abridged annual report - 2015-2016 · abridged annual report - 2015-2016 1 report from axis mutual...

TRUSTEE REPORT

Abridged Annual Report - 2015-2016

1

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

We have pleasure in presenting the Seventh Annual Report of the schemes of Axis Mutual Fund for the period ended March 31, 2016.

The net assets under management of the schemes of Axis Mutual Fund as at March 31, 2016 were Rs. 33,680.09 crores and the average assets under management during the said period was Rs. 35,445.68 crores. The total number of investors under the schemes of Axis Mutual Fund as at March 31, 2016 were 16,65,908.

As of March 31, 2016, Axis Asset Management Company Ltd. managed 54 schemes of Axis Mutual Fund which includes:

• 1 open ended equity linked savings scheme with 3 year lock-in (ELSS); • 5 open ended equity schemes; • 1 close ended equity scheme; • 2 open ended Hybrid scheme • 1 open ended Gold Exchange Traded Fund; • 1 open ended fund of fund scheme; • 1 open ended liquid scheme; • 1 open ended gilt scheme; • 7 open ended debt schemes; • 1 capital protection scheme; • 33 close ended debt schemes.

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

Brief Comments on Scheme performance:

Axis Long Term Equity Fund : Axis Long Term Equity has outperformed its benchmark since inception and also during the last financial year. The fund investments were driven by fundamental research looking for long term secular growth prospects and stock selection was on a bottom’s up basis. The fund looks for sustainable business models with good management, market leadership and scalability in business model. Risk assessment is an integral part of selection of a company as part of the portfolio.

Axis Equity Fund : Axis Equity Fund has outperformed its benchmark since inception and also during the last financial year. The equity markets were down nearly nine percent for the financial year ending March 2016. The markets were affected by weaker than expected domestic growth as well as global growth concerns (especially China). The funds’ investments were driven by fundamental research approach and stock selection was on a bottom’s up basis. The fund has an actively managed portfolio of companies with strong and sustainable growth, with a bias for large caps while risk being a key variable.

Axis Midcap Fund : The scheme has outperformed its benchmark since inception although during the year returns it underperformed the benchmark. The equity markets were down nearly nine percent for the financial year ending March 2016.The markets were affected by weaker than expected domestic growth as well as global growth concerns (especially China). Mid cap stocks out-performed largecaps during the year. The investment approach was driven on 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 : Axis Focused 25 Fund has outperformed its benchmark since inception and also during the last financial year. The equity markets were down nearly nine percent for the financial year ending March 2016. The markets were affected by weaker than expected domestic growth as well as global growth concerns (especially China).The fund has an actively managed portfolio and invests in upto 25 stocks, primarily out of the top 200 by market capitalization in the Indian market. The fund uses a fundamental research process to identify and invest in companies with high quality sustainable models over the medium to long term.

Axis Enhanced Arbitrage Fund : The scheme’s performance has been affected by the weak spreads in the future market as more money has flown into the segment. The Direct Plan of the scheme underperformed its benchmark over the last financial year. The performances of plans of the scheme are different to the extent of difference in their total expense ratio.

Axis Equity Saver Fund : The scheme was launched in this financial year. 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 performance of the scheme was affected by the correction in equity markets since the launch of the fund.

Axis Small Cap Fund : Axis Small Cap Fund has outperformed its benchmark since inception and also during the last financial year. The equity markets were down nearly nine percent for the financial year ending March 2016. The markets were affected by weaker than expected domestic growth as well as global growth concerns (especially China). Small cap stocks gave negative returns but out-performed large cap stocks. 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 Triple Advantage Fund : The scheme invests across three asset classes, viz. debt, equity and gold. While returns of debt and gold were positive last year, equity markets gave negative returns over the course of the year, which again brought out the importance of asset allocation that is provided by this fund. Performance of the plans of the scheme are different to the extent of the difference in expense ratios.

Axis Children’s Gift Fund : The scheme was launched in this financial year. The Scheme is an open-ended balanced 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 performance of the scheme was affected by the correction in equity markets since the launch of the scheme.

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

Axis Gold Fund : The scheme aims to deliver returns consistent with returns on gold by investing in Axis Gold ETF. The scheme has under-performed the gold index because of the deviation in the price of physical gold and the traded price of gold. As the scheme is largely passively managed, comparison with benchmark is not relevant.

Axis Liquid Fund : During the year, interest rates broadly declined on the back of lower inflation and 75 basis point policy rate cuts by the Reserve Bank of India. The scheme outperformed its benchmark for the year. The scheme has maintained its portfolio strategy of low volatility and high quality during the course of the year. Performances of the plans of the scheme are different to the extent of the difference in expense ratios.

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

Axis Treasury Advantage Fund : During the year, interest rates broadly declined on the back of lower inflation and 75 basis point policy rate cuts by the Reserve Bank of India. The scheme maintained a higher average maturity this year in comparison to the previous year to take advantage of the falling interest rate environment. The scheme outperformed its benchmark during the year. Performances of the plans of the scheme are different to the extent of the difference in expense ratios.

Axis Short Term Fund : During the year, interest rates broadly declined on the back of lower inflation and 75 basis point policy rate cuts by the Reserve Bank of India. The scheme maintained a higher average maturity to take advantage of the falling interest rate environment. The fund maintains a high quality portfolio that is focused on highly rated issuers. The Direct Plan of the scheme outperformed its benchmark during the year. Performances of the plans of the schemes are different to the extent of the difference in expense ratios.

Axis Dynamic Bond Fund : During the year, interest rates broadly declined on the back of lower inflation and 75 basis point policy rate cuts by the Reserve Bank of India. The scheme maintained a higher average duration this year to take advantage of the falling interest rate environment. The Direct Plan of the scheme underperformed its benchmark marginally during the year. Performances of the other plans are different to the extent of the difference in expense ratios.

Axis Income Fund : During the year, interest rates broadly declined on the back of lower inflation and 75 basis point policy rate cuts by the Reserve Bank of India. The scheme maintained a higher average duration this year to take advantage of the falling interest rate environment. The Direct Plan of the scheme underperformed its benchmark during the year, however the scheme has out-performed its benchmark over longer periods. Performances of the plans of the schemes are different to the extent of the difference in expense ratios.

Axis Banking Debt Fund : The scheme is invested in debt and money market instruments issued by banks and financial institutions. As such it maintains a high quality and low duration relative to its benchmark. The Direct Plan of the scheme outperformed its benchmark during the year. Performances of the plans of the schemes are different to the extent of the difference in expense ratios.

Axis Fixed Income Opportunities Fund : The scheme was launched in the previous financial year. The scheme invests in a mix of government and corporate bonds while maintaining a short duration profile. The scheme maintained a stable duration profile targeting the short term segment to take advantage of the falling interest rate environment over the course of the year. The Direct Plan of the scheme outperformed its benchmark since inception and the last financial year. Performances of the plans of the scheme are different to the extent of the difference in expense ratios.

Axis Income Saver : The scheme invests largely in short term debt and a mix of large and mid-cap equities. While debt market delivered reasonable returns, equity markets were down nearly 9% over the course of the year. The scheme maintained a higher average maturity to take advantage of the falling interest rate environment and dynamically adjusted its equity allocation using the asset allocation model to ensure that it met its drawdown objectives. Performances of the plans of the schemes are different to the extent of the difference in expense ratios.

