abridged annual report - 2018-2019 address: axis house, 1st … 3 - abridged an… · 1. scheme...

ABRIDGED ANNUAL REPORT - 2019-2020Address: Axis House, 1st Floor, C-2 Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai 400025, India.

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TRUSTEE REPORTREPORT FROM AXIS MUTUAL FUND TRUSTEE LIMITED TO THE UNIT HOLDERS OF THE SCHEMES OF AXIS MUTUAL FUNDWe have pleasure in presenting the Eleventh Annual Report of the schemes of Axis Mutual Fund for the period ended March 31, 2020.The assets under management of the schemes of Axis Mutual Fund as at March 31, 2020 was ` 116,453.92 crores and the average assets under management for the month ended March 31, 2020 were ̀ 1,20,468.82 crores. The total number of investors’ folio count under the schemes of Axis Mutual Fund as at March 31, 2020 were 60,10,731.As of March 31, 2020, Axis Asset Management Company Ltd. managed 55 schemes of Axis Mutual Fund which includes:• 1 open ended equity linked savings scheme with 3 year lock-in (ELSS); • 7 open ended equity schemes; • 1 open ended index fund; • 6 open ended Hybrid scheme; • 1 open ended liquid scheme; • 1 open ended overnight scheme • 1 open ended gilt scheme; • 9 open ended debt schemes; • 2 open ended Exchange Traded Funds; • 2 open ended fund of fund scheme; • 4 solution oriented schemes; • 6 close ended equity scheme; • 14 close ended debt schemes1. SCHEME PERFORMANCE, FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMESA. 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 for financial year period(s) ended March 31, 2020 are given in Annexure - 1.

Brief Comments on Scheme performance: Our scheme(s) have performed well on a relative basis amidst an uncertain and tough market environment. Both debt and equity markets had severe dislocations towards the end of the year on the back of Covid virus related lock down fears. On the debt side, our scheme(s) sidestepped several pitfalls through prudent risk management and a strong credit appraisal system.

Axis Long Term Equity Fund : The scheme has outperformed its benchmark over the past financial year as well as since inception. The scheme investments were driven by fundamental research looking for long term secular growth prospects and stock selection was on a bottom’s up basis. The scheme 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 Bluechip Fund: The scheme has outperformed its benchmark over the past financial year as well as since inception. The performance since inception reflects the long term nature of the portfolio philosophy and the portfolio construction process. The schemes’ investments were driven by fundamental research approach and stock selection was on a bottom’s up basis.

Axis Midcap Fund: Midcap stocks have seen a significant retracement this year. In that context, the scheme has remained conservative in its approach for the year given the sharp falls seen in many low quality midcap stocks. For the year scheme outperformed materially as compared to its benchmarks. It has also outperformed its benchmark since inception. The Investment approach is based on a fundamental research process. The portfolio targets to invest in high quality business with scalable and sustainable models with the underlying philosophy, “Today’s Midcap, Tomorrow’s leader”.

Axis Focused 25 Fund: The scheme has outperformed its benchmark over the past financial year as well as since inception. The scheme has an actively managed portfolio and invests in up to 25 stocks. The scheme uses a fundamental research process to identify and invest in companies with high quality sustainable models over the medium to long term.

Axis Multicap Fund: The scheme has outperformed its benchmark in the last financial year as well as since inception. The scheme looks to invest in companies that are at their inflection points such as market share gain, industry consolidation, sunrise industries, improved management focus and capital allocation or regulatory & policy changes. The scheme looks for such opportunities across market cap range.

Axis Small Cap Fund : The scheme has outperformed its benchmark since inception as well as during the last financial year. The investment approach was driven on a fundamental research process to identify and invest in companies with high quality sustainable models over the medium to long term.

Axis Growth Opportunities Fund: The scheme is a large and midcap Scheme with a provision to invest up to 35% of the net assets of the scheme in overseas securities. The investment approach is driven on a fundamental research process to identify and invest in companies with high quality sustainable models over the medium to long term. The overseas investment portion of the scheme is advised by Schroders and currently the scheme invests in US equities and depository receipts of companies domiciled in markets other than US and India. The scheme has outperformed its benchmark since inception as well as during the last financial year.

Axis ESG Equity Fund: The scheme is a thematic ESG focused Scheme with a provision to invest up to 50% of the net assets of the scheme in overseas securities. The investment approach is driven on a fundamental ESG centric research process to identify and invest in companies with high quality sustainable models over the medium to long term. The overseas investment portion of the scheme is advised by Schroders and currently the scheme has invested in global stocks. The fund was launched over the course of the last financial year.

Axis Nifty 100 Index Fund: The scheme is an index fund that aims to provide returns before expenses that closely correspond to the total returns of the Nifty 100 Index subject to tracking errors. The fund was launched over the course of the last financial year.

Axis Arbitrage Fund: The scheme has outperformed its benchmark over the last financial year and since inception. Heightened volatility during the course of the year has aided the category both in terms of returns and AUM collection.

Axis Equity Hybrid Fund: The scheme is an aggressive hybrid fund. The equity portion of the scheme is Large cap biased and best ideas strategy with a bottom up approach to investing. The portfolio is a compact portfolio of quality stocks that offer long-term sustainable growth opportunities with a competitive market advantage. The debt portion is

dynamically managed across duration and the credit spectrum. The scheme follows an active investment strategy that aims to generate absolute returns with an endeavor to capture opportunities across interest rate cycles by actively managing the duration and credit allocation of the scheme’s portfolio. The scheme has outperformed its benchmark since inception as well as during the last financial year.

Axis Triple Advantage Fund: The scheme has outperformed the benchmark in the last financial year, which again brought out the importance of asset allocation that is provided by this scheme. Performance of the plans of the scheme is different to the extent of the difference in expense ratios. The scheme has outperformed the benchmark during last one year but underperformed since inception.

Axis Dynamic Equity Fund: The scheme aims to have a dynamic equity allocation based on an in-house built quantitative model. The model uses a 3-pillar approach that considers the valuation, trend and risk of the market. The model helps the scheme in arriving at the dynamic allocation on a non-subjective basis. While this approach is likely to lag the equity market during a sharp rally, it should allow the scheme to reduce drawdowns during periods of turmoil and thus can help deliver reasonable equity exposure with sharply lower risk over a cycle. The scheme has outperformed the benchmark in the last financial year but has underperformed since inception.

Axis Equity Saver Fund: The scheme seeks to provide capital appreciation and income distribution by using equity and equity related instruments, arbitrage opportunities and debt and money market instruments. The scheme has underperformed the benchmark in the last financial year and since inception.

Axis Regular Saver Fund: The scheme invests largely in short term debt and a mix of large and mid-cap equities. The scheme maintained relatively stable maturity profile. Performances of the plans of the schemes are different to the extent of the difference in expense ratios. The scheme has underperformed the benchmark in the last financial year and since inception.

Axis Liquid Fund: The scheme is a high liquidity investment solution that provides reasonable returns with low risk through a portfolio of money market and debt securities. The scheme has maintained its portfolio strategy of low volatility and high quality during the course of the year. The scheme has outperformed on a 1 year and since inception basis. Performances of the plans of the scheme are different to the extent of the difference in expense ratios.

Axis Overnight Fund: The scheme aims to provide reasonable returns commensurate with very low interest rate risk and providing a high level of liquidity, through investments made primarily in overnight securities having maturity/residual maturity of 1 business day. The scheme has underperformed the benchmark in the last financial year and since inception.

Axis Gilt Fund: The scheme aims to generate credit risk-free returns through investments in sovereign securities issued by the Central Government and/or State Government. The fund manager strives to enhance portfolio returns by actively managing interest rate risks arising due to market volatility. The scheme has outperformed its benchmark over the last 1 year and underperformed since inception.

Axis Dynamic Bond Fund: The Scheme aims to generate optimal returns while maintaining liquidity through active management of a portfolio of debt and money market instruments. Over the course of the last financial year, the scheme’s portfolio was rejigged to allocate to 10-year AAA corporate bonds. The scheme outperformed its benchmark during the year and since inception.

Axis Ultra Short Term Fund: The scheme is a short term solution to park funds in a portfolio which endeavors to offer a portfolio with lower volatility and higher carry. The scheme is ideal for investors with an investment horizon of 3-6 months. The scheme predominantly invests in a mix of corporate bonds (50%+) and money market instruments. The scheme has underperformed the benchmark in the last financial year and since inception.

Axis Treasury Advantage Fund: The scheme aims 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 Scheme at the same time maintaining a balance between safety and liquidity. Performances of the plans of the scheme are different to the extent of the difference in expense ratios. The scheme has outperformed the benchmark in the last financial year but underperformed since inception.

Axis Short Term Fund: The scheme maintains a high quality portfolio that is focused on highly rated issuers. The scheme underperformed its benchmark during the year. Performances of plans of the scheme are different to the extent of the difference in expense ratios. Out performed in one year and underperformed since inception

Axis Money Market Fund: The fund was launched over the course of the last financial year. The objective of the scheme is to generate regular income through investment in a portfolio comprising of money market instruments.

Axis Banking & PSU Debt Fund: The scheme invests in debt and money market instruments issued by Banks, Public Sector Units (PSUs) & Public Financial Institutions (PFIs). As such it maintains a high quality and low duration relative to its benchmark. Performances of the plans of the scheme are different to the extent of the difference in expense ratios. The scheme has underperformed the benchmark in the last financial year and outperformed since inception.

Axis Corporate Debt Fund: The scheme seeks to provide steady income and capital appreciation by investing primarily in corporate debt instruments. Performances of the plans of the schemes are different to the extent of the difference in expense ratios. The scheme has underperformed the benchmark in the last financial year.

Axis Strategic Bond Fund: The scheme combines allocation to a diversified corporate bond portfolio with active management of the duration using government securities and high quality AAA corporate bonds. The challenges in the corporate credit environment in the last financial year affected the scheme. The scheme underperformed its benchmark during the year and since inception.

TRUSTEE REPORT (Contd.) Axis Credit Risk Fund: The mandate of the scheme is to invest bulk of its portfolio in good

quality lower rated issuers based on detailed credit quality assessment by the AMC. Within that mandate, the scheme invests in a mix of government and high quality corporate bonds across the yield curve and credit spectrum while maintaining an overall short duration profile. The challenges in the corporate credit environment in the last financial year affected the scheme. The scheme has underperformed the scheme benchmark during the year and since inception.

Axis Nifty ETF: The scheme is an exchange traded fund that aims to provide returns before expenses that closely correspond to the total returns of the Nifty 50 Index subject to tracking errors and the scheme has performed in line with the objective of the scheme.

Axis Gold ETF: The scheme aims to deliver returns consistent with returns on gold and is invested largely in gold subject to tracking errors and the scheme has performed in line with the objective of the scheme.

Axis Gold Fund: The scheme aims to deliver returns consistent with returns on gold by investing in Axis Gold ETF subject to tracking errors and the scheme has performed in line with the objective of the scheme.

Axis All Seasons Debt Fund of Funds: The scheme is a fund of fund structure investing in a mix of duration and credit portfolios within the domestic mutual fund industry. The aim is to provide investors with a professionally managed one stop debt portfolio from across the industry in a tax efficient manner. The scheme was launched over the course of the last financial year.

Axis Children’s Gift Fund: The scheme is an open-ended children focused solution oriented scheme that seeks to generate income by investing in debt & money market instruments along with long-term capital appreciation through investments in equity & equity related instruments. The scheme has outperformed its benchmark during the last financial year but underperformed the benchmark since.

Axis Retirement Savings Fund – Aggressive Plan: The investment objective of the Investment Plan(s) under the Scheme is to provide long-term capital appreciation / income by investing in a mix of equity, debt and other instruments to help investors meet their retirement goals.

The plan objective is to generate capital appreciation by predominantly investing in equity and equity related instruments. The Investment Plan may also invest in debt and money market instruments, units of Gold ETF or units of REITs & InvITs for income generation / wealth creation. The fund was launched over the course of the last financial year.

Axis Retirement Savings Fund – Dynamic Plan: The investment objective of the Investment Plan(s) under the Scheme is to provide long-term capital appreciation / income by investing in a mix of equity, debt and other instruments to help investors meet their retirement goals.

The Investment Plan has a dual objective of generating capital appreciation by investing in equity and equity related securities as well as generating income by investing in debt and money market securities, while attempting to manage risk from the market through active asset allocation. The Investment Plan may also invest in units of Gold ETF or units of REITs & InvITs for income generation / wealth creation. The fund was launched over the course of the last financial year.

Axis Retirement Savings Fund – Conservative Plan: The investment objective of the Investment Plan(s) under the Scheme is to provide long-term capital appreciation / income by investing in a mix of equity, debt and other instruments to help investors meet their retirement goals.

To generate regular income through investments predominantly in debt and money market instruments and to generate long term capital appreciation by investing certain portion of the portfolio in equity and equity related securities. The Investment Plan may also invest in units of Gold ETF or units of REITs & InvITs for income generation / wealth creation. The fund was launched over the course of the last financial year.

Axis Emerging Opportunities Fund - Series 1 & 2: The scheme(s) looks to invest in companies that are expected to see a boost in growth over the medium term and/or which are taking advantage of ongoing market dislocations. Performances of different plans of the schemes are different to the extent of the difference in expense ratios. Both schemes have outperformed their benchmarks over the last financial year as well as since inception

Axis Capital Builder Fund – Series 1 : The scheme is a close ended multicap Scheme with high quality portfolio whose underlying growth metrics are higher than the metrics of the scheme benchmark. The portfolio is divided equally between large cap stocks and mid & small caps stocks to provide adequate market cap diversification. The scheme has outperformed its benchmarks over the last financial year as well as since inception

Axis Capital Builder Fund – Series 4: The scheme aims to generate income and long term capital appreciation by investing in a diversified portfolio of equity & equity related instruments across market capitalization. The scheme may also use derivative strategies to manage volatility dynamically. The scheme has outperformed its benchmarks over the last financial year as well as since inception

Axis Equity Advantage Fund – Series 1 & 2: The scheme(s) invests in a diversified portfolio of equity & equity related instruments. It also aims to manage risk through use of active hedging techniques. Both schemes have outperformed their benchmarks over the last financial year as well as since inception.

Axis Fixed Term Plan - Series 95, 96, 97, 100, 101, 102, 104: The various series were invested in line with their investment objectives. The schemes are passively managed and performance comparison with benchmark is not appropriate in these cases.

Axis Hybrid Fund - Series 5,6,7, 31,32, 33 and 35: 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.

Note: Axis Capital Protection Oriented Fund – Series 5, Axis Fixed Term Plan – Series 64, Axis Hybrid Fund – Series 27, 28, 29 and 30 have matured during the financial year 2019-20

B. Operations of the Schemes Axis Mutual Fund (‘Axis MF’) has been focused on taking big strides on digital front. We

continued on a strong growth trajectory with respect to Digital Sales and Service. Following major initiatives were executed:

Digital experience Platform (DXP): Envisaged and built a Digital experience Layer (DXP) which forms the backbone of all digital channels. Created using micro-services based middleware, this DXP services all the channels of digital interaction between Axis MF and end users. This enables faster on boarding of new features across channels & new channels too. This uses a lot of reusable components from technology perspective and thus reducing the cost incurred and Time to Market(TTM). We have on boarded our new B2C App on to this platform already. We are working towards getting our other channels (Website, B2B etc.) also onto DXP.

B2C App: Launched a revamped Investor App (Axis Mutual Fund App) with DXP serving as the middleware layer. This app is built to act as a bridge of interaction between Axis MF & the investor. They can explore funds, transact, track their portfolio & reach out to us through the App. Alternatively we can give a better personalized experience to the investor through notifications, alerts etc. We have a clear roadmap to enhance our digital assets to meet the expectations of the new age digital users.

C. Future Outlook Summary and Background: Indian economy and markets have had a tough last couple of

years. Just as the economy was showing signs of overcoming the slowdown which was deep and hurt consumers across segments it was laid low by the Covid-19 related lock down. The challenge has been worsened by the global nature of the shock. Further there is limited fiscal space available to the government to take aggressive steps to overcome the disruption. However, the RBI has been aggressive in taking steps to ensure that the impact to the financial sector is managed smoothly. While the near term outlook remains extremely uncertain, over the medium term we expect things to slowly start normalising.

Equity outlook : The financial year 2020 ended on a tumultuous note for the markets on account of the Covid scare. Equity markets had a significant correction to close the year at multi-year lows and with the economy facing the challenges of a lock down.

Even before the news on the Corona virus and the subsequent shutdown, we were concerned about the quality and consistency of earnings that were coming through amidst the weak economic background. In the current situation, as we see earnings downgrades across the board, companies that have the ability to withstand the long term revenue vacuum will be winners as the cycle recovers.

Medium to long term we remain bullish on the India story and believe that the impact of the challenges – however painful they may seem right now – will ultimately prove to be temporary for the economy as a whole. We remain focused on our investment philosophy that has always looked to capture earnings driven growth over sustainably large time periods. This has worked well for us and our portfolios are testament to this philosophy.

Debt Market Outlook: The challenges caused by Covid-19 impacted the debt markets as well, as we saw severe dislocations closer to the fiscal year-end. Active steps by RBI have helped restore some balance to the markets although investor sentiment remained a bit nervous.

The path for markets will be driven by the way forward on the lock down and how quickly the economy can normalize. The dislocations are also putting a spotlight on credit funds after what has been a tough year for these on account of a number of credit events.

With credit risk coming to the fore once again, it has again highlighted that debt funds are not risk free investments and investors should heed caution while investing in relatively high risk high reward debt products.

At Axis AMC, we believe that the key to navigating the tough market environment would be to remain completely focused on our investment process which targets maintaining portfolio quality and risk-adjusted-returns.

As always, our prudent investment norms and strong risk mitigation framework form the bedrock of all our credit evaluation.

2. BRIEF BACKGROUND OF SPONSORS, FUND, THE TRUSTEE COMPANY AND AMC a. Axis Mutual Fund Axis Mutual Fund (‘the Mutual Fund’/ ‘the Fund’) was set up as a Trust by the Settlor,

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’/’the AMC’) to function as the Investment Manager for all the schemes of the Fund. The Fund was registered with SEBI on September 4, 2009 vide registration No. MF/061/09/02.

b. Axis Mutual Fund Trustee Limited (Including Liabilities & Responsibilities) 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. The main responsibility of the Trustee is to safeguard the interest of the Unit holders.

c. Sponsor Axis Mutual Fund is sponsored by Axis Bank Limited (“Axis Bank”). The Sponsor is the Settlor

of the Mutual Fund Trust. The Sponsor has entrusted a sum of ` 1,00,000/- (` One Lakh only) to Axis Mutual Fund Trustee Limited as the initial contribution towards the corpus of the Fund.


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TRUSTEE REPORT (Contd.) 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, MSME, 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 4,528 domestic branches (including extension counters) with 12,044 ATMs & 5,433 cash recyclers spread across the country as on 31st March, 2020. The overseas operations of the Bank are spread over nine international offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Colombo and Shanghai; representative offices at Dhaka, Dubai, Abu Dhabi, an overseas subsidiary at London, UK and an Offshore Banking Unit at International Financial Service Centre (IFSC), Gujarat International Finance Tec-City (GIFT City), Gandhinagar, India. The international offices focus on corporate lending, trade finance, syndication, investment banking and liability businesses.

d. Axis Asset Management Company Limited Axis Asset Management Company Limited (‘Axis 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. Axis AMC has been appointed as the Investment Manager of the

Mutual Fund by the Trustee Company vide Investment Management Agreement dated June 27, 2009 and executed between the Trustee Company and the AMC.

Axis Bank Limited holds 75% (less one share) of the total issued and paid up equity share capital of Axis AMC 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. , 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.

Axis 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. There is no conflict of interest between the Mutual Fund and the PMS activity.

Axis AMC has signed agreement(s) with offshore fund manager(s) to provide Non-binding Advisory and related services in respect of offshore fund(s) investing in India. 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.

The AMC also acts as the Investment Manager to Axis Alternative Investment Fund - Category II (“AIF”), registered with SEBI vide registration no. IN/AIF2/17-18/0512 dated January 19, 2018 and Axis Alternative Investment Fund - Category III, registered with SEBI vide registration no. IN/AIF3/18-19/0628 dated December 13, 2018 under SEBI (Alternative Investment Funds) Regulations, 2012.

3. INVESTMENT OBJECTIVES OF THE SCHEMES

Sr. No. Name of the Scheme Investment Objective

1 Axis Long Term Equity Fund (An open ended equity linked savings scheme with a statutory lock in of 3 years and tax benefit)

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

2 Axis Bluechip Fund (An open ended equity scheme predominantly investing in large cap stocks)

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

3 Axis Midcap Fund (An open ended equity scheme predominantly investing in Mid Cap stocks)

To achieve long term capital appreciation by investing predominantly in equity & equity related instruments of Mid Cap companies.

4 Axis Focused 25 Fund (An open ended equity scheme investing in maximum 25 stocks investing in large cap, mid cap and small cap companies)

To generate long term capital appreciation by investing in a concentrated portfolio of equity & equity related instruments of up to 25 companies.

5 Axis Multicap Fund (An open ended equity scheme investing across large cap, mid cap, small cap stocks)

To generate long term capital appreciation by investing in a diversified portfolio of equity and equity related instruments across market capitalization.

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

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

7 Axis Growth Opportunities Fund (An Open-ended Equity Scheme investing in both large cap and mid cap stocks)

To generate long term capital appreciation by investing in a diversified portfolio of Equity & Equity Related Instruments both in India as well as overseas.

8 Axis ESG Equity Fund (An Open ended equity scheme investing in companies demonstrating sustainable practices across Environment, Social and Governance (ESG) theme)

To generate long term capital appreciation by investing in a diversified portfolio of companies demonstrating sustainable practices across Environmental, Social and Governance (ESG) parameters.

9 Axis NIFTY 100 Index Fund (An Open Ended Index Fund tracking the NIFTY 100 Index)

To provide returns before expenses that closely corresponds to the total returns of the NIFTY 100 subject to tracking errors.

10 Axis Arbitrage Fund (An open ended scheme investing in arbitrage opportunities)

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

11 Axis Equity Hybrid Fund (An open ended hybrid scheme investing predominantly in equity and equity related instruments)

To generate long term capital appreciation along with current income by investing in a mix of Equity and Equity related Instruments, debt Instruments and money market instruments.

12 Axis Triple Advantage Fund (An open ended scheme investing in equity, debt and gold)

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.

13 Axis Dynamic Equity Fund (An open ended dynamic asset allocation fund)

To generate capital appreciation by investing in a portfolio of equity or equity linked securities while secondary objective is to generate income through investments in debt and money market instruments. It also aims to manage risk through active asset allocation.

14 Axis Equity Saver Fund (An open ended scheme investing in equity, arbitrage and debt)

To provide capital appreciation and income distribution to the investors by using equity and equity related instruments, arbitrage opportunities, and investments in debt and money market instruments.

15 Axis Regular Saver Fund (An open ended hybrid scheme investing predominantly in debt instruments)

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.

16 Axis Liquid Fund (An Open ended Liquid Scheme) To provide a high level of liquidity with reasonable returns commensurate with low risk through a portfolio of money market and debt securities.

17 Axis Overnight Fund (An open ended debt scheme investing in overnight securities)

The investment objective of the Scheme is to provide reasonable returns commensurate with very low interest rate risk and providing a high level of liquidity, through investments made primarily in overnight securities having maturity/residual maturity of 1 business day.


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TRUSTEE REPORT (Contd.)3. INVESTMENT OBJECTIVES OF THE SCHEMES (CONTD.)

Sr. No. Name of the Scheme Investment Objective

18 Axis Gilt Fund (An open ended debt scheme investing in government securities across maturity)

The Scheme will aim to generate credit risk-free returns through investments in sovereign securities issued by the Central Government and/or State Government.

19 Axis Dynamic Bond Fund (An open ended dynamic debt scheme investing across duration)

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

20 Axis Ultra Short Term Fund (An open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 months and 6 months)

The investment objective of the Scheme is to generate regular income and capital appreciation by investing in a portfolio of short term debt and money market instruments with relatively lower interest rate risk such that Macaulay duration of the portfolio is between 3 months and 6 months.

21 Axis Treasury Advantage Fund (An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 6 to 12 months)

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.

22 Axis Short Term Fund (An open ended short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 1 year to 3 years)

To generate stable returns with a low risk strategy while maintaining liquidity through a portfolio comprising of debt and money market instruments.

23 Axis Money Market Fund (An open ended debt scheme investing in money market instruments)

To generate regular income through investment in a portfolio comprising of money market instruments.

24 Axis Banking & PSU Debt Fund (An open ended debt scheme predominantly investing in debt instruments of Banks, Public Sector Undertakings & Public Financial Institutions)

To generate stable returns by investing predominantly in debt & money market instruments issued by Banks, Public Sector Units (PSUs) & Public Financial Institutions (PFIs). The Scheme shall endeavor to generate optimum returns with low credit risk.

25 Axis Corporate Debt Fund (An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds)

The Scheme seeks to provide steady income and capital appreciation by investing in corporate debt.

26 Axis Strategic Bond Fund (An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 years to 4 years)

To generate optimal returns in the medium term while maintaining liquidity of the portfolio by investing in debt and money market instruments.

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

To generate stable returns by investing in debt & money market instruments across the yield curve & credit spectrum.

28 Axis Nifty ETF (An open ended Scheme replicating/ tracking Nifty 50 Index)

The investment objective of the Scheme is to provide returns before expenses that closely correspond to the total returns of the Nifty 50 Index subject to tracking errors.

29 Axis Gold ETF (An open ended scheme replicating/tracking Domestic Price of Gold)

To generate returns that are in line with the performance of gold.

30 Axis Gold Fund (An open ended fund of fund scheme investing in Axis Gold ETF)

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

31 Axis All Seasons Debt Fund of Funds (An open ended fund of funds scheme investing in debt oriented mutual fund schemes)

To generate optimal returns over medium term by investing primarily in debt oriented mutual fund schemes. However, there can be no assurance that the investment objective of the Scheme will be achieved.

32 Axis Children’s Gift Fund (An open ended fund for investment for children, having a lock-in of 5 years or till the child attains age of majority (whichever is earlier))

To generate income by investing in debt & money market instruments along with long-term capital appreciation through investments in equity & equity related instruments.

33 Axis Retirement Savings Fund – Aggressive Plan (An open-ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier)).

To generate capital appreciation by predominantly investing in equity and equity related instruments. The Investment Plan may also invest in debt and money market instruments, units of Gold ETF or units of REITs & InvITs for income generation / wealth creation.

34 Axis Retirement Savings Fund – Dynamic Plan (An open-ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier))

The Investment Plan has a dual objective of generating capital appreciation by investing in equity and equity related securities as well as generating income by investing in debt and money market securities, while attempting to manage risk from the market through active asset allocation.The Investment Plan may also invest in units of Gold ETF or units of REITs & InvITs for income generation / wealth creation.

35 Axis Retirement Savings Fund – Conservative Plan (An open-ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier))

To generate regular income through investments predominantly in debt and money market instruments and to generate long term capital appreciation by investing certain portion of the portfolio in equity and equity related securities. The Investment Plan may also invest in units of Gold ETF or units of REITs & InvITs for income generation / wealth creation.

36 Axis Emerging Opportunities Fund - Series 1 & 2 (A Close Ended Equity Scheme)

The scheme aims to generate long term capital appreciation by investing in a diversified portfolio of equity & equity related instruments of midcap companies.

37 Axis Capital Builder Fund – Series 1 & 4 (A Close ended equity scheme investing across large cap, mid cap and small cap stocks)

To generate income and long term capital appreciation by investing in a diversified portfolio of equity & equity related instruments across market capitalization.

38 Axis Equity Advantage Fund – Series 1 & 2 (A Close ended equity scheme)

To generate capital appreciation over medium to long-term from a diversified portfolio of predominantly equity & equity related instruments. It also aims to manage risk through use of active hedging techniques.

39 Axis Fixed Term Plan – Series 95, 96, 97, 100, 101, 102, 104 Close ended debt scheme(s)

(Note: Axis Fixed Term Plan – Series 64 has matured during the financial year 2019-20)

To generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the respective Scheme(s).


4

TRUSTEE REPORT (Contd.)3. INVESTMENT OBJECTIVES OF THE SCHEMES (CONTD.)

40 Axis Hybrid Fund - Series 5, 6, 7, 31, 32, 33 and 35 Close ended debt scheme(s)

Note: Axis Hybrid Fund – Series 27, 28, 29 and 30 have matured during the financial year 2019-20

To generate income by investing in high quality fixed income securities that are maturing on or before the maturity of the Scheme whilst the secondary objective is to generate capital appreciation by investing in equity and equity related instruments.

4. Significant Accounting Policies

Accounting policies are in accordance with Securities Exchange Board of India (Mutual Funds) Regulations 1996. Summary of significant account policies is disclosed in Financial Statements of the schemes.

