Annual Report 2010-2011 - Axis Mutual Funds India · PDF fileAnnual Report 2010-2011 ... Statutory Details: Axis Mutual Fund, sponsored by Axis Bank Ltd., has been established as a

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Annual Report 2010-2011

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Trustee Report

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HERE ’ S ONE MORE REASON TO RELAX .

AX IS TAX SAVER FUND I S NO.1* .

Statutory Details: Axis Mutual Fund, sponsored by Axis Bank Ltd., has been established as a Trust under the Indian Trusts Act, 1882 (liability restricted to Rs. 1 Lakh). Trustee: Axis Mutual Fund Trustee Ltd. Investment Manager: Axis Asset Management Co. Ltd. (the AMC). Risk Factors: All Mutual funds and securities investments are subject to market risks and there is no guarantee that the investment objective of the scheme will be achieved. The NAV of the scheme can go up or down depending on factors and forces affecting securities markets. Past performance of the Sponsor or its affiliates/the AMC/the mutual fund or its schemes does not indicate the future performance of the scheme. The sponsor is not liable or responsible for any loss or shortfall resulting from the operation of the scheme. Investments in the scheme is subject to various investment risks such as trading volumes, settlement risk, liquidity risk, default risk, risk of possible loss of principal, etc. Equity and equity related instruments are volatile by nature. Due to the lock in requirements under ELSS Guidelines, the ability of investors to realize returns under Axis Tax Saver Fund is restricted for the first three years. For detailed risk factors, please refer to the SID. Axis Tax Saver Fund (an open-ended equity linked savings scheme) is only the name of the Scheme and does not in any manner indicate the quality of the Scheme, its future prospects or returns. Investment objective - To generate income and long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related securities. Mutual Fund Investments are subject to market risks. Please read the Scheme Information Document and Statement of Additional Information (SID & SAI) carefully before investing.

*Based on 1 year returns (as on 30 June 2011) under the tax planning category of

valueresearchonline.com (comprising of 34 schemes) using Growth option NAVs (CAGR).

Past performance is no guarantee of future results.

Performance as on 30 June 2011

Past performance may or may not be sustained in future. Returns are compounded annualized for period more than or equal to 1 year. Since inception returns are calculated on ` 10 invested at inception. Calculations are on Growth option NAVs. Inception date :29th December 2009

Performance as on 30 June 2011

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

We have pleasure in presenting the Second report on the schemes of Axis Mutual Fund for the period ended March 31, 2011 alongwith audited financial statements for the schemes of the Axis Mutual Fund.

The assets under management of the schemes of the Axis Mutual Fund as at March 31, 2011 were Rs. 4,732.27 crores and the average asset under management during the said period was Rs. 7,701.48 crores. The total number of investors under the schemes of Axis Mutual Fund as at March 31, 2011 were 310258 out of which 308138 was Retail Investors and 2120 was Institutional Investors.

As of March 31, 2011, Axis Asset Management Company Limited managed 13 schemes of Axis Mutual Fund which includes 1 open ended liquid scheme, 3 open ended debt schemes and 1 open ended equity linked savings scheme (ELSS), 1 open ended growth scheme, 1 open ended equity scheme, 1 open ended hybrid scheme, 1 open ended Gold Exchange Traded Fund and 4 close ended debt scheme.

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

A. Scheme Performance

The Assets Under Management (“AUM”), the net asset value (“NAV”) per unit and the performance of the schemes vis-à-vis their benchmark as on March 31, 2011 are as follows:

Scheme Name Inception/Allotment Date

AUM(Rs. in crores)

NAV (in Rs.)* Performance (Since Inception) Performance (1 year)

Scheme Returns^*

Benchmark Returns@

Scheme Returns^*

Benchmark Returns@

Axis Liquid Fund October 9, 2009 1404.02 Retail: 1067.6363Institutional :

1086.6811

Retail:6.23%

Institutional: 5.80%

Retail: 6.11%


Retail: 6.40%


Retail: 6.21%


Axis Treasury Advantage Fund

October 9, 2009 510.96 Retail: 1066.9299Institutional: 1088.7756

Retail:6.20%

Institutional:5.94%

Retail:6.08%

Institutional:5.25%

Retail:6.35%

Institutional:6.61%

Retail:6.21%

Institutional:6.21%

Axis Tax Saver Fund December 29, 2009 101.86 12.4241 18.93% 7.45% 14.53% 8.15%

Axis Equity Fund January 5, 2010 759.28 11.03 8.28% 8.46% 6.06% 11.14%

Axis Short Term Fund January 22, 2010 246.20 Retail: 10.5852Institutional:

10.6441

Retail:5.41%

Institutional:5.40%

Retail:5.33%

Institutional:5.02%

Retail:5.17%

Institutional:5.55%

5.12%

Axis Fixed Term Plan – Series 1 (384 days)

March 17, 2010 96.69 Retail: 10.7612 Retail :7.32%

5.15% 7.15% 5.12%

Axis income Saver July 16, 2010 437.12 10.3636 3.64% 4.09% NA NA

Axis Triple Advantage Fund

August 23, 2010 517.21 10.3445 3.45% 6.75% NA NA

Axis Gold ETF November 10, 2010 164.40 2072.9403 2.27% 2.67% NA NA


January 18, 2011 43.44 10.1853 1.85% 1.43% NA NA


February 9, 2011 11.43 10.1661 1.66% 1.30% NA NA

Axis Midcap Fund February 18, 2011 164.61 10.24 2.40% 3.18% NA NA


March 23, 2011 275.05 10.0798 0.80% 0.28% NA NA

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

NA – Not Applicable

@ Benchmark for the above schemes

CRISIL Liquid Fund Index: Axis Liquid Fund, Axis Treasury Advantage Fund; S&P CNX Nifty: Axis Equity Fund; BSE 200: Axis Tax Saver Fund; CRISIL Short Term Bond Fund Index: Axis Short Term Fund, Axis Fixed Term Plan – Series I (384 days), Axis Fixed Term Plan – Series 11 (371 days), Axis Fixed Term Plan – Series 12 (367 days), Axis Fixed Term Plan – Series 13 (370 days); BSE Midcap: Axis Midcap Fund; CRISIL MIP Blended Fund: Axis Income Saver; CRISIL Composite Bond Fund Index: Axis Dynamic Bond Fund; 35% of S&P CNX Nifty + 35% of Crisil Composite Bond Fund Index + 30% of INR price of gold: Axis Triple Advantage Fund; Domestic Price of Gold: Axis Gold ETF

* Returns and NAV of Growth Option

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

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

The net asset value disclosed above represents the computed NAV as on March 31, 2011, and not the last declared NAV.

Returns for Retail Growth Option of Axis Liquid Fund, Axis Treasury Advantage Fund and Axis Short Term Fund are calculated from the date of introduction of plan i.e. March 2, 2010

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Brief Comments on Scheme performance:

Axis Liquid Fund and Axis Treasury Advantage Fund

The scheme has outperformed its benchmark during the year and since its inception. The scheme has seen the benefit of a structured process of investing in the short-term money markets during a period of tightening interest rates. This has enabled the scheme to deploy funds into higher yielding instruments for much of the year under review. Axis Liquid Fund and Axis Treasury Advantage Fund are rated mfA1+ by ICRA.

Axis Tax Saver Fund

The Fund continues to focus on building portfolio of extremely strong and sustainable businesses and this strategy has delivered results. The fund is one of the best performing funds in the ELSS category since inception.

Axis Equity Fund

The Fund has performed in line with benchmark since inception. While the 1 year performance has been lagging the benchmark due to restructuring of the portfolio post November 2010 due to the expected slowdown in the economy.

Axis Short Term Fund

The scheme has outperformed its benchmark during the year and since its inception. The year saw a sharp rise in short-term yields as the Reserve Bank of India embarked on a policy of higher rates to control high inflation rates. On defensive considerations, the scheme maintained a lower duration than the normal range of one to three years. This has enabled the scheme to avoid some of the impact due to rising yields and thus outperform. The Scheme is rated mfAAA by ICRA.

Axis Fixed Term Plan - Series I (384 days), Axis Fixed Term Plan – Series 11 (371 days), Axis Fixed Term Plan – Series 12 (367 days) and Axis Fixed Term Plan – Series 13 (370 days)

The Scheme has delivered higher returns than its benchmark since inception while at the same time adhering to risk limits mentioned in the Investment Policy. In line with its investment objective, the scheme has invested in instruments maturing on or before the maturity date of the Scheme.

Axis Income Saver

The scheme has dual objectives of delivering returns with managing downside risk through active asset allocation. As such the scheme’s asset allocation profile varies substantially relative to the benchmark. During the period under review, the scheme has underperformed due to the higher allocation to equity markets relative to the benchmark.


The scheme has underperformed its benchmark largely during the build-out stage of portfolio construction (between September and October 2010). The equity and gold components of the fund were being invested during a time when these asset classes rose sharply leading to underperformance during this stage.

Axis Gold ETF

The scheme has performed in line with its objective of replicating the benchmark returns before expenses.

Axis Midcap Fund

The Fund has commenced operations recently and is currently building up its portfolio.

B. Future Outlook and Operations of the Schemes

1. Future Outlook

Equity Market Outlook

Economic growth in India continues to be resilient on the back of strong consumption growth. The domestic orientation of the economy has allowed it to grow at 8%+ growth rates even in the backdrop of anemic global growth. With interest rates peaking out in the near term the investment cycle too should pick up in the near future. Further, cooling crude prices should also have a positive impact on the economy. Corporate earnings continue to be solid and companies are firming up new capacities to cater both to domestic and international demand. The key risk continues to be persistence of high inflation. However, with the central bank tightening, inflation will recede over the next 6-9 months. The out look for the domestic economy continues to be good. Corporate earnings should see continued momentum. Hence, the equity markets look fairly attractive.

Debt Market Outlook

While FY 2010-11 was characterised by continuous increases in interest rates by the Reserve Bank of India, we expect the RBI to end the period of policy tightening in the first half of the current financial year. As inflation remains well above the RBI’s comfort level, it continues to be the primary consideration for increases in interest rates. As the growth trend remains strong, RBI believes that the economy can absorb higher interest rates.

The past rate increases have now led to increases in banks’ lending rates of 150-300 basis points during the past year. As the effect of these rate rises transmit through the economy in the coming months, growth will begin to slow and we expect the rate of inflation to moderate going forward.

With the RBI clearly pushing for a low inflation environment and growth showing early signs of moderation, we expect bond market yields to generally soften in the coming months. Overnight and short term rates would continue to track policy rates higher, while we expect money market rates (6-12 months) and longer bond yields to decline as economic activity softens.

This is only an update on the markets in India. This update is as per the research and resultant outlook formed by Axis Mutual Fund and/or Axis Asset Management Company Limited and must not be construed as investment/financial advise.

2. Operations of the Schemes

Axis Mutual Fund continues to grow its number of investors and more than doubled its base of investor accounts to over 300,000. Sleep in Peace accounts wherein investors commit a monthly amount for periods in excess of 3 years constituted 24.8% of the total folios.

During the year online section of the website www. axismf.com was revamped to provide greater ease of navigation. The AMC has further invested in Complaints management software that allows tracking and speedy resolution of investor queries and complaints across its branches.

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

a. Axis Mutual Fund

Axis Mutual Fund (‘the Mutual Fund’) was set up as a Trust by the Settlors, Axis Bank Limited (‘Axis Bank’) on June 27, 2009 with Axis Mutual Fund Trustee Limited (‘the Trustee Company’) as a Trustee in accordance with the provisions of the Indian Trust Act, 1882 and is duly registered under the Indian Registration Act, 1908. The Trustee has entered into an Investment Management Agreement dated June 27, 2009 with Axis Asset Management Company Limited (‘Axis AMC’) to function as the Investment Manager for all the Schemes of the Mutual Fund. The Mutual Fund was registered with SEBI on September 4, 2009 vide Registration No. MF/061/09/02.

b. Axis Mutual Fund Trustee Limited

The Trustee is the exclusive owner of the Fund and holds the same in trust for the benefit of the unitholders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Deed of Trust. The Trustee seeks to ensure that the Fund and the Schemes floated there under are managed by the AMC in accordance with the Deed of Trust, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.

c. Sponsor

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

Axis Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established.

Axis Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence. The Bank’s shares are listed on the NSE and the BSE. The GDRs issued by the Bank are listed on the London Stock Exchange (LSE).

Axis Bank has a very wide network of more than 1281 branches (including 169 Service Branches/CPCs as on 31st March, 2011). The Bank has a network of over 6270 ATMs (as on 31st March, 2011) providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country. The Bank is present in all states and Union Territories (except Lakshadweep) covering 921 centres. The ATM network of the Bank increased from 4,293 last year to 6,270 as on 31 March, 2011.

The total assets of the rose 34.36% to Rs. 242,713 crores (as on 31 March, 2011) with total deposits growing to Rs. 189,238 crores, a growth of 33.93%. In 2010-11 business and earnings grew strongly with the Bank reporting a net profit of Rs. 3,388.49 crores for the year ended 31 March, 2011.

Axis Bank as on 31st March, 2011 was capitalized to the extent of Rs. 410.54 crores with the public holding (other than promoters and GDRs) at 53.60%.

The Bank is well capitalised at present with an overall Capital Adequacy Ratio (CAR) of 12.65% at the end of the year, well above the benchmark requirement of 9% stipulated by Reserve Bank of India.

d. Axis Asset Management Company Limited Axis Asset Management Company Limited (AMC) is a public limited

company incorporated under the Companies Act, 1956 on January 13,

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2009, having its Registered Office at Axis House, 1st Floor, Bombay Dyeing Mill Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. AMC has been appointed as the Investment Manager of the Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated June 27, 2009, and executed between the Trustee and the AMC.

The AMC has obtained Certificate of Registration as Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 1993 vide registration no. INP000003534 with effect from January 04, 2010(valid up to January 03, 2013). There is no conflict of interest between the Mutual Fund and the PMS activity.

3. INVESTMENT OBJECTIVES OF THE SCHEMES

Sr. No.

Name of the Scheme Investment Objective

1. Axis Liquid Fund,An Open ended Liquid Scheme

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

2 Axis Treasury Advantage Fund,An Open ended Debt Scheme

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

3 Axis Tax Saver Fund,An Open ended equity linked savings scheme with a lock-in period of 3 years

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

4 Axis Equity Fund,An Open ended growth scheme

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

5 Axis Short Term Fund,An Open ended Debt Scheme

To generate stable returns with a low risk strategy while maintaining liquidity through a portfolio comprising of debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be achieved.

6 Axis Fixed Term Plan – Series 1 (384 days),A Close ended debt scheme

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

7 Axis Income Saver An Open ended Income Fund

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

8 Axis Triple Advantage FundAn Open ended Hybrid Fund

The Scheme seeks to generate long term capital appreciation by investing in a diversified portfolio of equity and equity related instruments, fixed income instruments & gold Exchange Traded Funds.

9 Axis Gold ETFAn Open ended Gold Exchange Traded Fund

The investment objective of the Scheme is to generate returns that are in line with the performance of gold.

10 Axis Fixed Term Plan – Series 11 (371 days)An Close ended Debt Scheme

The Plan(s) of the Scheme will endeavour to generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the respective plan(s).



12 Axis Midcap FundAn 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. Significant Accounting Policies

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

5. Unclaimed Dividends and Redemptions

Summary of no. of investors and corresponding amount as at March 31, 2011:

Name of Scheme Unclaimed Dividends UnclaimedRedemptions

Amount(Rs.)

No. ofInvestors

Amount(Rs.)

No. ofInvestors

Axis Equity Fund Nil NA 172,283.93 14Axis Tax Saver Fund 109, 922.34 43 Nil NAAxis Treasury Advantage Fund

Nil NA 300,953.00 2

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 2010-11

Please refer ‘Annexure’ for the details on Redressal of Complaints received against Axis Mutual Fund during the F.Y. 2010-2011.

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 expresses its thanks to 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, sincerity and dedication of the employees of Axis AMC is also appreciated.

For Axis Mutual Fund Trustee Limited

Sd/- Sd/-Uday M. Chitale B. GopalakrishnanDirector Director

Place: Mumbai

Date : July 04, 2011

Rating Details (Axis Liquid Fund and Axis Treasury Advantage Fund)

This rating is the highest -credit-quality short-term rating assigned by ICRA to debt funds. Debt funds rated in this category carry the lowest credit risk in the short term and are similar to that of fixed income obligations of highest-credit-quality category with maturity of up to one year. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns. The rating should not be treated as a recommendation to buy, sell or hold units issued by the Mutual Fund.

Rating Details (Axis Short Term Fund)

Debt funds rated in this category carry the lowest credit risk, similar to that associated with long term-term debt obligations rated in the highest-credit-quality category. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns. The rating should not be treated as a recommendation to buy, sell or hold units issued by the Mutual Fund.

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Redressal of Complaints received against Axis Mutual Fund during 2010-11

Total number of folios 310258

Complaint code

Type of complaint# (a) No. of complaints

pending at the beginning of

the year

(b) No of complaints

received during the

year

Action on (a) and (b)

Resolved Non Actionable*

Pending

Within 30 days

30-60 days

60-180 days

Beyond 180 days

0-3 months

3-6 months

6-9 months

9-12 months

I A Non receipt of Dividend on Units

0 10 10 0 0 0 0 0 0 0 0

I B Interest on delayed payment of Dividend

0 0 0 0 0 0 0 0 0 0 0

I C Non receipt of Redemption Proceeds

0 0 0 0 0 0 0 0 0 0 0

I D Interest on delayed payment of Redemption

0 3 2 1 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 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, bank details, nomination, etc

0 6566 6514 0 0 0 0 52 0 0 0

IV Others 0 0 0 0 0 0 0 0 0 0 0

TOTAL 0 6579 6526 1 0 0 0 52 0 0 0

# including against its authorized persons / distributors / employees, etc. * Non actionable means the complaints that are incomplete / outside the scope of the mutual fund

ANNEXURE - Disclosure of Investor Complaints

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Consolidated Auditors’ Report

Balance Sheet(All amounts in thousands of Rupees)

Axis Fixed Term Plan-Series 3 (3 Months)

Axis Fixed Term Plan - Series 4 (3 Months)

Schedule September 8, 2010 September 15, 2010

SOURCES OF FUNDS

Unit capital 2(b) & 3 786,750 202,389

Reserves and surplus 2(b) & 4 4,758 1

Current liabilities 5 7,806 3,373

799,314 205,763

APPLICATION OF FUNDS

Investments 2(c) & 6 - -

Other current assets 7 799,314 205,763

799,314 205,763

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

For S.R. Batliboi & Co.Firm Registration No. 301003EChartered Accountants

For and on behalf ofAxis Mutual Fund Trustee Limited

For and on behalf ofAxis Asset Management Company Limited

per Surekha GraciasPartner Membership No. 105488

Uday M. ChitaleDirector

B. GopalakrishnanDirector

Rajiv AnandManaging Director & CEO

U.R. BhatDirector

Chandresh NigamHead-Investments

R. SivakumarHead-Fixed Income

MumbaiDate: July 4, 2011

Ninad DeshpandeFund Manager-Fixed Income

To the Trustee ofAXIS MUTUAL FUND

1. We have audited the attached balance sheets of the schemes mentioned below (collectively ‘the Schemes’) as at the dates mentioned below and also the revenue accounts and the cash flow statements, for the period mentioned below, annexed thereto. These financial statements are the responsibility of the management of Axis Asset Management Company Limited, the Schemes’ asset manager. Our responsibility is to express an opinion on these financial statements based on our audit.

