Annual-report-2021-22.pdf of NJ WEALTH COMPANY

ANNUAL REPORT FOR F.Y. 2021-2022
NJ MUTUAL FUND
Unit No. 101A, 1st Floor, Hallmark Business Plaza, Bandra (East), Mumbai – 400051, Maharashtra.
Phone: 022 – 68940000, Website: www.njmutualfund.com
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NJ BALANCED ADVANTAGE FUND
AN OPEN-ENDED DYNAMIC ASSET ALLOCATION FUND
REPORT FROM NJ TRUSTEE PRIVATE LIMITED TO THE
UNITHOLDERS OF SCHEME OF NJ MUTUAL FUND
We have pleasure in presenting the 1st Annual Report of the
scheme of NJ Mutual Fund for the period ended March 31,
2022.
The assets under management of the schemes of NJ Mutual
Fund as at March 31, 2022 was Rs. 5218.08 crores and the
average assets under management for the year ended
March 31, 2022 was Rs. 5274.38 crores. The total number of
investors’ folio count under the schemes of NJ Mutual Fund
as at March 31, 2022 were 1,49,383. As of March 31, 2022, NJ
Asset Management Private Limited managed one scheme i.e.
NJ Balanced Advantage Fund (an open ended dynamic asset
allocation fund).
1 SCHEME PERFORMANCE, FUTURE OUTLOOK AND
OPERATIONS OF THE SCHEMES
A. Scheme Performance
NJ Balanced Advantage Fund is an open ended dynamic asset
allocation fund and as of March 31, 2022, has been in existence
for less than 1 year, hence performance of the Scheme is not
provided.
B. Operations of the Schemes
The operations of the scheme have been error free and
compliant with all pertinent regulations. Given that our first
scheme was launched in October 2021, NJ Asset Management
Pvt Ltd has put in place adequate systems and procedures to
manage the operations smoothly with the assistance of credible
service providers. NJ Balanced Advantage Fund is available
through both physical and digital modes. Over its existence
more than 90% of its transactions have been digital.
C. Future Outlook
NJ Mutual Fund follows a rule-based active investment
approach which is well differentiated within the Mutual Fund
Industry. This approach has emerged as a credible alternative to
the existing traditional active and passive investing approaches
over the last decade across the world. In India, this approach is
still at a nascent stage due to the low level of awareness about
its strengths and advantages. NJ Mutual Fund is dedicated to
increasing this awareness and took its first step by publishing
NJ’s Factor Book, an introductory text to factor investing in
a convenient coffee table book format. The accompanying
website www.njfactorbook.com is a live version of the book and
contains more information which is updated frequently. A series
TRUSTEE REPORT
SPONSOR
NJ India Invest Private Limited
Block No.901, 6th Floor, B Tower,
Udhna Udyognagar Sangh
Commercial Complex, Central
Road No.10, Udhna,
Surat – 394210, Gujarat.
ASSET MANAGEMENT COMPANY
NJ Asset Management
Private Limited
CIN-U67100GJ2005PTC046959
Registered Office:
Block No.901, 6th Floor, B Tower,
Udhna Udyognagar Sangh
Commercial Complex, Central
Road No.10, Udhna,
Surat – 394210, Gujarat.
Corporate Office:
Unit No. 101A, 1st Floor, Hallmark
Business Plaza,Bandra (East),
Mumbai – 400051, Maharashtra.
Phone: 022 - 68940000,
Website: www.njmutualfund.com
TRUSTEE COMPANY
NJ Trustee Private Limited
CIN- U65929MH2020PTC343074
Unit No. 101A, 1st Floor, Hallmark
Business Plaza, Bandra (East),
Mumbai – 400051, Maharashtra.
Phone: 022 - 68940000
CUSTODIAN
Deutsche Bank A.G.
Deutsche Bank House,
Hazarimal Somani Marg, Fort,
Mumbai - 400001, Maharashtra.
REGISTRAR AND TRANSFER AGENT
KFin Technologies Limited
Selenium, Tower B, Plot No- 31 & 32,
Financial District, Nanakramguda,
Serilingampally Hyderabad
Rangareddi - 500032.
STATUTORY AUDITORS
M/s MSKA & Associates,
Chartered Accountants, 602, Floor
6, Raheja Titanium, Western Express
Highway, Geetanjali Railway Colony,
Ram Nagar, Goregaon (East)
Mumbai - 400063, Maharashtra.
BOARD OF DIRECTORS
NJ Asset Management Pvt. Ltd.
1. Mr. Niraj Choksi
2. Mr. Rajiv Shastri
3. Gen. Bikram Singh (retd.)
4. Mr. Imtiyazahmed Peerzada
BOARD OF DIRECTORS
NJ Trustee Pvt. Ltd.
1. Mr. Jigneshkumar Desai
2. Mr. Devesh Pathak
3. Mr. Sundar Sankaran
4. Ms. Mousumi Nandy Dhar

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of webinars to explain and elucidate on the content of NJ’s
Factor Book were also conducted.
NJ Mutual Fund will continue to research, publish pertinent
material on rule-based active investing and undertake other
activities to increase awareness and understanding of this
approach.
It is incumbent on us to ensure that our products are clearly
differentiated from each other. We intend to follow this in
letter and in spirit. Products approved for launch by NJ Mutual
Fund are positioned differently on the risk, return and liquidity
paradigms which makes the differences between them very
apparent.
As the Indian mutual fund industry grows at a rate that reflects
the fast pace of incremental inclusion, growing individual
surpluses and a healthy nominal economic growth rate, we
strongly believe that NJ Mutual Fund is poised to play a
significant role in the Indian Mutual Fund Industry in the coming
years.
2. BRIEF BACKGROUND OF SPONSORS, TRUST, TRUSTEE
COMPANY AND AMC
A. SPONSOR
NJ Mutual Fund is sponsored by NJ India Invest Private
Limited (“NJ India” or “Sponsor”) which is a private limited
company incorporated under the Companies Act, 1956 having
its registered office at Block No.901 & 902, 6th Floor, B Tower,
Udhna Udyognagar Sangh Commercial Complex Central Road
No.10 Udhna Surat-394210. The Sponsor is the Settler of the
Mutual Fund Trust. The Sponsor has entrusted a sum of Rs.
50,000/- (Rupees Fifty Thousand only) to NJ Trustee Private
Limited (‘the Trustee Company’) as the initial contribution
towards the corpus of the Mutual Fund.
NJ India, the flagship Company of NJ Group is a leading player
in the Indian financial services industry known for its strong
mutual funds and insurance distribution capabilities. NJ India
by virtue of its experience of more than 25 years in financial
services, large distribution capabilities, robust technology
infrastructure and strong internal governance structure is one
of the largest distributors of mutual funds in India and currently
it has Assets Under Administration (AUA) of approximately Rs.
1,20,001 Crores as on March 31, 2022. NJ India’s rich experience
in financial services, combined with strong administrative
capabilities, strong technology, processes and system
orientation has enabled it to shape a rising growth trajectory in
various businesses.
Asasponsor,NJIndiaisresponsiblefordischargingitsfunctions
and responsibilities towards NJ Mutual Fund in accordance
with the Securities and Exchange Board of India (Mutual Fund)
Regulations, 1996
B. NJ MUTUAL FUND
NJ Mutual Fund (the “Mutual Fund”) was set up as a trust
on November 11, 2020 vide Indenture of Trust deed dated
November 11, 2020 (“Trust Deed”) in accordance with the
provisions of the Indian Trusts Act, 1882 (2 of 1882) with NJ India
Invest Private Limited, as the Sponsor and NJ Trustee Private
Limited (“the Trustee Company” / “Trustee”) as the Trustee to
the Mutual Fund. The Trust Deed has been registered under
the Indian Registration Act, 1908. The Trustee has entered into
an Investment Management Agreement dated November 11,
2020 with NJ Asset Management Private Limited (the AMC)
to function as the Investment Manager for all the Schemes of
NJ Mutual Fund.The Mutual Fund was registered with SEBI on
April 30, 2021 vide Registration number MF/076/21/02.
C. NJ TRUSTEE PRIVATE LIMITED
NJ Trustee Private Limited (the “Trustee”) is a Private Limited
Company incorporated under the Companies Act, 2013 having
its Registered Office at Unit No. 101A, 1st Floor, Hallmark
Business Plaza, Bandra(East), Mumbai – 400025. The Trustee
Company through its Board of Directors, shall discharge its
obligations as Trustee of the NJ Mutual Fund. The Trustee has
been discharging its duties and carrying out the responsibilities
as provided in the Regulations and the Trust Deed. The Trustee
ensures that the transactions entered into by the AMC are in
accordance with the SEBI (Mutual Funds) Regulations, 1996
(“Mutual Fund Regulations”/ “Regulations”) and will also review
the activities carried on by the AMC. The Trustee 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 the SEBI, the
Stock Exchanges, the Association of Mutual Funds in India and
other regulatory agencies.
D. NJ ASSET MANAGEMENT PRIVATE LIMITED
NJ Asset Management Private Limited (‘NJAMC’ or ‘the
AMC’) is a Private Limited Company incorporated under the
Companies Act, 1956 on October 21, 2005, having its Registered
Office at Block No.901, 6th Floor, B Tower, Udhna Udyognagar
Sangh Commercial Complex Central Road No.10 Udhna Surat-
394210 and Corporate Office at Unit No. 101A, 1st Floor, Hallmark
Business Plaza, Bandra(East) Mumbai-400051. AMC has been
appointed as the Investment Manager of the NJ Mutual Fund by
the Trustee vide Investment Management Agreement (‘IMA’)
dated November 11, 2020, and executed between the Trustee
and the AMC.
3. INVESTMENT OBJECTIVE OF THE SCHEME
Name of the
Scheme
Investment Objective of the Scheme
NJ Balanced
Advantage Fund
The investment objective of the Scheme is to generate
capital appreciation by dynamically allocating its assets
between equity and specified debt securities. However,
there is no assurance or guarantee that the investment
objective of the scheme will be achieved.
4. SIGNIFICANT ACCOUNTING POLICIES
Accounting policies are in accordance with Securities Exchange
Board of India (Mutual Funds) Regulations, 1996. Summary of
significant account policies is disclosed in Financial Statements
of the scheme.
5. UNCLAIMED DIVIDENDS & REDEMPTIONS
Investors are requested to note that there are no unclaimed
dividends and redemptions for the period ended March 31,
2022.
6. REDRESSAL OF COMPLAINTS RECEIVED AGAINST NJ
MUTUAL FUND DURING 2021-22.
Please refer Annexure - A for details on redressal of complaints
received against NJ Mutual Fund during the financial year
ended March 31, 2022.
7. CORPORATE GOVERNANCE
Pursuant to SEBI circular no. SEBI/IMD/CIR no. 18/198647/2010
dated March 15, 2010 and subsequent clarifications issued by
SEBI from time to time, the Fund has formulated a policy for
exercise of voting rights by the AMC in investee companies
(i.e. companies in whose securities schemes of the Fund has
invested). The said policy and details of proxy voting exercised
during FY 2021-2022, is displayed on the website – www.
njmutualfund.com and information pertaining to the same is
also disclosed in the Annual Report of the Scheme.

