SIDBI 1.17 CARE AAA Monthly AAUM : Rs. 614.87 Crore
LIC Housing Finance 1.10 CARE AAA
HDFC Bank 0.95 CARE AAA ISIN
REC 0.79 CARE AAA (Regular) - Growth Option: INF192K01544
ICICI Home Finance 0.78 CARE AAA (Direct) - Growth Option: INF192K01BQ9
Jamnagar Utilities & Power 0.76 CARE AAA PORTFOLIO TURNOVER RATIO 1.3299
EXIM 0.31 CRISIL AAA
Sikka Ports & Terminals Ltd. 0.31 CARE AAA MINIMUM APPLICATION AMOUNT
Power Finance Corporation 0.24 CARE AAA Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
Government Securities 10.41 Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
7.04% GOI 2029 0.24 SOV EXIT LOAD
7.10% GOI 2034 4.06 SOV
• If the units are redeemed / switched out on or before 60 days from the date of
7.17% GOI 2030 0.48 SOV allotment – 1.00%.
7.18% GOI 2033 0.40 SOV • If the units are redeemed / switched out after 60 days from the date of allotment
7.18% GOI 2037 2.73 SOV – Nil.
7.23% GOI 2039 1.62 SOV EXPENSE RATIO
7.32% GOI 2030 0.48 SOV Regular Plan 2.28%
7.37% GOI 2028 0.40 SOV Direct Plan 0.53%
Total Debt Holdings 18.52
RISK RATIOS
TREPS & Others * 9.57
Scheme Name Beta Sharpe~ Std. Dev.
Total Assets 100.00
JM Aggressive Hybrid Fund - Growth 1.01 1.28 11.26
* includes net receivables / payables if any
CRISIL Hybrid 35+65 Aggressive Index - 0.77 8.69
Source: www.mutualfundsindia.com Disclaimer: Sharpe, Beta & Standard Deviation
are calculated on the basis of absolute return using 1-month rolling & 1-month
frequency for a period of 3 years and Sharpe & Standard Deviation are annualized
Total no. of Equity Stocks$$: 46
by SQRT12. ~Risk Free rate: 6.55%.

Performance ^ - Regular Plan - Growth Option PORTFOLIO STATISTICS (FOR DEBT PORTION)
Scheme Benchmark# Additional Value of ` 10,000 invested Annualised Portfolio YTM!! 7.04%
Period Returns Returns Benchmark## Returns Benchmark# Additional Modified Duration 3.5376 years
Scheme (`)
(%) (%) (%) (`) Benchmark## (`) Average Maturity 5.1201 years
1 Year 46.53 28.52 32.80 14,684 12,870 13,301 Macaulay Duration 3.6935 years
!!
Semi annual YTM has been annualised.
3 Years 22.42 13.61 14.92 18,357 14,669 15,183
For Risk-o-meter (Scheme & Benchmark), refer page no. 39.
5 Years 26.37 16.80 18.95 32,268 21,756 23,836
Since Inception 13.14 NA 12.97 3,82,630 NA 3,66,139 Scan for complete portfolio
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Since Inception Date
= Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed on Compounded Annual Growth Rate
(CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded annualized (CAGR). NA: Not Available. For performance of other
schemes managed by Fund Managers & Performance of Direct Plan, refer page no. 35. For Additional Performance Note, refer page no. 36. $$ for complete portfolio kindly
refer to the portfolio of schemes uploaded on the website of Mutual Fund.
25
JM Overnight Fund
An open ended debt scheme investing in
overnight securities. A relatively low interest
rate risk and relatively low credit risk.

Details as on September 30, 2024

INVESTMENT OBJECTIVE INCEPTION DATE 3rd December, 2019

The Scheme aims to provide reasonable returns commensurate with low risk and providing a high level of liquidity, through investments made #Benchmark Index: CRISIL Liquid Overnight Index
primarily in overnight securities having maturity of 1 business day. Investors are required to read all the scheme related information carefully and ##Additional Benchmark Index: Crisil 1 Year T Bill Index
also note that there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not guarantee/ indicate
any returns. FUND MANAGER DETAILS

SCHEME PORTFOLIO PORTFOLIO CLASSIFICATION BY RATING CLASS (%) Primary Fund Manager
Mr. Gurvinder Singh Wasan (Managing this Scheme since April 3, 2024
Name of Instrument % to NAV Rating & has around 20 years of experience in the field of fixed income markets.)
TREPS & Others* 100.00 Secondary Fund Manager
Total Assets 100.00 Ms. Naghma Khoja (Managing this Scheme since April 5, 2022 and
* includes net receivables / payables if any has more than 6 years of experience in the asset management industry.)
Ms. Ruchi Fozdar (Managing this Scheme since April 3, 2024 and has 10
years of experience in fixed income market.)

100.00% NAV DETAILS (IN RS. PER UNIT)

(Regular) - Growth Option : 1251.5115
Cash & Other receivables (Direct) - Growth Option : 1255.7300

FUND SIZE
PORTFOLIO CLASSIFICATION BY ASSET TYPE (%) Month End AUM : Rs. 117.42 Crore
Monthly AAUM : Rs. 230.05 Crore
Cash 100.00
ISIN
(Regular) - Growth Option: INF192K01LX4
(Direct) - Growth Option: INF192K01MB8

Performance ^ - Regular Plan - Growth Option MINIMUM APPLICATION AMOUNT

Additional Value of ` 10,000 invested Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
Scheme Benchmark# Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
Benchmark##
Period Returns Returns Benchmark# Additional
Returns Scheme (`)
(%) (%) (`) Benchmark## (`)
(%) EXIT LOAD
7 Days 6.34 6.51 7.28 10,012 10,012 10,014
NIL
15 Days 6.38 6.56 8.64 10,026 10,027 10,036
1 Month 6.28 6.46 8.01 10,050 10,052 10,066 EXPENSE RATIO
1 Year 6.64 6.81 7.64 10,666 10,683 10,764 Regular Plan 0.15%
3 Years 5.64 5.81 5.84 11,791 11,848 11,855
Direct Plan 0.08%
5 Years NA NA NA NA NA NA
Since Inception 4.75 4.89 5.48 12,513 12,594 12,882 PORTFOLIO STATISTICS
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Annualised Portfolio YTM!! 6.72%
Since Inception Date = Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed
Modified Duration 0.95 day
on Compounded Annual Growth Rate (CAGR) basis. Source: www.mutualfundsindia.com. Returns shown for 7 Days, 15 Days and 1 month are computed
on simple annualised basis. Returns greater than 1 year period are compounded annualized (CAGR). NA: Not Available. For performance of other schemes Average Maturity 0.99 day
managed by Fund Managers & Performance of Direct Plan, refer page no. 36. For Additional Performance Note, refer page no. 36. Macaulay Duration 0.99 day
!!
Semi annual YTM has been annualised.
For Risk-o-meter (Scheme & Benchmark) & Potential Risk Class (PRC),
refer page no. 40.

26
JM Liquid Fund
An Open-Ended Liquid Scheme. A relatively low
interest rate risk and moderate credit risk.

Details as on September 30, 2024

FUND MANAGERS VIEW INCEPTION DATE 31st December, 1997

The Scheme continues to focus on enhancing accruals while aiming to keep appropriate mix of liquid and semi liquid money market assets. Higher incremental credit- #Benchmark Index: CRISIL Liquid Debt A-I Index
deposit ratio provides continuous opportunity to invest in money market instruments at attractive spreads over the repo rate. ##Additional Benchmark Index: Crisil 1 Year T Bill Index

FUND MANAGER DETAILS

INVESTMENT OBJECTIVE Primary Fund Manager
To provide income by way of dividend (dividend plans) and capital gains (growth plan) through investing in Debt and money market securities with maturity of upto 91
Mr. Gurvinder Singh Wasan (Managing this Scheme since April 3, 2024
days only. Investors are required to read all the scheme related information carefully and also note that there can be no assurance that the investment objectives of the
scheme will be realized. The scheme does not guarantee/ indicate any returns.
& has around 20 years of experience in the field of fixed income markets.)
Secondary Fund Manager
SCHEME PORTFOLIO
Ms. Naghma Khoja (Managing this Scheme since October 21, 2021 and
Name of Instrument % to NAV Rating Name of Instrument % to NAV Rating has more than 6 years of experience in the asset management industry.)
Money Market Instruments 75.27 Corporate Debt Market Development Fund 0.20
Ms. Ruchi Fozdar (Managing this Scheme since April 3, 2024 and has 10
Certificate of Deposits - A2 Units
years of experience in fixed income market.)
Canara Bank 7.99 CRISIL A1+ TREPS & Others* 9.79
Bank of Baroda 5.99 IND A1+ Total Assets 100.00
NAV DETAILS (IN RS. PER UNIT)
AXIS Bank 3.98 CRISIL A1+
ICICI Bank 3.99 CARE A1+ PORTFOLIO CLASSIFICATION BY RATING CLASS (%) (Regular) - Growth Option : 67.7097
Punjab National Bank 3.79 CARE A1+ 0.20% (Direct) - Growth Option : 68.3831
Kotak Mahindra Bank 2.98 CRISIL A1+ FUND SIZE
HDFC Bank 2.00 CARE A1+ 9.79%
IDFC First Bank 2.00 CRISIL A1+ Month End AUM : Rs. 2,476.38 Crore
11.72%
NABARD 2.00 CRISIL A1+ Monthly AAUM : Rs. 2,252.59 Crore
The Federal Bank 2.00 CRISIL A1+
ISIN
State Bank of India 1.99 CARE A1+ 78.29%
SIDBI Ltd 1.00 CARE A1+ (Regular) - Growth Option: INF192K01882
Commercial Paper (Direct) - Growth Option: INF192K01CM6
NTPC Limited 6.03 CARE A1+ MINIMUM APPLICATION AMOUNT
A1+/AAA GOI SOV Cash & Other receivables CDMDFA2
ICICI Securities 5.98 CRISIL A1+
PNB Housing Finance 4.00 CARE A1+ Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
PORTFOLIO CLASSIFICATION BY ASSET TYPE (%)
Tata Capital Ltd 3.01 CRISIL A1+ Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
Money Market Instruments 75.27%
Godrej Agrovet 2.01 CRISIL A1+
Treasury Bills 11.72% EXPENSE RATIO
Aditya Birla Housing Finance 2.00 CRISIL A1+ TREPS & Others* 9.79%
Reliance Retail Ventures 2.00 CARE A1+ Corporate Debt 3.02%
Regular Plan 0.25%
360 ONE Prime 2.00 CARE A1+ CDMDFA2 0.20% Direct Plan 0.15%
Godrej Properties 1.99 CRISIL A1+
HDFC Securities 1.99 CARE A1+
* includes net receivables / payables if any EXIT LOAD
Standard Chartered Capital 1.99 CRISIL A1+ MATURITY PROFILE ** Investor Exit upon Exit Load as a % of redemption
ICICI Home Finance 1.01 CARE A1+ subscription (based on proceeds (including systematic
45.00 40.99%
Bajaj Finance 1.00 CRISIL A1+ Applicable NAV) transactions)
40.00
Piramal Capital & Hsg. Fin. 0.60 CARE A1+
35.00 30.82% Day 1 0.0070%
Corporate Debt 3.02 27.99%
30.00 Day 2 0.0065%
Kotak Mahindra Investments 2.01 CRISIL AAA 25.00
Day 3 0.0060%
Bajaj Housing Finance 1.01 CRISIL AAA 20.00
Treasury Bills 11.72 Day 4 0.0055%
15.00
182 Days T-Bill 1.24 SOV 10.00 Day 5 0.0050%
364 Days T-Bill 2.11 SOV 5.00 Day 6 0.0045%
91 Days T-Bill 8.37 SOV 0.00 Day 7 Onwards 0.0000%
0 to 1 month 1 to 2 months 2 to 3 months
Total Debt holdings 90.01
** Excluding investment in CDMDFA2 PORTFOLIO STATISTICS
Performance ^ - Regular Plan - Growth Option Annualised Portfolio YTM!! 7.14%
Scheme Benchmark# Additional Value of ` 10,000 invested Modified Duration 0.1335 year
Period Returns Returns Benchmark## Benchmark# Additional
Scheme (`) Average Maturity 0.1435 year
(%) (%) Returns (%) (`) Benchmark## (`)
7 Days 7.45 7.29 7.28 10,014 10,014 10,014 Macaulay Duration 0.1431 year
15 Days 7.27 7.19 8.64 10,030 10,030 10,036 !!
Semi annual YTM has been annualised.
1 Month 7.01 7.03 8.01 10,056 10,056 10,066
For Risk-o-meter (Scheme & Benchmark) & Potential Risk Class (PRC),
1 Year 7.25 7.34 7.64 10,727 10,736 10,764
refer page no. 40.
3 Years 6.03 6.17 5.84 11,922 11,970 11,855
5 Years 5.16 5.33 5.56 12,864 12,968 13,104
Since Inception 7.41 NA 6.45 67,761 NA 53,002
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Since Inception Date
= Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed on Compounded Annual Growth Rate
(CAGR) basis. Source: www.mutualfundsindia.com. Returns shown for 7 Days, 15 Days and 1 month are computed on simple annualised basis. Returns greater than 1 year
period are compounded annualized (CAGR). NA: Not Available. For performance of other schemes managed by Fund Managers & Performance of Direct Plan, refer page
no. 36. For Additional Performance Note, refer page no. 36.
27
JM Short Duration Fund
An open-ended short duration debt scheme
investing in instruments such that the Macaulay
duration$ of the portfolio is between 1 year and 3
years. A moderate interest rate risk and moderate
credit risk. Refer - $ concept of Macaulay Duration.
Details as on September 30, 2024

