Axis MF · TRUSTEE REPORT REPORT FROM AXIS MUTUAL FUND TRUSTEE LIMITED TO THE UNIT HOLDERS OF THE...

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 Fifth report on the schemes of Axis Mutual Fund for the period ended March 31, 2014 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, 2014 were Rs. 14,746.75 crores and the average assets under management during the said period was Rs. 17,283.33 crores. The total number of investors under the schemes of Axis Mutual Fund as at March 31, 2014 were 5,77,082.

As of March 31, 2014, Axis Asset Management Company Limited managed 48 schemes of Axis Mutual Fund which includes:

• 1 open ended liquid scheme; • 5 open ended debt schemes;

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

• 1 open ended growth scheme; • 2 open ended equity schemes;

• 1 open ended hybrid scheme; • 1 open ended Gold Exchange Traded Fund;

• 1 open ended fund of fund scheme; • 1 open ended gilt scheme.

• 18 close ended debt schemes; • 5 three year close ended capital protection oriented funds;

• 5 42 months close ended debt schemes • 3 three year close ended income schemes;

• 1 Debt Oriented Interval Scheme • 1 Five year Close ended Equity Scheme with automatic conversion into an open ended equity scheme on completion of 5 years

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, 2014 are as follows:

Returns to Investors^

Returns since inception 1 year return 3 years return

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

Axis Liquid Fund – Growth October 9, 2009 3017.36 1,421.0290 8.17 7.56 9.32 9.46 9.34 8.71

Benchmark: Crisil Liquid Fund Index

Axis Liquid Fund - Retail Plan - Growth March 1, 2010 1,378.0301 8.17 7.56 8.77 9.46 8.87 8.71

Benchmark: Crisil Liquid Fund Index

Axis Liquid Fund - Direct Plan - Growth

Benchmark: Crisil Liquid Fund Index January 1, 2013 1,422.2395 9.30 7.56 9.39 9.46 NA 8.71

Axis Treasury Advantage Fund - Growth

Benchmark: Crisil Liquid Fund Index October 9, 2009 1009.59 1,429.9920 8.32 7.56 9.68 9.46 9.50 8.71

Axis Treasury Advantage Fund - Direct Plan - Growth

Benchmark: Crisil Liquid Fund Index January 1, 2013 1,435.4524 9.81 7.56 10.04 9.46 NA 8.71

Axis Treasury Advantage Fund - Retail Plan - Growth

Benchmark: Crisil Liquid Fund Index March 3, 2010 1,370.4203 8.03 7.56 8.73 9.46 8.70 8.71

Axis Long Term Equity Fund - Direct Plan - Growth

Benchmark: S&P BSE 200 January 1, 2013 1183.5 19.4440 23.64 5.05 36.76 17.19 NA NA

Axis Long Term Equity Fund - Growth

Benchmark: S&P BSE 200 December 29, 2009 19.1712 16.53 5.05 35.40 17.19 15.54 4.07

Axis Equity Fund - Direct Plan - Growth Option

Benchmark: CNX Nifty January 1, 2013 720.97 14.70 16.26 5.81 21.00 17.98 NA 4.74

Axis Equity Fund - Growth

Benchmark: CNX Nifty January 5, 2010 14.52 9.20 5.81 19.80 17.98 NA 4.74

Axis Short Term Fund – Direct Plan - Growth Option

Benchmark: Crisil Short Term Bond Fund Index January 1, 2013 722.31 13.8855 8.65 7.66 8.51 8.78 NA 8.72

Axis Short Term Fund – Growth

Benchmark: Crisil Short Term Bond Fund Index January 22, 2010 13.7433 7.89 7.66 7.61 8.78 8.91 8.72

Axis Short Term Fund - Retail Plan - Growth

Benchmark: Crisil Short Term Bond Fund Index March 2, 2010 13.5836 7.79 7.66 7.62 8.78 8.66 8.72

Axis Income Saver - Direct Plan - Growth

Benchmark: Crisil MIP Blended Fund Index January 1, 2013 269.01 12.9746 7.88 6.71 10.22 6.43 NA NA

Axis Income Saver - Growth

Benchmark: Crisil MIP Blended Fund Index July 16, 2010 12.7901 6.85 6.71 9.16 6.43 7.24 6.91

Axis Dynamic Bond Fund - Direct Plan - Growth Option

Benchmark: CRISIL Composite Bond Fund Index January 1, 2013 317.24 12.6789 6.92 7.14 5.88 4.32 NA NA

Axis Dynamic Bond Fund - Growth Option

Benchmark: CRISIL Composite Bond Fund Index April 27, 2011 12.4876 7.88 7.14 4.57 4.32 NA NA

Axis Triple Advantage Fund – Direct Plan - Growth

Benchmark: 35% of CNX Nifty + 35% of Crisil January 1, 2013 646.9 13.2311 3.05 7.73 6.73 5.02 NA NAComposite Bond Fund Index + 30% of INR price of gold

Axis Triple Advantage Fund- Growth

Benchmark: 35% of CNX Nifty + 35% of Crisil Composite Bond Fund Index + 30% of INR August 23, 2010 13.0560 7.66 7.73 5.92 5.02 8.05 6.99price of gold

Axis Gold ETF

Benchmark: Domestic Price of Gold November 10, 2010 345.74 2,659.3588 8.34 6.80 -7.90 -10.77 8.65 6.76

Annual Report - 2013-2014

TRUSTEE REPORT (Contd.)Axis Midcap Fund – Direct Plan - Growth

Benchmark: S&P BSE Midcap January 1, 2013 279.88 15.48 10.04 1.99 26.08 15.32 NA NA

Axis Midcap Fund - Growth

Benchmark: S&P BSE Midcap February 18, 2011 15.26 14.53 1.99 24.98 15.32 14.21 1.00

Axis Hybrid Fund – Series 1 - Growth

Benchmark: Crisil MIP Blended Index August 18, 2011 171.26 12.8400 9.47 8.10 10.71 6.43 NA NA


Benchmark: Crisil MIP Blended Index September 7, 2011 279.88 12.8676 10.01 7.90 12.62 6.43 NA NA


Benchmark: Crisil MIP Blended Index October 7, 2011 100.55 13.0714 10.80 NA 10.62 NA NA NA

Axis Gold Fund – Direct Plan - Growth

Benchmark: Domestic Price of Gold January 1, 2013 122.94 10.6271 -5.92 -1.64 -3.97 -10.77 NA NA

Axis Gold Fund - Growth

Benchmark: Domestic Price of Gold October 20, 2011 10.4585 1.80 -1.64 -5.19 -10.77 NA NA

Axis Capital Protection Oriented Fund – Series 1 - Growth

Benchmark: Crisil MIP Blended Index November 28, 2011 247.79 13.3116 13.11 8.53 14.26 6.43 NA NA

Axis Capital Protection Oriented Fund – Series 2 – Growth

Benchmark: Crisil MIP Blended Index December 12, 2011 186.83 12.7717 11.21 8.44 14.48 6.43 NA NA


Benchmark: Crisil MIP Blended Index December 29, 2011 302.71 13.0207 13.19 8.70 17.56 6.43 NA NA


Benchmark: Crisil MIP Blended Index February 7, 2012 175.41 11.9573 9.28 7.51 16.01 6.43 NA NA


Benchmark: Crisil MIP Blended Index November 2, 2012 293.04 11.3452 11.06 6.79 10.31 6.43 NA NA

Axis Constant Maturity 10 Year Fund – Direct Plan - Growth Option

Benchmark: Crisil 10-year Gilt Index January 1, 2013 29.69 10.8913 1.51 4.04 0.22 -1.01 NA NA

Axis Constant Maturity 10 Year Fund - Growth Option

Benchmark: Crisil 10-year Gilt Index January 23, 2012 10.8186 3.66 4.04 -0.23 -1.01 NA NA

Axis Income Fund – Direct Plan - Growth

Benchmark: Crisil Composite Bond Fund Index January 1, 2013 224.27 11.7073 6.20 6.78 5.66 4.32 NA NA

Axis Income Fund - Growth

Benchmark: Crisil Composite Bond Fund Index March 28, 2012 11.5903 7.63 6.78 4.85 4.32 NA NA

Axis Banking Debt Fund – Direct Plan – Growth

Benchmark: CRISIL Short term Bond Fund Index January 1, 2013 652.97 1,173.9752 9.16 8.87 9.57 8.78 NA NA

Axis Banking Debt Fund - Growth

Benchmark: CRISIL Short term Bond Fund Index June 08, 2012 1,171.3314 9.13 8.87 9.37 8.78 NA NA

Axis Focused 25 Fund – Direct Plan - Growth

Primary Benchmark: CNX Nifty

Additional benchmark : S&P BSE 200 January 1, 2013 111.98 12.81 7.72 13.78 13.29 17.19 NA NA

Axis Focused 25 Fund - Growth

Primary Benchmark: CNX Nifty

Additional benchmark : S&P BSE 200 June 29, 2012 12.64 14.30 14.6 12.06 17.98 NA NA

Axis Fixed Term Plan – Series 34 (392 Days) – Direct Plan Growth

Benchmark: Crisil Short-Term Bond Fund Index March 13, 2013 131.01 10.9689 9.18 8.87 9.20 8.78 NA NA

Axis Fixed Term Plan - Series 34 (392 Days) - Growth

Benchmark: Crisil Short-Term Bond Fund Index March 13, 2013 10.9629 9.14 8.87 9.14 8.78 NA NA


Benchmark: Crisil MIP Blended Fund Index July 25, 2013 305.79 10.7669 10.84 6.24 NA NA NA NA

Axis Hybrid Fund – Series 5 – Direct Plan - Growth

Benchmark: Crisil MIP Blended Fund Index July 25, 2013 10.8399 11.59 6.24 NA NA NA NA


Benchmark: Crisil MIP Blended Fund Index August 16, 2013 273.86 11.2018 12.53 9.49 NA NA NA NA


Benchmark: Crisil MIP Blended Fund Index August 16, 2013 11.2745 13.25 9.49 NA NA NA NA


Benchmark: Crisil MIP Blended Fund Index September 5, 2013 263.39 11.0870 11.48 6.82 NA NA NA NA


Benchmark: Crisil MIP Blended Fund Index September 5, 2013 11.1578 12.18 6.82 NA NA NA NA


Axis Small Cap Fund – growth

Benchmark: CNX Small-cap Index November 29, 2013 186.09 11.33 13.30 15.99 NA NA NA NA

Axis Small Cap Fund – Direct growth

Benchmark: CNX Small-cap Index November 29, 2013 11.38 13.70 15.99 NA NA NA NA

Axis Yearly Interval Fund - Series 1 (367 Days) - Growth

Benchmark: Crisil Short Term Bond Fund Index February 17, 2014 22.38 10.1543 1.48 1.38 NA NA NA NA

Axis Yearly Interval Fund - Series 1 (367 Days) – Direct Growth

Benchmark: Crisil Short Term Bond Fund Index February 17, 2014 10.1603 1.53 1.38 NA NA NA NA

Axis Hybrid Fund – Series 8 – Growth

Benchmark: Crisil Mip Blended Fund Index January 24, 2014 330.19 10.3049 3.00 2.18 NA NA NA NA

Axis Hybrid Fund – Series 8 – Direct Plan – Growth

Benchmark: Crisil Mip Blended Fund Index January 24, 2014 10.3260 3.20 2.18 NA NA NA NA

Axis Hybrid Fund – Series 9 – Growth

Benchmark: Crisil Mip Blended Fund Index February 13, 2014 289.53 10.2973 2.92 3.20 NA NA NA NA

Axis Hybrid Fund – Series 9 – Direct Plan – Growth

Benchmark: Crisil Mip Blended Fund Index February 13, 2014 10.3104 3.05 3.20 NA NA NA NA

Axis Fixed Term Plan - Series 41 (546 Days) – Growth

Benchmark: Crisil Short-Term Bond Fund Index October 9, 2013 51.84 10.4535 4.46 4.24 NA NA NA NA

Axis Fixed Term Plan - Series 41 (546 Days) – Direct Growth

Benchmark: Crisil Short-Term Bond Fund Index October 9, 2013 10.4635 4.56 4.24 NA NA NA NA

Axis Fixed Term Plan - Series 42 (552 Days) -Growth

Benchmark: Crisil Short-Term Bond Fund Index October 30, 2013 33.64 10.3645 3.57 3.79 NA NA NA NA


Benchmark: Crisil Short-Term Bond Fund Index October 30, 2013 10.3818 3.74 3.79 NA NA NA NA


Benchmark: Crisil Short-Term Bond Fund Index December 10, 2013 54.56 10.2816 2.74 3.00 NA NA NA NA


Benchmark: Crisil Short-Term Bond Fund Index December 10, 2013 10.2943 2.87 3.00 NA NA NA NA


Benchmark: Crisil Short-Term Bond Fund Index January 15, 2014 144.18 10.2008 1.94 1.97 NA NA NA NA


Benchmark: Crisil Short-Term Bond Fund Index January 15, 2014 10.2103 2.03 1.97 NA NA NA NA

Axis Fixed Term Plan - Series 48 (3 Years) – Growth

Benchmark: Crisil Short-Term Bond Fund Index January 17, 2014 26.83 10.1980 1.91 1.90 NA NA NA NA

Axis Fixed Term Plan - Series 48 (3 Years) - Direct Growth

Benchmark: Crisil Short-Term Bond Fund Index January 17, 2014 10.2073 2.00 1.90 NA NA NA NA

Axis Fixed Term Plan - Series 49 (437) Days – Growth

Benchmark: Crisil Short-Term Bond Fund Index February 3, 2014 195.85 10.1692 1.62 1.67 NA NA NA NA

Axis Fixed Term Plan - Series 49 (437) Days – Direct Growth

Benchmark: Crisil Short-Term Bond Fund Index February 3, 2014 10.1779 1.71 1.67 NA NA NA NA

Axis Fixed Term Plan - Series 50 (3 Months) – Growth

Benchmark: Crisil Liquid Fund Index January 30, 2014 20.96 10.1541 1.46 1.77 NA NA NA NA

Axis Fixed Term Plan - Series 50 (3 Months) – Direct Growth

Benchmark: Crisil Liquid Fund Index January 30, 2014 10.1575 1.49 1.77 NA NA NA NA




Benchmark: Crisil Short-Term Bond Fund Index February 13, 2014 10.1423 1.35 1.48 NA NA NA NA


Benchmark: Crisil Composite Bond Fund Index February 12, 2014 27.22 10.1134 1.06 1.46 NA NA NA NA


Benchmark: Crisil Composite Bond Fund Index February 12, 2014 10.1201 1.12 1.46 NA NA NA NA

TRUSTEE REPORT (Contd.)


TRUSTEE REPORT (Contd.)Axis Fixed Term Plan - Series 55 (399 Days) - Growth



Benchmark : Crisil Short-Term Bond Fund Index February 28, 2014 10.1322 1.25 1.11 NA NA NA NA


Benchmark: Crisil Short-Term Bond Fund Index March 5, 2014 62.27 10.1316 1.25 0.97 NA NA NA NA


Benchmark: Crisil Short-Term Bond Fund Index March 5, 2014 10.1354 1.28 0.97 NA NA NA NA














Benchmark: Crisil Composite Bond Fund Index. March 20, 2014 21.22 10.0218 0.15 0.49 NA NA NA NA


Benchmark: Crisil Composite Bond Fund Index. March 20, 2014 10.0234 0.16 0.49 NA NA NA NA






Benchmark: Crisil Liquid Fund Index March 21, 2014 20.53 10.0402 0.33 0.28 NA NA NA NA


Benchmark: Crisil Liquid Fund Index March 21, 2014 10.0404 0.33 0.28 NA NA NA NA

^ 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 : The Direct Plan of the scheme has marginally underperformed its benchmark during the year. During FY14, the Reserve Bank intervened in the money markets to protect against a depreciating currency and rising inflation. In this RBI increased policy rates and tightened liquidity. As a result, the scheme maintained a very low maturity profile to reduce risk leading to lower yield on its investments. The performance of the other plans of the scheme are different to the extent of difference in their total expense ratio.

Axis Treasury Advantage Fund : The Direct Plan of the scheme outperformed its benchmark during the year. During the year in review, RBI intervened in the money market to hike rates and tighten liquidity to fight currency depreciation. The scheme was able to take advantage of volatile liquidity conditions during this period. The performance of the other plans of the scheme are different to the extent of difference in their total expense ratio.

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 were volatile during the first half of last financial year due to concerns on the currency and external front but ended the year with strong returns as the macro economic situation stablilized and with the expectation of a cyclical recovery taking shape. 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 were volatile during the first half of last financial year due to concerns on the currency and external front but ended the year with strong returns as the macro economic situation stablilized and with the expectation of a cyclical recovery taking shape. 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.


TRUSTEE REPORT (Contd.)Axis Short Term Fund : The Direct Plan of the scheme underperformed its benchmark during the year. Short term rates rose during the year in review due to a series of rate hikes by the Reserve Bank to fight currency depreciation. Short term yields were particularly affected by the tightening measures leading to underperformance. The performance of the other plans of the scheme are different to the extent of difference in their total expense ratio.

Axis Income Saver : The Direct Plan of the scheme outperformed its benchmark during the year in review. The scheme has maintained a higher allocation to equities during this period relative to benchmark consequent to the asset allocation model followed by the scheme. As equities performed well, the scheme was able to outperform its benchmark. The performance of the other plans of the scheme are different to the extent of difference in their total expense ratio.

Axis Triple Advantage Fund : The Direct Plan of the scheme outperformed its benchmark during the year. The scheme invests in three asset classes viz. equity, debt and gold. Each asset class displayed volatility during the year and the scheme’s discipline in asset allocation allowed it to navigate the risk well. Each of the components of the scheme outperformed its respective underlying benchmark. The performance of the other plans of the scheme are different to the extent of difference in their total expense ratio.

Axis Gold ETF : The scheme invests passively in gold and its returns were in line with the movement of gold in the domestic market. As it is a passively managed scheme, comparison with benchmark is not appropriate in this case.

Axis Midcap Fund : Axis Midcap fund outperformed the benchmark both since inception and the last financial year respectively. The equity markets were volatile during the first half of last financial year due to concerns on the currency and external front but ended the year with strong returns as the macro economic situation stablilized and with the expectation of a cyclical recovery taking shape. Mid cap stocks participated in the recovery and ended the year strongly. 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 : The Direct Plan of the scheme outperformed its benchmark during the year. The year saw large volatility in bond markets thanks to a series of steps taken by the RBI to defend the currency from depreciation. The scheme was able to take advantage of the market volatility by actively managing the duration profile leading to outperformance. The performance of the other plans of the scheme are different to the extent of difference in their total expense ratio.

Axis Fixed Term Plan – Series 34 (392 days), Series 41 to 43, 47 to 50, 52, 53, 55 TO 57, 59, 60 to 63 : 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 1 to 3, 5 to 9 : 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 invests passively in Axis Gold ETF and its returns were in line with the movement of the underlying scheme. As it is a passively managed scheme, comparison with benchmark is not appropriate in this case.

Axis Capital Protection Oriented Fund – Series 1 to 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 in line with the performance of the 10-year government bond. As such it is largely passive in its maturity stance. The scheme has been able to deliver on its objective and the returns have been in line with the benchmark.

Axis Income Fund : The Direct Plan of the scheme outperformed its benchmark during the year. The year saw large volatility in bond markets thanks to a series of steps taken by the RBI to defend the currency from depreciation. The scheme was able to take advantage of the market volatility by actively managing the duration profile leading to outperformance. The performance of the other plans of the scheme are different to the extent of difference in their total expense ratio.

Axis Banking Debt Fund : The Direct Plan of the scheme outperformed its benchmark during the year. During the year in review, RBI intervened in the money market to hike rates and tighten liquidity to fight currency depreciation. The scheme was able to take advantage of volatile liquidity conditions during this period. The performance of the other plans of the scheme are different to the extent of difference in their total expense ratio.

Axis Focused 25 Fund : Axis Focused 25 Fund performance has been affected by the ongoing market volatility in the period since its inception (June 2012). The equity markets were volatile during the first half of last financial year due to concerns on the currency and external front but ended the year with strong returns as the macro economic situation stablilized and with the expectation of a cyclical recovery taking shape. 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. Risk assessment both systemic and non-systemic are, monitored actively as investments are more concentrated. The fund focuses on a bottom up basis to invest in sector leaders with less volatility and higher predictability vis-à-vis peers

Axis Small Cap Fund : Axis Smallcap fund was launched in the second half of the financial year. The equity markets were volatile during the first half of last financial year due to concerns on the currency and external front but ended the year with strong returns as the macro economic situation stablilized and with the expectation of a cyclical recovery taking shape. Small cap stocks participated in the recovery and ended the year strongly and the fund manager was looking at taking advantages of the opportunities from the cyclical recovery while building the portfolio. 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 Yearly Interval Fund – Series 1 : The assets of the scheme was invested in line with its investment objectives. The scheme is passively managed and performance comparison with benchmark is not appropriate in this cases.

B. Operations of the Schemes

Axis AMC maintained its strong growth path and achieved a new peak AUM this year. Axis AMC continued to focus on facilitating the introduction of retail investors through a combination of risk managed products and easy to use services. This has resulted in the growth of our investor base to 572,192. A key feature of this growth was that we managed to add over 62,000 investors in our retail oriented Hybrid and Capital Protection series funds. KYC formalities were completed for over 53,000 new investors. On the service front major enhancements were introduced. These included the following:

1. Introduction of iSIP wherein investors could register their Systematic Investment Plan (SIP) investments through our website www.axismf.com

2. Online Systematic Withdrawal Plan (SWP) and Systematic Transfer Plan (STP) thus enabling investor to redeem and transfer from existing schemes at a pre- defined amount into another scheme

3. Quick Invest wherein investors can transact without login ID and Password

4. Auto SMS on complaint capture and resolution, reference number generation were made to our complaint management software thus ensuring greater transparency and faster turnaround times.

We further upgraded our Easy Call infrastructure to service the increasing number of retail investors. We continue to invest in our branch infrastructure with 5 more dedicated branches getting added this year. We maintain our presence in over 78 cities.

C. Future Outlook

Equity Market Outlook : The government has continued to take policy actions towards resolving structural problems facing the economy. The heartening aspect of recent decisions has been that the government has maintained the discipline on certain politically unpopular decisions despite the impending general elections.

Equity outlook : For the first time we have seen an election fought and won on the promise of growth and development. By giving a decisive mandate, India will finally see a stable government which can initiate economic and structural reforms. With correct policies, we believe that India can regain and indeed have a healthy growth rate over the next 3-4 years.

Further, after the challenges of the last 2-3 years, the macro has started to stabilize and the economy looks on the cusp of a cyclical upturn. We have a credible RBI promising to curb inflation, sharply improved external accounts and a stable currency. Corporate profit share of the GDP have fallen sharply during the slowdown. The economic revival may allow corporate sector profits to grow and may create the space for a new bull market in equities. These developments are reflected in the sharply improved sentiment in the equity market following the election results.

Debt Market Outlook : Bond yields have reduced across the yield curve as sentiment has turned positive in 2014. In the short end, liquidity is supported by government spending and RBI intervention in the forex market. After the volatility in the currency last year, we are faced with a reverse situation in the current year, where RBI has been forced to prevent undue appreciation in the Rupee due to the strong FII inflows.

Markets are looking at the new government to lay out a credible medium term roadmap for fiscal consolidation. Further the government is also expected to take supply side steps to bring down inflation over time. RBI after a number of rate hikes last year, is expected to remain on hold for a period of time. In fact, we expect CPI inflation to decline over the next few months, giving RBI elbow room to cut policy rates in about 6-12 months.

The key risks to the market include a potential weak monsoon and continued high CPI inflation. However the risks are manageable and on balance we expect yields to come off in the medium term.


TRUSTEE REPORT (Contd.)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 Rs. 1,00,000/-(Rs. 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 2,402 domestic branches (including extension counters) and 12,922 ATMs spread across 1,636 cities and towns as at 31st March 2014.

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 operations were USD 7.2 billion as on 31st March 2014.

The Bank is well capitalised and the Capital Adequacy Ratio (CAR) as on 31st March 2014 under Basel II was 16.97% and under Basel III was 16.07%, and is thus well positioned for future growth.

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.

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 SCHEMESSr. 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 savings scheme with a lock-in period of 3 years equity-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 34 (392 days), To generate returns through a portfolio of debt & money market instruments that are maturing on or before the Axis Fixed Term Plan, Series 41 to 43, 47,48 ,49 ,50, 52, 53, maturity of the respective plan(s). 55, 56, 57,59, 60 to 63 Close ended debt scheme

12 Axis Hybrid Fund – Series 1 to 3, 5, 6 ,7 ,8 ,9 The primary objective is to generate income by investing in high quality fixed income securities whilst the secondaryA 3 year close ended income scheme objective is to generate capital appreciation by investing in equity and equity related instruments.

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 1 to 5, The Scheme will endeavor to protect the capital by investing in a portfolio of debt & money market instruments

A 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.


TRUSTEE REPORT (Contd.)15 Axis Constant Maturity 10 Year Fund, To generate returns similar to that of 10 year government bonds.

an open ended gilt scheme16 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.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 Yearly Interval Fund – Series 1, To generate income by investing in high quality fixed income instruments maturing on or before the next specified

Debt Oriented Interval Scheme transaction period.20 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

4. Significant Accounting Policies

Change in VAT accounting policy under Axis Gold ETF - W.e.f. November 01, 2013, VAT paid at the time of purchase is included in the cost of gold and the liability arising at the time of sale of gold (i.e. VAT payable) is accounted as payable.

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

5. Unclaimed Dividends and Redemptions

Summary of no. of investors and corresponding amount as at March 31, 2014:

Name of Scheme Unclaimed Dividends Unclaimed Redemptions

Amount (Rs.) No. of Investors Amount (Rs.) No. of Investors

Axis Constant Maturity 10 Year Fund 29,807.10 2 - -

Axis Equity Fund 7,48,981.30 258 40,81,077.97 235

Axis Fixed Term Plan - Series 15 (370 Days) - - 1,31,920.18 1

Axis Fixed Term Plan-Series 16 (370 Days) 2,642.73 1 - -

Axis Fixed Term Plan - Series 17 (12 months) - - 54,789.00 1

Axis Income Saver 3,55,122.30 301 4,64,494.86 32

Axis Short Term Fund 10,380.23 6 10,000.00 1

Axis Treasury Advantage Fund 35,594.02 2 43.40 12

Axis Triple Advantage Fund 2,92,169.34 124 8,47,541.30 60

Axis Long Term Equity Fund 3,83,034.63 197 1,22,353.55 8

Axis Focused 25 Fund - - 1,00,000.93 6

Axis Liquid Fund - - 39,825.40 6

Axis Gold Fund - - 1,92,067.59 33

Axis Mid Cap Fund - - 2,67,206.14 18

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

TOTAL 18,79,593.42 892 63,11,320.32 413

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 2013-14

Please refer ‘Annexure’ for the details on Redressal of Complaints received against Axis Mutual Fund during the F.Y. 2013-2014.

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 Rs. 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 4, 2014


I A Non receipt of Dividend on Units 0 7 7 0 0 0 0 0 0 0 0I B Interest on delayed payment of Dividend 0 2 0 0 1 1 0 0 0 0 0I C Non receipt of Redemption Proceeds 0 35 35 0 0 0 0 0 0 0 0I D Interest on delayed payment of Redemption 0 7 6 1 0 0 0 0 0 0 0II A Non receipt of Statement of Account/Unit Certificate 0 5 5 0 0 0 0 0 0 0 0II B Discrepancy in Statement of Account 0 0 0 0 0 0 0 0 0 0 0II C Data corrections in Investor details 0 349 347 0 0 0 0 2 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 0 0 0 0 0 0 0 0 0 0III B Unauthorized switch between Schemes 0 0 0 0 0 0 0 0 0 0 0III C Deviation from Scheme attributes 0 0 0 0 0 0 0 0 0 0 0III D Wrong or excess charges/load 0 0 0 0 0 0 0 0 0 0 0III E Non updation of changes viz. address, PAN,

bank details,nomination,etc 0 450 449 0 0 0 0 1 0 0 0IV Others 0 0 0 0 0 0 0 0 0 0 0

TOTAL 0 855 849 1 1 1 0 3 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.

#Type of ComplaintComplaint Code

9-12 months

6-9 months

3-6 months

0-3 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 : 577082Redressal of Complaints received against Axis Mutual Fund during 2013-14


INDEPENDENT AUDITOR’S REPORT To the Trustees of AXIS 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 31 March 2014, 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 sheet, of the state of affairs of the Schemes as at 31 March 2014; (b) in the case of the revenue account,of the surplus for the year ended on that date; and (c) in the case of the cash flow statement, 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 sheet and revenue account dealt with by this report are in agreement with the books of account. 3. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformity with the accounting policies and

standards specified in the Ninth Schedule to the SEBI Regulations. 4. In our opinion, and on the basis of information and explanations given to us, the methods used to value non traded securities as at 31 March 2014

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. LLP Chartered Accountants ICAI Firm Registration Number: 301003E perJayesh Gandhi Partner Membership Number: 37924 Place: Mumbai Date:4 July 2014

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, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013

Schedule

SOURCES OF FUNDS

Unit capital 2(b) & 3 22,960,995 11,336,377

8,653,862

10,086,943

5,766,088

3,197,789

5,627,277

7,078,658

1,963,549

3,325,581 2,611,139 2,258,877Reserves and surplus 2(b) & 4 7,212,604 1,986,966

1,442,032

1,244,833

763,660

131,480

1,595,787

1,233,388

279,147

262,774 561,236 247,769Loans 16 7,650,000 3,420,000

-

-

-

-

-

-

-

- - -Current liabilities 5 1,046,148 21,261

74,150

80,658

5,865

10,314

24,445

65,643

218,427

68,900 503,498 44,09938,869,747 16,764,604

10,170,044

11,412,434

6,535,613

3,339,583

7,247,509

8,377,689

2,461,123

3,657,255 3,675,873 2,550,745

APPLICATION OF FUNDS

Investments 2(c), 6 & 22 29,394,447 11,332,267

9,584,007

9,206,973

6,519,327

3,271,443

6,944,785

8,032,705

2,113,194

3,540,535 3,586,318 2,452,655Deposits 7 9,250,035 5,150,000

340,036

1,800,000

-

-

20

-

-

- - -Other current assets 8 225,265 282,337

246,001

405,461

16,286

68,140

302,704

344,984

347,929

116,720 89,555 98,090

38,869,747 16,764,604 10,170,044 11,412,434 6,535,613 3,339,583 7,247,509 8,377,689 2,461,123 3,657,255 3,675,873 2,550,745

The accompanying schedules are an integral part of this balance sheet.As per our report of even date.

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 Chandresh Kumar Nigam

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

MumbaiDate:

Axis Mutual Fund

Balance Sheet(All amounts in thousands of Rupees)


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

April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 June 12, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 to to to to to to to to to to to to

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013Schedule

INCOME

Interest 2(d) & 9 4,101,357 3,666,859 1,250,046 1,269,267 297,073 91,785 789,187 478,899 314,402 182,595 421,620 96,202Profit on sale/redemption of investments (including F&O), net 2(d) - 24,953 13,889 27,412 654 1,176 - 17,291 - 29,945 - 21,392

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

354

-

1,162

2,016

-

-

5,098

-

1,092 - 136

Load Income -

-

-

-

125

240

8,314

3,578

13,021

6,864 8,673 2,481

Other Income -

-

4

-

-

15

-

2

-

1 3 -Net change in marked to market in value of investments 2(c) & 6(ii) 9,275

(424)

17,821

32

21,149

942

(24,062)

22,244

(38,460)

10,861 (36,764) 5,966

Total 4,110,632

3,691,742

1,281,760

1,297,873

321,017

94,158

773,439

527,112

288,963

231,358 393,532 126,177

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

-

-

475

38,361

-

6,192

- 7,338 -

Management fee 10 24,962

25,110

34,952

50,699

8,440

1,823

34,694

13,196

28,976

6,100 27,769 8,479

Trusteeship fee 10 642

511

191

173

43

12

127

64

52

24 72 13

Investor education expense 9,161

4,339

2,667

1,367

610

118

1,750

782

713

305 995 146

Custodian service charges 5,918

6,899

1,723

2,323

463

173

1,327

888

541

345 754 183

Registrar service charges 6,055

5,590

4,181

3,820

1,440

522

4,108

2,541

1,715

1,032 2,363 553

Commission to distributors 13,655

24,573

42,597

39,906

2,924

1,270

53,172

38,834

30,267

23,745 61,033 9,980

Audit fee 261

324

238

296

228

309

233

284

116

112 171 170

Marketing expenses 2,354

429

424

275

294

9

206

281

44

289 66 32

Other operating expenses 6,257 6,834 7,177 9,076 1,258 360 4,948 2,111 3,940 1,045 3,920 1,375

Less: Expenses reimbursed/to be reimbursed by AMC (1,994)

(3,507)

(4,998)

(5,405)

(682)

-

(2,777)

-

(726)

- (66) (1)

Total 95,305

71,102

97,763

102,530

15,018

5,071

197,494

58,981

162,548

32,997 316,525 20,930

Surplus for the year/period 4,015,327

3,620,640

1,183,997

1,195,343

305,999

89,087

575,945

468,131

126,415

198,361 77,007 105,247

Transfer from / (to) unrealised appreciation reserve (9,329)

420

(16,322)

99

(20,826)

(1,265)

13,459

(17,847)

8,728

(10,861) 4,105 (5,966)

Equalisation (debit) / credit 2(e) 3,031,790

(2,046,716)

(372,305)

415,694

402,352

92,314

(100,120)

771,839

(79,979)

99,991 235,248 134,266

Transfer from retained surplus 10,269

1,151

10,220

3,129

3,462

-

11,560

4,361

11,093

81 9,434 5,627

Income distribution on capital account (945,739)

(853,935)

(479,377)

(677,807)

(48,778)

(37,803)

(116,996)

(150,042)

(23,397)

(50,427) (37,365) (43,960)

Income-tax on distributed income (318,249)

(275,721)

(141,639)

(158,555)

(15,693)

(11,632)

(32,863)

(28,782)

(4,365)

(7,611) (6,914) (6,770)Surplus transferred to retained surplus 4 5,784,069

445,839

184,574

777,903

626,516

130,701

350,985

1,047,660

38,495

229,534 281,515 188,444

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

As per our report of even date.









MumbaiDate:

Revenue Account


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

Bonus Option was introduced w.e.f. March 24, 2014.

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.

Retail Growth Retail Regular DividendRetail Monthly DividendGrowthRegular DividendMonthly DividendBonusDirect Growth Direct Regular Dividend Direct Monthly DividendDirect Bonus

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 AxisMutual Fund Trustee Limited ('the Trustee') has appointed Axis Asset Management Company Limited ('the AMC') to manage the Fund's affairs and operate itsSchemes.

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/period ended March 31, 2014

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% of the total issued and paid up equity share capital of Axis Asset Management Company Limited and the balance 25% plus one equityshare is held by Schroders Investment Management (Singapore) Limited (SIMSL) through its wholly owned subsidiary, Schroders Singapore Holdings PrivateLimited (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


(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

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-endoutstanding units 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.

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 onthe valuation 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 AMFIwebsite as on the valuation date.

Government securities are valued at the average of the prices released by CRISIL and ICRA, as suggested by AMFI, on the basis of the valuation principles laiddown 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, thedistributable surplus (excluding unit premium reserve, but including balance of distributable surplus at the beginning of the year) associated with each unit iscomputed. The per unit amount so determined is credited / debited to the equalisation account on issue / redemption of each unit respectively.

Treasury Bills with residual maturity greater than 60 days, 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 difference between last traded/valued price and T+1 aggregated price received from CRISIL and ICRA isamortised linearly upto the day preceding the next business day.

Prior to September 19, 2013, treasury bills with residual maturity upto 60 days, are valued at the average of the prices released by CRISIL and ICRA, as suggestedby AMFI, on the basis of the valuation principles laid down by SEBI. The difference between last traded/valued price and T+1 aggregated price received from CRISILand ICRA is amortised linearly upto the day preceding the next business day.

W.e.f September 19, 2013, treasury bills with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done by schemes managedby 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 cost basedon 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 the valuationis 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 outsidethe 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:

Bills Purchased under rediscounting schemes is valued at cost plus amortisation.

All debt securities with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done by schemes managed by the AMC. If there areno trades done by schemes managed by the AMC for the said security then the securities are valued on the basis of amortized cost based on purchase price or lasttraded market price, which includes discount / premium accrued on a straight line basis over the period to maturity as long as the valuation is within a ±0.10% bandof 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 YTMof the security is adjusted to bring the price within the ±0.10% band.

Prior to November 29, 2013, all quoted debt investments other than thinly traded debt investments with residual maturity greater than 60 days, are considered atprices derived from the weighted average yield to maturity of the traded securities as at the valuation date as obtained from a public platform (FIMMDA / NSE WDM /BSE WDM) using traded volume thresholds or based on yield to maturity derived from trades done by schemes managed by Axis AMC.

Prior to November 29, 2013, all non-traded / thinly traded money market securities, floating rate securities and debt securities with residual maturity greater than 60days, are valued using the average of the yields released by CRISIL and ICRA, as suggested by AMFI.

W.e.f. November 29, 2013, all debt securities with residual maturity greater than 60 days, are valued using the simple average of the prices released by CRISIL andICRA, as suggested by AMFI. In case of new purchases which are not a part of the list of CRISIL and ICRA security level pricing, such securities are valued atweighted average cost/yield on the day of purchase.

The net unrealized appreciation / depreciation in the value of investments is determined separately for each category of investments. The change in net unrealizedgain / loss, between two balance sheet dates is recognized in the revenue account and net unrealized gain, if any, is thereafter appropriated to the unrealizedappreciation reserve.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(f) Load

(g) Cash and cash equivalent

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

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

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 andthe Trustee, are stated below.



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/period 32,759.596 32,760 155,797.435 155,798 269,197.205 269,197 532,412.470 532,412Issued-new fund offer - - - - - - - --during the year/period - - 601,771.729 601,772 - - 3,422,122.036 3,422,122Redeemed during the year/period 19,328.805 19,329 724,809.568 724,810 169,046.812 169,047 3,685,337.301 3,685,337Outstanding, end of year/period 13,430.791 13,431 32,759.596 32,760 100,150.393 100,150 269,197.205 269,197

Retail Regular Dividend

Outstanding, beginning of year/periodIssued-new fund offer-during the year/periodRedeemed during the year/periodOutstanding, end of year/period

Regular Dividend


Retail Daily Dividend

Outstanding, beginning of year/period 84,411.433 84,411 322,483.634 322,485 684,280.200 684,280 1,347,496.868 1,347,497Issued-new fund offer - - - - - - - --during the year/period - - 957,973.748 957,972 - - 5,360,130.431 5,360,130Redeemed during the year/period 68,382.092 68,382 1,196,045.949 1,196,046 502,609.372 502,609 6,023,347.099 6,023,347Outstanding, end of year/period 16,029.341 16,029 84,411.433 84,411 181,670.828 181,671 684,280.200 684,280

Retail Weekly Dividend

Outstanding, beginning of year/period 5,935.802 5,936 32,851.004 32,851 178,021.367 178,021 517,024.747 517,025Issued-new fund offer - - - - - - - --during the year/period - -

43,762.105

43,762

-

-

1,349,757.289

1,349,757

Redeemed during the year/period 4,115.428 4,115

70,677.307

70,677

153,434.261

153,434

1,688,760.669

1,688,761

Outstanding, end of year/period 1,820.374 1,821

5,935.802

5,936

24,587.106

24,587

178,021.367

178,021

Retail Monthly Dividend

Outstanding, beginning of year/period 7,304.564 7,306

24,183.464

24,184

42,744.857

42,745

73,927.765

73,929

Issued-new fund offer - -

-

-

-

-

-

-

-during the year/period - -

44,632.605

44,633

-

-

195,754.133

195,754

Redeemed during the year/period 6,250.553 6,251

61,511.505

61,511

31,227.206

31,227

226,937.041

226,938

Outstanding, end of year/period 1,054.011 1,055

7,304.564

7,306

11,517.651

11,518

42,744.857

42,745

Axis Liquid Fund Axis Liquid Fund Axis Treasury Advantage Fund Axis Treasury Advantage Fund Axis Banking Debt FundMarch 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014

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 Banking Debt FundMarch 31, 2013

Face Value Rs. 1000 each fully paid up


Growth

Outstanding, beginning of year/period 2,973,049.990 2,973,050 8,165,662.802 8,165,663 2,775,439.266 2,775,439 1,977,095.373 1,977,096 570,402.493 570,402 - -Issued-new fund offer - - - - - - - - - - 405,272.234 405,272-during the year/period 298,830,540.908 298,830,541 772,749,618.383 772,749,618 12,759,967.270 12,759,967 16,984,814.336 16,984,814 2,659,595.216 2,659,595 1,311,734.985 1,311,735Redeemed during the year/period 293,400,032.382 293,400,032 777,942,231.195 777,942,231 12,857,092.340 12,857,092 16,186,470.443 16,186,471 1,524,372.800 1,524,373 1,146,604.726 1,146,605Outstanding, end of year/period 8,403,558.516 8,403,559 2,973,049.990 2,973,050 2,678,314.196 2,678,314 2,775,439.266 2,775,439 1,705,624.909 1,705,624 570,402.493 570,402

Daily Dividend

Outstanding, beginning of year/period 4,101,326.538 4,101,327 2,501,915.094 2,501,915 3,769,669.641 3,769,670 2,899,519.984 2,899,521 518,450.802 518,451 - -Issued-new fund offer - - - - - - - - - - 713,136.340 713,136-during the year/period 296,834,033.509 296,834,034 376,274,478.974 376,274,479 17,162,271.004 17,162,271 29,575,617.742 29,575,618 458,887.590 458,888 1,301,451.667 1,301,452Redeemed during the year/period 297,229,853.207 297,229,853 374,675,067.530 374,675,067 17,510,365.013 17,510,365 28,705,468.085 28,705,469 654,104.164 654,104 1,496,137.205 1,496,137Outstanding, end of year/period 3,705,506.840 3,705,508 4,101,326.538 4,101,327 3,421,575.632 3,421,576 3,769,669.641 3,769,670 323,234.228 323,235 518,450.802 518,451

Weekly Dividend


5.736

6

663,918.995

663,919

301,696.292

301,696

21,111.241

21,111 - -Issued-new fund offer - -

-

-

-

-

-

-

-

- 63,787.210 63,787-during the year/period 475,231.518 475,232 2,363,508.124

2,363,508

1,821,661.439

1,821,661

2,398,030.163

2,398,030

392,771.614

392,772 253,258.963 253,259Redeemed during the year/period 358,566.122 358,566 2,357,733.764

2,357,734

1,919,780.675

1,919,781

2,035,807.460

2,035,807

38,562.740

38,563 295,934.932 295,935Outstanding, end of year/period 122,445.492 122,446 5,780.096

5,780

565,799.759

565,799

663,918.995

663,919

375,320.115

375,320 21,111.241 21,111

Monthly Dividend


17,507.035

17,506

157,225.124

157,225

27,979.625

27,978

132,242.926


-

-

-

-

-

-

-

- 7,253.200 7,253-during the year/period 111,986.837 111,987 33,405.813

33,406

396,462.093

396,462

792,358.225

792,359

101,830.058

101,830 135,730.168 135,730Redeemed during the year/period 119,183.276 119,183 28,174.495

28,174

432,184.318

432,184

663,112.726

663,112

138,549.888

138,550 10,740.442 10,740Outstanding, end of year/period 15,541.914 15,542

22,738.353

22,738

121,502.899

121,503

157,225.124

157,225

95,523.096

95,523 132,242.926 132,243

Quarterly Dividend


Half Yearly Dividend


The unit holders of the fund, vide notice dated September 8, 2012, were given an option to exit from the schemes/plans between September 13, 2012 to October 12, 2012 (both days inclusive) on the prevailing Net Asset Value (NAV) without any exit

load as per the requirement of regulation 22(e) of SEBI (Mutual Funds) Regulations, 1996

Bonus

Outstanding, beginning of year/period - - - - - - - - - - - -Issued-during the year/period - - - - - - - - - - - -Redeemed during the year/period - - - - - -Outstanding, end of year/period - - - - - - - - - - - -

Unit Capital



Axis Liquid Fund Axis Liquid Fund Axis Treasury Advantage Fund Axis Treasury Advantage Fund Axis Banking Debt Fund

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014Face 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



Schedules to the financial statements for the year/period ended March 31, 2014 (Contd.)


Direct Growth

Outstanding, beginning of year 3,617,694.933 3,617,695 -

-

1,056,036.829

1,056,037

-

-

1,241,153.138

1,241,153 - -Issued-new fund offer - -

-

-

-

-

-

-

-

- - --during the year 1,000,071,826.949 1,000,071,827 188,121,558.113

188,121,558

7,477,597.285

7,477,597

1,208,527.941

1,208,528

2,594,180.339

2,594,180 1,241,976.877 1,241,977Redeemed during the year 995,004,746.337 995,004,746 184,503,863.180

184,503,863

8,010,080.828

8,010,081

152,491.112

152,491

1,174,553.565

1,174,554 823.739 824Outstanding, end of year 8,684,775.545 8,684,776 3,617,694.933

3,617,695

523,553.286

523,553

1,056,036.829

1,056,037

2,660,779.912

2,660,779 1,241,153.138 1,241,153

Direct Regular Dividend


Direct Daily Dividend

Outstanding, beginning of year/period 484,888.417 484,888 - - 450,818.235 450,819 - - 714,220.305 714,220 - -Issued-new fund offer - - - - - - - - - - - --during the year/period 332,163,750.393 332,163,750 82,548,570.911 82,548,571 8,016,354.798 8,016,355 3,467,690.688 3,467,691 1,232,395.361 1,232,395 814,699.128 814,699Redeemed during the year/period 330,660,181.648 330,660,182 82,063,682.494 82,063,683 7,481,319.085 7,481,319 3,016,872.453 3,016,872 1,442,581.390 1,442,581 100,478.823 100,479Outstanding, end of year/period 1,988,457.162 1,988,456 484,888.417 484,888 985,853.948 985,855 450,818.235 450,819 504,034.276 504,034 714,220.305 714,220

Direct Weekly Dividend

Outstanding, beginning of year/period 301.936 302 - - 30,610.441 30,610 - - 204.093 204 - -Issued-new fund offer - - - - - - - - - - - --during the year/period 1,031,439.549 1,031,440 301.936 302 49,949.529 49,950 38,688.030 38,688 100,469.400 100,469 504,917.929 504,918Redeemed during the year/period 1,024,098.063 1,024,098 - - 46,012.684 46,013 8,077.589 8,078 209.633 210 504,713.836 504,714Outstanding, end of year/period 7,643.422 7,644 301.936 302 34,547.286 34,547 30,610.441 30,610 100,463.860 100,463 204.093 204

Direct Monthly Dividend

Outstanding, beginning of period 183.537 184 - - 8,981.133 8,981 - - 5.087 5 - -Issued-new fund offer - - - - - - - - - - - --during the period 2,439.090 2,439 183.537 184 10,048.264 10,048 509,652.673 509,653 202,855.136 202,855 1,752.901 1,753Redeemed during the period 1,895.426 1,895 - - 14,239.747 14,240 500,671.540 500,672 201,750.116 201,750 1,747.814 1,748Outstanding, end of period 727.201 728 183.537 184 4,789.650 4,789 8,981.133 8,981 1,110.107 1,110 5.087 5

Direct Quarterly Dividend

Outstanding, beginning of periodIssued-new fund offer-during the periodRedeemed during the periodOutstanding, end of period

Schedules to the financial statements for the year/period ended March 31, 2014 (Contd.)Unit Capital








Direct Half Yearly Dividend

Outstanding, beginning of periodIssued-new fund offer-during the periodRedeemed during the periodOutstanding, end of period

Direct Bonus


Total

Outstanding, beginning of year/period 11,336,375.195 11,336,377 11,220,406.204 11,220,408 10,086,943.293 10,086,943 7,677,153.124 7,677,154 3,197,790.085 3,197,789 - -Issued - - - - - - - - - - - --new fund offer - - - - - - - - - - 1,189,448.984 1,189,448-during the year/period 1,929,521,248.753 1,929,521,250 1,423,739,765.978 1,423,739,765 47,694,311.682 47,694,311 65,303,143.687 65,303,144 7,742,984.714 7,742,984 5,565,522.618 5,565,523Redeemed during the year/period 1,917,896,633.339 1,917,896,632 1,423,623,796.987 1,423,623,796 49,127,392.341 49,127,392 62,893,353.518 62,893,355 5,174,684.296 5,174,685 3,557,181.517 3,557,182Outstanding, end of year/period 22,960,990.609 22,960,995 11,336,375.195 11,336,377 8,653,862.634 8,653,862 10,086,943.293 10,086,943 5,766,090.503 5,766,088 3,197,790.085 3,197,789

Unit Capital












3. Unit Capital

Quantity Amount

(Rs. in 000's)

Retail Growth

Outstanding, beginning of year/period 67,774,517.247 677,745 17,613,069.074 176,131Issued-new fund offer - - - --during the year/period - - 120,726,245.869 1,207,262Redeemed during the year/period 51,250,473.946 512,505 70,564,797.696 705,648Outstanding, end of year/period 16,524,043.301 165,240 67,774,517.247 677,745

Retail Regular Dividend

Outstanding, beginning of year/period 22,624,826.231 226,248 16,887,844.798 168,879Issued-new fund offer - - - --during the year/period - - 52,112,666.114 521,126Redeemed during the year/period 16,393,814.162 163,938 46,375,684.681 463,757Outstanding, end of year/period 6,231,012.069 62,310 22,624,826.231 226,248

Regular Dividend

Outstanding, beginning of year/period 89,221,246.375 892,212 63,935,163.379 639,351Issued-new fund offer - - - --during the year/period 146,173,085.516 1,461,731 149,957,529.377 1,499,575Redeemed during the year/period 147,915,326.376 1,479,153 124,671,446.381 1,246,714Outstanding, end of year/period 87,479,005.515 874,790 89,221,246.375 892,212

Retail Daily Dividend


Retail Weekly Dividend


Retail Monthly Dividend

Outstanding, beginning of year/period 42,915,169.354 429,152

15,575,168.932

155,752


-

-

-during the year/period - -

70,583,753.634

705,838

Redeemed during the year/period 34,323,077.638 343,231

43,243,753.212

432,438

Outstanding, end of year/period 8,592,091.716 85,921

42,915,169.354

429,152

Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up

Axis Dynamic Bond Fund March 31, 2013

Face Value Rs. 10 each fully paid upFace Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up

Axis Dynamic Bond Fund March 31, 2014March 31, 2013

Axis Short Term Fund Axis Short Term FundMarch 31, 2014 March 31, 2013

Axis Income Fund Axis Income Fund March 31, 2014



3. Unit Capital

Quantity Amount

(Rs. in 000's)







Growth

Outstanding, beginning of year/period 315,417,668.534 3,154,177 59,320,264.581 593,203 226,168,636.952 2,261,686 35,361,806.939 353,618 114,099,805.064 1,140,998 35,279,672.861 352,797Issued --new fund offer - - - - - - - - - - - --during the year/period 383,594,572.355 3,835,946 621,616,353.110 6,216,163 151,621,024.253 1,516,210 253,842,156.415 2,538,421 368,798,064.738 3,687,981 111,575,404.063 1,115,754Redeemed during the year/period 488,225,670.244 4,882,257 365,518,949.157 3,655,189 207,072,631.736 2,070,726 63,035,326.402 630,353 275,020,429.356 2,750,204 32,755,271.860 327,553Outstanding, end of year/period 210,786,570.645 2,107,866 315,417,668.534 3,154,177 170,717,029.469 1,707,170 226,168,636.952 2,261,686 207,877,440.446 2,078,775 114,099,805.064 1,140,998

Daily Dividend


Weekly Dividend


Monthly Dividend


4,751,748.013

47,519


-

-

-during the year/period 63,646,398.238 636,464

422,760,600.812

4,227,605

Redeemed during the year/period 120,598,107.235 1,205,981

329,792,707.351

3,297,928


97,719,641.474

977,196

Quarterly Dividend

Outstanding, beginning of year/period 101,027,495.178

1,010,275

3,805,001.088

38,050

109,461,546.192

1,094,615 33,942,763.462 339,427Issued - -new fund offer -

-

-

-

-

- - -

-during the year/period 43,302,984.284

433,030

131,018,030.752

1,310,180

112,672,543.012

1,126,725 109,473,898.852 1,094,739Redeemed during the year/period 119,947,967.601

1,199,480

33,795,536.662

337,955

184,565,093.749

1,845,651 33,955,116.122 339,551Outstanding, end of year/period 24,382,511.861

243,825

101,027,495.178

1,010,275

37,568,995.455

375,689 109,461,546.192 1,094,615


Outstanding, beginning of year/period 4,372,945.077 43,729 182,950.000 1,830 1,220,032.076 12,200 1,016,203.994 10,162Issued --new fund offer - - - - - - - --during the year/period 566,189.799 5,662 4,367,206.426 43,671 4,135,201.169 41,352 925,478.025 9,255Redeemed during the year/period 4,209,316.696 42,093 177,211.349 1,772 1,849,626.788 18,496 721,649.943 7,217Outstanding, end of year/period 729,818.180 7,298 4,372,945.077 43,729 3,505,606.457 35,056 1,220,032.076 12,200



3. Unit Capital

Quantity Amount

(Rs. in 000's)







Bonus

Outstanding, beginning of year/period - -

-

-

-

-

-

-

-

- - -Issued-during the year/period - -

-

-

-

-

-

-

-

- - -Redeemed during the year/period - -

-

-

-

-Outstanding, end of year/period - -

-

-

-

-

-

-

-

- - -

Direct Growth

Outstanding, beginning of year 54,745,030.321 547,450

-

-

653,963.036

6,540

-

-

1,045,929.181


-

-

-

-

-

-

-

- - --during the year 398,676,063.056 3,986,761

102,424,367.183

1,024,243

1,160,061.194

11,601

654,880.897

6,549

12,030,579.623

120,306 1,051,666.347 10,516Redeemed during the year 266,304,795.344 2,663,048

47,679,336.862

476,793

1,356,601.527

13,566

917.861

9

1,019,773.042

10,198 5,737.166 57Outstanding, end of year 187,116,298.033 1,871,163

54,745,030.321

547,450

457,422.703

4,575

653,963.036

6,540

12,056,735.762

120,567 1,045,929.181 10,459


Outstanding, beginning of year/period 11,819,393.812 118,194 - -Issued-new fund offer - - - --during the year/period 20,410,858.223 204,109 31,573,224.404 315,732Redeemed during the year/period 32,159,990.805 321,600 19,753,830.592 197,538Outstanding, end of year/period 70,261.230 703 11,819,393.812 118,194

Direct Daily Dividend


Direct Weekly Dividend


Direct Monthly Dividend

Outstanding, beginning of period 5,628,444.063 56,284 - -Issued-new fund offer - - - --during the period 202,434,454.665 2,024,345 45,525,789.576 455,258Redeemed during the period 202,902,395.674 2,029,024 39,897,345.513 398,974Outstanding, end of period 5,160,503.054 51,605 5,628,444.063 56,284



Outstanding, beginning of period 335,056.168 3,351 - - 60,476.407 605 - -Issued-new fund offer - - - - - - - --during the period 15,232.567 152 335,056.168 3,351 3,156,140.312 31,561 60,476.407 605Redeemed during the period 282,249.738 2,822 - - 3,113,829.234 31,138 - -Outstanding, end of period 68,038.997 681 335,056.168 3,351 102,787.485 1,028 60,476.407 605


Outstanding, beginning of period - -Issued-new fund offer - --during the period 13,017.358 130Redeemed during the period 10,613.142 106Outstanding, end of period 2,404.216 24

Direct Bonus


Total

Outstanding, beginning of year/period 707,865,937.411 7,078,658 178,083,258.777 1,780,835 332,558,096.411 3,325,581 39,349,758.027 393,498 225,887,788.920 2,258,877 70,238,640.317 702,386Issued - - - - - - - - - - - --new fund offer - - - - - - - - - - - --during the year/period 1,214,935,432.053 12,149,356 1,617,280,530.079 16,172,802 196,665,492.097 1,966,655 390,217,330.658 3,902,172 500,805,546.212 5,008,055 223,086,923.694 2,230,869Redeemed during the year/period 1,360,073,651.424 13,600,737 1,087,497,851.445 10,874,979 332,868,767.298 3,328,687 97,008,992.274 970,089 465,579,365.311 4,655,793 67,437,775.091 674,378Outstanding, end of year/period 562,727,718.040 5,627,277 707,865,937.411 7,078,658 196,354,821.210 1,963,549 332,558,096.411 3,325,581 261,113,969.821 2,611,139 225,887,788.920 2,258,877


3. Unit Capital

Quantity AmountFace Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up










Rupees in '000

Axis Liquid Fund Axis Liquid FundAxis 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


4. RESERVES AND SURPLUS

Unit premium reserve

Balance, beginning of year/period (26,610) 1,002 (580) (92) (486) - 47,906 3,340 21,489 - 25,527 1,990Net premium/discount on issue/redemption of units 2,474,299 (2,074,328) (365,782) 415,206 390,652 91,828 (63,687) 816,405 (82,280) 121,480 280,739 157,803Transferred to equalisation account (3,031,790) 2,046,716 372,305 (415,694) (402,352) (92,314) 100,120 (771,839) 79,979 (99,991) (235,248) (134,266)Balance, end of year/period (584,101) (26,610) 5,943 (580) (12,186) (486) 84,339 47,906 19,188 21,489 71,018 25,527

Unrealised appreciation reserve

Balance, beginning of year/period - 420 75 174 1,265 - 18,061 214 11,191 330 7,982 2,016Change in unrealised appreciation in value of investments 9,329 (420) 16,322 (99) 20,826 1,265 (13,459) 17,847 (8,728) 10,861 (4,105) 5,966Balance, end of year/period 9,329 - 16,397 75 22,091 1,265 4,602 18,061 2,463 11,191 3,877 7,982

Retained surplus

Balance, beginning of year/period 2,013,576 1,568,888 1,245,338 470,564 130,701 - 1,167,421 124,122 230,094 641 214,260 31,443Transferred to revenue account (10,269) (1,151) (10,220) (3,129) (3,462) - (11,560) (4,361) (11,093) (81) (9,434) (5,627)Surplus transferred from revenue account 5,784,069 445,839 184,574 777,903 626,516 130,701 350,985 1,047,660 38,495 229,534 281,515 188,444Balance, end of year/period 7,787,376 2,013,576 1,419,692 1,245,338 753,755 130,701 1,506,846 1,167,421 257,496 230,094 486,341 214,260

Total reserves 7,212,604 1,986,966 1,442,032 1,244,833 763,660 131,480 1,595,787 1,233,388 279,147 262,774 561,236 247,769

The share of the options in the reserves and surplus

is as follows:

Retail Growth 5,077 8,744 37,098 70,061 59,215 177,651Retail Regular Dividend 1,071 3,619Regular Dividend 14,452 9,493Retail Daily Dividend 5 9 682 993Retail Weekly Dividend 4 10 112 389Retail Monthly Dividend 2 11 48 81 369 3,986Growth 3,538,138 891,719 1,151,653 842,882 292,226 40,424 789,042 873,619 271,484 237,980 517,118 221,311Daily Dividend 1,139 454 15,545 6,018 1,866 948Weekly Dividend 510 21 2,800 1,681 2,491 37Monthly Dividend 29 37 518 322 567 316 3,849 9,141Quarterly Dividend 6,616 22,754 10,842 24,028Half Yearly Dividend 240 1,265 930 357Bonus - - - - - - - - - - - -Direct Growth 3,667,056 1,085,906 227,983 321,370 462,913 88,440 727,035 153,126 781 696 32,298 2,058Direct Regular Dividend 19 1,893Direct Daily Dividend 611 54 5,356 930 2,919 1,315Direct Weekly Dividend 32 1 216 87 671 -Direct Monthly Dividend 1 - 21 19 7 - 735 860Direct Quarterly Dividend 26 79 47 15Direct Half Yearly Dividend - - 1 -Direct Bonus - - - - - - - - - - - -

7,212,604 1,986,966 1,442,032 1,244,833 763,660 131,480 1,595,787 1,233,388 279,147 262,774 561,236 247,769

- - - - - - - - - - - -

5. CURRENT LIABILITIES

Amount due to AMC - Management fees 3,303 574 3,688 3,944 4,166 2,048 2,684 2,776 1,632 1,533 6,547 1,611 - Others - - - - - - - 15,823 3,246 5,968 2,871 7,658Trusteeship fee payable 44 31 11 11 5 2 7 7 2 3 3 2Sundry creditors for units redeemed by investors: - Lateral shift payable -

-

1,895

1,440

18

15

1,257

38

53

5 685 88 - Others 44

-

28,754

44,272

-

100

12,149

29,156

1,692

4,843 23,587 10,040Interscheme payable 5,005

-

-

4,887

-

4,737

-

10,747

-

21,776 50 -Contract for purchase of investments 987,383

-

-

-

-

-

-

-

206,310

- 464,266 -Dividend payable on units 28

-

350

-

27

-

2,226

-

3,441

18,607 2,640 18,146Dividend distribution tax payable -

3,426

-

1,403

-

642

-

1,828

-

3,734 - 3,830Unclaimed dividend -

-

36

16

-

-

10

51

-

- - 9


Rupees in '000


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



Unclaimed redemption 40 28 - 1 - - 10 10 - - - -Unit application pending allotment 24,436 5,155 33,808 16,620 50 2,035 1,250 200 5 10,900 10 300Commission to distributors payable 2,878 2,602 1,285 5,453 482 115 832 2,145 3 51 1 182Load pending utilisation - - - - - - 1,231 1,231 797 797 1,504 1,504Custody fees payable 511 521 132 190 74 41 96 116 30 52 45 35Investor education expense provision 9,372 3,178 2,861 1,082 509 95 1,727 599 681 232 737 108Interest payable on loan 9,952 4,307 - - - - - - - - - -Other current liabilities 3,152 1,439 1,330 1,339 534 484 966 916 535 399 552 586

1,046,148 21,261 74,150 80,658 5,865 10,314 24,445 65,643 218,427 68,900 503,498 44,099

Rupees in '000


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


6. INVESTMENTS

Privately placed / unlisted debentures and bonds 149,899 - - - - - 376,315 541,172 - 50,626 - -Listed debentures and bonds - - - 109,505 - 258,001 4,865,573 6,058,122 598,904 1,903,834 1,134,423 1,203,219Certificates of deposit 19,759,962 3,962,950 4,320,420 5,627,121 6,519,327 3,013,442 1,262,341 1,066,924 538,218 1,201,282 1,253,865 967,823Commercial paper 7,999,943 4,901,416 5,263,587 2,663,796 - - - 296,412 - - - -Units of mutual funds - - - 70,075 - - 440,556 70,075 410,518 120,129 580,733 120,129Government Securities (including treasury bills) 246,632 - - - - - - - 565,554 264,664 617,297 161,484Bills rediscounting 1,238,011 2,467,901 - 736,476 - - - - - - - -

29,394,447 11,332,267 9,584,007 9,206,973 6,519,327 3,271,443 6,944,785 8,032,705 2,113,194 3,540,535 3,586,318 2,452,655

38,771,918 16,656,503 10,089,191 11,354,390 6,533,388 3,329,717 7,010,115 3,329,717 2,352,442 3,545,047 3,598,734 3,329,717(38.00) (39.00) (1.00) (23.00) (3.00) (1.00)

(i)

(ii) Aggregate appreciation and depreciation in the value of investments are as follows: Rupees in '000


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


Privately placed / unlisted debentures and bonds

- appreciation 97

-

-

-

-

-

210

2,305

-

766 - -

- depreciation -

-

-

-

-

-

150

519

-

- - -

Listed debentures and bonds

- appreciation -

-

-

-

-

97

8,688

21,270

698

11,259 1,143 8,181

- depreciation -

-

-

180

-

420

19,321

5,112

16,068

2,064 29,003 1,139

Certificates of deposit

- appreciation 8,052

-

7,622

381

22,091

3,964

3,986

1,293

1,944

1,291 3,143 1,081

- depreciation 140

1

16

1,685

-

2,699

-

1,251

-

780 - 788

Commercial paper


-

8,791

33

-

-

-

18

-

- -

- depreciation 1 3 - 48 - - - 48 - - -

Units of mutual fund

- appreciation - - - 75 - - 556 75 518 129 733 129

- depreciation - - - - - - - - - - - -

All the investments are held in the name of the Scheme, as per clause 7 of the Seventh Schedule under Regulation 44(1) of SEBI (Mutual Funds) Regulations, 1996.