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Report on Proxy voting exercise has been reviewed by the
Statutory Auditors of the Mutual Fund. A certificate issued in
this regard is hosted on the website – www.njmutualfund.com
and disclosed in the Annual Report of the Scheme.
SEBI vide its Circular No. SEBI/HO/IMD/DF2/CIR/P/2021/024
dated March 04, 2021, specified that AMCs shall provide the
web link in their annual reports regarding the disclosure of
voting details. Accordingly, please find the web link with regard
to disclosure of voting details.
https://www.njmutualfund.com/Voting_Disclosures.php
8. STEWARDSHIP CODE
SEBI vide its circular no. CIR/CFD/CMDI/168/2019 dated
December 24, 2019 (“SEBI circular”) has mandated all Mutual
Funds and Alternative Investment Funds to frame Stewardship
Code in relation to their investments in listed equities.
NJAssetManagementPrivateLimited(“NJAMC”)isInvestment
Manager for schemes of NJ Mutual Fund registered under
SEBI (Mutual Funds) Regulations, 1996. Stewardship code is
applicable to investments in listed equities for schemes of NJ
Mutual Fund. The details of the manner in which the elements
of the stewardship code which have been discharged by the
Company are as follows:-
Principle 1:
Institutional Investors should formulate a comprehensive policy
on the discharge of their stewardship responsibilities, publicly
disclose it, review and update it periodically.
Complied with. The Stewardship Code has been approved by
the Board of Directors of AMC and Trustee on July 28, 2021.
Principle 2:
Institutional investors should have a clear policy on how they
manage conflicts of interest in fulfilling their stewardship
responsibilities and publicly disclose it.
Complied with. Conflicts of interest are an inherent risk in our
businessandtheNJAMC,therefore,hasproceduresandpolicies
in place so that clients are treated fairly and material conflicts of
interest are either avoided or are managed to avoid damage to
a client’s interests. However, our approach will always be to keep
in mind the interest of our investors uppermost.
Principle 3:
Institutional investors should monitor their investee companies
Complied with. The investment by the Schemes of NJ Mutual
Fund is based on the ‘Rules’ and hence the Fund Manager has
no discretion / active involvement in selecting the stock. Hence
the level and degree of monitoring / engagement may vary
depending upon the materiality of investments.
Principle 4:
Institutional investors should have a clear policy on intervention
in their investee companies. Institutional investors should also
have a clear policy for collaboration with other institutional
investors where required, to preserve the interests of the
ultimate investors, which should be disclosed.
Compiled with. At NJAMC, the stock selection in the equity
segment will be the basis of the ‘ Rule’ and there will be no
discretion /active involvement of the Fund Manager in stock
selection. Iftheinvestmentisbeyondthemeaningfulthreshold,
the Investment team may deem it necessary to escalate the
engagement/intervention on a particular issue.
Principle 5:
Institutional investors should have a clear policy on voting and
disclosure of voting activity.
Complied with. NJ Mutual Fund has an approved voting policy
in place as per the SEBI (Mutual Funds) Regulations, 1996.
Quarterly voting disclosures are published on the website of
the Mutual Fund (www.njmutualfund.com ) under the Statutory
Disclosures section.
Principle 6:
Institutional investors should report periodically on their
stewardship activities.
Complied with. The Stewardship Code is disclosed on the
website of the Mutual Fund (www.njmutualfund.com )
9. SCHEME WISE CHANGES IN RISK-O-METER
SEBI vide its circular dated October 5, 2020, revised its
guidelines for evaluation of risk levels of scheme(s) which are
depicted by “Risk-o-meter”. Pursuant to requirement of the said
circular, changes in Risk-o-meter of the scheme of NJ Mutual
Fund during the period from October 2021 to March 2022 are
given below:
Scheme
name
Risk-o-meter
level at start of
the financial year
Risk-o-meter
level at end of
the
financial year
Number of
changes in Risk-
o-meter
during the
financial year
NJ Balanced
Advantage
Fund*
Moderately High Very High 3
*NJ Balanced Advantage Fund was launched in October 2022.
NFO opening date was October 8, 2021 and NFO Closing date
was October 22, 2021. Allotment date was October 29, 2021.
10. STATUTORY INFORMATION:
a.TheSponsorsarenotresponsibleorliableforanylossresulting
from the operation of the Schemes of the Fund beyond their
initial contribution (to the extent contributed) of Rs. 50,000/-
(Rupees Fifty Thousand only) 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 shall be disclosed on the website (www.
njmutualfund.com) and shall be available for inspection at the
Head Office of the Mutual Fund. Present and prospective unit
holders, if they, so desire, can obtain a copy of the trust deed, the
full Annual Report of the Fund / AMC at a price of the relevant
scheme. Further, the annual report of the AMC shall be available
for information on website www.njmutualfund.com.
ACKNOWLEDGEMENT:
The Board of Directors of NJ Trustee Private Limited wish to
place on record their gratitude to the unitholders of the scheme
for their continued support and to the Securities and Exchange
Board of India, the Reserve Bank of India, the Registrars,
Association of Mutual Funds in India, Bankers, the Custodian,
Fund Accountant, NJ India Invest Private Limited (Sponsor),
Distributors, Brokers, business partners and the employees of
the AMC for the support provided by them during the year.
For NJ Trustee Private Limited
Director
Date: 28th
July, 2022
Place: Mumbai