FUND MANAGERS VIEW INCEPTION DATE 29th August, 2022

The Scheme has maintained duration higher than 2.5 years through a mix of government securities and AAA rated corporate bonds remaining within #Benchmark Index: CRISIL Short Duration Debt A-II Index
our internal guard rails (No exposure in non AAA and no security > 5yr duration). The Scheme would continue to evaluate the macros to manage ##Additional Benchmark Index: Crisil 1 Year T Bill Index
duration actively and maintain appropriate mix of asset class based on relative valuation to ensure optimum carry of the portfolio predominantly
through 1-5 years AAA rated/Sovereign assets. Given the yield curve is likely to steepen hereon, the scheme approach is likely to deliver better
performance. FUND MANAGER DETAILS
The aforementioned points do not indicate details as on any specific date. These are internal parameters set by JM Financial Asset Management Ltd Primary Fund Manager
for the purpose of managing this scheme.
Mr. Gurvinder Singh Wasan (Managing this Scheme since August 29,
INVESTMENT OBJECTIVE 2022 & has around 20 years of experience in the field of fixed income
markets.)
The Scheme will endeavor to generate stable returns with a low risk strategy while maintaining liquidity through a portfolio comprising of debt and
money market instruments. Investors are required to read all the scheme related information carefully and also note that there can be no assurance Secondary Fund Manager
that the investment objectives of the scheme will be realized. The scheme does not guarantee/ indicate any returns. Ms. Naghma Khoja (Managing this Scheme since April 3, 2024 and
has more than 6 years of experience in the asset management industry.)
SCHEME PORTFOLIO
Ms. Ruchi Fozdar (Managing this Scheme since April 3, 2024 and has 10
Name of Instrument % to NAV Rating Name of Instrument % to NAV Rating years of experience in fixed income market.)
Money Market Instruments 3.74 TREPS & Others* 4.16
Certificate of Deposits Total Assets 100.00 NAV DETAILS (IN RS. PER UNIT)
ICICI Bank 3.74 CARE A1+
(Regular) - Growth Option: 11.3618
Corporate Debt 60.64 PORTFOLIO CLASSIFICATION BY RATING CLASS (%) (Direct) - Growth Option: 11.5632
REC 7.97 CARE AAA
NABARD 7.94 CRISIL AAA 4.16% 0.27% FUND SIZE
HDFC Bank Ltd 7.12 CARE AAA
Month End AUM : Rs. 126.08 Crore
LIC Housing Finance 6.36 CARE AAA
Monthly AAUM : Rs. 127.74 Crore
SIDBI 5.98 CARE AAA
Sikka Ports & Terminals Ltd 4.69 CARE AAA 31.20% ISIN
Bajaj Housing Finance 3.99 CRISIL AAA (Regular) - Growth Option: INF192K01MM5
ICICI Home Finance 3.97 CARE AAA 64.37%
(Direct) - Growth Option: INF192K01MP8
Bajaj Finance 3.96 CARE AAA
Jamnagar Utilities & Power 3.87 CARE AAA MINIMUM APPLICATION AMOUNT
Power Finance Corporation 2.83 CARE AAA
Indian Railway Finance Corporation 1.98 CARE AAA
A1+/AAA GOI SOV Cash & Other receivables CDMDFA2 Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
Government Securities 31.20
Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
7.04% GOI 2029 8.05 SOV PORTFOLIO CLASSIFICATION BY ASSET TYPE (%)
EXIT LOAD
7.10% GOI 2029 4.03 SOV
7.17% GOI 2030 5.67 SOV
Corporate Debt 60.64%
NIL
Government Securities 31.20%
7.32% GOI 2030 6.54 SOV TREPS & Others* 4.16% EXPENSE RATIO
7.37% GOI 2028 6.91 SOV Money Market Instruments 3.74%

Total Debt holdings 95.57 CDMDFA2 0.27% Regular Plan 1.09%

Corporate Debt Market Development Direct Plan 0.34%
0.27 * includes net receivables / payables if any
Fund - A2 Units
PORTFOLIO STATISTICS
Performance ^ - Regular Plan - Growth Option
Scheme Benchmark# Additional Value of ` 10,000 invested Annualised Portfolio YTM!! 7.38%
Period Returns Returns Benchmark## Benchmark# Additional Modified Duration 2.5407 years
Scheme (`)
(%) (%) Returns (%) (`) Benchmark## (`) Average Maturity 3.0806 years
1 Year 7.19 7.91 7.64 10,723 10,796 10,764 Macaulay Duration 2.6787 years
3 Years NA NA NA NA NA NA !!
Semi annual YTM has been annualised.
5 Years NA NA NA NA NA NA
Since Inception 6.30 7.17 6.98 11,362 11,558 11,451 For Risk-o-meter (Scheme & Benchmark) & Potential Risk Class (PRC),
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Since Inception Date refer page no. 40.
= Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed on Compounded Annual Growth Rate MATURITY PROFILE**
(CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded annualized (CAGR). NA: Not Available. For performance of other
schemes managed by Fund Managers & Performance of Direct Plan, refer page no. 36. For Additional Performance Note, refer page no. 36.
60.00
$ Concept of Macaulay Duration: The Macaulay duration (named after Frederick Macaulay, an economist who developed the concept in 1938) is a measure of a bond’s 49.51%
sensitivity to interest rate changes. Duration tells investors the length of time, in years, that it will take a bond’s cash flows to repay the investor the price he or she has paid 50.00

for the bond. Fixed income securities with higher duration have higher interest rate sensitivity i.e. the changes in price of higher duration bonds are higher as compared to 40.00 35.21%
lower duration ones. A zero coupon bond is one which does not pay any interest and all payments are received at maturity. For a zero coupon bond, the duration is same
30.00
as residual maturity. Formula: There is more than one way to calculate duration, but the Macaulay duration is the most common. The formula is:
20.00 15.02%

10.00

0.00
where: t = period in which the coupon is received, C = periodic (usually semiannual) coupon payment, y = the periodic yield to maturity or required yield, n = number
0 to 1 year 1 to 4 years 4 to 7 years
periods, M = maturity value (in `), P = market price of bond
Notes: Duration is quoted in “years.” If a bond has a semi-annual period, we convert duration to years before quoting it (a duration of 8 semi-annual periods is 4 years).
Duration is a measure of interest-rate risk. Or, stated differently, duration is a measure of how sensitive the price of a fixed-income instrument is to interest-rate changes. ** Excluding investment in CDMDFA2
When we say, “The duration of the bond is 4 years,” we mean: “If the interest rate on the bond goes up by 1%, the bond’s price will decline by 4%.”

28
JM Dynamic Bond Fund
An open ended dynamic debt scheme investing
across duration. A relatively high interest rate
risk and moderate credit risk.

Details as on September 30, 2024

FUND MANAGERS VIEW INCEPTION DATE 25th June, 2003

The Scheme has maintained duration at the upper end of the duration band given the current position of the interest rate cycle. The Scheme #Benchmark Index: CRISIL Dynamic Bond A-III Index
endeavours to assess the risk-reward parameters on a continuous basis and would actively manage duration in accordance with its mandate as the ##Additional Benchmark Index: Crisil 10 Year Gilt Index
uncertain macros may require tweaking duration stance frequently.
FUND MANAGER DETAILS
INVESTMENT OBJECTIVE
Primary Fund Manager
The investment objective will be to actively manage a portfolio of good quality debt as well as Money Market Instruments so as to provide reasonable
returns and liquidity to the Unit holders. Investors are required to read all the scheme related information carefully and also note that there can be no Mr. Gurvinder Singh Wasan (Managing this Scheme since April 5, 2022
assurance that the investment objectives of the scheme will be realized. The scheme does not guarantee/ indicate any returns. & has around 20 years of experience in the field of fixed income markets.)
Secondary Fund Manager
SCHEME PORTFOLIO PORTFOLIO CLASSIFICATION BY RATING CLASS (%) Ms. Naghma Khoja (Managing this Scheme since April 3, 2024 and
has more than 6 years of experience in the asset management industry.)
Name of Instrument % to NAV Rating
0.25% Ms. Ruchi Fozdar (Managing this Scheme since April 3, 2024 and has 10
Government Securities 91.74 8.01% years of experience in fixed income market.)
7.04% GOI 2029 2.23 SOV
7.10% GOI 2034 22.53 SOV NAV DETAILS (IN RS. PER UNIT)
7.18% GOI 2033 4.52 SOV (Regular) - Growth Option : 39.3033
7.18% GOI 2037 38.60 SOV (Direct) - Growth Option : 41.7861
7.23% GOI 2039 10.30 SOV
7.32% GOI 2030 9.07 SOV FUND SIZE
91.74%
7.37% GOI 2028 2.25 SOV Month End AUM : Rs. 45.46 Crore
7.38% GOI 2027 2.24 SOV Monthly AAUM : Rs. 44.54 Crore
Total Debt holdings 91.74 GOI SOV Cash & Other receivables CDMDFA2 ISIN
Corporate Debt Market 0.25 (Regular) - Growth Option: INF192K01700
Development Fund - A2 Units (Direct) - Growth Option: INF192K01DD3
TREPS & Others* 8.01
MINIMUM APPLICATION AMOUNT
Total Assets 100.00
PORTFOLIO CLASSIFICATION BY ASSET TYPE (%) Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
MATURITY PROFILE** Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
Government Securities 91.74%
80.00 75.95%
TREPS & Others* 8.01% EXIT LOAD
70.00
CDMFA2 0.25%
NIL
60.00
50.00 EXPENSE RATIO
40.00
* includes net receivables / payables if any
Regular Plan 0.97%
30.00 Direct Plan 0.52%
20.00 13.56%
8.00% PORTFOLIO STATISTICS
10.00
2.24%
0.00 Annualised Portfolio YTM!! 6.87%
0 to 1 year 1 to 4 years 4 to 7 years Above 7 years
Modified Duration 6.6906 years
** Excluding investment in CDMDFA2 Average Maturity 10.0416 years
Performance ^ - Regular Plan - Growth Option Macaulay Duration 6.9172 years
Scheme Benchmark# Additional Value of ` 10,000 invested !!
Semi annual YTM has been annualised.
Period Returns Returns Benchmark## Benchmark# Additional
Scheme (`) For Risk-o-meter (Scheme & Benchmark) & Potential Risk Class (PRC),
(%) (%) Returns (%) (`) Benchmark## (`)
refer page no. 40.
1 Year 8.88 9.31 10.31 10,893 10,936 11,037
3 Years 5.94 5.74 5.37 11,892 11,825 11,701
5 Years 5.76 7.07 5.64 13,236 14,077 13,161
Since Inception 6.64 7.46 5.91 39,283 46,238 33,940
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment.
Since Inception Date = Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed
on Compounded Annual Growth Rate (CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded
annualized (CAGR). For performance of other schemes managed by Fund Managers & Performance of Direct Plan, refer page no. 36. For Additional
Performance Note, refer page no. 36.

29
JM Low Duration Fund
An open ended low duration debt scheme
investing in instruments such that the Macaulay
duration$ of the portfolio is between 6 to 12
months. A relatively low interest rate risk and
moderate credit risk. Refer - $ concept of Macaulay
Duration. Details as on September 30, 2024

FUND MANAGERS VIEW INCEPTION DATE 27th September, 2006

The Scheme aims to generate optimum risk adjusted returns in the current interest rate scenario. The Scheme has been deploying cash in mix of securities between 6 #Benchmark Index: CRISIL Low Duration Debt A-I Index
months to 3 years to maintain an appropriate blend of accruals and duration in the portfolio. The scheme has incrementally allocated in upto 1yr Cds which were available
##Additional Benchmark Index: Crisil 1 Year T Bill Index
at good carry. Overall, the scheme has invested in mix of upto AA assets in 1-2 years bucket to improve the accrual of the portfolio and three to five-year government
securities to participate in potential gains as sovereign part of the curve witnesses’ higher demand on bond index inclusion.
FUND MANAGER DETAILS
INVESTMENT OBJECTIVE
To generate stable long term returns with low risk strategy and capital appreciation/accretion besides preservation of capital through investments in Debt & Money Primary Fund Manager
Market instruments such that the Macaulay duration$ of the portfolio is between 6 months - 12 months. Investors are required to read all the scheme related information Mr. Gurvinder Singh Wasan (Managing this Scheme since April 5, 2022
carefully and also note that there can be no assurance that the investment objectives of the scheme will be realized. The scheme does not guarantee/ indicate any returns. & has around 20 years of experience in the field of fixed income markets.)
SCHEME PORTFOLIO Name of Instrument % to NAV Rating Secondary Fund Manager
7.38% GOI 2027 1.69 SOV Ms. Naghma Khoja (Managing this Scheme since April 3, 2024 and
Name of Instrument % to NAV Rating
Total Debt holdings 88.41 has more than 6 years of experience in the asset management industry.)
Money Market Instruments 11.96
Corporate Debt Market Development Ms. Ruchi Fozdar (Managing this Scheme since April 3, 2024 and has 10
Certificate of Deposits 0.26
Fund - A2 Units years of experience in fixed income market.)
ICICI Bank 7.84 CARE A1+ TREPS & Others* 11.33
Commercial Paper Total Assets 100.00 NAV DETAILS (IN RS. PER UNIT)
Piramal Capital & Hsg. Fin. 4.12 CARE A1+
(Regular) - Growth Option: 35.0447
Corporate Debt 64.83 PORTFOLIO CLASSIFICATION BY RATING CLASS (%) (Direct) - Growth Option: 35.8975
NABARD 8.26 CRISIL AAA
SIDBI 6.25 CARE AAA 0.26% FUND SIZE
Larsen & Toubro Ltd 6.24 CRISIL AAA Month End AUM : Rs. 240.27 Crore
Power Finance Corporation 6.22 CARE AAA 11.33% Monthly AAUM : Rs. 244.63 Crore
Cholamandalam Investment & Fin 6.21 CARE AA+
LIC Housing Finance 6.21 CARE AAA
11.62% ISIN
Rural Electrification Corp. 4.17 CARE AAA (Regular) - Growth Option: INF192K01AY5
14.50%
62.29% (Direct) - Growth Option: INF192K01DW3
360 ONE Prime 4.15 CARE AA
EXIM 3.34 CRISIL AAA
MINIMUM APPLICATION AMOUNT
Sikka Ports & Terminals Ltd 2.87 CARE AAA
Godrej Industries 2.07 CRISIL AA A1+/AAA AA+/AA GOI SOV Cash & Other receivables CDMDFA2
Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
TMF Holdings 2.07 CARE AA+
NTPC Ltd 2.04 CARE AAA EXIT LOAD
Jamnagar Utilities & Power 2.03 CARE AAA PORTFOLIO CLASSIFICATION BY ASSET TYPE (%)
NIL
Bajaj Housing Finance 1.66 CRISIL AAA Corporate Debt 64.83% EXPENSE RATIO
Indian Railway Finance Corporation 1.04 CARE AAA Money Market Instruments 11.96%