Axis Capital Protection Oriented Fund - Series 5 : The corpus of the scheme was invested in line with their investment objectives. The schemes are passively managed and performance comparison with benchmark is not appropriate in these cases.

TRUSTEE REPORT (Contd.)


2

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

Axis Hybrid Fund - Series 5, 6, 7, 8, 9, 11, 12, 13, 14, 15, 18, 19, 22, 23, 24, 25, 26, 27, 28, 29, 30 : 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.

B. Operations of the Schemes Axis Mutual Fund (‘Axis MF’) continued on a strong growth trajectory and achieved a new peak AUM this year. Axis MF witnessed strong inflows in its schemes, on the back of strong performance of its schemes despite subdued capital markets. The number of active investor accounts too ballooned and we currently have over than 1 million active investor accounts. Following major initiatives were enhanced:

1. EasySell: An online platform that empowers the advisors to initiate transactions for their clients in schemes of Axis MF. Clients in turn login using the EasyApp or website (www.axismf.com) to authorise the transaction.

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

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

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

C. Future Outlook Summary and Background : The economy has bottomed over the last couple of years and growth seems to be reviving and should continue to steadily improve. However the revival has not been uniformly witnessed across different sub-components leading to what may be called a 2-speed economy. This trend is likely to remain so in the current financial year even as the overall growth rate improves. We expect the growth in 2016-2017 to be led by public sector capex and urban consumption. Private sector capex cycle will likely turn only 1-2 years down the line.

Weak inflation and output gap allowed RBI to carry out policy rate cuts. The government has undertaken a series of policy steps that can improve the growth environment in the medium term. Indian economy has become structurally much more sound in the last couple of years as the twin deficits have come down sharply. We believe that India can regain and indeed have a healthy growth rate over the next 3-4 years. Over the medium term earnings should start reflecting the improvement in the growth environment and has the potential to run ahead of nominal economic growth as the cycle strengthens.

Equity outlook : Within India there has been a resetting of reform and policy expectations of market participants and stake holders from the government even as the government has faced political challenges in passing reform legislation. Finally and most significantly, the ongoing economic recovery has been weaker than expected so far and consequently demand has not picked up sufficiently. This has led to disappointments in topline growth across sectors leading to earning downgrades.

Corporate profits have trailed nominal GDP growth over the last few years. The pressure on profitability has come from a number of factors - weak demand, large capex projects in progress (many of which have got stuck or delayed), high interest rates and high input cost inflation. As these issues start getting resolved over time, we should be entering a period where earnings growth can outpace nominal GDP growth over the next few years.

Looking ahead into 2016-2017, we think that the equity market sentiment seems to have become excessively cautious. We expect continued steady improvement in the growth environment which should start flowing through into better corporate earnings. Helping earning growth in 2016-2017 are lower inflation and commodity prices, good monsoon leading to improved rural economy, transmission of 125 bps of rate cuts done this year, improvement in urban discretionary demand, follow-on effects of government spending on capex as also one-off factors such as award of the pay commission. Hence we advise, long term investors should stay invested in the market.

Debt Market Outlook : India’s external accounts are likely to remain comfortable even as the balance of payments surplus has narrowed in the absence of large portfolio inflows. India has seen significant addition to its foreign reserves over the last 2 years which provides it with high level of external resilience. The Rupee after a period of disproportionate strength in 2014, has been broadly tracking other Asian currencies in the last few months.

India’s relative macro outperformance continues in a difficult global environment. Q4 GDP growth came at 7.9% which was better than the Q3 number of 7.2%. Growth was led by consumption while investment remained a drag. The gradual cyclical recovery should push GDP growth further over the next year. However given the output gap that exists, we do not expect the growth revival to have any immediate pressure on inflation.

The yield curve continues to show a large positive slope relative to the flat curve that existed 1 year ago. The steepness is presenting an opportunity in the 3-5 year corporate bond segment. While further policy rate cuts are likely limited, better transmission and changed liquidity stance, should lead to lower market rates over the next 12 months.

2. BRIEF BACKGROUND OF SPONSORS, FUND, THE TRUSTEE COMPANY AND AMCa. 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 : 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 MF is sponsored by Axis Bank Limited (“Axis Bank”). The Sponsor is the Settlor of the Mutual Fund Trust. The Sponsor has entrusted a sum of Rs. 1,00,000/- (Rs. One Lakh only) to Axis Mutual Fund Trustee Limited as the initial contribution towards the corpus of the Fund.

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

Axis Bank has a large footprint of 2, 904domestic branches (including extension counters) and 12, 743 ATMs spread across the country as at March 31, 2016. 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 and an overseas subsidiary at London, UK. 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 Asset Management Company Limited and the balance 25% plus one equity share has been acquired by Schroders Investment Management (Singapore) Limited (SIMSL) through its wholly owned subsidiary, Schroders Singapore Holdings Private Limited (SSHPL), a subsidiary of Schroders plc. Schroders plc, the ultimate holding company of Schroders Group, is among the 100 largest companies listed on the London Stock Exchange and has a history of over 200 years. Schroders Group is a leading international asset management group managing various asset classes.

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 and is valid till January 3, 2019. There is no conflict of interest between the Mutual Fund and the PMS activity.

Axis AMC has signed an agreement with an offshore fund manager to provide Non-binding Advisory and related services in respect of offshore fund(s) investing in India. SEBI has vide its letter dated January 10, 2013, accorded it‘s no objection to the AMC for undertaking non-binding investment advisory and other related services.



3

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 To generate income and long-term capital appreciation from a diversified portfolio of predominantly equity andsavings scheme with a lock-in period of 3 years equity-related Securities. However, there can be no assurance that the investment objective of the scheme will be

achieved.

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

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

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

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

6 Axis Equity Saver Fund, An Open ended Equity Scheme 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.

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

8 Axis Triple Advantage Fund, An Open ended Hybrid Fund 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.

9 Axis Children’s Gift Fund, An Open ended Balanced Scheme To generate income by investing in debt & money market instruments along with long-term capital appreciation through investments in equity & equity related instruments.

10 Axis Gold ETF, An Open ended Gold Exchange Traded Fund To generate returns that are in line with the performance of gold.

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

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

13 Axis Constant Maturity 10 Year Fund, An Open ended gilt scheme To generate returns similar to that of 10 year government bonds.

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

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

16 Axis Dynamic Bond Fund, An Open ended debt scheme To generate optimal returns while maintaining liquidity through active management of a portfolio of debt and money market instruments.

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

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

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

achieved. The Scheme does not assure or guarantee any returns.

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

21 Axis Capital Protection Oriented Fund - Series 5, A 3 year To protect the capital by investing in a portfolio of debt & money market instruments that are maturing on or close ended capital protection oriented fund before the maturity of the Scheme. The scheme also aims to provide capital appreciation through exposure in

equity & equity related instruments.

22 Axis Fixed Term Plan - Series 41, 42, 43, 47, 48, 49, 52, 53, 55, To generate returns through a portfolio of debt & money market instruments that are maturing on or before the 57, 59, 60, 61, 62, 64, 67, 69, 74, Close ended debt scheme(s) maturity of the respective plan(s).

