annual report - 2014-2015 · scheme performance, future outlook and operations of the schemes ......

TRUSTEE REPORTREPORT FROM AXIS MUTUAL FUND TRUSTEE LIMITED TO THE UNIT HOLDERS OF THE SCHEMES OF AXIS MUTUAL FUND

We have pleasure in presenting the Sixth report on the schemes of Axis Mutual Fund for the period ended March 31, 2015 alongwith audited financial statements for the schemes of Axis Mutual Fund.

The assets under management of the schemes of Axis Mutual Fund as at March 31, 2015 were ̀ 25,385.93 crores and the average assets under management during the said period was ̀ 25,522.54 crores. The total number of investors under the schemes of Axis Mutual Fund as at March 31, 2015 were 1,020,830.

As of March 31, 2015, Axis Asset Management Company Limited managed 50 schemes of Axis Mutual Fund which includes:

• 1 open ended liquid scheme; • 1 open ended gilt scheme;

• 7 open ended debt schemes; • 32 close ended debt schemes;

• 1 open ended equity linked savings scheme with 3 year lock-in (ELSS); • 4 open ended equity schemes;

• 1 close ended equity scheme; • 1 open ended Hybrid scheme;

• 1 open ended Gold Exchange Traded Fund; • 1 open ended fund of fund scheme;

1. SCHEME PERFORMANCE, FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES

A. Scheme Performance

The Assets Under Management (“AUM”), the net asset value (“NAV”) per unit and the performance of the schemes vis-à-vis their benchmark as on March 31, 2015 are as follows:

Returns to Investors^

Returns since 1 year return 3 years return 5 years returninception

Name of the Scheme Inception/ AUM (` in NAV Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Allotment Date crores) (in `)* return returns return returns return returns return returns

(%) (%) (%) (%) (%) (%) (%) (%)

Axis Liquid Fund - Growth October 9, 2009 4459.25 1548.8024 8.32 7.82 8.99 8.98 9.21 8.89 8.72 8.26Benchmark: Crisil Liquid Fund Index

Axis Liquid Fund - Retail Plan - Growth March 1, 2010 1494.4614 8.22 7.82 8.45 8.98 8.70 8.89 8.29 8.26Benchmark: Crisil Liquid Fund Index

Axis Liquid Fund - Direct Plan - Growth January 1, 2013 1551.0657 9.19 7.82 9.06 8.98 NA NA NA NABenchmark: Crisil Liquid Fund Index

Axis Treasury Advantage Fund – Growth October 9, 2009 1137.37 1551.2655 8.35 7.82 8.56 9.06 9.17 8.89 8.72 8.26Benchmark: Crisil Liquid Fund Index

Axis Treasury Advantage Fund - January 1, 2013 1565.9928 9.49 7.82 9.18 9.06 NA NA NA NADirect Plan - GrowthBenchmark: Crisil Liquid Fund Index

Axis Treasury Advantage Fund March 3, 2010 1,477.2522 7.98 7.82 7.87 9.06 8.33 8.89 8.04 8.26- Retail Plan - GrowthBenchmark: Crisil Liquid Fund Index

Axis Long Term Equity Fund January 1, 2013 4938.51 31.9463 40.42 9.71 64.51 31.93 NA NA NA NA- Direct Plan - GrowthBenchmark: S&P BSE 200

Axis Long Term Equity Fund - Growth December 29, 2009 31.0627 24.07 9.71 62.03 31.93 35.36 17.89 23.41 9.96Benchmark: S&P BSE 200

Axis Equity Fund January 1, 2013 1688.29 19.99 24.71 9.51 36.08 26.65 NA NA NA NA- Direct Plan - Growth OptionBenchmark: CNX Nifty

Axis Equity Fund - Growth January 5, 2010 19.50 13.60 9.51 34.30 26.65 23.49 17.03 NA NABenchmark: CNX Nifty

Axis Short Term Fund January 1, 2013 1324.30 15.3907 9.62 8.17 10.92 10.40 NA NA NA NA- Direct Plan - Growth OptionBenchmark: Crisil Short Term Bond Fund Index

Axis Short Term Fund - Growth January 22, 2010 15.1029 8.27 8.17 9.96 10.40 9.21 9.40 8.41 8.31Benchmark: Crisil Short Term Bond Fund Index

Axis Short Term Fund - Retail Plan - Growth March 2, 2010 14.9325 8.21 8.17 10.00 10.40 9.09 9.40 8.20 8.31Benchmark: Crisil Short Term Bond Fund Index

Axis Income Saver - Direct Plan - Growth January 1, 2013 664.46 15.7268 13.83 8.71 21.71 16.54 NA NA NA NABenchmark: Crisil MIP Blended Fund Index

Axis Income Saver - Growth July 16, 2010 15.2963 9.44 8.71 19.71 16.54 11.90 10.59 NA NABenchmark: Crisil MIP Blended Fund Index

Axis Dynamic Bond Fund January 1, 2013 299.27 14.6817 10.82 8.99 15.93 14.67 NA NA NA NA- Direct Plan - Growth OptionBenchmark: CRISIL Composite Bond Fund Index

Axis Dynamic Bond Fund - Growth Option April 27, 2011 14.2582 9.45 8.99 14.25 14.67 9.67 9.32 NA NABenchmark: CRISIL Composite Bond Fund Index

Axis Triple Advantage Fund - Direct Plan - GrowthBenchmark: 35% of CNX Nifty + 35% of Crisil Composite Bond Fund Index + 30% of INR price of gold

January 1, 2013 453.37 15.5619 9.44 8.77 17.95 12.63 NA NA NA NA

Annual Report - 2014-2015

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TRUSTEE REPORT (Contd.)Axis Triple Advantage Fund - GrowthBenchmark: 35% of CNX Nifty + 35% of August 23, 2010 15.1948 9.50 9.77 16.40 12.63 10.64 8.12 NA NACrisil Composite Bond Fund Index + 30% of INR price of gold

Axis Gold ETF November 10, 2010 263.59 2491.2491 4.81 3.93 -6.32 -5.23 -3.63 -4.62 NA NABenchmark: Domestic Price of Gold

Axis Midcap Fund - Direct Plan - Growth January 1, 2013 1080.59 25.77 32.57 11.93 67.12 49.55 NA NA NA NABenchmark: S&P BSE Midcap

Axis Midcap Fund - Growth February 18, 2011 25.07 25.03 11.93 64.29 49.55 33.24 18.60 NA NABenchmark: S&P BSE Midcap

Axis Gold Fund - Direct Plan - Growth January 1, 2013 87.53 9.3347 -8.76 -2.70 -12.18 -5.23 NA NA NA NABenchmark: Domestic Price of Gold

Axis Gold Fund - Growth October 20, 2011 9.0356 -2.90 -2.70 -13.52 -5.23 -5.18 -4.62 NA NABenchmark: Domestic Price of Gold

Axis Capital Protection Oriented Fund February 7, 2012 89.42 14.4291 12.36 10.27 19.36 16.54 13.00 10.59 NA NA- Series 4 - GrowthBenchmark: Crisil MIP Blended Index

Axis Capital Protection Oriented Fund - November 2, 2012 357.29 13.8328 14.42 10.70 19.44 16.54 NA NA NA NASeries 5 - GrowthBenchmark: Crisil MIP Blended Index

Axis Constant Maturity 10 Year Fund January 1, 2013 100.28 12.6307 7.74 7.24 16.03 14.63 NA NA NA NA- Direct Plan - Growth OptionBenchmark: Crisil 10-year Gilt Index

Axis Constant Maturity 10 Year Fund January 23, 2012 12.4848 7.21 7.24 15.46 14.63 8.05 8.07 NA NA- Growth OptionBenchmark: Crisil 10-year Gilt Index

Axis Income Fund - Direct Plan - GrowthBenchmark: Crisil Composite Bond Fund Index January 1, 2013 203.40 13.5958 10.62 9.32 16.34 14.67 NA NA NA NA

Axis Income Fund - GrowthBenchmark: Crisil Composite Bond Fund Index March 28, 2012 13.3255 10.01 9.32 15.04 14.67 10.03 9.32 NA NA

Axis Banking Debt Fund - Direct Plan - GrowthBenchmark: CRISIL Short term Bond Fund Index January 1, 2013 1342.05 1283.8262 9.24 9.39 9.42 10.40 NA NA NA NA

Axis Banking Debt Fund - GrowthBenchmark: CRISIL Short term Bond Fund Index June 08, 2012 1278.4590 9.13 9.39 9.21 10.40 NA NA NA NA

Axis Focused 25 Fund - Direct Plan - Growth January 1, 2013 267.70 18.42 22.60 9.51 44.02 26.65 NA NA NA NAPrimary Benchmark: CNX NiftyAdditional benchmark : S&P BSE 200

Axis Focused 25 Fund - Growth June 29, 2012 17.96 23.70 9.51 42.09 26.65 NA NA NA NAPrimary Benchmark: CNX NiftyAdditional benchmark : S&P BSE 200

Axis Hybrid Fund – Series 5 - Growth July 25, 2013 364.82 12.8445 16.05 13.54 15.88 16.54 NA NA NA NABenchmark: Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 5 - Direct Plan - Growth July 25, 2013 13.0502 17.15 13.54 16.95 16.54 NA NA NA NABenchmark: Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 6 - Growth August 16, 2013 325.10 13.2964 19.20 16.21 18.16 16.54 NA NA NA NABenchmark: Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 6 August 16, 2013 13.2964 20.36 16.21 19.26 16.54 NA NA NA NA- Direct Plan - GrowthBenchmark: Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 7 - Growth September 5, 2013 313.52 13.1965 19.36 15.00 18.38 16.54 NA NA NA NABenchmark: Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 7 September 5, 2013 13.4026 23.83 14.46 24.06 15.45 NA NA NA NA- Direct Plan - GrowthBenchmark: Crisil MIP Blended Fund Index