Government Securities 11.62

Government Securities 11.62% Regular Plan 0.71%
TREPS & Others* 11.33%
Direct Plan 0.25%
5.63% GOI 2026 2.05 SOV CDMDFA2 0.26%

7.04% GOI 2029 1.06 SOV PORTFOLIO STATISTICS

7.37% GOI 2028 6.82 SOV Annualised Portfolio YTM!! 7.58%
* includes net receivables / payables if any
Modified Duration 0.9102 year
Performance ^ - Regular Plan - Growth Option
Average Maturity 1.0442 years
Scheme Benchmark# Additional Value of ` 10,000 invested
Period Returns Returns Benchmark## Benchmark# Additional Macaulay Duration 0.9656 year
Scheme (`)
(%) (%) Returns (%) (`) Benchmark## (`) !!
Semi annual YTM has been annualised.
1 Year 7.17 7.57 7.64 10,721 10,761 10,764
For Risk-o-meter (Scheme & Benchmark) & Potential Risk Class (PRC),
3 Years 5.66 6.17 5.84 11,798 11,970 11,855 refer page no. 40.
5 Years 8.26 6.07 5.56 14,877 13,431 13,104
Since Inception 7.21 7.33 6.21 35,067 35,781 29,449 MATURITY PROFILE**
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Since Inception Date
= Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed on Compounded Annual Growth Rate 35.00 31.67%
30.26%
(CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed 30.00
by Fund Managers & Performance of Direct Plan, refer page no. 36. For Additional Performance Note, refer page no. 36. 22.36%
25.00
$ Concept of Macaulay Duration: The Macaulay duration (named after
20.00
Frederick Macaulay, an economist who developed the concept in 1938) is a
measure of a bond’s sensitivity to interest rate changes. Duration tells investors 15.00 11.34%
the length of time, in years, that it will take a bond’s cash flows to repay the 10.00
where: t = period in which the coupon is received, C = periodic (usually
investor the price he or she has paid for the bond. Fixed income securities with 4.12%
semiannual) coupon payment, y = the periodic yield to maturity or required yield, 5.00
higher duration have higher interest rate sensitivity i.e. the changes in price of
n = number periods, M = maturity value (in `), P = market price of bond
higher duration bonds are higher as compared to lower duration ones. A zero 0.00
coupon bond is one which does not pay any interest and all payments are received Notes: Duration is quoted in “years.” If a bond has a semi-annual period, we
0 to 1 1 to 3 3 to 6 6 to 12 Above 1
at maturity. For a zero coupon bond, the duration is same as residual maturity. convert duration to years before quoting it (a duration of 8 semi-annual periods is
4 years). Duration is a measure of interest-rate risk. Or, stated differently, duration month months months months yr
Formula: There is more than one way to calculate duration, but the Macaulay
duration is the most common. The formula is: is a measure of how sensitive the price of a fixed-income instrument is to interest-
rate changes. When we say, “The duration of the bond is 4 years,” we mean: “If ** Excluding investment in CDMDFA2
the interest rate on the bond goes up by 1%, the bond’s price will decline by 4%.”
30
JM Medium to Long Duration Fund
An open ended medium term debt scheme
investing in instruments such that the Macaulay
duration$ of the portfolio is between 4 years to
7 years. A relatively high interest rate risk and
moderate credit risk. Refer - $ concept of Macaulay
Duration. Details as on September 30, 2024

FUND MANAGERS VIEW INCEPTION DATE 1st April, 1995

The Scheme has maintained duration towards the higher end of the regulatory framework-(SEBI mandate 4-7 years). The Scheme endeavours to #Benchmark Index: CRISIL Medium to Long Duration Debt A-III Index
assess the risk-reward parameters on a continuous basis and would actively manage duration in accordance with its mandate. ##Additional Benchmark Index: Crisil 10 Year Gilt Index

INVESTMENT OBJECTIVE FUND MANAGER DETAILS

To generate stable long term returns with low risk strategy and capital appreciation/accretion through investment in debt instruments and related Primary Fund Manager
securities besides preservation of capital. Investors are required to read all the scheme related information carefully and also note that there can be Mr. Gurvinder Singh Wasan (Managing this Scheme since April 5, 2022
no assurance that the investment objectives of the scheme will be realized. The scheme do not guarantee/ indicate any returns. & has around 20 years of experience in the field of fixed income markets.)
Secondary Fund Manager
SCHEME PORTFOLIO PORTFOLIO CLASSIFICATION BY RATING CLASS (%)
Ms. Naghma Khoja (Managing this Scheme since April 3, 2024 and
Name of Instrument % to NAV Rating 0.22% has more than 6 years of experience in the asset management industry.)
Government Securities 87.26 Ms. Ruchi Fozdar (Managing this Scheme since April 3, 2024 and has 10
7.10% GOI 2034 35.13 SOV years of experience in fixed income market.)
12.52%
7.18% GOI 2033 1.85 SOV
NAV DETAILS (IN RS. PER UNIT)
7.18% GOI 2037 41.00 SOV
(Regular) - Growth Option : 58.7079
7.23% GOI 2039 1.88 SOV (Direct) - Growth Option : 65.1689
7.37% GOI 2028 7.40 SOV 87.26%
Total Debt holdings 87.26 FUND SIZE
Corporate Debt Market Month End AUM : Rs. 27.70 Crore
0.22
Development Fund - A2 Units Monthly AAUM : Rs. 25.83 Crore
GOI SOV Cash & Other receivables CDMDFA2
TREPS & Others* 12.52
Total Assets 100.00 ISIN
(Regular) - Growth Option: INF192K01AB3
MATURITY PROFILE** PORTFOLIO CLASSIFICATION BY ASSET TYPE (%) (Direct) - Growth Option: INF192K01CW5
90.00
79.86% Government Securities 87.26% MINIMUM APPLICATION AMOUNT
80.00
TREPS & Others* 12.52%
70.00 Purchase: ` 1000/- and in multiples of Re. 1 thereafter.
CDMDFA2 0.22%
60.00 Additional Purchase: ` 100/- and in multiples of Re. 1 thereafter.
50.00
40.00
EXIT LOAD
30.00 * includes net receivables / payables if any
20.00 12.51% NIL
7.40%
10.00
0.00
EXPENSE RATIO
0 to 1 year 4 to 7 years Above 7 years
Regular Plan 1.08%
** Excluding investment in CDMDFA2 Direct Plan 0.63%

Performance ^ - Regular Plan - Growth Option PORTFOLIO STATISTICS

Scheme Benchmark# Additional Value of ` 10,000 invested Annualised Portfolio YTM!! 6.86%
Period Returns Returns Benchmark ## Benchmark# Additional Modified Duration 6.4137 years
Scheme (`)
(%) (%) Returns (%) (`) Benchmark## (`)
Average Maturity 9.5631 years
1 Year 8.93 9.09 10.31 10,898 10,914 11,037
Macaulay Duration 6.6309 years
3 Years 4.82 5.65 5.37 11,518 11,794 11,701
5 Years 4.57 7.04 5.64 12,507 14,057 13,161 !!
Semi annual YTM has been annualised.
Since Inception 6.18 NA NA 58,721 NA NA
For Risk-o-meter (Scheme & Benchmark) & Potential Risk Class (PRC),
^Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Since Inception Date
refer page no. 40.
= Date of First allotment in the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed on Compounded Annual Growth Rate
(CAGR) basis. Source: www.mutualfundsindia.com. Returns greater than 1 year period are compounded annualized (CAGR). NA: Not Available. For performance of other
schemes managed by Fund Managers & Performance of Direct Plan, refer page no. 36. For Additional Performance Note, refer page no. 36.

$ Concept of Macaulay Duration: The Macaulay duration (named after Frederick Macaulay, an economist who developed the concept in 1938) is a measure of a bond’s sensitivity to interest rate changes. Duration tells investors the length of time, in years,
that it will take a bond’s cash flows to repay the investor the price he or she has paid for the bond. Fixed income securities with higher duration have higher interest rate sensitivity i.e. the changes in price of higher duration bonds are higher as compared to
lower duration ones. A zero coupon bond is one which does not pay any interest and all payments are received at maturity. For a zero coupon bond, the duration is same as residual maturity. Formula: There is more than one way to calculate duration, but
the Macaulay duration is the most common. The formula is:

where: t = period in which the coupon is received, C = periodic (usually semiannual) coupon payment, y = the periodic yield to maturity or required yield, n = number periods, M = maturity value (in `), P = market price of bond. Notes: Duration is quoted
in “years.” If a bond has a semi-annual period, we convert duration to years before quoting it (a duration of 8 semi-annual periods is 4 years). Duration is a measure of interest-rate risk. Or, stated differently, duration is a measure of how sensitive the price of
a fixed-income instrument is to interest-rate changes. When we say, “The duration of the bond is 4 years,” we mean: “If the interest rate on the bond goes up by 1%, the bond’s price will decline by 4%.”

31
JM EQUITY SCHEMES
AT A GLANCE

Details as on September 30, 2024

No Entry Load and treatment of Exit Load.

In accordance with the requirements specified by the Paragraph 10.4 of SEBI Master Circular for Mutual Funds dated June 27, 2024 (“Master Circular”), no entry load is being charged for fresh purchase
/ additional purchase / switch-in transactions accepted by the Fund with effect from August 1, 2009. Similarly, no entry load is being charged with respect to applications for fresh registrations under
Systematic Investment Plan/Systematic Transfer Plan accepted by the Fund with effect from August 1, 2009.
Also, in compliance with Paragraph 10.4 of SEBI Master Circular, parity among all classes of unit holders in terms of charging exit load is made applicable at the portfolio level with effect from August
24, 2009.
Load Structure:
Entry Load: NIL for all Open-ended Equity Schemes.
Exit Load: As mentioned in the table hereunder:
Minimun Additional Exit Load Lock-in Periods
Sr. no. Schemes Inception Date Redemption Time#
Purchase Purchase @@@ @@@
1 JM Arbitrage Fund July 18, 2006 0.50% 30 Days T+2 Business Days
2 JM Aggressive Hybrid Fund April 1, 1995 1.00% 60 Days T+2 Business Days
3 JM Value Fund June 2, 1997 ` 1000/- and 1.00% 30 Days T+2 Business Days
` 100/- and in
4 JM Focused Fund March 5, 2008 in multiples 1.00% 30 Days T+2 Business Days
multiples of `
5 JM Large Cap Fund April 1,1995 of ` 1 1.00% 30 Days T+2 Business Days
1 thereafter.
6 JM Flexicap Fund September 23, 2008 thereafter. 1.00% 30 Days T+2 Business Days
7 JM Midcap Fund November 21, 2022 1.00% 180 days T+2 Business Days
8 JM Small Cap Fund June 18, 2024 1.00% 180 days T+2 Business Days
Rs. 500/- or in multiples of
9 JM ELSS Tax Saver Fund March 31, 2008 NIL && T+2 Business Days
Rs. 500/- each
&& JM ELSS Tax Saver Fund :- The scheme falls in the ELSS category and is eligible for tax benefits under section 80C of Income Tax Act. There is a lock-in period of 3 years under the Scheme.
# AMC would adhere to the aforesaid service standards for redemption payments on best efforts basis under normal circumstances subject to the overall 3 business days as stipulated by SEBI. The
redemption payout may be deferred in line with the settlement cycle/s of the stock market and/or money market in case of intervening Bank holiday/s in Mumbai.
@@@ The exit load shown in the above table are applicable for allotment of units for investment made through fresh purchases/switch-in/shift-in or through respective SIP/STP/SWP Instalments out
of the fresh registration effected during the period when above exit load rates are applicable. The exit load are subject to change at any time. Hence, all Investors are advised to check the current exit
load from the nearest Investor Service Center before investment.
Minimum criteria for Redemption/Switch-outs
There is no minimum criteria for any number of units.
However, in case of switch transaction, the minimum investment provisions of the switch-in scheme/plan i.e. for fresh/additional purchase, shall continue to be applicable. In the event of failure to
meet the requirement of switch-in scheme/plan, such switch requests will be treated as cancelled/rejected.
In case of Equity Schemes (except JM ELSS Tax Saver Fund), if an investor fails to specify his preference of Option or in case of any ambiguity in the Transaction Slip/ Application Form about the desired
Option, the default option would be the Growth Option. In case, an investor specifies his preference to IDCW option and/or fails to specify his preference of sub-option, the default option would be the
IDCW Option of the scheme and the default sub-option will be reinvestment.
In case, the investor mentions the word “Direct” on any part of the application/transaction-slip, default Plan will be considered as Direct Plan.
Load structure :
A) Exit load on intra-scheme redemptions/switch outs :
The applicable exit load, if any, will be charged for redemptions/ switch outs of the scheme (i.e. at portfolio level) before the completion of the stipulated load/ lock-in period. The stipulated load/
lock-in period will be reckoned from the date of allotment of units for a particular transaction in the scheme (i.e. at portfolio level) till the date of redemption / switch out from that scheme (at Portfolio
Level), irrespective of the number of intra-scheme switches by the investor between the aforementioned two dates (e.g. switches between plans/sub-plans/options/sub-options within the scheme
having the same portfolio). The extant provisions of applicability of load on redemptions/ switches from one Scheme to another will continue to be applicable subject to the exemption mentioned in
below mentioned para.
B) In case of Intra & Inter equity switches: (including SIP/STP):
No exit load for inter and intra equity switches except in case of (i) switches by SIP/STP investors within 24 months (for cases registered from 4.1.2008 up to 2.10.2008) and within 12 months (for cases
registered upto 3.1.2008) of respective SIP/STP installments (ii) switches by STP investors (for cases registered w.e.f. 3.10.2008) within 24 months of respective STP installments (iii) switches by SIP
investors (for cases registered w.e.f. 3.10.2008) within 12 months of respective SIP installments (iv) switches to / from JM Arbitrage Fund to any equity schemes.
However, Government levies eg. STT (wherever applicable) will continue to be deducted for every intra-scheme and inter-scheme switch-out/redemption transactions under A) & B) above.
IDCW i.e Income Distribution cum Capital Withdrawal is the new name for Dividend as per recent SEBI Guidelines. The investors may read and decipher accordingly.
The above details are subject to provisions laid down in the respective Scheme Information Documents, Statement of Additional Information for all schemes and Addenda issued from time to time.