5. Unclaimed Dividends and Redemptions

Summary of no. of investors and corresponding amount as at March 31, 2020:

Name of Scheme Unclaimed Redemption Unclaimed Dividend

No. of Investors Amount No. of Investors Amount (` In Thousands) (` In Thousands) Axis Hybrid Fund - Series 11(42 Months) 62 5,744.74 - - Axis Hybrid Fund - Series 12(1282 Days) 86 7,612.58 - - Axis Hybrid Fund - Series 13 (1275 Days) 95 9,094.76 - - Axis Hybrid Fund - Series 14 (1274 Days) 90 12,575.38 - - Axis Hybrid Fund Series 15 (1275 Days) 66 9,817.40 - - Axis Hybrid Fund Series 18 (42 Months) 113 18,064.81 - - Axis Hybrid Fund Series 19 (42 Months) 79 14,601.06 - - Axis Focused 25 Fund 299 3,577.43 63 811.80 Axis Hybrid Fund - Series 22 (1278 Days) 75 11,754.40 - - Axis Hybrid Fund Series-23 (1275 Days) 111 14,483.60 - - Axis Hybrid Fund Series-24 (1276 Days) 130 21,292.20 - - Axis Hybrid Fund Series-25 (1278 Days) 47 12,020.25 - - Axis Hybrid Fund Series-26 (1276 Days) 55 10,829.74 - - Axis Hybrid Fund Series-27 (1351 Days) 77 14,770.35 - - Axis Hybrid Fund Series-28 (1331 Days) 85 18,462.10 - - Axis Hybrid Fund Series-29 (1275 Days) 24 6,491.06 - - Axis Hybrid Fund Series-30 (1297 Days) 48 10,658.60 - - Axis Banking & PSU Debt Fund 5 40.89 1 0.73 Axis Capital Protection Oriented Fund - Series 1 18 641.95 - - Axis Capital Protection Oriented Fund-Series 2 16 161.61 - - Axis Capital Protection Oriented Fund-Series 3 26 1,141.58 - - Axis Capital Protection Oriented Fund-Series 4 7 631.48 - - Axis Capital Protection Oriented Fund-Series 5 49 13,994.66 - - Axis Liquid Fund 87 588.64 5 23.45 Axis Children's Gift Fund 9 401.72 - - Axis Gilt Fund 3 1,613.22 3 38.60 Axis Corporate Debt Fund 6 0.00 13 0.21 Axis Dynamic Bond Fund 4 57.40 13 13.65 Axis Dynamic Equity Fund 34 2,048.02 42 459.66 Axis Emerging Opportunities Fund – Series 2 (1400 Days) 1 665.32 - - Axis Arbitrage Fund 10 205.11 31 33.12 Axis Bluechip Fund 757 14,607.25 666 4,618.14 Axis Equity Hybrid Fund 19 411.46 - - Axis Equity Saver Fund 13 293.81 106 469.67 Axis Fixed Term Plan Series 41 (546 days) 1 6.52 - - Axis Gold Fund 118 1,603.82 - - Axis Hybrid Fund - Series 1 21 924.48 - - Axis Hybrid Fund - Series 2 33 3,046.98 - - Axis Hybrid Fund - Series 5 (1346 Days) 58 5,465.23 - - Axis Hybrid Fund - Series 6 (1324 Days) 59 6,610.67 - - Axis Hybrid Fund - Series 7 (1305 Days) 65 5,637.77 - - Axis Hybrid Fund - Series 8 (1279 Days) 95 11,825.34 - - Axis Hybrid Fund - Series 9 (1282 Days) 80 7,817.93 - - Axis Strategic Bond Fund 6 100.28 6 13.62 Axis Credit Risk Fund 13 406.11 8 42.50 Axis Regular Saver Fund 48 2,615.85 178 1,173.34 Axis Midcap Fund 159 1,937.29 57 401.63 Axis Multicap Fund 35 709.54 - - Axis Growth Opportunities Fund 4 31.55 - - Axis Overnight Fund 1 6.15 - - Axis Small Cap Fund 18 1,953.10 69 1,444.57


5

TRUSTEE REPORT (Contd.)

Note: The Amounts of Unclaimed Dividends and Redemptions which are pending for more than 3 months are considered as unclaimed.

6. REDRESSAL OF COMPLAINTS RECEIVED AGAINST AXIS MUTUAL FUNDS DURING 2019-20

Please refer Annexure - 2 for the details on Redressal of Complaints received against Axis Mutual Fund during the financial year ended March 31, 2020.

7. STATUTORY INFORMATION

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

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

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 / investors can obtain copy of the Trust Deed, the full Annual Report of the Fund / AMC at a price and the text of the relevant scheme.

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/- Sd/-

Mr. Bapi Munshi Mr. G. GopalakrishnaDirector Director

Place: Mumbai

Date: May 23, 2020

Axis Short Term Fund 13 624.38 7 13.20 Axis Treasury Advantage Fund 34 564.71 1 0.75 Axis Triple Advantage Fund 161 3,055.32 245 312.20 Axis Long Term Equity Fund 349 22,749.88 1,428 18,733.14 Axis Ultra Short Term Fund 3 2.12 9 0.96 Axis Fixed Term Plan Series 59 (391 Days) 1 62.61 - - Axis Emerging Opportunities Fund – Series 1 (1400 Days) - - 8 323.20 Axis Fixed Term Plan Series 63 (91 Days) - - 1 0.11 Axis Fixed Term Plan – Series 74 (1105 days) - - 1 1.05 3,981 3,17,112.23 2,961 28,929.31


6

TRUSTEE REPORT (Contd.)Performance of the Scheme of Axis Mutual Fund for the period ended March 31, 2020 Annexure - 1

Returns Since Inception1 year Return 3 years Return 5 years ReturnInception/

Allotment DateName of the SchemeScheme Return

(%)

Benchmark Returns

(%)

NAV as on March 31, 2020

(` in Rupees)

Scheme Return

(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)

Returns to Investors^

AUM (`in crores)

Axis Liquid Fund - Regular Plan - Growth Option October 9, 2009 20,062.86 2,194.1982 6.23% 6.04% 6.86% 6.67% 7.21% 7.01% 7.78% 7.71%Benchmark: NIFTY Liquid Index Axis Liquid Fund - Retail Plan - Growth Option March 1, 2010 2,062.6268 5.76% 6.04% 6.30% 6.67% 6.65% 7.01% 7.44% 7.87%Benchmark: NIFTY Liquid Index Axis Liquid Fund - Direct Plan - Growth Option December 31, 2012 2,204.3348 6.29% 6.04% 6.92% 6.67% 7.27% 7.01% 7.87% 7.66%Benchmark: NIFTY Liquid Index Axis Treasury Advantage Fund - Regular Plan - October 9, 2009 4,278.32 2,255.7326 8.01% 7.66% 7.49% 7.37% 7.77% 7.71% 8.07% 8.20%Growth OptionBenchmark: NIFTY Low Duration Debt Index Axis Treasury Advantage Fund - Direct Plan - January 1, 2013 2,325.0996 8.34% 7.66% 7.99% 7.37% 8.22% 7.71% 8.61% 8.14%Growth OptionBenchmark: NIFTY Low Duration Debt Index Axis Treasury Advantage Fund - Retail Plan - March 3, 2010 2,114.8497 8.21% 7.66% 7.39% 7.37% 7.43% 7.71% 7.71% 8.30%Growth OptionBenchmark: NIFTY Low Duration Debt Index Axis Long Term Equity Fund - Direct Plan - Growth Option January 1, 2013 17,528.03 41.7299 -11.08% -25.24% 4.76% -2.02% 5.49% 1.76% 15.25% 6.97%Benchmark: S&P BSE 200 TRI Index Axis Long Term Equity Fund - Regular Plan - December 29, 2009 38.5474 -11.82% -25.24% 3.74% -2.02% 4.41% 1.76% 14.05% 6.54%Growth OptionBenchmark: S&P BSE 200 TRI Index Axis Bluechip Fund - Direct Plan - Growth Option January 1, 2013 11,039.76 28.29 -6.91% -24.85% 8.98% -0.81% 7.19% 1.56% 12.33% 6.53%Benchmark: NIFTY 50 TRI Axis Bluechip Fund - Regular Plan - Growth Option January 5, 2010 26.00 -8.03% -24.85% 7.53% -0.81% 5.92% 1.56% 9.78% 6.18%Benchmark: NIFTY 50 TRI Axis Short Term Fund - Direct Plan - Growth Option January 1, 2013 4,886.18 23.3754 10.08% 8.80% 8.29% 7.61% 8.71% 7.98% 8.99% 8.37%Benchmark: NIFTY Short Duration Debt Index Axis Short Term Fund - Regular Plan - Growth Option January 22, 2010 22.1395 9.39% 8.80% 7.58% 7.61% 7.94% 7.98% 8.11% 8.15%Benchmark: NIFTY Short Duration Debt Index Axis Short Term Fund- Retail Plan - Growth Option March 2, 2010 21.8896 9.39% 8.80% 7.58% 7.61% 7.94% 7.98% 8.08% 8.19%Benchmark: NIFTY Short Duration Debt Index Axis Regular Saver Fund - Direct Plan - Growth Option January 4, 2013 172.97 20.5262 -2.72% -0.07% 4.12% 5.82% 5.47% 6.64% 7.98% 8.11%Benchmark: NIFTY 50 Hybrid Short Duration Debt 25:75 Index Axis Regular Saver Fund - Regular Plan - Growth Option July 16, 2010 18.7629 -3.73% -0.07% 3.00% 5.82% 4.15% 6.64% 6.68% 8.15%Benchmark: NIFTY 50 Hybrid Short Duration Debt 25:75 IndexAxis Dynamic Bond Fund - Direct Plan - Growth Option January 1, 2013 494.10 22.9506 13.31% 11.76% 8.85% 7.81% 9.34% 8.28% 9.79% 8.53%Benchmark: NIFTY Composite Debt Index Axis Dynamic Bond Fund - Regular Plan - Growth Option April 27, 2011 21.3032 12.57% 11.76% 7.99% 7.81% 8.35% 8.28% 8.83% 8.66%Benchmark: NIFTY Composite Debt Index Axis Triple Advantage Fund - Direct Plan - Growth Option January 1, 2013 257.94 18.9408 -6.79% -10.20% 2.68% 3.58% 4.04% 4.65% 5.69% 7.06%Benchmark: NIFTY Composite Debt Index (20%), Nifty 50 TRI (65%),Gold (15%) Axis Triple Advantage Fund - Regular Plan - Growth Option August 23, 2010 17.5230 -7.93% -10.20% 1.43% 3.58% 2.89% 4.65% 6.01% 7.30%Benchmark: NIFTY Composite Debt Index (20%), Nifty 50 TRI (65%),Gold (15%) Axis Gold ETF November 10, 2010 168.29 3,841.5457 37.47% 35.11% 13.94% 14.52% 9.04% 10.41% 7.04% 7.33%Benchmark: Domestic Price of Gold Axis Midcap Fund - Direct Plan - Growth Option January 1, 2013 4,435.34 35.53 -9.29% -30.58% 6.68% -8.15% 6.63% 1.15% 14.06% 6.80%Benchmark: S&P BSE Midcap TRI Index Axis Midcap Fund - Regular Plan - Growth Option February 18, 2011 32.57 -10.52% -30.58% 5.39% -8.15% 5.36% 1.15% 13.82% 6.60%Benchmark: S&P BSE Midcap TRI Index Axis Gold Fund - Direct Plan - Growth Option January 1, 2013 77.14 14.6580 37.77% 35.11% 13.86% 14.52% 9.48% 10.41% 3.47% 3.98%Benchmark: Domestic Price of Gold Axis Gold Fund - Regular Plan - Growth Option October 20, 2011 13.6637 37.56% 35.11% 13.24% 14.52% 8.58% 10.41% 3.74% 4.86%Benchmark: Domestic Price of Gold Axis Gilt Fund - Direct Plan - Growth Option January 1, 2013 61.63 18.9589 14.68% 13.08% 8.11% 8.15% 8.43% 8.36% 8.21% 8.14%Benchmark: NIFTY All Duration G-Sec Index Axis Gilt Fund - Regular Plan - Growth Option January 23, 2012 18.2559 14.17% 13.08% 7.57% 8.15% 7.89% 8.36% 7.62% 8.25%Benchmark: NIFTY All Duration G-Sec Index Axis Strategic Bond Fund - Direct Plan - Growth January 7, 2013 1,230.11 20.7346 8.22% 10.49% 8.21% 7.73% 8.80% 8.31% 9.35% 8.54%Benchmark: NIFTY Medium Duration Debt Index Axis Strategic Bond Fund - Regular Plan - Growth Option March 28, 2012 19.5575 7.50% 10.49% 7.49% 7.73% 7.97% 8.31% 8.73% 8.90%Benchmark: NIFTY Medium Duration Debt Index Axis Banking & PSU Debt Fund - Direct Plan - Growth January 1, 2013 13,118.39 1,940.9930 9.65% 9.57% 8.76% 7.41% 8.61% 7.85% 8.80% 8.33%Benchmark: NIFTY Banking & PSU Debt Index


7


Axis Banking & PSU Debt Fund - Regular Plan - June 8, 2012 1,911.3641 9.33% 9.57% 8.48% 7.41% 8.37% 7.85% 8.64% 8.51%Growth OptionBenchmark: NIFTY Banking & PSU Debt Index Axis Focused 25 Fund - Direct Plan - Growth January 1, 2013 8,195.94 25.54 -12.49% -24.85% 4.68% -0.81% 6.76% 1.56% 11.43% 6.53%Benchmark: NIFTY 50 TRI Axis Focused 25 Fund - Regular Plan - Growth Option June 29, 2012 23.40 -13.59% -24.85% 3.39% -0.81% 5.42% 1.56% 11.57% 7.81%Benchmark: NIFTY 50 TRI Axis Hybrid Fund- Series 5 - Regular Plan - Growth Option July 25, 2013 9.86 13.7293 2.12% 6.44% 3.37% 6.78% 1.34% 7.86% 4.85% 9.43%Benchmark: CRISIL Hybrid 85+15 - Conservative Index Axis Hybrid Fund- Series 5 - Direct Plan - Growth Option July 25, 2013 14.6143 2.75% 6.44% 4.32% 6.78% 2.29% 7.86% 5.84% 9.43%Benchmark: CRISIL Hybrid 85+15 - Conservative Index Axis Hybrid Fund- Series 6 - Regular Plan - Growth Option August 16, 2013 4.57 14.1895 2.37% 6.44% 3.52% 6.78% 1.31% 7.86% 5.42% 10.02%Benchmark: CRISIL Hybrid 85+15 - Conservative Index Axis Hybrid Fund- Series 6 - Direct Plan - Growth Option August 16, 2013 15.0955 2.95% 6.44% 4.45% 6.78% 2.24% 7.86% 6.41% 10.02%Benchmark: CRISIL Hybrid 85+15 - Conservative Index Axis Hybrid Fund- Series 7 - Regular Plan - Growth Option September 5, 2013 5.33 14.1881 2.36% 6.44% 3.51% 6.78% 1.46% 7.86% 5.47% 9.70%Benchmark: CRISIL Hybrid 85+15 - Conservative Index Axis Small Cap Fund - Regular Plan - Growth Option November 29, 2013 1,883.00 24.21 -12.31% -45.03% 0.21% -18.94% 4.72% -7.55% 14.97% 3.04%Benchmark: Nifty Smallcap 100 TRI Axis Small Cap Fund - Direct Plan - Growth Option November 29, 2013 26.04 -11.07% -45.03% 1.42% -18.94% 5.93% -7.55% 16.30% 3.04%Benchmark: Nifty Smallcap 100 TRI Axis Credit Risk Fund - Regular Plan - Growth Option July 15, 2014 1,069.02 15.1662 4.24% 9.23% 5.75% 8.07% 6.97% 8.71% 7.56% 9.11%Benchmark: NIFTY Credit Risk Bond Index Axis Credit Risk Fund - Direct Plan - Growth Option July 15, 2014 16.2000 5.48% 9.23% 7.08% 8.07% 8.28% 8.71% 8.81% 9.11%Benchmark: NIFTY Credit Risk Bond Index Axis Arbitrage Fund - Regular Plan - Growth Option August 14, 2014 2,310.96 14.2014 6.10% 6.04% 6.00% 5.26% 6.17% 5.67% 6.42% 6.03%Benchmark: Nifty 50 Arbitrage Index Axis Arbitrage Fund - Direct Plan - Growth Option August 14, 2014 14.8528 6.86% 6.04% 6.82% 5.26% 7.02% 5.67% 7.28% 6.03%Benchmark: Nifty 50 Arbitrage Index Axis Hybrid Fund -Series 31-1381D - Regular Plan - July 19, 2016 275.65 12.0952 1.34% 4.42% 5.31% 6.53% NA NA 5.27% 7.29%Growth Option Benchmark: Crisil Composite Bond Fund Index (80%) and Nifty 50 TRI Index (20%) Axis Hybrid Fund -Series 31-1381D - Direct Plan - July 19, 2016 12.6852 1.93% 4.42% 6.55% 6.53% NA NA 6.64% 7.29%Growth OptionBenchmark: Crisil Composite Bond Fund Index (80%) and Nifty 50 TRI Index (20%) Axis Hybrid Fund -Series 32-1367D - Regular Plan - August 9, 2016 407.72 12.0532 1.59% 4.42% 5.43% 6.53% NA NA 5.26% 6.98%Growth OptionBenchmark: Crisil Composite Bond Fund Index (80%) and Nifty 50 TRI Index (20%) Axis Hybrid Fund -Series 32-1367D - Direct Plan - August 9, 2016 12.5638 2.19% 4.42% 6.56% 6.53% NA NA 6.46% 6.98%Growth OptionBenchmark: Crisil Composite Bond Fund Index (80%) and Nifty 50 TRI Index (20%) Axis Hybrid Fund -Series 33-1358D - Regular Plan - September 9, 2016 390.91 11.8106 -0.84% 4.42% 5.24% 6.53% NA NA 4.79% 6.71%Growth OptionBenchmark: Crisil Composite Bond Fund Index (80%) and Nifty 50 TRI Index (20%) Axis Hybrid Fund -Series 33-1358D - Direct Plan - September 9, 2016 12.3551 -0.28% 4.42% 6.48% 6.53% NA NA 6.12% 6.71%Growth OptionBenchmark: Crisil Composite Bond Fund Index (80%) and Nifty 50 TRI Index (20%) Axis Hybrid Fund-Series 35-1359D - Regular Plan - December 1, 2016 180.25 10.3226 -17.21% 6.44% -0.80% 6.78% NA NA 0.96% 6.52%Growth OptionBenchmark: CRISIL Hybrid 85+15 - Conservative Index Axis Hybrid Fund-Series 35-1359D - Direct Plan - December 1, 2016 10.7513 -16.76% 6.44% 0.36% 6.78% NA NA 2.20% 6.52%Growth OptionBenchmark: CRISIL Hybrid 85+15 - Conservative Index Axis Emerging Opportunities Fund - Series 1 (1400 Days) December 29, 2016 461.05 9.84 -20.24% -30.58% -2.23% -8.15% NA NA -0.49% -2.50%- Regular Plan - Growth Option Benchmark: S&P BSE Midcap TRI Axis Emerging Opportunities Fund - Series 1 (1400 Days) December 29, 2016 10.28 -19.54% -30.58% -0.95% -8.15% NA NA 0.85% -2.50%- Direct Plan - GrowthBenchmark: S&P BSE Midcap TRI Axis Emerging Opportunities Fund - Series 2 (1400 Days) February 27, 2017 984.19 9.41 -20.84% -30.58% -2.68% -8.15% NA NA -1.95% -6.62%- Regular Plan - Growth OptionBenchmark: S&P BSE Midcap TRI

Performance of the Scheme of Axis Mutual Fund for the period ended March 31, 2020 Annexure - 1



(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)


AUM (`in crores)


8


(` in Rupees)


Axis Emerging Opportunities Fund - Series 2 (1400 Days) February 27, 2017 9.81 -20.10% -30.58% -1.39% -8.15% NA NA -0.62% -6.62%- Direct Plan - Growth OptionBenchmark: S&P BSE Midcap TRI Axis Children's Gift Fund - Compulsory Lock-in December 8, 2015 378.72 12.3501 -9.56% -12.78% 3.05% 2.60% NA NA 5.01% 5.92%- Direct Plan - Growth OptionBenchmark: NIFTY 50 Hybrid Composite Debt 65:35 Index Axis Children's Gift Fund - Compulsory Lock-in - December 8, 2015 11.5629 -10.76% -12.78% 1.50% 2.60% NA NA 3.42% 5.92%Regular Plan - Growth OptionBenchmark: NIFTY 50 Hybrid Composite Debt 65:35 Index Axis Children's Gift Fund - No Lock-in - Direct Plan - December 8, 2015 12.4647 -9.47% -12.78% 3.19% 2.60% NA NA 5.24% 5.92%Growth OptionBenchmark: NIFTY 50 Hybrid Composite Debt 65:35 Index Axis Children's Gift Fund - No Lock-in - Regular Plan - December 8, 2015 11.5615 -10.76% -12.78% 1.50% 2.60% NA NA 3.42% 5.92%Growth OptionBenchmark: NIFTY 50 Hybrid Composite Debt 65:35 Index Axis Equity Saver Fund - Regular Plan - Growth Option August 14, 2015 679.70 13.00 -6.13% -4.43% 3.16% 4.27% NA NA 4.00% 5.23%Benchmark: NIFTY Equity Savings Index Axis Equity Saver Fund - Direct Plan - Growth Option August 14, 2015 12.67 -4.98% -4.43% 4.35% 4.27% NA NA 5.24% 5.23%Benchmark: NIFTY Equity Savings Index Axis Equity Advantage Fund - Series 1 - Regular Plan May 25, 2017 949.97 11.15 -2.09% -16.30% NA NA NA NA 3.89% 0.66%- Growth OptionBenchmark: Nifty 50 TRI Index (75%) + CRISIL Composite Bond Fund Index (25%) Axis Equity Advantage Fund - Series 1 - Direct Plan - May 25, 2017 11.60 -1.10% -16.30% NA NA NA NA 5.34% 0.66%Growth OptionBenchmark: Nifty 50 TRI Index (75%) + CRISIL Composite Bond Fund Index (25%) Axis Nifty ETF July 3, 2017 5.53 888.5128 -24.93% -24.85% NA NA NA NA -2.45% -2.73%Benchmark: NIFTY 50 TRI Axis Corporate Debt Fund - Regular Plan - Growth Option July 13, 2017 189.73 12.0639 5.79% 9.47% NA NA NA NA 7.15% 7.42%Benchmark: NIFTY Corporate Bond Index Axis Corporate Debt Fund - Direct Plan - Growth Option July 13, 2017 12.3364 6.60% 9.47% NA NA NA NA 8.03% 7.42%Benchmark: NIFTY Corporate Bond Index Axis Dynamic Equity Fund - Regular Plan - Growth Option August 1, 2017 1,531.19 10.26 -6.00% -7.37% NA NA NA NA 0.97% 1.72%Benchmark: NIFTY 50 Hybrid Composite Debt 50:50 Index Axis Dynamic Equity Fund - Direct Plan - Growth Option August 1, 2017 10.68 -4.86% -7.37% NA NA NA NA 2.50% 1.72%Benchmark: NIFTY 50 Hybrid Composite Debt 50:50 Index Axis Equity Advantage Fund - Series 2 - Regular Plan - August 3, 2017 97.44 11.31 3.35% -16.30% NA NA NA NA 4.74% -1.21%Growth OptionBenchmark: Nifty 50 TRI Index (75%) + CRISIL Composite Bond Fund Index (25%) Axis Equity Advantage Fund - Series 2 - Direct Plan August 3, 2017 11.75 4.13% -16.30% NA NA NA NA 6.25% -1.21%- Growth OptionBenchmark: Nifty 50 TRI Index (75%) + CRISIL Composite Bond Fund Index (25%) Axis Multicap Fund - Regular Plan - Growth Option November 20, 2017 5,059.40 10.37 -8.41% -26.44% NA NA NA NA 1.55% -9.71%Benchmark: Nifty 500 TRI Axis Multicap Fund - Direct Plan - Growth Option November 20, 2017 10.76 -7.11% -26.44% NA NA NA NA 3.15% -9.71%Benchmark: Nifty 500 TRI Axis Capital Builder Fund - Series 1-1540D - March 8, 2018 370.97 8.39 -16.39% -26.44% NA NA NA NA -8.15% -10.33%Regular Plan - Growth OptionBenchmark: Nifty 500 TRI Axis Capital Builder Fund - Series 1-1540D - March 8, 2018 8.59 -15.83% -26.44% NA NA NA NA -7.09% -10.33%Direct Plan - Growth OptionBenchmark: Nifty 500 TRI Axis Capital Builder Fund - Series 4-1582D - December 21, 2018 736.43 8.70 -17.56% -26.44% NA NA NA NA -10.33% -17.46%Regular Plan - Growth OptionBenchmark: Nifty 500 TRI Axis Capital Builder Fund - Series 4-1582D - December 21, 2018 8.81 -16.92% -26.44% NA NA NA NA -9.45% -17.46%Direct Plan - Growth OptionBenchmark: Nifty 500 TRI Axis Equity Hybrid Fund - Regular Plan - Growth Option August 9, 2018 1,336.56 8.97 -10.93% -12.84% NA NA NA NA -6.40% -6.72%Benchmark: CRISIL Hybrid 35+65 - Aggressive Index Axis Equity Hybrid Fund - Direct Plan - Growth Option August 9, 2018 9.20 -9.64% -12.84% NA NA NA NA -4.95% -6.72%Benchmark: CRISIL Hybrid 35+65 - Aggressive Index Axis Growth Opportunities Fund - Regular Plan October 22, 2018 907.48 9.43 -11.12% -27.29% NA NA NA NA -3.99% -12.88%- Growth OptionBenchmark: NIFTY Large Midcap 250 TRI



(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)


AUM (`in crores)



9


(` in Rupees)


Axis Growth Opportunities Fund - Direct Plan October 22, 2018 9.68 -9.53% -27.29% NA NA NA NA -2.16% -12.88%- Growth OptionBenchmark: NIFTY Large Midcap 250 TRI Axis Overnight Fund - Regular Plan - Growth Option March 15, 2019 3,709.24 1,054.7815 5.16% 5.27% NA NA NA NA 5.23% 5.31%Benchmark: NIFTY 1D Rate Index Axis Overnight Fund - Direct Plan - Growth Option March 15, 2019 1,055.5162 5.23% 5.27% NA NA NA NA 5.30% 5.31%Benchmark: NIFTY 1D Rate Index Axis Ultra Short Term Fund - Regular Plan - Growth September 10, 2018 2,736.26 11.1870 6.97% 7.40% NA NA NA NA 7.47% 7.87%Benchmark: CRISIL Ultra Short Term Debt Index Axis Ultra Short Term Fund - Direct Plan - Growth September 10, 2018 11.3421 7.95% 7.40% NA NA NA NA 8.43% 7.87%Benchmark: CRISIL Ultra Short Term Debt Index Axis Fixed Term Plan - Series 95 (1185D) - Regular Plan July 4, 2018 106.57 11.6929 8.88% 12.57% NA NA NA NA 9.38% 11.54%- Growth OptionBenchmark: CRISIL Composite Bond Fund index Axis Fixed Term Plan - Series 95 (1185D) - Direct Plan July 4, 2018 11.7674 9.30% 12.57% NA NA NA NA 9.79% 11.54%- Growth OptionBenchmark: CRISIL Composite Bond Fund index Axis Fixed Term Plan - Series 96 (1124D) - Regular Plan September 3, 2018 48.89 10.4944 1.02% 11.17% NA NA NA NA 3.11% 11.06%- Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis Fixed Term Plan - Series 96 (1124D) - Direct Plan - September 3, 2018 10.5409 1.32% 11.17% NA NA NA NA 3.40% 11.06%Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis Fixed Term Plan - Series 97 (1116D) - September 11, 2018 367.78 10.7925 3.31% 11.17% NA NA NA NA 5.03% 11.57%Regular Plan - Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis Fixed Term Plan - Series 97 (1116D) - Direct Plan - September 11, 2018 10.8243 3.52% 11.17% NA NA NA NA 5.23% 11.57%Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis Fixed Term Plan - Series 100 (1172D) - January 22, 2019 24.88 11.2138 9.40% 11.17% NA NA NA NA 10.11% 11.18%Regular Plan - Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis Fixed Term Plan - Series 100 (1172D) - January 22, 2019 11.2472 9.67% 11.17% NA NA NA NA 10.39% 11.18%Direct Plan - Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis Fixed Term Plan - Series 101 (1154D) - February 13, 2019 29.92 11.1520 9.50% 11.17% NA NA NA NA 10.14% 11.25%Regular Plan - Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis Fixed Term Plan - Series 101 (1154D) - February 13, 2019 11.1835 9.77% 11.17% NA NA NA NA 10.42% 11.25%Direct Plan - Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis Fixed Term Plan - Series 102 (1133D) - March 6, 2019 35.42 11.0919 9.56% 11.17% NA NA NA NA 10.16% 11.72%Regular Plan - Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis Fixed Term Plan - Series 102 (1133D) - March 6, 2019 11.1216 9.83% 11.17% NA NA NA NA 10.43% 11.72%Direct Plan - Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis Fixed Term Plan - Series 104 (1112D) - March 28, 2019 97.84 10.9694 9.47% 11.17% NA NA NA NA 9.58% 11.25%Regular Plan - Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis Fixed Term Plan - Series 104 (1112D) - March 28, 2019 11.0027 9.80% 11.17% NA NA NA NA 9.91% 11.25%Direct Plan - Growth OptionBenchmark: 50% CRISIL Composite Bond Fund Index + 50% CRISIL Short Term Bond Fund Index Axis All Seasons Debt Fund of Funds - January 29, 2020 62.48 10.1883 NA NA NA NA NA NA 1.88% 2.48%Regular Plan - Growth Option^Benchmark: NIFTY Composite Debt Index



(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)


AUM (`in crores)



10


(` in Rupees)


Axis All Seasons Debt Fund of Funds - January 29, 2020 10.1937 NA NA NA NA NA NA 1.94% 2.48%Direct Plan - Growth Option^Benchmark: NIFTY Composite Debt Index Axis ESG Equity Fund - Regular Plan - Growth Option^ February 12, 2020 1,553.96 9.02 NA NA NA NA NA NA -9.80% -27.67%Benchmark: NIFTY100 ESG TRI Axis ESG Equity Fund - Direct Plan - Growth Option^ February 12, 2020 9.04 NA NA NA NA NA NA -9.60% -27.67%Benchmark: NIFTY100 ESG TRI Axis Money Market Fund - Regular Plan - Growth Option^ August 6, 2019 454.00 1,046.4609 NA NA NA NA NA NA 4.65% 3.96%Benchmark: NIFTY Money Market Index Axis Money Market Fund - Direct Plan - Growth Option^ August 6, 2019 1,047.4197 NA NA NA NA NA NA 4.74% 3.96%Benchmark: NIFTY Money Market Index Axis Nifty 100 Index Fund - Regular Plan - Growth Option^ October 18, 2019 267.32 7.46 NA NA NA NA NA NA -25.40% -25.72%Benchmark: NIFTY 100 TRI Axis Nifty 100 Index Fund - Direct Plan - Growth Option^ October 18, 2019 7.48 NA NA NA NA NA NA -25.10% -25.72%Benchmark: NIFTY 100 TRI Axis Retirement Savings Fund - Aggressive Plan December 20, 2019 398.84 8.46 NA NA NA NA NA NA -15.50% -20.43%- Regular Plan - Growth Option^Benchmark: NIFTY 50 Hybrid Composite Debt 70:30 Index Axis Retirement Savings Fund - Aggressive Plan December 20, 2019 8.50 NA NA NA NA NA NA -15.00% -20.43%- Direct Plan - Growth Option^Benchmark: NIFTY 50 Hybrid Composite Debt 70:30 Index Axis Retirement Savings Fund - Conservative Plan - December 20, 2019 100.86 9.5503 NA NA NA NA NA NA -4.51% -6.28%Regular Plan - Growth Option^Benchmark: NIFTY 50 Hybrid Short Duration Debt 25:75 Index Axis Retirement Savings Fund - Conservative Plan - December 20, 2019 9.5990 NA NA NA NA NA NA -4.00% -6.28%Direct Plan - Growth Option^Benchmark: NIFTY 50 Hybrid Short Duration Debt 25:75 Index Axis Retirement Savings Fund - Dynamic Plan - December 20, 2019 227.08 9.07 NA NA NA NA NA NA -9.40% -18.83%Regular Plan - Growth Option^Benchmark: NIFTY 50 Hybrid Composite Debt 65:35 Index Axis Retirement Savings Fund - Dynamic Plan - December 20, 2019 9.11 NA NA NA NA NA NA -8.90% -18.83%Direct Plan - Growth Option^Benchmark: NIFTY 50 Hybrid Composite Debt 65:35 Index



(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)

Scheme Return

(%)

Benchmark Returns

(%)


AUM (`in crores)


^ Schemes launched during the F.Y. 2019-20


11


(` in Rupees)

I A Non receipt of Dividend on Units 0 2 2 0 0 0 0 0 0 0 0 I B Interest on delayed payment of Dividend 0 14 14 0 0 0 0 0 0 0 0 I C Non receipt of Redemption Proceeds 0 67 58 6 0 0 0 3 0 0 0 I D Interest on delayed payment of Redemption 0 58 58 0 0 0 0 0 0 0 0 II A Non receipt of Statement of Account/Unit Certificate 0 0 0 0 0 0 0 0 0 0 0 II B Discrepancy in Statement of Account 0 0 0 0 0 0 0 0 0 0 0 II C Data corrections in Investor details 1 0 1 0 0 0 0 0 0 0 0 II D Non receipt of Annual Report/Abridged Summary 0 0 0 0 0 0 0 0 0 0 0 III A Wrong switch between Schemes 0 0 0 0 0 0 0 0 0 0 0 III B Unauthorized switch between Schemes 0 0 0 0 0 0 0 0 0 0 0 III C Deviation from Scheme attributes 0 0 0 0 0 0 0 0 0 0 0 III D Wrong or excess charges/load 0 0 0 0 0 0 0 0 0 0 0 III E Non updation of changes viz. address, PAN, 12 821 787 14 2 0 0 30 0 0 0 bank details, nomination, etc IV Others** 0 0 0 0 0 0 0 0 0 0 0 TOTAL 13 962 920 20 2 0 0 33 0 0 0#including against its authorized persons/ distributors/ employees. etc.*Non actionable means the complaint that are incomplete / outside the scope of the mutual fund.** If others include a type of complaint which is more than 10% of overall complaint, provide that reason separately.