(ii) Aggregate appreciation and depreciation in the value of investments are as follows: (contd.) Rupees in '000


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



Government Securities (including treasury bills)

- appreciation - - - - - - - - 178 590 447 518

-

-

-

-

-

-

(iii) The aggregate value of investments acquired and sold/redeemed/expired during the year/period and these amounts as a percentage of average daily net assets are as follows:Rupees in '000


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, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 June 12, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012to to to to to to to to to to to to

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013Purchases (excluding collateralised lending and fixed deposits)

- amount 478,496,910

470,269,665

97,422,077

125,084,147

12,281,271

7,639,360

30,444,197

21,376,554

31,016,564

11,523,543 55,500,447 11,243,319

- as a percentage of average daily net assets 1044.68% 1148.91% 730.57% 907.67% 402.39% 605.17% 348.01% 405.60% 870.08% 563.58% 1116.10% 1038.28%

Sales (excluding collateralised lending and fixed

- amount 463,767,114

474,355,563

98,222,457

124,286,371

9,344,521

4,442,323

31,561,797

15,333,611

32,360,425

8,431,182 54,195,382 9,531,066


(iv)

Rupees in '000


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


(v) Aggregate fair value of non traded investments

(excluding government securities and treasury bills)

valued in good faith 29,147,815 11,332,267 9,584,007 9,206,973 6,519,327 3,271,443 6,944,785 8,032,705 1,547,640 3,275,871 2,969,021 2,291,171

Rupees in '000


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


7. DEPOSITS

Deposit with scheduled bank (Refer - note 16) 9,250,000 5,150,000 340,000 1,800,000 - - - - - - - -Fixed deposits with scheduled bank for unclaimed redemption & dividend 35 - 36 - - - 20 - - - - -

9,250,035 5,150,000 340,036 1,800,000 - - 20 - - - - -

The aggregate purchases made by all schemes of the Fund during the current year and previous year and the fair value of such investments as at March 31, 2014 in companies which have invested in any scheme of the Fund in excess of five per cent of that scheme's

net assets are provided in Attachment 1.

- depreciation 58 - - - - - - - 14,541 - 5,245 -

9,271 (4) 16,397 (1,424) 22,091 942 (6,031) 18,031 (27,269) 11,191 (28,782) 7,982


- Others - - 3,677 1,725 355 - 259 274 - 341 - 514Interscheme receivable - 6,635 12,991 - 164 - 2,856 - 12 - - 9,603Contracts for sale of investments - - - - - - - - 51,583 - - -Margin deposit with Clearing Corporation of India Limited 1,050 51,050 50 30,050 - - 100 100 10,000 - 15,000 5,000Outstanding and accrued income 57,992 29,828 263 9,810 - 7,592 229,340 338,088 44,997 93,520 61,172 40,282Amount due from AMC 3,639 4,256 5,729 5,404 498 - 1,554 - - - - -Collateralised lending 127,436 174,236 165,148 347,417 14,061 58,274 65,310 5,319 239,248 4,512 12,416 40,981

225,265 282,337 246,001 405,461 16,286 68,140 302,704 344,984 347,929 116,720 89,555 98,090

April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 June 12, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012to to to to to to to to to to to to


9. INTEREST

Money market instruments 3,043,757 3,265,743 1,129,316 1,043,229 287,317 78,191 102,690 146,832 50,670 32,833 82,445 22,416Debentures and bonds 2,537 53,791 4,576 159,763 4,204 6,090 602,685 302,914 141,604 107,366 121,440 41,149Fixed deposits 603,668 242,319 43,830 29,005 - - - - - - - -Government securities (including treasury bills) 306,942 1,899 23,915 861 - - 61,310 10,782 101,395 32,700 180,988 23,882Collateralised lending 248,978 106,487 48,227 36,021 5,508 7,504 22,502 18,371 20,680 9,696 36,545 8,441Others 338 800 182 388 44 - - - 53 - 202 314Less: Interest on borrowing (104,863) (4,180) - - - - - - -

4,101,357 3,666,859 1,250,046 1,269,267 297,073 91,785 789,187 478,899 314,402 182,595 421,620 96,202

- - - - - -- - - - - - - - - - - -

10. MANAGEMENT AND TRUSTEESHIP FEE


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


Management fee (excluding service tax) at annualised average rate 0.06% 0.07% 0.27% 0.38% 0.28% 0.18% 0.40% 0.25% 0.82% 0.30% 0.56% 0.79%

11. INCOME AND EXPENDITURE

The total income and expenditure and these amounts as a percentage of the scheme’s average daily net assets on an annualised basis are provided below:


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, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 June 12, 2012 April 1, 2013 June 12, 2012 April 1, 2013 June 12, 2012 April 1, 2013 June 12, 2012to to to to to to to to to to to to


Income (excluding Net change in marked to market in value of investments)

- amount 4,101,357 3,692,166 1,263,939 1,297,841 299,868 93,216 797,501 504,868 327,423 220,497 430,296 120,211


Expenditure (excluding realised loss of sale of investment)

- amount 67,271 71,102 89,152 102,530 15,018 4,596 97,788 58,981 65,638 32,997 97,077 20,930


The Schemes pay fees for investment management services under an agreement with the AMC, which provides for computation of such fee as a percentage of Scheme's average daily net assets, after excluding the net asset value of the investments by the AMC in the scheme, the net asset value of the investments made in other schemes and fixed deposits as applicable. During the year/period ended March 31, 2014, the Schemes have paid management fee at annualised average rate as follows:

The Schemes pay fees for Trusteeship services under an agreement with the Trustee, aggregating Rs. 150,000/- per month (excluding service tax) which is apportioned to all the Schemes on the basis of their monthly average net assets. Trustee fees charged is subject to the ceiling of 0.10% per annum on average net assets.

Rupees in '000


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


8. OTHER CURRENT ASSETS

Balances with banks in current accounts 35,148 16,332 57,305 10,919 1,207 2,274 3,181 1,188 2,071 18,347 769 1,710Sundry debtors for units issued to investors: - Lateral shift receivable - - 838 136 1 - 104 15 18 - 198 -




12. RELATED PARTY TRANSACTIONS

(i)

(a) Related party relationships

Name Description of relationship

Axis Bank Limited Sponsor of the Fund

Axis Mutual Fund Trustee Limited Trustee of the Fund

Axis Asset Management Company Limited The Scheme's asset managerAxis Capital Limited (formerly known as Axis Securities and Sales Limited) Associate

Axis Trustee Services Limited Associate

Axis Securities Limited Group Company

Schemes of the Fund, under common control of the Sponsor

Axis Capital Protection Oriented Fund - Series 1 Axis Fixed Term Plan - Series 55 (399 Days)





Axis Constant Maturity 10 Year Fund Axis Fixed Term Plan - Series 61 (1122 Days)

Axis Equity Fund Axis Fixed Term Plan - Series 62 (383 Days)

Axis Fixed Term Plan - Series 41 (546 Days) Axis Fixed Term Plan - Series 63 (91 Days)

Axis Fixed Term Plan - Series 18 (15 Months) Axis Focused 25 Fund

Axis Fixed Term Plan - Series 21 (394 Days) Axis Gold ETF

Axis Fixed Term Plan - Series 22 (374 Days) Axis Gold Fund

Axis Fixed Term Plan - Series 33 (91 Days) Axis Hybrid Fund - Series 1








Axis Fixed Term Plan - Series 44 (91 Days) Axis Income Saver

Axis Fixed Term Plan - Series 47 (483 Days) Axis Long Term Equity Fund

Axis Fixed Term Plan - Series 48 (3 Years) Axis Midcap Fund

Axis Fixed Term Plan - Series 49 (437 Days) Axis Small Cap Fund

Axis Fixed Term Plan - Series 50 (3 Months) Axis Triple Advantage Fund

Axis Fixed Term Plan - Series 52 (428 Days) Axis Yearly Interval Fund - Series 1

Axis Fixed Term Plan - Series 53 (1150 Days)

(b) Interscheme transactions covered by Accounting Standard-18 are provided in Attachment 2.

Axis Liquid Fund, Axis Treasury Advantage Fund and Axis Short Term Fund have entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on 'Related Party Disclosures' issued by the Institute of Chartered Accountants of India is provided below.


(c) Transactions other than interscheme transactions covered by Accounting Standard-18:

Rupees in '000

Axis Liquid Fund Axis Treasury Advantage Fund Axis Short Term Fund

Name of related party Nature of transactions

Year ended March 31, 2014

Year ended March 31,

2013

Balance as at

March 31, 2014

Balance as at

March 31, 2013


2014


2013

Balance as at

March 31, 2014

Balance as at

March 31, 2013


2014


2013

Balance as at

March 31, 2014

Balance as at March 31, 2013

Axis Mutual Fund Trustee Limited Fees for trusteeship services 642 511 44 31 191 173 11 11 127 64 7 7

Axis Asset Management Company Limited 28,047

28,214

3,303

574

39,272

56,965

3,688

3,944

38,982

14,827 2,684 2,776Axis Asset Management Company Limited Receivable for other expenses -

-

3,639

4,256

-

-

5,729

5,404

-

- 1,554 -Axis Bank Limited Purchase of securities 715,287

6,882,865

-

-

886,084

992,492

-

-

915,196

287,679 - -Axis Bank Limited Sale of securities -

3,724,901

-

-

-

728,466

-

-

107,355

289,131 - -Axis Mutual Fund Trustee Limited Subscription of units at NAV 945

2,948

1,164

1,021

-

-

136

125

-

- - -Axis Mutual Fund Trustee Limited Redemption of units at NAV 895

2,115

-

-

-

833

-

-

-

- - -Axis Bank Limited Subscription of units at NAV 26,057,506

66,003,708

-

-

-

-

-

-

-

- - -Axis Bank Limited Redemption of units at NAV 26,049,834

66,003,730

-

-

-

-

-

-

-

- - -Axis Asset Management Company Limited Subscription of units at NAV 1,624,000

1,094,516

158,200

221,060

-

400

-

200

-

- - -Axis Asset Management Company Limited Redemption of units at NAV 1,700,615

1,335,398

-

-

220

428

-

-

-

- - -Axis Capital Limited Subscription of units at NAV 6,618,500

4,823,000

-

-

-

49,000

-

-

-

- - -Axis Capital Limited Redemption of units at NAV 6,672,124

4,852,544

-

-

-

49,014

-

-

-

- - -Axis Trustee Services Limited Subscription of units at NAV 105,506

421,212

-

-

-

-

-

-

-

- - -Axis Trustee Services Limited Redemption of units at NAV 105,658

421,026

-

-

-

-

-

-

-

- - -

Axis Liquid Fund Purchase of securities -

-

-

-

5,480,000 38,930,000

-

70,019

4,100,000

4,890,000 440,556 70,019

Axis Liquid Fund Sale of securities - - - - 5,552,865 39,332,074 - - 3,731,639 4,822,264 - -Axis Hybrid Fund Series 1 Subscription of units at NAV 30,000 - 30,038 - - - - - - - - -Axis Hybrid Fund Series 2 Subscription of units at NAV 50,000

-

50,063

-

-

-

-

-

-

- - -

Axis Hybrid Fund Series 6 Subscription of units at NAV 150,000

-

150,190

-

-

-

-

-

-

- - -Axis Hybrid Fund Series 7 Subscription of units at NAV 70,000

-

70,089

-

-

-

-

-

-


-

440,556

-

-

-

-

-

-


-

370,468

-

-

-

-

-

-

- - -Axis Dynamic Bond Fund Subscription of units at NAV 6,160,000

2,680,000

580,733

120,032

-

-

-

-

-

- - -Axis Dynamic Bond Fund Redemption of units at NAV 5,702,114

2,661,100

-

-

-

-

-

-

-

- - -Axis Equity Fund Subscription of units at NAV 4,200,000

4,910,000

230,291

510,137

-

-

-

-

-

- - -Axis Equity Fund Redemption of units at NAV 4,482,127

4,671,875

-

-

-

-

-

-

-

- - -Axis Focused 25 Fund Subscription of units at NAV 420,000

150,000

-

150,040

-

-

-

-

-

- - -Axis Focused 25 Fund Redemption of units at NAV 570,397

-

-

-

Axis Income Fund Subscription of units at NAV 3,940,000

1,950,000

410,518

120,032

-

-

-

-

-

- - -Axis Income Fund Redemption of units at NAV 3,651,595

1,870,751

-

-

-

-

-

-

-

- - -Axis Income Saver Subscription of units at NAV 850,000

470,000

40,051

150,040

-

-

-

-

-

- - -Axis Income Saver Redemption of units at NAV 960,702

370,189

-

-

-

-

-

-

-

- - -Axis Fixed Term Plan-Series 20 (3 Months) Subscription of units at NAV -

319,000

-

-

-

-

-

-

-

- - -Axis Fixed Term Plan-Series 20 (3 Months) Redemption of units at NAV - 319,089 - - - - - - - - - -Axis Treasury Advantage Fund Subscription of units at NAV 5,480,000 24,710,000 - 70,019 - - - - - - - -Axis Treasury Advantage Fund Redemption of units at NAV 5,552,865 25,178,293 - - - - - - - - - -Axis Short Term Fund Subscription of units at NAV 4,100,000 4,890,000 440,556 70,019 - - - - - - - -Axis Short Term Fund Redemption of units at NAV 3,731,639 4,822,264 - - - - - - - - - -Axis Triple Advantage Fund Subscription of units at NAV 1,810,000 3,200,000 480,607 180,049 - - - - - - - -Axis Triple Advantage Fund Redemption of units at NAV 1,510,925 3,171,333 - - - - - - - - - -Axis Midcap Fund Subscription of units at NAV 1,220,000 950,000 160,202 260,070 - - - - - - - -Axis Midcap Fund Redemption of units at NAV 1,320,879 690,294 - - - - - - - - - -Axis Long Term Equity Fund Subscription of units at NAV - 160,000 - - - - - - - - - -

Axis Long Term Equity Fund Redemption of units at NAV - 350,338 - - - - - - - - - -Axis Small Cap Fund Subscription of units at NAV 130,000 - 130,164 - - - - - - - - -Axis Securities Limited Commission paid on distribution of units 1,074 1,416 84 75 1,197 212 118 32 1,620 417 27 139

Fees for investment management services (including service tax)



(ii) Transactions covered by Regulation 25(8) of the SEBI Regulation with the sponsor or associate of the sponsor:

Rupees in '000


Advantage Fund

Axis Treasury Advantage

Fund

Axis Banking Debt Fund


Axis Short Term Fund


Axis Income Fund

Axis Income Fund

Axis Dynamic

Bond Fund

Axis Dynamic

Bond Fund





2013


2014


2013


2014


2013


2014


2013


2014


2013Axis Bank Limited (Sponsor)

Bank charges 951

1,022

269

348

56

30

177

146

132

97 182 108

Commission paid on distribution of units * 1,009

3,113

19,959

15,274

674

293

21,333

20,783

25,778

21,818 47,579 7,461

* Includes transaction charges

Commission paid is on normal commercial terms for procuring unit subscriptions for the Schemes.

(iii) Subscription by the schemes in the issues lead managed by associate companies/ Subscription to any issue of equity or debt on private placement basis where the sponsor or associate companies have acted as arranger or lead manager.

F.Y. 2013-2014 Rupees in '000

Particulars Name of Security Type of SecurityName of the Scheme

Amount invested

Axis Bank Limited (Arranger)9.69% Power Finance Corp Ltd. Corporate Bond/NCD

Axis Short Term Fund 250,000

Axis Bank Limited (Arranger)9.69% LIC Housing Finance Corporate Bond/NCD

Axis Short Term Fund 40,000

F.Y. 2012-2013 Rupees in '000

Particulars Name of Security Type of SecurityName of the Scheme

Amount invested

Axis Bank Limited (Arranger) 9.50% HDFC Ltd. Corporate Bond/NCD

Axis Treasury Advantage 250,000

13. Investments made during the year / period in the sponsor company and its group companies at cost

Rupees in '000


Advantage Fund


Fund





Axis Income Fund

Axis Income Fund

Axis Dynamic

Bond Fund

Axis Dynamic

Bond Fund

Investments made by the Scheme





2013


2014


2013


2014


2013


2014


2013


2014


2013Axis Bank Limited - - - - - - - - - - - -

Investment made by other schemes - 284,200 - 284,200 - 284,200 - 284,200 - 284,200 - 284,200

Total investments * - 284,200 - 284,200 - 284,200 - 284,200 - 284,200 - 284,200

* Note: Includes amount placed as fixed deposits of Rs. 284,200 thousands.




14. DERIVATIVES DISCLOSURE

The schemes have not made any investments in derivative products during the year / period ended at March 31, 2014 (previous year: Nil)

15. NET ASSET VALUE

Rupees

OptionsAxis Liquid Fund Axis Liquid Fund

Axis Treasury Advantage Fund




March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013Face Value Rs. 1,000 Face Value Rs. 1,000 Face Value Rs. 1,000 Face Value Rs. 1,000 Face Value Rs. 1000 Face Value Rs. 1000

RG Retail Growth 1,378.0301 1,266.9160 1,370.4203 1,260.2577RD Retail Daily Dividend 1,000.3074 1,000.1107 1,003.7550 1,001.4514RW Retail Weekly Dividend 1,002.0851 1,001.6048 1,004.5624 1,002.1846RM Retail Monthly Dividend 1,001.8076 1,001.5461 1,004.1312 1,001.8877IG Growth 1,421.0290 1,299.9340 1,429.9920 1,303.6938 1,171.3314 1,070.8689ID Daily Dividend 1,000.3074 1,000.1107 1,004.5432 1,001.5963 1,005.7744 1,001.8293IW Weekly Dividend 1,004.1657 1,003.6711 1,004.9489 1,002.5314 1,006.6376 1,001.7486IM Monthly Dividend 1,001.8928 1,001.6281 1,004.2653 1,002.0462 1,005.9333 1,002.3925

Bonus - - - - - -ZG Direct Growth 1,422.2395 1,300.1649 1,435.4524 1,304.3173 1,173.9752 1,071.2554ZD Direct Daily Dividend 1,000.3074 1,000.1106 1,005.4324 1,002.0640 1,005.7909 1,001.8416ZW Direct Weekly Dividend 1,004.1773 1,003.6844 1,006.2459 1,002.8378 1,006.6762 1,001.8008ZM Direct Monthly Dividend 1,001.8993 1,001.6412 1,004.3312 1,002.0790 1,005.9616 1,002.4356

Direct Bonus - - - - - -

Rupees

OptionsAxis Short Term Fund Axis Short Term Fund Axis Income Fund Axis Income Fund

Axis Dynamic Bond

Fund

Axis Dynamic Bond

FundMarch 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013

Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10Growth 13.7433

12.7697

11.5903

11.0522

12.4876

11.9396Quarterly Dividend 10.2713

10.2252

10.2886

10.2195Half Yearly Dividend 10.3292

10.2893

10.2653

10.2927Retail Growth 13.5836

12.6212

Retail Regular Dividend 10.1718

10.1600

Retail Monthly Dividend 10.0429

10.0929

Regular Dividend 10.1652

10.1064

Monthly Dividend 10.0944

10.0935

Bonus -

-

-

-

-

-Direct Growth 13.8855

12.7971

11.7073

11.0646

12.6789

11.9673Direct Regular Dividend 10.2680

10.1601

Direct Monthly Dividend 10.1424

10.1528

Direct Quarterly Dividend 10.3773

10.2363

10.4527

10.2463Direct Half Yearly Dividend -

-

10.3478

-Direct Bonus -

-

-

-

-

-

The net asset value of the Scheme’s units are determined separately for units issued under the options after including the respective unit capital and reserves and surplus.The net asset value disclosed above represents the computed NAV as on balance sheet date, and not the last declared NAV.


16. Loans (Borrowings)

Borrowings outstanding as on March 31, 2014 is Rs 765 croresLoans from Commercial Bank against fully pledged fixed deposits of face value Rs. 850 crores

Name of the Scheme Date of Borrowing Source Amount borrowed (Rs. In '000) Rate of BorrowingsAxis Liquid Fund 28-Mar-14 Allahabad Bank 675,000 11.40%Axis Liquid Fund 28-Mar-14 Allahabad Bank 675,000 11.50%Axis Liquid Fund 28-Mar-14 Allahabad Bank 450,000 11.94%Axis Liquid Fund 28-Mar-14 UCO Bank 1,350,000 11.85%Axis Liquid Fund 28-Mar-14 UCO Bank 2,700,000 12.00%Axis Liquid Fund 28-Mar-14 Vijaya Bank 900,000 11.95%Axis Liquid Fund 28-Mar-14 Vijaya Bank 450,000 11.96%Axis Liquid Fund 28-Mar-14 Vijaya Bank 450,000 12.05%

Borrowings outstanding as on March 31, 2013 is Rs 342 crores

Loans from Commercial Bank against fully pledged fixed deposits of face value Rs. 380 crores

Name of the Scheme Date of Borrowing Source Amount borrowed (Rs. In '000) Rate of BorrowingsAxis Liquid Fund 31-Dec-12 UCO Bank 2,700,000 10.40% - 10.50%Axis Liquid Fund 28-Mar-13 Allahabad Bank 1,845,000 11.40% - 11.65%Axis Liquid Fund 28-Mar-13 UCO Bank 1,575,000 11.50%

17. CONTINGENT LIABILITY

Contingent liabilities as on March 31, 2014: NIL (previous year - NIL).

18. SEGMENT REPORTING

19. CREDIT DEFAULT SWAPSThere were no transactions in credit default swaps during the year/period ended March 31, 2014. (previous year - NIL).

In order to meet temporary liquidity needs for the purpose of redemption of units, during the year, Axis Liquid Fund, in accordance with the Regulation 44(2) of SEBI (Mutual Funds) Regulations, 1996, has borrowed Rs. 2,880.00 crores and Rs. 10,813.29 crores against pledged of Fixed deposits and Collateralized Borrowing and Lending Obligation (CBLO) respectively during the year ended March 31, 2014 which was within the regulatory limit of 20% of the previous day's net assets of the Scheme and repaid (including amount outstanding as on balance sheet date) these amounts within the regulatory time limit of six months. The cost of borrowing to the extent of interest on fixed deposit (amount borrowed against FDs) and portfolio yield (amount borrowed against CBLO) has been adjusted against the interest income for the year and the balance is borne by the AMC.

Axis Liquid Fund, Axis Treasury Advantage Fund and Axis Short Term Fund operate in one segment only viz. to primarily generate attractive returns from a diverse and actively managed portfolio of debt and money market instruments.

In order to meet temporary liquidity needs for the purpose of redemption of units, Axis Liquid Fund, in accordance with the Regulation 44(2) of SEBI (Mutual Funds) Regulations, 1996, has borrowed Rs 612 crores during the year which was within the regulatory limit of 20% of the net assets of the Scheme and repaid these amounts within the regulatory time limit of six months. The cost of borrowing to the extent of interest on fixed deposit has been charged to the Scheme and adjusted against the interest income for the year and the balance is borne by the AMC.


20. SURPLUS AVAILABLE FOR DISTRIBUTIONRupees in '000

Axis Liquid Fund Axis Treasury

Advantage Fund Axis Banking Debt Fund Axis Short Term Fund Axis Income Fund

Axis Dynamic Bond

Fund

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

Total Reserves7,212,604

1,442,032

763,660

1,595,787

279,147

561,236

Less : Unrealised appreciation on investments as on 31 March 2014 at portfolio level

9,271

16,397

22,091

-

-

-

Less : Credit balance in unit premium reserve at plan level

1,556

7,163

99

84,366

19,191

71,019

Distributable Surplus 7,201,777

1,418,472

741,470

1,511,421

259,956

490,217

21. PRIOR PERIOD COMPARATIVES

The change in surplus/(deficit) as per Revenue Account for the previous year has been given below: Rupees in '000

Axis Liquid Fund Axis Treasury

Advantage Fund Axis Banking Debt Fund Axis Short Term Fund Axis Income Fund

Axis Dynamic Bond

Fund

March 31, 2013 March 31, 2013 March 31, 2013 March 31, 2013 March 31, 2013 March 31, 2013

Surplus / (Deficit) as per revenue account for the previous year 3,621,060

1,195,442

87,822

450,284

187,500

99,281

Impact on change in unrealised appreciation recorded in revenue account

420

99

(1,265)

(17,847)

(10,861)

(5,966)

Revised Surplus / (Deficit) as per revenue account for the previous year

3,620,640

1,195,343

89,087

468,131

198,361

105,247

Prior year figures have been reclassified and regrouped, wherever applicable, to conform to current year's presentation.










Mumbai

Date:

The prior period figures for Axis Banking Debt Fund are for a period of less than one year and hence are not comparable to the current year.

During the year, the Schemes have changed the treatment and presentation of "change in mark to market value of investments". In the current year, the net change in market value of investments has been recorded in the revenue account and subsequently appropriated to the Unrealised appreciation reserve. In the previous years, the change in the unrealised appreciation on investments (category-wise) was transferred directly to the Unrealised appreciation reserve. This change has no impact on the distributable surplus or net asset value of the respective plans of the schemes.


Axis Liquid Fund Axis Liquid Fund


Fund


Fund Axis Short Term Fund Axis Short Term Fund

April 1, 2013

to

March 31, 2014

April 1, 2012

to

March 31, 2013

April 1, 2013

to

March 31, 2014

April 1, 2012

to

March 31, 2013

April 1, 2013

to

March 31, 2014

April 1, 2013

to

March 31, 2014

A. Cashflow from operating activities

Net Surplus for the year/period 4,015,327 3,620,640 1,183,997 1,195,343 575,945 468,131

Adjustments for:- Net change in marked to market in value of investments (9,275) 424 (17,821) (32) 24,062 (22,244)

Increase/(Decrease) in investments at cost (17,065,522) 1,323,838 (359,213) (1,157,279) 1,063,858 (6,146,986)

Increase/(Decrease) in other current assets 29,088

(36,200)

26,231

26,071

104,338

(296,772)

Increase/(Decrease) in current liabilities 15,920

5,907

(7,599)

9,044

(26,817)

30,573

Increase/(Decrease) in deposits (4,700,035)

(3,800,000)

(36)

-

(20)

- Interest expense on borrowing 104,863

Net cash used in operations ( A ) (17,609,634)

1,114,609

825,559

73,147

1,741,366

(5,967,298)

B Cashflow from financing activities

Increase/(Decrease) in unit capital 11,643,899

92,124

(1,415,893)

2,426,409

(1,450,331)

5,298,023 Increase/(Decrease) in unit premium reserve 2,474,299

(2,074,328)

(365,782)

415,206

(63,687)

816,405 Proceeds from borrowing 136,932,878

6,120,000

-

-

-

- Repayment of borrowing (132,702,878)

(2,700,000)

-

-

- Interest paid on borrowing (99,218)

(623)

-

-

-

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

56

26

(15,064)

(119,155)

(15,788)

29,179

Decrease in subscription receivable for units issued to investors -

-

(2,654)

64,917

(74)

(189)

Dividend paid (including tax thereon) (1,267,386)

(1,126,453)

(622,049)

(835,187)

(149,502)

(176,959)

Net cash generated from financing activities ( B ) 16,981,650

310,746

(2,421,442)

1,952,190

(1,679,382)

5,966,459

Net Increase/(Decrease) in cash and cash equivalents (A+B) (627,984)

1,425,355

(1,595,883)

2,025,337

61,984

(839)

Cash and Cash Equivalents as at the beginning of the year 1,540,568

115,213

2,158,336

132,999

6,507

7,346

Cash and Cash Equivalents as at the close of the year 912,584

1,540,568

562,453

2,158,336

68,491

6,507

Component of cash and cash equivalents March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013

Balances with banks in current accounts 35,148

16,332

57,305

10,919

3,181

1,188Deposits with scheduled banks 750,000

1,350,000

340,000

1,800,000

-

-Collateralised lending 127,436

174,236

165,148

347,417

65,310

5,319Total 912,584

1,540,568

562,453

2,158,336

68,491

6,507









Head-Fixed Income & Fund Manager Fund Manager-Fixed Income Fund Manager-Fixed IncomeMumbaiDate:

Cash Flow Statement (All amounts in thousands of Rupees unless specified otherwise)



22.

Industry and Company Particulars Quantity Amount

(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category

CERTIFICATE OF DEPOSITS

BANKS 44,500

4,320,420

42.80

100.00

Bank of India* 5,000

480,173

4.76

11.12

Canara Bank* 8,500

785,022

7.78

18.17Corporation Bank* 5,000

493,367

4.89

11.42

IDBI Bank Limited* 5,000

493,095

4.88

11.41

Indusind Bank Limited* 3,500

344,472

3.41

7.97

Karur Vysya Bank Limited* 7,500

738,754

7.32

17.10Punjab & Sind Bank* 2,500

246,304

2.44

5.70Ratnakar Bank Limited* 5,000

492,942

4.88

11.41

State Bank of Patiala* 2,500

246,291

2.44

5.70

TOTAL 44,500

4,320,420

42.80

100.00

COMMERCIAL PAPER

DIVERSIFIED 1,000

493,331

4.89

9.37

Trapti Trading & Invest Pvt Limited* 1,000

493,331

4.89

9.37

FINANCE 7,000 3,441,561 34.09 65.39

Dewan Housing Finance Corporation Limited* 1,500

737,865

7.31

14.03

India Infoline Finance Limited* 1,500

736,379

7.29

13.99

Indiabulls Housing Finance Limited* 1,500

737,674

7.31

14.01

Religare Finvest Limited* 1,000

492,922

4.88

9.36

SREI Equipment Finance Limited* 1,500

736,721

7.30

14.00

PHARMACEUTICALS 2,000

985,429

9.76

18.72

Piramal Enterprises Limited* 1,000

493,926

4.89

9.38

Ranbaxy Laboratories Limited* 1,000

491,503

4.87

9.34

POWER 700

343,266

3.40

6.52

Talwandi Sabo Power Limited* 700

343,266

3.40

6.52

TOTAL 10,700

5,263,587

52.14

100.00

FIXED DEPOSITSBANKS 340,000,000

340,036

3.37

100.009.20% UCO Bank (23/06/2014) 90,000,000

90,000

0.89

26.479.50% Allahabad Bank (27/06/2014) 250,000,000 250,000 2.48 73.52Fixed Deposits (unclaimed redemption & dividend) 36 - 0.01

340,000,000 340,036 3.37 100.00

OTHER CURRENT ASSETS 246,001 2.44

TOTAL ASSETS 10,170,044 100.75

LESS: CURRENT LIABILITIES 74,150 0.75

NET ASSETS 10,095,894 100.00

* Non traded / thinly traded investments

SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION

Details of investment portfolio and industry wise classification of the Scheme’s investments in each category of investments at March 31, 2014

are presented below. The industry and company exposures are stated as a percentage of the Scheme’s net assets

AXIS TREASURY ADVANTAGE FUND


22.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category

DEBENTURES AND BONDS


FERROUS METALS 50

52,468

1.65

4.64

Tata Steel Limited* 50

52,468

1.65

4.64

FINANCE 616

606,037

19.11

53.42

Housing Development Finance Corporation Limited* 150

149,617

4.72

13.19

Indian Infrastructure Finance Company Limited* 25

24,642

0.78

2.17

LIC Housing Finance Limited* 175

174,182

5.49

15.35

Power Finance Corporation Limited* 216

207,842

6.55

18.32

Rural Electrification Corporation Limited* 50

49,754

1.57

4.39

GAS 190

190,443

6.00

16.79

Reliance Gas Transportation Infrastructure Limited* 190

190,443

6.00

16.79

MINERALS/MINING 50

48,824

1.54

4.30

Sesa Sterlite Limited* 50

48,824

1.54

4.30

POWER 190

185,887

5.86

16.38

Power Grid Corporation of India Limited* 150

145,807

4.60

12.85

Tata Power Company Limited* 40

40,080

1.26

3.53

TRADING 50 50,764 1.60 4.47

Food Corporation Of India* 50

50,764

1.60

4.47

TOTAL 1,146

1,134,423

35.76

100.00

CERTIFICATES OF DEPOSITBANKS 13,500

1,253,865

39.53

100.00Canara Bank* 4,200

391,166

12.33


138,475

4.37

11.04Dena Bank* 2,500

231,561

7.30

18.47Karur Vysya Bank Limited* 2,800

261,055

8.23

20.82Oriental Bank of Commerce* 2,500

231,608

7.30

18.47

TOTAL 13,500

1,253,865

39.53

100.00

GOVERNMENT SECURITIES 6,250,000

617,297

19.46

100.008.12% Government of India (10/12/2020) 450,000

42,943

1.35


23,350

0.74

3.788.58% Gujarat SDL (23/01/2023) 500,000

47,516

1.50

7.708.68% Gujarat SDL (06/02/2023) 500,000

47,806

1.51

7.748.83% Government of India (25/11/2023) 4,550,000

455,682

14.36

73.82

TOTAL 6,250,000

617,297

19.46

100.00

MUTUAL FUND UNITS 408,323.261

580,733

18.31

100.00Axis Liquid Fund - Direct Plan - Growth Option* 408,323.261

580,733

18.31

100.00

TOTAL 408,323.261 580,733 18.31 100.00


TOTAL ASSETS 3,675,873 115.88


NET ASSETS 3,172,375 100.00



Details of investment portfolio and industry wise classification of the Scheme’s investments in each category of investments at March 31,

2014 are presented below. The industry and company exposures are stated as a percentage of the Scheme’s net assets

AXIS DYNAMIC BOND FUND


22.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FERROUS METALS 10

10,494

0.47

1.75

Tata Steel Limited* 10

10,494

0.47

1.75

FINANCE 50,200

247,646

11.05

41.35

Cholamandalam Investment and Finance Company Limited* 50

50,179

2.24

8.38


47,495

2.12

7.93


49,634

2.21

8.29

Shriram Transport Finance Company Limited* 50,000

50,158

2.24

8.37

Tata Motors Finance Limited* 50

50,180

2.24

8.38

GAS 250

250,583

11.17

41.84

Reliance Gas Transportation Infrastructure Limited* 250

250,583

11.17

41.84

POWER 90

90,181

4.02

15.06

Tata Power Company Limited* 90

90,181

4.02

15.06

TOTAL 50,550

598,904

26.71

100.00


410,518

18.30

100.00

Axis Liquid Fund - Direct Plan - Growth Option* 288,642.305

410,518

18.30

100.00

TOTAL 288,642.305

410,518

18.30

100.00

CERTIFICATES OF DEPOSIT

BANKS 5,800

538,218

24.00

100.00

Canara Bank* 800

75,424

3.36

14.02

Dena Bank* 2,500

231,561

10.33

43.02

Oriental Bank of Commerce* 2,500

231,233

10.31

42.96

TOTAL 5,800

538,218

24.00

100.00


565,554

25.21


30,712

1.37


48,474

2.16


9,340

0.42


28,005

1.25

4.958.58% Gujarat SDL (23/01/2023) 2,000,000

190,065

8.47

33.618.68% Gujarat SDL (06/02/2023) 404,000

38,628

1.72

6.838.83% Government of India (25/11/2023) 2,200,000

220,330

9.82

38.96

TOTAL 5,854,000 565,554 25.21 100.00


TOTAL ASSETS 2,461,123 109.73


NET ASSETS 2,242,696 100.00


AXIS INCOME FUND






22.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category

DEBENTURES AND BONDSPrivately placed / unlisted debentures and bondsDIVERSIFIED 150 149,899 0.50 100.00

Tata Sons Limited* 150 149,899 0.50 100.00

TOTAL 150 149,899 0.50 100.00

CERTIFICATE OF DEPOSITS

BANKS 199,950 19,759,962 65.49 100.00Andhra Bank* 9,750 959,466 3.18 4.85Bank of Maharashtra* 2,500

247,190

0.82


1,240,475

4.11


1,235,648

4.10

6.25ICICI Bank Limited* 2,500

246,744

0.82

1.25IDBI Bank Limited* 32,400

3,205,855

10.62

16.22Indian Bank* 9,400

922,795

3.06

4.67Indusind Bank Limited* 44,400

4,385,048

14.53

22.19Karur Vysya Bank Limited* 9,000

891,286

2.95


1,978,975

6.56


987,266

3.27

5.00Ratnakar Bank Limited* 7,500

744,384

2.47

3.77State Bank of Mysore* 2,500

247,015

0.82

1.25Syndicate Bank* 2,500

246,596

0.82

1.25UCO Bank* 5,000

490,200

1.62

2.48Union Bank of India* 17,500

1,731,019

5.74

8.76

TOTAL 199,950

19,759,962

65.49

100.00

COMMERCIAL PAPER

DIVERSIFIED 1,000

493,266

1.63

6.17

TGS Investment & Trade Pvt Limited* 1,000

493,266

1.63

6.17

FINANCE 12,600

6,224,296

20.62

77.81

Aditya Birla Finance Limited* 1,000

492,825

1.63

6.17

Dewan Housing Finance Corporation Limited* 1,000

494,974

1.64

6.19

India Infoline Finance Limited* 3,000

1,484,030

4.92

18.55

Indiabulls Housing Finance Limited* 2,000 988,979 3.28 12.36

Religare Finvest Limited* 2,000 984,676 3.26 12.31

Small Industries Development Bank of India* 1,000

494,636

1.64

6.18

SREI Equipment Finance Limited* 2,500

1,234,516

4.09

15.43

Sundaram Finance Limited* 100

49,660

0.16

0.62


739,677

2.45

9.24

Piramal Enterprises Limited* 1,000

493,926

1.64

6.17

Ranbaxy Laboratories Limited* 500

245,751

0.81

3.07

POWER 1,100

542,704

1.80

6.78

Talwandi Sabo Power Limited* 1,100

542,704

1.80

6.78

TOTAL 16,200

7,999,943

26.50

100.00

BILLS REDISCOUNTINGBANKS 12,500,000

1,238,011

4.10

100.00Kotak Mahindra Bank Limited* 12,500,000

1,238,011

4.10

100.00

TOTAL 12,500,000

1,238,011

4.10

100.00

TREASURY BILL 2,500,000

246,632

0.82

100.0091Days Tbill (MD 30/05/2014) 2,500,000

246,632

0.82

100.00

TOTAL 2,500,000

246,632

0.82

100.00

FIXED DEPOSITSBANKS 9,250,000,000 9,250,035 30.67 100.0010.00% UCO Bank (09/06/2014) 1,500,000,000 1,500,000 4.97 16.2110.00% UCO Bank (10/06/2014) 1,000,000,000 1,000,000 3.31 10.8010.00% UCO Bank (11/06/2014) 500,000,000 500,000 1.66 5.4010.05% Vijaya Bank (04/06/2014) 500,000,000 500,000 1.66 5.4110.60% Ratnakar Bank Limited (11/06/2014) 750,000,000 750,000 2.49 8.119.40% Allahabad Bank (23/06/2014) 750,000,000 750,000 2.49 8.119.50% Allahabad Bank (24/06/2014) 750,000,000 750,000 2.49 8.119.85% UCO Bank (20/06/2014) 1,000,000,000 1,000,000 3.31 10.819.85% UCO Bank (23/06/2014) 500,000,000 500,000 1.66 5.419.94% Allahabad Bank (11/06/2014) 500,000,000 500,000 1.66 5.419.95% Vijaya Bank (17/06/2014) 1,000,000,000 1,000,000 3.31 10.819.96% Vijaya Bank (30/05/2014) 500,000,000 500,000 1.66 5.41Fixed Deposits (unclaimed redemption & dividend) 35 - -

9,250,000,000 9,250,035 30.67 100.00


TOTAL ASSETS 38,869,747 128.83

LESS: CURRENT LIABILITIES 8,696,148 28.83

NET ASSETS 30,173,599 100.00


Details of investment portfolio and industry wise classification of the Scheme’s investments in each category of investments at March 31, 2014

are presented below. The industry and company exposures are stated as a percentage of the Scheme’s net assets

AXIS LIQUID FUND

22.


(Rs. in 000s) Percentage to

Net Assets

Percentage to Investment

category



AUTO 100

100,056

1.39

1.91

Tata Motors Limited* 100

100,056

1.39

1.91

FINANCE 4,405

4,399,437

60.90

83.93

Cholamandalam Investment and Finance Company Limited* 300

298,664

4.13

5.70


613,895

8.50

11.71

ICICI Home Finance Company Limited* 150

149,512

2.07

2.85

Infrastructure Development Finance Company Limited* 83

82,693

1.14

1.58


890,671

12.33

16.99

Mahindra & Mahindra Financial Services Limited* 250

249,964

3.46

4.77

National Bank For Agriculture and Rural Development* 366

365,287

5.06

6.97


782,649

10.84

14.93


605,435

8.38

11.55

Shriram Transport Finance Company Limited* 19

19,155

0.27

0.37

Small Industries Development Bank of India* 7

7,005

0.10

0.13

Sundaram Finance Limited* 50

50,138

0.69

0.96

Tata Capital Financial Services Limited* 11

11,009

0.15

0.21


273,360

3.78

5.21

PETROLEUM PRODUCTS 285

282,004

3.90

5.38

Chennai Petroleum Corporation Limited* 250

247,271

3.42

4.72

Hindustan Petroleum Corporation Limited* 35

34,733

0.48

0.66

POWER 83 84,076 1.17 1.61

Power Grid Corporation of India Limited* 60 61,103 0.85 1.17

Reliance Utilities & Power Pvt Limited* 23

22,973

0.32

0.44


DIVERSIFIED 66

66,144

0.92

1.26

Tata Sons Limited* 66

66,144

0.92

1.26

FINANCE 309

310,171

4.29

5.91

Indiabulls Housing Finance Limited* 269

270,154

3.74

5.15


40,017

0.55

0.76

TOTAL 5,248

5,241,888

72.57

100.00


BANKS 13,500

1,262,341

17.48

100.00

Andhra Bank* 2,500

245,967

3.41

19.48

Canara Bank* 2,500

230,889

3.20

18.29

Corporation Bank* 3,500

323,109

4.47

25.60


231,764

3.21

18.36

Punjab & Sind Bank* 2,500

230,612

3.19

18.27

TOTAL 13,500

1,262,341

17.48

100.00


440,556

6.10

100.00Axis Liquid Fund - Direct Plan - Growth Option* 309,762.474 440,556 6.10 100.00

TOTAL 309,762.474 440,556 6.10 100.00

FIXED DEPOSITSFixed Deposits (unclaimed redemption & dividend) 20 -


TOTAL ASSETS 7,247,509 100.34


NET ASSETS 7,223,064 100.00



Details of investment portfolio and industry wise classification of the Scheme’s investments in each category of investments at March 31,2014 are presented below. The industry and company exposures are stated as a percentage of the Scheme’s net assets

AXIS SHORT TERM FUND



22.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category


6,519,327

99.83

100.00Bank of Baroda* 5,000

463,059

7.09

7.09

Canara Bank* 8,400

776,582

11.89

11.91Corporation Bank* 7,500 694,533 10.64 10.65Dena Bank* 2,500 231,561 3.55 3.55ICICI Bank Limited* 9,000

831,551

12.73

12.76


925,427

14.17

14.20

Indian Overseas Bank* 5,000

462,614

7.08


860,472

13.18


579,492

8.87

8.89Vijaya Bank* 7,500

694,036

10.63

10.65

TOTAL 70,500

6,519,327

99.83

100.00

OTHER CURRENT ASSETS 16,286

0.25

TOTAL ASSETS 6,535,613

100.08


NET ASSETS 6,529,748 100.00


AXIS BANKING DEBT FUND




Attachment 2 - Interscheme transactions covered by Accounting Standard-18

(Rs.in '000)

Name of Related PartyNature of transactions

Year ended

March 31, 2014

Balance as at

March 31, 2014

Year ended

March 31, 2013

Balance as at

March 31, 2013

Axis Liquid Fund

Axis Banking Debt Fund Purchase of investments 570,642 - 101,864 -

Sale of investments - - 551,532 -

Axis Capital Protection Oriented Fund - Series 1 Purchase of investments - - - -

Sale of investments 98,321 - - -


Sale of investments 78,657

-

-

-

Axis Capital Protection Oriented Fund - Series 3 Purchase of investments -

-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-

Axis Dynamic Bond Fund Purchase of investments 3,588,640

-

105,513

-

Sale of investments 3,075,672

-

99,912

-

Axis Equity Fund Purchase of investments 348,317

-

-

-

Sale of investments -

-

399,578

-

Axis Fixed Term Plan – Series 36 (34 Days) Purchase of investments -

-

-

-


-

-

-

Axis Fixed Term Plan Series 63 (91 Days) Purchase of investments -

-

-

-


-

-

-

Axis Fixed Term Plan-Series 20 (3 Months) Purchase of investments -

-

2,951

-


-

399,816

-

Axis Fixed Term Plan-Series 21 (394 Days) Purchase of investments -

-

-

-



-

-

-


-

499,222

-


-

-

-


-

-

-

Axis Hybrid Fund - Series 1 Purchase of investments -

-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-

Axis Income Fund Purchase of investments 695,703

-

98,859

-


-

119,895

-

Axis Income Saver Purchase of investments 159,641

-

-

-


-

-

-

Axis Long Term Equity Fund Purchase of investments 248,139 - - -

Sale of investments 179,745 - 405,634 -

Axis Short Term Fund Purchase of investments 2,190,262 - 257,630 -

Sale of investments 3,070,827 - 349,646 -

Axis Small Cap Fund Purchase of investments - - - -


Axis Treasury Advantage Fund Purchase of investments 8,160,640 - 2,592,439 -

Sale of investments 3,855,573 - 2,521,306 -

Axis Triple Advantage Fund Purchase of investments 395,920 - - -


(Rs.in '000)


Year ended

March 31, 2014

Balance as at

March 31, 2014

Year ended

March 31, 2013

Balance as at

March 31, 2013


Axis Banking Debt Fund Purchase of investments 327,123 - 94,377 -








-

125,159

-


-

10,477

-


-

84,345

-


-

-

-


-

103,701

-

Axis Dynamic Bond Fund Purchase of investments 1,014,179

-

72,690

-


-

-

-

Axis Fixed Term Plan - Series 47 (483 Days) Purchase of investments -

-

-

-


-

-

-

Axis Fixed Term Plan - Series 48 (3 Years) Purchase of investments -

-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-

Axis Fixed Term Plan Series 52 (428 Days) Purchase of investments - - - -



-

-

-


-

-

-


-

985

-


-

-

-

Axis Fixed Term Plan-Series 17 (12 Months) Purchase of investments -

-

383

-


-

-

-


-

15,200

-


-

-

-


-

30,401

-


-

-

-


-

15,300

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


Axis Income Fund Purchase of investments 769,705 - 187,800 -


Axis Income Saver Purchase of investments - - - -


Axis Liquid Fund Purchase of investments 3,070,827 - 349,646 -


Axis Treasury Advantage Fund Purchase of investments 1,044,572 - 384,803 -





(Rs.in '000)


Year ended

March 31, 2014

Balance as at

March 31, 2014

Year ended

March 31, 2013

Balance as at

March 31, 2013


Axis Banking Debt Fund Purchase of investments 1,452,362 - - -






-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-

Axis Dynamic Bond Fund Purchase of investments 742,487

-

29,756

-


-

232,264

-


-

-

-


-

-

-


-

-

-


-

-

-

Axis Fixed Term Plan Series 44 (91 Days) Purchase of investments 5,418

-

-

-

Sale of investments - - - -

Axis Fixed Term Plan-Series 22 (374 Days) Purchase of investments - - - -


-

749,043

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

44,167

-


-

333,956

-

Axis Income Saver Purchase of investments 259,937 - - -


Axis Liquid Fund Purchase of investments 3,855,573 - 2,521,306 -

Sale of investments 8,160,640 - 2,592,439 -

Axis Long Term Equity Fund Purchase of investments 158,816 - - -


Axis Short Term Fund Purchase of investments 661,937 - 139,063 -





INDEPENDENT AUDITOR’S REPORT To the Trustees of AXIS 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 balancesheets as at 31 March 2014, the revenue accounts andcash flow statements, where applicable,for the period as mentioned below, and a summary of significant accounting policies and other explanatory information. Name of the Scheme Period covered by revenue account and cash flow statements

Axis Income Saver 1 April 2013 to 31 March 2014 Axis Constant Maturity 10 Year Fund 1 April 2013 to 31 March 2014 Axis Triple Advantage Fund 1 April 2013 to 31 March 2014 Axis Gold Fund 1 April 2013 to 31 March 2014

Axis Yearly Interval Fund - Series 1 17February 2014 to 31 March 2014

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 sheet, of the state of affairs of the Schemes as at 31 March 2014;

(b) in the case of the revenue account,of the surplus for the periodas mentioned above; and

(c) in the case of the cash flow statement, where applicable, of the cash flows for the period as mentioned above.

Report on Other Legal and Regulatory Requirements 1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary

for the purposes of our audit.

2. The balance sheet and revenue account dealt with by this report are in agreement with the books of account.

3. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformity with the accounting policies and standards specified in the Ninth Schedule to the SEBI Regulations.

4. In our opinion, and on the basis of information and explanations given to us, the methods used to value non traded

securities as at 31 March 2014 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.


Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple

Advantage Fund Axis Gold Fund Axis Gold Fund

Axis Yearly

Interval Fund -

Series 1

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014

Schedule

SOURCES OF FUNDS

Unit capital 2(b) & 3 2,187,584

1,409,922

277,256

375,936

5,105,902

7,715,459

1,175,429

1,298,746

220,304Reserves and surplus 2(b) & 4 502,470

167,291

19,676

21,847

1,363,101

1,427,274

54,005

132,432

3,499Current liabilities 5 45,677

28,126

228

1,061

338,814

162,151

11,324

11,358

742,735,731

1,605,339

297,160

398,844

6,807,817

9,304,884

1,240,758

1,442,536

223,877


Investments 2(c), 6 & 22 2,634,349

1,508,670

268,652

321,691

6,437,008

8,910,845

1,224,944

1,423,974

222,033Deposits 7 627

-

30

-

817

190,000

70

-

-Other current assets 8 100,755

96,669

28,478

77,153

369,992

204,039

15,744

18,562

1,8442,735,731

1,605,339

297,160

398,844

6,807,817

9,304,884

1,240,758

1,442,536

223,877

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









Head-Fixed Income & Fund Manager Fund Manager-Fixed Income Fund Manager-Fixed Income / Gold Fund

Mumbai

Date: Pankaj Murarka Jinesh Gopani Sudhanshu Asthana

Head-Equity Fund Manager-Equity Fund Manager-Equity




Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple

Advantage Fund Axis Gold Fund Axis Gold Fund

Axis Yearly Interval

Fund - Series 1

April 01, 2013 April 01, 2012 April 01, 2013 April 01, 2012 April 01, 2013 April 01, 2012 April 01, 2013 April 01, 2012 February 17, 2014to to to to to to to to to

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014Schedule

INCOME

Dividend 2(d) 5,591 7,964 - - 38,421 28,376 - - -

Interest 2(d) & 9 172,777 104,900 27,027 28,252 249,102 206,207 1,752 1,866 2,671Profit on sale/redemption of investments (including F&O), net 2(d) -

-

-

678

-

535,516

14,845

6,478 -


90

-

-

11,350

306

-

- -

Load income 9,535

409

51

176

39,211

13,135

4,471

2,452 -

Other Income -

-

3

-

2

-

7

- -Net change in marked to market in value of investments 2(c) & 6(ii) 113,517

42,277

(7,064)

7,300

342,821

(190,441)

(46,500)

9,657 864

Total 301,420

155,640

20,017

36,406

680,907

593,099

(25,425)

20,453 3,535

EXPENSES AND LOSSES

Loss on sale/redemption of investments (including F&O), net 2(d) 21,092

26,335

13,169

-

42,211

-

-

- -

Loss on inter-scheme transfer/sale of investments, net 2(d) 1,387

-

-

-

-

-

-

- -


22,184

862

1,597

86,475

67,308

-

- -


19

5

4

118

78

20

14 -

Investor education expense 490

136

67

40

1,616

780

279

137 5

Custodian service charges 407

276

38

40

1,316

1,128

157

127 2


907

344

347

9,070

9,288

2,669

3,906 16


1,879

2,578

3,200

92,567

63,416

19,480

8,461 22

Audit fee 226

340

85

85

234

343

86

85 56

Marketing expenses 311

5,349

6

4

3,218

12,851

338

277 -

Listing fee -

-

-

-

-

-

-

- 2

Other operating expenses 4,118 3,296 137 295 16,826 14,678 3,184 4,564 1

Less: Expenses reimbursed/to be reimbursed by AMC (3,679) - (1,440) (221) (62) (8,360) (4) (1,998) (68)

Total 89,093

60,721

15,851

5,391

253,589

161,510

26,209

15,573 36

Surplus / (Deficit) for the year/period 212,327

94,919

4,166

31,015

427,318

431,589

(51,634)

4,880 3,499


(6,497)

-

-

(375,935)

65,643

30,580

(9,657) (864)

Equalisation (debit) / credit 2(e) 145,295

(2,776)

(5,360)

2,235

(403,513)

585,864

(8,101)

2,540 -

Transfer from retained surplus 10,267

12,345

754

-

-

12,306

-

- -

Income distribution on capital account (25,506)

(27,680)

(1,222)

(7,414)

-

(96,727)

-

- -

Income-tax on distributed income (5,971)

(4,053)

(229)

(1,147)

-

(14,959)

-

- -Surplus / (Deficit) transferred to the retained surplus 4 233,568

66,258

(1,891)

24,689

(352,130)

983,716

(29,155)

(2,237) 2,635











Mumbai



Revenue Account(All amounts in thousands of Rupees)

1. BACKGROUND

Scheme Name Type of Scheme NFO OpenNFO Close

Axis Income Saver

Open ended income scheme

May 24, 2010to

June 21, 2010

Axis Constant Maturity 10 Year Fund

Open ended gilt scheme January 10, 2012to

January 19, 2012

Axis Triple Advantage Fund

Open ended hybrid fund June 30, 2010to

July 29, 2010

Axis Gold Fund Open ended fund of fund scheme

September 30, 2011to

October 14, 2011

Axis Yearly Interval Fund - Series 1

Debt Oriented Interval schemes

Feburary 07, 2014 to

Feburary 13, 2014

Bonus Option was introduced w.e.f. March 24, 2014.



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

(b) Unit capital


(c) Investments





To generate regular income through investmentsin debt and money market instruments, along withcapital appreciation through limited exposure toequity and equity related instruments. TheScheme also aims to manage risk through activeasset allocation.

Growth Quarterly DividendHalf Yearly DividendAnnual Dividend Direct Growth Direct Quarterly Dividend Direct Half Yearly Dividend Direct Annual Dividend


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 ofDirectors of the AMC and the Trustee, are stated below.

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

To generate income by investing in high quality fixed income instruments maturing on or before the next specified transaction period. However, there is no guarantee that the investment objective will be achieved.

Growth Dividend Direct Growth Direct Dividend

To generate returns similar to that of 10 yeargovernment bonds.

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

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



To generate long term capital appreciation by investing in a diversified portfolio of equity and equity related instruments, fixed income instruments and gold exchange traded funds.


To generate returns that closely correspond to returns generated by Axis Gold ETF.


Axis Bank Limited holds 75% of the total issued and paid up equity share capital of Axis Asset Management Company Limted and the balance 25%plus one equity share has been acquired during the year by Schroders Investment Management (Singapore) Limited (SIMSL) through its wholly ownedsubsidiary, Schroders Singapore Holdings Private Limited (SSHPL), both subsidiaries of Schroders plc.

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 inthe value of investments, and expenses accrued, are allocated to the related options in proportion to their respective daily net assets arrived at bymultiplying day-end outstanding units by previous day's closing NAV.




(d) Revenue recognitionDividend income is recognised on the ex-dividend date.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.


Bills Purchased under rediscounting schemes is valued at cost plus amortisation.

All debt securities with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done by schemes managed by theAMC. 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 aslong 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). Incase the amortized value is outside the above band, the YTM of the security is adjusted to bring the price within the ±0.10% band.

Prior to November 29, 2013, all quoted debt investments other than thinly traded debt investments with residual maturity greater than 60 days, areconsidered at prices derived from the weighted average yield to maturity of the traded securities as at the valuation date as obtained from a publicplatform (FIMMDA / NSE WDM / BSE WDM) using traded volume thresholds or based on yield to maturity derived from trades done by schemesmanaged by Axis AMC.

Prior to November 29, 2013, all non-traded / thinly traded money market securities, floating rate securities and debt securities with residual maturitygreater than 60 days, are valued using the average of the yields released by CRISIL and ICRA, as suggested by AMFI.

W.e.f. November 29, 2013, all debt securities with residual maturity greater than 60 days, are valued using the simple average of the prices released byCRISIL and ICRA, as suggested by AMFI. In case of new purchases which are not a part of the list of CRISIL and ICRA security level pricing, suchsecurities are valued at weighted average cost/yield on the day of purchase.

The net unrealized appreciation / depreciation in the value of investments is determined separately for each category of investments. The change innet unrealized gain / loss, between two balance sheet dates is recognized in the revenue account and net unrealized gain, if any, is thereafterappropriated to the unrealized appreciation reserve.

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

Government securities are valued at the average of the prices released by CRISIL and ICRA, as suggested by AMFI, on the basis of the valuationprinciples laid down by SEBI.

Treasury Bills with residual maturity greater than 60 days, are valued at the average of the prices released by CRISIL and ICRA, as suggested byAMFI, on the basis of the valuation principles laid down by SEBI. The difference between last traded/valued price and T+1 aggregated price receivedfrom CRISIL and ICRA is amortised linearly upto the day preceding the next business day.

Prior to September 19, 2013, treasury bills with residual maturity upto 60 days, are valued at the average of the prices released by CRISIL and ICRA,as suggested by AMFI, on the basis of the valuation principles laid down by SEBI. The difference between last traded/valued price and T+1 aggregatedprice received from CRISIL and ICRA is amortised linearly upto the day preceding the next business day.

W.e.f September 19, 2013, treasury bills with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done byschemes managed by the AMC. If there are no trades done by schemes managed by the AMC for the said security then the securities are valued onthe basis of amortized cost based on purchase price or last traded market price, which includes discount / premium accrued on a straight line basisover the period 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 RatingAgencies (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.


Investments in equity shares / warrants which have traded during a period of thirty days (prior to the balance sheet date) are stated at the closing priceson the balance sheet date or the last trading day before the balance sheet date, as may be applicable, on The National Stock Exchange of IndiaLimited (principal stock exchange). When on a particular valuation day, a security has not been traded on the principal stock exchange, the value atwhich it is traded on The Bombay Stock Exchange Limited is used.

Options / futures are valued at the closing price on the stock exchange on which the same were contracted originally. In case, the closing price is notavailable on valuation date on the respective stock exchange, settlement price is considered for valuation. Futures contracts, which are going to expireon valuation date are valued at settlement price.

Non traded and thinly traded equity shares / warrants, including those not traded within thirty days prior to the balance sheet date are valued at the fairvalue as determined by the AMC under procedures approved by the Trustee of Axis Mutual Fund in accordance with the SEBI Regulations.

Rights entitlements are recognised as investments on the ex-rights date.

Bonus entitlements are recognised as investments on the ex-bonus date.

The cost of investments includes all costs incurred in acquiring the investments and incidental to acquisition of investments e.g. brokerage, transactioncosts, CCIL charges and any other charges customarily included in the broker’s note. Capitalisation of such brokerage and transaction costs incurredfor the purpose of execution of trades is restricted to 12 bps in case of cash market transactions and 5 bps in case of derivative transactions. Any costin excess of the specified limit is charged to the revenue account of the scheme as part of the total expense ratio.



(f) Load


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


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




3. Unit Capital

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

Growth

Outstanding, beginning of year/period 89,564,128.785 895,641 101,656,315.358 1,016,563 24,793,757.472 247,939 27,449,105.322 274,492 558,619,815.440 5,586,198 298,521,689.246 2,985,217 121,647,348.030 1,216,473 58,671,492.296 586,715 - -Issued-new fund offer - - - - - - - - - - - - - - - - 5,462,801.000 54,628-during the year/period 165,043,033.509 1,650,430 41,824,531.573 418,245 5,864,012.813 58,640 33,101,389.334 331,014 148,070,631.689 1,480,706 466,161,182.678 4,661,612 68,374,924.789 683,749 125,092,008.944 1,250,920 - -Redeemed during the year/period 84,444,610.466 844,446 53,916,718.146 539,167 15,211,152.008 152,112 35,756,737.184 357,567 305,956,018.080 3,059,560 206,063,056.484 2,060,631 78,443,757.266 784,438 62,116,153.210 621,162 - -Outstanding, end of year/period 170,162,551.828 1,701,625 89,564,128.785 895,641 15,446,618.277 154,467 24,793,757.472 247,939 400,734,429.049 4,007,344 558,619,815.440 5,586,198 111,578,515.553 1,115,784 121,647,348.030 1,216,473 5,462,801.000 54,628

Dividend

Outstanding, beginning of year/period 211,946,685.840 2,119,467 109,428,537.059 1,094,285 8,131,460.634 81,315 4,655,794.269 46,558 - -Issued-new fund offer - - - - - - - - 5,000.000 50-during the year/period 15,345,643.121 153,456 159,559,645.577 1,595,596 2,578,582.379 25,786 6,274,768.917 62,748 - -Redeemed during the year/period 118,469,176.599 1,184,692 57,041,496.796 570,414 5,108,787.568 51,088 2,799,102.552 27,991 - -Outstanding, end of year/period 108,823,152.362 1,088,231 211,946,685.840 2,119,467 5,601,255.445 56,013 8,131,460.634 81,315 5,000.000 50

Quarterly Dividend

Outstanding, beginning of year/period 45,303,476.246 453,035 55,534,030.181 555,340Issued-new fund offer - - - --during the year/period 23,987,280.834 239,873 25,000,968.727 250,010Redeemed during the year/period 25,693,599.464 256,936 35,231,522.662 352,315Outstanding, end of year/period 43,597,157.616 435,972 45,303,476.246 453,035


Outstanding, beginning of year/period 2,367,959.970 23,679 4,163,089.765 41,630 933,538.950 9,335 11,500.000 115Issued --new fund offer - - - - - - --during the year/period 287,722.499 2,877 541,667.249 5,417 108,395.215 1,084 1,689,044.357 16,890Redeemed during the year/period 1,272,432.823 12,724 2,336,797.044 23,368 309,406.641 3,094 767,005.407 7,670Outstanding, end of year/period 1,383,249.646 13,832 2,367,959.970 23,679 732,527.524 7,325 933,538.950 9,335

Annual Dividend

Outstanding, beginning of year/period 3,661,650.978 36,617 4,265,470.890 42,655Issued-new fund offer - - - --during the year/period 2,116,607.963 21,166 789,757.567 7,898Redeemed during the year/period 2,233,116.988 22,331 1,393,577.479 13,936Outstanding, end of year/period 3,545,141.953 35,452 3,661,650.978 36,617

Bonus

Outstanding, beginning of year/period -

-

-

-

Issued-during the year/period -

-

-

-

Redeemed during the year/period -

-

Outstanding, end of year/period -

-

-

-

Regular Dividend


2,189,325.267

21,894

Issued-new fund offer -

-

-

-

-during the year/period 680,703.493 6,807

19,059,872.331

190,598

Redeemed during the year/period 9,162,495.395 91,625

9,563,561.319

95,636


11,685,636.279

116,856

Direct Growth

Outstanding, beginning of year/period 94,577.272 946 - - 57,011.320

570

-

-

606,395.754

6,064

84,278.864 843 - -

Issued-new fund offer - - - - -

-

-

-

-

-

-

-

- - - - 16,562,627.000 165,626-during the year/period 71,260.748 713 97,247.074 972 28,336,945.532 283,369

59,350.284

593

1,006,134.231

10,061

629,724.309

6,297

478,480.333 4,785 89,086.669 891 - -Redeemed during the year/period 105,222.039 1,052 2,669.802 26 20,149,600.667 201,496

2,338.964

23

732,250.012

7,323

23,328.555

233

252,252.972 2,523 4,807.805 48 - -Outstanding, end of year/period 60,615.981 607 94,577.272 946 8,244,356.185 82,443

57,011.320

570

880,279.973

8,802

606,395.754

6,064

310,506.225 3,105 84,278.864 843 16,562,627.000 165,626

Direct Dividend

Outstanding, beginning of year/period 373,009.585 3,730 - - 11,515.163 115 - - - -Issued-new fund offer - - - - - - - - - --during the year/period 82,432.978 824 376,762.987 3,768 74,117.325 741 11,515.163 115 - -Redeemed during the year/period 302,890.887 3,029 3,753.402 38 32,883.715 329 - - - -Outstanding, end of year/period 152,551.676 1,525 373,009.585 3,730 52,748.773 527 11,515.163 115 - -


Outstanding, beginning of year/period 123,686.361 1,237 - -Issued-new fund offer - - - --during the year/period 8,258,962.352 82,590 134,711.715 1,347Redeemed during the year/period 8,286,550.718 82,866 11,025.354 110Outstanding, end of year/period 96,097.995 961 123,686.361 1,237



Axis Yearly Interval Fund - Series 1 March 31, 2014


Axis Gold Fund March 31, 2014


Axis Gold Fund March 31, 2013


Axis Constant Maturity 10 Year Fund March 31, 2013

Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid upMarch 31, 2013March 31, 2014 March 31, 2014

Axis Income Saver Axis Income Saver Axis Constant Maturity 10 Year Fund ** Axis Triple Advantage Fund

Face Value Rs. 10 each fully paid upFace Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid upMarch 31, 2014

Axis Triple Advantage Fund March 31, 2013



Outstanding, beginning of year/period 288.659 3 - -Issued-new fund offer - - - --during the year/period 4,387.973 44 288.659 3Redeemed during the year/period 1,273.398 13 - -Outstanding, end of year/period 3,403.234 34 288.659 3


Outstanding, beginning of year - - - - - - - -Issued-new fund offer - - - - - - - --during the year 6,168.243 62 - - 3,750.862 38 - -Redeemed during the year - - - - 1,620.115 16 - -Outstanding, end of year 6,168.243 62 - - 2,130.747 22 - -

Direct Bonus

Outstanding, beginning of year/period - - - -Issued-during the year/period - - - -Redeemed during the year/period - -Outstanding, end of year/period - - - -

Total

Outstanding, beginning of year/period 140,992,081.910 1,409,921 165,618,906.194 1,656,188 37,593,630.382 375,937 29,649,930.589 296,501 771,545,906.619 7,715,459 407,950,226.305 4,079,502 129,874,602.691 1,298,746 63,327,286.565 633,273 - -Issued-new fund offer - - - - - - - - - - - - - - - - 22,030,428.000 220,304-during the year/period 191,516,461.769 1,915,165 68,254,460.849 682,545 43,252,770.267 432,528 54,044,368.021 540,442 164,504,842.019 1,645,047 626,727,315.551 6,267,273 71,506,104.826 715,061 131,467,379.693 1,314,674 - -Redeemed during the year/period 113,750,255.178 1,137,502 92,881,285.133 928,812 53,120,825.544 531,209 46,100,668.228 461,006 425,460,335.578 4,254,604 263,131,635.237 2,631,316 83,837,681.521 838,378 64,920,063.567 649,201 - -Outstanding, end of year/period 218,758,288.501 2,187,584 140,992,081.910 1,409,921 27,725,575.105 277,256 37,593,630.382 375,937 510,590,413.060 5,105,902 771,545,906.619 7,715,459 117,543,025.996 1,175,429 129,874,602.691 1,298,746 22,030,428.000 220,304



** Details of large holdings (over 25% of the Net Assets of the Scheme):

Scheme Name

No. of Investors Net Assets No. of Investors Assets

1 27.92% - -Axis Constant Maturity 10 Year Fund

March 31, 2013March 31, 2014


Schedules to the financial statements for the year/period ended March 31, 2014Rupees in '000

Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple

Advantage FundAxis Gold Fund Axis Gold Fund


Fund - Series 1




Balance, beginning of year/period 857 483 193 1 109,511 (6,398) 101,527 14,403 -Net premium/discount on issue/redemption of units 154,329 (2,402) (4,886) 2,427 (491,491) 701,773 (26,793) 89,664 -Transferred to equalisation account (145,295) 2,776 5,360 (2,235) 403,513 (585,864) 8,101 (2,540) -Balance, end of year/period 9,891 857 667 193 21,533 109,511 82,835 101,527 -


Balance, beginning of year/period 6,513 16 - - 43,021 108,664 30,580 20,923 -Change in unrealised appreciation in value of investments 102,844 6,497 - - 375,935 (65,643) (30,580) 9,657 864Balance, end of year/period 109,357 6,513 - - 418,956 43,021 - 30,580 864

Retained surplus

Balance, beginning of year/period 159,921 106,008 21,654 (3,035) 1,274,742 303,332 325 2,562 -Transferred to revenue account (10,267) (12,345) (754) - - (12,306) - - -Surplus transferred from revenue account 233,568 66,258 (1,891) 24,689 (352,130) 983,716 (29,155) (2,237) 2,635Balance, end of year/period 383,222 159,921 19,009 21,654 922,612 1,274,742 (28,830) 325 2,635

Total reserves 502,470 167,291 19,676 21,847 1,363,101 1,427,274 54,005 132,432 3,499

The share of the options in the reserves and surplus is as

follows:

RG Growth 474,769 153,310 12,644 20,874 1,224,633 1,296,194 51,162 123,982 843Dividend 135,411 129,429 2,615 8,350 1

RQ Quarterly Dividend 24,405 13,154RH Half Yearly Dividend 903 314 80 122RY Annual Dividend 2,205 349

Bonus - -IW Regular Dividend (409) 768zG Direct Growth 180 164 7,348 49 2,844 1,418 195 88 2,655

Direct Dividend 213 233 33 12 -ZW Direct Regular Dividend 13 34zQ Direct Quarterly Dividend 3 -zH Direct Half Yearly Dividend 5 - - -

Direct Bonus - -502,470 167,291 19,676 21,847 1,363,101 1,427,274 54,005 132,432 3,499


Amount due to AMC - Management fees 2,529 3,052 - 161 9,130 12,261 - - - - Others 3,155 1,291 - - 6,857 7,731 515 - -Trusteeship fee payable 2 1 - - 6 8 1 1 -Sundry creditors for units redeemed by investors: - Lateral shift payable 137

46

-

1 2,383 464 557 - - - Others 9,875

640

-

-

21,034

2,996

8,026

8,927 -Interscheme payable -

-

-

-

3,568

33,904

-

- -Contract for purchase of investments 16,243

2,127

-

-

278,144

76,699

-

- -


Dividend payable on units 5,400 11,489 - 236 - - - - -Dividend distribution tax payable - 1,981 - 183 - - - - -Unclaimed dividend 355 242 30 - 292 522 - - -Unclaimed redemption 464 221 - - 848 516 192 52 -MTM margin payable - - - - - 199 - - -Unit application pending allotment 300 48 - - - 9,649 - 216 -Commission to distributors payable 113 700 - 313 3,759 4,287 986 733 -Load pending utilisation 5,292 5,292 - - 8,178 8,178 - - -Custody fees payable 35 21 3 4 89 133 12 14 2Investor education expense provision 424 105 74 30 1,632 595 284 106 4Other current liabilities 1,353 870 121 133 2,894 4,009 751 1,309 68

45,677 28,126 228 1,061 338,814 162,151 11,324 11,358 74

Rupees in '000

Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple



Fund - Series 1

6. INVESTMENTS

Equity shares 794,552 247,167 - - 2,412,283 3,198,323 - - -Privately placed / unlisted debentures and bonds 17,995 18,158 - - - - - - -Listed debentures and bonds 1,231,707 911,364 - - 1,042,955 1,519,771 - - -Certificates of deposit 452,030 181,819 - - 403,029 1,345,857 - - 222,033Units of mutual fund 40,051 150,162 - - 2,381,920 2,846,894 1,224,944 1,423,974 -Government securities (including treasury bills) 98,014 - 268,652 321,691 196,821 - - - -

2,634,349 1,508,670 268,652 321,691 6,437,008 8,910,845 1,224,944 1,423,974 222,033

Rupees in '000

Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple



Fund - Series 1


2,639,068 1,517,470 288,825 376,213 6,577,486 9,117,060 1,238,420 1,432,591 223,824(632.00) (30.00) (816.00) (70.00) 1.00

(i)


Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple



Fund - Series 1


Equity shares

- appreciation 108,322 22,391 - - 432,503 123,006 - -

- depreciation 1,936 33,166 - - 15,300 107,592 - -


- appreciation - 2 - - - - -

- depreciation 189 28 - - - - -

All the investments are held in the name of the Scheme (except for government securities which are held in the name of the fund), as per clause 7 of the Seventh Schedule under Regulation 44(1) of SEBI (Mutual Funds)

Regulations, 1996.


- depreciation 4,347 298 - - 6,285 634 - -


- appreciation 1,893 58 - - 1,753 170 - 864

- depreciation - 119 - - - 1,361 - -

Futures

- appreciation - - - - - 165 - - -

- depreciation -

-

-

-

-

638

-

- -


- appreciation 51

162

-

-

607

194

-

30,580 -

- depreciation -

-

-

-

164,451

132,945

15,920

- -

Government securities (including treasury bills)

- appreciation 155

-

5

1,711

152

-

-

- depreciation -

-

7,122

1,764

2,601

-

-109,167

(4,349)

(7,117)

(53)

251,427

(91,394)

(15,920)

30,580 864-

-

-

-

-


- appreciation 5,219 6,649 - - 5,048 28,241 - -

(ii) Aggregate appreciation and depreciation in the value of investments are as follows: (contd.) Rupees in '000

Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple



Fund - Series 1




Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple



Fund - Series 1


March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014Purchases (excluding collateralised lending, fixed deposits, futures and options)

- amount 4,774,920

2,271,340

476,697

938,598

15,963,592

19,267,914

185,183

863,027 218,744

- as a percentage of average daily net assets 195.08% 156.62% 142.82% 265.46% 197.59% 305.54% 13.29% 76.56% 98.57%

Purchases at notional value (index / stock futures)

- amount - 58,305.76 - - 967,473 1,105,630 - - -

- as a percentage of average daily net assets - 4.02% - - 11.97% 17.53% - - -

Purchases at option premium (index / stock options)

- amount 21,067

6,567.75

-

-

8,051

1,734

-

- -

- as a percentage of average daily net assets 0.86% 0.45% -

-

0.10% 0.03% -

- -

Sales (excluding collateralised lending, fixed deposits, futures and options)

- amount 3,810,023

2,469,606

509,521

877,565

18,765,724

14,939,743.48 352,558

121,582 -

- as a percentage of average daily net assets 155.66% 170.29% 152.65% 248.20% 232.27% 236.91% 25.30% 10.79% -

Sales/Expiry at notional value (index / stock futures)

- amount - 53,994.81 - - 1,010,200 1,090,252.06 - - -

- as a percentage of average daily net assets - 3.72% - - 12.50% 17.29% - - -

Sales at exercised price (index / stock options) #

- amount 10,587 11,157.78 - - - - - -

- as a percentage of average daily net assets 0.43% 0.77% - - - - - -

# Options not exercised / expired have not been included as the value of such transaction is Nil.


(iv)

Rupees in '000

Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple



Fund - Series 1

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014(v) Aggregate fair value of non traded investments

(excluding government securities and treasury bills)

The aggregate purchases made by all schemes of the Fund during the current year and previous year and the fair value of such investments as at March 31, 2014 in companies which have invested in any scheme of the

Fund in excess of five per cent of that scheme's net assets are provided in Attachment 1.

valued in good faith 1,741,783

1,261,503

-

-

1,926,591

3,045,822

-

- 222,033

Rupees in '000

Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple



Fund - Series 1


7. DEPOSITS

Deposits with scheduled bank (Unclaimed redemption & dividend) 627 - 30 - 817 - 70 - -Deposit with scheduled bank (Margin deposit for derivatives) - - - - - 190,000 - - -

627 - 30 - 817 190,000 70 - -


Balances with banks in current accounts 1,499 1,138 572 1 6,127 20,191 2,336 2,351 7Sundry debtors for units issued to investors: - Lateral shift receivable - - - - 205 257 - 8 - - Others 370 - - - 1,216 3,533 - 251 -Interscheme receivable 355 29,012 741 13,928 - - 2 6,351 -Contracts for sale of investments 7,049 - - - 145,947 - - - -Margin deposit with Clearing Corporation of India Limited 20,000 - - 5,000 17,500 62,500 - - -Outstanding and accrued income 67,390 57,714 5,582 3,650 59,335 91,341 - - -Amount due from AMC - - 1,440 52 - - - 977 46Cash margin money placed for derivatives - - - - - 10,000 - - -Collateralised lending 4,092 8,800 20,143 54,522 139,661 16,215 13,406 8,617 1,791Other current assets - 5 - - 1 2 - 7 -

100,755 96,669 28,478 77,153 369,992 204,039 15,744 18,562 1,844


March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 20149. INTEREST

Money market instruments 51,561 28,676 - - 17,997 37,629 - - 2,424Debentures and bonds 105,794 70,280 - - 118,531 118,781 - - -Fixed deposits - 333 - - 15,254 13,036 - - -Government securities (including treasury bills) 6,050 - 23,804 26,158 81,231 14,902 - - -Collateralised lending 9,283 5,611 3,048 1,780 13,982 17,829 1,752 1,866 247Others 89 - 175 314 2,107 4,030 - - -

172,777 104,900 27,027 28,252 249,102 206,207 1,752 1,866 2,671


- -MANAGEMENT AND TRUSTEESHIP FEE

The Schemes pay fees for investment management services under an agreement with the AMC, which provides for computation of such fee as a percentage of Scheme's average daily net assets, after excluding the net asset value of the

10.


Fund - Series 1

March 31, 2014

average rate -

11.


Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple



Fund - Series 1


March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014Income (excluding Net change in marked to market in value of investments)

- amount 187,903 113,363 27,081 29,106 338,086 783,540 21,075 10,796 2,671



- amount 66,614 34,386 2,682 5,391 211,378 161,510 26,209 15,573 36


Axis Income

Saver

Axis Income

Saver

Axis Constant

Maturity 10 Year

Fund

Axis Constant

Maturity 10 Year

Fund

Axis Triple

Advantage Fund

Axis Triple


March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013

Management fee (excluding service tax) at annualised

1.19% 1.54% 0.26% 0.45% 1.52% 1.49% - -

INCOME AND EXPENDITURE

investments by the AMC in the scheme, the net asset value of the investments made in other schemes and fixed deposits as applicable. During the year/period ended March 31, 2014, the Schemes have paid management fee at annualised average rate as follows:





(i)





Axis Asset Management Company Limited The Scheme's asset manager

Axis Capital Limited (formerly known as Axis Securities and Sales Limited) Associate

Axis Trustee Services Limited Associate



Axis Banking Debt Fund Axis Fixed Term Plan - Series 53 (1150 Days)






Axis Dynamic Bond Fund Axis Fixed Term Plan - Series 61 (1122 Days)













Axis Fixed Term Plan - Series 43 (511 Days) Axis Income Fund

Axis Fixed Term Plan - Series 44 (91 Days) Axis Liquid Fund


Axis Fixed Term Plan - Series 48 (3 Years) Axis Midcap Fund

Axis Fixed Term Plan - Series 49 (437 Days) Axis Short Term Fund

Axis Fixed Term Plan - Series 50 (3 Months) Axis Small Cap Fund

Axis Fixed Term Plan - Series 52 (428 Days) Axis Treasury Advantage Fund


Axis Triple Advantage Fund and Axis Yearly Interval Fund - Series 1 have entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on 'Related Party Disclosures' issued by the Institute of Chartered Accountants of India is provided below.



Rupees in '000






Axis Mutual Fund Trustee Limited Fees for trusteeship services 118

6

-

-

Axis Asset Management Company Limited

97,163

9,130

-

-

Axis Asset Management Company Limited Receivable for other expenses -

-

-

46

Axis Bank Limited Purchase of securities 100,300

-

-

-

Axis Bank Limited Sale of securities -

-

-

-

Axis Liquid Fund Purchase of securities 1,810,000

480,607

-

-

Axis Liquid Fund Sale of securities 1,510,925

-

-

-

Axis Bank Limited Interest received on margin fixed deposit 18,275

-

-

-

Axis Bank Limited Margin fixed deposit placement -

-

-

-

Axis Bank Limited Withdrawal of Margin fixed deposit 190,000

-

-

-

Axis Securities Limited Commission paid on distribution of units 94

12

-

-


Rupees in '000

Axis Income Saver Axis Income SaverAxis Constant

Maturity 10 Year Fund

Axis Constant Maturity 10 Year

Fund



Axis Gold Fund Axis Gold FundAxis Yearly Interval

Fund - Series 1










Axis Bank Limited (Sponsor)

Professional clearing member charges 1

3

-

-

40

44

-

- -

Bank charges 115

86

9

36

1,663

1,675

1,361

1,980 # -

Commission paid on distribution of units * 26,530

11,693

589

289

50,467

51,978

19,117

15,405 -Axis Capital Limited (Associate)

Brokerage on trades 26

-

-

-

132

443

-

- -

# Amount less than Rs. 0.5 thousand




F.Y. 2013-2014 - Nil

F.Y. 2012-2013 Rupees in '000

Particulars Name of Security Type of Security

Name of the

Scheme Amount invested

Axis Bank Limited (Arranger) 8.84% Rural Electrification Finance Corporation Ltd. Corporate Bond/NCD Axis Income Saver 40,000


Rupees in '000

Axis Income Saver Axis Income SaverAxis Constant


Axis Constant Maturity 10 Year

Fund



Axis Gold Fund Axis Gold FundAxis Yearly Interval

Fund - Series 1

Investments made by the SchemeYear ended

March 31, 2014Year ended








March 31, 2014Axis Bank Limited - 2,200 - - - 190,000 - - -

Investment made by other schemes - 282,000 - 284,200 - 94,200 - 284,200 -

Total investments * - 284,200 - 284,200 - 284,200 - 284,200 -







14. DERIVATIVES DISCLOSURE

Disclosure for derivative transactions as required by SEBI circular Cir/IMD/DF/11/2010 dated August 18, 2010, has been made in Attachment 3.

15. NET ASSET VALUE

Rupees

Options Axis Income Saver Axis Income Saver

Axis Constant


Axis Constant


Axis Triple Advantage

Fund


Fund Axis Gold Fund Axis Gold Fund


Fund - Series 1

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10

Growth 12.7901 11.7118 10.8186 10.8419 13.0560 12.3203 10.4585 11.0192 10.1543Dividend 11.2443 10.6107 10.4668 11.0268 10.1543Quarterly Dividend 10.5598 10.2904Half Yearly Dividend 10.6528 10.1326 10.1088 10.1304Regular Dividend 9.8722 10.0657Annual Dividend 10.6221 10.0954Bonus - -Direct Growth 12.9746 11.7296 10.8913 10.8660 13.2311 12.3387 10.6271 11.0442 10.1603Direct Dividend 11.3943 10.6249 10.6246 11.0383 -Direct Regular Dividend 10.1369 10.2715Direct Quarterly Dividend 10.9477 10.3081Direct Half Yearly Dividend 10.7704 - 10.1302 -Direct Annual Dividend -

-

Direct Bonus -

-



Contingent liabilities as on March 31, 2014: NIL (Previous year - NIL).

17. APPLICABILITY OF ACCOUNTING STANDARDS


Axis Triple Advantage Fund and Axis Yearly Interval Fund - Series 1 operate in one segment only viz. to primarily generate attractive returns based on investment objectives of the Scheme.

19. CREDIT DEFAULT SWAPS

There were no transactions in credit default swaps during the year ended March 31, 2014. (Previous year - NIL).

20. SURPLUS AVAILABLE FOR DISTRIBUTION Rupees in '000

Axis Income Saver Axis Constant



Fund Axis Gold Fund


Fund - Series 1

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

Total Reserves 502,470

19,676

1,363,101

54,005

3,499


109,167

-

251,427

-

864

Less : Credit balance in unit premium reserve at plan level 10,170 1,365 21,533 82,835 - Distributable Surplus 383,133 18,311 1,090,141 (28,830) 2,635

Axis Triple Advantage Fund had previously qualified for exemption from application of Accounting Standard (‘AS’) 3 – Cash Flow Statements, AS 17 – Segment Reporting and AS 18 –Related Party Disclosures, but no longer qualifies for exemption in the current accounting year. Since this is the first year of application of these accounting standard disclosures, corresponding previous year figures have not been disclosed.



During the year, the Schemes have changed the treatment and presentation of "change in mark to market value of investments". In the current year, the net change in market value of investments has been recorded in the revenue account and subsequently appropriated to the Unrealised appreciation reserve. In the previous years, the change in the unrealised appreciation on investments (category-wise) was transferred directly to the Unrealised appreciation reserve. This change has no impact on the distributable surplus or net asset value of the






Mumbai




Axis Income Saver Axis Constant



Fund Axis Gold Fund

March 31, 2013 March 31, 2013 March 31, 2013 March 31, 2013

Surplus / (Deficit) as per revenue account for the previous year

88,422

31,015

497,232

(4,777)

Impact on change in unrealised appreciation recorded in revenue account (6,497)

-

65,643

(9,657)

Revised Surplus / (Deficit) as per revenue account for the previous year 94,919 31,015 431,589 4,880

As these are the first financial statements of Axis Yearly Interval Fund - Series 1 since the date of launch, there are no prior period comparatives






respective plans of the schemes.


Axis Triple

Advantage Fund


Fund - Series 1

April 1, 2013

to

March 31, 2014

February 14, 2014

to

March 31, 2014


Net Surplus for the year/period 427,318 3,499

Adjustments for:-

Net change in marked to market in value of investments (342,821) (864)

Increase/(Decrease) in investments at cost 2,872,156 (221,169)

Increase/(Decrease) in other current assets 87,007 (46)

Increase/(Decrease) in current liabilities (35,192)

74

Increase/(Decrease) in deposits 189,183

-

Net cash used in operations ( A ) 3,197,651

(218,506)


Increase/(Decrease) in unit capital (2,619,206)

220,304

Increase/(Decrease) in unit premium reserve (491,491)

-

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

20,289

-

Decrease in subscription receivable for units issued to investors

2,369

-

Dividend paid (including tax thereon) (230)

-

Net cash generated from financing activities ( B ) (3,088,269)

220,304

Net Increase/(Decrease) in cash and cash equivalents (A+B) 109,382

1,798

Cash and Cash Equivalents as at the beginning of the year 36,406

-

Cash and Cash Equivalents as at the close of the year 145,788 1,798 Component of cash and cash equivalents March 31, 2014 March 31, 2014


7

Collateralised lending 139,661

1,791

Total 145,788

1,798










Mumbai



(All amounts in thousands of Rupees unless specified otherwise)



22.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category


222,033

99.20

100.00IDBI Bank Limited* 600 55,544 24.82 25.02Indian Overseas Bank* 600 55,514 24.80 25.00Indusind Bank Limited* 700

64,706

28.91

29.14

Karur Vysya Bank Limited* 500

46,269

20.67

20.84

TOTAL 2,400

222,033

99.20

100.00


0.82

TOTAL ASSETS 223,877

100.02

LESS: CURRENT LIABILITIES 74 0.02

NET ASSETS 223,803 100.00


AXIS YEARLY INTERVAL FUND - SERIES 1





22.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category

MUTUAL FUND UNITS 441,000 1,224,944 99.63 100.00

Axis Gold ETF 441,000 1,224,944 99.63 100.00

TOTAL 441,000

1,224,944

99.63

100.00

FIXED DEPOSITSFixed Deposits (unclaimed redemption & dividend) 70

0.01


1.28


100.92


NET ASSETS 1,229,434 100.00

AXIS GOLD FUND




22.


(Rs.in '000)

Percentage

to Net Assets

Percentage to

Investment

category

DEBENTURES AND BONDSListed debentures and bondsFINANCE 1,144 1,231,707 45.80 98.56

Bajaj Finance Limited* 10 98,646 3.67 7.89

Cholamandalam Investment and Finance Company Limited*50 50,179 1.87 4.02

Housing Development Finance Corporation Limited* 88 87,990 3.27 7.04

ICICI Home Finance Company Limited* 19 18,362 0.68 1.47

Kotak Mahindra Prime Limited* 61 61,079 2.27 4.89

LIC Housing Finance Limited* 110 110,240 4.10 8.82

National Bank For Agriculture and Rural Development* 23 22,983 0.85 1.84

National Housing Bank* 72 72,026 2.68 5.76

Power Finance Corporation Limited* 230 227,474 8.46 18.20

Rural Electrification Corporation Limited* 150 151,001 5.61 12.08

Sundaram Finance Limited* 100 100,275 3.73 8.02

Tata Capital Financial Services Limited* 181 181,272 6.74 14.51

Tata Motors Finance Limited* 50 50,180 1.87 4.02

Privately placed / unlisted debentures and bondsDIVERSIFIED 18 17,995 0.67 1.44


TOTAL 1,162

1,249,702

46.47 100.00


452,030

16.80 100.00Oriental Bank of Commerce* 2,500

230,642

8.57 51.02Punjab & Sind Bank* 2,400

221,388

8.23 48.98

TOTAL 4,900

452,030

16.80 100.00

TREASURY BILL 1,000,000

98,014

3.64 100.00364 Days Tbill (26/06/2014) 1,000,000

98,014

3.64 100.00

TOTAL 1,000,000

98,014

3.64 100.00

EQUITY SHARESAUTO 18,000

35,492

1.32 4.48Maruti Suzuki India Limited 18,000

35,492

1.32 4.48

AUTO ANCILLARIES 122,000

31,177

1.16 3.92Motherson Sumi Systems Limited 122,000

31,177

1.16 3.92

BANKS 173,700

152,316

5.66 19.17HDFC Bank Limited 73,700

55,187

2.05 6.95ICICI Bank Limited 41,000

51,047

1.90 6.42Kotak Mahindra Bank Limited 59,000

46,082

1.71 5.80

CEMENT 4,000

22,684

0.84 2.85Shree Cements Limited 4,000

22,684

0.84 2.85

CHEMICALS 105,000

32,240

1.20 4.06

Pidilite Industries Limited 105,000

32,240

1.20 4.06

CONSTRUCTION PROJECT 46,000

58,507

2.17 7.36Larsen & Toubro Limited 46,000

58,507

2.17 7.36

CONSUMER DURABLES 38,000

62,376

2.32 7.85Bata India Limited 28,000

31,940

1.19 4.02TTK Prestige Limited 10,000

30,436

1.13 3.83

CONSUMER NON DURABLES 168,000

59,279

2.20 7.46ITC Limited 168,000

59,279

2.20 7.46

FINANCE 65,000

67,432

2.50 8.49Bajaj Finance Limited 11,000

19,701

0.73 2.48Housing Development Finance Corporation Limited 54,000

47,731

1.77 6.01

INDUSTRIAL CAPITAL GOODS 25,000

19,309

0.72 2.43Siemens Limited 25,000

19,309

0.72 2.43

INDUSTRIAL PRODUCTS 31,000

18,501

0.69 2.33Cummins India Limited 31,000

18,501

0.69 2.33

MEDIA & ENTERTAINMENT 370,000

19,277

0.72 2.43Dish TV India Limited 370,000

19,277

0.72 2.43

PHARMACEUTICALS 59,260 66,919 2.48 8.42Cadila Healthcare Limited 20,010 20,509 0.76 2.58Dr. Reddy's Laboratories Limited 6,000 15,383 0.57 1.94Lupin Limited 33,250 31,027 1.15 3.90

POWER 135,000 12,690 0.47 1.60Torrent Power Limited 135,000 12,690 0.47 1.60

SOFTWARE 80,000 99,145 3.68 12.47Tata Consultancy Services Limited 24,000 51,196 1.90 6.44Tech Mahindra Limited 14,000 25,135 0.93 3.16Wipro Limited 42,000 22,814 0.85 2.87

TRANSPORTATION 10,000 37,208 1.38 4.68Blue Dart Express Limited 10,000 37,208 1.38 4.68

TOTAL 1,449,960 794,552 29.51 100.00

MUTUAL FUND UNITS 28,160.225 40,051 1.49 100.00Axis Liquid Fund - Direct Plan - Growth Option* 28,160.225 40,051 1.49 100.00

TOTAL 28,160.225 40,051 1.49 100.00

FIXED DEPOSITSFixed Deposits (unclaimed redemption & dividend) 627 0.02


TOTAL ASSETS 2,735,731 101.68


NET ASSETS 2,690,054 100.00


AXIS INCOME SAVER


Details of investment portfolio and industry wise classification of the Scheme’s investments in each category of investments at March

31, 2014 are presented below. The industry and company exposures are stated as a percentage of the Scheme’s net assets



22.


(Rs.in '000) Percentage

to Net Assets


category

DEBENTURES AND BONDSListed debentures and bondsFERROUS METALS 40 41,975 0.65 4.03

Tata Steel Limited* 40 41,975 0.65 4.03

FINANCE 100,075 175,138 2.71 16.79Indian Infrastructure Finance Company Limited* 25 24,642 0.38 2.36Shriram Transport Finance Company Limited* 100,000 100,316 1.55 9.62Tata Motors Finance Limited* 50 50,180 0.78 4.81

GAS 360 360,839 5.58 34.60

Reliance Gas Transportation Infrastructure Limited* 360 360,839 5.58 34.60

MINERALS/MINING 50 48,212 0.75 4.62

Sesa Sterlite Limited* 50 48,212 0.75 4.62

NON - FERROUS METALS 200 195,021 3.01 18.70Hindalco Industries Limited* 200 195,021 3.01 18.70

POWER 120 120,241 1.86 11.53Tata Power Company Limited* 120 120,241 1.86 11.53

TRADING 100 101,529 1.57 9.73Food Corporation Of India* 100 101,529 1.57 9.73

TOTAL 100,945 1,042,955 16.13 100.00

CERTIFICATES OF DEPOSITBANKS 4,350 403,029 6.24 100.00ICICI Bank Limited* 1,000 92,395 1.43 22.93Indian Overseas Bank* 2,500

230,875

3.57 57.28Karur Vysya Bank Limited* 200

19,806

0.31 4.91Oriental Bank of Commerce* 650

59,953

0.93 14.88

TOTAL 4,350

403,029

6.24 100.00


190,428

2.94 7.89Hero MotoCorp Limited 20,000

45,496

0.70 1.88Mahindra & Mahindra Limited 93,500

91,695

1.42 3.80Maruti Suzuki India Limited 27,000

53,237

0.82 2.21


133,867

2.07 5.55Motherson Sumi Systems Limited 412,414

105,392

1.63 4.37Wabco India Limited 14,000

28,475

0.44 1.18

BANKS 492,260

345,833

5.35 14.33HDFC Bank Limited 230,905

172,902

2.67 7.17Indusind Bank Limited 111,750

56,082

0.87 2.32Kotak Mahindra Bank Limited 149,605

116,849

1.81 4.84

CEMENT 284,334

113,929

1.76 4.72The Ramco Cements Limited 257,599

55,461

0.86 2.30Ultratech Cement Limited 26,735

58,468

0.90 2.42

CHEMICALS 166,499

51,124

0.79 2.12Pidilite Industries Limited 166,499

51,124

0.79 2.12

CONSTRUCTION PROJECT 117,936 150,003 2.32 6.22Larsen & Toubro Limited 117,936

150,003

2.32 6.22


24,168

0.37 1.00Titan Company Limited 92,000

24,168

0.37 1.00


229,817

3.55 9.53Emami Limited 94,122

40,971

0.63 1.70Glaxosmithkline Consumer Healthcare Limited 9,998

42,995

0.66 1.78ITC Limited 281,645

99,378

1.54 4.12United Spirits Limited 17,554

46,473

0.72 1.93

FINANCE 1,066,251

410,774

6.34 17.04Bajaj Finance Limited 28,000

50,148

0.78 2.08Bajaj Holdings & Investment Limited 54,977

56,340


122,439

1.89 5.08Infrastructure Development Finance Company Limited 483,505

59,108

0.91 2.45Max India Limited 256,513

53,368

0.82 2.21Sundaram Finance Limited 104,735

69,371

1.07 2.88


89,162

1.38 3.70Thermax Limited 119,169

89,162

1.38 3.70


89,831


89,831

1.39 3.72

PESTICIDES 191,826

53,395

0.83 2.21PI Industries Limited 191,826 53,395 0.83 2.21

PHARMACEUTICALS 193,162 198,274 3.07 8.22Cadila Healthcare Limited 38,950 39,922 0.62 1.65Dr. Reddy's Laboratories Limited 13,827 35,451 0.55 1.47Lupin Limited 48,000 44,791 0.69 1.86Sanofi India Limited 10,005 30,762 0.48 1.28Sun Pharmaceuticals Industries Limited 82,380 47,348 0.73 1.96

SOFTWARE 208,359 331,678 5.13 13.75Infosys Limited 34,437 113,050 1.75 4.69Persistent Systems Limited 44,507 46,708 0.72 1.94Tata Consultancy Services Limited 63,915 136,340 2.11 5.65Wipro Limited 65,500 35,580 0.55 1.47

TOTAL 4,052,550 2,412,283 37.29 100.00

MUTUAL FUND UNITS 1,022,427 2,381,920 36.82 100.00Axis Liquid Fund - Direct Plan - Growth Option* 337,923 480,607 7.43 20.18Axis Gold ETF 684,504 1,901,313 29.39 79.82

TOTAL 1,022,427 2,381,920 36.82 100.00

GOVERNMENT SECURITIES 2,007,800 196,821 3.04 100.007.16% Government of India (20/05/2023) 150,000 13,162 0.20 6.688.12% Government of India (10/12/2020) 7,800 744 0.01 0.388.20% Government of India (24/09/2025) 350,000 32,690 0.51 16.618.83% Government of India (25/11/2023) 1,500,000 150,225 2.32 76.33

TOTAL 2,007,800 196,821 3.04 100.00



TOTAL ASSETS 6,807,817 105.25


NET ASSETS 6,469,003 100.00


AXIS TRIPLE ADVANTAGE FUND


Details of investment portfolio and industry wise classification of the Scheme’s investments in each category of investments at March31, 2014 are presented below. The industry and company exposures are stated as a percentage of the Scheme’s net assets

22.



Net Assets

Percentage to

Investment category


268,652

90.47

100.00

8.20% Government of India (24/09/2025) 800,000 74,720 25.16 27.81

8.28% Government of India (21/09/2027) 200,000 18,670 6.29 6.95

8.83% Government of India (25/11/2023) 1,750,000

175,262

59.02

65.24

TOTAL 2,750,000

268,652

90.47

100.00

FIXED DEPOSITSFixed Deposits (unclaimed redemption & dividend) 30

0.01


9.59


100.07


NET ASSETS 296,932 100.00



AXIS CONSTANT MATURITY 10 YEAR FUND



(Rs.in '000)


Year ended

March 31, 2014

Balance as at

March 31, 2014

Year ended

March 31, 2013

Balance as at

March 31, 2013


Axis Banking Debt Fund Purchase of investments -

-

47,279

-


-

-

-


-

139,265

-


Axis Income Fund Purchase of investments 104,667 - 47,294 -


Axis Income Saver Purchase of investments - - - - Sale of investments 52,524 - 46,480 -

Axis Liquid Fund Purchase of investments 139,637 - - - Sale of investments 395,920 - - -

Axis Short Term Fund Purchase of investments 101,798

-

-

-


-

-

-

Axis Treasury Advantage Fund Purchase of investments -

-

-

- Sale of investments 421,743

-

-

-



-

-

-


-

-

-


Abridged Annual Report - 2013-2014

Attachment -3 Derivative disclosure (F.Y. 2013-14)

Derivative Disclosure

A. Hedging Positions through Futures as on March 31, 2014

Underlying Long / Short Futures Price when purchasedCurrent price of the contract

Margin maintained in Rs. Lakhs

Total %age of existing assets hedged through futures : NIL

Total Number of contracts where futures were bought :NIL

Total Number of contracts where futures were sold :NIL

Gross Notional Value of contracts where futures were bought :Rs. NIL

Gross Notional Value of contracts where futures were sold :Rs. NIL

Net Profit/Loss value on all contracts combined :Rs. Nil

B. Other than Hedging Positions through Futures as on March 31, 2014

Underlying Long / ShortFutures Price when purchased (Rs)

Current price of the contract (Rs)

Margin maintained (Rs. Lakhs)

Total exposure due to futures (non hedging positions) as a %age of net assets : NIL

Total Number of contracts where futures were bought :4,129

Total Number of contracts where futures were sold :4,223

Gross Notional Value of contracts where futures were bought :Rs. 9,677.11 Lacs

Gross Notional Value of contracts where futures were sold :Rs. 10,098.38 Lacs

Net Profit/Loss value on all contracts combined :Rs. 96.14 Lacs

C. Hedging Positions through Put Options as on March 31, 2014

Underlying Number of Contracts Option Price when purchased Current Option Price

For the period ended March 31, 2014 following details specified for hedging transactions through options which have already been exercised/expired :

Total Number of contracts entered into :4,000

Gross Notional Value of contracts :Rs. 80.51 Lacs

Net Profit/Loss on all contracts (premium paid treated as loss) :Rs. (80.55) Lacs

D. Other than Hedging Positions through Options as on March 31, 2014

Underlying Call / put Number of contractsOption Price when

purchasedCurrent Price

For the period ended March 31, 2014 following details specified with regard to non-hedging transactions through options which have already been exercised/expired :

Total Number of contracts entered into :NIL

Gross Notional Value of contracts :Rs. NIL

Net Profit/Loss on all contracts (premium paid treated as loss) :Rs. NIL

E. Hedging Positions through swaps as on March 31, 2014 - NIL

Total % age of existing assets hedged through put options - NIL

NIL

Total Exposure through options as a %age of net assets : NIL


NIL

For the period ended March 31, 2014 following details specified for hedging transactions through futures which have been squared off/expired:

NIL

For the period ended March 31, 2014 following details specified for non-hedging transactions through futures which have been squared off/expired:

NIL








Total Number of contracts where futures were bought : NIL

Total Number of contracts where futures were sold : NIL

Gross Notional Value of contracts where futures were bought : NIL

Gross Notional Value of contracts where futures were sold : NIL

Net Profit/Loss value on all contracts combined : NIL





INFY_25/04/2013 CALL 2,874.9023 2,905.4000 25.09

MARUTI_25/04/2013 CALL 1,336.1200 1,285.3500 25.23

Total exposure due to futures (non hedging positions) as a %age of net assets : 0.35%

Total Number of contracts where futures were bought : 3162

Total Number of contracts where futures were sold : 3162

Gross Notional Value of contracts where futures were bought : (Rs. in 000's) 10,73,358

Gross Notional Value of contracts where futures were sold : (Rs. in 000's) 10,89,832

Net Profit/Loss value on all contracts combined : (Rs. in 000's) 16,474

C.

Hedging Positions through Put Options as on March 31, 2013


D.

Other than Hedging Positions through Options as on March 31, 2013



E.

Hedging Positions through swaps as on March 31, 2013 - NIL

For the year ended March 31, 2013 following details specified with regard to non-hedging transactions through options which have already been exercised/expired :

Total Number of contracts entered into : 1200Gross Notional Value of contracts : (Rs. in 000's) 1,746.Net Profit/Loss on all contracts (premium paid treated as loss) : (Rs. in 000's) (1,746)


For the year ended March 31, 2013 following details specified for hedging transactions through futures which have been squared off/expired:

For the year ended March 31, 2013 following details specified for non-hedging transactions through futures which have been squared off/expired:


For the year ended March 31, 2013 following details specified for hedging transactions through options which have already been exercised/expired :

Total Number of contracts entered into : NILGross Notional value of contracts : NILNet Profit/Loss on all contracts (premium paid treated as loss) : NIL


NIL

NIL

NIL


























Total Number of contracts entered into : NIL

Gross Notional value of contracts : Rs. NIL

Net Profit/Loss on all contracts (premium paid treated as loss) : Rs. NIL




AXISCP1






AXIS INCOME SAVER


NIL


NIL


NIL


NIL





Underlying Long / Short Futures Price when purchased Current price of the contract





Gross Notional Value of contracts where futures were bought :NIL










Gross Notional Value of contracts where futures were bought : 58,317.42

Gross Notional Value of contracts where futures were sold : 53,974.84

Net Profit/Loss value on all contracts combined : (4,342)








Total Number of contracts entered into : 700Gross Notional Value of contracts : Rs. in 000's) 17,728Net Profit/Loss on all contracts (premium paid treated as loss) : Rs. in 000's) Rs 4,575

NIL


AXIS INCOME SAVER





Total Number of contracts entered into : NILGross Notional value of contracts :NILNet Profit/Loss on all contracts (premium paid treated as loss) : NIL

NIL

NIL

NIL

INDEPENDENT AUDITOR’S REPORT To the Trustees of AXIS 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 31 March 2014,the revenue accounts and cash flow statements, where applicable, for the period as mentioned below, and a summary of significant accounting policies and other explanatory information.

Name of the Scheme Period covered by revenue account and cash flow statements

Axis Equity Fund 1 April 2013 to 31 March 2014 Axis Long Term Equity Fund 1 April 2013 to 31 March 2014 Axis Midcap Fund 1 April 2013 to 31 March 2014 Axis Focused 25 Fund 1 April 2013 to 31 March 2014 Axis Small Cap Fund 29 November 2013 to 31 March 2014

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 flow, 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 sheet, of the state of affairs of the Schemes as at 31 March 2014; (b) in the case of the revenue account,of the surplus for the periodas mentioned above; and (c) in the case of the cash flow statement, where applicable, of the cash flows for the period as mentioned above.