23 Axis Hybrid Fund - Series 5, 6, 7, 8, 9, 11, 12, 13, 14, 15, To generate income by investing in high quality fixed income securities whilst the secondary objective is to 18, 19, 22, 23, 24, 25, 26, 27, 28, 29, 30, Close ended generate capital appreciation by investing in equity and equity related instruments. debt scheme(s)

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, 2016:

Name of Scheme Unclaimed Dividends Unclaimed Redemptions

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

Axis Capital Protection Oriented Fund - Series 1 - - 993,491.74 30

Axis Capital Protection Oriented Fund - Series 2 - - 1,482,664.95 34



4



Axis Constant Maturity 10 Year Fund 31,433.61 3 - -

Axis Dynamic Bond Fund 5,909.69 5 0.10 1

Axis Enhanced Arbitrage Fund 18,174.74 6

Axis Equity Fund 1,734,603.51 766 3,963,295.14 286

Axis Fixed Income Opportunities Fund 631.93 1 - -

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

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

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

Axis Focused 25 Fund 116,620.00 7 102,847.52 10

Axis Gold Fund - - 272,192.26 64

Axis Hybrid Fund - Series 2 - - 4,887,481.06 59

Axis Hybrid Fund - Series 1 - - 1,978,896.17 36

Axis Hybrid Fund - Series 3 - - 800,051.06 5

Axis Income Fund 124,982.07 12 - -

Axis Income Saver 489,161.97 510 379,874.85 26

Axis Liquid Fund 1,778.19 1 897.27 3

Axis Long Term Equity Fund 2,513,212.27 602 155,065.96 16

Axis Midcap Fund 491,717.14 53 280,178.24 22

Axis Short Term Fund 39,781.05 9 12,937.45 1

Axis Treasury Advantage Fund 13,831.90 3 2,199.27 16

Axis Triple Advantage Fund 332,057.64 161 830,265.20 71

TOTAL 5,916,627.62 2,141 20,760,487.79 752

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

6. Redressal Of Complaints Received Against Axis Mutual Funds During 2015-16

Please refer Annexure - 2 for the details on Redressal of Complaints received against Axis Mutual Fund during the financial year ended March 31, 2016.

7. Statutory Information

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

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

c. Full Annual Report shall be disclosed on the website (www.axismf.com) and shall be available for inspection at the Head Office of the mutual fund. Present and

prospective unit holder can obtain copy of the Trust Deed, the full Annual Report of the Fund / AMC at a price.

ACKNOWLEDGEMENTS

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

For Axis Mutual Fund Trustee Limited

sd/-

Bapi Munshi Dr. T. C. NairDirector Director

Place: Mumbai

Date : July 13, 2016



5

Annexure - 1

1 year return 3 years return 5 years return Returns since (%)^ (%)^ (%)^ inception (%)^

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

Axis Liquid Fund - Gr Oct. 9, 09 6,190.00 1675.9402 8.21 8.06 8.83 8.82 9.04 8.63 8.30 7.85CRISIL Liquid Fund Index

Axis Liquid Fund - ReP - Gr Mar. 1, 10 1608.7192 7.65 8.06 8.28 8.82 8.54 8.63 8.12 8.18CRISIL Liquid Fund Index

Axis Liquid Fund - DP - Gr Jan. 1, 13 1679.4281 8.28 8.06 8.90 8.82 NA NA 8.90 8.78CRISIL Liquid Fund Index

Axis Treasury Advantage Fund - Gr Oct. 9, 09 1,488.24 1683.9904 8.56 8.06 8.90 8.82 9.10 8.63 8.38 7.85CRISIL Liquid Fund Index

Axis Treasury Advantage Fund - DP - Gr Jan. 1, 13 1705.6341 8.92 8.06 9.34 8.82 NA NA 9.30 8.78CRISIL Liquid Fund Index

Axis Treasury Advantage Fund - ReP - Gr Mar. 3, 10 1593.6093 7.88 8.06 8.13 8.82 8.35 8.63 7.96 8.17CRISIL Liquid Fund Index

Axis Long Term Equity Fund - DP - Gr Jan. 1, 13 7,871.49 30.3433 -5.02 -7.86 28.69 12.47 NA NA 24.45 9.24S&P BSE 200

Axis Long Term Equity Fund - Gr Dec. 29, 09 29.1856 -6.04 -7.86 27.16 12.47 18.60 6.49 18.67 6.68S&P BSE 200

Axis Equity Fund - DP - Gr Jan. 1, 13 1,975.06 18.8897 -5.50 -8.86 15.82 10.80 NA NA 14.47 8.43Nifty 50

Axis Equity Fund - Gr Jan. 5, 10 18.2379 -6.46 -8.86 14.54 10.80 10.57 5.81 10.11 6.33Nifty 50

Axis Short Term Fund - DP - Gr Jan. 1, 13 2,466.33 16.7821 9.04 8.47 9.45 9.18 NA NA 9.43 9.12Crisil Short Term Bond Fund Index

Axis Short Term Fund - Gr Jan. 22, 10 16.3275 8.11 8.47 8.52 9.18 8.94 8.98 8.24 8.21Crisil Short Term Bond Fund Index

Axis Short Term Fund - ReP - Gr Mar. 2, 10 16.1432 8.11 8.47 8.54 9.18 8.80 8.98 8.19 8.33Crisil Short Term Bond Fund Index

Axis Income Saver - DP - Gr Jan. 4, 13 619.96 16.5751 5.40 5.67 12.19 9.40 NA NA 11.15 8.86Crisil MIP Blended Fund Index

Axis Income Saver - Gr July 16, 10 15.8614 3.70 5.67 10.62 9.40 8.87 8.50 8.41 8.17Crisil MIP Blended Fund Index

Axis Dynamic Bond Fund - DP - Gr Jan. 1, 13 320.34 15.8807 8.17 8.24 9.87 8.96 NA NA 10.00 8.88CRISIL Composite Bond Fund Index

Axis Dynamic Bond Fund - Gr Apr. 27, 11 15.2335 6.84 8.24 8.44 8.96 NA NA 8.91 8.83CRISIL Composite Bond Fund Index

Axis Triple Advantage Fund - DP - Gr Jan. 1, 13 375.47 15.6783 0.93 3.26 8.28 6.86 NA NA 6.74 5.6035 Nifty 50 + 35 CRISIL Composite Bond Fund Index + 30 INR Price of Gold

Axis Triple Advantage Fund - Gr Aug. 23, 10 15.1997 0.04 3.26 7.22 6.86 7.99 7.32 7.75 7.7635 Nifty 50 + 35 CRISIL Composite Bond Fund Index + 30 INR Price of Gold

Axis Gold ETF Nov. 10, 10 233.88 2738.3777 9.92 11.03 -1.75 -2.07 5.72 5.07 5.74 5.21Domestic Price of Gold

Axis Midcap Fund - DP - Gr Jan. 1, 13 1,137.90 23.9994 -6.87 0.03 25.09 19.49 NA NA 18.88 13.74S&P BSE Midcap

Axis Midcap Fund - Gr Feb. 18, 11 23.0691 -7.98 0.03 23.53 19.49 17.62 11.33 17.74 11.82S&P BSE Midcap

Axis Gold Fund - DP - Gr Jan. 1, 13 76.80 9.8667 5.68 11.03 -3.75 -2.07 NA NA -4.53 -3.27Domestic Price of Gold

Axis Gold Fund - Gr Oct. 20, 11 9.4243 3.99 11.03 -5.15 -2.07 NA NA -1.39 0.23Domestic Price of Gold

Axis Capital Protection Oriented Fund - Nov. 2, 12 336.75 13.0376 -5.75 5.67 7.46 9.40 NA NA 8.09 9.19Series 5 - GrCrisil MIP Blended Fund Index