Axis Small Cap Fund - Growth November 29, 2013 315.86 19.22 63.18 53.16 69.64 52.27 NA NA NA NABenchmark: CNX Small-cap Index

Axis Small Cap Fund – Direct growth November 29, 2013 19.52 65.09 53.16 71.68 52.27 NA NA NA NABenchmark: CNX Small-cap Index

Axis Hybrid Fund - Series 8 - Growth January 24, 2014 387.20 12.0841 17.39 15.94 17.32 16.54 NA NA NA NABenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 8 January 24, 2014 12.2328 18.61 15.94 18.53 16.54 NA NA NA NA- Direct Plan - GrowthBenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 9 - Growth February 13, 2014 339.72 12.0820 18.29 17.81 17.39 16.54 NA NA NA NABenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 9 February 13, 2014 12.2214 19.50 17.81 18.60 16.54 NA NA NA NA- Direct Plan - GrowthBenchmark: Crisil Mip Blended Fund Index

Axis Fixed Term Plan - Series 41 (546 Days) October 9, 2013 56.49 11.3953 9.27 10.00 9.09 10.40 NA NA NA NA- GrowthBenchmark: Crisil Short-Term Bond Fund Index


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Axis Fixed Term Plan - Series 41 (546 Days)- Direct GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 42 (552 Days) October 30, 2013 36.54 11.2561 8.71 10.09 8.68 10.40 NA NA NA NA -GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 42 (552 Days) October 30, 2013 11.3255 9.19 10.09 9.17 10.40 NA NA NA NA- Direct GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 43 (511 Days) December 10, 2013 59.49 11.1914 9.01 10.36 8.93 10.40 NA NA NA NA- GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 43 (511 Days) December 10, 2013 11.2544 9.48 10.36 9.41 10.40 NA NA NA NA- Direct GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 47 (483 Days) January 15, 2014 157.42 11.0957 9.01 10.33 8.85 10.40 NA NA NA NA- GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 47 (483 Days) January 15, 2014 11.1623 9.55 10.33 9.40 10.40 NA NA NA NA- Direct GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 48 (3 Years) January 17, 2014 29.66 11.2725 10.50 10.32 10.62 10.40 NA NA NA NA- GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 48 (3 Years) January 17, 2014 11.3394 11.04 10.32 11.18 10.40 NA NA NA NA- Direct GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 49 (437 Days) February 3, 2014 213.51 11.0280 8.85 10.54 8.52 10.40 NA NA NA NA- GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 49 (437 Days) February 3, 2014 11.1058 9.52 10.54 9.20 10.40 NA NA NA NA- Direct GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 52 (428 Days) February 13, 2014 94.63 11.0869 9.60 10.62 9.32 10.40 NA NA NA NA- Direct GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 52 (428 Days) February 13, 2014 11.0179 8.99 10.62 8.71 10.40 NA NA NA NA- GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 53 (1150 Days) February 12, 2014 30.22 11.2141 10.68 14.54 10.96 14.67 NA NA NA NA- GrowthBenchmark: Crisil Composite Bond Fund Index

Axis Fixed Term Plan - Series 53 (1150 Days) February 12, 2014 11.2842 11.30 14.54 11.59 14.67 NA NA NA NA- Direct GrowthBenchmark: Crisil Composite Bond Fund Index

Axis Fixed Term Plan - Series 55 (399 Days) February 28, 2014 470.70 10.9991 9.17 10.68 8.68 10.40 NA NA NA NA- GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 55 (399 Days) February 28, 2014 11.0657 9.78 10.68 9.29 10.40 NA NA NA NA- Direct GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 57 (397 Days) March 6, 2014 32.29 10.9755 9.10 10.67 8.70 10.40 NA NA NA NA- GrowthBenchmark: Crisil Short-Term Bond Fund Index

Axis Fixed Term Plan - Series 57 (397 Days) March 6, 2014 11.0409 9.71 10.67 9.31 10.40 NA NA NA NA- Direct GrowthBenchmark: Crisil Short-Term Bond Fund Index





Axis Fixed Term Plan - Series 61 (1122 Days) March 20, 2014 23.55 11.1244 10.90 14.75 11.08 14.67 NA NA NA NA- GrowthBenchmark: Crisil Composite Bond Fund Index

October 9, 2013 11.4317 9.50 10.00 9.33 10.40 NA NA NA NA

TRUSTEE REPORT (Contd.)


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TRUSTEE REPORT (Contd.)Axis Fixed Term Plan - Series 61 (1122 Days)Direct GrowthBenchmark: Crisil Composite Bond Fund Index



Axis Fixed Income Opportunities Fund - Growth July 15, 2014 104.93 10.8220 8.22 7.35 NA NA NA NA NA NABenchmark: CRISIL Short Term Bond Fund index

Axis Fixed Income Opportunities Fund July 15, 2014 10.8802 8.80 7.35 NA NA NA NA NA NA- Direct GrowthBenchmark: CRISIL Short Term Bond Fund index

Axis Enhanced Arbitrage Fund - Direct Growth August 14, 2014 70.94 10.5815 5.81 5.52 NA NA NA NA NA NABenchmark: Crisil Liquid Fund Index

Axis Enhanced Arbitrage Fund – Growth August 14, 2014 10.5252 5.25 5.52 NA NA NA NA NA NABenchmark: Crisil Liquid Fund Index

Axis Hybrid Fund - Series 11 May 9, 2014 214.73 11.5282 15.28 14.50 NA NA NA NA NA NA- Direct Plan - GrowthBenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 11 - Growth May 9, 2014 11.3978 13.98 14.50 NA NA NA NA NA NABenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 12 May 27, 2014 291.27 11.4251 14.25 12.39 NA NA NA NA NA NA- Direct Plan - GrowthBenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 12 - Growth May 27, 2014 11.3001 13.00 12.39 NA NA NA NA NA NABenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 13 June 18, 2014 527.46 11.3424 13.42 10.80 NA NA NA NA NA NA- Direct Plan - GrowthBenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 13 - Growth June 18, 2014 11.2294 12.29 10.80 NA NA NA NA NA NABenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 14 September 2, 2014 499.06 10.7663 7.66 8.39 NA NA NA NA NA NA- Direct Plan - GrowthBenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 14 - Growth September 2, 2014 10.6082 6.08 8.39 NA NA NA NA NA NABenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 15 September 17, 2014 346.60 10.6390 6.39 8.15 NA NA NA NA NA NA- Direct Plan - GrowthBenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 15 - Growth September 17, 2014 10.5538 5.54 8.15 NA NA NA NA NA NABenchmark: Crisil Mip Blended Fund Index

Axis Fixed Term Plan - Series 64 (715 Days) April 23, 2014 47.35 10.8974 8.97 9.76 NA NA NA NA NA NA- GrowthBenchmark: Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 64 (715 Days) April 23, 2014 10.9548 9.55 9.76 NA NA NA NA NA NA– Direct GrowthBenchmark: Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 67 (1218 Days) June 5, 2014 54.20 10.9497 8.77 10.50 NA NA NA NA NA NA- Direct GrowthBenchmark: Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 67 (1218 Days) June 5, 2014 10.8773 9.50 10.50 NA NA NA NA NA NA- GrowthBenchmark: Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 69 (3 Years) August 1, 2104 24.12 10.7588 7.59 6.88 NA NA NA NA NA NA- Direct GrowthBenchmark: Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 69 (3 Years) August 1, 2104 10.7107 7.11 6.88 NA NA NA NA NA NA- GrowthBenchmark: Crisil Short Term Bond Fund Index

Axis Hybrid Fund – Series 18 – Growth January 19, 2015 495.59 10.0250 0.25 1.17 NA NA NA NA NA NABenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund – Series 18 January 19, 2015 10.0439 0.44 1.17 NA NA NA NA NA NA- Direct GrowthBenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund - Series 19 – Growth February 4, 2015 316.95 9.8174 -1.83 0.61 NA NA NA NA NA NABenchmark: Crisil Mip Blended Fund Index

Axis Hybrid Fund – Series 19 – Direct Growth February 4, 2015 9.8349 -1.65 0.61 NA NA NA NA NA NABenchmark: Crisil Mip Blended Fund Index

March 20, 2014 11.1882 11.52 14.75 11.71 14.67 NA NA NA NA


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TRUSTEE REPORT (Contd.)Axis Fixed Term Plan - Series 74 (1105 Days)- GrowthBenchmark:Crisil Composite Bond Fund Index

Axis Fixed Term Plan – Series 74 (1105 Days) March 25, 2015 10.0163 0.16 0.37 NA NA NA NA NA NA- Direct GrowthBenchmark:Crisil Composite Bond Fund Index

^ Past performance may or may not be sustained in future.

NA – Not Applicable

* Returns and NAV of Growth Option

Returns for period less than one year are absolute (simple annualized in case of Axis Liquid Fund) and one year and above are compounded annualized.

The net asset value of the Scheme’s units are determined separately for units issued under the plans/options after including the respective unit capital and reserves and surplus.

Returns for Growth option are calculated from the date of inception i.e Axis Treasury Advantage Fund - 09th October 2009, Axis Treasury Advantage Fund - Retail Plan - 03rd March 2010, Axis Short Term Fund - 22nd January 2010, Axis Short Term Fund - Retail Plan - 02nd March 2010, Axis Liquid Fund - 09th October 2009, Axis Liquid Fund - Retail Plan - 01st March 2010. Retail Plan was introduced from 2nd March 2010 in Axis Liquid Fund, Axis Treasury Advantage Fund and Axis Short Term Fund.