Report on Other Legal and Regulatory Requirements 1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the

purposes of our audit. 2. The balance sheet and revenue account dealt with by this report are in agreement with the books of account. 3. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformity with the accounting

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

31 March 2014 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.


Axis Equity Fund Axis Equity Fund

Axis Long Term

Equity Fund

Axis Long Term

Equity Fund Axis Midcap Fund Axis Midcap Fund

Axis Focused 25

Fund

Axis Focused 25

Fund

Axis Small Cap

Fund


Schedule

SOURCES OF FUNDS

Unit capital 2(b) & 3 5,163,191

4,399,308

6,581,298

3,997,308

1,834,677

1,657,350

885,530

1,228,375

1,642,915Reserves and surplus 2(b) & 4 2,046,544

827,333

5,253,705

1,391,624

964,099

366,399

234,283

157,528

217,949Current liabilities 5 93,852

165,915

272,503

36,870

32,758

41,979

37,042

23,050

10,4087,303,587

5,392,556

12,107,506

5,425,802

2,831,534

2,065,728

1,156,855

1,408,953

1,871,272


Investments 2(c), 6 & 21 7,226,351

5,203,281

11,507,750

5,254,423

2,810,786

2,029,805

1,113,048

1,390,294

1,866,329Deposits 7 3,260

90,000

367

-

226

-

95

-

-Other current assets 8 73,976

99,275

599,389

171,379

20,522

35,923

43,712

18,659

4,9437,303,587

5,392,556

12,107,506

5,425,802

2,831,534

2,065,728

1,156,855

1,408,953

1,871,272






per Jayesh Gandhi

Partner Director Director Chandresh Kumar Nigam

Membership No. 37924 Managing Director & CEO Director

Pankaj Murarka Jinesh Gopani Sudhanshu Asthana

Head-Equity & Fund Manager Fund Manager-Equity Fund Manager-Equity

Mumbai R. Sivakumar Devang Shah Kedar Karnik

Date: Head-Fixed Income Fund Manager-Fixed Income Fund Manager-Fixed Income




Axis Long Term

Equity Fund

Axis Long Term


Axis Focused 25

Fund

Axis Focused 25

Fund

Axis Small Cap

Fund

April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 June 29, 2012 November 29, 2013 to to to to to to to to to


INCOME

Dividend 2(d) 78,389 92,108 69,443 30,917 59,018 14,936 17,900 13,659 1,358Interest 2(d) & 9 40,188

46,137

16,190

10,099

15,690

8,185

2,969

15,234 22,301Profit on sale/redemption of investments (including F&O), net 2(d) 212,450

1,180,058

789,313

173,659

78,926

141,180

104,946

120,520 -Profit on inter-scheme transfer/sale of investments, net -

-

356

-

-

-

-

- -Load Income 7,621

2,504

-

-

7,955

1,175

5,708

5,003 -Other Income 3

105

2

5

1

-

-

- -

Net change in marked to market in value of investments 2(c) & 6(ii) 970,142

(247,390)

1,788,854

157,938

466,983

(73,562)

43,399

112,061 211,498

Total 1,308,793

1,073,522

2,664,158

372,618

628,573

91,914

174,922

266,477 235,157

EXPENSES AND LOSSES

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

-

-

-

-

-

-

- 152Loss on inter-scheme transfer/sale of investments, net 2(d) 72

-

-

-

-

-

-

- -Management fee 10 78,258

84,169

88,329

51,776

23,545

20,993

20,372

20,545 8,266Trusteeship fee 10 85

74

103

41

34

16

18

15 9Investor education expense 1,185

554

1,456

422

477

155

246

145 113Custodian service charges 1,293

1,575

1,493

781

565

358

265

349 93Registrar service charges 7,271

9,338

6,681

3,852

2,563

1,817

1,271

1,270 284Commission to distributors 59,852

18,436

106,799

22,773

36,345

8,907

9,436

5,381 7,004Audit fee 230

466

230

456

227

339

451

457 225Marketing expenses 2,840

8,079

947

2,481

144

5,543

1,652

3,707 -

Listing fee -

-

-

-

-

- -

- 17

Other operating expenses 16,391 20,822 14,594 8,881 4,814 3,971 3,314 3,482 1,053Less: Expenses reimbursed/to be reimbursed by AMC (6,081)

-

(17,921)

(38)

(1,295)

(5,541)

(6)

- (8)

Total 161,396

143,513

202,711

91,425

67,419

36,558

37,019

35,351 17,208

Surplus for the year/period 1,147,397

930,009

2,461,447

281,193

561,154

55,356

137,903

231,126 217,949Transfer from / (to) unrealised appreciation reserve (806,066)

92,231

(1,788,854)

(157,938)

(466,983)

73,562

(43,399)

(112,061) (211,498)Equalisation (debit) / credit 2(e) 170,538

(201,198)

457,686

288,879

20,115

42,475

(38,067)

(17,992) -Transfer from retained surplus 103,555

44,190

23,044

15,684

-

-

-

- -Income distribution on capital account (113,824)

(100,621)

(156,663)

(57,148)

-

-

-

- -Surplus transferred to the retained surplus 4 501,600

764,611

996,660

370,670

114,286

171,393

56,437

101,073 6,451

The accompanying schedules are an integral part of this revenue account.As per our report of even date.




per Jayesh Gandhi









1. BACKGROUND


Axis Equity Fund Open ended growth scheme November 11, 2009to

December 8, 2009

Axis Long Term Equity Fund Open ended equity linked savings scheme with a 3 year lock-in

December 17, 2009to

December 21, 2009

Axis Midcap Fund Open ended equity scheme January 31, 2011to

February 14, 2011

Axis Focused 25 Fund Open ended equity scheme June 11, 2012to

June 25, 2012

Axis Small Cap Fund 5 Years Close ended equity scheme

November 11, 2013 to

November 25, 2013



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

(b) Unit capital

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

(c) Investments





The cost of investments includes all costs incurred in acquiring the investments and incidental to acquisition of investments e.g. brokerage, transactioncosts, CCIL charges and any other charges customarily included in the broker’s note. Capitalisation of such brokerage and transaction costs incurred for thepurpose of execution of trades is restricted to 12 bps in case of cash market transactions and 5 bps in case of derivative transactions. Any cost in excess ofthe specified limit is charged to the revenue account of the scheme as part of the total expense ratio.

To generate long-term capital appreciation from a diversified portfolio of predominantly equity & equity related instruments of small cap companies.


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 Plan.


Axis Bank Limited holds 75% of the total issued and paid up equity share capital of Axis Asset Management Company Limited and the balance 25% plusone 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 long term capital appreciation by investing in a concentrated portfolio of equity & equity related instruments of up to 25 companies.


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 thevalue of investments, and expenses accrued, are allocated to the related plans in proportion to their respective daily net assets arrived at by multiplying day-end outstanding units by previous day's closing NAV.

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




To achieve long term capital appreciation by investing in a diversified portfolio predominantly consisting of equity and equity related securities including derivatives.



Plans


Investment objective of the Scheme

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

To generate income and long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related securities.


To achieve long term capital appreciation by investing predominantly in equity and equity related instruments of mid size companies. The focus of the Fund would be to invest in relatively larger companies within this category.




Dividend income is recognised on the ex-dividend date.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.


(f) Load


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 the valuation date. Units of unlisted mutual fund schemes and units of listed mutual fund schemes which are not traded are valued at the NAVpublished on AMFI website as on the valuation date.

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



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


All debt securities with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done by schemes managed by the AMC. Ifthere are no trades done by schemes managed by the AMC for the said security then the securities are valued on the basis of amortized cost based onpurchase 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 theamortized value is outside the above band, the YTM of the security is adjusted to bring the price within the ±0.10% band.

Prior to November 29, 2013, all quoted debt investments other than thinly traded debt investments with residual maturity greater than 60 days, areconsidered at prices derived from the weighted average yield to maturity of the traded securities as at the valuation date as obtained from a public platform(FIMMDA / NSE WDM / BSE WDM) using traded volume thresholds or based on yield to maturity derived from trades done by schemes managed by AxisAMC.

Prior to November 29, 2013, all non-traded / thinly traded money market securities, floating rate securities and debt securities with residual maturity greaterthan 60 days, are valued using the average of the yields released by CRISIL and ICRA, as suggested by AMFI.

W.e.f. November 29, 2013, all debt securities with residual maturity greater than 60 days, are valued using the simple average of the prices released byCRISIL and ICRA, as suggested by AMFI. In case of new purchases which are not a part of the list of CRISIL and ICRA security level pricing, suchsecurities are valued at weighted average cost/yield on the day of purchase.

The net unrealized appreciation / depreciation in the value of investments is determined separately for each category of investments. The change in netunrealized gain / loss, between two balance sheet dates is recognized in the revenue account and net unrealized gain, if any, is thereafter appropriated tothe unrealized appreciation reserve.

Treasury Bills with residual maturity greater than 60 days, are valued at the average of the prices released by CRISIL and ICRA, as suggested by AMFI, onthe basis of the valuation principles laid down by SEBI. The difference between last traded/valued price and T+1 aggregated price received from CRISILand ICRA is amortised linearly upto the day preceding the next business day.

Prior to September 19, 2013, treasury bills with residual maturity upto 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 T+1 aggregated pricereceived from CRISIL and ICRA is amortised linearly upto the day preceding the next business day.

W.e.f September 19, 2013, treasury 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 ofamortized cost based on purchase price or last traded market price, which includes discount / premium accrued on a straight line basis over the period tomaturity 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 andICRA). 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.

Government securities are valued at the average of the prices released by CRISIL and ICRA, as suggested by AMFI, on the basis of the valuation principleslaid down by SEBI.


Investments in equity shares / warrants which have traded during a period of thirty days (prior to the balance sheet date) are stated at the closing prices onthe balance sheet date or the last trading day before the balance sheet date, as may be applicable, on The National Stock Exchange of India Limited(principal stock exchange). When on a particular valuation day, a security has not been traded on the principal stock exchange, the value at which it istraded on The Bombay Stock Exchange Limited is used.

Options / futures are valued at the closing price on the stock exchange on which the same were contracted originally. In case, the closing price is notavailable on valuation date on the respective stock exchange, settlement price is considered for valuation. Futures contracts, which are going to expire onvaluation date are valued at settlement price.

Non traded and thinly traded equity shares / warrants, including those not traded within thirty days prior to the balance sheet date are valued at the fair valueas determined by the AMC under procedures approved by the Trustee of Axis Mutual Fund in accordance with the SEBI Regulations.


3. Unit Capital

Axis Equity Fund Axis Equity Fund Axis Long Term Equity Fund Axis Long Term Equity Fund

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up

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

Growth

Outstanding, beginning of year/period 352,382,588.017 3,523,826 479,275,216.357 4,792,752 266,444,405.412 2,664,444 99,326,200.096 993,263 100,212,270.679 1,002,122 90,081,811.973 900,819 103,418,783.853 1,034,188 - - - -Issued-new fund offer - - - - - - - - - - - - - - 221,131,467.513 2,211,315 116,162,520.000 1,161,625-during the year/period 182,574,438.224 1,825,744 105,200,479.416 1,052,005 196,478,493.444 1,964,785 168,672,524.852 1,686,724 62,204,057.690 622,041 66,273,021.001 662,730 27,532,397.681 275,324 29,992,614.762 299,926 - -Redeemed during the year/period 141,748,242.832 1,417,482 232,093,107.756 2,320,931 15,249,497.859 152,495 1,554,319.536 15,543 45,011,371.107 450,114 56,142,562.295 561,427 57,885,849.716 578,858 147,705,298.422 1,477,053 - -Outstanding, end of year/period 393,208,783.409 3,932,088 352,382,588.017 3,523,826 447,673,400.997 4,476,734 266,444,405.412 2,664,444 117,404,957.262 1,174,049 100,212,270.679 1,002,122 73,065,331.818 730,654 103,418,783.853 1,034,188 116,162,520.000 1,161,625

Dividend

Outstanding, beginning of year/period 86,917,140.260 869,171 130,178,308.390 1,301,783 130,894,373.972

1,308,944

63,404,951.047

634,050

64,878,412.689

648,785

25,129,233.905

251,293

19,248,804.204 192,488 - - - -Issued-new fund offer - - - - -

-

-

-

-

-

-

-

- - 28,983,786.982 289,838 45,005,826.000 450,058-during the year/period 50,417,037.801 504,170 14,787,196.861 147,872 79,129,869.896

791,299

68,562,883.990

685,629

19,858,125.457

198,581

57,270,455.365

572,705

6,404,619.546 64,046 4,800,252.734 48,002 - -Redeemed during the year/period 23,839,648.408 238,396 58,048,364.991 580,484 10,320,720.486

103,207

1,073,461.065

10,735

20,328,279.806

203,283

17,521,276.581

175,213

10,535,923.287 105,359 14,535,235.512 145,352 - -Outstanding, end of year/period 113,494,529.653 1,134,945 86,917,140.260 869,171 199,703,523.382

1,997,036

130,894,373.972

1,308,944

64,408,258.340

644,083

64,878,412.689

648,785

15,117,500.463 151,175 19,248,804.204 192,488 45,005,826.000 450,058

Direct Growth

Outstanding, beginning of year/period 414,562.390 4,146 - - 1,503,973.988

15,040

-

-

561,765.093

5,618

-

-

129,007.412 1,290 - - - -


-

-

-

-

-

-

-

- - - - 2,610,101.000 26,101-during the year/period 5,944,908.248 59,449 426,912.577 4,269 6,346,955.856

63,470

1,503,973.988

15,040

864,481.398

8,645

565,900.351

5,659

270,391.945 2,704 132,084.795 1,321 - -Redeemed during the year/period 401,649.830 4,016 12,350.187 123 -

-

-

-

293,736.089

2,937

4,135.258

41

70,695.775 707 3,077.383 31 - -Outstanding, end of year/period 5,957,820.808 59,579 414,562.390 4,146 7,850,929.844

78,510

1,503,973.988

15,040

1,132,510.402

11,326

561,765.093

5,618

328,703.582 3,287 129,007.412 1,290 2,610,101.000 26,101

Direct Dividend

Outstanding, beginning of year/period 216,510.517 2,165 - - 887,995.759

8,880

-

-

82,452.076

825

-

-

40,920.295 409 - - - -Issued-new fund offer - - - - - - - - - - - - - - - - 513,100.000 5,131-during the year/period 3,469,622.989 34,696 217,301.652 2,173 2,013,775.920 20,138 887,995.759 8,880 456,481.393 4,565 86,879.303 869 35,881.828 359 40,920.295 409 - -Redeemed during the year/period 28,185.593 282 791.135 8 - - - - 17,058.596 171 4,427.227 44 35,385.795 354 - - - -Outstanding, end of year/period 3,657,947.913 36,579 216,510.517 2,165 2,901,771.679 29,018 887,995.759 8,880 521,874.873 5,219 82,452.076 825 41,416.328 414 40,920.295 409 513,100.000 5,131

Total

Outstanding, beginning of year/period 439,930,801.184 4,399,308 609,453,524.747 6,094,535 399,730,749.131 3,997,308 162,731,151.143 1,627,313 165,734,900.537 1,657,350 115,211,045.878 1,152,112 122,837,515.764 1,228,375 - - - -Issued-new fund offer - - - - - - - - - - - - - - 250,115,254.495 2,501,153 164,291,547.000 1,642,915-during the year/period 242,406,007.262 2,424,059 120,631,890.506 1,206,319 283,969,095.116 2,839,692 239,627,378.589 2,396,273 83,383,145.938 833,832 124,196,256.020 1,241,963 34,243,291.000 342,433 34,965,872.586 349,658 - -Redeemed during the year/period 166,017,726.663 1,660,176 290,154,614.069 2,901,546 25,570,218.345 255,702 2,627,780.601 26,278 65,650,445.598 656,505 73,672,401.361 736,725 68,527,854.573 685,278 162,243,611.317 1,622,436 - -Outstanding, end of year/period 516,319,081.783 5,163,191 439,930,801.184 4,399,308 658,129,625.902 6,581,298 399,730,749.131 3,997,308 183,467,600.877 1,834,677 165,734,900.537 1,657,350 88,552,952.191 885,530 122,837,515.764 1,228,375 164,291,547.000 1,642,915

The unit holders of the fund (except Axis Long Term Equity Fund), vide notice dated September 8, 2012, were given an option to exit from the schemes/plans between September 13, 2012 to October 12, 2012 (both days inclusive) on the prevailing Net Asset Value (NAV) without any exit load as per the requirement of regulation 22(e) of SEBI (Mutual Funds) Regulations, 1996


Axis Small Cap Fund March 31, 2014


Axis Focused 25 Fund Axis Focused 25 Fund Axis Midcap Fund March 31, 2013

Face Value Rs. 10 each fully paid upFace Value Rs. 10 each fully paid upMarch 31, 2014

Axis Midcap Fund March 31, 2013March 31, 2014

Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up



Rupees in '000


Axis Long Term

Equity Fund

Axis Long Term


Axis Focused 25

Fund

Axis Focused 25

Fund

Axis Small Cap

Fund




Balance, beginning of year/period (124,044) (113,060) 688,519 152,234 186,507 (13,931) (55,606) - -Net premium/discount on issue/redemption of units 185,638 (212,182) 1,557,297 825,164 36,546 242,913 (61,148) (73,598) -Transferred to equalisation (170,538) 201,198 (457,686) (288,879) (20,115) (42,475) 38,067 17,992 -Balance, end of year/period (108,944) (124,044) 1,788,130 688,519 202,938 186,507 (78,687) (55,606) -


Balance, beginning of year/period 1,751 93,982 211,723 53,785 9,189 82,751 112,061 - -

investments 806,066 (92,231) 1,788,854 157,938 466,983 (73,562) 43,399 112,061 211,498Balance, end of year/period 807,817 1,751 2,000,577 211,723 476,172 9,189 155,460 112,061 211,498

Retained surplus

Balance, beginning of year/period 949,626 229,205 491,382 136,396 170,703 (690) 101,073 - -Transferred to revenue account (103,555) (44,190) (23,044) (15,684) - - - - -Surplus/(deficit) transferred from revenue account 501,600 764,611 996,660 370,670 114,286 171,393 56,437 101,073 6,451Balance, end of year/period 1,347,671 949,626 1,464,998 491,382 284,989 170,703 157,510 101,073 6,451

Total reserves 2,046,544 827,333 5,253,705 1,391,624 964,099 366,399 234,283 157,528 217,949

The share of the plans in the reserves and

surplus is as follows:

RG Growth 1,777,414 745,664 4,105,748 1,107,380 617,463 221,799 193,230 132,617 153,988RD Dividend 233,113 80,577 1,054,730 276,054 337,570 143,164 40,015 24,691 59,663ZG Direct Growth 28,008 887 74,145 6,321 6,208 1,253 923 167 3,593ZD Direct Dividend 8,009 205 19,082 1,869 2,858 183 115 53 705

2,046,544 827,333 5,253,705 1,391,624 964,099 366,399 234,283 157,528 217,949

- - - - - - - - -


Amount due to AMC - Management fees 7,907 10,823 14,163 9,543 3,457 3,660 2,163 2,965 2,794 - Others - 436 - 299 1,137 - 1,255 1,032 5,170Trusteeship fee payable 6 5 10 4 2 2 1 1 2Sundry creditors for units redeemed by investors: - Lateral shift payable 1,536 192 381 134 2,958 1,790 42 - - - Others 47,194 23,641 17,167 1,719 14,588 3,009 4,466 5,506 -Interscheme payable 1,914 1,995 7,358 - - - - - -Contract for purchase of investments 11,596 110,510 188,714 11,321 2,797 22,276 21,974 6,090 -Dividend payable on units - - 10 - - - - - -Unclaimed dividend 749 - 383 696 - - - - -Unclaimed redemption 4,081 2,995 122 - 267 21 100 24 -Unit application pending allotment 309 1,560 2,203 9,671 201 4,526 - 216 -Commission to distributors payable 9,631 3,692 38,015 666 2,607 1,906 494 249 -Load pending utilisation 5,285 5,285 - - 3,520 3,520 5,563 5,563 -Custody fees payable 118 107 181 98 50 42 21 27 24Investor education expense provision 1,204 431 1,303 323 432 116 270 113 83Other current liabilities 2,322 4,243 2,493 2,396 742 1,111 693 1,264 2,335

93,852 165,915 272,503 36,870 32,758 41,979 37,042 23,050 10,408

6. INVESTMENTS

Equity shares 6,996,060 4,691,530 11,327,801 4,845,938 2,650,584 1,769,525 1,113,048 1,240,132 1,736,165Units of mutual fund 230,291 510,549 - - 160,202 260,280 - 150,162 130,164Listed debentures and bonds - 1,202 - 2,451 - - - - -Certificates of deposit - - 179,949 406,034 - - - - -

7,226,351 5,203,281 11,507,750 5,254,423 2,810,786 2,029,805 1,113,048 1,390,294 1,866,329

7,234,817

5,341,275

11,655,360

5,275,926

2,816,339

2,038,432

1,117,928 1,397,225 1,867,154(3,267.00)

(366.00)

(230.00)

(93.00) (4.00)

(i) All the investments are held in the name of the Scheme, as per clause 7 of the Seventh Schedule under Regulation 44(1) of SEBI (Mutual Funds) Regulations, 1996.



Axis Long Term

Equity Fund

Axis Long Term


Axis Focused 25

Fund

Axis Focused 25

Fund

Axis Small Cap

Fund


Equity shares


243,802

2,049,431

405,744

556,586

210,549

160,131 140,090 219,700

- depreciation 185,791

407,878

48,854

196,472

80,616

201,640

4,671 28,191 8,366


- appreciation 291

549

-

-

202

280

- 162 164

- depreciation -

-

-

-

-

-

- - -


- appreciation -

1,202

-

2,451

-

-

- - -

- depreciation -

-

-

-

-

-

- - -


- appreciation -

-

-

-

-

-

- - -

- depreciation -

-

-

-

-

-

- - -

807,817

(162,325)

2,000,577

211,723

476,172

9,189

155,460 112,061 211,498


0 (0) (0) 0 0



Axis Long Term

Equity Fund

Axis Long Term


Axis Focused 25

Fund

Axis Focused 25

Fund

Axis Small Cap

Fund

April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 June 29, 2012 November 29, 2013

to to to to to to to to to


Purchases (excluding collateralised lending, fixed deposits, futures and options)

- amount 9,554,199

13,053,894

10,203,708

5,165,951

2,837,939

2,328,471

1,844,019 2,564,168 2,138,750


Purchases at notional value (index / stock futures)

- amount 1,861,957

4,727,091

-

-

-

31,476

- 1,361,010 -


-

-

2.38% - 79.33% -


- amount 27,757

128,591

-

-

-

-

955 8,689 -


-

-

-

0.08% 0.51% -


- amount 8,783,798

14,956,238

6,529,677

2,163,084

2,602,868

1,513,517

2,270,569 1,405,801 484,498


Sales/Expiry at notional value (index / stock futures)

- amount 1,810,828

4,776,436

-

-

-

32,578

- 1,359,052 -


-

-

2.46% - 79.22% -


- amount 10,408

189,397

-

-

-

-

- 12,114 -


-

-

-

- 0.21% -

# Options not exercised / expired have not been included as the value of such transaction is Nil.

(iv)

Rupees in '000


Axis Long Term

Equity Fund

Axis Long Term


Axis Focused 25

Fund

Axis Focused 25

Fund

Axis Small Cap

Fund



valued in good faith 230,291

511,751

179,949

408,485

160,202

260,280

- 150,162 130,164

Rupees in '000


Axis Long Term

Equity Fund

Axis Long Term


Axis Focused 25

Fund

Axis Focused 25

Fund

Axis Small Cap

Fund


7. DEPOSITS

Deposits with scheduled bank (Unclaimed redemption & dividend) 3,260 - 367 - 226 - 95 - -

Deposit with scheduled bank (Margin deposit for derivatives) - 90,000 - - - - - - -

3,260 90,000 367 - 226 - 95 - -


Balances with banks in current accounts 24,194 17,633 228,946 90,193 9,994 10,037 2,040 8,592 3,968Sundry debtors for units issued to investors: - Lateral shift receivable 499 377 1,916 628 160 623 4 228 - - Others 5,691 1,230 190,876 56,220 4,144 1,417 728 248 -Interscheme receivable - - - 1,919 498 10,129 274 1,400 -Contracts for sale of investments 32,374 16,493 12,530 - - - 35,881 - -Outstanding and accrued income 5,550 5,548 - 916 399 1,560 - 1,260 150Amount due from AMC 462 - 17,878 - - 3,530 - - -Cash margin placed for derivatives - 10,000 - - - - - - -Collateralised lending 5,206 47,994 147,243 21,503 5,327 8,627 4,785 6,931 825

73,976 99,275 599,389 171,379 20,522 35,923 43,712 18,659 4,943

April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 June 29, 2012 November 29, 2013to to to to to to to to to


9. INTEREST

Money market instruments 460 522 770 400 - - - - 726Debentures and bonds 109 111 214 153 - - - - -Fixed Deposits 7,490 11,746 - 259 - 339 - 2,941 -Government securities (including treasury bills) - - - - - - - - -Collateralised lending 32,122 33,758 15,199 9,287 15,683 7,846 2,962 12,293 21,575Others 7 - 7 - 7 - 7 - -

40,188 46,137 16,190 10,099 15,690 8,185 2,969 15,234 22,301

- - - - - - - - -



Axis Long Term

Equity Fund

Axis Long Term


Axis Focused 25

Fund

Axis Focused 25

Fund

Axis Small Cap

Fund


March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014Management fee (excluding service tax) at annualised average rate 1.33% 1.46% 1.21% 1.57% 0.99% 1.59% 1.66% 1.59% 1.47%

The aggregate purchases made by all schemes of the fund during the current year/period, previous year/period and the fair value of such investments as at March 31, 2014 in companies which have invested in any

scheme of the Fund in excess of five per cent of that scheme's net assets are provided in Attachment 1.


The Schemes pay fees for investment management services under an agreement with the AMC, which provides for computation of such fee as a percentage of Scheme's average daily net assets, after excluding the net asset value of the investments by the AMC in the scheme, the net asset value of the investments made in other schemes and fixed deposits as applicable. During the year ended March 31, 2014, the Schemes have paid management fee at annualised average rate as follows:




Axis Equity Fund Axis Equity FundAxis Long Term

Equity Fund

Axis Long Term


Axis Focused 25

Fund

Axis Focused 25

Fund

Axis Small Cap

Fund


March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014Income (excluding Net change in marked to market in value of investments)

- amount 338,651 1,320,912 875,304 214,680 161,590 165,476 131,523 154,416 23,659



- amount 161,324 143,513 202,711 91,425 67,419 36,558 37,019 35,351 17,056





(i)


















Axis Fixed Term Plan - Series 18 (15 Months) Axis Gold ETF













Axis Fixed Term Plan - Series 48 (3 Years) Axis Short Term Fund


Axis Fixed Term Plan - Series 50 (3 Months) Axis Triple Advantage Fund



Axis Equity Fund and Axis Small Cap Fund has entered into transactions with certain parties. The information required in this regard in accordance with Accounting Standard 18 on 'Related Party Disclosures' issued by the Institute of Chartered Accountants of India.



Rupees in '000Axis Equity Fund Axis Small Cap Fund






Period ended March 31, 2014



74

6

5

9

2


94,572

7,907

10,823

9,288

2,794Axis Asset Management Company Limited Receivable for other expenses -

-

462

-

-

-Axis Liquid Fund Purchase of investments 4,200,000

4,910,000

230,291

510,137

130,000

130,164Axis Liquid Fund Sale of investments 4,482,127

4,671,875

-

Axis Bank Limited Interest received on margin fixed deposit 8,474

9,308

-

-

-

-Axis Bank Limited Margin fixed deposit placement -

90,000

-

90,000

-

-Axis Bank Limited Withdrawal of Margin fixed deposit 90,000

-

-

-

-

-Axis Securities Limited Commission paid on distribution of units 50

13

8

1

-

-


Rupees in '000

Axis Equity Fund Axis Equity Fund Axis Long Term

Equity Fund Axis Long Term


Axis Focused 25 Fund

Axis Focused 25 Fund

Axis Small Cap Fund











Professional clearing member charges 75 199 - - - 1 #- 55 -

Bank charges 1,240 1,772 344 286 368 353 226 127 16

Marketing & Selling expenses - - - - - - - - -

Commission paid on distribution of units * 27,665 28,212 51,227 7,598 7,879 6,912 6,803 7,621 6,208Axis Capital Limited (Associate)

Brokerage on trades 354 528 375 100 280 21 124 23 102





F.Y. 2013-2014 - Nil

F.Y. 2012-2013 - Nil




13. Investments made during the year / period in the sponsor company and its group companies at cost Rupees in '000

Axis Equity Fund Axis Equity Fund Axis Long Term Equity

Fund Axis Long Term Equity

Fund Axis Midcap Fund Axis Midcap Fund Axis Focused 25 Fund Axis Focused 25 Fund Axis Small Cap Fund

Investments made by the

SchemeYear ended March 31,

2014Year ended March 31,






2014Period ended March 31,

2013Period ended March

31, 2014Axis Bank Limited - 90,000 - - - 2,000 - - - Investment made by other schemes - 194,200 - 284,200 - 282,200 - 284,200 - Total investments * - 284,200 - 284,200 - 284,200 - 284,200 -


14. Derivatives disclosure


15. NET ASSET VALUE

Rupees

PlansAxis Equity Fund Axis Equity Fund

Axis Long Term Equity

Fund


Fund Axis Midcap Fund Axis Midcap Fund Axis Focused 25 Fund Axis Focused 25 Fund Axis Small Cap Fund


RG Growth 14.52 12.12

19.1712 14.1561 15.26 12.21

12.64

11.28 11.33RD Dividend 12.05 10.93

15.2815 12.1090 15.24 12.21

12.65

11.28 11.33ZG Direct Growth 14.70 12.14

19.4440 14.2031 15.48 12.23

12.81

11.29 11.38ZD Direct Dividend 12.19 10.95

16.5762 12.1052 15.48 12.22

12.77

11.29 11.37

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.The net asset value disclosed above represents the computed NAV as on balance sheet date, and not the last declared NAV.


Contingent liabilities as on March 31, 2014: Nil (Previous year - Nil).


Axis Equity Fund and Axis Small Cap Fund in one segment only viz. to primarily generate attractive returns based on investment objectives of the Scheme.


There were no transactions in credit default swaps during the year/period ended March 31, 2014.(Previous year - Nil).


Axis Equity Fund Axis Long Term Equity

Fund Axis Midcap Fund Axis Focused 25 Fund Axis Small Cap Fund


Total Reserves 2,046,544 5,253,705

964,099

234,283

217,949

Less : Unrealised appreciation on investments as on 31 March 2014 at portfolio level 807,817 2,000,577 476,172 155,460 211,498

Net premium/discount on issue/redemption of unitsLess : Credit balance in unit premium reserve at plan level 6,407 1,788,131

202,938

3,062

-

Distributable Surplus 1,232,320 1,464,997 284,989 75,761 6,451



The change in surplus as per Revenue Account for the previous year has been given below: Rupees in '000





Axis Equity Fund Fund

Axis Midcap Fund Axis Focused 25 Fund


Surplus as per revenue account for the previous year 1,022,240 123,255

128,918

119,065

Impact on change in unrealised appreciation recorded in revenue account 92,231 (157,938)

73,562

(112,061)

Revised Surplus as per revenue account for the previous year 930,009 281,193

55,356

231,126






per Jayesh Gandhi





As these are the first financial statements of Axis Small Cap Fund since the date of launch, there are no prior period comparatives. The prior period figures for Axis Focused 25 Fund are for a period of less than one year and hence are not comparable to the current year.


Axis Equity Fund Axis Equity Fund Axis Small Cap Fund

April 1, 2013

to

March 31, 2014

April 1, 2012

to

March 31, 2013

November 29, 2013

to

March 31, 2014


Net Surplus / (Deficit) for the year/period 1,147,397

930,009

217,949

Adjustments for:- Change in provision for net unrealised loss in value of investments (970,142)

247,390 (211,498)

(Increase)/Decrease in investments at cost (1,167,723)

904,796 (1,654,831)

(Increase)/Decrease in other current assets 9,536

7,935

(150)

(Decrease) in current liabilities 1,370

(23,201)

10,408

Increase/(Decrease) in Deposits 86,740

-

-

Net cash used in operations ( A ) (892,822)

2,066,929

(1,638,122)


Increase/(Decrease) in unit capital 762,632

(1,693,667)

1,642,915

Increase/(Decrease) in unit premium reserve 185,638

(212,182)

-

Increase/(Decrease) in redemption payable for units redeemed by investors 25,983

(5,001)

-

Increase/(Decrease) in subscription receivable for units issued to investors (4,583)

(127)

-

Dividend paid (including tax thereon) (113,075)

(100,621)

-

Net cash generated from financing activities ( B ) 856,595

(2,011,598)

1,642,915

Net Increase/(Decrease) in cash and cash equivalents (A+B) (36,227)

55,331

4,793

Cash and Cash Equivalents as at the beginning of the year 65,627 10,296 - Cash and Cash Equivalents as at the close of the period 29,400

65,627

4,793

Component of cash and cash equivalents March 31, 2014 March 31, 2013 March 31, 2014


17,633

3,968


47,994

825

Total 29,400

65,627

4,793





per Jayesh Gandhi










21.


(Rs.in '000)

Percentage

to Net Assets

Percentage to

Investment

category

EQUITY SHARESAUTO 195,000 92,691 4.98 5.33SML Isuzu Limited 150,000 50,580 2.72 2.90VST Tillers Tractors Limited 45,000 42,111 2.26 2.43

AUTO ANCILLARIES 15,000 30,509 1.64 1.76Wabco India Limited 15,000 30,509 1.64 1.76

BANKS 2,530,000 241,727 12.99 13.92Allahabad Bank 360,000 32,724 1.76 1.88City Union Bank Limited 750,000 40,388 2.17 2.33DCB Bank Limited 700,000 42,875 2.30 2.47Karur Vysya Bank Limited 100,000 37,530 2.02 2.16The Federal Bank Limited 600,000 57,450 3.09 3.31The Jammu & Kashmir Bank Limited 20,000 30,760 1.65 1.77

CEMENT 350,000 59,815 3.21 3.45JK Lakshmi Cement Limited 150,000 16,755 0.90 0.97The Ramco Cements Limited 200,000 43,060 2.31 2.48

CHEMICALS 45,000 38,651 2.08 2.23BASF India Limited 45,000 38,651 2.08 2.23

CONSTRUCTION 480,000 69,474 3.74 4.00Puravankara Projects Limited 360,000

24,534

1.32 1.41Sobha Developers Limited 120,000

44,940

2.42 2.59


67,760

3.64 3.90Sadbhav Engineering Limited 200,000

19,490

1.05 1.12Voltas Limited 300,000

48,270

2.59 2.78


61,062

3.28 3.52Blue Star Limited 225,000

45,281

2.43 2.61Whirlpool of India Limited 68,286

15,781

0.85 0.91


67,400

3.62 3.88Agro Tech Foods Limited 74,395

37,625

2.02 2.17Zydus Wellness Limited 60,000

29,775

1.60 1.71

DIVERSIFIED CONSUMER SERVICES 210,000

28,418

1.53 1.64MT Educare Limited 150,000

12,938

0.70 0.75Tree House Education & Accessories Limited 60,000

15,480

0.83 0.89

ENGINEERING SERVICES 30,000

23,484

1.26 1.35VA Tech Wabag Limited 30,000

23,484

1.26 1.35

FINANCE 529,578

182,807

9.84 10.53Cholamandalam Investment and Finance Company Limited 99,100

28,571

1.54 1.65Gruh Finance Limited 100,000

29,530

1.59 1.70ICRA Limited 30,000

56,943

3.06 3.28Max India Limited 50,000

10,403

0.56 0.60Motilal Oswal Financial Services Limited 190,478

17,619

0.95 1.01

Sundaram Finance Limited 60,000

39,741

2.14 2.29

GAS 780,000

83,909

4.51 4.83

Gujarat State Petronet Limited 650,000

45,045

2.42 2.59Indraprastha Gas Limited 130,000

38,864

2.09 2.24

HOTELS 150,000

35,048

1.88 2.02Mahindra Holidays & Resorts India Limited 150,000

35,048

1.88 2.02


71,714

3.85 4.13Alstom T&D India Limited 150,000

37,358

2.01 2.15Lakshmi Machine Works Limited 10,000

30,393

1.63 1.75Triveni Turbine Limited 55,000

3,963

0.21 0.23


149,988

8.07 8.64FAG Bearings India Limited 25,000

46,990

2.53 2.71Kirloskar Oil Engines Limited 150,000

30,450

1.64 1.75SKF India Limited 60,000

48,588

2.61 2.80Vesuvius India Limited 50,000

23,960

1.29 1.38


22,386

1.20 1.29Entertainment Network (India) Limited 60,000

22,386

1.20 1.29

PESTICIDES 275,000

55,516

2.98 3.20PI Industries Limited 75,000

20,876

1.12 1.20Rallis India Limited 200,000

34,640

1.86 2.00

PETROLEUM PRODUCTS 360,000

39,150

2.10 2.25Gulf Oil Corporation Limited 360,000 39,150 2.10 2.25

PHARMACEUTICALS 60,000 53,304 2.86 3.07Wyeth Limited 60,000 53,304 2.86 3.07

RETAILING 140,000 66,675 3.59 3.84Shopper's Stop Limited 120,000 46,110 2.48 2.66Trent Limited 20,000 20,565 1.11 1.18

SOFTWARE 65,335 78,748 4.23 4.54CMC Limited 30,000 41,666 2.24 2.40Persistent Systems Limited 35,335 37,082 1.99 2.14

TEXTILE PRODUCTS 12,000 13,860 0.74 0.80Kewal Kiran Clothing Limited 12,000 13,860 0.74 0.80

TRANSPORTATION 945,000 102,069 5.48 5.88Gateway Distriparks Limited 245,000 40,609 2.18 2.34Gujarat Pipavav Port Limited 700,000 61,460 3.30 3.54

TOTAL 8,659,594 1,736,165 93.30 100.00


TOTAL 91,520.731 130,164 6.99 100.00


TOTAL ASSETS 1,871,272 100.56


NET ASSETS 1,860,864 100.00


AXIS SMALL CAP FUND





21.


(Rs.in '000) Percentage

to Net Assets


category


137,821

12.31

12.37Hero MotoCorp Limited 22,750

51,752

4.62

4.63Mahindra & Mahindra Limited 52,162

51,155

4.57

4.60Tata Motors Limited DVR Shares 172,500

34,914

3.12

3.14


24,788

2.21

2.23Motherson Sumi Systems Limited 97,000

24,788

2.21

2.23

BANKS 274,200

245,074

21.89

22.02HDFC Bank Limited 112,700

84,390

7.54

7.58ICICI Bank Limited 74,450

92,694

8.28

8.33Kotak Mahindra Bank Limited 87,050

67,990

6.07

6.11

CEMENT 11,050

24,166

2.16

2.17Ultratech Cement Limited 11,050

24,166

2.16

2.17

CHEMICALS 89,060

27,346

2.44

2.46Pidilite Industries Limited 89,060

27,346

2.44

2.46


32,433

2.90

2.91Larsen & Toubro Limited 25,500

32,433

2.90

2.91


95,908

8.57

8.62Colgate Palmolive (India) Limited 18,750

25,734

2.30

2.31

ITC Limited 135,850

47,935

4.28

4.31United Spirits Limited 8,400 22,239 1.99 2.00

FINANCE 107,850

117,507

10.49

10.55Bajaj Finance Limited 24,450

43,790

3.91

3.93

Housing Development Finance Corporation Limited 83,400

73,717

6.58

6.62


81,142

7.24

7.29AIA Engineering Limited 65,000

36,325

3.24

3.26Thermax Limited 59,900

44,817

4.00

4.03


53,115

4.74

4.77Cummins India Limited 89,000

53,115

4.74

4.77


28,899

2.58

2.60Zee Entertainment Enterprises Limited 106,500

28,899

2.58

2.60

NON - FERROUS METALS 227,000

29,260

2.61

2.63Hindustan Zinc Limited 227,000

29,260

2.61

2.63


64,941

5.80

5.84Lupin Limited 35,400

33,034

2.95

2.97Sun Pharmaceuticals Industries Limited 55,515

31,907

2.85

2.87

SOFTWARE 128,050

150,648

13.45

13.54Infosys Limited 13,350

43,825

3.91

3.94Tata Consultancy Services Limited 28,000

59,728

5.33

5.37Wipro Limited 86,700

47,095

4.21

4.23

TOTAL 1,781,437 1,113,048 99.39 100.00



TOTAL ASSETS 1,156,855 103.30


NET ASSETS 1,119,813 100.00

AXIS FOCUSED 25 FUND




21.


(Rs.in '000)

Percentage to

Net Assets

Percentage to

Investment

category

CERTIFICATES OF DEPOSITBANKS 1,800 179,949 1.52 100.00Bank of Maharashtra* 1,800 179,949 1.52 100.00

TOTAL 1,800 179,949 1.52 100.00

EQUITY SHARES

AUTO 384,867 849,058 7.18 7.51Eicher Motors Limited 59,867 356,897 3.02 3.16Mahindra & Mahindra Limited 150,000

147,105

1.24

1.30Maruti Suzuki India Limited 175,000

345,056

2.92

3.05

AUTO ANCILLARIES 1,192,856

474,869

4.01

4.20Motherson Sumi Systems Limited 1,097,245

280,401

2.37

2.48Wabco India Limited 95,611

194,468

1.64

1.72

BANKS 2,301,119

1,943,997

16.42

17.15HDFC Bank Limited 990,119

741,401

6.26

6.54ICICI Bank Limited 385,000

479,344

4.05

4.23Kotak Mahindra Bank Limited 926,000

723,252

6.11

6.38


705,401

5.96

6.23Larsen & Toubro Limited 554,604

705,401

5.96

6.23


985,419

8.32

8.70Bata India Limited 255,240

291,152

2.46

2.57Symphony Limited 375,770

276,247

2.33

2.44TTK Prestige Limited 137,344

418,020

3.53

3.69

CONSUMER NON DURABLES 2,092,537

811,959

6.86

7.16Asian Paints Limited 377,280

206,731

1.75

1.82ITC Limited 1,715,257

605,228

5.11

5.34

FINANCE 1,976,854

1,265,658

10.70

11.17Bajaj Finance Limited 97,552

174,716

1.48

1.54Gruh Finance Limited 875,369

258,496

2.18

2.28

Housing Development Finance Corporation Limited 756,000

668,228

5.65 5.90

Sundaram Finance Limited 247,933 164,218 1.39 1.45

HOTELS 595,279

84,500

0.71

0.75

Speciality Restaurants Limited 595,279

84,500

0.71

0.75


321,847

2.72

2.85AIA Engineering Limited 347,873

194,409

1.64

1.72Siemens Limited 165,000

127,438

1.08

1.13


511,621

4.32

4.52Astral Poly Technik Limited 264,718

123,372

1.04

1.09Cummins India Limited 650,551

388,249

3.28

3.43

PESTICIDES 1,062,889

295,855

2.50

2.61PI Industries Limited 1,062,889

295,855

2.50

2.61

PHARMACEUTICALS 1,471,527

1,175,435

9.93

10.37Cadila Healthcare Limited 245,753

251,885

2.13

2.22Divi's Laboratories Limited 283,673

387,469

3.27

3.42Fulford India Limited 32,551

22,538

0.19

0.20Sun Pharmaceuticals Industries Limited 720,216

413,944

3.50

3.65TTK Healthcare Limited 189,334

99,599

0.84

0.88

POWER 955,845

89,849

0.76

0.79Torrent Power Limited 955,845

89,849

0.76

0.79

SOFTWARE 803,916 1,362,944 11.52 12.03Persistent Systems Limited 258,160 270,926 2.29 2.39Tata Consultancy Services Limited 332,133 708,490 5.99 6.25Tech Mahindra Limited 213,623 383,528 3.24 3.39

TEXTILE PRODUCTS 22,069 143,218 1.21 1.26Page Industries Limited 22,069 143,218 1.21 1.26

TRANSPORTATION 3,487,136 306,171 2.59 2.70Gujarat Pipavav Port Limited 3,487,136 306,171 2.59 2.70

TOTAL 19,097,994 11,327,801 95.71 100.00

FIXED DEPOSITSFixed Deposits (unclaimed redemption & dividend) 367 -


TOTAL ASSETS 12,107,506 102.29


NET ASSETS 11,835,003 100.00





AXIS LONG TERM EQUITY FUND


21.


(Rs.in '000)

Percentage

to Net Assets

Percentage to

Investment

category

EQUITY SHARESAUTO 244,594 218,432 7.81 8.24Eicher Motors Limited 14,594 87,002 3.11 3.28SML Isuzu Limited 140,000 47,208 1.69 1.78VST Tillers Tractors Limited 90,000 84,222 3.01 3.18

AUTO ANCILLARIES 152,000 102,738 3.67 3.87Amara Raja Batteries Limited 150,000 59,160 2.11 2.23MRF Limited 2,000 43,578 1.56 1.64

BANKS 3,189,000 423,844 15.14 16.00Allahabad Bank 700,000 63,630 2.27 2.40DCB Bank Limited 500,000 30,625 1.09 1.16ING Vysya Bank Limited 185,000 117,457 4.20 4.43Oriental Bank of Commerce 264,000 58,846 2.10 2.22The Federal Bank Limited 1,400,000 134,050 4.79 5.06Union Bank of India 140,000 19,236 0.69 0.73

CEMENT 490,000 79,893 2.86 3.01Century Textiles & Industries Limited 100,000 36,330 1.30 1.37JK Lakshmi Cement Limited 390,000 43,563 1.56 1.64

CHEMICALS 166,975 51,270 1.83 1.93Pidilite Industries Limited 166,975 51,270 1.83 1.93

CONSTRUCTION 150,000

56,175

2.01 2.12Sobha Developers Limited 150,000

56,175

2.01 2.12


128,036

4.57 4.83Engineers India Limited 223,934

50,531

1.81 1.91Sadbhav Engineering Limited 300,000

29,235

1.04 1.10Voltas Limited 300,000

48,270

1.72 1.82


102,896

3.68 3.88Bata India Limited 24,000

27,377

0.98 1.03Blue Star Limited 231,708

46,631

1.67 1.76Whirlpool of India Limited 125,000

28,888

1.03 1.09


95,380

3.41 3.59Agro Tech Foods Limited 115,000

58,161

2.08 2.19Zydus Wellness Limited 75,000

37,219

1.33 1.40

FINANCE 281,825

204,354

7.31 7.70CRISIL Limited 30,880

37,981

1.36 1.43Dewan Housing Finance Corporation Limited 125,000

27,344

0.98 1.03ICRA Limited 45,000

85,415

3.05 3.22Sundaram Finance Limited 80,945

53,614

1.92 2.02

GAS 1,199,000

140,274

5.01 5.29Gujarat State Petronet Limited 950,000

65,835


74,439

2.66 2.81


106,423

3.80 4.01ABB India Limited 28,019 23,925 0.85 0.90Alstom T&D India Limited 100,000

24,905

0.89 0.94

Thermax Limited 76,976

57,593

2.06 2.17


28,194

1.01 1.06FAG Bearings India Limited 15,000

28,194

1.01 1.06


103,788

3.71 3.92D.B.Corp Limited 215,000

66,478

2.38 2.51Entertainment Network (India) Limited 100,000

37,310

1.33 1.41

OIL 60,000

29,043

1.04 1.10Oil India Limited 60,000

29,043

1.04 1.10

PESTICIDES 550,762

106,091

3.80 4.01PI Industries Limited 75,000

20,876

0.75 0.79Rallis India Limited 225,762

39,102

1.40 1.48UPL Limited 250,000

46,113

1.65 1.74


91,208

3.26 3.45Gulf Oil Corporation Limited 155,000

16,856

0.60 0.64Hindustan Petroleum Corporation Limited 240,000

74,352

2.66 2.81


194,623

6.96 7.35IPCA Laboratories Limited 30,000

25,346

0.91 0.96Sanofi India Limited 12,000

36,896

1.32 1.39Torrent Pharmaceuticals Limited 100,000

52,425

1.87 1.98Wyeth Limited 90,000 79,956 2.86 3.02

POWER 580,000 54,520 1.95 2.06Torrent Power Limited 580,000 54,520 1.95 2.06

RETAILING 50,000 19,213 0.69 0.72Shopper's Stop Limited 50,000 19,213 0.69 0.72

SOFTWARE 120,000 156,481 5.59 5.91CMC Limited 90,000 124,997 4.47 4.72Persistent Systems Limited 30,000 31,484 1.12 1.19

TEXTILE PRODUCTS 20,000 23,100 0.83 0.87Kewal Kiran Clothing Limited 20,000 23,100 0.83 0.87

TRANSPORTATION 1,266,774 134,608 4.81 5.08Gateway Distriparks Limited 300,000 49,725 1.78 1.88Gujarat Pipavav Port Limited 966,774 84,883 3.03 3.20

TOTAL 11,077,567 2,650,584 94.75 100.00


TOTAL 112,640.900 160,202 5.72 100.00



TOTAL ASSETS 2,831,534 101.21


NET ASSETS 2,798,776 100.00


AXIS MIDCAP FUND





21.


(Rs.in '000)

Percentage

to Net Assets


category

EQUITY SHARESAUTO 720,000 387,488 5.37 5.54Maruti Suzuki India Limited 120,000 236,610 3.28 3.39Tata Motors Limited 150,000 59,798 0.83 0.85Tata Motors Limited DVR Shares 450,000 91,080 1.26 1.30

BANKS 3,662,196 2,012,793 27.91 28.79Bank of Baroda 180,000 129,735 1.80 1.86HDFC Bank Limited 650,000 486,720 6.75 6.96ICICI Bank Limited 360,000 448,218 6.22 6.41ING Vysya Bank Limited 100,000 63,490 0.88 0.91Kotak Mahindra Bank Limited 132,196 103,252 1.43 1.48Punjab National Bank 200,000 148,780 2.06 2.13State Bank of India 240,000 460,248 6.38 6.58The Federal Bank Limited 1,800,000 172,350 2.39 2.46

CHEMICALS 92,000

28,249

0.39 0.40Pidilite Industries Limited 92,000

28,249

0.39 0.40


430,250

5.97 6.15Engineers India Limited 497,561

112,275

1.56 1.60Larsen & Toubro Limited 250,000

317,975

4.41 4.55


229,353

3.18 3.28ITC Limited 650,000

229,353

3.18 3.28

FERROUS METALS 330,000

130,004

1.80 1.86Tata Steel Limited 330,000

130,004

1.80 1.86

FINANCE 210,000

202,922

2.81 2.90CRISIL Limited 50,000

61,498


141,424

1.96 2.02

GAS 1,900,000

200,565

2.78 2.86Gujarat State Petronet Limited 1,600,000

110,880


89,685

1.24 1.28


139,157

1.93 1.99Siemens Limited 70,000

54,065

0.75 0.77Thermax Limited 113,729

85,092

1.18 1.22


35,808


35,808

0.50 0.51

MEDIA & ENTERTAINMENT 2,951,866 389,203 5.40 5.56D.B.Corp Limited 315,000

97,398

1.35 1.39

DQ Entertainment (International) Limited 1,736,866

47,590

0.66 0.68

Zee Entertainment Enterprises Limited 900,000

244,215

3.39 3.49

OIL 580,000

214,609

2.98 3.07Oil & Natural Gas Corporation Limited 400,000

127,480

1.77 1.82Oil India Limited 180,000

87,129

1.21 1.25


593,948

8.23 8.49Bharat Petroleum Corporation Limited 300,000

138,015

1.91 1.97Hindustan Petroleum Corporation Limited 300,000

92,940

1.29 1.33Reliance Industries Limited 390,000

362,993

5.03 5.19


515,854

7.15 7.37Cadila Healthcare Limited 20,029

20,529

0.28 0.29Cipla Limited 300,000

114,840

1.59 1.64Lupin Limited 80,000

74,652

1.04 1.07Pfizer Limited 70,328

89,538

1.24 1.28Sanofi India Limited 61,000

187,557

2.60 2.68Sun Pharmaceuticals Industries Limited 50,000

28,738

0.40 0.41

POWER 1,600,000

176,300

2.44 2.52NTPC Limited 1,000,000

119,900

1.66 1.71Torrent Power Limited 600,000

56,400

0.78 0.81

SOFTWARE 661,902

1,142,738

15.85 16.33CMC Limited 100,102 139,027 1.93 1.99Infosys Limited 150,000 492,420 6.83 7.04Oracle Financial Services Software Limited 31,800 98,181 1.36 1.40Tata Consultancy Services Limited 130,000 277,310 3.85 3.96Wipro Limited 250,000 135,800 1.88 1.94

TELECOM - SERVICES 525,000 166,819 2.31 2.38Bharti Airtel Limited 525,000 166,819 2.31 2.38

TOTAL 16,445,611 6,996,060 97.00 100.00


TOTAL 161,921.293 230,291 3.19 100.00

FIXED DEPOSITSFixed Deposits (unclaimed redemption & dividend) 3,260 0.05


TOTAL ASSETS 7,303,587 101.27


NET ASSETS 7,209,735 100.00




AXIS EQUITY FUND

Axis Mutual Fund


(Rs.in '000)


Year ended

March 31, 2014

Balance as at

March 31, 2014

Year ended

March 31, 2013

Balance as at

March 31, 2013

Axis Equity Fund

Axis Liquid Fund Purchase of investments - - 399,578 - Sale of investments 348,317 - - -

Axis Small Cap Fund

Axis Liquid Fund Purchase of investments 429,016

-

-

- Sale of investments -

-

-

-





















Gross Notional Value of contracts where futures were bought : Rs. NIL

Gross Notional Value of contracts where futures were sold : Rs. NIL

Net Profit/Loss value on all contracts combined : Rs. NIL
















NIL


AXIS SMALL CAP FUND

NIL


NIL


NIL











Net Profit/Loss value on all contracts combined :Rs. (70.74) Lacs










Net Profit/Loss value on all contracts combined :Rs. (450.67) Lacs




Total Number of contracts entered into : 6,400











AXIS EQUITY FUND

NIL


NIL


NIL


NIL










Total Number of contracts where futures were bought : Nil

Total Number of contracts where futures were sold : Nil

Gross Notional Value of contracts where futures were bought : Nil

Gross Notional Value of contracts where futures were sold : Nil

Net Profit/Loss value on all contracts combined : Nil










Net Profit/(Loss) value on all contracts combined : (Rs. in 000's) 46,489







NIL

NIL


Total Number of contracts entered into : 43852Gross Notional Value of contracts : (Rs. in 000's) 2,28,139 Net Profit/Loss on all contracts (premium paid treated as loss) : (Rs. in 000's) 42,402


AXIS EQUITY FUND





Total Number of contracts entered into :16000Gross Notional value of contracts : (Rs. in 000's) 89,894.Net Profit/Loss on all contracts (premium paid treated as loss) : (Rs.in 000's) 17,785

NIL

NIL


























Total Number of contracts entered into : 800







Total Number of contracts entered into :NIL

Gross Notional Value of contracts :Rs. NIL

Net Profit/Loss on all contracts (premium paid treated as loss) :Rs. NIL



NIL



NIL


NIL


NIL








Total Number of contracts where futures were bought : Nil

Total Number of contracts where futures were sold : Nil

Gross Notional Value of contracts where futures were bought : Nil

Gross Notional Value of contracts where futures were sold : Nil

Net Profit/Loss value on all contracts combined : Nil










Net Profit/(Loss) value on all contracts combined : (Rs. in 000's) (2,760)




Total Number of contracts entered into : 4,200

Gross Notional value of contracts : (Rs. in 000's) 20,799

Net Profit/Loss on all contracts (premium paid treated as loss) : (Rs.in 000's) 3,412.75







Total Number of contracts entered into : NILGross Notional Value of contracts : NIL Net Profit/Loss on all contracts (premium paid treated as loss) : NIL


NIL



NIL


NIL

NIL






































NIL


AXIS MIDCAP FUND

NIL


NIL


NIL










Gross Notional Value of contracts where futures were bought : Rs. in 000's) 10,201

Gross Notional Value of contracts where futures were sold : Rs. in 000's) 11,257

Net Profit/Loss value on all contracts combined : Rs. in 000's) 1,055








Gross Notional Value of contracts where futures were bought : (Rs. in 000's) 21,281

Gross Notional Value of contracts where futures were sold : (Rs. in 000's) 21,309

Net Profit/Loss value on all contracts combined : (Rs. in 000's) 28







AXIS MIDCAP FUND

NIL


NIL


NIL



Total Number of contracts entered into : NILGross Notional value of contracts : Rs. NILNet Profit/Loss on all contracts (premium paid treated as loss) : Rs.NIL



Total Number of contracts entered into : NILGross Notional Value of contracts : NILNet Profit/Loss on all contracts (premium paid treated as loss) : NIL

NIL

INDEPENDENT AUDITOR’S REPORT To the Trustees of AXIS MUTUAL FUND Report on the Financial Statements We have audited the accompanying financial statements of Axis Gold ETF Fund (“the Scheme”), which comprise the balance sheet as at 31 March 2014, the revenue account and cash flow statement, for the year ended, and a summary of significant accounting policies and other explanatory information. 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, of the Scheme in accordance with accounting principles generally accepted in India, including the accounting policies sand standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the SEBI Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the balance sheet, of the state of affairs of the Scheme as at 31 March 2014; (b) in the case of the revenue account,of the deficit for the year ended on that date; and

(c) in the case of the cash flow statement, of the cash flows for the year ended on that date.






Axis Gold ETF Axis Gold ETF

March 31, 2014 March 31, 2013Schedule

SOURCES OF FUNDS

Unit capital 2(b) & 3 130,007

160,707

Reserves and surplus 2(b) & 4 3,327,351

4,479,222

Current liabilities 5 5,685

4,876

3,463,043

4,644,805


Investments 2(c) , 6 & 18 3,450,440

4,601,640

Other current assets 7 12,603

43,165

3,463,043

4,644,805

The accompanying schedules are an integral part of this balance sheet.As per our report of even date.





Partner Director Director Managing Director & CEO DirectorMembership No. 37924

R. Sivakumar Kedar Karnik

Mumbai Head-Fixed Income Fund Manager-Gold ETF

Date:




April 01, 2013 April 01, 2012 to to

March 31, 2014 March 31, 2013Schedule

INCOME

Interest 2(d) & 8 485 1,103

Profit on sale of gold, net 2(d) - 301,770

Other Income 3,001

-

Net change in marked to market in value of investments 2(c) & 6(ii) (204,143)

(284,096)

Total (200,657)

18,777

EXPENSES AND LOSSES

Loss on sale/redemption of investments, net 2(d) 35,843

-


17,549


43


412

Custodian service charges 15,144

13,282


1,425

Commission to distributors -

7

Audit fee 285

284

Marketing expenses 3

5

Listing fee 135 154 Other operating expenses 3,195 2,521 Less: Expenses reimbursed/to be reimbursed by AMC (56)

-

Total 80,791

35,682

Surplus / (Deficit) for the year (281,448)

(16,905)

Transfer from / (to) unrealised appreciation reserve -

172,704

Equalisation (debit) / credit 2(e) (751,178)

2,041,824

Surplus / (Deficit) transferred to the retained surplus 4 (1,032,626)

2,197,623











Date:



1. BACKGROUND

Scheme Name Type of Scheme

Axis Gold ETF Open ended gold exchange traded fund



(b) Unit capital


(c) Investments



Effect of change in policy

On account of change in policy, cost of investment has increased by Rs. 4.34 crores, VAT receivavble has reduced by Rs 4.04 crores and net impact on revenue is higher by Rs. 0.30 crores.

The net unrealized appreciation / depreciation in the value of investments is determined separately for each category of investments. The change in netunrealized gain / loss, between two balance sheet dates is recognized in the revenue account and net unrealized gain, if any, is thereafter appropriatedto the unrealized appreciation reserve.




(f) Cash and cash equivalent



The key features of Axis Gold ETF are as below:

NFO OpenNFO Close

October 20, 2010 toNovember 3, 2010


The net asset value is determined considering the daily income earned, including realised profit or loss and unrealised gain or loss in the value ofinvestments, and expenses accrued.

Purchase and sale of investments (gold) are recorded on the date of the transaction, at cost and sale price respectively, after considering brokerage, commission, and fees payable, if any.