Type of Complaint#Complaint 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

Name of Mutual Fund : AXIS MUTUAL FUND Redressal of Complaints received against Mutual Funds (MFs) during 2019-2020

Annexure - 2Investor Complaints Report

Total Number of Folios : 6010731


12

INDEPENDENT AUDITOR’S REPORT

13

To the Trustees of Axis Mutual Fund

Axis Liquid Fund

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Axis Liquid Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account and cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2020, its surplus and cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (‘SAs’) issued by the Institute of Chartered Accountants of India (the ‘ICAI’). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with ICAI Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The Scheme’s management, the Board of Directors of Axis Mutual Fund Trustee Limited (the ‘Trustees’) and the Board of Directors of Axis Asset Management Company Limited (the ‘AMC’) (collectively referred to as ‘Management’) are responsible for the preparation of these financial statements that give a true and fair view of the state of affairs, surplus / deficit and cash flows of the Scheme in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the Regulations, 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.

In preparing these financial statements, Management is responsible for assessing the Scheme’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Scheme or to cease operations, or has no realistic alternative but to do so.

The Board of Directors of the Trustees and the AMC are also responsible for overseeing the Scheme’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements of the Scheme as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal controls;

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management;

• Conclude on the appropriateness of Management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Scheme to cease to continue as a going concern;

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The financial statements of the Scheme for the year ended 31 March 2019 were audited by another auditor who expressed an unmodified opinion on those statements on 28 May 2019.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by Regulation 55 (4) of the Regulations, we report that:

(a) We have obtained all information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of the audit; and

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

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

3. As required by the Eight Schedule of the Regulations, we report that, in our opinion and on the basis of information and explanations given to us, the methods used to value non - traded securities, as at 31 March 2020, as determined by the Board of Directors of the AMC, are in accordance with the Regulations and other guidelines issued by the Securities and Exchange Board of India as applicable and approved by the Board of Directors of the Trustees, are fair and reasonable.

For B S R & Co. LLP

Chartered Accountants

ICAI Firm’s Registration No: 101248W/W-100022

Milind Ranade

Partner

Membership No: 100564

UDIN: 20100564AAAADZ3001

Mumbai

May 23, 2020



14


Axis Treasury Advantage Fund


Opinion

We have audited the financial statements of Axis Treasury Advantage Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account and cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.


Basis for Opinion
















Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAEA3953

Mumbai

May 23, 2020



15


Axis Banking & PSU Debt Fund


Opinion

We have audited the financial statements of Axis Banking & PSU Debt Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account and cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.


Basis for Opinion
















Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAEM3766

Mumbai

May 23, 2020



16


Axis Short Term Fund


Opinion

We have audited the financial statements of Axis Short Term Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account and cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.


Basis for Opinion
















Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAED5049

Mumbai

May 23, 2020



17


Axis Strategic Bond Fund


Opinion

We have audited the financial statements of Axis Strategic Bond Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account and cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.


Basis for Opinion
















Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAEL7943

Mumbai

May 23, 2020



18


Axis Dynamic Bond Fund


Opinion

We have audited the financial statements of Axis Dynamic Bond Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2020, its surplus for the year ended on that date.

Basis for Opinion



The Scheme’s management, the Board of Directors of Axis Mutual Fund Trustee Limited (the ‘Trustees’) and the Board of Directors of Axis Asset Management Company Limited (the ‘AMC’) (collectively referred to as ‘Management’) are responsible for the preparation of these financial statements that give a true and fair view of the state of affairs and surplus / deficit of the Scheme in accordance with the accounting policies and standards specified in the Ninth Schedule of the Regulations and the accounting principles generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the Regulations, 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.













Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAEI7431

Mumbai

May 23, 2020



19


Axis Regular Saver Fund


Opinion

We have audited the financial statements of Axis Regular Saver Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account and cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2020, its deficit and cash flows for the year ended on that date.

Basis for Opinion
















Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAEE7120

Mumbai

May 23, 2020



20


Axis Gilt Fund


Opinion

We have audited the financial statements of Axis Gilt Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.


Basis for Opinion
















Other Matter








For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAEK4832

Mumbai

May 23, 2020



21


Axis Credit Risk Fund


Opinion

We have audited the financial statements of Axis Credit Risk Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account and cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.


Basis for Opinion
















Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAEP8561

Mumbai

May 23, 2020



22


Axis Corporate Debt Fund


Opinion

We have audited the financial statements of Axis Corporate Debt Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account and cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.


Basis for Opinion
















Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFE3140

Mumbai

May 23, 2020



23


Axis Overnight Fund


Opinion

We have audited the financial statements of Axis Overnight Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.


Basis for Opinion
















Other Matter

The financial statements of the Scheme for the period ended 31 March 2019 were audited by another auditor who expressed an unmodified opinion on those statements on 28 May 2019.







For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFT7971

Mumbai

May 23, 2020



24


Axis Ultra Short Term Fund


Opinion

We have audited the financial statements of Axis Ultra Short Term Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.


Basis for Opinion
















Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFT7971

Mumbai

May 23, 2020



25


Axis Fixed Term Plan – Series 95 (1185 Days)


Opinion

We have audited the financial statements of Axis Fixed Term Plan – Series 95 (1185 Days) (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account and cash flow statement for the year then ended, and notes to the financial statements, including a summary of the significant accounting policies.


Basis for Opinion


Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Description of Key Audit Matter:


Fair valuation of debt securities

Refer Note 2 (c) to the financial statements

• Fair valuation of debt securities is a subjective area with judgment applied in determining fair value.

• Fair valuation of debt securities requires application of valuation principles prescribed by the SEBI Regulations.

• We have identified fair valuation of debt securities as a key audit matter because of inherent subjectivity of estimates and judgement and its significance to the financial statements.

Key audit matter

Our audit procedures included the following:

• We tested investment valuation policy approved by the Trustee for its compliance with the SEBI Regulations.

• We understood, evaluated and tested the design and operating effectiveness of controls around the fair valuation of debt securities.

• We checked that the prices used by the Scheme to fair value the debt securities were in accordance with the investment valuation policy.

• We evaluated judgements and estimates used while determining the fair valuation of debt securities comprising of assumptions and relevance of data sources.

How the matter was addressed in our audit

Other Information

The management of Axis Asset Management Company Limited is responsible for the other information. The other information comprises the information included in the Annual Report but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.



In preparing these financial statements, management is responsible for assessing the Scheme’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Scheme or to cease operations, or has no realistic alternative but to do so.




INDEPENDENT AUDITOR’S REPORT (CONTD.)

26




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

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Scheme to cease to continue as a going concern;




Other Matter








3. As required by the Eight Schedule of the Regulations, we report that, in our opinion and on the basis of information and explanations given to us, the methods used to value non – traded securities, as at 31 March 2020, as determined by the Board of Directors of the AMC, are in accordance with the Regulations and other guidelines issued by the Securities and Exchange Board of India as applicable and approved by the Board of Directors of the Trustees, are fair and reasonable.

For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFJ5902

Mumbai

May 23, 2020



27




Opinion



Basis for Opinion


Key Audit Matters









Key audit matter







Other Information











28









Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFL3923

Mumbai

May 23, 2020



29




Opinion



Basis for Opinion


Key Audit Matters









Key audit matter







Other Information











30









Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFN1860

Mumbai

May 23, 2020



31




Opinion



Basis for Opinion


Key Audit Matters









Key audit matter







Other Information











32









Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFQ8375

Mumbai

May 23, 2020



33




Opinion



Basis for Opinion


Key Audit Matters









Key audit matter







Other Information











34









Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFR7370

Mumbai

May 23, 2020



35




Opinion



Basis for Opinion


Key Audit Matters









Key audit matter







Other Information











36









Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFS4563

Mumbai

May 23, 2020



37




Opinion



Basis for Opinion


Key Audit Matters









Key audit matter







Other Information











38









Other Matter









For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFU5875

Mumbai

May 23, 2020



39


Axis Money Market Fund


Opinion

We have audited the financial statements of Axis Money Market Fund (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account for the period from 6 August 2019 (the ‘date of allotment’) to 31 March 2020 (the ‘Period’), and notes to the financial statements, including a summary of the significant accounting policies.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2020 and its surplus for the Period ended on that date.

Basis for Opinion






















For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFV8439

Mumbai

May 23, 2020



40


Axis Retirement Savings Fund – Conservative Plan


Opinion

We have audited the financial statements of Axis Retirement Savings Fund – Conservative Plan (the ‘Scheme’) of Axis Mutual Fund, which comprise the balance sheet as at 31 March 2020 and the revenue account and cash flow statement for the period from 20 December 2019 (the ‘date of allotment’) to 31 March 2020 (the ‘Period’), and notes to the financial statements, including a summary of the significant accounting policies.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (the ‘Regulations’) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at 31 March 2020, its deficit and cash flows for the Period ended on that date.

Basis for Opinion






















For B S R & Co. LLP



Milind Ranade

Partner


UDIN: 20100564AAAAFY2955

Mumbai

May 23, 2020


ABRIDGED BALANCE SHEET AS AT MARCH 31, 2020 (` in Lakhs)

Axis Liquid Fund Axis Treasury Axis Banking & Axis Short Term Fund Axis Strategic Bond Fund {formerly known Advantage Fund PSU Debt Fund as "Axis Regular Savings Fund"} # As at As at As at As at As at As at As at As at As at As at March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 LIABILITIES1 Unit Capital 986,843.60 1,160,955.56 198,222.33 73,894.75 687,380.38 263,824.08 217,589.28 147,103.25 63,111.52 67,669.43 2 Reserves & Surplus 2.1 Unit Premium Reserve (52,476.20) (129,336.95) 3,388.11 269.39 (32,335.37) 700.33 6,843.23 2,223.76 3,381.63 3,806.90 2.2 Unrealised Appreciation Reserve 865.71 1,008.08 - 477.78 20,990.00 6,336.89 1,770.79 15.30 1,072.64 - 2.3 Other Reserves 1,071,052.47 1,070,334.26 226,221.71 59,708.18 635,804.25 187,192.93 262,414.41 155,814.77 55,444.80 52,495.89 3 Loans & Borrowings 453,144.72 348,974.09 - - - - - - - - 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits - - - - - - - - - - 4.2 Other Current Liabilities & Provisions 161,319.14 16,774.10 2,329.00 1,184.21 1,950.67 831.71 4,335.05 7,894.77 9,889.66 1,153.46 TOTAL 2,620,749.44 2,468,709.14 430,161.15 135,534.31 1,313,789.93 458,885.94 492,952.76 313,051.85 132,900.25 125,125.68 ASSETS 1 Investments 1.1. Listed Securities: 1.1.1 Equity Shares / Warrants - - - - - - - - - - 1.1.2 Preference Shares - - - - - - - - - - 1.1.3 Equity Linked Debentures - - - - - - - - - - 1.1.4 Other Debentures & Bonds 15,046.05 101,909.83 284,855.58 90,494.56 1,244,834.10 383,145.21 390,643.33 215,910.39 88,679.28 91,605.71 1.1.5 Securitised Debt securities - - 11,830.23 - - - 16,975.45 - 6,365.47 - 1.1.6 Futures and Options - - - - - - - - - - 1.2 Securities Awaited Listing: 1.2.1 Equity Shares - - - - - - - - - - 1.2.2 Preference Shares - - - - - - - - - - 1.2.3 Equity Linked Debentures - - - - - - - - - - 1.2.4 Other Debentures & Bonds - - - - - - - - - - 1.2.5 Securitised Debt securities - - - - - - - - - - 1.3 Unlisted Securities 1.3.1 Equity Shares - - - - - - - - - - 1.3.2 Preference Shares - - - - - - - - - - 1.3.3 Equity Linked Debentures - - - - - - - - - - 1.3.4 Other Debentures & Bonds - 5,003.88 - 2,977.89 6,984.78 7,729.01 - 14,412.41 914.28 10,660.24 1.3.5 Securitised Debt securities - - - - - - - 12,147.80 2,056.56 6,265.53 1.4 Government Securities 500.28 - 4,458.40 - 23,181.31 11,868.63 47,287.22 23,939.34 20,717.08 10,756.74 1.5 Treasury Bills 544,774.14 66,122.68 - - - - - 1,348.23 - - 1.6 Commercial Paper 1,262,904.47 1,537,062.25 76,318.27 2,337.95 - - - 8,230.35 - - 1.7 Certificate of Deposits 358,848.05 694,166.32 36,141.12 29,071.17 - - 5,276.81 18,846.06 - - 1.8 Bill Rediscounting - 39,392.08 - - - - - - - - 1.9 Units of Domestic Mutual Fund - - - - - - - - - - 1.10 Foreign Securities - - - - - - - - - - 1.11 Gold - - - - - - - - - - Total Investments 2,182,072.99 2,443,657.04 413,603.60 124,881.57 1,275,000.19 402,742.85 460,182.81 294,834.58 118,732.67 119,288.22 2 Deposits - - - - - - - - - - 3 Other Current Assets 3.1 Cash & Bank Balance 33,639.18 2,873.04 395.54 1,637.19 2,071.08 1,961.08 971.53 752.13 24.35 419.38 3.2 CBLO/ Treps/ Reverse Repo Lending 398,142.63 200.09 4,006.65 2,541.16 1,847.96 42,857.43 12,481.55 4,757.98 276.35 1,517.35 3.3 Others 6,894.64 21,978.97 12,155.36 6,474.39 34,870.70 11,324.58 19,316.87 12,707.16 13,866.88 3,900.73 4 Deferred Revenue Expenditure - - - - - - - - - - (to the extent not written off) TOTAL 2,620,749.44 2,468,709.14 430,161.15 135,534.31 1,313,789.93 458,885.94 492,952.76 313,051.85 132,900.25 125,125.68

41

Notes to Accounts - Annexure I # Pursuant to SEBI Circulars dated October 6, 2017 and December 4, 2017 on schemes Categorization and Rationalization, name of the schemes have been changed w.e.f. May 18, 2018.

ABRIDGED ANNUAL REPORT - 2019-2020

Address: Axis House, 1st Floor, C-2 Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai 400025, India.


Axis Dynamic Bond Fund Axis Regular Saver Fund {formerly Axis Gilt Fund {formerly known as Axis Credit Risk Fund {formerly known as known as "Axis Income Saver"}# "Axis Constant Maturity 10 Year Fund"}# "Axis Fixed Income Opportunities Fund"}# As at As at As at As at As at As at As at As at March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 LIABILITIES1 Unit Capital 22,508.91 7,070.02 9,697.47 14,628.51 3,354.01 2,227.15 70,049.23 113,408.65 2 Reserves & Surplus 2.1 Unit Premium Reserve 2,201.08 269.94 (369.54) (148.55) (150.26) 44.32 906.23 1,507.31 2.2 Unrealised Appreciation Reserve 1,022.87 - 8.12 995.37 59.81 19.08 - - 2.3 Other Reserves 23,676.95 5,634.82 7,960.83 11,742.16 2,899.41 1,305.18 35,946.15 49,553.65 3 Loans & Borrowings - - - - - - - - 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits - - - - - - - - 4.2 Other Current Liabilities & Provisions 2,760.22 20.46 97.23 98.98 1,004.99 3.97 1,478.32 838.80 TOTAL 52,170.03 12,995.24 17,394.11 27,316.47 7,167.96 3,599.70 108,379.93 165,308.41 ASSETS 1 Investments 1.1. Listed Securities: 1.1.1 Equity Shares / Warrants - - 2,909.97 5,271.36 - - - - 1.1.2 Preference Shares - - - - - - - - 1.1.3 Equity Linked Debentures - - - - - - - - 1.1.4 Other Debentures & Bonds 36,576.50 7,606.55 11,464.50 18,385.26 - - 83,467.32 111,173.64 1.1.5 Securitised Debt securities - - - - - - 5,489.75 20,281.91 1.1.6 Futures and Options - - - - - - - - 1.2 Securities Awaited Listing: 1.2.1 Equity Shares - - - - - - - - 1.2.2 Preference Shares - - - - - - - - 1.2.3 Equity Linked Debentures - - - - - - - - 1.2.4 Other Debentures & Bonds - - - - - - - - 1.2.5 Securitised Debt securities - - - - - - - - 1.3 Unlisted Securities 1.3.1 Equity Shares - - - - - - - - 1.3.2 Preference Shares - - - - - - - - 1.3.3 Equity Linked Debentures - - - - - - - - 1.3.4 Other Debentures & Bonds - - - - - - 7,175.33 22,555.18 1.3.5 Securitised Debt securities - 685.98 - - - - 4,201.14 - 1.4 Government Securities 10,439.90 3,894.82 1,599.79 - 4,847.94 3,521.47 4,188.47 6,617.87 1.5 Treasury Bills - - - - 996.75 - - - 1.6 Commercial Paper - - - 988.58 - - - - 1.7 Certificate of Deposits - - - 1,409.86 - - - - 1.8 Bill Rediscounting - - - - - - - - 1.9 Units of Domestic Mutual Fund - - - - - - - - 1.10 Foreign Securities - - - - - - - - 1.11 Gold - - - - - - - - Total Investments 47,016.40 12,187.35 15,974.26 26,055.06 5,844.69 3,521.47 104,522.01 160,628.60 2 Deposits - - - - - - - - 3 Other Current Assets 3.1 Cash & Bank Balance 413.44 14.75 15.55 29.63 20.11 5.21 40.62 200.51 3.2 CBLO/ Treps/ Reverse Repo Lending 2,679.74 132.50 873.64 339.46 1,137.75 7.98 155.45 137.04 3.3 Others 2,060.45 660.64 530.66 892.32 165.41 65.04 3,661.85 4,342.26 4 Deferred Revenue Expenditure - - - - - - - - (to the extent not written off) TOTAL 52,170.03 12,995.24 17,394.11 27,316.47 7,167.96 3,599.70 108,379.93 165,308.41

42





Axis Corporate Debt Fund {formerly known as Axis Overnight Fund Axis Ultra Short Term Fund Axis Fixed Term Plan - Axis Fixed Term Plan - "Axis Corporate Debt Opportunities Fund"}# Series 95 (1185 Days) Series 96 (1124 Days) As at As at As at As at As at As at As at As at As at As at March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 LIABILITIES1 Unit Capital 15,672.10 21,218.45 351,783.85 22,628.70 245,959.73 110,636.68 9,070.11 9,070.11 4,649.26 4,649.26 2 Reserves & Surplus 2.1 Unit Premium Reserve 8.58 12.22 (46.43) - 782.03 106.54 - - - - 2.2 Unrealised Appreciation Reserve 123.29 106.57 - - - 270.79 210.22 111.10 - - 2.3 Other Reserves 3,168.72 2,765.29 19,186.08 65.95 26,883.85 4,522.00 1,376.20 574.30 239.60 185.66 3 Loans & Borrowings - - - - - - - - - - 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits - - - - - - - - - - 4.2 Other Current Liabilities & Provisions 38.93 98.16 2,555.41 12.18 3,380.68 1,226.17 3.05 5.71 2.89 3.96 TOTAL 19,011.62 24,200.69 373,478.91 22,706.83 277,006.29 116,762.18 10,659.58 9,761.22 4,891.75 4,838.88 ASSETS 1 Investments 1.1. Listed Securities: 1.1.1 Equity Shares / Warrants - - - - - - - - - - 1.1.2 Preference Shares - - - - - - - - - - 1.1.3 Equity Linked Debentures - - - - - - - - - - 1.1.4 Other Debentures & Bonds 16,649.11 17,680.85 - - 162,946.33 65,630.70 10,174.70 9,388.63 4,295.16 4,646.26 1.1.5 Securitised Debt securities 1,035.14 955.68 - - 24,710.21 925.57 - - - - 1.1.6 Futures and Options - - - - - - - - - - 1.2 Securities Awaited Listing: 1.2.1 Equity Shares - - - - - - - - - - 1.2.2 Preference Shares - - - - - - - - - - 1.2.3 Equity Linked Debentures - - - - - - - - - - 1.2.4 Other Debentures & Bonds - - - - - - - - - - 1.2.5 Securitised Debt securities - - - - - - - - - - 1.3 Unlisted Securities 1.3.1 Equity Shares - - - - - - - - - - 1.3.2 Preference Shares - - - - - - - - - - 1.3.3 Equity Linked Debentures - - - - - - - - - - 1.3.4 Other Debentures & Bonds - - - - 4,020.82 6,850.19 - - - - 1.3.5 Securitised Debt securities - - - - 1,926.07 - - - - - 1.4 Government Securities 264.65 2,019.26 - - - - - - - - 1.5 Treasury Bills - - - - - - - - - - 1.6 Commercial Paper - 984.83 - - 24,767.05 13,077.80 - - - - 1.7 Certificate of Deposits - 1,415.39 - - 24,257.10 19,410.19 - - - - 1.8 Bill Rediscounting - - - - - - - - - - 1.9 Units of Domestic Mutual Fund - - - - - - - - - - 1.10 Foreign Securities - - - - - - - - - - 1.11 Gold - - - - - - - - - - Total Investments 17,948.90 23,056.01 - - 242,627.58 105,894.45 10,174.70 9,388.63 4,295.16 4,646.26 2 Deposits - - - - - - - - - - 3 Other Current Assets 3.1 Cash & Bank Balance 6.71 340.97 1,182.81 31.88 927.55 2,356.14 0.01 0.01 0.01 0.01 3.2 CBLO/ Treps/ Reverse Repo Lending 684.67 129.01 371,125.49 22,667.45 24,455.62 5,355.89 112.34 27.85 440.75 15.07 3.3 Others 371.34 674.70 1,170.61 7.50 8,995.54 3,155.70 372.53 344.73 155.83 177.54 4 Deferred Revenue Expenditure - - - - - - - - - - (to the extent not written off) TOTAL 19,011.62 24,200.69 373,478.91 22,706.83 277,006.29 116,762.18 10,659.58 9,761.22 4,891.75 4,838.88

43





Axis Fixed Term Plan - Axis Fixed Term Plan - Axis Fixed Term Plan - Axis Fixed Term Plan - Axis Fixed Term Plan - Series 97 (1116 Days) Series 100 (1172 Days) Series 101 (1154 Days) Series 102 (1133 Days) Series 104 (1112 Days) As at As at As at As at As at As at As at As at As at As at March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 LIABILITIES1 Unit Capital 34,058.82 34,058.82 2,215.41 2,215.41 2,678.00 2,678.00 3,188.72 3,188.72 8,898.72 8,898.72 2 Reserves & Surplus 2.1 Unit Premium Reserve - - - - - - - - - - 2.2 Unrealised Appreciation Reserve 117.60 - 50.02 20.96 50.77 20.14 59.06 20.17 168.89 7.77 2.3 Other Reserves 2,601.49 1,535.62 222.47 34.33 262.94 28.84 293.77 18.45 715.91 7.11 3 Loans & Borrowings - - - - - - - - - - 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits - - - - - - - - - - 4.2 Other Current Liabilities & Provisions 9.81 35.83 3.03 1.46 1.93 0.41 2.51 0.50 2.95 521.33 TOTAL 36,787.72 35,630.27 2,490.93 2,272.16 2,993.64 2,727.39 3,544.06 3,227.84 9,786.47 9,434.93 ASSETS 1 Investments 1.1. Listed Securities: 1.1.1 Equity Shares / Warrants - - - - - - - - - - 1.1.2 Preference Shares - - - - - - - - - - 1.1.3 Equity Linked Debentures - - - - - - - - - - 1.1.4 Other Debentures & Bonds 34,388.07 34,230.00 2,118.99 1,981.73 2,615.48 2,485.72 3,100.12 2,882.66 9,285.29 4,578.06 1.1.5 Securitised Debt securities - - - - - - - - - - 1.1.6 Futures and Options - - - - - - - - - - 1.2 Securities Awaited Listing: 1.2.1 Equity Shares - - - - - - - - - - 1.2.2 Preference Shares - - - - - - - - - - 1.2.3 Equity Linked Debentures - - - - - - - - - - 1.2.4 Other Debentures & Bonds - - - - - - - - - - 1.2.5 Securitised Debt securities - - - - - - - - - - 1.3 Unlisted Securities 1.3.1 Equity Shares - - - - - - - - - - 1.3.2 Preference Shares - - - - - - - - - - 1.3.3 Equity Linked Debentures - - - - - - - - - - 1.3.4 Other Debentures & Bonds - - 210.36 207.53 - - - - - - 1.3.5 Securitised Debt securities - - - - - - - - - - 1.4 Government Securities - - - - 210.07 207.03 309.86 310.55 - - 1.5 Treasury Bills - - - - - - - - - - 1.6 Commercial Paper - - - - - - - - - - 1.7 Certificate of Deposits - - - - - - - - - - 1.8 Bill Rediscounting - - - - - - - - - - 1.9 Units of Domestic Mutual Fund - - - - - - - - - - 1.10 Foreign Securities - - - - - - - - - - 1.11 Gold - - - - - - - - - - Total Investments 34,388.07 34,230.00 2,329.35 2,189.26 2,825.55 2,692.75 3,409.98 3,193.21 9,285.29 4,578.06 2 Deposits - - - - - - - - - - 3 Other Current Assets 3.1 Cash & Bank Balance 0.02 - 0.01 5.27 0.01 5.23 0.01 5.81 0.01 2.39 3.2 CBLO/ Treps/ Reverse Repo Lending 1,161.61 44.94 149.42 65.60 147.94 9.32 108.09 5.69 420.48 4,809.29 3.3 Others 1,238.02 1,355.33 12.15 12.03 20.14 20.09 25.98 23.13 80.69 45.19 4 Deferred Revenue Expenditure - - - - - - - - - - (to the extent not written off) TOTAL 36,787.72 35,630.27 2,490.93 2,272.16 2,993.64 2,727.39 3,544.06 3,227.84 9,786.47 9,434.93

44

Notes to Accounts - Annexure I




Axis Money Market Fund Axis Retirement Savings Fund - Conservative Plan As at As at March 31, 2020 March 31, 2019 LIABILITIES1 Unit Capital 43,362.43 10,560.34 2 Reserves & Surplus 2.1 Unit Premium Reserve (25.31) (19.56)2.2 Unrealised Appreciation Reserve - - 2.3 Other Reserves 2,063.07 (454.78)3 Loans & Borrowings - - 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits - - 4.2 Other Current Liabilities & Provisions 155.87 1,035.92 TOTAL 45,556.06 11,121.92 ASSETS 1 Investments 1.1. Listed Securities: 1.1.1 Equity Shares / Warrants - 2,588.33 1.1.2 Preference Shares - - 1.1.3 Equity Linked Debentures - - 1.1.4 Other Debentures & Bonds - - 1.1.5 Securitised Debt securities - 4,626.55 1.1.6 Futures and Options - - 1.2 Securities Awaited Listing: 1.2.1 Equity Shares - - 1.2.2 Preference Shares - - 1.2.3 Equity Linked Debentures - - 1.2.4 Other Debentures & Bonds - - 1.2.5 Securitised Debt securities - - 1.3 Unlisted Securities 1.3.1 Equity Shares - - 1.3.2 Preference Shares - - 1.3.3 Equity Linked Debentures - - 1.3.4 Other Debentures & Bonds - - 1.3.5 Securitised Debt securities - - 1.4 Government Securities - 1,472.44 1.5 Treasury Bills - - 1.6 Commercial Paper 31,225.83 - 1.7 Certificate of Deposits 9,521.98 - 1.8 Bill Rediscounting - - 1.9 Units of Domestic Mutual Fund - - 1.10 Foreign Securities - - 1.11 Gold - - Total Investments 40,747.81 8,687.32 2 Deposits - - 3 Other Current Assets 3.1 Cash & Bank Balance 27.93 17.16 3.2 CBLO/ Treps/ Reverse Repo Lending 4,775.33 1,619.81 3.3 Others 4.99 797.63 4 Deferred Revenue Expenditure - - (to the extent not written off) TOTAL 45,556.06 11,121.92