Returns for Direct Plan Growth option are calculated from the date of first allotment NAV i.e. Axis Liquid Fund – 31st December 2012, Axis Dynamic Bond Fund – 2nd January 2013, Axis Income Saver – 4th January 2013, Axis Income Fund – 7th January 2013 and incase of other open ended schemes – 1st January 2013.

Brief Comments on Scheme performance:

Axis Liquid Fund : During the year, interest rates broadly declined in line with lower inflation and interest rate reductions by the Reserve Bank of India. The Direct Plan of the scheme outperformed its benchmark during the year. The scheme has maintained its portfolio strategy of low volatility and high quality during the course of the year. Performance of the other plans are different to the extent of the difference in expense ratios.

Axis Treasury Advantage Fund : During the year, interest rates broadly declined in line with lower inflation and interest rate reductions by the Reserve Bank of India. The scheme maintained a higher average maturity this year in comparison to the previous year to take advantage of the falling interest rate environment. The Direct Plan of the scheme outperformed its benchmark during the year. Performance of the other plans are different to the extent of the difference in expense ratios.

Axis Long Term Equity Fund : Axis Long Term Equity has outperformed its benchmark since inception and also during the last financial year. The equity markets rallied during the year due to expectations of growth-enhancing reforms from the newly elected government as well as expectations of improvement in corporate earnings going forward. The fund investments were driven by fundamental research approach and stock selection was on a bottom’s up basis. The fund looks for sustainable business models with good management, market leadership, and scalability in business model. Risk assessment is an integral part of selection of a company as part of the portfolio.

Axis Equity Fund : Axis Equity Fund has outperformed its benchmark since inception and also during the last financial year. The equity markets rallied during the year due to expectations of growth-enhancing reforms from the newly elected government as well as expectations of improvement in corporate earnings going forward. The fund investments were driven by fundamental research approach and stock selection was on a bottom’s up basis. The fund has an actively managed portfolio of companies with strong and sustainable growth, with a bias for large caps while risk being a key variable. This is the only fund in the industry to have a volatility target.

Axis Short Term Fund : During the year, interest rates broadly declined in line with lower inflation and interest rate reductions by the Reserve Bank of India. However the RBI’s restrictions on Foreign investor participation in short term debt led to some volatility in the fourth quarter. The scheme maintained a higher average maturity to take advantage of the falling interest rate environment. The Direct Plan of the scheme outperformed its benchmark during the year. Performance of the other plans are different to the extent of the difference in expense ratios.

Axis Income Saver : The scheme invests largely in short term debt and a mix of large and mid cap equities. Both debt and equity markets performed well over the course of the year. The scheme maintained a higher average maturity to take advantage of the falling interest rate environment. The scheme also maintained a higher equity allocation as determined by the asset allocation model. The Direct Plan of the scheme outperformed its benchmark during the year. Performance of the other plans are different to the extent of the difference in expense ratios.

Axis Triple Advantage Fund : The scheme invests across three asset classes, viz. debt, equity and gold. Both debt and equity markets performed well over the course of the year driven by rate cuts and improving macro economic environment. The Direct Plan of the scheme outperformed its benchmark during the year. Performance of the other plans are different to the extent of the difference in expense ratios.

Axis Gold ETF : The scheme aims to deliver returns consistent with returns on gold and is invested largely in gold. The scheme has performed in line with the objectives. As the scheme is largely passively managed, comparison with benchmark is not relevant.

Axis Midcap Fund : Axis Midcap Fund has outperformed its benchmark since inception and also during the last financial year. The equity markets rallied during the year due to expectations of growth-enhancing reforms from the newly elected government as well as expectations of improvement in corporate earnings going forward. Mid cap stocks participated in the rally and out-performed large caps. The investment approach was driven on fundamental research process and stock selection in the portfolio was primarily towards larger mid-cap companies to reduce business and systemic risk of investing in midcap companies. The portfolio targets to invest in high quality business with scalable and sustainable models with the underlying philosophy, “ Today’s Midcap, Tomorrow’s global leader”.

Axis Dynamic Bond Fund : During the year, interest rates broadly declined in line with lower inflation and interest rate reductions by the Reserve Bank of India. The scheme maintained a higher average duration this year to take advantage of the falling interest rate environment. The Direct Plan of the scheme outperformed its benchmark during the year. Performance of the other plans are different to the extent of the difference in expense ratios.

Axis Fixed Term Plan – Series 41, 42, 43, 47, 48, 49, 52, 53, 55, 57, 59, 60, 61, 62, 64, 67, 69, 74 : The Various series were invested in line with their investment objectives. The schemes are passively managed and performance comparison with benchmark is not appropriate in these cases.

Axis Hybrid Fund – Series 5 to 9, 11 to 15, 18, 19 : The various series were invested in line with their investment objectives. The schemes are passively managed and performance comparison with benchmark is not appropriate in these cases.

Axis Gold Fund : The scheme aims to deliver returns consistent with returns on gold by investing in Axis Gold ETF. The scheme has performed in line with the objectives. As the scheme is largely passively managed, comparison with benchmark is not relevant.

Axis Capital Protection Oriented Fund – Series 4 & 5 : The various series were invested in line with their investment objectives. The schemes are passively managed and performance comparison with benchmark is not appropriate in these cases.

Axis Constant Maturity 10 Year Fund : The scheme aims to deliver returns consistent with returns on 10-year government securities. The scheme has performed in line with the objectives. As the scheme is largely passively managed, comparison with benchmark is not relevant.

Axis Income Fund : During the year, interest rates broadly declined in line with lower inflation and interest rate reductions by the Reserve Bank of India. The scheme maintained a higher average duration this year to take advantage of the falling interest rate environment. The Direct Plan of the scheme outperformed its benchmark during the year. Performance of the other plans are different to the extent of the difference in expense ratios.

Axis Banking Debt Fund : The scheme is invested in debt and money market instruments issued by banks and financial institutions. As such it maintains a high quality and low duration relative to its benchmark. During the year, interest rates broadly declined in line with lower inflation and interest rate reductions by the Reserve Bank of India. The Direct Plan of the scheme underperformed its benchmark during the year. The underperformance was due to the low risk nature of the fund – in terms of higher credit rating and lower duration. Performance of the other plans are different to the extent of the difference in expense ratios.

Axis Focused 25 Fund : Axis Focused 25 Fund has outperformed its benchmark since inception and also during the last financial year. The equity markets rallied during the year due to expectations of growth-enhancing reforms from the newly elected government as well as expectations of improvement in corporate earnings going forward. The fund has an actively managed portfolio and invests in upto 25 stocks, primarily out of the top 200 by market capitalization in the Indian market. The fund uses a fundamental research process to identify and invest in companies with high quality sustainable models over the medium to long term.

March 25, 2015 29.98 10.0160 0.16 0.37 NA NA NA NA NA NA


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TRUSTEE REPORT (Contd.)Axis Small Cap Fund : Axis Small Cap Fund has outperformed its benchmark since inception and also during the last financial year. The equity markets rallied during the year due to expectations of growth-enhancing reforms from the newly elected government as well as expectations of improvement in corporate earnings going forward. Small cap stocks participated in the rally and out-performed large cap stocks. The investment approach was driven on fundamental research process to identify and invest in companies with high quality sustainable models over the medium to long term.

Axis Fixed Income Opportunities Fund : The scheme was launched during this year. The scheme invests in a mix of government and corporate bonds while maintaining a short duration profile. The scheme maintained a higher than benchmark average duration to take advantage of the falling interest rate environment over the course of the year. The Direct Plan of the scheme outperformed its benchmark since inception. Performance of the other plans are different to the extent of the difference in expense ratios.

Axis Enhanced Arbitrage Fund : The scheme was launched in the course of the previous year. The Direct Plan of the scheme outperformed its benchmark since its launch. The scheme was able to take advantage of spreads available in the cash-future segment of the equity markets. The performance of the other plans of the scheme are different to the extent of difference in their total expense ratio.

B. Operations of the Schemes

Mutual Fund activity

Axis Mutual Fund (Axis MF) continued on a strong growth trajectory and achieved a new peak AUM this year. Axis MF witnessed strong inflows in its schemes, on the back of a favourable stock market and strong performance of its schemes. The number of active investor accounts too ballooned and we currently have over than 1 million active investor accounts. Following major initiatives were introduced:

1. EasySell: An online platform that empowers the advisors to initiate transactions for their clients in any Axis MF scheme. Clients in turn login using the EasyApp to authorise the transaction.

2. EasyApp: It enables existing investors of Axis Mutual Fund to monitor their investments and perform investment transactions on the go. Apart from these, users can plan for their life's goals (using Mutual Funds), watch informative videos and connect with us in case they have a query.

3. Axis MF Lounge: A knowledge-sharing app created for internal & external stakeholders with the intention of making information available on-the-go. The app is pre-loaded with info pertaining to Products & Services of Axis Mutual Fund, Market Updates, Interesting Videos, Tools, amongst other resources.

4. Revamp of axismf.com: More than just a design change the new website provides an integrated platform for aggregated content across various social media like youtube, facebook.

C. Future Outlook

Summary and Background

The economy has been going through a prolonged bottoming process. There exists substantial weakness, especially on the consumption demand. Weak inflation and output gap is allowing RBI to carry out policy rate cuts. The government has undertaken a series of policy steps that can improve the growth environment in the medium term. Indian economy has become structurally much more sound in the last couple of years as the twin deficits have come down sharply. Fiscal deficit has come off despite weak tax growth as the government has controlled subsidies and discretionary spending. Fiscal consolidation is expected to continue over the next few years. Current account deficit is dramatically lower on account of the sharp fall in commodity prices as well as weak imports. Further currency has been extremely stable and external reserves have been built up further. With correct policies, we believe that India can regain and indeed have a healthy growth rate over the next 3-4 years.

