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JM FINANCIAL MUTUAL FUND
ANNUAL REPORT 2015-2016
Please refer Scheme Information Document for details on
Riskometer
BOARD OF DIRECTORSJM Financial Trustee Company Private
Limited(as on 31st March, 2016)
JM Financial Asset Management Limited(as on 31st March,
2016)
Mr. Nimesh N. Kampani, Chairman Mr. V. P. Shetty, ChairmanMr.
Anant V. Setalvad Mr. Darius PandoleMr. Darius E. Udwadia Mr. G. M.
RamamurthyMr. Sharad M. Kulkarni Mr. Rajendra P. ChitaleDr. R.
Srinivasan Mr. V. P. Singh
SPONSOR TRUSTEE INVESTMENT MANAGERJM Financial LimitedCIN:
L67120MH1986PLC038784Registered Office: 7th Floor, Cnergy,
Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025.
JM Financial Trustee Company Private LimitedCIN:
U65991MH1994PTC078880Registered Office: 141, Maker Chambers III,
Nariman Point, Mumbai - 400 021.Corporate Office: 5th Floor,
Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025.
JM Financial Asset Management Limited (Formerly known as JM
Financial Asset Management Private Limited) CIN:
U65991MH1994PLC078879Registered Office: 7th Floor, Cnergy,
Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025.Corporate
Office: Office B, 8th Floor, Cnergy, Appasaheb Marathe Marg,
Prabhadevi, Mumbai - 400025.Tel. No.: 022-6198 7777Fax No.: 022-
6198 7704
AUDITORS LEGAL ADVISOR REGISTRAR & TRANSFER AGENT
S.R.Batliboi & Co. LLP,Chartered Accountants14th Floor, The
Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400 028,
India.
Udwadia Udeshi & Argus Partners 1st Floor, Elphinstone
House17 Marzban road,Mumbai - 400001.
Karvy Computershare Private LimitedKarvy Selenium Tower B, Plot
No. 31 & 32, First Floor, Gachibowli, Financial District,
Nanakramguda, Serilingampally, Hyderabad - 500 032.
CUSTODIAN BANKERSHDFC Bank LimitedLodha – I Think Techno Campus,
Building Alpha, Custody Department, 8th Floor, Opp Crompton
Greaves, Kanjurmarg (E), Mumbai – 400 042.
HDFC Bank Limited
CORPORATE OFFICE
JM Financial Asset Management Limited (Formerly known as JM
Financial Asset Management Private Ltd) Corporate Identity Number:
U65991MH1994PLC078879
Office B, 8th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi,
Mumbai - 400025.
Tel. No.: 022 - 6198 7777 | Fax No.: 022 - 6198 7704 | E-mail:
[email protected] | Website: www.jmfinancialmf.com
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2
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Dear Investor,
The Board of Trustees of JM Financial Mutual Fund is pleased to
present the Annual Report of JM Financial Mutual Fund for the year
ended March 31, 2016.
ECONOMIC OUTLOOK
The GDP estimate (third Quarter) for the F.Y. 2015-16, released
by the Central Statistics Office (CSO), showed that the Indian
Economy growing at a robust pace of 7.30% Y-o-Y.
The uneven recovery in growth in F.Y. 2015-16 is likely to
strengthen, gradually into 2016-17.The GDP growth projection for
F.Y. 2016-17 has been retained at 7.60%, assuming a normal monsoon,
the likely boost to consumption demand from the implementation of
the 7th Pay Commission recommendations and One Rank One Pension
(OROP), and continuing monetary policy accommodation.
Globally, almost all major Central Banks (barring USA) have been
following an accommodative monetary policy stance due to falling
inflation across geographies, largely on account of sharp
correction in crude oil, commodity prices and also food prices.
Consumer Price Index (CPI) inflation declined to 4.83% in March,
2016 from 5.25% in March, 2015. CPI inflation is expected to
average around 5.00% by the end of F.Y. 2016-17 with assumption of
normal monsoon and range bound level of commodity prices,
especially Oil.
Inflation as per the Wholesale Price Index (WPI) remained in
negative territory for almost full year rising marginally from -
2.33% in March, 2015 to -0.85% in March, 2016.
The Current Account Deficit (CAD) also narrowed during the year.
During the first three quarters of F.Y. 2015-16, CAD was recorded
at $21.9 billion and stood at 1.4% of GDP compared to 1.7% in the
same corresponding period a year ago.
The moderation in current account gap is largely attributable to
lower crude import bill that fell to USD 78 billion in F.Y. 2015-16
from USD 131 billion in F.Y. 2014-15 and contraction in trade
deficit of merchandise goods along with rise in services trade
surplus.
Fiscal deficit for F.Y. 2015-16 was retained at 3.90% of GDP and
is estimated to be around 3.50% for F.Y. 2016-17.
The forex reserve is at all-time high of US$360bn. RBI will
continue to be a net purchaser of the USD with a view to garner
higher foreign exchange reserves to combat unforeseen
circumstances, especially with further US Fed rate hike and likely
outflow of FCNR (B) deposits maturing in September, 2016.
INR/USD is expected in the band of 66-68 in the near term with
some interim volatility.
Easing headline inflation and improvement in quality of fiscal
deficit has provided room for RBI to ease the policy rates by 75
bps in F.Y. 2015-16. We expect global central banks, including the
RBI, to stay on the easing trajectory in the near to medium term,
Exception being the US Fed which started hiking rates in December,
2015 and is expected to gradually raise rates further subject to
macro data supporting it.
The Sensex Index earnings per share is expected to be at Rs.
1530 in F.Y. 2016-17 and it is trading at a price to earning ratio
of 17.2X.
Both the Sensex and Nifty corrected by 9.3% and 8.8%,
respectively, during the financial year ended March 31, 2016.
Broader indices like BSE 100 and BSE 500 also corrected by 8.9% and
7.8% returns respectively over previous year. Even though benchmark
indices have stagnated over last 12-15 months, the transmission of
rate cuts could possibly lead to improved corporate balance sheets
and better market returns over the next year.
Comparison of indices as on April 1, 2015 and March 31, 2016 is
as follows:
Index Name From Date (April 01, 2015)
To Date (March 31, 2016)
Compounded Annualized (%)
Nifty 50 8491 7738 (8.84)Nifty Free Float Midcap 100 13001 12753
(1.91)S&P BSE 100 8607 7835 (8.94)S&P BSE 200 3538 3259
(7.84)S&P BSE 500 11049 10185 (7.80)S&P BSE Sensex 27957
25342 (9.33)
Source: RBI, Ministry of Statistics and Programme Implementation
(MOSPI), CCIL and Bloomberg
REPORT OF THE BOARD OF TRUSTEES
SCHEME DETAILS & PERFORMANCE
Performance of all the Schemes as on March 31, 2016 was as
follows $:
Name of Schemes NAV as on March 31,
2016
Benchmark Index Scheme Returns since inception (%)
Benchmark Returns since inception (%)
Scheme Returns since last 1 year (%)
Benchmark Returns since last 1 year (%)
JM Equity Fund - Dividend 20.7934 BSE Sensex 10.41 10.25 (9.29)
(9.33)JM Equity Fund - Growth 51.0820 BSE Sensex 8.07 10.25 (9.29)
(9.33)JM Equity Fund (Direct) - Dividend 21.3946 BSE Sensex 12.22
7.55 (8.42) (9.33)JM Equity Fund (Direct) - Growth 52.7282 BSE
Sensex 12.29 8.27 (7.59) (9.33)JM Equity Fund - Monthly Dividend
Option* 21.0379 BSE Sensex (6.68) (8.33) N A N A JM Equity Fund
(Direct) -Monthly Dividend Option* 21.6564 BSE Sensex (5.53) (8.33)
N A N A JM Equity Fund - Quarterly Dividend Option* 21.0610 BSE
Sensex (6.19) (8.33) N A N A JM Equity Fund (Direct) - Quarterly
Dividend Option* 21.6564 BSE Sensex (5.53) (8.33) N A N A JM Equity
Fund - Half Yearly Dividend Option* 14.7020 BSE Sensex (8.74)
(8.33) N A N A JM Equity Fund (Direct) - Half Yearly Dividend
Option* 21.6562 BSE Sensex (6.68) (8.33) N A N A JM Equity Fund -
Annual Dividend Option* 21.0623 BSE Sensex (6.18) (8.33) N A N A JM
Equity Fund (Direct) - Annual Dividend Option* 21.6564 BSE Sensex
(5.53) (8.33) N A N A JM Balanced Fund - Dividend 10.1171 Crisil
Balanced Fund Index 11.42 NIL (5.76) (2.90)JM Balanced Fund -
Growth 36.1717 Crisil Balanced Fund Index 11.97 N A (5.71) (2.90)JM
Balanced Fund (Direct) - Dividend 26.4831 Crisil Balanced Fund
Index 13.00 8.69 (4.82) (2.90)JM Balanced Fund (Direct) - Growth
37.7122 Crisil Balanced Fund Index 14.66 8.91 (4.42) (2.90)JM
Balanced Fund - Half Yearly Dividend Option 26.0832 Crisil Balanced
Fund Index (0.98) (0.34) (4.63) (2.90)JM Balanced Fund (Direct) -
Half Yearly Dividend Option 26.7817 Crisil Balanced Fund Index 0.07
(0.34) (3.72) (2.90)JM Balanced Fund - Bonus Option - Principal
Units 36.5847 Crisil Balanced Fund Index (0.95) (0.34) (4.62)
(2.90)JM Balanced Fund (Direct) - Bonus Option - Principal Units
37.9768 Crisil Balanced Fund Index 0.07 (0.34) (3.72) (2.90)JM
Balanced Fund - Annual Bonus Option -Principal Units 36.5847 Crisil
Balanced Fund Index (0.95) (0.34) (4.62) (2.90)JM Balanced Fund