45




ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2020 (` in Lakhs)

Axis Liquid Fund Axis Treasury Axis Banking & Axis Short Term Fund Axis Strategic Bond Fund Advantage Fund PSU Debt Fund Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year ended ended ended ended ended ended ended ended ended ended March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019

1 INCOME

1.1 Dividend - - - - - - - - - -

1.2 Interest 195,335.38 185,196.52 21,145.33 17,549.70 71,822.21 12,629.73 25,183.51 38,314.57 10,139.06 11,613.24

1.3 Realised Gain / (Loss) on Foreign exchange transactions - - - - - - - - - -

1.4 Realised Gains / (Losses) on Interscheme sale of investments 13.99 41.37 260.43 (350.91) 812.53 (230.34) 1,517.57 (1,673.98) 50.53 (724.01)

1.5 Realised Gains / (Losses) on External sale / redemption of investments (365.56) (298.84) 1,057.03 (358.11) (1,054.69) (72.78) 3,153.68 (2,987.48) (2,068.04) (112.63)

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

1.7 Other Income * 66.49 0.64 0.35 0.28 - - 13.60 237.65 86.59 259.35

(A) 195,050.30 184,939.69 22,463.14 16,840.96 71,580.05 12,326.61 29,868.36 33,890.76 8,208.14 11,035.95

2 EXPENSES

2.1 Management fees 1,893.26 1,317.59 537.73 643.11 2,078.17 386.68 748.94 1,247.11 331.75 760.72

2.2 GSTon Management fees 340.80 237.16 96.80 115.76 374.08 69.60 134.80 224.48 59.72 136.94

2.3 Transfer agents fees and expenses 355.06 306.96 53.61 55.12 103.28 19.09 130.24 194.82 47.22 49.92

2.4 Custodian fees 164.41 99.65 15.05 8.27 48.42 7.23 17.19 20.68 6.34 5.54

2.5 Trusteeship fees 15.54 16.70 1.38 1.47 4.50 1.05 1.60 3.25 0.60 0.91

2.6 Commission to Agents 310.84 100.12 370.91 88.03 831.79 71.45 623.87 167.83 613.24 261.85

2.7 Marketing & Distribution expenses 57.33 1.14 0.03 0.07 0.14 0.12 1.23 0.20 0.03 0.06

2.8 Audit fees 2.21 3.85 1.66 2.66 1.46 1.97 1.76 3.44 1.36 1.39

2.9 Other operating expenses 723.65 587.45 75.60 57.35 205.24 35.91 77.07 107.94 28.18 33.09

(B) 3,863.10 2,670.62 1,152.77 971.84 3,647.08 593.10 1,736.70 1,969.75 1,088.44 1,250.42

3 NET REALISED GAINS / (LOSSES) FOR THE YEAR/PERIOD (A-B=C) 191,187.20 182,269.07 21,310.37 15,869.12 67,932.97 11,733.51 28,131.66 31,921.01 7,119.70 9,785.53

4 Change in Unrealised Depreciation in value of investments (D) 142.37 325.07 761.09 72.69 - - - - - 293.98

5 NET GAINS /(LOSSES) FOR THE YEAR/PERIOD (E=C-D) 191,044.83 181,944.00 20,549.28 15,796.43 67,932.97 11,733.51 28,131.66 31,921.01 7,119.70 9,491.55

6 Change in unrealised appreciation in the value of investments (F) - - - - 14,653.11 6,334.62 1,755.49 2,428.39 1,817.94 -

7 NET SURPLUS /(DEFICIT) FOR THE YEAR/PERIOD (E+F=G) 191,044.83 181,944.00 20,549.28 15,796.43 82,586.08 18,068.13 29,887.15 34,349.40 8,937.64 9,491.55

7.1 Add: Balance transfer from Unrealised Appreciation Reserve 1,008.08 1,333.15 477.78 550.47 6,336.89 2.27 15.30 - - -

7.2 Less: Balance transfer to Unrealised Appreciation Reserve (865.71) (1,008.08) - (477.78) (20,990.00) (6,336.89) (1,770.79) (15.30) (1,072.64) -

7.3 Add / (Less): Equalisation (168,935.79) 262,278.63 147,027.82 (59,777.67) 382,086.80 151,508.06 78,843.57 (140,379.51) (4,829.15) (8,566.91)

7.4 Transfer from retained surplus 2,633.58 1,215.13 112.49 304.63 285.63 228.30 90.26 231.97 18.24 46.96

8 Total 24,884.99 445,762.83 168,167.37 (43,603.92) 450,305.40 163,469.87 107,065.49 (105,813.44) 3,054.09 971.60

9 Dividend appropriation

9.1 Income Distributed during the year/period 14,842.46 16,851.67 1,089.48 1,570.31 995.39 429.71 263.41 251.16 62.63 68.73

9.2 Tax on income distributed during the year/period 6,690.74 7,732.69 451.87 666.31 413.06 170.09 112.18 114.66 24.31 27.45

10 Retained Surplus / (Deficit) carried forward to Balance sheet 3,351.79 421,178.47 166,626.02 (45,840.54) 448,896.95 162,870.07 106,689.90 (106,179.26) 2,967.15 875.42

46

Notes to Accounts - Annexure I * Other Income include Load income (net of GST) and other miscellaneous income, wherever applicable.



ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2020 (CONTD.) (` in Lakhs)

Axis Dynamic Bond Fund Axis Regular Saver Fund Axis Gilt Fund Axis Credit Risk Fund Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year ended ended ended ended ended ended ended ended March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019

1 INCOME

1.1 Dividend - - 46.16 55.08 - - - -

1.2 Interest 1,518.06 1,421.57 1,188.81 2,011.52 291.87 280.35 11,816.92 15,045.10

1.3 Realised Gain / (Loss) on Foreign exchange transactions - - - - - - - -

1.4 Realised Gains / (Losses) on Interscheme sale of investments 3.23 (89.14) 0.01 (19.66) 14.62 0.04 132.93 (782.24)

1.5 Realised Gains / (Losses) on External sale / redemption of investments 190.19 104.13 (574.36) 1,408.35 248.58 (35.71) (5,900.53) (655.55)

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

1.7 Other Income * 0.30 0.83 7.02 12.16 - - 176.07 416.28

(A) 1,711.78 1,437.39 667.64 3,467.45 555.07 244.68 6,225.39 14,023.59

2 EXPENSES

2.1 Management fees 65.24 153.25 258.31 546.07 5.44 9.84 1,322.68 1,964.45

2.2 GSTon Management fees 11.74 27.58 46.50 98.30 0.98 1.78 238.08 353.60

2.3 Transfer agents fees and expenses 7.91 7.23 9.34 14.07 1.71 2.06 53.57 68.48

2.4 Custodian fees 1.03 0.75 1.31 1.42 0.22 0.18 7.24 7.29

2.5 Trusteeship fees 0.09 0.12 0.11 0.22 0.02 0.03 0.69 1.15

2.6 Commission to Agents 65.61 31.47 165.07 104.74 8.53 3.54 535.84 221.68

2.7 Marketing & Distribution expenses - 0.01 0.01 0.01 - - 0.03 5.23

2.8 Audit fees 1.31 1.35 1.31 2.54 0.65 0.33 1.38 1.38

2.9 Other operating expenses 5.44 5.48 8.17 13.88 1.56 1.55 30.60 41.50

(B) 158.37 227.24 490.13 781.25 19.11 19.31 2,190.11 2,664.76

3 NET REALISED GAINS / (LOSSES) FOR THE YEAR/PERIOD (A -B = C) 1,553.41 1,210.15 177.51 2,686.20 535.96 225.37 4,035.28 11,358.83

4 Change in Unrealised Depreciation in value of investments (D) - 42.45 987.24 949.30 - - - 360.74

5 NET GAINS /(LOSSES) FOR THE YEAR/PERIOD (E=C-D) 1,553.41 1,167.70 (809.73) 1,736.90 535.96 225.37 4,035.28 10,998.09

6 Change in unrealised appreciation in the value of investments (F) 1,118.29 - - - 40.72 9.65 1,084.70 -

7 NET SURPLUS /(DEFICIT) FOR THE YEAR/PERIOD ( E + F = G ) 2,671.70 1,167.70 (809.73) 1,736.90 576.68 235.02 5,119.98 10,998.09

7.1 Add: Balance transfer from Unrealised Appreciation Reserve - - 995.37 1,944.67 19.08 9.43 - -

7.2 Less: Balance transfer to Unrealised Appreciation Reserve (1,022.87) - (8.12) (995.37) (59.81) (19.08) - -

7.3 Add / (Less): Equalisation 16,427.03 (4,577.57) (3,946.41) (5,642.30) 1,065.11 (339.60) (18,655.82) (7,826.57)

7.4 Transfer from retained surplus 18.31 18.14 12.44 86.73 1.93 1.72 23.87 41.62

8 Total 18,094.17 (3,391.73) (3,756.45) (2,869.37) 1,602.99 (112.51) (13,511.97) 3,213.14


9.1 Income Distributed during the year/period 24.30 30.38 8.93 90.13 4.92 1.37 51.04 246.32

9.2 Tax on income distributed during the year/period 9.43 12.79 3.51 35.47 1.91 0.53 20.62 101.13

10 Retained Surplus / (Deficit) carried forward to Balance sheet 18,060.44 (3,434.90) (3,768.89) (2,994.97) 1,596.16 (114.41) (13,583.63) 2,865.69

47





Axis Corporate Debt Fund Axis Overnight Fund Axis Ultra Short Term Fund Axis Fixed Term Plan - Axis Fixed Term Plan - Series 95 (1185 Days) Series 96 (1124 Days) Current Year Previous Year Current Year Previous Period Current Year Previous Period Current Year Previous Period Current Year Previous Period ended ended ended ended ended ended ended ended ended ended March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019

1 INCOME

1.1 Dividend - - - - - - - - - -

1.2 Interest 1,484.29 2,314.07 5,278.61 93.24 20,311.12 3,187.63 819.78 582.80 371.86 242.40


1.4 Realised Gains / (Losses) on Interscheme sale of investments 93.01 (63.50) - - 48.01 (11.63) - (0.52) - -

1.5 Realised Gains / (Losses) on External sale / redemption of investments (464.62) 181.02 - - 150.60 54.63 - 4.27 (345.22) -


1.7 Other Income * 3.16 4.36 2.58 - 0.10 - - - - -

(A) 1,115.84 2,435.95 5,281.19 93.24 20,509.83 3,230.63 819.78 586.55 26.64 242.40

2 EXPENSES

2.1 Management fees 49.21 130.64 41.97 0.82 620.71 108.97 9.48 7.42 12.38 5.95

2.2 GSTon Management fees 8.86 23.52 7.56 0.14 111.74 19.62 1.70 1.34 2.22 1.08

2.3 Transfer agents fees and expenses 8.18 11.92 12.62 0.06 106.29 15.28 1.21 1.05 0.56 0.82

2.4 Custodian fees 1.08 1.09 5.67 0.08 13.63 1.86 0.53 0.23 0.25 0.12

2.5 Trusteeship fees 0.10 0.19 0.51 0.02 1.26 0.26 0.05 0.05 0.02 0.02

2.6 Commission to Agents 95.34 46.17 5.66 - 1,580.53 143.87 2.46 - 0.19 -

2.7 Marketing & Distribution expenses - 0.01 - - 1.84 1.16 - - - -

2.8 Audit fees 1.31 1.34 0.65 0.07 1.35 2.52 0.18 0.61 0.17 0.61


(B) 169.87 223.73 101.35 1.59 2,503.61 303.26 17.88 12.25 16.88 9.23

3 NET REALISED GAINS / (LOSSES) FOR THE YEAR/PERIOD (A-B=C) 945.97 2,212.22 5,179.84 91.65 18,006.22 2,927.37 801.90 574.30 9.76 233.17

4 Change in Unrealised Depreciation in value of investments (D) - - - - 527.13 - - - - 47.51

5 NET GAINS /(LOSSES) FOR THE YEAR/PERIOD (E=C-D) 945.97 2,212.22 5,179.84 91.65 17,479.09 2,927.37 801.90 574.30 9.76 185.66

6 Change in unrealised appreciation in the value of investments (F) 16.72 193.28 - - - 270.79 99.12 111.10 44.18 -

7 NET SURPLUS /(DEFICIT) FOR THE YEAR/PERIOD ( E + F = G ) 962.69 2,405.50 5,179.84 91.65 17,479.09 3,198.16 901.02 685.40 53.94 185.66

7.1 Add: Balance transfer from Unrealised Appreciation Reserve 106.57 - - - 270.79 - 111.10 - - -

7.2 Less: Balance transfer to Unrealised Appreciation Reserve (123.29) (106.57) - - - (270.79) (210.22) (111.10) - -

7.3 Add / (Less): Equalisation (498.80) (319.21) 14,175.66 (25.63) 5,843.69 1,988.24 - - - -

7.4 Transfer from retained surplus 4.00 12.84 0.03 - 21.40 - - - - -

8 Total 451.17 1,992.56 19,355.53 66.02 23,614.97 4,915.61 801.90 574.30 53.94 185.66


9.1 Income Distributed during the year/period 30.30 165.33 163.50 0.05 873.50 274.65 - - - -

9.2 Tax on income distributed during the year/period 13.44 76.44 71.87 0.02 358.22 118.96 - - - -

10 Retained Surplus / (Deficit) carried forward to Balance sheet 407.43 1,750.79 19,120.16 65.95 22,383.25 4,522.00 801.90 574.30 53.94 185.66

48





Axis Fixed Term Plan - Axis Fixed Term Plan - Axis Fixed Term Plan - Axis Fixed Term Plan - Axis Fixed Term Plan - Series 97 (1116 Days) Series 100 (1172 Days) Series 101 (1154 Days) Series 102 (1133 Days) Series 104 (1112 Days) Current Year Previous Period Current Year Previous Period Current Year Previous Period Current Year Previous Period Current Year Previous Period ended ended ended ended ended ended ended ended ended ended March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019

1 INCOME

1.1 Dividend - - - - - - - - - -

1.2 Interest 3,065.43 1,725.33 193.59 35.34 239.71 29.76 283.03 18.96 739.86 7.22


1.4 Realised Gains / (Losses) on Interscheme sale of investments - (0.02) - - - - - - (16.40) -

1.5 Realised Gains / (Losses) on External sale / redemption of investments (1,943.45) - - - - (0.22) - - (2.93) -


1.7 Other Income - - - - - - - - - -

(A) 1,121.98 1,725.31 193.59 35.34 239.71 29.54 283.03 18.96 720.53 7.22

2 EXPENSES

2.1 Management fees 124.86 62.99 1.25 0.23 1.24 0.19 1.54 0.12 1.61 0.04

2.2 GSTon Management fees 22.48 11.34 0.22 0.04 0.22 0.04 0.28 0.02 0.30 -

2.3 Transfer agents fees and expenses 4.18 2.22 0.28 0.03 0.34 0.01 0.40 - 1.10 0.01

2.4 Custodian fees 1.84 0.86 0.12 0.03 0.15 0.02 0.18 0.01 0.48 0.01

2.5 Trusteeship fees 0.17 0.13 0.01 - 0.01 - 0.02 - 0.05 -

2.6 Commission to Agents 1.55 - 2.77 0.55 2.76 0.34 4.29 0.29 5.90 -

2.7 Marketing & Distribution expenses - - - - - - - - - -

2.8 Audit fees 0.19 0.61 0.17 0.02 0.17 0.02 0.17 0.02 0.18 0.02


(B) 163.30 82.50 5.45 1.01 5.61 0.70 7.71 0.51 11.73 0.11

3 NET REALISED GAINS / (LOSSES) FOR THE YEAR/PERIOD (A-B=C) 958.68 1,642.81 188.14 34.33 234.10 28.84 275.32 18.45 708.80 7.11

4 Change in Unrealised Depreciation in value of investments (D) - 107.19 - - - - - - - -

5 NET GAINS /(LOSSES) FOR THE YEAR/PERIOD (E=C-D) 958.68 1,535.62 188.14 34.33 234.10 28.84 275.32 18.45 708.80 7.11

6 Change in unrealised appreciation in the value of investments (F) 224.79 - 29.06 20.96 30.63 20.14 38.89 20.17 161.12 7.77

7 NET SURPLUS /(DEFICIT) FOR THE YEAR/PERIOD (E+F=G) 1,183.47 1,535.62 217.20 55.29 264.73 48.98 314.21 38.62 869.92 14.88

7.1 Add: Balance transfer from Unrealised Appreciation Reserve - - 20.96 - 20.14 - 20.17 - 7.77 -

7.2 Less: Balance transfer to Unrealised Appreciation Reserve (117.60) - (50.02) (20.96) (50.77) (20.14) (59.06) (20.17) (168.89) (7.77)

7.3 Add / (Less): Equalisation - - - - - - - - - -

7.4 Transfer from retained surplus - - - - - - - - - -

8 Total 1,065.87 1,535.62 188.14 34.33 234.10 28.84 275.32 18.45 708.80 7.11


9.1 Income Distributed during the year/period - - - - - - - - - -

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

10 Retained Surplus / (Deficit) carried forward to Balance sheet 1,065.87 1,535.62 188.14 34.33 234.10 28.84 275.32 18.45 708.80 7.11

49





Axis Money Market Fund Axis Retirement Savings Fund - Conservative Plan Current Year Current Year ended ended March 31, 2020 March 31, 2020

1 INCOME

1.1 Dividend - 17.76

1.2 Interest 1,874.92 164.20

1.3 Realised Gain / (Loss) on Foreign exchange transactions - -

1.4 Realised Gains / (Losses) on Interscheme sale of investments - 19.40

1.5 Realised Gains / (Losses) on External sale / redemption of investments 102.81 (6.17)

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

1.7 Other Income - -

(A) 1,977.73 195.19

2 EXPENSES

2.1 Management fees 29.36 11.25

2.2 GSTon Management fees 5.28 2.02

2.3 Transfer agents fees and expenses 3.21 1.26

2.4 Custodian fees 1.45 0.16

2.5 Trusteeship fees 0.14 0.02

2.6 Commission to Agents 5.61 50.51

2.7 Marketing & Distribution expenses - 0.07

2.8 Audit fees 1.30 2.25

2.9 Other operating expenses 7.58 0.76

(B) 53.93 68.30

3 NET REALISED GAINS / (LOSSES) FOR THE YEAR/PERIOD (A -B = C) 1,923.80 126.89

4 Change in Unrealised Depreciation in value of investments (D) 75.49 574.42

5 NET GAINS /(LOSSES) FOR THE YEAR/PERIOD (E=C-D) 1,848.31 (447.53)

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

7 NET SURPLUS /(DEFICIT) FOR THE YEAR/PERIOD ( E + F = G ) 1,848.31 (447.53)

7.1 Add: Balance transfer from Unrealised Appreciation Reserve - -

7.2 Less: Balance transfer to Unrealised Appreciation Reserve - -

7.3 Add / (Less): Equalisation 241.12 (7.25)

7.4 Transfer from retained surplus - -

8 Total 2,089.43 (454.78)


9.1 Income Distributed during the year/period 18.51 -

9.2 Tax on income distributed during the year/period 7.85 -

10 Retained Surplus / (Deficit) carried forward to Balance sheet 2,063.07 (454.78)

50




Sr. No. Particulars

1 Investments:- 1.1 All the investments are held in the name of the Scheme (except for government securities and treasury bills. which are held in the name of the fund and except securities pledged with Clearing Corporation of India Limited and Banks as mentioned below), as per clause 7 of the Seventh Schedule under Regulation 44(1) of SEBI (Mutual Funds) Regulations, 1996. Scheme Securities pledged with Amount of securities pledged as on Amount of securities pledged as on March 31, 2020 ( in Lakhs) March 31, 2019 ( in Lakhs) ` `

Axis Liquid Fund Banks 151,000.00 57,500.00 Axis Liquid Fund Clearing Corporation of India Limited 389,500.00 64,000.00 Axis Short Term Fund Clearing Corporation of India Limited 2,300.00 5,900.00 Axis Credit Risk Fund Clearing Corporation of India Limited - 200.00 1.2 Open Position of derivatives (outstanding market value & % to Net Assets) is - NIL (Previous year/period - NIL) 1.3 Investments in Associates and Group Companies:

2019-2020 2018-2019

Name of Associate/ Scheme Nature of Investment by Aggregate Investment by Aggregate Group Company Instruments the Scheme Investment the Scheme Investment ` in Lakhs by all Schemes ` in Lakhs by all Schemes ` in Lakhs ` in Lakhs

Coastal Gujarat Power Limited Axis Ultra Short Term Fund Debt 1,076.17 1,076.17 - -

Tata Power Company Limited Axis Strategic Bond Fund Debt 416.59 5,854.20 - -

Axis Regular Saver Fund Debt 1,038.95 5,854.20 - -

Axis Liquid Fund Money Market 49,300.37 76,762.50 - -

Axis Money Market Fund Money Market 2,465.56 76,762.50 - -

Axis Overnight Fund Money Market 24,996.58 76,762.50 - -

Axis Ultra Short Term Fund Debt 2,035.46 5,854.20 - - 1.4 Open position of Securities Borrowed and / or Lent by the schemes -- NIL (Previous year/period -- NIL) 1.5 Details of securities classified as below investment grade or default -- NIL (Previous year/period -- NIL) 1.6 Aggregate Unrealised Gain / (Loss) as at the end of the Financial Period and percentage to net assets is as under: As at March 31, 2020 As at March 31, 2019 Scheme Unrealised Gain / (Loss) (%) to Unrealised Gain / (Loss) (%) to ( in Lakhs) ` Net Assets (` in Lakhs) Net Assets Axis Banking & PSU Debt Fund 20,990.00 1.60% 6,336.89 1.38% Axis Dynamic Bond Fund 1,022.87 2.10% (95.42) -0.74% Axis Strategic Bond Fund 1,072.64 0.87% (745.30) -0.60% Axis Credit Risk Fund (46.29) -0.04% (1,131.00) -0.69% Axis Regular Saver Fund 8.12 0.05% 995.37 3.66% Axis Liquid Fund 865.71 0.04% 1,008.08 0.05% Axis Corporate Debt Fund 123.29 0.65% 106.57 0.44% Axis Gilt Fund 59.81 0.98% 19.08 0.53% Axis Short Term Fund 1,770.79 0.37% 15.30 0.01% Axis Treasury Advantage Fund (283.31) -0.07% 477.78 0.36% Axis Fixed Term Plan - Series 100 (1172 Days) 50.02 2.01% 20.96 0.92% Axis Fixed Term Plan - Series 101 (1154 Days) 50.77 1.70% 20.14 0.74% Axis Fixed Term Plan - Series 102 (1133 Days) 59.06 1.67% 20.17 0.62% Axis Fixed Term Plan - Series 104 (1112 Days) 168.89 1.73% 7.77 0.09% Axis Fixed Term Plan - Series 95 (1185 Days) 210.22 1.97% 111.10 1.14% Axis Fixed Term Plan - Series 96 (1124 Days) (3.33) -0.07% (47.51) -0.98% Axis Fixed Term Plan - Series 97 (1116 Days) 117.60 0.32% (107.19) -0.30% Axis Ultra Short Term Fund (256.34) -0.09% 270.79 0.23% Axis Money Market Fund (75.49) -0.19% - - Axis Retirement Savings Fund - Conservative Plan (574.42) -5.70% - - 1.7 Aggregate Value of Purchase and Sale with Percentage to average assets is as under: 2019-2020 2018-2019 Scheme Purchases (%) of Sales (%) of Purchases (%) of Sales (%) of (̀ in Lakhs) average daily (̀ in Lakhs) average daily (̀ in Lakhs) average daily (̀ in Lakhs) average daily net assets net assets net assets net assets Axis Liquid Fund 23,162,713.62 728.21% 9,677,694.49 304.26% 19,880,843.59 792.26% 8,253,291.23 328.90% Axis Treasury Advantage Fund 1,595,365.90 530.86% 941,306.55 313.22% 1,027,687.10 467.46% 1,178,342.50 535.99% Axis Banking & PSU Debt Fund 1,902,853.18 199.04% 644,547.19 67.42% 497,741.10 311.44% 168,473.17 105.41% Axis Short Term Fund 2,873,352.80 849.26% 2,402,935.15 710.22% 2,229,685.71 460.00% 2,488,242.95 513.34% Axis Regular Saver Fund 56,940.28 256.31% 37,959.91 170.87% 16,802.96 52.17% 28,388.90 88.14% Axis Dynamic Bond Fund 159,021.19 780.25% 125,446.97 615.52% 244,015.52 1351.69% 253,964.02 1406.80% Axis Corporate Debt Fund 148,917.43 723.02% 142,093.34 689.89% 165,316.05 576.11% 169,234.32 589.76% Axis Gilt Fund 70,307.52 1608.41% 67,314.41 1539.94% 80,134.71 2016.41% 80,833.76 2034.00% Axis Strategic Bond Fund 936,939.15 766.26% 927,214.66 758.31% 417,124.30 307.90% 429,539.35 317.07% Axis Credit Risk Fund 411,682.05 296.60% 434,240.96 312.86% 317,153.88 184.95% 336,986.32 196.52% Axis Fixed Term Plan - Series 100 (1172 days) 50.31 2.11% - - 2,157.61 96.47% - -

NOTES TO ACCOUNTS - Annexure I to the Abridged Balance Sheet and Revenue Account for the year/period ended March 31, 2020.

51


NOTES TO ACCOUNTS - Annexure I To The Abridged Balance Sheet And Revenue Account For The Year / Period Ended March 31, 2020. (Contd.)

52

Sr. No. Particulars

Axis Fixed Term Plan - Series 101 (1154 days) - - - - 2,793.71 103.63% 132.05 4.90% Axis Fixed Term Plan - Series 102 (1133 Days) 62.37 1.84% 5.16 0.15% 3,166.27 98.72% - - Axis Fixed Term Plan - Series 104 (1112 Days) 7,895.41 84.40% 3,633.77 38.85% 4,569.50 51.29% - - Axis Fixed Term Plan - Series 95 (1185 Days) 443.07 4.33% - - 12,683.32 135.88% 3,585.85 38.42% Axis Fixed Term Plan - Series 96 (1124 Days) 142.02 3.00% 285.47 6.04% 4,642.01 98.73% - - Axis Fixed Term Plan - Series 97 (1116 Days) 4,544.64 12.81% 3,467.23 9.78% 33,909.29 97.99% 10.25 0.03% Axis Overnight Fund 1,633,217.21 1399.49% - - 26,023.14 82.45% 24,223.15 76.75% Axis Money Market Fund 268,774.63 605.03% 210,491.40 473.83% - - - - Axis Retirement Savings Fund - Conservative Plan 15,012.79 130.63% 5,764.39 50.16% - - - - Axis Ultra Short Term Fund 1,181,763.80 439.91% 468,140.73 174.27% 263,973.92 384.81% 81,530.25 118.85% 1.8 Non-Traded securities in the portfolio is as under : As on Mar 31,2020 As on Mar 31,2019 Scheme Security Market Value (%) Market Value (%) (̀ in Lakhs) to Net Assets (̀ in Lakhs) to Net Assets Axis Banking & PSU Debt Fund Debt 974,235.16 74.43% 282,475.00 61.67% Axis Dynamic Bond Fund Debt 25,418.17 52.06% 8,024.06 61.84% Axis Strategic Bond Fund Debt 83,384.49 67.78% 91,308.78 73.65% Axis Corporate Debt Fund Debt 16,602.98 87.47% 15,579.17 64.64% Money Market Instruments - - 2,400.22 9.96% Axis Credit Risk Fund Debt 99,833.15 93.20% 147,212.06 89.51% Axis Regular Saver Fund Debt 8,921.43 51.61% 18,385.26 67.55% Money Market Instruments - - 2,398.44 8.81% Axis Liquid Fund Debt 15,046.05 0.75% 106,913.71 5.08% Money Market Instruments 1,523,032.61 76.23% 2,270,620.65 107.97% Axis Short Term Fund Debt 334,236.73 69.33% 192,736.54 63.16% Money Market Instruments 5,276.81 1.09% 27,076.41 8.87% Axis Treasury Advantage Fund Debt 248,404.25 58.73% 86,267.78 64.21% Money Market Instruments 85,797.75 20.29% 31,409.12 23.38% Axis Fixed Term Plan - Series 100 (1172 days) Debt 2,278.05 91.57% 1,536.24 67.65% Axis Fixed Term Plan - Series 101 (1154 days) Debt 2,615.47 87.42% 1,705.49 62.54% Axis Fixed Term Plan - Series 102 (1133 Days) Debt 3,100.11 87.54% 2,304.15 71.39% Axis Fixed Term Plan - Series 104 (1112 Days) Debt 9,233.99 94.38% 2,061.63 23.13% Axis Fixed Term Plan - Series 95 (1185 Days) Debt 10,174.72 95.48% 9,388.63 96.24% Axis Fixed Term Plan - Series 96 (1124 Days) Debt 4,295.15 87.86% 4,646.26 96.10% Axis Fixed Term Plan - Series 97 (1116 Days) Debt 31,334.73 85.20% 34,230.00 96.17% Axis Ultra Short Term Fund Debt 178,974.65 65.31% 73,406.47 63.54% Money Market Instruments 44,076.09 16.08% 32,487.99 28.12% Axis Money Market Fund Money Market Instruments 40,747.80 101.71% - - Axis Retirement Savings Fund - Conservative Plan Debt 1,850.81 18.38% - - 2 Disclosure Under Regulation 25(8) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, As Amended : Annexure I-B3 Details of Large Holdings (over 25% of NAV of the scheme) is as under :

Scheme Name As on March 31, 2020 As on March 31, 2019

No. of Investor(s) Holding as % to Net Assets No. of Investor(s) Holding as % to Net Assets

Axis Overnight Fund - - 1 52.13%

Axis Short Term Fund - - 1 30.54%

4 Investor Awareness Program

In accordance with SEBI (Mutual Funds) Regulations, 1996 and guidelines issued thereunder, 0.02% p.a. of daily net assets, being part of total recurring expenses is set aside in each scheme for Investor Education and Awareness Initiatives (IEAI). 50% of the amount so set aside towards IEAI has been transferred to AMFI and balance 50%, transferred to a separate bank account maintained for the purpose of IEAI on monthly basis and the unspent amounts are deployed in CBLO (Collateralised Lending & Borrowing Obligation) / Treps (Tri-Party Repo).