Equity outlook

Corporate profit share of the GDP has fallen sharply during the slowdown. The economic revival is likely to allow corporate sector profits to grow and may create the space for a new bull market in equities. Profits have room to grow on account of fall in input prices, fall in interest rates and also as operating leverage kicks-in on revival of demand.

Indian markets also provide a highly attractive investment opportunity to foreign investors starved of high growth markets. As a result, we have seen record inflows from foreign investors into the Indian equity markets year-after-year. We expect the interest from foreign investors to remain strong in the future as well. Additionally last year also saw a surge in flows from domestic investors into equity funds. Domestic investors provide an important balance against the high exposure of the market to foreign investors.

Debt Market Outlook

In sharp contrast to the previous year, FY15 saw a sharp fall in yields. This fall was driven by improving macro economic performance, notably a fall in inflation from close to double digit levels to around 5%. Inflation fell below the Reserve Bank’s target for the year allowing the RBI to cut interest rates.

While a part of the fall in inflation can be attributed to a fall in the price of oil, there has been an across-the-board fall in inflation driven by lower food inflation, strong Rupee and continued fiscal consolidation. The Government and RBI have also entered to a monetary policy framework agreement to target inflation at 4% in the medium term. This agreement focuses the monetary and fiscal authorities on a disinflationary path. As a result we expect inflation to remain low and further rate cuts to be delivered by the RBI.

Risks to the picture emerge from the external sector: interest rate increase by the US Federal Reserve and the impending Greek sovereign debt resolution could lead to volatility in the foreign exchange and bond markets. These risks are expected to be resolved in the near term, while the medium term outlook remains positive driven by low inflation.

2. BRIEF BACKGROUND OF SPONSORS, FUND, THE TRUSTEE COMPANY AND AMC

a. Axis Mutual Fund : Axis Mutual Fund (‘the Mutual Fund’) was set up as a Trust by the Settlors, Axis Bank Limited (‘Axis Bank’) on June 27, 2009 with Axis Mutual Fund Trustee 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 has entered into an Investment Management Agreement dated June 27, 2009 with Axis Asset Management Company Limited (‘Axis AMC’) to function as the Investment Manager for all the Schemes of the Mutual Fund. The Mutual Fund was registered with SEBI on September 4, 2009 vide Registration No. MF/061/09/02.

b. Axis Mutual Fund Trustee Limited : The Trustee is the exclusive owner of the 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 Deed of Trust. The Trustee seeks to ensure that the Fund and the Schemes floated thereunder are managed by the AMC in accordance with the Deed of Trust, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.

c. Sponsor : Axis Mutual Fund is sponsored by Axis Bank Limited (“Axis Bank”). The Sponsor is the Settlor of the Mutual Fund Trust. The Sponsor has entrusted a sum of ̀ 1,00,000/-(` One Lakh only) to Axis Mutual Fund Trustee Limited as the initial contribution towards the corpus of the Mutual Fund.

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

Axis Bank is one of the first new generation private sector banks to have begun operations in 1994. The Bank was promoted in 1993, jointly by Specified Undertaking of Unit Trust of India (SUUTI) (then known as Unit Trust of India),Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The shareholding of Unit Trust of India was subsequently transferred to SUUTI, an entity established in 2003.

The Bank has a large footprint of 2,589 domestic branches (including extension counters) and 12,355 ATMs spread across 1,714 centres as at 31st March 2015.

The Bank has eight international offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Colombo and Shanghai, representative offices at Dubai and Abu Dhabi and an overseas subsidiary at London, UK. The international offices focus on corporate lending, trade finance, syndication, investment banking and liability businesses.

The total assets under overseas branches were USD 7.86 billion as on 31st March 2015.

The shareholders’ funds of the Bank grew 17% YOY and stood at Rs 44,677 crores as on 31st March 2015. The Bank is well capitalised and the Capital Adequacy Ratio (CAR) as on 31st March 2015 under Basel III was 15.09% and Tier-I CAR was 12.07%.

d. Axis Asset Management Company Limited

Axis Asset Management Company Limited (AMC) is a public limited company incorporated under the Companies Act, 1956 on January 13, 2009, having its Registered Office at Axis House, 1st Floor, C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400025. AMC has been appointed as the Investment Manager of the Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated June 27, 2009, and executed between the Trustee and the AMC.


6

TRUSTEE REPORT (Contd.)Axis Bank Limited holds 75% (less one share) of the total issued and paid up equity share capital of Axis Asset Management Company Limited and the balance 25% plus one equity share has been acquired by Schroders Investment Management (Singapore) Limited (SIMSL) through its wholly owned subsidiary, Schroders Singapore Holdings Private Limited (SSHPL), a subsidiary of Schroders plc. Schroders plc, the ultimate holding company of Schroders Group, is among the 100 largest companies listed on the London Stock Exchange and has a history of over 200 years. Schroders Group is a leading international asset management group managing various asset classes.

The AMC has obtained Certificate of Registration as Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 1993 vide registration no. INP000003534 with effect from January 04, 2010, which was subsequently renewed on January 4, 2013. There is no conflict of interest between the Mutual Fund and the PMS activity.

Axis Asset Management Company Limited (Axis AMC) has signed an agreement with an offshore fund manager to provide Non-binding Advisory and related services in respect of offshore fund(s) investing in India. Axis AMC has been providing non-binding investment advisory services in respect of a specific offshore fund, with effect from September 10, 2013. With effect from December 9, 2013, Mr. Ashish Naik (AVP - Investments) has been providing the investment advise on behalf of Axis AMC. Axis AMC will continue to provides market wide advisory services, sharing of research and analytical information etc. to offshore funds In compliance with the SEBI Circular dated February 28, 2012, the AMC shall ensure that it appropriately addresses the issue of conflict of interest, if any and shall comply with the other regulatory stipulations prescribed in respect of these services. SEBI has vide its letter dated January 10, 2013, accorded it‘s no objection to the AMC for undertaking non-binding investment advisory and other related services.

3. INVESTMENT OBJECTIVES OF THE SCHEMES

Sr. No. Name of the Scheme Investment Objective

1 Axis Liquid Fund, An Open ended Liquid Scheme To provide a high level of liquidity with reasonable returns commensurating with low risk through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be achieved.

2 Axis Treasury Advantage Fund, An Open ended Debt Scheme To provide optimal returns and liquidity to the Investors by investing primarily in a mix of money market and short term debt instruments which results in a portfolio having marginally higher maturity as compared to a liquid fund at the same time maintaining a balance between safety and liquidity. However, there can be no assurance that the investment objective of the scheme will be achieved.

3 Axis Long Term equity Fund, An Open ended equity linked To generate income and long-term capital appreciation from a diversified portfolio of predominantly equity and equity-savings scheme with a lock-in period of 3 years related Securities. However, there can be no assurance that the investment objective of the scheme will be achieved.

4 Axis Equity Fund, An Open ended growth scheme To achieve long term capital appreciation by investing in a diversified portfolio predominantly consisting of equity and equity related securities including derivatives. However, there can be no assurance that the investment objective of the scheme will be achieved.

5 Axis Short Term Fund, An Open ended Debt Scheme To generate stable returns with a low risk strategy while maintaining liquidity through a portfolio comprising of debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be achieved.

6 Axis Income Saver, An Open ended Income Fund The Scheme seeks to generate regular income through investments in debt & money market instruments, along with capital appreciation through limited exposure to equity and equity related instruments. It also aims to manage risk through active asset allocation.

7 Axis Triple Advantage Fund, An Open ended Hybrid Fund The Scheme seeks to generate long term capital appreciation by investing in a diversified portfolio of equity and equity related instruments, fixed income instruments & gold Exchange Traded Funds.

8 Axis Gold ETF, An Open ended Gold Exchange Traded Fund The investment objective of the Scheme is to generate returns that are in line with the performance of gold.

9 Axis Midcap Fund, An Open ended Equity Scheme To achieve long term capital appreciation by investing predominantly in equity & equity related instruments of mid size companies. The focus of the fund would be to invest in relatively larger companies within this category.

10 Axis Dynamic Bond Fund, An Open ended debt scheme The scheme will endeavor to generate optimal returns while maintaining liquidity through active management of a portfolio of debt and money market instruments.

11 Axis Fixed Term Plan – Series 41 to 43, 47 to 49, 52, 53, 55, To generate returns through a portfolio of debt & money market instruments that are maturing 57, 59, 60, 61, 62, 64, 67, 69, 74, Close ended debt scheme on or before the maturity of the respective plan(s).

12 Axis Hybrid Fund – Series 5 to 9, 11 to 15,18,19 The primary objective is to generate income by investing in high quality fixed income securities whilst the secondary A 3 year close ended income scheme

17 Axis Banking Debt Fund, An open ended debt scheme To generate stable returns by investing predominantly in debt & money market instruments issued by banks.

18 Axis Focused 25 Fund, Open ended equity scheme To generate long term capital appreciation by investing in a concentrated portfolio of equity & equity related instruments of up to 25 companies.

19 Axis Small Cap Fund , 5 Year Close ended Equity Scheme with To generate long-term capital appreciation from a diversified portfolio of predominantly equity & equity related automatic conversion into an open ended equity scheme on instruments of small cap companies.completion of 5 years

20 Axis Fixed Income Opportunities Fund, To generate stable returns by investing in debt & money market instruments across the yield curve & credit spectrum. An open ended debt scheme However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The Scheme

does not assure or guarantee any returns.