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

Prior to November 01, 2013, investment in gold was valued at the AM fixing price of gold quoted on the London Bullion Market Association [LBMA]declared in US Dollars as increased by premium and fixing charges and by converting it into Indian Rupees at the RBI reference rate, as increased bycustom duty for import of gold and octroi charges as applicable.

W.e.f. November 01, 2013, VAT paid at the time of purchase is included in the cost of gold and the liability arising at the time of sale of gold (i.e. VATpayable) is accounted as payable.

Prior to November 01, 2013, Value Added Tax (VAT) paid at the time of purchase of gold is accounted for in the books as VAT receivable (input credit),and the liability arising at the time of sale of gold (i.e. VAT payable) was accounted as payable (using input credit) and adjusted against the receivable,if any.

W.e.f. November 01, 2013, investment in gold is valued at the AM fixing price of gold quoted on the LBMA declared in US Dollars as increased bypremium and fixing charges and by converting it into Indian Rupees at the RBI reference rate, as increased by custom duty for import of gold, octroicharges and VAT as applicable.

When units are issued or redeemed, the distributable surplus (excluding unit premium reserve), as on the date of the transaction is determined. Basedon the number of units outstanding on the transaction date, the distributable surplus (excluding unit premium reserve) associated with each unit iscomputed. The per unit amount so determined is credited / debited to the equalisation account on issue / redemption of each unit respectively.


To generate returns that are in line with the performance of gold.

Investment objective of the Scheme


Schedules to the financial statements for the year ended March 31, 2014

Axis Bank Limited holds 75% of the total issued and paid up equity share capital of Axis Asset Management Company Limted and the balance 25% plusone 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.


Schedules to the financial statements for the year ended March 31, 2014

3. Unit Capital

Quantity Amount Quantity Amount

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

Outstanding, beginning of year 1,607,072.000

160,707

898,072.000

89,807

Issued-during the year 137,000.000

13,700

1,733,000.000

173,300

Redeemed during the year 444,000.000

44,400

1,024,000.000

102,400

Outstanding, end of year 1,300,072.000

130,007

1,607,072.000

160,707


Axis Gold ETFMarch 31, 2014

Axis Gold ETFMarch 31, 2013


Rupees in '000


March 31, 2014 March 31, 2013



Balance, beginning of year 502,077 458,222Net premium/discount on issue/redemption of units (870,423)

2,085,679

Transferred to equalisation account 751,178

(2,041,824)

Balance, end of year 382,832

502,077


Balance, beginning of year -

172,704

Change in unrealised appreciation in value of investments -

(172,704)

Balance, end of year -

-

Retained surplus

Balance, beginning of year 3,977,145

1,779,522

Surplus transferred from revenue account (1,032,626)

2,197,623

Balance, end of year 2,944,519

3,977,145

Total reserves 3,327,351

4,479,222


Amount due to AMC - Management fees 2,437

2,579

Trusteeship fee payable 3

4

Value added tax payable on gold 551

-

Commission to distributors payable -

7

Investor education expense provision 847

316

Custody fees payable 1,218

1,316

Other current liabilities 629

654

5,685

4,876

6. INVESTMENTS

Gold 3,450,440

4,601,640

3,450,440

4,601,640

3,459,874


(1.00)(i)

(ii)Axis Gold ETF Axis Gold ETF

March 31, 2014 March 31, 2013Gold

- appreciation -

-

- depreciation 315,535

111,392

(iii)


April 1, 2013 April 1, 2012

to to

March 31, 2014 March 31, 2013

- amount 339,483

5,173,128

- as a percentage of average daily net assets 8.08% 150.35%

- amount 1,291,986 3,107,934



March 31, 2014 March 31, 2013


Balances with banks in current accounts 411

285

Sundry debtors for units issued to investors: - Lateral shift receivable -

-

- Others 2,678

-

Interscheme receivable -

1,073

Amount due from AMC 56

-

Value added tax receivable on gold -

40,428


1,354

Other current assets 24

25

12,603

43,165

April 1, 2013 April 1, 2012to to

March 31, 2014 March 31, 2013

8. INTEREST

Collateralised lending 485 1,103485 1,103

Aggregate appreciation and depreciation in the value of investments are as follows:

Purchases - Gold

Sales - Gold

All the investments are held in the name of the Scheme, as per clause 7 of the Seventh Schedule under

Regulation 44(1) of SEBI (Mutual Funds) Regulations, 1996.

The aggregate value of investments acquired and sold during the year and these amounts as a percentage

of average daily net assets are as follows:




Axis Gold ETF Axis Gold ETFApril 01, 2013 April 01, 2012

to toMarch 31, 2014 March 31, 2013

Income (excluding Net change in marked to market in value of investments)

- amount 3,486

302,873



- amount 44,948

35,682


The total income and expenditure and these amounts as a percentage of the scheme's average daily net assets on an annualised basis are provided below:

The Scheme pays fees for investment management services under an agreement with the AMC, which provides forcomputation of such fee as a percentage of Scheme's average daily net assets, after excluding the net asset valueof the investments by the AMC in the scheme, the net asset value of the investments made in other schemes asapplicable. During the year ended March 31, 2014, Axis Gold ETF has paid management fee (excluding of servicetax) at an average annualised rate of 0.56 percent (previous year 0.50 percent).

The Scheme pays fees for Trusteeship services under an agreement with the Trustee, aggregating Rs. 150,000/-per month (excluding service tax) which is apportioned to all the Schemes on the basis of their monthly average netassets. Trustee fees charged is subject to the ceiling of 0.10% per annum on average net assets.



(i)















Axis Equity Fund Axis Focused 25 Fund


Axis Fixed Term Plan - Series 18 (15 Months) Axis Hybrid Fund - Series 1












Axis Fixed Term Plan - Series 47 (483 Days) Axis Midcap Fund

Axis Fixed Term Plan - Series 48 (3 Years) Axis Short Term Fund


Axis Fixed Term Plan - Series 50 (3 Months) Axis Treasury Advantage Fund

Axis Fixed Term Plan - Series 52 (428 Days) Axis Triple Advantage Fund


Axis Gold ETF has entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on 'Related Party Disclosures' issued by the Institute of Chartered Accountants of India is provided below;


(b) Transactions covered by Accounting Standard-18

Rupees in '000

Name of Related Party Nature of transactions





Axis Mutual Fund Trustee Limited Fees for trusteeship services 61 3 43 4


2,437

19,718

2,579

Axis Asset Management Company Limited Receivable for other expenses 56

-

Axis Triple Advantage Fund Subcription of units at NAV 149,613

1,901,313

4,278,500

2,666,700Axis Triple Advantage Fund Redemption of units at NAV 821,233

-

2,902,331

-Axis Gold Fund Subcription of units at NAV 184,448

1,224,944

838,304

1,423,974Axis Gold Fund Redemption of units at NAV 349,277

-

95,769

-


Rupees in '000 Axis Gold ETF Axis Gold ETF Year ended March 31, 2014



Bank charges 1

1

Commission paid on distribution of units * -

7

The Central Depository Services (India) Ltd

(Associate)

Folio maintenance and corporate action charges 6

84


12. Investments made during the year in the sponsor company and its group companies at cost

Rupees in '000

Investments made by the Scheme


2014

Year ended

March 31, 2013

Axis Bank Limited - - Investment made by other schemes - 284,200

Total investments * - 284,200 * Note: Includes amount placed as fixed deposits of Rs. 284,200 thousands.

13. NET ASSET VALUE

Rupees

Scheme name Axis Gold ETF Axis Gold ETFMarch 31, 2014 March 31, 2013

Face Value Rs. 100 Face Value Rs. 100Axis Gold ETF 2,659.3588 2,887.1941




Contingent liabilities as on March 31, 2014: NIL (Previous year : NIL)


The scheme operates in one segment only viz. to generate returns that are in line with the performance of gold.


Axis Gold ETF

March 31, 2014

Total Reserves 3,327,351

Less : Unrealised appreciation on investments as on 31 March 2014 at portfolio level -


382,832

Distributable Surplus 2,944,519


The change in surplus/(deficit) as per Revenue Account for the previous year has been given below:

Axis Gold ETF March 31, 2013

Surplus / (Deficit) as per revenue account for the 155,799

Impact on change in unrealised appreciation 172,704

Revised Surplus / (Deficit) as per revenue account (16,905)











Date:

During the year, the Scheme has changed the treatment and presentation of "change in mark to market value of investments". In the current year, the net change in market value of investments has been recorded in the revenue account and subsequently appropriated to the Unrealised appreciation reserve. In the previous years, the change in the unrealised appreciation on investments (category-wise) was transferred directly to the Unrealised appreciation reserve. This change has no impact on the distributable surplus or net asset value of the respective plans of the schemes.


Axis Gold ETF Axis Gold ETFApril 01, 2013

to

March 31, 2014

April 01, 2012

to

March 31, 2013


Net Surplus / (Deficit) for the year (281,448) (16,905)

Adjustments for:- Net change in marked to market in value of investments 204,143

284,096

Increase in investments at cost 947,057

(2,404,621)

Increase in net current assets 41,446

(21,445)

Increase in net current liabilities 809

2,483

Net cash used in operations ( A ) 912,007

(2,156,392)


Increase in unit capital (30,700)

70,900 Increase in unit premium reserve (870,423)

2,085,679 Adjustments for:- Decrease in subscription receivable for units issued to investors

(2,678)

-

Net cash generated from financing activities ( B ) (903,801)

2,156,579

Net increase/(decrease) in cash and cash equivalents (A+B) 8,206 187


1,452Cash and Cash Equivalents as at the close of the year (A+B) 9,845

1,639

Component of cash and cash equivalents


285Collateralised lending 9,434

1,354Total 9,845

1,639










Date:

Cash Flow Statement(All amounts in thousands of Rupees unless specified otherwise)



18.

Industry and Company Particulars Quantity (In

Kg.)

Amount

(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category

GOLD

MISCELLANEOUS 1,236 3,450,440 99.80 100.00

Gold 995 1KG Bar 1,236

3,450,440

99.80

100.00

TOTAL 1,236

3,450,440

99.80

100.00


0.36


100.16


NET ASSETS 3,457,358 100.00

AXIS GOLD ETF




INDEPENDENT AUDITOR’S REPORT To the Trustees of AXIS 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 balancesheets as at 31 March 2014, the revenue accounts andcash flow statements, for the period as mentioned below, and a summary of significant accounting policies and other explanatory information.


Axis Hybrid Fund - Series 1 1 April 2013 to 31 March 2014 Axis Hybrid Fund - Series 2 1 April 2013 to 31 March 2014 Axis Hybrid Fund - Series 3 1 April 2013 to 31 March 2014 Axis Hybrid Fund - Series 5 25 July 2013 to 31 March 2014

Axis Hybrid Fund - Series 6 16 August 2013 to 31 March 2014

Axis Hybrid Fund - Series 7 5 September 2013 to 31 March 2014

Axis Hybrid Fund - Series 8 24 January 2014 to 31 March 2014

Axis Hybrid Fund - Series 9 13 February 2014 to 31 March 2014

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, of the Schemes in accordance with accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the SEBI Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the balance sheet, of the state of affairs of the Schemes as at 31 March 2014; (b) in the case of the revenue account,of the surplus for the periodas mentioned above; and

(c) in the case of the cash flow statement, of the cash flows for the period as mentioned above.









Axis Hybrid Fund

- Series 1

Axis Hybrid Fund

- Series 1

Axis Hybrid Fund

- Series 2

Axis Hybrid Fund

- Series 2

Axis Hybrid Fund

- Series 3

Axis Hybrid Fund

- Series 3

Axis Hybrid Fund

- Series 5

Axis Hybrid Fund

- Series 6

Axis Hybrid Fund

- Series 7

Axis Hybrid Fund

- Series 8

Axis Hybrid Fund

- Series 9

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014

Schedule

SOURCES OF FUNDS

Unit capital 2(b) & 3 1,333,803 1,333,803

2,175,172

2,175,172

769,257

769,257

2,839,919

2,444,605

2,375,559

3,204,175 2,811,689Reserves and surplus 2(b) & 4 378,799 192,474

623,670

290,755

236,272

127,275

217,948

294,001

258,321

97,713 83,586Current liabilities 5 6,316

5,016

9,899

8,043

3,787

3,359

12,716

10,985

10,374

11,591 8,0191,718,918 1,531,293

2,808,741

2,473,970

1,009,316

899,891

3,070,583

2,749,591

2,644,254

3,313,479 2,903,294


Investments 2(c), 6 & 20 1,596,588 1,458,165

2,612,316

2,354,301

919,611

845,630

2,959,968

2,676,493

2,573,208

3,206,229 2,803,093Other current assets 7 122,330 73,128

196,425

119,669

89,705

54,261

110,615

73,098

71,046

107,250 100,2011,718,918 1,531,293

2,808,741

2,473,970

1,009,316

899,891

3,070,583

2,749,591

2,644,254

3,313,479 2,903,294









MumbaiDate: R. Sivakumar Devang Shah

Head-Fixed Income Fund Manager-Fixed Income

Pankaj Murarka Jinesh Gopani

Head-Equity Fund Manager-Equity


Axis Hybrid Fund

- Series 1

Axis Hybrid Fund

- Series 1

Axis Hybrid Fund

- Series 2

Axis Hybrid Fund

- Series 2

Axis Hybrid Fund

- Series 3

Axis Hybrid Fund

- Series 3

Axis Hybrid Fund

- Series 5

Axis Hybrid Fund

- Series 6

Axis Hybrid Fund

- Series 7

Axis Hybrid Fund

- Series 8

Axis Hybrid Fund

- Series 9

April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 July 25, 2013 August 16, 2013 September 5, 2013 January 24, 2014 February 13, 2014 to to to to to to to to to to to

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014Schedule

INCOME

Interest 2(d) & 8 114,848 108,535 185,820 176,081 65,932 62,576 153,004 129,872 122,170 52,678 33,760

Profit on sale/redemption of investments (including F&O), net 2(d) 31,426 1,120 57,104 1,734 20,483 3,707 - - - - -

Profit on inter-scheme transfer/sale of investments, net 2(d) 70

285

59

582

-

336

-

-

- - -Net change in marked to market in value of investments 2(c) & 6(ii) 80,315

(78,407)

154,088

(159,458)

47,186

(40,645)

121,258

208,955

175,537 61,282 59,921

Total 226,659

31,533

397,071

18,939

133,601

25,974

274,262

338,827

297,707 113,960 93,681

EXPENSES AND LOSSES


19,829

36,808

30,218

14,694

12,186

30,721

24,626

21,428 8,522 5,509


19

37

31

13

11

31

24

19 10 6


155

519

254

186

91

410

324

283 119 73


246

382

404

137

145

310

246

216 91 57


1,571

2,072

2,578

739

917

1,620

1,273

1,114 267 165


11,519

19,559

19,755

6,867

6,951

19,248

15,056

13,437 6,275 3,854

Audit fee 114

86

143

88

141

86

56

112

169 56 56

Listing fee 1

57

2

58

1

57

89

86

81 34 8

Other operating expenses 3,025

2,567

4,658

3,924

1,850

1,565

3,857

3,079

2,679 1,074 702

Less: Expenses reimbursed/to be reimbursed by AMC (29)

(394)

(24)

(605)

(24)

(208)

(28)

-

(40) (201) (335)

Total 40,334

35,655

64,156

56,705

24,604

21,801

56,314

44,826

39,386 16,247 10,095

Surplus / (Deficit) for the period 186,325

(4,122)

332,915

(37,766)

108,997

4,173

217,948

294,001

258,321 97,713 83,586


86,249

(155,852)

170,620

(48,137)

41,384

(121,558)

(208,955)

(175,537) (61,282) (59,921)Surplus transferred to the retained surplus 4 105,266

82,127

177,063

132,854

60,860

45,557

96,390

85,046

82,784 36,431 23,665









Mumbai

Date: R. Sivakumar Devang Shah






1. BACKGROUND


Axis Hybrid Fund - Series 1 A 3 year close ended income scheme

July 28, 2011to

August 11, 2011


August 16, 2011to

August 30, 2011


September 16, 2011to

Sepember 30, 2011


July 05, 2013 to

July 19, 2013


July 25, 2013 to

August 8, 2013


August 16, 2013 to

August 30, 2013


January 06, 2014 to

January 20, 2014


January 24, 2014 to

February 07, 2014



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

(b) Unit capital


To generate income by investing in high quality fixedincome securities that are maturing on or before thematurity of the Scheme whilst the secondary objective isto generate capital appreciation by investing in equityand equity related instruments.

Growth DividendDirect Growth Direct Dividend


To generate income by investing in high quality fixedincome securities whilst the secondary objective is togenerate capital appreciation by investing in equity andequity related instruments.




To generate income by investing in high quality fixedincome securities that are maturing on or before thematurity of the Scheme whilst the secondary objective isto generate capital appreciation by investing in equityand equity related instruments




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 AMCand the Trustee, are stated below.

Growth Dividend

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.




PlansInvestment objective of the Scheme

Growth Dividend

Growth Dividend


Axis Bank Limited holds 75% of the total issued and paid up equity share capital of Axis Asset Management Company Limited and the balance 25% plus oneequity share is held by Schroders Investment Management (Singapore) Limited (SIMSL) through its wholly owned subsidiary, Schroders Singapore HoldingsPrivate Limited (SSHPL), both subsidiaries of Schroders plc.




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 Plan.

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 plans in proportion to their respective daily net assets arrived at by multiplying day-endoutstanding units by previous day's closing NAV.

(c) Investments





(d) Revenue recognitionDividend income is recognised on the ex-dividend date.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) Cash and cash equivalentCash and cash equivalents include balances with banks in current accounts, deposits placed with scheduled banks (with an original maturity of up to threemonths) and collateralised lending (including reverse repurchase transactions).



The cost of investments includes all costs incurred in acquiring the investments and incidental to acquisition of investments e.g. brokerage, transaction costs,CCIL charges and any other charges customarily included in the broker’s note. Capitalisation of such brokerage and transaction costs incurred for the purpose ofexecution of trades is restricted to 12 bps in case of cash market transactions and 5 bps in case of derivative transactions. Any cost in excess of the specifiedlimit is charged to the revenue account of the scheme as part of the total expense ratio.


Investments in equity shares / warrants which have traded during a period of thirty days (prior to the balance sheet date) are stated at the closing prices on thebalance sheet date or the last trading day before the balance sheet date, as may be applicable, on The National Stock Exchange of India Limited (principal stockexchange). When on a particular valuation day, a security has not been traded on the principal stock exchange, the value at which it is traded on The BombayStock Exchange Limited is used.

Options / futures are valued at the closing price on the stock exchange on which the same were contracted originally. In case, the closing price is not available onvaluation date on the respective stock exchange, settlement price is considered for valuation. Futures contracts, which are going to expire on valuation date arevalued at settlement price.

Non traded and thinly traded equity shares / warrants, including those not traded within thirty days prior to the balance sheet date are valued at the fair value asdetermined by the AMC under procedures approved by the Trustee of Axis Mutual Fund in accordance with the SEBI Regulations.


All debt securities with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done by schemes managed by the AMC. If thereare no trades done by schemes managed by the AMC for the said security then the securities are valued on the basis of amortized cost based on purchase priceor last traded market price, which includes discount / premium accrued on a straight line basis over the period 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 theabove band, the YTM of the security is adjusted to bring the price within the ±0.10% band.

Prior to November 29, 2013, all quoted debt investments other than thinly traded debt investments with residual maturity greater than 60 days, are considered atprices derived from the weighted average yield to maturity of the traded securities as at the valuation date as obtained from a public platform (FIMMDA / NSEWDM / BSE WDM) using traded volume thresholds or based on yield to maturity derived from trades done by schemes managed by Axis AMC.

Prior to November 29, 2013, all non-traded / thinly traded money market securities, floating rate securities and debt securities with residual maturity greater than60 days, are valued using the average of the yields released by CRISIL and ICRA, as suggested by AMFI.

W.e.f. November 29, 2013, all debt securities with residual maturity greater than 60 days, are valued using the simple average of the prices released by CRISILand ICRA, as suggested by AMFI. In case of new purchases which are not a part of the list of CRISIL and ICRA security level pricing, such securities are valuedat weighted average cost/yield on the day of purchase.

The net unrealized appreciation / depreciation in the value of investments is determined separately for each category of investments. The change in netunrealized gain / loss, between two balance sheet dates is recognized in the revenue account and net unrealized gain, if any, is thereafter appropriated to theunrealized appreciation reserve.


Treasury Bills with residual maturity greater than 60 days, are valued at the average of the prices released by CRISIL and ICRA, as suggested by AMFI, on thebasis of the valuation principles laid down by SEBI. The difference between last traded/valued price and T+1 aggregated price received from CRISIL and ICRA isamortised linearly upto the day preceding the next business day.


W.e.f September 19, 2013, treasury 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 ofamortized cost based on purchase price or last traded market price, which includes discount / premium accrued on a straight line basis over the period tomaturity 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). Incase the amortized value is outside the above band, the YTM of the security is adjusted to bring the price within the ±0.10% band.


3. Unit Capital



Growth

Outstanding, beginning of year/period 111,019,656.746 1,110,197

112,288,618.000

1,122,886

177,740,514.706

1,777,405

180,483,047.000

1,804,830

60,150,447.000

601,504 61,279,399.000 612,794Issued-new fund offer - -

-

-

-

-

-

-

-

- - -Redeemed during the year/period - -

1,268,961.254

12,689

-

-

2,742,532.294

27,425

-

- 1,128,952.000 11,290Outstanding, end of year/period 111,019,656.746 1,110,197

111,019,656.746

1,110,197

177,740,514.706

1,777,405

177,740,514.706

1,777,405

60,150,447.000

601,504 60,150,447.000 601,504

Dividend


22,525,097.000

225,251

39,776,706.567

397,767

40,498,140.000

404,981

16,775,296.000

167,753 17,542,296.000 175,423Issued-new fund offer - -

-

-

-

-

-

-

-

- - -

Redeemed during the year/period - -

164,500.000

1,645

-

-

721,433.433

7,214

-

- 767,000.000 7,670Outstanding, end of year/period 22,360,597.000 223,606 22,360,597.000 223,606 39,776,706.567 397,767 39,776,706.567 397,767 16,775,296.000 167,753 16,775,296.000 167,753

Direct Growth

Issued-new fund offerRedeemed during the year/periodOutstanding, end of year/period

Direct Dividend

Issued-new fund offerRedeemed during the year/periodOutstanding, end of year/period

Total

Outstanding, beginning of year/period 133,380,253.746 1,333,803 134,813,715.000 1,348,137 217,517,221.273 2,175,172 220,981,187.000 2,209,811 76,925,743.000 769,257 78,821,695.000 788,217Issued-new fund offer - - - - - - - - - - - -Redeemed during the year/period - - 1,433,461.254 14,334 - - 3,463,965.727 34,639 - - 1,895,952.000 18,960Outstanding, end of year/period 133,380,253.746 1,333,803 133,380,253.746 1,333,803 217,517,221.273 2,175,172 217,517,221.273 2,175,172 76,925,743.000 769,257 76,925,743.000 769,257

Axis Hybrid Fund - Series 1March 31, 2014


Axis Hybrid Fund - Series 2

Face Value Rs. 10 each fully paid upFace Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up

Axis Hybrid Fund - Series 3Axis Hybrid Fund - Series 1March 31, 2013

Axis Hybrid Fund - Series 2 March 31, 2013March 31, 2014 March 31, 2014

Axis Hybrid Fund - Series 3March 31, 2013





3. Unit Capital

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)

Growth

Outstanding, beginning of year/periodIssued-new fund offer 271,399,074.000

2,713,991

232,374,134.000

2,323,741

229,674,418.000

2,296,744

300,897,761.000

3,008,978

267,058,938.000 2,670,589Redeemed during the year/period -

-

-

-

-

-

-

-

- -Outstanding, end of year/period 271,399,074.000

2,713,991

232,374,134.000

2,323,741

229,674,418.000

2,296,744

300,897,761.000

3,008,978

267,058,938.000 2,670,589

Dividend

Outstanding, beginning of year/periodIssued-new fund offer 10,536,143.000

105,361

9,247,959.000

92,480

6,665,640.000

66,656

18,998,559.000

189,986

13,523,893.000 135,239

Redeemed during the year/period -

-

-

-

-

-

-

-

- -Outstanding, end of year/period 10,536,143.000 105,361 9,247,959.000 92,480 6,665,640.000 66,656 18,998,559.000 189,986 13,523,893.000 135,239

Direct Growth

Issued-new fund offer 1,783,144.000

17,831

2,512,850.000

25,129

1,179,905.000

11,799

468,694.000

4,687

546,160.000 5,462Redeemed during the year/period -

-

-

-

-

-

-

-

- -Outstanding, end of year/period 1,783,144.000

17,831

2,512,850.000

25,129

1,179,905.000

11,799

468,694.000

4,687

546,160.000 5,462

Direct Dividend

Issued-new fund offer 273,610.000

2,736

325,500.000

3,255

36,000.000

360

52,352.000

524

39,850.000 399Redeemed during the year/period -

-

-

-

-

-

-

-

- -Outstanding, end of year/period 273,610.000

2,736

325,500.000

3,255

36,000.000

360

52,352.000

524

39,850.000 399

Total

Outstanding, beginning of year/period - - - - - - - - - -Issued-new fund offer 283,991,971.000 2,839,919 244,460,443.000 2,444,605 237,555,963.000 2,375,559 320,417,366.000 3,204,175 281,168,841.000 2,811,689Redeemed during the year/period - - - - - - - - - -Outstanding, end of year/period 283,991,971.000 2,839,919 244,460,443.000 2,444,605 237,555,963.000 2,375,559 320,417,366.000 3,204,175 281,168,841.000 2,811,689

Axis Hybrid Fund - Series 7 March 31, 2014







Face Value Rs. 10 each fully paid upFace Value Rs. 10 each fully paid upMarch 31, 2014






Rupees in '000Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 5

Axis Hybrid Fund -

Series 6

Axis Hybrid Fund -

Series 7

Axis Hybrid Fund -

Series 8

Axis Hybrid Fund -

Series 9




Balance, beginning of year/period (1,816) - (4,598) - (2,778) - - - - - -Net premium/discount on issue/redemption of units - (1,816) - (4,598) - (2,778) - - - - -Transferred to revenue accountTransferred (to) / from equalisation account - - - - - - - - - - -Balance, end of year/period (1,816) (1,816) (4,598) (4,598) (2,778) (2,778) - - - - -


Balance, beginning of year/period 74,674 160,923 105,582 276,202 65,108 106,492 - - - - -Unrealised appreciation in value of investments 81,059 (86,249) 155,852 (170,620) 48,137 (41,384) 121,558 208,955 175,537 61,282 59,921Balance, end of year/period 155,733 74,674 261,434 105,582 113,245 65,108 121,558 208,955 175,537 61,282 59,921

Retained surplus

Balance, beginning of year/period 119,616 37,489 189,771 56,917 64,945 19,388 - - - - -

Surplus transferred from revenue account 105,266 82,127 177,063 132,854 60,860 45,557 96,390 85,046 82,784 36,431 23,665Balance, end of year/period 224,882 119,616 366,834 189,771 125,805 64,945 96,390 85,046 82,784 36,431 23,665

Total reserves 378,799 192,474 623,670 290,755 236,272 127,275 217,948 294,001 258,321 97,713 83,586

The share of the plans in the reserves and


RG Growth 315,300 160,211 509,684 237,641 184,748 99,520 208,142 279,270 249,668 91,750 79,384RD Dividend 63,499 32,263 113,986 53,114 51,524 27,755 8,078 11,114 7,246 5,793 4,020

Direct Growth 1,498 3,203 1,366 153 170Direct Dividend 230 414 41 17 12

378,799 192,474 623,670 290,755 236,272 127,275 217,948 294,001 258,321 97,713 83,586


Amount due to AMC - Management fees 2,890 2,213 4,107 3,257 1,673 1,620 4,726 4,256 3,925 5,137 4,175 - Others 2,795 2,431 4,799 4,227 1,669 1,485 7,166 6,147 5,827 6,075 3,519Trusteeship fee payable 2 1 3 2 1 1 3 3 2 3 3Custody fees payable 21 21 34 35 12 13 38 33 32 40 36Investor education expense provision 325 120 532 196 191 70 257 203 176 84 56Other current liabilities 283 230 424 326 241 170 526 343 412 252 230

6,316 5,016 9,899 8,043 3,787 3,359 12,716 10,985 10,374 11,591 8,019

6. INVESTMENTS

Privately placed / unlisted debentures and bonds 137,038 137,770 269,026 270,580 112,953 113,842 200,226 - - 363,452 341,998Listed debentures and bonds 1,021,591 1,025,140 1,611,890 1,614,019 550,990 544,586 2,074,578 1,904,356 1,910,370 2,138,546 1,878,934Certificates of deposit 79,870

-

137,757

-

45,277

-

42,969

-

- - -Units of mutual fund 30,038

-

50,063

-

-

-

-

150,190

70,089 440,556 370,468Futures and options 328,051

295,255

543,580

469,702

210,391

187,202

642,195

621,947

592,749 263,675 211,6931,596,588

1,458,165

2,612,316

2,354,301

919,611

845,630

2,959,968

2,676,493

2,573,208 3,206,229 2,803,093

1,601,412

2,613,919

2,361,353

938,923

858,276

2,976,691

2,686,414

2,580,517 3,208,797 2,808,915


(2.00) 1.00 - (1.00) (1.00) (1.00) (2.00) (2.00)


(ii) Aggregate appreciation and depreciation in the value of investments are as follows: Rupees in '000Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 5

Axis Hybrid Fund -

Series 6

Axis Hybrid Fund -

Series 7

Axis Hybrid Fund -

Series 8

Axis Hybrid Fund -

Series 9



- appreciation - - - - - 6 527 - - 63 1,668

- depreciation 1,034 301 1,760 207 961 79 - - - 32 -


- appreciation 2,548 2,921 6,227 6,696 4,868 4,927 12,210 42,746 17,340 1,810 7,157

- depreciation 1,863 289 1,777 122 443 - 701 - - 1,516 82


- appreciation - - - - - - - - - - -

- depreciation 11

-

211

-

63

-

300

-

- - -


- appreciation 38

-

63

-

-

-

-

190

89 556 468

- depreciation -

-

-

-

-

-

-

-

- - -

Futures and options


72,042

256,921

99,008

108,820

60,181

109,522

166,020

158,109 60,400 50,710

- depreciation -

-

-

-

-

-

-

-

- - -154,688

74,373

259,463

105,375

112,221

65,035

121,258

208,955

175,537 61,282 59,921-

-

-

-

-

- - -

(iii) The aggregate value of investments acquired and sold/redeemed/expired during the year / period and these amounts as a percentage of average daily net assets are as follows:Rupees in '000

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 5

Axis Hybrid Fund -

Series 6

Axis Hybrid Fund -

Series 7

Axis Hybrid Fund -

Series 8

Axis Hybrid Fund -

Series 9

April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 July 25, 2013 August 16, 2013 September 5, 2013 January 24, 2014 February 13, 2014to to to to to to to to to to to

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014Purchases (excluding collateralised lending, fixed deposits, futures and options)

- amount 292,769

150,191

453,583

227,485

137,321

145,534

2,289,844

2,436,179

2,146,299 3,705,620 2,772,241

- as a percentage of average daily net assets 18.47% 9.94% 17.47% 9.18% 14.77% 16.32% 76.46% 94.03% 86.37% 114.67% 97.32%


- amount -

-

-

-

-

-

532,506

455,799

434,522 203,225 160,943

- as a percentage of average daily net assets -

-

-

-

-

-

17.78% 17.59% 17.49% 6.29% 5.65%


- amount 192,070 94,970 278,964 152,249 90,000 119,493 30,000 425,000 210,000 780,000 200,000



- amount 81,640 5,077 141,211 7,542 45,952 9,903 - - - - -

- as a percentage of average daily net assets 5.15% 0.34% 5.44% 0.30% 4.94% 1.11% - - - - -

- - - - - - - -# Options not exercised / expired have not been included as the value of such transaction is Nil.


(iv)


Series 1

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 5

Axis Hybrid Fund -

Series 6

Axis Hybrid Fund -

Series 7

Axis Hybrid Fund -

Series 8

Axis Hybrid Fund -

Series 9



valued in good faith1,596,588

1,458,167

2,347,980

2,192,346

919,611

845,629

2,317,773

2,581,520

2,464,668 3,206,229 2,803,093


Series 1

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 5

Axis Hybrid Fund -

Series 6

Axis Hybrid Fund -

Series 7

Axis Hybrid Fund -

Series 8

Axis Hybrid Fund -

Series 9




1

4

1

68

1

275

39

52 9,908 20Contracts for sale of investments 24,023

-

40,039

-

13,437

-

-

-

- - -Outstanding and accrued income 68,467

68,842

112,279

112,616

41,888

41,614

93,617

63,138

63,685 94,774 94,359Cash margin money placed for derivatives 25,000

-

42,500

-

15,000

-

-

-

- - -Collateralised lending 4,824

4,285

1,603

7,052

19,312

12,646

16,723

9,921

7,309 2,568 5,822122,330

73,128

196,425

119,669

89,705

54,261

110,615

73,098

71,046 107,250 100,201



8. INTEREST

Money market instruments 2,112 - 6,290 - 2,058 - 1,748 432 367 618 198Debentures and bonds 109,386 107,426 177,046 174,681 62,498 61,429 147,807 112,441 102,618 43,088 22,839Collateralised lending 3,350 1,109 2,484 1,400 1,376 1,147 3,449 16,999 19,185 8,972 10,723

114,848 108,535 185,820 176,081 65,932 62,576 153,004 129,872 122,170 52,678 33,760


Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 5

Axis Hybrid Fund -

Series 6

Axis Hybrid Fund -

Series 7

Axis Hybrid Fund -

Series 8

Axis Hybrid Fund -

Series 9


March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014Management fee (excluding service tax) at annualised average rate 1.51% 1.31% 1.42% 1.22% 1.58% 1.37% 1.50% 1.52% 1.51% 1.45% 1.52%

10. INCOME AND EXPENDITUREThe total income and expenditure and these amounts as a percentage of the scheme’s average daily net assets on an annualised basis are provided below:

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 5

Axis Hybrid Fund -

Series 6

Axis Hybrid Fund -

Series 7

Axis Hybrid Fund -

Series 8

Axis Hybrid Fund -

Series 9April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 July 25, 2013 August 16, 2013 September 5, 2013 January 24, 2014 February 13, 2014

to to to to to to to to to to toMarch 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014

Income

- amount (excluding Net change in marked to market in value of investments) 146,344 109,940 242,983 178,397 86,415 66,619 153,004 129,872 122,170 52,678 33,760



- amount 40,334 35,655 64,156 56,705 24,604 21,801 56,314 44,826 39,386 16,247 10,095


The aggregate purchases made by the schemes during the current year/period, previous year/period and the fair value of such investments as at March 31, 2014 in companies which have invested in any scheme of the Fund in excess of five per cent of that scheme's

net assets are provided in Attachment 1.






(i)







Axis Banking Debt Fund Axis Fixed Term Plan - Series 50 (3 Months)










Axis Fixed Term Plan - Series 18 (15 Months) Axis Fixed Term Plan - Series 63 (91 Days)

Axis Fixed Term Plan - Series 21 (394 Days) Axis Focused 25 Fund












Axis Fixed Term Plan - Series 48 (3 Years) Axis Yearly Interval Fund - Series 1



(c) Transactions other than interscheme transactions covered by Accounting Standard-18: Rupees in '000

Axis Hybrid Fund - Series 1 Axis Hybrid Fund - Series 2 Axis Hybrid Fund - Series 3















2

19

1

37

3

31

2

13 1 11 1


2,890

22,280

2,213

41,357

4,107

33,953

3,257

16,510 1,673 13,692 1,620

Axis Asset Management Company Limited Payable for other expenses 2,795

2,431

4,799

4,227

1,669 1,485Axis Liquid Fund Purchase of investments 30,000

30,038

-

-

50,000

50,063

-

-

- - - -Rupees in '000

Axis Hybrid Fund - Series 5 Axis Hybrid Fund - Series 6 Axis Hybrid Fund - Series 7 Axis Hybrid Fund - Series 8 Axis Hybrid Fund - Series 9

Name of related party Nature of transactionsPeriod ended

March 31, 2014Balance as at

March 31, 2014Period ended








March 31, 2014Axis Mutual Fund Trustee Limited Fees for trusteeship services 31 3 24 3 19 2 10 3

6 3

Axis Asset Management Company Limited 34,518 4,726 27,670 4,256 24,077 3,925 9,575 5,137

6,190 4,175Axis Asset Management Company Limited Payable for other expenses 7,166 6,147 5,827 6,075

3,519Axis Bank Limited Purchase of securities - - - - 302,149 - - -

- -Axis Liquid Fund Purchase of investments - - 150,000 150,190 70,000 70,089 440,000 440,556

370,000 370,468

The Schemes have entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on 'Related Party Disclosures' issued by the Institute of Chartered Accountants of India is provided below.




(ii) Transactions covered by Regulation 25(8) of the SEBI Regulations with the sponsor or associate of the sponsor:

Rupees in '000


Axis Hybrid Fund - Series 1Axis Hybrid

Fund - Series 2Axis Hybrid








Fund - Series 9













Professional clearing member charges 2 #- 3 #- 1 #- 11 9 9 4 3

Bank charges 2 1 2 2 1 1 3 31 9 10 10

Commission paid on distribution of units * 8,291 8,235 13,646 13,509 3,382 3,336 17,624 14,193 12,543 6,055 3,621The Central Depository Services (India) Ltd (Associate)

Folio maintenance and corporate action charges - 56 - 56 - 56 3 2 3 14 -



Commission paid is on normal commercial terms for procuring unit subscriptions for the Schemes


Rupees in '000


Axis Hybrid Fund - Series 1Axis Hybrid









Fund - Series 9

Investments made by the SchemeYear ended March

31, 2014Year ended March 31, 2013










Axis Bank Limited - - - - - - - - - - -

Investment made by other schemes - 284,200 - 284,200 - 284,200 - - - - -

Total investments * - 284,200 - 284,200 - 284,200 - - - - -






14. NET ASSET VALUE

Rupees

Plans

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 3Axis Hybrid Fund -

Series 3

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10

Growth 12.8400 11.4431 12.8676 11.3370 13.0714 11.6545Dividend 12.8398 11.4428 12.8656 11.3353 13.0714 11.6545

Plans

Axis Hybrid Fund -

Series 5

Axis Hybrid Fund -

Series 6

Axis Hybrid Fund -

Series 7

Axis Hybrid Fund -

Series 8

Axis Hybrid Fund -

Series 9

March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10

Growth 10.7669 11.2018 11.0870 10.3049 10.2973Dividend 10.7667 11.2018 11.0870 10.3049 10.2973Direct Growth 10.8399 11.2745 11.1578 10.3260 10.3104Direct Dividend 10.8399 11.2712 11.1497 10.3257 10.3104

The net asset value of the Scheme’s units are determined separately for units issued under the plans after including the respective unit capital and reserves and surplus.The net asset value disclosed above represents the computed NAV as on balance sheet date, and not the last declared NAV.


Contingent liabilities as on March 31, 2014: NIL (Previous year: NIL)


The Schemes operate in one segment only viz. to generate income by investing in high quality fixed income securities and generate capital appreciation by investing in equity and equity related instruments.

17. CREDIT DEFAULT SWAPSThere were no transactions in credit default swaps during the year ended March 31, 2014. (Previous year: NIL)


Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 5

Axis Hybrid Fund -

Series 6

Axis Hybrid Fund -

Series 7

Axis Hybrid Fund -

Series 8

Axis Hybrid Fund -

Series 9

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

Total Reserves378,799

623,670

236,272

217,948

294,001

258,321

97,713

83,586Less : Unrealised appreciation on investments as on 31 March 2014 at portfolio level 154,688

259,463

112,221

121,258

208,955

175,537

61,282

59,921

Net premium/discount on issue/redemption of units


-

-

-

-

-

-

-

-

Distributable Surplus 224,111

364,207

124,051

96,690

85,046

82,784

36,431

23,665




Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 3 March 31, 2013 March 31, 2013 March 31, 2013

Surplus / (Deficit) as per revenue account for the previous year 82,127

132,854

45,557


86,249

170,620

41,384

Revised Surplus / (Deficit) as per revenue account for the previous year (4,122)

(37,766)

4,173

Prior period figures have been reclassified and regrouped, wherever applicable, to conform to current year's presentation.








Mumbai



As these are the first financial statements of Axis Hybrid Fund - Series 5, Axis Hybrid Fund - Series 6, Axis Hybrid Fund - Series 7, Axis Hybrid Fund - Series 8 and Axis Hybrid Fund - Series 9 since the date of launch, there are no prior period comparatives



Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 1

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 2

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 3

Axis Hybrid Fund -

Series 5

Axis Hybrid Fund -

Series 6

Axis Hybrid Fund -

Series 7

Axis Hybrid Fund -

Series 8

Axis Hybrid Fund -

Series 9

April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 July 25, 2013 August 16, 2013 September 5, 2013 January 24, 2014 February 13, 2014

to to to to to to to to to to to



Net Surplus / (Deficit) for the period 186,325 (4,122) 332,915 (37,766) 108,997 4,173 217,948 294,001 258,321 97,713 83,586

Adjustments for:- Net change in marked to market in value of investments (80,315) 78,407 (154,088) 159,458 (47,186) 40,645 (121,258) (208,955) (175,537) (61,282) (59,921)

(Increase) in investments at cost (82,131) (56,210) (143,966) (76,480) (40,232) (20,760) (2,838,710) (2,467,538) (2,397,671) (3,144,947) (2,743,172)

(Increase)/decrease in other current assets (24,625) (528) (42,163) (1,305) (15,274) 962 (93,617) (63,138) (63,685) (94,774) (94,359)

Increase in current liabilities 1,300

220

1,856

593

428

653

12,716

10,985

10,374 11,591 8,019

Net cash used in operations ( A ) 554

17,767

(5,446)

44,500

6,733

25,673

(2,822,921)

(2,434,645)

(2,368,198) (3,191,699) (2,805,847)


Increase/(decrease) in unit capital -

(14,334)

-

(34,639)

-

(18,960)

2,839,919

2,444,605

2,375,559 3,204,175 2,811,689 (Decrease) in unit premium reserve -

(1,816)

-

(4,598)

-

(2,778)

-

-

- - -

Net cash generated from financing activities ( B ) -

(16,150)

-

(39,237)

-

(21,738)

2,839,919

2,444,605

2,375,559 3,204,175 2,811,689

Net increase/(decrease) in cash and cash equivalents (A+B) 554

1,617

(5,446)

5,263

6,733

3,935

16,998

9,960

7,361 12,476 5,842


2,669

7,053

1,790

12,647

8,712

-

-

- - -Cash and cash equivalents as at the close of the period 4,840

4,286

1,607

7,053

19,380

12,647

16,998

9,960

7,361 12,476 5,842

Component of cash and cash equivalents March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014


1

4

1

68

1

275

39

52 9,908 20


4,285

1,603

7,052

19,312

12,646

16,723

9,921

7,309 2,568 5,822Total 4,840

4,286

1,607

7,053

19,380

12,647

16,998

9,960

7,361 12,476 5,842

-

-

-

-

-

-

-

-

- - -

As per our report of even date. -

-

-

-

-

- - -







Mumbai





Cash Flow Statement




20.



Net Assets


category



FINANCE 1,720

1,729,352

59.73

77.86


199,225

6.88

8.95


152,098

5.25

6.85


97,024

3.35

4.37


261,738

9.04

11.79


349,783

12.08

15.75

Sundaram BNP Paribas Home Fina Limited* 260

263,331

9.10

11.86


406,153

14.03

18.29

POWER 120

149,582

5.17

6.74



DIVERSIFIED 341

341,998

11.81

15.40


341,998

11.81

15.40

TOTAL 2,181

2,220,932

76.71

100.00


370,468

12.80


370,468

12.80

100.00

TOTAL 260,482.081

370,468

12.80

100.00

DERIVATIVES 100,000

211,693

7.32

100.00

Nifty Index 6100 Call June 2017 Option* 50,000

114,263

3.95

53.98


97,430

3.37

46.02

TOTAL 100,000

211,693

7.32

100.00


TOTAL ASSETS 2,903,294 100.29


NET ASSETS 2,895,275 100.00


AXIS HYBRID FUND - SERIES 9




20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 1,617

1,611,890

57.59

85.70


355,746

12.71

18.93


80,213

2.87

4.26


290,909

10.39

15.47


297,648

10.63

15.82


288,983

10.33

15.36


298,391

10.66

15.86


DIVERSIFIED 269

269,026

9.61

14.30


TOTAL 1,886

1,880,916

67.20

100.00


137,757

4.92


137,757

4.92

100.00

TOTAL 1,430

137,757

4.92

100.00


50,063

1.79


50,063

1.79

100.00

TOTAL 35,200.281

50,063

1.79

100.00

DERIVATIVES 314,700

543,580

19.42

100.00Nifty Index 5000 Call June 2014 Option 152,500

264,336

9.44

48.63Nifty Index 5100 Call June 2014 Option* 162,200

279,244

9.98

51.37

TOTAL 314,700

543,580

19.42

100.00


TOTAL ASSETS 2,808,741 100.35


NET ASSETS 2,798,842 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 553

550,990

54.80

82.99


127,908

12.72

19.26


32,858

3.27

4.95


100,026

9.95

15.07


102,878

10.23

15.50


79,902

7.95

12.03


107,418

10.68

16.18


DIVERSIFIED 113

112,953

11.23

17.01


112,953

11.23

17.01

TOTAL 666

663,943

66.03

100.00

CERTIFICATES OF DEPOSITBANKS 470

45,277

4.50

100.00Corporation Bank* 470

45,277

4.50

100.00

TOTAL 470

45,277

4.50

100.00

DERIVATIVES 109,750

210,391

20.92


210,391

20.92

100.00

TOTAL 109,750

210,391

20.92

100.00


TOTAL ASSETS 1,009,316 100.37


NET ASSETS 1,005,529 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment category



FINANCE 1,700

1,676,251

54.82

73.69


327,518

10.71

14.41

Kotak Mahindra Prime Limited* 400

306,066

10.01

13.45


147,339

4.82

6.48


400,023

13.08

17.58


395,429

12.93

17.38


99,876

3.27

4.39

POWER 340

398,327

13.03

17.51


398,327

13.03

17.51


DIVERSIFIED 200

200,226

6.55

8.80


200,226

6.55

8.80

TOTAL 2,240

2,274,804

74.40

100.00


BANKS 450

42,969

1.41

100.00

United Bank of India* 450

42,969

1.41

100.00

TOTAL 450

42,969

1.41

100.00

DERIVATIVES 355,000

642,195

21.00

100.00

Nifty Index 6100 Call December 2016 Option 355,000

642,195

21.00

100.00

TOTAL 355,000

642,195

21.00

100.00


TOTAL ASSETS 3,070,583 100.43


NET ASSETS 3,057,867 100.00







20.



Net Assets


category



FINANCE 1,900

1,904,356

69.55

100.00

Export Import Bank of India* 150

150,117

5.48

7.88


350,733

12.81

18.42


300,119

10.96

15.76


248,581

9.08

13.05


297,055

10.85

15.60


299,526

10.94

15.73


258,225

9.43

13.56

TOTAL 1,900 1,904,356 69.55 100.00


150,190

5.48


150,190

5.48

100.00

TOTAL 105,600.843

150,190

5.48

100.00

DERIVATIVES 305,000

621,947

22.71

100.00

Nifty Index 5700 Call December 2016 Option* 55,000

129,707

4.74

20.86


101,574

3.71

16.33


94,973

3.47

15.27


199,485

7.28

32.07


96,208

3.51

15.47

TOTAL 305,000

621,947

22.71

100.00


TOTAL ASSETS 2,749,591 100.41


NET ASSETS 2,738,606 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 1,850

1,811,528

68.78

94.83


182,075

6.91

9.54


250,617

9.52

13.12


249,823

9.48

13.08


303,536

11.52

15.89


301,490

11.45

15.78


299,627

11.38

15.68


224,360

8.52

11.74

POWER 1,000

98,842

3.75

5.17

NHPC Limited* 1,000 98,842 3.75 5.17

TOTAL 2,850

1,910,370

72.53

100.00


70,089

2.66


70,089

2.66

100.00

TOTAL 49,280.394

70,089

2.66

100.00

DERIVATIVES 295,000

592,749

22.51

100.00


60,814

2.31

10.26


121,616

4.62

20.52


108,540

4.12

18.31


99,743

3.79

16.83


202,036

7.67

34.08

TOTAL 295,000

592,749

22.51

100.00


TOTAL ASSETS 2,644,254 100.40


NET ASSETS 2,633,880 100.00






20.



Net Assets


category



FINANCE 2,550

2,090,454

63.30

83.55


99,613

3.02

3.98


336,312

10.19

13.44


339,584

10.28

13.57


50,014

1.51

2.00


200,579

6.07

8.02


249,222

7.55

9.96

Sundaram BNP Paribas Home Fina Limited* 350

356,720

10.80

14.26


458,410

13.88

18.32

POWER 50

48,092

1.46

1.92



DIVERSIFIED 362

363,452

11.01

14.53


363,452

11.01

14.53

TOTAL 2,962

2,501,998

75.77

100.00


440,556

13.34


440,556

13.34

100.00

TOTAL 309,762.474

440,556

13.34

100.00

DERIVATIVES 125,000

263,675

7.98

100.00


166,245

5.03

63.05


97,430

2.95

36.95

TOTAL 125,000

263,675

7.98

100.00


TOTAL ASSETS 3,313,479 100.34


NET ASSETS 3,301,888 100.00






20.



Net Assets


category



FINANCE 1,025

1,021,591

59.64

88.17


215,846

12.60

18.62


61,851

3.61

5.34


194,947

11.38

16.83


184,782

10.79

15.95


179,369

10.47

15.48


184,796

10.79

15.95


DIVERSIFIED 137

137,038

8.00

11.83


TOTAL 1,162

1,158,629

67.64

100.00


79,870

4.66

100.00Canara Bank* 800

79,870

4.66

100.00

TOTAL 800

79,870

4.66

100.00


30,038

1.75


30,038

1.75

100.00

TOTAL 21,120.169

30,038

1.75

100.00

DERIVATIVES 190,550

328,051

19.16


328,051

19.16

100.00

TOTAL 190,550

328,051

19.16

100.00


TOTAL ASSETS 1,718,918 100.35


NET ASSETS 1,712,602 100.00







(Rs.in '000)


Year ended

March 31, 2014

Balance as at

March 31, 2014

Year ended

March 31, 2013

Balance as at

March 31, 2013


Axis Hybrid Fund - Series 2 Purchase of investments - - - -


Axis Hybrid Fund - Series 3 Purchase of investments - - - -




Axis Liquid Fund Purchase of investments 78,657 - - -


Axis Short Term Fund Purchase of investments - - - -


Axis Treasury Advantage Fund Purchase of investments 129,588 - - -


-

-

-



-

-

-


-

20,988

-


-

5,236

-


-

-

-


-

-

-


-

-

-

Axis Income Saver Purchase of investments -

-

-

-


-

-

-

Axis Short Term Fund Purchase of investments -

-

-

-


-

30,401

-

Axis Treasury Advantage Fund Purchase of investments 393,720

-

-

-


-

-

-



-

10,810

-


-

-

-


-

-

-


-

10,396

-

Axis Hybrid Fund - Series 1 Purchase of investments 2,155

-

-

-


-

-

-

Axis Hybrid Fund - Series 2 Purchase of investments 4,050

-

-

-


-

-

-

Axis Short Term Fund Purchase of investments - - - -


-

15,300

-


-

-

-


-

-

-



-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-



-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-



-

-

-





Axis Short Term Fund Purchase of investments 265,321 - - -



Axis Income Saver Purchase of investments 157,989 - - -




Axis Short Term Fund Purchase of investments 167,819 - - -

































AXISCP1Nifty Index 5100 June 2014 Call 3,811 908.1097 1,721.6000




Net Profit/Loss on all contracts (premium paid treated as loss) :Rs. 314.29 Lacs



Total Exposure through options as a %age of net assets : 19.16%

NIL


NIL


NIL













Net Profit/(Loss) value on all contracts combined : NIL
















NIFTY Index 5100 June 2014 Call 4,916 908.1097 1,201.2000



Total Number of contracts entered into : 84Gross Notional Value of contracts : (Rs. in 000's) 5,074Net Profit/Loss on all contracts (premium paid treated as loss) : (Rs. in 000's) 1,260.21






Total Number of contracts entered into : NilGross Notional value of contracts : (Rs. in 000's) NilNet Profit/Loss on all contracts (premium paid treated as loss) :NIL


NIL

NIL

NIL

































Nifty Index 5100 June 2014 Call 3,244 894.0000 1,721.6000



Gross Notional Value of contracts :Rs. 1,412.11 Lacs





NIL


NIL


NIL

































Total Number of contracts entered into : 126Gross Notional Value of contracts : Rs. in 000's) 7,537.29Net Profit/Loss on all contracts (premium paid treated as loss) : Rs. in 000's) 1,905.09








NIL

NIL

NIL


































Total Number of contracts entered into :550






NIL


NIL


NIL




































Total Number of contracts entered into : 135Gross Notional Value of contracts : Rs. in 000's) 9,897Net Profit/Loss on all contracts (premium paid treated as loss) : Rs. in 000's) 3,650.58


NIL


NIL


NIL
































AXISCP1Nifty Index 6100 December 2016 Call 7,100 1,500.4880 1,809.0000








NIL


NIL


NIL


































Nifty Index 6000 December 2016 Call 950 1,517.9000 2,138.4000

Nifty Index 6100 December 2016 Call 1,050 1,430.4000 1,809.0000










NIL


NIL


NIL

































AXISCP1Nifty Index 5600 December 2016 Call 500 1,520.4000 2,432.5500












NIL


NIL


NIL

































AXISCP1Nifty Index 6200 June 2017 Call 1,500 1,641.4000 2,216.6000

Nifty Index 6600 June 2017 Call 1,000 1,603.4000 1,948.6000








NIL


NIL


NIL

































AXISCP1Nifty Index 6600 June 2017 Call 1,000 1,603.4000 1,948.6000

Nifty Index 6100 June 2017 Call 1,000 1,616.2500 2,285.2500








NIL


NIL


NIL


INDEPENDENT AUDITOR’S REPORT To the Trustees of AXIS 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 31 March 2014, the revenue accounts and cash flow statements, for the year ended, and a summary of significant accounting policies and other explanatory information.

• Axis Capital Protection Oriented Fund – Series 1 • Axis Capital Protection Oriented Fund – Series 2 • Axis Capital Protection Oriented Fund – Series 3 • Axis Capital Protection Oriented Fund – Series 4 • Axis Capital Protection Oriented Fund – Series 5

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, of the Schemes in accordance with accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the SEBI Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the balance sheet, of the state of affairs of the Schemes as at 31 March 2014; (b) in the case of the revenue account,of the surplus for the year ended on that date; and

(c) in the case of the cash flow statement, of the cash flows for the year ended on that date.







For S.R. Batliboi& Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E perJayesh Gandhi Partner Membership Number: 37924 Place: Mumbai Date:4July 2014


Axis Capital Protection

Oriented Fund - Series 1



















March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013

Schedule

SOURCES OF FUNDS

Unit capital 2(b) & 3 1,861,500 1,861,500

1,462,865

1,462,865

2,324,836

2,324,836

1,466,953

1,466,953

2,582,944 2,582,944Reserves and surplus 2(b) & 4 616,445 310,567

405,466

168,141

702,270

288,349

287,122

62,312

347,459 129,790Current liabilities 5 9,418 9,908

7,366

5,796

10,896

8,746

7,083

5,604

11,260 8,8322,487,363 2,181,975

1,875,697

1,636,802

3,038,002

2,621,931

1,761,158

1,534,869

2,941,663 2,721,566


Investments 2(c), 6 & 20 2,428,184 2,118,369

1,825,218

1,584,638

2,910,912

2,529,573

1,731,747

1,500,817

2,894,296 2,671,582Other current assets 7 59,179 63,606

50,479

52,164

127,090

92,358

29,411

34,052

47,367 49,9842,487,363 2,181,975

1,875,697

1,636,802

3,038,002

2,621,931

1,761,158

1,534,869

2,941,663 2,721,566









Mumbai R. Sivakumar Devang ShahDate: Head-Fixed Income & Fund Manager Fund Manager-Fixed Income

Pankaj Murarka Sudhanshu Asthana



Axis Capital

Protection Oriented

Fund - Series 1

Axis Capital

Protection Oriented

Fund - Series 1

Axis Capital

Protection Oriented

Fund - Series 2

Axis Capital

Protection Oriented

Fund - Series 2

Axis Capital

Protection Oriented

Fund - Series 3

Axis Capital

Protection Oriented

Fund - Series 3

Axis Capital

Protection Oriented

Fund - Series 4

Axis Capital

Protection Oriented

Fund - Series 4

Axis Capital

Protection Oriented

Fund - Series 5

Axis Capital

Protection Oriented

Fund - Series 5

April 01, 2013 April 01, 2012 April 01, 2013 April 01, 2012 April 01, 2013 April 01, 2012 April 01, 2013 April 01, 2012 April 01, 2013 November 02, 2012to to to to to to to to to to

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013Schedule

INCOME

Interest 2(d) & 8 155,648

147,683

123,902

116,937

197,459

186,013

123,050

117,243

199,077 79,118

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

5,125

-

3,828

-

8,752

-

692

- -


-

-

-

65

-

-

8

- -Net change in marked to market in value of investments 2(c) & 6(ii) 206,946

(125,653)

157,158

(125,338)

285,833

(227,931)

143,215

(16,965)

87,230 78,060

Total 362,594

27,155

281,060

(4,573)

483,357

(33,166)

266,265

100,978

286,307 157,178

EXPENSES AND LOSSES

Loss on inter-scheme transfer/sale of investments, net 2(d) -

-

-

60

-

-

-

-

- -


24,465

23,669

18,872

37,075

29,314

21,322

16,545

35,193 14,775


28

25

21

41

34

24

20

40 13


223

348

169

567

275

330

160

562 223


355

254

270

414

437

241

257

410 190


2,245

1,388

1,715

2,257

2,773

1,312

1,626

2,239 909


19,402

14,944

15,132

24,284

24,516

15,401

15,637

25,558 10,505

Audit fee 171

87

142

87

143

88

170

115

171 84

Listing fee 1

57

1

57

1

57

1

57

2 99

Other operating expenses 3,894 3,163 2,998 2,452 4,693 3,803 2,697 2,139 4,463 1,900

Less: Expenses reimbursed/to be reimbursed by AMC (39) (167) (34) (329) (39) (605) (43) (21) - (1,310)

Total 56,716

49,858

43,735

38,506

69,436

60,692

41,455

36,535

68,638 27,388

Surplus / (Deficit) for the year/period 305,878

(22,703)

237,325

(43,079)

413,921

(93,858)

224,810

64,443

217,669 129,790


128,963

(158,161)

131,273

(286,503)

232,932

(110,949)

(3,726)

(103,764) (78,060)Surplus / (Deficit) transferred to the retained surplus 4 98,842

106,260

79,164

88,194

127,418

139,074

113,861

60,717

113,905 51,730









Mumbai R. Sivakumar Devang Shah

Date: Head-Fixed Income & Fund Manager Fund Manager-Fixed Income



(All amounts in thousands of Rupees)

Revenue Account


1. BACKGROUND


Axis Capital Protection Oriented Fund - Series 1

A 3 year close ended capital protection oriented fund

November 8, 2011to

November 22, 2011



November 23, 2011to

December 7, 2011



December 9, 2011to

December 23, 2011


A 3 year Close ended capital protection oriented fund

January 19, 2011to

February 2, 2011


A 42 months close ended capital protection oriented fund

October 15, 2012to

October 29, 2012



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

Axis Bank Limited holds 75% 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 Singapore Holdings Private Limited (SSHPL), both subsidiaries of Schroders plc.