The details are as follows:

(` in Lakhs)

Particulars F.Y. 2019-20 F.Y. 2018-19

Opening balance 906.91 812.31

Additions during the year* 2,410.40 1,755.35

Less : Utilisation during the year 417.23 828.53

Less : Amount transferred to AMFI 1,140.31 832.22

Closing balance 1,759.77 906.91

* Amount includes interest on CBLO/Treps investments.

On 09th April 2020, amount of ` 11,208,926.97/- (50% of the IEP accrued in March-20) is transferred to AMFI.


1.7 Aggregate Value of Purchase and Sale with Percentage to average assets is as under: 2019-2020 2018-2019 Scheme Purchases (%) of Sales (%) of Purchases (%) of Sales (%) of (̀ in Lakhs) average daily (̀ in Lakhs) average daily (̀ in Lakhs) average daily (̀ in Lakhs) average daily net assets net assets net assets net assets

NOTES TO ACCOUNTS - Annexure I To The Abridged Balance Sheet And Revenue Account For The Year / Period Ended March 31, 2020. (Contd.)

53

Sr. No. Particulars

5 Credit Default Swaps

There were no transactions in credit default swaps during the year/period ended March 31, 2020. (previous year/period - NIL).

6 Unit Capital movement during the year/period ended: Annexure I-C

7 Impact of COVID-19 Pandemic

Following the spread of the coronavirus, on 11 March 2020, the World Health Organization declared the COVID-19 outbreak to be a pandemic. The spread of the coronavirus and the situation of lock-down across India in the period during the year ended and post 31 March 2020 is considered as a significant event. Management of the Axis Mutual Fund had performed an assessment of the impact of COVID-19 outbreak on the fair value of all debt investments held by its Schemes as at 31 March 2020 (the ‘Valuation Date’). Based on the management’s assessment and the information available till the Valuation Date, management of the Axis Mutual Fund believes that the fair values of the debt investments as at 31 March 2020 reflects all the conditions known till the Valuation Date. As at the date of signing of these financial statements, the COVID-19 crisis is still un-folding, and the full impact of the coronavirus is not capable of being qualitatively or quantitatively assessed on the businesses of the investee companies. Management of the Axis Mutual Fund believes that there is uncertainty around the accurate assessment of the full impact of COVID-19 crisis or any prediction regarding the future course of events that would arise due to the COVID-19 crisis. During the period subsequent to the balance sheet date, Government of India has announced stimulus packages. Reserve Bank of India has also provided measures to ensure adequate liquidity in the system. Management of Axis Mutual Fund has made attempts to ensure that adequate liquidity and quality of portfolio has been maintained. Service providers like the Registrar and Transfer Agent, Custodian and Fund Accountant have carried out extensive arrangements to address business needs and continuity of operations. Though there was an impact on equity and debt markets and various Schemes of the Axis Mutual Fund faced redemptions driven by sentiment, there have been fresh inflows in Schemes of the Axis Mutual Fund even during the period of lockdown. As on the date of signing of these financial statements, management of Axis Mutual Fund believes there are no subsequent events indicating any significant impact on the operations of the Axis Mutual Fund, the going concerns of any of its Schemes for a foreseeable future and on the fair values of all debt and other investments held by all its schemes as of the Valuation Date.

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

As these are the first financial statements of Axis Money Market Fund and Axis Retirement Savings Fund - Conservative Plan there are no prior period comparatives.

The prior period figures for Axis Overnight Fund, Axis Ultra Short Term Fund, Axis Fixed Term Plan - Series 95 (1185 Days), Axis Fixed Term Plan - Series 96 (1124 Days), Axis Fixed Term Plan - Series 97 (1116 Days), Axis Fixed Term Plan - Series 100 (1172 Days), Axis Fixed Term Plan - Series 101 (1154 Days), Axis Fixed Term Plan - Series 102 (1133 Days) & Axis Fixed Term Plan - Series 104 (1112 Days) are for a period of less than one year and hence are not comparable to the current year.

9 Contingent Liability :

Contingent liability during the year/period ended March 31, 2020.-Nil (previous year/period - NIL).

10 Expenses other than Management fees viz.Transfer agents fees, Custodian fees, Trusteeship fees, Commission to Agents, Audit fees and other expenses are inclusive of GST (wherever applicable).

These abridged financial statements have been derived by the management from the Audited Financial Statements referred to in the Audit Report, and have not been audited. Audit report attached herewith is reproduction of audit report on audited financial statements.

Full Annual Report shall be disclosed on the website (www.axismf.com) and shall be available for inspection at the Head Office of Axis Mutual Fund. Unit holder can obtain a copy of the same.

General Policies and Procedures for exercising the voting rights and Exercise of Proxy Votes: As per the requirements of SEBI Circular No. SEBI/IMD/CIR No. 18/198647/2010 dated March 15, 2010, the General policies and procedures for exercising voting rights (along with the relevant disclosures) in respect of the shares held by the Schemes of Axis Mutual Fund has been disclosed in the Annual Report of the Schemes and also available on www.axismf.com.


ANNEXURE I-B: Disclosure Under Regulation 25(8) Of The Securities And Exchange Board of India (Mutual Funds) Regulations, 1996, As Amended :a. Brokerage paid to associates/related parties/group companies of Sponsor/AMC

Name of associate/related parties/group Nature of Association/ Period covered Value of transaction (` in Lakhs & % Brokerage (` in Lakhs & % of Period covered Value of transaction (` in Lakhs & % Brokerage (` in Lakhs & % of companies of Sponsor/AMC Nature of relation of total value of transaction of the fund) total brokerage paid by the fund) of total value of transaction of the fund) total brokerage paid by the fund)

` in Lakhs % ` in Lakhs % ` in Lakhs % ` in Lakhs %

Axis Capital Limited Group Company 01-Apr-2019 to 1,228,599.76 1.85% 299.78 4.46% 01-Apr-2018 to 803,218.20 1.63% 302.14 5.25% and Associate 31-March-2020 31-March-2019

This disclosure has been carried out for all the schemes put together and for scheme related details refer point c below.

b. Commission paid to associates/related parties/group companies of Sponsor/AMC :

Scheme Name of associate/ Nature of Period covered Business given (` in Lakhs & % Commission paid (` in Lakhs & % Period covered Business given (` in Lakhs & % Commission paid (` in Lakhs & related parties/group Association / of total business received of total commission paid of total business received % of total commission paid companies of Sponsor/ Nature by the fund) by the fund) by the fund) by the fund) AMC of relation


Axis Banking & PSU Debt Fund Axis Securities Limited Group Company 01-April-2019 to 415.97 #0.00% 0.82 #0.00% 01-April-2018 to 239.19 #0.00% 0.17 #0.00% and Associate 31-March-2020 31-March-2019

Axis Dynamic Bond Fund Axis Securities Limited Group Company 01-April-2019 to 14.32 #0.00% 0.14 #0.00% 01-April-2018 to 6.92 #0.00% 0.04 #0.00% and Associate 31-March-2020 31-March-2019

Axis Strategic Bond Fund Axis Securities Limited Group Company 01-April-2019 to 9.79 #0.00% 0.28 #0.00% 01-April-2018 to 30.82 #0.00% 0.11 #0.00% and Associate 31-March-2020 31-March-2019

Axis Credit Risk Fund Axis Securities Limited Group Company 01-April-2019 to 13.89 #0.00% 0.30 #0.00% 01-April-2018 to 6.52 #0.00% 0.08 #0.00% and Associate 31-March-2020 31-March-2019

Axis Regular Saver Fund Axis Securities Limited Group Company 01-April-2019 to 8.95 #0.00% 0.22 #0.00% 01-April-2018 to 15.44 #0.00% 0.25 #0.00% and Associate 31-March-2020 31-March-2019

Axis Liquid Fund Axis Securities Limited Group Company 01-April-2019 to 3,298.79 #0.00% 0.80 #0.00% 01-April-2018 to 4,091.76 #0.00% 0.24 #0.00% and Associate 31-March-2020 31-March-2019

Axis Gilt Fund Axis Securities Limited Group Company 01-April-2019 to 13.43 #0.00% 0.05 #0.00% 01-April-2018 to 6.73 #0.00% 0.01 #0.00% and Associate 31-March-2020 31-March-2019

Axis Short Term Fund Axis Securities Limited Group Company 01-April-2019 to 34.08 #0.00% 0.42 #0.00% 01-April-2018 to 1.71 #0.00% 0.19 #0.00% and Associate 31-March-2020 31-March-2019

Axis Treasury Advantage Fund Axis Securities Limited Group Company 01-April-2019 to 202.63 #0.00% 0.19 #0.00% 01-April-2018 to 198.10 #0.00% 0.05 #0.00% and Associate 31-March-2020 31-March-2019

Axis Corporate Debt Fund Axis Securities Limited Group Company 01-April-2019 to - - $0.00 #0.00% 01-April-2018 to - - $0.00 #0.00% and Associate 31-March-2020 31-March-2019

Axis Fixed Term Plan - Series 95 (1185 Days) Axis Securities Limited Group Company 01-April-2019 to - - - - 04-July-2018 to 0.15 #0.00% - - and Associate 31-March-2020 31-March-2019

Axis Fixed Term Plan - Series 96 (1124 Days) Axis Securities Limited Group Company 01-April-2019 to - - - - 03-September-2018 141.00 #0.00% - - and Associate 31-March-2020 to 31-March-2019

Axis Ultra Short Term Fund Axis Securities Limited Group Company 01-April-2019 to 123.65 #0.00% 0.26 #0.00% 10-September-2018 25.56 #0.00% 0.02 #0.00% and Associate 31-March-2020 to 31-March-2019

Axis Fixed Term Plan - Series 97 (1116 Days) Axis Securities Limited Group Company - - - - 11-September-2018 1.83 #0.00% - - 01-April-2019 to and Associate to 31-March-201931-March-2020

Axis Fixed Term Plan - Series 100 (1172 Days) Axis Securities Limited Group Company 01-April-2019 to - - $0.00 #0.00% 22-January-2019 to 0.75 #0.00% $0.00 #0.00% and Associate 31-March-2020 31-March-2019

Axis Fixed Term Plan - Series 101 (1154 Days) Axis Securities Limited Group Company 01-April-2019 to - - 0.01 #0.00% 13-February-2019 to 2.05 #0.00% $0.00 #0.00% and Associate 31-March-2020 31-March-2019

54



55

ANNEXURE I-B: Disclosure Under Regulation 25(8) Of The Securities And Exchange Board of India (Mutual Funds) Regulations, 1996, As Amended (Contd.) :b. Commission paid to associates/related parties/group companies of Sponsor/AMC (Contd.) :



Axis Fixed Term Plan - Series 102 (1133 Days) Axis Securities Limited Group Company 01-April-2019 to - - $0.00 #0.00% 06-March-2019 to 0.15 #0.00% $0.00 #0.00% and Associate 31-March-2020 31-March-2019

Axis Overnight Fund Axis Securities Limited Group Company 01-April-2019 to 945.72 #0.00% 0.05 #0.00% 15-March-2019 to 13.14 #0.00% $0.00 #0.00% and Associate 31-March-2020 31-March-2019

Axis Fixed Term Plan - Series 104 (1112 Days) Axis Securities Limited Group Company 01-April-2019 to - - $0.00 #0.00% 28-March-2019 to 1.05 #0.00% - - and Associate 31-March-2020 31-March-2019

Axis Money Market Fund Axis Securities Limited Group Company 06-August-2019 to 96.17 #0.00% 0.02 #0.00% - - - - - and Associate 31-March-2020

Axis Retirement Savings Fund-Conservative Plan Axis Securities Limited Group Company 20-December-2019 20.66 #0.00% 0.08 #0.00% - - - - - and Associate to 31-March-2020

Axis Banking & PSU Debt Fund Axis Bank Limited Sponsor 01-April-2019 to 11,222.55 0.01% 27.42 0.05% 01-April-2018 to 1,534.40 #0.00% 4.81 0.02% 31-March-2020 31-March-2019

Axis Dynamic Bond Fund Axis Bank Limited Sponsor 01-April-2019 to 2,482.57 #0.00% 11.12 0.02% 01-April-2018 to 1,251.48 #0.00% 5.78 0.02% 31-March-2020 31-March-2019

Axis Strategic Bond Fund Axis Bank Limited Sponsor 01-April-2019 to 2,743.61 #0.00% 43.59 0.07% 01-April-2018 to 4,352.75 #0.00% 15.82 0.05% 31-March-2020 31-March-2019

Axis Credit Risk Fund Axis Bank Limited Sponsor 01-April-2019 to 3,986.71 #0.00% 171.50 0.29% 01-April-2018 to 23,558.84 0.02% (27.00) -0.09% 31-March-2020 31-March-2019

Axis Regular Saver Fund Axis Bank Limited Sponsor 01-April-2019 to 580.14 #0.00% 91.47 0.15% 01-April-2018 to 1,523.64 #0.00% 62.28 0.21% 31-March-2020 31-March-2019

Axis Liquid Fund Axis Bank Limited Sponsor 01-April-2019 to 2,873,663.52 2.52% 46.80 0.08% 01-April-2018 to 4,837,181.30 4.66% 19.12 0.07% 31-March-2020 31-March-2019

Axis Gilt Fund Axis Bank Limited Sponsor 01-April-2019 to 125.32 #0.00% 1.51 #0.00% 01-April-2018 to 0.16 #0.00% 0.58 #0.00% 31-March-2020 31-March-2019

Axis Short Term Fund Axis Bank Limited Sponsor 01-April-2019 to 53,067.69 0.05% 118.77 0.20% 01-April-2018 to 13,317.47 0.01% 24.79 0.08% 31-March-2020 31-March-2019

Axis Treasury Advantage Fund Axis Bank Limited Sponsor 01-April-2019 to 45,146.19 0.04% 77.89 0.13% 01-April-2018 to 28,360.35 0.03% 12.87 0.04% 31-March-2020 31-March-2019

Axis Corporate Debt Fund Axis Bank Limited Sponsor 01-April-2019 to 1,572.51 #0.00% 15.88 0.03% 01-April-2018 to 13,653.84 0.01% 14.09 0.05% 31-March-2020 31-March-2019

Axis Fixed Term Plan - Series 95 (1185 Days) Axis Bank Limited Sponsor 01-April-2019 to - - - - 04-July-2018 to 5.05 #0.00% - - 31-March-2020 31-March-2019

Axis Fixed Term Plan - Series 96 (1124 Days) Axis Bank Limited Sponsor 01-April-2019 to - - - - 03-September-2018 141.00 #0.00% - - 31-March-2020 to 31-March-2019

Axis Ultra Short Term Fund Axis Bank Limited Sponsor 01-April-2019 to 93,196.77 0.08% 243.39 0.41% 10-September-2018 43,746.15 0.04% 33.68 0.11% 31-March-2020 to 31-March-2019

Axis Fixed Term Plan - Series 97 (1116 Days) Axis Bank Limited Sponsor 01-April-2019 to - - - - 11-September-2018 78.00 #0.00% - - 31-March-2020 to 31-March-2019

Axis Fixed Term Plan - Series 100 (1172 Days) Axis Bank Limited Sponsor 01-April-2019 to - - 0.07 #0.00% 22-January-2019 to 26.70 #0.00% 0.01 #0.00% 31-March-2020 31-March-2019



56

ANNEXURE I-B: Disclosure Under Regulation 25(8) Of The Securities And Exchange Board of India (Mutual Funds) Regulations, 1996, As Amended (Contd.) :

Axis Fixed Term Plan - Series 101 (1154 Days) Axis Bank Limited Sponsor 01-April-2019 to - - 0.09 #0.00% 13-February-2019 to 32.20 #0.00% 0.01 #0.00% 31-March-2020 31-March-2019

Axis Fixed Term Plan - Series 102 (1133 Days) Axis Bank Limited Sponsor 01-April-2019 to - - 0.30 #0.00% 06-March-2019 to 111.00 #0.00% 0.02 #0.00% 31-March-2020 31-March-2019

Axis Overnight Fund Axis Bank Limited Sponsor 01-April-2019 to 70,598.44 0.06% 1.18 #0.00% 15-March-2019 to 0.20 #0.00% $0.00 #0.00% 31-March-2020 31-March-2019

Axis Fixed Term Plan - Series 104 (1112 Days) Axis Bank Limited Sponsor 01-April-2019 to - - 0.39 #0.00% 28-March-2019 to 148.05 #0.00% - - 31-March-2020 31-March-2019

Axis Money Market Fund Axis Bank Limited Sponsor 01-April-2019 to 8,148.65 0.01% 1.54 #0.00% - - - - - 31-March-2020

Axis Retirement Savings Fund-Conservative Plan Axis Bank Limited Sponsor 20-December-2019 12,105.46 0.01% 40.67 0.07% - - - - - to 31-March-2020

Axis Short Term Fund Mr.Sugriv Singh Relative of 01-April-2019 to 0.20 #0.00% 0.02 #0.00% 01-April-2018 to 1.56 #0.00% 0.02 #0.00% rathore AMC employee 31-July-2019 31-March-2019

Axis Dynamic Bond Fund Mr.Sugriv Singh Relative of 01-April-2019 to - - 0.11 #0.00% 01-April-2018 to - - 0.15 #0.00% rathore AMC employee 31-July-2019 31-March-2019

Axis Strategic Bond Fund Mr.Sugriv Singh Relative of 01-April-2019 to - - 0.10 #0.00% 01-April-2018 to - - 0.15 #0.00% rathore AMC employee 31-July-2019 31-March-2019

Axis Ultra Short Term Fund Mr.Sugriv Singh Relative of 01-April-2019 to 2.00 #0.00% $0.00 #0.00% 10-September-2018 2.50 #0.00% $0.00 #0.00% rathore AMC employee 31-July-2019 to 31-March-2019

Axis Corporate Debt Fund Mr.Sugriv Singh Relative of 01-April-2019 to - - 0.01 #0.00% 01-April-2018 to 5.00 #0.00% 0.02 #0.00% rathore AMC employee 31-July-2019 31-March-2019

Axis Liquid Fund Florine Rodrigues Relative of 01-April-2019 to 0.08 #0.00% - - 01-April-2018 to 1.25 #0.00% - - Thakkar AMC employee 03-June-2019 31-March-2019

Axis Treasury Advantage Fund Florine Rodrigues Relative of 01-April-2019 to 0.06 #0.00% - - 01-April-2018 to 0.14 #0.00% - - Thakkar AMC employee 03-June-2019 31-March-2019

Axis Treasury Advantage Fund Urvi Mahendra Dedhia Relative of - - - - - 01-April-2018 to 2.98 #0.00% $0.00 #0.00% AMC employee 31-March-2019

Axis Corporate Debt Fund Urvi Mahendra Dedhia Relative of - - - - - 01-April-2018 to 3.60 #0.00% $0.00 #0.00% AMC employee 31-March-2019

b. Commission paid to associates/related parties/group companies of Sponsor/AMC (Contd.) :



Associate companies have been paid commission on normal commercial terms at a basis of an arm's length for procuring unit subscriptions for the Schemes. $ Amount less than ` 0.005 Lakh # Values are less than 0.005% Commission paid to Axis Bank Ltd. includes transaction charges, wherever applicable.



57

c. Payment made to associates (` in Lakhs)

Axis Liquid Fund 7.83 - - 4.29 15.54 - 7.37 - - 4.47 16.70 - Axis Treasury Advantage Fund 0.50 - 0.04 0.14 1.38 - 0.54 - 0.06 0.06 1.47 - Axis Corporate Debt Fund 0.04 - $0.00 0.02 0.10 - 0.07 - $0.00 0.02 0.19 - Axis Short Term Fund 0.58 - 0.06 0.45 1.60 - 1.15 - 0.14 0.70 3.25 - Axis Regular Saver Fund 0.04 - 0.57 $0.00 0.11 0.22 0.08 - 1.10 $0.00 0.22 0.89 Axis Dynamic Bond Fund 0.04 - 0.04 0.04 0.09 - 0.04 - 0.08 0.21 0.12 - Axis Gilt Fund 0.01 - - 0.02 0.02 - 0.01 - - 0.04 0.03 - Axis Strategic Bond Fund 0.21 - 0.13 0.24 0.60 - 0.32 - 0.26 0.12 0.91 - Axis Banking & PSU Debt Fund 1.55 - 0.01 0.11 4.50 - 0.37 - 0.03 0.06 1.05 - Axis Credit Risk Fund 0.23 - 0.09 0.10 0.69 - 0.40 - 0.19 0.15 1.15 - Axis Fixed Term Plan - Series 95 (1185 Days) - - - $0.00 0.05 - - - - $0.00 0.05 - Axis Ultra Short Term Fund 0.46 - $0.00 0.12 1.26 - 0.10 - $0.00 0.02 0.26 - Axis Fixed Term Plan - Series 96 (1124 Days) - - - $0.00 0.02 - - - - $0.00 0.02 - Axis Fixed Term Plan - Series 97 (1116 Days) - - - $0.00 0.17 - - - - $0.00 0.13 - Axis Fixed Term Plan - Series 100 (1172 Days) - - - $0.00 0.01 - - - - $0.00 $0.00 - Axis Fixed Term Plan - Series 101 (1154 Days) - - - $0.00 0.01 - - - - $0.00 $0.00 - Axis Fixed Term Plan - Series 102 (1133 Days) - - - $0.00 0.02 - - - - $0.00 $0.00 - Axis Overnight Fund 0.17 - - 0.43 0.51 - 0.01 - - 0.06 0.02 - Axis Fixed Term Plan - Series 104 (1112 Days) - - - $0.00 0.05 - - - - $0.00 $0.00 - Axis Money Market Fund 0.05 - - 0.01 0.14 - - - - - - - Axis Retirement Savings Fund - Conservative Plan 0.01 - - $0.00 0.02 - - - - - - -

$ Amount less than ` 0.005 LakhPayment made to associates are considered on a gross basis.

ANNEXURE I-B: Disclosure Under Regulation 25(8) Of The Securities And Exchange Board of India (Mutual Funds) Regulations, 1996, As Amended (Contd.) :

Scheme

Professionalclearing member

charges

Axis Bank Ltd.

2019-2020

Verification, Cancellation

and Debit Charges (SIP)

TrusteeFees

Axis Mutual Fund

Trustee Ltd.

Cash management service charges

Securities and CBLO/ TREPS

Settlement Processing

Charges

Brokerage On

Trades

Axis Capital Ltd.

Professionalclearing member

charges

Axis Bank Ltd.

2018-2019

Verification, Cancellation

and Debit Charges (SIP)

Cash management service charges

Securities and CBLO/ TREPS

Settlement Processing

Charges

TrusteeFees

Axis Mutual Fund

Trustee Ltd.

Brokerage On

Trades

Axis Capital Ltd.

d. 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. 2019-2020: ( In Lakhs)`

Arranger Scheme Name Date Security Type Name of the security Face Value

Axis Bank Limited Axis Short Term Fund 18-Apr-19 Corporate Bond 7.87% LARSEN & TOUBRO LTD 18.04.2022 7,000.00

Axis Banking & PSU Debt Fund 18-Apr-19 Corporate Bond 7.87% LARSEN & TOUBRO LTD 18.04.2022 3,000.00

F.Y. 2018-2019: ( In Lakhs)`

Arranger Scheme Name Date Security Type Name of the security Face Value

Axis Bank Limited Axis Banking & PSU Debt Fund 22-Feb-19 Zero Coupon Bond LIC Hsg Fin Ltd ZCB Tran 378 (MD 04/05/2022) 5,000.00

Axis Banking & PSU Debt Fund 22-Feb-19 Corporate Bond 8% Natio Ho Bk Ltd (MD 22/02/2022)P/C22/05/2020 500.00

Axis Treasury Advantage Fund 8-Mar-19 Corporate Bond 8.3% Reliance Industries Ltd NCDSr J (MD08/03/22) 5,000.00

Axis Short Term Fund 8-Mar-19 Corporate Bond 8.3% Reliance Industries Ltd NCDSr J (MD08/03/22) 10,000.00



58

Axis Trustee Service Limited Axis Short Term Fund 10-May-18 Pass Through Certificate Rainbow Devices Trust PTC S8 (MD 28/03/2020) 810.00

Axis Short Term Fund 10-May-18 Pass Through Certificate Rainbow Devices Trust PTC S9 (MD 28/06/2020) 790.00








Axis Treasury Advantage Fund 10-May-18 Pass Through Certificate Rainbow Devices Trust PTC S1 (MD 28/06/2018) 910.00



Axis Short Term Fund 24-Jul-18 Pass Through Certificate Rent-A-Device Trust PTC S1 (MD 28/09/2018) 1,420.00







Axis Strategic Bond Fund 24-Jul-18 Pass Through Certificate Rent-A-Device Trust PTC S8 (MD 28/06/2020) 1,210.00



Axis Credit Risk Fund 24-Jul-18 Pass Through Certificate Rent-A-Device Trust PTC S9 (MD 28/09/2020) 1,180.00

Axis Credit Risk Fund 24-Jul-18 Pass Through Certificate Rent-A-Device Trust PTC S10 (MD 28/12/2020) 1,150.00

ANNEXURE I-B: Disclosure Under Regulation 25(8) Of The Securities And Exchange Board of India (Mutual Funds) Regulations, 1996, As Amended (Contd.) : F.Y. 2018-2019: (Contd.)



ANNEXURE I-C: UNIT CAPITAL MOVEMENT

59

Axis Liquid Fund Axis Treasury Advantage Fund Axis Banking & PSU Debt Fund Axis Short Term Fund Axis Strategic Bond Fund

March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 Face Value ` 1000 Face Value ` 1000 Face Value ` 1000 Face Value `1000 Face Value ` 1000 Face Value ` 1000 Face Value ` 10 Face Value ` 10 Face Value `10 Face Value ` 10

Quantity Quantity Quantity Quantity Quantity Quantity Quantity Quantity Quantity Quantity

Initial Capital 5,292,768.000 5,292,768.000 12,442,169.075 12,442,169.075 1,189,448.984 1,189,448.984 286,435,356.052 286,435,356.052 39,349,758.027 39,349,758.027

Outstanding Unit Capital

Retail Growth

Outstanding, beginning of year 1,796.546 2,750.706 8,314.122 24,359.672 - - 2,611,648.423 3,248,842.233 - -

Issued

-new fund offer - - - - - - - - - -

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

Redeemed during the year/period 30.194 954.160 882.601 16,045.550 - - 776,741.359 637,193.810 - -

Outstanding, end of year 1,766.352 1,796.546 7,431.521 8,314.122 - - 1,834,907.064 2,611,648.423 - -

Regular Dividend

Outstanding, beginning of year - - - - - - 3,927,157.462 234,791,518.599 - -

Issued

-new fund offer - - - - - - - - - -

-during the year/period - - - - - - 1,580,992.123 1,106,621.922 - -

Redeemed during the year/period - - - - - - 1,910,353.539 231,970,983.059 - -

Outstanding, end of year - - - - - - 3,597,796.046 3,927,157.462 - -

Retail Daily Dividend

Outstanding, beginning of year 330.496 860.684 15,463.180 29,598.662 - - - - - -

Issued

-new fund offer - - - - - - - - - -

-during the year/period - - 0.004 - - - - - - -

Redeemed during the year/period - 530.188 2,577.502 14,135.482 - - - - - -

Outstanding, end of year 330.496 330.496 12,885.682 15,463.180 - - - - - -

Retail Weekly Dividend

Outstanding, beginning of year 109.314 111.155 797.308 1,698.041 - - 411,397.389 451,345.492 - -

Issued

-new fund offer - - - - - - - - - -

-during the year/period - - 0.007 - - - - - - -

Redeemed during the year/period - 1.841 162.667 900.733 - - 75,810.035 39,948.103 - -

Outstanding, end of year 109.314 109.314 634.648 797.308 - - 335,587.354 411,397.389 - -

Retail Monthly Dividend

Outstanding, beginning of year 11.993 11.993 135.886 189.184 - - 440,659.346 524,339.354 - -

Issued

-new fund offer - - - - - - - - - -


Redeemed during the year/period - - 11.854 53.298 - - 37,035.574 83,680.008 - -

Outstanding, end of year 11.993 11.993 124.032 135.886 - - 403,623.772 440,659.346 - -

Regular Growth

Outstanding, beginning of year 31,728,403.373 17,255,568.554 2,458,654.779 2,934,055.559 7,788,836.576 567,538.860 360,421,879.565 401,071,464.720 508,960,660.356 540,664,332.896



Issued

-new fund offer - - - - - - - - - -

-during the year/period 603,155,423.232 1,046,661,856.990 11,686,680.061 7,676,925.346 20,420,975.919 7,915,598.835 1,024,385,069.079 270,037,028.826 95,420,720.118 194,248,019.591

Redeemed during the year/period 602,325,684.167 1,032,189,022.171 8,475,947.217 8,152,326.126 6,634,147.536 694,301.119 526,702,616.307 310,686,613.981 129,587,938.932 225,951,692.131

Outstanding, end of year 32,558,142.438 31,728,403.373 5,669,387.623 2,458,654.779 21,575,664.959 7,788,836.576 858,104,332.337 360,421,879.565 474,793,441.542 508,960,660.356

Dividend

Outstanding, beginning of year - - - - - - - - - -

Issued

-new fund offer - - - - - - - - - -


Redeemed during the year/period - - - - - - - - - -

Outstanding, end of year - - - - - - - - - -

Regular Daily Dividend

Outstanding, beginning of year 12,523,149.580 7,653,410.826 953,800.643 1,729,719.966 548,809.089 509,766.221 - - - -

Issued

-new fund offer - - - - - - - - - -

-during the year/period 84,818,623.676 118,991,894.079 2,185,618.990 2,552,446.335 186,198.005 116,389.726 - - - -

Redeemed during the year/period 93,129,268.719 114,122,155.325 2,027,741.172 3,328,365.658 188,802.850 77,346.858 - - - -

Outstanding, end of year 4,212,504.537 12,523,149.580 1,111,678.461 953,800.643 546,204.244 548,809.089 - - - -

Regular Annual Dividend


Issued

-new fund offer - - - - - - - - - -




Regular Weekly Dividend

Outstanding, beginning of year 1,838,355.272 495,655.334 226,152.387 907,076.493 15,064.210 20,033.996 5,905,697.465 20,807,523.421 - -

Issued

-new fund offer - - - - - - - - - -

-during the year/period 9,978,139.156 6,205,304.523 542,439.383 850,433.431 166,103.467 9,626.292 30,548,827.733 20,827,204.781 - -

Redeemed during the year/period 11,186,718.365 4,862,604.585 535,781.724 1,531,357.537 97,940.679 14,596.078 26,769,460.678 35,729,030.737 - -

Outstanding, end of year 629,776.063 1,838,355.272 232,810.046 226,152.387 83,226.998 15,064.210 9,685,064.520 5,905,697.465 - -

Regular Monthly Dividend


Issued

-new fund offer - - - - - - - - - -

-during the year/period 1,190,899.459 3,337,455.505 213,918.393 129,863.580 1,039,241.331 287,277.122 82,844,233.160 10,620,510.087 - -

Redeemed during the year/period 1,596,879.865 2,601,438.749 202,465.758 103,956.817 565,131.066 38,549.041 45,495,383.292 40,479,090.854 - -

Outstanding, end of year 1,307,516.275 1,713,496.681 180,066.162 168,613.527 834,083.038 359,972.773 50,010,140.946 12,661,291.078 - -




ANNEXURE I-C: UNIT CAPITAL MOVEMENT (CONTD.)