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Annexure to the Trustee Report
Redressal of Complaints received during the period: 29/10/2021 to 31/03/2022
Name of the Mutual Fund:NJ Mutual Fund
Total Number of Folios: 149383
Total complaints report (including complaints received through SCORES)
Complaint
code
Type of complaint#
(a) No. of
complaints
pending
at the
beginning
of the year
(b) No of
complaints
received
during the
year
Action on (a) and (b)
Resolved Average
time
taken ^
(in days)
Non
Actionable*
Pending
Within 30
days
30 - 60 days
60 - 180
days
Beyond
180 days
0-3
months
3-6
months
6-12
months
Beyond
12 months
I A
Non receipt of amount
declared under Income
Distribution cum
Capital Withdrawal
option
0 0 0 0 0 0 0 0 0 0 0 0
I B
Interest on delayed
payment of amount
declared under Income
Distribution cum
Capital Withdrawal
option
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 0
I D
Interest on delayed
payment of
Redemption
0 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 0
II C
Data corrections in
Investor details
0 31 31 0 0 0 0 0 0 0 0 0
II D
Non receipt of Annual
Report/Abridged
Summary
0 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 0
III B
Unauthorized switch
between Schemes
0 0 0 0 0 0 0 0 0 0 0 0
III C
Deviation from
Scheme attributes
0 3 3 0 0 0 0 0 0 0 0 0
III D
Wrong or excess
charges/load
0 0 0 0 0 0 0 0 0 0 0 0
III E
Non updation of
changes viz. address,
PAN, bank details,
nomination, etc
0 0 0 0 0 0 0 0 0 0 0 0
III F
Delay in allotment of
Units
0 7 7 0 0 0 0 0 0 0 0 0
III G
Unauthorized
Redemption
0 0 0 0 0 0 0 0 0 0 0 0
IV Others:
Systematic
registration/
cancellation delay
0 11 11 0 0 0 0 0 0 0 0 0
Transmission related 0 1 1 0 0 0 0 0 0 0 0 0
TOTAL 0 55 55 0 0 0 0 0 0 0 0 0
# including against its authorized persons/ distributors/ employees. etc.
*Non actionable means the complaint that are incomplete / outside the scope of the mutual fund
^ Average Resolution time is the sum total of time taken to resolve each complaint in days, in the current month divided by total number of complaints resolved in
the current month.
Particulars Count
Total Complaints Received During 2021-2022 55
Total Number of Folios 149383
Percentage Complaints Against Folios 0.04%
Annexure A

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INDEPENDENT AUDITOR’S REPORT
To the Board of Directors of NJ Trustee Private Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of NJ
Balanced Advantage Fund (“the Scheme”), which comprise the
Balance Sheet as at March 31, 2022, the Revenue Account and
the Cash Flow Statement for the period then ended, and notes
to the financial statements, including a summary of significant
accounting policies and other explanatory information.
In our opinion, and to the best of our information and
according to the explanations given to us, the aforesaid
financial statements of the Scheme give a true and fair view in
conformity with the 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, as amended (“the SEBI
Regulations”):
a. in the case of the Balance Sheet, of the state of affairs of the
Scheme as at March 31, 2022;
b. in the case of the Revenue Account, of the net deficit for the
scheme for the period then ended on that date; and
c. in the case of the Cash Flow Statement, of the cash flows for
the scheme for the period then ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in
accordance with the Standards on Auditing (SAs) and other
applicable authoritative pronouncements issued by the
Institute of Chartered Accountants of India (“the ICAI”). Our
responsibilities under those Standards are further described
in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the
SchemeinaccordancewiththeCodeofEthicsissuedbytheICAI
together with the ethical requirements that are relevant to our
audit of the financial statements, and we have fulfilled our other
ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the financial statements.
Information Other than the Financial Statements and
Auditor’s Report Thereon
The Management of NJ Trustee Private Limited and NJ Asset
Management Private Limited(collectively referred to as “the
Management”) are responsible for the other information. The
other information comprises the information included in the
Trustees report but does not include the financial statements
and our auditor’s report thereon.
Our opinion on the financial statements does not cover the
other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our
responsibility is to read the other information and, in doing so,
considerwhethersuchotherinformationismateriallyinconsistent
with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with
Governance for the Financial Statements
The Management is responsible for the preparation of these
financial statements that give a true and fair view of the state
of affairs, results of operations, and cash flows of the Scheme in
accordance with the accounting principles generally accepted in
India, including the accounting policies and standards specified
intheNinthScheduletotheSEBIRegulations.Thisresponsibility
also includes maintenance of adequate accounting records in
accordance with the SEBI Regulations for safeguarding of the
assets of the Scheme and for preventing and detecting frauds
and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and
maintenance of adequate internal controls, that were operating
effectively for ensuring the accuracy and completeness of the
accountingrecords,relevanttothepreparationandpresentation
of the financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Management is
responsible for assessing the Scheme’s ability to continue as
a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting
unless Management, either intends to liquidate the Scheme or
to cease operations, or has no realistic alternative but to do so.
Those Charged with Governance are also responsible for
overseeing the Scheme’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial
Statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional scepticism
throughout the audit. We also:
 Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.
 Obtain an understanding of internal control relevant to the
audit 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 internal control.
 Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by the Management.
 Conclude on the appropriateness of Management’s use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Scheme’s ability to continue as a
going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events
or conditions may cause the Scheme to cease to continue
as a going concern.
 Evaluate the overall presentation, structure, and content
of the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance, among
other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide to those charged with governance with
a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
withthemallrelationshipsandothermattersthatmayreasonably
be thought to bear on our independence, and where applicable,
related safeguards.
Report on Other Legal and Regulatory Requirements
1. Asrequiredbyregulation55(4)andclause5(ii)oftheEleventh
Schedule of the SEBI Regulations, we report that:
a. we have sought and obtained all the information and
explanations which, to the best of our knowledge and belief
were necessary for the purposes of our audit;
b. in our opinion, the Balance Sheet and the Revenue Account
dealt with by this report have been prepared in accordance
with the accounting policies and standards specified in the
Ninth Schedule to the SEBI Regulations; and
c. the Balance Sheet, the Revenue Account, and the Cash
Flow Statement, dealt with by this report are in agreement
with the books of accounts of the Scheme.
2.Inouropinion,themethodsusedtovaluenon-tradedsecurities
as at March 31, 2022, as determined by the Management under
procedures approved by the Board of Directors of NJ Trustee
Private Limited in accordance with the guidelines for valuation
of securities for mutual funds as mentioned in the Eighth
Schedule to the SEBI Regulations, are fair and reasonable.
For MSKA & Associates
Chartered Accountants
ICAI Firm Registration No. 105047W
Swapnil Kale
Partner
Membership No. 117812
UDIN: 22117812AJXCAQ3317
Mumbai
May 30, 2022
6

NJ Balanced Advantage Fund
Schedule
March 31, 2022
(Rs.'000)
LIABILITIES
Unit Capital 1 5,33,80,776
Reserves and Surplus 2 (12,06,587)
Current Liabilities and Provisions 3 9,49,379
TOTAL 5,31,23,568
ASSETS
Investments 4 4,47,14,285
Other Current Assets 5 84,09,283
TOTAL 5,31,23,568
Significant accounting policies and notes forming part of Accounts 7 - 29
As per our report of even date
For and on behalf of
Swapnil Kale
Partner
Jignesh Desai
Director
Sundar Sankaran
Director
NJ Asset Management Private Limited
Niraj Choksi
Director
Rajiv Shastri
Director & Chief Executive Officer
Place: Mumbai
Date: 30th
May, 2022
Rishi Sharma
Fund Manager
NJ Mutual Fund
Balance Sheet as at March 31, 2022
7

8
Schedule
October 29, 2021
to
March 31, 2022
(Rs.'000)
INCOME AND GAINS
Dividend 8.4 (c ) 2,27,836
Interest and Amortisation 6 & 8.4 (a) 2,21,345
Profit on sale/redemption of investments in securities & derivative transactions 8.4 (b ) 16,28,059
Load income 8.11 1,537
TOTAL 20,78,777
EXPENSES AND LOSSES
Loss on sale / redemption of investments in securities & derivative transactions 8.4 (b ) 7,94,598
Management fees 10 95,749
Goods & Services Tax on Management fees 17,234
Commission to Agents 2,83,242
Custodian fees 12 2,025
Registrar & Transfer Agent's fees 13 601
Audit fees 59
Trusteeship Fees 11 1,770
Investor Education & Awareness expenses 26 4,451
Other operating expenses 755
TOTAL 12,00,484
Net realised surplus for the period 8,78,293
Net change in unrealised appreciation/(depreciation) in the value of investments in
securities & derivative transactions
14 (21,12,755)
Net deficit including net change in unrealised appreciation / (depreciation) in the
value of investments in securities & derivative transactions
(12,34,462)
Add: Unrealised appreciation as at the beginning of the period -
Less: Unrealised appreciation as at the end of the period -
Less: Transferred to equalisation account 27,415
Net available deficit (12,07,047)
Less: Dividend distributed -
Net deficit transferred to Revenue Reserve (12,07,047)
Significant accounting policies and notes forming part of Accounts 7 - 29
Swapnil Kale
Partner
Jignesh Desai
Director
Sundar Sankaran
Director
Niraj Choksi
Director
Rajiv Shastri
Place: Mumbai
Date: 30th
May, 2022
Rishi Sharma
Fund Manager
NJ Mutual Fund
Revenue Account for the period ended March 31, 2022