Name of the Scheme Period covered by revenue account and cash flow statement Balance Sheet date

Axis Mutual Fund - Axis Fixed Term Plan - Series 3 (3 Months) 9 June 2010 to 8 September 2010 8 September 2010

Axis Mutual Fund - Axis Fixed Term Plan - Series 4 (3 Months) 16 June 2010 to 15 September 2010 15 September 2010

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. We report that:

i. 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.

ii. The balance sheets, revenue accounts and cash flow statements, dealt with by this report are in agreement with the books of account.

iii. In our opinion, the balance sheets and revenue accounts dealt with by this report have been prepared in conformity with the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’).

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

a) in the case of the balance sheets, of the state of affairs of the Schemes as at the dates mentioned above;

b) in the case of the revenue accounts, of the surplus for the period as mentioned above; and

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

For S. R. Batliboi & Co. Firm Registration No. 301003EChartered Accountants

per Surekha GraciasPartner Membership No: 105488

Mumbai, 4 July 2011

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(All amounts in thousands of Rupees) Axis Fixed Term Plan-Series 3

(3 Months) Axis Fixed Term Plan - Series 4

(3 Months) Schedule June 9, 2010 to

September 8, 2010June 16, 2010 to

September 15, 2010INCOMEInterest 2(d) & 8 12,639 3,343 Total 12,639 3,343 EXPENSES AND LOSSESManagement fee 9 29 6 Trusteeship fee 9 8 2 Custodian service charges 17 4 Registrar service charges 41 39 Commission to distributors 38 15 Audit fee 44 44 Listing fee 18 18 Other operating expenses 20 5 Less: Expenses reimbursed/to be reimbursed by AMC

(15) (80)

Total 200 53 Surplus for the period 12,439 3,290 Income distribution on capital account (6,423) (2,695)Income-tax on distributed income (1,258) (594)Surplus transferred to the balance sheet 4 4,758 1

Revenue Account

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








U.R. BhatDirector





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



June 9, 2010 To September 8, 2010 June 16, 2010 To September 15, 2010A. Cashflow from operating activity

Net Surplus for the period 12,439 3,290 Adjustments for:-Net current assets (15) (80)Net current liabilities 125 84 Net cash used in operations ( A ) 12,549 3,294

B Cashflow from financing activityIncrease in unit capital 786,750 202,389 Dividend paid (including tax thereon) - - Net cash generated from financing activities ( B ) 786,750 202,389 Net Increase/(Decrease) in Cash and Cash Equivalents (A+B) 799,299 205,683 Cash and Cash Equivalents as at the close of the period 799,299 205,683 Component of cash and cash equivalents September 8, 2010 September 15, 2010Balances with banks in current accounts 4 13 Collateralised lending 799,295 205,670

As per our report of even date.








U.R. BhatDirector





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SCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2011(All amounts in thousands of Rupees unless specified otherwise)

1. BACKGROUND

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

In accordance with the Securities and Exchange Board of India (‘SEBI’) (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’), the Board of Directors of Axis Mutual Fund Trustee Limited (‘the Trustee’) has appointed Axis Asset Managenent Company Limited (‘the AMC’) to manage the Fund’s affairs and operate its Schemes. The key features of the schemes of Axis Mutual Fund are as below:

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

Scheme Name Type of Scheme Investment objective of the Scheme NFO Open

NFO Close

Plans

Axis Fixed Term Plan-Series 3 (3 Months) Close ended debt scheme The Scheme endeavours to generate returns through a portfolio of debt and money market instruments that are maturing on or before the maturity of the respective plan(s).

June 8,2010

to June 8, 2010

Growth

Dividend

Axis Fixed Term Plan - Series 4 (3 Months) Close ended debt scheme The Scheme endeavours to generate returns through a portfolio of debt and money market instruments that are maturing on or before the maturity of the respective plan(s).

June 8, 2010

to

June 15, 2010

Growth

Dividend

Axis Fixed Term Plan-Series 3 (3 Months) and Axis Fixed Term Plan - Series 4(3 Months) matured on September 8, 2010 and September 15, 2010 respectively. The financial statements are as on the maturity date.

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

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

(a) Determination of net asset value (‘NAV’)

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

For reporting the net asset value within the portfolio, the Scheme’s daily income earned, including realised profit or loss and unrealised gain or loss in the value of investments, and expenses incurred, are allocated to the related plans in proportion to their respective daily net assets arrived at by multiplying day-end outstanding units by previous day’s closing NAV.

(b) Unit capital

Unit capital represents the net outstanding units at the balance sheet date, thereby reflecting all transactions relating to the period ended on that date. Upon issue and redemption of units, the net premium or discount to the face value of units is adjusted against the unit premium reserve of each Plan.

(c) Investments

Accounting for investment

Purchase and sale of investments are recorded on the date of transaction at cost and sale price respectively, after considering all transaction costs like brokerage, commission, charges paid to Clearing Corporation of India Limited and fees payable, if any.

Valuation of investments

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

Prior to July 30, 2010, all quoted debt investments (other than thinly traded), were valued at the closing traded price as at the valuation date.

Pursuant to SEBI circular dated February 2, 2010, with effect from July 30, 2010, all quoted debt investments (other than thinly traded) are valued at the weighted average traded price as at the valuation date.

Prior to July 30, 2010, all money market instruments, floating rate bonds and debt securities (having maturity upto 182 days) not traded, were valued at amortised cost based on purchase price or last traded price, which includes discount / premium accrued on a straight line basis over the period to maturity.

Prior to July 30, 2010, all money market instruments, floating rate bonds and debt securities (having maturity more than 182 days) not traded, were stated at their fair value as determined by the AMC in accordance with the SEBI Regulations and related circulars, based on the average of the comparative yields released by CRISIL and ICRA, as suggested by the Association of Mutual Funds in India (‘AMFI’).

Pursuant to SEBI circular dated February 2, 2010, with effect from July 30, 2010, all non-traded / thinly traded money market securities, floating rate bonds and debt securities having maturity up to 91 days are valued at amortised cost based on purchase price or last traded price, which includes discount / premium accrued on a straight line basis over the period to maturity.

Pursuant to SEBI circular dated February 2, 2010, with effect from July 30, 2010, all non-traded / thinly traded money market securities, floating rate securities and debt securities over 91 days to maturity are valued using the average of the yields released by CRISIL and ICRA, as suggested by AMFI.

Accounting policy for valuation of debt and money market securities has been changed with effect from July 30, 2010, as prescribed by SEBI vide circular dated February 2, 2010 and circular dated June 21, 2010. Impact of this change in accounting policy is not ascertainable.

(d) Revenue recognition

Interest income is recognised on an accrual basis.

Profit or loss on sale/redemption of investments is determined on the basis of the weighted average cost method.

(e) Cash and cash equivalent

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

Schedules

Trustee Report

Trustee Report

8

Axis Fixed Term Plan-Series 3 (3 Months) Axis Fixed Term Plan - Series 4 (3 Months)

September 8, 2010Face Value Rs. 10

September 15, 2010Face Value Rs. 10

Quantity Amount Quantity Amount

3. Unit Capital

Growth

Issued during new fund offer 30,093,769.252 300,938 14,500.000 145

Outstanding, end of period 30,093,769.252 300,938 14,500.000 145

Dividend

Issued during new fund offer 48,581,194.097 485,812 20,224,402.807 202,244

Outstanding, end of period 48,581,194.097 485,812 20,224,402.807 202,244

Total

Issued during new fund offer 78,674,963.349 786,750 20,238,902.807 202,389

Outstanding, end of period 78,674,963.349 786,750 20,238,902.807 202,389



September 8, 2010 September 15, 2010

4. RESERVES AND SURPLUS

Retained surplus

Surplus transferred from revenue account 4,758 1

Balance, end of period 4,758 1

Total reserves 4,758 1

The share of the plans in reserves and surplus is as follows:

Growth 4,758 1

Dividend # - # -

4,758 1

# Amount less than Rs. 0.5 thousand

5. CURRENT LIABILITIES

Dividend payable on units 6,423 2,695

Dividend distribution tax payable 1,258 594

Commission to distributors payable 29 7

Other current liabilities 96 77

7,806 3,373

6. INVESTMENTS - -

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

(ii) The aggregate value of investments acquired and sold/redeemed during the period and these amounts as a percentage of average daily net assets are as follows:



June 9, 2010 to

September 8, 2010

June 16, 2010 to

September 15, 2010

Purchases (excluding collateralised lending, fixed deposits, futures and options) - amount 1,363,231 442,541

- as a percentage of average daily net assets 171.92% 216.90%

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

- amount 1,375,395 445,801

- as a percentage of average daily net assets 173.45% 218.50%

(iii) The aggregate purchases made by the Scheme during the current and previous period and the fair value of such investments as at March 31, 2011 in companies which have invested in any scheme of the Fund in excess of five per cent of that scheme’s net assets are provided in Attachment I.

Schedules

Trustee Report

Trustee Report

9

Axis Fixed Term Plan-

Series 3 (3 Months)

Axis Fixed Term Plan -

Series 4 (3 Months)September 08, 2010 September 15, 2010

7. OTHER CURRENT ASSETSBalances with banks in current accounts 4 13Amount due from AMC 15 80Collateralised lending 799,295 205,670

799,314 205,763June 9, 2010

to September 8, 2010

June 16, 2010 to

September 15, 20108. INTEREST

Money market instruments 12,143 3,259Debentures and bonds 218 12Collateralised lending 278 72

12,639 3,343

9. MANAGEMENT AND TRUSTEESHIP FEE

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



Management fee at annualised average rate 0.01% 0.01%

The Schemes pay fees for Trusteeship services under an agreement with the Trustee, aggregating Rs. 100,000 per month (excluding service tax),subject to the ceiling of 0.10% per annum, which is apportioned to all the Schemes on the basis of their monthly average net assets.

10. INCOME AND EXPENDITURE

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



June 9, 2010 to

September 8, 2010

June 16, 2010 to

September 15, 2010Income- amount 12,639 3,343- as a percentage of average daily net assets 6.32% 6.50%Expenditure (excluding provision for net unrealised loss and realised loss on sale of investments)- amount 200 53- as a percentage of average daily net assets 0.10% 0.10%

11. RELATED PARTY TRANSACTIONS

(i) Axis Fixed Term Plan-Series 3 (3 Months), Axis Fixed Term Plan - Series 4(3 Months) has entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on ‘Related Party Disclosures’ issued by the Institute Of Chartered Accountants Of India is provided below;

(a) Related party relationships

Name Description of relationship

Axis Bank Limited Sponsor of the Fund

Axis Mutual Fund Trustee Limited Trustee of the Fund

Axis Asset Management Company Limited The Scheme’s asset manager

Schemes of the Fund, under common control of the Sponsor

Axis Equity Fund

Axis Tax Saver Fund

Axis Liquid Fund



Axis Fixed Term Plan - Series 1 (384 days)



Axis Fixed Term Plan-Series 11 (371 Days)

Axis Fixed Term Plan - Series 12 (367 days )



Axis Income Saver

Axis Midcap Fund

Axis Gold ETF

(b) Interescheme transactions covered by Accounting Standard-18 are provided in Attachement 2.

Schedules

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10

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

Axis Fixed Term Plan-Series

3 (3 Months)

Axis Fixed Term Plan-Series

3 (3 Months)



Name of Related Party Nature of transactions Period ended September 08,

2010

Balance as atSeptember 08,

2010

Period ended September 15,

2010

Balance as at September 15,

2010

Axis Mutual Fund Trustee Limited Fees for trusteeship services 8 3 2 # -

Axis Asset Management Company Limited

Fees for investment management services

29 - 6 -

Axis Asset Management Company Limited

Receivable for other expenses 15 15 80 80

Axis Bank Limited Bank charges 2 # - # - # -

Axis Bank Limited Commission paid on distribution of units

# - - # - -


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


Series 3 (3 Months)


Period ended September 08, 2010

Period ended September 15, 2010

Axis Bank Limited

Bank charges 2 # -

Commission paid on distribution of units # - # - # Amount less than Rs. 0.5 thousand

12. Investments made during the period in the sponsor company and its group companies at cost is NIL.

13. NET ASSET VALUE

Rupees

Plans Axis Fixed Term Plan-Series 3 (3 Months)


September 8, 2010 September 15, 2010

Face Value Rs. 10 Face Value Rs. 10

Growth Option 10.1581 10.1627

Dividend Option 10.0000 10.0000


The net asset value disclosed above represents the computed NAV as on the balance sheet date and not the last declared NAV.

14. CONTINGENT LIABILITY

Contingent liabilities as date of balance sheet : NIL

15. SEGMENT REPORTING

Axis Fixed Term Plan-Series 3 (3 Months) and Axis Fixed Term Plan - Series 4 (3 Months) operate in one segment only viz. to primarily generate attractive returns from a diverse and actively managed portfoilio of debt and money market instruments.

16. PRIOR PERIOD COMPARATIVES

As these are the first financial statements of the Schemes since the date of launch, there are no prior period comparatives.









U.R. BhatDirector





Schedules

Trustee Report

Trustee Report

11

Attachment 2

Interescheme transactions covered by Accounting Standard-18


Name of Related Party Nature of transactions Period ended March 31, 2011 Balance as at March 31, 2011

Axis Liquid Fund Purchase of investments 159,771 -

Sale of investments - -

Axis Treasury Advantage Fund Purchase of investments 355,755 -

Sale of investments 60,375 -

Axis Fixed Term Plan-Series 4 (3 MONTHS)


Axis Liquid Fund Purchase of investments 40,548 -

Axis Liquid Fund Sale of investments 48,781 -

Axis Treasury Advantage Fund Purchase of investments 211,444 -

Axis Treasury Advantage Fund Sale of investments 80,470 -

To the Trustee of

AXIS MUTUAL FUND1. We have audited the attached balance sheets of the schemes mentioned below (collectively ‘the Schemes’) as at 31 March 2011 and also the revenue accounts and cash

flow statements, where applicable, for the period as mentioned below, annexed thereto. These financial statements are the responsibility of the management of Axis Asset Management Company Limited, the Schemes’ asset manager. Our responsibility is to express an opinion on these financial statements based on our audit.

Name of the Scheme Period covered by revenue account and cash flow statement, where applicable

Name of the Scheme Period covered by revenue account and cash flow statement, where applicable

Axis Mutual Fund - Axis Liquid Fund

1 April 2010 to 31 March 2011 Axis Mutual Fund – Axis Fixed Term Plan – Series 1 (384 days)

1 April 2010 to 31 March 2011

Axis Mutual Fund – Axis Treasury Advantage Fund


18 January 2011 to 31 March 2011

Axis Mutual Fund – Axis Short Term Fund


9 February 2011 to 31 March 2011

Axis Mutual Fund – Axis Income Saver

16 July 2010 to 31 March 2011 Axis Mutual Fund – Axis Fixed Term Plan – Series 13 (370 days)

23 March 2011 to 31 March 2011


3. We report that:


ii. The balance sheets, revenue accounts and cash flow statements, where applicable, dealt with by this report are in agreement with the books of account.


iv. 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 2011 are in accordance with the SEBI Regulations and other guidelines issued by the Securities and Exchange Board of India as applicable and approved by the Board of Directors of Axis Mutual Fund Trustee Limited, and are fair and reasonable.

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

a) in the case of the balance sheets, of the state of affairs of the Schemes as at 31 March 2011;

b) in the case of the revenue accounts, of the surplus for the period as mentioned above; and

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

For S. R. Batliboi & Co.

