annual report cover 2021

2020-2021

BOI AXA Overnight Fund

(An open ended debt scheme investing in overnight securities)

• Income over short term with low risk and high liquidity

• Investments in overnight securities having residual maturity of 1 business day.

BOI AXA Liquid Fund

(An Open Ended Liquid Scheme)

• Income over short term.

• Investment in Debt and Money Market Instruments.

(An open ended scheme investing in arbitrage opportunities)

BOI AXA Arbitrage Fund

• Income through arbitrage opportunities between cash and derivative segments of the equity market and arbitrage opportunities within the derivative segment

• Income over short to medium term

Moderate

Low

HighLow to

Mod

erat

e

ModeratelyHigh

Investors understand that their principal will be at low risk

RISKOMETER

Very High

Moderate

Low

HighLow to

Mod

erat

e

ModeratelyHigh

Investors understand that their principal will be at low to moderate risk

RISKOMETER

Very High

(An open ended ultra-short term debt scheme investing in instruments with Macaulay duration of the portfolio between 3 months and 6 months)

BOI AXA Ultra Short Duration Fund

• Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 3 months and 6 months

• Regular income over Short to Medium term.

Risk-o-meter is based on the scheme portfolio as on March 31, 2021SCHEME

*Investor should consult their financial advisor if they are not clear about the suitability of the product.Note on Risk-o-meters: Please note that the above risk-o-meter is as per the product labelling of the scheme available as on the date of this communication/ disclosure.

THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING*:

BOI AXA Short Term Income Fund

(An open ended short term debt scheme investing in instruments with Macaulay duration of the portfolio between 1 year and 3 years)

• Regular income over short to medium term.

• Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 1 year - 3 years

BOI AXA Conservative Hybrid Fund

(An open ended hybrid scheme investing predominantly in debt instruments)

• Investment in equity and equity related securities (10% - 25%) as well as fixed income securities (Debt / Money Market Instruments/ Govt. Securities).

• Long term capital appreciation and regular income.

BOI AXA Equity Debt Rebalancer Fund

(An Open Ended Dynamic Asset Allocation Fund)

• Dynamic asset allocation between equity and fixed income based on equity market valuations

• Long term capital appreciation

Moderate

Low

HighLow to

Mod

erat

e

ModeratelyHigh

Investors understand that their principal will be at moderate risk

RISKOMETER

Very High

(An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds)

BOI AXA Credit Risk Fund

• Investment primarily in corporate debt securities with medium to long term maturities across the credit spectrum within the universe of investment grade rating


(An open ended hybrid scheme investing predominantly in equity and equity related instruments)

BOI AXA Mid & Small Cap Equity & Debt Fund • Equity fund investing in Mid & Small Cap equity and equity

related securities (not part of the top 100 stocks by market capitalization) as well as fixed income securities.

• Long term capital appreciation and income distribution

BOI AXA Small Cap Fund

(An open ended equity scheme predominantly investing in small cap stocks)


• Investment predominantly in equity & equity related instruments of Small Cap companies.

(An open ended equity scheme investing in both large cap and mid cap stocks)

BOI AXA Large & Mid Cap Equity Fund

• Long-term capital growth.

• Investment in equity and equity-related securities including equity derivatives of companies across market capitalisations.

(An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit)

BOI AXA Tax Advantage Fund • Long-term capital growth.

• Investment in equity and equity-related securities of companies across market capitalisations.

BOI AXA Flexi Cap Fund**

**Fundamental Attributes and Name of the fund has been changed from BOI AXA Multi Cap Fund to BOI AXA Flexi Cap Fund w.e.f. February 03, 2021.

(Formerly BOI AXA MultiCap Fund)

(An open ended dynamic equity scheme investing across large cap, mid cap, small cap stocks)

• Investment in a diversified portfolio consisting of equity and equity related instruments across market capitalization.

• Capital appreciation over medium to long term

Investors understand that their principal will be at very high risk

Moderate

Low

HighLow to

Mod

erat

e

ModeratelyHigh

RISKOMETER

Very High

SCHEME THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING*:

*Investor should consult their financial advisor if they are not clear about the suitability of the product.Note on Risk-o-meters: Please note that the above risk-o-meter is as per the product labelling of the scheme available as on the date of this communication/ disclosure.

BOI AXA Manufacturing & Infrastructure Fund

(An open ended equity scheme investing in manufacturing and infrastructure sectors)

• Investment in equity and equity-related securities of companies engaged in manufacturing & infrastructure related sectors.

• Long-term capital growth.

BOI AXA Midcap Tax Fund - Series 1

(A 10 Year Close-ended Equity Linked Savings Scheme)

• Investment in equity and equity related instruments of mid cap companies along with income tax benefit u/s 80C of the Income Tax Act, 1961

• Capital appreciation over a period of 10 years

BOI AXA Midcap Tax Fund - Series 2

(A 10 Year Close-ended Equity Linked Savings Scheme)

• Capital appreciation over a period of 10 years

• Investment in equity and equity related instruments of mid cap companies along with income tax benefit u/s 80C of the Income Tax Act, 1961

Investors understand that their principal will be at very high risk

Moderate

Low

HighLow to

Mod

erat

e

ModeratelyHigh

RISKOMETER

Very High

Risk-o-meter is based on the scheme portfolio as on March 31, 2021

2

INDEX

PAGE NO.

1. Message From The CEO’S Desk 3

2. Abridged Trustee Report 5

Open-ended Schemes

3. Auditors’ Report 20

4. Abridged Balance Sheet 34

5. Abridged Revenue Account 39

6. Notes to Accounts 46

7. Key Statistics 61

Close-ended Scheme

8. Auditors’ Report 76

9. Abridged Balance Sheet 79

10. Abridged Revenue Account 80

11. Notes to Accounts 81

12. Key Statistics 85

13. Risk Factors 86

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MESSAGE FROM THE CEO�S DESK

Dear Investors,

I am pleased to present to you the Annual Report of BOI AXA Mutual Fund (“the Fund”) for the financial year 2020-21.

According to data released by the National Statistical Office, for the financial year 2020-21, the Indian economy shrank -7.3% as opposed to a growth of 4.1% in the financial year 2019-20, owing to the economic fallout of the COVID-19 pandemic. During the same period, the Nifty 50 Index that represents the top 50 companies in the Indian stock market after touching lows in March 2020 bounced back strongly to post gains of 71% for the 12 months ending March 31, 2021 - mainly on expectations of rapid revival of growth in coming years.

The Domestic Mutual Fund industry saw a 41% growth in the overall Assets Under Management (AUM) for the Financial Year 2020-21 to ` 31.43 lakh crore, on the back of Mark-to-Market (MTM) gains from equity and inflows in the debt category to funds which invest into corporate bonds with an underlying portfolio of highest rated papers.

Almost all our equity schemes managed to maintain top quartile performance against peers in the categories that we have a presence. Our AUM is over ̀ 2,105 Crores and the live investor folios stands at just over 1.20 lakh as on March 31, 2021.

During the year, we launched BOI AXA Flexi Cap Fund in June 2020. I am pleased to share that this Scheme has been performing consistently well since its inception and has also grown since launch attracting more investors and assets.

In order to service our retail investors effectively, especially during the pandemic period, BOI AXA has implemented several customer friendly digital initiatives. These initiatives will continue to provide all our investors investing in our funds through the digital channel a seamless experience.

We offer a portfolio of diverse products across equity and debt to suit every kind of investor with individual risk appetites and investment horizons. Our investment team continues to focus on identifying investment opportunities across asset classes to optimize return while mitigating risks.

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MESSAGE FROM THE CEO�S DESK

I take this opportunity to thank the members of the Board for their guidance, support and constant encouragement. On behalf of the Board of Directors, I would like to thank our unitholders for reposing their confidence in us, and would like to assure them of our most committed service at all times. We thank our regulator and shareholders; Bank of India and AXA Investment Managers for their support and confidence towards the management team of BOI AXA Investment Managers Private Limited.

Sincerely,

Arun Prasad G

CEO (Interim Charge), BOI AXA Investment Managers Private Limited

5

ABRIDGED TRUSTEE REPORT

Report from BOI AXA Trustee Services Private Limited to the Unitholders of the Schemes of BOI AXA Mutual Fund: The Directors of BOI AXA Trustee Services Private Ltd (‘the Trustee’) have pleasure in presenting the Thirteenth Trustee Report on the schemes of BOI AXA Mutual Fund (‘the Fund’) for the year ended March 31, 2021, together with the audited financial statements of the schemes for the said year.1. Performance, Future Outlook and Operations of the

Schemes:A. Performance of the Schemes During the year ending March 31, 2021, there were

fourteen open-ended schemes and two close- ended schemes. The schemes of the Fund are managed by BOI AXA Investment Managers Private Limited (‘the AMC’) which is the asset management company for the Fund.

Scheme performance The details of various schemes as at March 31, 2021,

together with their performance details as on that date, are as follows:

Equity Schemes:

Scheme / Plan Name

Performance (Compounded annualized)

Period Scheme Returns

Benchmark Returns

BOI AXA Large & Mid Cap Equity Fund - Regular Plan

Last 1 Year 60.7% 76.6%Last 3 Years 6.4% 13.6%Last 5 Years 11.2% 15.6%Since Inception

12.6% 15.4%

BOI AXA Large & Mid Cap Equity Fund – Direct Plan


12.2% 13.7%

BOI AXA Tax Advantage Fund - Regular Plan


18.6% 17.6%

BOI AXA Tax Advantage Fund - Direct Plan


17.2% 13.5%

BOI AXA Manufacturing & Infrastructure Fund - Regular Plan


6.7% 3.2%

BOI AXA Manufacturing & Infrastructure Fund - Direct Plan


10.1% 7.1%

Scheme / Plan Name



Benchmark Returns

BOI AXA Small Cap Fund - Regular Plan

Last 1 Year 108.6% 127.4%

Last 3 Years NA NALast 5 Years NA NASince Inception

30.6% 11.9%

BOI AXA Small Cap Fund - Direct Plan

Last 1 Year 112.5% 127.4%

Last 3 Years NA NALast 5 Years NA NASince Inception

33.0% 11.9%

BOI AXA Flexi Cap Fund (Formerly BOI AXA Multi Cap Fund) - Regular Plan*

6 Months 59.3% 66.2%Last 1 Year NA NALast 3 Years NA NALast 5 Years NA NASince Inception

48.4% 47.0%

BOI AXA Flexi Cap Fund (Formerly BOI AXA Multi Cap Fund) - Direct Plan*

6 Months 61.7% 66.2%Last 1 Years NA NALast 3 Years NA NA

Last 5 Years NA NASince Inception

50.5% 47.0%

Debt schemes:

Schemes / Plan Name



Benchmark Returns

BOI AXA Liquid Fund - Regular Plan


6.9% 7.2%

BOI AXA Liquid Fund - Direct Plan


7.3% 7.3%

BOI AXA Ultra Short Duration Fund - Regular Plan


7.5% 7.2%

6


Schemes / Plan Name



Benchmark Returns

BOI AXA Ultra Short Duration Fund - Direct Plan


8.1% 7.3%

BOI AXA Short Term Income Fund - Regular Plan

Last 1 Year -4.7% 7.8%Last 3 Years -3.5% 8.4%Last 5 Years 0.9% 8.1%Since Inception

4.4% 8.0%

BOI AXA Short Term Income Fund - Direct Plan

Last 1 Year -4.2% 7.8%Last 3 Years -2.9% 8.4%Last 5 Years 1.6% 8.1%Since Inception

4.6% 8.5%

BOI AXA Credit Risk Fund - Regular Plan

Last 1 Year -45.7% 7.8%Last 3 Years -32.3% 8.4%Last 5 Years -17.8% 8.1%Since Inception

-13.5% 8.2%

BOI AXA Credit Risk Fund - Direct Plan

Last 1 Year -45.5% 7.8%Last 3 Years -32.2% 8.4%Last 5 Years -17.7% 8.1%Since Inception

-13.4% 8.2%

BOI AXA Overnight Fund - Regular Plan

Last 1 Year 3.1% 3.1%Last 3 Years NA NALast 5 Years NA NASince Inception

3.4% 3.3%

BOI AXA Overnight Fund - Direct Plan


3.5% 3.3%

Hybrid Schemes:

Scheme / Plan Name



Benchmark Returns

BOI AXA Conservative Hybrid Fund - Regular Plan

Last 1 Years 14.9% 16.6%Last 3 Years 0.5% 10.1%Last 5 Years 4.5% 9.9%Since Inception

6.5% 9.7%

BOI AXA Conservative Hybrid Fund - Direct Plan


6.8% 9.6%

Scheme / Plan Name



Benchmark Returns

BOI AXA Equity Debt Rebalancer Fund - Regular Plan


6.6% 11.1%

BOI AXA Equity Debt Rebalancer Fund - Direct Plan


7.2% 11.1%

BOI AXA Mid & Small Cap Equity & Debt Fund - Regular Plan

Last 1 Years 69.5% 77.0%Last 3 Years 7.0% 9.1%Last 5 Years NA NASince Inception

12.3% 12.0%

BOI AXA Mid & Small Cap Equity & Debt Fund - Direct Plan

Last 1 Years 70.9% 77.0%Last 3 Years 8.0% 9.1%Last 5 Years NA NASince Inception

13.3% 12.0%

BOI AXA Arbitrage Fund - Regular Plan


4.2% 4.6%

BOI AXA Arbitrage Fund- Direct Plan

Last 1 Years 3.2% 2.3%Last 3 Years NA NALast 5 Years NA NASince Inception

5.0% 4.6%

Close ended schemes :

Scheme / Plan Name



Benchmark Returns

BOI AXA Mid Cap Tax Fund - Series 1 - Regular Plan

Last 1 Year 77.8% 103.9%Last 3 Years 10.6% 9.1%Last 5 Years NA NASince Inception

9.4% 7.5%

BOI AXA Mid Cap Tax Fund - Series 1 - Direct Plan

Last 1 Year 79.1% 103.9%Last 3 Years 11.5% 9.1%Last 5 Years NA NASince Inception

10.3% 7.5%

BOI AXA Mid Cap Tax Fund - Series 2 - Regular Plan


21.2% 16.9%

7

Scheme / Plan Name



Benchmark Returns

BOI AXA Mid Cap Tax Fund - Series 2 - Direct Plan


22.5% 16.9%

Comments on performance of the Schemes:1. BOI AXA Large & Mid Cap Equity Fund - The Scheme

is a Large and Mid-Cap oriented equity scheme that invests at least 35% of its assets in Large Caps and at least 35% in Mid- Cap stocks. The scheme has underperformed its benchmark during the year by 15.90%. The fund is diversified fund with over weight on sectors like healthcare and specialty chemicals. The underweight financial and market preference for value stock, in which fund has low exposure resulted in under performance to the benchmark.

2. BOI AXA Tax Advantage Fund - The Scheme is an Equity Linked Savings Scheme (ELSS) with a 3 years statutory lock-in for redemptions. This scheme is a diversified, multi-cap equity fund enabling the fund manager to invest across market caps and sectors. During the year, the scheme invested in high quality companies with strong earnings visibility. During the period under review, the portfolio had higher percentage of investment in large and mid-cap stocks. The fund generated superior returns by allocating higher weights to structural compounding businesses in Pharma, Chemicals, Building Materials and Technology. The scheme delivered a return of 74.5% for the year underperforming its benchmark by 4.1%.

3. BOI AXA Manufacturing & Infrastructure Fund - A thematic fund focused on Infrastructure and Manufacturing sectors. It is a multi-cap fund investing in a portfolio of predominantly equity and equity related securities of companies engaged in manufacturing, infrastructure and related sectors. The Scheme has out-performed its benchmark by 4.7%. Higher allocation to manufacturing sector helped the fund in outperforming the peer set.

4. BOI AXA Mid & Small Cap Equity & Debt Fund - An open-ended equity fund which invests between 65 to 80% in mid cap and small cap equities and the remaining in fixed income securities. The equity portion of the fund invests in mid and small cap stocks across sectors. The Scheme has underperformed its benchmark by 7.50% for the year. However it outperformed its peer group.

5. BOI AXA Liquid Fund - The fund manages its inflows and outflows dynamically, trying to strike a balance between generating gains for investors by taking appropriate duration calls while maintaining sufficient liquidity to take care of outflow needs. The scheme invests in assets of maturity of up to 91 days and has AAA rating from both CRISIL and

ICRA. The Scheme has underperformed its benchmark by 0.60% on a one-year basis. Portfolio was fully invested in high liquid assets due to which YTM / return has come down.

6. BOI AXA Ultra Short Duration Fund - The scheme manages the inflows in a dynamic manner. It lays emphasis on higher accrual for the investor and emphasizes matching appropriate credit with liquidity duration needs to maintain higher accrual. In addition, this scheme manages duration in a more proactive manner than the BOI AXA Liquid Fund. The Scheme has outperformed its benchmark by 0.20% on a one-year basis.

7. BOI AXA Short Term Income Fund - BOI AXA Short Term Income Fund is positioned on the short to medium end of the yield curve and invests in money market, short term corporate bonds and government securities. It manages duration dynamically. The Scheme has underperformed its benchmark by 12.5% on a one-year basis. Due to redemption pressure, post NBFC liquidity crisis, rating of few securities held in the portfolio were downgraded. This resulted in mark to market losses in the scheme.

8. BOI AXA Credit Risk Fund - The fund has a mandate to take suitable credit calls by investing in investment grade securities that provide yield-enhancement to investors. The Scheme underperformed its benchmark due to rating downgrades of few securities in the portfolio which resulted in to mark to market losses in the scheme. Few securities held in the portfolio also had to make large provisions as the overall illiquidity in debt market impacted these securities.

9. BOI AXA Conservative Hybrid Fund - The fund invests 10 to 25% in equity and equity related securities and the remainder of the portfolio in debt & money market instruments. The equity component of the portfolio is invested across sectors and market capitalizations. The fixed income component is positioned on the medium end of the yield curve and invests in money market, short term corporate bonds and government securities. The fund manages its duration and asset allocation dynamically. The Scheme underperformed its benchmark by 1.7% on a one-year basis. The continued redemption in the scheme impacted the portfolio and in turn impacted the returns.

10. BOI AXA Equity Debt Rebalancer Fund - This fund dynamically adjusts its allocation between equity and debt based on the price earnings multiple of the Nifty 50 Index. As the market multiple trends higher, the allocation towards equity reduces, and vice-versa. The equity component can only be invested in the top 100 companies by market capitalization and has been managed with a bottom-up approach, focusing on stock selection. The Fund doesn’t have a peer group and has underperformed its benchmark for the year. The reason for underperformance is low equity allocation because of high PE for the index.

11. BOI AXA Mid Cap Tax Fund - Series 1 - The Scheme is a close-ended Equity Linked Savings Scheme (ELSS) with a minimum lock in period of 3 years. The Scheme invests at


8

least 65% of its assets in Mid Cap stocks. The Scheme has generated 78% returns in the last one year. The Fund has completed 3 years in February 2021. Since inception the fund have generated returns of 9.4% and outperformed the benchmark by 1.9%. During the year the portfolio generated superior returns by allocating higher weights towards Technology, Pharmaceuticals, Chemicals.

12. BOI AXA Mid Cap Tax Fund - Series 2 - The Scheme is a close-ended Equity Linked Savings Scheme (ELSS) with a minimum lock in period of 3 years. The Scheme invests at least 65% of its assets in Mid Cap stocks. The Scheme has generated 77% returns in the last one year. During the year the portfolio generated superior returns by allocating higher weights towards Technology, Pharmaceuticals, Chemicals.

13. BOI AXA Small Cap Fund - The Scheme invests at least 65% of its assets in Small Cap stocks. The Scheme underperformed its benchmark in the last one year. It continues to be in quartile one through the year. During the year the portfolio had a higher exposure towards Mid cap IT, Consumer discretionary and non-discretionary, chemicals and healthcare. The emphasis is to increase allocations in sectors which are witnessing tail winds and reporting better earnings.

14. BOI AXA Arbitrage Fund - The Scheme invests in cash and derivative instruments. The Scheme has underperformed its benchmark. The scheme has witnessed redemptions and that impacted the performance adversely.

15. BOI AXA Overnight Fund - The fund invests in overnight securities having residual maturity of one business day. The Scheme has underperformed its benchmark on one year basis by 0.16%.

16. BOI AXA Flexi Cap Fund - An open-ended equity fund which invest across the market cap. The fund was launch in June 2020. In the nine months period fund has outperformed its benchmark by 1.4%. The funds overweight position in healthcare, industrials and materials help the fund. The fund also outperformed its peer group..

1st NAV dates and AUM of schemes:1st NAV

Date AUM as on March 31, 2021 (` In

crore)BOI AXA Liquid Fund 18-Jul-2008 235.36BOI AXA Ultra Short Duration Fund

18-Jul-2008 296.92

BOI AXA Large & Midcap Equity Fund

29-Oct-2008 181.12

BOI AXA Short Term Income Fund 22-Dec-2008 25.61BOI AXA Conservative Hybrid Fund

20-Mar-2009 58.42

BOI AXA Tax Advantage Fund 27-Feb-2009 418.63BOI AXA Manufacturing and Infrastructure Fund

10-Mar-2010 46.21

BOI AXA Arbitrage Fund 20-June-2018 32.48BOI AXA Small Cap Fund 27-Dec-2018 119.20


1st NAV dates and AUM of schemes:1st NAV

Date AUM as on March 31, 2021 (` In

crore)BOI AXA Equity Debt Rebalancer Fund

24-Mar-2014 71.09

BOI AXA Credit Risk Fund 09-Mar-2015 71.36BOI AXA Mid & Small Cap Equity & Debt Fund

27-Jul-2016 303.14

BOI AXA Overnight Fund 28-Jan-2020 16.71BOI AXA Flexi Cap Fund (Formerly BOI AXA Multi Cap Fund)

28-Jan-2020 71.05

BOI AXA Mid Cap Tax Fund - Series 1

27-Feb-2018 85.41


26-Oct-2018 72.01

Disclaimers:Past performance may or may not be sustained in future. The performance data provided above is for Regular Plan and Direct Plan - Growth Option of various schemes. The scheme which has been in existence for more than six months but less than one year, then simple annualized growth rate of the scheme for the past 6 months and absolute returns since inception are given. For the purpose of calculating since inception performance, the inception date of a scheme is considered to be the date of initial allotment.Units of BOI AXA Liquid Fund, BOI AXA Ultra Short Duration Fund and BOI AXA Overnight Fund are of face value of Rs. 1,000/- each and units of other schemes are of face value of Rs.10/- each.B. Future Outlook: a. Market outlook As India got griped in Covid-19 second wave, the lock

down started getting imposed. Though, there was no national lock down but the intensity of infection was so high that the entire medical system got chocked and society faced lot of losses. Situation started to come under control towards the May end mainly because of lock downs. The answer to this problem lays in mass vaccination and Government is clearly looking to vaccinate all the eligible citizen by the end of this calendar year. It will be a big task for Government to achieve this target.

Markets during this time remained quite resilient, may be because market had knowledge base about the outcome of second wave based on the experience of first wave. This period also coincided with Q4 FY21 financial result declaration by companies. The last quarter business witnesses high input cost mostly animating from high commodity prices, along with supply side disruptions. Still the overall results for the full year FY21 appear to be reasonably good. Pent up demand in second half aided by strong rural markets, good festive season, revival in housing and realty markets, burgeoning exports demand on one hand and significant cost optimization (reduction in man-power, marketing, traveling cost), lower finance cost on the other hand led to improved profitability for many sectors and companies.

9

India’s total GST collections for Apr’21 moderated to Rs 1tn from Rs 1.4tn in Mar’21 (27% MoM decline). The reduction was lower than the market expectations. It will be interesting to watch the number for the month of May 21 as the impact of Covid-19 second wave is expected to be higher in the month of May 21. This also indicate the resilience of the Indian economy and clearly global investors remain positive about the economy. As testimony of same this India’s forex reserves rose to a historic high of US$ 598.2bn in the week ended 28 May 2021. On a weekly basis, forex reserves rose by US$ 5.3bn versus US$ 2.9bn last week. In FYTD22, forex reserves have increased by US$ 18.9bn versus US$ 17.9bn accretion in the same period last year.

b. Equity Outlook The recent quarterly earning clearly support the equity

markets. The Sectors with healthy earnings growth in FY21 are Agri Chemicals, Cables, Cement & Cement Products, Consumer Durable, Fertilizers, FMCG, Gas Distribution, Healthcare, IT – Software, Paint, Petrochemicals Pharmaceuticals Plastic pipes, Power Generation & Distribution, Refineries and Steel.