32
JM DEBT SCHEMES
AT A GLANCE

Details as on September 30, 2024

Load Structure:
Entry Load: NIL for all Open-ended Debt & Liquid Schemes.
Exit Load: As mentioned in the table hereunder:
Minimun Additional
Sr. no. Category of Scheme Schemes Exit Load @@@ Lock-in Periods @@@ Redemption Time#
Purchase Purchase
1 Liquid JM Liquid Fund Refer Note below NA T+1 Business Day
2 Overnight JM Overnight Fund NIL NA T+1 Business Day
3 JM Dynamic Bond Fund ` 1000/- and in ` 100/- and in NIL NA T+1 Business Day
multiples of `1 multiples of `1
4 JM Medium to Long Duration Fund thereafter. thereafter. NIL NA T+1 Business Day
Debt
5 JM Low Duration Fund NIL NA T+1 Business Day
6 JM Short Duration Fund NIL NA T+1 Business Day
# AMC would adhere to the aforesaid service standards for redemption payments on best efforts basis under normal circumstances subject to the overall 3 business days as stipulated by SEBI. The
redemption payout may be deferred in line with the settlement cycle/s of the stock market and/or money market in case of intervening Bank holiday/s in Mumbai.
@@@ The exit load shown in the above table are applicable for allotment of units for investment made through fresh purchases/switch-in/shift-in or through respective SIP/STP/SWP Instalments out
of the fresh registration effected during the period when above exit load rates are applicable. The exit load are subject to change at any time. Hence, all Investors are advised to check the current exit
load from the nearest Investor Service Center before investment.
In case of debt and liquid schemes (except JM Medium to Long Duration Fund), if an investor fails to specify his preference of Option or in case of ambiguity in the Transaction Slip/ Application Form
about the desired Option, the default option would be Daily IDCW Option and the Default Sub-Option would Reinvestment. In case of JM Medium to Long Duration Fund, the default option would be the
Growth Option and the default sub option would be Reinvestment. In case, the investor mentions the word “Direct” on any part of the application/transaction-slip, the default Plan will be the Direct Plan.
In case of purchase transactions, where there is a mismatch in the amount on the Transaction Slip / Application Form and the payment instrument / credit is realised /received, the AMC may at its
discretion allot the units for the lesser of the two amount and refund / utilize the excess amount, if any, for any other transaction submitted by the same investor, subject to the fulfillment of other
regulatory requirements for the fresh transaction in the respective scheme.
In case, the investor does not mention the name of the Plan/ Option/ Sub-option/or wherever there is an ambiguity in choice of Plan/ Option/ Sub-option opted for purchase/ switch application(s), the
AMC/ Registrar may allot the units as per default Plans/ Options/ Sub-options, if no clarificatory letter is provided by the investor on the transaction date. However, in case of fresh purchase application,
the AMC/ Registrar at its discretion may allot the units based on the Plan/ Option/ Sub-option appearing on the respective payment instrument.
Note: Levy of exit load in JM Liquid Fund. Following exit load structure is applicable under JM Liquid Fund as per SEBI guidelines.
Existing exit load structure Investor’s exit upon subscription Revised Exit Load Structure
Day 1 0.0070%
Day 2 0.0065%
Day 3 0.0060%
NIL Day 4 0.0055%
Day 5 0.0050%
Day 6 0.0045%
Day 7 onwards 0.0000%
The above exit load is applicable for allotment of units for investment made through fresh purchase / switch–in from other Schemes or for SIP/STP/SWP instalments falling due on or after the above
mentioned effective date, irrespective of the date of registration.
Change in cut-off timings for the applicability of NAV in JM Liquid Fund and JM Overnight Fund
Pursuant to Paragraph 8.4.5 of SEBI Master Circular, the cut-off timings for applicability of Net Asset Value (NAV) in respect of purchase of units in JM Liquid Fund and JM Overnight Fund is 1:30 p.m.
for all the purchase applications time-stamped w.e.f. October 20, 2019 subject to the receipt of credit of respective funds into the scheme’s account before the above mentioned stipulated cut off time.

33
IDCW History

Details as on September 30, 2024

JM Arbitrage Fund Monthly IDCW$

Record Date IDCW (` per unit) Ex - NAV 27-Nov-18 (Regular) 0.1000 32.8662
IDCW$ 27-Nov-18 (Direct) 0.1000 34.6144
28-Nov-18 (Regular) 0.0400 10.6973 Half Yearly IDCW$
28-Nov-18 (Direct) 0.0400 11.1428 27-Nov-18 (Regular) 0.1000 33.1304
27-Mar-18 (Regular) 0.0500 10.6973 27-Nov-18 (Direct) 0.1000 34.6218
27-Mar-18 (Direct) 0.0500 11.1428 After payment of IDCW, the NAV falls to the extent of payout and distribution taxes wherever
28-Nov-17 (Regular) 0.0400 10.5577 applicable. Past performance may or may not be sustained in future. The face value per unit is
28-Nov-17 (Direct) 0.0400 10.9831 ` 10/-. $ Includes IDCW Distribution Tax.
Monthly IDCW$
20-Mar-20 (Regular) 3.5000 10.0268 JM Flexicap Fund
07-Mar-19 (Regular) 0.0500 12.8239 Record Date IDCW Ex - NAV
07-Mar-19 (Direct) 0.3500 10.0568 (` per unit)
26-Mar-18 (Direct) 2.5500 10.1448 IDCW$
24-July-19 (Regular) 4.9500 23.9513
Quarterly IDCW$
19-Nov-18 (Regular) 0.0500 10.7763 After payment of IDCW, the NAV falls to the extent of payout and distribution taxes wherever
19-Nov-18 (Direct) 0.0500 11.6627 applicable. Past performance may or may not be sustained in future. The face value per unit is
19-July-17 (Regular) 1.8000 10.0922 ` 10/-. $ Includes IDCW Distribution Tax.
16-Jan-17 (Direct) 0.0200 10.5502
JM Large Cap Fund
03-Aug-16 (Direct) 1.3000 10.2421
Record Date IDCW (` per unit) Ex - NAV
Annual IDCW$
IDCW$
21-Mar-18 (Regular) 2.1500 10.1656
20-Mar-20 (Regular) 8.5500 11.7757
13-Feb-17 (Direct) 1.9000 10.0990
27-Nov-19 (Regular) 4.8000 22.7881
Half Yearly IDCW$
05-Dec-18 (Regular) 0.1000 26.2481
19-Nov-18 (Regular) 0.0500 10.6188
Monthly IDCW$
19-Nov-18 (Direct) 0.0500 11.3555
07-Mar-19 (Regular) 2.3000 10.1058
06-Nov-17 (Regular) 1.9500 10.0972
07-Mar-19 (Direct) 0.2500 28.3861
After payment of IDCW, the NAV falls to the extent of payout and distribution taxes wherever 05-Dec-18 (Direct) 0.1000 28.4331
applicable. Past performance may or may not be sustained in future. The face value per unit is 22-Mar-18 (Regular) 9.0000 11.9538
` 10/-. $ Includes IDCW Distribution Tax. 30-Dec-17 (Regular) 5.1000 21.6014
Quarterly IDCW$
JM Aggressive Hybrid Fund 05-Dec-18 (Regular) 0.1000 14.6086
Record Date IDCW (` per unit) Ex - NAV
05-Dec-18 (Direct) 0.1000 28.4474
IDCW$
20-Mar-18 (Regular) 3.7500 14.2132
27-Nov-18 (Direct) 0.1000 26.5291
Half Yearly
27-Mar-18 (Direct) 6.6500 25.8860 IDCW$
27-Jul-15 (Regular) 2.5000 10.6622 05-Dec-18 (Regular) 0.1000 10.6118
25-Mar-15 (Regular) 8.8700 13.1510 05-Dec-18 (Direct) 0.1000 28.2440
28-Jan-15 (Regular) 5.2000 22.5696 17-Mar-18 (Regular) 1.0000 10.3880
Quarterly IDCW$ Annual IDCW$
27-Nov-18 (Regular) 0.1000 11.7306 11-Mar-20 (Regular) 2.0800 12.9418
27-Nov-18 (Direct) 0.1000 12.1773 20-Mar-19 (Regular) 12.2500 15.3962
20-Mar-17 (Regular) 1.2500 10.6960 05-Dec-18 (Direct) 0.1000 28.4406
31-Dec-16 (Regular) 0.2500 11.0482
27-Sept-16 (Regular) 0.2500 11.7615 After payment of IDCW, the NAV falls to the extent of payout and distribution taxes wherever
17-Mar-18 (Direct) 3.0000 11.8335 applicable. Past performance may or may not be sustained in future. The face value per unit is
06-Nov-17 (Direct) 3.0000 15.0847 ` 10/-. $ Includes IDCW Distribution Tax.
22-July-17 (Direct) 3.4000 17.5983 IDCW i.e Income Distribution cum Capital Withdrawal is the new name for Dividend as per recent
Annual IDCW$ SEBI Guidelines. The investors may read and decipher accordingly.
11-Nov-19 (Regular) 2.6000 11.1988
07-Mar-19 (Regular) 4.2500 15.7305
07-Mar-19 (Direct) 4.4999 16.5053
22-Mar-18 (Regular) 13.0000 19.0713
28-Mar-18 (Direct) 13.1500 19.8487

34
EQUITY SCHEME PERFORMANCE -
DIRECT PLAN - GROWTH OPTION
(FUND MANAGER-WISE)

Details as on September 30, 2024

Primary Fund Manager: Mr. Satish Ramanathan, Secondary Fund Manager: Primary Fund Manager: Mr. Asit Bhandarkar, Secondary Fund Manager:
Mr. Asit Bhandarkar and Debt Portion: Mr. Gurvinder Singh Wasan Mr. Chaitanya Choksi and Debt Portion: Mr. Gurvinder Singh Wasan
JM VALUE FUND - DIRECT PLAN - GROWTH OPTION JM FOCUSED FUND - DIRECT PLAN - GROWTH OPTION
Period Scheme Benchmark Additional Value of ` 10,000 invested Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional Returns Returns Benchmark Scheme (`) Benchmark Additional
(%) (%)# Returns (`)# Benchmark (%) (%)# Returns (`)# Benchmark
(%) ## (`)## (%) ## (`)##
1 Year 56.13 40.85 32.80 15,651 14,111 13,301 1 Year 45.33 40.85 32.80 14,563 14,111 13,301
3 Years 29.86 18.39 14.92 21,915 16,601 15,183 3 Years 23.03 18.39 14.92 18,633 16,601 15,183
5 Years 28.29 22.38 18.95 34,798 27,481 23,836 5 Years 19.60 22.38 18.95 24,495 27,481 23,836
Since Inception 19.80 16.19 14.69 83,587 58,339 50,076 Since Inception 16.96 16.19 14.69 63,048 58,339 50,076
# BSE 500 TRI, ## NIFTY 50 TRI # BSE 500 TRI, ## NIFTY 50 TRI
Primary Fund Manager: Mr. Satish Ramanathan, Secondary Fund Manager: Primary Fund Manager: Mr. Asit Bhandarkar, Secondary Fund Manager:
Mr. Chaitanya Choksi and Debt Portion: Mr. Gurvinder Singh Wasan Mr. Chaitanya Choksi and Debt Portion: Mr. Gurvinder Singh Wasan
JM FLEXICAP FUND - DIRECT PLAN - GROWTH OPTION JM ARBITRAGE FUND - DIRECT PLAN - GROWTH OPTION
Period Scheme Benchmark Additional Value of ` 10,000 invested Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional Returns Returns Benchmark Scheme (`) Benchmark Additional
(%) (%)# Returns (`)# Benchmark (%) (%)# Returns (`)# Benchmark
(%) ## (`)## (%) ## (`)##
1 Year 61.04 40.85 32.80 16,146 14,111 13,301 1 Year 7.69 7.05 7.64 10,773 10,709 10,764
3 Years 29.42 18.39 14.92 21,693 16,601 15,183 3 Years 6.25 6.09 5.84 11,997 11,942 11,855
5 Years 27.50 22.38 18.95 33,739 27,481 23,836 5 Years 5.05 5.02 5.56 12,797 12,778 13,104
Since Inception 20.48 16.19 14.69 89,336 58,339 50,076 Since Inception 6.37 5.99 6.49 20,664 19,813 20,836
# BSE 500 TRI, ## NIFTY 50 TRI # Nifty 50 Arbitrage Index, ## Crisil 1 Year T Bill Index