(Direct) - Annual Bonus Option - Principal Units 37.6365 Crisil
Balanced Fund Index 4.00 4.66 (4.59) (2.90)JM Balanced Fund -
Annual Dividend Option 26.0850 Crisil Balanced Fund Index (1.15)
1.69 (4.63) (2.90)JM Balanced Fund (Direct) - Annual Dividend
Option 26.6513 Crisil Balanced Fund Index (0.42) 1.69 (4.11)
(2.90)JM Balanced Fund - Half Yearly Bonus Option - Principal Units
36.5847 Crisil Balanced Fund Index (0.95) (0.34) (4.62) (2.90)
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3
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Name of Schemes NAV as on March 31,
2016
Benchmark Index Scheme Returns since inception (%)
Benchmark Returns since inception (%)
Scheme Returns since last 1 year (%)
Benchmark Returns since last 1 year (%)
JM Balanced Fund (Direct) - Half Yearly Bonus Option - Principal
Units 37.9768 Crisil Balanced Fund Index 0.07 (0.34) (3.72)
(2.90)JM Balanced Fund - Quarterly Bonus Option - Principal Units
36.5847 Crisil Balanced Fund Index (0.95) (0.34) (4.62) (2.90)JM
Balanced Fund (Direct) - Quarterly Bonus Option - Principal Units
37.9768 Crisil Balanced Fund Index 0.07 (0.34) (3.72) (2.90)JM
Balanced Fund - Monthly Dividend 26.0832 Crisil Balanced Fund Index
(0.98) (0.34) (4.63) (2.90)JM Balanced Fund (Direct) - Monthly
Dividend 26.7817 Crisil Balanced Fund Index 0.07 (0.34) (3.72)
(2.90)JM Balanced Fund - Quarterly Dividend 11.2404 Crisil Balanced
Fund Index (1.81) (0.34) (5.65) (2.90)JM Balanced Fund (Direct) -
Quarterly Dividend 26.6354 Crisil Balanced Fund Index (0.36) (0.34)
(4.24) (2.90)JM Basic Fund - Dividend 13.7546 BSE 200 15.81 12.31
(8.21) (7.84)JM Basic Fund - Growth 19.6977 BSE 200 15.81 12.31
(8.21) (7.84)JM Basic Fund (Direct) - Dividend 14.0306 BSE 200
10.61 9.24 (7.65) (7.84)JM Basic Fund (Direct) - Growth 20.3367 BSE
200 11.02 9.24 (6.51) (7.84)JM Arbitrage Advantage Fund - Dividend
10.4107 Crisil Liquid Fund Index 7.71 7.59 6.52 8.04 JM Arbitrage
Advantage Fund - Growth 20.5701 Crisil Liquid Fund Index 7.71 7.59
6.51 8.04 JM Arbitrage Advantage Fund (Direct) - Dividend 10.7328
Crisil Liquid Fund Index 8.47 8.81 8.19 8.04 JM Arbitrage Advantage
Fund (Direct) - Growth 20.9227 Crisil Liquid Fund Index 8.57 8.81
7.13 8.04 JM Arbitrage Advantage Fund - Bonus Option - Principal
Units 11.1832 Crisil Liquid Fund Index 7.17 8.40 6.51 8.04 JM
Arbitrage Advantage Fund (Direct) - Bonus Option - Principal Units
11.2111 Crisil Liquid Fund Index 7.59 8.39 6.90 8.04 JM Arbitrage
Advantage Fund - Annual Bonus Option - Principal Units 20.6498
Crisil Liquid Fund Index 7.42 8.24 6.91 8.04 JM Arbitrage Advantage
Fund (Direct) - Annual Bonus Option - Principal Units 10.7604
Crisil Liquid Fund Index 7.50 8.24 6.90 8.04 JM Arbitrage Advantage
Fund - Half Yearly Bonus Option - Principal Units 20.6847 Crisil
Liquid Fund Index 7.56 8.24 7.09 8.04 JM Arbitrage Advantage Fund
(Direct) - Half Yearly Bonus Option - Principal Units 20.8918
Crisil Liquid Fund Index 7.56 8.24 6.97 8.04 JM Arbitrage Advantage
Fund - Quarterly Bonus Option - Principal Units 20.6847 Crisil
Liquid Fund Index 7.56 8.24 7.09 8.04 JM Arbitrage Advantage Fund
(Direct) - Quarterly Bonus Option - Principal Units 20.8918 Crisil
Liquid Fund Index 7.56 8.24 6.97 8.04 JM Arbitrage Advantage Fund -
Monthly Dividend* 10.9491 Crisil Liquid Fund Index 4.36 5.27 N A N
A JM Arbitrage Advantage Fund (Direct) - Monthly Dividend* 11.2648
Crisil Liquid Fund Index 4.54 5.27 N A N A JM Arbitrage Advantage
Fund - Quarterly Dividend* 10.9717 Crisil Liquid Fund Index 4.58
5.27 N A N A JM Arbitrage Advantage Fund (Direct) - Quarterly
Dividend* 11.2962 Crisil Liquid Fund Index 4.83 5.27 N A N A JM
Arbitrage Advantage Fund - Half Yearly Dividend* 10.9675 Crisil
Liquid Fund Index 4.54 5.27 N A N A JM Arbitrage Advantage Fund
(Direct) - Half Yearly Dividend* 11.2962 Crisil Liquid Fund Index
4.83 5.27 N A N A JM Arbitrage Advantage Fund - Annual Dividend
Option* 10.9717 Crisil Liquid Fund Index 4.58 5.27 N A N A JM
Arbitrage Advantage Fund (Direct) - Annual Dividend Option* 11.2962
Crisil Liquid Fund Index 4.83 5.27 N A N A JM Tax Gain Fund -
Dividend 10.6840 BSE 500 Index 0.83 6.49 (8.58) (7.80)JM Tax Gain
Fund - Growth 10.6840 BSE 500 Index 0.83 6.49 (8.58) (7.80)JM Tax
Gain Fund (Direct) - Dividend 10.9636 BSE 500 Index 13.93 8.93
(7.84) (7.80)JM Tax Gain Fund (Direct) - Growth 11.0825 BSE 500
Index 14.47 9.21 (6.61) (7.80)JM Multi Strategy Fund - Dividend
18.2916 BSE 500 Index 8.36 9.37 (10.06) (7.80)JM Multi Strategy
Fund - Growth 19.6671 BSE 500 Index 9.41 9.37 (10.06) (7.80)JM
Multi Strategy Fund (Direct) - Dividend 18.6805 BSE 500 Index 12.42
9.21 (9.46) (7.80)JM Multi Strategy Fund (Direct) - Growth 20.3087
BSE 500 Index 12.81 9.21 (8.38) (7.80)JM Core 11 Fund - Dividend
5.2610 BSE Sensex (7.64) 5.42 (10.36) (9.33)JM Core 11 Fund -
Growth 5.2612 BSE Sensex (7.64) 5.42 (10.36) (9.33)JM Core 11 Fund
(Direct) - Dividend 5.3902 BSE Sensex 10.00 7.95 (9.46) (9.33)JM
Core 11 Fund (Direct) - Growth 5.4522 BSE Sensex 11.00 8.27 (8.57)
(9.33)JM Income Fund - Bonus Option 17.2710 Crisil Composite Bond
Fund Index 4.90 N A 2.06 8.22 JM Income Fund - Quarterly Dividend
Option 14.3531 Crisil Composite Bond Fund Index 8.07 N A 2.06 8.22
JM Income Fund - Growth 42.2144 Crisil Composite Bond Fund Index
7.09 N A 2.06 8.22 JM Income Fund (Direct) - Bonus Option 18.6276
Crisil Composite Bond Fund Index 9.19 8.87 4.55 8.22 JM Income Fund
(Direct) - Quarterly Dividend Option 15.3734 Crisil Composite Bond
Fund Index 8.94 8.87 4.56 8.22 JM Income Fund (Direct) - Growth
43.5976 Crisil Composite Bond Fund Index 7.70 8.87 3.24 8.22 JM
Short Term Fund - Dividend 10.5755 Crisil Liquid Fund Index 8.29
6.84 6.85 8.04 JM Short Term Fund - Daily Dividend 11.2932 Crisil
Liquid Fund Index 8.84 8.63 6.85 8.04 JM Short Term Fund -
Growth& 21.2197 Crisil Liquid Fund Index 5.96 6.84 6.85 8.04 JM
Short Term Fund (Direct) - Dividend 10.6109 Crisil Liquid Fund
Index 8.41 8.78 7.13 8.04 JM Short Term Fund (Direct) - Daily
Dividend 11.5539 Crisil Liquid Fund Index 8.51 8.78 7.36 8.04
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4
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Name of Schemes NAV as on March 31,
2016
Benchmark Index Scheme Returns since inception (%)
Benchmark Returns since inception (%)
Scheme Returns since last 1 year (%)
Benchmark Returns since last 1 year (%)
JM Short Term Fund (Direct) - Growth* 21.3861 Crisil Liquid Fund
Index 8.39 8.78 7.14 8.04 JM Short Term Fund - Regular Plan -
Dividend 11.6396 Crisil Liquid Fund Index 7.95 6.77 6.58 8.04 JM
Short Term Fund - Regular Plan - Daily Dividend 11.1967 Crisil
Liquid Fund Index 8.57 8.63 6.58 8.04 JM Short Term Fund - Regular
Plan - Growth 28.9873 Crisil Liquid Fund Index 8.03 6.77 6.58 8.04
JM High Liquidity Fund - Growth Option 41.3281 Crisil Liquid Fund
Index 8.08 N A 8.29 8.04 JM High Liquidity Fund - Bonus Option
13.2333 Crisil Liquid Fund Index 7.16 N A 8.29 8.04 JM High
Liquidity Fund - Daily Dividend 10.4302 Crisil Liquid Fund Index
7.05 N A 8.29 8.04 JM High Liquidity Fund - Weekly Dividend 11.0175
Crisil Liquid Fund Index 7.54 N A 8.29 8.04 JM High Liquidity Fund
- Quarterly Dividend Option 23.3919 Crisil Liquid Fund Index 7.26 N
A 8.29 8.04 JM High Liquidity Fund (Direct) - Growth Option 41.4345
Crisil Liquid Fund Index 9.00 8.78 8.36 8.04 JM High Liquidity Fund
(Direct) - Bonus Option 13.2986 Crisil Liquid Fund Index 9.08 8.79
8.45 8.04 JM High Liquidity Fund (Direct) - Daily Dividend 10.4302
Crisil Liquid Fund Index 9.00 8.78 8.36 8.04 JM High Liquidity Fund
(Direct) - Weekly Dividend 11.0201 Crisil Liquid Fund Index 9.13
8.78 8.36 8.04 JM High Liquidity Fund (Direct) - Quarterly Dividend
Option 23.5090 Crisil Liquid Fund Index 9.09 8.81 8.45 8.04 JM High
Liquidity Fund - Institutional Plan - Daily Dividend 10.0159 Crisil
Liquid Fund Index 7.37 6.89 8.58 8.04 JM High Liquidity Fund -
Super Institutional Plan - Growth 23.7646 Crisil Liquid Fund Index
7.56 7.08 8.29 8.04 JM Floater Long Term Fund - Premium Plan -
Daily Dividend 10.0170 Crisil Liquid Fund Index 7.67 7.63 8.88 8.04
JM Floater Long Term Fund - Premium Plan - Dividend 10.3567 Crisil
Liquid Fund Index 7.28 7.20 8.89 8.04 JM Floater Long Term Fund -
Premium Plan - Growth 22.3434 Crisil Liquid Fund Index 7.26 7.20
8.96 8.04 JM Floater Long Term Fund - Dividend 23.1626 Crisil
Liquid Fund Index 6.80 6.87 8.83 8.04 JM Floater Long Term Fund -
Growth 23.0910 Crisil Liquid Fund Index 6.77 6.87 8.87 8.04 JM
Floater Long Term Fund - Daily Dividend 10.0169 Crisil Liquid Fund
Index 8.59 7.62 8.94 8.04 JM Floater Long Term Fund - Weekly
Dividend Option 10.5616 Crisil Liquid Fund Index 7.53 7.62 8.95