9
1. UNIT CAPITAL
March 31, 2022
Units Amount (Rs.'000)
Initial Capital Issued and Subscribed :
Units of Rs. 10 each fully paidup
Regular Growth
Units outstanding, beginning of the the period - -
Units issued during the the period 5,43,62,39,948.109 5,43,62,399
Units repurchased during the the period (36,34,95,846.891) (36,34,958)
Units outstanding, end of the period 5,07,27,44,101.218 5,07,27,441
Regular Income Distribution Cum Capital Withdrawal
Units issued during the the period 84,79,050.674 84,791
Units repurchased during the the period (3,31,735.236) (3,317)
Units outstanding, end of the period 81,47,315.438 81,474
Direct Growth
Units issued during the the period 25,96,85,631.154 25,96,856
Units repurchased during the the period (25,51,898.371) (25,519)
Units outstanding, end of the period 25,71,33,732.783 25,71,337
Direct Income Distribution Cum Capital Withdrawal
Units issued during the the period 53,856.788 539
Units repurchased during the the period (1,502.054) (15)
Units outstanding, end of the period 52,354.734 524
Total
Units issued during the the period 5,70,44,58,486.725 5,70,44,585
Units repurchased during the the period (36,63,80,982.552) (36,63,809)
Units outstanding, end of the period 5,33,80,77,504.173 5,33,80,776
NJ Mutual Fund
Schedules forming part of the Balance Sheet as at March 31, 2022

10
2. RESERVES & SURPLUS
March 31, 2022
(Rs.'000)
Unit Premium Reserve
Opening Balance -
Net Additions / (Deduction) during the period 27,875
Transferred (to) / from Revenue Account -
Less: Transferred to/(from) equalisation account 27,415
Closing Balance 460
Unrealised Appreciation Reserve
Opening Balance -
Add: Net change during the period in the value of investments -
Closing Balance -
Income Equalisation Reserve (Schedule 8.5)
Opening balance -
Transferred from unit premium reserve 27,415
Less: Transferred to revenue account 27,415
Closing Balance -
Revenue Reserve
Opening Balance -
Add: Net deficit for the period (12,07,047)
Closing Balance (12,07,047)
Total Reserves and Surplus (12,06,587)
March 31, 2022
(Rs.'000)
4. INVESTMENTS
Equity Shares 4,19,29,205
Government Securities 8,07,553
Treasury Bills 19,77,527
TOTAL 4,47,14,285
All the investments were held in the name of the Scheme (except for government securities including treasury bills) which were held in the
name of the fund, as per clause 7 of the Seventh Schedule under Regulation 44(1) of SEBI (Mutual Funds) Regulations, 1996.
NJ Mutual Fund
NJ Mutual Fund

11
March 31, 2022
(Rs.'000)
3. CURRENT LIABILITIES & PROVISIONS
Management Fees - Payable 22,970
Audit Fees - Payable 59
Investor Education & Awareness - Payable 2,658
Contract for Purchase of Investments 7,44,217
Derivatives Marked to Market - Payable 53,936
Redemption - Payable 57,865
Custody Fees - Payable 417
Distribution Commission - Payable 55,558
Registrar & Transfer Agent's Fees - Payable 353
Trusteeship Fees - Payable 354
Brokerage on Trades - Payable 10,608
Other Current Liabilities 384
TOTAL 9,49,379
5. OTHER CURRENT ASSETS
Balances with Banks in Current Account 20,481
Tri-Party Repo * 63,43,100
Margin Money for Derivatives 19,00,000
Subscription Receivable -
Dividend Receivable 8,954
Contracts for Sale of Investments 63,252
Interest Receivable on Debt Securities 21,049
Margin Deposit with Clearing Corporation of India Limited 52,100
Other Receivables 347
TOTAL 84,09,283
* All the investments were held in the name of the Scheme (except for Tri-Party Repo) which were held in the name of the fund, as per clause 7 of the Seventh
Schedule under Regulation 44(1) of SEBI (Mutual Funds) Regulations, 1996.
March 31, 2022
(Rs.'000)
6. INTEREST AND AMORTISATION
Interest Income - CCIL Margin 210
Interest Income - Government Securities 10,349
Interest Income - State Government Securities 4,048
Amortisation Income - Tri-Party Repo 1,55,067
Amortisation Income - Treasury Bills 51,671
TOTAL 2,21,345
NJ Mutual Fund
NJ Mutual Fund

12
Particulars Schedule
2021-22
(Rs.'000)
A. Cash flow from Operating Activities
Net Realised Surplus for the period 8,78,293
Adjustments for:
Net Change in Marked to Market value of Investments (21,12,755)
(Increase) in investments at cost (4,47,14,285)
(Increase) in other current assets (20,45,702)
Increase in current liabilities 8,91,514
Net cash (used) in operations (A) (4,71,02,935)
B. Cash flow from Financing Activities
Increase in unit capital 5,33,80,776
Increase in unit premium reserve 27,875
Adjustments for:-
Increase in redemption payable for units redeemed by investors 57,865
Net cash generated from financing activities (B) 5,34,66,516
Net cash and cash equivalents (A + B) 63,63,581
Cash and cash equivalents, beginning of the period -
Cash and cash equivalents, end of the period 63,63,581
Components of cash and cash equivalents 8.7
Balances with banks in current accounts 20,481
Tri-Party Repo 63,43,100
63,63,581
The above Cash Flow Statement has been prepared under the "Indirect Method" set out in the Accounting Standard - 3 'Cash Flow Statements'
Swapnil Kale
Partner
Jignesh Desai
Director
Sundar Sankaran
Director
Niraj Choksi
Director
Rajiv Shastri
Place: Mumbai
Date: 30th
May, 2022
Rishi Sharma
Fund Manager
NJ Mutual Fund
Cash Flow Statement for the period ended March 31, 2022

13
7. Organisation
NJ Mutual Fund (the “Mutual Fund”) has been constituted as a trust on November 11, 2020 vide Indenture of Trust deed dated
November 11, 2020 (“Trust Deed”) in accordance with the provisions of the Indian Trusts Act, 1882 (2 of 1882) with NJ India Invest
Private Limited, as the Sponsor and NJ Trustee Private Limited (“the Trustee Company” / “Trustee”) as the Trustee to the Mutual
Fund. The Trust Deed has been registered under the Indian Registration Act, 1908.
NJ Mutual Fund has been registered with Securities and Exchange Board of India ("SEBI") on April 30, 2021 under registration code
MF/076/21/02.
NJ Asset Management Private Limited ("NJAMC" or the "AMC"), a company incorporated under the Companies Act, 1956, on
October 21, 2005, and has been appointed as the Investment Manager of the NJ Mutual Fund by the Trustee vide Investment
Management Agreement ("IMA") dated November 11, 2020, and executed between the Trustee and the AMC.
The key features of the Scheme presented in the financial statements are as under:
8. Summary of Significant Accounting Policies
8.1 Basis of preparation of Financial Statements
The financial statements are prepared and presented on the accrual basis of accounting under the historical cost convention, as
modified for investments, which are ‘marked-to-market’. The financial statements have been prepared in accordance with the Ninth
Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 ("SEBI Regulations") and the accounting
standards issued by the Institute of Chartered Accountants of India (the "ICAI"), to the extent applicable.
8.2 Determination of Net Asset Value ("NAV")
The net asset value of the units of the various Plans under the Scheme is determined separately for units issued under the Growth
and IDCW Option. For reporting the net asset value for various options, daily income earned, including realised and unrealised gain
or loss in the value of investments and expenses incurred by the scheme/plan are allocated to the options in proportion to the value
of the net assets.
8.3 Investment
Transactionsforpurchaseandsaleofinvestmentsarerecognisedasofthetradedate.Indeterminingtheholdingcostofinvestments
and the gain or loss on sale of investments, the 'weighted average cost' method is followed. The costs of investments include all
costs incurred in acquiring the investment and incidental to acquisition of investments.
8.4 Revenue Recognition
a. In respect of interest bearing investments including those purchased on a Reverse Repo basis, interest income is accrued on daily
basis.
b. Profit/loss on sale of investments is accounted for in the year in which the contract for sale is entered into. The cost is calculated
on the basis of weighted average cost of investment.
c. Dividend income is recognised on the ex-dividend date.
d. The net unrealised gain or loss in the value of investment is determined separately for each category of investments.
e. Income other than above and of miscellaneous nature is accounted for, as and when realised.
Scheme name Type of Scheme Investment objective of the
Scheme
NFO Open
NFO Close
and date of allotment
Plans
NJ Balanced
Advantage Fund
An open ended
dynamic asset
allocation fund
The investment objective of the
Scheme is to generate capital
appreciation by dynamically
allocating its assets between equity
and specified debt securities.
However, there is no assurance
or guarantee that the investment
objective of the Scheme will be
achieved.
NFO from - October
08, 2021 to October
22, 2021
Date of allotment
October 29, 2021
•Regular Growth
•Direct Growth
•Regular Income Distribution
Cum Capital Withdrawal
•Direct Income Distribution
Cum Capital Withdrawal
Schedules forming part of the financial statements for
the year ended March 31, 2022