Firm Registration No. 301003E

Chartered Accountants

per Surekha GraciasPartner

Membership No: 105488

Mumbai, 4 July 2011

Consolidated Auditors’ Report

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12

(All amounts in thousands of Rupees)Axis Liquid

FundAxis Liquid

FundAxis Treasury Advantage

Fund

Axis Treasury Advantage

Fund




Series 1 (384 Days)


Series 1 (384 Days)


Series 11 (371 Days)


Series 12 (367 days )


Series 13 (370 days )

Axis Income Saver

Schedule March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2011 March 31, 2011 March 31, 2011

SOURCES OF FUNDS

Unit capital 2(b) & 3 13,002,389 3,378,818 5,031,330 10,839,337 2,420,032 1,406,645 902,481 902,481 426,541 112,482 2,728,685 4,255,013

Reserves and surplus 2(b) & 4 1,037,820 45,536 78,235 80,111 42,013 7,247 64,426 3,897 7,871 1,866 21,788 116,202

Current liabilities 5 16,781 361,420 64,001 11,845 3,754 1,419 434 89 571 57 87 38,242

14,056,990 3,785,774 5,173,566 10,931,293 2,465,799 1,415,311 967,341 906,467 434,983 114,405 2,750,560 4,409,457


Investments 2(c), 6 & 19 13,988,129 3,458,457 4,565,575 10,503,037 2,457,437 1,375,900 960,759 906,055 434,817 114,217 2,750,393 4,231,263

Deposits 7 - - 400,000 - - - - - - - - 120,000

Other current assets 8 68,861 327,317 207,991 428,256 8,362 39,411 6,582 412 166 188 167 58,194

14,056,990 3,785,774 5,173,566 10,931,293 2,465,799 1,415,311 967,341 906,467 434,983 114,405 2,750,560 4,409,457









U.R. BhatDirector





Balance Sheet

Revenue Account(All amounts in thousands of Rupees)

Axis Liquid Fund Axis Liquid Fund Axis Treasury Advantage Fund




Axis Fixed Term Plan - Series 1

(384 Days)


(384 Days)

Axis Fixed Term Plan-Series 11 (371

Days)


(367 days )


(370 days )

Axis Income Saver

Schedule April 1, 2010to

March 31, 2011

October 09, 2009 to

March 31, 2010

April 1, 2010 to

March 31, 2011

October 09, 2009 to

March 31, 2010

April 1, 2010 to

March 31, 2011

January 22, 2010 to

March 31, 2010

April 1, 2010to

March 31, 2011

March 17, 2010 to

March 31, 2010

January 18, 2011 to

March 31, 2011

February 9, 2011 to

March 31, 2011

March 23, 2011 to

March 31, 2011

July 16, 2010to

March 31, 2011INCOMEDividend 2(d) - - - - - - - - - - - 7,044Interest 2(d) & 9 1,642,980 53,763 749,612 486,410 215,304 28,201 66,633 3,973 8,702 1,565 5,822 182,071

Profit on sale/redemption of investments (inculding F&O), net

2(d) 7,956 - 4,436 - - - - - - - - 24,068

Profit on inter-scheme transfer/sale of investments, net 2(d) 340 - - - - - - - - - - -Other Income 142 - - - 238 - - - - - - -Total 1,651,418 53,763 754,048 486,410 215,542 28,201 66,633 3,973 8,702 1,565 5,822 213,183EXPENSES AND LOSSESProvision for net unrealised loss in value of investments

2(c) & 6(ii) - - 15 - (38) 59 57 - - - - 2,103

Loss on sale/redemption of investments, net 2(d) - 1,765 - 13,969 22,460 8,098 - - - - - -Loss on inter-scheme transfer/sale of investments, net 2(d) - 1,331 2,561 7,526 3,639 - 15 - 59 2 - 7,210Management fee 10 44,214 1,294 20,228 11,340 9,806 1,594 1,402 56 884 - - 33,044Trusteeship fee 10 455 137 365 1,105 66 50 26 4 1 # - 1 79Custodian service charges 3,527 206 2,011 1,573 443 75 77 3 7 1 6 596Registrar service charges 6,118 415 3,927 3,411 1,221 242 133 8 33 19 11 1,635Commission to distributors 11,673 794 12,684 9,674 7,560 1,503 - - - - - 21,261Audit fee 319 52 364 536 231 45 47 11 45 44 46 203Marketing expenses 41 - 40 - 27 - - - - - - 3,362Listing fee - - - - - - 56 12 147 122 178 -Other operating expenses 7,920 289 4,745 1,434 1,468 173 196 6 94 # - 12 4,361Less: Expenses reimbursed/to be reimbursed by AMC (667) (408) (24) (1,925) (553) (32) (66) (24) (78) (164) (152) (328)Total 73,600 5,875 46,916 48,643 46,330 11,807 1,943 76 1,192 24 102 73,526Surplus for the year/period 1,577,818 47,888 707,132 437,842 169,212 16,394 64,690 3,897 7,510 1,541 5,720 139,657Equalisation (debit) / credit 2(e) (314,971) 13,473 (263,982) (185,869) (45,839) (4,699) - - - - - (3,145)Income distribution on capital account (212,957) (12,332) (368,990) (140,835) (76,436) (3,649) (3,436) - (31) (3) - (32,382)Income-tax on distributed income (58,950) (3,493) (75,955) (31,027) (14,300) (800) (725) - (4) # - - (4,905)Surplus transferred to the balance sheet 4 990,940 45,536 (1,795) 80,111 32,637 7,246 60,529 3,897 7,475 1,538 5,720 99,225









U.R. BhatDirector





Trustee Report

Trustee Report

13

(All amounts in thousands of Rupees)Axis Fixed Term Plan - Series 1

(384 Days)


(384 Days)

Axis Fixed Term Plan-Series 11

(371 Days)


(367 days )


(370 days )April 1, 2010 to March 31, 2011

March 17, 2010 to March 31, 2010

January 18, 2011 to March 31, 2011

February 9, 2011 to March 31, 2011

March 23, 2011 to March 31, 2011

A. Cashflow from operating activityNet Surplus for the year/period 64,690 3,897 7,510 1,541 5,720Adjustments for:-Provision for unrealised loss in value of investments 57 - - -Increase in investments at cost (54,761) (906,055) (434,421) (113,889) (2,734,325)Increase in other current assets (5,842) (359) (78) (164) (152)Increase in current liabilities 127 89 567 57 87Net cash used in operations (A) 4,271 (902,428) (426,422) (112,455) (2,728,670)

B Cashflow from Financing ActivitiesIncrease in unit capital - 902,481 426,541 112,482 2,728,685Dividend paid (including tax thereon) (3,943) - (31) (3) -Net cash generated from financing activities (B) (3,943) 902,481 426,510 112,479 2,728,685Net Increase/(Decrease) in Cash and Cash Equivalents (A+B) 328 53 88 24 15Cash and Cash Equivalents as at the beginning of the year 53 -Cash and Cash Equivalents as at the close of the period 381 53 88 24 15Component of cash and cash equivalents March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2011 March 31, 2011Balances with banks in current accounts 1 - 1 - -

Collateralised lending 380 53 87 24 15









U.R. BhatDirector





Cash Flow Statement

SchedulesSCHEDULES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2011(All amounts in thousands of Rupees unless specified otherwise)1. BACKGROUND


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


Scheme Name Type of Scheme Investment objective of the Scheme NFO Open NFO Close

Plans / options

Axis Liquid Fund 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.

October 8, 2009 to

October 8, 2009

Retail Growth Retail Daily Dividend Retail Weekly Dividend Retail Monthly Dividend Institutional Growth Institutional Daily Dividend Institutional Weekly Dividend Institutional Monthly Dividend


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.

October 8, 2009 to

October 8, 2009

Retail Growth Retail Daily Dividend Retail Weekly Dividend Retail Monthly Dividend Institutional Growth Institutional Daily Dividend Institutional Weekly Dividend Institutional Monthly Dividend

Axis Short Term Fund 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.

January 19, 2010 to

January 20, 2010

Retail Growth Retail Regular Dividend Retail Monthly Dividend Institutional Growth Institutional Regular Dividend Institutional Monthly Dividend

Axis Fixed Term Plan - Series 1 (384 Days)

Close ended debt scheme To generate returns through a portfolio of debt and money market instruments that are maturing on or before the maturity of the respective plan(s).

February 25, 2010 to

March 8, 2010

Retail Growth Retail Dividend Retail Quarterly Dividend Institutional Growth Institutional Dividend Institutional Quarterly Dividend



January 3, 2011 to

January 12, 2011

Growth Dividend Quarterly Dividend

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14

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements are prepared on the accrual basis of accounting, under

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

(a) Determination of net asset value (‘NAV’) The net asset value of the units are determined separately for the units

issued under the Plans and Options. For reporting the net asset value within the portfolio, the Scheme’s daily

income earned, including realised profit or loss and unrealised gain or loss in the value of investments, and expenses incurred, are allocated to the related plans/options in proportion to their respective daily net assets arrived at by multiplying day-end outstanding units by previous day’s closing NAV.

(b) Unit capital Unit capital represents the net outstanding units at the balance sheet date,

thereby reflecting all transactions relating to the period ended on that date. Upon issue and redemption of units, the net premium or discount to the

face value of units is adjusted against the unit premium reserve of each Plan / Option.

(c) Investments Accounting for investment Purchase and sale of investments are recorded on the date of transaction

at cost and sale price respectively, after considering all transaction costs like brokerage, commission, charges paid to Clearing Corporation of India Limited and fees payable, if any.

Right entitlements are recognised as investments on the ex-rights date. Bonus entitlements are recognised as investments on the ex-bonus date. Valuation of investments Investments in equity shares / warrants / equity futures / equity options

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

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

Prior to September 1, 2010, government securities were valued at the prices released by an agency (CRISIL), as suggested by the Association of Mutual Funds in India (‘AMFI’).

Pursuant to the AMFI notification dated June 8, 2010, with effect from, September 1, 2010, government securities are valued at the average of the prices released by CRISIL and ICRA, as suggested by AMFI, on the basis of the valuation principles laid down by SEBI.


Collateralised lending Prior to July 30, 2010, all quoted debt investments (other than thinly traded), were valued at the closing traded price as at the valuation date.


Prior to July 30, 2010, all money market instruments, floating rate bonds

and debt securities (having maturity upto 182 days) not traded, were valued at amortised cost based on purchase price or last traded price, which includes discount / premium accrued on a straight line basis over the period to maturity.





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

(d) Revenue recognition Dividend income is recognised on the ex-dividend date. Interest income is recognised on an accrual basis. Profit or loss on sale/redemption of investments is determined on the basis

of the weighted average cost method. (e) Equalisation account In case of open ended schemes, when units are issued or redeemed, the

distributable surplus (excluding unit premium reserve, but including balance of distributable surplus at the beginning of the year) as on the date of the transaction is determined. Based on the number of units outstanding on the transaction date, the distributable surplus (excluding unit premium reserve, but including balance of distributable surplus at the beginning of the year) associated with each unit is computed. The per unit amount so determined is credited / debited to the equalisation account on issue / redemption of each unit respectively.

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

(f) Load In accordance with SEBI circular no. SEBI/IMD/CIR No. 4/ 168230/09 dated

June 30, 2009 with effect from August 1, 2009 exit load collected in excess of 1% of the redemption proceeds is credited to the scheme as income. Load other than the above is utilized to pay commission to distributors and other marketing and selling expenses in accordance with SEBI guidelines. Any surplus is treated as income as and when considered appropriate.

(g) Cash and cash equivalent Cash and cash equivalents include balances with banks in current accounts,

deposits placed with scheduled banks (with an original maturity of up to three months) and collateralised lending (including reverse repurchase transactions).

SchedulesAxis Fixed Term Plan - Series 12 (367 days )


February 3, 2011 to

February 8, 2011




March 14, 2011 to

March 22, 2011


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

May 24, 2010 to

June 21, 2010

Growth Quarterly Dividend Half Yearly Dividend Annual Dividend


3. Unit Capital

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

Scheme Name March 31, 2011 March 31, 2010No. of Investors Holding as

% to Net AssetsNo. of Investors Holding as

% to Net AssetsAxis Liquid Fund - Institutional Growth 1 28.50% - - Axis Treasury Advantage Fund - Institutional Daily Dividend - - 1 34.12%

Trustee Report

Trustee Report

15

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Rede

emed

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ing

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year

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968,

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760

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78,1

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16,3

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Outst

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185

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748

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Issue

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Rede

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748

Reta

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ily D

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Issue

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2,79

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9.58

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Rede

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Issue

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Rede

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Rede

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Issue

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Schedules

Trustee Report

Trustee Report

16

3.Un

it Ca

pita

lAx

is Li

quid

Fun

d **

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Liqu

id F

und

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Trea

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Rede

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Outst

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Inst

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Rede

emed

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376,

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3,76

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905

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Rede

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64,7

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Outst

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820,

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Rede

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Outst

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Inst

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Rede

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Outst

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12,0

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Outst

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Schedules

Trustee Report

Trustee Report

17

3.Un

it Ca

pita

lAx

is Fi

xed

Term

Pla

n - S

erie

s 1 (3

84

Days

)Ax

is Fi

xed

Term

Pla

n - S

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s 1 (3

84

Days

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is Fi

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Term

Pla

n-Se

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1 (3

71

Days

)Ax

is Fi

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Term

Pla

n - S

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s 12

(367

day

s )Ax

is Fi

xed

Term

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n - S

erie

s 13

(370

day

s )Ax

is In

com

e Sa

ver

Mar

ch 3

1, 2

011

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ch 3

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ch 3

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011

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ch 3

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Face

Val

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Val

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Rede

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000

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Schedules

Trustee Report

Trustee Report

18

Axis

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4.RE

SERV

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US

Unit

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Balan

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Net p

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Bala

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Unre

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266

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Reta

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Schedules

Trustee Report

Trustee Report

19

Axis

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Uncla

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Appl

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Equi

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Cert

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34

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1,9

03

Schedules

Trustee Report

Trustee Report

20

(iii)

The

aggr

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e va

lue

of in

vest

men

ts a

cqui

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and

sold

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- -

- -

- 0.

02%

Sale

s (ex

cludi

ng co

llate

ralis

ed

lend

ing,

fixe

d de

posit

s, fu

ture

s an

d op

tions

)

- am

ount

315

,304

,303

2

8,44

9,74

3 2

05,7

09,7

82

109

,046

,088

2

0,17

3,31

3 4

,959

,873

8

83,8

40

850

,838

6

5,41

1 6

6,81

4 -

24,

744,

475

- as

a p

erce

ntag

e of

ave

rage

dail

y ne

t ass

ets

1479

.45%

1089

.73%

1702

.37%

518.

68%

753.

47%

206.

89%

94.5

4%94

.00%

15.2

3%59

.07%

- 54

7.09

%

Sale

s (in

dex

/ sto

ck fu

ture

s)

- am

ount

- -

- -

- -

- -

- -

- 5

58,2

14

- as

a p

erce

ntag

e of

ave

rage

dail

y ne

t ass

ets

- -

- -

- -

- -

- -

- 12

.34%

Sale

s (in

dex

/ sto

ck o

ptio

ns)

- am

ount

- -

- -

- -

- -

- -

- 9

84

- as

a p

erce

ntag

e of

ave

rage

dail

y ne

t ass

ets

- -

- -

- -

- -

- -

- 0.

02%

(iv)

The

aggr

egat

e pu

rcha

ses m

ade

by th

e sc

hem

es d

urin

g th

e cu

rrent

and

pre

viou

s per

iod

and

the

fair

valu

e of

such

inve

stm

ents

as a

t Mar

ch 3

1, 2

011

in co

mpa

nies

whi

ch h

ave

inve

sted

in a

ny sc

hem

e of

the

Fund

in e

xces

s of fi

ve p

er ce

nt o

f tha

t sch

eme’s

net

as

sets

are

pro

vide

d in

Att

achm

ent I

.

Axis

Liqu

id F

und

Axis

Liqu

id F

und

Axis

Trea

sury

Ad

vant

age

Fund

Axis

Trea

sury

Ad

vant

age

Fund

Axis

Shor

t Ter

m

Fund

Axis

Shor

t Ter

m

Fund

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

(3

84 D

ays)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

(3

84 D

ays)

Axis

Fixe

d Te

rm

Plan

-Ser

ies 1

1 (3

71 D

ays)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

2 (3

67 d

ays )

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

3 (3

70 d

ays )

Axis

Inco

me

Save

r

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

(v)

Aggr

egat

e fa

ir va

lue

of

non

trad

ed in

vest

men

ts a

s on

Mar

ch 3

1, 2

011

valu

ed in

goo

d fa

ith (v

alue

as o

n M

arch

31,

201

0 ex

clude

s Cer

tifica

te o

f dep

osit

& Co

mm

ercia

l pap

er)

13,

988,

129

70,

000

4,5

65,5

75

500

,000

2

,457

,437

4

07,3

17

960

,759

8

0,00

0 4

34,8

17

114

,217

2

,750

,393

3

,552

,236

Schedules

Trustee Report

Trustee Report

21

Axis

Liqu

id F

und

Axis

Liqu

id F

und

Axis

Trea

sury

Ad

vant

age

Fund

Axis

Trea

sury

Ad

vant

age

Fund

Axis

Shor

t Ter

m

Fund

Axis

Shor

t Ter

m

Fund

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

(3

84 D

ays)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

(3

84 D

ays)

Axis

Fixe

d Te

rm

Plan

-Ser

ies 1

1 (3

71 D

ays)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

2 (3

67 d

ays )

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

3 (3

70 d

ays )

Axis

Inco

me

Save

r

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

7.DE

POSI

TS

Depo

sit w

ith sc

hedu

led b

ank

- -

400

,000

-

- -

- -

- -

- 1

20,0

00

- -

400

,000

-

- -

- -

- -

- 1

20,0

00

8.O

THER

CUR

RENT

ASS

ETS

Balan

ces w

ith b

anks

in cu

rrent

ac

coun

ts 1

67

89

9,9

94

661

4

,450

1

90

1

- 1

-

- 1

,286

Sund

ry d

ebto

rs fo

r uni

ts iss

ued

to in

vesto

rs:

- Lat

eral

shift

rece

ivabl

e -

- 5

,080

3

60,6

63

345

1

4 -

- -

- -

8,0

64

- Oth

ers

- -

142

,668

1

4,71

3 1

,875

1

4,97

8 -

- -

- -

1,2

21

Inte

rsche

me

rece

ivabl

e -

23

7,4

77

10,

412

- 5

,248

-

- -

- -

-

Cont

ract

s for

sale

of in

vestm

ents

- -

- -

- -

- -

- -

- -

Mar

gin

depo

sit w

ith C

learin

g Co

rpor

atio

n of

Indi

a Lim

ited

51,

050

50

30,

050

30,

050

100

-

- -

- -

- -

Outst

andi

ng a

nd a

ccru

ed in

com

e -

12

93

87

- 1

5,55

1 6

,134

3

35

- -

- 7

,170

Amou

nt d

ue fr

om A

MC

699

4

16

108

1

,925

5

57

32

67

24

78

164

1

52

453

Cash

mar

gin

mon

ey p

laced

for

deriv

ative

s -

- -

- -

- -

- -

- -

40,

000

Colla

tera

lised

lend

ing

16,

945

326

,727

1

2,52

1 9

,745

1

,035

3

,398

3

80

53

87

24

15

-

68,

861

327

,317

2

07,9

91

428

,256

8

,362

3

9,41

1 6

,582

4

12

166

1

88

167

5

8,19

4

April

1, 2

010

Oct

ober

9, 2

009

April

1, 2

010

Oct

ober

9, 2

009

April

1, 2

010

Janu

ary

22, 2

010

April

1, 2

010

Mar

ch 1

7, 2

010

Janu

ary

18, 2

011

Febr

uary

9, 2

011

Mar

ch 2

3, 2

011

July

16,

201

0to

toto

toto

toto

toto

toto

toM

arch

31,

201

1M

arch

31,

201

0M

arch

31,

201

1M

arch

31,

201

0M

arch

31,

201

1M

arch

31,

201

0M

arch

31,

201

1M

arch

31,

201

0M

arch

31,

201

1M

arch

31,

201

1M

arch

31,

201

1M

arch

31,

201

1

9.IN

TERE

ST

Mon

ey m

arke

t ins

trum

ents

1,4

16,3

91

35,

650

579

,709

3

72,6

66

183

,533

1

4,53

5 6

0,11

8 3

,639

8

,463

1

,565

4

,472

1

50,3

77

Debe

ntur

es a

nd b

onds

106

,258

1

2,74

3 1

18,7

73

93,

154

24,

160

13,

135

5,8

00

334

1

57

- -

14,

415

Fixed

dep

osits

8,2

32

- 7

,250

-

- -

- -

- -

- 5

,233

Gove

rnm

ent s

ecur

ities

(inc

ludi

ng

treas

ury b

ills)

25

620

4

47

4,3

86

2,6

39

- -

- -

- -

-

Colla

tera

lised

lend

ing

111

,743

4

,750

4

3,09

1 1

6,20

4 4

,972

5

31

715

-

82

# -

1,3

50

12,

046

Othe

rs 3

31

- 3

42

75

- -

- -

- -

- -

1,6

42,9

80

53,

763

749

,612

4

86,4

10

215

,304

2

8,20

1 6

6,63

3 3

,973

8

,702

1

,565

5

,822

1

82,0

71

# Am

ount

less

than

Rs.

0.5

thou

sand

- -

- -

- -

- -

Schedules

Trustee Report

Trustee Report

22

10.