The sectors which witnessed de-growth in earnings in FY21 are Air-conditioner, Auto and auto ancillary, Bearings, Power T&D & Engineering, Retailing and Hotels & Travel.

The Sectors which witnesses Mixed Bag results in FY21 are Capital Goods, Chemicals, Construction, Textiles, Logistics and Realty.

While many companies have yet to report the earnings, the initial trend suggests that despite the impact of Covid-19 and resultant lock-down, the earning trajectory is showing positive trend. Going into FY22, a low base of 1QFY21 may optically bolster earnings, though the extent of spread of second wave of Covid-19 and commodity inflation are the two key monitor able factors that will have a bearing on the corporate earnings for the year.

c. Fixed Income Outlook The MPC left policy rates unchanged unanimously as

widely expected. The policy will remain accommodative as long as necessary, and the central bank’s guidance is outcome-dependent, not time-dependent. The second Government securities purchase program of INR1.2tn is a welcome move, which will keep long rates anchored. Systemic liquidity conditions will remain ample and the focus is now more on effective distribution of liquidity – on-tap facility for banks to support contact-intensive segments and for SIDBI to support MSMEs. Overall, the MPC is not overly concerned about inflation and growth remains the policy priority. GDP projection for FY22 is cut by 100bps to 9.5% while inflation forecast is tweaked up by 10bps to 5.1%.

The fixed income market in view of RBI positioning doesn’t offer great opportunities for generate capital gain by duration play. Therefore low duration accrual positioning appearing to be a superior investment strategy. Having said that it appears to be difficult to beat inflation in near term.

C. Operations of the Schemes and Overview During the financial year ended March 31, 2021, the

AMC managed fourteen open-ended schemes and


two close-ended schemes during financial year ended March 31, 2021 for the Mutual Fund. The AMC has also launched the BOI AXA Bluechip Fund on June 8, 2021 and NFO closes on June 22, 2021.

Products During the year, the AMC launched the following

scheme:

Name of the Scheme

Launch Date Funds Mobilized (In crores)

BOI AXA Flexi Cap Fund (Formerly BOI AXA Multi Cap Fund)

June 10, 2020 32.45

Operation Overview: BOI AXA Mutual Fund (“BOI AXA MF”) schemes have

been managed in accordance with the investment objectives and keeping in mind the expectations from the investors in the particular schemes. Further, BOI AXA MF has focused on serving the retail investors across the country with more enhanced customer service tools. BOI AXA MF has not only strengthened its call centre with more resources & advanced training but also introduced several digital solutions to make the entire customer experience delightful.i. Penny Drop Facility - The penny drop facility was

extended to Purchase, redemption and also addition of new bank details from 1st May 2021.

ii. Additions in Transaction Website: Online One Time Mandate Registration is a facility introduced for registering Investor’s bank through Invest Online platform to make payment electronically for all future purchase transactions. This has reduced the time for activation at the bank side and also helpful for registration of SIP for investors, who need not register in their bank accounts for SIPs.

BOI AXA MF will continue to implement features in all its schemes that would offer more convenience, choice and transparency to all the investors of the scheme. During the period under review as the total no of folios across all schemes have crossed 1,22,000 as on March 31, 2021.

2. Brief background of Sponsor, Trust, Trustee Company and Asset Management Company:

a. Bank of India and AXA Investment Managers - Sponsors

BOI AXA Mutual Fund is co-sponsored by Bank of India and AXA Investment Managers. Bank of India was founded in 1906. BOI is a nationalized public sector bank. The Bank has been the first among the nationalised banks to establish a fully computerised branch and ATM facility way back in 1989. The Bank is also a Founder Member of SWIFT in India. The Bank has over 5000 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 59 Zonal Offices and 10 NBG Offices. There are 60 branches/ offices and 5 Subsidaries and 1 joint venture abroad. Presently Bank has overseas presence in 18 foreign countries spread over 5 continents – with 52 offices including 4 Subsidiaries, 1 Representative Office

10

and 1 Joint Venture, at key banking and financial centres viz., Tokyo, Singapore, Hong Kong, London, Paris and New York.

AXA Investment Managers is multi-expert Asset Management Company within AXA Group, a global leader in financial protection and wealth management. AXA Group’s expertise includes (1) property & casualty insurance, (2) life & savings and (3) asset management.

AXA Investment Managers (AXA IM) is one of the world’s leading asset managers with assets under management (AUM) of EUR 858 billion as of December 31, 2020. Founded in 1994, AXA IM is an active asset manager fully owned and backed by the AXA Group. AXA IM provides both local and global investment solutions for a wide variety of clients, ranging from the AXA Group and its insurance companies, to institutional investors - pension funds, insurance companies, corporates, non-profits, family offices and sovereign wealth funds - and distributors – both wholesale and retail.

AXA IM’s multi-expert business model is composed of single asset class-driven teams of investment experts - AXA Fixed Income, AXA Framlington, AXA Rosenberg, AXA Funds of Hedge Funds, AXA Real Estate, AXA Structured Finance – as well as a Investments Solutions team, which focuses on Asset Liability Management, Multi-asset Investments. AXA IM employs more than 2,440 employees that operate in 27 offices across 20 countries in Europe, the Americas and Asia Pacific.

b. BOI AXA Mutual Fund BOI AXA Mutual Fund (‘the Fund’) was set up as a Trust

by the Settlor, AXA Investment Managers, vide Trust Deed executed on November 16, 2007 with BOI AXA Trustee Services Private Limited (the Trustee Company) as a Trustee in accordance with the provisions of the Indian Trust Act, 1882 and is duly registered under the Indian Registration Act, 1908. The Trustee had entered into an Investment Management Agreement dated November 16, 2007 with BOI AXA Investment Managers Private Limited (‘the AMC’) appointing it as the Investment Manager for the schemes of the Fund. The Fund was registered with SEBI on March 31, 2008. Consequent upon Bank of India acquiring 51% stake in the AMC and Trustee Company, the aforesaid Trust Deed was restated on May 24, 2012 and the aforesaid Investment Management Agreement was amended on May 24, 2012. As on March 31, 2021, Bank of India infused further capital in AMC and increasing its shareholding in the AMC from 51% to 52.29%. Both the sponsors agreed that the infusion of further capital by Bank of India and the resulting change in the shareholding of the AMC would require an amendment to certain clauses of the existing Share Purchase Agreement dated December 2, 2020 and accordingly, an addendum to the said agreement was entered as on April 23, 2021.

c. BOI AXA Trustee Services Private Limited (�Trustee�) BOI AXA Trustee Services Private Limited (“the Trustee”)

is a company registered under the Companies Act, 1956, and was appointed as the Trustee of BOI AXA Mutual Fund under the Trust Deed dated November 16, 2007 and restated deed of trust dated May 24, 2012. The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unitholders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed. 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.

The Directors of the Trustee Company as on May 31, 2021 are:1. Mr. A. K. Pathak, Associate Director (BOI Nominee)2. Mr. A K Bhargava, Independent Director3. Mr. Himanshu Joshi, Independent Director4. Mr. Ram Krishna Sinha, Independent Director

d. BOI AXA Investment Managers Private Limited (�the AMC�)

BOI AXA Investment Managers Private Limited, the Investment Manager of the Fund, was set up as Bharti AXA Investment Managers Private Limited, a company under the Companies Act, 1956 on August 13, 2007. However, due to change in control of the Company, the name of the Company was changed to BOI AXA Investment Managers Private Limited. The AMC is a joint venture between Bank of India (“BOI”) and AXA Group represented by AXA Investment Managers Asia Holdings Pvt. Limited (AXA IMAHPL).

The AMC was appointed as the investment manager of the Fund by the Trustee under Investment Management Agreement (“IMA”) dated November 16, 2007 and Investment Management Amendment Agreement dated May 24, 2012 including all the amendments thereto. Regulatory approval to act as asset manager for the Mutual Fund was obtained on April 1, 2008 and in the new name i.e. BOI AXA Investment Managers Private Limited on May 25, 2012.

The Directors of the AMC as on May 31, 2021 are:1. Mr. Bruno Guilloton – Associate Director

(Representative of AXA IM)2. Mr. Girish Kumar Singh – Associate Director (BOI

Nominee)3. Mr. S C Kalia - Independent Director4. Mr. Ganesan Rajamani- Independent Director


11

3. Investment objectives of the Schemes I. Equity Schemes


Scheme Name Investment Objective Plan / Option Benchmark

BOI AXA Large & Mid Cap Equity Fund - (An open ended equity scheme investingin both large cap and mid cap stocks)

The Scheme seeks to generate income and long- term capital appreciation by investing through a diversified portfolio of predominantly large cap and mid cap equity and equity related securities including equity derivatives. The Scheme is in the nature of large and mid cap fund. The Scheme is not providing any assured or guaranteed returns.

1) Regular Plan2) Direct PlanThese Plans will have a common portfolioOptions:Under each of the Plans, following Options are available:• Growth Option• Income Distribution cum capital

withdrawal (IDCW) option (Re- investment of IDCW and Pay-out of IDCW option).

S&P BSE 250LargeMidCap Total Return

Index

BOI AXA Tax Advantage Fund (An open ended equity linked savings scheme with a statutory lock in of 3 years and tax benefit)

The scheme seeks to generate income and long- term capital appreciation through a diversified portfolio of predominantly equity and equity-related securities including equity derivatives, across all market capitalizations. The Scheme is in the nature of diversified multi-cap fund. The Scheme is not providing any assured or guaranteed returns.There can be no assurance that the investment objectives of the Scheme will be realized.

1. Regular Plan2. Direct PlanBoth Plans will have common portfolioOptions: Each of the Plans have following Options:• Growth Option for capital appreciation• Income Distribution cum

capital withdrawal (IDCW) option (Pay-out of IDCW option)

S&P BSE 500Total Return

Index

BOI AXA Manufacturing & Infrastructure Fund (An open ended equity scheme investing in manufacturing and infrastructure sectors)

The Scheme seeks to generate long term capital appreciation through a portfolio of predominantly equity and equity related securities of companies engaged in manufacturing and infrastructure and related sectors.Further, there can be no assurance that the investment objectives of the scheme will be realized. The Scheme is not providing any assured or guaranteed returns.

1. Regular Plan2. Direct PlanBoth Plans will have common portfolio.Options:Each of the Plans have following Options:• Growth Option • Income Distribution cum capital

withdrawal (IDCW) option (Re- investment of IDCW and Pay-out of IDCW option)

S&P BSE India Manufacturing Total Return

Index: 50% and S&P BSE India Infrastructure Total Return Index: 50%.

BOI AXA Small Cap Fund (An open ended equity scheme predominantly investing in small cap stocks)

The investment objective of the scheme is to generate long term capital appreciation by investing predominantly in equity and equity-related securities of small cap companies. However, there can be no assurance that the investment objectives of the Scheme will be realized.

1. Regular Plan2. Direct PlanBoth Plans will have common portfolio.Options:Each of the Plans have following Options:• Growth Option• Income Distribution cum capital


Nifty Smallcap100 Total Return

Index

12


BOI AXA Flexi Cap Fund(Formerly BOI AXA Multi Cap Fund) (An open ended dynamic equity scheme investing across large cap, mid cap, small cap stocks)

The investment objective of the scheme is to generate long term capital appreciation by investing predominantly in equity and equity-related securities across various market capitalisation. However, there can be no assurance that the investment objectives of the Scheme will be realized.

1. Regular Plan2. Direct PlanBoth Plans will have common portfolio.Options:Each of the Plans have following Options:• Growth Option• Income Distribution cum capital


S&P BSE 500Total Return

Index

II. Debt Schemes

Scheme Name Investment Objective Plan / Option BenchmarkBOI AXA Liquid Fund (an open ended liquid scheme)

The Scheme seeks to deliver reasonable market related returns with lower risk and higher liquidity through a portfolio of debt and money market instruments.The Scheme is not providing any assured or guaranteed returns. Further, there is also no assurance that the investment objective of the Scheme will be achieved.

Regular Plan Direct PlanThese Plans have a common portfolio.Options:All Plans have following Options:• Growth Option• Re-investment of Income Distribution cum

capital withdrawal (IDCW) Option (at a daily and weekly frequency)

• Transfer of IDCW Option with daily IDCW frequency

• Unclaimed IDCW (up to 3 years)• Unclaimed IDCW (greater than 3 years)• Unclaimed Redemption (up to 3 years)• Unclaimed Redemption (greater than 3

years)

CRISIL Liquid Fund Index

BOI AXA Overnight Fund (An open ended debt scheme investing in overnight securities)

The investment objective of the scheme is to generate income commensurate with low risk and high liquidity by investing in overnight securities having residual maturity of 1 business day. However, there can be no assurance that the investment objectives of the Scheme will be realized. The Scheme does not assure or guarantee any returns.

Regular Plan Direct PlanThese Plans have a common portfolio.Options:All Plans have following Options:• Growth Option• Re-investment of Income Distribution cum

capital withdrawal (IDCW) option offering Re- investment of IDCW (Daily, Weekly and Monthly)

• Monthly Pay-out of IDCW option

CRISIL Overnight Index


13


Scheme Name Investment Objective Plan / Option BenchmarkBOI AXA Ultra Short Duration Fund (An open ended ultra-short term debt scheme investing in instruments with Macaulay duration of the portfolio between 3 months and 6 months)

The Scheme seeks to deliver reasonable market related returns with lower risk and higher liquidity through a portfolio of debt and money market instruments.The Scheme is not providing any assured or guaranteed returns. Further, there is also no assurance that the investment objective of the Scheme will be achieved.

• Regular Plan• Direct PlanThese Plans have a common portfolio.Options:Both Plans have following Options:• Growth Option• Reinvestment of Income Distribution cum

capital withdrawal (IDCW) option (Daily and Weekly frequency).

• Transfer of Income Distribution cum capital withdrawal (IDCW) plan (with Daily IDCW frequency)


BOI AXA Short Term Income Fund (An open ended short term debt scheme investing in instruments with Macaulay duration of the portfolio between 1 year and 3 years)

The Scheme seeks to generate income and capital appreciation by investing in a diversified portfolio of debt and money market securities.However, there can be no assurance that the income can be generated, regular or otherwise, or the investment objectives of the Scheme will be realized.

1. Direct Plan2. Regular PlanBoth Plans have common portfolio.Each of the Plans have following Options:• Growth Option• Re-investment of Income Distribution

cum capital withdrawal (IDCW) Option for regular income - (with monthly and quarterly frequency of Re- investment of IDCW)

• Pay-out of Income Distribution cum capital withdrawal (IDCW) Option for regular income (with monthly and quarterly frequency of Pay- out of IDCW)

CRISIL Short Term Bond Fund

Index

BOI AXA Credit Risk Fund (An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds))

The Scheme’s investment objective is to generate capital appreciation over the long term by investing predominantly in corporate debt across the credit spectrum within the universe of investment grade rating. To achieve this objective, the Scheme will seek to make investments in rated, unrated instruments and structured obligations of public and private companies.

1. Direct Plan2. Regular PlanBoth Plans will have common portfolio.

CRISIL Short Term Bond Fund

Index

14

III. Hybrid Schemes


BOI AXA Mid & Small Cap Equity & Debt Fund (An open ended hybrid scheme investing predominantly in equity and equity related instruments)

The scheme’s objective is to provide capital appreciation and income distribution to investors from a portfolio constituting of mid and small cap equity and equity related securities as well as fixed income securities.However there can be no assurance that the income can be generated, regular or otherwise, or the investment objectives of the Scheme will be realized

1. Regular Plan2. Direct Plan.Both Plans will have common portfolio:Each of the Plan shall offer the following Option:• Growth Option• Income Distribution cum capital

withdrawal (IDCW) option (Re-investment of IDCW and Pay-out of IDCW option)

Nifty Mid & Small cap 400 Total Return Index

(70%) and CRISIL Short Term Bond Fund Index (30%)

BOI AXA Equity Debt Rebalancer Fund(An open ended dynamic asset allocation fund)

The Scheme aims at generating long term returns with lower volatility by following a disciplined allocation between equity and debt securities. The equity allocation will be determined based on the month end P/E ratio of the Nifty 50 Index. There is no assurance that the investment objectives of the Scheme will be realized and the Scheme does not assure or guarantee any returns.

• Regular Plan• Direct Plan. Both Plans will have common portfolio:Each of the Plan shall offer the following Option:• Growth Option• Income Distribution cum capital

withdrawal (IDCW) option (Re-investment of IDCW and Pay-out of IDCW facility)

Nifty 50 Total Return Index

(50%) and CRISIL Short Term Bond Fund Index (50%)

BOI AXA Conservative Hybrid Fund (An open ended hybrid scheme investing predominantly in debt instruments)

The Scheme seeks to generate regular income through investments in fixed income securities and also to generate long term capital appreciation by investing a portion in equity and equity related instruments. However, there can be no assurance that the income can be generated, regular or otherwise, or the investment objectives of the Scheme will be realized.

1. Direct Plan2. Regular Plan Both Plans have common portfolio Each of the Plans have following Options:• Growth Option for capital appreciation• Reinvestment of IDCW (with Monthly,

Quarterly and Annual frequency of IDCW re-investment)

• Pay-out of IDCW Option for regular income (with Monthly, Quarterly and Annual frequency)

CRISIL Hybrid 85 + 15

- Conservative Index

BOI AXA Arbitrage Fund (An open ended scheme investing in arbitrage opportunities)

The Scheme seeks to generate income through arbitrage opportunities between cash and derivative segments of the equity market and arbitrage opportunities within the derivative segment and by deployment of surplus cash in debt securities and money market instruments.However, there is no assurance or guarantee that the investment objective of the scheme will be realized

1. Direct Plan2. Regular PlanBoth Plans have common portfolio Each of the Plans have following Options:• Growth Option• Income Distribution cum capital

withdrawal (IDCW) option (Re-investment of IDCW and Pay-out of IDCW facility)

NIFTY 50Arbitrage Index


15

IV. Closed Ended Schemes


BOI AXA Mid Cap Tax Fund - Series 1 (A 10 Year Close- ended Equity Linked Savings Scheme)

The scheme seeks to generate capital appreciation over a period of ten years by investing predominantly in equity and equity-related securities of midcap companies along with income tax benefit.However, there is no assurance that the investment objective of the Scheme will be realized and the Scheme does not assure or guarantee any returns.

1) Regular Plan2) Direct PlanThese Plans will have a common portfolio Options:Under each of the Plans, following Options are available:• Growth Option for capital appreciation• Income Distribution cum capital

withdrawal (IDCW) Option offering Pay-out of IDCW facilities

Nifty Midcap100 Total Return

Index

BOI AXA Mid Cap Tax Fund - Series 2 (A 10 Year Close-ended Equity Linked Savings Scheme)

The scheme seeks to generate capital appreciation over a period of ten years by investing predominantly in equity and equity-related securities of midcap companies along with income tax benefit. However, there is no assurance that the investment objective of the Scheme will be realized and the Scheme does not assure or guarantee any returns.

1) Regular Plan2) Direct PlanThese Plans will have a common portfolio Options:Under each of the Plans, following Options are available:• Growth Option for capital appreciation• Income Distribution cum capital

withdrawal (IDCW) Option offering Pay-out of IDCW facilities

Nifty Midcap100 Total Return

Index


4. Signifi cant Accounting Policies The significant accounting policies to the accounts of the

schemes form part of the notes to accounts annexed to the Balance Sheet and Revenue Accounts of the Schemes disclosed in the full Annual Report. Accounting policies are in accordance with the Securities & Exchange Board of India (Mutual Funds) Regulations, 1996.

5. Unclaimed Income Distribution cum capital withdrawal (IDCW) & Redemptions

The details of the unclaimed IDCWs / redemption amount in the schemes of the Fund are given hereunder:

Unclaimed Dividend for the FY 2020-21: Scheme No. of

InvestorsAmount

(in `)BOI AXA Large & Mid Cap Equity Fund

2 1090.84

BOI AXA Manufacturing and Infrastructure Fund

1 5518.25

BOI AXA Tax Advantage Fund

513 247442.53

Grand Total 516 254051.62

Redemption unclaimed for the FY 2020-21: Scheme No. of

InvestorsAmount

(in `)BOI AXA Equity Debt Rebalancer Fund

1 1503.71


4 281166.05


3 82344.59


8 456599.08


5 115325.62


1 91.26

Grand Total 22 937030.31

6. Investor Complaint Redressal details In terms of SEBI circular dated May 13, 2010, the details

of investor complaints for the FY 2020- 21 are given in Annexure I to this Report.

7. Role of Mutual Funds in Corporate Governance of Public Listed Companies

In terms of SEBI circular dated March 15, 2010 and March 24, 2014, the AMC is required to disclose its general policies and procedures for exercising the voting rights in respect of listed shares held for the schemes of

16

the fund on its website as well as in the annual report distributed to the unit holders from the financial year 2012-13 onwards. Accordingly, the statement on Annual disclosure of voting by the Fund in general meetings of listed companies during the FY 2020-21 along with its summary is available on the website of the AMC at https://www.boiaxamf.in/regulatory-reports/voting-details. Further, as per SEBI circular dated March 24, 2014, the AMC is also required to publish on its website a summary of the votes cast across all its investee company on a quarterly basis, within 10 working days from the end of the quarter. The AMC is also required to obtain Auditor’s certification on the voting reports being disclosed by the AMC on annual basis. Accordingly, the certification by the Auditors on voting reports is enclosed as Annexure II to this report. The Trustee certifies that there are no adverse comments in the Certification given by the Auditors.

SEBI vide its Circular dated December 24, 2019 introduced a Stewardship Code for all Mutual Funds and all categories of AIFs, in relation to their investment in listed equities. The Code was to come into effect from April 1, 2020. However, SEBI vide its Circular dated March 30, 2020 extended the deadline for implementation of the aforesaid circular on Stewardship Code to July 1, 2020. The AMC has framed the Stewardship Code in line with the aforesaid circular and the same has been approved by the Board of Directors of the AMC and Trustee Company. In accordance with provisions of the Stewardship Policy, the AMC is required to issue a quarterly Activity report detailing the compliances or non-compliance (with justification of non-compliances, if any) with the Stewardship Principles and the requirements set out in the Stewardship Policy, any intervention undertaken, collaboration undertaken and cumulative voting activity during the said quarter. Accordingly, the report on the activities carried out under the principles enumerated in Policy has been uploaded on the website of the AMC at https://www.boiaxamf.in/regulatory- reports/stewardship-policy.

In terms of SEBI circular dated October 05, 2020, the AMCs are required to publish the data on scheme wise changes in Risk-o-meter in scheme wise Annual Reports and Abridged summary. Accordingly, the details of schemes wise changes in Risk-o-meter are as following: Scheme name

Risk-o-meter

level at start of the

fi nancial year

Risk-o-meter

level at end of the fi nancial

year

Number of changes in

Risk-o-meter during the fi nancial

yearBOI AXA Short Term Income Fund

Moderate Moderate 2


8. Statutory Information The Sponsors are not responsible or liable for any loss

resulting from the operation of the Schemes of the Fund beyond their initial contribution of Rs. 1,00,000 for setting up the Fund, and such other accretions / additions to the same.

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.

The Full Annual Report shall be disclosed on the website (www.boiaxamf.in) and shall be available for inspection at the Head Office of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price. The unitholders may request for the annual report of the BOI AXA Investment Managers Private Limited (AMC). Further, the annual report of AMC shall be available on its website www.boiaxamf.in in machine readable format.

9. Liability and Responsibility of Trustee and Sponsors The key responsibility of the Trustee is to safeguard the

interest of the Unitholders and inter alia ensure that the AMC functions in the interest of investors and in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the provisions of the Trust Deed and the Scheme Information Document of the respective Schemes. From the information provided to Trustee and the reviews the Trustee has undertaken, the Trustee believes AMC has operated in the interests of the Unitholders. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution of Rs. 1,00,000 for setting up the Fund, and such other accretions / additions to the same.

10. Acknowledgements The Trustee thanks Securities & Exchange Board of India,

Association of Mutual Funds in India, the investors, distributors, key partners, KFin Technologies Private Limited, the Registrar and Transfer Agent, Deutsche Bank, the Custodian and Fund Accountant for the Fund and other service providers, BOI AXA Investment Managers Private Limited and its employees for their trust and commitment, and looks forward to their continuous support.