Axis Constant Maturity 10 Year Fund - DP - Gr Jan. 1, 13 69.80 13.5034 6.91 7.97 7.50 6.98 NA NA 7.47 7.17Crisil 10-year Gilt Index

Axis Constant Maturity 10 Year Fund - Gr Jan. 23, 12 13.2794 6.36 7.97 6.98 6.98 NA NA 7.01 7.41Crisil 10-year Gilt Index



6

Axis Income Fund - DP - Gr Jan. 1, 13 224.53 14.6821 7.99 8.24 9.87 8.96 NA NA 9.79 8.78Crisil Composite Bond Fund Index

Axis Income Fund - Gr Mar. 28, 12 14.2260 6.76 8.24 8.76 8.96 NA NA 9.19 9.04Crisil Composite Bond Fund Index

Axis Banking Debt Fund - DP - Gr Jan. 1, 13 815.49 1394.4180 8.61 8.47 9.17 9.18 NA NA 9.04 9.12CRISIL Short term Bond Fund Index

Axis Banking Debt Fund - Gr June 8, 12 1386.2482 8.43 8.47 8.97 9.18 NA NA 8.94 9.14CRISIL Short term Bond Fund Index

Axis Focused 25 Fund - DP - Gr Jan. 1, 13 359.79 17.5889 -4.51 -8.86 15.87 10.80 NA NA 13.50 8.43Primary Nifty 50Additional benchmark : S&P BSE 200

Axis Focused 25 Fund - Gr June 29, 12 16.9116 -5.85 -8.86 14.39 10.80 NA NA 15.01 10.72Primary Nifty 50Additional benchmark : S&P BSE 200

Axis Hybrid Fund - Series 5 - Gr July 25, 13 342.55 12.0598 -6.11 5.67 NA NA NA NA 7.22 10.53Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 5 - DP - Gr July 25, 13 12.3721 -5.20 5.67 NA NA NA NA 8.25 10.53Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 6 - Gr Aug. 16, 13 299.82 12.2611 -7.79 5.67 NA NA NA NA 8.08 12.06Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 6 - DP - Gr Aug. 16, 13 12.5750 -6.89 5.67 NA NA NA NA 9.12 12.06Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 7 - Gr Sep. 5, 13 289.26 12.1748 -7.74 5.67 NA NA NA NA 7.96 11.26Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 7 - DP - Gr Sep. 5, 13 12.4853 -6.84 5.67 NA NA NA NA 9.02 11.26Crisil MIP Blended Fund Index

Axis Small Cap Fund - Gr Nov. 29, 13 304.16 19.0403 -0.94 -13.13 NA NA NA NA 31.73 20.10Nifty Smallcap 100

Axis Small Cap Fund – Direct - Gr Nov. 29, 13 19.5455 0.15 -13.13 NA NA NA NA 33.22 20.10Nifty Smallcap 100

Axis Hybrid Fund - Series 8 (1279D) - Gr Jan. 24, 14 360.57 11.2527 -6.88 5.67 NA NA NA NA 5.55 11.10Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 8 (1279D) - DP - Gr Jan. 24, 14 11.4824 -6.13 5.67 NA NA NA NA 6.54 11.10Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 9 (1282D) - Gr Feb. 13, 14 316.80 11.2667 -6.75 5.67 NA NA NA NA 5.76 11.92Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 9 (1282D) - DP - Gr Feb. 13, 14 11.4879 -6.00 5.67 NA NA NA NA 6.73 11.92Crisil MIP Blended Fund Index

Axis Fixed Term Plan - Series 42 - RP - Gr Oct. 30, 13 15.00 12.1394 7.85 8.47 NA NA NA NA 8.34 9.40Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 42 - DP - Gr Oct. 30, 13 12.2621 8.27 8.47 NA NA NA NA 8.80 9.40Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 43 - RP - Gr Dec. 10, 13 20.70 12.0751 7.90 8.47 NA NA NA NA 8.52 9.52Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 43 - DP - Gr Dec. 10, 13 12.1956 8.36 8.47 NA NA NA NA 8.99 9.52Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 47 - RP - Gr Jan. 15, 14 81.78 11.9661 7.84 8.47 NA NA NA NA 8.47 9.47Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 47 - DP - Gr Jan. 15, 14 12.0926 8.33 8.47 NA NA NA NA 8.99 9.47Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 48 (3Yrs) - RP - Gr Jan. 17, 14 32.00 12.1615 7.89 8.47 NA NA NA NA 9.29 9.46Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 48 (3Yrs) - DP - Gr Jan. 17, 14 12.2899 8.38 8.47 NA NA NA NA 9.81 9.46Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 49 - RP - Gr Feb. 3, 14 46.01 11.8872 7.79 8.47 NA NA NA NA 8.35 9.56Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 49 - DP - Gr Feb. 3, 14 11.9987 8.04 8.47 NA NA NA NA 8.82 9.56Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 52 - RP - Gr Feb. 13, 14 28.10 11.8841 7.86 8.47 NA NA NA NA 8.45 9.59Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 52 - DP - Gr Feb. 13, 14 11.9859 8.11 8.47 NA NA NA NA 8.88 9.59Crisil Short Term Bond Fund Index



7

Axis Fixed Term Plan - Series 53 (1150D) - RP - Gr Feb. 12, 14 32.64 12.1006 7.91 8.24 NA NA NA NA 9.36 11.52CRISIL Composite Bond Fund Index

Axis Fixed Term Plan - Series 53 (1150D) - DP - Gr Feb. 12, 14 12.2375 8.45 8.24 NA NA NA NA 9.94 11.52CRISIL Composite Bond Fund Index

Axis Fixed Term Plan - Series 61 (1122D) - RP - Gr Mar. 20, 14 25.43 12.0110 7.97 8.24 NA NA NA NA 9.43 11.48CRISIL Composite Bond Fund Index

Axis Fixed Term Plan - Series 61 (1122D) - DP - Gr Mar. 20, 14 12.1411 8.52 8.24 NA NA NA NA 10.01 11.48CRISIL Composite Bond Fund Index

Axis Fixed Term Plan - Series 64 (715D) - RP - Gr Apr. 23, 14 51.06 11.7437 7.77 8.47 NA NA NA NA 8.64 9.41Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 64 (715D) - DP - Gr Apr. 23, 14 11.8653 8.31 8.47 NA NA NA NA 9.22 9.41Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 67 (1218D) - Gr June 5, 14 58.44 11.7284 7.82 8.24 NA NA NA NA 9.14 10.32CRISIL Composite Bond Fund Index

Axis Fixed Term Plan - Series 67 (1218D) - DP - Gr June 5, 14 11.8935 8.62 8.24 NA NA NA NA 9.99 10.32CRISIL Composite Bond Fund Index

Axis Fixed Term Plan - Series 69 (3Yrs) - RP - Gr Aug. 1, 14 26.19 11.6077 8.37 8.47 NA NA NA NA 9.36 9.28Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 69 (3Yrs) - DP - Gr Aug. 1, 14 11.7310 9.04 8.47 NA NA NA NA 10.06 9.28Crisil Short Term Bond Fund Index

Axis Fixed Term Plan - Series 74 (1105 days) - Mar. 25, 15 32.46 10.8402 8.23 8.24 NA NA NA NA 8.24 8.47RP - Gr CRISIL Composite Bond Fund Index

Axis Fixed Term Plan - Series 74 (1105 days) - Mar. 25, 15 10.8560 8.38 8.24 NA NA NA NA 8.39 8.47DP - Gr CRISIL Composite Bond Fund Index