MAN

AGEM

ENT

AND

TRUS

TEES

HIP

FEE

Th

e Sc

hem

es p

ay fe

es fo

r inv

estm

ent m

anag

emen

t ser

vices

(exc

ludi

ng se

rvice

tax)

unde

r an

agre

emen

t with

the

AMC,

whi

ch p

rovid

es fo

r com

puta

tion

of su

ch fe

e as

a p

erce

ntag

e of

Sch

eme’s

ave

rage

dail

y net

ass

ets,

afte

r exc

ludi

ng th

e ne

t ass

et va

lue

of th

e in

vestm

ents

by th

e AM

C in

the

sche

me,

the

net a

sset

valu

e of

the

inve

stmen

ts m

ade

in o

ther

sche

mes

and

fixe

d de

posit

s as a

pplic

able.

Dur

ing

the

perio

d en

ded

Mar

ch 3

1, 2

011,

the

Sche

mes

hav

e pa

id m

anag

emen

t fee

at a

nnua

lised

ave

rage

rate

as f

ollo

ws:

Axis

Liqu

id F

und

Axis

Liqu

id F

und

Axis

Trea

sury

Ad

vant

age

Fund

Axis

Trea

sury

Ad

vant

age

Fund

Axis

Shor

t Ter

m

Fund

Axis

Shor

t Ter

m

Fund

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

(3

84 D

ays)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

(3

84 D

ays)

Axis

Fixe

d Te

rm

Plan

-Ser

ies 1

1 (3

71 D

ays)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

2 (3

67 d

ays )

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

3 (3

70 d

ays )

Axis

Inco

me

Save

r

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

Man

agem

ent f

ee a

t ann

ualis

ed a

vera

ge

rate

0.21

%0.

10%

0.17

%0.

11%

0.38

%0.

35%

0.15

%0.

15%

1.03

%0.

00%

0.00

%1.

06%

The

Sche

mes

pay

fees

for T

ruste

eshi

p se

rvice

s und

er a

n ag

reem

ent w

ith th

e Tru

stee,

agg

rega

ting

Rs. 1

00,0

00 p

er m

onth

(exc

ludi

ng se

rvice

tax),

subj

ect t

o th

e ce

iling

of 0

.10%

per

ann

um, w

hich

is a

ppor

tione

d to

all t

he S

chem

es o

n th

e ba

sis o

f the

ir m

onth

ly av

erag

e ne

t ass

ets.

11.

INCO

ME

AND

EXPE

NDIT

URE

Th

e to

tal in

com

e an

d ex

pend

iture

and

thes

e am

ount

s as a

per

cent

age

of th

e sc

hem

e’s a

vera

ge d

aily n

et a

sset

s on

an a

nnua

lised

bas

is ar

e pr

ovid

ed b

elow

:Ax

is Li

quid

Fun

dAx

is Li

quid

Fun

dAx

is Tr

easu

ry

Adva

ntag

e Fu

ndAx

is Tr

easu

ry

Adva

ntag

e Fu

ndAx

is Sh

ort T

erm

Fu

ndAx

is Sh

ort T

erm

Fu

ndAx

is Fi

xed

Term

Pl

an -

Serie

s 1

(384

Day

s)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

(3

84 D

ays)

Axis

Fixe

d Te

rm

Plan

-Ser

ies 1

1 (3

71 D

ays)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

2 (3

67 d

ays )

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

3 (3

70 d

ays )

Axis

Inco

me

Save

r

April

1, 2

010 to

Mar

ch 3

1, 2

011

Oct

ober

09,

200

9 toM

arch

31,

201

0

April

1, 2

010 to

Mar

ch 3

1, 2

011

Oct

ober

09,

200

9 toM

arch

31,

201

0

April

1, 2

010 to

Mar

ch 3

1, 2

011

Janu

ary

22, 2

010 to

Mar

ch 3

1, 2

010

April

1, 2

010 to

Mar

ch 3

1, 2

011

Mar

ch 1

7, 2

010 to

Mar

ch 3

1, 2

010

Janu

ary

18, 2

011 to

Mar

ch 3

1, 2

011

Febr

uary

9, 2

011 to

Mar

ch 3

1, 2

011

Mar

ch 2

3, 2

011 to

Mar

ch 3

1, 2

011

July

16,

201

0 toM

arch

31,

201

1In

com

e -

amou

nt 1

,651

,418

5

3,76

3 7

54,0

48

486

,485

2

15,5

42

28,

201

66,

633

3,9

73

8,7

02

1,5

65

5,8

22

213

,183

-

as a

per

cent

age

of a

vera

ge d

aily n

et

asse

ts7.

75%

4.32

%6.

24%

4.85

%8.

05%

6.22

%7.

13%

10.6

8%10

.13%

9.90

%8.

63%

6.64

%

Expe

nditu

re (e

xclu

ding

pro

visio

n fo

r net

un

reali

sed

loss

and

reali

sed

loss

on

sale

of in

vestm

ents)

- am

ount

73,

600

2,7

79

44,

340

27,

148

20,

269

3,6

50

1,8

71

76

1,1

33

22

102

6

4,21

3 -

as a

per

cent

age

of a

vera

ge d

aily n

et

asse

ts0.

35%

0.22

%0.

37%

0.27

%0.

76%

0.81

%0.

20%

0.20

%1.

32%

0.14

%0.

15%

2.00

%

12.

RELA

TED

PART

Y TR

ANSA

CTIO

NS

(i)

Axis

Fixed

Term

Plan

- Se

ries 1

(384

Day

s), A

xis Fi

xed

Term

Plan

-Ser

ies 1

1 (3

71 D

ays),

Axis

Fixe

d Te

rm P

lan -

Serie

s 12

(367

day

s) an

d Ax

is Fix

ed Te

rm P

lan -

Serie

s 13

(370

day

s) ha

ve e

nter

ed in

to tr

ansa

ctio

ns w

ith ce

rtain

relat

ed p

artie

s. Th

e in

form

atio

n re

quire

d in

this

rega

rd in

ac

cord

ance

with

Acc

ount

ing

Stan

dard

18

on ‘R

elate

d Pa

rty D

isclo

sure

s’ iss

ued

by th

e In

stitu

te o

f Cha

rtere

d Ac

coun

tant

s of I

ndia

is pr

ovid

ed b

elow.

(a

) Re

late

d pa

rty

rela

tions

hips

Nam

e De

scrip

tion

of re

latio

nshi

p

Ax

is Ba

nk Li

mite

d Sp

onso

r of t

he Fu

nd

Axis

Mut

ual F

und

Truste

e Lim

ited

Truste

e of

the

Fund

Axis

Asse

t Man

agem

ent C

ompa

ny Li

mite

d Th

e Sc

hem

e’s a

sset

man

ager

The

Cent

ral D

epos

itory

Ser

vices

(Ind

ia) Lt

d As

socia

te

Sche

mes

of t

he F

und,

und

er co

mm

on co

ntro

l of t

he S

pons

or

Axis

Equi

ty Fu

nd

Axis

Tax S

aver

Fund

Axis

Liqui

d Fu

nd

Axis

Treas

ury A

dvan

tage

Fund

Axis

Shor

t Ter

m Fu

nd

Axis

Fixed

Term

Plan

- Se

ries 1

(384

Day

s)

Axis

Fixed

Term

Plan

-Ser

ies 3

(3 M

onth

s)

Axis

Fixed

Term

Plan

- Se

ries 4

(3 M

onth

s)

Axis

Fixed

Term

Plan

-Ser

ies 1

1 (3

71 D

ays)

Axis

Fixed

Term

Plan

- Se

ries 1

2 (3

67 d

ays)

Axis

Fixed

Term

Plan

- Se

ries 1

3 (3

70 d

ays)

Axis

Tripl

e Ad

vant

age

Fund

Axis

Inco

me

Save

r

Axis

Mid

cap

Fund

Axis

Gold

ETF

(b

) In

tere

sche

me

tran

sact

ions

cove

red

by A

ccou

ntin

g St

anda

rd-1

8 ar

e pr

ovid

ed in

Att

achm

ent 2

.

Schedules

Trustee Report

Trustee Report

23

(c

) Tr

ansa

ctio

ns o

ther

than

inte

rsch

eme

tran

sact

ions

cove

red

by A

ccou

ntin

g St

anda

rd-1

8:

Axis

Fixe

d Te

rm P

lan

- Ser

ies 1

(384

Day

s)Ax

is Fi

xed

Term

Pla

n-Se

ries 1

1 (3

71 D

ays)

Axis

Fixe

d Te

rm P

lan

- Ser

ies 1

2 (3

67 d

ays )

Axis

Fixe

d Te

rm P

lan

- Ser

ies 1

3 (3

70 d

ays )

Nam

e of

Rel

ated

Par

tyNa

ture

of t

rans

actio

nsYe

ar e

nded

M

arch

31,

201

1Pe

riod

ende

d M

arch

31,

201

0Ba

lanc

e as

at

Mar

ch 3

1, 2

011

Bala

nce

as a

t M

arch

31,

201

0Pe

riod

ende

d M

arch

31,

201

1Ba

lanc

e as

at

Mar

ch 3

1, 2

011

Perio

d en

ded

Mar

ch 3

1, 2

011

Bala

nce

as a

t M

arch

31,

201

1Pe

riod

ende

d M

arch

31,

201

1Ba

lanc

e as

at

Mar

ch 3

1, 2

011

Axis

Mut

ual F

und

Truste

e Lim

ited

Fees

for t

ruste

eshi

p se

rvice

s 2

6 4

1

4

1

1

#

- -

1

1

Axis

Asse

t Man

agem

ent C

ompa

ny

Limite

dFe

es fo

r inv

estm

ent m

anag

emen

t ser

vices

1,4

02

56

136

5

5 8

84

505

-

- -

-

Axis

Asse

t Man

agem

ent C

ompa

ny

Limite

dRe

ceiva

ble

for o

ther

exp

ense

s 6

6 2

4 6

7 2

4 7

8 7

8 1

64

164

1

52

152

Axis

Bank

Lim

ited

Bank

char

ges

1

# -

1

- #

- -

- -

2

2

#

Amou

nt le

ss th

an R

s. 0.

5 th

ousa

nd

(ii)

Tran

sact

ions

cove

red

by R

egul

atio

n 25

(8) o

f the

SEB

I Reg

ulat

ion

with

the

spon

sor o

r ass

ocia

te o

f the

spon

sor:

Axis

Liqu

id F

und

Axis

Liqu

id F

und

Axis

Trea

sury

Ad

vant

age

Fund

Axis

Trea

sury

Ad

vant

age

Fund

Axis

Shor

t Ter

m

Fund

Axis

Shor

t Ter

m

Fund

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

(3

84 D

ays)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

(3

84 D

ays)

Axis

Fixe

d Te

rm

Plan

-Ser

ies 1

1 (3

71 D

ays)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

2 (3

67 d

ays )

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

3 (3

70 d

ays )

Axis

Inco

me

Save

r

Year

end

ed

Mar

ch 3

1, 2

011

Perio

d en

ded

Mar

ch 3

1, 2

010

Year

end

ed

Mar

ch 3

1, 2

011

Perio

d en

ded

Mar

ch 3

1, 2

010

Year

end

ed

Mar

ch 3

1, 2

011

Perio

d en

ded

Mar

ch 3

1, 2

010

Year

end

ed

Mar

ch 3

1, 2

011

Perio

d en

ded

Mar

ch 3

1, 2

010

Perio

d en

ded

Mar

ch 3

1, 2

011

Perio

d en

ded

Mar

ch 3

1, 2

011

Perio

d en

ded

Mar

ch 3

1, 2

011

Perio

d en

ded

Mar

ch 3

1, 2

011

Axis

Bank

Lim

ited

Prof

essio

nal c

learin

g m

embe

r cha

rges

- -

- -

- -

- -

- -

- 2

2

Bank

char

ges

932

3

6 3

59

63

113

2

1

#

- #

- -

2

187

Mar

ketin

g an

d se

lling

expe

nses

31

- 2

6 -

5

- -

- -

- -

12

Com

miss

ion

paid

on

distr

ibut

ion

of u

nits

1,1

77

116

6

,054

1

,518

8

87

66

- -

- -

- 1

3,86

8

The

Cent

ral D

epos

itory

Ser

vice

s (In

dia)

Lt

d

Folio

main

tena

nce

and

corp

orat

e ac

tion

char

ges

- -

1

- #

- -

- -

68

55

67

1

#

Amou

nt le

ss th

an R

s. 0.

5 th

ousa

nd

(iii)

Subs

crip

tion

by th

e sc

hem

es in

the

issue

s lea

d m

anag

ed b

y as

socia

te co

mpa

nies

/ Sub

scrip

tion

to a

ny is

sue

of e

quity

or d

ebt o

n pr

ivat

e pl

acem

ent b

asis

whe

re th

e sp

onso

r or a

ssoc

iate

com

pani

es h

ave

acte

d as

arr

ange

r or l

ead

man

ager

.

F.Y

. 201

0-20

11

Part

icula

rsNa

me

of S

ecur

ityTy

pe o

f Sec

urity

Nam

e of

the

Sche

me

Amou

nt

Axis

Bank

Lim

ited

(Spo

nsor

)CA

IRN

INDI

A LT

DCo

rpor

ate

Bond

AXIS

SHOR

T TE

RM FU

ND 1

50,0

00

FY

200

9-10

: Nil

13.

Inve

stm

ents

mad

e du

ring

the

year

/ pe

riod

in th

e sp

onso

r com

pany

and

its g

roup

com

pani

es a

t cos

t is N

IL (P

revi

ous y

ear N

IL)

14.

Deriv

ativ

es d

isclo

sure

Th

ere

are

no o

utsta

ndin

g de

rivat

ives p

ositi

ons i

n th

e Sc

hem

es a

s at M

arch

31,

201

1 (P

revio

us ye

ar: N

IL)

Di

sclo

sure

for d

eriva

tive

trans

actio

ns a

s req

uire

d by

SEB

I circ

ular

Cir/

IMD/

DF/1

1/20

10 d

ated

Aug

ust 1

8, 2

010,

has

bee

n m

ade

for t

he p

erio

d 1s

t Oct

ober

’201

0 to

31s

t Mar

ch’2

011

in A

ttach

men

t 3.

Schedules

Trustee Report

Trustee Report

24

15.

NET

ASSE

T VA

LUE

Ru

pees

Plan

sAx

is Li

quid

Fun

dAx

is Li

quid

Fun

dAx

is Tr

easu

ry

Adva

ntag

e Fu

ndAx

is Tr

easu

ry

Adva

ntag

e Fu

nd

Axis

Shor

t Ter

m

Fund

Axis

Shor

t Te

rm F

und

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

(3

84 D

ays)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

(3

84 D

ays)

Axis

Fixe

d Te

rm

Plan

-Ser

ies 1

1 (3

71 D

ays)

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

2 (3

67 d

ays )

Axis

Fixe

d Te

rm

Plan

- Se

ries 1

3 (3

70 d

ays )

Axis

Inco

me

Save

r

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

Face

Val

ue

Rs. 1

,000

Face

Val

ue

Rs. 1

,000

Face

Val

ue

Rs. 1

,000

Face

Val

ue

Rs. 1

,000

Face

Val

ue

Rs. 1

0Fa

ce V

alue

Rs

. 10

Face

Val

ue

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alue

Rs

. 10

Face

Val

ue

Rs. 1

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ce V

alue

Rs

. 10

Face

Val

ue

Rs. 1

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ce V

alue

Rs

. 10

Grow

th O

ptio

n 1

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53

10.

1661

1

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98

10.

3636

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end

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n 1

0.18

53

10.

1661

1

0.07

98

Quar

terly

Divi

dend

Opt

ion

10.

1050

1

0.10

58

10.

0798

1

0.16

22

Half

Year

ly Di

viden

d Op

tion

10.

2125

Annu

al Di

viden

d Op

tion

10.

2104

Reta

il Gro

wth

Opt

ion

1,06

7.63

631,

003.

3715

1,06

6.92

991,

003.

2301

10.5

852

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652

10.7

612

10.0

432

Reta

il Divi

dend

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10.7

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10.0

432

Reta

il Reg

ular

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dend

Opt

ion

10.0

555

10.0

063

Reta

il Dail

y Divi

dend

Opt

ion

1,00

0.05

971,

000.

0000

1,00

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931,

000.

0000

Reta

il Wee

kly D

ivide

nd O

ptio

n1,

000.

8297

1,00

0.15

071,

000.

9547

1,00

0.26

92

Reta

il Mon

thly

Divid

end

Optio

n1,

001.

5451

1,00

0.71

561,

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6171

1,00

0.78

2810

.030

710

.034

9

Reta

il Qua

rterly

Divi

dend

Opt

ion

10.0

428

10.0

432

Insti

tutio

nal G

row

th O

ptio

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1.23

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Insti

tutio

nal R

egul

ar D

ivide

nd O

ptio

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00

Insti

tutio

nal W

eekly

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dend

Opt

ion

1,00

2.87

091,

002.

3240

1,00

1.39

421,

000.

7874

Insti

tutio

nal M

onth

ly Di

viden

d Op

tion

1,00

1.57

811,

000.

7518

1,00

2.10

531,

001.

3265

10.0

158

10.0

368

Th

e ne

t ass

et va

lue

of th

e Sc

hem

e’s u

nits

are

dete

rmin

ed se

para

tely

for u

nits

issue

d un

der t

he p

lans/o

ptio

ns a

fter i

nclu

ding

the

resp

ectiv

e un

it ca

pita

l and

rese

rves

and

surp

lus.

Th

e ne

t ass

et va

lue

disc

lose

d ab

ove

repr

esen

ts th

e co

mpu

ted

NAV

as o

n M

arch

31,

201

1, a

nd n

ot th

e las

t dec

lared

NAV

.

16.

CONT

INGE

NT L

IABI

LITY

Co

ntin

gent

liabi

lities

as o

n M

arch

31,

201

1: N

IL (P

revio

us ye

ar -

NIL).

17.

SEGM

ENT

REPO

RTIN

G

Ax

is Fix

ed Te

rm P

lan -

Serie

s 1 (3

84 D

ays),

Axis

Fixe

d Te

rm P

lan-S

eries

11

(371

Day

s), A

xis Fi

xed

Term

Plan

- Se

ries 1

2 (3

67 d

ays )

and

Axis

Fixe

d Te

rm P

lan -

Serie

s 13

(370

day

s ) o

pera

te in

one

segm

ent o

nly v

iz. to

prim

arily

gen

erat

e at

tract

ive re

turn

s fro

m a

dive

rse a

nd a

ctive

ly m

anag

ed p

ortfo

ilio o

f deb

t and

mon

ey m

arke

t ins

trum

ents.

18.