21 Axis Enhanced Arbitrage Fund, An Open ended equity scheme To generate income through low volatility absolute return strategies that take advantage of opportunities in the cash and the derivative segments of the equity markets including the arbitrage opportunities available within the derivative segment, by using other derivative based strategies and by investing the balance in debt and money market instruments.

4. Significant Accounting Policies

Accounting policies are in accordance with Securities Exchange Board of India (Mutual Fund) Regulations 1996.

13 Axis Gold Fund, An open ended fund of fund scheme To generate returns that closely correspond to returns generated by Axis Gold ETF.

14 Axis Capital Protection Oriented Fund – Series 4 & 5 The Scheme will endeavor to protect the capital by investing in a portfolio of debt & money market instrumentsA 3 year close ended capital protection oriented fund that are maturing on or before the maturity of the Scheme. The scheme also aims to provide capital appreciation

through exposure in equity & equity related instruments.

15 Axis Constant Maturity 10 Year Fund, an open ended gilt scheme To generate returns similar to that of 10 year government bonds.

16 Axis Income Fund, An open ended debt scheme To generate optimal returns in the medium term while maintaining liquidity of the portfolio by investing in debt and money market instruments.

objective is to generate capital appreciation by investing in equity and equity related instruments.


7

5. Unclaimed Dividends and Redemptions

Summary of no. of investors and corresponding amount as at March 31, 2015:

Name of Scheme Unclaimed Dividends Unclaimed Redemptions

Amount (`) No. of Investors Amount (`) No. of Investors

Axis Focus Fund - - 4,13,818.91 14

Axis Liquid Fund - - 63,323.64 8

Axis Dynamic Bond Fund 3,498.41 3 - -

Axis Equity Fund 20,41,830.46 618 73,90,074.10 405

Axis Gold Fund - - 4,90,931.77 75

Axis Hybrid Fund - Series 1 - - 49,92,902.77 75

Axis Hybrid Fund - Series 2 - - 1,27,94,876.28 119

Axis Income Fund 4,328.65 3 49,285.61 1

Axis Income Saver 4,47,024.14 392 6,85,635.30 39

Axis Mid Cap Fund 4,14,166.76 40 7,91,139.06 30

Axis Short Term Fund 38,747.94 10 15,39,450.45 4

Axis Treasury Advantage Fund 39,898.74 3 3,225.83 16

Axis Triple Advantage Fund 5,24,696.66 218 15,98,556.02 97

Axis Long Term Equity Fund 14,24,831.09 393 3,85,830.31 33

Axis Fixed Term Plan – Series 15 (370 Days) - - 1,43,856.62 1

Axis Fixed Term Plan – Series 17 (12 Months) - - 59,746.45 1

Axis Fixed Term Plan – Series 39 (31 Days) 21,861.77 1 - -

Axis Fixed Term Plan – Series 63 (91 Days) 89.18 1 - -

Axis Constant Maturity 10 Year Fund 32,507.04 2 - -

Axis Fixed Term Plan-Series 16 (370 Days) 2,882.11 1 - -

Note: The amounts of Unclaimed Dividends and Redemptions which are pending for more than 6 months are considered as unclaimed.

6. Redressal of Complaints received against Axis Mutual Funds during 2014-15

Please refer ‘Annexure’ for the details on Redressal of Complaints received against Axis Mutual Fund during the F.Y. 2014-2015.

7. Statutory Information

a. The Sponsor is not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution (to the extent contributed) of ̀ 1,00,000/- for setting up the Fund, and such other accretions / additions to the same.

b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments.

c. Full Annual Report shall be disclosed on the website (www.axismf.com) 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.

ACKNOWLEDGEMENTS

The Trustee company thanks the unitholders of the Schemes for their overwhelming response and also thanks the Government of India, the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the Association of Mutual Funds in India (AMFI) for the guidance provided by them. The Trustee also appreciates the service provided by the Registrar and Transfer Agent, Fund Accountant, Custodian, Bankers, Distributors and Brokers. The guidance and services provided by the auditors and legal advisors and the sincerity and dedication of the employees of Axis AMC is also appreciated.

For Axis Mutual Fund Trustee Limited

sd/-

Bapi Munshi Dr. T. C. NairDirector Director

Place : Mumbai Date : July 3, 2015

TRUSTEE REPORT (Contd.)


8

I A Non receipt of Dividend on Units 0 8 7 0 0 0 0 1 0 0 0I B Interest on delayed payment of Dividend 0 33 0 31 1 1 0 0 0 0 0I C Non receipt of Redemption Proceeds 0 38 34 0 0 0 0 4 0 0 0I D Interest on delayed payment of Redemption 0 42 10 25 6 1 0 0 0 0 0II A Non receipt of Statement of Account/Unit Certificate 0 9 9 0 0 0 0 0 0 0 0II B Discrepancy in Statement of Account 0 1 1 0 0 0 0 0 0 0 0II C Data corrections in Investor details 2 522 524 0 0 0 0 0 0 0 0II D Non receipt of Annual Report/Abridged Summary 0 0 0 0 0 0 0 0 0 0 0III A Wrong switch between Schemes 0 13 13 0 0 0 0 0 0 0 0III B Unauthorized switch between Schemes 0 0 0 0 0 0 0 0 0 0 0III C Deviation from Scheme attributes 0 1 1 0 0 0 0 0 0 0 0III D Wrong or excess charges/load 0 1 1 0 0 0 0 0 0 0 0III E Non updation of changes viz.

address, PAN, bank details, nomination, etc 1 144 137 0 0 0 0 8 0 0 0IV Others* 0 1 1 0 0 0 0 0 0 0 0

TOTAL 3 813 738 56 7 2 0 13 0 0 0Example : Complaint number from I A to III E is 1000 and Others alone is 500 and transmission linked complaints (within others) are 200 then provide Transmission as separate reason (V) along with all other parameters.* If others include a type of complaint which is more than 10% of overall complaint, provide that reason separatly for Axis Mutual Fund Trustee Limited.# including against its authorized persons / distributors / employees, etc.

#Type of ComplaintComplaint Code9-12

months6-9

months3-6

months0-3

months

PendingNon

Actionable*Beyond 180 days

60-180 days

Within30 days

30-60 days

Resolved(b) No. of Complaints

received during the year

Action on (a) and (b)(a) No. of complaints

pending at the beginning of

the year

ANNEXURE - DISCLOSURE OF INVESTOR COMPLAINTS

Total Number of Folios : 1,020,830Redressal of Complaints received against Axis Mutual Fund during 2014-15


9


INDEPENDENT AUDITOR’S REPORT

To the Trustees ofAXIS MUTUAL FUND

Report on the Financial Statements

We have audited the accompanying financial statements of the schemes mentioned below (collectively “the Schemes”), which comprise the balance sheets as at March 31, 2015, the revenue accounts and cash flow statements, where applicable, for the year ended, and a summary of significant accounting policies and other explanatory information.

• Axis Liquid Fund• Axis Treasury Advantage Fund• Axis Banking Debt Fund• Axis Short Term Fund• Axis Income Fund• Axis Dynamic Bond Fund

Management’s Responsibility for the Financial Statements

Management of Axis Asset Management Company Limited, the scheme’s asset manager, is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows, where applicable, of the Schemes in accordance with accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the SEBI Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the balance sheets, of the state of affairs of the respective Schemes as at March 31, 2015;(b) in the case of the revenue accounts, of the surplus for the year ended on that date; and(c) in the case of the cash flow statements, where applicable, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.2. The balance sheets, revenue accounts and cash flow statements, where applicable, dealt with by this report are in agreement with the books of account.3. In our opinion, the balance sheets and revenue accounts dealt with by this report have been prepared in conformity with the accounting policies and

standards specified in the Ninth Schedule to the SEBI Regulations.4. In our opinion, and on the basis of information and explanations given to us, the methods used to value non traded securities as at March 31, 2015 are in

accordance with the SEBI Regulations and other guidelines issued by the Securities and Exchange Board of India, as applicable, and approved by the Board of Trustees, and are fair and reasonable.

For S.R. Batliboi & Co. LLPChartered AccountantsICAI Firm Registration Number: 301003E

per Jayesh GandhiPartnerMembership Number: 37924Place: MumbaiDate: July 3, 2015

10


For S.R. Batliboi & Co. LLP For and on behalf of For and on behalf of

ICAI Firm Registration No. 301003E Axis Mutual Fund Trustee Limited Axis Asset Management Company Limited

Chartered Accountants

per Jayesh Gandhi Kedar Desai T.C. Nair Chandresh Kumar Nigam Ashok Sinha

Partner Director Director Managing Director & CEO Director

Membership No. 37924

R. Sivakumar Devang Shah Kedar Karnik

Head-Fixed Income & Fund Manager Fund Manager-Fixed Income Fund Manager-Fixed Income

Mumbai

Date: 3 July 2015

Axis Liquid Fund Axis Liquid Fund

Axis Treasury

Advantage Fund

Axis Treasury

Advantage Fund

Axis Banking Debt

Fund

Axis Banking Debt

Fund

Axis Short Term

Fund

Axis Short Term

Fund Axis Income Fund Axis Income Fund

Axis Dynamic Bond

Fund

Axis Dynamic Bond

Fund

March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014

Schedule

SOURCES OF FUNDS

Unit capital 2(b) & 3 30,857,138 22,960,995 9,171,237

8,653,862

11,151,149

5,766,088

10,065,804

5,627,277

1,558,886

1,963,549 2,170,512 2,611,139

Reserves and surplus 2(b) & 4 13,735,394 7,212,604 2,202,505

1,442,032

2,269,364

763,660

3,177,224

1,595,787

475,118

279,147 822,210 561,236

Loans 16 11,370,693 7,650,000 - - - - - - - - - -Current liabilities 5 115,857 1,046,148 42,138

74,150

4,827

5,865

443,674

24,445

10,360

218,427 10,394 503,498

56,079,082 38,869,747 11,415,880

10,170,044

13,425,340

6,535,613

13,686,702

7,247,509

2,044,364

2,461,123 3,003,116 3,675,873

APPLICATION OF FUNDS

Investments 2(c), 6 & 22 49,740,248 29,394,447 10,791,661 9,584,007 13,343,826 6,519,327 13,045,466 6,944,785 1,981,941 2,113,194 2,924,012 3,586,318

Deposits 7 6,000,063 9,250,035 480,043 340,036 - - 1,578 20 54 - 3 -

Other current assets 8 338,771 225,265 144,176 246,001 81,514 16,286 639,658 302,704 62,369 347,929 79,101 89,555

56,079,082 38,869,747 11,415,880 10,170,044 13,425,340 6,535,613 13,686,702 7,247,509 2,044,364 2,461,123 3,003,116 3,675,873

The accompanying schedules are an integral part of this balance sheet.