Axis Fixed Income Opportunities Fund - Gr July 15, 14 404.53 11.7607 8.67 8.47 NA NA NA NA 9.93 9.30Crisil Short Term Bond Fund Index

Axis Fixed Income Opportunities Fund -DP- Gr July 15, 14 11.9451 9.79 8.47 NA NA NA NA 10.94 9.30Crisil Short Term Bond Fund Index

Axis Enhanced Arbitrage Fund – Gr Aug. 14, 14 327.37 11.2014 6.43 8.06 NA NA NA NA 7.21 8.38Crisil Liquid Fund Index

Axis Enhanced Arbitrage Fund - Direct Gr Aug. 14, 14 11.3589 7.35 8.06 NA NA NA NA 8.13 8.38Crisil Liquid Fund Index

Axis Hybrid Fund - Series 11 (42M) - Gr May 9, 14 202.64 10.7558 -5.63 5.67 NA NA NA NA 3.92 10.57Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 11 (42M) - DP - Gr May 9, 14 10.9660 -4.88 5.67 NA NA NA NA 4.98 10.57Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 12 (1282D) - Gr May 27, 14 275.79 10.6992 -5.32 5.67 NA NA NA NA 3.73 9.76Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 12 (1282D) - DP - Gr May 27, 14 10.9041 -4.56 5.67 NA NA NA NA 4.80 9.76Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 13 (1275D) - Gr June 18, 14 499.87 10.6415 -5.24 5.67 NA NA NA NA 3.54 9.23Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 13 (1275D) - DP - Gr June 18, 14 10.8347 -4.48 5.67 NA NA NA NA 4.59 9.23Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 14 (1274D) - Gr Sep. 2, 14 486.75 10.3464 -2.47 5.67 NA NA NA NA 2.18 8.98Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 14 (1274D) - DP - Gr Sep. 2, 14 10.5847 -1.69 5.67 NA NA NA NA 3.67 8.98Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 15 (1275D) - Gr Sep. 17, 14 337.68 10.2806 -2.59 5.67 NA NA NA NA 1.82 9.07Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 15 (1275D) - DP - Gr Sep. 17, 14 10.4466 -1.81 5.67 NA NA NA NA 2.88 9.07Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 18 (42M) - Gr Jan. 19, 15 491.09 9.9339 -0.91 5.67 NA NA NA NA -0.55 5.73Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 18 (42M) - DP - Gr Jan. 19, 15 10.0323 -0.12 5.67 NA NA NA NA 0.27 5.73Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 19 (42M) - Gr Feb. 4, 15 317.92 9.8471 0.30 5.67 NA NA NA NA -1.33 5.45Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 19 (42M) - DP - Gr Feb. 4, 15 9.9436 1.11 5.67 NA NA NA NA -0.49 5.45Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 22 (1278D) - Gr May 11, 15 384.72 9.7230 NA NA NA NA NA NA -2.77 5.90Crisil MIP Blended Fund Index



8

Axis Hybrid Fund - Series 22 (1278D) - DP - Gr May 11, 15 9.8186 NA NA NA NA NA NA -1.81 5.90Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 23 (1275D) - Gr May 28, 15 350.03 9.7688 NA NA NA NA NA NA -2.31 5.28Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 23 (1275D) - DP - Gr May 28, 15 9.8599 NA NA NA NA NA NA -1.40 5.28Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 24 (1276D) - Gr June 17, 15 420.77 9.8273 NA NA NA NA NA NA -1.73 6.09Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 24 (1276D) - DP - Gr June 17, 15 9.9132 NA NA NA NA NA NA -0.87 6.09Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 25 (1278D) - Gr Aug. 25, 15 160.76 9.9412 NA NA NA NA NA NA -0.59 4.60Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 25 (1278D) - DP - Gr Aug. 25, 15 10.0072 NA NA NA NA NA NA 0.07 4.60Crisil MIP Blended Fund Index

Axis Hybrid Fund - Series 26 (1276D) - Gr Sep. 10, 15 189.43 10.0152 NA NA NA NA NA NA 0.15 4.43Crisil Composite Bond Fund Index (85) & Nifty 50 Index (15)

Axis Hybrid Fund - Series 26 (1276D) - DP - Gr Sep. 10, 15 10.0768 NA NA NA NA NA NA 0.77 4.43Crisil Composite Bond Fund Index (85) & Nifty 50 Index (15)

Axis Hybrid Fund - Series 27 (1351D) - Gr Oct. 29, 15 272.97 9.8863 NA NA NA NA NA NA -1.14 1.97Crisil Composite Bond Fund Index (85) & Nifty 50 Index (15)

Axis Hybrid Fund - Series 27 (1351D) - DP - Gr Oct. 29, 15 9.9325 NA NA NA NA NA NA -0.68 1.97Crisil Composite Bond Fund Index (85) & Nifty 50 Index (15)

Axis Hybrid Fund - Series 28 (1331D) - Gr Nov. 18, 15 231.41 10.1408 NA NA NA NA NA NA 1.41 2.57Crisil Composite Bond Fund Index (85) & Nifty 50 Index (15)

Axis Hybrid Fund - Series 28 (1331D) - DP - Gr Nov. 18, 15 10.1816 NA NA NA NA NA NA 1.82 2.57Crisil Composite Bond Fund Index (85) & Nifty 50 Index (15)

Axis Hybrid Fund - Series 29 (1275D) - Gr Feb. 1, 16 90.20 10.4977 NA NA NA NA NA NA 4.98 2.07Crisil Composite Bond Fund Index (85) & Nifty 50 Index (15)

Axis Hybrid Fund - Series 29 (1275D) - DP - Gr Feb. 1, 16 10.5167 NA NA NA NA NA NA 5.17 2.07Crisil Composite Bond Fund Index (85) & Nifty 50 Index (15)

Axis Hybrid Fund - Series 30 (1279D) - Gr Feb. 11, 16 116.05 10.7753 NA NA NA NA NA NA 7.75 3.33Crisil Composite Bond Fund Index (85) & Nifty 50 Index (15)

Axis Hybrid Fund - Series 30 (1279D) - DP - Gr Feb. 11, 16 10.7915 NA NA NA NA NA NA 7.91 3.33Crisil Composite Bond Fund Index (85) & Nifty 50 Index (15)

Axis Childrens Gift Fund - Dec. 8, 15 209.03 10.0521 NA NA NA NA NA NA 4.68 5.35Compulsory Lock-in - DP - Gr50% Nifty 50 + 50% Crisil Composite Bond Fund Index

Axis Childrens Gift Fund - Compulsory Lock-in - Dec. 8, 15 10.0069 NA NA NA NA NA NA 3.94 5.35RP - Gr50% Nifty 50 + 50% Crisil Composite Bond Fund Index

Axis Childrens Gift Fund - No Lock-in - DP - Gr Dec. 8, 15 10.0699 NA NA NA NA NA NA 4.95 5.3550% Nifty 50 + 50% Crisil Composite Bond Fund Index

Axis Childrens Gift Fund - No Lock-in - RP - Gr Dec. 8, 15 10.0065 NA NA NA NA NA NA 3.94 5.35 Nifty 50 + 50% Crisil Composite Bond Fund Index

Axis Equity Saver Fund - Gr Feb. 11, 16 986.29 9.8669 NA NA NA NA NA NA -1.30 3.39Crisil MIP Blended Fund Index

Axis Equity Saver Fund - DP - Gr Feb. 11, 16 9.9488 NA NA NA NA NA NA -0.50 3.39Crisil MIP Blended Fund Index

Gr - Growth Option, DP - Direct Plan, RP - Regular Plan, ReP - Retail Plan, NA - Not applicable

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

Returns greater than one year are compounded annualized (CAGR).