To protect the capital by investing in a portfolioof debt & money market instruments that arematuring on or before the maturity of theScheme. The scheme also aims to providecapital appreciation through exposure in equity& equity related instruments.

Growth Dividend




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


PlansInvestment objective of the Scheme

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 approvedby the Boards of Directors of the AMC and the Trustee, are stated below.


Growth Dividend

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


Growth Dividend


Growth Dividend


Growth Dividend

For reporting the net asset value within the portfolio, the Scheme's daily income earned, including realised profit or loss and unrealised gain orloss in the value of investments, and expenses accrued, are allocated to the related plans in proportion to their respective daily net assetsarrived at by multiplying day-end outstanding units by previous day's closing NAV.


(b) Unit capital


(c) Investments






All debt securities with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done by schemes managed bythe 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 ofamortized 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 RatingAgencies (CRISIL and ICRA). In case the amortized value is outside the above band, the YTM of the security is adjusted to bring the pricewithin the ±0.10% band.

Prior to November 29, 2013, all quoted debt investments other than thinly traded debt investments with residual maturity greater than 60 days,are considered at prices derived from the weighted average yield to maturity of the traded securities as at the valuation date as obtained from apublic platform (FIMMDA / NSE WDM / BSE WDM) using traded volume thresholds or based on yield to maturity derived from trades done byschemes managed by Axis AMC.

Prior to November 29, 2013, all non-traded / thinly traded money market securities, floating rate securities and debt securities with residualmaturity greater than 60 days, are valued using the average of the yields released by CRISIL and ICRA, as suggested by AMFI.


The cost of investments includes all costs incurred in acquiring the investments and incidental to acquisition of investments e.g. brokerage,transaction costs, CCIL charges and any other charges customarily included in the broker’s note. Capitalisation of such brokerage andtransaction costs incurred for the purpose of execution of trades is restricted to 12 bps in case of cash market transactions and 5 bps in case ofderivative transactions. Any cost in excess of the specified limit is charged to the revenue account of the scheme as part of the total expenseratio.

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 eachPlan.


Investments in equity shares / warrants which have traded during a period of thirty days (prior to the balance sheet date) are stated at theclosing prices on the balance sheet date or the last trading day before the balance sheet date, as may be applicable, on The National StockExchange of India Limited (principal stock exchange). When on a particular valuation day, a security has not been traded on the principal stockexchange, the value at which it is traded on The Bombay Stock Exchange Limited is used.

Options / futures are valued at the closing price on the stock exchange on which the same were contracted originally. In case, the closing priceis not available on valuation date on the respective stock exchange, settlement price is considered for valuation. Futures contracts, which aregoing to expire on valuation date are valued at settlement price.

Non traded and thinly traded equity shares / warrants, including those not traded within thirty days prior to the balance sheet date are valued atthe fair value as determined by the AMC under procedures approved by the Trustee of Axis Mutual Fund in accordance with the SEBIRegulations.

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

Government securities are valued at the average of the prices released by CRISIL and ICRA, as suggested by AMFI, on the basis of thevaluation principles laid down by SEBI.

Treasury Bills with residual maturity greater than 60 days, are valued at the average of the prices released by CRISIL and ICRA, as suggestedby AMFI, on the basis of the valuation principles laid down by SEBI. The difference between last traded/valued price and T+1 aggregated pricereceived from CRISIL and ICRA is amortised linearly upto the day preceding the next business day.

Prior to September 19, 2013, treasury bills with residual maturity upto 60 days, are valued at the average of the prices released by CRISIL andICRA, as suggested by AMFI, on the basis of the valuation principles laid down by SEBI. The difference between last traded/valued price andT+1 aggregated price received from CRISIL and ICRA is amortised linearly upto the day preceding the next business day.

W.e.f September 19, 2013, treasury bills with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done byschemes 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 astraight line basis over the period to maturity as long as the valuation is within a ±0.10% band of the price derived as per the reference yieldsprovided by the Rating Agencies (CRISIL and ICRA). In case the amortized value is outside the above band, the YTM of the security is adjustedto bring the price within the ±0.10% band.



Dividend income is recognised on the ex-dividend date.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) Cash and cash equivalent

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

W.e.f. November 29, 2013, all debt securities with residual maturity greater than 60 days, are valued using the simple average of the pricesreleased 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 securitylevel pricing, 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 separately for each category of investments. Thechange in net unrealized gain / loss, between two balance sheet dates is recognized in the revenue account and net unrealized gain, if any, isthereafter appropriated to the unrealized appreciation reserve.



3. Unit Capital

Quantity Amount Quantity Amount Quantity Amount Quantity Amount

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

Growth

Outstanding, beginning of year/period 152,139,826.000 1,521,398 154,676,195.000 1,546,762 124,328,117.000 1,243,281

125,129,372.000

1,251,294


-

-

-

Redeemed during the year/period - - 2,536,369.000 25,364 -

-

801,255.000

8,013

Outstanding, end of year/period 152,139,826.000 1,521,398 152,139,826.000 1,521,398 124,328,117.000 1,243,281

124,328,117.000

1,243,281

Dividend

Outstanding, beginning of year/period 34,010,172.181 340,102 34,425,166.000 344,252 21,958,426.000 219,584

22,668,391.000

226,684


-

-

-

Redeemed during the year/period - - 414,993.819 4,150 - - 709,965.000 7,100 Outstanding, end of year/period 34,010,172.181 340,102 34,010,172.181 340,102 21,958,426.000 219,584 21,958,426.000 219,584

Total

Outstanding, beginning of year/period 186,149,998.181 1,861,500 189,101,361.000 1,891,014 146,286,543.000 1,462,865 147,797,763.000 1,477,978Issued-new fund offer - - - - - - - -Redeemed during the year/period - - 2,951,362.819 29,514 - - 1,511,220.000 15,113Outstanding, end of year/period 186,149,998.181 1,861,500 186,149,998.181 1,861,500 146,286,543.000 1,462,865 146,286,543.000 1,462,865

Axis Capital Protection Oriented

Fund - Series 2 March 31, 2013


Fund - Series 2


Fund - Series 1

Face Value Rs. 10 each fully paid upMarch 31, 2014







The unit holders of the fund, vide notice dated September 8, 2012, were given an option to exit from the schemes/plans between September 13, 2012 to October 12, 2012 (both days inclusive) on the prevailing Net Asset Value (NAV) without any exit load as per the requirement of regulation 22(e) of SEBI (Mutual Funds) Regulations, 1996


3. Unit Capital

Growth

Outstanding, beginning of year/period

Issued-new fund offer Redeemed during the year/period

Outstanding, end of year/period

Dividend

Outstanding, beginning of year/period

Issued-new fund offer

Redeemed during the year/period

Outstanding, end of year/period

Total

Outstanding, beginning of year/periodIssued-new fund offerRedeemed during the year/periodOutstanding, end of year/period



119,207,276.000 1,192,073

122,283,745.000

1,222,837

213,535,625.000

2,135,356

-

- - - - - - 213,535,625.000 2,135,356-

-

3,076,469.000

30,764

-

-

- -119,207,276.000 1,192,073

119,207,276.000

1,192,073

213,535,625.000

2,135,356

213,535,625.000 2,135,356

27,487,952.000 274,880

28,142,792.000

281,428

44,758,841.000

447,588

-

-

-

-

-

-

-

44,758,841.000 447,588-

-

654,840.000

6,548

-

-

- -27,487,952.000 274,880

27,487,952.000

274,880

44,758,841.000

447,588

44,758,841.000 447,588

146,695,228.000 1,466,953 150,426,537.000 1,504,265 258,294,466.000 2,582,944 - -

- - - - - - 258,294,466.000 2,582,944- - 3,731,309.000 37,312 - - - -

146,695,228.000 1,466,953 146,695,228.000 1,466,953 258,294,466.000 2,582,944 258,294,466.000 2,582,944











Face Value Rs. 10 each fully paid upFace Value Rs. 10 each fully paid up

Quantity Amount

(Rs. in 000's)

188,976,777.000 1,889,768

- - 1,134,205.000 11,342

187,842,572.000 1,878,426

46,485,707.000 464,857

- -

1,844,755.000 18,447

44,640,952.000 446,410

235,462,484.000 2,354,625

- -2,978,960.000 29,789

232,483,524.000 2,324,836



Face Value Rs. 10 each fully paid upQuantity Amount

(Rs. in 000's)

187,842,572.000 1,878,426

- -- -

187,842,572.000 1,878,426

44,640,952.000 446,410

- -

- -44,640,952.000 446,410

232,483,524.000 2,324,836

- -- -

232,483,524.000 2,324,836





Rupees in '000Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 5

Axis Capital

Protection

Oriented Fund -

Series 5



Unit premium reserveBalance, beginning of year/period (4,844) - (2,202) - (3,709) - (1,815) - - -Net premium/discount on issue/redemption of units - (4,844) - (2,202) - (3,709) - (1,815) - -Transferred to revenue accountTransferred (to) / from equalisation account - - - - - - - - - -Balance, end of year/period (4,844) (4,844) (2,202) (2,202) (3,709) (3,709) (1,815) (1,815) - -


Balance, beginning of year/period 176,703 305,666 63,117 194,390 123,915 356,847 3,726 - 78,060 -Unrealised appreciation in value of investments 207,036 (128,963) 158,161 (131,273) 286,503 (232,932) 110,949 3,726 103,764 78,060Balance, end of year/period 383,739 176,703 221,278 63,117 410,418 123,915 114,675 3,726 181,824 78,060

Retained surplus

Balance, beginning of year/period 138,708 32,448 107,226 19,032 168,143 29,069 60,401 (316) 51,730 -Surplus/(deficit) transferred from revenue account 98,842 106,260 79,164 88,194 127,418 139,074 113,861 60,717 113,905 51,730Balance, end of year/period 237,550 138,708 186,390 107,226 295,561 168,143 174,262 60,401 165,635 51,730

Total reserves 616,445 310,567 405,466 168,141 702,270 288,349 287,122 62,312 347,459 129,790

The share of the plans in the reserves and surplus is

as follows:

RG Growth 503,821 253,827 344,603 142,902 567,422 232,981 233,321 50,636 287,251 107,301RD Dividend 112,624 56,740 60,863 25,239 134,848 55,368 53,801 11,676 60,208 22,489

616,445 310,567 405,466 168,141 702,270 288,349 287,122 62,312 347,459 129,790

- - - - -


Amount due to AMC - Management fees 3,695 2,679 3,045 2,035 3,943 2,750 2,608 1,360 3,895 3,253 - Others 4,704 4,578 3,651 3,356 5,947 5,394 3,755 3,782 6,301 5,033Trusteeship fee payable 2 2 2 1 3 2 2 1 3 2Interscheme payable - 2,000 - - - - - - - 4Custody fees payable 30 31 23 23 37 38 21 22 36 38Investor education expense provision 469 173 356 131 579 212 337 124 525 162Other current liabilities 518 445 289 250 387 350 360 315 500 340

9,418 9,908 7,366 5,796 10,896 8,746 7,083 5,604 11,260 8,832

6. INVESTMENTS

Privately placed / unlisted debentures and bonds - - - - 301,268 302,087 226,202 226,814 49,716 49,977Listed debentures and bonds 1,582,897 1,585,490 1,248,011 1,251,597 1,650,760 1,661,822 972,284 976,507 2,065,236 2,050,349Certificates of deposit 157,638 54,860 118,064 34,911 176,879 74,809 172,105 84,783 168,144 69,983Options 687,649 478,019 459,143 298,130 782,005 490,855 361,156 212,713 611,200 501,273

2,428,184 2,118,369 1,825,218 1,584,638 2,910,912 2,529,573 1,731,747 1,500,817 2,894,296 2,671,582

2,428,959 1,828,562 2,915,784 2,531,160 1,732,920 1,506,697 2,899,717 2,679,723- 1.00 (1.00) 1.00 -



Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 5

Axis Capital

Protection

Oriented Fund -

Series 5



- appreciation -

-

-

-

-

581

-

138 - 130

- depreciation -

-

-

-

239

-

473

- 131 -



9,164

1,029

3,003

8,540

12,247

58

3,761 1,025 6,033

- depreciation 638

-

1,762

151

405

45

691

173 17,163 -


- appreciation -

-

-

-

-

-

-

- 1 -

- depreciation 103

13

278

8

449

18

416

20 266 -

Options

- appreciation 377,170 167,539

221,279

60,265

402,283

111,132

114,674

- 181,823 71,897

- depreciation -

-

-

-

-

-

-

33,769 - -383,636 176,690

220,268

63,109

409,730

123,897

113,152

(30,063) 165,289 78,060


- - - - -

(iii) The aggregate value of investments acquired and sold/redeemed/expired during the year / period and these amounts as a percentage of average daily net assets are as follows:Rupees in '000

Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 5

Axis Capital

Protection

Oriented Fund -

Series 5


March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013Purchases (excluding collateralised lending, fixed deposits, futures and options)

- amount 223,071 125,698

150,201

115,969

296,441

448,290

306,616

105,333 280,075 2,218,930

- as a percentage of average daily net assets 9.74% 5.77% 8.63% 7.01% 10.46% 16.73% 18.57% 6.69% 9.97% 81.77%


- amount -

-

-

-

-

-

-

- - 429,213


-

-

-

-

-

-

- - 15.82%


- amount 125,000 51,259

70,000

49,061

207,030

362,486

225,000

61,582 185,000 -

- as a percentage of average daily net assets 5.46% 2.35% 4.02% 2.97% 7.30% 13.53% 13.63% 3.91% 6.58% -


- amount -

14,985

-

13,647

-

27,259

-

8,476 - -


0.69% -

0.83% -

1.02% -

0.54% - -

-

-

-

-

-# Options not exercised / expired have not been included as the value of such transaction is Nil.

(iv)

Rupees in '000Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 5

Axis Capital

Protection

Oriented Fund -

Series 5



valued in good faith

2,178,889 1,964,074

1,498,203

1,382,175

2,128,907

2,038,718

1,370,591

1,288,104 2,283,096 2,671,581



151

12

-

18

1

55

50 104 1Outstanding and accrued income 58,251

58,251

47,123

47,123

122,200

90,770

28,183

28,122 41,842 41,842Collateralised lending 775 5,204 3,344 5,041 4,872 1,587 1,173 5,880 5,421 8,141

59,179 63,606 50,479 52,164 127,090 92,358 29,411 34,052 47,367 49,984

# Amount less than Rs. 0.5 thousandApril 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 November 2, 2012

to to to to to to to to to toMarch 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013

8. INTEREST

Money market instruments 4,797 297 3,222 189 6,029 405 6,101 459 3,351 67Debentures and bonds 148,062 144,527 118,274 114,484 188,449 183,423 114,572 115,040 191,873 67,814Collateralised lending 2,789 2,859 2,406 2,264 2,981 2,185 2,377 1,744 3,853 11,237

155,648 147,683 123,902 116,937 197,459 186,013 123,050 117,243 199,077 79,118

- - - - - - - - - -


Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 5

Axis Capital

Protection

Oriented Fund -

Series 5


March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013Management fee (excluding service tax) at annualised average rate 1.34% 1.12% 1.36% 1.14% 1.31% 1.09% 1.29% 1.05% 1.25% 1.32%



Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 5

Axis Capital

Protection

Oriented Fund -

Series 5


March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013Income (excluding Net change in marked to market in value of investments)

- amount 155,648 152,808 123,902 120,765 197,524 194,765 123,050 117,943 199,077 79,118



- amount 56,716 49,858 43,735 38,446 69,436 60,692 41,455 36,535 68,638 27,388


The aggregate purchases made by the schemes during the current year/period, previous year/period and the fair value of such investments as at March 31, 2014 in companies which have invested in any scheme of the Fund in excess of

five per cent of that scheme's net assets are provided in Attachment 1.






(i)

























Axis Fixed Term Plan - Series 48 (3 Years) Axis Liquid Fund


Axis Fixed Term Plan - Series 50 (3 Months) Axis Midcap Fund










Rupees in '000

Axis Capital Protection Oriented Fund - Series 1 Axis Capital Protection Oriented Fund - Series 2











2

28

2

25

2

21

1


3,695

27,489

2,679

26,594

3,045

21,205

2,035


4,578

3,651

3,356

Rupees in '000

Axis Capital Protection Oriented Fund - Series 3 Axis Capital Protection Oriented Fund - Series 4 Axis Capital Protection Oriented Fund - Series 5












Year/period ended



3

34

2

24

2

20 1 40 3 13 2


3,943

32,937

2,750

23,957

2,608

18,590 1,360 39,543 3,895 16,601 3,253


5,394

3,755

3,782 6,301 5,033


Rupees in '000

















Professional clearing member charges - #- -

#- -

1

-

#- - 9

Bank charges 2 3

2

3

2

3

2

2

3 13

Commission paid on distribution of units * 13,612 13,517 12,404

12,279

18,569

18,397

10,156

10,039

19,919 8,958The Central Depository Services (India) Ltd

(Associate)Folio maintenance and corporate action charges - 56 - 56 - 56 - 56 - 13





F.Y. 2013-2014 - Nil

F.Y. 2012-2013 Rupees in '000

Particulars Name of Security Type of Security

Name of the

Scheme Amount invested

Axis Bank Limited (Arranger) 9.38% Lic Housing Finance Ltd Corporate Bond/NCD

Axis Capital Protection Oriented Fund-Series 5 300,000


Rupees in '000







31, 2014Year ended

March 31, 2013Year ended March 31,

2014Year ended

March 31, 2013Year ended March

31, 2014Year ended

March 31, 2013Year ended March

31, 2014Year ended

March 31, 2013Year ended March 31,

2014Period ended

March 31, 2013

Axis Bank Limited - - - - - - - - - -

Investment made by other schemes - 284,200 - 284,200 - 284,200 - 284,200 - 284,200

Total investments * - 284,200 - 284,200 - 284,200 - 284,200 - 284,200






14. NET ASSET VALUE Rupees

Plans

Axis Capital Protection Oriented Fund -

Series 1


Series 2


Series 3


Series 4


Series 5

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10

RG Growth 13.3116 11.6684 12.7717 11.1494 13.0207 11.2403 11.9573 10.4248 11.3452 10.5025

RD Dividend 13.3115 11.6683 12.7717 11.1494 13.0207 11.2403 11.9573 10.4248 11.3452 10.5024

The net asset value of the Scheme’s units are determined separately for units issued under the plans after including the respective unit capital and reserves and surplus.The net asset value disclosed above represents the computed NAV as on balance sheet date, and not the last declared NAV.


Contingent liabilities as on March 31, 2014: NIL (Previous year: NIL)



There were no transactions in credit default swaps during the year/period ended March 31, 2014. (Previous year: NIL)


Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 5



405,466

702,270

287,122

347,459

Less : Unrealised appreciation on investments as on 31 March 2014 at portfolio level 383,636

220,268

409,730

113,152

165,289



-

-

-

-

-


185,198

292,540

173,970

182,170

The Schemes operate in one segment only viz. to protect the capital by investing in a portfolio of debt & money market instruments and provide capital appreciation through exposure in equity &equity related instruments.




The change in surplus/(deficit) as per Revenue Account for the previous year has been given below:

Rupees in '000

Axis Capital

Protection

Oriented Fund -

Series 1

Axis Capital

Protection

Oriented Fund -

Series 2

Axis Capital

Protection

Oriented Fund -

Series 3

Axis Capital

Protection

Oriented Fund -

Series 4

Axis Capital

Protection

Oriented Fund -

Series 5


Surplus / (Deficit) as per revenue account for the previous year

106,260

88,194

139,074

60,717

51,730


128,963

131,273

232,932

(3,726)

(78,060)


(22,703)

(43,079)

(93,858)

64,443

129,790

The prior period figures for Axis Capital Protection Oriented Fund-Series 5 are for a period of less than one year and hence are not comparable to the current year.















Fund - Series 1


Fund - Series 2


Fund - Series 3


Fund - Series 4


Fund - Series 5

April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 November 2, 2012

to to to to to to to to to to



Net Surplus / (Deficit) for the period 305,878

(22,703)

237,325

(43,079)

413,921

(93,858)

224,810

64,443 217,669 129,790

Adjustments for:- Net change in marked to market in value of investments (206,946)

125,653

(157,158) 125,338 (285,833)

227,931

(143,215)

16,965 (87,230) (78,060)

(Increase) in investments at cost (102,869)

(65,718)

(83,422) (59,636) (95,506)

(74,712)

(87,715)

(39,711) (135,484) (2,593,522)

(Increase)/Decrease in other current assets -

403

-

(852)

(31,430)

(24,367)

(61)

1,062 - (41,842)

Increase/(Decrease) in current liabilities (490)

1,402

1,570

(372)

2,150

(215)

1,479

1,620 2,428 8,832


39,037

(1,685)

21,399

3,302

34,779

(4,702)

44,379 (2,617) (2,574,802)


Increase/(Decrease) in unit capital -

(29,514)

-

(15,113)

-

(29,789)

-

(37,312) - 2,582,944 (Decrease) in unit premium reserve -

(4,844)

-

(2,202)

-

(3,709)

-

(1,815) - -

Net cash generated from financing activities ( B ) -

(34,358)

-

(17,315)

-

(33,498)

-

(39,127) - 2,582,944

Net increase/(decrease) in cash and cash equivalents (A+B) (4,427)

4,679

(1,685)

4,084

3,302

1,281

(4,702)

5,252 (2,617) 8,142


676

5,041

957

1,588

307

5,930

678 8,142 -

Cash and cash equivalents as at the close of the period 928

5,355

3,356

5,041

4,890

1,588

1,228

5,930 5,525 8,142

Component of cash and cash equivalents March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2013


151

12

-

18

1

55

50 104 1Collateralised lending 775

5,204

3,344

5,041

4,872

1,587

1,173

5,880 5,421 8,141Total 928

5,355

3,356

5,041

4,890

1,588

1,228

5,930 5,525 8,142

-

-

-

-

-

-

-

- - -


-

-

-

--

-

-

-

-











Cash Flow Statement




20.



Net Assets


category



FINANCE 2,299

1,881,209

64.19

88.95

HDB Financial Services Limited* 640

317,900

10.85

15.04


111,090

3.79

5.25


414,797

14.15

19.61


298,764

10.20

14.13


358,158

12.22

16.93


341,412

11.65

16.14


39,088

1.33

1.85


64,505

2.20

3.05

Hindustan Petroleum Corporation Limited* 65

64,505

2.20

3.05

POWER 80

99,848

3.41

4.72


99,848

3.41

4.72

BANKS 20 19,674 0.67 0.93

Punjab National Bank* 20

19,674

0.67

0.93


DIVERSIFIED 50

49,716

1.70

2.35


49,716

1.70

2.35

TOTAL 2,514

2,114,952

72.17

100.00


168,144

5.74

100.00Bank of Maharashtra* 700

69,980

2.39


9,984

0.34

5.94State Bank of Mysore* 500

49,986

1.71

29.73United Bank of India* 400

38,194

1.30

22.72

TOTAL 1,700

168,144

5.74

100.00

DERIVATIVES 352,500

611,200

20.86

100.00Nifty Index 5700 Call December 2015 Option 352,500

611,200

20.86

100.00

TOTAL 352,500 611,200 20.86 100.00


TOTAL ASSETS 2,941,663 100.39


NET ASSETS 2,930,403 100.00


AXIS CAPITAL PROTECTION ORIENTED FUND-SERIES 5




20.



Net Assets


category



FINANCE 1,049

1,048,853

56.14

84.04


209,959

11.24

16.82


228,151

12.21

18.28


228,108

12.21

18.28


199,060

10.65

15.95


49,808

2.67

3.99


133,767

7.16

10.72

POWER 160

199,158

10.66

15.96


TOTAL 1,209

1,248,011

66.80

100.00


118,064

6.30


79,870

4.26


38,194

2.04

32.35

TOTAL 1,200

118,064

6.30

100.00

DERIVATIVES 236,500

459,143

24.57


327,015

17.50

71.22Nifty Index 5100 Call December 2014 Option* 67,500

132,128

7.07

28.78

TOTAL 236,500

459,143

24.57

100.00


TOTAL ASSETS 1,875,697 100.37


NET ASSETS 1,868,331 100.00






20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 1,583

1,303,173

43.05

66.76

HDB Financial Services Limited* 560

280,397

9.26

14.37


358,801

11.85

18.38


4,994

0.16

0.26


340,118

11.24

17.42


18,939

0.63

0.97


299,924

9.91

15.36

OIL AND GAS 350

347,587

11.48

17.81

ONGC Videsh Limited* 350

347,587

11.48

17.81


DIVERSIFIED 301

301,268

9.95

15.43


301,268

9.95

15.43

TOTAL 2,234

1,952,028

64.48

100.00


176,879

5.84


114,813

3.79


62,066

2.05

35.09

TOTAL 1,800

176,879

5.84

100.00

DERIVATIVES 386,500

782,005

25.83


782,005

25.83

100.00

TOTAL 386,500

782,005

25.83

100.00


TOTAL ASSETS 3,038,002 100.35


NET ASSETS 3,027,106 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 972

972,284

55.43

81.13


202,241

11.53

16.88


219,897

12.54

18.35

National Housing Bank* 150

150,049

8.55

12.52


200,148

11.41

16.70


199,949

11.40

16.68


DIVERSIFIED 226 226,202 12.90 18.87


TOTAL 1,198

1,198,486

68.33

100.00


172,105

9.82


114,813

6.55


57,292

3.27

33.29

TOTAL 1,750

172,105

9.82

100.00

DERIVATIVES 227,500

361,156

20.59


361,156

20.59

100.00

TOTAL 227,500

361,156

20.59

100.00


TOTAL ASSETS 1,761,158 100.42


NET ASSETS 1,754,075 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 1,435

1,433,529

57.85

90.56


289,943

11.70

18.31


265,176

10.70

16.75


275,110

11.10

17.38


260,098

10.50

16.43


248,613

10.03

15.71


94,589

3.82

5.98

POWER 120

149,368

6.03

9.44


TOTAL 1,555

1,582,897

63.88

100.00


157,638

6.36


99,838

4.03

63.33Corporation Bank* 600

57,800

2.33

36.67

TOTAL 1,600

157,638

6.36

100.00

DERIVATIVES 331,250

687,649

27.75

100.00Nifty Index 4800 Call December 2014 Option* 196,000

438,354

17.69


103,694

4.18

15.08Nifty Index 5000 Call June 2014 Option 84,000

145,601

5.88

21.17

TOTAL 331,250

687,649

27.75

100.00


TOTAL ASSETS 2,487,363 100.38


NET ASSETS 2,477,945 100.00







(Rs.in '000)


Year ended

March 31, 2014

Balance as at

March 31, 2014

Year ended

March 31, 2013

Balance as at

March 31, 2013




Axis Short Term Fund Purchase of investments - - 54,576 -






-

-

-


-

10,810

-


-

-

-


-

-

-


-

34,730

-


-

-

-


-

-

-


-

-

-



-

10,916

-


-

-

-


-

-

-


-

-

-


-

10,396

-


-

-

-



-

-

-


-

-

-


-

-

-


-

125,159

-


-

-

-


-

-

-


-

-

-



-

-

-


-

10,916

-


-

20,988

-


-

-

-


-

-

-


-

-

-


-

84,345

-


-

10,477

-


-

-

-



Axis Capital Protection Oriented Fund - Series 3 Purchase of investments 9,963 - - -




Axis Short Term Fund Purchase of investments - - 103,701 -




































AXISCP1Nifty Index 4800 December 2014 Call 3,920 961.8500 2,236.5000

Nifty Index 4900 December 2014 Call 1,025 932.0236 2,023.3000

Nifty Index 5000 June 2014 Call 1,680 883.2324 1,733.3500






AXIS CAPITAL PROTECTION ORIENTED FUND - SERIES 1


NIL


NIL


NIL




























NIFTY Index 4800 December 2014 Call 3,920 961.8500 1,651.6500









Total Number of contracts entered into : 225Gross Notional Value of contracts : (Rs. in 000's) 14,977.027Net Profit/Loss on all contracts (premium paid treated as loss) : (Rs. in 000's) 4,876.66


NIL


NIL


NIL










































NIL


NIL


NIL




























NIFTY Index 5000 December 2014 Call 3,380 1,007.1012 1,198.0000








Total Number of contracts entered into : 200Gross Notional Value of contracts : (Rs. in 000's) 13,640Net Profit/Loss on all contracts (premium paid treated as loss) : (Rs. in 000's) 3,615


NIL


NIL


NIL

































AXISCP1Nifty Index 4900 December 2014 Call 7,730 982.4658 2,023.3000








NIL


NIL


NIL




































Total Number of contracts entered into : 345Gross Notional Value of contracts : (Rs. in 000's) 27,246Net Profit/Loss on all contracts (premium paid treated as loss) : (Rs. in 000's) 10,298


NIL


NIL


NIL








































NIL


NIL


NIL





























NIFTY Index 5400 December 2014 Call 4,550 1,083.4340 935.0000







Total Number of contracts entered into : 150Gross Notional Value of contracts : (Rs. in 000's) 8471Net Profit/Loss on all contracts (premium paid treated as loss) :(Rs. in 000's) 345


NIL


NIL


NIL








































NIL


NIL


NIL




































Total Number of contracts entered into : NILGross Notional Value of contracts : NILNet Profit/Loss on all contracts (premium paid treated as loss) : NIL


NIL


NIL


NIL

INDEPENDENT AUDITOR’S REPORT To the Trustees of AXIS 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 31 March 2014, the revenue accounts and cash flow statements, for the period as mentioned below, and a summary of significant accounting policies and other explanatory information.


Axis Fixed Term Plan - Series 34 (392 Days) 1 April 2013 to 31 March 2014 Axis Fixed Term Plan - Series 41 (546 Days) 9 October 2013 to 31 March 2014 Axis Fixed Term Plan - Series 42 (552 Days) 30 October2013 to 31 March 2014 Axis Fixed Term Plan - Series 43 (511 Days) 10 December 2013 to 31 March 2014 Axis Fixed Term Plan - Series 47 (483 Days) 15 January 2014 to 31 March 2014 Axis Fixed Term Plan - Series 48 (3 Years) 17 January 2014 to 31 March 2014 Axis Fixed Term Plan - Series 49 (437 Days) 3 February 2014 to 31 March 2014 Axis Fixed Term Plan - Series 50 (3 Months) 30 January 2014 to 31 March 2014 Axis Fixed Term Plan - Series 52 (428 Days) 13 February 2014 to 31 March 2014

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, of the Schemes in accordance with accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the SEBI Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the balance sheet, of the state of affairs of the Schemes as at 31 March 2014;









For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E per Jayesh Gandhi Partner Membership Number: 37924 Place: Mumbai Date:4July 2014


Axis Fixed Term Plan

- Series 34 (392 Days)












- Series 48 (3 Years)




- Series 50 (3 Months)




Schedule

SOURCES OF FUNDS

Unit capital 2(b) & 3 1,194,635 1,194,635

495,943

324,550

530,442

1,412,426

263,070

1,924,496

206,379 855,382Reserves and surplus 2(b) & 4 115,454 5,226

22,434

11,860

15,191

29,370

5,210

33,988

3,201 12,542Current liabilities 5 747 131

165

380

362

416

224

537

80 2491,310,836 1,199,992

518,542

336,790

545,995

1,442,212

268,504

1,959,021

209,660 868,173


Investments 2(c), 6 & 20 1,299,431 1,194,174

474,010

305,255

497,267

1,363,687

252,018

1,873,332

208,548 838,580Other current assets 7 11,405 5,818

44,532

31,535

48,728

78,525

16,486

85,689

1,112 29,5931,310,836 1,199,992

518,542

336,790

545,995

1,442,212

268,504

1,959,021

209,660 868,173











Mumbai

Date:















- Series 48 (3 Years)




- Series 50 (3 Months)



April 01, 2013 March 13, 2013 October 09, 2013 October 30, 2013 December 10, 2013 January 15, 2014 January 17, 2014 February 03, 2014 January 30, 2014 February 13, 2014to to to to to to to to to to

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014Schedule

INCOME

Interest 2(d) & 8 111,213 5,740 22,226 12,557 15,135 29,187 5,314 29,474 3,348 10,533

Other Income - - - - - - - - - -Net change in marked to market in value of investments 2(c) & 6(ii) 447 (451) 868 97 551 771 161 5,250 (80) 2,671

Total 111,660

5,289

23,094

12,654

15,686

29,958

5,475

34,724 3,268 13,204

EXPENSES AND LOSSES

Loss on sale/redemption of investments, net 2(d) -

11

-

-

-

-

-

- - 373

Management fee 9 819

25

-

180

-

148

10

303 7 56


1

3

2

2

4

1

4 1 2


12

48

28

33

59

11

61 7 22


5

20

12

14

25

5

26 3 9

Registrar service charges 141

11

65

57

42

32

28

34 23 18

Commission to distributors -

-

769

413

373

296

204

221 40 176

Audit fee 57

56

56

56

56

56

56

56 56 56

Listing fee -

69

35

35

9

26

17

8 16 4

Other operating expenses 136

6

7

28

2

24

1

44 1 11


(133)

(456)

(77)

(55)

(90)

(69)

(21) (87) (65)

Total 1,423

63

547

734

476

580

264

736 67 662

Surplus for the year/period 110,237

5,226

22,547

11,920

15,210

29,378

5,211

33,988 3,201 12,542

Transfer to unrealised appreciation reserve -

-

(868)

(97)

(551)

(774)

(161)

(5,250) - (2,671)

Transfer from / (to) retained surplus 1

-

-

-

-

-

-

- - -

Income distribution on capital account (7)

-

(88)

(47)

(15)

(6)

(1)

- - -

Income-tax on distributed income (2)

-

(25)

(13)

(4)

(2)

-

- - -Surplus transferred to the retained surplus 4 110,229

5,226

21,566

11,763

14,640

28,596

5,049

28,738 3,201 9,871











Mumbai

Date:



1. BACKGROUND



Close ended debt scheme March 06 2013 to

March 12 2013


Close ended debt scheme September 25, 2013

to October 04, 2013


Close ended debt scheme October 18, 2013 to

October 24, 2013


Close ended debt scheme November 26, 2013 to

December 04, 2013


Close ended debt scheme January 01, 2014 to

January 08, 2014

Axis Fixed Term Plan - Series 48 (3 Years)


January 10, 2014

Axis Fixed Term Plan -Series 49 (437 Days)


January 30, 2014

Axis Fixed Term Plan - Series 50 (3 Months)


January 29, 2014

Axis Fixed Term Plan -Series 52 (428 Days)

Close ended debt scheme Feburary 05, 2014 to

Feburary 11, 2014

Growth DividendQuarterly DividendDirect Growth Direct DividendDirect Quarterly Dividend

The Plan(s) of the Scheme will endeavour to generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the respective plan(s).






To generate returns through a portfolio of debt and money market instruments that are maturing on or before the maturity of the respective plan(s).


Axis Bank Limited holds 75% of the total issued and paid up equity share capital of Axis Asset Management Company Limited and the balance 25%plus one equity share is held by Schroders Investment Management (Singapore) Limited (SIMSL) through its wholly owned subsidiary, SchrodersSingapore Holdings Private Limited (SSHPL), both subsidiaries of Schroders plc.












Growth DividendHalf yearly DividendDirect Growth Direct DividendDirect Half yearly Dividend






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

(b) Unit capital


(c) Investments






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 eachOption.



All debt securities with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done by schemes managed by theAMC. 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 amortizedcost based on purchase price or last traded market price, which includes discount / premium accrued on a straight line basis over the period tomaturity 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 (CRISILand 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.



W.e.f. November 29, 2013, all debt securities with residual maturity greater than 60 days, are valued using the simple average of the pricesreleased 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 separately for each category of investments. The change innet unrealized gain / loss, between two balance sheet dates is recognized in the revenue account and net unrealized gain, if any, is thereafterappropriated to the unrealized appreciation reserve


The financial statements are prepared on the accrual basis of accounting, under the historical cost convention, as modified for investments, whichare ‘marked-to-market’. The significant accounting policies, which are in accordance with the SEBI Regulations and have been approved by theBoards of Directors of the AMC and the Trustee, 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 lossin the value of investments, and expenses accrued, are allocated to the related options in proportion to their respective daily net assets arrived at bymultiplying day-end outstanding units by previous day's closing NAV.


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



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


Treasury Bills with residual maturity greater than 60 days, are valued at the average of the prices released by CRISIL and ICRA, as suggested byAMFI, on the basis of the valuation principles laid down by SEBI. The difference between last traded/valued price and T+1 aggregated pricereceived from CRISIL and ICRA is amortised linearly upto the day preceding the next business day.

Prior to September 19, 2013, treasury bills with residual maturity upto 60 days, are valued at the average of the prices released by CRISIL andICRA, as suggested by AMFI, on the basis of the valuation principles laid down by SEBI. The difference between last traded/valued price and T+1aggregated price received from CRISIL and ICRA is amortised linearly upto the day preceding the next business day.




3. Unit Capital



GrowthOutstanding, beginning of year/period 47,344,228.000 473,442Issued-new fund offer - - 47,344,228.000 473,442 43,348,700.000 433,487 26,438,174.000 264,382 31,509,644.000 315,096Outstanding, end of year/period 47,344,228.000 473,442 47,344,228.000 473,442 43,348,700.000 433,487 26,438,174.000 264,382 31,509,644.000 315,096

DividendOutstanding, beginning of year/period 24,690.000 247


24,690.000

247

153,000.000

1,530

355,500.000

3,555 47,800.000 478Outstanding, end of year/period 24,690.000 247

24,690.000

247

153,000.000

1,530

355,500.000

3,555 47,800.000 478

Quarterly DividendOutstanding, beginning of year/period 14,000.000 140

-

-


14,000.000

140

418,000.000

4,180

303,500.000

3,035 120,000.000 1,200Outstanding, end of year/period 14,000.000 140

14,000.000

140

418,000.000

4,180

303,500.000

3,035 120,000.000 1,200

Half yearly DividendOutstanding, beginning of year/periodIssued-new fund offerOutstanding, end of year/period - -

GrowthOutstanding, beginning of year 72,080,592.000 720,806


72,080,592.000

720,806

5,674,600.000

56,746

5,357,810.000

53,578 21,331,800.000 213,318Outstanding, end of year/period 72,080,592.000 720,806

72,080,592.000

720,806

5,674,600.000

56,746

5,357,810.000

53,578 21,331,800.000 213,318

Direct DividendOutstanding, beginning of yearIssued-new fund offer -

-

-

-

-

- 30,000.000 300Outstanding, end of year/period -

-

-

-

-

- 30,000.000 300

Direct Quarterly DividendOutstanding, beginning of yearIssued-new fund offer - - - - - - 5,000.000 50Outstanding, end of year/period - - - - - - 5,000.000 50

Direct Half yearly DividendOutstanding, beginning of yearIssued-new fund offerOutstanding, end of year/period

TotalOutstanding, beginning of period 119,463,510.000 1,194,635 - - - - - - - -Issued-new fund offer - - 119,463,510.000 1,194,635 49,594,300.000 495,943 32,454,984.000 324,550 53,044,244.000 530,442Outstanding, end of year/period 119,463,510.000 1,194,635 119,463,510.000 1,194,635 49,594,300.000 495,943 32,454,984.000 324,550 53,044,244.000 530,442

Axis Fixed Term Plan - Series 42

(552 Days) March 31, 2014



(511 Days)


(392 Days) March 31, 2013


(546 Days) March 31, 2014



(392 Days) March 31, 2014




3. Unit Capital



GrowthOutstanding, beginning of year/periodIssued-new fund offer 34,366,463.000 343,665 25,665,330.000 256,653 27,276,174.000 272,762 7,783,086.000 77,831 28,946,709.000 289,467Outstanding, end of year/period 34,366,463.000 343,665 25,665,330.000 256,653 27,276,174.000 272,762 7,783,086.000 77,831 28,946,709.000 289,467

DividendOutstanding, beginning of year/periodIssued-new fund offer 67,499.000 675

146,490.000

1,465

1,060,750.000

10,608

6,829,626.000

68,296

108,000.000 1,080Outstanding, end of year/period 67,499.000 675

146,490.000

1,465

1,060,750.000

10,608

6,829,626.000

68,296

108,000.000 1,080

Quarterly DividendOutstanding, beginning of year/periodIssued-new fund offer 63,500.000 635

7,000.000

70

-

-

1,500.000 15Outstanding, end of year/period 63,500.000 635

7,000.000

70

-

-

1,500.000 15

Half yearly DividendOutstanding, beginning of year/periodIssued-new fund offer 17,899.000

179

-

-

-

-

- -

Outstanding, end of year/period 17,899.000

179

-

-

-

-

- -

GrowthOutstanding, beginning of yearIssued-new fund offer 106,745,100.000 1,067,451

462,600.000

4,626

164,105,600.000

1,641,056

2,775,225.000

27,752

56,482,010.000 564,820Outstanding, end of year/period 106,745,100.000 1,067,451

462,600.000

4,626

164,105,600.000

1,641,056

2,775,225.000

27,752

56,482,010.000 564,820

Direct DividendOutstanding, beginning of yearIssued-new fund offer -

-

14,652.000

147

-

-

3,250,000.000

32,500

- -Outstanding, end of year/period -

-

14,652.000

147

-

-

3,250,000.000

32,500

- -

Direct Quarterly DividendOutstanding, beginning of yearIssued-new fund offer - - - - - - - -Outstanding, end of year/period - - - - - - - -

Direct Half yearly DividendOutstanding, beginning of yearIssued-new fund offer - - - - - - - -Outstanding, end of year/period - - - - - - - -

TotalOutstanding, beginning of period - - - - - - - - - -Issued-new fund offer 141,242,562.000 1,412,426 26,306,971.000 263,070 192,449,524.000 1,924,496 20,637,937.000 206,379 85,538,219.000 855,382Outstanding, end of year/period 141,242,562.000 1,412,426 26,306,971.000 263,070 192,449,524.000 1,924,496 20,637,937.000 206,379 85,538,219.000 855,382


(483 Days) March 31, 2014

Axis Fixed Term Plan - Series 50 (3

Months) March 31, 2014March 31, 2014



Years)



(428 Days) March 31, 2014



(437 Days) March 31, 2014




Rupees in '000

Axis Fixed Term Plan -

Series 34 (392 Days)












Series 48 (3 Years)




Series 50 (3 Months)






Balance, beginning of year/period - - - - - - - - - -Unrealised appreciation in value of investments - - 868 97 551 774 161 5,250 - 2,671Balance, end of year/period - - 868 97 551 774 161 5,250 - 2,671

Retained surplus

Balance, beginning of year/period 5,226 - - - - - - - - -Transferred to revenue account (1) - - - - - - - - -Surplus transferred from revenue account 110,229 5,226 21,566 11,763 14,640 28,596 5,049 28,738 3,201 9,871Balance, end of year/period 115,454 5,226 21,566 11,763 14,640 28,596 5,049 28,738 3,201 9,871

Total reserves 115,454 5,226 22,434 11,860 15,191 29,370 5,210 33,988 3,201 12,542

The share of the options in the reserves and


RG Growth 45,588 2,063 19,660 9,635 8,875 6,899 5,080 4,614 1,200 4,120RD Dividend 24 1 69 130 13 14 29 179 1,052 15RQ Quarterly Dividend 4 1 75 49 16 5 1 -

Half yearly Dividend 2ZG Direct Growth 69,838 3,161 2,630 2,046 6,277 22,452 96 29,194 437 8,407ZD Direct Dividend - - - - 9 - 3 - 512 -ZQ Direct Quarterly Dividend - - - - 1 - - -

Direct Half yearly Dividend -115,454 5,226 22,434 11,860 15,191 29,370 5,210 33,988 3,201 12,542

- - - - - - - - - -


Amount due to AMC - Management fees 478 29 - 42 - 68 5 186 4 41 - Others - - - 205 245 206 134 200 - 112Trusteeship fee payable 1 1 - - 1 1 - 2 - 1Dividend payable on units 2 - 49 35 15 6 1 - - -Audit fees payable 51 51 51 51 51 51 51 51 51 51Custody fees payable 9 5 4 2 4 10 2 14 1 6Investor education expense provision 178 12 36 20 27 44 8 49 5 17Other current liabilities 28 33 25 25 19 30 23 35 19 21

747 131 165 380 362 416 224 537 80 249

6. INVESTMENTS

Equity shares - - - - - - - - - -Privately placed / unlisted debentures and bonds - - - - - 190,622 37,973 250,818 - 110,360Listed debentures and bonds - - 474,010 297,892 497,267 1,117,266 214,045 880,062 - 451,402Certificates of deposit 1,299,431 1,194,174 - 7,363 - 55,799 - 742,452 49,639 276,818Commercial paper - - - - - - - - 158,909 -

1,299,431 1,194,174 474,010 305,255 497,267 1,363,687 252,018 1,873,332 208,548 838,580

1,310,691 1,199,859 502,958 322,356 521,698 1,367,466 259,793 1,912,680 209,609 844,912(1.00) 1.00 (1.00) (1.00)


- - - - -
















Series 48 (3 Years)









- appreciation - - - - - 82 5 625 - 244

- depreciation - - - - - - - - - -


- appreciation - - 876 185 577 832 206 2,527 - 1,097

- depreciation - -

8

119

26

139

51

- - -

Commercial Paper

- appreciation - -

-

-

-

-

-

- - -

- depreciation - -

-

-

-

-

-

- 68 -


- appreciation - 247

-

31

-

-

-

2,098 - 1,330

- depreciation 4 698

-

-

-

3

-

- 12 -(4) (451)

868

97

551

770

161

5,250 (80) 2,671- -

-

-

-

-

- - -

(iii) The aggregate value of investments acquired and sold/redeemed during the year/period and these amounts as a percentage of average daily net assets are as follows:



Axis Fixed Term Plan-

Series 34 (392) Days










Series 48 (3 Years)








March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014Purchases (excluding collateralised lending and fixed deposits)

- amount 1,294,304 1,669,758

473,142

305,114

496,717

1,361,951

251,857

1,857,831 205,517 1,060,781


Sales (excluding collateralised lending and fixed

- amount 1,300,000 480,000 - - - - - - - 228,184

- as a percentage of average daily net assets 103.71% 40.07% - - - - - - - 26.52%

- - - - - - - - -


(iv)

Rupees in '000














Series 48 (3 Years)









valued in good faith 1,299,431 1,194,174

474,010

305,255

497,267

1,363,687

252,018

1,873,332 208,548 838,580

Rupees in '000














Series 48 (3 Years)









Balances with banks in current accounts 40 - 103 61 87 13 28 140 4 23Outstanding and accrued income - - 15,424 14,373 24,210 74,733 8,683 46,201 - 23,238Amount due from AMC 105 133 57 - - - - - 47 -Collateralised lending 11,260 5,685 28,948 17,101 24,431 3,779 7,775 39,348 1,061 6,332

11,405 5,818 44,532 31,535 48,728 78,525 16,486 85,689 1,112 29,593



8. INTEREST

Money market instruments 110,503 4,866 - 43 - 964 - 10,252 3,111 2,652Debentures and bonds - - 21,448 11,954 14,329 26,909 4,571 16,765 - 6,765Collateralised lending 710 874 778 560 806 1,314 743 2,457 237 1,116

111,213 5,740 22,226 12,557 15,135 29,187 5,314 29,474 3,348 10,533















Series 48 (3 Years)








March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014Management fee (excluding service tax) at annualised average rate 0.07% 0.04% - 0.13% - 0.05% 0.02% 0.10% 0.02% 0.05%
















Series 48 (3 Years)








March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014Income

Income (excluding Net change in marked to market in value of investments) 111,213 5,740 22,226 12,557 15,135 29,187 5,314 29,474 3,348 10,533



- amount 1,423 52 547 734 476 580 264 736 67 289


The aggregate purchases made by all the schemes during the current year and previous year and the fair value of such investments as at March 31, 2014 in companies which have invested in any scheme of the Fund in excess of five per cent of that scheme's net assets are

provided in Attachment 1.






(i)










Axis Capital Protection Oriented Fund - Series 3 Axis Focused 25 Fund

Axis Capital Protection Oriented Fund - Series 4 Axis Gold ETF

Axis Capital Protection Oriented Fund - Series 5 Axis Gold Fund

Axis Constant Maturity 10 Year Fund Axis Hybrid Fund - Series 1

Axis Dynamic Bond Fund Axis Hybrid Fund - Series 2

Axis Equity Fund Axis Hybrid Fund - Series 3




















Rupees in '000

Axis Fixed Term Plan - Series 34 (392 Days) Axis Fixed Term Plan - Series 41 (546 Days) Axis Fixed Term Plan - Series 42 (552 Days) Axis Fixed Term Plan - Series 43 (511 Days)













1

1

1

3

-

2

- 2 1

Axis Asset Management Company Limited 920

478

28

29

-

-

202

42 - -Axis Asset Management Company Limited Receivable for other expenses 105

133

57

- -

Rupees in '000

Axis Fixed Term Plan - Series 47 (483 Days) Axis Fixed Term Plan - Series 48 (3 Years) Axis Fixed Term Plan - Series 49 (437 Days) Axis Fixed Term Plan - Series 50 (3 Months) Axis Fixed Term Plan - Series 52 (428 Days)













1

1

-

4

2

1

- 2 1

Axis Asset Management Company Limited 166

68

11

5

340

186

8

4 63 41Axis Asset Management Company Limited Receivable for other expenses -

-

-

47 -Axis Bank Limited Purchase of securities -

-

31,128

-

-

-

-

- - -


Rupees in '000


Days)





















Bank charges 1 2

#- 0.3

0.4

0.6

0.4

1.2

0.1

0.5

The Central Depository Services (India) Ltd

(Associate)Folio maintenance and corporate action charges - - 28 28 - 14 14 - 14 -



F.Y. 2013-2014 Rupees in '000

Particulars Name of Security Type of Security Name of the Scheme Amount invested

Axis Bank Limited (Arranger)9.8463% LIC Housing Finance Ltd. Corporate Bond/NCD

Axis Fixed Term Plan - Series 52 (428 Days) 70,000

F.Y. 2012-2013 - Nil


Rupees in '000


Days)











31, 2014Period ended March









31, 2014Axis Bank Limited - - - - - - - - - -

Investment made by other schemes - 284,200 - - - - - - - -

Total investments * - 284,200 - - - - - - - -



The schemes have not made any investments in derivative products during the year / period ended at March 31, 2014 (Previous year: Nil)





14. NET ASSET VALUE

Options














Series 48 (3 Years)






RG Growth 10.9629 10.0436 10.4535 10.3645 10.2816 10.2008 10.1980 10.1692 10.1541RD Dividend 10.9629 10.0436 10.4535 10.3645 10.2816 10.2008 10.1980 10.1692 10.1541RQ Quarterly Dividend 10.2889 10.0436 10.1801 10.1629 10.1313 10.0805 10.1192

Half yearly Dividend 10.0977ZG Direct Growth 10.9689 10.0438 10.4635 10.3818 10.2943 10.2103 10.2073 10.1779 10.1575ZD Direct Dividend - - - - 10.2943 - 10.2073 - 10.1575ZQ Direct Quarterly Dividend - - - - 10.1438 - -ZQ Direct Half yearly Dividend -



Contingent liabilities as on March 31, 2014: Nil (Previous year - Nil).


The Schemes operate in one segment only viz. to primarily generate attractive returns from a diverse and actively managed portfolio of debt and money market instruments.

17. CREDIT DEFAULT SWAPSThere were no transactions in credit default swaps during the year/period ended March 31, 2014. (Previous year - Nil).













Series 48 (3 Years)








Total Reserves115,454 22,434

11,860

15,191

29,370

5,210

33,988

3,201 12,542Less : Unrealised appreciation on investments as on 31 March 2014 at portfolio level - 868

97

551

770

161

5,250

- 2,671



- -

-

-

-

-

-

- -Distributable Surplus

115,454 21,566

11,763

14,640

28,600

5,049

28,738

3,201 9,871





March 31, 2013

Surplus / (Deficit) as per revenue account for the previous year 5,226Impact on change in unrealised appreciation recorded in revenue account

-Revised Surplus / (Deficit) as per revenue account for the previous year

5,226











Mumbai

Date:

As these are the first financial statements of Axis Fixed Term Plan - Series 41 (546 Days), Axis Fixed Term Plan - Series 42 (552 Days), Axis Fixed Term Plan - Series 43 (511 Days), Axis Fixed Term Plan - Series 47 (483 Days),Axis Fixed Term Plan - Series 48 (3 Years), Axis Fixed Term Plan - Series 49 (437 Days), Axis Fixed Term Plan - Series 50 (3 Months) and Axis Fixed Term Plan - Series 52 (428 Days) since the date of launch, there are no prior period comparatives. The prior period figures for Axis Fixed Term Plan - Series 34 (392 Days) are for a period of less than one year and hence are not comparable.

19. PRIOR PERIOD COMPARATIVESDuring the year, the Schemes have changed the treatment and presentation of "change in mark to market value of investments". In the current year, the net change in market value of investments has been recorded in the revenue account and subsequently appropriated to the Unrealised appreciation reserve. In the previous years, the change in the unrealised appreciation on investments (category-wise) was transferred directly to the Unrealised appreciation reserve.This change has no impact on the distributable surplus or net asset value of the respective plans of the schemes.


Axis Fixed Term

Plan - Series 34 (392

Days)

Axis Fixed Term


Days)

Axis Fixed Term


Days)

Axis Fixed Term


Days)

Axis Fixed Term


Days)

Axis Fixed Term


Days)

Axis Fixed Term

Plan - Series 48 (3

Years)

Axis Fixed Term


Days)

Axis Fixed Term

Plan - Series 50 (3

Months)

Axis Fixed Term


Days)

April 1, 2013 March 13, 2013 October 9, 2013 October 30, 2013 December 10, 2013 January 15, 2014 January 17, 2014 February 3, 2014 January 30, 2014 February 13, 2014 to to to to to to to to to to

March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014A. Cashflow from operating activities

Net surplus for the year/period 110,237 5,226 22,547 11,920 15,210 29,378 5,211 33,988 3,201 12,542

Adjustments for:-

Change in provision for net unrealised loss in value of investments (447) 451 (868) (97) (551) (771) (161) (5,250) 80 (2,671)

(Increase) in investments at cost (104,810) (1,194,625) (473,142) (305,158) (496,716) (1,362,916) (251,857) (1,868,082) (208,628) (835,909)

(Increase)/decrease in other current assets 28

(133)

(15,481)

(14,373)

(24,210)

(74,733)

(8,683)

(46,201) (47) (23,238)

Increase in current liabilities 614

131

116

345

347

410

223

537 80 249

Net cash used in operations ( A ) 5,622

(1,188,950)

(466,828)

(307,363)

(505,920)

(1,408,632)

(255,267)

(1,885,008) (205,314) (849,027)


Increase in unit capital -

1,194,635

495,943

324,550

530,442

1,412,426

263,070

1,924,496 206,379 855,382 Dividend paid (including tax thereon) (7)

-

(64)

(25)

(4)

(2)

-

- - -Net cash generated from financing activities ( B ) (7)

1,194,635

495,879

324,525

530,438

1,412,424

263,070

1,924,496 206,379 855,382

Net increase/(decrease) in cash and cash equivalents (A+B) 5,615

5,685

29,051

17,162

24,518

3,792

7,803

39,488 1,065 6,355

Cash and Cash Equivalents as at the beginning of the year/period 5,685

-

-

-

-

-

-

- - -Cash and cash equivalents as at the end of the year/period 11,300

5,685

29,051

17,162

24,518

3,792

7,803

39,488 1,065 6,355

Component of cash and cash equivalents March 31, 2014 March 31, 2013 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014


-

103

61

87

13

28

140 4 23Collateralised lending 11,260

5,685

28,948

17,101

24,431

3,779

7,775

39,348 1,061 6,332Total 11,300

5,685

29,051

17,162

24,518

3,792

7,803

39,488 1,065 6,355

-

-

-

-

-

-

-

- - -










Mumbai

Date:

Cash Flow Statement




20.