Primary Fund Manager: Mr. Asit Bhandarkar, Secondary Fund Manager: Primary Fund Manager: Mr. Satish Ramanathan, Secondary Fund Manager:
Mr. Chaitanya Choksi and Debt Portion: Mr. Gurvinder Singh Wasan Mr. Chaitanya Choksi and Debt Portion: Mr. Gurvinder Singh Wasan
JM AGGRESSIVE HYBRID FUND - DIRECT PLAN - GROWTH OPTION JM MIDCAP FUND - DIRECT PLAN - GROWTH OPTION
Period Scheme Benchmark Additional Value of ` 10,000 invested Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Returns Returns Benchmark Scheme (`) Benchmark Additional
Scheme (`) Benchmark Additional
(%) (%)# Returns (%) (%)# Returns (`)# Benchmark
(`)# Benchmark
(%) ## (%) ## (`)##
(`)##
1 Year 49.09 28.52 32.80 14,942 12,870 13,301 1 Year 59.29 47.90 32.80 15,970 14,822 13,301
3 Years 23.96 13.61 14.92 19,059 14,669 15,183 3 Years NA NA NA NA NA NA
5 Years 27.73 16.80 18.95 34,045 21,756 23,836 5 Years NA NA NA NA NA NA
Since Inception 16.13 13.48 14.69 57,986 44,207 50,076 Since Inception 50.10 42.21 22.15 21,287 19,253 14,509
# CRISIL Hybrid 35+65 Aggressive Index, ## NIFTY 50 TRI, # NIFTY MIDCAP 150 TRI, ## Nifty 50 TRI.
NA: Not Available. Source: www.mutualfundsindia.com. Past performance may or may not be sustained in future and the same
Primary Fund Manager: Mr. Chaitanya Choksi, Secondary Fund Manager: may not necessarily provide the basis for comparison with other investment. Since Inception Date = Date of First allotment in
Mr. Asit Bhandarkar and Debt Portion: Mr. Gurvinder Singh Wasan the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed on Compounded Annual
JM ELSS TAX SAVER FUND - DIRECT PLAN - GROWTH OPTION Growth Rate (CAGR) basis. Returns greater than 1 year period are compounded annualized (CAGR). The returns are not computed
for JM Small Cap Fund since the scheme has not completed six months from its inception.
Period Scheme Benchmark Additional Value of ` 10,000 invested
Note:
Returns Returns Benchmark Scheme (`) Benchmark Additional 1. Following are the Fund Managers of the Equity Schemes.
(%) (%)# Returns (`)# Benchmark
(%) ## (`)## Fund Manager
Name of the Scheme
1 Year 54.94 40.85 32.80 15,531 14,111 13,301 Primary Secondary Debt Portion
JM Arbitrage Fund Mr. Asit Bhandarkar Mr. Chaitanya Choksi
3 Years 23.41 18.39 14.92 18,806 16,601 15,183
JM Focused Fund Mr. Asit Bhandarkar Mr. Chaitanya Choksi
5 Years 25.00 22.38 18.95 30,555 27,481 23,836
JM Large Cap Fund Mr. Satish Ramanathan Mr. Asit Bhandarkar
Since Inception 19.72 16.19 14.69 82,933 58,339 50,076 JM Midcap Fund Mr. Satish Ramanathan Mr. Chaitanya Choksi
Mr. Gurvinder
# BSE 500 TRI, ## NIFTY 50 TRI JM Small Cap Fund Mr. Asit Bhandarkar Mr. Chaitanya Choksi
JM ELSS Tax Saver Fund Mr. Chaitanya Choksi Mr. Asit Bhandarkar Singh Wasan
Primary Fund Manager: Mr. Satish Ramanathan, Secondary Fund Manager: JM Aggressive Hybrid Fund Mr. Asit Bhandarkar Mr. Chaitanya Choksi
Mr. Asit Bhandarkar and Debt Portion: Mr. Gurvinder Singh Wasan JM Flexicap Fund Mr. Satish Ramanathan Mr. Chaitanya Choksi
JM LARGE CAP FUND - DIRECT PLAN - GROWTH OPTION JM Value Fund Mr. Satish Ramanathan Mr. Asit Bhandarkar
Period Scheme Benchmark Additional Value of ` 10,000 invested 2. Mr. Satish Ramanathan primarily manages 4 Schemes, Mr. Asit Bhandarkar primarily/secondarily manages 7 Schemes
Returns Returns Benchmark Scheme (`) Benchmark Additional and Mr. Chaitanya Choksi primarily/secondarily manages 7 Schemes. Mr. Gurvinder Singh Wasan primarily manages 6
(%) (%)# Returns (`)# Benchmark Schemes and debt portion of all the Equity Schemes of the Mutual Fund.
(%) ## (`)## 3. Since Inception Date = Date of First allotment in the Scheme / Plan. Period for which scheme’s performance has been
1 Year 45.30 37.36 32.80 14,560 13,760 13,301 provided is computed on the basis of the last business day of the month.
3 Years 20.68 16.76 14.92 17,584 15,925 15,183 4. Different plan shall have a different expense structure.
5 Years 21.43 20.29 18.95 26,430 25,211 23,836 5. Load is not considered for computation of returns.
Since Inception 15.10 15.29 14.69 52,221 53,243 50,076 6. In case the TRI values are not available for a particular period, a composite CAGR figure of the performance of the PRI
benchmark (till the date from which TRI is available) and the TRI (subsequently) is used to compare the performance of
# BSE 100 TRI, ## NIFTY 50 TRI the scheme.
7. Absolute returns are computed on investments of `10,000. Returns are computed on Compounded Annual Growth Rate
(CAGR) basis. Returns greater than 1 year period are compounded annualized (CAGR).
35
DEBT SCHEME PERFORMANCE -
DIRECT PLAN - GROWTH OPTION
(FUND MANAGER-WISE)

Details as on September 30, 2024

Primary Fund Manager: Mr. Gurvinder Singh Wasan and Primary Fund Manager: Mr. Gurvinder Singh Wasan and
Secondary Fund Manager: Ms. Naghma Khoja & Ms. Ruchi Fozdar Secondary Fund Manager: Ms. Naghma Khoja & Ms. Ruchi Fozdar
JM LIQUID FUND - DIRECT PLAN - GROWTH OPTION JM MEDIUM TO LONG DURATION FUND - DIRECT PLAN - GROWTH OPTION
Period Scheme Benchmark Additional Value of ` 10,000 invested Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional Returns Returns Benchmark Scheme (`) Benchmark Additional
(%) (%)# Returns (`)# Benchmark (%) (%)# Returns (`)# Benchmark
(%) ## (`)## (%) ## (`)##
7 Days 7.55 7.29 7.28 10,014 10,014 10,014 1 Year 9.48 9.09 10.31 10,953 10,914 11,037
15 Days 7.37 7.19 8.64 10,030 10,030 10,036 3 Years 5.42 5.65 5.37 11,717 11,794 11,701
1 Month 7.11 7.03 8.01 10,057 10,056 10,066 5 Years 5.35 7.04 5.64 12,981 14,057 13,161
1 Year 7.36 7.34 7.64 10,738 10,736 10,764 Since Inception 5.64 7.96 6.59 19,057 24,601 21,172
3 Years 6.14 6.17 5.84 11,959 11,970 11,855 # CRISIL Medium to Long Duration Debt A-III Index, ## CRISIL 10 Year Gilt Index
5 Years 5.26 5.33 5.56 12,925 12,968 13,104 Primary Fund Manager: Mr. Gurvinder Singh Wasan and
Since Inception 6.87 6.75 6.49 21,835 21,549 20,836
Secondary Fund Manager: Ms. Naghma Khoja & Ms. Ruchi Fozdar
# CRISIL Liquid Debt A-I Index, ## CRISIL 1 Year T Bill Index
JM SHORT DURATION FUND - DIRECT PLAN - GROWTH OPTION
Primary Fund Manager: Mr. Gurvinder Singh Wasan and Period Scheme Benchmark Additional Value of ` 10,000 invested
Secondary Fund Manager: Ms. Naghma Khoja & Ms. Ruchi Fozdar Returns Returns Benchmark Scheme (`) Benchmark Additional
(%) (%)# Returns (`)# Benchmark
JM OVERNIGHT FUND - DIRECT PLAN - GROWTH OPTION (%) ## (`)##
Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark 1 Year 8.05 7.91 7.64 10,810 10,796 10,764
Scheme (`) Benchmark Additional
(%) (%)# Returns (`)# Benchmark 3 Years NA NA NA NA NA NA
(%) ## (`)## 5 Years NA NA NA NA NA NA
7 Days 6.41 6.51 7.28 10,012 10,012 10,014 Since Inception 7.20 7.17 6.98 11,564 11,558 11,451
15 Days 6.45 6.56 8.64 10,027 10,027 10,036 # CRISIL Short Duration Debt A-II Index, ## Crisil 1 Year T Bill Index
1 Month 6.36 6.46 8.01 10,051 10,052 10,066
# Benchmark, ## Additional benchmark, Source: www.mutualfundsindia.com.
1 Year 6.71 6.81 7.64 10,673 10,683 10,764
NA: Not Available. Past performance may or may not be sustained in future and the same may not necessarily
3 Years 5.72 5.81 5.84 11,818 11,848 11,855
provide the basis for comparison with other investment. Since Inception Date = Date of First allotment in
5 Years NA NA NA NA NA NA
the Scheme / Plan. Absolute returns are computed on investments of `10,000. Returns are computed on
Since Inception 4.83 4.89 5.48 12,559 12,594 12,882 Compounded Annual Growth Rate (CAGR) basis. Returns shown for 7 Days, 15 Days and 1 month are computed
# CRISIL Liquid Overnight Index, ## CRISIL 1 Year T Bill Index on simple annualised basis. Returns greater than 1 year period are compounded annualized (CAGR).
Primary Fund Manager: Mr. Gurvinder Singh Wasan and Note:
Secondary Fund Manager: Ms. Naghma Khoja & Ms. Ruchi Fozdar 1. Following are the Fund Managers of the Debt Schemes.
JM LOW DURATION FUND - DIRECT PLAN - GROWTH OPTION Name of the Scheme Fund Manager
Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional Primary Secondary
(%) (%)# Returns (`)# Benchmark JM Liquid Fund
(%) ## (`)## JM Overnight Fund
1 Year 7.63 7.57 7.64 10,767 10,761 10,764
JM Short Duration Fund Ms. Naghma Khoja &
3 Years 6.13 6.17 5.84 11,956 11,970 11,855 Mr. Gurvinder Singh Wasan
JM Low Duration Fund Ms. Ruchi Fozdar
5 Years 8.62 6.07 5.56 15,127 13,431 13,104
Since Inception 6.96 7.49 6.49 22,048 23,367 20,836 JM Dynamic Bond Fund
# CRISIL Low Duration Debt A-I Index, ## CRISIL 1 Year T Bill Index JM Medium to Long Duration Fund
Primary Fund Manager: Mr. Gurvinder Singh Wasan and 2. Mr. Gurvinder Singh Wasan primarily manages 6 Schemes and debt portion of all the equity schemes of
the Mutual Fund, Ms. Naghma Khoja secondarily manages 6 Schemes and Ms. Ruchi Fozdar secondarily
Secondary Fund Manager: Ms. Naghma Khoja & Ms. Ruchi Fozdar
manages 6 Schemes.
JM DYNAMIC BOND FUND - DIRECT PLAN - GROWTH OPTION
3. Different plan shall have a different expense structure.
Period Scheme Benchmark Additional Value of ` 10,000 invested
Returns Returns Benchmark Scheme (`) Benchmark Additional
4. Load is not considered for computation of returns.
(%) (%)# Returns (`)# Benchmark 5. Since Inception Date = Date of First allotment in the Scheme / Plan.
(%) ## (`)##
1 Year 9.31 9.31 10.31 10,936 10,936 11,037 @ Additional Performance Note:
3 Years 6.37 5.74 5.37 12,037 11,825 11,701 a) Different plans shall have a different expense structure. The performance details have been provided for
5 Years 6.30 7.07 5.64 13,577 14,077 13,161 Regular and Direct Plan separately.
Since Inception 7.61 7.98 6.59 23,680 24,655 21,172 b) Returns are Compounded Annualised Growth Rate Returns, with reinvestment of IDCW, if any, unless
otherwise mentioned.
# CRISIL Dynamic Bond A-III Index, ## CRISIL 10 Year Gilt Index
c) In cases where there has been a change in the benchmark indices of the existing Schemes, the current
benchmark has been used for calculating the returns since inception.
d) Returns of benchmark indices since inception date of the Schemes are not available in some cases as the
benchmark indices were launched / changed subsequent to the inception date of the Scheme(s).
e) For the purpose of calculating returns, inception date is deemed to be the date of allotment of the units.
f) In plans/options/sub-options, where there were no units on the date of inception, the first NAV has been
considered when units were allotted consequently.
g) The Direct Plans of the Schemes were launched in January, 2013. The returns since inception for these
plans have been considered accordingly
36
SIP PERFORMANCE