14
8. Summary of Significant Accounting Policies (continued)
8.5 Income Equalisation
a. The purpose of equalisation reserve is to maintain the per unit amount of plan's share of the Scheme's undistributed income
earned during the period, so that continuing unit holders' share of undistributed income remains unchanged on issue or repurchase
of units under that Plan.
b. When Units are repurchased / issued by the Scheme at a premium or discount, an appropriate part of the repurchase / issue price
is adjusted against the Unit Premium Reserve of the scheme after an appropriate part of realised gain / loss in the issue proceeds
and repurchase consideration being credited or debited respectively to the Equalisation Account. At the balance sheet date, the
balance in the equalisation account is transferred to Revenue Account.
8.6 Unit Premium Reserve and Distributable Surplus
Distributable surplus is arrived at after excluding unrealised gains. Balance lying to the credit of Unit Premium Reserve Account is not
considered for the purpose of dividend distribution. Where the Unit Premium Reserve has a debit balance, the excess thereof over
the unrealised gain is also deducted in arriving at the distributable surplus.
8.7 Cash and cash equivalent
Cash and cash equivalents include balances with banks in current accounts, deposits placed with scheduled banks (with an
original maturity of up to three months) and Tri-party Repo ("TREPS") dealing and settlement (including reverse repurchase
transactions).
8.8 Borrowing
No borrowings were made by the Scheme during the period ended March 31, 2022.
8.9 Portfolio Valuation
All investments are stated at their market / fair value as at the balance sheet date, in accordance with the provisions of SEBI
Regulations.
Valuation of Investments
Category Valuation Policy
Equity and equity related securities: Traded equities and equity related securities are valued at the last quoted closing price
on the National Stock Exchange of India Limited (principal stock exchange). When,
on a particular valuation day, a security has not been traded on the principal stock
exchange, it is valued at the last quoted closing price on The Bombay Stock Exchange
Limited.
When a security is not traded on any stock exchange on a particular valuation day,
the value at which it was traded on the selected stock exchange or any other stock
exchange, as the case may be, on the earliest previous day is used provided such date
is not more than thirty days prior to the valuation date.
When a security is not traded on any stock exchange for a period of thirty days prior
to the valuation date, the security is considered as "non-traded" security. When
trading in an equity/equity related security in a month, is both, less than Rs. 5 lakhs
and the total volume are less than 50,000 shares, it is considered as a thinly traded
security. Non-traded/Thinly traded/Unlisted securities are valued at fair value by the
Asset Management Company ("AMC") in accordance with the provisions of the SEBI
Regulations.
Market values of traded open future/option contracts shall be determined with respect
to the exchange on which it is contracted originally, i.e., a future/option contracted on
the National Stock Exchange (NSE) would be valued at the Settlement price of future/
option on the NSE.
For Sovereign Securities (Government
Securities, Treasury Bills, etc.)
W.e.f. September 25, 2019, sovereign securities are valued at the average of the prices
released by valuation agencies, as suggested by AMFI, on the basis of the valuation
principles laid down by SEBI.
Tri-Party Repo To be valued at cost plus accruals /amortisation.
Schedules forming part of the financial statements for the year
ended March 31, 2022 (continued)

15
11. Trusteeship Fees
In accordance with the Trust Deed dated November 11, 2020 between the Sponsor and the Trustee, scheme pay fees for Trusteeship
services under an agreement with the Trustee.
12. Custodian Fees
Deutsche Bank AG provides custodial services for portfolios of the scheme of NJ Mutual Fund for which they receive custody fees
including transaction and safe keeping fees.
13. Registar and Transfer Agent's Fees (R&T fees)
KFin Technologies Private Limited provides registrar and transfer service to the scheme of NJ Mutual Fund, for which they receive
R&T fees.
14. Aggregate appreciation and (depreciation) in the value of Investments are as follows:
15. Aggregate fair value of non traded investments valued in good faith in NJ Balanced Advantage Fund is Nil.
Aggregate fair value of debt securities which have been valued at a price other than the price given by the Independent Valuation
Agencies at the end of year, the aggregate value of such securities is Nil
16. Segment Reporting:
The Fund is primarily engaged in the business of investing amounts received from investors as unit capital, in accordance with their
investment objectives to generate returns. Since there is only one business segment and no geographical segments, the segmental
reporting disclosures as required by Accounting Standard 17, issued by the Institute of Chartered Accountants of India (the "ICAI")
have not been made.
8. Summary of Significant Accounting Policies (continued)
8.10 The expenses incurred for the New Fund Offer have been borne by the AMC.
8.11 Load
Exit load (net of GST) collected is recognized as income and credited to the scheme, wherever applicable.
9. Income Taxes
No provision for Income tax has been made since the income of the Scheme is exempt under Section 10(23D) of the Income Tax
Act, 1961.
10. Management Fees
Management Fees have been accounted as expenses in the Revenue Account and have been charged to the scheme in accordance
with the Scheme Information Document of the scheme and are within the total expense ratio limits ("TER") as per SEBI Regulations.
Investment Management Fees as a percentage of annual average net assets ("AAUM") is as follows:
*Annualised (excluding GST)
For the Period Ended March 31, 2022
Scheme name % of AAUM
NJ Balanced Advantage Fund * 0.43%
Amount (Rs.'000)
March 31, 2022
NJ Balanced Advantage Fund Appreciation Depreciation
Equity Shares - (19,17,464.00)
Equity Futures (MTM) - (1,93,208.00)
Government Securities - (1,751.00)
Treasury bills - (331.00)

Company
Name
Scheme invested
in by the Company
Investment made by
scheme of NJ Mutual Fund
in the company/subsidiary
Aggregate cost of
acquisition
during the period ended
March 31, 2022
Outstanding as at
March 31, 2022
(At Market / Fair Value)
Amount (Rs.'000) Amount (Rs.'000)
NIL
Nature of relationship Related Party
Sponsor of NJ Mutual Fund NJ India Invest Private Limited
Investment Manager for the Scheme of NJ Mutual Fund NJ Asset Management Private Limited
Trustee for the Scheme of NJ Mutual Fund NJ Trustee Private Limited
i) Related party relationships
Name of associate/
related parties/
group companies of
Sponsor/AMC
Nature of
Association
/ Nature of
relation
Period covered
Business given Commission
Amount
(Rs.'000)
% of total
business
received by
the Fund
Amount
(Rs.'000)
% of total
commission
paid by the
Fund
NJ India Invest Private
Limited
Sponsor
For the Period
Ended March 31,
2022
5,42,60,212 95.22% 2,82,652 99.81%
ii) Details of transactions with associates
a. Commission paid to associates/related parties/group companies of Sponsor/AMC
Particulars NJ Balanced Advantage Fund
Management fees *
NJ Asset Management Private Limited 95,749
Trusteeship fees
NJ Trustee Private Limited 1,770
iii) Transaction during the period with related parties for the period ended March 31, 2022
* excluding GST
Amount (Rs.'000)
Particulars NJ Balanced Advantage Fund
Management fees payable
NJ Asset Management Private Limited 22,970
Trusteeship fees payable
NJ Trustee Private Limited 354
iv) Outstanding as at period ended March 31, 2022
v) During the period, no scheme has subscribed to issues where the lead manager / arranger was a sponsor or associate.
vi) Interscheme transactions covered by Accounting Standard-18: Nil.
Amount (Rs.'000)
Name of associate/
related parties/
group companies of
Sponsor/AMC
Nature of
Association
/ Nature of
relation
Period covered
Value of transaction Brokerage
Amount
(Rs.'000)
% of total value
of transaction
of the Fund
Amount
(Rs.'000)
% of total
brokerage paid
by the Fund
NJ India Invest Private
Limited
Sponsor
For the Period
Ended March 31,
2022
28,02,049 0.94% 2,743 3.79%
b. Brokerage paid to associates/related parties/group companies of Sponsor/AMC
18. Disclosure under Regulation 25(11) of the SEBI Regulations, Investments made by the scheme of NJ Mutual Fund in Companies
or their subsidiaries that have invested more than 5% of the net assets of any scheme
16
17. Related Party Transactions:
The Scheme have entered into transactions with certain related parties. The information required in this regard in accordance with
Accounting Standard 18 on ‘Related Party Disclosures’ issued by the ICAI and Regulation 25(8) of SEBI Regulations is provided below:

19. Unclaimed Dividends and Redemption Proceeds
The amounts of unclaimed dividend and unclaimed redemption proceeds as on March 31, 2022 is Nil.
20. Income / Expenditure
The total income (including loss on sale/ redemption of investments and excluding net change in marked to market in value of
investments) and expenditure (excluding loss on sale / redemption of investments and net change in marked to market in value
of investments including transaction cost) and these amounts as a percentage of the Scheme’s daily average net assets are
disclosed.
21. Aggregate Value of Purchases and Sales of Investments
The aggregate value of investments (excluding Tri-party Repo Dealing and Settlement "TREPS" and Futures) purchased (including
amortisation) and sold (including redemptions) during the period and their percentage of the average daily net assets are as follows:
22. Interest on Borrowing
As per AMFI Best Practices Guideline circular no. 71/2017-18 dated March 23, 2018 and SEBI circular no. SEBI/HO/IMD/DF2/CIR/
P/2019/42 dated March 25, 2019, cost of the borrowing, which was made to manage redemptions, to the extent of Yield to Maturity
(""YTM"")/ running yield of the scheme as of the previous day, should be charged to the scheme and any excess cost over YTM/
running yield of the previous day may be borne by AMC.
During the period, there was no instance of borrowing.
23. Contingent Liability
Contingent liabilities as on March 31, 2022: Nil
25. Disclosure of large unit holdings (which are over 25% of the net assets) in terms of SEBI circular MFD/CIR No. 3/211/2001 dated
April 30, 2001: Nil
26. Investor education and awareness initiatives
As per the SEBI circular dated September 13, 2012, the Scheme have been charged 0.02% per annum towards Investor education
and awareness initiatives on daily net assets within the maximum SEBI TER limits as per Regulation 52 of the SEBI Regulations.
The details of investor education fund amount accrued, spent and outstanding are as follows:
^ Annualised
Scheme Name
Income Expense
Amount
(Rs.'000)
% of AAUM Amount (Rs.'000) % of AAUM
NJ Balanced Advantage Fund^ 12,84,179 5.77% 4,05,886 1.82%
Scheme Name
Aggregate value of Purchases Aggregate value of Sales
Amount
(Rs.'000)
% of AAUM Amount (Rs.'000) % of AAUM
NJ Balanced Advantage Fund 7,39,29,900 140.17% 2,66,72,756 50.57%
24. NAV Per Unit as on March 31, 2022
Scheme Name / Plan Name NAV as on March 31, 2022
NJ Balanced Advantage Fund - Regular - Growth 9.77
NJ Balanced Advantage Fund - Direct - Growth 9.83
NJ Balanced Advantage Fund - Regular - IDCW 9.77
NJ Balanced Advantage Fund - Direct - IDCW 9.83
Particulars
Amount (Rs.'000)
Opening balance as at the beginning of the period -
Add: Amount accrued for the period 4,451
Add: Income accrued during the period -
Less : Utilisation during the current period 4
Less: Amount transferred to AMFI 2,226
Closing unutilised balance as at the end of the period 2,221
(in Rs.)
17

27. The total outstanding exposure in derivative instruments as at the end of the period:
A. Hedging Positions through Futures as on March 31, 2022
Underlying Long / Short
Futures Price when
purchased
Current price of the
contract
Margin maintained in
Rs. '000
ACC Limited Short 2,062.21 2,108.20 27,099
Adani Enterprises Limited Short 1,909.63 2,020.70 1,67,848
Adani Ports and Special Economic Zone Limited Short 740.05 777.85 3,17,206
Ambuja Cements Limited Short 286.68 300.85 41,845
Apollo Hospitals Enterprise Limited Short 4,577.34 4,542.50 2,533
Ashok Leyland Limited Short 117.32 117.90 42,304
Asian Paints Limited Short 3,094.14 3,097.45 23,486
Aurobindo Pharma Limited Short 709.85 672.60 12,396
Axis Bank Limited Short 754.30 763.20 2,52,437
Bajaj Finance Limited Short 7,116.24 7,304.75 35,574
Bajaj Finserv Limited Short 16,957.66 17,150.50 33,682
Balkrishna Industries Limited Short 2,085.93 2,144.10 31,739
Bata India Limited Short 1,918.90 1,974.00 7,475
Bharat Heavy Electricals Limited Short 50.92 49.75 13,746
Bharti Airtel Limited Short 737.54 757.30 1,00,728
Biocon Limited Short 341.55 337.70 30,379
Britannia Industries Limited Short 3,195.75 3,200.90 2,155
Coforge Limited Short 4,476.72 4,473.15 50,091
DLF Limited Short 359.26 382.85 35,626
Dr. Reddy's Laboratories Limited Short 4,364.13 4,316.70 1,538
Granules India Limited Short 309.94 308.30 2,640
Grasim Industries Limited Short 1,598.60 1,672.85 80,041
HCL Technologies Limited Short 1,164.83 1,165.10 22,964
HDFC Bank Limited Short 1,473.91 1,475.70 44,454
HDFC Life Insurance Company Limited Short 507.42 540.10 20,021
Hindustan Unilever Limited Short 1,997.92 2,055.05 83,145
Housing Development Finance Corporation Limited Short 2,315.17 2,402.90 1,18,647
ICICI Bank Limited Short 730.72 731.60 15,163
ICICI Lombard General Insurance Company Limited Short 1,257.96 1,334.25 12,370
ICICI Prudential Life Insurance Company Limited Short 489.52 503.05 19,155
Indus Towers Limited Short 223.38 223.45 44,296
Info Edge (India) Limited Short 4,585.73 4,536.50 1,595
ITC Limited Short 252.36 252.10 31,432
Jindal Steel & Power Limited Short 520.15 534.60 25,422
Kotak Mahindra Bank Limited Short 1,770.04 1,762.15 14,185
Larsen & Toubro Limited Short 1,759.14 1,774.95 1,80,599
Lupin Limited Short 751.77 749.55 37,584
Mahindra & Mahindra Limited Short 783.50 809.80 1,14,641
Marico Limited Short 490.98 505.10 9,734
Maruti Suzuki India Limited Short 7,606.31 7,598.65 34,591
MphasiS Limited Short 3,316.73 3,395.00 9,723
Multi Commodity Exchange of India Limited Short 1,440.82 1,424.50 756
Pidilite Industries Limited Short 2,468.42 2,465.30 3,532
PVR Limited Short 1,886.80 1,926.75 14,539
Reliance Industries Limited Short 2,638.28 2,650.45 1,78,840
SRF Limited Short 2,720.99 2,691.70 14,922
State Bank of India Short 497.71 496.10 1,65,529
Sun Pharmaceutical Industries Limited Short 918.57 916.55 66,766
Sun TV Network Limited Short 493.67 492.50 43,222
Syngene International Limited Short 602.59 601.00 2,048
Tata Communications Limited Short 1,152.56 1,233.05 20,110
Tata Consultancy Services Limited Short 3,749.95 3,753.30 236
Tata Consumer Products Limited Short 779.25 782.10 41,411
Tata Motors Limited Short 436.73 436.20 47,385
Tata Power Company Limited Short 239.78 240.05 30,809
Tata Steel Limited Short 1,343.75 1,315.05 2,71,401
The India Cements Limited Short 203.92 210.80 10,718
UltraTech Cement Limited Short 6,642.92 6,622.80 12,586
United Spirits Limited Short 882.72 890.55 71,690
UPL Limited Short 785.21 774.45 62,031
Zee Entertainment Enterprises Limited Short 299.19 289.20 55,779
Zydus Lifesciences Limited Short 358.13 350.50 2,571
18
Total percentage of existing assets hedged through futures : (26.13%)
For the period ended March 31, 2022 following details specified for hedging transactions through futures which have been squared off/expired:
Total Number of contracts where futures were bought : 123,594
Total Number of contracts where futures were sold : 123,516
Gross Notional Value of contracts where futures were bought : Rs. 90,184,053,775
Gross Notional Value of contracts where futures were sold : Rs. 91,159,892,811
Net Profit/(Loss) value on all contracts combined : Rs. 940,665,974