PRIO

R PE

RIO

D CO

MPA

RATI

VES

As

thes

e ar

e th

e fir

st fin

ancia

l sta

tem

ents

of A

xis Fi

xed

Term

Plan

-Ser

ies 1

1 (3

71 D

ays),

Axis

Fixe

d Te

rm P

lan -

Serie

s 12

(367

day

s ), A

xis Fi

xed

Term

Plan

- Se

ries 1

3 (3

70 d

ays )

and

Axis

Inco

me

Save

r, sin

ce th

e da

te o

f lau

nch,

ther

e ar

e no

prio

r per

iod

com

para

tives

. The

prio

r per

iod

figur

es fo

r Axis

Liqu

id Fu

nd, A

xis Tr

easu

ry A

dvan

tage

Fund

, Axis

Sho

rt Te

rm Fu

nd a

nd A

xis Fi

xed

Term

Plan

- Se

ries 1

(384

Day

s) ar

e fo

r a p

erio

d of

less

than

one

year

and

hen

ce a

re n

ot co

mpa

rabl

e to

the

curre

nt ye

ar.

Pr

ior y

ear fi

gure

s hav

e be

en re

class

ified

and

regr

oupe

d, w

here

ver a

pplic

able,

to co

nfor

m to

curre

nt ye

ar’s

pres

enta

tion.

As

per

our

repo

rt o

f ev

en d

ate.

For

S.R

. Bat

libo

i & C

o.

Firm

Reg

istr

atio

n N

o. 3

0100

3EC

hart

ered

Acc

ount

ants

For

and

on b

ehal

f of

Axi

s M

utu

al F

un

d T

rust

ee L

imit

edFo

r an

d on

beh

alf

ofA

xis

Ass

et M

anag

emen

t C

om

pan

y Li

mit

ed

per

Sure

kha

Gra

cias

Part

ner

Mem

bers

hip

No.

105

488

Ud

ay M

. Ch

ital

eD

irect

orB

. Go

pal

akri

shn

anD

irect

orR

ajiv

An

and

Man

agin

g D

irect

or &

CEO

U.R

. Bh

atD

irect

or

Mum

bai

Dat

e: J

uly

4, 2

011

Ch

and

resh

Nig

amH

ead-

Inve

stm

ents

R. S

ivak

um

arH

ead-

Fixe

d In

com

eN

inad

Des

hp

and

eFu

nd M

anag

er-F

ixed

Inco

me

Schedules

Trustee Report

Trustee Report

25

19.

SU

PPLE

MEN

TARY

INV

ESTM

ENT

POR

TFO

LIO

INFO

RM

ATI

ON

AN

D IN

DU

STRY

WIS

E C

LASS

IFIC

ATI

ON

D

etai

ls o

f in

vest

men

t po

rtfo

lio a

nd in

dust

ry w

ise

clas

sific

atio

n of

the

Sch

eme’

s in

vest

men

ts in

eac

h ca

tego

ry o

f in

vest

men

ts a

t M

arch

31,

201

1 ar

e pr

esen

ted

belo

w.

The

indu

stry

and

com

pany

exp

osur

es a

re

stat

ed a

s a

perc

enta

ge o

f th

e Sc

hem

e’s

net

asse

ts

A

xis

Liq

uid

Fu

nd

Ind

ust

ry a

nd

Co

mp

any

Part

icu

lars

Qu

anti

ty A

mo

un

t (R

s. in

000

s)

Perc

enta

ge

to N

et

Ass

ets

Perc

enta

ge

to

Inve

stm

ent

cate

go

ryC

ERTI

FIC

ATE

OF

DEP

OSI

TSB

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KS

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7 Ba

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366

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mu

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ashm

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7 M

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CO

NSU

MER

NO

N D

UR

AB

LES

500

2

44,2

49

1.74

7.25

Mar

ico

Ltd.

* 5

00

244,

249

1.7

4 7

.25

TOTA

L 6

,900

3

,373

,469

2

4.04

10

0.00

OTH

ER C

UR

REN

T A

SSET

S 6

8,86

1 0

.49

TOTA

L A

SSET

S 1

4,05

6,99

0 1

00.1

2 LE

SS: C

UR

REN

T LI

AB

ILIT

IES

16,

781

0.1

2 N

ET A

SSET

S 1

4,04

0,20

9 1

00.0

0

*

Non

tra

ded

/ thi

nly

trad

ed in

vest

men

ts

Schedules

Trustee Report

Trustee Report

26

A

xis

Trea

sury

Ad

van

tag

e Fu

nd

Ind

ust

ry a

nd

Co

mp

any

Part

icu

lars

Qu

anti

ty A

mo

un

t (R

s. in

000

s)

Perc

enta

ge

to N

et

Ass

ets

Perc

enta

ge

to

Inve

stm

ent

cate

go

ryC

ERTI

FIC

ATE

OF

DEP

OSI

TSB

AN

KS

42,

100

4,1

75,5

31

81.7

210

0.00

Alla

haba

d Ba

nk *

3,5

00

343,

772

6.73

8.23

Can

ara

Bank

* 5

,000

49

5,86

29.

7011

.88

Cen

tral

Ban

k of

Indi

a *

2,5

00

244,

975

4.79

5.87

Den

a Ba

nk *

2,5

00

245,

437

4.80

5.88

Dha

nlax

mi B

ank

Ltd.

* 2

,500

24

4,88

24.

795.

86Fe

dera

l Ban

k Lt

d. *

2,5

00

249,

574

4.88

5.98

Orie

ntal

Ban

k of

Com

mer

ce *

5,2

00

519,

270

10.1

812

.44

Sout

h In

dian

Ban

k Lt

d. *

2,3

00

229,

429

4.49

5.49

Stat

e Ba

nk o

f Bi

kane

r &

Jai

pur

* 5

,000

49

9,30

19.

7711

.96

Stat

e Ba

nk o

f M

ysor

e *

2,5

00

248,

386

4.86

5.95

Stat

e Ba

nk o

f Tr

avan

core

* 9

00

89,8

691.

762.

15U

CO

Ban

k *

3,7

00

365,

242

7.15

8.75

Uni

on B

ank

of In

dia

* 2

,500

24

9,74

44.

895.

98U

nite

d Ba

nk o

f In

dia

Ltd.

* 1

,500

14

9,78

82.

933.

58TO

TAL

42,

100

4,1

75,5

31

81.7

210

0.00

CO

MM

ERC

IAL

PAPE

RN

ON

BA

NK

ING

FIN

AN

CE

CO

MPA

NY

800

3

90,0

44

7.6

3 10

0.00

Trap

ti Tr

adin

g &

Inve

st P

vt. L

td.

* 5

00

244,

378

4.78

62.6

5M

utho

ot F

inan

ce L

td.

* 3

00

145,

666

2.85

37.3

5TO

TAL

800

3

90,0

44

7.63

100.

00FI

XED

DEP

OSI

TB

AN

KS

400

,000

,000

4

00,0

00

7.8

3 1

00.0

0 8.

50%

Ban

k of

Nov

a Sc

otia

(07/

04/2

011)

400

,000

,000

40

0,00

07.

8310

0.00

TOTA

L 4

00,0

00,0

00

400

,000

7

.83

100

.00

OTH

ER C

UR

REN

T A

SSET

S 2

07,9

91

4.0

7 TO

TAL

ASS

ETS

5,1

73,5

66

101

.25

LESS

: CU

RR

ENT

LIA

BIL

ITIE

S 6

4,00

1 1

.25

NET

ASS

ETS

5,1

09,5

65

100

.00

*

Non

tra

ded

/ thi

nly

trad

ed in

vest

men

ts

A

xis

Sho

rt T

erm

Fu

nd

Ind

ust

ry a

nd

Co

mp

any

Part

icu

lars

Qu

anti

ty A

mo

un

t (R

s. in

000

s)

Perc

enta

ge

to N

et

Ass

ets

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enta

ge

to

Inve

stm

ent

cate

go

ryC

ERTI

FIC

ATE

S O

F D

EPO

SIT

BA

NK

S 2

4,78

0 2

,457

,437

9

9.81

1

00.0

0 A

llaha

bad

Bank

* 4

,000

39

4,33

4 1

6.02

1

6.05

Ba

nk o

f M

ahar

asht

ra.

* 1

,800

17

9,82

4 7

.30

7.3

2 C

anar

a Ba

nk *

700

68

,809

2.7

9 2

.80

Cen

tral

Ban

k of

Indi

a *

2,5

00

247,

981

10.

07

10.

09

HD

FC B

ank

Ltd.

* 2

,300

22

8,60

8 9

.29

9.3

0 O

rient

al B

ank

of C

omm

erce

* 2

,500

24

7,54

2 1

0.05

1

0.07

Pu

njab

Nat

iona

l Ban

k *

4,2

80

425,

921

17.

30

17.

33

Sout

h In

dian

Ban

k Lt

d. *

2,7

00

269,

329

10.

94

10.

96

Stat

e Ba

nk o

f M

ysor

e *

500

49

,574

2.0

1 2

.02

UC

O B

ank

* 3

,500

34

5,51

5 1

4.04

1

4.06

TO

TAL

24,

780

2,4

57,4

37

99.

81

100

.00

OTH

ER C

UR

REN

T A

SSET

S 8

,362

0

.34

TOTA

L A

SSET

S 2

,465

,799

1

00.1

5 LE

SS: C

UR

REN

T LI

AB

ILIT

IES

3,7

54

0.1

5 N

ET A

SSET

S 2

,462

,045

1

00.0

0

* N

on t

rade

d / t

hinl

y tr

aded

inve

stm

ents

Schedules

Trustee Report

Trustee Report

27

A

xis

Fixe

d T

erm

Pla

n -

Ser

ies

1 (3

84 D

ays)

Ind

ust

ry a

nd

Co

mp

any

Part

icu

lars

Qu

anti

ty A

mo

un

t (R

s. in

000

s)

Perc

enta

ge

to N

et

Ass

ets

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enta

ge

to

Inve

stm

ent

cate

go

ryD

EBEN

TUR

ES A

ND

BO

ND

SPr

ivat

ely

pla

ced

/ u

nlis

ted

deb

entu

res

and

bo

nd

sN

ON

BA

NK

ING

FIN

AN

CE

CO

MPA

NY

80

79,

977

8.2

7 1

00.0

0 7.

25%

Kot

ak M

ahin

dra

Inve

stm

ents

Ltd

. *

80

79,9

77 8

.27

100

.00

TOTA

L 8

0 7

9,97

7 8

.27

100

.00

CO

MM

ERC

IAL

PAPE

RFI

NA

NC

E 3

20

159

,894

1

6.54

2

3.88

In

dia

Info

line

Ltd.

* 3

20

159,

894

16.

54

23.

88

NO

N B

AN

KIN

G F

INA

NC

E C

OM

PAN

Y 1

,020

5

09,5

95

52.

70

76.

12

ECL

Fina

nce

Ltd.

* 3

00

149,

877

15.

50

22.

39

Kot

ak M

ahin

dra

Prim

e Lt

d. *

320

15

9,87

6 1

6.53

2

3.88

Ta

ta C

apita

l Ltd

. *

400

19

9,84

2 2

0.67

2

9.85

TO

TAL

1,3

40

669

,489

6

9.24

1

00.0

0 C

ERTI

FIC

ATE

S O

F D

EPO

SIT

BA

NK

S 2

,115

2

11,2

93

21.

85

100

.00

Bank

of

Mah

aras

htra

. *

1,0

00

99,9

02 1

0.33

4

7.28

ID

BI B

ank

Ltd.

* 1

,000

99

,903

10.

33

47.

28

Punj

ab N

atio

nal B

ank

* 1

15

11,4

88 1

.19

5.4

4 TO

TAL

2,1

15

211

,293

2

1.85

1

00.0

0 O

THER

CU

RR

ENT

ASS

ETS

6,5

82

0.6

8 TO

TAL

ASS

ETS

967

,341

1

00.0

4 LE

SS: C

UR

REN

T LI

AB

ILIT

IES

434

0

.04

NET

ASS

ETS

966

,907

1

00.0

0

*

Non

tra

ded

/ thi

nly

trad

ed in

vest

men

ts

A

xis

Fixe

d T

erm

Pla

n -

Ser

ies

11 (

371

Day

s)

Ind

ust

ry a

nd

Co

mp

any

Part

icu

lars

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anti

ty A

mo

un

t (R

s. in

000

s)

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enta

ge

to N

et

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ets

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enta

ge

to

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stm

ent

cate

go

ryC

ERTI

FIC

ATE

S O

F D

EPO

SIT

BA

NK

S 4

,665

4

34,8

17

100

.09

100

.00

Can

ara

Bank

* 5

10

47,7

70 1

1.00

1

0.99

IC

ICI B

ank

Ltd.

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83

82,1

39 1

8.91

1

8.89

In

dian

Ban

k *

902

83

,988

19.

33

19.

32

Punj

ab N

atio

nal B

ank

* 5

10

47,5

56 1

0.95

1

0.94

St

ate

Bank

of

Hyd

erab

ad *

456

42

,541

9.7

9 9

.78

Stat

e Ba

nk o

f Tr

avan

core

* 7

47

69,6

05 1

6.02

1

6.01

U

nite

d Ba

nk o

f In

dia

Ltd.

* 6

57

61,2

18 1

4.09

1

4.07

TO

TAL

4,6

65

434

,817

1

00.0

9 1

00.0

0 O

THER

CU

RR

ENT

ASS

ETS

166

0

.04

TOTA

L A

SSET

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34,9

83

100

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LESS

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RR

ENT

LIA

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ITIE

S 5

71

0.1

3 N

ET A

SSET

S 4

34,4

12

100

.00

*

Non

tra

ded

/ thi

nly

trad

ed in

vest

men

ts

Schedules

Trustee Report

Trustee Report

28

A

XIS

FIX

ED T

ERM

PLA

N-S

ERIE

S 12

(36

7 D

AY

S)

Ind

ust

ry a

nd

Co

mp

any

Part

icu

lars

Qu

anti

ty A

mo

un

t (R

s. in

000

s)

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enta

ge

to N

et

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ets

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enta

ge

to

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stm

ent

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ERTI

FIC

ATE

S O

F D

EPO

SIT

BA

NK

S 1

,235

1

14,2

17

99.

89

100

.00

Can

ara

Bank

* 3

67

33,9

43 2

9.68

2

9.72

ID

BI B

ank

Ltd.

* 3

66

33,8

38 2

9.59

2

9.63

In

dian

Ove

rsea

s Ba

nk *

367

33

,943

29.

68

29.

72

Stat

e Ba

nk o

f Tr

avan

core

* 1

35

12,4

93 1

0.94

1

0.93

TO

TAL

1,2

35

114

,217

9

9.89

1

00.0

0 O

THER

CU

RR

ENT

ASS

ETS

188

0

.16

TOTA

L A

SSET

S 1

14,4

05

100

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LESS

: CU

RR

ENT

LIA

BIL

ITIE

S 5

7 0

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NET

ASS

ETS

114

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1

00.0

0

*

Non

tra

ded

/ thi

nly

trad

ed in

vest

men

ts

A

XIS

FIX

ED T

ERM

PLA

N -

SER

IES

13 (

370

DA

YS)

Ind

ust

ry a

nd

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mp

any

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lars

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anti

ty A

mo

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t (R

s. in

000

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ATE

S O

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BA

NK

S 3

0,06

2 2

,750

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9

9.99

1

00.0

0 C

anar

a Ba

nk *

5,0

00

457,

412

16.

63

16.

63

Cen

tral

Ban

k of

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a *

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00

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412

16.

63

16.

63

Bank

of

Baro

da *

3,0

62

280,

119

10.

18

10.

18

IDBI

Ban

k Lt

d. *

4,5

00

411,

469

14.

96

14.

96

Indu

sind

Ban

k Lt

d. *

2,5

00

228,

648

8.3

1 8

.31

Punj

ab &

Sin

d Ba

nk L

td.

* 2

,500

22

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8 8

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8.3

2 Sy

ndic

ate

Bank

Ltd

. *

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00

228,

648

8.3

1 8

.31

Uni

on B

ank

of In

dia

* 2

,500

22

9,16

8 8

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8.3

3 V

ijaya

Ban

k *

2,5

00

228,

649

8.3

2 8

.33

TOTA

L 3

0,06

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9

9.99

1

00.0

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THER

CU

RR

ENT

ASS

ETS

167

0

.01

TOTA

L A

SSET

S 2

,750

,560

1

00.0

0 LE

SS: C

UR

REN

T LI

AB

ILIT

IES

87

-

NET

ASS

ETS

2,7

50,4

73

100

.00

*

Non

tra

ded

/ thi

nly

trad

ed in

vest

men

ts

A

xis

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me

Save

r

Ind

ust

ry a

nd

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mp

any

Part

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lars

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anti

ty A

mo

un

t (R

s. in

000

s)

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enta

ge

to N

et

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ets

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enta

ge

to

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stm

ent

cate

go

ryD

EBEN

TUR

ES A

ND

BO

ND

SPr

ivat

ely

pla

ced

/ u

nlis

ted

deb

entu

res

and

bo

nd

sFI

NA

NC

E 1

50

149

,992

3

.43

43.

18

9.85

% L

IC H

ousi

ng F

inan

ce L

td.

* 1

50

149,

992

3.4

3 4

3.18

Li

sted

deb

entu

res

and

bond

sB

AN

KS

200

1

97,3

36

4.52

56.

82

6.55

% N

atio

nal H

ousi

ng B

ank

* 1

00

98,1

73 2

.25

28.

27

8.1%

Sm

all I

ndus

trie

s D

evel

opm

ent

Bank

of

Indi

a *

100

99

,163

2.2

7 2

8.55

TO

TAL

350

3

47,3

28

7.9

5 1

00.0

0 EQ

UIT

Y S

HA

RES

AU

TO 3

5,00

0 24

,357

0.5

6 3

.59

Tata

Mot

ors

Ltd.

35,

000

24,3

57 0

.56

3.5

9 B

AN

KS

105

,000

1

10,7

81

2.5

3 1

6.32

C

anar

a Ba

nk 3

0,00

0 18

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0.4

3 2

.77

ICIC

I Ban

k Lt

d. 3

5,00

0 39

,067

0.8

9 5

.75

Schedules

Trustee Report

Trustee Report

29

Ind

ust

ry a

nd

Co

mp

any

Part

icu

lars

Qu

anti

ty A

mo

un

t (R

s. in

000

s)

Perc

enta

ge

to N

et

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ets

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enta

ge

to

Inve

stm

ent

cate

go

ryK

otak

Mah

indr

a Ba

nk L

td.