As per our report of even date.

Balance Sheet(All amounts in thousands of Rupees)

11










Mumbai

Date: 3 July 2015


Axis Treasury

Advantage Fund

Axis Treasury

Advantage Fund

Axis Banking

Debt Fund

Axis Banking

Debt Fund

Axis Short Term

Fund

Axis Short Term

Fund

Axis Income

Fund

Axis Income

Fund

Axis Dynamic

Bond Fund

Axis Dynamic

Bond Fund

April 1, 2014 April 1, 2013 April 1, 2014 April 1, 2013 April 1, 2014 April 1, 2013 April 1, 2014 April 1, 2013 April 1, 2014 April 1, 2013 April 1, 2014 April 1, 2013

to to to to to to to to to to to to

March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014

Schedule

INCOME

Interest 2(d) & 9 6,584,555 4,101,357

1,191,155

1,250,046

537,195

297,073

829,035

789,187

142,675 314,402 207,726 421,620

Profit on sale/redemption of investments (including F&O), net 2(d) 7,464

-

4,460

13,889

5,445

654

74,857

-

59,961 - 81,819 -

Profit on inter-scheme transfer/sale of investments, net 2(d) 1,285

-

753

-

1,313

2,016

18,656

-

3,315 - 3,356 -

Load Income -

-

-

-

7

125

3,027

8,314

2,577 13,021 4,140 8,673

Other Income -

-

-

4

-

-

-

-

- - - 3

Net change in marked to market in value of investments 2(c) & 6(ii) 5,130

9,275

(6,127)

17,821

19,491

21,149

58,268

(24,062)

46,901 (38,460) 63,291 (36,764)

Total 6,598,434 4,110,632

1,190,241

1,281,760

563,451

321,017

983,843

773,439

255,429 288,963 360,332 393,532

EXPENSES AND LOSSES

Loss on sale/redemption of investments (including F&O), net 2(d) -

24,443

-

-

-

-

-

61,345

- 90,718 - 212,110

Loss on inter-scheme transfer/sale of investments, net 2(d) - 3,591 - 8,611 - - - 38,361 - 6,192 - 7,338Management fee 10 23,533

24,962

40,049

34,952

10,600

8,440

39,646

34,694

19,967 28,976 35,993 27,769

Trusteeship fee 10 944

642

165

191

76

43

121

127

21 52 30 72

Investor education expense 15,130

9,161

2,630

2,667

1,188

610

1,860

1,750

332 713 486 995

Custodian service charges 7,710

5,918

1,350

1,723

610

463

1,095

1,327

195 541 286 754

Registrar service charges 9,859

6,055

4,323

4,181

1,148

1,440

4,065

4,108

756 1,715 1,092 2,363

Commission to distributors 25,200

13,655

65,299

42,597

4,997

2,924

31,381

53,172

7,061 30,267 6,955 61,033

Audit fee 271

261

237

238

118

228

232

233

115 116 116 171

Marketing expenses 2,296

2,354

167

424

77

294

1,092

206

394 44 34 66

Listing fee 7

-

5

-

-

-

-

-

- - 2 -

Other operating expenses 7,260

6,257

8,732

7,177

1,633

1,258

5,487

4,948

2,705 3,940 4,774 3,920

Less: Expenses reimbursed/to be reimbursed by AMC (12,654) (1,994) (12,918) (4,998) (1,298) (682) (1,022) (2,777) (274) (726) (53) (66)

Total 79,556 95,305 110,039 97,763 19,149 15,018 83,957 197,494 31,272 162,548 49,715 316,525

Surplus for the year 6,518,878 4,015,327 1,080,202 1,183,997 544,302 305,999 899,886 575,945 224,157 126,415 310,617 77,007

Transfer from / (to) unrealised appreciation reserve (5,072) (9,329) 6,127 (16,322) (19,491) (20,826) (47,634) 13,459 (17,169) 8,728 (30,631) 4,105

Equalisation (debit) / credit 2(e) 1,885,128 3,031,790 224,158 (372,305) 1,046,694 402,352 747,528 (100,120) (20,317) (79,979) (32,611) 235,248

Transfer from retained surplus 17,073 10,269 12,222 10,220 12,884 3,462 13,906 11,560 5,093 11,093 5,158 9,434

Income distribution on capital account (1,189,266) (945,739) (405,304) (479,377) (31,160) (48,778) (126,139) (116,996) (11,962) (23,397) (18,759) (37,365)

Income-tax on distributed income (450,368) (318,249) (146,527) (141,639) (13,262) (15,693) (50,804) (32,863) (3,934) (4,365) (6,523) (6,914)

Surplus transferred to retained surplus 4 6,776,373 5,784,069 770,878 184,574 1,539,967 626,516 1,436,743 350,985 175,868 38,495 227,251 281,515

The accompanying schedules are an integral part of this revenue account.


Revenue Account(All amounts in thousands of Rupees)

12


Axis Treasury Advantage

Fund

Axis Treasury Advantage

Fund Axis Short Term Fund Axis Short Term Fund

April 1, 2014

to

March 31, 2015

April 1, 2013

to

March 31, 2014

April 1, 2014

to

March 31, 2015

April 1, 2013

to

March 31, 2014

April 1, 2014

to

March 31, 2015

April 1, 2013

to

March 31, 2014

A. Cashflow from operating activities

Net Surplus for the year 65,18,878 40,15,327 10,80,202 11,83,997 8,99,886 5,75,945

Adjustments for:- Net change in marked to market in value of investments (5,130) (9,275) 6,127 (17,821) (58,268) 24,062

(Increase)/Decrease in investments at cost (2,14,26,938) (1,70,65,522) (12,13,781) (3,59,213) (58,30,662) 10,63,858

(Increase)/Decrease in other current assets (87,512) 29,088 (49,263) 26,231 (60,354) 1,04,338

Increase/(Decrease) in current liabilities 2,213 15,920 118 (7,599) 3,284 (26,817)

(Increase)/Decrease in deposits 24,99,972 (47,00,035) (7) (36) (1,558) (20) Interest expense on borrowing 1,54,663 1,04,863 - - -

Net cash used in operations ( A ) (1,23,43,854) (1,76,09,634) (1,76,604) 8,25,559 (50,47,672) 17,41,366

B Cashflow from financing activities

Increase/(Decrease) in unit capital 79,57,110 1,16,43,899

4,99,077

(14,15,893) 44,43,802 (14,50,331) Increase/(Decrease) in unit premium reserve 16,43,546 24,74,299

2,32,102

(3,65,782) 8,58,494 (63,687)

Proceeds from borrowing 46,08,85,598 13,69,32,878

-

- - - Repayment of borrowing (45,71,64,905) (13,27,02,878) - - Interest paid on borrowing (1,61,674) (99,218)

-

- - -

Adjustments for:- Increase/(Decrease) in redemption payable for units redeemed by investors

(21)

56

(15,464)

(15,064) (10,721) (15,788)

Increase/(Decrease) in dividend payable for units redeemed by investors

-

-

(Increase)/Decrease in subscription receivable for units issued to investors - - (2,490) (2,654) (1,023) (74)

Dividend paid (including tax thereon) (16,38,690) (12,67,386) (5,50,199) (6,22,049) (1,79,118) (1,49,502)

Net cash generated from financing activities ( B ) 1,15,20,964 1,69,81,650 1,63,026 (24,21,442) 51,11,434 (16,79,382)

Net Increase/(Decrease) in cash and cash equivalents (A+B) (8,22,889) (6,27,984) (13,578) (15,95,883) 63,762 61,984

Cash and Cash Equivalents as at the beginning of the year 9,12,584 15,40,568 5,62,453 21,58,336 68,491 6,507

Cash and Cash Equivalents as at the close of the year 89,694 9,12,584 5,48,875 5,62,453 1,32,253 68,491

Component of cash and cash equivalents March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014

Balances with banks in current accounts 89,694 35,148 37,366 57,305 9,878 3,181Deposits with scheduled banks - 7,50,000 4,80,000 3,40,000 - -Collateralised lending - 1,27,436 31,509 1,65,148 1,22,375 65,310Total 89,694 9,12,584 5,48,875 5,62,453 1,32,253 68,491


Cash Flow Statement

(All amounts in thousands of Rupees unless specified otherwise)










Mumbai

Date: 3 July 2015

13


1. BACKGROUND

Scheme Name Type of Scheme NFO Open

NFO Close

Axis Liquid Fund Open ended liquid scheme October 8, 2009to

October 8, 2009

Axis Treasury Advantage Fund Open ended debt scheme October 8, 2009to

October 8, 2009

Axis Banking Debt Fund Open ended debt scheme May 30, 2012to

June 7, 2012

Axis Short Term Fund Open ended debt scheme January 19, 2010to

January 20, 2010

Axis Income Fund Open ended debt scheme March 09, 2012to

March 21, 2012

Axis Dynamic Bond Fund Open ended debt scheme April 6, 2011 to

April 20, 2011

All the above schemes have been collectively referred to as "Schemes".