Net Assets


category



FINANCE 340

341,531

39.35

60.79

Bajaj Finance Limited* 80

81,109

9.35

14.44


110,067

12.68

19.59


70,167

8.08

12.49


80,188

9.24

14.27

POWER 110

109,871

12.66

19.56

Reliance Utilities & Power Pvt Limited* 110 109,871 12.66 19.56

Privately placed / unlisted debentures and bondsDIVERSIFIED 110

110,360

12.72

19.65


110,360

12.72

19.65

TOTAL 560

561,762

64.73

100.00


276,818

31.90


46,135

5.32

16.67Vijaya Bank* 2,500

230,683

26.58

83.33

TOTAL 3,000

276,818

31.90

100.00


3.41

TOTAL ASSETS 868,173 100.04


NET ASSETS 867,924 100.00






20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category


BANKS 13,000

1,299,431

99.19

100.00

Bank of Baroda* 2,500 249,862 19.07 19.24

Bank of Maharashtra* 2,500 249,929 19.08 19.23

Canara Bank* 2,500

249,792

19.07

19.22

Indian Bank* 2,500

249,931

19.08

19.23

Punjab National Bank* 3,000

299,917

22.89

23.08

TOTAL 13,000

1,299,431

99.19

100.00


0.87


100.06


NET ASSETS 1,310,089 100.00







20.



Net Assets

Percentage to

Investment

category



FINANCE 259

258,938

76.96

86.92


44,048

13.09

14.78


37,923

11.27

12.73


34,986

10.40

11.74


39,013

11.60

13.10


38,030

11.30

12.77

Tata Capital Financial Services Limited* 39 39,033 11.60 13.10

Tata Motors Finance Limited* 26 25,905 7.70 8.70

POWER 39

38,954

11.58

13.08


38,954

11.58

13.08

TOTAL 298

297,892

88.54

100.00


7,363

2.19

100.00Indusind Bank Limited* 80

7,363

2.19

100.00

TOTAL 80

7,363

2.19

100.00


9.37



NET ASSETS 336,410 100.00






20.


(Rs. in 000s)

Percentage to

Net Assets


category



FINANCE 424

423,354

77.58

85.14


25,015

4.58

5.03


72,851

13.35

14.65


LIC Housing Finance Limited* 75 74,353 13.63 14.95


71,972

13.19

14.47


73,024

13.38

14.69


28,039

5.14

5.64

POWER 74

73,913

13.55

14.86


73,913

13.55

14.86

TOTAL 498

497,267

91.13

100.00


8.93



NET ASSETS 545,633 100.00






20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 931

931,485

64.60

71.23


119,106

8.26

9.11


140,060

9.71

10.71


150,182

10.42

11.48


189,925

13.17

14.52


192,064

13.32

14.69


140,148

9.72

10.72

POWER 186 185,781 12.89 14.20


185,781

12.89

14.20


190,622

13.22

14.57


190,622

13.22

14.57

TOTAL 1,307

1,307,888

90.71

100.00


55,799

3.87

100.00Karur Vysya Bank Limited* 600

55,799

3.87

100.00

TOTAL 600

55,799

3.87

100.00


TOTAL ASSETS 1,442,212 100.03


NET ASSETS 1,441,796 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment category



FINANCE 176

176,542

65.80

70.05


38,055

14.18

15.10


32,993

12.30

13.09


37,287

13.90

14.80


Shriram Transport Finance Company Limited* 31 31,253 11.65 12.40

POWER 30

37,503

13.98

14.88


37,503

13.98

14.88


37,973

14.15

15.07


37,973

14.15

15.07

TOTAL 244

252,018

93.93

100.00


6.15



NET ASSETS 268,280 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 730

730,238

37.28

64.57


249,747

12.75

22.08


99,860

5.10

8.83


190,434

9.72

16.84

Tata Capital Housing Finance Limited* 190

190,197

9.71

16.82

POWER 150

149,824

7.65

13.25


149,824

7.65

13.25


250,818

12.81

22.18


250,818

12.81

22.18

TOTAL 1,130

1,130,880

57.74

100.00


742,452

37.91

100.00Bank of Baroda* 3,000

278,606

14.23


185,480

9.47


278,366

14.21

37.49

TOTAL 8,000

742,452

37.91

100.00


TOTAL ASSETS 1,959,021 100.03


NET ASSETS 1,958,484 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category


49,639

23.68

100.00The Jammu & Kashmir Bank Limited* 500

49,639

23.68

100.00

TOTAL 500

49,639

23.68

100.00

COMMERCIAL PAPERCONSUMER NON DURABLES 100 49,619 23.68 31.22Godrej Industries Limited* 100 49,619 23.68 31.22

FINANCE 120

59,507

28.39

37.45India Infoline Finance Limited* 120

59,507

28.39

37.45


49,783

23.75

31.33Indian Oil Corporation Limited* 100

49,783

23.75

31.33

TOTAL 320

158,909

75.82

100.00


0.53



NET ASSETS 209,580 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets


category



FINANCE 406

406,090

78.34

85.67


66,932

12.91

14.12


66,864

12.90

14.11


National Bank For Agriculture and Rural Development* 66 65,974 12.73 13.92

National Housing Bank* 28

28,010

5.40

5.91


55,043

10.62

11.61


51,152

9.87

10.79

POWER 68

67,920

13.10

14.33


67,920

13.10

14.33

TOTAL 474

474,010

91.44

100.00


8.59



NET ASSETS 518,377 100.00






(Rs.in '000)


Year ended

March 31, 2014

Balance as at

March 31, 2014

Year ended

March 31, 2013

Balance as at

March 31, 2013



-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-



-

-

-


-

-

-

Axis Fixed Term Plan Series 41 (546 Days)


-

-

-


-

-

-



-

-


-

-

-



-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-


-

-

-



-

-

-


Axis Fixed Term Plan-Series 34 (392 Days)




INDEPENDENT AUDITOR’S REPORT To the Trustees of AXIS 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 31 March 2014, the revenue accounts and cash flow statements, for the period as mentioned below, and a summary of significant accounting policies and other explanatory information.


Axis Fixed Term Plan - Series 53 (1150 Days) 12 February 2014 to 31 March 2014 Axis Fixed Term Plan - Series 55 (399 Days) 28 February 2014 to 31 March 2014 Axis Fixed Term Plan - Series 56 (370 Days) 5 March 2014 to 31 March 2014 Axis Fixed Term Plan - Series 57 (397 Days) 6 March 2014 to 31 March 2014 Axis Fixed Term Plan - Series 59 (391 Days) 12 March 2014 to 31 March 2014 Axis Fixed Term Plan - Series 60 (389 Days) 14 March 2014 to 31 March 2014 Axis Fixed Term Plan - Series 61 (1122 Days) 20 March 2014 to 31 March 2014 Axis Fixed Term Plan - Series 62 (383 Days) 20 March 2014 to 31 March 2014 Axis Fixed Term Plan - Series 63 (91 Days) 21 March 2014 to 31 March 2014

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, of the Schemes in accordance with accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the SEBI Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the balance sheet, of the state of affairs of the Schemes as at 31 March 2014;









For S.R. Batliboi& Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E perJayesh Gandhi Partner Membership Number: 37924 Place: Mumbai Date:4July 2014





















Schedule

SOURCES OF FUNDS

Unit capital 2(b) & 3 269,137

4,256,479

614,436

293,844

1,032,051

1,786,413

211,730

415,129 204,493Reserves and surplus 2(b) & 4 3,088

56,048

8,233

3,070

8,886

13,914

462

2,150 823Current liabilities 5 154

248

114

105

123

95

70

43 36272,379

4,312,775

622,783

297,019

1,041,060

1,800,422

212,262

417,322 205,352


Investments 2(c), 6 & 20 263,685

4,303,613

621,955

295,761

1,032,860

1,790,988

202,448

413,127 201,324Other current assets 7 8,694

9,162

828

1,258

8,200

9,434

9,814

4,195 4,028272,379

4,312,775

622,783

297,019

1,041,060

1,800,422

212,262

417,322 205,352











Mumbai

Date:




















February 12, 2014 February 28, 2014 March 05, 2014 March 06, 2014 March 12, 2014 March 14, 2014 March 20, 2014 March 20, 2014 March 21, 2014to to to to to to to to to


INCOME

Interest 2(d) & 8 3,228

37,545

4,510

2,001

5,589

8,765

634

1,299 544Net change in marked to market in value of investments 2(c) & 6(ii) 22

18,780

3,818

1,172

3,416

5,240

(136)

865 282

Total 3,250

56,325

8,328

3,173

9,005

14,005

498

2,164 826

EXPENSES AND LOSSES

Management fee 9 6

-

-

11

-

9

1

- -

Trusteeship fee 9 1

9

1

-

1

2

-

- -


75

9

4

11

18

1

3 1


32

4

2

5

7

1

1 1

Registrar service charges 18

41

10

9

7

10

4

4 4

Commission to distributors 108

174

17

76

89

51

24

8 -

Audit fee 56

56

84

28

28

28

56

28 28

Listing fee 2

7

2

1

4

4

1

1 1

Other operating expenses 4

19

2

2

6

8

-

2 1


(136)

(34)

(30)

(32)

(46) (52)

(33) (33)

Total 162 277 95 103 119 91 36 14 3

Surplus for the year/period 3,088

56,048

8,233

3,070

8,886

13,914

462

2,150 823

Transfer from / (to) unrealised appreciation reserve (72)

(18,780)

(3,818)

(1,172)

(3,416)

(5,240)

-

(865) (282)Surplus transferred to the retained surplus 4 3,016

37,268

4,415

1,898

5,470

8,674

462

1,285 541











Mumbai

Date:



1. BACKGROUND




Feburary 10, 2014



Feburary 25, 2014



March 03, 2014



March 04, 2014


Close ended debt scheme March 04, 2014 to

March 10, 2014



March 12, 2014



March 18, 2014



March 18, 2014



March 20, 2014





















Axis Bank Limited holds 75% of the total issued and paid up equity share capital of Axis Asset Management Company Limited and the balance 25%plus one equity share is held by Schroders Investment Management (Singapore) Limited (SIMSL) through its wholly owned subsidiary, SchrodersSingapore Holdings Private Limited (SSHPL), both subsidiaries of Schroders plc.










(b) Unit capital


(c) Investments










All debt securities with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done by schemes managed by theAMC. 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 aslong 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). Incase the amortized value is outside the above band, the YTM of the security is adjusted to bring the price within the ±0.10% band.



W.e.f. November 29, 2013, all debt securities with residual maturity greater than 60 days, are valued using the simple average of the prices releasedby 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 level pricing, suchsecurities are valued at weighted average cost/yield on the day of purchase.

The net unrealized appreciation / depreciation in the value of investments is determined separately for each category of investments. The change innet unrealized gain / loss, between two balance sheet dates is recognized in the revenue account and net unrealized gain, if any, is thereafterappropriated to the unrealized appreciation reserve.


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 inthe value of investments, and expenses accrued, are allocated to the related options in proportion to their respective daily net assets arrived at bymultiplying day-end outstanding units by previous day's closing NAV.


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

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


Treasury Bills with residual maturity greater than 60 days, are valued at the average of the prices released by CRISIL and ICRA, as suggested byAMFI, on the basis of the valuation principles laid down by SEBI. The difference between last traded/valued price and T+1 aggregated price receivedfrom CRISIL and ICRA is amortised linearly upto the day preceding the next business day.

Prior to September 19, 2013, treasury bills with residual maturity upto 60 days, are valued at the average of the prices released by CRISIL and ICRA,as suggested by AMFI, on the basis of the valuation principles laid down by SEBI. The difference between last traded/valued price and T+1 aggregatedprice received from CRISIL and ICRA is amortised linearly upto the day preceding the next business day.




3. Unit Capital



Growth


206,482

45,787,449.000

457,874

23,155,721.000

231,557

23,967,209.000

239,672

35,975,041.000 359,750Outstanding, end of year/period 20,648,212.000

206,482

45,787,449.000

457,874

23,155,721.000

231,557

23,967,209.000

239,672

35,975,041.000 359,750

Dividend


10,963

30,000.000

300

17,999.000

180

45,499.000

455

875,990.000 8,760Outstanding, end of year/period 1,096,300.000

10,963

30,000.000

300

17,999.000

180

45,499.000

455

875,990.000 8,760

Quarterly Dividend


-

5,000.000

50

7,480.000

75

3,004.000

30

3,000.000 30Outstanding, end of year/period -

-

5,000.000

50

7,480.000

75

3,004.000

30

3,000.000 30

Half yearly Dividend

Issued-new fund offer - - - - - - - - - -Outstanding, end of year/period -

-

-

-

-

-

-

-

- -

Direct Growth


51,692

379,825,500.000

3,798,255

38,262,437.000

382,624

5,368,700.000

53,687

66,351,105.000 663,511Outstanding, end of year/period 5,169,225.000

51,692

379,825,500.000

3,798,255

38,262,437.000

382,624

5,368,700.000

53,687

66,351,105.000 663,511

Direct Dividend


-

-

-

-

-

-

-


-

-

-

-

-

-

-

- -



-

-

-

-

-

-

-


-

-

-

-

-

-

-

- -

Direct Half yearly Dividend

Issued-new fund offer - - - - - - - - - -Outstanding, end of year/period - - - - - - - - - -

Total

Issued-new fund offer 26,913,737.000 269,137 425,647,949.000 4,256,479 61,443,637.000 614,436 29,384,412.000 293,844 103,205,136.000 1,032,051Outstanding, end of year/period 26,913,737.000 269,137 425,647,949.000 4,256,479 61,443,637.000 614,436 29,384,412.000 293,844 103,205,136.000 1,032,051

March 31, 2014Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up


(391 Days)



(1150 Days) March 31, 2014


(399 Days) March 31, 2014



(370 Days) March 31, 2014


(397 Days)



3. Unit Capital



Growth


221,427

20,873,441.000

208,734

25,482,825.000

254,828

3,970,075.000

39,701Outstanding, end of year/period 22,142,671.000

221,427

20,873,441.000

208,734

25,482,825.000

254,828

3,970,075.000

39,701

Dividend


525

15,985.000

160

213,000.000

2,130

8,204,338.000

82,043Outstanding, end of year/period 52,515.000

525

15,985.000

160

213,000.000

2,130

8,204,338.000

82,043

Quarterly Dividend


655

-

-

34,000.000

340

Outstanding, end of year/period 65,500.000

655

-

-

34,000.000

340

Half yearly Dividend


-

76,000.000

760


-

76,000.000

760

Direct Growth


1,563,806

207,570.000

2,076

15,783,100.000

157,831

8,251,114.000

82,511Outstanding, end of year/period 156,380,627.000

1,563,806

207,570.000

2,076

15,783,100.000

157,831

8,251,114.000

82,511

Direct Dividend


-

-

-

-

-

23,754.000

238Outstanding, end of year/period -

-

-

-

-

-

23,754.000

238



-

-

-

-

-


-

-

-

-

-

Direct Half yearly Dividend

Issued-new fund offer - - - -Outstanding, end of year/period - - - -

Total

Issued-new fund offer 178,641,313.000 1,786,413 21,172,996.000 211,730 41,512,925.000 415,129 20,449,281.000 204,493Outstanding, end of year/period 178,641,313.000 1,786,413 21,172,996.000 211,730 41,512,925.000 415,129 20,449,281.000 204,493


Days) March 31, 2014

Face Value Rs. 10 each fully paid upFace Value Rs. 10 each fully paid up


(389 Days) March 31, 2014


(383 Days) March 31, 2014



(1122 Days)




Rupees in '000


















Series 63 (91 Days)




Balance, beginning of year/period - - - - - - - - -Unrealised appreciation in value of investments 72 18,780 3,818 1,172 3,416 5,240 - 865 282Balance, end of year/period 72 18,780 3,818 1,172 3,416 5,240 - 865 282

Retained surplus

Balance, beginning of year/period - - - - - - - - -Surplus transferred from revenue account 3,016 37,268 4,415 1,898 5,470 8,674 462 1,285 541Balance, end of year/period 3,016 37,268 4,415 1,898 5,470 8,674 462 1,285 541

Total reserves 3,088 56,048 8,233 3,070 8,886 13,914 462 2,150 823



RG Growth 2,343 5,848 3,050 2,488 3,034 1,677 455 1,315 160RD Dividend 124 4 2 5 74 4 - 11 329RQ Quarterly Dividend 1 1 - - 5 2

Half yearly Dividend - 2ZG Direct Growth 621 50,195 5,180 577 5,778 12,228 5 822 333ZD Direct Dividend - - - - - - - - 1ZQ Direct Quarterly Dividend - - - - - -

Direct Half yearly Dividend - -3,088 56,048 8,233 3,070 8,886 13,914 462 2,150 823

- - - - - - - - -


Amount due to AMC - Management fees 5 - - 12 - 10 2 - - - Others 65 39 - 46 57 5 - - -Trusteeship fee payable - 4 1 - 1 2 - - -Audit fees payable 51

51

77

26 26 26 51 26 26Custody fees payable 2

31

4

2

5

7

1

1 1Investor education expense provision 5

49

9

4

11

18

1

3 1Other current liabilities 26

74

23

15

23

27

15

13 8154

248

114

105

123

95

70

43 36

6. INVESTMENTS

Privately placed / unlisted debentures and bonds 69,181

-

-

-

100,128

340,497

113,208

- -Listed debentures and bonds 194,504

844,842

-

59,263

150,373

-

89,240

- -Certificates of deposit -

3,458,771

621,955

236,498

782,359

1,450,491

-

413,127 201,324263,685

4,303,613

621,955

295,761

1,032,860

1,790,988

202,448

413,127 201,324

270,720

4,309,429

622,762

296,815

1,039,806

1,799,099

209,889

417,283 205,305


- - - - 1.00 - - - 1.00




















Series 63 (91 Days)



- appreciation 13 - - - 128 496 13 - -

- depreciation 63 - - - - - 60 - -


- appreciation 273

1,144

-

98

373

-

24

- -

- depreciation 201

-

-

-

-

-

113

- -


- appreciation -

17,637

3,818

1,075

2,915

4,743

-

865 282

- depreciation -

-

-

-

-

-

-

- -22

18,780

3,818

1,172

3,416

5,240

(136)

865 282-

-

-

-

-

-

-

- -

(iii) The aggregate value of investments acquired and sold/redeemed during the year/period and these amounts as a percentage of average daily net assets are as follows:Rupees in '000


















Series 63 (91 Days)


March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014Purchases (excluding collateralised lending and fixed deposits)

- amount 262,873

4,256,113

614,057

293,035

1,026,009

1,779,470

202,512

411,463 200,644


Sales (excluding collateralised lending and fixed deposits)

- amount - - - - - - - - -

- as a percentage of average daily net assets - - - - - - - - -

- - - - - - - - -


(iv)

Rupees in '000Axis Fixed Term Plan -

















Series 63 (91 Days)



valued in good faith 263,685

4,303,613

621,955

295,761

1,032,860

1,790,988

202,448

413,127 201,324


















Series 63 (91 Days)




21

4

4

25

29

27

15 14Outstanding and accrued income 1,633

3,325

-

200

1,229

1,294

2,318

- -Amount due from AMC -

-

17

-

-

-

28

24 33Collateralised lending 7,035

5,816

807

1,054

6,946

8,111

7,441

4,156 3,9818,694

9,162

828

1,258

8,200

9,434

9,814

4,195 4,028


March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 20148. INTEREST

Money market instruments - 25,023 4,080 1,388 3,436 6,278 - 799 397Debentures and bonds 1,269 7,023 - 365 1,229 1,294 354 - -Collateralised lending 1,959 5,499 430 248 924 1,193 280 500 147

3,228 37,545 4,510 2,001 5,589 8,765 634 1,299 544



















Series 63 (91 Days)


March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014management fee (excluding service tax) at annualised average rate 0.02% - - 0.05% - 0.01% 0.01% - -




















Series 63 (91 Days)


March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014Income

Income (excluding Net change in marked to market in value of investments) 3,228 37,545 4,510 2,001 5,589 8,765 634 1,299 544



- amount 162 277 95 103 119 91 36 14 3


The aggregate purchases made by all the schemes during the current year and previous year and the fair value of such investments as at March 31, 2014 in companies which have invested in any scheme of the Fund in excess of five per cent of that

scheme's net assets are provided in Attachment 1.






(i)








Axis Capital Protection Oriented Fund - Series 1 Axis Fixed Term Plan - Series 50 (3 Months)






















Axis Fixed Term Plan - Series 48 (3 Years) Axis Yearly Interval Fund - Series 1





Rupees in '000

Axis Fixed Term Plan - Series 53 (1150 Days) Axis Fixed Term Plan - Series 55 (399 Days) Axis Fixed Term Plan - Series 56 (370 Days) Axis Fixed Term Plan - Series 57 (397 Days)










Axis Mutual Fund Trustee Limited Fees for trusteeship services 1 -

9

4

1

1 - -

Axis Asset Management Company Limited 7 5

-

-

-

- 12 12Axis Asset Management Company Limited Receivable for other expenses -

-

17 -

Rupees in '000

Axis Fixed Term Plan - Series 59 (391 Days) Axis Fixed Term Plan - Series 60 (389 Days) Axis Fixed Term Plan - Series 61 (1122 Days) Axis Fixed Term Plan - Series 62 (383 Days) Axis Fixed Term Plan - Series 63 (91 Days)












Axis Mutual Fund Trustee Limited Fees for trusteeship services 1 1 2 2 - - - - - -

Axis Asset Management Company Limited - - 10 10 2 2 - - - -Axis Asset Management Company Limited Receivable for other expenses - - 28 24 33Axis Bank Limited Purchase of securities - - - - - - - - 24,555 -


Rupees in '000




















Bank charges 1 3 #- #- 1 1 #- #- #-



F.Y. 2013-2014 Rupees in '000Particulars Name of Security Type of Security Name of the Scheme Amount invested





12. Investments made during the year / period in the sponsor company and its group companies at cost - Nil


The schemes have not made any investments in derivative products during the year / period ended at March 31, 2014.






Options


















Series 63 (91 Days)


Growth 10.1134 10.1277 10.1316 10.1038 10.0843 10.0757 10.0218 10.0516 10.0402Dividend 10.1135 10.1277 10.1316 10.1038 10.0843 10.0757 10.0218 10.0516 10.0402Quarterly Dividend 10.1277 10.1316 10.1039 10.0843 10.0757 10.0516Half yearly Dividend - 10.0218Direct Growth 10.1201 10.1322 10.1354 10.1074 10.0871 10.0782 10.0234 10.0521 10.0404Direct Dividend - - - - - - - - 10.0404Direct Quarterly Dividend - - - - - -Direct Half yearly Dividend - -



Contingent liabilities as on March 31, 2014: Nil.



17. CREDIT DEFAULT SWAPSThere were no transactions in credit default swaps during the year/period ended March 31, 2014.




















Series 63 (91 Days)


Total Reserves3,088

56,048

8,233

3,070

8,886

13,914

462

2,150 823


22

18,780

3,818

1,172

3,416

5,240

-

865 282



-

-

-

-

-

-

-

- -


37,268

4,415

1,898

5,470

8,674

462

1,285 541











Mumbai

Date:

As these are the first financial statements of Axis Fixed Term Plan - Series 53 (1150 Days), Axis Fixed Term Plan - Series 55 (399 Days), Axis Fixed Term Plan - Series 56 (370 Days), Axis Fixed Term Plan - Series 57 (397 Days), Axis Fixed Term Plan - Series 59 (391 Days), Axis Fixed Term Plan - Series 60 (389 Days), Axis Fixed Term Plan - Series 61 (1122 Days), Axis Fixed Term Plan - Series 62 (383 Days) and Axis Fixed Term Plan - Series 63 (91 Days) since the date of launch, there are no prior period comparatives.





Days)


Days)


Days)


Days)


Days)




Days)


Days)

February 12, 2014 February 28, 2014 March 5, 2014 March 6, 2014 March 12, 2014 March 14, 2014 March 20, 2014 March 20, 2014 March 21, 2014 to to to to to to to to to

March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014 March 31, 2014A. Cashflow from operating activities

Net surplus for the year/period 3,088 56,048 8,233 3,070 8,886 13,914 462 2,150 823

Adjustments for:- Net change in marked to market in value of investments (22)

(18,780)

(3,818)

(1,172)

(3,416)

(5,240)

136

(865) (282)

(Increase) in investments at cost (263,663)

(4,284,833)

(618,137)

(294,589)

(1,029,444)

(1,785,748)

(202,584)

(412,262) (201,042)

(Increase)/decrease in other current assets (1,633)

(3,325)

(17)

(200)

(1,229)

(1,294)

(2,346)

(24) (33)

Increase in current liabilities 154

248

114

105

123

95

70

43 36


(4,250,642)

(613,625)

(292,786)

(1,025,080)

(1,778,273)

(204,262)

(410,958) (200,498)


Increase in unit capital 269,137

4,256,479

614,436

293,844

1,032,051

1,786,413

211,730

415,129 204,493 Dividend paid (including tax thereon) -

-

-

-

-

-

-

- -Net cash generated from financing activities ( B ) 269,137

4,256,479

614,436

293,844

1,032,051

1,786,413

211,730

415,129 204,493

Net increase/(decrease) in cash and cash equivalents (A+B) 7,061

5,837

811

1,058

6,971

8,140

7,468

4,171 3,995

Cash and Cash Equivalents as at the beginning of the year/period -

-

-

-

-

-

-

- -Cash and cash equivalents as at the end of the year/period 7,061

5,837

811

1,058

6,971

8,140

7,468

4,171 3,995

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


21

4

4

25

29

27

15 14Collateralised lending 7,035

5,816

807

1,054

6,946

8,111

7,441

4,156 3,981Total 7,061

5,837

811

1,058

6,971

8,140

7,468

4,171 3,995

-

-

-

-

-

-

-

- -


-

-

-

-

-

- -









Mumbai

Date:

Cash Flow Statement




20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category


201,324

98.06

100.00Andhra Bank* 250 24,631 12.00 12.24IDBI Bank Limited* 600 58,894 28.68 29.25Indian Bank* 600

58,902

28.69

29.26

Indusind Bank Limited* 600

58,897

28.69

29.25

TOTAL 2,050

201,324

98.06

100.00


1.96


100.02


NET ASSETS 205,316 100.00







20.



Net Assets


category



FINANCE 840

844,842

19.59

100.00


424,356

9.84

50.23


420,486

9.75

49.77

TOTAL 840 844,842 19.59 100.00


3,458,771

80.20

100.00

Canara Bank* 1,500

138,406

3.21

4.00ICICI Bank Limited* 9,000

830,083

19.25


829,734

19.24


830,255

19.25

24.00Syndicate Bank* 9,000

830,293

19.25

24.01

TOTAL 37,500

3,458,771

80.20

100.00


0.22

TOTAL ASSETS 4,312,775 100.01


NET ASSETS 4,312,527 100.00






20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category


621,955

99.88

100.00ICICI Bank Limited* 2,000 184,377 29.61 29.65IDBI Bank Limited* 700 64,475 10.35 10.37Indusind Bank Limited* 50

4,602

0.74

0.74

ING Vysya Bank Limited* 2,000

184,252

29.59

29.62

Vijaya Bank* 2,000

184,249

29.59

29.62

TOTAL 6,750

621,955

99.88

100.00

OTHER CURRENT ASSETS 828

0.13


100.01


NET ASSETS 622,669 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 59

59,263

19.96

100.00


30,217

10.18

50.99


29,046

9.78

49.01

TOTAL 59 59,263 19.96 100.00


236,498

79.66

100.00Indusind Bank Limited* 770

70,865

23.87

29.96ING Vysya Bank Limited* 900

82,836

27.90

35.03Karur Vysya Bank Limited* 900

82,797

27.89

35.01

TOTAL 2,570

236,498

79.66

100.00


0.42



NET ASSETS 296,914 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 150

150,373

14.45

60.03


150,373

14.45

60.03

Privately placed / unlisted debentures and bondsFINANCE 100

100,128

9.62

39.97

Tata Capital Housing Finance Limited* 100 100,128 9.62 39.97

TOTAL 250

250,501

24.07

100.00


782,359

75.16

100.00Bank of India* 2,500

229,883

22.08


257,923

24.78

32.97Dena Bank* 3,200

294,553

28.30

37.65

TOTAL 8,500

782,359

75.16

100.00


0.78

TOTAL ASSETS 1,041,060 100.01


NET ASSETS 1,040,937 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category

DEBENTURES AND BONDSPrivately placed / unlisted debentures and bonds

FINANCE 340

340,497

18.91

100.00


170,351

9.46

50.03


170,146

9.45

49.97

TOTAL 340 340,497 18.91 100.00


1,450,491

80.57

100.00

Andhra Bank* 5,000

459,685

25.53


460,717

25.59


202,654

11.26


327,435

18.19

22.57

TOTAL 15,750

1,450,491

80.57

100.00


0.53

TOTAL ASSETS 1,800,422 100.01


NET ASSETS 1,800,327 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 89

89,240

42.05

44.08


29,815

14.05

14.72


29,225

13.77

14.44


30,200

14.23

14.92


DIVERSIFIED 31

31,134

14.67

15.38


31,134

14.67

15.38

FINANCE 82

82,074

38.68

40.54


31,061

14.64

15.34


21,000

9.90

10.37


30,013

14.14

14.83

TOTAL 202

202,448

95.40

100.00


4.63



NET ASSETS 212,192 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category


413,127

99.01

100.00Canara Bank* 600 55,159 13.22 13.34Indusind Bank Limited* 1,300 119,253 28.58 28.87Punjab & Sind Bank* 1,300

119,338

28.60

28.89

Vijaya Bank* 1,300

119,377

28.61

28.90

TOTAL 4,500

413,127

99.01

100.00


1.00


100.01


NET ASSETS 417,279 100.00







20.


(Rs. in 000s)

Percentage to

Net Assets

Percentage to

Investment

category



FINANCE 194

194,504

71.45

73.77


30,372

11.16

11.51


38,759

14.24

14.70


16,997

6.24

6.45


38,670

14.21

14.67



30,446

11.18

11.55


39,168

14.39

14.85


39,168

14.39

14.85

FINANCE 30

30,013

11.03

11.38


30,013

11.03

11.38

TOTAL 263

263,685

96.87

100.00


3.19



NET ASSETS 272,225 100.00







(Rs.in '000)


Year ended

March 31, 2014

Balance as at

March 31, 2014

Year ended

March 31, 2013

Balance as at

March 31, 2013


Axis Banking Debt Fund Purchase of investments 13,763

-

-

-


-

-

-


-

-

-


Axis Income Fund Purchase of investments 54,938 - - -


Axis Fixed Term Plan – Series 61 (1122 Days)

Axis Short Term Fund Purchase of investments 30,605 - - - Sale of investments - - - -



-

-


-

-

-



-

-

-


-

-

-


INDEPENDENT AUDITOR’S REPORT To the Trustees of AXIS 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 the dates mentioned below, the revenue accounts and cash flow statements, for the period as mentioned below, and a summary of significant accounting policies and other explanatory information.

Name of the Scheme Period covered by revenue account and cash flow statements Balance sheet date

Axis Fixed Term Plan - Series 18 (15 Months) 1 April 2013 to 31 May 2013 31 May 2013

Axis Fixed Term Plan - Series 21 (394 Days) 1 April 2013 to 4 April 2013 4 April 2013

Axis Fixed Term Plan - Series 22 (374 Days) 1 April 2013 to 4 April 2013 4 April 2013

Axis Fixed Term Plan - Series 33 (91 Days) 1 April 2013 to 5 June 2013 5 June 2013

Axis Fixed Term Plan - Series 36 (34 Days) 14 August 2013 to 16 September 2013 16 September 2013

Axis Fixed Term Plan - Series 38 (92 Days) 12 September 2013 to 12 December 2013 12 December 2013

Axis Fixed Term Plan - Series 39 (31 Days) 17 September 2013 to 17 October 2013 17 October 2013

Axis Fixed Term Plan - Series 40 (91 Days) 26 September 2013 to 26 December 2013 26 December 2013

Axis Fixed Term Plan - Series 44 (91 Days) 12 December 2013 to 12 March 2014 12 March 2014

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, of the Schemes in accordance with accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the SEBI Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the balance sheet, of the state of affairs of the Schemes as at the dates mentioned above; (b) in the case of the revenue account,of the surplus for the periodas mentioned above; and






For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E perJayesh Gandhi Partner Membership Number: 37924 Place: Mumbai Date:4 July 2014




























May 31, 2013 March 31, 2013 April 04, 2013 March 31, 2013 April 04, 2013 March 31, 2013 June 05, 2013 March 31, 2013 September 16, 2013 December 12, 2013 October 17, 2013 December 26, 2013 March 12, 2014

Schedule

SOURCES OF FUNDS

Unit capital 2(b) & 3 205,846 205,846 1,066,502

1,066,502

1,143,542

1,143,542

251,876

251,876

4,667,452

846,814 2,206,403 224,019 218,397Reserves and surplus 2(b) & 4 23,025 20,431 119,575

118,617

120,440

119,660

2,577

1,650

32,714

5,960 10,127 3,234 1,382Current liabilities 5 1,392 303 331

541

554

528

3,342

72

16,014

13,847 10,328 2,198 3,477230,263 226,580 1,186,408

1,185,660

1,264,536

1,263,730

257,795

253,598

4,716,180

866,621 2,226,858 229,451 223,256


Investments 2(c) & 6 - 221,911 -

1,179,479

-

1,249,461

-

250,980

-

- - - -Other current assets 7 230,263 4,669 1,186,408

6,181

1,264,536

14,269

257,795

2,618

4,716,180

866,621 2,226,858 229,451 223,256230,263 226,580 1,186,408

1,185,660

1,264,536

1,263,730

257,795

253,598

4,716,180

866,621 2,226,858 229,451 223,256











Mumbai

Date:





























April 01, 2013 April 01, 2012 April 01, 2013 April 01, 2012 April 01, 2013 April 01, 2012 April 01, 2013 March 07, 2013 August 14, 2013 September 12, 2013 September 17, 2013 September 26, 2013 December 12, 2013to to to to to to to to to to to to to

May 31, 2013 March 31, 2013 April 04, 2013 March 31, 2013 April 04, 2013 March 31, 2013 June 05, 2013 March 31, 2013 September 16, 2013 December 12, 2013 October 17, 2013 December 26, 2013 March 12, 2014Schedule

INCOME

Interest 2(d) & 8 3,525 20,707 1,001 114,607 1,052 119,852 4,226 1,554 49,242 22,846 20,520 5,443 4,809

Profit on inter-scheme transfer/sale of investments, net 2(d) - - - - - - - - - - - - 10Net change in marked to market in value of investments 2(c) & 6(ii) 382 617 - (4,089) - (2,098) (100) 100 - - - - -

Total 3,907 21,324 1,001 110,518 1,052 117,754 4,126 1,654 49,242 22,846 20,520 5,443 4,819

EXPENSES AND LOSSES

Management fee 9 133 757

23

1,886

11

801

-

-

1,137

391 339 28 32

Trusteeship fee 9 1 3

2

14

2

15

1

-

13

4 6 1 1

Investor education expense 8 22

3

116

3

123

9

3

87

43 38 11 11

Custodian service charges 3 18

1

96

1

102

4

1

37

18 16 5 5

Registrar service charges 23 138

1

136

2

139

24

11

49

34 21 34 34

Commission to distributors - -

-

-

-

-

-

-

127

72 23 76 16

Audit fee 56 56

57

57

57

56

56

56

56

56 56 56 56

Listing fee 3 56

3

56

1

56

-

17

37

35 18 31 33

Other operating expenses 29 106

19

271

19

139

10

-

165

69 62 9 4

Less: Expenses reimbursed/to be reimbursed by AMC (87) (243)

(82)

(106)

(81)

(26)

(90)

(84)

(167)

(68) (92) (98) (107)

Total 169 913

27

2,526

15

1,405

14

4

1,541

654 487 153 85

Surplus for the year/period 3,738 20,411 974

107,992

1,037

116,349

4,112

1,650

47,701

22,192 20,033 5,290 4,734

Transfer to unrealised appreciation reserve - -

-

4,089

-

2,098

100

(100)

-

- - - -

Transfer from / (to) retained surplus 899 14

16

4

252

4

857

-

-

- - - -

Income distribution on capital account (1,002) (442)

(14)

(48)

(222)

(238)

(2,394)

-

(11,211)

(12,247) (7,448) (1,579) (2,519)

Income-tax on distributed income (142) (60)

(2)

(7)

(35)

(66)

(791)

-

(3,776)

(3,985) (2,458) (477) (833)Surplus transferred to the retained surplus 4 3,493 19,923 974

112,030

1,032

118,147

1,884

1,550

32,714

5,960 10,127 3,234 1,382











Mumbai

Date:


1. BACKGROUND



Close ended debt scheme February 13 2012 to

February 27 2012



March 06 2012



March 26 2012



March 06 2013

Axis Fixed Term Plan - Series 36 (34) Days

Close ended debt scheme August 12, 2013 to

August 13, 2013


Close ended debt scheme September 06, 2013 to

September 11, 2013



September 16, 2013



September 25, 2013


Close ended debt scheme December 03, 2013 to

December 11, 2013






Schedules to the financial statements for the period ended as at reporting date




Growth DividendQuarterly Dividend





Axis Bank Limited holds 75% of the total issued and paid up equity share capital of Axis Asset Management Company Limited and the balance 25% plus oneequity share is held by Schroders Investment Management (Singapore) Limited (SIMSL) through its wholly owned subsidiary, Schroders Singapore HoldingsPrivate Limited (SSHPL), both subsidiaries of Schroders plc.

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.






The financial statements have been drawn up as on maturity date of the 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 AMCand the Trustee, 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-endoutstanding units by previous day's closing NAV.











(b) Unit capital


(c) Investments








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


All debt securities with residual maturity upto 60 days, are valued based on yield to maturity derived from trades done by schemes managed by the AMC. If thereare no trades done by schemes managed by the AMC for the said security then the securities are valued on the basis of amortized cost based on purchase priceor last traded market price, which includes discount / premium accrued on a straight line basis over the period 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 theabove band, the YTM of the security is adjusted to bring the price within the ±0.10% band.

Prior to November 29, 2013, all quoted debt investments other than thinly traded debt investments with residual maturity greater than 60 days, are considered atprices derived from the weighted average yield to maturity of the traded securities as at the valuation date as obtained from a public platform (FIMMDA / NSEWDM / BSE WDM) using traded volume thresholds or based on yield to maturity derived from trades done by schemes managed by Axis AMC.

Prior to November 29, 2013, all non-traded / thinly traded money market securities, floating rate securities and debt securities with residual maturity greater than60 days, are valued using the average of the yields released by CRISIL and ICRA, as suggested by AMFI.

W.e.f. November 29, 2013, all debt securities with residual maturity greater than 60 days, are valued using the simple average of the prices released by CRISILand ICRA, as suggested by AMFI. In case of new purchases which are not a part of the list of CRISIL and ICRA security level pricing, such securities are valuedat weighted average cost/yield on the day of purchase.

The net unrealized appreciation / depreciation in the value of investments is determined separately for each category of investments. The change in netunrealized gain / loss, between two balance sheet dates is recognized in the revenue account and net unrealized gain, if any, is thereafter appropriated to theunrealized appreciation reserve.


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



Treasury Bills with residual maturity greater than 60 days, are valued at the average of the prices released by CRISIL and ICRA, as suggested by AMFI, on thebasis of the valuation principles laid down by SEBI. The difference between last traded/valued price and T+1 aggregated price received from CRISIL and ICRA isamortised linearly upto the day preceding the next business day.


W.e.f September 19, 2013, treasury 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 amortizedcost based on purchase price or last traded market price, which includes discount / premium accrued on a straight line basis over the period to maturity as longas 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 theamortized value is outside the above band, the YTM of the security is adjusted to bring the price within the ±0.10% band.


3. Unit Capital

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

GrowthOutstanding, beginning of year/period 19,191,022.000 191,910 19,191,022.000 191,910 106,584,725.000 1,065,847 106,584,725.000 1,065,847 113,815,322.000 1,138,153 113,815,322.000 1,138,153 6,266,464.000 62,665Issued-new fund offer - - - - - - - - - - - - - - 6,266,464.000 62,665Outstanding, end of year/period 19,191,022.000 191,910 19,191,022.000 191,910 106,584,725.000 1,065,847 106,584,725.000 1,065,847 113,815,322.000 1,138,153 113,815,322.000 1,138,153 6,266,464.000 62,665 6,266,464.000 62,665

DividendOutstanding, beginning of year/period 835,561.000 8,356 835,561.000 8,356

10,490.000

105

10,490.000

105

218,865.000

2,189

218,865.000

2,189 4,416,080.000 44,161Issued-new fund offer - - - -

-

-

-

-

-

-

-

- - - 4,416,080.000 44,161Outstanding, end of year/period 835,561.000 8,356 835,561.000 8,356

10,490.000

105

10,490.000

105

218,865.000

2,189

218,865.000

2,189 4,416,080.000 44,161 4,416,080.000 44,161

Quarterly DividendOutstanding, beginning of year/period 558,040.000 5,580 558,040.000 5,580

54,980.000

550

54,980.000

550

319,990.000

3,200

319,990.000

3,200Issued-new fund offer - - - -

-

-

-

-

-

-

-

-Outstanding, end of year/period 558,040.000 5,580 558,040.000 5,580

54,980.000

550

54,980.000

550

319,990.000

3,200

319,990.000

3,200

Direct GrowthOutstanding, beginning of year 5,003,000.000 50,030Issued-new fund offer - - 5,003,000.000 50,030Outstanding, end of year/period 5,003,000.000 50,030 5,003,000.000 50,030

Direct DividendOutstanding, beginning of year 9,502,000.000 95,020Issued-new fund offer - - 9,502,000.000 95,020Outstanding, end of year/period 9,502,000.000 95,020 9,502,000.000 95,020

Direct Quarterly DividendOutstanding, beginning of yearIssued-new fund offerOutstanding, end of year/period

TotalOutstanding, beginning of period 20,584,623.000 205,846 20,584,623.000 205,846 106,650,195.000 1,066,502 106,650,195.000 1,066,502 114,354,177.000 1,143,542 114,354,177.000 1,143,542 25,187,544.000 251,876 - -Issued-new fund offer - - - - - - - - - - - - - - 25,187,544.000 251,876Outstanding, end of year/period 20,584,623.000 205,846 20,584,623.000 205,846 106,650,195.000 1,066,502 106,650,195.000 1,066,502 114,354,177.000 1,143,542 114,354,177.000 1,143,542 25,187,544.000 251,876 25,187,544.000 251,876



Face Value Rs. 10 each fully paid upFace Value Rs. 10 each fully paid upJune 05, 2013May 31, 2013


Months) April 04, 2013

Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up Face Value Rs. 10 each fully paid up


Days)

Axis Fixed Term Plan-Series 18 (15

Months) March 31, 2013


Days) April 04, 2013





Days)







3. Unit Capital



GrowthOutstanding, beginning of year/periodIssued-new fund offer 190,563,421.000 1,905,634

17,455,558.000

174,556

19,417,576.000

194,176

7,810,947.000

78,109

6,221,527.000 62,215Outstanding, end of year/period 190,563,421.000 1,905,634

17,455,558.000

174,556

19,417,576.000

194,176

7,810,947.000

78,109

6,221,527.000 62,215

DividendOutstanding, beginning of year/periodIssued-new fund offer 48,938,133.000 489,381

49,634,653.000

496,347

47,995,941.000

479,959

8,147,197.000

81,472

15,081,190.000 150,812Outstanding, end of year/period 48,938,133.000 489,381

49,634,653.000

496,347

47,995,941.000

479,959

8,147,197.000

81,472

15,081,190.000 150,812

Quarterly DividendOutstanding, beginning of year/periodIssued-new fund offerOutstanding, end of year/period

Direct GrowthOutstanding, beginning of yearIssued-new fund offer 129,629,316.000 1,296,293

5,229,462.000

52,295

92,058,078.000

920,581

5,840,721.000

58,407

152,500.000 1,525Outstanding, end of year/period 129,629,316.000 1,296,293

5,229,462.000

52,295

92,058,078.000

920,581

5,840,721.000

58,407

152,500.000 1,525

Direct DividendOutstanding, beginning of yearIssued-new fund offer 97,614,410.000 976,144

12,361,641.000

123,616

61,168,666.000

611,687

603,105.000

6,031

384,483.000 3,845Outstanding, end of year/period 97,614,410.000 976,144

12,361,641.000

123,616

61,168,666.000

611,687

603,105.000

6,031

384,483.000 3,845

Direct Quarterly DividendOutstanding, beginning of yearIssued-new fund offerOutstanding, end of year/period

TotalOutstanding, beginning of period - - - - - - - - - -Issued-new fund offer 466,745,280.000 4,667,452 84,681,314.000 846,814 220,640,261.000 2,206,403 22,401,970.000 224,019 21,839,700.000 218,397Outstanding, end of year/period 466,745,280.000 4,667,452 84,681,314.000 846,814 220,640,261.000 2,206,403 22,401,970.000 224,019 21,839,700.000 218,397


Days) September 16, 2013



Days) December 12, 2013






Days) October 17, 2013



Days) December 26, 2013




Rupees in '000














Series 33 (91 Days)


Series 33 (91 Days)


Series 36 (34 Days)


Series 38 (92 Days)


Series 39 (31 Days)


Series 40 (91 Days)


Series 44 (91 Days)




Balance, beginning of year/period - - - 4,089 - 2,098 100 - - - - - -Unrealised appreciation in value of investments - - - (4,089) - (2,098) (100) 100 - - - - -Balance, end of year/period - - - - - - - 100 - - - - -

Retained surplus

Balance, beginning of year/period 20,431 522 118,617 6,591 119,660 1,517 1,550 - - - - - -Transferred to revenue account (899) (14) (16) (4) (252) (4) (857) - - - - - -Surplus transferred from revenue account 3,493 19,923 974 112,030 1,032 118,147 1,884 1,550 32,714 5,960 10,127 3,234 1,382Balance, end of year/period 23,025 20,431 119,575 118,617 120,440 119,660 2,577 1,550 32,714 5,960 10,127 3,234 1,382

Total reserves 23,025 20,431 119,575 118,617 120,440 119,660 2,577 1,650 32,714 5,960 10,127 3,234 1,382



RG Growth 23,025 19,532 119,575 118,600 120,440 119,408 1,430 409 19,441 4,576 1,757 1,834 1,349RD Dividend - 850 - 12 - 230 - 288 - - - - -RQ Quarterly Dividend - 49 - 5 - 22ZG Direct Growth 1,147 328 13,273 1,384 8,370 1,400 33ZD Direct Dividend - 625 - - - - -ZQ Direct Quarterly Dividend

23,025 20,431 119,575 118,617 120,440 119,660 2,577 1,650 32,714 5,960 10,127 3,234 1,382

- - - - - - - - -


Amount due to AMC - Management fees 77 75 46 345 22 247 - - 602 57 209 9 5Trusteeship fee payable - - 3 1 3 1 - - 7 1 3 - -Dividend payable on units 1,002 123 15 15 222 75 2,395 - 11,211 10,258 7,448 1,579 2,520Dividend distribution tax payable 142 17 2 2 34 21 792 - 3,776 3,338 2,457 477 833Unclaimed dividend - - - - - - - - - - 22 - -Commission to distributors payable - - - - - - - - 127 50 22 12 4Audit fees payable 102 51 103 51 103 51 102 51 51 51 51 51 51Custody fees payable 3 2 10 8 10 9 2 1 37 14 16 29 30Investor education expense provision 23 17 92 90 98 96 10 3 87 34 35 7 10Other current liabilities 43 18 60 29 62 28 41 17 116 44 65 34 24

1,392 303 331 541 554 528 3,342 72 16,014 13,847 10,328 2,198 3,477

6. INVESTMENTS

Listed debentures and bonds - 221,911 - - - - - - - - - - -Certificates of deposit - - -

1,179,479

-

1,249,461

-

250,980

-

- - - -

- 221,911 -

1,179,479

-

1,249,461

-

250,980

-

- - - -

#REF! 253,513

#REF! 1,199,859
















Series 33 (91 Days)


Series 33 (91 Days)


Series 36 (34 Days)


Series 38 (92 Days)


Series 39 (31 Days)


Series 40 (91 Days)


Series 44 (91 Days)

May 31, 2013 March 31, 2013 April 04, 2013 March 31, 2013 April 04, 2013 March 31, 2013 June 05, 2013 March 31, 2013 September 16, 2013 December 12, 2013 October 17, 2013 December 26, 2013 March 12, 2014Listed debentures and bonds

- appreciation - - -

-

-

-

-

-

-

- - - -

- depreciation - 382 -

-

-

-

-

-

-

- - - -


- appreciation - - -

-

-

-

-

101

-

- - - -

- depreciation - - -

-

-

-

-

1

-

- - - -

-

(451)


(iii) The aggregate value of investments acquired and sold/redeemed during the year/period and these amounts as a percentage of average daily net assets are as follows:Rupees in '000














Series 33 (91 Days)


Series 33 (91 Days)


Series 36 (34 Days)


Series 38 (92 Days)


Series 39 (31 Days)


Series 40 (91 Days)


Series 44 (91 Days)



Purchases (excluding collateralised lending and fixed deposits)

- amount - - - 1,178,349 - 1,248,265 - 249,523 4,657,776 843,274 2,201,129 223,874 222,373

- as a percentage of average daily net assets - - -

103.81% -

103.22% -

98.72% 99.28% 98.41% 99.31% 98.70% 100.73%

Sales (excluding collateralised lending and fixed deposits)

- amount 225,124 - 1,180,000

1,180,000

1,250,000

1,255,000

255,000

-

4,700,000

865,000 2,220,000 229,000 226,918

- as a percentage of average daily net assets 98.63% - 99.52% 103.96% 98.91% 103.78% 99.69% -

100.18% 100.95% 100.16% 100.96% 102.79%

- -

-

-

-

- - - -

(iv)














Series 33 (91 Days)


Series 33 (91 Days)


Series 36 (34 Days)


Series 38 (92 Days)


Series 39 (31 Days)


Series 40 (91 Days)


Series 44 (91 Days)


(v) Aggregate fair value of non traded

investments as on reporting date valued in

good faith

- 221,911 - 1,179,479 - 1,249,461 - 250,980 - - - - -














Series 33 (91 Days)


Series 33 (91 Days)


Series 36 (34 Days)


Series 38 (92 Days)


Series 39 (31 Days)


Series 40 (91 Days)


Series 44 (91 Days)



Balances with banks in current accounts - - 1 - 1 1 - - - 341 24 23 74Interscheme receivable - - - - - - - - - 4 - 1 -Outstanding and accrued income - 3,340 - - - - - - - - - - -Amount due from AMC 87 243 187 105 107 25 90 85 167 60 92 86 96Collateralised lending 230,176 1,086 1,186,220 6,076 1,264,428 14,243 257,705 2,533 4,716,013 866,216 2,226,742 229,341 223,086

230,263 4,669 1,186,408 6,181 1,264,536 14,269 257,795 2,618 4,716,180 866,621 2,226,858 229,451 223,256



8. INTEREST

Money market instruments - - 518 113,710 537 118,878 4,115 1,358 42,225 21,726 18,873 5,126 4,535Debentures and bonds 3,430 20,571 - - - - - - - - - - -Collateralised lending 95 136 483 897 515 974 111 196 7,017 1,120 1,647 317 274

3,525 20,707 1,001 114,607 1,052 119,852 4,226 1,554 49,242 22,846 20,520 5,443 4,809

- - - - - - - - -

The aggregate purchases made by all the schemes during the current year and previous year and the fair value of such investments as at March 31, 2014 in companies which have invested in any scheme of the Fund in excess of five per cent of that scheme's net assets are provided in Attachment 1.
















Series 33 (91 Days)


Series 33 (91 Days)


Series 36 (34 Days)


Series 38 (92 Days)


Series 39 (31 Days)


Series 40 (91 Days)


Series 44 (91 Days)


May 31, 2013 March 31, 2013 April 4, 2013 March 31, 2013 April 4, 2013 March 31, 2013 June 5, 2013 March 31, 2013 September 16, 2013 December 12, 2013 October 17, 2013 December 26, 2013 March 12, 2014Management fee (excluding service tax) at annualised average rate 0.35% 0.35% 0.18% 0.17% 0.08% 0.07% - - 0.26% 0.18% 0.18% 0.05% 0.06%
















Series 33 (91 Days)


Series 33 (91 Days)


Series 36 (34 Days)


Series 38 (92 Days)


Series 39 (31 Days)


Series 40 (91 Days)


Series 44 (91 Days)


May 31, 2013 March 31, 2013 April 04, 2013 March 31, 2013 April 04, 2013 March 31, 2013 June 05, 2013 March 31, 2013 September 16, 2013 December 12, 2013 October 17, 2013 December 26, 2013 March 12, 2014Income (excluding Net change in marked to market in value of investments)

- amount 3,525 20,707 1,001 114,607 1,052 119,852 4,226 1,554 49,242 22,846 20,520 5,443 4,819

- as a percentage of average daily net assets 9.24% 9.57% 7.70% 10.10% 7.60% 9.91% 9.14% 8.98% 11.27% 10.58% 10.90% 9.52% 8.76%


- amount 169 913 27 2,526 15 1,405 14 4 1,541 654 487 153 85

- as a percentage of average daily net assets 0.44% 0.42% 0.21% 0.22% 0.11% 0.12% 0.03% 0.02% 0.35% 0.30% 0.26% 0.27% 0.15%

The Schemes pay fees for investment management services under an agreement with the AMC, which provides for computation of such fee as a percentage of Scheme's average daily net assets, after excluding the net asset value of the investments by the AMC in the scheme, the net asset value of the investments made in other schemes and fixed deposits as applicable. During the period ended as at reporting date, the Schemes have paid management fee at annualised average rate as follows:





(i)























Axis Fixed Term Plan - Series 48 (3 Years) Axis Income Fund


Axis Fixed Term Plan - Series 50 (3 Months) Axis Liquid Fund













Rupees in '000


Period ended May 31, 2013

Balance as at May 31, 2013



Period ended April 04, 2013

Balance as at April 04, 2013




Balance as at April 04, 2013



Axis Mutual Fund Trustee Limited Fees for trusteeship services 1 -

3

-

2

3

14

1

2

3 15 1

Axis Asset Management Company Limited 149 77

851

75

26

46

2,119

345

12

22 900 247Axis Asset Management Company Limited Receivable for other expenses 87

243

187

105

107 25

Rupees in '000

Axis Fixed Term Plan - Series 36 (34 Days) Axis Fixed Term Plan - Series 38 (92 Days) Axis Fixed Term Plan - Series 39 (31 Days) Axis Fixed Term Plan - Series 39 (31 Days) Axis Fixed Term Plan - Series 44 (91 Days)

Name of Related Party Nature of transactionsPeriod ended June 05,

2013Balance as at June 05,

2013Period ended



September 16, 2013Balance as at

September 16, 2013Period ended

December 12, 2013Balance as at

December 12, 2013Period ended October

17, 2013Balance as at October

17, 2013Period ended

December 26, 2013Balance as at

December 26, 2013Period ended March

12, 2014Balance as at March

12, 2014Axis Mutual Fund Trustee Limited Fees for trusteeship services 1 -

-

-

13

7

4

1

6

3 1 - 1 -

Axis Asset Management Company Limited - -

-

-

1,278

602

439

57

381

209 31 9 36 5Axis Asset Management Company Limited Receivable for other expenses 90

85

167

60

92 86 96Axis Capital Limited Subscription of units at NAV - -

-

-

500,000

-

-

-

-

- - - - -Axis Capital Limited Redemption of units at NAV - -

-

-

505,100

-

-

-

-

- - - - -Axis Securities Limited Commission paid on distribution of units 27


Rupees in '000














Period ended May 31, 2013






Period ended June 05, 2013


Period ended September 16, 2013

Period ended December 12, 2013

Period ended October 17, 2013

Period ended December 26, 2013



Bank charges #- #- 1 1 2 1 #- #- 2 1 3 #- #-

Commission paid on distribution of units * - - - - - - - - 8 #- - - -

The Central Depository Services (India)

Ltd (Associate)Folio maintenance and corporate action charges 1 56 - 56 - 56 - - - - - 28 28



Rupees in '000














Investments made by the SchemePeriod ended May 31,


2013Period ended April 04,


2013Period ended April 04,


2013Period ended June 05,

2013Period ended March


September 16, 2013Period ended

December 12, 2013Period ended October


December 26, 2013Period ended March

12, 2014Axis Bank Limited - - - - - - - - - - - - -

Investment made by other schemes - 284,200 - 284,200 - 284,200 - 284,200 - - - - -

Total investments * - 284,200 - 284,200 - 284,200 - 284,200 - - - - -



The schemes have not made any investments in derivative products for the period ended as at reporting date (Previous year: Nil)


Axis Fixed Term Plan - Series 18 (15 Months) Axis Fixed Term Plan - Series 21 (394 Days) Axis Fixed Term Plan - Series 22 (374 Days)





Options













May 31, 2013 March 31, 2013 April 04, 2013 March 31, 2013 April 04, 2013 March 31, 2013Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10

Growth 11.1998 11.0176 11.1219 11.1127 11.0582 11.0491Dividend 10.0000 11.0176 10.0000 11.1127 10.0000 11.0491Quarterly Dividend 10.0000 10.0870 10.0000 10.0821 10.0000 10.0703

Rupees

Options


Series 33 (91 Days)


Series 33 (91 Days)


Series 36 (34 Days)


Series 38 (92 Days)


Series 39 (31 Days)


Series 40 (91 Days)


Series 44 (91 Days)

June 05, 2013 March 31, 2013 September 16, 2013 December 12, 2013 October 17, 2013 December 26, 2013 March 12, 2014Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10

Growth 10.2284 10.0653 10.1020 10.2622 10.0905 10.2346 10.2167Dividend 10.0000 10.0653 10.0000 10.0000 10.0000 10.0000 10.0000Direct Growth 10.2292 10.0655 10.1024 10.2647 10.0909 10.2398 10.2180Direct Dividend 10.0000 10.0655 10.0000 10.0000 10.0000 10.0000 10.0000

The net asset value of the Scheme’s units are determined separately for units issued under the options after including the respective unit capital and reserves and surplus.The net asset value disclosed above represents the computed NAV as on balance sheet date.