For BOI AXA Trustee Services Private Limited

Sd/-Director

Place: MumbaiDate: July 5, 2021

https://www.boiaxamf.in/regulatory-reports/voting-

https://www.boiaxamf.in/regulatory-

http://www.boiaxamf.in)

http://www.boiaxamf.in

17

Data on redressal of Complaints received during FY 2020-21 Number of Folios: 122242 (As of 31 March 2021)

Complaint Code

Type of Complaint#

(a) No. of complaint pending at the

beginning of the year

(b) No of complaints received

during the year

Action on (a) and (b)Resolved Non Action-

able*Pending

Within 30

days

30 -60Days

60-180days

Beyond 180 days

0-3Months

3-6Months

6-9Months

9-12Months

I A Non receipt of Dividend on Units

- - - - - - - - - - -

I B Interest on delayed payment of Dividend

- - - - - - - - - - -

I C Non receipt of Redemption Proceeds

- - - - - - - - - - -

I D Interest on Delayed payment of Redemption

- - - - - - - - - - -

II A Non receipt of Statement of Account/Unit Certificate

- - - - - - - - - - -

II B Discrepancy in Statement of Account

- 14 14 - - - - - - - -

II C Non receipt of Annual Report/ Abridged Summary

- - - - - - - - - - -

III A Wrong switch between Schemes

- - - - - - - - - - -

III B Unauthorized switch between Schemes

- - - - - - - - - - -

III C Deviation from Scheme attributes

- - - - - - - - - - -

III D Wrong or excess charges/load

- - - - - - - - - - -

III E Non updation of changes viz. address, PAN, bank details, nomination, etc

- 16 16 - - - - - - - -

IV Others - 14 13 - - - - 01 - - -Total - 44 43 - - - - 01 - - -

# including against its authorized persons/ distributors/ employees. etc.*Non actionable means the complaint that are incomplete / outside the scope of the mutual fund@ Out of 14 complaints classified under ‘Others’ category, 5 complaints were pertaining to Scheme performance and 4 complaints were related to SIP.

ANNEXURE I

18

The Board of Directors,BOI AXA Investment Managers Pvt. Ltd. /BOI AXA Trustee Services Pvt. Ltd.B/204, Tower 1, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel (East). Mumbai - 400 013.We have been requested by BOI AXA Mutual Fund (“the Mutual Fund”), having its registered office at B/204, Tower 1, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel (East), Mumbai 400 013 to certify the voting reports disclosed by them on their website, in terms of a SEBI Circular CIR/IMD/DF/05/2014 dated March 24, 2014, SEBI circular SEBI/HO/IMD/DF2/CIR/P/2016/68 dated August 10, 2016 and SEBI circular no. CIR/CFD/CMD1/ 168 /2019 dated December 24, 2019 for the purpose of onward submission to Trustees of the Mutual Fund.1. The compliance with the requirements of the SEBI Circular and approved General Voting Policy and Procedures (uploaded on

mutual fund website) is responsibility of the management of the Mutual Fund.2. The following documents/details/information have been furnished to us by the Mutual Fund:

(i) Quarterly voting reports disclosed on mutual fund website for financial year 2020-2021.(ii) Voting data and supporting documents maintained by the Mutual Fund relating to the votes cast during the year 2010-

2021.(iii) Internal communication for exercising voting rights.

3. We have performed the following procedures:(i) We have reviewed the voting data and supporting documents maintained by the Mutual Fund. The details are provided as

per Annexure to the certificate.(ii) We have reviewed screenshots of mutual website post upload of voting data to ensure that voting reports were disclosed

on the Mutual Fund’s website (in a spreadsheet format) on a quarterly basis within 10 working days from the end of the relevant quarter.

(iii) We have reviewed whether the contents of the voting reports are matching with the supporting documents maintained by the Mutual Fund.

4. We have performed the above mentioned procedures in accordance with the Guidance Note on Audit Reports and Certificates for Special Purposes issued by the Institute of Chartered Accountants of India (“ICAI”).

5. Based on the procedures performed by us as stated above, and according to the information & explanations provided to us by the AMC, we certify that:(i) Voting reports for all the quarters of financial year 2010-2021 disclosed on the Mutual Fund’s website are in accordance

with the format prescribed in the circular.(ii) Voting reports were disclosed on the Mutual Fund’s website (in a spreadsheet format) on a quarterly basis within 10 working

days from the end of the relevant quarter.(iii) Contents of the voting reports are matching with the supporting documents maintained by the Mutual Fund.

6. We have not reviewed whether the voting reports cover all relevant investee Companies and the voting decisions taken by the management of the Mutual Fund. Further, we have not reviewed the appropriateness of the voting decisions taken by the management of the Mutual fund.

7. This Certificate is issued solely for the purpose of onward submission to the Trustees of the BOI AXA Mutual Fund. This Certificate may not be useful for any other purpose. Haribhakti & Co. LLP shall not be liable to the Mutual Fund or to any other concerned, for any claims, liabilities or expenses relating to this assignment, except to the extent of fees relating to this assignment.

Thanking you. Yours Sincerely,

For Haribhakti & Co. LLPChartered Accountants

Firm Registration No: 103523 W / W100048

Sd/-Mumbai Vikas Gupta

Partner - Risk and Advisory Services[ICAI Membership Number: 130712]

UDIN: 21130712AAAACK8766Email ID: [email protected]

ANNEXURE II

mailto:[email protected]

19

Summary of votes cast by the Mutual Fund during the financial year 2020-2021:

Quarter Total no. of Resolutions

Break-up of Vote decision Samples Verifi ed

For Against Abstained

1st Quarter (Apr-Jun 2020) 77 62 8 7 25

2nd Quarter (Jul-Sep 2020) 1224 1049 70 105 239

3rd Quarter (Oct-Dec 2020) 93 84 9 - 33

4th Quarter (Jan-Mar 2021) 93 75 18 - 52

Total 1487 1270 105 112 349

ANNEXURE TO VOTING CERTIFICATE

20

AUDITORS� REPORT

Independent Auditor�s ReportTo the Trustee of BOI AXA Mutual Fund

OpinionWe have audited the financial statements of BOI AXA Liquid Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account, cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net surplus and cash flows for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism 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 the Schemes’ internal controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management of the Scheme.

• 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 Schemes’ 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 regarding, 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 those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.Report on Other Legal and Regulatory Requirements1 As required by Regulation 55 (4) to the Regulations, we

reportthat:(a) We have obtained all information and explanations

which, to the best of our knowledge and belief, were necessary for the purposes of the audit; and

(b) The balance sheet and revenue account have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Regulations.

2 As required by Clause 5 (ii) (2) of the Eleventh Schedule to the Regulations, we report that the balance sheet, the revenue account and the cash flow statement are in agreement with the books of account of the Scheme.

3 As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, the Scheme does not hold any non-traded securities (other than money market and debt securities) as at the year end.

For S Panse & Co LLP FRN: 113470W/W100591

Supriya PansePlace: Mumbai. Date: June 28, 2021 Membership No.: 046607

UDIN: 21046607AAAAEH7637

21

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Ultra Short Duration Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account, cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net surplus and cash flows for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited ( the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the










2 As required by Clause 5 (ii) (2) of the Eleventh Schedule to the Regulations, we report that the balance sheet,the revenue account and the cash flow statement are in agreement with the books of account of the Scheme.





22

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Large & Mid Cap Equity Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account, cash flow statement for the year then ended and notes to the financial statements, including a summary of the significant accounting policies. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net deficit and cash flows for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited ( the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether thOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the















23

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Short Term Income Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net deficit for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the










2 As required by Clause 5 (ii) (2) of the Eleventh Schedule to the Regulations, we report that the balance sheet and revenue account are in agreement with the books of account of the Scheme.





24

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Conservative Hybrid Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account, for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net deficit for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the






We communicate with those charged with governance regarding, 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 those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.Report on Other Legal and Regulatory Requirements1 As required by Regulation 55 (4) to the Regulations, we report

that:(a) We have obtained all information and explanations








25

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Tax Advantage Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account, cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net deficit and cash flows for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Emphasis of matterWe draw attention to Note 11.23 of the financial statements, which describes about the assessment of the impact of pandemic due to outbreak of novel corona virus (COVID 19) on the operations of the Scheme.Our opinion is not modified in respect of this matter.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether

the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the











3 As required by Clause 2 (ii) of the Eighth Schedule of the SEBI Regulations, we report that, the Scheme does not hold any non-traded securities (other than money market and debt securities) as at the year end.




26

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Manufacturing and Infrastructure Fund (the ‘Scheme’),which comprise the balance sheet as at 31 March 2021 and the revenue account, for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net deficit for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the















27

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Equity and Debt Rebalancer Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account, for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net deficit for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Emphasis of matterWe draw attention to Note 11.23 of the financial statements, which describes about the assessment of the impact of pandemic due to outbreak of novel corona virus (COVID 19) on the operations of the Scheme.Our opinion is not modified in respect of this matter.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the











3 As required Clause 2 (ii) of the Eighth Schedule to the Regulations we report that in our opinion and on the basis of information and explanations given to us, the methods used to value non -traded securities (other than money market and debt securities), as at 31 March 2021, as determined by the Board of Directors of the AMC, are in accordance with the Regulations and other guidelines issued by the Securities and Exchange Board of India as applicable, and approved by the Board of Directors of the Trustees, are fair and reasonable.




28

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Credit Risk Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account, cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net deficit and cash flows for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Emphasis of matterWe draw attention to Note 11.23 of the financial statements, which describes about the assessment of the impact of pandemic due to outbreak of novel corona virus (COVID 19) on the operations of the Scheme.We draw attention to Note 11.24 of the financial statements, which describes about the erosion in the realizable value of certain securities and receivables,subsequent to the year end.Our opinion is not modified in respect of these matters.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the















29

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Mid & Small Cap Equity & Debt Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account, for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net deficit for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, andfor such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the















30

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Arbitrage Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account, for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net surplus and for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.

Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the















31

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Small Cap Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account, for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net deficit and for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the















32

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Overnight Fund (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account for the period ended on that date and notes to the financial statements, including a summary of the significant accounting policies. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net surplus and for the period ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the










2 As required by Clause 5 (ii) (2) of the Eleventh Schedule to the Regulations, we report that the balance sheet and the revenue account are in agreement with the books of account of the Scheme.





33


OpinionWe have audited the financial statements of BOI AXA Flexi Cap Fund (formerly known as BOI AXA Multi Cap Fund) (the ‘Scheme’), which comprise the balance sheet as at 31 March 2021 and the revenue account, cash flow statement for the year then ended and notes to the financial statements, including a summary of the significant accounting policies. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net deficit and cash flows for the year ended on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the










2 2 As required by Clause 5 (ii) (2) of the Eleventh Schedule to the Regulations, we report that the balance sheet, the revenue account and the cash flow statement are in agreement with the books of account of the Scheme.





AUDITORS� REPORT

34

ABRIDGED BALANCE SHEETAS AT MARCH 31, 2021

BOI AXA Liquid Fund



As on31 March

2021

As on 31 March

2020

As on31 March

2021

As on 31 March

2020

As on31 March

2021

As on 31 March

2020LIABILITIES

1 Unit Capital 10,189 16,903 11,873 11,632 4,514 5,605 2 Reserves & Surplus2.1 Unit Premium Reserves 8 18 35 (2) (32) 1,124 2.2 Unrealised Appreciation Reserve 4 26 14 33 4,278 547 2.3 Other Reserves 13,336 19,553 17,771 14,326 9,351 6,733 3 Loans & Borrowings - - - - - - 4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits - - - - - - 4.2 Other Current Liabilities & Provisions 9 31 49 33 165 119

TOTAL 23,545 36,531 29,742 26,022 18,277 14,128

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares - - - - 18,060 13,471 1.1.2 Preference Shares - - - - - - 1.1.3 Equity Linked Debentures - - - - - - 1.1.4 Other Debentures & Bonds - - 9,453 5,578 - - 1.1.5 Securitised Debt securities - - - - - - 1.2 Securities Awaited Listing:1.2.1 Equity Shares - - - - - - 1.2.2 Preference Shares - - - - - - 1.2.3 Equity Linked Debentures - - - - - - 1.2.4 Other Debentures & Bonds - - - - - - 1.2.5 Securitised Debt securities - - - - - - 1.3 Unlisted Securities1.3.1 Equity Shares - - - - - - 1.3.2 Preference Shares - - - - - - 1.3.3 Equity Linked Debentures - - - - - - 1.3.4 Other Debentures & Bonds - - - - - - 1.3.5 Securitised Debt Securities - - - - - - 1.4 Government Securities - - - - - - 1.5 Treasury Bills 8,470 4,953 6,474 - 15 - 1.6 Commercial Paper 12,466 14,905 7,430 2,362 - - 1.7 Certificate of Deposits 995 14,879 3,932 9,760 - - 1.8 Bill Rediscounting - - - - - - 1.9 Units of Domestic Mutual Fund - - - - - - 1.10 Foreign Securities - - - - - -

Total Investments 21,931 34,738 27,290 17,700 18,075 13,471 2 Deposits 31 31 50 50 - - 3 Other Current Assets3.1 Cash & Bank Balance 7 28 145 50 38 38 3.2 CBLO/ Reverse Repo Lending 1,413 1,582 2,019 8,097 117 531 3.3 Others 162 152 237 124 48 87 4 Deferred Revenue Expenditure - - - - - -

(to the extent not written off)TOTAL 23,545 36,531 29,742 26,022 18,277 14,128

` in Lakhs

The notes to accounts form an integral part of the accounts.(*) Indicates less than 1 Lakh.

35





As on31 March

2021

As on 31 March

2020

As on31 March

2021

As on 31 March

2020

As on31 March

2021

As on 31 March

2020LIABILITIES

1 Unit Capital 1,537 2,327 2,860 5,222 6,891 6,944 2 Reserves & Surplus2.1 Unit Premium Reserves 32 48 395 720 10,203 8,281 2.2 Unrealised Appreciation Reserve 21 41 355 163 12,236 459 2.3 Other Reserves 972 1,651 2,233 3,194 12,533 6,849 3 Loans & Borrowings - - - - - - 4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits - - - - - - 4.2 Other Current Liabilities & Provisions 5 10 59 55 436 119

TOTAL 2,566 4,076 5,901 9,354 42,300 22,652

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares - - 1,434 2,160 40,565 19,741 1.1.2 Preference Shares - - - - - - 1.1.3 Equity Linked Debentures - - - - - - 1.1.4 Other Debentures & Bonds 1,026 1,735 2,324 3,066 - - 1.1.5 Securitised Debt securities - - - - - - 1.2 Securities Awaited Listing:1.2.1 Equity Shares - - - - - - 1.2.2 Preference Shares - - - - - - 1.2.3 Equity Linked Debentures - - - - - - 1.2.4 Other Debentures & Bonds - - - - - - 1.2.5 Securitised Debt securities - - - - - - 1.3 Unlisted Securities1.3.1 Equity Shares - - - - - 1 1.3.2 Preference Shares - - - - - - 1.3.3 Equity Linked Debentures - - - - - - 1.3.4 Other Debentures & Bonds - - - - - - 1.3.5 Securitised Debt Securities - - - - - - 1.4 Government Securities 98 921 196 1,279 - - 1.5 Treasury Bills 99 - 244 - 55 - 1.6 Commercial Paper - 378 - 567 - - 1.7 Certificate of Deposits 244 385 683 1,341 - - 1.8 Bill Rediscounting - - - - - - 1.9 Units of Domestic Mutual Fund - - - - - - 1.10 Foreign Securities - - - - - -

Total Investments 1,467 3,418 4,880 8,413 40,620 19,742 2 Deposits 10 25 50 100 - - 3 Other Current Assets3.1 Cash & Bank Balance (23) (35) 30 21 249 109 3.2 CBLO/ Reverse Repo Lending 978 81 894 555 1,379 2,733 3.3 Others 134 587 47 265 52 68 4 Deferred Revenue Expenditure - - - - - -


` in Lakhs


36





As on31 March

2021

As on 31 March

2020

As on31 March

2021

As on 31 March

2020

As on31 March

2021

As on 31 March

2020LIABILITIES

1 Unit Capital 2,096 2,574 4,643 7,674 17,273 22,031 2 Reserves & Surplus2.1 Unit Premium Reserves 904 922 298 490 835 1,088 2.2 Unrealised Appreciation Reserve 1,463 146 1,219 411 - 454 2.3 Other Reserves 158 (613) 948 1,154 (10,971) (6,834)3 Loans & Borrowings - - - - - - 4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits - - - - - - 4.2 Other Current Liabilities & Provisions 29 29 71 145 61 1,116

TOTAL 4,649 3,058 7,180 9,874 7,198 17,856

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares 4,487 2,866 5,273 7,527 - - 1.1.2 Preference Shares - - - - - - 1.1.3 Equity Linked Debentures - - - - - - 1.1.4 Other Debentures & Bonds - - - 203 - 250 1.1.5 Securitised Debt securities - - - - - - 1.2 Securities Awaited Listing:1.2.1 Equity Shares - - - - - - 1.2.2 Preference Shares - - - - - - 1.2.3 Equity Linked Debentures - - - - - - 1.2.4 Other Debentures & Bonds - - - - - - 1.2.5 Securitised Debt securities - - - - - - 1.3 Unlisted Securities1.3.1 Equity Shares - 1 - - - - 1.3.2 Preference Shares - - - - - - 1.3.3 Equity Linked Debentures - - - - - - 1.3.4 Other Debentures & Bonds - - - - 1,585 9,462 1.3.5 Securitised Debt Securities - - - - - - 1.4 Government Securities - - - - - - 1.5 Treasury Bills 10 - - - - - 1.6 Commercial Paper - - - - - 1,417 1.7 Certificate of Deposits - - - 289 537 3,163 1.8 Bill Rediscounting - - - - - - 1.9 Units of Domestic Mutual Fund - - 245 - - - 1.10 Foreign Securities - - - - - -

Total Investments 4,496 2,867 5,517 8,018 2,121 14,291 2 Deposits - - 102 550 25 - 3 Other Current Assets3.1 Cash & Bank Balance 57 32 17 17 382 36 3.2 CBLO/ Reverse Repo Lending 89 143 9 273 4,248 2,955 3.3 Others 7 17 1,535 1,016 421 573 4 Deferred Revenue Expenditure - - - - - -


` in Lakhs


37

BOI AXA Mid & Small Cap Equity & Debt Fund



As on31 March

2021

As on 31 March

2020

As on31 March

2021

As on 31 March

2020

As on31 March

2021

As on 31 March

2020LIABILITIES

1 Unit Capital 17,690 26,651 2,891 2,894 6,397 4,832 2 Reserves & Surplus2.1 Unit Premium Reserves 1,869 5,031 (213) (230) 996 181 2.2 Unrealised Appreciation Reserve 8,875 2,381 407 137 3,692 211 2.3 Other Reserves 1,874 (7,118) 163 340 834 (947)3 Loans & Borrowings - - - - - - 4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits - - - - - - 4.2 Other Current Liabilities & Provisions 247 197 4 78 95 55

TOTAL 30,556 27,141 3,252 3,220 12,013 4,332

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares 25,109 20,325 2,187 1,915 11,161 3,798 1.1.2 Preference Shares - - - - - - 1.1.3 Equity Linked Debentures - - - - - - 1.1.4 Other Debentures & Bonds 519 2,634 - - - - 1.1.5 Securitised Debt securities - - - - - - 1.2 Securities Awaited Listing:1.2.1 Equity Shares - - - - - - 1.2.2 Preference Shares - - - - - - 1.2.3 Equity Linked Debentures - - - - - - 1.2.4 Other Debentures & Bonds - - - - - - 1.2.5 Securitised Debt securities - - - - - - 1.3 Unlisted Securities1.3.1 Equity Shares - 5 - - - - 1.3.2 Preference Shares - - - - - - 1.3.3 Equity Linked Debentures - - - - - - 1.3.4 Other Debentures & Bonds - - - - - - 1.3.5 Securitised Debt Securities - - - - - - 1.4 Government Securities 196 1,381 - - - - 1.5 Treasury Bills 547 - - - 15 - 1.6 Commercial Paper - - - - - - 1.7 Certificate of Deposits 976 2,022 - - - - 1.8 Bill Rediscounting - - - - - - 1.9 Units of Domestic Mutual Fund - - - - - - 1.10 Foreign Securities - - - - - -

Total Investments 27,347 26,367 2,187 1,915 11,176 3,798 2 Deposits 60 150 118 806 - - 3 Other Current Assets3.1 Cash & Bank Balance 36 34 10 16 89 27 3.2 CBLO/ Reverse Repo Lending 3,102 473 247 56 748 444 3.3 Others 10 117 691 426 0 64 4 Deferred Revenue Expenditure - - - - - -




` in Lakhs

38


BOI AXA Flexi Cap Fund (Formerly BOI AXA Multi Cap Fund)

As on31 March

2021

As on 31 March

2020

As on31 March 2021

LIABILITIES1 Unit Capital 1,606 5,263 4,783 2 Reserves & Surplus2.1 Unit Premium Reserves (0) - 288 2.2 Unrealised Appreciation Reserve - - 1,276 2.3 Other Reserves 65 35 758 3 Loans & Borrowings - - - 4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits - - - 4.2 Other Current Liabilities & Provisions 1 6 83

TOTAL 1,672 5,304 7,187

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares - - 6,943 1.1.2 Preference Shares - - - 1.1.3 Equity Linked Debentures - - - 1.1.4 Other Debentures & Bonds - - - 1.1.5 Securitised Debt securities - - - 1.2 Securities Awaited Listing:1.2.1 Equity Shares - - - 1.2.2 Preference Shares - - - 1.2.3 Equity Linked Debentures - - - 1.2.4 Other Debentures & Bonds - - - 1.2.5 Securitised Debt securities - - - 1.3 Unlisted Securities1.3.1 Equity Shares - - - 1.3.2 Preference Shares - - - 1.3.3 Equity Linked Debentures - - - 1.3.4 Other Debentures & Bonds - - - 1.3.5 Securitised Debt Securities - - - 1.4 Government Securities - - - 1.5 Treasury Bills - - 101.6 Commercial Paper - - - 1.7 Certificate of Deposits - - - 1.8 Bill Rediscounting - - - 1.9 Units of Domestic Mutual Fund - - - 1.10 Foreign Securities - - -

Total Investments - - 6,953 2 Deposits 10 - - 3 Other Current Assets3.1 Cash & Bank Balance 23 21 34 3.2 CBLO/ Reverse Repo Lending 1,609 5,272 194 3.3 Others 30 11 5 4 Deferred Revenue Expenditure - - -

(to the extent not written off)TOTAL 1,672 5,304 7,187



` in Lakhs

39

ABRIDGED REVENUE ACCOUNTfor the year/period ended March 31, 2021

BOI AXA Liquid Fund



Year ended

31 March 2021

Year ended

31 March 2020

Year ended

31 March 2021

Year ended

31 March 2020

Year ended

31 March 2021

Year ended

31 March 2020

1 INCOME1.1 Dividend - - - - 154 134 1.2 Interest 1,378 3,208 1,491 2,220 7 17

1.3 Realised Gain / (Loss) on Foreign Exchange Transactions - - - - - -

1.4 Realised Gains / (Losses) on Interscheme sale of investments - 0 * - (6) - -

1.5 Realised Gains / (Losses) on External sale / redemption of investments 20 17 (0) 87 2,711 (321)

1.6 Realised Gains / (Losses) on Derivative Transactions - - - - - -

1.7 Other Income $ 0 * 0 * - - 8 14 ( A ) 1,398 3,225 1,491 2,301 2,880 (156)

2 EXPENSES2.1 Management fees 7 13 60 66 240 238 2.2 Service tax on Management fees 1 2 11 12 43 43 2.3 Transfer agents fees and expenses 12 17 16 16 23 21 2.4 Custodian fees 4 6 3 3 3 2 2.5 Trusteeship fees 2 3 2 2 1 1 2.6 Commission to Agents - - - - - - 2.7 Marketing & Distribution expenses 6 6 14 20 116 117 2.8 Audit fees 2 3 2 2 1 1 2.9 Investor education and awareness 8 12 6 6 4 3 2.10 Interest on borrowing 2 12 - 0 * - -

2.11 Provision on non performing investment and doubtful receivables - - - - - -

2.12 Other operating expenses 17 10 12 7 14 12 ( B ) 61 84 126 133 445 439

3 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A-B =C) 1,337 3,141 1,365 2,168 2,435 (595)

4 Change in Unrealised Depreciation in value of investments (D) - - - - (5,813) -

5 NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 1,337 3,141 1,365 2,168 8,248 (595)

6 Change in unrealised appreciation in the value of investments (F) (22) (7) (93) (56) - (2,630)

7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD ( E + F = G ) 1,315 3,134 1,272 2,112 8,248 (3,225)