Presentation of these separate Balance sheets and Revenue accounts in a columnar form is not intended to indicate that they bear any relation to each other, or are interdependent or comparable in any way.

Retail Growth Retail Daily DividendRetail Weekly DividendRetail Monthly DividendGrowthDaily DividendWeekly DividendMonthly DividendBonusDirect Growth Direct Daily Dividend Direct Weekly Dividend Direct Monthly Dividend Direct Bonus

In accordance with the Securities and Exchange Board of India ('SEBI') (Mutual Funds) Regulations, 1996 ('the SEBI Regulations'), the Board of Directors of Axis MutualFund Trustee Limited ('the Trustee') has appointed Axis Asset Management Company Limited ('the AMC') to manage the Fund's affairs and operate its Schemes.

To provide a high level of liquidity withreasonable returns commensurate with low riskthrough a portfolio of money market and debtsecurities.

Schedules to the financial statements for the year ended March 31, 2015

Axis Bank Limited is the sponsor of Axis Mutual Fund ('The Fund').

The key features of the following schemes of Axis Mutual Fund are as below:

OptionsInvestment objective of the Scheme

Axis Bank Limited holds 75% less one equity share of the total issued and paid up equity share capital of Axis Asset Management Company Limited and the balance25% plus one equity share is held by Schroders Investment Management (Singapore) Limited (SIMSL) through its wholly owned subsidiary, Schroders SingaporeHoldings Private Limited (SSHPL), both subsidiaries of Schroders plc.

To generate optimal returns in the medium termwhile maintaining liquidity of the portfolio byinvesting in debt and money market instruments.

Growth Quarterly DividendHalf Yearly DividendBonusDirect Growth Direct Quarterly Dividend Direct Half Yearly Dividend Direct Bonus

* Existing Regular Dividend option has been renamed as "Weekly Dividend option" w.e.f. February 12, 2015.^ New Regular Dividend option has been introduced w.e.f. February 12, 2015.

To generate optimal returns while maintainingliquidity through active management of a portfolio of debt and money market instruments.

Growth Quarterly DividendHalf Yearly DividendBonusDirect Growth Direct Quarterly Dividend Direct Half Yearly Dividend Direct Bonus

To provide optimal returns and liquidity to theinvestors by investing primarily in a mix of moneymarket and short term debt instruments whichresults in a portfolio having marginally highermaturity as compared to a liquid fund at thesame time maintaining a balance between safetyand liquidity.

Retail Growth Retail Daily DividendRetail Weekly DividendRetail Monthly DividendGrowthDaily DividendWeekly DividendMonthly DividendBonusDirect Growth Direct Daily Dividend Direct Weekly Dividend Direct Monthly DividendDirect Bonus

To generate stable returns by investingpredominantly in debt & money marketinstruments issued by Banks

GrowthDaily DividendWeekly DividendMonthly DividendBonusDirect Growth Direct Daily Dividend Direct Weekly Dividend Direct Monthly Dividend Direct Bonus

To generate stable returns with a low riskstrategy while maintaining liquidity through aportfolio comprising of debt and money marketinstruments.

BonusGrowthWeekly Dividend *Monthly DividendRegular Dividend ^Retail GrowthRetail Monthly DividendRetail Weekly Dividend *Direct BonusDirect GrowthDirect Weekly Dividend *Direct Monthly DividendDirect Regular Dividend ^

14


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Determination of net asset value ('NAV')

The net asset value of the units are determined separately for the units issued under the Options.

(b) Unit capital

Unit capital represents the net outstanding units at the balance sheet date, thereby reflecting all transactions relating to the period ended on that date.

(c) Investments

Accounting for investments

Valuation of investments

(d) Revenue recognition

Interest income is recognised on an accrual basis.Profit or loss on sale/redemption of investments is determined on the basis of the weighted average cost method.

(e) Equalisation account

(f) Load

(g) Cash and cash equivalent

(h) Cash Flow StatementsCash Flow Statement has been prepared in accordance with accounting standard 3 'Cash Flow Statements' for applicable schemes.

The financial statements are prepared on the accrual basis of accounting, under the historical cost convention, as modified for investments, which are ‘marked-to-market’. The significant accounting policies, which are in accordance with the SEBI Regulations and have been approved by the Boards of Directors of the AMC and theTrustee, are stated below.

For reporting the net asset value within the portfolio, the Scheme's daily income earned, including realised profit or loss and unrealised gain or loss in the value ofinvestments, and expenses accrued, are allocated to the related options in proportion to their respective daily net assets arrived at by multiplying day-end outstandingunits by previous day's closing NAV.

Transactions for purchase and sale of investments are recorded on trade date.

The cost of investments includes all costs incurred in acquiring the investments and incidental to acquisition of investments e.g. brokerage, transaction costs, CCILcharges and any other charges customarily included in the broker’s note.

Upon issue and redemption of units, the net premium or discount to the face value of units is adjusted against the unit premium reserve of each Option.

Cash and cash equivalents include balances with banks in current accounts, deposits placed with scheduled banks (with an original maturity of up to three months) andcollateralised lending (including reverse repurchase transactions).

All investments are stated at their market / fair value at the balance sheet date.

Units of listed mutual fund schemes, which are traded, are valued at the closing traded price on the respective stock exchange (where the scheme is listed) as on thevaluation date. Units of unlisted mutual fund schemes and units of listed mutual fund schemes which are not traded are valued at the NAV published on AMFI websiteas on the valuation date.

Government securities (including State Development Loans) are valued at the average of the prices released by CRISIL and ICRA, as suggested by AMFI, on the basisof the valuation principles laid down by SEBI.

The balance in equalisation account is transferred to revenue account at the year-end without affecting the net income of the Scheme.

In case of open ended schemes, when units are issued or redeemed, the distributable surplus (excluding unit premium reserve, but including balance of distributablesurplus at the beginning of the year) as on the date of the transaction is determined. Based on the number of units outstanding on the transaction date, the distributablesurplus (excluding unit premium reserve, but including balance of distributable surplus at the beginning of the year) associated with each unit is computed. The per unitamount so determined is credited / debited to the equalisation account on issue / redemption of each unit respectively.

Exit load (net of service tax) collected is recognized as income and credited to the scheme.

Treasury Bills (including cash management bills) with residual maturity greater than 60 days, are valued at the average of the prices released by CRISIL and ICRA, assuggested by AMFI, on the basis of the valuation principles laid down by SEBI. The difference between last traded/valued price and next business day's (T+1)aggregated price received from CRISIL and ICRA is amortised linearly upto the day preceding the next business day.

Treasury bills (including cash management bills) with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done by schemesmanaged by the AMC. If there are no trades done by schemes managed by the AMC for the said security then the securities are valued on the basis of amortized costbased on purchase price or last traded market price, which includes discount / premium accrued on a straight line basis over the period to maturity as long as thevaluation is within a ±0.10% band of the price derived as per the reference yields provided by the Rating Agencies (CRISIL and ICRA). In case the amortized value isoutside the above band, the YTM of the security is adjusted to bring the price within the ±0.10% band.

Investments in fixed income securities (other than government securities) are valued as follows:

Prior to July 01, 2014, Bills Purchased under rediscounting schemes is valued at cost plus amortisation.

All debt securities (including Bills Purchased under rediscounting schemes w.e.f July 01, 2014) with residual maturity upto 60 days, are valued based on yield to maturityderived from trades done by schemes managed by the AMC. If there are no trades done by schemes managed by the AMC for the said security then the securities arevalued on the basis of amortized cost based on purchase price or last traded market price, which includes discount / premium accrued on a straight line basis over theperiod to maturity as long as the valuation is within a ±0.10% band of the price derived as per the reference yields provided by the Rating Agencies (CRISIL and ICRA).In case the amortized value is outside the above band, the YTM of the security is adjusted to bring the price within the ±0.10% band.

All debt securities (including Bills Purchased under rediscounting schemes w.e.f July 01, 2014) with residual maturity greater than 60 days, are valued using the simpleaverage of the prices released by CRISIL and ICRA, as suggested by AMFI. In case of new purchases which are not a part of the list of CRISIL and ICRA security levelpricing, such securities are valued at weighted average cost/yield on the day of purchase.

The net unrealized appreciation / depreciation in the value of investments is determined at portfolio level. The change in net unrealized gain / loss, between two balancesheet dates is recognized in the revenue account and net unrealized gain, if any, is thereafter appropriated to the unrealized appreciation reserve.

Schedules to the financial statements for the year ended March 31, 2015 (Contd.)

15

Schedules to the financial statements for the year ended March 31, 2015 (Contd.)