8.04 JM Floater Long Term Fund - Half Yearly Bonus Option -
Principal Units 23.1859 Crisil Liquid Fund Index 9.26 8.24 9.28
8.04 JM Floater Long Term Fund (Direct) - Half Yearly Bonus Option
- Principal Units 23.5447 Crisil Liquid Fund Index 9.83 8.24 9.82
8.04 JM Floater Long Term Fund - Bonus Option - Principal Units
23.0912 Crisil Liquid Fund Index 8.80 8.43 8.87 8.04 JM Floater
Long Term Fund (Direct) - Bonus Option - Principal Units 23.4137
Crisil Liquid Fund Index 9.23 8.82 9.41 8.04 JM Floater Long Term
Fund (Direct) - Dividend 23.6326 Crisil Liquid Fund Index 9.37 8.81
9.42 8.04 JM Floater Long Term Fund (Direct) - Growth 23.4600
Crisil Liquid Fund Index 9.24 8.81 9.50 8.04 JM Floater Long Term
Fund (Direct) - Daily Dividend 10.0173 Crisil Liquid Fund Index
9.62 8.81 9.41 8.04 JM Floater Long Term Fund (Direct) - Weekly
Dividend Option 10.5692 Crisil Liquid Fund Index 9.51 8.81 9.82
8.04 JM Floater Long Term Fund - Monthly Dividend Option 23.2561
Crisil Liquid Fund Index 9.22 8.24 9.24 8.04 JM Floater Long Term
Fund (Direct) - Monthly Dividend Option 23.7181 Crisil Liquid Fund
Index 9.83 8.24 9.82 8.04 JM Floater Short Term Fund - Half Yearly
Bonus Option - Principal Units 23.1033 Crisil Liquid Fund Index
7.39 8.24 6.89 8.04 JM Floater Short Term Fund (Direct) - Half
Yearly Bonus Option - Principal Units 23.2117 Crisil Liquid Fund
Index 7.55 8.24 7.00 8.04 JM Floater Short Term Fund - Monthly
Dividend Option 11.0486 Crisil Liquid Fund Index 7.40 8.24 6.87
8.04 JM Floater Short Term Fund (Direct) - Monthly Dividend Option
10.9059 Crisil Liquid Fund Index 7.45 8.18 7.02 8.04 JM Floater
Short Term Fund - Daily Dividend 10.0883 Crisil Liquid Fund Index
6.83 6.87 6.60 8.04 JM Floater Short Term Fund - Growth 23.0443
Crisil Liquid Fund Index 6.75 6.87 6.60 8.04 JM Floater Short Term
Fund - Bonus Option - Principal Units 23.1033 Crisil Liquid Fund
Index 7.39 8.24 6.89 8.04 JM Floater Short Term Fund (Direct) -
Bonus Option - Principal Units 23.1955 Crisil Liquid Fund Index
7.98 8.83 6.96 8.04 JM Floater Short Term Fund (Direct) - Daily
Dividend 10.0892 Crisil Liquid Fund Index 8.97 8.81 7.46 8.04 JM
Floater Short Term Fund (Direct) - Growth 23.1364 Crisil Liquid
Fund Index 7.95 8.81 6.70 8.04 JM Money Manager Fund-Super Plus
Plan-Daily Dividend 10.0335 Crisil Liquid Fund Index 8.35 7.64 8.36
8.04 JM Money Manager Fund-Super Plus Plan-Fortnightly Dividend
10.3814 Crisil Liquid Fund Index 8.34 7.60 8.36 8.04 JM Money
Manager Fund-Super Plus Plan -Bonus Option-Principal Units 12.9268
Crisil Liquid Fund Index 8.84 8.83 8.36 8.04 JM Money Manager
Fund-Super Plus Plan (Direct)-Bonus Option-Principal Units 12.9688
Crisil Liquid Fund Index 8.95 8.82 8.47 8.04 JM Money Manager
Fund-Super Plus Plan-Growth 21.4584 Crisil Liquid Fund Index 8.36
7.64 8.36 8.04 JM Money Manager Fund-Super Plus Plan-Weekly
Dividend 10.6739 Crisil Liquid Fund Index 8.34 7.60 8.36 8.04 JM
Money Manager Fund-Super Plus Plan (Direct)-Daily Dividend 10.0336
Crisil Liquid Fund Index 8.98 8.78 8.47 8.04 JM Money Manager
Fund-Super Plus Plan (Direct)-Fortnightly Dividend 10.3966 Crisil
Liquid Fund Index 8.98 8.78 8.47 8.04 JM Money Manager Fund-Super
Plus Plan (Direct)-Growth 21.5286 Crisil Liquid Fund Index 8.98
8.78 8.47 8.04 JM Money Manager Fund -Super Plus Plan
(Direct)-Weekly Dividend 10.6898 Crisil Liquid Fund Index 9.17 8.81
8.47 8.04 JM Money Manager Fund-Super Plan-Daily Dividend 10.0387
Crisil Liquid Fund Index 8.43 7.64 8.21 8.04
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5
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Name of Schemes NAV as on March 31,
2016
Benchmark Index Scheme Returns since inception (%)
Benchmark Returns since inception (%)
Scheme Returns since last 1 year (%)
Benchmark Returns since last 1 year (%)
JM Money Manager Fund-Super Plan-Fortnightly Dividend 10.3565
Crisil Liquid Fund Index 8.66 7.71 8.21 8.04 JM Money Manager
Fund-Super Plan-Growth 21.6029 Crisil Liquid Fund Index 8.43 7.64
8.21 8.04 JM Money Manager Fund-Super Plan-Weekly Dividend 10.6858
Crisil Liquid Fund Index 8.61 7.66 8.21 8.04 JM Money Manager
Fund-Super Plan (Direct)-Daily Dividend 10.0419 Crisil Liquid Fund
Index 9.01 8.78 8.42 8.04 JM Money Manager Fund-Super Plan
(Direct)-Fortnightly Dividend 10.3707 Crisil Liquid Fund Index 9.14
8.81 8.77 8.04 JM Money Manager Fund-Super Plan (Direct)-Growth
21.7374 Crisil Liquid Fund Index 9.04 8.78 8.47 8.04 JM Money
Manager Fund-Super Plan (Direct)-Weekly Dividend 10.6963 Crisil
Liquid Fund Index 9.26 8.81 8.71 8.04 JM Money Manager Fund-Super
Plan-Bonus Option-Principal Units 12.0351 Crisil Liquid Fund Index
8.82 8.83 8.21 8.04 JM Money Manager Fund-Super Plan (Direct)-Bonus
Option-Principal Units 12.0822 Crisil Liquid Fund Index 9.03 8.82
8.42 8.04 JM Money Manager Fund-Regular Plan-Daily Dividend 10.0350
Crisil Liquid Fund Index 8.17 7.64 8.54 8.04 JM Money Manager
Fund-Regular Plan-Fortnightly Dividend 10.2805 Crisil Liquid Fund
Index 8.26 7.70 8.54 8.04 JM Money Manager Fund-Regular Plan-Growth
21.0931 Crisil Liquid Fund Index 8.16 7.64 8.54 8.04 JM Money
Manager Fund-Regular Plan-Weekly Dividend 10.6425 Crisil Liquid
Fund Index 8.26 7.61 8.54 8.04 JM Money Manager Fund-Regular Plan
(Direct)-Daily Dividend 10.0350 Crisil Liquid Fund Index 9.27 8.78
9.03 8.04 JM Money Manager Fund-Regular Plan (Direct)-Fortnightly
Dividend 10.3070 Crisil Liquid Fund Index 9.27 8.79 9.03 8.04 JM
Money Manager Fund-Regular Plan (Direct)-Growth 21.2925 Crisil
Liquid Fund Index 9.30 8.78 9.06 8.04 JM Money Manager Fund-Regular
Plan (Direct)-Weekly Dividend 10.6537 Crisil Liquid Fund Index 9.39
8.81 9.03 8.04 JM Money Manager Fund-Regular Plan -Bonus
Option-Principal Units 21.1970 Crisil Liquid Fund Index 9.08 8.24
9.00 8.04 JM Money Manager Fund-Regular Plan (Direct)-Bonus
Option-Principal Units 21.4132 Crisil Liquid Fund Index 9.47 8.82
9.49 8.04 JM MIP Fund - Annual Dividend 18.1675 Crisil MIP Blended
Index 6.72 8.07 5.25 5.65 JM MIP Fund - Growth 22.6126 Crisil MIP
Blended Index 6.72 8.07 5.24 5.65 JM MIP Fund - Monthly Dividend
11.5657 Crisil MIP Blended Index 6.72 8.07 5.24 5.65 JM MIP Fund -
Quarterly Dividend 17.0388 Crisil MIP Blended Index 6.72 8.07 5.24
5.65 JM MIP Fund (Direct) - Annual Dividend 19.3773 Crisil MIP
Blended Index 11.18 8.98 7.18 5.65 JM MIP Fund (Direct) - Growth
23.8963 Crisil MIP Blended Index 10.85 8.98 6.76 5.65 JM MIP Fund
(Direct) - Monthly Dividend 13.9613 Crisil MIP Blended Index 14.33
8.98 17.04 5.65 JM MIP Fund (Direct) - Quarterly Dividend 18.0582
Crisil MIP Blended Index 11.18 8.98 11.92 5.65 JM MIP Fund - Bonus
Option - Principal Units 22.8768 Crisil MIP Blended Index 5.19 5.01
6.25 5.65 JM MIP Fund (Direct) - Bonus Option - Principal Units
24.0359 Crisil MIP Blended Index 6.04 5.01 7.18 5.65 JM G-Sec Fund
- Growth 46.3944 I sec Composite Index 9.74 N A 4.66 8.20 JM G-Sec
Fund - Bonus 22.5673 I sec Composite Index 7.40 N A 4.68 8.20 JM
G-Sec Fund - Quarterly Dividend 21.2033 I sec Composite Index 9.74
N A 4.66 8.20 JM G-Sec Fund (Direct) - Growth 47.4149 I sec
Composite Index 8.05 9.20 5.48 8.20 JM G-Sec Fund (Direct) - Bonus
24.0860 I sec Composite Index 9.47 9.04 6.41 8.20 JM G-Sec Fund
(Direct) - Quarterly Dividend 21.7892 I sec Composite Index 7.86
8.97 5.47 8.20 JM G-Sec Fund - Monthly Dividend Option* 21.3766 I
sec Composite Index 6.47 8.35 N A N A JM G-Sec Fund - (Direct)
Monthly Dividend Option* 21.9632 I sec Composite Index 7.18 8.35 N
A N A JM G-Sec Fund - Half Yearly Dividend Option* 21.3766 I sec
Composite Index 6.47 8.35 N A N A JM G-Sec Fund - (Direct) Half
Yearly Dividend Option* 21.9632 I sec Composite Index 7.18 8.35 N A
N A JM G-Sec Fund -Annual Dividend Option* 21.3766 I sec Composite
Index 6.47 8.35 N A N A JM G-Sec Fund - (Direct) Annual Dividend
Option* 21.9632 I sec Composite Index 7.18 8.35 N A N A
Source: www.mutualfundsindia.com
$ The performance is based on NAV, as on last business day of
March, 2016.& The units did not remain in the Scheme/Plan on a
continuous basis during the period. At times, the units were
redeemed fully & re-allotted within the period. * Absolute
Returns. The names of the Benchmark Indices have since been
amended, wherever applicable.Past performance may or may not be
sustained in future.
Notes:
a) Returns are Compounded Annualised Growth Rate Returns, with
reinvestment of dividends, if any, unless otherwise mentioned.
b) 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.
c) 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).
d) For the purpose of calculating returns, inception date is
deemed to be the date of allotment of the units.