7.1 Add: Opening balance transfer from Unrealised Appreciation Reserve 26 34 33 75 547 1,794

7.2 Less: Balance transfer to Unrealised Appreciation Reserve 4 26 14 33 4,278 547

7.3 Add / (Less): Equalisation (7,464) (9,277) 2,195 (2,763) (1,842) 754

7.4 Add: Retained surplus / (deficit) at beginning of the year / period 19,553 25,987 14,326 15,052 6,733 7,958

8 Total 13,426 19,852 17,812 14,443 9,408 6,734 9 Dividend appropriation9.1 Income Distributed during the year/period 91 201 41 81 59 0 *

9.2 Tax on income distributed during the year / period - 98 - 36 - 0 *

10 Retained Surplus / (Defi cit) carried forward to Balance sheet 13,335 19,553 17,771 14,326 9,349 6,734

` in Lakhs

(*) Indicates less than 1 Lakh. The notes to accounts form an integral part of the accounts. ($) includes Load income

40





Year ended

31 March 2021

Year ended

31 March 2020

Year ended

31 March 2021

Year ended

31 March 2020

Year ended

31 March 2021

Year ended

31 March 2020

1 INCOME1.1 Dividend - - 31 33 187 192 1.2 Interest (522) 514 (333) 742 29 54


1.4 Realised Gains / (Losses) on Interscheme sale of investments 29 (3) 22 - - -

1.5 Realised Gains / (Losses) on External sale / redemption of investments 70 (249) 753 (859) 2,336 2,609


1.7 Other Income $ 0 * 0 * 0 * 3 - - ( A ) (423) 262 473 (80) 2,552 2,856

2 EXPENSES2.1 Management fees 17 40 132 228 387 334 2.2 Service tax on Management fees 3 7 24 41 70 60 2.3 Transfer agents fees and expenses 2 4 4 7 44 35 2.4 Custodian fees 0 * 1 1 2 4 3 2.5 Trusteeship fees 0 * 0 * 0 * 1 2 1 2.6 Commission to Agents - - - - - - 2.7 Marketing & Distribution expenses 7 13 19 36 205 151 2.8 Audit fees 0 * 0 * 0 * 1 2 2 2.9 Investor education and awareness 1 1 2 3 6 5 2.10 Interest on borrowing - - - - - -



3 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A-B =C) (455) 194 286 (402) 1,796 2,243

4 Change in Unrealised Depreciation in value of investments (D) (247) 1,326 (905) 1,689 (15,421) -

5 NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) (208) (1,132) 1,191 (2,091) 17,217 2,243

6 Change in unrealised appreciation in the value of investments (F) - - - - - (4,875)

7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD ( E + F = G ) (208) (1,132) 1,191 (2,091) 17,217 (2,632)

7.1 Add: Opening balance transfer from Unrealised Appreciation Reserve 41 171 163 648 459 2,477

7.2 Less: Balance transfer to Unrealised Appreciation Reserve 21 41 355 163 12,236 459

7.3 Add / (Less): Equalisation (490) (4,107) (1,954) (3,132) 631 1,086

7.4 Add: Retained surplus / (deficit) at beginning of the year / period 1,651 6,765 3,194 7,941 6,849 6,377

8 Total 973 1,656 2,239 3,203 12,920 6,849 9 Dividend appropriation9.1 Income Distributed during the year / period - 4 5 7 384 0 *

9.2 Tax on income distributed during the year/ period - 2 - 3 - 0 *

10 Retained Surplus / (Defi cit) carried forward to Balance sheet 973 1,650 2,234 3,193 12,536 6,849

` in Lakhs


41




Year ended 31 March

2021

Year ended 31 March

2020

Year ended

31 March 2021

Year ended

31 March 2020

Year ended

31 March 2021

Year ended

31 March 2020

1 INCOME1.1 Dividend 38 56 161 205 - - 1.2 Interest 4 6 34 199 (6,667) 2,743


1.4 Realised Gains / (Losses) on Interscheme sale of investments - - - (4) - -

1.5 Realised Gains / (Losses) on External sale / redemption of investments 434 (582) (731) 1,841 (560) 102


1.7 Other Income $ 2 2 0 * 0 * 8 644 ( A ) 478 (518) (536) 2,241 (7,219) 3,489

2 EXPENSES2.1 Management fees 36 46 135 228 67 325 2.2 Service tax on Management fees 6 8 24 41 12 58 2.3 Transfer agents fees and expenses 5 6 5 8 4 14 2.4 Custodian fees 1 1 1 2 1 3 2.5 Trusteeship fees 0 * 0 * 1 1 0 * 1 2.6 Commission to Agents - - - - - - 2.7 Marketing & Distribution expenses 31 37 23 40 13 47 2.8 Audit fees 0 * 0 * 0 * 1 0 * 1 2.9 Investor education and awareness 1 1 2 3 1 6 2.10 Interest on borrowing - - - - - -



3 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A-B =C) 392 (621) (734) 1,914 (7,324) 3,023

4 Change in Unrealised Depreciation in value of investments (D) (1,907) 285 (2,456) - (56) -

5 NET GAINS / (LOSSES) FOR THE YEAR/ PERIOD (E=(C-D)) 2,299 (906) 1,722 1,914 (7,268) 3,023

6 Change in unrealised appreciation in the value of investments (F) - - - (3,729) - (24,408)

7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD ( E + F = G ) 2,299 (906) 1,722 (1,815) (7,268) (21,385)

7.1 Add: Opening balance transfer from Unrealised Appreciation Reserve 146 436 411 1,459 454 4,359

7.2 Less: Balance transfer to Unrealised Appreciation Reserve 1,463 146 1,219 411 - 454

7.3 Add / (Less): Equalisation (211) (16) (1,118) (1,670) 2,678 (50)

7.4 Add: Retained surplus / (deficit) at beginning of the year / period (613) 35 1,154 3,591 (6,834) 10,695

8 Total 158 (597) 950 1,154 (10,970) (6,835)9 Dividend appropriation9.1 Income Distributed during the year / period - 14 0 * 0 * - -

9.2 Tax on income distributed during the year/ period - 2 - 0 * - -

10 Retained Surplus / (Defi cit) carried forward to Balance sheet 158 (613) 950 1,154 (10,970) (6,835)



` in Lakhs

42


BOI AXA Mid & Small Cap Equity & Debt Fund BOI AXA Arbitrage

FundBOI AXA Small Cap

Fund

Year ended

31 March 2021

Year ended

31 March 2020

Year ended

31 March 2021

Year ended

31 March 2020

Year ended

31 March 2021

Year ended

31 March 2020

1 INCOME1.1 Dividend 191 240 17 67 46 47 1.2 Interest (230) 597 33 110 12 17


1.4 Realised Gains / (Losses) on Interscheme sale of investments - - - (4) - -

1.5 Realised Gains / (Losses) on External sale / redemption of investments 5,914 (3,350) (709) 984 1,476 (214)


1.7 Other Income $ 3 9 0 * 0 * 15 5 ( A ) 5,878 (2,503) (659) 1,157 1,549 (145)

2 EXPENSES2.1 Management fees 466 570 3 10 64 46 2.2 Service tax on Management fees 84 103 1 2 12 8 2.3 Transfer agents fees and expenses 39 46 2 4 11 7 2.4 Custodian fees 4 5 1 1 1 1 2.5 Trusteeship fees 2 2 0 * 0 * 1 0 *2.6 Commission to Agents - - - - - - 2.7 Marketing & Distribution expenses 172 204 1 3 66 53 2.8 Audit fees 2 2 0 * 0 * 1 0 *2.9 Investor education and awareness 6 7 1 1 2 1 2.10 Interest on borrowing - - - - - -



3 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A-B =C) 5,086 (3,455) (669) 1,134 1,383 (264)

4 Change in Unrealised Depreciation in value of investments (D) (11,245) 4,542 (766) - (4,052) -

5 NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 16,331 (7,997) 97 1,134 5,435 (264)

6 Change in unrealised appreciation in the value of investments (F) - - - (721) - (707)

7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD ( E + F = G ) 16,331 (7,997) 97 413 5,435 (971)

7.1 Add: Opening balance transfer from Unrealised Appreciation Reserve 2,381 3,193 137 486 211 290

7.2 Less: Balance transfer to Unrealised Appreciation Reserve 8,875 2,381 407 137 3,692 211

7.3 Add / (Less): Equalisation (845) 149 3 (339) (162) (17)

7.4 Add: Retained surplus / (deficit) at beginning of the year / period (7,118) (84) 340 12 (947) (38)

8 Total 1,874 (7,120) 170 435 845 (947)9 Dividend appropriation9.1 Income Distributed during the year / period - - 6 84 13 -

9.2 Tax on income distributed during the year/ period - - - 11 - -

10 Retained Surplus / (Defi cit) carried forward to Balance sheet 1,874 (7,120) 164 340 832 (947)

` in Lakhs


43



BOI AXA Flexi Cap Fund (Formerly BOI

AXA Multi Cap Fund) Year ended

31 March 2021

Year ended

31 March 2020

Year ended 31 March 2021

1 INCOME1.1 Dividend - - 29 1.2 Interest 212 77 8 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions - - - 1.4 Realised Gains / (Losses) on Interscheme sale of investments - - -

1.5 Realised Gains / (Losses) on External sale / redemption of investments 2 0 * 826

1.6 Realised Gains / (Losses) on Derivative Transactions - - - 1.7 Other Income $ - - 7

( A ) 214 77 870 2 EXPENSES2.1 Management fees 1 0 * 39 2.2 Service tax on Management fees 0 * 0 * 7 2.3 Transfer agents fees and expenses 1 0 * 5 2.4 Custodian fees 0 * 0 * 1 2.5 Trusteeship fees 0 * 0 * 0 *2.6 Commission to Agents - - - 2.7 Marketing & Distribution expenses 0 * 0 * 39 2.8 Audit fees 0 * 0 * 0 *2.9 Investor education and awareness 1 0 * 1 2.10 Interest on borrowing - - - 2.11 Provision on non performing investment and doubtful receivables - - - 2.12 Other operating expenses 2 0 * 5

( B ) 5 2 97

3 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A-B =C) 209 75 773

4 Change in Unrealised Depreciation in value of investments (D) - - - 5 NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 209 75 773 6 Change in unrealised appreciation in the value of investments (F) - - 1,189

7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD ( E + F = G ) 209 75 1,962

7.1 Add: Opening balance transfer from Unrealised Appreciation Reserve - - -

7.2 Less: Balance transfer to Unrealised Appreciation Reserve - - 1,276 7.3 Add / (Less): Equalisation (90) (14) 72 7.4 Add: Retained surplus / (deficit) at beginning of the year / period 35 - - 8 Total 154 61 758 9 Dividend appropriation9.1 Income Distributed during the year / period 88 18 1 9.2 Tax on income distributed during the year/ period - 9 -

10 Retained Surplus / (Defi cit) carried forward to Balance sheet 66 36 757

` in Lakhs


44

NOTES TO ACCOUNTS - ANNEXURE I to the Abridged Balance Sheet & Revenue account for the year ended March 31, 2021

1 Annexure I: ABRIDGED NOTES TO ACCOUNTS 1.1 Investments of the Schemes are registered in the name of the Trustees for the benefi ts of the Schemes Unit

holders.1.2 Open Position of derivatives:

` in Lakhs

Schemes BOI AXA Liquid Fund

BOI AXA Ultra Short Duration

Fund

BOI AXA Large & Mid Cap Equity

Fund




2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020Outstanding Future market value (Rupees in Lakhs) *

Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil

% to Net Assets


Outstanding Options market value (Rupees in Lakhs) *


% to Net Assets


` in Lakhs

Schemes BOI AXA Manufacturing

and Infrastructure Fund

BOI AXA Equity Debt Rebalancer

Fund


BOI AXA Mid & Small Cap Equity

& Debt Fund

2021 2020 2021 2020 2021 2020 2021 2020Outstanding Future market value (Rupees in Lakhs) * Nil Nil -3,114 -2,477 Nil Nil Nil Nil% to Net Assets Nil Nil -43.74% -25.46% Nil Nil Nil NilOutstanding Options market value (Rupees in Lakhs) * Nil Nil Nil Nil Nil Nil Nil Nil% to Net Assets Nil Nil Nil Nil Nil Nil Nil Nil

Schemes BOI AXA Arbitrage Fund



BOI AXA Flexi Cap Fund

2021 2020 2021 2020 2021 2020 2021Outstanding Future market value (Rupees in Lakhs) * -2,199 -1,919 Nil Nil Nil Nil Nil% to Net Assets -67.67% -61.11% Nil Nil Nil Nil NilOutstanding Options market value (Rupees in Lakhs) * Nil Nil Nil Nil Nil Nil Nil% to Net Assets Nil Nil Nil Nil Nil Nil Nil

* Represents gross total of long and short positions

1.3 Investments in Associates and Group Companies : ` in Lakhs



Fund


Fund




2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil

` in Lakhs




Fund

BOI AXA Credit Risk

Fund

BOI AXA Mid & Small Cap

Equity & Debt Fund

BOI AXA Arbitrage

Fund

BOI AXA Small Cap

Fund

BOI AXA Overnight

Fund

BOI AXA Flexi Cap

Fund

2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil

45

1.4 Open position of Securities borrowed and / or Lend by the Scheme.` in Lakhs



Fund


Fund




2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil

` in Lakhs




Fund

BOI AXA Credit Risk

Fund

BOI AXA Mid & Small Cap

Equity & Debt Fund

BOI AXA Arbitrage

Fund

BOI AXA Small Cap

Fund

BOI AXA Overnight

Fund

BOI AXA Flexi Cap

Fund

2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021Nil Nil Nil Nil Nil Nil Nil Nil Nil NA Nil NA Nil Nil Nil

1.5 Aggregate Unrealized Gain / Loss and percentage to net assets:

` in Lakhs

Scheme As on 31 March 2021 As on 31 March 2020

Unrealised Gain/(loss)

(Derivatives)

Unrealised Gain/(loss) Other than Derivatives

Total Unrealised Gain / Loss

% to Net Assets

Unrealised Gain/(loss)

(Derivatives)

Unrealised Gain/(loss) Other than Derivatives


% to Net Assets

(A) (B) (C=A+B) (A) (B) (C=A+B)

BOI AXA Liquid Fund - 3.51 3.51 0.01% - 25.34 25.34 0.07%BOI AXA Ultra Short Duration Fund

- (86.95) (86.95) -0.30% - 6.27 6.27 0.02%


- 4,103.22 4,103.22 22.65% - (1,710.04) (1,710.04) -12.21%


- (1,080.04) (1,080.04) -42.16% - (1,327.14) (1,327.14) -32.63%


- (1,049.28) (1,049.28) -17.82% - (1,954.21) (1,954.21) -21.02%

BOI AXA Tax Advantage fund

- 12,004.39 12,004.39 28.76% - (3,416.60) (3,416.60) -15.18%


- 1,405.63 1,405.63 30.47% - (501.43) (501.43) -16.56%


(42.12) (449.06) (491.18) -6.90% (133.27) (2,813.85) (2,947.12) -30.29%

BOI AXA Credit Risk Fund - (23,789.60) (23,789.60) -332.82% - (23,845.46) (23,845.46) -142.43%BOI AXA Mid & Small Cap Equity & Debt Fund

- 6,643.90 6,643.90 21.91% - (4,601.37) (4,601.37) -17.08%

BOI AXA Arbitrage Fund (27.65) 373.23 345.58 10.64% (41.37) (378.87) (420.24) -13.38%BOI AXA Small Cap Fund - 3,604.65 3,604.65 30.30% - (446.87) (446.87) -10.43%BOI AXA Overnight Fund - - - - - - - - BOI AXA Flexi Cap Fund - 1,188.65 1,188.65 16.76% - - - -


46

1.6 The aggregate value of Purchase and Sale (including redeemed) with Percentage of average assets:

` in Lakhs

Scheme Year ended 31 March 2021 Year ended 31 March 2020

Purchases* Percentage Sales* Percentage Purchases* Percentage Sales* PercentageBOI AXA Liquid Fund

2,31,071.06 622.83% 2,45,099.98 660.65% 4,78,050.70 903.96% 4,95,131.32 936.26%


1,01,358.38 327.65% 92,227.24 298.14% 79,871.50 255.10% 88,178.03 281.63%


22,740.74 129.43% 26,678.93 151.84% 23,170.68 140.92% 22,453.60 136.55%


26,677.90 825.13% 29,043.71 898.31% 14,610.19 209.09% 25,194.01 360.56%


21,641.81 265.55% 26,999.24 331.29% 24,498.98 175.65% 31,613.94 226.66%


33,241.18 103.94% 30,119.94 94.18% 40,498.75 165.92% 39,693.06 162.62%


2,879.73 75.56% 3,591.67 94.24% 4,793.45 109.36% 5,709.85 130.27%


6,193.80 70.45% 12,218.63 138.98% 20,266.05 142.69% 24,815.63 174.72%


3,535.40 47.64% 15,903.67 214.29% 13,715.69 47.89% 63,259.08 220.87%


42,181.85 136.21% 58,555.48 189.08% 59,630.43 164.01% 68,721.80 189.01%


6,275.29 199.81% 7,095.96 225.94% 72,879.06 1025.53% 73,713.98 1037.28%


8,257.20 106.05% 6,406.28 82.28% 7,721.06 164.55% 6,502.83 138.59%


- - - - 22,945.22 244.14% 22,950.00 244.19%


9,902.58 192.35% 4,964.90 96.44% - - - -

* Excludes CBLO, reverse repos, fi xed deposits, future and options.

1.7 Non-Traded securities in the portfolio: ` in Lakhs

Schemes

As of 31 March 2021

Equity % to net assets Debt % to net

assets Money Market

Instruments % to net

assets

BOI AXA Liquid Fund - - - - 4,985.73 21.18%BOI AXA Ultra Short Duration Fund - - 6,917.69 23.50% 7,430.32 25.24%BOI AXA Short Term Income Fund - - 1,026.16 40.05% - - BOI AXA Conservative Hybrid Fund - - 2,323.66 39.47% - - BOI AXA Tax Advantage Fund - - - - - - BOI AXA Manufacturing and Infrastructure Fund - - - - - - BOI AXA Equity Debt Rebalancer Fund - - - - - - BOI AXA Credit Risk Fund - - 1,584.67 22.17% - - BOI AXA Mid & Small Cap Equity & Debt Fund - - 519.44 1.71% - -


47

` in Lakhs

Schemes

As of 31 March 2020

Equity % to net assets Debt % to net

assets Money Market

Instruments % to net

assets

BOI AXA Liquid Fund - - - - 27,303.47 74.80%BOI AXA Ultra Short Duration Fund - - 5,578.18 21.46% 9,640.44 37.09%BOI AXA Short Term Income Fund - - 1,734.55 42.65% 762.97 18.76%BOI AXA Conservative Hybrid Fund - - 2,537.64 27.29% 1,907.94 20.52%BOI AXA Tax Advantage Fund 1.06 0.00% - - - - BOI AXA Manufacturing and Infrastructure Fund 0.53 0.02% - - - - BOI AXA Equity Debt Rebalancer Fund - - 202.59 2.08% 288.80 2.97%BOI AXA Credit Risk Fund - - 9,711.65 58.01% 4,579.82 27.35%BOI AXA Mid & Small Cap Equity & Debt Fund 4.77 0.02% 2,634.31 9.78% 2,021.62 7.50%

2 Details of transactions with Associates in terms of regulation 25(8):

a) No Brokerage has been paid to associates/ related parties/ group companies of sponsors/ AMC.

Commission and charges paid to associates / related parties / group companies of the sponsor / AMC.` in Lakhs

Name of associate/related parties/group companies of Sponsor/AMC

Nature of Association / Nature of

relation

Period covered Name of SchemeValue of

transaction `

% of total value of

transaction of the Fund

Brokerage `

% of total brokerage paid by the

Fund

Bank Of India Sponsor 1 April 2020 to 31 March 2021

BOI AXA Liquid Fund 5,615 4.26 0 * 6.02



3,941 7.35 5 37.19

Bank Of India Sponsor1 April 2020 to 31

March 2021BOI AXA Large & Mid

Cap Equity Fund1,060 45.25 38 34.25


March 2021BOI AXA Short Term

Income Fund3 2.36 5 83.41


March 2021BOI AXA Conservative

Hybrid Fund 25 46.30 15 78.53


March 2021BOI AXA Tax

Advantage Fund 1,505 20.96 51 25.86


March 2021


39 2.91 1 4.15


March 2021BOI AXA Equity Debt

Rebalancer Fund 45 39.54 13 59.43



- - 0 * 1.41


March 2021

BOI AXA Mid & Small Cap Equity & Debt

Fund691 39.32 47 28.06



5 0.14 0 * 20.52


BOI AXA SMALL CAP FUND

470 7.45 23 36.44


48

Name of associate/related parties/group companies of Sponsor/AMC


relation

Period covered Name of SchemeValue of

transaction `

% of total value of


Brokerage `

% of total brokerage paid by the

Fund


March 2021BOI AXA OVERNIGHT

FUND 1,441 0.46 0 * 58.38



4,052 52.59 16 42.21



473 7.18 1 25.63

Bank Of India Sponsor1 April 2019 to 31 March 2020


- - 1 1.09



108 62.41 24 59.63


BOI AXA Large & Mid Cap Equity Fund 3,768 56.32 30 27.73



53 8.72 2 5.39


BOI AXA Short Term Income Fund 232 19.51 11 81.66

Bank Of India Sponsor1 April 2019 to 31 March 2020 BOI AXA Liquid Fund 12,272 1.71 0 * 7.41


BOI AXA Mid & Small Cap Equity &

Debt Fund1,696 51.88 58 28.74


BOI AXA Overnight Fund 3,305 1.31 0 * 84.54


BOI AXA Conservative Hybrid

Fund253 53.10 29 79.43


BOI AXA SMALL CAP FUND 1,123 38.99 21 39.53



2,465 52.79 42 27.96



5,003 7.90 6 27.38

(*) Indicates less than 1 Lakh.

b) There are no investments made by the schemes during the year in the issues lead managed by associate companies.

3 Large Holding in the schemes (i.e. in excess of 25% of the net assets)

31 March 2021 31 March 2020

Scheme No. of Investors Percentage of holding No. of Investors Percentage of holdingBOI AXA Arbitrage Fund - - 1 53.63 BOI AXA Liquid Fund 1 28.12 - -

4 Unit Capital movement during the year ended / period ended: Refer Annexure A

5 Prior Period Comparatives

The prior period figures have been reclassified / restated wherever necessary to confirm with current years presentation.

6 Contingent Liability: -

As of 31 March 2021: Nil



49

7 Details of the securities defaulted beyond maturity

Scheme Name of Security ISIN Security Type

Date of Maturity

Value of security including interest

receivable recognized in NAV As on March 31,

2021

% to Net Asset as on Mar 31, 2021

Amount due to the scheme


Sintex-BAPL Limited Co ZCB (MD 31/12/2020)

INE631U07027Zero

Coupon Bond

31-Dec-20 - - 306

6%Coffee Day Nat Res Pvt Ltd (MD23/12/19)P/

C241217

INE634N07075Corporate

Bond 23-Dec-19 121 4.74% 1,028



INE631U07027Zero

Coupon Bond

31-Dec-20 - - 645


IL&FS Ltd CP (MD 29/10/2018)

INE871D14KF1Commercial

Paper29-Oct-18 - - 10,500

Avantha Holding Ltd ZCB Unsec(MD 06/07/19)P/C6/01

INE785J08055Zero

Coupon Bond

6-Jul-19 - - 1,666

Avantha Holding Ltd ZCB Secure(MD 06/07/19)P/C6/01

INE785J07123Zero

Coupon Bond

6-Jul-19 - - 1,666

RKV Enterprises Ltd ZCB (MD 31/12/2020)

P17/11/19INE473W07012

Zero Coupon

Bond31-Dec-20 519 7.26% 7,550


INE631U07027Zero

Coupon Bond

31-Dec-20 - - 1,744


C241217

INE634N07075Corporate

Bond 23-Dec-19 4 0.06% 37

8 Details of the securities below investment grade as on March 31, 2021


Rating Book Cost/ Amortised Book

Cost

Accrued Interest

Outstanding

Value as on March 31.

2021



INE631U07035Zero Coupon

BondBWR D 1,096 - -


Sintex-BAPL Limited Co ZCB (MD 31/12/2022) INE631U07043

Zero Coupon Bond BWR D 973 - -


INE631U07035 Zero Coupon Bond

BWR D 395 - -



INE631U07043Zero Coupon

BondBWR D 973 - -



BWR D 619 - -


50


Rating Book Cost/ Amortised Book

Cost

Accrued Interest

Outstanding

Value as on March 31.