3. Unit Capital

Quantity Amount Quantity Amount Quantity Amount Quantity Amount Quantity Amount Quantity Amount

(Rs. in 000's) (Rs. in 000's) (Rs. in 000's) (Rs. in 000's) (Rs. in 000's) (Rs. in 000's)

Retail Growth

Outstanding, beginning of year 13,430.791 13,431 32,759.596 32,760 1,00,150.393 1,00,150 2,69,197.205 2,69,197Issued-new fund offer - - - - - - - --during the year - - - - - - - -Redeemed during the year 5,543.897 5,544 19,328.805 19,329 47,457.866 47,458 1,69,046.812 1,69,047Outstanding, end of year 7,886.894 7,887 13,430.791 13,431 52,692.527 52,692 1,00,150.393 1,00,150

Regular Dividend

Outstanding, beginning of yearIssued-new fund offer-during the yearRedeemed during the yearOutstanding, end of year

Retail Daily Dividend

Outstanding, beginning of year 16,029.341 16,029 84,411.433 84,411 1,81,670.828 1,81,671 6,84,280.200 6,84,280Issued-new fund offer - - - - - - - --during the year - - - - - - - -Redeemed during the year 5,314.472 5,314 68,382.092 68,382 74,108.240 74,108 5,02,609.372 5,02,609Outstanding, end of year 10,714.869 10,715 16,029.341 16,029 1,07,562.588 1,07,563 1,81,670.828 1,81,671

Retail Weekly Dividend

Outstanding, beginning of year 1,820.374 1,821 5,935.802 5,936 24,587.106 24,587 1,78,021.367 1,78,021Issued-new fund offer - - - - - - - --during the year - - - - - - - -Redeemed during the year 1,382.377 1,382 4,115.428 4,115 15,217.686 15,218 1,53,434.261 1,53,434Outstanding, end of year 437.997 439 1,820.374 1,821 9,369.420 9,369 24,587.106 24,587

Retail Monthly Dividend

Outstanding, beginning of year 1,054.011 1,055 7,304.564 7,306 11,517.651 11,518 42,744.857 42,745Issued-new fund offer - - - - - - - --during the year - - - - - - -Redeemed during the year 71.921 72 6,250.553 6,251 7,504.618 7,505 31,227.206 31,227Outstanding, end of year 982.090 983 1,054.011 1,055 4,013.033 4,013 11,517.651 11,518

Growth

Outstanding, beginning of year 84,03,558.516 84,03,559 29,73,049.990 29,73,050 26,78,314.196 26,78,314 27,75,439.266 27,75,439 17,05,624.909 17,05,624 5,70,402.493 5,70,402Issued-new fund offer - - - - - - - - - - - --during the year 66,48,81,258.346 66,48,81,258 29,88,30,540.908 29,88,30,541 94,84,896.384 94,84,896 1,27,59,967.270 1,27,59,967 26,15,736.512 26,15,737 26,59,595.216 26,59,595Redeemed during the year 65,63,22,483.746 65,63,22,484 29,34,00,032.382 29,34,00,032 95,24,469.349 95,24,469 1,28,57,092.340 1,28,57,092 11,51,420.126 11,51,420 15,24,372.800 15,24,373Outstanding, end of year 1,69,62,333.116 1,69,62,333 84,03,558.516 84,03,559 26,38,741.231 26,38,741 26,78,314.196 26,78,314 31,69,941.295 31,69,941 17,05,624.909 17,05,624

Daily Dividend

Outstanding, beginning of year 37,05,506.840 37,05,508 41,01,326.538 41,01,327

34,21,575.632

34,21,576

37,69,669.641

37,69,670

3,23,234.228 3,23,235 5,18,450.802 5,18,451Issued-new fund offer - - -

-

-

-

-

-

- - - --during the year 24,91,79,151.827 24,91,79,152 29,68,34,033.509 29,68,34,034

1,37,02,550.077

1,37,02,550

1,71,62,271.004

1,71,62,271

3,68,602.829 3,68,603 4,58,887.590 4,58,888Redeemed during the year 24,98,07,702.741 24,98,07,703 29,72,29,853.207 29,72,29,853

1,44,91,437.687

1,44,91,438

1,75,10,365.013

1,75,10,365

5,81,054.773 5,81,055 6,54,104.164 6,54,104Outstanding, end of year 30,76,955.926 30,76,957 37,05,506.840 37,05,508

26,32,688.022

26,32,688

34,21,575.632

34,21,576

1,10,782.284 1,10,783 3,23,234.228 3,23,235

Weekly Dividend

Outstanding, beginning of year 1,22,445.492 1,22,446 5,780.096

5,780

5,65,799.759

5,65,799

6,63,918.995

6,63,919

3,75,320.115 3,75,320 21,111.241 21,111Issued-new fund offer - - -

-

-

-

-

-

- - - --during the year 4,30,819.248 4,30,819 4,75,231.518 4,75,232

22,90,221.906

22,90,222

18,21,661.439

18,21,661

25,87,955.445 25,87,955 3,92,771.614 3,92,772Redeemed during the year 3,73,089.458 3,73,089 3,58,566.122 3,58,566

21,03,829.438

21,03,829

19,19,780.675

19,19,781

3,72,288.974 3,72,289 38,562.740 38,563Outstanding, end of year 1,80,175.282 1,80,176 1,22,445.492 1,22,446

7,52,192.227

7,52,192

5,65,799.759

5,65,799

25,90,986.586 25,90,986 3,75,320.115 3,75,320

Monthly Dividend

Outstanding, beginning of year 15,541.914 15,542 22,738.353

22,738

1,21,502.899

1,21,503

1,57,225.124

1,57,225

95,523.096 95,523 1,32,242.926 1,32,243Issued-new fund offer - - -

-

-

-

-

-

- - - --during the year 1,29,238.995 1,29,239 1,11,986.837 1,11,987

3,33,370.389

3,33,370

3,96,462.093

3,96,462

28,668.366 28,668 1,01,830.058 1,01,830Redeemed during the year 1,10,704.105 1,10,704 1,19,183.276 1,19,183

3,24,401.645

3,24,402

4,32,184.318

4,32,184

1,09,490.515 1,09,491 1,38,549.888 1,38,550Outstanding, end of year 34,076.804 34,077 15,541.914

15,542

1,30,471.643

1,30,471

1,21,502.899

1,21,503

14,700.947 14,700 95,523.096 95,523

Axis Banking Debt FundMarch 31, 2014

Face Value Rs. 1000 each fully paid upMarch 31, 2014 March 31, 2015

Face Value Rs. 1000 each fully paid up Face Value Rs. 1000 each fully paid up Face Value Rs. 1000 each fully paid up Face Value Rs. 1000 each fully paid up Face Value Rs. 1000 each fully paid up

Axis Liquid Fund ** Axis Liquid Fund ** Axis Treasury Advantage Fund Axis Treasury Advantage Fund Axis Banking Debt FundMarch 31, 2015 March 31, 2014 March 31, 2015


16

3. Unit Capital

Quantity Amount Quantity Amount Quantity Amount Quantity Amount Quantity Amount Quantity Amount

(Rs. in 000's) (Rs. in 000's) (Rs. in 000's) (Rs. in 000's) (Rs. in 000's) (Rs. in 000's)

Axis Banking Debt FundMarch 31, 2014

Face Value Rs. 1000 each fully paid upMarch 31, 2014 March 31, 2015

Face Value Rs. 1000 each fully paid up Face Value Rs. 1000 each fully paid up Face Value Rs. 1000 each fully paid up Face Value Rs. 1000 each fully paid up Face Value Rs. 1000 each fully paid up

Axis Liquid Fund ** Axis Liquid Fund ** Axis Treasury Advantage Fund Axis Treasury Advantage Fund Axis Banking Debt FundMarch 31, 2015 March 31, 2014 March 31, 2015


Half Yearly Dividend


Bonus

Outstanding, beginning of year - - -

-

- -Issued-new fund offer-during the year - - -

-

-

-

-

-

3.921 4 - -Redeemed during the year - -

-

-

- - -Outstanding, end of year - - -

-

-

-

-

-

3.921 4 - -

Direct Growth

Outstanding, beginning of year 86,84,775.545 86,84,776 36,17,694.933 36,17,695

5,23,553.286

5,23,553

10,56,036.829

10,56,037

26,60,779.912 26,60,779 12,41,153.138 12,41,153Issued-new fund offer - - -

-

-

-

-

-

- - - --during the year 1,35,91,27,482.031 1,35,91,27,482 1,00,00,71,826.949 1,00,00,71,827

51,15,396.578

51,15,397

74,77,597.285

74,77,597

59,39,056.260 59,39,056 25,94,180.339 25,94,180Redeemed during the year 1,35,97,91,334.868 1,35,97,91,335 99,50,04,746.337 99,50,04,746

44,00,518.664

44,00,519

80,10,080.828

80,10,081

37,90,489.679 37,90,490 11,74,553.565 11,74,554Outstanding, end of year 80,20,922.708 80,20,923 86,84,775.545 86,84,776

12,38,431.200

12,38,431

5,23,553.286

5,23,553

48,09,346.493 48,09,345 26,60,779.912 26,60,779

Direct Regular Dividend


Direct Daily Dividend

Outstanding, beginning of year 19,88,457.162 19,88,456 4,84,888.417 4,84,888 9,85,853.948 9,85,855 4,50,818.235 4,50,819 5,04,034.276 5,04,034 7,14,220.305 7,14,220Issued-new fund offer - - - - - - - - - - - --during the year 28,64,81,436.999 28,64,81,437 33,21,63,750.393 33,21,63,750 64,67,854.902 64,67,855 80,16,354.798 80,16,355 10,78,028.458 10,78,028 12,32,395.361 12,32,395Redeemed during the year 28,59,14,080.208 28,59,14,080 33,06,60,181.648 33,06,60,182 58,87,955.464 58,87,955 74,81,319.085 74,81,319 12,77,312.985 12,77,313 14,42,581.390 14,42

annual report - 2014-2015 · scheme performance, future outlook and operations of the schemes ......

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