Total exposure due to futures (non hedging positions) as a percentage of net assets : 15.80%
For the period ended March 31, 2022 following details specified for non-hedging transactions through futures which have been squared off/expired:
Total Number of contracts where futures were bought : 10,125
Total Number of contracts where futures were sold : 10,125
Gross Notional Value of contracts where futures were bought : Rs. 8,403,994,653
Gross Notional Value of contracts where futures were sold : Rs. 8,815,328,503
Net Profit/(Loss) value on all contracts combined : Rs. 408,014,070
Total percentage of existing assets hedged through put options Nil
For the period ended March 31, 2022 following details specified for hedging transactions through options which have already been exercised/expired :
Total Number of contracts entered into Nil
Gross Notional value of contracts Nil
Net Profit/(Loss) on all contracts (premium paid treated as (Loss) Nil
Total Exposure through options as a percentage of net assets Nil
For the period ended March 31, 2022 following details specified with regard to non-hedging transactions through options which have already been exercised/expired :
Total Number of contracts entered into Nil
Gross Notional value of contracts Nil
Net Profit/(Loss) on all contracts (premium paid treated as loss) Nil
B. Other than Hedging Positions through Futures as on March 31, 2022
Underlying Long / Short
Futures Price when
purchased
Current price of the
contract
Margin maintained in
Rs. '000
Escorts Limited Long 1,510.58 1,510.90 71,623
Nifty 50 Index Long 17,554.59 17,544.45 9,92,164
D. Other than Hedging Positions through Options as on March 31, 2022:
Underlying Call / put Number of contracts Option Price when purchased Current Price
NIL
E. Hedging Positions through Swap as on March 31, 2022 Nil
28. Impact of Covid - 19:
The management has taken into account, all the possible impact of known events arising from Covid-19 pandemic in the preparation
of the financial statements. However, Covid-19 is an ongoing situation and any estimate of its impact is dependent on its future
intensity, spread and duration of the situation. The management will continue to closely monitor the material changes in the macro-
economic factors impacting the operations of the Fund.
29. NJ Balanced Advantage Fund was launched during the financial year 2021-22 and hence previous year's figures are not
available.
Swapnil Kale
Partner
Jignesh Desai
Director
Sundar Sankaran
Director
Niraj Choksi
Director
Rajiv Shastri
Place: Mumbai
Date: 30th
May, 2022
Rishi Sharma
Fund Manager
19
C. Hedging Positions through Put Options as on March 31, 2022
Underlying Number of Contracts Option Price when purchased Current Option Price
Nil

As at March 31, 2022
(a) Net assets value (per unit)
Regular Growth 9.77
Direct Growth 9.83
Regular IDCW 9.77
Direct IDCW 9.83
(b) Income
(i) Income other than profit/(loss) on sale of investment (per unit) 0.0844
(ii) Income from profit/(loss) on inter-scheme sales/transfer of investment (per unit) -
(iii) income from profit(loss) on sale of investment to third party (per unit) 0.1561
(iv) transfer to revenue account from past year’s reserve (per unit) -
Gross income (i)+(ii)+(iii) 0.2406
(c) Aggregate of expenses, write off, amortisation and charges (per unit) 0.0760
(d) Net income (b-c) 0.1645
(e) Net unrealised appreciation/(depreciation) in value of investments (per unit) (0.3958)
(f) if the units are traded, the highest and the lowest prices per unit during the year NA
(g) Ratio of expenses to average net assets 1.82%
(h) ratio of gross income to average net assets by percentage (excluding transfer to revenue account from past
year’s reserve but including unrealised appreciation on investments);
5.77%
(i) The highest and the lowest NAV per unit during the year at plan/option level;
(A) Repurchase Price #
Highest
Regular Growth 10.12
Direct Growth 10.15
Regular IDCW 10.12
Direct IDCW 10.15
Lowest
Regular Growth 9.27
Direct Growth 9.31
Regular IDCW 9.27
Direct IDCW 9.31
# As per Circulars No. SEBI/HI/IMD/DF2/CIR/P/2018/92, repurchase NAV is not declared on AMFI and hence the
details pertains to NAV declared on AMFI
(B) Resale Price
Highest
Regular Growth 10.12
Direct Growth 10.15
Regular IDCW 10.12
Direct IDCW 10.15
Lowest
Regular Growth 9.27
Direct Growth 9.31
Regular IDCW 9.27
Direct IDCW 9.31
(C) Trading Price
Highest NA
Lowest NA
(j) Face Value 10.00
(k) Total unit capital (Amount in '000) 5,33,80,776
(l) Average Net asset (Amount in '000) 5,27,43,846
(m) No. of days 154
(n) Weighted average Price Earnings Ratio of equity/equity related instruments held as at end of period. NA
SUPPLEMENT TO NOTES TO ACCOUNTS
Perspective Historical Per Unit Statistics as at March 31, 2022
20

Details of investment portfolio and industry wise classification of the Scheme’s investments in each category of investments at March 31, 2022 are presented
below. The industry and company exposures are stated as a percentage of the Scheme’s net assets
Industry and Company Particulars Quantity Amount (Rs."000") Percentage to Net Assets Percentage to Investment category
EQUITY SHARES
AUTO 20,57,793 11,36,332 2.18 2.70
Ashok Leyland Limited 11,16,000 1,30,851 0.25 0.31
Bajaj Auto Limited 92,681 3,38,564 0.65 0.81
Escorts Limited 162 274 0.00# 0.00#
Mahindra & Mahindra Limited 4,69,700 3,78,837 0.73 0.90
Maruti Suzuki India Limited 17,300 1,30,810 0.25 0.31
Tata Motors Limited 3,61,950 1,56,996 0.30 0.37
AUTO ANCILLARIES 1,96,591 4,19,958 0.80 1.00
Balkrishna Industries Limited 1,96,591 4,19,958 0.80 1.00
BANKS 76,44,413 37,94,043 7.27 9.06
Axis Bank Limited 13,41,600 10,21,159 1.96 2.44
HDFC Bank Limited 3,73,088 5,48,570 1.05 1.31
ICICI Bank Limited 96,250 70,291 0.13 0.17
IndusInd Bank Limited 13,86,000 12,96,464 2.48 3.09
Kotak Mahindra Bank Limited 28,400 49,809 0.10 0.12
State Bank of India 9,52,500 4,70,106 0.90 1.12
The Federal Bank Limited 34,66,575 3,37,644 0.65 0.81
CAPITAL MARKETS 4,13,278 5,55,176 1.07 1.33
HDFC Asset Management Company Limited 1,24,406 2,66,981 0.51 0.64
Multi Commodity Exchange of India Limited 2,100 2,972 0.01 0.01
UTI Asset Management Company Limited 2,86,772 2,85,223 0.55 0.68
CEMENT & CEMENT PRODUCTS 22,64,012 17,82,499 3.41 4.25
ACC Limited 2,01,787 4,34,114 0.83 1.04
Ambuja Cements Limited 13,41,577 4,01,467 0.77 0.96
Dalmia Bharat Limited 1,63,491 2,44,517 0.47 0.58
Grasim Industries Limited 3,73,657 6,21,765 1.19 1.48
The India Cements Limited 1,76,900 37,061 0.07 0.09
UltraTech Cement Limited 6,600 43,575 0.08 0.10
CHEMICALS 6,96,080 21,39,323 4.10 5.10
Atul Limited 33,948 3,49,411 0.67 0.83
Pidilite Industries Limited 1,29,692 3,18,303 0.61 0.76
Solar Industries India Limited 3,84,252 10,74,561 2.06 2.56
SRF Limited 1,48,188 3,97,048 0.76 0.95
CONSTRUCTION 3,28,350 1,24,921 0.24 0.30
DLF Limited 3,28,350 1,24,921 0.24 0.30
CONSTRUCTION PROJECT 6,91,506 12,22,341 2.34 2.92
Larsen & Toubro Limited 6,91,506 12,22,341 2.34 2.92
CONSUMER DURABLES 4,02,222 6,11,660 1.17 1.46
Bata India Limited 1,83,074 3,59,081 0.69 0.86
Havells India Limited 2,19,148 2,52,579 0.48 0.60
CONSUMER NON DURABLES 42,22,126 48,49,284 9.31 11.56
Asian Paints Limited 1,28,719 3,96,448 0.76 0.95
Berger Paints (I) Limited 3,93,932 2,75,634 0.53 0.66
Britannia Industries Limited 86,951 2,78,800 0.53 0.66
Colgate Palmolive (India) Limited 2,07,900 3,20,634 0.61 0.76
Dabur India Limited 5,22,583 2,80,209 0.54 0.67
Hatsun Agro Product Limited 2,41,448 2,58,832 0.50 0.62
SUPPLEMENT TO NOTES TO ACCOUNTS
INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION
21