2021


5%Accelarating Edu & Dev Pvt Ltd RFV SA

(30/09/23)INE646W07013 Reduced Face

Value BondsBWR D 400 - 74

5%Accelarating Edu & Dev Pvt Ltd RFV SB

(30/09/23)INE646W07021

Reduced Face Value Bonds

BWR D 485 - 75

8% Kwality Ltd RFV (MD 30/06/2022)

INE775B07014 Reduced Face Value Bonds

BWR D 5,753 - -

5% Sintex-BAPL Ltd Co RFV (MD31/12/27)P/C

31/12/23INE631U07050

Reduced Face Value Bonds BWR D 9,950 - -



BWR D 2,489 - -


Zero Coupon Bond BWR D 1,548 - -



Zero Coupon Bond BWR D 1,012 - -



BWR D 837 - -

* - These securities are valued zero by ignoring the valuation prices given by the Valuation agencies for the reasons mentioned below-

Sintex-BAPL Limited Co ZCB (MD 31/12/2020)*

• The Company is facing serious liquidity issues because of lower than expected growth in domestic plastics business, slowdown in Automotive industry in India.• Further, due to the inability to meet debt obligations in their group companies, Sintex BAPL is not able to arrange adequate working capital limits from their bankers. Due to deficit in Working Capital Limits, the company is unable to maintain operational cash flow as well as debt servicing. Unless, the working capital gap is met, the situation may worsen as the Revenue is not keeping the pace of its normalised levels due to cash crunch.• The only solution for Company to sustain its operations, is to monetize few of their assets through divestments. If the divestments are successful, the Company might be able to get cash inflows to retire/service debt as well bring necessary working capital to run the operations smoothly.• However these divestments, preparations for which have begun sometime back are unlikely to bear fruits in the short run. This liquidity crunch would put pressure on the Company and we are reasonably confident that the company would not be in a position to service the long term debt in a timely manner in the near future. Our internal assessments suggest that the Company will default on its debt obligations in the near future.• In view of all these developments, it is decided to make 100% hair cut on the amount due in this security and value the same at “”0””.



8% Kwality Ltd RFV (MD 30/06/2022)*

Kwality was admitted to NCLT, CoC was formed and bidding process had started. Based on initial feedback received from Resolution Professional, realizable value from the process was expected to be lower than expected. • Additionally Company had taken provisioning for debtors etc. (for Q3 and Q4’19). This significantly increased the probability of higher haircuts • Based on the above developments and in the event of company going into liquidation (if NCLT bid is not approved by CoC) and as a measure of conservative policy we decided to make 100% hair cut on the amount due


51

9 The outbreak of corona virus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Board of BOI AXA Trustee Services Private Limited and the Board of BOI AXA Investment Managers Private Limited have assessed the impact of the pandemic on the operations of the Schemes, their assets including the value of the investments and other receivables and have considered the possible effects that may result from the pandemic relating to COVID-19 in the preparation of the financial statements. The impact of COVID-19 on the Schemes ‘financial statements may differ from that estimated as at the date of approval of these financial statements.

10 Events occurring after the Balance Sheet date

There are no significant events occurred after the balance sheet date that is 31st March, 2021.

Previous Year-

The extraordinary situation emanating out of the COVID-19 pandemic has adversely impacted the overall economy and liquidity in debt markets. The uncertainty and the extension of lock down in certain parts of the country has further put strain on the industrial output and demand metrics impacting companies’ ability to service their borrowings and debt obligations. Taking all these conditions into account, investors are moving to safer assets till the situation improves. There has been overall stress in the credit and debt markets since September 2018. This stress has worsened in current market conditions and heightened illiquidity for these securities.Considering the severe illiquidity in the debt market, further erosion in the realizable value was anticipated for certain securities in the portfolios of the Schemes and accordingly following securities were marked down on April 24, 2020.

Scheme Security Name ISIN Type of investment

Date of Maturity

Total Market Value as on

March 31, 2020 ( )̀

Total Market Value as on April 24,

2020 (̀ )


RKV Enterprises Ltd ZCB (MD 31/12/2020)

P17/11/19INE473W07012 Zero Coupon

Bond 31-12-2020 3,220 519.16

5%Accelarating Edu & Dev Pvt Ltd RFV SA

(30/09/23)INE646W07013

Reduced Face Value

Bonds 30-09-2023 368 74.46

5%Accelarating Edu & Dev Pvt Ltd RFV SB

(30/09/23)INE646W07021

Reduced Face Value

Bonds 30-09-2023 377 75.43

9.5% Amanta Healthcare Ltd RFV

(OpCo) (MD31/03/24)INE084K07012

Reduced Face Value

Bonds 31-03-2024 509 127.21

4.5% Amanta H Care Ltd RFV (PostMer)

(MD31/03/24)INE479Z07012

Reduced Face Value

Bonds 31-03-2024 4,683 1,172.32

Dinram Holdings Pvt Ltd ZCB (MD

09/01/22)CAL090120INE967U07025

Zero Coupon

Bond09-01-2022 305 153.21

10.70% Dewan Hg Fin C Ltd SRXII TR12

NCD(05/02/21)INE202B07951 Corporate

Bond 05-02-2021 250 0.00


52

Receivables in respect of securities matured

Scheme Security Name ISIN Type of investment

Date of Maturity

Value as on March 31, 2020(̀ )

Value as on April 24, 2020(̀ )


Avantha Holding Ltd ZCB Secure(MD 06/07/19)P/

C6/01INE785J07123

Zero Coupon Bond

6-Jul-19 537 0.00


C241217INE634N07075

Corporate Bond

23-Dec-19 18 4.49



C241217INE634N07075

Corporate Bond

23-Dec-19 507 125.69


9.1% Dewan Hs Fin Corp Ltd NCD Ser IV

(16/08/2019)INE202B07HQ0 Corporate

Bond16-Aug-

19 134 9.16

11 Unit-holders can obtain from the mutual fund a copy of the Annual Report of the scheme in which he /she /it has invested.

12 The expenses other than management fees are inclusive of service tax where applicable.

13 Changes in Risk-o-meter as on 31-03-2021

Scheme NameRisk-o-meter level at start of the fi nancial

year *

Risk-o-meter level at end of the fi nancial

year

Number of changes in Risk-o-meter during the fi nancial year

BOI AXA Liquid Fund Low to Moderate Low to Moderate 0

BOI AXA Ultra Short Duration Fund Low to Moderate Low to Moderate 0

BOI AXA Large & Mid Cap Equity Fund Very High Very High 0

BOI AXA Short Term Income Fund Moderate Moderate 2

BOI AXA Conservative Hybrid Fund Moderate Moderate 0

BOI AXA Tax Advantage Fund Very High Very High 0

BOI AXA Manufacturing and Infrastructure Fund Very High Very High 0

BOI AXA Equity Debt Rebalancer Fund Moderate Moderate 0

BOI AXA Credit Risk Fund Very High Very High 0

BOI AXA Mid & Small Cap Equity & Debt Fund Very High Very High 0

BOI AXA Arbitrage Fund Low Low 0

BOI AXA Small Cap Fund Very High Very High 0

BOI AXA Overnight Fund Low Low 0

BOI AXA Flexi Cap Fund Very High Very High 0

* Risk-o-meter disclosure effective from January 1, 2021.


53

Unit Capital movement during the year ended ended: Annexure A

2020-2021

Scheme Plan Face Value

Opening Units Units Sold / Switch In

Redemption / Switch out

Closing Units

BOI AXA Liquid Fund Direct Plan - Weekly Dividend

1000 136.800 369.466 15.756 490.510

BOI AXA Liquid FundDirect Plan Dividend Payout 1000 50,947.242 32,75,997.714 33,25,908.069 1,036.887

BOI AXA Liquid FundDirect Plan Growth

1000 10,02,417.953 37,78,056.404 42,93,735.773 4,86,738.584

BOI AXA Liquid FundRegular Dividend Payout

1000 94,866.225 4,68,633.126 5,39,886.924 23,612.427

BOI AXA Liquid Fund Regular Plan - Weekly Dividend

1000 4,018.683 107.839 1,226.420 2,900.102

BOI AXA Liquid FundRegular Plan Growth 1000 5,28,457.598 2,99,762.624 3,33,235.193 4,94,985.029

BOI AXA Liquid FundUnclaimed Dividend Upto 3 Years

1000 3,818.496 207.569 231.690 3,794.375

BOI AXA Liquid FundUnclaimed Redemption Upto 3 Years

1000 3,620.332 793.933 1,106.449 3,307.816

BOI AXA Liquid FundUnclaimed Dividend Above 3 Years

1000 1,050.478 - 30.459 1,020.019

BOI AXA Liquid FundUnclaimed Redemption Above 3 Years

1000 1,006.454 - - 1,006.454

BOI AXA Ultra Short Duration Fund Direct Plan - Bonus 1000 6.469 - - 6.469


Direct Plan - Weekly Dividend 1000 239.098 9.147 115.834 132.411


Direct Plan Dividend Payout

1000 74,854.477 1,731.444 73,952.144 2,633.777


Direct Plan Growth

1000 6,37,762.467 17,57,555.355 15,87,694.903 8,07,622.919


Regular Dividend Payout 1000 82,333.927 4,258.740 53,659.018 32,933.649


Regular Plan - Weekly Dividend

1000 11,683.905 931.278 6,395.844 6,219.339


Regular Plan Growth

1000 3,56,334.464 3,69,691.060 3,88,287.722 3,37,737.802

BOI AXA Large & Mid Cap Equity Fund Direct Plan - Bonus 10 5,503.782 - 5,049.237 454.545


Direct Plan - Quarterly Dividend

10 3,19,786.003 6,130.131 2,74,664.336 51,251.798



10 4,65,796.368 37,612.962 25,032.085 4,78,377.245


Direct Plan Growth

10 61,88,137.921 8,27,737.269 14,92,357.646 55,23,517.544

BOI AXA Large & Mid Cap Equity Fund Eco Plan - Bonus 10 9,436.988 - - 9,436.988


Eco Plan - Growth 10 7,06,607.323 - 1,02,762.417 6,03,844.906


Eco Plan - Quarterly Dividend

10 1,25,190.889 - 19,089.100 1,06,101.789


Eco Plan - Regular Dividend 10 1,95,625.177 - 50,625.178 1,44,999.999


Regular Dividend Payout

10 58,60,343.946 2,05,035.366 13,08,952.915 47,56,426.397


54




Closing Units


Regular Plan - Bonus

10 11,991.851 - 487.805 11,504.046


Regular Plan - Quarterly Dividend 10 8,42,342.895 38,279.142 76,105.546 8,04,516.491


Regular Plan Growth

10 4,13,15,003.493 56,55,644.787 1,43,18,116.359 3,26,52,531.921


Direct Plan - Monthly Dividend

10 11,512.933 9,161.105 11,054.204 9,619.834


Direct Plan Growth 10 34,74,662.337 74,364.560 5,90,398.597 29,58,628.300


Direct Plan - Quarterly Dividend Option

10 116.288 2,168.526 1,266.634 1,018.180


Regular Plan - Monthly Dividend 10 8,51,768.386 1,035.819 2,79,950.716 5,72,853.489


Regular Plan - Quarterly Dividend 10 7,26,022.230 585.266 1,79,346.975 5,47,260.521


Regular Plan Growth

10 1,82,09,934.304 6,77,862.735 76,08,101.308 1,12,79,695.731


Direct Plan - Annual Dividend

10 17,646.644 - - 17,646.644


Direct Plan - Monthly Dividend 10 2,09,685.684 19,055.773 74,288.365 1,54,453.092



10 86,419.220 - - 86,419.220


Direct Plan Growth

10 7,74,834.807 65,536.748 4,95,748.353 3,44,623.202

BOI AXA Conservative Hybrid Fund Eco Plan - Growth 10 10,793.448 - - 10,793.448


Eco Plan - Monthly Dividend

10 1,072.323 - - 1,072.323



10 3,328.910 - 3,328.910 -


Regular Plan - Annual Dividend

10 3,67,881.076 4,703.860 2,03,775.738 1,68,809.198




Regular Plan - Quarterly Dividend

10 10,72,246.746 883.668 3,90,416.920 6,82,713.494


Regular Plan Growth

10 4,67,25,226.178 86,193.930 2,11,66,936.483 2,56,44,483.625


Direct Plan Dividend Payout 10 9,61,016.373 3,30,055.804 1,89,990.921 11,01,081.256


Direct Plan Growth

10 59,27,447.304 35,47,757.146 4,55,387.390 90,19,817.060


Eco Plan - Growth 10 1,30,879.416 - 14,561.961 1,16,317.455




Regular Dividend Payout 10 2,56,76,534.510 11,09,550.066 63,31,575.248 2,04,54,509.328


Regular Plan Growth

10 3,65,16,087.949 63,48,902.184 48,55,326.611 3,80,09,663.522



10 81,560.863 40,913.670 72,082.802 50,391.731


Direct Plan Dividend Payout 10 54,217.379 45,236.859 13,790.563 85,663.675


55




Closing Units


Direct Plan Growth

10 27,80,278.620 35,35,049.875 15,61,709.968 47,53,618.527


Regular Dividend Payout 10 25,87,338.227 96,746.281 9,10,137.174 17,73,947.334



10 2,38,278.767 83,414.075 38,500.380 2,83,192.462


Regular Plan Growth

10 1,99,98,434.701 32,04,894.131 91,93,976.811 1,40,09,352.021



10 1,78,573.254 1,821.060 7,107.256 1,73,287.058


Direct Plan Growth

10 50,92,518.363 50,532.518 12,45,518.338 38,97,532.543


Regular Dividend Payout 10 84,08,033.010 3,245.889 34,43,873.838 49,67,405.061


Regular Plan Growth 10 6,30,63,733.296 6,69,993.828 2,63,41,361.651 3,73,92,365.473


Direct Plan 10 5,82,95,216.788 - 90,33,036.802 4,92,62,179.986


Regular Plan 10 16,20,19,227.246 - 3,85,54,007.258 12,34,65,219.988


Regular Dividend 10 1,98,62,051.885 1,56,735.412 62,47,480.858 1,37,71,306.439


Regular Plan Growth

10 23,21,53,419.081 1,05,53,705.630 8,98,17,252.246 15,28,89,872.465


Direct Plan Dividend 10 8,18,523.389 49,403.210 1,38,462.771 7,29,463.828


Direct Plan Growth

10 1,36,74,162.097 18,05,828.192 59,66,504.372 95,13,485.917


Regular Plan - Annual Dividend

10 500.000 1,840.110 292.256 2,047.854


Regular Plan Growth 10 26,84,905.710 49,97,241.723 59,90,391.713 16,91,755.720





10 5,039.588 - - 5,039.588



10 2,342.427 41,534.893 39,890.602 3,986.718


Direct Plan - Monthly Dividend 10 39,69,042.237 44,905.185 11,581.684 40,02,365.738



10 1,094.394 - 47.286 1,047.108


Direct Plan Growth

10 1,96,65,722.164 2,88,31,768.348 2,62,95,006.840 2,22,02,483.672


Direct Plan Dividend Payout 10 1,68,707.586 2,69,556.512 2,41,268.230 1,96,995.868


Direct Plan Growth

10 70,01,777.633 2,29,22,991.574 92,70,724.859 2,06,54,044.348



10 3,22,885.678 1,55,064.823 2,43,333.691 2,34,616.810


Regular Plan Growth

10 4,08,26,530.703 1,98,90,834.963 1,78,35,693.713 4,28,81,671.953


56




Closing Units



1000 6.324 9,928.364 9,934.688 -


Regular Plan Growth 1000 43,628.943 60,43,584.935 60,27,845.790 59,368.088



1000 1,00,003.457 1,76,37,807.491 1,77,37,612.957 197.991


Direct Plan Growth

1000 3,82,625.056 71,43,529.211 74,25,399.918 1,00,754.349


Direct Plan - Monthly Dividend 1000 25.144 74.915 95.539 4.520


Direct Plan - Weekly Dividend

1000 - 316.471 24.188 292.283



1000 - 74,709.879 12,222.360 62,487.519


Direct Plan Growth 1000 - 74,25,239.047 29,10,381.337 45,14,857.710


Regular Dividend Payout 1000 - 2,05,686.136 24,090.663 1,81,595.473


Regular Plan Growth

1000 - 5,96,81,788.802 1,66,14,797.824 4,30,66,990.978

2019-2020




Closing Units

BOI AXA Liquid Fund


1000 646.572 46,832.673 47,342.445 136.800

BOI AXA Liquid Fund


1000 1,68,189.249 2,28,91,501.377 2,30,08,743.384 50,947.242

BOI AXA Liquid Fund

Direct Plan Growth

1000 17,15,100.893 2,08,28,532.773 2,15,41,215.713 10,02,417.953

BOI AXA Liquid Fund


1000 2,37,791.089 4,86,749.846 6,29,674.710 94,866.225

BOI AXA Liquid Fund

Regular Plan - Weekly Dividend

1000 9,289.420 1,991.297 7,262.034 4,018.683

BOI AXA Liquid Fund


BOI AXA Liquid Fund

Unclaimed Dividend Upto 3 Years

1000 3,810.588 222.200 214.292 3,818.496

BOI AXA Liquid Fund

Unclaimed Redemption Upto 3 Years

1000 3,954.156 573.701 907.525 3,620.332

BOI AXA Liquid Fund

Unclaimed Dividend Above 3 Years

1000 1,107.418 - 56.940 1,050.478

BOI AXA Liquid Fund

Unclaimed Redemption Above 3 Years

1000 1,014.159 - 7.705 1,006.454


Direct Plan - Bonus

1000 6.469 - - 6.469



1000 15,196.446 72,520.001 87,477.349 239.098



1000 17,780.420 1,71,000.823 1,13,926.766 74,854.477


Direct Plan Growth

1000 7,35,791.238 21,36,601.609 22,34,630.380 6,37,762.467


57




Closing Units


Regular Dividend Payout 1000 72,284.405 1,26,181.506 1,16,131.984 82,333.927


Regular Plan - Weekly Dividend 1000 15,754.244 3,420.605 7,490.944 11,683.905




Direct Plan - Bonus

10 5,503.782 - - 5,503.782



10 1,00,549.877 2,40,683.738 21,447.612 3,19,786.003



10 4,88,646.827 76,879.514 99,729.973 4,65,796.368


Direct Plan Growth

10 76,96,292.838 24,37,346.225 39,45,501.142 61,88,137.921


Eco Plan - Bonus 10 9,436.988 - - 9,436.988


Eco Plan - Growth

10 7,51,554.367 - 44,947.044 7,06,607.323



10 1,31,414.935 - 6,224.046 1,25,190.889





10 58,41,844.196 10,10,449.049 9,91,949.299 58,60,343.946


Regular Plan - Bonus

10 11,991.851 - - 11,991.851



10 9,12,885.222 25,151.417 95,693.744 8,42,342.895


Regular Plan Growth

10 3,57,66,548.488 1,64,69,513.308 1,09,21,058.303 4,13,15,003.493



10 1,02,33,212.563 38,972.793 1,02,60,672.423 11,512.933


Direct Plan Growth

10 2,23,96,650.577 43,04,903.966 2,32,26,892.206 34,74,662.337


Direct Plan - Quarterly Dividend Option

10 59,830.417 115.404 59,829.533 116.288


Regular Plan - Monthly Dividend

10 12,25,456.267 5,453.778 3,79,141.659 8,51,768.386



10 9,24,638.353 3,469.572 2,02,085.695 7,26,022.230


58




Closing Units


Regular Plan Growth

10 4,43,87,426.245 14,29,828.439 2,76,07,320.380 1,82,09,934.304



10 37,646.644 4,383.658 24,383.658 17,646.644



10 2,48,955.730 2,85,349.048 3,24,619.094 2,09,685.684



10 87,272.368 - 853.148 86,419.220


Direct Plan Growth

10 20,88,829.430 36,060.279 13,50,054.902 7,74,834.807


Eco Plan - Growth 10 20,787.471 - 9,994.023 10,793.448


Eco Plan - Monthly Dividend

10 11,661.402 - 10,589.079 1,072.323



10 3,328.910 - - 3,328.910


Regular Plan - Annual Dividend 10 4,18,659.994 2,740.563 53,519.481 3,67,881.076



10 93,46,611.633 1,78,935.512 65,72,481.937 29,53,065.208



10 22,35,067.502 1,35,975.608 12,98,796.364 10,72,246.746


Regular Plan Growth 10 8,67,63,531.472 19,88,757.151 4,20,27,062.445 4,67,25,226.178



10 9,61,647.922 58,666.505 59,298.054 9,61,016.373


Direct Plan Growth

10 47,02,074.408 13,52,847.464 1,27,474.568 59,27,447.304


Eco Plan - Growth

10 1,43,666.595 - 12,787.179 1,30,879.416


Eco Plan - Regular Dividend

10 2,43,784.164 - 17,093.766 2,26,690.398



10 2,58,72,189.110 9,68,359.433 11,64,014.033 2,56,76,534.510


Regular Plan Growth

10 3,18,64,860.473 71,22,034.599 24,70,807.123 3,65,16,087.949



10 1,19,458.498 2,740.541 40,638.176 81,560.863



10 93,345.433 9,520.030 48,648.084 54,217.379


Direct Plan Growth 10 38,96,181.902 5,10,908.984 16,26,812.266 27,80,278.620


59




Closing Units



10 30,57,792.327 81,564.999 5,52,019.099 25,87,338.227



10 2,84,123.319 44,098.687 89,943.239 2,38,278.767


Regular Plan Growth

10 2,41,94,285.147 33,58,410.711 75,54,261.157 1,99,98,434.701



10 3,46,102.270 2,857.223 1,70,386.239 1,78,573.254


Direct Plan Growth 10 88,01,000.587 94,678.334 38,03,160.558 50,92,518.363



10 1,80,44,038.034 19,561.555 96,55,566.579 84,08,033.010


Regular Plan Growth 10

10,55,69,538.737 10,66,967.750 4,35,72,773.191 6,30,63,733.296


Direct Plan 10 12,85,82,555.222 1,47,529.236 7,04,34,867.670 5,82,95,216.788


Regular Plan 10 41,99,03,637.607 11,38,601.950 25,90,23,012.311

16,20,19,227.246


Regular Dividend 10 2,55,40,206.839 1,02,062.400 57,80,217.354 1,98,62,051.885


Regular Plan Growth

10 28,82,66,881.756

2,44,13,835.229 8,05,27,297.904 23,21,53,419.081


Direct Plan Dividend 10 9,93,907.441 63,229.500 2,38,613.552 8,18,523.389


Direct Plan Growth

10 2,20,75,499.662 20,27,794.867 1,04,29,132.432 1,36,74,162.097


Regular Plan - Annual Dividend 10 978.978 (478.978) - 500.000





10 52,89,708.401 10,37,652.923 37,19,254.110 26,08,107.214



10 5,009.054 12,40,388.911 12,40,358.377 5,039.588



10 2,000.000 27,357.409 27,014.982 2,342.427



10 57,27,102.566 2,10,35,208.740 2,27,93,269.069 39,69,042.237



10 1,000.000 37,190.976 37,096.582 1,094.394


Direct Plan Growth

10 5,15,18,172.808 3,57,10,931.033 6,75,63,381.677 1,96,65,722.164


60

For BOI AXA Investment Managers Private Limited For BOI AXA Trustee Services Private Limited

Sd/- Sd/- Sd/- Sd/-

Sd/- Sd/-G Arunprasad Alok Singh

Sd/- Sd/- Sd/- Amit Modani Ajay Khandelwal Aakash Manghani

Place: Mumbai Place: Mumbai

Date: June 28, 2021 Date: July 5, 2021





Closing Units


Direct Plan Dividend Payout 10 1,19,271.849 90,179.570 40,743.833 1,68,707.586


Direct Plan Growth 10 34,02,921.453 59,01,981.927 23,03,125.747 70,01,777.633


Regular Dividend Payout 10 5,17,884.544 1,41,321.681 3,36,320.547 3,22,885.678


Regular Plan Growth 10 3,26,40,775.675 2,04,60,416.210 1,22,74,661.182 4,08,26,530.703