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6
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
SCHEMES OF JM FINANCIAL MUTUAL FUND:
JM Money Manager Fund
(A) JM Money Manager Fund - Regular Plan:
The investment objective of this scheme is to generate stable
long term returns with low risk strategy and capital
appreciation/accretion through investments in debt instruments and
related securities besides preservation of capital. The fund
invests in instruments of higher credit quality.
The fund is positioned to deliver higher accrual and capital
appreciation on easing liquidity and expectations of downward
movement in yields. The Scheme has outperformed the benchmark in
last one year and since its inception.
(B) JM Money Manager Fund - Super Plan:
The investment objective of this scheme is to generate stable
long term returns with low risk strategy and capital
appreciation/accretion through investments in debt instruments and
related securities besides preservation of capital. The fund
invests in instruments of higher credit quality.
The fund is positioned to deliver higher capital appreciation on
easing liquidity and expectations of downward movement in yields.
The Scheme has outperformed the benchmark in last one year and
since inception.
(C) JM Money Manager Fund - Super Plus Plan:
The investment objective of the Scheme is to generate stable
long term returns with low risk strategy and capital appreciation/
accretion through investments in debt instruments and related
securities besides preservation of capital.
The investment philosophy of the scheme is to provide income by
way of dividend (dividend plans) and capital gains (growth plan)
through investing in debt and money market instruments.
The fund is positioned to deliver higher capital appreciation on
easing liquidity and expectations of downward movement in yields.
The Scheme has outperformed the benchmark in last one year and
since inception.
JM High Liquidity Fund
The investment objective of the scheme is to provide income by
way of dividend (dividend plans) and capital gains (growth plan)
through investing in debt and money market instruments.
The Scheme has outperformed the benchmark since inception and
also in the last financial year.
Short term rates are expected to remain benign as we expect
interest rates cuts in the next year.
JM Floater Short Term Fund (formerly known as JM Floater Fund –
Short Term Plan)
The investment objective of the Scheme is to provide regular
income and capital appreciation through investment in floating rate
debt instruments, fixed rate debt instruments swapped for floating
rate returns and also fixed rate instruments and money market
instruments.
The scheme has underperformed in the last financial year and
also marginally since inception on account of higher asset
allocation towards cash.
JM Floater Long Term Fund (formerly known as JM Floater Fund –
Long Term Plan)
The investment objective of the Scheme is to provide regular
income and capital appreciation through investment in floating rate
debt instruments, fixed rate debt instruments swapped for floating
rate returns and also fixed rate instruments and money market
instruments.
The Scheme has underperformed the benchmark since inception
marginally but has outperformed the index in the last financial
year.
JM G-Sec Fund
The investment objective of the scheme is to provide ultimate
level of safety to its unit holders through investments in
sovereign securities issued by the Central and State
Government.
The Scheme has underperformed the benchmark index returns during
last one year. The primary reason for underperformance has been
rise in bond yields during second half of F.Y. 2016 on account of
supply of UDAY bonds and expectation of slippage from Fiscal
deficit targets. Scheme has been running higher duration to
capitalize on capital gains on easing monetary policy.
Government bond yields are expected to remain range bound with
lower bias on expectation of further easing in interest rates. The
Scheme is positioned to take advantage of falling interest
rates.
JM Income Fund
The investment objective of the scheme is to generate stable
long term returns with low risk strategy and capital
appreciation/accretion through investment in debt instruments and
related securities besides preservation of capital.
The Scheme has underperformed with the benchmark returns in
during last one year. The primary reason for underperformance has
been rise in bond yields during second half of F.Y. 2016 on account
of supply of UDAY bonds and expectation of slippage from Fiscal
deficit targets. Scheme has been running higher duration to
capitalize on capital gains on easing monetary policy.
Interest rates are expected to remain soft with lower bias on
expectation of further repo rate cuts. The
Scheme is positioned to take advantage of falling interest
rates.
JM Short Term Fund
The investment philosophy of the Scheme is to generate regular
returns and high level of liquidity with low risk strategy and
capital appreciation/accretion through investment in debt
instruments and related securities besides preservation of
capital.
The Scheme provides moderate returns commensurate with its
nature. The Scheme may invest up to 100% in money market
instruments and debt.
The Scheme has underperformed the benchmark returns in last one
year and also since its inception. The primary reason for
underperformance has been slightly higher exposure to government
bonds. Bond yields rose higher during second half of F.Y. 2016.
Interest rates are expected to remain soft with lower bias on
expectation of further repo rate cuts. The Scheme is positioned to
take advantage of falling interest rates.
JM MIP Fund (An open-ended monthly income fund with no assured
return)
The Scheme seeks to generate regular income, primarily through
investments in fixed income securities so as to make monthly,
quarterly and annual dividend distribution, declare bonus in the
growth option. The Fund would also aim to achieve capital
appreciation through investing a portion of its assets in equity
and equity related securities.
The Scheme has underperformed the benchmark returns marginally
during the last financial year and also since inception. Interest
rates are expected to remain benign, soft and equities are expected
to post moderate performance in the year ahead amidst
volatility.
JM Arbitrage Advantage Fund
The primary investment objective of the Scheme is to generate
income through arbitrage opportunities emerging out of mis-pricing
between the cash market and the derivatives market and through
deployment of surplus cash in fixed income instruments.
During the F.Y. 2013-14, the Scheme was changed from an interval
scheme to open ended equity scheme, after obtaining necessary
approvals from SEBI.
The Scheme has underperformed the benchmark in the F.Y. 2015-16
due to higher interest rates prevalent during the year as compared
to arbitrage returns. The Normal Plan of the Scheme continues to
outperform the benchmark since inception whereas the Direct Plan
has underperformed the benchmark since inception.
Markets are expected to be volatile in the near future. This
volatility will help to churn the Arbitrage portfolio as few stock
futures tend to trade at a discount to their cash market prices.
The same can be deployed into fresh arbitrage in other stocks,
whereby the returns of the Scheme could be enhanced.
JM Basic Fund
The primary objective of the Scheme is to provide capital
appreciation to its unit holders through judicious deployment of
the corpus of the Scheme in sectors categorized under “basic
industry” in the normal parlance and in context of the Indian
economy, including but not limited to energy, petrochemicals, oil
& gas, power generation & distribution and electrical
equipment suppliers, metals and building materials. The Fund would
continue to remain open-ended with a sector focus.
The Scheme’s Direct Plan has outperformed its benchmark in F.Y.
2015-16 as well as since its inception.
The combination of diversification, higher co-relation to Nifty
and quality high growth midcaps is expected to give the portfolio
an essential fundamental strength and stability going forward.
JM Core 11 Fund
JM Core 11 Fund is an open ended equity oriented scheme. The
investment objective of the Scheme is to provide long-term growth
by investing predominantly in a concentrated portfolio of equity/
equity related instruments.
Because of a higher concentration, the Scheme falls in the high
risk – high return category.
The Scheme has underperformed its benchmark in F.Y. 2015-16 and
also underperformed since inception. However, the direct plans of
Scheme are out performing the benchmark since inception and the
direct – growth plan has outperformed the benchmark in last
financial year. The primary reason for underperformance has been
the sharp drop in the markets in the last quarter of the fiscal.
The concentrated nature of the scheme results in volatility during
sharp market falls but the scheme recovers equally sharply on the
market rise.
The Scheme has invested in 11 predominantly large cap stocks
with high growth potential. It is believed that a combination of
high growth stocks and high liquidity will give the portfolio an
essential fundamental strength, stability and flexibility going
forward.
JM Equity Fund
JM Equity Fund is an open-ended growth scheme with the main
objective to provide optimum capital growth and appreciation.
The Scheme continues to hold a diversified portfolio with a
prudent mix of large cap and mid cap stocks.
The Scheme has outperformed the benchmark in F.Y. 2015-16. The
Normal Plan of the scheme has underperformed the benchmark since
inception whereas the direct plan has outperformed the benchmark
since inception.
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7
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
JM Multi Strategy Fund
JM Multi Strategy Fund is an open ended equity oriented scheme
with the investment objective to provide capital appreciation by
investing in equity and equity related securities using a
combination of strategies.
This Scheme has a diversified portfolio and invests in companies
across all market capitalisations. The Scheme seeks to provide
capital appreciation by investing in growth stocks which are
available at reasonable valuations across sectors.
The Scheme’s Direct Plan has outperformed the benchmark since
inception and so has the Normal - Growth Plan. During the F.Y.
15-16, the scheme has underperformed due to being slight overweight
in the banking sector.
JM Tax Gain Fund
The investment objective is to generate long-term capital growth
from a diversified and actively managed portfolio of equity and
equity related securities and to enable investors a deduction from
total income, as permitted under the Income Tax Act, 1961 from time
to time. However, there can be no assurance that the investment
objective of the scheme will be achieved.
This Scheme has a diversified portfolio and invests in companies
across all market capitalisations. The Scheme seeks to provide
capital appreciation by investing in growth stocks which are
available at reasonable valuations across sectors.
The Scheme’s direct plan has outperformed the benchmark since
inception. During the F.Y. 15-16, the Normal Plan – Growth has
underperformed due to it being slight overweight in the banking
sector.
JM Balanced Fund
JM Balanced Fund is an open-ended balanced Scheme with the
investment objective to provide steady current income as well as
long term growth of capital. The scheme invests 65-75% in equity
while the remaining amount is in debt. The Scheme’s Direct Plan has
significantly outperformed the benchmark since inception. During
the F.Y. 15-16, the scheme has underperformed due to it being
slight overweight in the banking sector.
BRIEF BACKGROUND OF SPONSORS, TRUST, TRUSTEE COMPANY AND AMC
JM Financial Mutual Fund had been constituted as a Trust in
1994, with J.M. Financial & Investment Consultancy Services
Pvt. Limited and JM Financial Limited as Settlors and JM Financial
Trustee Company Private Limited as the Trustee Company in
accordance with the provisions of the Indian Trust Act, 1882 and is
duly registered under the Indian Registration Act, 1908.
JM Financial Mutual Fund was registered with SEBI on September
15, 1994. J.M. Financial & Investment Consultancy Services Pvt.
Ltd. and JM Financial Ltd. have made initial contributions of Rs.
one lakh each towards setting up of JM Financial Mutual Fund, which
amount has been invested in JM Equity Fund.
The Trustee Company has entered into an Investment Management
Agreement dated September 1, 1994 with JM Financial Asset
Management Limited (Formerly known as JM Financial Asset Management
Private Limited) (the AMC) to function as the Investment Manager
for all the schemes of JM Financial Mutual Fund.
Consequent to the change in the shareholding of the AMC in
October 2007 and by virtue of being the only shareholder holding
more than 40% of the equity share capital of the AMC, JM Financial
Limited has become the sole Sponsor of JM Financial Mutual
Fund.
JM FINANCIAL TRUSTEE COMPANY PRIVATE LIMITED (TRUSTEE
COMPANY)
The Trustee Company is the exclusive owner of the Trust Fund and
holds the same in trust for the benefit of the unit holders. The
Trustee Company has been discharging its duties and carrying out
the responsibilities as provided in the Regulations and the Trust
Deed. The Trustee Company seeks to ensure that the Fund and the
Schemes floated there under are managed by the AMC in accordance
with the Trust Deed, the Regulations, directions and guidelines
issued by SEBI, the Stock Exchanges, the Association of Mutual
Funds in India and other regulatory agencies.