I A Non receipt of Dividend on Units 1 17 16 0 0 0 0 2 0 0 0I B Interest on delayed payment of Dividend 0 225 23 202 0 0 0 0 0 0 0I C Non receipt of Redemption Proceeds 4 19 23 0 0 0 0 0 0 0 0I D Interest on delayed payment of Redemption 0 37 34 3 0 0 0 0 0 0 0II A Non receipt of Statement of Account/Unit Certificate 0 6 6 0 0 0 0 0 0 0 0II B Discrepancy in Statement of Account 0 3 3 0 0 0 0 0 0 0 0II C Data corrections in Investor details 0 106 106 0 0 0 0 0 0 0 0II D Non receipt of Annual Report/Abridged Summary 0 0 0 0 0 0 0 0 0 0 0III A Wrong switch between Schemes 0 1 1 0 0 0 0 0 0 0 0III B Unauthorized switch between Schemes 0 0 0 0 0 0 0 0 0 0 0III C Deviation from Scheme attributes 0 0 0 0 0 0 0 0 0 0 0III D Wrong or excess charges/load 0 0 0 0 0 0 0 0 0 0 0III E Non updation of changes viz. address, PAN,

bank details, nomination,etc 8 203 189 15 0 0 0 7 0 0 0IV Others** 0 0 0 0 0 0 0 0 0 0 0

TOTAL 13 617 401 220 0 0 0 9 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

Total Number of Folios : 1665908Redressal of Complaints received against Axis Mutual Fund during 2015-16


9

Annexure - 2

AUDITOR’S REPORTTo the Trustees ofAXIS MUTUAL FUND1. Report on the Financial Statements

We have audited the accompanying financial statement of Axis Equity Fund, which comprise the balance sheet as at March 31, 2016, the revenue account and cash flow statement for the year ended, and a summary of significant accounting policies and other explanatory information.

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

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

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

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

(a) in the case of the balance sheet, of the state of affairs of the Scheme as at March 31, 2016;

(b) in the case of the revenue account, of the deficit for the year ended on that date; and

(c) in the case of the cash flow statement, of the cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements1. As required by Regulation 55(4) and clause 5(ii)(2) of the Eleventh Schedule of the Regulations, we report that:

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

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

c. The balance sheet, revenue account and cash flow statement dealt with by this report are in agreement with the books of account of the Scheme.

2. In our opinion, and on the basis of information and explanations given to us, the methods used to value non traded securities as at March 31, 2016 are in accordance with the Regulations and other guidelines issued by the Securities and Exchange Board of India, as applicable, and approved by the Boards of Directors of Axis Mutual Fund Trustee Limited, and are fair and reasonable.

For S.R. Batliboi & Co. LLPChartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Jayesh GandhiPartner

Membership Number: 37924

Place: Mumbai

Date : 13 July 2016

ABRIDGED BALANCE SHEET AS AT MARCH 31, 2016(` in Lakhs)

Axis Equity Fund

As at As atMarch 31, 2016 March 31, 2015

LIABILITIES

1 Unit Capital 1,13,688.52 90,470.98

2 Reserves & Surplus

2.1 Unit Premium Reserve 32,016.30 19,011.05

2.2 Unrealised Appreciation Reserve 13,430.27 29,334.63

2.3 Other Reserves 38,371.03 30,012.56

3 Loans & Borrowings - -

4 Current Liabilities & Provisions

4.1 Provision for doubtful Income/Deposits - -

4.2 Other Current Liabilities & Provisions 1,411.30 1,287.73

TOTAL 1,98,917.42 1,70,116.95

ASSETS

1 Investments

1.1. Listed Securities:

1.1.1 Equity Shares / Warrants 1,88,154.35 1,65,435.54

1.1.2 Preference Shares - -

1.1.3 Equity Linked Debentures - -

1.1.4 Other Debentures & Bonds - -

1.1.5 Securitised Debt securities - -

1.1.6 Futures and Options - -

1.2 Securities Awaited Listing:

1.2.1 Equity Shares - -





1.3 Unlisted Securities

1.3.1 Equity Shares - -





1.4 Government Securities - -

1.5 Treasury Bills - -

1.6 Commercial Paper - -

1.7 Certificate of Deposits 6,925.98 -

1.8 Bill Rediscounting - -

1.9 Units of Domestic Mutual Fund - -

1.10 Foreign Securities - -

1.11 Gold - -

Total Investments 1,95,080.33 1,65,435.54

2 Deposits 1,069.99 93.95

3 Other Current Assets

3.1 Cash & Bank Balance 1,236.51 860.90

3.2 CBLO/ Reverse Repo Lending 1,369.82 3,478.66

3.3 Others 160.77 247.90

4 Deferred Revenue Expenditure - - (to the extent not written off)

TOTAL 1,98,917.42 1,70,116.95

Notes to Accounts - Annexure I

10

Abridged Annual Report - 2015-2016Address: Axis House, 1st Floor, C-2 Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai 400025, India.

ABRIDGED REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2016(` in Lakhs)

Axis Equity Fund

Current Year ended Previous Year ended March 31, 2016 March 31, 2015

1 INCOME

1.1 Dividend 2,027.93 1,328.71

1.2 Interest 476.82 260.96

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

1.4 Realised Gains / (Losses) on Interscheme sale of investments (1.31) -

1.5 Realised Gains / (Losses) on External sale / redemption of investments 6,003.48 9,521.19

1.6 Realised Gains / (Losses) on Derivative Transactions 205.08 (16.83)

1.7 Other Income * 119.62 160.65

(A) 8,831.62 11,254.68

2 EXPENSES

2.1 Management fees 3,397.39 1,434.48

2.2 Service tax on Management fees 474.14 177.30

2.3 Transfer agents fees and expenses 174.09 120.94

2.4 Custodian fees 24.36 17.22

2.5 Trusteeship fees 2.29 1.60

2.6 Commission to Agents 339.81 1,182.25

2.7 Marketing & Distribution expenses 0.41 20.64

2.8 Audit fees 2.54 2.88

2.9 Other operating expenses 199.30 130.98

2.10 Less: Expenses reimbursed/to be reimbursed by AMC (25.20) (111.04)

(B) 4,589.13 2,977.25

3 NET REALISED GAINS / (LOSSES) FOR THE YEAR (A -B = C) 4,242.49 8,277.43

4 Change in Unrealised Depreciation in value of investments (D) 15,904.36 -

5 NET GAINS /(LOSSES) FOR THE YEAR (E=(C-D)) (11,661.87) 8,277.43

6 Change in unrealised appreciation in the value of investments (F) - 21,256.46

7 NET SURPLUS /(DEFICIT) FOR THE YEAR ( E + F = G ) (11,661.87) 29,533.89

7.1 Add: Balance transfer from Unrealised Appreciation Reserve 29,334.63 8,078.17

7.2 Less: Balance transfer to Unrealised Appreciation Reserve (13,430.27) (29,334.63)

7.3 Add / (Less): Equalisation 6,194.04 10,063.67

8 Total 10,436.53 18,341.10

9 Dividend appropriation

9.1 Income Distributed during the year 2,078.06 1,805.25

9.2 Tax on income distributed during the year - -

10 Retained Surplus / (Deficit) carried forward to Balance sheet 8,358.47 16,535.85

Notes to Accounts - Annexure I

* Other Income includes Load Income (net of service tax), wherever applicable.