Regular Dividend Payout 1000 - 1,00,023.126 1,00,016.802 6.324


Regular Plan Growth 1000 - 11,51,739.982 11,08,111.039 43,628.943



1000 - 1,54,24,256.332 1,53,24,252.875 1,00,003.457


Direct Plan Growth

1000 - 85,95,694.738 82,13,069.682 3,82,625.056



1000 - 25.144 - 25.144

61

KEY STATISTICSfor the Period Ended March 31, 2021

BOI AXA Liquid Fund



Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

20201. NAV per unit (̀ ):Declared NAV excluding Load

OpenEco Plan - Growth Option - - - - 29.06 35.36 Eco Plan - Bonus Option - - - - 29.06 35.36 Eco Plan - Dividend Option - - - - 9.02 11.03 Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - 8.76 10.66 Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 2,268.7598 2,141.2938 2,416.6895 2,262.4650 27.25 33.42 Regular Plan - Bonus Option - - - - 27.25 33.42 Regular Plan - Dividend Option - - - - 8.83 10.84 Regular Plan - Daily Dividend Option 1,002.1069 1,002.1069 1,007.4498 1,007.8388 - - Regular Plan - Weekly Dividend Option 1,001.8092 1,003.0586 1,008.6190 1,007.8442 - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option - - - - 10.56 12.95 Regular Plan - Annual Dividend Option - - - - - - Direct Plan - - - - - - Direct Plan - Growth Option 2,284.4958 2,154.3445 2,457.0379 2,294.7636 29.59 35.84 Direct Plan - Bonus Option - - 2,444.5834 2,283.1968 15.30 18.54 Direct Plan - Regular Dividend Option - - - - 9.28 11.25 Direct Plan - Daily Dividend Option 1,002.6483 1,002.6483 1,011.9280 1,007.4033 - - Direct Plan - Weekly Dividend Option 1,062.0852 1,063.4167 1,008.1132 1,007.3174 - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option - - - - 8.87 10.75 Direct Plan - Annual Dividend Option - - - - - - Unclaimed Dividend Above 3 Years Option 1,000.0000 1,000.0000 - - - - Unclaimed Dividend Upto 3 Years Option 1,166.1180 1,104.3285 - - - - Unclaimed Redemption Above 3 Years Option 1,000.0000 1,000.0000 - - - - Unclaimed Redemption Upto 3 Years Option 1,166.0002 1,104.2145 - - - - HighEco Plan - Growth Option - - - - 47.91 40.29 Eco Plan - Bonus Option - - - - 47.91 40.29 Eco Plan - Dividend Option - - - - 14.88 12.51 Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - 14.45 12.15 Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 2,348.9574 2,268.7598 2,521.4981 2,416.6895 44.65 37.81 Regular Plan - Bonus Option - - - - 44.65 37.81 Regular Plan - Dividend Option - - - - 14.48 12.26 Regular Plan - Daily Dividend Option 1,002.1069 1,002.1069 1,007.4498 1,007.4498 - - Regular Plan - Weekly Dividend Option 1,002.8006 1,003.6395 1,010.4170 1,009.8446 - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option - - - - 17.30 14.65 Regular Plan - Annual Dividend Option - - - - - - Direct Plan - - - - - - Direct Plan - Growth Option 2,367.2004 2,284.4958 2,569.7291 2,457.0379 49.00 41.01 Direct Plan - Bonus Option - - 2,556.7646 2,444.5834 25.34 21.19 Direct Plan - Regular Dividend Option - - - - 15.36 12.86 Direct Plan - Daily Dividend Option 1,002.6484 1,002.6483 1,011.9280 1,011.9280 - - Direct Plan - Weekly Dividend Option 1,063.1504 1,064.0500 1,009.9464 1,009.3743 - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option - - - - 14.68 12.29 Direct Plan - Annual Dividend Option - - - - - - Unclaimed Dividend Above 3 Years Option 1,000.0000 1,000.0000 - - - - Unclaimed Dividend Upto 3 Years Option 1,203.4711 1,166.1180 - - - - Unclaimed Redemption Above 3 Years Option 1,000.0000 1,000.0000 - - - - Unclaimed Redemption Upto 3 Years Option 1,203.3466 1,166.0002 - - - -

62

BOI AXA Liquid Fund



Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020LowEco Plan - Growth Option - - - - 27.81 26.02 Eco Plan - Bonus Option - - - - 27.81 26.02 Eco Plan - Dividend Option - - - - 8.64 8.08 Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - 8.38 7.84 Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 2,269.0385 2,141.7048 2,417.8310 2,264.9818 26.08 24.40 Regular Plan - Bonus Option - - - - 26.08 24.40 Regular Plan - Dividend Option - - - - 8.45 7.91 Regular Plan - Daily Dividend Option 1,002.0274 1,000.4846 1,005.8188 999.6646 - - Regular Plan - Weekly Dividend Option 1,001.2471 999.7975 1,006.0314 1,000.0782 - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option - - - - 10.10 9.46 Regular Plan - Annual Dividend Option - - - - - - Direct Plan - - - - - - Direct Plan - Growth Option 2,284.7816 2,154.7631 2,458.2464 2,297.3584 28.32 26.50 Direct Plan - Bonus Option - - 2,445.7830 2,285.7752 14.64 13.69 Direct Plan - Regular Dividend Option - - - - 8.88 8.31 Direct Plan - Daily Dividend Option 1,002.5711 1,001.0408 1,010.3220 1,004.1913 - - Direct Plan - Weekly Dividend Option 1,061.4874 1,059.9649 1,005.5274 999.7421 - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option - - - - 8.49 7.94 Direct Plan - Annual Dividend Option - - - - - - Unclaimed Dividend Above 3 Years Option 1,000.0000 1,000.0000 - - - - Unclaimed Dividend Upto 3 Years Option 1,166.2509 1,104.5295 - - - - Unclaimed Redemption Above 3 Years Option 1,000.0000 1,000.0000 - - - - Unclaimed Redemption Upto 3 Years Option 1,166.1331 1,104.4154 - - - - EndEco Plan - Growth Option - - - - 46.99 29.06 Eco Plan - Bonus Option - - - - 46.99 29.06 Eco Plan - Dividend Option - - - - 13.57 9.02 Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - 13.26 8.76 Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 2,348.9574 2,268.7598 2,521.4981 2,416.6895 43.78 27.25 Regular Plan - Bonus Option - - - - 43.77 27.25 Regular Plan - Dividend Option - - - - 13.27 8.83 Regular Plan - Daily Dividend Option 1,002.1069 1,002.1069 1,007.4498 1,007.4498 - - Regular Plan - Weekly Dividend Option 1,001.4385 1,001.8092 1,008.1233 1,008.6190 - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option - - - - 15.94 10.56 Regular Plan - Annual Dividend Option - - - - - - Direct Plan - - - - - - Direct Plan - Growth Option 2,367.2004 2,284.4958 2,569.7291 2,457.0379 48.08 29.59 Direct Plan - Bonus Option - - 2,556.7646 2,444.5834 24.86 15.30 Direct Plan - Regular Dividend Option - - - - 14.05 9.28 Direct Plan - Daily Dividend Option 1,002.6483 1,002.6483 1,011.9280 1,011.9280 - - Direct Plan - Weekly Dividend Option 1,061.6879 1,062.0852 1,007.6307 1,008.1132 - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option - - - - 13.38 8.87 Direct Plan - Annual Dividend Option - - - - - - Unclaimed Dividend Above 3 Years Option 1,000.0000 1,000.0000 - - - - Unclaimed Dividend Upto 3 Years Option 1,203.4711 1,166.1180 - - - - Unclaimed Redemption Above 3 Years Option 1,000.0000 1,000.0000 - - - - Unclaimed Redemption Upto 3 Years Option 1,203.3466 1,166.0002 - - - -


63

BOI AXA Liquid Fund



Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

20202. Closing Assets Under Management (` in

Lakhs)End 23,536 36,500 29,440 25,989 18,118 14,009Average (AAuM) 37,100 52,884 30,935 31,310 17,570 16,443

3. Gross income as % of AAuM 3.76% 6.08% 4.82% 7.35% 16.40% -0.95%4. Expense Ratio:

a. Total Expense as % of AAuM (plan wise) Regular 0.21% 0.20% 0.58% 0.58% 2.71% 2.85% Unclaimed 0.53% 0.53% - - - - ECO - - - - 2.06% 2.06% Direct 0.13% 0.11% 0.34% 0.34% 1.58% 1.60%b. Management Fee as % of AAuM (plan wise) Regular 0.04% 0.05% 0.24% 0.24% 1.41% 1.50% Unclaimed 0.43% 0.43% - - - - Eco - - - - 1.18% 1.30% Direct 0.01% 0.01% 0.18% 0.19% 1.11% 1.14%

5. Net Income as % of AAuM 3.60% 5.94% 4.41% 6.92% 13.86% -3.62%6. Portfolio turnover ratio - - - - 1.35 1.42 7. Total Dividend per unit distributed during the

year / period Individual & HUFEco Plan - Dividend Option - - - - 1.0000 0.0443 Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - 0.9000 - Regular Plan - Dividend Option - - - - 0.9000 - Regular Plan - Daily Dividend Option 34.8141 41.6941 42.7910 48.1759 - - Regular Plan - Weekly Dividend Option 35.1672 42.6330 43.2894 47.3295 - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option - - - - 1.0000 - Regular Plan - Annual Dividend Option - - - - - - Direct Plan - Regular Dividend Option - - - - 1.0000 - Direct Plan - Daily Dividend Option 35.4982 42.3612 45.3386 46.4409 - - Direct Plan - Weekly Dividend Option 38.1643 45.8366 47.6356 50.3559 - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option - - - - 1.0000 - Direct Plan - Annual Dividend Option - - - - - - Others Eco Plan - Dividend Option - - - - 1.0000 0.0443 Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - 0.9000 - Regular Plan - Dividend Option - - - - 0.9000 - Regular Plan - Daily Dividend Option 34.8141 38.6093 42.7910 44.6119 - - Regular Plan - Weekly Dividend Option 35.1695 39.2626 43.2894 43.8262 - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option - - - - 1.0000 - Regular Plan - Annual Dividend Option - - - - - - Direct Plan - Regular Dividend Option - - - - 1.0000 - Direct Plan - Daily Dividend Option 35.4983 39.2295 45.3404 43.0047 - - Direct Plan - Weekly Dividend Option 38.1645 42.4455 47.6356 46.6259 - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option - - - - 1.0000 - Direct Plan - Annual Dividend Option - - - - - -

8. Returns:a. Last One Year

Scheme #* 3.53% 5.95% 4.34% 6.82% 60.66% -18.40%Benchmark #* 4.07% 6.39% 4.07% 6.39% 76.60% -25.36%

b. Since InceptionScheme # 6.95% 7.26% 7.54% 7.84% 12.59% 9.17%Benchmark # 7.20% 7.49% 7.20% 7.49% 15.38% 11.21%

Benchmark Index CRISIL Liquid Fund Index




S&P BSE 250 LargeMidCap Total Return

Index

S&P BSE 250 LargeMidCap Total Return

Index# Compounded Annualised Returns * Since the scheme / Plan has not completed one year, returns are computed in absolute terms from the date of launch.


64





Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March


OpenEco Plan - Growth Option - - 18.9759 21.4129 47.83 52.86 Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - 10.11 11.27 Eco Plan - Monthly Dividend Option - - 15.2191 17.3479 - - Eco Plan - Quarterly Dividend Option - - 9.0350 10.1931 - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 17.9087 20.2009 18.5812 21.0314 45.00 50.08 Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option - - - - 11.16 12.42 Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option 9.1894 10.4151 10.0198 11.4422 - - Regular Plan - Quarterly Dividend Option 9.0558 10.2145 9.9149 11.2221 - - Regular Plan - Annual Dividend Option - - 9.2548 10.4744 - - Direct Plan - - - - - - Direct Plan - Growth Option 19.0007 21.3137 19.2276 21.6372 49.45 54.41 Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option - - - - 22.62 24.89 Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option 9.2435 10.4171 9.0496 10.2503 - - Direct Plan - Quarterly Dividend Option 8.7184 10.2145 9.4858 10.6777 - - Direct Plan - Annual Dividend Option - - 9.1616 10.3124 - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - - HighEco Plan - Growth Option - - 21.9294 21.5442 86.26 63.92 Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - 15.42 13.51 Eco Plan - Monthly Dividend Option - - 17.5878 17.4543 - - Eco Plan - Quarterly Dividend Option - - 10.3674 10.2556 - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 17.8630 20.2580 21.4187 21.1576 80.69 60.19 Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option - - - - 18.14 14.93 Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option 9.1660 10.4394 11.5500 11.5109 - - Regular Plan - Quarterly Dividend Option 9.0327 10.2433 11.4290 11.2895 - - Regular Plan - Annual Dividend Option - - 10.6681 10.5372 - - Direct Plan - - - - - - Direct Plan - Growth Option 18.9587 21.3950 22.2723 21.7724 89.58 66.07 Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option - - - - 38.33 30.22 Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option 9.2230 10.4417 10.4762 10.3142 - - Direct Plan - Quarterly Dividend Option 8.7023 10.2525 10.9812 10.7443 - - Direct Plan - Annual Dividend Option - - 10.6061 10.3767 - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - -

65





Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020LowEco Plan - Growth Option - - 18.7742 18.2830 46.38 43.65 Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - 9.80 9.23 Eco Plan - Monthly Dividend Option - - 15.0573 14.6633 - - Eco Plan - Quarterly Dividend Option - - 8.9389 8.7050 - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 16.1655 16.6555 18.3832 17.9040 43.63 41.07 Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option - - - - 10.82 10.19 Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option 8.2950 8.5459 9.9131 9.6546 - - Regular Plan - Quarterly Dividend Option 8.1744 8.4218 9.8092 9.5535 - - Regular Plan - Annual Dividend Option - - 9.1562 8.9175 - - Direct Plan - - - - - - Direct Plan - Growth Option 17.1585 17.6088 19.0237 18.5244 47.95 45.13 Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option - - - - 21.94 20.64 Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option 8.3473 8.5665 8.9536 8.7187 - - Direct Plan - Quarterly Dividend Option 7.8760 8.3597 9.3852 9.1390 - - Direct Plan - Annual Dividend Option - - 9.0644 8.8266 - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - - EndEco Plan - Growth Option - - 21.8677 18.9759 83.98 47.83 Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - 15.02 10.11 Eco Plan - Monthly Dividend Option - - 17.0437 15.2191 - - Eco Plan - Quarterly Dividend Option - - - 9.0350 - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 17.0615 17.9087 21.3428 18.5812 78.53 45.00 Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option - - - - 17.61 11.16 Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option 8.7547 9.1894 11.2776 10.0198 - - Regular Plan - Quarterly Dividend Option 8.6274 9.0558 11.3885 9.9149 - - Regular Plan - Annual Dividend Option - - 10.3600 9.2548 - - Direct Plan - - - - - - Direct Plan - Growth Option 18.2030 19.0007 22.2268 19.2276 87.27 49.45 Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option - - - - 37.34 22.62 Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option 8.8544 9.2435 10.2235 9.0496 - - Direct Plan - Quarterly Dividend Option 8.3873 8.7184 10.9562 9.4858 - - Direct Plan - Annual Dividend Option - - 10.1611 9.1616 - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - -

66




Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

20202. Closing Assets Under Management (` in Lakhs)

End 2,562 4,066 5,887 9,299 41,739 22,532Average (AAuM) 3,233 6,988 8,150 13,947 31,981 24,408

3. Gross income as % of AAuM -13.09% 3.75% 5.80% -0.57% 7.98% 11.70%4. Expense Ratio:

a. Total Expense as % of AAuM (plan wise) Regular 1.10% 1.10% 2.32% 2.32% 2.56% 2.67% Unclaimed - - - - - - ECO - - 2.00% 2.02% 1.96% 1.98% Direct 0.54% 0.56% 1.71% 1.75% 1.44% 1.51%b. Management Fee as % of AAuM (plan wise) Regular 0.58% 0.62% 1.63% 1.64% 1.26% 1.42% Unclaimed - - - - - - Eco - - 1.39% 1.41% 0.97% 1.12% Direct 0.32% 0.38% 1.31% 1.38% 0.96% 1.04%

5. Net Income as % of AAuM -14.06% 2.77% 3.51% -2.88% 5.62% 9.19%6. Portfolio turnover ratio - - - - 0.94 1.60 7. Total Dividend per unit distributed during the

year / period Individual & HUFEco Plan - Dividend Option - - - - 2.2435 0.0885 Eco Plan - Monthly Dividend Option - - 0.4937 0.1081 - - Eco Plan - Quarterly Dividend Option - - - - - - Regular Plan - Dividend Option - - - - 1.6472 - Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - 0.0360 0.2309 0.0720 - - Regular Plan - Quarterly Dividend Option - - - - - - Regular Plan - Annual Dividend Option - - 0.2697 - - - Direct Plan - Regular Dividend Option - - - - - - Direct Plan - Daily Dividend Option - - - - 2.2593 - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - 0.0360 0.2282 0.0456 - - Direct Plan - Quarterly Dividend Option - - - - - - Direct Plan - Annual Dividend Option - - 0.4197 - - - Others Eco Plan - Dividend Option - - - - 2.2435 0.0885 Eco Plan - Monthly Dividend Option - - 0.4937 0.1001 - - Eco Plan - Quarterly Dividend Option - - - - - - Regular Plan - Dividend Option - - - - 1.6472 - Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - 0.0333 0.2309 0.0667 - - Regular Plan - Quarterly Dividend Option - - - - - - Regular Plan - Annual Dividend Option - - 0.2697 - - - Direct Plan - Regular Dividend Option - - - - - - Direct Plan - Daily Dividend Option - - - - 2.2593 - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - 0.0334 0.2282 0.0422 - - Direct Plan - Quarterly Dividend Option - - - - - - Direct Plan - Annual Dividend Option - - 0.4197 - - -


Scheme #* -4.73% -11.25% 14.86% -11.57% 74.51% -10.09%Benchmark #* 7.80% 9.81% 16.57% 6.45% 78.63% -26.33%

b. Since InceptionScheme # 4.44% 5.31% 6.50% 5.79% 18.56% 14.55%Benchmark # 8.05% 8.09% 9.72% 9.14% 17.63% 13.33%

Benchmark IndexCRISIL Short Term Bond Fund Index

CRISIL Short Term Bond Fund Index

CRISIL Hybrid 85 + 15 -

Conservative Index

CRISIL Hybrid 85 + 15 -

Conservative Index

BSE 500 TRI BSE 500 TRI


# Compounded Annualised Returns * Since the scheme / Plan has not completed one year, returns are computed in absolute terms from the date of launch.

67




Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March


OpenEco Plan - Growth Option - - - - - - Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - 7.5808 13.2369 Regular Plan - Growth Option 12.11 15.61 13.0553 15.0599 - - Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option 7.90 10.69 9.4337 10.8829 - - Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option 7.86 10.58 - - - - Regular Plan - Annual Dividend Option - - - - - - Direct Plan - - - - 7.6458 13.3147 Direct Plan - Growth Option 13.20 16.80 13.4847 15.4617 - - Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option 12.46 15.87 8.9858 10.3629 - - Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option 12.99 16.54 - - - - Direct Plan - Annual Dividend Option - - - - - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - - HighEco Plan - Growth Option - - - - - - Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - 7.5785 13.2669 Regular Plan - Growth Option 22.68 16.37 15.8357 15.1467 - - Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option 14.80 11.20 11.4427 10.9457 - - Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option 14.72 11.09 - - - - Regular Plan - Annual Dividend Option - - - - - - Direct Plan - - - - 7.6437 13.3450 Direct Plan - Growth Option 25.02 17.65 16.4501 15.5619 - - Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option 23.62 16.67 10.9567 10.4294 - - Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option 24.61 17.37 - - - - Direct Plan - Annual Dividend Option - - - - - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - -


68




Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020LowEco Plan - Growth Option - - - - - - Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - 3.6476 6.8797 Regular Plan - Growth Option 11.87 10.97 12.6927 12.4085 - - Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option 7.74 7.16 9.1717 8.9663 - - Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option 7.70 7.12 - - - - Regular Plan - Annual Dividend Option - - - - - - Direct Plan - - - - 3.6797 6.9287 Direct Plan - Growth Option 12.94 11.96 13.1109 12.8149 - - Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option 12.22 11.29 8.7366 8.5396 - - Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option 12.73 11.76 - - - - Direct Plan - Annual Dividend Option - - - - - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - - EndEco Plan - Growth Option - - - - - - Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - 4.1180 7.5808 Regular Plan - Growth Option 22.28 12.11 15.7444 13.0553 - - Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option 14.53 7.90 11.3768 9.4337 - - Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option 14.46 7.86 - - - - Regular Plan - Annual Dividend Option - - - - - - Direct Plan - - - - 4.1649 7.6458 Direct Plan - Growth Option 24.60 13.20 16.3612 13.4847 - - Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option 23.22 12.46 10.8971 8.9858 - - Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option 24.19 12.99 - - - - Direct Plan - Annual Dividend Option - - - - - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - -


69




Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March


End 4,614 3,029 7,123 9,729 7,148 16,740Average (AAuM) 3,811 4,383 8,791 14,203 7,422 28,641

3. Gross income as % of AAuM 12.55% -11.81% -6.10% 15.78% -97.27% 12.18%4. Expense Ratio:

a. Total Expense as % of AAuM (plan wise) Regular 2.51% 2.53% 2.31% 2.35% 1.51% 1.69% Unclaimed - - - - - - ECO - - - - - - Direct 1.23% 1.26% 1.69% 1.75% 1.23% 1.44%b. Management Fee as % of AAuM (plan wise) Regular 0.99% 1.08% 1.56% 1.62% 0.92% 1.14% Unclaimed - - - - - - Eco - - - - - - Direct 0.73% 0.83% 1.27% 1.38% 0.88% 1.12%

5. Net Income as % of AAuM 10.28% -14.17% -8.35% 13.48% -98.69% 10.55%6. Portfolio turnover ratio 0.76 1.09 - - - - 7. Total Dividend per unit distributed during the

year / period Individual & HUFEco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Regular Plan - Dividend Option - 0.4427 - - - - Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option - 0.3940 - - - - Regular Plan - Annual Dividend Option - - - - - - Direct Plan - Regular Dividend Option - - - 0.0443 - - Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option - - - - - - Direct Plan - Annual Dividend Option - - - - - - Others Eco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Regular Plan - Dividend Option - 0.4427 - - - - Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - - - - - Regular Plan - Quarterly Dividend Option - 0.3940 - - - - Regular Plan - Annual Dividend Option - - - - - - Direct Plan - Regular Dividend Option - - - 0.0443 - - Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - - - - - Direct Plan - Quarterly Dividend Option - - - - - - Direct Plan - Annual Dividend Option - - - - - -


Scheme #* 83.98% -21.38% 20.60% -13.25% -45.68% -42.55%Benchmark #* 79.32% -32.50% 40.17% -7.55% 7.80% 9.81%

b. Since InceptionScheme # 6.73% 6.16% 6.65% 4.51% -13.54% -5.30%Benchmark # 3.15% 2.71% 11.06% 7.35% 8.17% 8.27%

Benchmark Index

S&P BSE Manufacturing Index TRI (50%) and S&P BSE Infrastructure Index TRI (50%)

S&P BSE Manufacturing Index TRI (50%) and S&P BSE Infrastructure Index TRI (50%)

CRISIL Short Term Bond

Fund Index and Nifty 50 TRI

Nifty 50 TRI/CRISIL Short Term Bond Fund Index





70





Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March


OpenEco Plan - Growth Option - - - - - - Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 10.18 12.96 10.9667 10.4317 8.8200 10.7200 Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option 9.00 11.45 - - 8.8200 10.7200 Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - 10.0351 10.1036 - - Regular Plan - Quarterly Dividend Option - - 10.4870 10.3263 - - Regular Plan - Annual Dividend Option - - 10.0969 10.4394 - - Direct Plan - - - - - - Direct Plan - Growth Option 10.52 13.27 11.0964 10.4776 9.0300 10.7700 Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option 9.21 11.63 - - 9.0300 10.7700 Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - 10.1220 10.1102 - - Direct Plan - Quarterly Dividend Option - - 10.5483 10.3264 - - Direct Plan - Annual Dividend Option - - 10.0364 10.2539 - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - - HighEco Plan - Growth Option - - - - - - Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 17.26 13.26 11.2263 10.9835 18.49 12.15 Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option 15.25 11.72 - - 16.30 12.15 Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - 10.1733 10.2627 - - Regular Plan - Quarterly Dividend Option - - 10.7372 10.6453 - - Regular Plan - Annual Dividend Option - - 10.3656 10.6124 - - Direct Plan - - - - - - Direct Plan - Growth Option 17.98 13.68 11.4477 11.1099 19.27 12.42 Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option 15.73 11.98 - - 17.38 12.42 Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - 10.3333 10.2862 - - Direct Plan - Quarterly Dividend Option - - 10.8835 10.7231 - - Direct Plan - Annual Dividend Option - - 10.3635 10.4332 - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - -

71





Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020LowEco Plan - Growth Option - - - - - - Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 17.26 10.18 11.2263 10.9667 18.40 8.82 Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option 15.25 9.00 - - 15.19 8.82 Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - 10.1733 10.0351 - - Regular Plan - Quarterly Dividend Option - - 10.7372 10.4870 - - Regular Plan - Annual Dividend Option - - 10.3656 10.0969 - - Direct Plan - - - - - - Direct Plan - Growth Option 17.98 10.52 11.4477 11.0964 19.19 9.03 Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option 15.73 9.21 - - 15.67 9.03 Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - 10.3333 10.1220 - - Direct Plan - Quarterly Dividend Option - - 10.8835 10.5483 - - Direct Plan - Annual Dividend Option - - 10.3635 10.0364 - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - - EndEco Plan - Growth Option - - - - - - Eco Plan - Bonus Option - - - - - - Eco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Eco Plan - Annual Dividend Option - - - - - - Institutional Plan - Growth Option - - - - - - Institutional Plan - Daily Dividend Option - - - - - - Regular Plan - - - - - - Regular Plan - Growth Option 17.26 10.18 11.2263 10.9667 18.40 8.82 Regular Plan - Bonus Option - - - - - - Regular Plan - Dividend Option 15.25 9.00 - - 15.19 8.82 Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - 10.1733 10.0351 - - Regular Plan - Quarterly Dividend Option - - 10.7372 10.4870 - - Regular Plan - Annual Dividend Option - - 10.3656 10.0969 - - Direct Plan - - - - - - Direct Plan - Growth Option 17.98 10.52 11.4477 11.0964 19.19 9.03 Direct Plan - Bonus Option - - - - - - Direct Plan - Regular Dividend Option 15.73 9.21 - - 15.67 9.03 Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - 10.3333 10.1220 - - Direct Plan - Quarterly Dividend Option - - 10.8835 10.5483 - - Direct Plan - Annual Dividend Option - - 10.3635 10.0364 - - Unclaimed Dividend Above 3 Years Option - - - - - - Unclaimed Dividend Upto 3 Years Option - - - - - - Unclaimed Redemption Above 3 Years Option - - - - - - Unclaimed Redemption Upto 3 Years Option - - - - - -

72






Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March

2020

Year Ended31 March

2021

Year Ended31 March


End 30,324 26,944 3,248 3,141 11,897 4,277Average (AAuM) 30,969 36,358 3,141 7,106 7,786 4,692

3. Gross income as % of AAuM 18.98% -6.88% -21.00% 16.29% 19.90% -3.09%4. Expense Ratio:

a. Total Expense as % of AAuM (plan wise) Regular 2.61% 2.67% 1.00% 0.98% 2.65% 2.71% Unclaimed - - - - - - ECO - - - - - - Direct 1.76% 1.81% 0.21% 0.24% 0.78% 0.79%b. Management Fee as % of AAuM (plan wise) Regular 1.52% 1.58% 0.44% 0.44% 0.99% 1.03% Unclaimed - - - - - - Eco - - - - - - Direct 1.30% 1.36% 0.05% 0.10% 0.43% 0.45%

5. Net Income as % of AAuM 16.42% -9.50% -21.32% 15.96% 17.76% -5.62%6. Portfolio turnover ratio 1.36 1.57 10.64 12.02 0.82 1.39 7. Total Dividend per unit distributed during the

year / period Individual & HUFEco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Regular Plan - Dividend Option - - - - 2.8626 - Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - 0.0973 0.5081 - - Regular Plan - Quarterly Dividend Option - - - 0.3137 - - Regular Plan - Annual Dividend Option - - - 0.7877 - - Direct Plan - Regular Dividend Option - - - - 3.2583 - Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - 0.1117 0.5083 - - Direct Plan - Quarterly Dividend Option - - - 0.3412 - - Direct Plan - Annual Dividend Option - - - 0.7151 - - Others Eco Plan - Dividend Option - - - - - - Eco Plan - Monthly Dividend Option - - - - - - Eco Plan - Quarterly Dividend Option - - - - - - Regular Plan - Dividend Option - - - - 2.8626 - Regular Plan - Daily Dividend Option - - - - - - Regular Plan - Weekly Dividend Option - - - - - - Regular Plan - Monthly Dividend Option - - 0.0973 0.5081 - - Regular Plan - Quarterly Dividend Option - - - 0.1809 - - Regular Plan - Annual Dividend Option - - - 0.4597 - - Direct Plan - Regular Dividend Option - - - - 3.2583 - Direct Plan - Daily Dividend Option - - - - - - Direct Plan - Weekly Dividend Option - - - - - - Direct Plan - Monthly Dividend Option - - 0.1117 0.5083 - - Direct Plan - Quarterly Dividend Option - - - 0.2177 - - Direct Plan - Annual Dividend Option - - - 0.3698 - -


Scheme #* 69.55% -21.35% 2.37% 5.10% 108.62% -17.64%Benchmark #* 76.97% -20.35% 2.34% 6.06% 127.45% -45.12%

b. Since InceptionScheme # 12.31% 0.48% 4.23% 5.31% 30.59% -9.33%Benchmark # 11.98% 0.13% 4.61% 5.92% 11.91% -35.63%

Benchmark Index

NIFTY MidSmallcap 400 TRI: 70% and CRISIL Short Term Bond Fund Index:

30%

NIFTY MidSmallcap 400 TRI: 70% and CRISIL Short Term Bond Fund Index:

30%

NIFTY 50 Arbitrage Index

NIFTY 50 Arbitrage Index

NIFTY Smallcap 100 TRI

NIFTY Smallcap 100 TRI

73


BOI AXA Flexi Cap Fund (Formerly

BOI AXA Multi Cap Fund)

Year Ended31 March 2021



1. NAV per unit (̀ ):Declared NAV excluding LoadOpenEco Plan - Growth Option - - - Eco Plan - Bonus Option - - - Eco Plan - Dividend Option - - - Eco Plan - Monthly Dividend Option - - - Eco Plan - Quarterly Dividend Option - - - Eco Plan - Annual Dividend Option - - - Institutional Plan - Growth Option - - - Institutional Plan - Daily Dividend Option - - - Regular Plan - - - Regular Plan - Growth Option 1,008.0825 - - Regular Plan - Bonus Option - - - Regular Plan - Dividend Option - - - Regular Plan - Daily Dividend Option 1,000.0000 - - Regular Plan - Weekly Dividend Option - - - Regular Plan - Monthly Dividend Option - - - Regular Plan - Quarterly Dividend Option - - - Regular Plan - Annual Dividend Option - - - Direct Plan - - - Direct Plan - Growth Option 1,008.2549 - - Direct Plan - Bonus Option - - - Direct Plan - Regular Dividend Option - - - Direct Plan - Daily Dividend Option 1,000.0003 - - Direct Plan - Weekly Dividend Option - - - Direct Plan - Monthly Dividend Option 1,000.3046 - - Direct Plan - Quarterly Dividend Option - - - Direct Plan - Annual Dividend Option - - - Unclaimed Dividend Above 3 Years Option - - - Unclaimed Dividend Upto 3 Years Option - - - Unclaimed Redemption Above 3 Years Option - - - Unclaimed Redemption Upto 3 Years Option - - - HighEco Plan - Growth Option - - - Eco Plan - Bonus Option - - - Eco Plan - Dividend Option - - - Eco Plan - Monthly Dividend Option - - - Eco Plan - Quarterly Dividend Option - - - Eco Plan - Annual Dividend Option - - - Institutional Plan - Growth Option - - - Institutional Plan - Daily Dividend Option - - - Regular Plan - - - Regular Plan - Growth Option 1,039.71 1,008.08 15.13 Regular Plan - Bonus Option - - - Regular Plan - Dividend Option - - 14.62 Regular Plan - Daily Dividend Option 1,000.00 1,000.13 - Regular Plan - Weekly Dividend Option - - - Regular Plan - Monthly Dividend Option - - - Regular Plan - Quarterly Dividend Option - - - Regular Plan - Annual Dividend Option - - - Direct Plan - - - Direct Plan - Growth Option 1,040.86 1,008.25 15.33 Direct Plan - Bonus Option - - - Direct Plan - Regular Dividend Option - - 14.18 Direct Plan - Daily Dividend Option 1,000.00 1,000.13 - Direct Plan - Weekly Dividend Option 1,000.61 - - Direct Plan - Monthly Dividend Option 1,002.89 1,003.94 - Direct Plan - Quarterly Dividend Option - - - Direct Plan - Annual Dividend Option - - - Unclaimed Dividend Above 3 Years Option - - - Unclaimed Dividend Upto 3 Years Option - - - Unclaimed Redemption Above 3 Years Option - - - Unclaimed Redemption Upto 3 Years Option - - -


74







LowEco Plan - Growth Option - - - Eco Plan - Bonus Option - - - Eco Plan - Dividend Option - - - Eco Plan - Monthly Dividend Option - - - Eco Plan - Quarterly Dividend Option - - - Eco Plan - Annual Dividend Option - - - Institutional Plan - Growth Option - - - Institutional Plan - Daily Dividend Option - - - Regular Plan - - - Regular Plan - Growth Option 1,008.13 1,000.00 10.00 Regular Plan - Bonus Option - - - Regular Plan - Dividend Option - - 10.00 Regular Plan - Daily Dividend Option 1,000.00 1,000.00 - Regular Plan - Weekly Dividend Option - - - Regular Plan - Monthly Dividend Option - - - Regular Plan - Quarterly Dividend Option - - - Regular Plan - Annual Dividend Option - - - Direct Plan - - - Direct Plan - Growth Option 1,008.31 1,000.00 10.00 Direct Plan - Bonus Option - - - Direct Plan - Regular Dividend Option - - 10.00 Direct Plan - Daily Dividend Option 1,000.00 1,000.00 - Direct Plan - Weekly Dividend Option 1,000.00 - - Direct Plan - Monthly Dividend Option 1,000.00 1,000.00 - Direct Plan - Quarterly Dividend Option - - - Direct Plan - Annual Dividend Option - - - Unclaimed Dividend Above 3 Years Option - - - Unclaimed Dividend Upto 3 Years Option - - - Unclaimed Redemption Above 3 Years Option - - - Unclaimed Redemption Upto 3 Years Option - - - EndEco Plan - Growth Option - - - Eco Plan - Bonus Option - - - Eco Plan - Dividend Option - - - Eco Plan - Monthly Dividend Option - - - Eco Plan - Quarterly Dividend Option - - - Eco Plan - Annual Dividend Option - - - Institutional Plan - Growth Option - - - Institutional Plan - Daily Dividend Option - - - Regular Plan - - 14.84 Regular Plan - Growth Option 1,039.71 1,008.08 - Regular Plan - Bonus Option - - 14.33 Regular Plan - Dividend Option - - - Regular Plan - Daily Dividend Option - 1,000.00 - Regular Plan - Weekly Dividend Option - - - Regular Plan - Monthly Dividend Option - - - Regular Plan - Quarterly Dividend Option - - - Regular Plan - Annual Dividend Option - - - Direct Plan - - 15.05 Direct Plan - Growth Option 1,040.86 1,008.25 - Direct Plan - Bonus Option - - 13.92 Direct Plan - Regular Dividend Option - - - Direct Plan - Daily Dividend Option 1,000.00 1,000.00 - Direct Plan - Weekly Dividend Option 1,000.09 - - Direct Plan - Monthly Dividend Option 1,002.45 1,000.30 - Direct Plan - Quarterly Dividend Option - - - Direct Plan - Annual Dividend Option - - - Unclaimed Dividend Above 3 Years Option - - - Unclaimed Dividend Upto 3 Years Option - - - Unclaimed Redemption Above 3 Years Option - - - Unclaimed Redemption Upto 3 Years Option - - -


75







2. Closing Assets Under Management (` in Lakhs)End 1,668 5,298 7,090Average (AAuM) 6,548 9,398 5,148

3. Gross income as % of AAuM 3.27% 4.71% 22.37%4. Expense Ratio:

a. Total Expense as % of AAuM (plan wise) Regular 0.17% 0.19% 2.71% Unclaimed - 0.00% - ECO - 0.00% - Direct 0.08% 0.08% 0.80%b. Management Fee as % of AAuM (plan wise) Regular 0.06% 0.07% 1.08% Unclaimed - - - Eco - - - Direct 0.00% 0.01% 0.46%

5. Net Income as % of AAuM 3.19% 4.56% 19.86%6. Portfolio turnover ratio - - 0.98 7. Total Dividend per unit distributed during the year / period

Individual & HUFEco Plan - Dividend Option - - - Eco Plan - Monthly Dividend Option - - - Eco Plan - Quarterly Dividend Option - - - Regular Plan - Dividend Option - - 0.4460 Regular Plan - Daily Dividend Option 10.5172 0.1815 - Regular Plan - Weekly Dividend Option - - - Regular Plan - Monthly Dividend Option - - - Regular Plan - Quarterly Dividend Option - - - Regular Plan - Annual Dividend Option - - - Direct Plan - Regular Dividend Option - - 1.0000 Direct Plan - Daily Dividend Option 23.0999 5.9218 - Direct Plan - Weekly Dividend Option 17.1902 - - Direct Plan - Monthly Dividend Option 29.8197 5.7302 - Direct Plan - Quarterly Dividend Option - - - Direct Plan - Annual Dividend Option - - - Others Eco Plan - Dividend Option - - - Eco Plan - Monthly Dividend Option - - - Eco Plan - Quarterly Dividend Option - - - Regular Plan - Dividend Option - - 0.4460 Regular Plan - Daily Dividend Option 10.5157 0.1680 - Regular Plan - Weekly Dividend Option - - - Regular Plan - Monthly Dividend Option - - - Regular Plan - Quarterly Dividend Option - - - Regular Plan - Annual Dividend Option - - - Direct Plan - Regular Dividend Option - - 1.0000 Direct Plan - Daily Dividend Option 23.0999 5.4836 - Direct Plan - Weekly Dividend Option 17.1902 - - Direct Plan - Monthly Dividend Option 29.8196 5.3141 - Direct Plan - Quarterly Dividend Option - - - Direct Plan - Annual Dividend Option - - -


Scheme #* 3.14% - - Benchmark #* 3.08% - -

b. Since InceptionScheme # 3.37% 0.81% 48.40%Benchmark # 3.26% 0.74% 46.99%

Benchmark Index CRISIL Overnight Index

CRISIL Overnight Index BSE 500 TRI



76

AUDITORS� REPORT


OpinionWe have audited the financial statements of BOI AXA Mid Cap Tax Fund - Series 1 (the �Scheme�), which comprise the balance sheet as at 31 March 2021 and the revenue account, cash flow statement for the year then ended and notes to the financial statements, including a summary of the significant accounting policies. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net deficit and cash flows for the year on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Description of Key Audit Matter:

Key audit matter How the matter was addressed in our audit

Valuation and existence of Investments

The investments held by the Scheme as on March 31, 2021 mainly comprised equity shares. The valuation and existence of the portfolio of investments is considered as a key audit matter since investments form the most significant component of the balance sheet and their accurate valuation and existence is critical.

We performed the following procedures:• We gained an understanding of

the internal control structure and operating effectiveness of key controls surrounding valuation and existence of investments.

• We tested the valuation of the investments by testing the compliance with the valuation policy as approved by Board of BOI AXA Trustee Services Private Limited and the Board of BOI AXA Investment Managers Private Limited in compliance with SEBI Regulations and Guidelines.

• We tested the existence of the Investments by tracing the quantity held from the confirmations provided by the Custodian. We also reviewed the reconciliations for the cases where differences were observed, if any.

Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report

and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial Statements The Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the



• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related

77

AUDITORS� REPORT

disclosures made by management of the Scheme.• Conclude on the appropriateness of management’s use of

the going concern basis of accounting and, based on the auditevidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Schemes’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors 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 regarding, 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 those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.Report on Other Legal and Regulatory Requirements 1. As required by Regulation 55 (4) to the Regulations, we




2. As required by Clause 5 (ii) (2) of the Eleventh Schedule to the Regulations, we report that the balance sheet, the revenue account and the cash flow statement are in agreement with the books of account of the Scheme.

3. 3As required by Clause 2 (ii) of the Eighth Schedule of the SEBI Regulations, we report that, the Scheme does not hold any non-traded securities (other than money market and debt securities) as at the year end.





OpinionWe have audited the financial statements of BOI AXA Mid Cap Tax Fund - Series 2 (the �Scheme�), which comprise the balance sheet as at 31 March 2021 and the revenue account, cash flow statement for the year then ended and notes to the financial statements, including a summary of the significant accounting policies. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2021, the net surplus and cash flows for the year on that date.Basis for OpinionWe conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with the ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Description of Key Audit Matter:

Key audit matter How the matter was addressed in our audit

Valuation and existence of Investments

The investments held by the Scheme as on March 31, 2021 mainly comprised listed equity shares. The valuation and existence of the portfolio of investments is considered as a key audit matter since investments form the most significant component of the balance sheet and their accurate valuation and existence is critical.

We performed the following procedures:• We gained an understanding of

the internal control structure and operating effectiveness of key controls surrounding valuation and existence of investments.

• We tested the valuation of the investments by testing the compliance with the valuation policy as approved by Board of BOI AXA Trustee Services Private Limited and the Board of BOI AXA Investment Managers Private Limited in compliance with SEBI Regulations and Guidelines.

• We tested the existence of the Investments by tracing the quantity held from the confirmations provided by the Custodian. We also reviewed the reconciliations for the cases where differences were observed, if any.

Information Other than the Financial Statements and Auditor�s Report ThereonThe Management and Board of Directors of BOI AXA Trustee Services Private Limited ( the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’)are responsible for the other information. The other information comprises theTrustee Report

78

AUDITORS� REPORT

and Abridged Financial Statements of BOI AXA Mutual Fund, but does not include these financial statements and ourauditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance orconclusion thereon.In connection with our audit of these financial statements, our responsibility is to read the other information identified above when itbecomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements orour knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.If, based on the work we have performed, we conclude that there is a material misstatement therein of this other information, we arerequired to report the fact. We have nothing to report in this regard.Responsibilities of Management and Those Charged with Governance for the Financial StatementsThe Schemes’ management and the Board of Directors of BOI AXA Trustee Services Private Limited (the ‘Trustees’) and BOI AXA Investment Managers Private Limited (the ‘AMC’) are responsible for the preparation of these financial statements in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing these financial statements, the Schemes’ management and the Board of Directors of the Trustees and the AMC are responsible for assessing the Schemes’ 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.The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Schemes’ financial reporting process.Auditor�s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements of the Scheme 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 skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the




• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the auditevidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Schemes’ 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.


We communicate with those charged with governance regarding, 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 those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements1 As required by Regulation 55 (4) to the Regulations, we report









79

ABRIDGED BALANCE SHEET AS AT 31 MARCH 2021


` in Lakhs



As at 31 March

2021

As at 31 March

2020

As at 31 March

2021

As at 31 March

2020LIABILITIES

1 Unit Capital 6,437 9,537 4,490 4,490 2 Reserves & Surplus2.1 Unit Premium Reserves (908) 1 (1) (1)2.2 Unrealised Appreciation Reserve 2,903 403 2,336 159 2.3 Other Reserves 107 (2,837) 374 (586)3 Loans & Borrowings - - - - 4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits - - - - 4.2 Other Current Liabilities & Provisions 92 54 24 33

TOTAL 8,631 7,158 7,223 4,094 ASSETS

1 Investments1.1 Listed Securities:1.1.1 Equity Shares 8,494 6,441 7,094 3,676 1.1.2 Preference Shares - - - - 1.1.3 Equity Linked Debentures - - - - 1.1.4 Other Debentures & Bonds - - - - 1.1.5 Securitised Debt securities - - - - 1.1.6 Option Premium - - - - 1.2 Securities Awaited Listing:1.2.1 Equity Shares - - - - 1.2.2 Preference Shares - - - - 1.2.3 Equity Linked Debentures - - - - 1.2.2 Other Debentures & Bonds - - - - 1.2.5 Securitised Debt securities - - - - 1.2.6 Option Premium - - - - 1.2 Unlisted Securities1.3.1 Equity Shares - 1 - 0*1.3.2 Preference Shares - - - - 1.3.3 Equity Linked Debentures - - - - 1.3.4 Other Debentures & Bonds - - - - 1.3.5 Securitised Debt Securities - - - - 1.3.6 Option Premium - - - - 1.4 Government Securities - - - - 1.5 Treasury Bills - - - - 1.6 Commercial Paper - - - - 1.7 Certificate of Deposits - - - - 1.8 Bill Rediscounting - - - - 1.9 Units of Domestic Mutual Fund - - - - 1.10 Foreign Securities - - - - 1.11 Option Premium - - - - 1.12 Debentures and bonds - - - -

Total Investments 8,494 6,442 7,094 3,676 2 Deposits 3 - 2 - 3 Other Current Assets3.1 Cash & Bank Balance 7 11 6 183.2 CBLO/ Reverse Repo Lending 77 706 120 3643.3 Others 50 - 1 364 Deferred Revenue Expenditure - - - -

(to the extent not written off)TOTAL 8,631 7,158 7,223 4,094

80

ABRIDGED REVENUE ACCOUNT for the year / period ended 31 March 2021

` in Lakhs



Period ended

31 March 2021

Year ended

31 March 2020

Year ended

31 March 2021

Year ended

31 March 2020

1 INCOME1.1 Dividend 59 65 35 38 1.2 Interest 8 17 5 14 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions - - - -

1.4 Realised Gains / (Losses) on Interscheme sale of investments - - - -

1.5 Realised Gains / (Losses) on External sale / redemption of investments 2,121 (370) 440 89

1.6 Realised Gains / (Losses) on Derivative Transactions - - - - 1.7 Other Income - - - -

( A ) 2,188 (288) 480 141 2 EXPENSES2.1 Management fees 87 74 43 36 2.2 Service tax on Management fees 16 13 8 7 2.3 Transfer agents fees and expenses 6 5 3 3 2.4 Custodian fees 1 1 1 1 2.5 Trusteeship fees 1 0 * 0 * 0 *2.6 Commission to Agents - - - - 2.7 Marketing & Distribution expenses 40 35 33 30 2.8 Audit fees 1 1 0 * 0 *2.9 NFO Amortisation Expenses - - - - 3.0 Investor education and awareness 2 2 1 1 3.1 Other operating expenses 3 2 2 1

( B ) 157 133 91 79

3 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A - B = C) 2,031 (421) 389 62

4 Change in Unrealised Depreciation in value of investments (D) (3,412) - (2,749) -

5 NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E=(C - D)) 5,443 (421) 3,138 62

6 Change in unrealised appreciation in the value of investments (F) - (694) - (859)

7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E + F =G) 5,443 (1,115) 3,138 (797)

7.1 Add: Opening balance transfer from Unrealised Appreciation Reserve 403 - 159 751

7.2 Less: Balance transfer to Unrealised Appreciation Reserve 2,903 403 2,336 159

7.3 Add: Retained surplus / (deficit) at beginning of the year / period (2,837) (1,318) (586) (381)

7.4 Add / (Less): Equalisation - - - - 8 Total 106 (2,836) 375 (586)9 Dividend appropriation9.1 Income Distributed during the year / period - - - - 9.2 Tax on income distributed during the year / period - - - -

10 Retained Surplus / (Defi cit) carried forward to Balance sheet 106 (2,836) 375 (586)

The notes to accounts form an integral part of the accounts. (*) Indicates less than 1 Lakh.