ACCOUNTING POLICIES
Accounting Policies are in accordance with Securities and
Exchange Board of India (Mutual Funds) Regulations, 1996.
Unclaimed Redemptions and Dividend
The Unclaimed Redemptions and Dividends as on March 31, 2016 are
as under:
Scheme Unclaimed Dividends Unclaimed Redemptions Total
No. of Folios
Amount (In Rs.)
No. of Folios
Amount (In Rs.)
No. of Folios
Amount(In Rs.)
JM Arbitrage Advantage Fund
152 101,993.68 6 97,215.54 158 199,209.23
JM Balanced Fund 2,087 1,774,751.41 7 201,333.91 2,094
1,976,085.32
JM Basic Fund 374 641,997.04 812 7,137,931.06 1,186
7,779,928.09
JM Core 11 Fund - - 135 2,608,761.47 135 2,608,761.47
JM Equity Fund 2,103 1,432,040.55 88 1,293,845.82 2,191
2,725,886.37
Scheme Unclaimed Dividends Unclaimed Redemptions Total
No. of Folios
Amount (In Rs.)
No. of Folios
Amount (In Rs.)
No. of Folios
Amount(In Rs.)
JM Equity Tax Saver Fund
- - 82 782,703.33 82 782,703.33
JM Fixed Maturity Plan - QSA4
17 11,843.11 - - 17 11,843.11
JM Floater Short Term Fund
- - 1 12,363.49 1 12,363.49
JM Floater Long Term Fund
10 217,265.70 - - 10 217,265.70
JM G-sec Fund 21 14,748.67 1 35,451.69 22 50,200.36
JM High Liquidity Fund
39 124,011.88 - - 39 124,011.88
JM Income Fund 3,284 1,382,228.17 11 150,719.74 3,295
1,532,947.91
JM Interval Fund - - 3 47,890.87 3 47,890.87
JM MIP Fund 195 103,839.55 3 149,520.09 198 253,359.64
JM Multi Strategy Fund
13 26,861.55 511 5,886,228.09 524 5,913,089.64
JM Short Term Fund 33 17,578.89 1 8,835.33 34 26,414.22
JM Tax Gain Fund - - 122 1,400,745.36 122 1,400,745.36
JM Tax Saver Plan 96 105 246,348.15 - - 105 246,348.15
JM Tax Saver Plan 97 11 3,793.60 - - 11 3,793.60
JM Tax Saver Plan 98 7 28,271.11 - - 7 28,271.11
Multiple Schemes (Mixed)
403 204,595.41 - - 403 204,595.41
Scheme/Investor Break Up not available(Miscellaneous)
8 694,889.88 1 242,762.28 9 937,652.15
Total 8,862 7,027,058.34 1,784 20,056,308.06 10,646
27,083,366.27*
* The total amount of Rs. 27,083,366.27 is higher by 14 paisa
due to rounding off of Individual folio balances in various
Schemes.
Notes:
a) The above figures indicate the value of investment of
Unclaimed Dividend and Redemption amounts as on March 31, 2016.
b) The number of folios vis-à-vis the amount shown in the above
table is based on the available details with respective
identified/unidentified folios.
c) Investors are requested to reconcile their Bank account
statements with their Investments in JM Financial Mutual Fund and
contact the AMC in case of non - receipt of any Dividend/
Redemption proceeds.
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8
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
REDRESSAL OF COMPLAINTS RECEIVED AGAINST THE MUTUAL FUND DURING
THE PERIOD FROM APRIL 1, 2015 TO MARCH 31, 2016Total Number of
Folios: 1,63,983
Com-plaint Code
Type of Complaint # (a) No of Complaints pending at the
beginning of the Year
Action on (a) and (b)(b) No of complaints received during the
year
Resolved Non Action-able*
PendingWith in 30 days
30 - 60 days
60 - 180 days
Beyond 180 days
0-3 months
3-6 months
6-9 months
9-12 months
More than 12 months
I A Non receipt of Dividend on Units 0 0 0 0 0 0 0 0 0 0 0 0
I B Interest on delayed payment of Dividend
0 0 0 0 0 0 0 0 0 0 0 0
I C Non receipt of Redemption Proceeds 0 2 2 0 0 0 0 0 0 0 0 0I
D Interest on delayed payment of
Redemption0 0 0 0 0 0 0 0 0 0 0 0
II A Non receipt of Statement of Account/Unit Certificate
0 0 0 0 0 0 0 0 0 0 0 0
II B Discrepancy in Statement of Account 0 0 0 0 0 0 0 0 0 0 0
0II C Data corrections in Investor details 1 50 51 0 0 0 0 0 0 0 0
0II D Non receipt of Annual Report/Abridged
Summary0 0 0 0 0 0 0 0 0 0 0 0
III A Wrong switch between Schemes 0 0 0 0 0 0 0 0 0 0 0 0III B
Unauthorized switch between Schemes 0 0 0 0 0 0 0 0 0 0 0 0III C
Deviation from Scheme attributes 0 0 0 0 0 0 0 0 0 0 0 0III D Wrong
or excess charges/load 0 0 0 0 0 0 0 0 0 0 0 0III E Non updation of
changes viz. address,
PAN, bank details, nomination, etc0 0 0 0 0 0 0 0 0 0 0 0
IV Others 4 0 0 0 0 1 0 0 0 0 0 3 Total 5 52 53 0 0 1 0 0 0 0 0
3
# - including against its authorized persons / distributors /
employees etc.
*Non-actionable means the complaints that are incomplete /
outside the scope of the Mutual Fund. Statutory Informationa. The
Sponsor is not responsible or liable for any loss resulting from
the operation of the Schemes of the Fund beyond its initial
contribution (to the extent contributed) of Rs. 1 lakh for setting
up the Fund, and such other
accretions / additions to the same.b. The price and redemption
value of the units, and income from them, can go up as well as down
with fluctuations in the market value of its underlying
investments.c. Full Annual Report will be disclosed on the website
(www.jmfinancialmf.com) and shall be available for inspection at
the Corporate Office of the Mutual Fund. Present and prospective
unit holders can obtain a copy of
the Trust Deed, the full Annual Report of the Fund/AMC at a
price.AcknowledgementsThe Trustees would like to thank the
Securities and Exchange Board of India, the Reserve Bank of India,
Association of Mutual Funds in India for their continued support,
co-operation and guidance during the year. The Trustees would also
like to thank the Auditors, Custodian, Registrars & Transfer
Agents, Bankers and all other service providers for their support.
The Trustees also take this opportunity to place on record their
appreciation for the contribution made by the employees of JM
Financial Asset Management Limited and JM Financial Trustee Company
Pvt. Ltd. and for their dedication, commitment and wholehearted
support throughout the year.
For and on behalf of the Board of Trustees
Place : Mumbai Nimesh KampaniDated : July 15, 2016 Chairman
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9
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
INDEPENDENT AUDITORS’ REPORT
To the Trustees ofJM Financial Mutual FundReport on the
Financial Statements
We have audited the accompanying financial statements of the
schemes mentioned below (collectively “the Schemes”), which
comprise the balancesheets as at the dates mentioned below, the
revenue accounts andcash flow statements, where applicable,for the
period as mentioned below, and a summary of significant accounting
policies and other explanatory information.
Name of the Scheme Period covered by revenue account and cash
flow Balance sheet dateJM Basic Fund 1 April 2015 to 31 March 2016
31 March 2016
JM Core 11 Fund 1 April 2015 to 31 March 2016 31 March 2016
JM Equity Fund 1 April 2015 to 31 March 2016 31 March 2016
JM Balanced Fund 1 April 2015 to 31 March 2016 31 March 2016
JM Multi Strategy Fund 1 April 2015 to 31 March 2016 31 March
2016
JM Tax Gain Fund 1 April 2015 to 31 March 2016 31 March 2016
JM Floater Short Term Fund 1 April 2015 to 31 March 2016 31
March 2016
JM MIP Fund 1 April 2015 to 31 March 2016 31 March 2016
JM High Liquidity Fund 1 April 2015 to 31 March 2016 31 March
2016
JM Money Manager Fund - Super Plus Plan 1 April 2015 to 31 March
2016 31 March 2016
JM Floater Long Term Fund 1 April 2015 to 31 March 2016 31 March
2016
JM Income Fund 1 April 2015 to 31 March 2016 31 March 2016
JM Short Term Fund 1 April 2015 to 31 March 2016 31 March
2016
JM G-Sec Fund 1 April 2015 to 31 March 2016 31 March 2016
JM Arbitrage Advantage Fund 1 April 2015 to 31 March 2016 31
March 2016
JM Money Manager Fund - Super Plan 1 April 2015 to 31 March 2016
31 March 2016
JM Money Manager Fund - Regular Plan 1 April 2015 to 31 March
2016 31 March 2016
JM Fixed Maturity Fund-Series-XXV-Plan A 1 April 2015 to 6 April
2015 6 April 2015Management’s Responsibility for the Financial
Statements
Management of JM Financial Asset Management Limited, the
scheme’s asset manager, is responsible for the preparation of these
financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the
Schemes in accordance with accounting principles generally accepted
in India, including the accounting policies and standards specified
in the Ninth Schedule to the Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’). This
responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation and presentation of
the financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control. An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates
made by management, as well as evaluating the overall presentation
of the financial statements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Opinion
In our opinion and to the best of our information and according
to the explanations given to us, the financial statements give the
information required by the SEBI Regulations in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the balance sheet, of the state of affairs of
the Schemes as at the dates mentioned above;
(b) in the case of the revenue account,of the surplus/deficit
for the periodas mentioned above; and
(c) in the case of the cash flow statement, where applicable, of
the cash flows for the period as mentioned above.
Report on Other Legal and Regulatory Requirements
1. We have obtained all the information and explanations, which
to the best of our knowledge and belief were necessary for the
purposes of our audit.
2. The balance sheet and revenue account dealt with by this
report are in agreement with the books of account.
3. In our opinion, the balance sheet and revenue account dealt
with by this report have been prepared in conformity with the
accounting policies and standards specified in the Ninth Schedule
to the SEBI Regulations.
4. In our opinion, and on the basis of information and
explanations given to us, the methods used to value non traded
securities as at 31 March 2016 are in accordance with the SEBI
Regulations and other guidelines issued by the Securities and
Exchange Board of India, as applicable, and approved by the Board
of Trustees, and are fair and reasonable.