25,

000

11,4

46 0

.26

1.6

9 St

ate

Bank

of

Indi

a 1

5,00

0 41

,480

0.9

5 6

.11

CO

NST

RU

CTI

ON

PR

OJE

CT

50,

000

9,1

33

0.2

1 1

.35

Volta

s Lt

d. 5

0,00

0 9,

133

0.2

1 1

.35

CO

NSU

MER

NO

N D

UR

AB

LES

190

,000

4

4,04

9 1

.01

6.4

9 H

indu

stan

Uni

leve

r Lt

d. 9

0,00

0 25

,839

0.5

9 3

.81

ITC

Ltd

. 1

00,0

00

18,2

10 0

.42

2.6

8 FE

RR

OU

S M

ETA

LS 5

4,89

6 3

4,15

9 0

.78

5.0

3 Ta

ta S

teel

Ltd

. 5

4,89

6 34

,159

0.7

8 5

.03

FER

TILI

SER

S 5

0,00

0 1

7,10

0 0

.39

2.5

2 Ta

ta C

hem

ical

s Lt

d. 5

0,00

0 17

,100

0.3

9 2

.52

FIN

AN

CE

160

,000

4

6,45

2 1

.06

6.8

5 H

ousi

ng D

evel

opm

ent

Fina

nce

Cor

pora

tion

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000

14,0

24 0

.32

2.0

7 In

diab

ulls

Fin

anci

al S

ervi

ces

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100

,000

15

,480

0.3

5 2

.28

A K

Cap

ital S

ervi

ces

Ltd.

40,

000

16,9

48 0

.39

2.5

0 G

AS

280

,000

79

,300

1.8

2 1

1.68

G

AIL

(Ind

ia) L

td.

80,

000

37,1

20 0

.85

5.4

7 In

drap

rast

ha G

as L

td.

100

,000

30

,000

0.6

9 4

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Petr

onet

LN

G L

td.

100

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12

,180

0.2

8 1

.79

IND

UST

RIA

L C

API

TAL

GO

OD

S 2

7,84

8 18

,991

0.4

3 2

.80

BEM

L Lt

d. 2

7,84

8 18

,991

0.4

3 2

.80

MIN

ERA

LS/M

ININ

G 9

0,00

0 3

1,18

5 0

.71

4.5

9 C

oal I

ndia

Ltd

. 9

0,00

0 31

,185

0.7

1 4

.59

OIL

100

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Schedules

Trustee Report

Trustee Report

30

Ind

ust

ry a

nd

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mp

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Part

icu

lars

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anti

ty A

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t (R

s. in

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IS F

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of

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ver

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ED T

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arch

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ch 3

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s Tr

iple

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anta

ge F

und

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hase

of

inve

stm

ents

290

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s Tr

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anta

ge F

und

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of

inve

stm

ents

65,

044

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s In

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e Sa

ver

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hase

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stm

ents

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ver

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of

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ents

368

-

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IS F

IXED

TER

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IES

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367

DA

YS)

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e o

f R

elat

ed P

arty

Nat

ure

of

tran

sact

ion

sPe

rio

d e

nd

ed M

arch

31,

201

1B

alan

ce a

s at

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ch 3

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011

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s Tr

iple

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anta

ge F

und

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hase

of

inve

stm

ents

66,

766

-

Axi

s Tr

iple

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anta

ge F

und

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of

inve

stm

ents

21,

211

-

Axi

s In

com

e Sa

ver

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hase

of

inve

stm

ents

45,

591

-

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s In

com

e Sa

ver

Sale

of

inve

stm

ents

45,

602

-

AX

IS F

IXED

TER

M P

LAN

- S

ERIE

S 13

(37

0 D

AY

S )

Nam

e o

f R

elat

ed P

arty

Nat

ure

of

tran

sact

ion

sPe

rio

d e

nd

ed M

arch

31,

201

1B

alan

ce a

s at

Mar

ch 3

1, 2

011

Axi

s In

com

e Sa

ver

Purc

hase

of

inve

stm

ents

228

,288

-

Axi

s In

com

e Sa

ver

Sale

of

inve

stm

ents

-

-

Schedules

Trustee Report

Trustee Report

31

AXIS INCOME SAVER Derivative Disclosure

A. Hedging Positions through Futures as on March 31, 2011

Underlying Long / Short Futures Price when purchased

Current price of the contract Margin maintained in Rs. Lakhs

NIL NIL NIL NIL NIL

Total %age of existing assets hedged through futures : NILFor the half year ended on March 31, 2011 following are the details of hedging transactions through futures which have been squared off/expired: Total Number of contracts where futures were bought : 600 Total Number of contracts where futures were sold : 600 Gross Notional Value of contracts where futures were bought : (Rs. in 000’s) 169,141 Gross Notional Value of contracts where futures were sold : (Rs. in 000’s) 168,407 Net Profit/(Loss) value on all contracts combined : (Rs. in 000’s) (734)

B. Other than Hedging Positions through Futures as on March 31, 2011

Underlying Long / Short Futures Price when purchased (Rs)

Current price of the contract (Rs)

Margin maintained (Rs. Lakhs)

NIL NIL NIL NIL NIL

Total exposure due to futures (non hedging positions) as a %age of net assets : NIL For the half year ended on March 31, 2011 following are the details of non-hedging transactions through futures which have been squared off/expired: Total Number of contracts where futures were bought : 130 Total Number of contracts where futures were sold : 130 Gross Notional Value of contracts where futures were bought : (Rs. in 000’s) 40,200 Gross Notional Value of contracts where futures were sold : (Rs. in 000’s) 39,483 Net Profit/(Loss) value on all contracts combined : (Rs. in 000’s) (716)

C. Hedging Positions through Put Options as on March 31, 2011

Underlying Number of Contracts Option Price when purchased

Current Option Price Current Option Price

NIL NIL NIL NIL NIL

Total % age of existing assets hedged through put options - NIL For the half year ended on March 31, 2011 following are the details of hedging transactions through options which have been exercised/expired : Total Number of contracts entered into : NIL Gross National 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, 2011

Underlying Call / put Number of contracts Option Price when purchased

Current Price

NIL NIL NIL NIL NIL

Total Exposure through options as a %age of net assets : NIL For the half year ended on March 31, 2011 following are the details of non-hedging transactions through options which have been exercised/expired : Total Number of contracts entered into : NIL Gross National Value of contracts : NIL Net Profit/Loss on all contracts (premium paid treated as loss) : NIL

E. Hedging Positions through swaps as on March 31, 2011 - NIL

Attachment 3

Trustee Report

Trustee Report

32

Balance Sheet(All amounts in thousands of Rupees)

Axis Equity Fund Axis Equity Fund Axis Tax Saver Fund

Axis Tax Saver Fund

Axis Midcap Fund


Schedule March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2011

SOURCES OF FUNDS

Unit capital 2(b) & 3 6,883,538 8,152,460 849,787 203,995 1,607,690 4,999,893

Reserves and surplus 2(b) & 4 709,219 326,656 168,770 17,283 38,387 172,246

Current liabilities 5 207,427 103,394 6,331 14,052 36,977 57,420

7,800,184 8,582,510 1,024,888 235,330 1,683,054 5,229,559


Investments 2(c), 6 & 18 7,341,688 7,491,962 957,629 166,196 1,670,799 4,949,266

Deposits 7 90,000 400,000 - - - 100,000

Other current assets 8 368,496 690,548 67,259 69,134 12,255 180,293

7,800,184 8,582,510 1,024,888 235,330 1,683,054 5,229,559









U.R. BhatDirector




Pankaj MurarkaFund Manager-Equity


Consolidated Auditors’ ReportTo the Trustee ofAXIS MUTUAL FUND

1. We have audited the attached balance sheets of the schemes mentioned below (collectively ‘the Schemes’) as at 31 March 2011 and also the revenue accounts, for the period as mentioned below, annexed thereto. These financial statements are the responsibility of the management of Axis Asset Management Company Limited, the Schemes’ asset manager. Our responsibility is to express an opinion on these financial statements based on our audit.

Name of the Scheme Period covered by revenue account Name of the Scheme Period covered by revenue account

Axis Mutual Fund - Axis Equity Fund 1 April 2010 to 31 March 2011 Axis Mutual Fund – Axis Midcap Fund 18 February 2011 to 31 March 2011

Axis Mutual Fund – Axis Tax Saver Fund 1 April 2010 to 31 March 2011 Axis Mutual Fund – Axis Triple Advantage Plan 14 July 2010 to 31 March 2011


3. We report that:


ii. The balance sheets and revenue accounts dealt with by this report are in agreement with the books of account.


iv. In our opinion, and on the basis of information and explanations given to us, the methods used to value non traded securities, where applicable, as at 31 March 2011 are in accordance with the SEBI Regulations and other guidelines issued by the Securities and Exchange Board of India as applicable and approved by the Board of Directors of Axis Mutual Fund Trustee Limited, and are fair and reasonable.

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

a) in the case of the balance sheets, of the state of affairs of the Schemes as at 31 March 2011; and

b) in the case of the revenue accounts, of the surplus for the period as mentioned above



Mumbai, 4 July 2011

Trustee Report

Trustee Report

33


Axis Equity Fund Axis Equity Fund Axis Tax Saver Fund Axis Tax Saver Fund Axis Midcap Fund Axis Triple Advantage Fund

Schedule April 1, 2010 November 16, 2009 April 1, 2010 December 29, 2009 February 18, 2011 July 14, 2010

to to to to to to March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2011

INCOMEDividend 2(d) 67,320 1,539 3,844 2 - 5,145 Interest 2(d) & 9 73,526 37,105 2,778 165 10,390 101,687 Profit on sale/redemption of investments (inculding F&O), net

2(d) 515,003 23,277 31,095 2,248 1,811 30,231

Other Income - - # - - - - Total 655,849 61,921 37,717 2,415 12,201 137,063 EXPENSES AND LOSSESProvision for net unrealised loss in value of investments

2(c) & 6(ii) - - - - 2 574

Loss on inter-scheme transfer/sale of investments, net

2(d) # - 1,585 - - - 917

Management fee 10 81,687 26,082 5,344 104 2,205 25,328 Trusteeship fee 10 228 226 11 2 3 65 Custodian service charges 2,651 964 99 4 42 550 Registrar service charges 10,366 1,894 813 20 207 1,777 Commission to distributors 41,654 8,860 496 490 1,008 24,969 Audit fee 243 209 223 3 169 201 Marketing expenses 18,892 7,136 2,662 - 1,807 8,659 Other operating expenses 21,014 3,044 1,710 14 331 3,997 Less: Expenses reimbursed/to be reimbursed by AMC

(8,035) (471) (110) (153) (1,171) (1,615)

Total 168,700 49,529 11,248 484 4,603 65,422 Surplus for the year/period 487,149 12,392 26,469 1,931 7,598 71,641 Equalisation (debit) / credit 2(e) (37,025) 2,143 52,967 552 (264) 11,520 Income distribution on capital account - - (13,443) - - - Surplus transferred to the balance sheet 4 450,124 14,535 65,993 2,483 7,334 83,161 # Amount less than Rs. 0.5 thousand









U.R. BhatDirector






Trustee Report

Trustee Report

34

SCHEDULES TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2011(All amounts in thousands of Rupees unless specified otherwise)

1. BACKGROUND


In accordance with the Securities and Exchange Board of India (‘SEBI’) (Mutual

Funds) Regulations, 1996 (‘the SEBI Regulations’), the Board of Directors of Axis Mutual Fund Trustee Limited (‘the Trustee’) has appointed Axis Asset Management Company Limited (‘the AMC’) to manage the Fund’s affairs and operate its Schemes.


Scheme Name Type of Scheme Investment objective of the Scheme NFO Open to NFO Close

Plans

Axis Equity Fund Open ended equity scheme To achieve long term capital appreciation by investing in a diversified portfolio predominantly consisting of equity and equity related securities including derivatives.

November 11, 2009 to

December 8, 2009

Growth Dividend

Axis Tax Saver Fund Open ended equity linked tax saving scheme

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

December 17, 2009 to

December 21, 2009

Growth Dividend

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

January 31, 2011 to

February 14, 2011

Growth Dividend

Axis Triple Advantage Fund Open ended hybrid scheme To generate long term capital appreciation by investing in a diversified portfolio of equity and equity related instruments, fixed income instruments and gold exchange traded funds.

June 30, 2010 to

July 29, 2010

Growth Dividend




(a) Determination of net asset value (‘NAV’) The net asset value of the units are determined separately for the units

issued under the Plans. For reporting the net asset value within the portfolio, the Scheme’s daily

income earned, including realised profit or loss and unrealised gain or loss in the value of investments, and expenses incurred, are allocated to the related plans in proportion to their respective daily net assets arrived at by multiplying day-end outstanding units by previous day’s closing NAV.


thereby reflecting all transactions relating to the period ended on that date. Upon issue and redemption of units, the net premium or discount to the

face value of units is adjusted against the unit premium reserve of each Plan. (c) Investments Accounting for investment Purchase and sale of investments are recorded on the date of transaction

at cost and sale price respectively, after considering all transaction costs like brokerage, commission, charges paid to Clearing Corporation of India Limited and fees payable, if any.

Right entitlements are recognised as investments on the ex-rights date. Bonus entitlements are recognised as investments on the ex-bonus date. Valuation of investments Investments in equity shares / warrants / equity futures / equity options

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

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

Prior to September 1, 2010, government securities were valued at the prices released by an agency (CRISIL), as suggested by the Association of Mutual Funds in India (‘AMFI’).

Pursuant to the AMFI notification dated June 8, 2010, with effect from, September 1, 2010, government securities are valued at the average of the prices released by CRISIL and ICRA, as suggested by AMFI, on the basis of the valuation principles laid down by SEBI.


Prior to July 30, 2010, all quoted debt investments (other than thinly traded), were valued at the closing traded price as at the valuation date.


Prior to July 30, 2010, all money market instruments, floating rate bonds and debt securities (having maturity upto 182 days) not traded, were

valued at amortised cost based on purchase price or last traded price, which includes discount / premium accrued on a straight line basis over the period to maturity.





Investment in listed mutual fund units are valued at closing price on The National Stock Exchange of India Limited on the valuation date. Investments in unlisted mutual fund units are valued at closing NAV on the valuation date.

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

(d) Revenue recognition Dividend income is recognised on the ex-dividend date. Interest income is recognised on an accrual basis. Profit or loss on sale/redemption of investments is determined on the basis

of the weighted average cost method. (e) Equalisation account In case of open ended schemes, when units are issued or redeemed, the

distributable surplus (excluding unit premium reserve, but including balance of distributable surplus at the beginning of the year) as on the date of the transaction is determined. Based on the number of units outstanding on the transaction date, the distributable surplus (excluding unit premium reserve, but including balance of distributable surplus at the beginning of the year) associated with each unit is computed. The per unit amount so determined is credited / debited to the equalisation account on issue / redemption of each unit respectively.


(f) Load In accordance with SEBI circular no. SEBI/IMD/CIR No. 4/ 168230/09 dated

June 30, 2009 with effect from August 1, 2009 exit load collected in excess of 1% of the redemption proceeds is credited to the scheme as income. Load other than the above is utilized to pay commission to distributors and other marketing and selling expenses in accordance with SEBI guidelines. Any surplus is treated as income as and when considered appropriate.

Schedules

Trustee Report

Trustee Report

35

3.

Unit

Capi

tal

Axi

s Equ

ity F

und

Axi

s Equ

ity F

und

Axi

s Tax

Sav

er F

und

Axi

s Tax

Sav

er F

und

Axi

s Mid

cap

Fund

A

xis T

riple

Adv

anta

ge F

und

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

010

Mar

ch 3

1, 2

011

Mar

ch 3

1, 2

011

Face

Val

ue R

s. 10

Face

Val

ue R

s. 10

Face

Val

ue R

s. 10

Face

Val

ue R

s. 10

Face

Val

ue R

s. 10

Face

Val

ue R

s. 10

Qua

ntity

A

mou

nt

Qua

ntity

A

mou

nt

Qua

ntity

A

mou

nt

Qua

ntity

A

mou

nt

Qua

ntity

A

mou

nt

Qua

ntity

A

mou

nt

Grow

th

Outst

andi

ng, b

egin

ning

of y

ear/p

erio

d 6

26,5

39,4

55.0

11

6,2

65,3

94

11,

601,

225.

566

116

,013

-

- -

-

Issue

d

-new

fund

offe

r -

- 7

10,2

77,4

08.8

20

7,1

02,7

74

- -

617

,350

.000

6

,174

1

30,7

19,4

53.1

13

1,3

07,1

95

337

,286

,943

.326

3

,372

,869

-dur

ing

the

year

/per

iod

138

,680

,358

.938

1

,386

,804

2

1,29

1,01

6.91

5 2

12,9

10

37,

664,

018.

791

376

,640

1

0,98

3,87

5.56

6 1

09,8

39

4,2

36,8

29.0

67

42,

368

121

,364

,520

.077

1

,213

,645

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emed

dur

ing

the

year

/per

iod

238

,387

,721

.047

2

,383

,877

1

05,0

28,9

70.7

24

1,0

50,2

90

- -

- -

7,9

22,3

76.9

65

79,

224

81,

098,

321.

565

810

,983

Outst

andi

ng, e

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f yea

r/per

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526

,832

,092

.902

5

,268

,321

6

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49,

265,

244.

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492

,653

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6 1

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127

,033

,905

.215

1

,270

,339

3

77,5

53,1

41.8

38

3,7

75,5

31

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dend

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andi

ng, b

egin

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of y

ear/p

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d 1

88,7

06,6

04.5

83

1,8

87,0

66

8,7

98,1

33.0

61

87,

982

- -

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d

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fund

offe

r -

- 1

98,7

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7

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90,

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909

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-dur

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/per

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39,

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269

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.666

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emed

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/per

iod

66,

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113.

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668

,401

2

0,12

0,27

3.81

2 2

01,2

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- -

- -

2,8

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938

16,

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030

164

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f yea

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161

,521

,653

.096

1

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,217

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357

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8

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.061

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122

,436

,284

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l

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d 8

15,2

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20,

399,

358.

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203

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-

- -

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offe

r -

- 9

09,0

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974

166

,132

,528

.548

1

,661

,326

4

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-dur

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/per

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178

,335

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.410

1

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,356

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169

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,559

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,085

Rede

emed

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the

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/per

iod

305

,227

,835

.006

3

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,278

1

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36

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93

- -

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216.