60



Regular Quarterly Dividend

Outstanding, beginning of year - - - - - - - - 6,916,124.505 13,940,334.223

Issued

-new fund offer - - - - - - - - - -

-during the year/period - - - - - - - - 18,233,504.283 3,547,078.143

Redeemed during the year/period - - - - - - - - 4,254,587.437 10,571,287.861

Outstanding, end of year - - - - - - - - 20,895,041.351 6,916,124.505

Regular Half year Dividend

Outstanding, beginning of year - - - - - - - - 879,221.709 1,443,523.598

Issued

-new fund offer - - - - - - - - - -

-during the year/period - - - - - - - - 8,368,382.365 194,702.102

Redeemed during the year/period - - - - - - - - 8,436,468.855 759,003.991

Outstanding, end of year - - - - - - - - 811,135.219 879,221.709

Regular Bonus

Outstanding, beginning of year - - - - - - 19,868.128 19,868.128 - -

Issued

-new fund offer - - - - - - - - - -


Redeemed during the year/period - - - - - - 5,698.551 - - -

Outstanding, end of year - - - - - - 14,169.577 19,868.128 - -

Direct Growth

Outstanding, beginning of year 56,225,787.431 50,466,823.129 2,922,373.702 8,043,141.860 17,652,017.863 3,223,271.693 1,075,202,170.222 2,296,211,685.875 159,416,910.681 247,494,162.056

Issued

-new fund offer - - - - - - - - - -

-during the year/period 3,549,467,698.010 3,754,530,880.421 31,872,093.704 10,755,763.331 48,155,765.628 18,152,101.532 1,147,021,113.325 978,682,078.265 34,735,633.765 60,485,176.344

Redeemed during the year/period 3,553,352,463.319 3,748,771,916.119 22,857,039.070 15,876,531.489 20,387,037.609 3,723,355.362 979,480,952.462 2,199,691,593.918 60,117,983.078 148,562,427.719

Outstanding, end of year 52,341,022.122 56,225,787.431 11,937,428.336 2,922,373.702 45,420,745.882 17,652,017.863 1,242,742,331.085 1,075,202,170.222 134,034,561.368 159,416,910.681

Direct Dividend


Issued

-new fund offer - - - - - - - - - -




Direct Regular Dividend

Outstanding, beginning of year - - - - - - 147,825.374 166,306.342 - -

Issued

-new fund offer - - - - - - - - - -

-during the year/period - - - - - - 4,400,719.457 8,242,359.413 - -





61



Redeemed during the year/period - - - - - - 3,765,570.947 8,260,840.381 - -

Outstanding, end of year - - - - - - 782,973.884 147,825.374 - -

Direct Daily Dividend

Outstanding, beginning of year 9,985,404.037 8,226,040.424 607,467.847 1,187,364.088 7,684.289 104,922.272 - - - -

Issued

-new fund offer - - - - - - - - - -

-during the year/period 355,234,375.657 344,738,546.391 1,164,263.891 2,192,126.888 249,796.539 866,008.072 - - - -

Redeemed during the year/period 359,174,835.567 342,979,182.778 1,234,307.829 2,772,023.129 229,973.288 963,246.055 - - - -

Outstanding, end of year 6,044,944.127 9,985,404.037 537,423.909 607,467.847 27,507.540 7,684.289 - - - -

Direct Weekly Dividend


Issued

-new fund offer - - - - - - - - - -

-during the year/period 3,490,495.575 3,195,260.845 309,962.672 43,980.700 116,120.323 2,729.994 6,634,341.488 294,150,804.437 - -

Redeemed during the year/period 3,898,547.661 2,183,834.319 208,773.358 349,810.916 93,811.598 1,271.497 8,729,186.872 308,836,071.244 - -

Outstanding, end of year 661,552.332 1,069,604.418 126,802.743 25,613.429 28,733.115 6,424.390 6,774,096.650 8,868,942.034 - -

Direct Monthly Dividend

Outstanding, beginning of year 1,009,032.425 848,063.135 2,090.561 3,556.537 3,605.591 498.279 413,597.599 47,472,188.404 - -

Issued

-new fund offer - - - - - - - - - -

-during the year/period 2,672,443.201 1,104,664.274 17,543.939 16,942.939 9,418,344.487 3,698.246 5,873,476.462 156,739,629.909 - -

Redeemed during the year/period 2,754,820.579 943,694.984 14,070.691 18,408.915 9,200,069.086 590.934 4,679,539.907 203,798,220.714 - -

Outstanding, end of year 926,655.047 1,009,032.425 5,563.809 2,090.561 221,880.992 3,605.591 1,607,534.154 413,597.599 - -

Direct Quarterly Dividend

Outstanding, beginning of year - - - - - - - - 434,636.454 498,489.439

Issued

-new fund offer - - - - - - - - - -

-during the year/period - - - - - - - - 179,314.433 305,034.425

Redeemed during the year/period - - - - - - - - 147,607.117 368,887.410


Direct Half Yearly Dividend

Outstanding, beginning of year - - - - - - - - 86,960.686 98,424.844

Issued

-new fund offer - - - - - - - - - -

-during the year/period - - - - - - - - 71,713.407 35,437.892

Redeemed during the year/period - - - - - - - - 43,682.949 46,902.050


Direct Bonus

Outstanding, beginning of year 66.703 78.763 - - - - - - - -





62



Issued

-new fund offer - - - - - - - - - -


Redeemed during the year/period 44.781 12.060 - - - - - - - -

Outstanding, end of year 21.922 66.703 - - - - - - - -

Direct Annual Dividend


Issued

-new fund offer - - - - - - - - - -




Total

Outstanding, beginning of year 116,095,548.269 85,985,032.520 7,389,477.371 15,334,910.471 26,382,414.781 4,542,241.906 1,471,032,134.085 3,070,839,163.254 676,694,514.391 804,139,267.056

Issued

-new fund offer - - - - - - - - - -

-during the year/period 4,610,008,097.966 5,278,765,863.028 47,992,521.044 24,218,482.550 79,752,545.699 27,353,429.819 2,303,288,772.827 1,740,406,237.640 157,009,268.371 258,815,448.497

Redeemed during the year/period 4,627,419,293.217 5,248,655,347.279 35,559,761.443 32,163,915.650 37,396,913.712 5,513,256.944 1,598,428,349.523 3,340,213,266.809 202,588,268.368 386,260,201.162

Outstanding, end of year 98,684,353.018 116,095,548.269 19,822,236.972 7,389,477.371 68,738,046.768 26,382,414.781 2,175,892,557.389 1,471,032,134.085 631,115,514.394 676,694,514.391





63




64

Retail Growth

Outstanding, beginning of year - - - - - - - -

Issued

-new fund offer - - - - - - - -

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

Redeemed during the year/period - - - - - - - -

Outstanding, end of year - - - - - - - -

Regular Dividend

Outstanding, beginning of year - - - - 236,340.918 224,431.499 - -

Issued

-new fund offer - - - - - - - -

-during the year/period - - - - 367,744.576 20,240.110 - -

Redeemed during the year/period - - - - 217,029.241 8,330.691 - -

Outstanding, end of year - - - - 387,056.253 236,340.918 - -



Issued

-new fund offer - - - - - - - -






Issued

-new fund offer - - - - - - - -






Issued

-new fund offer - - - - - - - -




Regular Growth

Outstanding, beginning of year 51,978,419.843 88,169,823.296 127,044,890.640 198,721,098.015 11,489,642.627 16,099,096.960 931,428,177.180 1,129,733,673.938

Axis Dynamic Bond Fund Axis Regular Saver Fund Axis Gilt Fund Axis Credit Risk Fund

March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 Face Value ` 10 Face Value ` 10 Face Value ` 10 Face Value ` 10 Face Value ` 10 Face Value ` 10 Face Value ` 10 Face Value ` 10

Quantity Quantity Quantity Quantity Quantity Quantity Quantity Quantity

Initial Capital 17,673,754.853 17,673,754.853 446,271,322.929 446,271,322.929 73,167,902.883 73,167,902.883 74,988,368.054 74,988,368.054








65

Issued

-new fund offer - - - - - - - -

-during the year/period 95,438,257.408 13,523,326.378 7,551,076.601 15,956,921.512 12,178,273.286 6,504,652.110 125,364,601.725 300,051,558.624

Redeemed during the year/period 38,921,095.592 49,714,729.831 52,403,948.091 87,633,128.887 6,421,160.778 11,114,106.443 473,366,034.522 498,357,055.382

Outstanding, end of year 108,495,581.659 51,978,419.843 82,192,019.150 127,044,890.640 17,246,755.135 11,489,642.627 583,426,744.383 931,428,177.180

Dividend


Issued

-new fund offer - - - - - - - -






Issued

-new fund offer - - - - - - - -





Outstanding, beginning of year - - 1,565,561.166 4,102,147.273 - - - -

Issued

-new fund offer - - - - - - - -

-during the year/period - - 1,112,880.341 201,714.045 - - - -

Redeemed during the year/period - - 1,616,508.481 2,738,300.152 - - - -

Outstanding, end of year - - 1,061,933.026 1,565,561.166 - - - -


Outstanding, beginning of year - - - - - - 1,417,207.481 2,038,737.276

Issued

-new fund offer - - - - - - - -

-during the year/period - - - - - - 63,386.086 431,156.704

Redeemed during the year/period - - - - - - 646,787.111 1,052,686.499

Outstanding, end of year - - - - - - 833,806.456 1,417,207.481


Outstanding, beginning of year - - - - - - 40,016,714.843 63,238,336.773

Issued

-new fund offer - - - - - - - -

-during the year/period - - - - - - 826,374.856 14,710,419.509

Redeemed during the year/period - - - - - - 32,787,057.730 37,932,041.439

Outstanding, end of year - - - - - - 8,056,031.969 40,016,714.843




66


Outstanding, beginning of year 5,041,759.058 8,827,895.969 12,907,887.096 19,250,230.479 - - - -

Issued

-new fund offer - - - - - - - -

-during the year/period 421,475.000 514,724.143 386,343.216 411,798.466 - - - -

Redeemed during the year/period 2,526,315.608 4,300,861.054 3,846,955.234 6,754,141.849 - - - -

Outstanding, end of year 2,936,918.450 5,041,759.058 9,447,275.078 12,907,887.096 - - - -


Outstanding, beginning of year 1,266,122.615 1,581,396.859 604,853.922 774,625.761 54,533.086 115,151.413 - -

Issued

-new fund offer - - - - - - - -

-during the year/period 153,414.684 29,105.005 17,479.310 28,980.745 57,634.025 2,118.618 - -

Redeemed during the year/period 1,105,591.008 344,379.249 154,497.009 198,752.584 7,746.188 62,736.945 - -

Outstanding, end of year 313,946.291 1,266,122.615 467,836.223 604,853.922 104,420.923 54,533.086 - -

Regular Bonus


Issued

-new fund offer - - - - - - - -




Direct Growth

Outstanding, beginning of year 12,194,427.118 34,283,139.562 4,010,046.516 2,772,497.683 10,487,669.159 12,367,644.726 160,935,272.532 169,018,175.409

Issued

-new fund offer - - - - - - - -

-during the year/period 138,486,933.444 1,028,207.124 309,340.761 1,704,640.000 12,284,949.263 677,921.605 13,541,352.151 41,171,003.694

Redeemed during the year/period 37,899,162.419 23,116,919.568 678,191.834 467,091.167 7,343,758.807 2,557,897.172 66,473,683.173 49,253,906.571

Outstanding, end of year 112,782,198.143 12,194,427.118 3,641,195.443 4,010,046.516 15,428,859.615 10,487,669.159 108,002,941.510 160,935,272.532

Direct Dividend


Issued

-new fund offer - - - - - - - -





Outstanding, beginning of year - - - - 1,234.306 2,741.973 - -

Issued

-new fund offer - - - - - - - -

-during the year/period - - - - 553,038.941 260.256 - -







67

Redeemed during the year/period - - - - 224,410.525 1,767.923 - -

Outstanding, end of year - - - - 329,862.722 1,234.306 - -



Issued

-new fund offer - - - - - - - -





Outstanding, beginning of year - - - - - - 99,995.649 111,342.942

Issued

-new fund offer - - - - - - - -


Redeemed during the year/period - - - - - - 99,764.383 123,348.981

Outstanding, end of year - - - - - - 14,748.091 99,995.649


Outstanding, beginning of year - - - - - - 189,152.929 268,493.823

Issued

-new fund offer - - - - - - - -


Redeemed during the year/period - - - - - - 191,698.209 150,054.000

Outstanding, end of year - - - - - - 158,088.884 189,152.929


Outstanding, beginning of year 194,087.691 181,423.792 94,291.511 37,343.188 - - - -

Issued

-new fund offer - - - - - - - -

-during the year/period 609,984.365 72,569.632 62,656.820 221,951.449 - - - -

Redeemed during the year/period 319,920.501 59,905.733 70,711.488 165,003.126 - - - -

Outstanding, end of year 484,151.555 194,087.691 86,236.843 94,291.511 - - - -


Outstanding, beginning of year 25,376.789 44,285.978 5,165.750 5,304.144 2,058.533 - - -

Issued

-new fund offer - - - - - - - -

-during the year/period 65,444.536 15,291.060 36,751.802 6,566.693 152,220.190 2,627.620 - -

Redeemed during the year/period 14,539.766 34,200.249 1,029.428 6,705.087 110,957.806 569.087 - -

Outstanding, end of year 76,281.559 25,376.789 40,888.124 5,165.750 43,320.917 2,058.533 - -

Direct Bonus








68

Issued

-new fund offer - - - - - - - -





Outstanding, beginning of year - - 52,230.906 35,226.769 - - - -

Issued

-new fund offer - - - - - - - -

-during the year/period - - 5,240.802 27,556.892 - - - -

Redeemed during the year/period - - 20,411.500 10,552.755 - - - -

Outstanding, end of year - - 37,060.208 52,230.906 - - - -

Total

Outstanding, beginning of year 70,700,193.114 133,087,965.456 146,284,927.507 225,698,473.312 22,271,478.629 28,809,066.571 1,134,086,520.614 1,364,408,760.161

Issued

-new fund offer - - - - - - - -

-during the year/period 235,175,509.437 15,183,223.342 9,481,769.653 18,560,129.802 25,593,860.281 7,207,820.319 139,970,865.807 356,546,853.325

Redeemed during the year/period 80,786,624.894 77,570,995.684 58,792,253.065 97,973,675.607 14,325,063.345 13,745,408.261 573,565,025.128 586,869,092.872

Outstanding, end of year 225,089,077.657 70,700,193.114 96,974,444.095 146,284,927.507 33,540,275.565 22,271,478.629 700,492,361.293 1,134,086,520.614







69

Initial Capital 357,005,448.800 357,005,448.800 8,594,547.228 8,594,547.228 573,404,540.300 573,404,540.300 90,701,058.000 90,701,058.000 46,492,554.000 46,492,554.000


Retail Growth


Issued

-new fund offer - - - - - - - - - -




Regular Dividend


Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -




Regular Growth

Outstanding, beginning of year 135,346,100.446 77,651,795.550 2,760.501 - 768,277,200.301 - 22,308,779.000 - 25,128,754.000 -

Axis Corporate Debt Fund Axis Overnight Fund Axis Ultra Short Term Fund Axis Fixed Term Plan - Series 95 Axis Fixed Term Plan - Series 96 (1185 Days) (1124 Days)

March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 Face Value ` 10 Face Value ` 10 Face Value ` 1000 Face Value ` 1000 Face Value ` 10 Face Value ` 10 Face Value ` 10 Face Value ` 10 Face Value ` 10 Face Value ` 10





70

Issued

-new fund offer - - - 44,960.128 - 147,663,362.200 - 22,308,779.000 - 25,128,754.000

-during the year/period 96,845,960.617 313,622,305.877 199,793,571.141 2,906.981 5,332,774,790.561 1,314,762,734.956 - - - -

Redeemed during the year/period 125,570,373.307 255,928,000.981 185,609,344.057 45,106.608 4,498,295,388.369 694,148,896.855 - - - -

Outstanding, end of year 106,621,687.756 135,346,100.446 14,186,987.585 2,760.501 1,602,756,602.493 768,277,200.301 22,308,779.000 22,308,779.000 25,128,754.000 25,128,754.000

Dividend

Outstanding, beginning of year 364,418.827 415,214.971 - - 2,470,981.895 - 500.000 - 450,000.000 -

Issued

-new fund offer - - - - - 29,510.000 - 500.000 - 450,000.000

-during the year/period 73,802.258 202,547.042 - - 19,977,911.491 2,588,571.246 - - - -

Redeemed during the year/period 65,835.070 253,343.186 - - 20,099,765.920 147,099.351 - - - -

Outstanding, end of year 372,386.015 364,418.827 - - 2,349,127.466 2,470,981.895 500.000 500.000 450,000.000 450,000.000


Outstanding, beginning of year 2,106,014.937 33,853,193.460 1,195.631 - 26,323,342.714 - - - - -

Issued

-new fund offer - - - 925.310 - 16,996,382.400 - - - -

-during the year/period 4,162,572.745 53,609,527.997 2,212,516.277 285.313 436,858,961.966 55,220,153.899 - - - -

Redeemed during the year/period 5,772,402.330 85,356,706.520 1,905,069.653 14.992 287,840,241.354 45,893,193.585 - - - -

Outstanding, end of year 496,185.352 2,106,014.937 308,642.255 1,195.631 175,342,063.326 26,323,342.714 - - - -



Issued

-new fund offer - - - - - - - - - -





Outstanding, beginning of year 1,115,509.243 7,219,177.368 101.983 - 6,519,546.747 - - - - -

Issued

-new fund offer - - - 29.983 - 596,500.000 - - - -

-during the year/period 83,240.225 1,748,851.908 47,447.677 72.000 193,038,707.576 7,996,641.552 - - - -

Redeemed during the year/period 201,783.016 7,852,520.033 46,236.025 - 182,431,657.613 2,073,594.805 - - - -

Outstanding, end of year 996,966.452 1,115,509.243 1,313.635 101.983 17,126,596.710 6,519,546.747 - - - -


Outstanding, beginning of year 514,713.055 442,892.279 379.966 - 1,439,359.681 - - - - -

Issued

-new fund offer - - - 19.966 - 990,500.000 - - - -








71

Regular Bonus


Issued

-new fund offer - - - - - - - - - -




Direct Growth

Outstanding, beginning of year 61,581,489.123 112,051,967.721 2,257,376.438 - 267,135,316.571 - 68,369,829.000 - 20,901,800.000 -

Issued

-new fund offer - - - 8,548,608.019 - 329,427,138.600 - 68,369,829.000 - 20,901,800.000

-during the year/period 40,169,760.616 201,909,934.664 1,083,942,825.855 4,395,481.000 3,296,514,299.965 471,925,918.988 - - - -

Redeemed during the year/period 55,391,369.908 252,380,413.262 1,065,728,606.306 10,686,712.581 2,932,684,968.096 534,217,741.017 - - - -


Direct Dividend

Outstanding, beginning of year 29,565.793 8,000.000 - - 155,309.534 - - - - -

Issued

-new fund offer - - - - - 89,207.800 - - - -

-during the year/period 183,063.807 28,497.239 - - 4,613,434.279 80,759.066 - - - -

Redeemed during the year/period 53,068.340 6,931.446 - - 4,583,076.496 14,657.332 - - - -

Outstanding, end of year 159,561.260 29,565.793 - - 185,667.317 155,309.534 - - - -



Redeemed during the year/period 755,238.112 1,084,660.356 364.512 - 18,192,992.865 7,636,227.033 - - - -

Outstanding, end of year 537,101.648 514,713.055 3,048.041 379.966 12,458,858.799 1,439,359.681 - - - -


Outstanding, beginning of year - - - - - - 20,000.000 - 1,500.000 -

Issued

-new fund offer - - - - - - - 20,000.000 - 1,500.000



Outstanding, end of year - - - - - - 20,000.000 20,000.000 1,500.000 1,500.000



Issued

-new fund offer - - - - - - - 1,000.000 - 10,500.000










72

Issued

-new fund offer - - - - - - - - - -





Outstanding, beginning of year 10,044,113.410 549,120.012 1,026.779 - 6,351,638.357 - - - - -

Issued

-new fund offer - - - 3.822 - 52,559,238.600 - - - -

-during the year/period 4,777,937.982 17,438,654.188 11,407,498.677 4,025.269 24,467,525.070 85,743,847.259 - - - -

Redeemed during the year/period 14,755,805.462 7,943,660.790 11,253,909.765 3,002.312 21,366,147.558 131,951,447.502 - - - -

Outstanding, end of year 66,245.930 10,044,113.410 154,615.691 1,026.779 9,453,015.869 6,351,638.357 - - - -


Outstanding, beginning of year 10,429.410 10,764,672.797 - - 25,904,096.605 - - - - -

Issued

-new fund offer - - - - - 25,006,600.000 - - - -

-during the year/period 19,440.115 9,091,731.902 51,198.061 - 8,187,975.583 913,422.138 - - - -

Redeemed during the year/period 15,588.680 19,845,975.289 826.900 - 27,307,029.398 15,925.533 - - - -

Outstanding, end of year 14,280.845 10,429.410 50,371.161 - 6,785,042.790 25,904,096.605 - - - -


Outstanding, beginning of year 1,071,852.165 21,092.757 30.000 - 1,790,073.325 - - - - -

Issued

-new fund offer - - - - - 46,100.700 - - - -


Redeemed during the year/period 190,093.081 19,198.215 680.407 60.000 3,311,446.587 11,672,364.820 - - - -

Outstanding, end of year 1,096,486.319 1,071,852.165 1,811.879 30.000 2,175,747.494 1,790,073.325 - - - -


Outstanding, beginning of year - - - - - - 950.000 - - -

Issued

-new fund offer - - - - - - - 950.000 - -



Outstanding, end of year - - - - - - 950.000 950.000 - -



Issued

-new fund offer - - - - - - - - - -








73



Direct Bonus


Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -




Total

Outstanding, beginning of year 212,184,206.409 242,977,126.915 2,262,871.298 - 1,106,366,865.730 - 90,701,058.000 - 46,492,554.000 -

Issued

-new fund offer - - - 8,594,547.228 - 573,404,540.300 - 90,701,058.000 - 46,492,554.000

-during the year/period 147,308,132.305 599,878,489.572 1,297,460,552.561 4,403,220.563 9,349,343,219.230 1,960,733,473.263 - - - -

Redeemed during the year/period 202,771,557.306 630,671,410.078 1,264,545,037.625 10,734,896.493 7,996,112,714.256 1,427,771,147.833 - - - -

Outstanding, end of year 156,720,781.408 212,184,206.409 35,178,386.234 2,262,871.298 2,459,597,370.704 1,106,366,865.730 90,701,058.000 90,701,058.000 46,492,554.000 46,492,554.000







74

Initial Capital 340,588,208.000 340,588,208.000 22,154,130.000 22,154,130.000 26,780,030.000 26,780,030.000 31,887,200.000 31,887,200.000 88,987,188.000 88,987,188.000


Retail Growth


Issued

-new fund offer - - - - - - - - - -




Regular Dividend


Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -




Regular Growth

Outstanding, beginning of year 277,373,808.000 - 11,457,044.000 - 10,327,202.000 - 16,160,913.000 - 22,274,838.000 -

Axis Fixed Term Plan - Series 97 Axis Fixed Term Plan - Series 100 Axis Fixed Term Plan - Series 101 Axis Fixed Term Plan - Series 102 Axis Fixed Term Plan - Series 104 (1116 Days) (1172 Days) (1154 Days) (1133 Days) (1112 Days)






75

Issued

-new fund offer - 277,373,808.000 - 11,457,044.000 - 10,327,202.000 - 16,160,913.000 - 22,274,838.000




Dividend

Outstanding, beginning of year 500.000 - 13,500.000 - 7,500.000 - 65,537.000 - 14,500.000 -

Issued

-new fund offer - 500.000 - 13,500.000 - 7,500.000 - 65,537.000 - 14,500.000



Outstanding, end of year 500.000 500.000 13,500.000 13,500.000 7,500.000 7,500.000 65,537.000 65,537.000 14,500.000 14,500.000



Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -








76




Outstanding, beginning of year - - 23,700.000 - 8,000.000 - 500.000 - 61,400.000 -

Issued

-new fund offer - - - 23,700.000 - 8,000.000 - 500.000 - 61,400.000



Outstanding, end of year - - 23,700.000 23,700.000 8,000.000 8,000.000 500.000 500.000 61,400.000 61,400.000


Outstanding, beginning of year 205,500.000 - - - - - - - 30,000.000 -

Issued

-new fund offer - 205,500.000 - - - - - - - 30,000.000



Outstanding, end of year 205,500.000 205,500.000 - - - - - - 30,000.000 30,000.000

Regular Bonus


Issued

-new fund offer - - - - - - - - - -




Direct Growth


Issued

-new fund offer - 63,007,900.000 - 10,659,886.000 - 16,430,328.000 - 15,658,250.000 - 66,594,950.000




Direct Dividend

Outstanding, beginning of year - - - - 7,000.000 - - - 5,000.000 -

Issued

-new fund offer - - - - - 7,000.000 - - - 5,000.000



Outstanding, end of year - - - - 7,000.000 7,000.000 - - 5,000.000 5,000.000







77



Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - 2,000.000 - 2,500.000





Outstanding, beginning of year 500.000 - - - - - - - 4,000.000 -

Issued

-new fund offer - 500.000 - - - - - - - 4,000.000







78



Outstanding, end of year 500.000 500.000 - - - - - - 4,000.000 4,000.000

Direct Bonus


Issued

-new fund offer - - - - - - - - - -






Issued

-new fund offer - - - - - - - - - -




Total


Issued

-new fund offer - 340,588,208.000 - 22,154,130.000 - 26,780,030.000 - 31,887,200.000 - 88,987,188.000










79

Initial Capital 5,320,988.514 130,550,674.700


Retail Growth

Outstanding, beginning of year - -

Issued

-new fund offer - -

-during the year/period - -

Redeemed during the year/period - -

Outstanding, end of year - -

Regular Dividend


Issued

-new fund offer - 1,984,230.800

-during the year/period - 194,883.303

Redeemed during the year/period - 121,463.636

Outstanding, end of year - 2,057,650.467



Issued

-new fund offer - -






Issued

-new fund offer - -






Issued

-new fund offer - -




Regular Growth


Axis Money Market Fund Axis Retirement Savings Fund - Conservative Plan

March 31, 2020 March 31, 2020 Face Value ` 10 Face Value ` 10

Quantity Quantity




80



Quantity Quantity

Issued

-new fund offer 518,390.098 127,612,675.500

-during the year/period 2,566,389.110 12,064,169.352

Redeemed during the year/period 2,650,859.197 37,273,524.111

Outstanding, end of year 433,920.011 102,403,320.741

Dividend


Issued

-new fund offer - -






Issued

-new fund offer 5,622.000 -

-during the year/period 151,112.297 -

Redeemed during the year/period 150,655.321 -

Outstanding, end of year 6,078.976 -



Issued

-new fund offer 323.000 -


Redeemed during the year/period 21.851 -




Issued

-new fund offer - -






Issued






81



Quantity Quantity





Issued


-during the year/period 69.615 -





Issued

-new fund offer - -




Regular Bonus


Issued

-new fund offer - -




Direct Growth


Issued

-new fund offer 4,783,657.583 946,568.400

-during the year/period 9,184,606.479 294,814.739

Redeemed during the year/period 10,102,170.904 112,513.973

Outstanding, end of year 3,866,093.158 1,128,869.166

Direct Dividend


Issued

-new fund offer - 7,200.000

-during the year/period - 6,287.190


Outstanding, end of year - 13,487.190




82



Quantity Quantity



Issued

-new fund offer - -






Issued

-new fund offer - -






Issued

-new fund offer - -






Issued




Outstanding, end of year 142.493 -



Issued







Issued

-new fund offer - -




83



Quantity Quantity




Direct Bonus


Issued

-new fund offer - -






Issued





Total


Issued

-new fund offer 5,320,988.514 130,550,674.700

-during the year/period 12,142,149.500 12,560,154.584

Redeemed during the year/period 13,126,895.564 37,507,501.720

Outstanding, end of year 4,336,242.450 105,603,327.564



KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2020 Axis Liquid Fund Axis Treasury Axis Banking & Axis Short Term Fund Axis Strategic Bond Fund Advantage Fund PSU Debt Fund Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year ended ended ended ended ended ended ended ended ended ended March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019