For S.R. Batliboi & Co. LLPChartered Accountants
ICAI Firm Registration Number: 301003E
Per Jayesh GandhiPartner
Membership No. 037924Place: MumbaiDated: April 25, 2016
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10
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Audited Balance Sheet As At March 31, 2016 Figures in Rs.JM
Equity Fund JM Tax Gain Fund JM Balanced Fund
Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015LiabilitiesUnit Capital A
2,745,795,149 88,736,731 250,422,821 280,021,194 16,160,977,988
7,124,744,508 Reserves & Surplus B 2,878,931,498 235,248,249
17,274,817 47,318,441 11,790,388,130 2,443,596,698 Current
Liabilities & Provisions C 4,006,513,237 2,312,666 945,910
1,365,031 27,602,284,905 271,593,184 Total 9,631,239,884
326,297,646 268,643,548 328,704,666 55,553,651,023 9,839,934,390
AssetsInvestments D 6,787,663,522 313,854,751 258,830,241
321,276,487 38,328,644,136 9,803,578,329 Deposits E 148,223,610
11,812,294 9,492,039 7,170,497 126,765,726 4,833,313 Other Current
Assets F 2,695,352,752 630,601 321,268 257,682 17,098,241,161
31,522,748 Total 9,631,239,884 326,297,646 268,643,548 328,704,666
55,553,651,023 9,839,934,390
Revenue Account for the Year / Period ended March 31, 2016
Figures in Rs.JM Equity Fund JM Tax Gain Fund JM Balanced Fund
Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015IncomeDividend 30,462,602 5,145,633
3,231,074 3,866,106 344,109,257 25,698,275 Interest 23,584,946
361,292 292,902 368,167 778,513,423 181,833,117 Profit on
sale/redemption of investments (other than inter scheme
transfer/sale)
234,007,122 49,024,647 60,495,091 57,436,989 958,124,327
1,047,401,370
Profit on inter-scheme transfer/sale of investments - - - - - -
Profit on Futures / Options - - - - - - Other income ( Refer note
No.III 2.q. of Schedule H ) - - - - - - Net change in unrealised
appreciation / depreciation of Investments
- 84,295,509 - 82,420,351 - 241,640,584
Exit load collected 1,636,659 157,434 - - 15,877,677 13,587,182
Total Income 289,691,329 138,984,515 64,019,067 144,091,613
2,096,624,684 1,510,160,528 Expenses and LossesManagement &
Operating expenses G 81,817,130 10,084,581 8,652,295 9,633,600
816,260,500 155,184,811 Loss on sale/redemption of investments
(other than inter-scheme transfer/sale)
197,382,615 2,621,442 3,233,026 6,197,074 2,127,939,254
196,111,339
Loss on Futures / Options - - - - - - Loss on inter-scheme
transfer/sale of investments - - - - - - Net change in unrealised
appreciation/depreciation of Investments
214,001,674 - 77,919,978 - 865,963,058 -
Total Expenses & Losses 493,201,419 12,706,023 89,805,299
15,830,674 3,810,162,812 351,296,150 Surplus / (Deficit) for the
Period / Year (203,510,090) 126,278,492 (25,786,232) 128,260,939
(1,713,538,128) 1,158,864,378 Add/(Less): Income Equalisation
Account 6,623,640,113 (29,615,783) 8,767,836 29,926,112
52,510,358,180 16,812,764,493 Add: Write back of provision for
Unrealised Appreciation on Investments
138,836,586 54,541,077 156,534,015 74,113,665 253,781,026
12,140,442
Less: Provision for Unrealised Appreciation on Investments
- (138,836,586) (78,614,038) (156,534,016) - (253,781,026)
Surplus / (Deficit) 6,558,966,609 12,367,200 60,901,581
75,766,700 51,050,601,078 17,729,988,287 Balance brought forward
from previous year 83,097,597 70,730,397 (117,908,502)
(193,675,202) 1,928,423,866 24,622,238 Surplus / (Deficit)
available for distribution 6,642,064,206 83,097,597 (57,006,921)
(117,908,502) 52,979,024,944 17,754,610,525 Appropriation
Income Distribution 3,976,742,036 - - - 41,755,553,427
15,826,186,659
Distribution Tax - - - - - -
Balance carried to the Balance Sheet 2,665,322,170 83,097,597
(57,006,921) (117,908,502) 11,223,471,517 1,928,423,866 Accounting
Policies and Notes on Accounts HFund Manager Sanjay Chhabaria &
Chaitanya Choksi Sanjay Chhabaria
As per our report of even date For and on behalf ofFor
S.R.Batliboi & Co. LLP JM Financial Asset Management
LimitedChartered Accountants ICAI Firm Registration No. 301003E
J.M. Gandhi V. P. Shetty G. M. Ramamurthy Bhanu Katoch Sanjay
Chhabaria Chaitanya Choksi Partner Chairman Director Chief
Executive Officer Fund Manager Fund ManagerMembership No.
037924
For and on behalf of JM Financial Trustee Company Private
Limited
Anant Setalvad Dr. R. Srinivasan Date: April 25, 2016Director
Director Place: Mumbai
-
11
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Schedules forming part of Balance Sheet and Revenue Account
Figures in Rs.JM Equity Fund JM Tax Gain Fund JM Balanced Fund
March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015
SCHEDULE A
Unit Capital
Dividend 46,477,892 52,612,427 80,966,686 90,220,248 41,947,589
7,075,489,890
Growth 427,441,765 35,793,020 165,730,980 188,810,191
3,914,637,233 47,542,535
Bonus - - - - 1,422 1,422
Daily Dividend - - - - - -
Weekly Dividend - - - - - -
Fortnightly Dividend - - - - - -
Monthly Dividend 97,993 - - - 2,145 1,954
Quarterly Dividend 52,482 - - - 12,195,062,780 1,954
Half Yearly Dividend 2,270,446,746 - - - 1,954 1,954
Annual Dividend 4,454 - - - 1,954 1,954
Regular Dividend - - - - - -
Regular Daily Dividend - - - - - -
Regular Growth - - - - - -
Institutional Daily Dividend - - - - - -
Super Institutional Growth - - - - - -
Premium Dividend - - - - - -
Premium Growth - - - - - -
Premium Daily Dividend - - - - - -
Premium Weekly Dividend - - - - - -
Quarterly Bonus - - - - 1,422 1,422
Quarterly Bonus - Direct - - - - 1,386 1,386
Half Yearly Bonus - - - - 1,422 1,422
Half Yearly Bonus - Direct - - - - 1,386 1,386
Annual Bonus - - - - 1,422 1,422
Dividend - Direct 221,152 45,862 222,013 208,793 677,465
730,470
Growth - Direct 1,030,554 285,422 3,503,142 781,962 8,615,094
949,199
Bonus - Direct - - - - 1,386 1,386
Daily Dividend - Direct - - - - - -
Weekly Dividend - Direct - - - - - -
Fortnightly Dividend - Direct - - - - - -
Monthly Dividend - Direct 4,362 - - - 1,923 1,923
Quarterly Dividend - Direct 4,362 - - - 1,923 1,923
Half Yearly Dividend - Direct 9,025 - - - 1,923 1,923
Annual Dividend - Direct 4,362 - - - 9,101 1,925
Annual Bonus - Direct - - - - 7,058 7,058
Total 2,745,795,149 88,736,731 250,422,821 280,021,194
16,160,977,988 7,124,744,508
No. of Units of face value of Rs.10/- each 274,579,515 8,873,673
25,042,282 28,002,119 1,616,097,799 712,474,451
SCHEDULE B
Reserves & Surplus
Unit premium reserve
Opening balance 13,314,066 75,359,129 8,692,927 40,066,604
261,391,806 5,961
Add/(Less): On account of purchase/sale of units 200,295,262
(62,045,063) (13,025,227) (31,373,677) 305,524,807 261,385,845
Closing Balance 213,609,328 13,314,066 (4,332,300) 8,692,927
566,916,613 261,391,806
Unrealised Appreciation Reserve
Opening balance 138,836,586 54,541,077 156,534,016 74,113,665
253,781,026 12,140,442
Add/(Less): Unrealised appreciation in value of investments
(138,836,586) 84,295,509 (77,919,978) 82,420,351 (253,781,026)
241,640,584
Closing balance - 138,836,586 78,614,038 156,534,016 -
253,781,026
Surplus/(Deficit) brought forward from revenue account
2,665,322,170 83,097,597 (57,006,921) (117,908,502) 11,223,471,517
1,928,423,866
Grand Total 2,878,931,498 235,248,249 17,274,817 47,318,441
11,790,388,130 2,443,596,698
SCHEDULE C
Current Liabilities & Provisions
Contracts for purchase of investments - - - - - -
Management fee payable 6,080,941 583,125 433,051 452,664
70,966,363 6,630,233
Trusteeship fee payable 343,578 12,954 10,026 12,840 2,312,360
576,973
Load payable - - - - - -
Applications pending for allotment of units - - - - - -
-
12
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Schedules forming part of Balance Sheet and Revenue Account
Figures in Rs.JM Equity Fund JM Tax Gain Fund JM Balanced Fund
March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015
Others 4,490,951 451,678 96,781 328,555 21,064,198
19,447,687
Mark to market payable - - - - - -
Payable on repurchase of units 3,995,597,767 1,264,909 406,052
570,972 27,507,941,984 244,938,291
Interest received in advance - - - - - -
Total 4,006,513,237 2,312,666 945,910 1,365,031 27,602,284,905
271,593,184
SCHEDULE D
Investments
Equity shares 5,347,761,011 314,231,190 258,830,241 321,276,487
22,149,892,152 7,192,571,912
Less: Provision for equity shares at cost (578,039) (578,039) -
- (32,569) (32,569)
Preference shares - 201,600 - - - -
Privately Placed Debentures/Bonds - - - - - -
Debt securities listed/ awaiting listing on a recognised stock
exchange 701,289,800 - - - 4,758,152,234 10,620,616
Government securities - - - - - -
Treasury bills - - - - - -
Commercial paper - - - - 3,503,587,298 -
Securitised - - - - - -
Certificate of deposits 739,190,750 - - - 2,908,486,792
2,600,418,370
Others (Mutual Fund Units) - - - - 5,008,558,229 -
Total 6,787,663,522 313,854,751 258,830,241 321,276,487
38,328,644,136 9,803,578,329
SCHEDULE E
Deposits
CBLO 148,223,610 11,812,294 9,492,039 7,170,497 126,765,726
4,833,313
Term deposits - - - - - -
Deposit with CCIL - - - - - -
Total 148,223,610 11,812,294 9,492,039 7,170,497 126,765,726
4,833,313
SCHEDULE F
Other Current Assets
Balances with banks in current account 822,547 580,038 291,906
180,780 10,178,966 31,464,939
Contracts for sale of investments 2,689,777,906 - - -
16,960,396,911 -
Mark to market receivable - - - - - -
Outstanding and accrued income 4,087,766 80,738 28,305 1,597
126,339,730 19,440
Less : Provision for doubtful income (63,003) (63,003) - - -
-
Receivable on reissue of units 706,807 8,526 1,000 75,000
1,325,497 -
Others 20,729 24,302 57 305 57 38,369
Total 2,695,352,752 630,601 321,268 257,682 17,098,241,161
31,522,748
SCHEDULE G
Management & Operating Expenses
Management fees 32,516,453 6,526,134 4,947,941 5,344,210
356,306,712 52,086,741
Service tax on management fees 4,671,553 806,630 688,261 660,544
50,572,777 6,437,921