Hindustan Unilever Limited 4,88,131 10,00,010 1.92 2.38
ITC Limited 5,72,800 1,43,572 0.28 0.34
Marico Limited 7,01,755 3,53,474 0.68 0.84
Nestle India Limited 15,599 2,71,119 0.52 0.65
Procter & Gamble Hygiene and Health Care Limited 38,915 5,60,983 1.08 1.34
Radico Khaitan Limited 2,45,718 2,18,185 0.42 0.52
Tata Consumer Products Limited 1,96,425 1,52,701 0.29 0.36
United Spirits Limited 3,81,250 3,38,683 0.65 0.81
ENTERTAINMENT 6,91,641 2,89,086 0.55 0.70
PVR Limited 25,641 49,290 0.09 0.12
Sun TV Network Limited 2,37,000 1,16,094 0.22 0.28
Zee Entertainment Enterprises Limited 4,29,000 1,23,702 0.24 0.30
FERROUS METALS 22,07,467 22,76,895 4.37 5.42
Jindal Steel & Power Limited 1,05,000 55,949 0.11 0.13
JSW Steel Limited 9,17,934 6,72,524 1.29 1.60
Tata Steel Limited 11,84,533 15,48,422 2.97 3.69
FERTILISERS 7,44,048 3,14,063 0.60 0.75
Chambal Fertilizers & Chemicals Limited 7,44,048 3,14,063 0.60 0.75
FINANCE 37,33,115 14,59,051 2.80 3.48
Bajaj Finance Limited 20,125 1,46,106 0.28 0.35
Cholamandalam Financial Holdings Limited 4,66,911 2,88,808 0.55 0.69
Housing Development Finance Corporation Limited 1,91,400 4,57,523 0.88 1.09
LIC Housing Finance Limited 8,08,548 2,90,228 0.56 0.69
REC Limited 22,46,131 2,76,386 0.53 0.66
GAS 48,49,325 11,31,911 2.16 2.70
GAIL (India) Limited 23,15,220 3,60,364 0.69 0.86
Gujarat Gas Limited 4,71,283 2,37,173 0.45 0.57
Gujarat State Petronet Limited 20,62,822 5,34,374 1.02 1.27
HEALTHCARE SERVICES 2,64,994 6,11,143 1.17 1.45
Apollo Hospitals Enterprise Limited 2,250 10,161 0.02 0.02
Dr. Lal Path Labs Limited 1,57,492 4,11,164 0.79 0.98
Metropolis Healthcare Limited 88,252 1,79,659 0.34 0.43
Syngene International Limited 17,000 10,159 0.02 0.02
INDUSTRIAL CAPITAL GOODS 7,56,000 37,309 0.07 0.09
Bharat Heavy Electricals Limited 7,56,000 37,309 0.07 0.09
INDUSTRIAL PRODUCTS 24,67,440 21,42,935 4.10 5.12
Astral Limited 2,62,579 5,31,184 1.02 1.27
Carborundum Universal Limited 2,98,863 2,38,418 0.46 0.57
Finolex Industries Limited 14,63,163 2,26,278 0.43 0.54
Grindwell Norton Limited 1,57,573 2,83,624 0.54 0.68
Polycab India Limited 1,23,760 2,92,618 0.56 0.70
SKF India Limited 1,61,502 5,70,813 1.09 1.36
INSURANCE 12,88,757 14,53,970 2.79 3.47
Bajaj Finserv Limited 24,763 4,22,468 0.81 1.01
HDFC Life Insurance Company Limited 6,37,472 3,43,087 0.66 0.82
ICICI Lombard General Insurance Company Limited 2,64,359 3,51,148 0.67 0.84
ICICI Prudential Life Insurance Company Limited 1,11,000 55,600 0.11 0.13
SBI Life Insurance Company Limited 2,51,163 2,81,667 0.54 0.67
MINERALS/MINING 22,29,283 9,52,085 1.83 2.27
Adani Enterprises Limited 2,97,000 5,98,381 1.15 1.43
Coal India Limited 19,32,283 3,53,704 0.68 0.84
OIL 21,16,954 3,46,969 0.67 0.83
Oil & Natural Gas Corporation Limited 21,16,954 3,46,969 0.67 0.83
22

PESTICIDES 12,94,091 14,58,536 2.79 3.48
Bayer Cropscience Limited 61,377 3,05,004 0.58 0.73
PI Industries Limited 99,917 2,81,731 0.54 0.67
UPL Limited 11,32,797 8,71,801 1.67 2.08
PETROLEUM PRODUCTS 48,12,820 16,86,001 3.23 4.01
Bharat Petroleum Corporation Limited 7,85,404 2,82,235 0.54 0.67
Hindustan Petroleum Corporation Limited 10,25,539 2,76,229 0.53 0.66
Indian Oil Corporation Limited 26,95,627 3,20,645 0.61 0.76
Reliance Industries Limited 3,06,250 8,06,892 1.55 1.92
PHARMACEUTICALS 18,55,486 28,61,960 5.48 6.81
Abbott India Limited 15,539 2,75,085 0.53 0.66
Ajanta Pharma Limited 1,35,959 2,46,188 0.47 0.59
Alkem Laboratories Limited 1,65,848 6,00,486 1.15 1.43
Aurobindo Pharma Limited 55,500 37,105 0.07 0.09
Biocon Limited 3,79,500 1,27,360 0.24 0.30
Divi's Laboratories Limited 65,242 2,87,199 0.55 0.68
Dr. Reddy's Laboratories Limited 2,000 8,591 0.02 0.02
Gland Pharma Limited 1,56,934 5,13,590 0.98 1.22
Granules India Limited 34,100 10,452 0.02 0.02
IPCA Laboratories Limited 2,76,964 2,95,174 0.57 0.70
Lupin Limited 2,27,800 1,70,178 0.33 0.41
Sun Pharmaceutical Industries Limited 3,03,800 2,77,901 0.53 0.66
Zydus Lifesciences Limited 36,300 12,651 0.02 0.03
POWER 55,37,686 15,96,092 3.06 3.81
JSW Energy Limited 10,20,219 3,08,310 0.59 0.74
Power Grid Corporation of India Limited 29,73,696 6,44,697 1.24 1.54
Tata Power Company Limited 4,59,000 1,09,540 0.21 0.26
Torrent Power Limited 10,84,771 5,33,545 1.02 1.27
RETAILING 1,375 6,200 0.01 0.01
Info Edge (India) Limited 1,375 6,200 0.01 0.01
SOFTWARE 27,55,164 52,43,763 10.05 12.49
Coforge Limited 75,256 3,35,454 0.64 0.80
HCL Technologies Limited 84,000 97,755 0.19 0.23
Infosys Limited 1,61,567 3,08,084 0.59 0.73
L&T Technology Services Limited 53,670 2,74,001 0.53 0.65
Larsen & Toubro Infotech Limited 40,884 2,51,657 0.48 0.60
MindTree Limited 1,27,563 5,48,891 1.05 1.31
MphasiS Limited 1,92,328 6,49,463 1.24 1.55
Oracle Financial Services Software Limited 76,129 2,73,132 0.52 0.65
Persistent Systems Limited 1,27,623 6,08,162 1.17 1.45
Sonata Software Limited 10,57,102 7,81,621 1.50 1.86
Tata Consultancy Services Limited 1,61,419 6,03,699 1.16 1.44
Tech Mahindra Limited 1,74,218 2,61,231 0.50 0.62
Wipro Limited 4,23,405 2,50,613 0.48 0.60
TELECOM - SERVICES 11,71,000 6,12,785 1.18 1.49
Bharti Airtel Limited 5,35,800 4,04,502 0.78 0.97
Indus Towers Limited 5,68,400 1,26,213 0.24 0.31
Tata Communications Limited 66,800 82,070 0.16 0.21
TRANSPORTATION 10,50,000 8,12,910 1.56 1.94
Adani Ports and Special Economic Zone Limited 10,50,000 8,12,910 1.56 1.94
TOTAL 5,87,43,017 4,19,29,201 80.36 100.00
23

GOVERNMENT SECURITIES
GOVERNMENT OF INDIA 80,00,000 8,07,553 1.55 100.00
8.15% Government of India (11/06/2022) 40,00,000 4,03,307 0.77 49.94
TOTAL 80,00,000 8,07,553 1.55 100.00
TREASURY BILLS
GOVERNMENT OF INDIA 2,00,00,000 19,77,528 3.80 100.00
182 Days Tbill (MD 28/04/2022) 50,00,000 4,98,783 0.96 25.22
182 Days Tbill (MD 09/06/2022) 50,00,000 4,96,490 0.95 25.11
182 Days Tbill (MD 21/07/2022) 50,00,000 4,94,133 0.95 24.99
364 Days Tbill (MD 27/10/2022) 50,00,000 4,88,122 0.94 24.68
TOTAL 2,00,00,000 19,77,528 3.80 100.00
GRAND TOTAL 4,47,14,282 85.71
NET CURRENT ASSETS ## 74,59,908 14.29
NET ASSETS 5,21,74,190 100.00
# Percentage less than 0.01
##Net Current Assets includes MTM Payable on Futures
Investments made in futures have been disclosed in Note no 27
24

16
BENCHMARK RISK-O-METER
SCHEME RISK-O-METER
RISK - O - METER
NIFTY 50 Hybrid Composite Debt 50:50 Index: High Risk
RISK - O - METER
This product is suitable for investors who are seeking*:
��Long term capital growth
��Dynamic asset allocation between equity and specified debt securities.
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them. Investors understand that their principal
will be at Moderately High Risk
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULL
Y.
(An open ended dynamic asset allocation fund)
The above risk-o-meters are based on evaluation of the risk level of scheme’s portfolio as at June 30, 2022.
Auditors’ Report and Abridged Audited Schemes Annual Report and AMCs Annual Report shall be disclosed on the website (www.
njmutualfund.com) and shall be available for inspection at the Head Office of NJ Mutual Fund. Unit holder can obtain a copy of the
same at a price.

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