84

1. NAV per unit (`): Open * Regular Growth 2,065.0989 1,920.7373 2,087.8789 1,937.6055 1,747.6744 1,604.1961 20.2321 18.8573 18.1899 16.9484 Regular Daily Dividend 1,001.3998 1,001.3998 1,006.6420 1,006.7940 1,014.8190 1,008.5942 - - - - Regular Weekly Dividend 1,003.9084 1,003.8026 1,008.6891 1,009.1252 1,016.5659 1,010.5866 10.2772 10.2833 - - Regular Monthly Dividend 1,002.6891 1,002.3652 1,008.1377 1,008.5712 1,016.6565 1,010.7661 10.1911 10.1887 - - Regular Quarterly Dividend - - - - - - - - 10.2300 10.3007 Regular Half Yearly Dividend - - - - - - - - 10.4640 10.7093 Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - 20.3479 18.9653 - - Regular Dividend - - - - - - 13.5352 12.6152 - - Retail Growth 1,949.9125 1,823.6153 1,953.8283 1,813.2376 - - 20.0039 18.6446 - - Retail Daily Dividend 1,000.9559 1,000.9559 1,005.8846 1,006.0361 - - - - - - Retail Weekly Dividend 1,002.3582 1,002.1559 1,007.2872 1,007.7212 - - 10.1853 10.1913 - - Retail Monthly Dividend 1,002.0170 1,001.8511 1,008.1340 1,008.5675 - - 10.0559 10.0535 - - Direct Regular Dividend - - - - - - 12.9341 11.9728 - - Direct Growth 2,073.5234 1,927.5309 2,145.7201 1,982.0451 1,769.5911 1,619.7946 21.2260 19.6528 19.1554 17.7304 Direct Daily Dividend 1,000.9560 1,000.9560 1,007.7149 1,007.8944 1,014.8333 1,008.6187 - - - - Direct Weekly Dividend 1,003.9167 1,003.8103 1,007.3345 1,007.7936 1,016.6108 1,010.6268 10.2769 10.2841 - - Direct Monthly Dividend 1,002.1029 1,001.9382 1,008.1860 1,008.6467 1,016.7173 1,010.8068 10.0581 10.0559 - - Direct Quarterly Dividend - - - - - - - - 10.7701 10.9323 Direct Half Yearly Dividend - - - - - - - - 10.8530 11.0005 Direct Annual Dividend - - - - - - - - - - Direct Bonus 2,073.4154 1,927.4087 - - - - - - - - High Regular Growth 2,194.1961 2,065.0995 2,255.7241 2,087.0312 1,911.3661 1,747.0298 22.1393 20.2245 19.5756 18.1823 Regular Daily Dividend 1,001.3998 1,001.3998 1,006.2334 1,006.2334 1,022.4957 1,014.4452 - - - - Regular Weekly Dividend 1,004.8851 1,004.2228 1,008.4407 1,008.2797 1,028.1601 1,016.1914 10.3039 10.2758 - - Regular Monthly Dividend 1,007.3977 1,007.3190 1,014.1332 1,013.4929 1,034.0449 1,022.1547 10.3543 10.2519 - - Regular Quarterly Dividend - - - - - - - - 10.8509 10.4047 Regular Half Yearly Dividend - - - - - - - - 10.9437 10.9382 Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - 22.2660 20.3402 - - Regular Dividend - - - - - - 14.8107 13.5301 - - Retail Growth 2,062.6268 1,949.9125 2,114.8481 1,953.0353 - - 21.8896 19.9963 - - Retail Daily Dividend 1,000.9559 1,000.9559 1,005.5654 1,005.4758 - - - - - - Retail Weekly Dividend 1,003.2362 1,002.5451 1,007.5968 1,006.8784 - - 10.2117 10.1839 - - Retail Monthly Dividend 1,006.3779 1,006.2045 1,014.1404 1,013.4887 - - 10.1691 10.1159 - - Direct Regular Dividend - - - - - - 14.3029 12.9288 - - Direct Growth 2,204.3364 2,073.5234 2,325.1531 2,144.8140 1,940.9982 1,768.9149 23.3754 21.2173 20.7452 19.1468 Direct Daily Dividend 1,000.9560 1,000.9560 1,007.2893 1,007.2893 1,022.4958 1,014.4453 - - - - Direct Weekly Dividend 1,004.9000 1,004.2335 1,007.6261 1,006.9091 1,028.1950 1,016.2200 10.3044 10.2763 - - Direct Monthly Dividend 1,006.8145 1,006.7676 1,014.3756 1,013.9202 1,034.2968 1,022.3324 10.1759 10.1222 - -



KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2020 (CONTD.) Axis Liquid Fund Axis Treasury Axis Banking & Axis Short Term Fund Axis Strategic Bond Fund Advantage Fund PSU Debt Fund Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year ended ended ended ended ended ended ended ended ended ended March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019

85

Direct Quarterly Dividend - - - - - - - - 10.9385 10.9998 Direct Half Yearly Dividend - - - - - - - - 11.4356 11.3251 Direct Annual Dividend - - - - - - - - - - Direct Bonus 2,204.3605 2,073.4154 - - - - - - - - Low Regular Growth 2,065.5010 1,921.1403 2,091.2594 1,939.3545 1,740.9090 1,599.1453 20.2536 18.7972 18.0137 16.8585 Regular Daily Dividend 999.8826 1,001.3998 991.3992 1,004.8903 993.2239 999.1387 - - - - Regular Weekly Dividend 1,000.6549 1,002.0913 991.6033 1,004.9495 993.7348 998.3974 9.9927 10.1708 - - Regular Monthly Dividend 1,000.8742 1,000.8742 992.6785 1,005.1585 993.7511 998.5755 10.0371 10.1226 - - Regular Quarterly Dividend - - - - - - - - 10.1126 10.0638 Regular Half Yearly Dividend - - - - - - - - 10.3572 10.3759 Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - 20.3695 18.9048 - - Regular Dividend - - - - - - 13.5495 12.5750 - - Retail Growth 1,950.2656 1,823.9703 1,956.9921 1,814.8743 - - 20.0251 18.5852 - - Retail Daily Dividend 999.3492 1,000.9559 990.7427 1,004.1341 - - - - - - Retail Weekly Dividend 999.0815 1,000.6241 990.8835 1,003.5504 - - 9.8965 10.0798 - - Retail Monthly Dividend 1,000.2810 1,000.2810 992.6854 1,005.1551 - - 9.8644 9.9840 - - Direct Regular Dividend - - - - - - 12.9496 11.9455 - - Direct Growth 2,073.9296 1,927.9382 2,149.2651 1,983.9208 1,763.0571 1,615.3084 21.2514 19.6080 18.9944 17.6539 Direct Daily Dividend 999.4494 1,000.9560 992.5873 1,006.0033 993.3904 999.3650 - - - - Direct Weekly Dividend 1,000.6630 1,002.0913 991.0024 1,003.5651 993.8581 998.6317 9.9953 10.1780 - - Direct Monthly Dividend 1,000.2808 1,000.2808 992.9081 1,005.1894 993.9848 998.7997 9.8706 9.9940 - - Direct Quarterly Dividend - - - - - - - - 10.4662 10.6363 Direct Half Yearly Dividend - - - - - - - - 10.7617 10.7089 Direct Annual Dividend - - - - - - - - - - Direct Bonus 2,073.8217 1,927.8161 - - - - - - - - End * Regular Growth 2,194.1982 2,065.0989 2,255.7326 2,087.8789 1,911.3641 1,747.6744 22.1395 20.2321 19.5575 18.1899 Regular Daily Dividend 1,001.3998 1,001.3998 1,006.2339 1,006.6420 1,022.4957 1,014.8190 - - - - Regular Weekly Dividend 1,002.4823 1,003.9084 1,006.7383 1,008.6891 1,024.5089 1,016.5659 10.2640 10.2772 - - Regular Monthly Dividend 1,004.9983 1,002.6891 1,010.3398 1,008.1377 1,024.8823 1,016.6565 10.3273 10.1911 - - Regular Quarterly Dividend - - - - - - - - 10.5904 10.2300 Regular Half Yearly Dividend - - - - - - - - 10.6331 10.4640 Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - 22.2660 20.3479 - - Regular Dividend - - - - - - 14.8107 13.5352 - - Retail Growth 2,062.6268 1,949.9125 2,114.8497 1,953.8283 - - 21.8896 20.0039 - - Retail Daily Dividend 1,000.9559 1,000.9559 1,005.5662 1,005.8846 - - - - - - Retail Weekly Dividend 1,001.0013 1,002.3582 1,006.0079 1,007.2872 - - 10.1728 10.1853 - - Retail Monthly Dividend 1,004.3392 1,002.0170 1,010.3497 1,008.1340 - - 10.1440 10.0559 - - Direct Regular Dividend - - - - - - 14.3029 12.9341 - - Direct Growth 2,204.3348 2,073.5234 2,325.0996 2,145.7201 1,940.9930 1,769.5911 23.3754 21.2260 20.7346 19.1554




86

Direct Daily Dividend 1,000.9243 1,000.9560 1,007.2893 1,007.7149 1,022.4960 1,014.8333 - - - - Direct Weekly Dividend 1,002.4839 1,003.9167 1,006.0124 1,007.3345 1,024.5181 1,016.6108 10.2646 10.2769 - - Direct Monthly Dividend 1,004.4095 1,002.1029 1,010.6311 1,008.1860 1,025.1822 1,016.7173 10.1517 10.0581 - - Direct Quarterly Dividend - - - - - - - - 10.6128 10.7701 Direct Half Yearly Dividend - - - - - - - - 11.1292 10.8530 Direct Annual Dividend - - - - - - - - - - Direct Bonus 2,204.3605 2,073.4154 - - - - - - - - 2. Closing Assets Under Management (` in Lakhs) End 2,006,285.58 2,102,960.95 427,832.15 134,350.10 1,311,839.26 458,054.23 488,617.71 305,157.08 123,010.59 123,972.22 Average (AAuM) 3,180,783.59 2,509,372.02 300,524.10 219,845.99 956,000.60 159,819.59 338,336.25 484,717.54 122,274.07 135,471.79

13. Gross income as % of AAuM 6.13% 7.37% 7.47% 7.66% 7.49% 7.71% 8.83% 6.99% 6.71% 8.15%4. Expense Ratio: a. Total Expense as % of AAuM (plan wise) Retail 0.64% 0.70% 0.57% 0.74% - - 0.91% 0.94% - - Regular 0.16% 0.14% 0.56% 0.73% 0.58% 0.55% 0.92% 0.95% 1.04% 1.12% Direct 0.10% 0.09% 0.26% 0.25% 0.29% 0.28% 0.27% 0.28% 0.37% 0.46% b. Management Fee as % of AAuM (plan wise) Retail 0.06% 0.44% 0.19% 0.50% - - 0.30% 0.55% - - Regular 0.07% 0.07% 0.18% 0.51% 0.23% 0.30% 0.30% 0.58% 0.28% 0.66% Direct 0.05% 0.04% 0.18% 0.15% 0.21% 0.21% 0.18% 0.18% 0.26% 0.33%

25. Net Income as a percentage of AAuM 6.01% 7.26% 7.09% 7.22% 7.11% 7.34% 8.31% 6.59% 5.82% 7.22%36. Portfolio turnover ratio N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

7. Total Dividend per unit distributed during the year (plan wise) Regular Daily Dividend - Individual/HUF 43.7408 52.2776 56.3623 54.2664 60.2993 57.8426 - - - - Regular Daily Dividend - Others 40.5042 48.4093 52.1918 50.2510 55.8377 53.5625 - - - - Regular Weekly Dividend - Individual/HUF 44.8251 52.2703 57.4936 54.5043 60.1773 58.0327 0.6750 0.5243 - - Regular Weekly Dividend - Others 41.5083 48.4026 53.2393 50.4713 55.7246 53.7383 0.6250 0.4855 - - Regular Monthly Dividend - Individual/HUF 42.1635 52.1707 54.5809 54.6041 60.0860 58.2724 0.6190 0.5149 - - Regular Monthly Dividend - Others 39.0436 48.3103 50.5420 50.5640 55.6399 61.9730 0.5732 0.4768 - - Regular Quarterly Dividend - Individual/HUF - - - - - - - - 0.2881 0.5726 Regular Quarterly Dividend - Others - - - - - - - - 0.2668 0.5302 Regular Half Yearly Dividend - Individual/HUF - - - - - - - - 0.4322 0.7203 Regular Half Yearly Dividend - Others - - - - - - - - 0.4002 0.6670 Regular Annual Dividend - Individual/HUF - - - - - - - - - - Regular Annual Dividend - Others - - - - - - - - - - Regular Dividend - Individual/HUF - - - - - - - - - - Regular Dividend - Others - - - - - - - - - - Retail Daily Dividend - Individual/HUF 41.0564 48.6976 56.3124 54.2784 - - - - - - Retail Daily Dividend - Others 38.1088 45.1285 52.2287 50.2997 - - - - - - Retail Weekly Dividend - Individual/HUF 41.1607 48.1601 57.0243 54.4676 - - 0.6638 0.5195 - - Retail Weekly Dividend - Others 57.2331 66.4706 52.7934 50.7342 - - 0.6147 0.4811 - - Retail Monthly Dividend - Individual/HUF 38.6342 48.1047 54.7035 54.5836 - - 0.5918 0.5080 - - Retail Monthly Dividend - Others 35.8367 44.6567 50.6494 50.5502 - - 0.5480 0.4704 - -




87

Direct Regular Dividend - Individual/HUF - - - - - - - - - - Direct Regular Dividend - Others - - - - - - - - - - Direct Daily Dividend - Individual/HUF 44.1180 52.6391 58.5975 57.7047 62.4720 59.8793 - - - - Direct Daily Dividend - Others 40.8535 48.7441 54.2615 53.4349 57.8502 55.4487 - - - - Direct Weekly Dividend - Individual/HUF 45.2127 52.6555 59.1637 57.8730 62.3669 60.0615 0.7219 0.5734 - - Direct Weekly Dividend - Others 41.8671 48.7594 54.8033 53.5292 57.7519 55.6172 0.6685 0.5310 - - Direct Monthly Dividend - Individual/HUF 42.5274 52.6415 56.5268 58.0137 62.0937 60.5144 0.6343 0.5568 - - Direct Monthly Dividend - Others 39.3805 48.7463 52.3429 53.7203 57.4990 56.0366 0.5874 0.5156 - - Direct Quarterly Dividend - Individual/HUF - - - - - - - - 0.7203 0.7203 Direct Quarterly Dividend - Others - - - - - - - - 0.6670 0.6670 Direct Half Yearly Dividend - Individual/HUF - - - - - - - - 0.4322 0.7203 Direct Half Yearly Dividend - Others - - - - - - - - 0.4002 0.6670 Direct Annual Dividend - Individual/HUF - - - - - - - - - - Direct Annual Dividend - Others - - - - - - - - - - 8. Returns: a. Last One Year Scheme Regular Growth 6.23% 7.52% 8.01% 7.75% 9.33% 8.94% 9.39% 7.28% 7.50% 7.32% Retail Growth 5.76% 6.93% 8.21% 7.75% N.A. N.A. 9.39% 7.28% N.A. N.A. Direct Growth 6.29% 7.57% 8.34% 8.25% 9.65% 9.24% 10.08% 8.00% 8.22% 8.03% Benchmark 6.04% 7.39% 7.66% 7.72% 9.57% 6.39% 8.80% 7.39% 10.49% 6.76% b. Since Inception Scheme Regular Growth 7.78% 7.95% 8.07% 8.08% 8.64% 8.54% 8.11% 7.97% 8.73% 8.91% Retail Growth 7.44% 7.62% 7.71% 7.65% N.A. N.A. 8.08% 7.93% N.A. N.A. Direct Growth 7.87% 8.12% 8.61% 8.65% 8.80% 8.67% 8.99% 8.81% 9.35% 9.54% Benchmark 7.71% 7.88% 8.20% 8.25% 8.51% 8.35% 8.15% 8.07% 8.90% 8.67%



KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2020 (CONTD.) Axis Dynamic Bond Fund Axis Regular Saver Fund Axis Gilt Fund Axis Credit Risk Fund Current Year Previous Year Current Year Previous Year Current Year Previous Year Current Year Previous Year ended ended ended ended ended ended ended ended March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019

88

1. NAV per unit (`): Open * Regular Growth 18.9123 17.5951 19.4848 18.4661 15.9762 15.0449 14.5506 13.6537 Regular Daily Dividend - - - - - - - - Regular Weekly Dividend - - - - - - 10.1917 10.2045 Regular Monthly Dividend - - - - - - 10.1226 10.1294 Regular Quarterly Dividend 10.3228 10.2259 10.5320 10.6590 - - - - Regular Half Yearly Dividend 10.4548 10.4406 10.5613 10.9783 10.4326 10.7952 - - Regular Annual Dividend - - 11.1028 11.4749 - - - - Regular Bonus - - - - - - - - Regular Dividend - - - - 10.0835 10.0500 - - Retail Growth - - - - - - - - Retail Daily Dividend - - - - - - - - Retail Weekly Dividend - - - - - - - - Retail Monthly Dividend - - - - - - - - Direct Regular Dividend - - - - 10.0852 10.0535 - - Direct Growth 20.2408 18.6746 21.1112 19.8162 16.4981 15.4589 15.3583 14.2445 Direct Daily Dividend - - - - - - - - Direct Weekly Dividend - - - - - - 10.2742 10.2870 Direct Monthly Dividend - - - - - - 10.0685 10.0758 Direct Quarterly Dividend 10.5779 10.7232 13.3358 13.5012 - - - - Direct Half Yearly Dividend 11.3189 11.1432 11.3613 11.6368 10.4629 - - - Direct Annual Dividend - - 11.9017 12.1291 - - - - Direct Bonus - - - - - - - - High Regular Growth 21.4653 18.9061 19.9226 19.4805 18.4088 15.9794 15.1710 14.5446 Regular Daily Dividend - - - - - - - - Regular Weekly Dividend - - - - - - 10.2183 10.1922 Regular Monthly Dividend - - - - - - 10.2265 10.1896 Regular Quarterly Dividend 11.0728 10.5637 10.7151 10.9201 - - - - Regular Half Yearly Dividend 11.3304 10.9360 10.7985 11.4587 11.4908 10.9808 - - Regular Annual Dividend - - 11.3521 12.0459 - - - - Regular Bonus - - - - - - - - Regular Dividend - - - - 10.5324 10.3213 - - Retail Growth - - - - - - - - Retail Daily Dividend - - - - - - - - Retail Weekly Dividend - - - - - - - - Retail Monthly Dividend - - - - - - - - Direct Regular Dividend - - - - 10.5369 10.3252 - - Direct Growth 23.1191 20.2334 21.7881 21.1051 19.0920 16.5008 16.2000 15.3511 Direct Daily Dividend - - - - - - - - Direct Weekly Dividend - - - - - - 10.3001 10.2736 Direct Monthly Dividend - - - - - - 10.1780 10.1418



KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2020 (CONTD.)

89

Direct Quarterly Dividend 11.2732 10.8422 13.5566 13.8930 - - - - Direct Half Yearly Dividend 12.3934 11.7879 11.5497 12.1993 11.5752 10.9477 - - Direct Annual Dividend - - 12.2723 12.8481 - - - - Direct Bonus - - - - - - - - Low Regular Growth 18.8191 17.4373 18.0370 18.3889 15.9484 14.7047 14.1767 13.5833 Regular Daily Dividend - - - - - - - - Regular Weekly Dividend - - - - - - 9.8113 10.0743 Regular Monthly Dividend - - - - - - 9.7506 10.0490 Regular Quarterly Dividend 10.2719 10.1342 9.7010 10.4184 - - - - Regular Half Yearly Dividend 10.4033 10.3029 9.7764 10.4415 10.4145 10.2782 - - Regular Annual Dividend - - 10.1139 11.0487 - - - - Regular Bonus - - - - - - - - Regular Dividend - - - - 9.9623 9.8228 - - Retail Growth - - - - - - - - Retail Daily Dividend - - - - - - - - Retail Weekly Dividend - - - - - - - - Retail Monthly Dividend - - - - - - - - Direct Regular Dividend - - - - 9.9658 9.8326 - - Direct Growth 20.1507 18.5329 19.7439 19.8647 16.4741 15.1193 15.0017 14.1977 Direct Daily Dividend - - - - - - - - Direct Weekly Dividend - - - - - - 9.8904 10.1692 Direct Monthly Dividend - - - - - - 9.7013 10.0012 Direct Quarterly Dividend 10.5307 10.3842 11.7565 13.0310 - - - - Direct Half Yearly Dividend 11.2684 11.0586 10.3782 11.1682 10.4478 10.4503 - - Direct Annual Dividend - - 10.9849 11.8454 - - - - Direct Bonus - - - - - - - - End * Regular Growth 21.3032 18.9123 18.7629 19.4848 18.2559 15.9762 15.1662 14.5506 Regular Daily Dividend - - - - - - - - Regular Weekly Dividend - - - - - - 10.1703 10.1917 Regular Monthly Dividend - - - - - - 10.1711 10.1226 Regular Quarterly Dividend 10.7890 10.3228 10.0915 10.5320 - - - - Regular Half Yearly Dividend 10.7440 10.4548 10.1699 10.5613 10.8958 10.4326 - - Regular Annual Dividend - - 10.1923 11.1028 - - - - Regular Bonus - - - - - - - - Regular Dividend - - - - 10.2061 10.0835 - - Retail Growth - - - - - - - - Retail Daily Dividend - - - - - - - - Retail Weekly Dividend - - - - - - - - Retail Monthly Dividend - - - - - - - - Direct Regular Dividend - - - - 10.2113 10.0852 - - Direct Growth 22.9506 20.2408 20.5262 21.1112 18.9589 16.4981 16.2000 15.3583





90

Direct Daily Dividend - - - - - - - - Direct Weekly Dividend - - - - - - 10.2571 10.2742 Direct Monthly Dividend - - - - - - 10.1233 10.0685 Direct Quarterly Dividend 10.9406 10.5779 11.9615 13.3358 - - - - Direct Half Yearly Dividend 11.7990 11.3189 10.5398 11.3613 10.9826 10.4629 - - Direct Annual Dividend - - 11.0612 11.9017 - - - - Direct Bonus - - - - - - - - 2. Closing Assets Under Management (` in Lakhs) End 49,409.81 12,974.78 17,296.88 27,217.49 6,162.97 3,595.73 106,901.61 164,469.61 Average (AAuM) 20,380.75 18,052.63 22,215.63 32,208.11 4,371.25 3,974.12 138,799.41 171,480.74

13. Gross income as % of AAuM 8.40% 7.96% 3.01% 10.77% 12.70% 6.16% 4.49% 8.18%4. Expense Ratio: a. Total Expense as % of AAuM (plan wise) Retail - - - - - - - - Regular 1.03% 1.47% 2.24% 2.45% 0.66% 0.72% 1.78% 1.73% Direct 0.33% 0.63% 1.25% 1.43% 0.21% 0.21% 0.57% 0.57% b. Management Fee as % of AAuM (plan wise) Retail - - - - - - - - Regular 0.38% 0.97% 1.17% 1.71% 0.15% 0.38% 1.06% 1.23% Direct 0.21% 0.48% 0.98% 1.14% 0.10% 0.09% 0.43% 0.67%

25. Net Income as a percentage of AAuM 7.62% 6.70% 0.80% 8.34% 12.26% 5.67% 2.91% 6.62%36. Portfolio turnover ratio N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

7. Total Dividend per unit distributed during the year (plan wise) Regular Daily Dividend - Individual/HUF - - - - - - - - Regular Daily Dividend - Others - - - - - - - - Regular Weekly Dividend - Individual/HUF - - - - - - 0.3192 0.4746 Regular Weekly Dividend - Others - - - - - - 0.2955 0.4395 Regular Monthly Dividend - Individual/HUF - - - - - - 0.2675 0.4690 Regular Monthly Dividend - Others - - - - - - 0.2477 0.4343 Regular Quarterly Dividend - Individual/HUF 0.5763 0.4682 0.0360 0.5042 - - - - Regular Quarterly Dividend - Others 0.5336 0.4336 0.0334 0.4669 - - - - Regular Half Yearly Dividend - Individual/HUF 0.7203 0.5402 - 0.7203 0.7203 0.7203 - - Regular Half Yearly Dividend - Others 0.6670 0.5003 - 0.6670 0.6670 0.6670 - - Regular Annual Dividend - Individual/HUF - - 0.3602 0.7203 - - - - Regular Annual Dividend - Others - - 0.3335 0.6670 - - - - Regular Dividend - Individual/HUF - - - - 0.8931 0.4133 - - Regular Dividend - Others - - - - 0.8270 0.3827 - - Retail Daily Dividend - Individual/HUF - - - - - - - - Retail Daily Dividend - Others - - - - - - - - Retail Weekly Dividend - Individual/HUF - - - - - - - - Retail Weekly Dividend - Others - - - - - - - - Retail Monthly Dividend - Individual/HUF - - - - - - - - Retail Monthly Dividend - Others - - - - - - - -





91

Direct Regular Dividend - Individual/HUF - - - - 0.9366 0.4511 - - Direct Regular Dividend - Others - - - - 0.8673 0.4178 - - Direct Daily Dividend - Individual/HUF - - - - - - - - Direct Daily Dividend - Others - - - - - - - - Direct Weekly Dividend - Individual/HUF - - - - - - 0.4072 0.5661 Direct Weekly Dividend - Others - - - - - - 0.3771 0.5242 Direct Monthly Dividend - Individual/HUF - - - - - - 0.3482 0.5516 Direct Monthly Dividend - Others - - - - - - 0.3224 0.5108 Direct Quarterly Dividend - Individual/HUF 0.7203 0.7203 0.7203 0.7203 - - - - Direct Quarterly Dividend - Others 0.6670 0.6670 0.6670 0.6670 - - - - Direct Half Yearly Dividend - Individual/HUF 0.7203 0.5402 0.3602 0.7203 0.7203 0.3602 - - Direct Half Yearly Dividend - Others 0.6670 0.5003 0.3335 0.6670 0.6670 0.3335 - - Direct Annual Dividend - Individual/HUF - - 0.3602 0.7203 - - - - Direct Annual Dividend - Others - - 0.3335 0.6670 - - - - 8. Returns: a. Last One Year Scheme Regular Growth 12.57% 7.48% -3.73% 5.56% 14.17% 6.19% 4.24% 6.56% Retail Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Direct Growth 13.31% 8.38% -2.72% 6.52% 14.68% 6.72% 5.48% 7.81% Benchmark 11.76% 6.62% -0.07% 9.77% 13.08% 8.95% 9.23% 6.97% b. Since Inception Scheme Regular Growth 8.83% 8.37% 6.68% 7.96% 7.62% 6.74% 7.56% 8.28% Retail Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Direct Growth 9.79% 9.23% 7.98% 9.82% 8.21% 7.20% 8.81% 9.53% Benchmark 8.66% 8.27% 8.15% 9.14% 8.25% 7.59% 9.11% 9.09%




KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2020 (CONTD.) Axis Corporate Debt Fund Axis Overnight Fund Axis Ultra Short Term Fund Axis Fixed Term Plan - Axis Fixed Term Plan - Series 95 (1185 Days) Series 96 (1124 Days) Current Year Previous Year Current Year Previous Period Current Year Previous Period Current Year Previous Period Current Year Previous Period ended ended ended ended# ended ended# ended ended# ended ended# March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019

92

Direct Weekly Dividend 10.0805 10.0818 - - 10.0756 - - - - - Direct Monthly Dividend 10.0741 10.0812 1,002.9230 - 10.0581 - - - - - Direct Quarterly Dividend - - - - - - 10.7625 - - - Direct Half Yearly Dividend - - - - - - - - - - Direct Annual Dividend - - - - - - - - - - Direct Bonus - - - - - - - - - - High Regular Growth 12.0734 11.3988 1,054.7816 1,002.8937 11.1870 10.4523 11.6909 10.7301 10.4942 10.3873 Regular Daily Dividend 10.1624 10.0727 1,000.5032 1,000.5032 10.0624 10.0714 - - - - Regular Weekly Dividend 10.2424 10.0816 1,002.2191 1,001.7203 10.0877 10.0899 - - - - Regular Monthly Dividend 10.2859 10.1718 1,006.8985 1,002.8956 10.1101 10.0913 - - - - Regular Quarterly Dividend - - - - - - 11.6907 10.7300 10.5020 10.3892 Regular Half Yearly Dividend - - - - - - 11.6980 10.7311 10.4957 10.3875 Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - - - - - Regular Dividend 12.0741 11.3994 - - 11.1872 10.4523 11.7021 10.7316 10.4942 10.3873 Retail Growth - - - - - - - - - - Retail Daily Dividend - - - - - - - - - - Retail Weekly Dividend - - - - - - - - - - Retail Monthly Dividend - - - - - - - - - - Direct Regular Dividend 12.3364 11.5636 - - 11.3453 10.5004 - - - - Direct Growth 12.3395 11.5665 1,055.5186 1,002.9164 11.3421 10.5001 11.7674 10.7582 10.5409 10.4026 Direct Daily Dividend 10.1606 10.0793 1,000.5073 1,000.5073 10.0338 10.0804 - - - - Direct Weekly Dividend 10.2441 10.0808 1,001.7446 - 10.0750 10.1013 - - - -

1. NAV per unit (`): Open * Regular Growth 11.4030 10.4833 1,002.8937 - 10.4561 - 10.7343 - 10.3924 - Regular Daily Dividend 10.0764 10.0783 1,000.4995 - 10.0283 - - - - - Regular Weekly Dividend 10.0853 10.0806 1,001.7203 - 10.0741 - - - - - Regular Monthly Dividend 10.0729 10.0806 1,002.8956 - 10.0509 - - - - - Regular Quarterly Dividend - - - - - - 10.7342 - 10.3943 - Regular Half Yearly Dividend - - - - - - 10.7354 - 10.3926 - Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - - - - - Regular Dividend 11.4036 10.4839 - - 10.4561 - 10.7359 - 10.3924 - Retail Growth - - - - - - - - - - Retail Daily Dividend - - - - - - - - - - Retail Weekly Dividend - - - - - - - - - - Retail Monthly Dividend - - - - - - - - - - Direct Regular Dividend 11.5683 10.5475 - - 10.5048 - - - - - Direct Growth 11.5712 10.5502 1,002.9164 - 10.5044 - 10.7626 - 10.4078 - Direct Daily Dividend 10.0834 10.0856 1,000.5059 - 10.0288 - - - - -