Trusteeship fees 1,654,670 171,980 148,899 166,281 18,949,549
3,460,196
Interest on borrowing - - - - - -
Registration and legal expenses 6,726 5,251 6,795 4,767 198,530
1,012
Commission to agents 38,032,306 1,208,965 2,003,455 2,253,438
317,980,197 138,671,562
Publicity expenses 550,225 418,758 5,028 173,610 32,429,080
2,035,314
Audit fees 259,451 27,896 21,011 42,561 2,991,440 1,698,372
Custodian fees 355,480 39,177 33,716 37,188 3,567,016
712,076
Registrar fee 3,438,418 436,655 308,165 421,243 21,719,133
4,054,153
Administrative expenses 628,621 375,600 518,452 491,582
6,001,356 1,448,181
Investor awareness expenses 661,868 68,791 59,560 66,512
7,579,830 1,384,067
Less: Expenses reimbursed / to be reimbursed by AMC (958,641)
(1,256) (88,988) (28,336) (2,035,120) (56,804,784)
Total 81,817,130 10,084,581 8,652,295 9,633,600 816,260,500
155,184,811
-
13
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Audited Balance Sheet As At March 31, 2016 Figures in Rs.JM
Multi Strategy Fund JM High Liquidity Fund JM Floater Long Term
Fund
Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015LiabilitiesUnit Capital A 571,415,325
677,129,728 7,426,861,779 6,941,267,676 504,902,261 617,634,100
Reserves & Surplus B 525,873,206 763,857,668 16,698,458,638
10,264,501,446 427,149,084 553,901,325 Current Liabilities &
Provisions C 3,914,094 5,288,945 6,895,159 256,722,686 2,915,236
535,729 Total 1,101,202,625 1,446,276,341 24,132,215,576
17,462,491,808 934,966,581 1,172,071,154 AssetsInvestments D
1,059,135,060 1,384,460,092 22,638,574,463 15,474,755,067
917,538,560 1,162,121,080 Deposits E 41,243,768 60,672,579
6,044,322 14,005,089 13,170,673 9,745,623 Other Current Assets F
823,797 1,143,670 1,487,596,791 1,973,731,652 4,257,348 204,451
Total 1,101,202,625 1,446,276,341 24,132,215,576 17,462,491,808
934,966,581 1,172,071,154
Revenue Account for the Year / Period ended March 31, 2016
Figures in Rs.JM Multi Strategy Fund JM High Liquidity Fund JM
Floater Long Term Fund
Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015
IncomeDividend 14,885,055 17,618,195 - - - - Interest 2,081,572
1,124,802 3,347,348,906 4,268,844,930 79,176,086 227,302,079 Profit
on sale/redemption of investments (other than inter scheme
transfer/sale)
240,799,791 215,799,701 866,858 8,201,967 256,757 405,360
Profit on inter-scheme transfer/sale of investments - - 12,713
20,685 69,958 16,676 Profit on Futures / Options - - - - - - Other
income ( Refer note No.III 2.q. of Schedule H ) - - 3,307 1,792,277
- 141,899 Net change in unrealised appreciation / depreciation of
Investments
- 396,117,147 10,231,455 3,052,525 341,402 109,204
Exit load collected 39,390 204,384 - - - - Total Income
257,805,808 630,864,229 3,358,463,239 4,281,912,384 79,844,203
227,975,218 Expenses and LossesManagement & Operating expenses
G 36,785,120 40,926,803 95,580,814 112,019,188 6,027,592 14,881,532
Loss on sale/redemption of investments (other than inter-scheme
transfer/sale)
32,094,673 32,540,403 2,239,814 1,266,842 1,194 4,942,837
Loss on Futures / Options - - - - - -
Loss on inter-scheme transfer/sale of investments - - - - 972
2,548,135 Net change in unrealised appreciation/depreciation of
Investments
319,061,482 - - - - -
Total Expenses & Losses 387,941,275 73,467,206 97,820,628
113,286,030 6,029,758 22,372,504 Surplus / (Deficit) for the Period
/ Year (130,135,467) 557,397,023 3,260,642,611 4,168,626,354
73,814,445 205,602,714 Add/(Less): Income Equalisation Account
69,432,434 248,528,582 3,793,413,150 3,695,819,550 (189,105,152)
41,457,061 Add: Write back of provision for Unrealised Appreciation
on Investments
621,613,427 225,496,280 7,837,540 4,785,015 446,859 337,655
Less: Provision for Unrealised Appreciation on Investments
(302,551,945) (621,613,427) (18,068,995) (7,837,540) (788,261)
(446,859)
Surplus / (Deficit) 258,358,449 409,808,458 7,043,824,306
7,861,393,379 (115,632,109) 246,950,571 Balance brought forward
from previous year (606,869,470) (1,016,677,928) 10,252,352,247
3,355,659,542 553,201,106 313,241,794 Surplus / (Deficit) available
for distribution (348,511,021) (606,869,470) 17,296,176,553
11,217,052,921 437,568,997 560,192,365 AppropriationIncome
Distribution - - 423,770,006 692,745,166 7,640,800 5,201,294
Distribution Tax - - 204,525,619 271,955,508 3,546,563 1,789,965
Balance carried to the Balance Sheet (348,511,021) (606,869,470)
16,667,880,928 10,252,352,247 426,381,634 553,201,106 Accounting
Policies and Notes on Accounts HFund Manager Sanjay Chhabaria
Shalini Tibrewala
As per our report of even date For and on behalf ofFor
S.R.Batliboi & Co. LLP JM Financial Asset Management
LimitedChartered Accountants ICAI Firm Registration No. 301003E
J.M. Gandhi V. P. Shetty G. M. Ramamurthy Bhanu Katoch Sanjay
Chhabaria Shalini Tibrewala Partner Chairman Director Chief
Executive Officer Fund Manager Fund ManagerMembership No.
037924
For and on behalf of JM Financial Trustee Company Private
Limited
Anant Setalvad Dr. R. Srinivasan Date: April 25, 2016Director
Director Place: Mumbai
-
14
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Schedules forming part of Balance Sheet and Revenue Account
Figures in Rs.JM Multi Strategy Fund JM High Liquidity Fund JM
Floater Long Term Fund
March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015
SCHEDULE A
Unit Capital
Dividend 194,561,238 262,804,990 - - 278,669 27,422,076
Growth 372,733,117 413,145,447 1,894,018,645 2,593,521,391
93,709,227 60,310,852
Bonus - - 194,446,908 205,681,084 45,124,127 45,977,720
Daily Dividend - - 819,049,837 2,349,248,511 38,228,538
129,794,387
Weekly Dividend - - 74,006,950 25,784,468 66,512 228,864
Fortnightly Dividend - - - - - -
Monthly Dividend - - - - 16,078 5,202
Quarterly Dividend - - 9,052,938 2,050,914 - -
Half Yearly Dividend - - - - - -
Annual Dividend - - - - - -
Regular Dividend - - - - - -
Regular Daily Dividend - - - - - -
Regular Growth - - - - - -
Institutional Daily Dividend - - 18,313 18,313 - -
Super Institutional Growth - - 201,386 202,520 - -
Premium Dividend - - - - 2,731 2,731
Premium Growth - - - - 3,209 3,209
Premium Daily Dividend - - - - 24,706 24,706
Premium Weekly Dividend - - - - - 69,501
Quarterly Bonus - - - - - -
Quarterly Bonus - Direct - - - - - -
Half Yearly Bonus - - - - 5,220 5,220
Half Yearly Bonus - Direct - - - - 5,168 5,168
Annual Bonus - - - - - -
Dividend - Direct 164,885 111,650 - - 79,682 592,019
Growth - Direct 3,956,085 1,067,641 3,372,423,793 983,513,848
176,611,141 347,755,572
Bonus - Direct - - 4,946 4,946 5,099,307 5,144,534
Daily Dividend - Direct - - 1,063,530,865 781,148,918
145,637,017 281,760
Weekly Dividend - Direct - - 104,400 89,965 5,799 5,449
Fortnightly Dividend - Direct - - - - - -
Monthly Dividend - Direct - - - - 5,130 5,130
Quarterly Dividend - Direct - - 2,798 2,798 - -
Half Yearly Dividend - Direct - - - - - -
Annual Dividend - Direct - - - - - -
Annual Bonus - Direct - - - - - -
Total 571,415,325 677,129,728 7,426,861,779 6,941,267,676
504,902,261 617,634,100
No. of Units of face value of Rs.10/- each 57,141,533 67,712,973
742,686,178 694,126,768 50,490,226 61,763,410
SCHEDULE B
Reserves & Surplus
Unit premium reserve
Opening balance 749,113,711 1,186,390,052 4,311,659 156,210
253,360 24,190
Add/(Less): On account of purchase/sale of units (177,281,429)
(437,276,341) 8,197,056 4,155,449 (274,171) 229,170
Closing Balance 571,832,282 749,113,711 12,508,715 4,311,659
(20,811) 253,360
Unrealised Appreciation Reserve
Opening balance 621,613,427 225,496,280 7,837,540 4,785,015
446,859 337,655
Add/(Less): Unrealised appreciation in value of investments
(319,061,482) 396,117,147 10,231,455 3,052,525 341,402 109,204
Closing balance 302,551,945 621,613,427 18,068,995 7,837,540
788,261 446,859
Surplus/(Deficit) brought forward from revenue account
(348,511,021) (606,869,470) 16,667,880,928 10,252,352,247
426,381,634 553,201,106
Grand Total 525,873,206 763,857,668 16,698,458,638
10,264,501,446 427,149,084 553,901,325
SCHEDULE C
Current Liabilities & Provisions
Contracts for purchase of investments - - - 245,565,750 - -
Management fee payable 2,426,015 2,398,480 1,675,208 1,814,569
351,457 230,647
Trusteeship fee payable 40,946 57,412 1,443,356 1,513,116 46,244
32,545
Load payable - - - - - -
Applications pending for allotment of units - - 82,400 369,000
2,000,000 -
-
15
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Schedules forming part of Balance Sheet and Revenue Account
Figures in Rs.JM Multi Strategy Fund JM High Liquidity Fund JM
Floater Long Term Fund
March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015
Others 279,848 1,246,375 2,474,445 4,364,792 112,797 272,537
Mark to market payable - - - - - -
Payable on repurchase of units 1,167,285 1,586,678 371 371
404,738 -
Interest received in advance - - 1,219,379 3,095,088 - -
Total 3,914,094 5,288,945 6,895,159 256,722,686 2,915,236
535,729
SCHEDULE D
Investments
Equity shares 1,059,135,060 1,384,460,092 - - - -
Less: Provision for equity shares at cost - - - - - -
Preference shares - - - - - -
Privately Placed Debentures/Bonds - - - - - -
Debt securities listed/ awaiting listing on a recognised stock
exchange - - - - 100,189,200 -
Government securities - - - - - -
Treasury bills - - 49,423,250 49,515,950 - -
Commercial paper - - 6,029,093,690 5,067,527,162 590,001,608
1,142,304,350
Securitised - - - - - -
Certificate of deposits - - 16,560,057,523 10,357,711,955
227,347,752 19,816,730
Others (Mutual Fund Units) - - - - - -
Total 1,059,135,060 1,384,460,092 22,638,574,463 15,474,755,067
917,538,560 1,162,121,080
SCHEDULE E
Deposits
CBLO 41,243,768 60,672,579 6,044,322 14,005,089 13,170,673
9,745,623
Term deposits - - - - - -
Deposit with CCIL - - - - - -
Total 41,243,768 60,672,579 6,044,322 14,005,089 13,170,673
9,745,623