214

108

,162

9

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32

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688

,353

,745

.998

6

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312

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,768

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1

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,690

4

99,9

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4,9

99,8

93

Schedules

Trustee Report

Trustee Report

36


Axis Tax Saver Fund

Axis Midcap Fund Axis Triple Advantage Fund

March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2010 March 31, 2011 March 31, 2011

4. RESERVES AND SURPLUS

Unit premium reserve

Balance, beginning of year/period (20,299) - 6,885 - - -

Net premium/discount on issue/redemption of units

(109,968) (18,156) 113,973 7,437 (761) 26,923

Transferred (to) / from equalisation account

37,025 (2,143) (52,967) (552) 264 (11,520)

Balance, end of year/period (93,242) (20,299) 67,891 6,885 (497) 15,403

Unrealised appreciation reserve

Balance, beginning of year/period 332,420 - 7,915 - - -

Unrealised appreciation in value of investments

5,382 332,420 24,488 7,915 31,550 73,682

Balance, end of year/period 337,802 332,420 32,403 7,915 31,550 73,682

Retained surplus

Balance, beginning of year/period 14,535 - 2,483 - - -

Surplus transferred from revenue account

450,124 14,535 65,993 2,483 7,334 83,161

Balance, end of year/period 464,659 14,535 68,476 2,483 7,334 83,161

Total reserves 709,219 326,656 168,770 17,283 38,387 172,246

The share of the plans in the reserves and surplus is as follows:

Growth 542,766 251,066 119,423 9,834 30,406 130,085

Dividend 166,453 75,590 49,347 7,449 7,981 42,161

709,219 326,656 168,770 17,283 38,387 172,246

5. CURRENT LIABILITIES

Amount due to AMC for management fees

7,084 7518 995 10 1,795 3,742

Sundry creditors for units redeemed by investors:

- Lateral shift payable 2,514 1,903 - - 13,067 1,069

- Others 29,447 45,333 - - 14,572 4,053

Interscheme payable - 18,435 4,203 - - 3,348

Contract for purchase of investments

124,266 - - 13,957 4,927 28,571

Unclaimed dividend - - 110 - - -

Unclaimed redemption 172 - - - - -

Commission to distributors payable 12,455 9,422 496 - 876 4,588

Load pending utilisation 26,481 12,541 - - 1,051 9,873

Custody Fees Payable 138 166 16 3 31 72

Other current liabilities 4,870 8,076 511 82 658 2,104

207,427 103,394 6,331 14,052 36,977 57,420

6. INVESTMENTS

Equity shares 6,928,105 7,033,273 833,780 166,196 703,514 1,657,567

Units of mutual fund - - - - - 1,235,777

Privately placed / unlisted debentures and bonds

1,191 - - - - 99,994

Listed debentures and bonds - - - - - 398,685

Certificates of deposit 412,392 456,291 123,849 - 967,285 1,557,243

Futures and options - 2,398 - - - -

7,341,688 7,491,962 957,629 166,196 1,670,799 4,949,266

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

Schedules

Trustee Report

Trustee Report

37

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


Axis Tax Saver Fund

Axis Midcap Fund



Equity shares

- appreciation 571,349 368,685 49,949 8,933 33,759 103,649

- depreciation 234,738 40,220 17,546 1,018 2,209 62,721

Units of mutual fund

- appreciation - - - - - 30,465

- depreciation - - - - - -

Privately placed / unlisted debentures and bonds

- appreciation 1,191 - - - - -

- depreciation - - - - - 6

Listed debentures and bonds

- appreciation - - - - - 1,313

- depreciation - - - - - 1,881

Certificates of deposit

- appreciation - - - - - 2,908

- depreciation - - - - 2 619

Futures and options

- appreciation - 3,955 - - - -

- depreciation - - - - - -

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

Axis Equity Fund

Axis Equity Fund Axis Tax Saver Fund

Axis Tax Saver Fund

Axis Midcap Fund Axis Triple Advantage Fund

April 1, 2010to

March 31, 2011

November 16, 2009to

March 31, 2010

April 1, 2010to

March 31, 2011

December 29, 2009to

March 31, 2010

February 18, 2011to

March 31, 2011

July 14, 2010to

March 31, 2011Purchases (excluding collateralised lending, fixed deposits, futures and options)- amount 46,463,092 26,158,385 1,501,425 209,307 1,644,611 13,019,313 - as a percentage of average daily net

assets585.55% 363.24% 333.75% 275.15% 98.71% 298.81%

Purchases (index / stock futures) - amount 22,822,604 9,041,868 - - - 1,062,974 - as a percentage of average daily net

assets287.62% 125.56% - - - 24.40%

Purchases (index / stock options)- amount 224,172 144,435 - - - 309 - as a percentage of average daily net

assets2.83% 2.01% - - - 0.01%

Sales (excluding collateralised lending, fixed deposits, futures and options)- amount 47,163,776 19,099,675 765,730 53,916 8,521 8,202,222 - as a percentage of average daily net

assets594.38% 265.22% 170.21% 70.88% 0.51% 188.25%

Sales/Expiry (index / stock futures)- amount 23,748,568 8,269,915 - - - 1,066,327 - as a percentage of average daily net

assets299.29% 114.84% - - - 24.47%

Sales/Expiry (index / stock options)- amount 128,259 112,962 - - - 1,890 - as a percentage of average daily net

assets1.62% 1.57% - - - 0.04%

Schedules

Trustee Report

Trustee Report

38

(iv) The aggregate purchases made by the schemes during the current and previous period and the fair value of such investments as at March 31, 2011 in companies which have invested in any scheme of the Fund in excess of five per cent of that scheme’s net assets are provided in Attachment I.


Axis Tax Saver Fund

Axis Midcap Fund



(v) Aggregate fair value of non traded investments as on March 31, 2011 valued in good faith (value as on March 31, 2010 excludes Certificate of deposit & Commercial paper)

413,583 - 123,849 - 967,285 2,055,922


Axis Tax Saver Fund

Axis Midcap Fund



7. DEPOSITS

Deposit with scheduled bank (Margin deposit for derivatives)

90,000 400,000 - - - 100,000

90,000 400,000 - - - 100,000

8. OTHER CURRENT ASSETS

Balances with banks in current accounts 28,225 25,424 18,233 5,310 398 2,127

Sundry debtors for units issued to investors:

- Lateral shift receivable 1,037 - 501 144 1,105 963

- Others 3,402 19,067 47,208 30,111 543 761

Interscheme receivable 942 - - 2,753 335 -

Contracts for sale of investments 247,077 224,463 - 3,701 - 69,888

Margin deposit with Clearing Corporation of India Limited

- 20,000 - - - 72,500

Outstanding and accrued income 3,728 - 100 - - 10,546

Application money pending allotment - 19,691 - 1,669 - -

Amount due from AMC 8,534 482 158 159 1,171 1,806

Cash margin placed for derivatives 20,000 50,000 - - - 20,000

Collateralised lending 55,092 331,421 1,059 25,287 8,703 671

Other current assets 459 - - - - 1,031

368,496 690,548 67,259 69,134 12,255 180,293

April 1, 2010to

March 31, 2011

November 16, 2009to

March 31, 2010

April 1, 2010to

March 31, 2011

December 29, 2009to

March 31, 2010

February 18, 2011to

March 31, 2011

July 14, 2010to

March 31, 2011

9. INTEREST

Money market instruments 22,497 2,661 156 - 1,350 43,412

Debentures and bonds 5,020 4,994 - - - 9,668

Fixed Deposits 23,528 4,658 271 - 335 9,806

Government securities (including treasury bills) - 1,292 - - - 19,601

Collateralised lending 22,395 23,500 2,351 165 8,705 18,777

Others 86 - - - - 423

73,526 37,105 2,778 165 10,390 101,687

Schedules

Trustee Report

Trustee Report

39


The Schemes pay fees for investment management services (excluding service tax) under an agreement with the AMC, which provides for computation of such fee as a percentage of Scheme’s average daily net assets, after excluding the net asset value of the investments by the AMC in the scheme, the net asset value of the investments made in other schemes and fixed deposits as applicable. During the year ended 31st March 2011, the Schemes have paid management fee at annualised average rate as follows:


Axis Tax Saver Fund

Axis Midcap Fund



Management fee at annualised average rate 1.03% 1.03% 1.19% 0.54% 1.15% 1.06%

The Schemes pay fees for Trusteeship services under an agreement with the Trustee, aggregating Rs. 100,000/- per month (excluding service tax),subject to the ceiling of 0.10% per annum which is apportioned to all the Schemes on the basis of their monthly average net assets.




Axis Tax Saver Fund

Axis Midcap Fund


April 1, 2010to

March 31, 2011

November 16, 2009to

March 31, 2010

April 1, 2010to

March 31, 2011

December 29, 2009to

March 31, 2010

February 18, 2011to

March 31, 2011

July 14, 2010to

March 31, 2011

Income

- amount 655,849 61,921 37,717 2,415 12,201 137,063

- as a percentage of average daily net assets 8.27% 2.31% 8.38% 12.46% 6.36% 4.40%

Expenditure (excluding provision for net unrealised loss and realised loss on sale of investments)

- amount 168,700 47,944 11,248 484 4,601 63,931

- as a percentage of average daily net assets 2.13% 1.79% 2.50% 2.50% 2.40% 2.05%


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

Axis Equity Fund

Axis Equity Fund

Axis Tax Saver Fund

Axis Tax Saver Fund

Axis Midcap Fund

Axis Triple Advantage

Fund

Year ended March 31, 2011

Period ended March 31, 2010





Axis Bank Limited (Sponsor)

Professional clearing member charges 900 347 - - - 36

Bank charges 1,942 65 116 1 11 456

Marketing & Selling expenses 314 - 28 - 34

Commission paid on distribution of units 32,387 5,336 - - 769 13,425

The Central Depository Services (India) Ltd (Associate)

Folio maintenance and corporate action charges 1 - # - - # - # -


(ii) 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. 2010-2011

Particulars Name of Security Type of Security Name of the Scheme Amount

Axis Bank Limited (Sponsor) JAYPEE INFRATECH LIMITED Equity Shares AXIS EQUITY FUND 142,460

Axis Bank Limited (Sponsor) ORIENT GREEN POWER CO. Equity Shares AXIS EQUITY FUND 95,649

F.Y. 2009-2010: NIL

Schedules

Trustee Report

Trustee Report

40

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

Investments made by the Scheme in year Axis Equity Fund Axis Equity Fund Axis Tax Saver Fund

Axis Tax Saver Fund

Axis Midcap Fund








Axis Bank Limited 328,793 733,396 34,685 4,160 - 331,213

Note: Includes amount placed as fixed deposits

14. Derivatives disclosure

a) There are no outstanding derivatives positions in the Schemes as at March 31, 2011.

Disclosure for derivative transactions as required by SEBI circular Cir/IMD/DF/11/2010 dated August 18, 2010, has been made for the period 1st October’2010 to 31st March’2011 in Attachment 2.

b) Outstanding derivatives positions in the Schemes as at March 31, 2010.

(i) Outstanding futures contract positions as at March 31, 2010

Scheme name Scrip name Number of contracts outstandingMarch 31, 2010

Number of units outstanding March 31, 2010

Long Short

Axis Equity Fund Century Textiles & Industries Ltd. 300 254,400 -

Axis Equity Fund HDFC Bank Ltd. 145 - 29,000

Axis Equity Fund ICICI Bank Ltd. 857 299,950 -

Axis Equity Fund Infosys Technologies Ltd. 207 41,400 -

Axis Equity Fund Larsen & Toubro Ltd. 75 15,000 -

Axis Equity Fund Mahindra & Mahindra Ltd. 51 31,824 -

Axis Equity Fund Oil & Natural Gas Corporation Ltd. 222 - 49,950

Axis Equity Fund Sterlite Industries Ltd. 114 49,932 -

Axis Equity Fund Tata Motors Ltd. 416 353,600 -

Axis Equity Fund Tata Steel Ltd. 130 99,320 -

(ii) Outstanding options contract positions as at March 31, 2010

March 31, 2010

Scheme name Scrip name Number of units outstanding (Short)

Total premium paid/(received)

Gain/(loss) on option outstanding

Net option premium paid/(received)

Axis Equity Fund ICICI Bank Ltd. 50,050 (1,557) 163 (1,394)

15. NET ASSET VALUE Rupees

Plans Axis Equity Fund Axis Equity Fund Axis Tax Saver Fund Axis Tax Saver Fund Axis Midcap Fund Axis Triple Advantage Fund


Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10 Face Value Rs. 10

Growth Option 11.03 10.40 12.4241 10.8477 10.24 10.3445

Dividend Option 11.03 10.40 11.3818 10.8467 10.24 10.3443


The net asset value disclosed above represents the computed NAV as on March 31, 2011, and not the last declared NAV.


Contingent liabilities as on March 31, 2011: Nil (Previous year - Nil).


As these are the first financial statements of Axis Midcap Fund and Axis Triple Advantage Fund since the date of launch, there are no prior period comparatives. The prior period figures for Axis Equity Fund and Axis Tax Saver Fund are for a period of less than one year and hence are not comparable to the current year.

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









U.R. BhatDirector






Schedules

Trustee Report

Trustee Report

41

18. SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION

Details of investment portfolio and industry wise classification of the Scheme’s investments in each category of investments at March 31, 2011 are presented below. The industry and company exposures are stated as a percentage of the Scheme’s net assets.

Axis Equity Fund

Industry and Company Particulars Quantity Amount (Rs. in 000s) Percentage to Net Assets

Percentage to Investment category

DEBENTURES AND BONDSPrivately placed / unlisted debentures and bondsPHARMACEUTICALS 240,000 1,191 0.02 100.00 9.25% Dr. Reddy's Laboratories Ltd. * 240,000 1,191 0.02 100.00 TOTAL 240,000 1,191 0.02 100.00 EQUITY SHARESAUTO 320,000 263,439 3.47 3.81 Mahindra & Mahindra Ltd. 250,000 175,088 2.31 2.53 Maruti Suzuki India Ltd. 70,000 88,351 1.16 1.28 BANKS 870,000 1,400,339 18.45 20.21 Axis Bank Ltd. 20,000 28,077 0.37 0.41 Bank of Baroda 70,000 67,540 0.89 0.97 HDFC Bank Ltd. 200,000 469,170 6.18 6.77 ICICI Bank Ltd. 400,000 446,480 5.88 6.44 Punjab National Bank 70,000 84,889 1.12 1.23 State Bank of India 110,000 304,183 4.01 4.39 CONSTRUCTION PROJECT 200,000 330,380 4.35 4.77 Larsen & Toubro Ltd. 200,000 330,380 4.35 4.77 CONSUMER DURABLES 200,000 53,120 0.70 0.77 Whirlpool of India Ltd. 200,000 53,120 0.70 0.77 CONSUMER NON DURABLES 3,323,577 995,273 13.11 14.37 Asian Paints Ltd. 18,539 46,826 0.62 0.68 Emami Ltd. 125,000 50,075 0.66 0.72 Glaxosmithkline Consumer Healthcare Ltd. 50,038 112,393 1.48 1.62 ITC Ltd. 2,400,000 437,040 5.76 6.31 Jubilant Foodworks Ltd. 140,000 75,481 0.99 1.09 Jyothy Laboratories Ltd. 550,000 121,000 1.59 1.75 Titan Industries Ltd. 40,000 152,458 2.01 2.20 FERROUS METALS 525,000 343,568 4.53 4.95 Jindal Steel & Power Ltd. 225,000 156,893 2.07 2.26 Tata Steel Ltd. 300,000 186,675 2.46 2.69 FINANCE 768,051 491,923 6.48 7.10 Housing Development Finance Corporation Ltd. 600,000 420,720 5.54 6.07 A K Capital Services Ltd. 168,051 71,203 0.94 1.03 GAS 947,240 226,589 2.99 3.27 GAIL (India) Ltd. 325,000 150,800 1.99 2.18 Petronet LNG Ltd. 622,240 75,789 1.00 1.09 INDUSTRIAL CAPITAL GOODS 612,688 43,991 0.58 0.63 Praj Industries Ltd. 612,688 43,991 0.58 0.63 INDUSTRIAL PRODUCTS 200,000 139,580 1.84 2.01 Cummins India Ltd. 200,000 139,580 1.84 2.01 MEDIA & ENTERTAINMENT 2,229,179 125,391 1.65 1.81 DQ Entertainment International Ltd. 2,229,179 125,391 1.65 1.81 MINERALS/MINING 700,000 242,550 3.19 3.50 Coal India Ltd. 700,000 242,550 3.19 3.50 NON - FERROUS METALS 850,000 172,460 2.27 2.49 Hindalco Industries Ltd. 700,000 146,405 1.93 2.11 Sterlite Industries Ltd. 150,000 26,055 0.34 0.38 OIL 700,000 203,910 2.69 2.94 Oil & Natural Gas Corporation Ltd. 700,000 203,910 2.69 2.94 PETROLEUM PRODUCTS 380,000 398,658 5.25 5.75 Reliance Industries Ltd. 380,000 398,658 5.25 5.75 PHARMACEUTICALS 688,617 365,646 4.82 5.28 Cadila Healthcare Ltd. 100,000 78,990 1.04 1.14 Dr. Reddy's Laboratories Ltd. 40,000 65,562 0.86 0.95 Lupin Ltd. 200,000 83,330 1.10 1.20 Natco Pharma Ltd. 98,617 27,139 0.36 0.39 Sun Pharmaceutical Industries Ltd. 250,000 110,625 1.46 1.60 SOFTWARE 565,000 1,059,810 13.96 15.30 Infosys Technologies Ltd. 190,000 615,847 8.11 8.89 Tata Consultancy Services Ltd. 375,000 443,963 5.85 6.41

Schedules

Trustee Report

Trustee Report

42



TELECOM - SERVICES 200,000 71,478 0.94 1.04 Bharti Airtel Ltd. 200,000 71,478 0.94 1.04 TOTAL 14,279,352 6,928,105 91.27 100.00 CERTIFICATE OF DEPOSITSBANKS 4,130 412,392 5.40 100.00 Canara Bank * 2,030 202,755 2.67 49.17 State Bank of Patiala * 100 9,945 0.13 2.41 State Bank of Travancore * 2,000 199,692 2.60 48.42 TOTAL 4,130 412,392 5.40 100.00 FIXED DEPOSITS 90,000,000 90,000 1.19 100.00 9.75% Axis Bank Ltd. (03/02/2012) 90,000,000 90,000 1.19 100.00

90,000,000 90,000 1.19 100.00 OTHER CURRENT ASSETS 368,496 4.85 TOTAL ASSETS 7,800,184 102.73 LESS: CURRENT LIABILITIES 207,427 2.73 NET ASSETS 7,592,757 100.00