93

Direct Monthly Dividend 10.2991 10.1769 1,006.9752 1,002.9230 10.1180 10.1060 - - - - Direct Quarterly Dividend - - - - - - 11.7681 10.7580 - - Direct Half Yearly Dividend - - - - - - - - - - Direct Annual Dividend - - - - - - - - - - Direct Bonus - - - - - - - - - - Low Regular Growth 11.1375 10.4935 1,003.0741 1,000.0000 10.4670 10.0000 10.7291 9.9986 9.8168 9.8833 Regular Daily Dividend 9.6877 10.0552 1,000.4940 1,000.0000 9.9774 10.0000 - - - - Regular Weekly Dividend 9.6811 10.0360 1,000.6715 1,000.0000 9.9843 10.0000 - - - - Regular Monthly Dividend 9.6871 10.0383 1,000.8385 1,000.0000 9.9798 10.0000 - - - - Regular Quarterly Dividend - - - - - - 10.7290 9.9986 9.8196 9.8834 Regular Half Yearly Dividend - - - - - - 10.7305 9.9986 9.8173 9.8833 Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - - - - - Regular Dividend 11.1381 10.4941 - - 10.4669 10.0000 10.7313 9.9987 9.8168 9.8833 Retail Growth - - - - - - - - - - Retail Daily Dividend - - - - - - - - - - Retail Weekly Dividend - - - - - - - - - - Retail Monthly Dividend - - - - - - - - - - Direct Regular Dividend 11.3144 10.5585 - - 10.5162 10.0000 - - - - Direct Growth 11.3173 10.5612 1,003.0981 1,000.0000 10.5159 10.0000 10.7603 9.9989 9.8384 9.8851 Direct Daily Dividend 9.6948 10.0630 1,000.4976 1,000.0000 9.9529 10.0000 - - - - Direct Weekly Dividend 9.6774 10.0379 999.8626 - 9.9710 10.0000 - - - - Direct Monthly Dividend 9.6887 10.0387 1,000.8457 1,000.0000 9.9713 10.0000 - - - - Direct Quarterly Dividend - - - - - - 10.7602 9.9989 - - Direct Half Yearly Dividend - - - - - - - - - - Direct Annual Dividend - - - - - - - - - - Direct Bonus - - - - - - - - - - End * Regular Growth 12.0639 11.4030 1,054.7815 1,002.8937 11.1870 10.4561 11.6929 10.7343 10.4944 10.3924 Regular Daily Dividend 10.1540 10.0764 1,000.5032 1,000.4995 10.0624 10.0283 - - - - Regular Weekly Dividend 10.1676 10.0853 1,000.6828 1,001.7203 10.0721 10.0741 - - - - Regular Monthly Dividend 10.1734 10.0729 1,000.9334 1,002.8956 10.0983 10.0509 - - - - Regular Quarterly Dividend - - - - - - 11.6927 10.7342 10.5021 10.3943 Regular Half Yearly Dividend - - - - - - 11.6999 10.7354 10.4959 10.3926 Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - - - - - Regular Dividend 12.0647 11.4036 - - 11.1872 10.4561 11.7040 10.7359 10.4944 10.3924 Retail Growth - - - - - - - - - - Retail Daily Dividend - - - - - - - - - - Retail Weekly Dividend - - - - - - - - - - Retail Monthly Dividend - - - - - - - - - -

Axis Corporate Debt Fund Axis Overnight Fund Axis Ultra Short Term Fund Axis Fixed Term Plan - Axis Fixed Term Plan - Series 95 (1185 Days) Series 96 (1124 Days) Current Year Previous Year Current Year Previous Period Current Year Previous Period Current Year Previous Period Current Year Previous Period ended ended ended ended# ended ended# ended ended# ended ended# March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019




94

Direct Regular Dividend 12.3332 11.5683 - - 11.3453 10.5048 - - - - Direct Growth 12.3364 11.5712 1,055.5162 1,002.9164 11.3421 10.5044 11.7674 10.7626 10.5409 10.4078 Direct Daily Dividend 10.1583 10.0834 1,000.5073 1,000.5059 10.0338 10.0288 - - - - Direct Weekly Dividend 10.1733 10.0805 1,000.7157 - 10.0551 10.0756 - - - - Direct Monthly Dividend 10.1879 10.0741 1,000.9470 1,002.9230 10.0915 10.0581 - - - - Direct Quarterly Dividend - - - - - - 11.7681 10.7625 - - Direct Half Yearly Dividend - - - - - - - - - - Direct Annual Dividend - - - - - - - - - - Direct Bonus - - - - - - - - - - 2. Closing Assets Under Management (` in Lakhs) End 18,972.69 24,102.53 370,923.50 22,694.65 273,625.61 115,536.01 10,656.53 9,755.51 4,888.86 4,834.92 Average (AAuM) 20,596.66 28,695.29 116,701.21 31,561.90 268,636.24 68,598.28 10,226.31 9,334.45 4,729.47 4,701.76

13. Gross income as % of AAuM 5.42% 8.49% 4.53% 6.34% 7.63% 8.47% 8.02% 8.46% 0.56% 8.96%4. Expense Ratio: a. Total Expense as % of AAuM (plan wise) Retail - - - - - - - - - - Regular 1.04% 1.11% 0.12% 0.16% 1.19% 1.14% 0.46% 0.44% 0.49% 0.46% Direct 0.28% 0.28% 0.08% 0.11% 0.27% 0.28% 0.08% 0.09% 0.20% 0.20% b. Management Fee as % of AAuM (plan wise) Retail - - - - - - - - - - Regular 0.27% 0.64% 0.05% 0.05% 0.25% 0.33% 0.27% 0.21% 0.37% 0.24% Direct 0.17% 0.18% 0.03% 0.06% 0.17% 0.21% 0.04% 0.07% 0.13% 0.20%


7. Total Dividend per unit distributed during the year (plan wise) Regular Daily Dividend - Individual/HUF 0.3553 0.6119 36.3291 - 0.4643 - - - - - Regular Daily Dividend - Others 0.3290 0.5666 33.6404 - 0.4299 - - - - - Regular Weekly Dividend - Individual/HUF 0.3526 0.6060 37.8094 - 0.4915 - - - - - Regular Weekly Dividend - Others 0.3265 0.5612 35.0192 - 0.4552 - - - - - Regular Monthly Dividend - Individual/HUF 0.3399 0.6171 37.9953 - 0.4557 - - - - - Regular Monthly Dividend - Others 0.3147 0.5715 35.1833 - 0.4220 - - - - - Regular Quarterly Dividend - Individual/HUF - - - - - - - - - - Regular Quarterly Dividend - Others - - - - - - - - - - Regular Half Yearly Dividend - Individual/HUF - - - - - - - - - - Regular Half Yearly Dividend - Others - - - - - - - - - - Regular Annual Dividend - Individual/HUF - - - - - - - - - - Regular Annual Dividend - Others - - - - - - - - - - Regular Dividend - Individual/HUF - - - - - - - - - - Regular Dividend - Others - - - - - - - - - - Retail Daily Dividend - Individual/HUF - - - 1.6477 - 0.3017 - - - - Retail Daily Dividend - Others - - - 1.5212 - 0.2794 - - - - Retail Weekly Dividend - Individual/HUF - - - 0.8401 - 0.2696 - - - -





95

Retail Weekly Dividend - Others - - - 0.7828 - 0.2497 - - - - Retail Monthly Dividend - Individual/HUF - - - - - 0.2862 - - - - Retail Monthly Dividend - Others - - - - - 0.2650 - - - - Direct Regular Dividend - Individual/HUF - - - - - - - - - - Direct Regular Dividend - Others - - - - - - - - - - Direct Daily Dividend - Individual/HUF 0.4141 0.6725 36.7507 1.7339 0.5510 0.3349 - - - - Direct Daily Dividend - Others 0.3834 0.6227 34.0329 1.6062 0.5102 0.3101 - - - - Direct Weekly Dividend - Individual/HUF 0.4020 0.6822 27.0647 - 0.5706 0.3023 - - - - Direct Weekly Dividend - Others 0.3723 0.6318 23.8686 - 0.5284 0.2799 - - - - Direct Monthly Dividend - Individual/HUF 0.3867 0.6770 38.4357 - 0.5326 0.3152 - - - - Direct Monthly Dividend - Others 0.3581 0.6269 35.5909 - 0.4932 0.2919 - - - - Direct Quarterly Dividend - Individual/HUF - - - - - - - - - - Direct Quarterly Dividend - Others - - - - - - - - - - Direct Half Yearly Dividend - Individual/HUF - - - - - - - - - - Direct Half Yearly Dividend - Others - - - - - - - - - - Direct Annual Dividend - Individual/HUF - - - - - - - - - - Direct Annual Dividend - Others - - - - - - - - - - 8. Returns: a. Last One Year Scheme Regular Growth 5.79% 8.77% 5.16% N.A. 6.97% N.A. 8.88% N.A. 1.02% N.A. Retail Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Direct Growth 6.60% 9.67% 5.23% N.A. 7.95% N.A. 9.30% N.A. 1.32% N.A. Benchmark 9.47% 6.72% 5.27% N.A. 7.40% N.A. 12.57% N.A. 11.17% N.A. b. Since Inception Scheme Regular Growth 7.15% 7.96% 5.23% 0.29% 7.47% 4.52% 9.38% 7.30% 3.11% 3.87% Retail Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Direct Growth 8.03% 8.89% 5.30% 0.29% 8.43% 5.00% 9.79% 7.58% 3.40% 4.03% Benchmark 7.42% 6.23% 5.31% 0.30% 7.87% 4.70% 11.54% 7.35% 11.06% 6.02%




Axis Fixed Term Plan - Axis Fixed Term Plan - Axis Fixed Term Plan - Axis Fixed Term Plan - Axis Fixed Term Plan - Series 97 (1116 Days) Series 100 (1172 Days) Series 101 (1154 Days) Series 102 (1133 Days) Series 104 (1112 Days) Current Year Previous Period Current Year Previous Period Current Year Previous Period Current Year Previous Period Current Year Previous Period ended ended# ended ended# ended ended# ended ended# ended ended# March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019

96


1. NAV per unit (`): Open * Regular Growth 10.4490 - 10.2472 - 10.1809 - 10.1202 - 10.0165 - Regular Daily Dividend - - - - - - - - - - Regular Weekly Dividend - - - - - - - - - - Regular Monthly Dividend - - - - - - - - - - Regular Quarterly Dividend - - 10.2472 - 10.1809 - 10.1201 - 10.0165 - Regular Half Yearly Dividend 10.4490 - - - 10.1808 - - - 10.0165 - Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - - - - - Regular Dividend 10.4517 - 10.2474 - 10.1809 - 10.1202 - 10.0165 - Retail Growth - - - - - - - - - - Retail Daily Dividend - - - - - - - - - - Retail Weekly Dividend - - - - - - - - - - Retail Monthly Dividend - - - - - - - - - - Direct Regular Dividend - - - - - - - - 10.0168 - Direct Growth 10.4589 - 10.2521 - 10.1841 - 10.1220 - 10.0168 - Direct Daily Dividend - - - - - - - - - - Direct Weekly Dividend - - - - - - - - - - Direct Monthly Dividend - - - - - - - - - - Direct Quarterly Dividend - - - - - - 10.1220 - 10.0168 - Direct Half Yearly Dividend 10.4599 - - - - - - - 10.0168 - Direct Annual Dividend - - - - - - - - - - Direct Bonus - - - - - - - - - - High Regular Growth 10.7924 10.4439 11.2138 10.2431 11.1597 10.1769 11.0942 10.1163 10.9694 10.0128 Regular Daily Dividend - - - - - - - - - - Regular Weekly Dividend - - - - - - - - - - Regular Monthly Dividend - - - - - - - - - - Regular Quarterly Dividend - - 11.2138 10.2431 11.1597 10.1769 11.0956 10.1162 10.9694 10.0128 Regular Half Yearly Dividend 10.7924 10.4439 - - 11.1601 10.1768 - - 10.9694 10.0128 Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - - - - - Regular Dividend 10.8032 10.4466 11.2144 10.2433 11.1601 10.1769 11.0942 10.1163 10.9693 10.0128 Retail Growth - - - - - - - - - - Retail Daily Dividend - - - - - - - - - - Retail Weekly Dividend - - - - - - - - - - Retail Monthly Dividend - - - - - - - - - - Direct Regular Dividend - - - 10.0165 - - - - 11.0027 10.0130 Direct Growth 10.8243 10.4537 11.2472 10.2478 11.1892 10.1800 11.1219 10.1180 11.0027 10.0130 Direct Daily Dividend - - - - - - - - - - Direct Weekly Dividend - - - - - - - - - - Direct Monthly Dividend - - - - - - - - - -



97


Direct Quarterly Dividend - - - - - - 11.1211 10.1180 11.0040 10.0130 Direct Half Yearly Dividend 10.8265 10.4547 - - - - - - 11.0025 10.0130 Direct Annual Dividend - - - - - - - - - - Direct Bonus - - - - - - - - - - Low Regular Growth 10.0507 9.9237 10.2365 9.9885 10.1806 9.9907 10.1204 10.0000 9.9870 10.0000 Regular Daily Dividend - - - - - - - - - - Regular Weekly Dividend - - - - - - - - - - Regular Monthly Dividend - - - - - - - - - - Regular Quarterly Dividend - - 10.2365 9.9885 10.1806 9.9907 10.1210 10.0000 9.9870 10.0000 Regular Half Yearly Dividend 10.0507 9.9237 - - 10.1806 9.9907 - - 9.9870 10.0000 Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - - - - - Regular Dividend 10.0546 9.9238 10.2368 9.9885 10.1807 9.9907 10.1204 10.0000 9.9870 10.0000 Retail Growth - - - - - - - - - - Retail Daily Dividend - - - - - - - - - - Retail Weekly Dividend - - - - - - - - - - Retail Monthly Dividend - - - - - - - - - - Direct Regular Dividend - - - 9.9925 - - - - 9.9893 10.0000 Direct Growth 10.0638 9.9245 10.2431 9.9895 10.1859 9.9911 10.1239 10.0000 9.9894 10.0000 Direct Daily Dividend - - - - - - - - - - Direct Weekly Dividend - - - - - - - - - - Direct Monthly Dividend - - - - - - - - - - Direct Quarterly Dividend - - - - - - 10.1239 10.0000 9.9894 10.0000 Direct Half Yearly Dividend 10.0652 9.9244 - - - - - - 9.9894 10.0000 Direct Annual Dividend - - - - - - - - - - Direct Bonus - - - - - - - - - - End * Regular Growth 10.7925 10.4490 11.2138 10.2472 11.1520 10.1809 11.0919 10.1202 10.9694 10.0165 Regular Daily Dividend - - - - - - - - - - Regular Weekly Dividend - - - - - - - - - - Regular Monthly Dividend - - - - - - - - - - Regular Quarterly Dividend - - 11.2138 10.2472 11.1519 10.1809 11.0934 10.1201 10.9694 10.0165 Regular Half Yearly Dividend 10.7925 10.4490 - - 11.1524 10.1808 - - 10.9694 10.0165 Regular Annual Dividend - - - - - - - - - - Regular Bonus - - - - - - - - - - Regular Dividend 10.8033 10.4517 11.2144 10.2474 11.1524 10.1809 11.0919 10.1202 10.9693 10.0165 Retail Growth - - - - - - - - - - Retail Daily Dividend - - - - - - - - - - Retail Weekly Dividend - - - - - - - - - - Retail Monthly Dividend - - - - - - - - - - Direct Regular Dividend - - - - - - - - 11.0027 10.0168 Direct Growth 10.8243 10.4589 11.2472 10.2521 11.1835 10.1841 11.1216 10.1220 11.0027 10.0168




98


Direct Daily Dividend - - - - - - - - - - Direct Weekly Dividend - - - - - - - - - - Direct Monthly Dividend - - - - - - - - - - Direct Quarterly Dividend - - - - - - 11.1208 10.1220 11.0040 10.0168 Direct Half Yearly Dividend 10.8265 10.4599 - - - - - - 11.0025 10.0168 Direct Annual Dividend - - - - - - - - - - Direct Bonus - - - - - 2. Closing Assets Under Management (` in Lakhs) End 36,777.91 35,594.44 2,487.90 2,270.70 2,991.71 2,726.98 3,541.55 3,227.34 9,783.52 8,913.60 Average (AAuM) 35,464.52 34,606.23 2,382.35 2,236.62 2,864.70 2,695.89 3,391.41 3,207.42 9,354.31 8,909.09

13. Gross income as % of AAuM 3.16% 9.01% 8.13% 8.36% 8.37% 8.51% 8.35% 8.30% 7.70% 7.39%4. Expense Ratio: a. Total Expense as % of AAuM (plan wise) Retail - - - - - - - - - - Regular 0.50% 0.46% 0.35% 0.36% 0.35% 0.36% 0.35% 0.36% 0.35% 0.35% Direct 0.30% 0.29% 0.10% 0.11% 0.10% 0.11% 0.10% 0.11% 0.05% 0.05% b. Management Fee as % of AAuM (plan wise) Retail - - - - - - - - - - Regular 0.38% 0.33% 0.06% 0.05% 0.04% 0.06% 0.05% 0.05% 0.05% 0.04% Direct 0.22% 0.33% 0.04% 0.05% 0.04% 0.06% 0.04% 0.05% 0.01% 0.04%


7. Total Dividend per unit distributed during the year (plan wise) Regular Daily Dividend - Individual/HUF - - - - - - - - - - Regular Daily Dividend - Others - - - - - - - - - - Regular Weekly Dividend - Individual/HUF - - - - - - - - - - Regular Weekly Dividend - Others - - - - - - - - - - Regular Monthly Dividend - Individual/HUF - - - - - - - - - - Regular Monthly Dividend - Others - - - - - - - - - - Regular Quarterly Dividend - Individual/HUF - - - - - - - - - - Regular Quarterly Dividend - Others - - - - - - - - - - Regular Half Yearly Dividend - Individual/HUF - - - - - - - - - - Regular Half Yearly Dividend - Others - - - - - - - - - - Regular Annual Dividend - Individual/HUF - - - - - - - - - - Regular Annual Dividend - Others - - - - - - - - - - Regular Dividend - Individual/HUF - - - - - - - - - - Regular Dividend - Others - - - - - - - - - - Retail Daily Dividend - Individual/HUF - - - - - - - - - - Retail Daily Dividend - Others - - - - - - - - - - Retail Weekly Dividend - Individual/HUF - - - - - - - - - - Retail Weekly Dividend - Others - - - - - - - - - - Retail Monthly Dividend - Individual/HUF - - - - - - - - - - Retail Monthly Dividend - Others - - - - - - - - - -




99


Direct Regular Dividend - Individual/HUF - - - - - - - - - - Direct Regular Dividend - Others - - - - - - - - - - Direct Daily Dividend - Individual/HUF - - - - - - - - - - Direct Daily Dividend - Others - - - - - - - - - - Direct Weekly Dividend - Individual/HUF - - - - - - - - - - Direct Weekly Dividend - Others - - - - - - - - - - Direct Monthly Dividend - Individual/HUF - - - - - - - - - - Direct Monthly Dividend - Others - - - - - - - - - - Direct Quarterly Dividend - Individual/HUF - - - - - - - - - - Direct Quarterly Dividend - Others - - - - - - - - - - Direct Half Yearly Dividend - Individual/HUF - - - - - - - - - - Direct Half Yearly Dividend - Others - - - - - - - - - - Direct Annual Dividend - Individual/HUF - - - - - - - - - - Direct Annual Dividend - Others - - - - - - - - - - 8. Returns: a. Last One Year Scheme Regular Growth 3.31% N.A. 9.40% N.A. 9.50% N.A. 9.56% N.A. 9.47% N.A. Retail Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Direct Growth 3.52% N.A. 9.67% N.A. 9.77% N.A. 9.83% N.A. 9.80% N.A. Benchmark 11.17% N.A. 11.17% N.A. 11.17% N.A. 11.17% N.A. 11.17% N.A. b. Since Inception Scheme Regular Growth 5.03% 4.44% 10.11% 2.43% 10.14% 1.77% 10.16% 1.16% 9.58% 0.13% Retail Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Direct Growth 5.23% 4.54% 10.39% 2.48% 10.42% 1.80% 10.43% 1.18% 9.91% 0.13% Benchmark 11.57% 6.53% 11.18% 2.06% 11.25% 1.37% 11.72% 1.20% 11.25% 0.10%




Axis Money Market Fund Axis Retirement Savings Fund - Conservative Plan Current Period Current Period ended# ended# March 31, 2020 March 31, 2020

100


1. NAV per unit (`): Open * Regular Growth - - Regular Daily Dividend - - Regular Weekly Dividend - - Regular Monthly Dividend - - Regular Quarterly Dividend - - Regular Half Yearly Dividend - - Regular Annual Dividend - - Regular Bonus - - Regular Dividend - - Retail Growth - - Retail Daily Dividend - - Retail Weekly Dividend - - Retail Monthly Dividend - - Direct Regular Dividend - - Direct Growth - - Direct Daily Dividend - - Direct Weekly Dividend - - Direct Monthly Dividend - - Direct Quarterly Dividend - - Direct Half Yearly Dividend - - Direct Annual Dividend - - Direct Bonus - - High Regular Growth 1,046.4600 10.3839 Regular Daily Dividend 1,002.4973 - Regular Weekly Dividend - - Regular Monthly Dividend 1,008.6538 - Regular Quarterly Dividend 1,026.1521 - Regular Half Yearly Dividend - - Regular Annual Dividend 1,046.4565 - Regular Bonus - - Regular Dividend - 10.3833 Retail Growth - - Retail Daily Dividend - - Retail Weekly Dividend - - Retail Monthly Dividend - - Direct Regular Dividend - 10.4138 Direct Growth 1,047.4196 10.4165 Direct Daily Dividend 1,002.5075 - Direct Weekly Dividend - - Direct Monthly Dividend 1,009.6290 -



101

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2020 (CONTD.) Axis Money Market Fund Axis Retirement Savings Fund - Conservative Plan Current Period Current Period ended# ended# March 31, 2020 March 31, 2020

Direct Quarterly Dividend 1,027.1569 - Direct Half Yearly Dividend - - Direct Annual Dividend 1,047.5729 - Direct Bonus - - Low Regular Growth 1,000.0000 9.0460 Regular Daily Dividend 990.5381 - Regular Weekly Dividend - - Regular Monthly Dividend 993.2846 - Regular Quarterly Dividend 1,000.0000 - Regular Half Yearly Dividend - - Regular Annual Dividend 1,000.0000 - Regular Bonus - - Regular Dividend - 9.0454 Retail Growth - - Retail Daily Dividend - - Retail Weekly Dividend - - Retail Monthly Dividend - - Direct Regular Dividend - 9.0509 Direct Growth 1,000.0000 9.0902 Direct Daily Dividend 990.6278 - Direct Weekly Dividend - - Direct Monthly Dividend 994.2752 - Direct Quarterly Dividend 1,000.0000 - Direct Half Yearly Dividend - - Direct Annual Dividend 1,000.0000 - Direct Bonus - - End * Regular Growth 1,046.4609 9.5503 Regular Daily Dividend 1,002.4686 - Regular Weekly Dividend - - Regular Monthly Dividend 1,008.5878 - Regular Quarterly Dividend 1,019.5403 - Regular Half Yearly Dividend - - Regular Annual Dividend 1,046.4565 - Regular Bonus - - Regular Dividend - 9.5497 Retail Growth - - Retail Daily Dividend - - Retail Weekly Dividend - - Retail Monthly Dividend - - Direct Regular Dividend - 9.5576 Direct Growth 1,047.4197 9.5990



102

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2020 (CONTD.) Axis Money Market Fund Axis Retirement Savings Fund - Conservative Plan Current Period Current Period ended# ended# March 31, 2020 March 31, 2020

Direct Daily Dividend 1,002.5075 - Direct Weekly Dividend - - Direct Monthly Dividend 1,009.6290 - Direct Quarterly Dividend 1,020.2798 - Direct Half Yearly Dividend - - Direct Annual Dividend 1,047.6255 - Direct Bonus - - 2. Closing Assets Under Management (` in Lakhs) End 45,400.19 10,086.00 Average (AAuM) 44,423.04 11,492.29

13. Gross income as % of AAuM 6.82% 6.04%4. Expense Ratio: a. Total Expense as % of AAuM (plan wise) Retail - - Regular 0.30% 2.13% Direct 0.16% 0.34% b. Management Fee as % of AAuM (plan wise) Retail - - Regular 0.13% 0.35% Direct 0.09% 0.17%

25. Net Income as a percentage of AAuM 6.63% 3.92%36. Portfolio turnover ratio N.A. N.A.

7. Total Dividend per unit distributed during the year (plan wise) Regular Daily Dividend - Individual/HUF 29.3801 - Regular Daily Dividend - Others 27.2059 - Regular Weekly Dividend - Individual/HUF - - Regular Weekly Dividend - Others - - Regular Monthly Dividend - Individual/HUF 26.6683 - Regular Monthly Dividend - Others 24.6949 - Regular Quarterly Dividend - Individual/HUF 19.0885 - Regular Quarterly Dividend - Others 17.6761 - Regular Half Yearly Dividend - Individual/HUF - - Regular Half Yearly Dividend - Others - - Regular Annual Dividend - Individual/HUF - - Regular Annual Dividend - Others - - Regular Dividend - Individual/HUF - - Regular Dividend - Others - - Retail Daily Dividend - Individual/HUF - - Retail Daily Dividend - Others - - Retail Weekly Dividend - Individual/HUF - - Retail Weekly Dividend - Others - - Retail Monthly Dividend - Individual/HUF - - Retail Monthly Dividend - Others - -



103


1. Gross income = amount against (A) in the Revenue account i.e. Income.2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year.4. AAuM=Average daily net assets* Opening and closing net asset value per unit represents the computed/declared NAV as on balance sheet date .# Scheme launched during the year/period, hence there are no NAVs at the beginning of the year.

Axis Money Market Fund Axis Retirement Savings Fund - Conservative Plan Current Period Current Period ended# ended# March 31, 2020 March 31, 2020

Direct Regular Dividend - Individual/HUF - - Direct Regular Dividend - Others - - Direct Daily Dividend - Individual/HUF 29.8471 - Direct Daily Dividend - Others 27.6382 - Direct Weekly Dividend - Individual/HUF - - Direct Weekly Dividend - Others - - Direct Monthly Dividend - Individual/HUF 26.5924 - Direct Monthly Dividend - Others 24.6330 - Direct Quarterly Dividend - Individual/HUF 19.0885 - Direct Quarterly Dividend - Others 17.6761 - Direct Half Yearly Dividend - Individual/HUF - - Direct Half Yearly Dividend - Others - - Direct Annual Dividend - Individual/HUF - - Direct Annual Dividend - Others - - 8. Returns: a. Last One Year Scheme Regular Growth N.A. N.A. Retail Growth N.A. N.A. Direct Growth N.A. N.A. Benchmark N.A. N.A. b. Since Inception Scheme Regular Growth 4.65% -4.51% Retail Growth N.A. N.A. Direct Growth 4.74% -4.00% Benchmark 3.96% -6.28%



Axis Fixed Term Plan - Series 102 (1133 Days)(A close ended debt scheme)

• Optimal returns over 1133 Days.

• Investment in debt, money market instruments maturing on or before the maturity of the scheme.









• Investment in debt and money market instruments maturing on or before the maturity of the scheme.




RISKOMETERThis product is suitable for investors who are seeking*:

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


• Optimal returns over medium to long term.


Axis Credit Risk Fund(An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds))• Stable returns in the short to medium term• Investment in debt and money market instruments across the yield curve and credit spectrum.

Axis Strategic Bond Fund(An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 years to 4 years)• Optimal returns over medium term.• Investment in diversified portfolio of debt and money market securities to generate optimal risk adjusted returns while

maintaining liquidity.

Axis Dynamic Bond Fund(An open ended dynamic debt scheme investing across duration)• 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.

Axis Corporate Debt Fund(An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds)• Regular income over short to medium term.• Predominantly investing in corporate debt.

Investors understand that their principal will be at moderate risk

LOW HIGH

Moderate ModeratelyHighModerately

Low

HighLo

w

Axis Gilt Fund(An open ended debt scheme investing in government securities across maturity)• Credit risk free returns over medium to long term.• Investment mainly in Government securities across maturities.




104


Axis Regular Saver Fund(An open ended hybrid scheme investing predominantly in debt instruments)• 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.

Axis Ultra Short Term Fund(An open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 months and 6 months)• Regular income over short term.• Investment in Debt & Money Market instruments such that the Macaulay duration of the portfolio is between 3 months - 6 months.

Axis Money Market Fund(An open ended debt scheme investing in money market instruments)• Regular income over short term.• Investment in Money Market instruments with maturity up to one year.

Axis Treasury Advantage Fund(An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 6 to 12 months)• Regular income over short term.• Investment in debt and money market instruments.

Axis Short Term Fund(An open ended short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 1 year to 3 years)• Regular income while maintaining liquidity over short term.• Investment in debt and money market instruments.

Investors understand that their principal will be at moderately low risk

LOW HIGH


Low

HighLo

w

RISKOMETERThis product is suitable for investors who are seeking*:

Axis Banking & PSU Debt FundAn open ended debt scheme predominantly investing in debt instruments of Banks, Public Sector Undertakings & Public Financial Institutions• Regular income over short to medium term.• Investment in debt and money market instruments issued by Banks, PFIs & PSUs.

Investors understand that their principal will be at low risk

LOW HIGH


Low

HighLo

w

Axis Liquid Fund(An Open ended Liquid Scheme)• Regular income over short term• Investment in debt and money market instruments

Investors understand that their principal will be at moderately high risk

LOW HIGH


Low

HighLo

w

Axis Overnight Fund(An open ended debt scheme investing in overnight securities)• Regular income with high levels of safety and liquidity over short term.• Investment in debt and money market instruments with overnight maturity.

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

105


Axis Retirement Savings Fund - Conservative Plan(An open-ended retirement solution oriented scheme having a lock -in of 5 years or till retirement age (whichever is earlier)• Capital appreciation and income generation over long term.• Investments in debt and money market instruments as well as equity and equity related instruments.

BOOK - POST

If undelivered, Please return to: Karvy Fintech Private Limited, Karvy Selenium, Tower B, Plot No. 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad - 500 032. India.

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 ̀ 1 Lakh). Trustee: Axis Mutual Fund Trustee Ltd. Investment Manager: Axis Asset Management Co. Ltd. (the AMC). Risk Factors: Axis Bank Ltd. 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.


abridged annual report - 2018-2019 address: axis house, 1st … 3 - abridged an… · 1. scheme...

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