SCHEDULE F
Other Current Assets
Balances with banks in current account 546,535 943,190 352,798
2,111,167 3,180,982 -
Contracts for sale of investments - - 1,487,170,000
1,971,540,000 - -
Mark to market receivable - - - - - -
Outstanding and accrued income 96,780 13,517 973 3,229 310,484
2,119
Less : Provision for doubtful income - - - - - -
Receivable on reissue of units 15,499 20,306 - - 763,307
199,900
Others 164,983 166,657 73,020 77,256 2,575 2,432
Total 823,797 1,143,670 1,487,596,791 1,973,731,652 4,257,348
204,451
SCHEDULE G
Management & Operating Expenses
Management fees 24,004,349 24,732,603 36,450,105 39,674,891
2,646,824 6,579,918
Service tax on management fees 3,335,929 3,056,950 5,124,659
4,903,819 370,197 813,279
Trusteeship fees 634,402 722,107 20,310,241 24,109,022 420,970
1,286,188
Interest on borrowing - - 12,628 - - -
Registration and legal expenses 29,914 20,895 357,823 146,071
24,300 12,159
Commission to agents 6,299,321 7,037,758 5,845,682 8,092,824
228,108 2,777,329
Publicity expenses 16,498 1,257,497 1,200,713 4,062,694 401,704
807,780
Audit fees 67,521 140,419 240,316 516,561 19,224 31,643
Custodian fees 143,191 161,050 2,764,124 3,331,968 53,836
206,488
Registrar fee 1,309,966 1,817,614 14,096,297 16,410,116 482,199
1,470,289
Administrative expenses 981,566 1,738,210 3,646,484 3,325,773
1,263,720 541,450
Investor awareness expenses 253,760 288,838 8,192,497 9,668,940
168,388 514,475
Less: Expenses reimbursed / to be reimbursed by AMC (291,297)
(47,138) (2,660,755) (2,223,491) (51,878) (159,466)
Total 36,785,120 40,926,803 95,580,814 112,019,188 6,027,592
14,881,532
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16
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Audited Balance Sheet As At March 31, 2016 Figures in Rs.JM
Floater Short Term Fund JM MIP Fund JM Money Manager Fund - Super
Plus Plan
Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015LiabilitiesUnit Capital A 8,442,060
596,597,586 755,139,933 24,790,831 5,178,882,341 8,237,443,402
Reserves & Surplus B 10,511,728 679,543,985 1,029,027,898
19,915,002 2,072,899,876 1,938,019,442 Current Liabilities &
Provisions C 14,750 385,704 446,260 201,593 58,510,021 17,101,317
Total 18,968,538 1,276,527,275 1,784,614,091 44,907,426
7,310,292,238 10,192,564,161 AssetsInvestments D - 576,687,912
1,755,212,321 36,410,885 7,213,734,722 9,951,655,491 Deposits E
18,962,888 11,082,658 29,392,202 7,177,659 22,947,782 213,421,528
Other Current Assets F 5,650 688,756,705 9,568 1,318,882 73,609,734
27,487,142 Total 18,968,538 1,276,527,275 1,784,614,091 44,907,426
7,310,292,238 10,192,564,161
Revenue Account for the Year / Period ended March 31, 2016
Figures in Rs.JM Floater Short Term Fund JM MIP Fund JM Money
Manager Fund - Super Plus Plan
Sch. March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015
IncomeDividend - - 38,350 61,938 - - Interest 12,387,064
23,108,205 51,241,755 4,023,429 822,888,025 1,042,159,483 Profit on
sale/redemption of investments (other than inter scheme
transfer/sale)
6,493 1,401,264 1,645,277 3,878,929 39,438,734 23,273,217
Profit on inter-scheme transfer/sale of investments - 9,676 - -
- - Profit on Futures / Options - - - - - - Other income ( Refer
note No.III 2.q. of Schedule H ) - - - - - 24,437 Net change in
unrealised appreciation / depreciation of Investments
- - - - 2,203,475 3,817,499
Exit load collected 1,967 121,425 - 906,469 - - Total Income
12,395,524 24,640,570 52,925,382 8,870,765 864,530,234
1,069,274,636 Expenses and LossesManagement & Operating
expenses G 1,127,109 946,029 3,400,854 1,365,101 49,499,855
58,318,461 Loss on sale/redemption of investments (other than
inter-scheme transfer/sale)
192,331 609,683 96,043 - 5,198,190 5,647,204
Loss on Futures / Options - - - - - - Loss on inter-scheme
transfer/sale of investments - - - - - 39,629 Net change in
unrealised appreciation/depreciation of Investments
- 1,978,406 733,226 220,734 - -
Total Expenses & Losses 1,319,440 3,534,118 4,230,123
1,585,835 54,698,045 64,005,294 Surplus / (Deficit) for the Period
/ Year 11,076,084 21,106,452 48,695,259 7,284,930 809,832,189
1,005,269,342 Add/(Less): Income Equalisation Account (679,971,772)
286,110,893 846,963,029 (3,458,901) (592,227,041) (299,867,792)Add:
Write back of provision for Unrealised Appreciation on
Investments
- 1,978,406 2,184,242 2,404,976 21,789,565 17,972,066
Less: Provision for Unrealised Appreciation on Investments
- - (1,451,016) (2,184,242) (23,993,040) (21,789,565)
Surplus / (Deficit) (668,895,688) 309,195,751 896,391,514
4,046,763 215,401,673 701,584,051 Balance brought forward from
previous year 680,142,867 374,714,114 19,630,888 15,873,361
1,910,735,316 1,363,382,665 Surplus / (Deficit) available for
distribution 11,247,179 683,909,865 916,022,402 19,920,124
2,126,136,989 2,064,966,716 AppropriationIncome Distribution 97,729
2,833,142 172,287 215,984 53,799,901 113,034,507 Distribution Tax
38,838 933,856 68,638 73,252 22,874,399 41,196,893
Balance carried to the Balance Sheet 11,110,612 680,142,867
915,781,477 19,630,888 2,049,462,689 1,910,735,316 Accounting
Policies and Notes on Accounts HFund Manager Shalini Tibrewala
Vikas Agrawal
As per our report of even date For and on behalf ofFor
S.R.Batliboi & Co. LLP JM Financial Asset Management
LimitedChartered Accountants ICAI Firm Registration No. 301003E
J.M. Gandhi V. P. Shetty G. M. Ramamurthy Bhanu Katoch Shalini
Tibrewala Vikas Agrawal Partner Chairman Director Chief Executive
Officer Fund Manager Fund ManagerMembership No. 037924
For and on behalf of JM Financial Trustee Company Private
Limited
Anant Setalvad Dr. R. Srinivasan Date: April 25, 2016Director
Director Place: Mumbai
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17
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Schedules forming part of Balance Sheet and Revenue Account
Figures in Rs.JM Floater Short Term Fund JM MIP Fund JM Money
Manager Fund - Super Plus Plan
March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015
SCHEDULE A
Unit Capital
Dividend - - - - - -
Growth 4,316,045 5,618,037 86,236,460 12,085,416 307,339,112
510,677,329
Bonus 4,661 5,135 2,309 2,309 2,032,226,993 5,068,538,436
Daily Dividend 397,424 1,684,714 - - 371,944,286 434,579,505
Weekly Dividend - - - - 66,306,890 33,718,100
Fortnightly Dividend - - - - 5,773,729 4,059,577
Monthly Dividend 4,885 4,885 3,156,853 4,228,725 - -
Quarterly Dividend - - 7,231,093 7,643,600 - -
Half Yearly Dividend - - - - - -
Annual Dividend - - 714,743 753,384 - -
Regular Dividend - - - - - -
Regular Daily Dividend - - - - - -
Regular Growth - - - - - -
Institutional Daily Dividend - - - - - -
Super Institutional Growth - - - - - -
Premium Dividend - - - - - -
Premium Growth - - - - - -
Premium Daily Dividend - - - - - -
Premium Weekly Dividend - - - - - -
Quarterly Bonus - - - - - -
Quarterly Bonus - Direct - - - - - -
Half Yearly Bonus 4,661 5,135 - - - -
Half Yearly Bonus - Direct 4,644 5,117 - - - -
Annual Bonus - - - - - -
Dividend - Direct - - - - - -
Growth - Direct 3,694,123 576,095,662 657,783,552 62,624
567,812,502 147,897,063
Bonus - Direct 4,646 5,938 2,217 2,217 1,564,104,367
1,590,103,410
Daily Dividend - Direct 6,015 13,168,007 - - 260,736,042
445,356,789
Weekly Dividend - Direct - - - - 2,530,694 2,401,836
Fortnightly Dividend - Direct - - - - 107,726 111,357
Monthly Dividend - Direct 4,956 4,956 5,258 5,108 - -
Quarterly Dividend - Direct - - 3,843 3,843 - -
Half Yearly Dividend - Direct - - - - - -
Annual Dividend - Direct - - 3,605 3,605 - -
Annual Bonus - Direct - - - - - -
Total 8,442,060 596,597,586 755,139,933 24,790,831 5,178,882,341
8,237,443,402
No. of Units of face value of Rs.10/- each 844,206 59,659,759
75,513,993 2,479,083 517,888,234 823,744,340
SCHEDULE B
Reserves & Surplus
Unit premium reserve
Opening balance (598,882) 460,696 (1,900,128) (714,156)
5,494,561 6,044,369
Add/(Less): On account of purchase/sale of units (2) (1,059,578)
113,695,533 (1,185,972) (6,050,414) (549,808)
Closing Balance (598,884) (598,882) 111,795,405 (1,900,128)
(555,853) 5,494,561
Unrealised Appreciation Reserve
Opening balance - 1,978,406 2,184,242 2,404,976 21,789,565
17,972,066
Add/(Less): Unrealised appreciation in value of investments -
(1,978,406) (733,226) (220,734) 2,203,475 3,817,499
Closing balance - - 1,451,016 2,184,242 23,993,040
21,789,565
Surplus/(Deficit) brought forward from revenue account
11,110,612 680,142,867 915,781,477 19,630,888 2,049,462,689
1,910,735,316
Grand Total 10,511,728 679,543,985 1,029,027,898 19,915,002
2,072,899,876 1,938,019,442
SCHEDULE C
Current Liabilities & Provisions
Contracts for purchase of investments - - - - - -
Management fee payable 4,104 195,123 278,882 91,429 1,941,962
2,566,867
Trusteeship fee payable 2,960 44,398 76,018 1,738 282,990
396,233
Load payable - - - - - -
Applications pending for allotment of units 2,500 - - - - -
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18
Annual Report 2015-2016
JM FINANCIAL MUTUAL FUND
Schedules forming part of Balance Sheet and Revenue Account
Figures in Rs.JM Floater Short Term Fund JM MIP Fund JM Money
Manager Fund - Super Plus Plan
March 31, 2016 March 31, 2015 March 31, 2016 March 31, 2015
March 31, 2016 March 31, 2015
Others 5,186 146,183 91,360 74,644 1,023,349 2,036,418
Mark to market payable - - - - - -
Payable on repurchase of units - - - 33,782 55,261,720
12,101,799
Interest received in advance - - - - - -
Total 14,750 385,704 446,260 201,593 58,510,021 17,101,317
SCHEDULE D
Investments
Equity shares - - - 6,737,140 - -
Less: Provision for equity shares at cost - - - - - -
Preference shares - - - - - -
Privately Placed Debentures/Bonds - - - - - -
Debt securities listed/ awaiting listing on a recognised stock
exchange - - - - 1,932,625,453 376,758,873