Details as on September 30, 2024

JM Large Cap Fund - Growth Inception Date: 1st April, 1995 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
Total Amount Invested (in Rs.) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 18,00,000 35,40,000
Market Value (September 30, 2024) 1,39,431 5,41,153 10,83,977 17,00,585 27,97,197 56,55,905 2,96,58,695
SIP Yield (%) 37.25 29.80 24.57 20.18 16.35 14.12 12.11
Benchmark Yield (%) (BSE 100 TRI) 39.28 26.05 23.93 20.20 17.54 15.56 NA
Additional Benchmark Yield (%) (Nifty 50 TRI) 35.27 23.39 22.04 18.97 16.72 14.90 NA
JM Value Fund - Growth Inception Date: 2nd June, 1997 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
Total Amount Invested (in Rs.) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 18,00,000 32,80,000
Market Value (September 30, 2024) 1,45,192 6,35,342 13,90,839 22,23,215 39,39,193 86,76,147 5,05,73,567
SIP Yield (%) 49.06 42.71 35.39 27.88 22.77 19.05 16.49
Benchmark Yield (%) (BSE 500 TRI) 41.39 28.74 26.21 21.79 18.65 16.45 NA
Additional Benchmark Yield (%) (Nifty 50 TRI) 35.27 23.39 22.04 18.97 16.72 14.90 NA
JM Flexicap Fund - Growth Inception Date: 23rd Sept, 2008 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
Total Amount Invested (in Rs.) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 18,00,000 19,30,000
Market Value (September 30, 2024) 1,48,105 6,31,723 13,66,471 22,17,821 39,42,121 88,36,614 1,03,98,882
SIP Yield (%) 55.16 42.24 34.61 27.81 22.78 19.25 18.81
Benchmark Yield (%) (BSE 500 TRI) 41.39 28.74 26.21 21.79 18.65 16.45 16.56
Additional Benchmark Yield (%) (Nifty 50 TRI) 35.27 23.39 22.04 18.97 16.72 14.90 15.01
JM ELSS Tax Saver Fund - Growth Inception Date: 31st March, 2008 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
Total Amount Invested (in Rs.) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 18,00,000 19,80,000
Market Value (September 30, 2024) 1,48,636 5,87,018 12,41,425 20,06,052 35,65,167 81,52,819 98,53,977
SIP Yield (%) 56.28 36.26 30.42 24.92 20.90 18.33 17.47
Benchmark Yield (%) (BSE 500 TRI) 41.39 28.74 26.21 21.79 18.65 16.45 16.29
Additional Benchmark Yield (%) (Nifty 50 TRI) 35.27 23.39 22.04 18.97 16.72 14.90 14.78
JM Focused Fund - Growth Inception Date: 5th March, 2008 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
Total Amount Invested (in Rs.) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 18,00,000 19,80,000
Market Value (September 30, 2024) 1,41,335 5,66,496 11,36,763 17,23,160 29,59,388 63,06,148 71,89,855
SIP Yield (%) 41.11 33.41 26.61 20.56 17.41 15.38 14.16
Benchmark Yield (%) (BSE 500 TRI) 41.39 28.74 26.21 21.79 18.65 16.45 16.08
Additional Benchmark Yield (%) (Nifty 50 TRI) 35.27 23.39 22.04 18.97 16.72 14.90 14.61
JM Midcap Fund-Growth Inception Date: 21st Nov, 2022 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
Total Amount Invested (in Rs.) 1,20,000 NA NA NA NA NA 2,30,000
Market Value (September 30, 2024) 1,49,923 NA NA NA NA NA 3,63,365
SIP Yield (%) 59.00 NA NA NA NA NA 57.90
Benchmark Yield (%) (Nifty Midcap 150 TRI) 48.30 NA NA NA NA NA 50.52
Additional Benchmark Yield (%) (Nifty 50 TRI) 35.27 NA NA NA NA NA 30.19
JM Arbitrage Fund - Growth Inception Date: 18th July, 2006 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
Total Amount Invested (in Rs.) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 18,00,000 21,90,000
Market Value (September 30, 2024) 1,23,736 3,95,030 6,84,441 9,99,206 15,43,593 27,86,970 38,60,189
SIP Yield (%) 6.84 6.44 5.36 4.99 4.99 5.63 5.89
Benchmark Yield (%) (Nifty 50 Arbitrage Index) 6.49 6.89 5.92 5.55 5.38 NA 5.80
Additional Benchmark Yield (%) (Crisil 1 Year T Bill Index) 7.64 5.84 5.56 6.00 6.42 6.27 6.20
JM Aggressive Hybrid Fund - Growth Inception Date: 1st April, 1995 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
Total Amount Invested (in Rs.) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 18,00,000 35,40,000
Market Value (September 30, 2024) 1,41,300 5,78,023 12,32,337 19,25,284 31,28,198 63,92,302 4,06,05,654
SIP Yield (%) 41.04 35.02 30.10 23.74 18.45 15.54 13.71
Benchmark Yield (%) (Crisil Hybrid 35+65 Aggressive Index) 29.41 20.67 18.67 16.55 14.81 13.64 NA
Additional Benchmark Yield (%) (Nifty 50 TRI) 35.27 23.39 22.04 18.97 16.72 14.90 NA
JM Dynamic Bond Fund - Growth Inception Date: 25th June, 2003 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
Total Amount Invested (in Rs.) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 18,00,000 25,60,000
Market Value (September 30, 2024) 1,25,548 4,00,399 6,99,240 10,38,267 16,52,151 30,67,848 56,38,311
SIP Yield (%) 10.21 7.39 6.24 6.09 6.31 6.82 6.87
Benchmark Yield (%) (CRISIL Dynamic Bond A-III Index) 10.74 7.87 6.71 7.22 7.37 7.90 7.92
Additional Benchmark Yield (%) (Crisil 10 Year Gilt Index) 11.94 8.34 6.19 6.39 6.33 6.59 6.40

37
SIP PERFORMANCE

Details as on September 30, 2024

JM Low Duration Fund - Growth Inception Date: 27th Sept, 2006 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
Total Amount Invested (in Rs.) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 18,00,000 21,70,000
Market Value (September 30, 2024) 1,24,058 3,95,802 7,12,640 10,47,820 16,36,290 30,22,303 41,70,674
SIP Yield (%) 7.43 6.57 7.02 6.35 6.13 6.63 6.82
Benchmark Yield (%) (CRISIL Low Duration Debt A-I Index) 7.69 7.09 6.28 6.38 6.65 7.23 7.23
Additional Benchmark Yield (%) (Crisil 1 Year T Bill Index) 7.64 5.84 5.56 6.00 6.42 6.27 6.21
JM Medium to Long Duration Fund Inception Date: 1st April, 1995 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
- Growth
Total Amount Invested (in Rs.) 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 18,00,000 35,40,000
Market Value (September 30, 2024) 1,25,547 3,98,676 6,88,207 9,83,231 14,74,740 25,76,719 82,83,985
SIP Yield (%) 10.21 7.08 5.59 4.53 4.10 4.65 5.25
Benchmark Yield (%) (CRISIL Medium to Long Duration Debt A-III Index) 10.45 7.76 6.65 7.20 7.39 7.86 8.54
Additional Benchmark Yield (%) (Crisil 10 Year Gilt Index) 11.94 8.34 6.19 6.39 6.33 6.59 6.41
JM Short Duration Fund - Growth Inception Date: 29th Aug, 2022 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception
Total Amount Invested (in Rs.) 1,20,000 NA NA NA NA NA 2,50,000
Market Value (September 30, 2024) 1,24,288 NA NA NA NA NA 2,68,885
SIP Yield (%) 7.86 NA NA NA NA NA 6.89
Benchmark Yield (%) (CRISIL Short Duration Debt A-II Index) 8.34 NA NA NA NA NA 7.75
Additional Benchmark Yield (%) (Crisil 1 Year T Bill Index) 7.64 NA NA NA NA NA 6.98
NA: Not Available. Source: www.mutualfundsindia.com. Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow
by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. Load is not taken into consideration for computation of performance. The above investment should not be construed as a promise
on minimum returns and safeguard of capital. The AMC / Mutual Fund is not guaranteeing or promising or forecasting any returns. SIP does not assure a profit or guarantee protection against a loss in a declining market.
Since Overnight/Liquid Funds are meant for parking short term funds, SIP Performance details are not provided, which as a facility is long term in nature. Since Inception Date = Date of First allotment in the Scheme / Plan.
The returns are not computed for JM Small Cap Fund since the scheme has not completed six months from its inception.

38
RISK-O-METER (EQUITY SCHEMES) Details as on September 30, 2024

This Product is suitable for investors who are seeking*

Sr.
No. Scheme
Nature of the Scheme Scheme Risk-o-meter Benchmark Benchmark Risk-o-meter
Name
• Regular Income over Medium Term
• Income through arbitrage by
JM investment predominantly in Equity
Stocks and taking offsetting positions Nifty 50 Arbitrage
1. Arbitrage
in Equity Futures and Options. Index
Fund
Investors understand that their Benchmark riskometer is
principal will be at low risk at low risk
• Capital Appreciation over Long Term
• Investment predominantly in a
concentrated portfolio of Equity &
JM Focused Equity related securities.
2. BSE 500 TRI
Fund
Investors understand that their Benchmark riskometer is
principal will be at very high risk at very high risk
• Capital Appreciation and Regular
Income over Long Term
JM • Investment predominantly in Equity
Aggressive & Equity related securities as well as Crisil Hybrid 35+65
3.
Hybrid fixed income securities (debt and Aggressive Index
Fund money market securities).
Investors understand that their Benchmark riskometer is
principal will be at very high risk at very high risk
• Capital appreciation over Long Term.
• Investment predominantly in Equity
& Equity related securities investing
JM Flexicap across market capitalization.
4. BSE 500 TRI
Fund
Investors understand that their Benchmark riskometer is
principal will be at very high risk at very high risk
• Capital appreciation over Long Term.
• Investment predominantly in Equity
& Equity related securities in the
JM Large Large Cap segment.
5. BSE 100 TRI
Cap Fund
Investors understand that their Benchmark riskometer is
principal will be at very high risk at very high risk
• Capital Appreciation Over Long Term
• Investment predominantly in Equity
& Equity related securities and to
JM ELSS Tax enable investors tax deduction from BSE 500 TRI
6.
Saver Fund total income as permitted under
Income Tax Act, 1961 from time to Investors understand that their Benchmark riskometer is
time. principal will be at very high risk at very high risk
• Capital appreciation over Long Term.
• Investment predominantly in
Equity and Equity related securities
JM Value following a value investment strategy.
7. BSE 500 TRI
Fund
Investors understand that their Benchmark riskometer is
principal will be at very high risk at very high risk
• Long Term wealth creation
• An open ended equity scheme
that aims for capital appreciation
JM Midcap by investing in diversified mid cap NIFTY MIDCAP
8. 150 TRI
Fund companies.
Investors understand that their Benchmark riskometer is
principal will be at very high risk at very high risk
• Long Term wealth creation
• An open ended equity scheme that
aims for capital appreciation by
JM Small investing predominantly in equity & Nifty Smallcap
9. 250 TRI
Cap Fund equity related securities of small cap
stocks. Investors understand that their Benchmark riskometer is
principal will be at very high risk at very high risk
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
39
RISK-O-METER & PRC (DEBT SCHEMES) Details as on September 30, 2024
This Product is suitable for investors who are seeking*
Sr.
Scheme
No. Nature of the Scheme Scheme Risk-o-meter Benchmark Benchmark Risk-o-meter
Name
• Regular Income over
Medium Term to Long
Term. CRISIL
JM Dynamic • Investment in Debt and
1. Dynamic Bond
Bond Fund Money Market securities A-III Index
across maturities.
Investors understand that their Benchmark riskometer is
principal will be at moderate risk at moderate risk
• Regular Income over
Medium to Long Term.
• Investment in debt and CRISIL Medium
JM Medium to
money market securities to Long
2. Long Duration
such that the Macaulay Duration Debt
Fund
duration of the portfolio A-III Index
is between 4 years – 7 Investors understand that their Benchmark riskometer is
years. principal will be at moderate risk at moderate risk
• Regular Income over
Short Term.
• Investment in Debt and
Money Market securities CRISIL Low
JM Low Duration
3. such that the Macaulay Duration Debt
Fund
duration of the portfolio A-I Index
is between 6 months - 12 Investors understand that their Benchmark riskometer is
months. principal will be at low to moderate risk at low to moderate risk

• Regular Income over

Short to Medium Term.
• Investment in Debt and
CRISIL Short
JM Short Money Market securities
4. Duration
Duration Fund such that the Macaulay
Debt A-II Index
duration of the portfolio
is between 1 year - 3 Investors understand that their Benchmark riskometer is
years. principal will be at moderate risk at low to moderate risk
• Regular Income over
Short Term.
• Investment in debt and
money market securities CRISIL Liquid
5. JM Liquid Fund
with maturity of upto 91 Debt A-I Index
days only.
Investors understand that their Benchmark riskometer is
principal will be at low to moderate risk at low to moderate risk

• Short Term savings.

• Reasonable returns
commensurate with low
CRISIL Liquid
JM Overnight risk and providing a high
6. Overnight
Fund level of liquidity.
Index
Investors understand that their Benchmark riskometer is
principal will be at low risk at low risk
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Potential Risk Class (PRC)
Credit Risk → Relatively Low (Class A) Moderate (Class B) Relatively High (Class C)
Interest Rate Risk ↓
Relatively Low (Class I) JM Liquid Fund (B-I)
JM Overnight Fund (A-I)
JM Low Duration Fund (B-I)
Moderate (Class II) JM Short Duration Fund (B-II)
Relatively High Class (Class III) JM Dynamic Bond Fund (B-III)
JM Medium to Long Duration Fund (B-III)