Contingent liabilities as at reporting date : Nil (Previous year - Nil).



17. CREDIT DEFAULT SWAPSThere were no transactions in credit default swaps for the period ended as at reporting date. (Previous year - Nil).









Series 33 (91 Days)


Series 36 (34 Days)


Series 38 (92 Days)


Series 39 (31 Days)


Series 40 (91 Days)


Series 44 (91 Days)



119,575

120,440

2,577

32,714

5,960

10,127

3,234 1,382Less : Unrealised appreciation on investments as on reporting date at portfolio level

-

-

-

-

-

-

-

- -



- - - - - - - - -Distributable Surplus

23,025 119,575 120,440 2,577 32,714 5,960 10,127 3,234 1,382











Series 33 (91 Days)


Surplus / (Deficit) as per revenue account for the previous year 20,411

112,081

118,447

1,550


-

4,089

2,098

(100)


20,411

107,992

116,349

1,650











Mumbai

Date:

As these are the first financial statements of Axis Fixed Term Plan Series 36 (34 Days), Axis Fixed Term Plan Series 38 (92 Days), Axis Fixed Term Plan Series 39 (31 Days), Axis Fixed Term Plan Series 40 (91 Days) and Axis Fixed Term Plan Series 44 (91 Days) since the date of launch, there are no prior period comparatives. The prior period figures and current period figures are for a period of less than one year and hence are not comparable.






























April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 April 1, 2012 April 1, 2013 March 7, 2013 August 14, 2013 September 12, 2013 September 17, 2013 September 26, 2013 December 12, 2013 to to to to to to to to to to to to to

May 31, 2013 March 31, 2013 April 04, 2013 March 31, 2013 April 04, 2013 March 31, 2013 June 05, 2013 March 31, 2013 September 16, 2013 December 12, 2013 October 17, 2013 December 26, 2013 March 12, 2014A. Cashflow from operating activities

Net surplus for the year/period 3,738 20,411 974 107,992 1,037 116,349 4,112 1,650 47,701 22,192 20,033 5,290 4,734

Adjustments for:-

Change in provision for net unrealised loss in value of investments (382) (617) - 4,089 - 2,098 100 (100) - - - - -

(Increase) in investments at cost 222,293 (17,266) 1,179,479 (112,059) 1,249,461 (112,142) 250,880 (250,880) - - - - -

(Increase)/decrease in other current assets 3,496 (3,446) (82) 13 (82) 66 (5) (85) (167) (64) (92) (87) (96)

Increase in current liabilities 85 21 (210) 334 (134) 368 83 72 1,027 251 423 142 124

Net cash used in operations ( A ) 229,230 (897) 1,180,161 369 1,250,282 6,739 255,170 (249,343) 48,561 22,379 20,364 5,345 4,762


Increase in unit capital - -

-

-

-

-

-

251,876

4,667,452 846,814 2,206,403 224,019 218,397 Dividend paid (including tax thereon) (140) (362)

(16)

(38)

(97)

(208)

2

-

- (2,636) (1) - 1Net cash generated from financing activities ( B ) (140) (362)

(16)

(38)

(97)

(208)

2

251,876

4,667,452 844,178 2,206,402 224,019 218,398

Net increase/(decrease) in cash and cash equivalents (A+B) 229,090 (1,259)

1,180,145

331

1,250,185

6,531

255,172

2,533

4,716,013 866,557 2,226,766 229,364 223,160

Cash and Cash Equivalents as at the beginning of the year/period 1,086 2,345

6,076

5,745

14,244

7,713

2,533

-

- - - - -Cash and cash equivalents as at the end of the year/period 230,176 1,086

1,186,221

6,076

1,264,429

14,244

257,705

2,533

4,716,013 866,557 2,226,766 229,364 223,160

Component of cash and cash equivalents May 31, 2013 March 31, 2013 April 4, 2013 March 31, 2013 April 4, 2013 March 31, 2013 June 5, 2013 March 31, 2013 September 16, 2013 December 12, 2013 October 17, 2013 December 26, 2013 March 12, 2014

Balances with banks in current accounts - -

1

-

1

1

-

-

- 341 24 23 74Collateralised lending 230,176 1,086

1,186,220

6,076

1,264,428

14,243

257,705

2,533

4,716,013 866,216 2,226,742 229,341 223,086Total 230,176 1,086

1,186,221

6,076

1,264,429

14,244

257,705

2,533

4,716,013 866,557 2,226,766 229,364 223,160

As per our report of even date. - -

-

-

-

-

-

-

- - - - -









Mumbai

Date:



(Rs.in '000)


Period ended

March 31, 2014

Balance as at

March 31, 2014

Year ended

March 31, 2013

Balance as at

March 31, 2013

Axis Fixed Term Plan – Series 36 (34 Days)


-

-

-


-

-

-

Axis Treasury Advantage Fund Purchase of investments 1,734,175

-

-

-


-

-

-





Axis Banking Debt Fund Purchase of investments 26,523 - - - Sale of investments - - - -

Axis Treasury Advantage Fund Purchase of investments - - - - Sale of investments 5,418

-

-

-


Axis Liquid Fund Purchase of investments -

-

998,564


-

-

-


Axis Liquid Fund Purchase of investments -

-

499,222

-


-

-

-

Axis Treasury Advantage Fund Purchase of investments -

-

749,043

-


-

-

-



Attachment 1

Investments made by the schemes of Axis Mutual Fund in Companies or their subsidiaries that have invested more than 5% of the net assets of any scheme

Name of the Company Name of the scheme invested by the Company

Investments made by the Schemes of Axis Mutual Fund in the

Company or its subsidiary

Aggregate cost of

acquisition during the

period ended March 31,

2014 (Rupees in Lakhs)

Outstanding as on

March 31, 2014

(Rupees in Lakhs)

ASIAN PAINTS LIMITED AXIS FIXED TERM PLAN – SERIES 36 (34 DAYS) AXIS EQUITY FUND 251.72 -

AXIS FIXED TERM PLAN – SERIES 39 (31 DAYS) AXIS LONG TERM EQUITY FUND 1,748.00 2,067.31

AXIS TREASURY ADVANTAGE FUND AXIS TRIPLE ADVANTAGE FUND 490.53 -

AXIS BANK LIMITED AXIS LIQUID FUND AXIS EQUITY FUND 900.00 -

AXIS INCOME SAVER 22.00 -

AXIS MIDCAP FUND 20.00 -

AXIS TRIPLE ADVANTAGE FUND 1,900.00 -

BAJAJ AUTO LIMITED AXIS FIXED TERM PLAN - SERIES 43 (511 DAYS) AXIS EQUITY FUND 787.93 -

AXIS FIXED TERM PLAN - SERIES 47 (483 DAYS) AXIS TRIPLE ADVANTAGE FUND 173.39 -

AXIS FIXED TERM PLAN – SERIES 49 (437 DAYS)

AXIS FIXED TERM PLAN - SERIES 52 (428 DAYS)




BHARTI AIRTEL LIMITED AXIS LIQUID FUND AXIS EQUITY FUND 1,879.76 1,668.19

AXIS FOCUSED 25 FUND 250.40 -

AXIS LONG TERM EQUITY FUND 73.12 -


CAIRN INDIA LIMITED AXIS FIXED TERM PLAN - SERIES 55 (399 DAYS) AXIS EQUITY FUND 566.84 -

AXIS FIXED TERM PLAN – SERIES 60 (389 DAYS) AXIS LIQUID FUND 25,433.62 -

AXIS LONG TERM EQUITY FUND 573.25 -

AXIS TREASURY ADVANTAGE FUND 12,071.20 -

AXIS TRIPLE ADVANTAGE FUND 79.28 -

DR. REDDY'S LABORATORIES LIMITED AXIS BANKING DEBT FUND AXIS EQUITY FUND 964.96 -


AXIS INCOME SAVER 164.82 153.83

AXIS TRIPLE ADVANTAGE FUND 1,445.81 354.51

HERO MOTOCORP LIMITED AXIS FIXED TERM PLAN – SERIES 40 (91 DAYS) AXIS FOCUSED 25 FUND 463.56 517.52

AXIS LIQUID FUND AXIS TRIPLE ADVANTAGE FUND 494.14 454.96

HINDALCO INDUSTRIES LIMITED AXIS SHORT TERM FUND AXIS DYNAMIC BOND FUND 506.20 -

AXIS FIXED TERM PLAN – SERIES 33 (91DAYS) AXIS EQUITY FUND 713.47 -

AXIS FIXED TERM PLAN – SERIES 50 (3 MONTHS) AXIS INCOME FUND 1,020.97 -

AXIS SHORT TERM FUND AXIS INCOME SAVER 96.02 -

AXIS TRIPLE ADVANTAGE FUND 4,517.77 1,950.22

HINDUSTAN ZINC LIMITED AXIS FIXED TERM PLAN – SERIES 21 (394 DAYS) AXIS EQUITY FUND 124.84 -

AXIS FIXED TERM PLAN - SERIES 47 (483 DAYS) AXIS FOCUSED 25 FUND 304.20 292.60

AXIS FIXED TERM PLAN – SERIES 49 (437 DAYS) AXIS INCOME SAVER 68.90 -

AXIS FIXED TERM PLAN - SERIES 55 (399 DAYS) AXIS LONG TERM EQUITY FUND 280.37 -

AXIS FIXED TERM PLAN - SERIES 59 (391 DAYS) AXIS TRIPLE ADVANTAGE FUND 521.90 -


ICICI BANK LIMITED AXIS LIQUID FUND AXIS BANKING DEBT FUND 14,653.91 8,315.51

AXIS EQUITY FUND 7,180.40 4,482.18

AXIS FIXED TERM PLAN - SERIES 24 (3 MONTHS) 683.97 -

AXIS FIXED TERM PLAN – SERIES 40 (91 DAYS) 488.26 -

AXIS FIXED TERM PLAN - SERIES 44 (91 DAYS) 489.79 -

AXIS FIXED TERM PLAN – SERIES 55 (399 DAYS) 8,200.22 8,300.83


AXIS FOCUSED 25 FUND 2,184.54 926.94


AXIS LIQUID FUND 66,623.78 2,467.44

AXIS LONG TERM EQUITY FUND 5,870.12 4,793.44



ICICI HOME FINANCE COMPANY LIMITED AXIS HYBRID FUND - SERIES 1 1,068.92 618.51

(SUBSIDIARY OF ICICI BANK LIMITED) AXIS HYBRID FUND - SERIES 2 1,386.26 802.13

AXIS HYBRID FUND - SERIES 3 567.87 328.58

AXIS INCOME FUND 2,000.00 -


AXIS SHORT TERM FUND 1,500.00 1,495.12


ICICI SEC PRIMARY DEALERSHIP LIMITED. AXIS LIQUID FUND 32,200.72 -

(SUBSIDIARY OF ICICI BANK LIMITED)

ICRA LIMITED AXIS FIXED TERM PLAN – SERIES 21 (394 DAYS) AXIS INCOME SAVER 81.02 -

AXIS FIXED TERM PLAN - SERIES 52 (428 DAYS) AXIS MIDCAP FUND 280.04 854.15

AXIS SMALL CAP FUND 469.94 569.43

INDIABULLS HOUSING FINANCE LIMITED AXIS LIQUID FUND AXIS DYNAMIC BOND FUND 995.19 -

AXIS FIXED TERM PLAN – SERIES 39 (31 DAYS) 1,486.95 -

AXIS FIXED TERM PLAN – SERIES 53 (1150 DAYS) 300.00 303.72


AXIS HYBRID FUND - SERIES 9 (1282 DAYS) 1,500.00 1,520.98

AXIS LIQUID FUND 230,887.83 9,889.78


AXIS TREASURY ADVANTAGE FUND 40,667.75 7,376.74

INFOSYS LIMITED AXIS LIQUID FUND AXIS EQUITY FUND 3,055.29 4,924.20



AXIS LONG TERM EQUITY FUND 1,391.47 -


ITC LIMITED AXIS LIQUID FUND AXIS EQUITY FUND 6,578.07 2,293.53





JYOTHY LABORATORIES LIMITED AXIS TREASURY ADVANTAGE FUND AXIS MIDCAP FUND 26.50 -

Disclosure under Regulation 25 (11) of SEBI (Mutual Fund) Regulations, 1996

Company invested in the scheme Investment made by the scheme in the company

LIC HOUSING FINANCE LIMITED AXIS LIQUID FUND AXIS CAPITAL PROTECTION ORIENTED FUND - SERIES 1 - 2,751.10

AXIS CAPITAL PROTECTION ORIENTED FUND-SERIES 2 - 2,281.08

AXIS CAPITAL PROTECTION ORIENTED FUND-SERIES 3 611.33 3,588.01


AXIS CAPITAL PROTECTION ORIENTED FUND-SERIES 5 3,000.00 2,987.64

AXIS DYNAMIC BOND FUND 3,558.84 1,741.82

AXIS EQUITY FUND 537.88 -


AXIS FIXED TERM PLAN - SERIES 47 (483 DAYS) 1,503.37 1,501.82

AXIS FIXED TERM PLAN – SERIES 49 (437) DAYS 1,083.20 998.60




AXIS HYBRID FUND - SERIES 1 - 1,949.47


AXIS HYBRID FUND - SERIES 3 538.35 1,000.26

AXIS HYBRID FUND - SERIES 5 1,484.09 1,473.39

AXIS HYBRID FUND - SERIES 8 (1279 DAYS) 3,568.38 3,395.84

AXIS HYBRID FUND - SERIES 9 (1282 DAYS) 1,021.17 970.24

AXIS HYBRID FUND SERIES 6 3,143.20 3,001.19



AXIS INCOME SAVER 1,100.00 1,102.40

AXIS LIQUID FUND 12,601.08 -




MAHINDRA & MAHINDRA LIMITED AXIS BANKING DEBT FUND AXIS EQUITY FUND 1,787.67 -

AXIS FOCUSED 25 FUND 621.98 511.55




MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED AXIS EQUITY FUND 1,361.77 -

(SUBSIDIARY OF MAHINDRA & MAHINDRA LIMITED) AXIS FOCUSED 25 FUND 510.01 -






MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED AXIS SMALL CAP FUND 359.60 350.48

(SUBSIDIARY OF MAHINDRA & MAHINDRA LIMITED)

TECH MAHINDRA LIMITED AXIS FOCUSED 25 FUND 246.29 -

(SUBSIDIARY OF MAHINDRA & MAHINDRA LIMITED) AXIS INCOME SAVER 217.67 251.35


AXIS MIDCAP FUND 796.28 -

MARUTI SUZUKI INDIA LIMITED AXIS BANKING DEBT FUND AXIS EQUITY FUND 2,909.77 2,366.10

AXIS FIXED TERM PLAN - SERIES 47 (483 DAYS) AXIS FOCUSED 25 FUND 1,017.71 -




NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT AXIS LIQUID FUND AXIS BANKING DEBT FUND 1,469.12 -

AXIS CAPITAL PROTECTION ORIENTED FUND - SERIES 1 - 2,600.98


AXIS CAPITAL PROTECTION ORIENTED FUND-SERIES 3 - 49.94

AXIS CAPITAL PROTECTION ORIENTED FUND-SERIES 4 209.88 2,198.97

AXIS CAPITAL PROTECTION ORIENTED FUND-SERIES 5 3,877.91 3,581.58

AXIS DYNAMIC BOND FUND 6,032.09 -








AXIS HYBRID FUND - SERIES 5 4,117.10 4,000.23

AXIS HYBRID FUND - SERIES 8 (1279 DAYS) 527.34 500.14



AXIS INCOME SAVER 1,400.15 229.83




ORIENTAL BANK OF COMMERCE AXIS LIQUID FUND AXIS BANKING DEBT FUND 12,234.25 8,604.72

AXIS DYNAMIC BOND FUND 23,857.26 2,316.08

AXIS FIXED TERM PLAN - SERIES 21 (394 DAYS) 2,497.01 -





AXIS HYBRID FUND - SERIES 1 495.93 -

AXIS INCOME FUND 9,124.46 2,312.33

AXIS INCOME SAVER 3,828.74 2,306.42

AXIS LIQUID FUND 223,751.19 19,789.75


AXIS MIDCAP FUND 905.50 588.46

AXIS SHORT TERM FUND 6,330.86 -



PC JEWELLER LIMITED AXIS FIXED TERM PLAN – SERIES 36 (34 DAYS) AXIS EQUITY FUND 686.12 -

PERSISTENT SYSTEMS LIMITED AXIS BANKING DEBT FUND AXIS EQUITY FUND 747.18 -



AXIS MIDCAP FUND 229.93 314.84

AXIS SMALL CAP FUND 339.47 370.82

AXIS TRIPLE ADVANTAGE FUND 653.12 467.08

PIRAMAL ENTERPRISES LIMITED AXIS LIQUID FUND AXIS LIQUID FUND 56,778.52 4,939.26



PUNJAB NATIONAL BANK AXIS TREASURY ADVANTAGE FUND AXIS BANKING DEBT FUND 12,269.86 -

AXIS CAPITAL PROTECTION ORIENTED FUND - SERIES 1 393.84 -

AXIS CAPITAL PROTECTION ORIENTED FUND-SERIES 2 196.92 -



AXIS CAPITAL PROTECTION ORIENTED FUND-SERIES 5 795.43 196.74



AXIS FIXED TERM PLAN – SERIES 20 (3 MONTHS) 3,998.16 -


AXIS FIXED TERM PLAN-SERIES 16 (370 DAYS) 2,498.89 -








RELIANCE INDUSTRIES LIMITED AXIS BANKING DEBT FUND AXIS EQUITY FUND 3,815.32 3,629.93

AXIS FIXED TERM PLAN – SERIES 21 (394 DAYS) AXIS FOCUSED 25 FUND 1,304.81 -

AXIS FIXED TERM PLAN – SERIES 22 (374 DAYS) AXIS INCOME SAVER 321.24 -

AXIS FIXED TERM PLAN – SERIES 34 (392 DAYS) AXIS LONG TERM EQUITY FUND 45.67 -

AXIS FIXED TERM PLAN - SERIES 47 (483 DAYS) AXIS TRIPLE ADVANTAGE FUND 2,088.88 -






AXIS LIQUID FUND


RELIANCE PORTS AND TERMINALS LIMITED AXIS CONSTANT MATURITY 10 YEAR FUND AXIS DYNAMIC BOND FUND 280.99 -

AXIS FIXED TERM PLAN – SERIES 36 (34 DAYS) AXIS INCOME FUND 1,359.79 -

AXIS FIXED TERM PLAN – SERIES 38 (92 DAYS) AXIS TRIPLE ADVANTAGE FUND 556.18 -



RELIANCE UTILITIES & POWER PVT LIMITED AXIS SHORT TERM FUND AXIS FIXED TERM PLAN – SERIES 41 (546 DAYS) 705.63 679.20






AXIS INCOME FUND 495.05 -

AXIS SHORT TERM FUND 495.05 229.73

RELIGARE FINVEST LIMITED AXIS LIQUID FUND AXIS LIQUID FUND 68,128.80 9,846.76



SESA STERLITE LIMITED AXIS LIQUID FUND AXIS DYNAMIC BOND FUND 1,482.91 488.24

AXIS EQUITY FUND 632.93 -






SHRIRAM TRANSPORT FINANCE COMPANY LIMITED AXIS LIQUID FUND AXIS FIXED TERM PLAN – SERIES 48 (3 YEARS) 320.42 312.53

AXIS INCOME FUND 502.01 501.58

AXIS SHORT TERM FUND 1,196.39 191.55


SREI EQUIPMENT FINANCE LIMITED AXIS LIQUID FUND AXIS DYNAMIC BOND FUND 3,091.95 -


AXIS LIQUID FUND 384,614.14 12,345.16

AXIS SMALL CAP FUND 4,290.16 -



STATE BANK OF HYDERABAD AXIS SHORT TERM FUND AXIS BANKING DEBT FUND 1,939.55 -






STATE BANK OF INDIA AXIS LIQUID FUND AXIS EQUITY FUND 5,369.35 4,602.48

AXIS TREASURY ADVANTAGE FUND AXIS FOCUSED 25 FUND 1,730.94 -


SBI GLOBAL FACTORS LIMITED AXIS LIQUID FUND 14,919.58 -

(SUBSIDIARY OF STATE BANK OF INDIA) AXIS TREASURY ADVANTAGE FUND 4,995.05 -

STATE BANK OF BIKANER AND JAIPUR AXIS LIQUID FUND 67,116.04 -

(SUBSIDIARY OF STATE BANK OF INDIA) AXIS SHORT TERM FUND 2,408.16 -



STATE BANK OF MYSORE AXIS BANKING DEBT FUND 979.79 -

(SUBSIDIARY OF STATE BANK OF INDIA) AXIS CAPITAL PROTECTION ORIENTED FUND-SERIES 5 498.34 499.86



AXIS LIQUID FUND 37,479.08 2,470.15


STATE BANK OF PATIALA AXIS BANKING DEBT FUND 468.17 -

(SUBSIDIARY OF STATE BANK OF INDIA) AXIS DYNAMIC BOND FUND 7,237.55 -





AXIS HYBRID FUND - SERIES 2 1,391.70 -










STATE BANK OF TRAVANCORE AXIS BANKING DEBT FUND 933.57 -

(SUBSIDIARY OF STATE BANK OF INDIA) AXIS LIQUID FUND 41,408.17 -




STERLITE ENERGY LIMITED AXIS LIQUID FUND AXIS LIQUID FUND 24,773.29 -


SUN PHARMACEUTICALS INDUSTRIES LIMITED AXIS FIXED TERM PLAN – SERIES 34 (392 DAYS) AXIS EQUITY FUND 1,984.45 287.38

AXIS FIXED TERM PLAN – SERIES 36 (34 DAYS) AXIS FOCUSED 25 FUND 504.86 319.07



TATA CONSULTANCY SERVICES LIMITED AXIS LIQUID FUND AXIS EQUITY FUND 6,000.50 2,773.10





TATA STEEL LIMITED AXIS LIQUID FUND AXIS DYNAMIC BOND FUND 551.09 524.68



AXIS INCOME FUND 661.18 104.94


AXIS TRIPLE ADVANTAGE FUND 440.36 419.75

THE GREAT EASTERN SHIPPING COMPANY LIMITED AXIS BANKING DEBT FUND AXIS MIDCAP FUND 108.85 -

ULTRATECH CEMENT LIMITED AXIS FIXED TERM PLAN - SERIES 55 (399 DAYS) AXIS EQUITY FUND 583.12 -



WIPRO LIMITED AXIS LIQUID FUND AXIS EQUITY FUND 1,454.22 1,358.00




All the companies transacted herewith are financially sound companies with proven track record. Moreover fund management has undertaken a detailed research in each of these companies and has sought relevant approval from the

investment review committee. As a result, investments in all these companies are independant investment decisions and does not relate, in any manner, to their investment in the Fund's schemes.

Voting Policy

1. SEBI vide its circular no. SEBI/IMD/Cir No 18/198647/2010 dated March 15, 2010 has stated that mutualfunds should play an active role in ensuring better corporate governance of listed companies. This policy isdrafted in pursuance of above referred circular and clarificatory email received from SEBI on June 23, 2011and provides general philosophy, broad guidelines and procedures for exercising voting rights.

2. Axis Asset Management Company Limited (AMC), Investment Manager to Axis Mutual Fund (“the Mutual Fund”), shall endeavor to vote on all resolutions which may affect its unitholders interests, either by postalballot or through attendance.

3. The AMC shall not give proxy to brokers, for voting on its behalf. 4. Where the holding of the Mutual Fund Scheme(s) is 5% or more of the paid up capital of the investee

company, the AMC shall be represented by the concerned Fund Manager or concerned analyst tracking thestock or any other Equity Fund Manager.

5. Where the holding of the Schemes is less than 5% of the paid up capital of the Investee Company, the AMC may vote through the postal ballot method.

6. The decision regarding the voting on the resolution, i.e. whether the AMC will (i) attend/not attend, (ii)vote/abstain, (iii) if voted, for or against the resolution proposed by the Investee Company will be taken bythe Fund Manager in consultation with the Head - Investments.AMC recognizes that there may be a potential conflict of interest when it decides to vote for / againstInvestee Company, on behalf of the Mutual Fund Scheme(s), which is a group company of AMC or wherethe Investee Company has substantial investments in the Scheme(s) of the Mutual Fund. AMC shallspecifically review all voting proposals and take decisions with respect to voting on such proposals in the best interest of the unit holders.

7. The actual exercise of the proxy votes in the AGMs/EGMs of the investee companies will cover the followingmatters and will be reported in the SEBI prescribed format:

a. Corporate governance matters, including changes in the state of incorporation, merger and other corporate restructuring, and anti takeover provisions;

b. Changes to capital structure, including increases and decreases of capital and preferred stockissuances;

c. Stock option plans and other management compensation issues; d. Social and corporate responsibility issues; e. Appointment and Removal of Directors; f. Any other issue that may affect the interest of the shareholders in general and interest of the unit-

holders in particular. 8. Whenever there is a change in Auditors, Independent Directors, key management personnel of the Investee

Company, the AMC shall be vigilant and make more enquiries, including asking the Investee Company toprovide reasons for the same.

9. Any corporate governance issue requiring support from other shareholders may be discussed with them bythe AMC.

10. The Investment Review Committee of AMC will note the action taken in respect of voting in its meetings. 11. The general policies and procedures stated above for exercising the voting rights in respect of shares held

by the Scheme(s) of the Mutual Fund will be disclosed on the website of the Mutual Fund as well as in theannual report distributed to the unit holders from the financial year 2010-11 onwards.


Management Proposal

Date Company

Type of

Meeting(AGM/E

GM/Postal

Ballet)

Proposal Management Recommendation Vote (For/Against/Abstain)

17-Apr-13 Apollo Tyres Ltd. Postal Ballot Re-appointment of Mr. Onkar S Kanwar as Managing Director of the Company in favour of all agenda items For

2-May-13 Bajaj Finance Limited Postal Ballot

Alteration in Objects Clause of the Memorandum of Association of the Company, by way of inserting new Sub-Clause 3B

after the existing Sub-Clause 3A of Clause IIIA (Main Objects)

Approval for Commencement of new Business and activities as included in Sub-Clause 3B of Clause IIIA of the Memorandum

of Association of the Company.

in favour of all agenda items For

02-May-2013 Gujarat Pipavav Port Limited AGM

To receive, consider and approve the Audited Accounts of the Company for the year ended 31st December 2012 and adopt

Report of the Directors and Auditors thereon.

To appoint a Director in place of Mr. Dinesh Lal who retires by rotation and being eligible, offers himself for re-appointment.

To appoint a Director in place of Mr. Pankaj Kumar, IAS who retires by rotation and being eligible, offers himself for re-

appointment. To appoint a Director in place of Mr. Martin Gaard Christiansen who retires by rotation and being eligible,

offers himself for re-appointment.

Appointment of Mr. Henrik Lundgaard Pedersen as Director of the Company.

Appointment of Mr. Pradeep Mallick as Director of the Company.

Appointment of Mr. Tejpreet Singh Chopra as Director of the Company.


8-May-13 Fulford India Limited AGM Ordinary in favour of all agenda items For

24-May-13 NTPC Limited CCM Scheme of Amalgamation of NTPC Hydro Limited (Transferor Company) & NTPC Limited (Transferee Company in favour of all agenda items For

29-May-13 Wipro Limited Postal Ballot Approval of Wipro Equity Reward Trust Employee Stock Purchase Plan 2013 in favour of all agenda items For

31-May-13 TATA Consultancy Services Limited CCM Ordinary in favour of all agenda items For

4-Jun-13 Bata India Limited AGM

To elect Directors in place of those who retire by rotation. Mr. Uday Khanna and Mr. Atul Singh retire by rotation and being

eligible, offer themselves for re-election

Appointment of Mr. Gigi Abraham (Mr. Abraham) as a Director of the Company designated as Group Brands Director (whose

office would be liable to retirement by rotation notwithstanding the provisions of Article 96 of the Articles of Association of


5-Jun-13 Agro Tech Foods Limited Postal Ballot To Approve the Buy-back of the Equity shares of the Company in favour of all agenda items For

6-Jun-13 Reliance Industries Limited AGM

To appoint Shri Mahesh P Modi, Director, retire by rotation & being eligible for Reappointment

To appoint Dr. Dharam Vir Kapur, Director, retire by rotation & being eligible for Reappointment

To appoint Dr. Raghunath A Mashelkar, Director, retire by rotation & being eligible for Reappointment

To appoint Shri Pawan Kumar Kapil, Director, retire by rotation & being eligible for Reappointment


15-Jun-13 Motilal Oswal Financial Services Limited Postal Ballot

Alteration of Articles of Association under Section 31 of the Companies Act, 1956, for incorporating provisions authorizing

Company to Buy Back its own shares or securities

Buy-back of Equity Shares by the Company


15-Jun-13 Infosys Limited AGM

To appoint a director in place of S. D. Shibulal, who retires by rotation

To appoint a director in place of Srinath Batni, who retires by rotation

To appoint a director in place of Deepak M. Satwalekar, who retires by rotation and, being eligible, seeks re-appointment

To appoint a director in place of Dr. Omkar Goswami, who retires by rotation and, being eligible, seeks re-appointment

To appoint a director in place of R. Seshasayee, who retires by rotation and, being eligible, seeks re-appointment

Appointment of Leo Puri as Director, liable to retire by rotation


17-Jun-2013 Allahabad Bank Limited AGM Ordinary in favour of all agenda items For

17-Jun-13 Jindal Steel & Power Limited EGMIssuing of the Shares to the employees of the company under Employee Stock Purchase Scheme

Issuing of the Shares to the employees of the subsidiary companies under Employee Stock Purchase Scheme in favour of all agenda items

abstain. However, in the view of Axis AMC, proposals

which were received were not adversely affecting the

interest of the unitholders of the schemes

17-Jun-13 Oriental Bank Of Commerce AGM

To discuss, approve and adopt the Balance Sheet of the Bank as at 31st March 2013, Profit and Loss Account of the Bank for

the year ended 31st March 2013, the Report of the Board of Directors on the working and activities of the Bank for the

period covered by the Accounts and the Auditors Report on the Balance Sheet and Accounts

To declare dividend on equity shares for the financial year 2012-2013


21-Jun-13 State Bank of India AGM Ordinary in favour of all agenda items For

21-Jun-13 United Bank Of India AGM Ordinary in favour of all agenda items For

24-Jun-13 ICICI Bank Limited AGM

To appoint a director in place of Mr. K. V. Kamath, who retires by rotation and, being eligible, offers himself for re-

appointment To appoint a director in place of Dr. Tushaar Shah, who

retires by rotation and, being eligible, offers himself for re-appointment

To appoint a director in place of Mr. Rajiv Sabharwal, who retires by rotation and, being eligible, offers himself for re-

appointment Mr. Dileep Choksi be and is hereby appointed as a Director of the Company

Mr. K. V. Kamath be appointed as a Director of the Company on conclusion of his term on April 30, 2014


25-Jun-13 ING Vysya Bank Limited AGM

To appoint a Director in place of Mr. Richard Cox who retires by rotation and being eligible, offers himself for re-

appointment To appoint a Director in place of Mr.

Vikram Talwar who retires by rotation and being eligible, offers himself for re-appointment Mr. Sanjeev Aga, be and is

hereby appointed as a Director of the Bank liable to retire by rotation

Re-appointment of Mr. Shailendra Bhandari as Managing Director and Chief Executive Officer of ING Vysya Bank Limited

To create, issue, offer or allot such number of stock options, to or for the benefit of such person or persons as are in the

permanent employment of the Bank, including any Directors of the Bank, whether whole-time or otherwise, as may be

decided by the Board of Directors, at any time, as are convertible into not more than 7,500,000 equity shares of the Bank

under an Employee Stock Option Scheme titled “ESOS 2013”, in one or more tranches and on such terms and conditions as

the Board of Directors may decide; each stock option shall be convertible into one equity share (of a face value of Rs. 10/-

per share) of the Bank.

To create, issue, offer or allot such number of stock options, to or for the benefit of such person or persons as are in the

permanent employment of any subsidiary companies of the Bank including any Directors of the Companies, whether whole-

time or otherwise, as may be decided by the Board of Directors, at any time, as are convertible into not more than 7,500,000

equity shares of the Bank under an Employee Stock Option Scheme titled “ESOS 2013”, in one or more tranches and on such

terms and conditions as the Board of Directors may decide; each stock option shall be convertible into one equity share (of a

face value of Rs. 10/- per share) of the Bank

To create, offer, issue and allot (including with provisions for reservation on firm and/or competitive basis of such part of

issue and for such categories of persons including employees of the Bank in one or more tranches, whether Rupee

denominated or denominated in foreign currency, of public and/or private offerings and/or on preferential allotment basis


26-Jun-13 CMC Ltd. AGM

To appoint a Director in place of Mr. S Ramadorai, who retires by rotation and, being eligible, offers himself for re-

appointment To appoint a Director in place of Ms. Kalpana Morparia,

who retires by rotation and, being eligible, offers herself for re-appointment

Prof. M S Ananth be and is hereby appointed as Director of the Company liable to retire by rotation.

Mr. Ashok Sinha be and is hereby appointed as Director of the Company liable to retire by rotation

Re-appointment of Mr R Ramanan, Managing Director & CEO of the Company and remuneration payable


26-Jun-13 Union bank of India AGM Ordinary in favour of all agenda items For

27-Jun-13 HDFC Bank Limited AGM

To appoint a director in place of Mr. Bobby Parikh, who retires by rotation and, being eligible, offers himself for re-

appointment To appoint a director in place of Mr. A. N. Roy, who

retires by rotation and, being eligible, offers himself for re-appointment

Mr. Vijay Merchant be and is hereby appointed as a Director of the Bank subject to retirement by rotation under the Articles

of Association of the Bank


28-Jun-13 TATA Consultancy Services Limited AGM

To appoint a Director in place of Dr. Vijay Kelkar, who retires by rotation, and being eligible offers himself for re-appointment

To appoint a Director in place of Mr. Ishaat Hussain, who retires by rotation, and being eligible offers himself for re-

appointment To appoint a Director in place of Mr. Aman Mehta, who retires by rotation, and being eligible offers himself

for re-appointment


29-Jun-13 TTK Prestige Ltd. EGM Preferential Allotment of Equity Shares in favour of all agenda items For

26-Jul-13 Torrent Pharmaceuticals Limited AGM

Retirement of Dr. Prasanna Chandra, Director, who retires by rotation & has expressed his intention to retire & consequently

not getting re -appointed.

Retirement of Shri. Sanjay Lalbhai Prasanna Chandra, Director, who retires by rotation & has expressed his intention to retire

& consequently not getting re -appointed.

Appointment of Shri Pradeep Bhargava as the Director of the Company


31-Jul-13 DR. REDDY’S LABORATORIES LIMITED AGM

To appoint a Director in place of Dr. Ashok S Ganguly, who retires by rotation, and being eligible, seeks re-appointment

To appoint a Director in place of Dr. J P Moreau, who retires by rotation, and being eligible, seeks re-appointment.

To appoint a Director in place of Ms. Kalpana Morparia, who retires by rotation, and being eligible, seeks re-appointment.


2-Aug-13 ICRA Limited AGM

To appoint a Director in place of Dr. Uddesh Kohli, who retires by rotation, and being eligible, offers himself for

reappointment

To appoint a Director in place of Prof. Deepak Nayyar, who retires by rotation, and being eligible, offers himself for

reappointment

Reappointment of Mr. Pranab Kumar Choudhury, a Whole-time Director designated as Chairman & Group CEO

Dr. Min Ye, be and is hereby appointed as a Director of the Company, whose period of office will be liable to determination

by retirement by rotation

Mr. Simon Richard Hastilow be and is hereby appointed as a Director of the Company, whose period of office will be liable to

determination by retirement by rotation


3-Aug-13 Infosys Limited EGM Appointment of Mr. N R Narayana Murthy as Whole Time Director of the Company for a periof of 5 years wef 01 JUNE2013 in favour of all agenda items For

5-Aug-13 DIVIS LABORATORIES LTD SHS AGM Ordinary in favour of all agenda items For

6-Aug-13The Bombay Dyeing and Manufacturing

Company LimitedAGM

To appoint a Director in place of Mr. Keshub Mahindra, who retires by rotation and being eligible, offers himself for

reappointment.

To appoint a Director in place of Mr. Ishaat Hussain, who retires by rotation and being eligible, offers himself for

reappointment.


Details of Exercise of Voting Rights in AGMs/EGMs of Investee Companies during the F.Y. 2013-14

7-Aug-13 Zydus Wellness Limited AGM

To appoint a Director in place of Prof. Indiraben J. Parikh, who retires by rotation and being eligible offers herself for re-

appointment.

To appoint a Director in place of Mr. Mukesh M. Patel, who retires by rotation and being eligible offers himself for re-

appointment.

To appoint a Director in place of Dr. Sharvil P. Patel, who retires by rotation and being eligible offers himself for re-

appointment.


To appoint a Director in the place of Mr. Ramesh Genomal, who retires by rotation and being eligible, offers himself for

8-Aug-13 PAGE INDUSTRIES LIMITED AGM

reappointment.

To appoint a Director in the place of Mr. Nari Genomal, who retires by rotation and being eligible, offers himself for

reappointment.

To appoint Mr. B. C. Prabhakar as Director of the Company

To appoint Mr. Pius Thomas as Director of the Company

To accord the appointment of Mr. Pius Thomas as Whole-time Director, designated as Executive Director-Finance of

theCompany for a period of five years commencing from 13th September 2012

To accord consent of the Company to increase the remuneration of Mr. Shamir Genomal, son of Mr. Sunder Genomal,

Managing Director of the Company, who holds an Office or Place of Profit as GM-Operations (or such other designations and

roles which the Board / Committee of the Board may decide from time

To accord consent of the Company for the reappointment of Mr. Shamir Genomal, son of Mr. Sunder Genomal, Managing

Director of the Company, to hold and continue to hold an Office or Place of Profit as General Manager – Operations

To increase the limits of the aggregate shareholding in the Company of all Foreign Institutional Investors (FIIs) including their

sub-accounts either by subscription, direct purchase or acquisition from the open market under the Portfolio Investment

Scheme (PIS) under FEMA

To accord consent for the payment of a sum not exceeding Rs.2,090,000 /- (Rupees Twenty Lakhs and Ninety Thousand

only), (excluding sitting fees) subject to the limit prescribed in the Companies Act, 1956, to be paid to and distributed

amongst the Directors of the Company or some or any of them (other than Managing Directors / Whole-time Directors) in

such amounts, subject to such ceiling and in such manner and in such respects as may be decided by the Board of Directors

and such payments shall be made for the financial year 2013-14.


12-Aug-13 LARSEN &TOUBRO LIMITED CCMScheme of Arrangement between LARSEN &TOUBRO LIMITED, the Transferor Company with L & T Hydrocarbon Engineering

Limited, the transferee company.in favour of all agenda items For

13-Aug-13 SPECIALITY RESTAURANTS LIMITED AGM

To appoint a Director in place of Mr. Dushyant R. Mehta who retires by rotation and, being eligible, offer himself for re-

appointment.

To appoint a Director in place of Mr. Tara Sankar Bhattacharya, who retires by rotation and, being eligible, offer himself for

re-appointment.

To re-appoint Mr. Anjan Chatterjee, as the Managing Director of the Company, not liable to retire by rotation

To accord the consent of the company for revision in terms and conditions of remuneration of Mrs. Suchhanda Chatterjee,

Whole-time Director with effect from July 1, 2012

To accord the consent of the company for revision in terms and conditions of remuneration of Mr. Indranil Chatterjee,

Whole-time Director with effect from July 1, 2012

To pay, the Non-Executive Directors of the Company by way of an annual payment, in addition to the sitting fees for

attending the

meetings of the Board of Directors or committees thereof, a commission as the Board of Directors may from time to time

determine not exceeding the limit of 1% of the net profits of the Company per annum in the aggregate for a period of five

years from the financial year ending March 31, 2013


13-Aug-13 MAHINDRA & MAHINDRA LIMITED AGM

To appoint a Director in place of Mr. Anand G. Mahindra, who retires by rotation and, being eligible, offers himself for re-

election.

To appoint a Director in place of Mr. Nadir B. Godrej, who retires by rotation and, being eligible, offers himself for re-

election.

To not to reappoint Dr. A. S. Ganguly as a Director of the Company.


14-Aug-13 Amara Raja Batteries AGM

To appoint a director in place of Mr. T R Narayanaswamy, who retires by rotation in terms of Article 105 (a) of the Articles of

Association of the Company and being eligible offers himself for re-appointment.

To appoint a director in place of Mr. P Lakshmana Rao, who retires by rotation in terms of Article 105 (a) of the Articles of


To appoint a director in place of Mr. Nagarjun Valluripalli, who retires by rotation in terms of Article 105 (a) of the Articles of


To appoint Mr. Ravi Bhamidipati as a director of the Company, not liable to retire by rotation.

To appoint Mr. Eric Stuart Mitchell as a director of the Company, liable to retire by rotation.

To appoint Mr. Ravi Bhamidipati, as an Executive Director of the Company for a period from October 8, 2012 to March 31,

2014


14-Aug-13 Oracle Financial Services Software Limited AGM

To appoint a Director in place of Mr. Derek H Williams, who retires by rotation and, being eligible, offers himself for re-

appointment.

To appoint a Director in place of Mr. Chaitanya Kamat, who retires by rotation and, being eligible, offers himself for re-

appointment.

To appoint Mr. Richard Jackson as a Director of the Company, liable to retire by rotation.

To appoint Ms. Samantha Wellington as a Director of the Company, liable to retire by rotation.

To appoint Mr. Harinderjit Singh as a Director of the Company, liable to retire by rotation.


14-Aug-13 JAIN IRRIGATION SYSTEMS LTD PBL Sale or other Disposal of Wind Power Generation Undertaking of the Company in favour of all agenda items For

21-Aug-13 TATA MOTORS LIMITED AGM

To appoint a Director in place of Mr Nusli N Wadia, who retires by rotation and is eligible for re-appointment.

To appoint a Director in place of Dr Raghunath A Mashelkar, who retires by rotation and is eligible for re-appointment.

To appoint Ms Falguni S Nayar as a Director of the Company

To appoint Mr. Karl J Slym as a Director of the Company

To Pay and Distribute Commission to non Whole-time Directors

To Increase the limit for holding by registered Foreign Institutional Investors (FIIs) for ‘A’ Ordinary Shares


22-Aug-13 CIPLA Limited AGM

1. To consider and adopt the audited Balance Sheet as at 31" March 2013, the Statement of Profit and Loss for the year

ended on that date together with the reports of the Board of Directors and Auditors thereon.

2. To declare Dividend for the year ended 31" March 2013.

3. To appoint a Director in place of Mr. M.R. Raghavan who retires by rotation and being eligible, offers himself for re-

appointment.

4. To appoint a Director in place of Mr. M.R. Raghavan who retires by rotation and being eligible, offers himself for re-

appointment.

5. To resolve not to fill the vacancy for the time being in the Board, caused by the retirement of Mr. Ramesh Shroff, who

retires by rotation and does not seek re-appointment.

6. To appoint M/s. V. Sankar Aiyar & Co., as Joint Statutory Auditors of the Company t such remuneration, taxes and out of

pocket expenses, as may be fixed by the Board of Directors of the Company in mutual consultation with the Auditors.

7. To appoint Mr. Subhanu Saxena as a Director of the Company.

8. To approve, confirm and ratify the appointment of Mr. Subhanu Saxena as the Managing Director of the Company

designated as

"Managing Director and Global Chief Executive Officer", with the benefit of continuity of service of Mr. Subhanu Saxena as

agreed to by the Board and the appointee, for a period of five years commencing from 16th July 2013 and concluding on

15th July 2018 and on the terms and conditions as stipulated in employment agreement dated 15th July 2013 between the

Company and Mr. Subhanu Saxena, which agreement be and is hereby approved, ratified and confirmed.

9. To approve, ratify and confirm the appointment of Mr. M.K.Hamied as Whole-time Director of the Company designated as

Executive Vice-Chairman for a period of two years commencing on 16" July 2013 and ending on 15" July 2013.

10. To appoint M r. Ashok Sinha as a Director of the Company.

11. To accord its prior consent to the revision in the terms of remuneration of Mr. Kamil Hamied, a relative of Mr.

M.K.Hamied,

Director of the Company designated as Chief Strategy Officer.

12. To accord its prior consent to the revision in the terms of remuneration of Mrs Saminaa Vaziralli, a relative of Mr.

M.K.Hamied,

Director of the Company designated as Head Strategic Projects - Cipla New Ventures.

13. To accord consent of the company to the Employee Stock Option Scheme 2013 - A and to the Board of Directors of the

Company which term shall be deemed to include any Committee including the Compensation Committee.

14. To accord consent of the company to the Board of Directors of the Company w hich term shall be deemed to include any

Committee including the Compensation Committee which the Board as constituted to exercise its powers.

We are in favor and vote for 1-12 and

16 no. of the proposals and vote

against the 13-15 proposal

For and Against

22-Aug-13 LARSEN & TOUBRO LIMITED AGM

To appoint a Director in place of Mr. Subodh Bhargava, who retires by rotation and is eligible for re-appointment.

To appoint Mr. Shailendra Roy as a director liable to retire by rotation

To appoint Mr. R. Shankar Raman as a director liable to retire by rotation

To appoint Mr. M. Damodaran as a director of the company

To appoint Mr. Vikram Singh Mehta as a director of the company

To appoint a Director in place of Mr. M. M. Chitale, who retires by rotation and is eligible for re-appointment

To offer, issue and allot in one or more tranches, to Investors whether Indian or Foreign, including Foreign Institutions,

Non-Resident Indians, Corporate Bodies,' Mutual Funds, Banks, Insurance Companies, Pensions Funds, Individuals or

otherwise, whether shareholders of the Company or not, through a public issue and/or on a private placement basis, foreign

currency convertible bonds and/or equity shares through depository receipts and/or bonds with share warrants attached

including by way of Qualified Institutional Placement ('Q1P'), to Qualified Institutional Buyers

To appoint Auditors and fix their remuneration.


23-Aug-13 Engineers India Limited AGM

To appoint a director in place of Shri D. Moudgil, who retires by rotation and being eligible, offers himself for

re¬appointment.

To appoint a director in place of Shri Sanjay Gupta, who retires by rotation and being eligible, offers himself for re-

appointment.

To appoint a director in place of Dr.J.P. Gupta, who retires by rotation and being eligible, offers himself for re¬appointment.

To appoint a director in place of Shri Bijoy Chatterjee, who retires by rotation and being eligible, offers himself for re-

appointment.

To appoint Dr. Archana S.Mathur as a director of the Company


To appoint a director in place of Mr. D.S.Brar, who retires by rotation and being eligible, offers himself for re-appointment.

To appoint a director in place of Mr. Amal Ganguli, who retires by rotation and being eligible, offers himself for re-

appointment.

27-Aug-13 Maruti Suzuki India Limited AGM To appoint a director in place of Mr. Keiichi Asai, who retires by rotation and being eligible, offers himself for re-

appointment.

To appoint Mr. Toshiaki Hasuike as Whole-time Director designated as Joint Managing Director with effect from 27th April

2013 for a period of 3 yearsTo appoint Mr. R.P. Singh as Director of the Company liable to retire by rotation.


29-Aug-13 PI Industries Limited AGM

To increase the investment limit of registered financial institutional investors up to 40% To appoint Dr. Venkatrao S. Sohoni, as a Director of the company liable to retire by rotation.

To appoint a Director in place of Mr. Pravin K. Laheri, who retires by rotation, and being eligible offers himself for

reappointment.



31-Aug-13 Motherson Sumi Systems Limited AGM

To appoint a Director in place of Maj. Gen. Amarjit Singh (Retd.), who retires by rotation and being eligible o? ers himself for

reappointment.

To appoint a Director in place of Mr. Arjun Puri, who retires by rotation and being eligible o? ers himself for re-appointment.

To appoint Mr. Sushil Chandra Tripathi, IAS (Retd.) as a Director of the company, liable to retire by rotation

To appoint Mr. Gautam Mukherjee as a Director of the company, liable to retire by rotation


2-Sep-13 INDRAPRASTHA GAS LIMITED AGM

To appoint a Director in place of Prof. V. Ranganathan, who retires by rotation and being eligible, offers himself for re-

appointment.

To appoint Shri Narendra Kumar as a Director of the company.

To the appointment of Shri Narendra Kumar, as Managing Director of the Company on whole-time basis with effect from

April 18, 2013 for a period of three years on the terms and conditions of appointment including remuneration forwarded by

GAIL (India) Limited

To accord to the appointment of Shri Rajesh Chaturvedi as Director (Commercial) of the Company on whole-time basis with

effect from December 1,2012 to August 31, 2014 on the terms and conditions of appointment including remuneration

forwarded by Bharat Petroleum Corporation Limited.

To appoint Shri Rajeev Kumar Mathur as a Director of the company liable to retire by rotation.

To appoint Shri Puneet Kumar Goel as a Director of the company liable to retire by rotation.

To appoint Shri Santosh Kumar Bajpai as a Director of the company liable to retire by rotation.


5-Sep-13 Hindustan Petroleum Corporation Limited AGM

To appoint a director in place of Shri.S.K. Roongta, who retires by rotation and is eligible for reappointment.

To appoint a director in place of Shri.Nishi Vasudeva, who retires by rotation and is eligible for reappointment.

To appoint a director in place of Shri. Anil Razdan, who retires by rotation and is eligible for reappointment.

To appoint a director in place of Shri. G.K. Pillai, who retires by rotation and is eligible for reappointment.

To appoint Dr.Gitesh K Shah, as a Director of the company liable to retire by rotation.

To appoint Shri. K.V. Rao, as a Director of the company liable to retire by rotation.


5-Sep-13 Bharti Airtel Limited AGM

To appoint a Director in place of Mr. Ajay Lal, who retires by rotation and being eligible offers himself for re-appointment.

To appoint a Director in place of Ms. Tan Yong Choo, who retires by rotation and being eligible offers herself for re-

appointment.

Appointment of Mr. Manish Kejriwal as a Director liable to retire by rotation

Appointment of Ms. Obiageli Katryn Ezekwesili as a Director liable to retire by rotation



AXIS YEARLY INTERVAL FUND - SERIES 1

AXIS BANKING DEBT FUND

AXIS CAPITAL

PROTECTION ORIENTED FUND - SERIES 1, 2, 3, 4 & 5

AXIS DYNAMIC

BOND FUND

AXIS EQUITY FUND


AXIS GOLD ETF

AXIS GOLD FUND

AXIS HYBRID FUND -

SERIES 1, 2, 3, 5, 6, 7, 8 & 9

AXIS INCOME FUND

AXIS INCOME SAVER

AXIS LIQUID FUND

AXIS CONSTANT MATURITY 10 YEAR FUND

AXIS MIDCAP FUND


AXIS LONG TERM EQUITY FUND

AXIS TREASURY ADVANTAGE FUND


AXIS SMALL CAP FUND

AXIS FIXED TERM

PLAN - SERIES 34 (392 DAYS), AXIS FIXED TERM PLAN - SERIES 47 (483 DAYS), AXIS FIXED TERM PLAN - SERIES 49 (437 DAYS), AXIS FIXED TERM PLAN - SERIES

50 (3 MONTHS), AXIS FIXED TERM PLAN - SERIES 41 (546 DAYS), AXIS FIXED TERM PLAN - SERIES 42 (552 DAYS), AXIS FIXED TERM PLAN - SERIES 43 (511

DAYS), AXIS FIXED TERM PLAN - SERIES 52 (428 DAYS), AXIS FIXED TERM PLAN - SERIES 55 (399 DAYS), AXIS FIXED TERM PLAN - SERIES 56 (370 DAYS), AXIS

FIXED TERM PLAN - SERIES 57 (397 DAYS), AXIS FIXED TERM PLAN - SERIES 59 (391 DAYS), AXIS FIXED TERM PLAN - SERIES 60 (389 DAYS), AXIS FIXED TERM

PLAN - SERIES 48 (3 YEARS), AXIS FIXED TERM PLAN - SERIES 53 (1150 DAYS) & AXIS FIXED TERM PLAN – SERIES 62 (383 DAYS)


This product is suitable for investors who are seeking*: • Regular income over short to medium term • Investment in debt and

money market instruments maturing on or before the maturity of the fund • Low risk (BLUE) This product is suitable for investors who

are seeking*: • Regular income over short to medium term • Investment in debt and money market instruments issued by banks • Low risk (BLUE)

This product is suitable for investors who are seeking*: •Capital appreciation with low risk of capital loss over

medium to long term • Investment in debt and money market instruments as well as equity and equity related instruments • Medium risk (YELLOW)

This product is suitable for investors who are seeking*: • Optimal returns over medium to long term • To generate stable returns while maintaining liquidity

through active management of a portfolio of debt and money market instruments. • Low risk (BLUE) This product is suitable for investors who

are seeking*: • capital appreciation over long term • investment in a diversified portfolio predominantly consisting of equity and equity related instruments • high risk

(BROWN) This product is suitable for investors who are seeking*: • capital appreciation over long term • investment in in a concentrated

portfolio of equity & equity related instruments of up to 25 companies • high risk (BROWN) This product is suitable for investors who are seeking*:

•Capital Appreciation over medium to long term • Invests predominantly in gold in order to generate returns similar to theperformance of gold, subject to tracking error •

Medium risk (YELLOW) This product is suitable for investors who are seeking*: •Capital Appreciation over medium to long term • Invests

predominantly in Axis Gold ETF in order to generate returns similar to the underlying fund, subject to tracking error • Medium risk (YELLOW)

This product is suitable for investors who are seeking*: •Capital appreciation while generating income over medium to long term •

Investment in debt and money market instruments as well as equity and equity related instruments • Medium risk (YELLOW) This product is

suitable for investors who are seeking*: • Optimal returns over medium term • Investment in diversified portfolio of high quality debt and money market securities to

generate optimal risk adjusted returns while maintaining liquidity • Low risk (BLUE) This product is suitable for investors who are seeking*:

•Capital appreciation while generating income over medium to long term • Investment in debt and money market instruments as well as equity and equity related

instruments while managing risk through active asset allocation • Medium risk (YELLOW) This product is suitable for investors who are seeking*:

• Regular income over short term • Investment in debt and money market instruments • Low risk (BLUE) This

product is suitable for investors who are seeking*: • credit risk free returns over medium to long term • Investment mainly in Government securities to generate returns

similar to that of 10 year government bonds • Low risk (BLUE) This product is suitable for investors who are seeking*: • Capital appreciation

over long term • Investing predominantly in equity & equity related instruments of mid size companies with focus on relatively larger companies within this category •

High risk (BROWN) This product is suitable for investors who are seeking*: • Regular income while maintaining liquidity over short to

medium term • Investment in debt and money market instruments • Low risk (BLUE) This product is suitable for investors who are

seeking*: • capital appreciation & generating income over long term • investment in a diversified portfolio predominantly consisting of equity and equity related

instruments • high risk (BROWN) This product is suitable for investors who are seeking*: • Regular income over short term •

Investment in debt and money market instruments • Low risk (BLUE) This product is suitable for investors who are seeking*: •

capital appreciation & generating income over long term • investment in a diversified portfolio of equity and equity related instruments, fixed income instruments & gold

Exchange Traded Funds • medium risk (YELLOW) This product is suitable for investors who are seeking*: • Capital appreciation over long

term • investment in a diversified portfolio predominantly equity and equity related instruments of small cap companies • high risk (BROWN)

This product is suitable for

investors who are seeking*: • Optimal returns over medium term • Investment in debt and money market instruments maturing on or before the maturity of the fund •

Low risk (BLUE) This product is suitable for investors who are seeking*: • Optimal returns over medium to

long term • Investment in debt and money market instruments maturing on or before the maturity of the fund • Low risk (BLUE)

PRODUCT LABEL

* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Note: Risk is represented as:

(BLUE) investors understand that their principal will be at low risk

(YELLOW) investors understand that their principal will be at medium risk

(BROWN) investors understand that their principal will be at high risk

Statutory Details: Axis Mutual Fund has been established as a Trust under the Indian Trusts Act, 1882, sponsored by Axis Bank Ltd. (liability restricted to Rs. 1 Lakh). Trustee: Axis Mutual Fund Trustee Ltd. Investment Manager: Axis Asset Management Co. Ltd. (the AMC). Risk Factors: The sponsor is not liable or responsible for any loss or shortfall resulting from the operation of the scheme. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.


Date post:	06-Jul-2020
Category:	Documents
Upload:	others
View:	4 times
Download:	0 times

Axis MF · TRUSTEE REPORT REPORT FROM AXIS MUTUAL FUND TRUSTEE LIMITED TO THE UNIT HOLDERS OF THE...

Documents