11


NOTES TO ACCOUNTS - Annexure I to the Abridged Balance Sheet and Revenue Account for the year ended March 31, 2016.

Sr. No. Particulars

1 Investments:-

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

1.2 Open Position of derivatives (outstanding market value & % to Net Assets) is an under:

` `

1.3 Investments in Associates and Group Companies:

2015-2016 2014-2015

Scheme Associate/Group Nature of Cost of Outstanding Cost of Outstanding Company Instruments Investments Market Value Investments Market Value

(` in Lakhs) (` in Lakhs) (` in Lakhs) (` in Lakhs)

Axis Equity Fund Axis Bank Limited Fixed Deposit 1,000.00 1,000.00 - -

Axis Equity Fund Cipla Limited Equity shares - - 601.80 -

Axis Equity Fund CMC Limited Equity shares - - 155.07 2,108.34

1.4 Open position of Securities Borrowed and / or Lent by the

to(` in Lakhs) Net Assets (` in Lakhs) Net Assets

Axis Equity Fund 13,430.27 6.80% 29,334.63 17.38%

1.7 Aggregate Value of Purchase and Sale with Percentage to average assets is as under :

2015-2016 2014-2015

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 Equity Fund 1,73,724.21 93.70% 1,30,427.62 70.35% 1,60,656.01 132.98% 98,245.73 81.32%

Purchases and sales include futures. Notional value is considered in case of futures.

1.8 Non-Traded securities in the portfolio is as under :

As on Mar 31,2016 As on Mar 31,2015

Scheme Instrument Market Value (%) Market Value (%)(̀ in Lakhs) to Net Assets (̀ in Lakhs) to Net Assets

Axis Equity Fund Money Market Instruments 6,925.98 3.51% - -

2 Disclosure Under Regulation 25(8) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, As Amended : Annexure I-B

3 Details of Large Holdings (over 25% of NAV of the scheme) : NIL

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). Further, in accordance with AMFI best practice guidelines circular no 135/BP/56/2015-16 dated April 20, 2015, the cumulative balance of the IEAI is transferred on monthly basis to a separate bank account maintained for the purpose and the unspent amounts are deployed in CBLO (Collaterised Lending & Borrowing Obligation) effective May 15, 2015.

The details are as follows:

` in Lakhs

Particulars F.Y. 2015-16 F.Y. 2014-15

Opening balance 498.12 270.22

Additions during the year * 699.59 469.94

Less : utilisation during the year 1,078.22 242.04

Closing balance 119.48 498.12

* Amount includes interest on CBLO investments.

5 Loans (Borrowings): NIL

6 Credit Default Swaps

There were no transactions in credit default swaps during the year ended March 31, 2016. (previous year - NIL).

7 Unit Capital movement during the year ended : Annexure I-C

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

9. Contingent Liability: 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 service tax (wherever applicable).

As on March 31, 2016 As on March 31, 2015

Scheme Nature of Outstanding As a (%) Nature of Outstanding As a (%)Derivative Market Value to Net Assets Derivative Market Value to Net Assets

( in Lakhs) ( in Lakhs)

Axis Equity Fund Equity Futures * 4,014.93 2.03% - - -

* Gross exposure indicated

Disclosure for derivative transactions as required by SEBI circular Cir/IMD/DF/11/2010 dated August 18, 2010: Annexure I-A

schemes -- NIL (Previous year -- NIL)

1.5 Details of Non Performing Assets and depreciation provisions thereof -- NIL (Previous year -- 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, 2016 As at March 31, 2015

Scheme Unrealised Gain / (Loss) (%) to Unrealised Gain / (Loss) (%)

(Previous year -- NIL)



12


NOTES TO ACCOUNTS - Annexure I to the Abridged Balance Sheet and Revenue Account for the year ended March 31, 2016. (Contd)

13

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 at price.

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-A: DERIVATIVE DISCLOSURE

14

AXIS EQUITY FUND (F.Y. 2015-16)

A. Hedging Positions through Futures as on March 31, 2016

Underlying Long / Short Futures Price Current price of Margin maintainedwhen purchased the contract in ` Lakhs

Tata Motors Ltd. Long 388.6665 388.5 169.352016 Future

ICICI Bank Ltd. Long 238.5965 237.75 420.662016 Future

Total %age of existing assets hedged through futures : 2.06%

For the period ended March 31, 2016 following details specified for hedging transactions through futures which have been squared off/expired:

Total Number of contracts where futures were bought : 1,440

Total Number of contracts where futures were sold : 1,440

Gross Notional Value of contracts where futures were bought : ̀ 6,360.86 Lacs

Gross Notional Value of contracts where futures were sold : ̀ 6,569.98 Lacs

Net Profit/Loss value on all contracts combined : ̀ 205.88 Lacs

B. Other than Hedging Positions through Futures as on March 31, 2016

Underlying Long / Short Futures Price Current price of Margin maintainedwhen purchased the contract in `. Lakhs

NIL

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

For the period ended March 31, 2016 following details specified for non-hedging transactions through futures which have been squared off/expired:

Total Number of contracts where futures were bought : NIL

Total Number of contracts where futures were sold : NIL

Gross Notional Value of contracts where futures were bought : ` NIL

Gross Notional Value of contracts where futures were sold : ` NIL

Net Profit/Loss value on all contracts combined : ` NIL

C. Hedging Positions through Put Options as on March 31, 2016

Underlying Number of Option Price Current Contracts when purchased Option Price

NIL

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

For the period ended March 31, 2016 following details specified for hedging transactions through options which have already been exercised/expired :

Total Number of contracts entered into : NIL

Gross Notional value of contracts : ` NIL

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

D. Other than Hedging Positions through Options as on March 31, 2016

Underlying Call / put Number of Option Price Current Pricecontracts when purchased

NIL

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

For the period ended March 31, 2016 following details specified with regard to non-hedging transactions through options which have already been exercised/expired :


Gross Notional Value of contracts : ` NIL


E. Hedging Positions through swaps as on March 31, 2016 - NIL


AXIS EQUITY FUND (F.Y. 2014-15)

A. Hedging Positions through Futures as on March 31, 2015

Underlying Long / Short Futures Price Current price of Margin maintainedwhen purchased the contract in ` Lakhs

NIL

Total %age of existing assets hedged through futures : NIL

For the period ended March 31, 2015 following details specified for hedging transactions through futures which have been squared off/expired:

Total Number of contracts where futures were bought : 500

Total Number of contracts where futures were sold : 500

Gross Notional Value of contracts where futures were bought : ̀ 1,782.34 Lacs

Gross Notional Value of contracts where futures were sold : ̀ 1,766.50 Lacs

Net Profit/Loss value on all contracts combined : ̀ (16.83) Lacs

B. Other than Hedging Positions through Futures as on March 31, 2015

Underlying Long / Short Futures Price Current price of Margin maintainedwhen purchased the contract in `. Lakhs

NIL

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

For the period ended March 31, 2015 following details specified for non-hedging transactions through futures which have been squared off/expired:

Total Number of contracts where futures were bought : NIL

Total Number of contracts where futures were sold : NIL

Gross Notional Value of contracts where futures were bought : ` NIL

Gross Notional Value of contracts where futures were sold : ` NIL

Net Profit/Loss value on all contracts combined : ` NIL

C. Hedging Positions through Put Options as on March 31, 2015

Underlying Number of Option Price Current Contracts when purchased Option Price

NIL

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

For the period ended March 31, 2015 following details specified for hedging transactions through options which have already been exercised/expired :


Gross Notional value of contracts : ` NIL


D. Other than Hedging Positions through Options as on March 31, 2015

Underlying Call / put Number of Option Price Current Pricecontracts when purchased

NIL

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

For the period ended March 31, 2015 following details specified with regard to non-hedging transactions through options which have already been exercised/expired :


Gross Notional Value of contracts : ` NIL


E. Hedging Positions through swaps as on March 31, 2015 - NIL

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


15

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 & % ofcompanies 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-2015 to 1,03,629.04 0.82% 71.98 5.07% 01-Apr-2014 to 35,078.29 0.28% 40.51 4.22%and Associate 31-March-2016 31-March-2015

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

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

Axis Equity Fund Axis Securities Group Company 01-Apr-2015 to 2,781.16 0.01% 25.53 0.57% 01-Apr-2014 to 1,499.76 #0.00% 12.43 0.16%Limited and Associate 31-Mar-2016 31-Mar-2015

Axis Equity Fund Axis Bank Limited Sponsor 01-Apr-2015 to 15,987.96 0.04% 151.26 3.40% 01-Apr-2014 to 24,797.94 0.07% 267.23 3.47%31-Mar-2016 31-Mar-2015

Axis Equity Fund Mr.Sugriv Singh Relative of 01-Apr-2015 to 12.25 #0.00% 0.05 #0.00% 01-Apr-2014 to 9.47 #0.00% 0.17 #0.00%rathore AMC employee 31-Mar-2016 31-Mar-2015

Axis Equity Fund Mrs .Rita Relative of 01-Apr-2015 to - - - - 01-Apr-2014 to 2.00 #0.00% 0.02 #0.00%Hemis Kothari AMC employee 31-Mar-2016 31-Mar-2015

Axis Equity Fund Wealthcrest Financial Firm owned by 01-Apr-2015 to 3.47 #0.00% $0.00 #0.00% 01-Apr-2014 - - - -Advisors relative of 31-Mar-2016 31-Mar-2015

employee

Associate companies have been paid commission on normal commercial terms at an arm's length basis for procuring unit subscriptions for the Scheme.

$ : less than ` 0.01 Lakh # Values are less than 0.005% Note:- Commission paid to Axis Bank Ltd. includes transaction charges, wherever applicable.

c. Payment made to associates (` in Lakhs)

Axis Equity Fund 1.65 0.35 15.82 0.24 - 2.29 0.45 0.72 1.20 0.07 10.50 0.12 0.11 1.60 - -

Payment made to associates are considered on a gross basis.

Cash management

service charges

Professional clearing member charges

Securities & CBLO settlement

processing charges

Depository participant

maintenance charges

Trustee fees

SchemeAxis Bank Ltd.

Axis MutualFund Trustee

Ltd.

The Central Depository Services (India) Ltd.

Corporate action fees

2015-2016 2014-2015

Dispatch of Consolidated

Account Statement

Cash management

service charges

Professional clearing member charges

Securities & CBLO settlement

processing charges

Depository participant

maintenance charges

Trustee fees

Axis Bank Ltd.Axis MutualFund Trustee

Ltd.

The Central Depository

Services (India) Ltd.

Corporate action fees/ listing Fees

Axis Capital Ltd.

Distribution of Marketing

Materials

Verification, cancellation

and debit charges (SIP)

Verification, cancellation

and debit charges (SIP)

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. 2015-2016 - NIL

F.Y. 2014-2015 - NIL

ANNEXURE I-C: UNIT CAPITAL MOVEMENT

Axis Equity Fund

March 31, 2016 March 31, 2015Face Value ` 10 Face Value ` 10

Quantity Quantity

Initial Capital 90,90,55,512.453 90,90,55,512.453

Outstanding Unit Capital

Growth

Outstanding, beginning of year 64,88,91,288.985 39,32,08,783.409

Issued

-new fund offer - -

-during the year 32,24,08,800.014 40,11,36,168.983

Redeemed during the year 16,82,43,585.766 14,54,53,663.407

Outstanding, end of year 80,30,56,503.233 64,88,91,288.985

Dividend


Issued

-new fund offer - -

-during the year 6,59,01,625.756 9,93,70,543.110



Direct Growth

Outstanding, beginning of year 7,12,51,340.561 59,57,820.808

Issued

-new fund offer - -

-during the year 5,43,71,059.978 6,97,24,544.920

Redeemed during the year 36,30,774.263 44,31,025.167


Direct Dividend

Outstanding, beginning of year 42,48,796.841 36,57,947.913

Issued

-new fund offer - -

-during the year 72,35,741.013 15,84,493.092

Redeemed during the year 6,56,383.400 9,93,644.164

Outstanding, end of year 1,08,28,154.454 42,48,796.841

Total


Issued

-new fund offer - -

-during the year 44,99,17,226.761 57,18,15,750.105


Outstanding, end of year 1,13,68,85,219.456 90,47,09,756.678

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


16

KEY STATISTICS FOR THE YEAR ENDED MARCH 31, 2016

Axis Equity Fund

Current Year ended Previous Year ended March 31, 2016 March 31, 2015

1. NAV per unit (`):

Open *

Growth 19.50 14.52

Dividend 15.21 12.05

Direct Growth 19.99 14.70

Direct Dividend 15.56 12.19

High

Growth 20.22 20.46




Low

Growth 16.69 14.47




End *

Growth 18.24 19.50




2. Closing Assets Under Management (` in Lakhs)

End 1,97,506.12 1,68,829.22

Average (AAuM) 1,85,396.60 1,20,814.75 13. Gross income as % of AAuM 4.76% 9.32%

4. Expense Ratio:

a. Total Expense as % of AAuM (plan wise)

Regular 2.58% 2.52%

Direct 1.58% 1.34%

b. Management Fee as % of AAuM (plan wise)

Regular 1.91% 1.20%

Direct 1.23% 1.03%25. Net Income as a percentage of AAuM 2.29% 6.85%

36. Portfolio turnover ratio 0.59 0.50

7. Total Dividend per unit distributed during the year (plan wise)

Dividend - Individual/HUF 1.0000 1.0000

Dividend - Others 1.0000 1.0000

Direct Dividend - Individual/HUF 1.0000 1.0000

Direct Dividend - Others 1.0000 1.0000

8. Returns:

a. Last One Year

Scheme

Growth -6.46% 34.30%

Direct Growth -5.50% 36.08%

Benchmark -8.86% 26.65%

b. Since Inception

Scheme

Growth 10.11% 13.60%

Direct Growth 14.47% 24.71%

Benchmark 6.33% 9.51%



17

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 represent the computed NAV as on balance sheet date or declared NAV.



BOOK - POST

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.

RISKOMETER

Axis Equity Fund This product is suitable for investors who are seeking*:

• Capital appreciation over long term

• Investment in a diversified portfolio predominantly consisting of equity and equity related instruments

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Investors understand that their principal will be at moderately high risk

LOW HIGH

Moderate ModeratelyHighModerately

Low

HighLo

w

abridged annual report - 2015-2016 · abridged annual report - 2015-2016 1 report from axis mutual...

Documents