40
NOTICE CUM ADDENDUM

Details as on September 30, 2024

NOTICE-CUM-ADDENDUM TO THE STATEMENT OF ADDITIONAL INFORMATION NOTICE-CUM-ADDENDUM TO THE STATEMENT OF ADDITIONAL INFORMATION
(SAI), SCHEME INFORMATION DOCUMENT (SID) & KEY INFORMATION (SAI), SCHEME INFORMATION DOCUMENT (SID) & KEY INFORMATION
MEMORANDUM (KIM) OF THE SCHEMES OF JM FINANCIAL MUTUAL FUND MEMORANDUM (KIM) OF THE SCHEMES OF JM FINANCIAL MUTUAL FUND
(“THE MUTUAL FUND”). (“THE MUTUAL FUND”).
I. Investors are requested to note that the following Investor Service Centre managed SHIFTING OF CHANDIGARH BRANCH
by M/s. KFin Technologies Limited will act as Official Point of Acceptance for the Investors are requested to note that the Chandigarh branch of JM Financial Asset
Schemes of the Mutual Fund w.e.f. September 06, 2024: Management Limited has been shifted to the new address as set out below w.e.f.
Location/Branch Address September 23, 2024:
Asansol KFin Technologies Ltd., 112/N, G. T. Road, Bhanga Pachil, Location/Branch Address
Paschim Bardhaman, West Bengal, Asansol - 713303. Tel.: Chandigarh 2nd Floor, SCO 2447-48, Sector 22 C, Chandigarh - 160022.
0341-2220077 Phone: +91 0172 4346431
II. Investors are requested to note that the following Investor Service Centre managed This Notice-cum-Addendum forms an integral part of SID, KIM & SAI of the Schemes
by M/s. KFin Technologies Limited will cease to act as Official Point of Acceptance for of the Mutual Fund, as amended from time to time. All the other terms and conditions of
the Schemes of the Mutual Fund w.e.f. September 06, 2024: SID, KIM & SAI of the Schemes of the Mutual Fund will remain unchanged.
Location/Branch Address DATE : SEPTEMBER 27, 2024 REF No. 26/2024-25
Begusarai KFin Technologies Ltd., Sri Ram Market, Kali Asthan NOTICE-CUM-ADDENDUM TO THE STATEMENT OF ADDITIONAL INFORMATION
Chowk, Matihani Road, Begusarai, Bihar - 851101. Tel.: (“SAI”), SCHEME INFORMATION DOCUMENT (“SID”) AND KEY INFORMATION
7518801807/9693344717 MEMORANDUM (“KIM”) OF THE SCHEMES OF JM FINANCIAL MUTUAL FUND
This Notice-cum-Addendum forms an integral part of SID, KIM & SAI of the Schemes (“THE MUTUAL FUND”):
of the Mutual Fund, as amended from time to time. All the other terms and conditions of Change in Fund Management responsibilities:
SID, KIM & SAI of the Schemes of the Mutual Fund will remain unchanged.
Investors are requested to note that the fund management responsibilities of the
DATE : SEPTEMBER 05, 2024 REF No. 23/2024-25 following Schemes of the Mutual Fund have been revised w.e.f. October 01, 2024 as
Notice of change in Base Total Expense Ratio (TER) of certain Schemes of JM under:
Financial Mutual Fund. Name of the Scheme Fund Manager Co-Fund Manager(s)
Notice is hereby given that in accordance with Paragraph 10.1.8 of SEBI Master Mr. Asit Bhandarkar
Circular SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90 dated June 27, 2024 (hereinafter Mr. Chaitanya Choksi
JM Flexicap Fund Mr. Satish Ramanathan
referred as “SEBI Master Circular”) on Total Expense Ratio – Change and Disclosure, Mr. Gurvinder Singh Wasan
the Base Total Expense Ratio (TER) (i.e. TER excluding additional expenses provided (Debt Portion)
in Paragraph 10.1.7 of SEBI Master Circular) of the following schemes/plans will Mr. Asit Bhandarkar
change with effect from September 24, 2024. Mr. Chaitanya Choksi
JM Large Cap Fund Mr. Satish Ramanathan
Mr. Gurvinder Singh Wasan
Base TER
Schemes/Plans (Debt Portion)
From To Mr. Asit Bhandarkar
JM Midcap Fund - Direct Plan 0.22 0.23 Mr. Chaitanya Choksi
JM Value Fund Mr. Satish Ramanathan
JM Flexicap Fund - Direct Plan 0.33 0.34 Mr. Gurvinder Singh Wasan
(Debt Portion)
JM Small Cap Fund - Direct Plan 0.43 0.45
Mr. Satish Ramanathan
JM Value Fund - Direct Plan 0.74 0.69 Mr. Chaitanya Choksi
JM Large Cap Fund - Direct Plan 0.75 0.55 JM Focused Fund Mr. Asit Bhandarkar
Mr. Gurvinder Singh Wasan
JM Focused Fund - Direct Plan 0.75 0.65 (Debt Portion)
Investors can visit our website, www.jmfinancialmf.com, for disclosures pertaining to Mr. Satish Ramanathan
the Total Expense Ratio (TER) displayed on the homepage under Scheme Expense JM ELSS Tax Saver Mr. Asit Bhandarkar
Mr. Chaitanya Choksi
Ratio. It is important for investors to be aware that the Base TER mentioned earlier Fund Mr. Gurvinder Singh Wasan
does not include applicable statutory levies. (Debt Portion)
Mr. Satish Ramanathan
For complete details, kindly refer Notice-Change in Base TER of Schemes of JM JM Aggressive Hybrid Mr. Chaitanya Choksi
Financial Mutual Fund, Ref No. 24/2024-25 dated September 18, 2024. Please Mr. Asit Bhandarkar
Fund Mr. Gurvinder Singh Wasan
find below the link of the website:https://www.jmfinancialmf.com/CMS/downloads/ (Debt Portion)
Notice%20and%20Addendums/Notice%20and%20Addendums/Notice%20-%20 Mr. Satish Ramanathan
Change%20in%20Base%20TER%20of%20Schemes%20of%20JM%20Financial%20 Mr. Chaitanya Choksi
JM Arbitrage Fund Mr. Asit Bhandarkar
Mutual%20Fund%20.pdf Mr. Gurvinder Singh Wasan
(Debt Portion)
DATE : SEPTEMBER 18, 2024 REF No. 24/2024-25 Mr. Asit Bhandarkar
NOTICE-CUM-ADDENDUM TO THE SCHEME INFORMATION DOCUMENT (“SID”) Mr. Chaitanya Choksi
JM Midcap Fund Mr. Satish Ramanathan
& STATEMENT OF ADDITIONAL INFORMATION (“SAI”) OF THE SCHEMES OF JM Mr. Gurvinder Singh Wasan
FINANCIAL MUTUAL FUND (“THE MUTUAL FUND”). (Debt Portion)
Mr. Satish Ramanathan
Change in the timelines for registration of Systematic Withdrawal Plan (“SWP”) Mr. Chaitanya Choksi
under the Schemes of the Mutual Fund: JM Small Cap Fund Mr. Asit Bhandarkar
Mr. Gurvinder Singh Wasan
Investors / unitholders are hereby informed that JM Financial Asset Management (Debt Portion)
Limited (AMC) proposes to reduce the timeline for registration of SWP from the existing This Notice-cum-Addendum forms an integral part of SID, KIM & SAI of the Schemes
15 calendar days to 5 working days, with effect from September 20, 2024. of the Mutual Fund, as amended from time to time.
This change will be applicable for all the Scheme(s) of the Mutual Fund. All the other terms and conditions of SID, KIM & SAI of the Schemes of the Mutual Fund
All other terms and conditions of the SWP facility will remain unchanged. will remain unchanged.
This Notice-Cum-Addendum forms an integral part of the SID & SAI of the Schemes For complete details, kindly refer Notice-cum-Addendum - Change in Fund Management
of the Mutual Fund, as amended from time to time. All the other terms and conditions Responsibilities, Ref No. 27/2024-25 dated September 30, 2024. Please find below
of the SID & SAI of the Schemes of the Mutual Fund will remain unchanged. The SID the link of the website:https://www.jmfinancialmf.com/CMS/downloads/Notice%20
should be read in conjunction with the SAI and not in isolation. The SID & SAI are and%20Addendums/Notice%20and%20Addendums/Notice-cum-Addendum%20-%20
available on our website www.jmfinancialmf.com. Change%20in%20Fund%20Management%20Responsibilities%20%20.pdf
DATE : SEPTEMBER 19, 2024 REF No. 25/2024-25 DATE : SEPTEMBER 30, 2024 REF No. 27/2024-25

41
INVESTOR SERVICE CENTRES
(ISC) / OFFICIAL POINT OF
ACCEPTANCE (OPA)
Details as on September 30, 2024

Point of acceptance of KFin Technologies Ltd. (RTA)

Zone Branch Address Contact Name Number
East
Assam Guwahati Ganapati Enclave, 4th Floor, Opposite Bora service, Ullubari, Guwahati, Assam 781007. Tel: 0361-3501536/37. Parth Das 9435173219
Patna Flat No.- 102, 2BHK Maa Bhawani Shardalay, Exhibition Road, Patna-800001. Tel: 0612-4149382. Rakesh Kumar 8824012687
Bihar Begusarai Sri Ram Market, Kali Asthan Chowk, Matihani Road, Begusarai, Bihar - 851101 Tel.: 7518801807/9693344717 Deepak Kumar Jaiswal 9304387790
Muzaffarpur First Floor, Saroj Complex, Diwam Road, Near Kalyani Chowk, Muzaffarpur-842001, Bihar, Tel.: 7518801839. Deepak Kumar Jaiswal 9304387790
Bokaro City Centre, Plot No. He-07, Sector-IV, Bokaro Steel City, Bokaro 827004. Tel: 7542979444. Pranab Bhattacharyya 9934314986
Jharkhand
Ranchi Room no 103, 1st Floor, Commerce Tower, Beside Mahabir Tower, Main Road, Ranchi -834001. Tel.: 0651-2330160 Pranab Bhattacharyya 9934314986
Bhubaneswar A/181 Back Side of Shivam Honda Show Room, Saheed Nagar - Bhubaneswar 751007. Tel: 0674-2548981. Saptarishi Pradhan 9883331924
Shop No-45, 2nd Floor, Netaji Subas Bose Arcade, (Big Bazar Building) Adjusent To Reliance Trends, Dargha Bazar, Cuttack 753001.
Orissa Cuttack Saptarishi Pradhan 9883331924
Tel: 0671-2956816.
Rourkela 2nd Floor, Main Road, Udit Nagar, Sundargarh, Rourekla 769012. Tel.: 0661-2500005 Rohit Dey 9038638491
Kolkata 2/1, Russel Street, 4thFloor, Kankaria, Centre, Kolkata 70001, WB. Tel: 033 66285900. Rohit Dey 9038638491
West Bengal
Asansol 112/N, G. T. Road, Bhanga Pachil, Paschim Bardhaman, West Bengal, Asansol - 713303. Tel.: 0341-2220077 Rohit Dey 9038638491
North
Ambala 6349, 2nd Floor, Nicholson Road, Adjacent Kos Hospitalambala Cant, Ambala 133001. Tel: 7518801804. Arvind Thakur 9816623718
Haryana Faridabad A-2B 2nd Floor, Neelam Bata Road, Peer ki Mazar, Nehru Groundnit, Faridabad 121001. Tel: 7518801812. Shubh Chandra Mishra 9891309050
Gurgaon No: 212A, 2nd Floor, Vipul Agora, M. G. Road, Gurgaon 122001. Tel: 7518801817. Shubh Chandra Mishra 9891309050
Himachal
Shimla 1St Floor, Hills View Complex, Near Tara Hall, Shimla 171001. Arvind Thakur 9816623718
Pradesh
New Delhi New Delhi 305 New Delhi House, 27 Barakhamba Road, New Delhi 110001. Tel: 011- 43681700. Amit Jain 9871866622
Amritsar SCO 5, 2nd Floor, District Shopping Complex, Ranjit Avenue, Amritsar 143001. Tel: 0183-5053802. Rajeev Kumar Bajaj 9796406060
Office No 7, 3rd Floor, City Square building, E-H197 Civil Line, Next to Kalyan Jewellers, Jalandhar 144001.
Jalandhar Rajeev Kumar Bajaj 9796406060
Punjab Tel: 0181-5094410.
Ludhiana SCO 122, Second floor, Above HDFC Mutual fund, Feroze Gandhi Market, Ludhiana 141001. Tel: 0161-4670278. Sheesh Pal Panwar 9876669990
Patiala B- 17/423, Lower Mall Patiala, Opp. Modi College, Patiala 147001. Tel: 0175-5004349. Sheesh Pal Panwar 9876669990
Ajmer 302, 3rd Floor, Ajmer Auto Building, Opposite City Power House, Jaipur Road, Ajmer 305001. Tel: 0145-5120725. Amit Jain 9871866622
Jaipur Office no 101, 1st Floor, Okay Plus Tower, Next to Kalyan Jewellers, Government Hostel Circle, Ajmer Road, Jaipur 302001. Tel:
Amit Jain 9871866622
01414167715/17.
Rajasthan Shop No. 6, Gang Tower, G Floor, Opposite Arora Moter Service Centre, Near Bombay Moter Circle, Jodhpur 342003.
Jodhpur Dharminder Swarnkar 9414221097
Tel: 7737014590.
Udaipur Shop No. 202, 2nd Floor, Business Centre, 1C Madhuvan, Opp. G P O Chetak Circle, Udaipur 313001. Tel: 0294 2429370. Dharminder Swarnkar 9414221097
Kota D-8 Shri Ram Complex, Opposite Multi Purpose School, Gumanpur, Kota 324007. Tel : 0744-5100964. Dharminder Swarnkar 9414221097
Union
Chandigarh First Floor, SCO 2469-70, Sec. 22-C, Chandigarh 160022. Tel: 1725101342. Sheesh Pal Panwar 9876669990
Territory
Agra House No. 17/2/4, 2nd Floor, Deepak Wasan Plaza, Behind Hotel Holiday INN, Sanjay Place, Agra 282002. Tel: 7518801801. Saurabh Kumar Singh 8400123123
Allahabad Meena Bazar, 2nd Floor 10 S.P. Marg Civil Lines, Subhash Chauraha, Prayagraj, Allahabad 211001. Tel: 7518801803. Anuj Mishra 9839065084
Aligarh 1st Floor Sevti Complex, Near Jain Temple, Samad Road Aligarh-202001. Tel.: 7518801802 Saurabh Kumar Singh 8400123123
Bareilly 1st Floor, rear side a -Square Building, 54-Civil Lines, Ayub Khan Chauraha, Bareilly 243001. Tel: 7518801806. Sunil Maurya 8433483277
Ghaziabad FF - 31, Konark Building, Rajnagar, Ghaziabad 201001. Tel: 7518801813. Shubh Chandra Mishra 9891309050
Gorakhpur Shop No 8 & 9, 4th Floor, Cross Road The Mall, Bank Road, Gorakhpur - 273001. Tel: 7518801816. Umesh Chauhan 9792940256
Kanpur 15/46 B Ground Floor, Opp : Muir Mills, Civil Lines, Kanpur 208001. Tel: 7518801824. Saurabh Kumar Singh 8400123123
Uttar Pradesh
Lucknow 1st Floor, A. A. Complex, 5 Park Road, Hazratganj Thaper House, Lucknow 226001. Tel: 0522-4061893. Saurabh Kumar Singh 8400123123
Shop No:- 111, First Floor, Shivam Plaza, Near Canara Bank, Opposite Eves Petrol Pump, Meerut-25001, Uttar Pradesh, India. Tel:
Meerut Uday Pratap Singh 9996102959
0121-4330878.
Moradabad Chadha Complex, G. M. D. Road, Near Tadi Khana Chowk, Moradabad 244001. Tel: 7518801837. Sunil Maurya 8433483277
Noida F-21, 2nd Floor, Near Kalyan Jewellers, Sector-18, Noida 201301. Tel: 7518801840. Shubh Chandra Mishra 9891309050
D. 64 / 52, G – 4, Arihant Complex, Second Floor, Madhopur, Shivpurva Sigra, Near Petrol Pump, Varanasi -221010. Uttar Pradesh.
Varanasi Manoj Kumar Singh 9670332299
Tel.: 7518801856.
Uttaranchal Dehradun Shop No-809/799, Street No-2 A, Rajendra Nagar, Near Sheesha Lounge, Kaulagarh Road, Dehradun-248001. Tel: 7518801810. Sunil Maurya 8433483277
South
Guntur 2nd Shatter, 1st Floor, Hno. 6-14-48, 14/2 Lane, Arundal Pet, Guntur 522002. Tel: 0863-2339094. K. Bala Krishna 9885995544
Tirupathi Shop No:18-1-421/f1, City Center, K. T. Road, Airtel Backside office, Tirupathi 517501. Tel: 9885995544 / 0877-2255797. K. Bala Krishna 9885995544
Andhra
Pradesh Vijayawada HNo26-23, 1st Floor, Sundarammastreet, GandhiNagar, Krishna, Vijayawada 520010. Tel: 0866-6604032/39/40. Satish Deshabaina 9959120147
DNO : 48-10-40, Ground Floor, Surya Ratna Arcade, Srinagar, Opp Roadto Lalitha Jeweller Showroom, Beside Taj Hotel Ladge,
Visakhapatnam K. Bala Krishna 9885995544
Visakhapatnam 530016. Tel: 0891-2714125.
42
 Details as on September 30, 2024