81

NOTES TO ACCOUNTS - ANNEXURE I Schedules forming part of the Balance Sheet as at 31 March 2020 and the Revenue Account for the Year ended on 31 March 2021

1 Annexure I: ABRIDGED NOTES TO ACCOUNTS

1.1 Investments of the Schemes are registered in the name of the Trustees for the benefi ts of the Schemes Unit holders.

1.2 Open Position of derivatives: ` in Lakhs

SCHEMES BOI AXA Mid Cap Tax Fund - Series 1


2021 2020 2021 2020Outstanding Future market value (Rupees in Lakhs) * NIL NIL NIL NIL% to Net Assets NIL NIL NIL NILOutstanding Options market value (Rupees in Lakhs) * NIL NIL NIL NIL% to Net Assets NIL NIL NIL NIL

* Represents gross total of long and short positions

1.3 Investments in Associates and Group Companies : ` in Lakhs

Issuer BOI AXA Mid Cap Tax Fund - Series 1


2021 2020 2021 2020NIL NIL NIL NIL

1.4 Open position of Securities borrowed and / or Lend by the Scheme. ` in Lakhs

Issuer BOI AXA Mid Cap Tax Fund - Series 1


2021 2020 2021 2020NIL NIL NIL NIL

1.5 Aggregate Unrealized Gain / Loss and percentage to net assets: ` in Lakhs

Scheme Unrealised Gain / (loss) (Other than Derivatives)

(A)

Unrealised Gain / (loss) (Derivatives)

(B)


C=A+B

% to Net

Assets

Unrealised Gain / (loss) (Other than Derivatives)

(A)

Unrealised Gain / (loss) (Derivatives)

(B)

Total Unrealised

Gain / Loss C=A+B

% to Net

Assets

As of 31 March 2021 As of 31 March 2020BOI AXA Mid Cap Tax Fund - Series 1

2,865.60 - 2,865.60 29.99% (546.31) - (546.31) -7.69%


2,277.21 - 2,277.21 40.33% (471.61) - (471.61) -11.61%

1.6 The aggregate value of Purchase and Sale (including redeemed) with Percentage of average assets: ` in Lakhs

Scheme Year / Period ended 31 March 2021 Year / Period ended 31 March 2020Purchases* Percentage Sales* Percentage Purchases* Percentage Sales* Percentage


7,866.46 82.32% 11,347.47 118.75% 10,202.72 123.69% 10,899.02 132.13%


4,344.89 76.94% 4,115.79 72.89% 5,527.98 112.72% 5,829.07 118.86%

* Excludes CBLO, reverse repos, fixed deposits, future and options.

82


1.7 Non-Traded securities in the portfolio:` in Lakhs

SchemeAs of 31 March 2021

Equity % to net assets

Debt % to net assets

Money Market Instruments

% to net assets

BOI AXA Mid Cap Tax Fund - Series 1 - - - - - - BOI AXA Mid Cap Tax Fund - Series 2 - - - - - -

SchemeAs of 31 March 2020

Equity % to net assets

Debt % to net assets

Money Market Instruments

% to net assets

BOI AXA Mid Cap Tax Fund - Series 1 0.99 0.01% - - - - BOI AXA Mid Cap Tax Fund - Series 2 0.33 0.01% - - - -

2 Details of transactions with Associates in terms of regulation 25(8):

a) No Brokerage has been paid to associates/ related parties/ group companies of sponsors/ AMC.

Commission and charges paid to associates / related parties / group companies of the sponsor / AMC.` in Lakhs

Name of associate/related parties/

group companies of Sponsor/AMC


relation

Period covered Name of Scheme

Value of transaction

`

% of total value of


Brokerage

`

% of total brokerage

paid by the Fund


BOI AXA Mid Cap Tax Fund

Series 1

0 0.00 8 43.06


BOI AXA Mid Cap Tax Fund

Series 2

0 0.00 20 83.72

Bank Of India Sponsor 1 April 2019 to 31 March 2020 Nil

b) There are no investments made by the schemes during the year in the issues lead managed by associate companies.

3 Large Holding in the schemes (i.e. in excess of 25% of the net assets)

Nil as of 31 March 2021. (Previous year Nil)

4 Unit Capital movement during the year ended / period ended, Refer Annexure A

5 Prior Period Comparatives

The prior period figures have been reclassified / restated wherever necessary to confirm with current years presentation.

6 Contingent Liability: -



7 Unit-holders can obtain from the mutual fund a copy of the Annual Report of the scheme in which he /she /it has invested.

8 The expenses other than management fees are inclusive of service tax where applicable.

83


9 Changes in Risk-o-meter as on 31-03-2021

Scheme NameRisk-o-meter level at start of the fi nancial

year *

Risk-o-meter level at end of the fi nancial

year

Number of changes in Risk-o-meter during the fi nancial year

BOI AXA Mid Cap Tax Fund Series 1 Very High Very High 0

BOI AXA Mid Cap Tax Fund Series 2 Very High Very High 0

* Risk-o-meter disclosure effective from January 1, 2021.

Unit Capital movement during the year ended / period ended, Annexure A

2020-2021


Opening Units

Units Sold / Switch In


Closing Units

BOI AXA Mid Cap Tax Fund Series 1

Direct Plan Dividend

10 1,80,500.000 - 31,557.088 1,48,942.912


Direct Plan Growth

10 90,21,150.000 - 15,74,563.656 74,46,586.344


Regular Dividend

10 58,10,900.000 - 13,28,400.000 44,82,500.000


Regular Plan Growth

10 8,03,57,530.000 - 2,80,63,830.025 5,22,93,699.975



10 31,450.000 - - 31,450.000


Direct Plan Growth

10 17,83,950.000 - - 17,83,950.000


Regular Dividend

10 10,11,500.000 - - 10,11,500.000


Regular Plan Growth

10 4,20,72,350.000 - - 4,20,72,350.000

2019-2020


Opening Units

Units Sold / Switch In


Closing Units



10 1,80,500.000 - - 1,80,500.000


Direct Plan Growth

10 90,21,150.000 - - 90,21,150.000


Regular Dividend

10 58,10,900.000 - - 58,10,900.000


Regular Plan Growth

10 8,04,30,980.000 - 73,450.000 8,03,57,530.000



10 31,450.000 - - 31,450.000


Direct Plan Growth

10 17,93,950.000 - 10,000.000 17,83,950.000


Regular Dividend

10 10,11,500.000 - - 10,11,500.000


Regular Plan Growth

10 4,21,27,150.000 - 54,800.000 4,20,72,350.000

84

For BOI AXA Investment Managers Private Limited For BOI AXA Trustee Services Private Limited

Sd/- Sd/- Sd/- Sd/-

Sd/- Sd/-G Arunprasad Alok Singh

Sd/- Sd/- Ajay Khandelwal Aakash Manghani

Place: Mumbai Place: Mumbai

Date: June 28, 2021 Date: July 5, 2021

85



Period ended 31 March 2021

Year ended 31 March 2020



1. NAV per unit (`):Declared NAV excluding LoadOpenDirect Plan - Growth 7.57 8.70 9.19 10.88Direct Plan - Dividend 7.57 8.70 9.19 10.88Regular plan - Growth 7.44 8.61 9.04 10.82Regular plan - Dividend 7.44 8.61 9.04 10.82HighDirect Plan - Growth 13.66 10.19 16.69 12.85Direct Plan - Dividend 13.66 10.19 16.69 12.85Regular plan - Growth 13.33 10.02 16.25 12.65Regular plan - Dividend 13.33 10.02 16.25 12.65LowDirect Plan - Growth 7.38 6.97 8.96 8.45Direct Plan - Dividend 7.38 6.97 8.96 8.45Regular plan - Growth 7.25 6.85 8.81 8.32Regular plan - Dividend 7.25 6.85 8.81 8.32EndDirect Plan - Growth 13.56 7.57 16.46 9.19Direct Plan - Dividend 13.56 7.57 16.46 9.19Regular plan - Growth 13.23 7.44 16.02 9.04Regular plan - Dividend 13.23 7.44 16.02 9.04

2. Closing Assets Under Management (Rs. in Lakhs)End 8,566 7,104 7,199 4,061Average (AAuM) 9,556 8,249 5,647 4,904

3. Gross income as % of AAuM 22.89% -3.50% 8.50% 2.88%4. Expense Ratio: a. Total Expense as % of AAuM (plan wise)

Direct 0.96% 0.96% 0.56% 0.57%Regular 1.71% 1.69% 1.67% 1.66%

b. Management Fee as % of AAuM (plan wise)Direct 0.70% 0.70% 0.36% 0.37%Regular 0.94% 0.92% 0.78% 0.76%

5. Net Income as % of AAuM 21.25% -5.10% 6.89% 1.26%6. Portfolio turnover ratio - - - - 7. Total Dividend per unit distributed during the year

/ period Individual & HUF Direct Plan - Dividend - - - - Regular Plan - Dividend - - - - Others Direct Plan - Dividend - - - - Regular Plan - Dividend - - - -

8. Returns: a. Last One Year

Scheme 77.82% -13.52% 77.21% -16.37%Benchmark 103.91% -34.91% 103.91% -34.91%

b. Since InceptionScheme 9.41% -13.10% 21.19% -6.73%Benchmark 7.51% -20.65% 16.92% -20.33%

Benchmark Index Nifty Freefloat Midcap 100 TRI

Nifty Freefloat Midcap 100 TRI



KEY STATISTICS for the year ended March 31, 2021

86

Risk Factors

Disclaimer from CRISIL:

This rating indicates that the proposed portfolio holdings of BOI AXA Liquid Fund will provide “very strong” protection against losses due to credit defaults. CRISIL’s rating is not an opinion on BOI AXA Investment Managers Private Limited (“AMC”) willingness or ability to make timely payments to investors. The rating is also not an opinion on the stability of the Schemes Net Asset Value (NAV), as the NAV could vary with developments in the market.

Disclaimer from ICRA:

For Liquid Scheme:

This rating indicates that the proposed portfolio holdings of BOI AXA Liquid Fund will provide “very strong” protection against losses due to credit defaults. ICRA’s rating is not an opinion on BOI AXA Investment Managers Private Limited (“AMC”) willingness or ability to make timely payments to investors. The rating is also not an opinion on the stability of the Schemes Net Asset Value (NAV), as the NAV could vary with developments in the market. The rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns.

Disclaimer from NSE (For Listed Scheme): It is to be distinctively understood that the permission given by NSE should not in any way be deemed or construed that the SID has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Draft Scheme Information Document/SID. The investors are advised to refer to the SID for the full text of the Disclaimer clause of NSE.

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

THIS PA

GE IS IN

TENTIONALL

Y LEFT

BLA

NK

KFin Technologies Private Limited Branches - Investor Service Centers (ISC's)

AMC Website: www.boiaxamf.in is also an Investor Service Centre (for online transactions)

BOI AXA Investment Managers’ Branches - Investor Service Centers (ISC's)

• Ahmedabad - Shop No.:- 405, 4th Floor, Zodiac Plaza, H. L. College Road, Navrangpura, Ahmedabad - 380 009. • Bangalore - 957, Regus Business Centre, Bangalore Pvt. Ltd., Level 9, Raheja Towers, 26 - 27, Mahatma Gandhi Road, Bangalore - 560 001. • Bhopal - F. F. 16, Part B, Mansarover Complex, Near Habibganj Railway Station, Bhopal - 462 016. • Chandigarh - 205, Megabyte Business Centre, SCO-333-334, Ist Floor, Sec-35B Chandigarh - 160 022. • Chennai - Cabin No. 203, Apeejay Business Center No: 39/12, Haddows Road, Nungambakkam, Chennai - 600 034. • Jaipur - Office no.154, 1st Floor, Ganpati Plaza,M I Road, Jaipur - 302 001. • Kolkata - Cabin 06, Block - A, 8th Floor, Apeejay House, 15 Park Street, Kolkata - 700 016. • Lucknow - Office No-504, 5th Floor, Sriram Tower, 13 Ashok Marg, Hazratganj, Lucknow - 226 001. • Mumbai - B/204, Tower 1, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400 013. • New Delhi - Room No. D110, 6th Floor, Apeejay Business Centre, Arunachal Building, Barakhamba Road, Connaught Place, New Delhi - 110 001. • Pune - Apeejay Business Centre, 1st Floor, Pride House, S.No. 108/7, Shivajinagar, University Road, Pune - 411 016. • Vadodara - 118, 1st Floor, Siddharth Complex, R C Dutt Road, Alkapuri, Vadodara - 390 005.

• Agra: 1st Floor, Deepak Wasan Plaza, Behind Holiday Inn, Sanjay Place, Agra - 282 002. • Ahmedabad: Office No. 401, 4th Floor, ABC-I, Off. C.G. Road, Ahmedabad - 380009. • Akola: Yamuna Tarang Complex, Shop No 30, Ground Floor, N.H. No- 06, Murtizapur Road, Opp Radhakrishna Talkies, Akola - 444 004. • Allahabad: Meena Bazar, 2nd Floor, 10, S. P. Marg, Civil Lines, Subhash Chauraha, In The City of Allahabad – 211 001. • Ambala: 6349, 2nd Floor, Nicholson Road, Adjacent KOS Hospital Ambala Cant, Ambala -133 001, Haryana. • Amritsar: SCO 5, 2nd Floor, District Shopping Complex, Ranjit Avenue, City- Amritsar, Punjab - 143001. • Anand: B-42, Vaibhav Commercial Center, Nr Tvs Down Town Shrow Room, Grid Char Rasta, Anand - 380 001. • Asansol: 112/N, G. T. Road, Bhanga Pachil, G. T Road, Asansol - 713 303, Paschim Bardhaman, West Bengal. • Aurangabad: Shop No B 38, Motiwala Trade Centre, Nirala Bazar, Aurangabad - 431001. • Bangalore: Old No 35, New No:59, Kamala Nivas, 1st Floor, Puttanna Road, Basavangudi, Bangalore - 560004. • Baroda: 203, Corner Point, Jetalpur Road, Baroda - 390 007. • Belgaum: Premises No 101, CTS NO 1893, Shree Guru Darshani Tower, Anandwadi, Hindwadi, Belgaum - 590011. • Bhagalpur: 2nd Floor, Chandralok Complex, Near Ghantaghar, Bhagalpur - 812 001. • Bhavnagar: 303, Sterling Building, Above HDFC Bank, Waghawadi Road, Bhavnagar - 364 001. • Bhopal: Gurukripa Plaza, Plot No. 48A, Opposite City Hospital, Zone-2, M P Nagar, Bhopal, Madhya Pradesh - 462011. • Bhubaneswar: A/181, Saheed Nagar, Janardan House, Room #: 07, 3rd Floor, DT: Bhubaneswar - 751 007. • Bilaspur: Anandam Plaza, Shop. No. 306; 3rd Floor, Vyapar Vihar Main Road, Chattingarh, Bilaspur-495001. • Bokaro: City Centre, Plot No. HE-07, Sector-IV, Bokaro Steel City - 827004. • Borivali: Gomati Smuti, Ground Floor, Jambli Gully, Near Railway Station, Borivali, Mumbai - 400 092. • Burdwan: 63, G.T. Road, 1ST Floor, Halder Complex, Birhata, Burdwan - 713 101. • Calicut: Second Floor, Manimuriyil Centre, Bank Road, Kasaba Village, Calicut, Pincode - 673001. • Chandigarh: Sco- 2423-2424, Above Mirchi Restaurent, New Aroma Hotel, First Floor, Sector 22-C, Chandigarh - 160 022. • Chennai: F-11, Akshaya Plaza, 1st Floor, 108, Adhithanar Salai, Egmore, Opp To Chief Metropolitan Court, Chennai - 600 002. • Cochin: Ali Arcade, 1st Floor, Kizhavana Road, Panampilly Nagar, Near Atlantis Junction, Ernakualm - 682 036. • Coimbatore: 3rd Floor, Jaya Enclave, 1057 Avinashi Road, Coimbatore - 641 018. • Cuttack: Shop No. 45, 2nd Floor, Netaji Subas Bose Arcade, (Big Bazar Building), Adjacent to Reliance Trends, Dargha Bazar, Cuttack, Odihsa - 753001. • Dehradun: Kaulagarh Road, Near Sirmaur Margabove, Reliance Webworld, Dehradun - 248 001. • Dhanbad: 208 New Market, 2nd Floor, Bank More, Dhanbad - 826 001. • Durgapur: MWAV-16, Bengal Ambuja, 2nd Floor, City Centre, Distt. Burdwan, Durgapur - 713 216. • Erode: No: 4, Veerappan Traders Complex, KMY Salai, Sathy Road, Opp. Erode Bus Stand, Erode - 638003. • Faridabad: A-2B, 1st Floor, Nehru Ground, Neelam Bata Road, NIT, Faridabad - 121001. • Gandhinagar: 123, First Floor, Megh Malhar Complex, Opp. Vijay Petrol Pump, Sector - 11, Gandhinagar - 382 011. • Ghaziabad: FF - 31, Konark Building, Rajnagar, Ghaziabad, Uttar Pradesh Pin code - 201003. • Gorakhpur: Cross Road The Mall, Shop No 8-9, 4th Floor, Bank Road, Gorakhpur - 273001. • Gurgaon: No: 212A 2nd Floor Vipul Agora, M. G. Road, Gurgaon - 122001. • Guwahati: Ganapati Enclave, 4th Floor, Opposite Bora Service, Ullubari, Guwahati - 781 007. • Gwalior: 2nd Floor, Rajeev Plaza, Jayendra Ganj, Lashkar, Gwalior - 474 009. • Hubli: R R Mahalaxmi Mansion, Above Indusind Bank, 2nd Floor, Desai Cross, Pinto Road, Hubli - 580029. • Hyderabad: KARVY HOUSE, No:46, 8-2-609/K, Avenue 4, Street No. 1, Banjara Hills, Hyderabad - 500 034. • Hyderabad (Gachibowli): KARVY Selenium, Plot No: 31 & 32, Tower B, Survey No.115/22, 115/24, 115/25, Financial District, Gachibowli, Nanakramguda, Serilimgampally Mandal, Hyderabad - 500 032. • Indore: 2nd Floor, 203-205 Balaji Corporate House, Above ICICI Bank, 19/1 New Palasia, NearCurewell Hospital, Janjeerwala Square, Indore - 452 001. • Jabalpur: 2nd Floor, 290/1 (165-New), Near Bhavartal Garden, Jabalpur - 482 001. • Jaipur: S16/A, IIIrd Floor, Land Mark Building, Opp Jai Club, Mahaver Marg, C Scheme, Jaipur - 302 001. • Jalandhar: Office No 7, 3rd Floor, City Square Building, E-H197 Civil Lines, Jalandhar - 144001. • Jammu: 304, A-1, 3rd Floor, North Block, Bahu Plaza, Jammu - 180 004. • Jamshedpur: Madhukunj, 3rd Floor, Q Road, Sakchi, Bistupur, East Singhbhum, Jamshedpur - 831001. • Jodhpur: 203, Modi Arcade, Chopasni Road, Jodhpur - 342 001. • Kanpur: 15/46, B, Ground Floor, Opp : Muir Mills, Civil Lines, Kanpur - 208 001. • Kolhapur: 605/1/4 E Ward, Shahupuri 2nd Lane, Laxmi Niwas, Near Sultane Chambers, Kolhapur - 416 001. • Kolkata: Apeejay House (Beside Park Hotel), C Block, 3rd Floor, 15 Park Street, Kolkata - 700 016. • Lucknow: Ist Floor, A. A. Complex, 5 Park Road, Hazratganj, Thaper House, Lucknow - 226 001. • Ludhiana: SCO 122, Second Floor, Above HDFC Mutual Fund, Feroze Gandhi Market, Ludhiana - 141001. • Madurai: No. G-16/17, AR Plaza, 1st Floor, North Veli Street, Madurai - 625010. • Margoa: Shop No 21, Osia Mall, 1st Floor, Near KTC Bus Stand, SGPDA Market Complex, Margao - 403 601. • Meerut: H No 5, Purva Eran, Opp. Syndicate Bank, Hapur Road, Meerut - 250 001. • Moradabad: Chadha Complex, G. M. D. Road, Near Tadi Khana, Chowk, Moradabad - 244 001. • Mumbai: 24/B, Raja Bahadur Compound, Ambalal Doshi Marg, Behind BSE Bldg, Fort - 400 001. • Muzaffarpur: Floor Saroj Complex, Diwam Road, Near Kalyani Chowk, Muzaffarpur - 842 001. • Nagpur: Block No. B/1 & 2, Shree Apartment, Plot No. 2, Khare Town, Mata Mandir Road, Dharampeth, Nagpur - 440010. • Nanded: Shop No. 4, Santakripa Market, G G Road, Opp.Bank o f India, Nanded - 431 601. • Nasik: S-9, Second Floor, Suyojit Sankul, Sharanpur Road, Nasik - 422 002. • New Delhi: 305, New Delhi House, 27 Barakhamba Road, New Delhi - 110 001. • Noida: F-21, 2nd Floor, Sector-18, Noida, Uttar Pradesh - 201301. • Panipat: 3rd Floor, Preet Tower, Behind Akash Institute, G T Road - Panipat Pincode -132103. • Panjim: H. No: T-9, T-10, Affran Plaza, 3rd Floor, Near Don Bosco High School, Panjim Goa - 403001. • Patiala: B- 17/423 Opposite Modi College, Lower Mall, Patiala - 147001. • Patna: 3A, 3rd Floor, Anand Tower, Exhibition Road, Opp ICICI Bank, Patna - 800 001. • Pune: Office No 207-210, 2nd Floor, Kamla Arcade, Jangli Maharaj Road, Opposite Balgandharva, Shivaji Nagar, Pune - 411005. • Raipur: Office No S-13, Second Floor, Reheja Tower, Fafadih Chowk, Jail Road, Raipur - 492 001. • Rajkot: 302, Metro Plaza, Near Moti Tanki Chowk, Rajkot, Gujarat - 360 001. • Ranchi: Room No 307, 3rd Floor, Commerce Tower, Beside Mahabir Tower, Ranchi - 834 001. • Rohtak: Shop No 14, Ground Floor, Ashoka Plaza, Delhi Road, Rohtak - 124 001. • Rourkela: 2nd Floor, Main Road, Udit Nagar, Rourkela, Sundargarh - 769 012. • Shillong: Annex Mani Bhawan, Lower Thana Road, Near R K M Lp School, Shillong - 793 001. • Siliguri: Nanak Complex, Sevoke Road, Siliguri - 734 001. • Solapur: Block No 06, Vaman Nagar, Opp D-Mart, Jule Solapur, Solapur - 413 004. • Surat: Office No. 516, 5th Floor, Empire State Building, Near Udhna Darwaja, Ring Road, Surat - 395002. • T Nagar: G1, Ground Floor, No 22, Vijayaraghava Road, Swathi Court, T Nagar, Chennai - 600 017. • Thane: Room No. 302, 3rd Floor, Ganga Prasad, Near RBL Bank Ltd, Ram Maruti Cross Road, Naupada, Thane West, Mumbai - 400 602. • Udaipur: 201-202, Madhav Chambers, Opp G P O, Chetak Circle, Udaipur -313 001. • Ujjain: Heritage, Shop No. 227, 87 Vishvavidhyalaya Marg, Station Road, Near ICICI Bank Above Vishal Mega Mart, Ujjain - 456001. • Varanasi: D-64/132, 2nd Floor, KA, Mauza, Shivpurwa, Settlement Plot No 478, Pargana : Dehat Amanat, Mohalla Sigra, Varanasi - 221 010. • Vashi: C Wing, Flat No. 324, 1st Floor, Vashi Plaza, Sector 17 Vashi, Navi Mumbai Pincode - 400703. • Vijayawada: 39-10-7, Opp : Municipal Water Tank, Labbipet, Vijayawada - 520 010. • Vile Parle: Shop No.1, Ground Floor, Dipti Jyothi Co-operative Housing Society, Near MTNL Office P M Road, Vile Parle East, Pincode - 400057. • Visakhapatnam: D. NO. 48-10-40, Ground Floor, Surya Ratna Arcade, Srinagar, Opp. Road to Lalitha Jeweller Showroom, Beside Taj Hotel Ladge, Visakhapatnam - 530016.

BOI AXA Investment Managers Pvt. Ltd.B/204, Tower 1, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400013.

FOR MORE INFORMATION VISIT US AT

Book Post

Trustee

BOI AXA Trustee Services Pvt Ltd

B/204, Tower 1, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400 013

CIN - U67190MH2007FTC173080

AXA Investment Managers

Coeur Défense-Tour B-La Défense 4100 Esplanade du Général de Gaulle

92400 Courbevoie France

Sponsors Investment Manager

BOI AXA Investment Managers Pvt Ltd

B/204, Tower 1, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400 013

CIN - U65900MH2007FTC173079

Bank of India

Star House, C5, “G” Block, Bandra Kurla Complex,

Bandra (East), Mumbai 400051

Deutsche Bank AG

4th Floor, Nirlon Knowledge Park, Block 1, Western Express Highway,

Goregaon (E), Mumbai 400 063.

Custodian Registrar & Transfer Agent

KFin Technologies Private Limited

Auditors for the Fund

M/s S Panse & Co LLP

Karvy Selenium, Tower B, Plot Nos. 31 & 32, Financial District Nanakramguda,

Serilingampally Mandal, Hyderabad - 500032

9, Three View Society, Veer Savarkar Marg, Opposite Century Bazar,

Prabhadevi, Mumbai - 400025.

Email us at

[email protected]

Call us at (Toll Free)

1800-266-2676 & 1800-103-2263

eWebsite

www.boiaxamf.in

annual report cover 2021

Documents