Zone Branch Address Contact Name Number

Bangalore No 35, Puttanna Road, Basavanagudi, Bangalore 560004. Tel: 080-26602852. Raghunath K 9611131412
Belgaum Premises No.101, CTS NO.1893, Shree Guru Darshani Tower, Anandwadi, Hindwadi, Belgaum 590011. Tel: 0831 2402544. Raghunath K 9611131412
Hubli R R Mahalaxmi Mansion, Above Indusind Bank, 2nd Floor, Desai Cross, Pinto Road, Hubballi 580029. Tel: 0836-2252444. Raghunath K 9611131412
Karnataka Shop No - 305, Marian Paradise Plaza, 3rd Floor, Bunts Hostel Road, Mangalore - 575003, Dakshina Kannada, Karnataka
Mangalore Raghunath K 9611131412
Tel: 0824-2496289.
Mysore No 2924, 2nd Floor, 1st Main, 5th Cross, Saraswathi Puram, Mysore 570009. Tel: 0821-2438006. Raghunath K 9611131412
Shimoga Jayarama Nilaya, 2nd Corss Mission Compound, Shimoga - 577201. Tel.: 08182-295491
Kerala Cochin Ali Arcade 1st Floor, Kizhavana Road, Panampilly Nagar, Near Atlantis Junction, Ernakualm 682036. Tel: 0484 - 4025059. Sudheesh KA 9633072271
Pondicherry Pondicherry No 122(10B) Muthumariamman Koil Street - Pondicherry 605001. Tel.: 0413-4300710. Sundari 0427 4020300
Chennai 9th Floor, Capital Towers, 180, Kodambakkam High Road, Nungambakkam, Chennai – 600034. Tel: 044-42028512. Mihir Kumar Nath 9840109615
Coimbatore 3rd Floor, Jaya Enclave,1057 Avinashi Road, Coimbatore 641018. Tel: 0422 - 4388011. Sundari 0427 4020300
Tamil Nadu Madurai No. G-16/17, AR Plaza, 1st Floor, North Veli Street, Madurai 625001. Tel: 0452-2605856. Nagarajan 9786326553
Salem No.6 NS Complex, Omalur main road, Salem 636009. Tel: 0427-4020300. Sundari 0427 4020300
Trichy No 23C/1 E V R road, Near Vekkaliamman Kalyana Mandapam, Putthur, Trichy 620017. Tel: 0431-4020227. Sundari 0427 4020300
Hyderabad No:303, Vamsee Estates, Opp: Bigbazaar, Ameerpet, Hyderabad 500016. Tel: 040-44857874 / 75 / 76. Satish Deshabaina 9959120147
Telangana
Ameerpet JBS Station, Lower Concourse 1, 2nd Floor, Situated in Jubilee Bus Metro Station, Secunderabad 500009.
West
Bhilai Office No. 2, 1st Floor, Plot No. 9/6, Nehru Nagar [East], Bhilai 490020. Tel: 0788-2289499 / 2295332. K N Reddy 9300051444
Chatisgarh
Raipur Office No S-13, Second Floor, Reheja Tower, Fafadih Chowk, Jail Road, Raipur 492001. Tel: 0771-4912611. K N Reddy 9300051444
Goa Panjim H. No: T-9, T-10, Affran plaza, 3rd Floor, Near Don Bosco High School, Panjim 403001. Tel: 0832-2426874. Raghunath K 9611131412
Ahmedabad Office No. 401, on 4th Floor, ABC-I, Off. C.G. Road, Ahmedabad 380009. Tel: 9081903021/9824327979. Mehul Barevadya 9824327979
Anand B-42 Vaibhav Commercial Center, Nr TVS Down Town Shrow Room, Grid Char Rasta, Anand 380001. Tel: 9081903038. Mehul Barevadya 9824327979
Baroda 1st Floor, 125 Kanha Capital, Opp. Express Hotel, R C Dutt Road, Alkapuri, Vadodara 390007. Tel: 0265-2353506. Mehul Barevadya 9824327979
Bhavnagar 303 Sterling Point Waghawadi Road - Bhavnagar 364001. Tel: 278-3003149. Purvi Bhensdadiya 9725444799
Gandhi Nagar 138 - Suyesh solitaire, Nr. Podar International School, Kudasan, Gandhinagar - 382421, Gujarat Tel.: 079 23244955 Mehul Barevadya 9824327979
Gandhidham Shop # 12 Shree Ambica Arcade Plot # 300,Ward 12. Opp. CG High School, Near HDFC Bank, Gandhidham 370201. Tel.: 9081903027 Purvi Bhensdadiya 9725444799
Gujarat Jamnagar 131 Madhav Plazza, Opp SBI Bank, Nr Lal Bunglow, Jamnagar 361008. Tel: 0288 3065810. Purvi Bhensdadiya 9725444799
Mehsana FF-21 Someshwar Shopping Mall, Modhera Char Rasta, Mehsana 384002. Tel.: 02762-242950 Mehul Barevadya 9824327979
Navsari 103 1st Floor, E Landmark Mall, Near Sayaji Library, Navsari Gujarat, Navsari 396445. Tel: 9081903040. Rakesh Bakshi 8000403762
Rajkot 302 Metro Plaza, Near Moti Tanki Chowk, Rajkot, Gujarat 360001. Tel: 9081903025. Purvi Bhensdadiya 9725444799
Surat Ground Floor, Empire State building, Near Udhna Darwaja, Ring Road, Surat 395002. Tel: 9081903041. Rakesh Bakshi 8000403762
Valsad 406 Dreamland Arcade, Opp. Jade Blue, Tithal Road, Valsad 396001. Tel: 02632-258481. Rakesh Bakshi 8000403762
Bhopal SF-13 Gurukripa Plaza, Plot No. 48A, Opposite City Hospital, zone-2, M P Nagar, Bhopal 462011. Tel: 0755 4077948/3512936. Vishwas Dage 9713041958
Gwalior City Centre, Near Axis Bank, Gwalior 474011. Tel: 7518801818. Saurabh Kumar Singh 8400123123
Madhya Jabalpur 2nd Floor, 290/1 (615-New), Near Bhavartal Garden, Jabalpur - 482001. Tel.: 0761-4923301 Vishwas Dage 9713041958
Pradesh Indore 101, Diamond Trade Center, 3-4 Diamond Colony, New Palasia, Above khurana Bakery, Indore. Tel: 0731-4266828/4218902. Prashant patil 9977713382
Heritage Shop No. 227, 87 Vishvavidhyalaya Marg, Station Road, Near ICICI Bank, Above Vishal Megha Mart, Ujjain 456001.
Ujjain Prashant patil 9977713382
Tel.: 0734-4250007 / 08.
Ratlam 106 Rajaswa Colony, Near Sailana Bus Stand, Ratlam (M.P.) 457001. Tel: 9907908155, 9713041958. Prashant patil 9977713382
Aurangabad Shop no B 38, Motiwala Trade Center, Nirala Bazar, Aurangabad 431001. Tel: 0240-2343414. Prashant patil 9977713382
1st Floor, Above Shubham Mobile & Home Appliances, Tilak Road, Maliwada, Ahmednagar, Maharashtra - 414001.
Ahmednagar
Tel: 0241-3556221.
Kolhapur 605/1/4 E Ward Shahupuri 2nd Lane, Laxmi Niwas, Near Sultane Chambers, Kolhapur 416001. Tel: 0231 2653656. Akash Pawar 9595689091

Maharashthra Mumbai 6/8 Ground Floor, Crossley House, Near BSE, Next Union Bank, Fort, Mumbai - 400001. Tel: 0121-022-66235353. Prashant Ramakant Purav 9004089492
Borivali Gomati Smuti, Ground Floor, Jambli Gully, Near Railway Station, Borivali, Mumbai - 400 092. Prashant Ramakant Purav 9004089492
Thane Room No. 302, 3rd Floor, Ganga Prasad, Near RBL Bank Ltd, Ram Maruti Cross Road, Naupada, Thane West, Mumbai – 400602. Prashant Ramakant Purav 9004089492
Nagpur Plot No. 2, Block No. B / 1 & 2, Shree Apratment, Khare Town, Mata Mandir Road, Dharampeth, Nagpur 440010. Tel: 0712-3513750. Sachin Tarare 9146044399
Nasik S-9 Second Floor, Suyojit Sankul, Sharanpur Road, Nasik 422002. Tel: 0253-6608999. Prashant patil 9977713382

43
 Details as on September 30, 2024

Zone Branch Address Contact Name Number

Pune Office # 207-210, Second Floor, Kamla Arcade, JM Road. Opposite Balgandharva, Shivaji Nagar, Pune 411005. Tel: 2046033615. Mohammed Murad Shakir 9823020792
Vashi Haware Infotech Park, 902, 9th Floor, Plot No 39/03, Sector 30A, Opp. Inorbit Mall, Vashi Navi Mumbai 400 703. Prashant Ramakant Purav 9004089492
Maharashtra Solapur Shop No 106, Krishna Complex, 477 Dakshin Kasaba Datta Chowk, Solapur-413007. Tel : 0217-2300021 / 2300318. Satish Deshabaina 9959120147
Ghatkopar 11/Platinum Mall, Jawahar Road, Ghatkopar (East), Mumbai 400077. Amit Karangutkar 9004089306
Ahmednagar Shop no. 2, Plot No. 17, S.no 322, Near Ganesh Colony, Savedi, Ahmednagar - 414001 Sachin Tarare 9146044399

JM Financial Asset Management Limited (ISC) / (OPA)

Ahmedabad 702, Majestic. Nr. Swati Restaurant, Opp Lawgarden BRTS Stand, Ellisbridge, Ahmedabad 380006. Tel.: (079) 29915991
Bangalore Mittal Tower Unit No. 1258-59, B Wing, 14th Floor, Near Trinity Metro Station, Bangalore. Tel.: (080) 40907317/19.
Bhubaneswar Global Business Park, Business Center, Office Number – 203, 2nd Floor, 191/A Kharvel Nagar, Unit No. 3, Bhubaneswar , Khordha,
Odisha – 751001.
Chandigarh 2nd Floor, SCO 2447-48, Sector 22 C, Chandigarh - 160022. Phone: +91 0172 4346431
Chennai Maalavika Centre No. 144/145, 4th Floor, Kodambakkam High Road, Nungambakkam, Chennai - 600034. Tel.: (044) 35005128.
Hyderabad ABK OLBEE Plaza, 8-2-618/8 & 9, 2nd Floor, 204, Road No. 1, Banjara Hills, Hyderabad 500 034. Tel.: (040) 66664436 / 66780752.
Jaipur 343, 3rd Floor, Ganapati Plaza, MI Road, Jaipur - 302 001. Tel.: (0141) 4002188.
Kolkata Krishna Kunj, 7th floor, 10C, Hungerford Street, Kolkata 700017. Tel.: (033) 40062958/59/65/67.
Lucknow Office No 207 B, 2nd Floor, Saran Chambers 2, 5 Park Road, Near Civil Hospital, Hazaratganj, Lucknow 226001. Tel.: (0522) 4578998.
Mumbai (Prabhadevi) Office B, 8th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025. Tel: 022- 61987777.
Mumbai (Andheri) The Summit Business Park, 415, 4th Floor, Off Andheri - Kurla Road, Chakala, Below Western Express Highway Metro Station, Andheri East,
Mumbai - 400 093, Maharashtra Tel: 022- 61987777.
New Delhi 601, 6th floor, Suryakiran Building, 19 K G Marg, Connaught Place, New Delhi - 110 001. Tel.: (011) 43616160.
Pune Office no 13, 3rd Floor, Aditya Centeegra, Final Plot 314, CTS 930, Mouje Bhamburda, Fergusson College Rd, Shivaji Nagar, Pune - 411005.
Tel - (020) 25511127.
Vadodara Emerald One Unit No. A 126, 1st Floor, Windward Business Park, Jetalpur Road, Vadodara. Tel: 0265-2993727.
Indore Gold Arcade, Office No. 207, 3 New Palasia, Street No 1, Opposite Virndavan Restaurant, Near Janjeerwala Square, Indore-452001.
Tel.: 0731-3600912.

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JM Financial Asset Management Limited

Registered Office: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025.
Corporate Office: Office B, 8th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025.
Corporate Identity Number: U65991MH1994PLC078879. • Tel. No.: (022) 6198 7777. • Fax No.: (022) 6198 7704
Toll Free: 1800-1038-345 | Website*: www.jmfinancialmf.com | Email: [email protected]

*Investors can also invest in the Schemes of Mutual Fund by logging in on the website of the Mutual Fund.
Disclaimer: The views of the Fund Managers should not be constructed as an advice. Investor must make their own investment decisions based on their specific investment
objectives and financial positions and using such AMFI qualified advisors as may be necessary. Opinions expressed in various articles are not necessarily those of JM Financial
Asset Management Ltd. or any of its Directors, Officers and employees or the Directors and employees of JM Financial Trustee Company Pvt. Ltd. Consequently, the JM Financial
Asset Management Ltd. or any of its Directors, Officers and Employees or the Directors and employees of JM Financial Trustee Company Pvt. Ltd. do not accept any responsibility
for the editorial content or its accuracy, completeness or reliability and hereby disclaim any liability with regards to the same.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.