* Non traded / thinly traded investments

Axis Tax Saver Fund



EQUITY SHARESAUTO 34,000 26,060 2.56 3.13 Mahindra & Mahindra Ltd. 30,000 21,011 2.06 2.52 Maruti Suzuki India Ltd. 4,000 5,049 0.50 0.61 AUTO ANCILLARIES 40,000 8,592 0.84 1.03 Motherson Sumi Systems Ltd. 40,000 8,592 0.84 1.03 BANKS 113,000 175,582 17.24 21.05 Axis Bank Ltd. 10,000 14,039 1.38 1.68 Bank of Baroda 15,000 14,473 1.42 1.74 HDFC Bank Ltd. 23,000 53,955 5.30 6.47 ICICI Bank Ltd. 45,000 50,229 4.93 6.02 Punjab National Bank 8,000 9,702 0.95 1.16 State Bank of India 12,000 33,184 3.26 3.98 CONSTRUCTION PROJECT 25,000 41,298 4.05 4.95 Larsen & Toubro Ltd. 25,000 41,298 4.05 4.95 CONSUMER NON DURABLES 435,749 147,139 14.47 17.65 Agro Tech Foods Ltd. 36,203 13,506 1.33 1.62 Asian Paints Ltd. 7,000 17,681 1.74 2.12 Bata India Ltd. 25,000 9,780 0.96 1.17 Emami Ltd. 25,000 10,015 0.98 1.20 Glaxosmithkline Consumer Healthcare Ltd. 3,000 6,738 0.66 0.81 ITC Ltd. 250,000 45,525 4.47 5.46 Jubilant Foodworks Ltd. 15,000 8,087 0.79 0.97 Jyothy Laboratories Ltd. 50,000 11,000 1.08 1.32 Titan Industries Ltd. 2,000 7,623 0.75 0.91 TTK Prestige Ltd. 2,546 5,712 0.56 0.69 Zydus Wellness Ltd. 20,000 11,472 1.15 1.38 FERROUS METALS 50000.000 32614.000 3.20 3.92 Jindal Steel & Power Ltd. 20,000 13,946 1.37 1.67 Tata Steel Ltd. 30,000 18,668 1.83 2.25 FINANCE 210,000 80,727 7.92 9.68 Dewan Housing Finance Corporation Ltd. 30,000 8,043 0.79 0.96 Housing Development Finance Corporation Ltd. 65,000 45,578 4.47 5.47 LIC Housing Finance Ltd. 75,000 16,958 1.66 2.03 Rural Electrification Corporation Ltd. 40,000 10,148 1.00 1.22 GAS 125000 23780 2.34 2.85 GAIL (India) Ltd. 25,000 11,600 1.14 1.39 INDUSTRIAL CAPITAL GOODS 90000 11773 1.15 1.41 Praj Industries Ltd. 80,000 5,744 0.56 0.69 Thermax India Ltd. 10,000 6,029 0.59 0.72 INDUSTRIAL PRODUCTS 20,000 13,958 1.37 1.67 Cummins India Ltd. 20,000 13,958 1.37 1.67 MEDIA & ENTERTAINMENT 56,383 3,172 0.31 0.38 DQ Entertainment International Ltd. 56,383 3,172 0.31 0.38 MINERALS/MINING 60,000 20,790 2.04 2.49 Coal India Ltd. 60,000 20,790 2.04 2.49

Schedules

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PESTICIDES 7,005 4,096 0.40 0.49 PI Industries Ltd. 7,005 4,096 0.40 0.49 NON - FERROUS METALS 95000 16302 1.60 1.96 Hindalco Industries Ltd. 45,000 9,412 0.92 1.13 Hindustan Zinc Ltd. 50,000 6,890 0.68 0.83 OIL 70,000 20,391 2.00 2.45 Oil & Natural Gas Corporation Ltd. 70,000 20,391 2.00 2.45 PETROLEUM PRODUCTS 40,000 41,964 4.12 5.03 Reliance Industries Ltd. 40,000 41,964 4.12 5.03 PHARMACEUTICALS 77,000 34,703 3.41 4.16 Cadila Healthcare Ltd. 12,000 9,479 0.93 1.14 Cipla Ltd. 25,000 8,041 0.79 0.96 Lupin Ltd. 20,000 8,333 0.82 1.00 Sun Pharmaceutical Industries Ltd. 20,000 8,850 0.87 1.06 SOFTWARE 66000 121343 11.91 14.55 Infosys Technologies Ltd. 21,000 68,067 6.68 8.16 Tata Consultancy Services Ltd. 45,000 53,276 5.23 6.39 TEXTILE PRODUCTS 38,703 9,496 0.93 1.15 Lovable Lingerie Ltd. 38,703 9,496 0.93 1.15 TOTAL 1,652,840 833,780 81.86 100.00 CERTIFICATE OF DEPOSITSBANKS 1,240 123,849 12.16 100.00 Punjab National Bank * 1,240 123,849 12.16 100.00 TOTAL 1,240 123,849 12.16 100.00OTHER CURRENT ASSETS 67,259 6.60 TOTAL ASSETS 1,024,888 100.62 LESS: CURRENT LIABILITIES 6,331 0.62 NET ASSETS 1,018,557 100.00


Axis Midcap Fund



EQUITY SHARESAUTO 40,551 35,061 2.13 4.99 Eicher Motors Ltd. 10,551 14,184 0.86 2.02 Tata Motors Ltd. 30,000 20,877 1.27 2.97 AUTO ANCILLARIES 297,164 54,545 3.31 7.75 Amara Raja Batteries Ltd. 128,609 24,404 1.48 3.47 Exide Industries Ltd. 85,000 12,193 0.74 1.73 Motherson Sumi Systems Ltd. 83,555 17,948 1.09 2.55 BANKS 465,000 111,776 6.78 15.88 Federal Bank Ltd. 30,000 12,557 0.76 1.78 Indian Bank 150,000 34,913 2.12 4.96 Indusind Bank Ltd. 85,000 22,406 1.36 3.18 Punjab & Sind Bank Ltd. 100,000 10,940 0.66 1.56 Yes Bank Ltd. 100,000 30,960 1.88 4.40 CONSTRUCTION 256,905 32,938 2.00 4.68 Sadbhav Engineering Ltd. 103,076 12,756 0.77 1.81 Ashiana Housing Ltd. 153,829 20,182 1.23 2.87 CONSTRUCTION PROJECT 110,000 20,092 1.22 2.86 Voltas Ltd. 110,000 20,092 1.22 2.86 CONSUMER NON DURABLES 631,416 75,512 4.58 10.73 Agro Tech Foods Ltd. 50,000 18,653 1.13 2.65 Jyothy Laboratories Ltd. 138,531 30,477 1.85 4.33 Marico Ltd. 23,718 3,307 0.20 0.47 Navneet Publications (India) Ltd. 419,167 23,075 1.40 3.28 FERROUS METALS 15,000 9,334 0.57 1.33 Tata Steel Ltd. 15,000 9,334 0.57 1.33 FERTILISERS 50,000 17,100 1.04 2.43 Tata Chemicals Ltd. 50,000 17,100 1.04 2.43 FINANCE 198,373 47,143 2.86 6.70 Dewan Housing Finance Corporation Ltd. 137,502 36,864 2.24 5.24 LIC Housing Finance Ltd. 25,000 5,653 0.34 0.80 Motilal Oswal Financial Serv Ltd. 35,871 4,626 0.28 0.66 GAS 250,000 48,270 2.93 6.86 Indraprastha Gas Ltd. 100,000 30,000 1.82 4.26 Petronet LNG Ltd. 150,000 18,270 1.11 2.60

Schedules

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INDUSTRIAL CAPITAL GOODS 55,000 37,507 2.28 5.33 BEML Ltd. 55,000 37,507 2.28 5.33 INDUSTRIAL PRODUCTS 50,000 17,365 1.05 2.47 Bharat Forge Ltd. 50,000 17,365 1.05 2.47 MEDIA & ENTERTAINMENT 150,000 10,065 0.61 1.43 Dish TV India Ltd. 150,000 10,065 0.61 1.43 PETROLEUM PRODUCTS 30,000 10,697 0.65 1.52 Hindustan Petroleum Corporation Ltd. 30,000 10,697 0.65 1.52 SOFTWARE 152,000 116,937 7.10 16.63 Career Point Infosystems Ltd. 32,000 10,595 0.64 1.51 Infosys Technologies Ltd. 10,000 32,413 1.97 4.61 Tata Consultancy Services Ltd. 30,000 35,517 2.16 5.05 Wipro Ltd. 80,000 38,412 2.33 5.46 TEXTILE PRODUCTS 40,000 9,814 0.60 1.39 Lovable Lingerie Ltd. 40,000 9,814 0.60 1.39 TRANSPORTATION 590,324 49,358 2.99 7.02 G. E. Shipping 55,324 14,559 0.88 2.08 Jet Airways (India) Ltd. 35,000 15,649 0.95 2.22 Spicejet Ltd. 500,000 19,150 1.16 2.72 TOTAL 3,381,733 703,514 42.70 100.00 CERTIFICATES OF DEPOSITBANKS 9,700 967,285 58.81 100.00 Canara Bank * 2,500 249,698 15.17 25.83 State Bank of Patiala * 2,400 238,673 14.50 24.67 State Bank of Travancore * 2,400 239,255 14.53 24.73 Indian Bank * 900 89,873 5.46 9.29 UCO Bank * 500 49,927 3.03 5.16 United Bank of India Ltd. * 1,000 99,859 6.12 10.32 TOTAL 9,700 967,285 58.81 100.00 OTHER CURRENT ASSETS 12,255 0.74 TOTAL ASSETS 1,683,054 102.25 LESS: CURRENT LIABILITIES 36,977 2.25 NET ASSETS 1,646,077 100.00





DEBENTURES AND BONDSPrivately placed / unlisted debentures and bondsFINANCE 100 99,994 1.93 20.05 9.85% LIC Housing Finance Ltd. * 100 99,994 1.93 20.05 Listed debentures and bondsFINANCE 250 251,258 4.86 50.39 9.55% Housing Development Finance Corporation Ltd. * 150 149,956 2.90 30.07 9.9% Housing Development Finance Corporation Ltd. * 100 101,302 1.96 20.32 OIL 150 147,427 2.85 29.56 8.35% Cairn India Ltd. 150 147,427 2.85 29.56 TOTAL 500 498,679 9.64 100.00 EQUITY SHARESAUTO 75,000 60,953 1.18 3.68 Mahindra & Mahindra Ltd. 60,000 42,021 0.81 2.54 Maruti Suzuki India Ltd. 15,000 18,932 0.37 1.14 BANKS 235,000 380,867 7.37 22.97 Axis Bank Ltd. 25,000 35,096 0.68 2.12 Bank of Baroda 10,000 9,649 0.19 0.58 HDFC Bank Ltd. 50,000 117,293 2.27 7.08 ICICI Bank Ltd. 100,000 111,620 2.16 6.73 Punjab National Bank 20,000 24,254 0.47 1.46 State Bank of India 30,000 82,955 1.60 5.00 CONSTRUCTION PROJECT 55,000 90,855 1.76 5.48 Larsen & Toubro Ltd. 55,000 90,855 1.76 5.48 CONSUMER NON DURABLES 825,925 184,302 3.56 11.12 Hindustan Unilever Ltd. 110,000 31,581 0.61 1.91 ITC Ltd. 600,000 109,260 2.11 6.59 Jyothy Laboratories Ltd. 110,925 24,404 0.47 1.47 Titan Industries Ltd. 5,000 19,057 0.37 1.15

Schedules

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FERROUS METALS 165,000 83,041 1.60 5.01 Jindal Steel & Power Ltd. 40,000 27,892 0.54 1.68 Steel Authority of India Ltd. 50,000 8,480 0.16 0.51 Tata Steel Ltd. 75,000 46,669 0.90 2.82 FINANCE 233,066 130,981 2.53 7.92 Dewan Housing Finance Corporation Ltd. 60,376 16,187 0.31 0.98 Housing Development Finance Corporation Ltd. 150,000 105,180 2.03 6.35 A K Capital Services Ltd. 22,690 9,614 0.19 0.59 GAS 270,000 56,840 1.10 3.43 GAIL (India) Ltd. 70,000 32,480 0.63 1.96 Petronet LNG Ltd. 200,000 24,360 0.47 1.47 INDUSTRIAL CAPITAL GOODS 100,000 7,180 0.14 0.43 Praj Industries Ltd. 100,000 7,180 0.14 0.43 INDUSTRIAL PRODUCTS 20,000 13,958 0.27 0.84 Cummins India Ltd. 20,000 13,958 0.27 0.84 MEDIA & ENTERTAINMENT 310,000 21,479 0.41 1.30 DQ Entertainment International Ltd. 250,000 14,063 0.27 0.85 Zee Entertainment Enterprises Ltd. 60,000 7,416 0.14 0.45 MINERALS/MINING 160,000 55,440 1.07 3.34 Coal India Ltd. 160,000 55,440 1.07 3.34 NON - FERROUS METALS 125,000 26,144 0.51 1.58 Hindalco Industries Ltd. 125,000 26,144 0.51 1.58 OIL 160,000 46,608 0.90 2.81 Oil & Natural Gas Corporation Ltd. 160,000 46,608 0.90 2.81 PETROLEUM PRODUCTS 140,000 124,278 2.41 7.51 Bharat Petroleum Corporation Ltd. 20,000 12,237 0.24 0.74 Hindustan Petroleum Corporation Ltd. 20,000 7,131 0.14 0.43 Reliance Industries Ltd. 100,000 104,910 2.03 6.34 PHARMACEUTICALS 145,458 60,135 1.16 3.63 Cadila Healthcare Ltd. 5,458 4,311 0.08 0.26 Cipla Ltd. 40,000 12,866 0.25 0.78 Lupin Ltd. 50,000 20,833 0.40 1.26 Sun Pharmaceutical Industries Ltd. 50,000 22,125 0.43 1.33 SOFTWARE 175,000 271,618 5.25 16.36 Infosys Technologies Ltd. 45,000 145,859 2.82 8.77 Tata Consultancy Services Ltd. 90,000 106,551 2.06 6.43 Wipro Ltd. 40,000 19,208 0.37 1.16 TELECOM - SERVICES 120,000 42,888 0.83 2.59 Bharti Airtel Ltd. 120,000 42,888 0.83 2.59 TOTAL 3,314,449 1,657,567 32.05 100.00 MUTUAL FUND UNITSExchange Traded Funds 598,204 1,235,777 23.90 100.00 Axis Gold ETF 595,504 1,230,311 23.79 99.56 Gold Benchmark Exchange Traded Scheme (Gold BeES) 2,700 5,466 0.11 0.44 TOTAL 598,204 1,235,777 23.90 100.00 CERTIFICATES OF DEPOSITBANKS 16,590 1,557,243 30.10 100.00 Canara Bank * 3,960 389,372 7.53 25.00 ICICI Bank Ltd. * 117 10,884 0.21 0.70 IDBI Bank Ltd. * 3,634 334,095 6.46 21.45 Indian Bank * 94 8,753 0.17 0.56 Indian Overseas Bank * 633 58,546 1.13 3.76 Punjab National Bank * 990 92,315 1.78 5.93 State Bank of Hyderabad * 1,044 97,397 1.88 6.25 State Bank of India * 2,500 229,031 4.43 14.71 State Bank of Travancore * 3,618 336,850 6.51 21.64 TOTAL 16,590 1,557,243 30.10 100.00 FIXED DEPOSITSBANKS 100,000,000 100,000 1.93 100.00 10.25% Axis Bank Ltd. (03/03/2012) 100,000,000 100,000 1.93 100.00 TOTAL 100,000,000 100,000 1.93 100.00 OTHER CURRENT ASSETS 180,318 3.49 TOTAL ASSETS 5,229,584 101.11 LESS: CURRENT LIABILITIES 57,445 1.11 NET ASSETS 5,172,139 100.00


Schedules

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AXIS EQUITY FUND

Attachment 2

Derivative Disclosure




NIL NIL NIL NIL NIL

Total %age of existing assets hedged through futures : NIL

For the half year ended on March 31, 2011 following are the details of hedging transactions through futures which have been squared off/expired:

Total Number of contracts where futures were bought : 19,860

Total Number of contracts where futures were sold : 20,340

Gross Notional Value of contracts where futures were bought : (Rs. in 000's) 5,978,286

Gross Notional Value of contracts where futures were sold : (Rs. in 000's) 6,009,636

Net Profit/(Loss) value on all contracts combined : (Rs. in 000's) (120,906)





NIL NIL NIL NIL NIL

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

For the half year ended on March 31, 2011 following are the details of non-hedging transactions through futures which have been squared off/expired:



Gross Notional Value of contracts where futures were bought : (Rs. in 000's) 752,175

Gross Notional Value of contracts where futures were sold : (Rs. in 000's) 752,822

Net Profit/(Loss) value on all contracts combined : (Rs. in 000's) 646



Current Option Price

NIL NIL NIL NIL

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

For the half year ended on March 31, 2011 following are the details of hedging transactions through options which have been exercised/expired : Total Number of contracts entered into : 30,490 Gross National value of contracts : (Rs. in 000's) 107,240 Net Profit/(Loss) on all contracts (premium paid treated as loss) : (Rs. in 000's) (28,638)



Current Price

NIL

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

For the half year ended on March 31, 2011 following are the details of non-hedging transactions through options which have been exercised/expired : Total Number of contracts entered into : NIL Gross National Value of contracts : NIL Net Profit/Loss on all contracts (premium paid treated as loss) : NIL


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Derivative Disclosure




NIL NIL NIL NIL NIL

Total %age of existing assets hedged through futures : NIL

For the half year ended on March 31, 2011 following are the details of hedging transactions through futures which have been squared off/expired:



Gross Notional Value of contracts where futures were bought : (Rs. in 000’s) 1,008,336

Gross Notional Value of contracts where futures were sold : (Rs. in 000’s) 1,005,743

Net Profit/(Loss) value on all contracts combined : (Rs. in 000’s) (2,594)





NIL NIL NIL NIL NIL

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

For the half year ended on March 31, 2011 following are the details of 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

AXIS TRIPLE ADVANTAGE FUND



Current Option Price Current Option Price

NIL NIL NIL NIL NIL

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

For the half year ended on March 31, 2011 following are the details of hedging transactions through options which have been exercised/expired :

Total Number of contracts entered into : NIL Gross National value of contracts : NIL Net Profit/Loss on all contracts (premium paid treated as loss) : NIL



Current Price

NIL NIL NIL NIL NIL

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

For the half year ended on March 31, 2011 following are the details of non-hedging transactions through options which have been exercised/expired : Total Number of contracts entered into : NIL Gross National Value of contracts : NIL Net Profit/Loss on all contracts (premium paid treated as loss) : NIL


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Balance Sheet

(All amounts in thousands of Rupees)

Axis Gold ETF

Schedule March 31, 2011

SOURCES OF FUNDS

Unit capital 2(b) & 3 79,307

Reserves and surplus 2(b) & 4 1,564,684

Current liabilities 5 1,709

1,645,700


Investments 2(c) , 6 & 17 1,625,851

Other current assets 7 19,849

1,645,700









U.R. BhatDirector




Anurag MittalFund Manager-Gold ETF


Auditors’ ReportTo the Trustee ofAXIS MUTUAL FUND

1. We have audited the attached balance sheet of the Axis Mutual Fund – Axis Gold ETF (‘the Scheme’) as at 31 March 2011 and also the revenue account and cash flow statement for the period from 10 November 2010 to 31 March 2011 (‘the Period’) annexed thereto. These financial statements are the responsibility of the management of Axis Asset Management Company Limited, the Schemes’ asset manager. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion

3. We report that:


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

iii. 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 Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’).

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

a) in the case of the balance sheet, of the state of affairs of the Schemes as at 31 March 2011;

b) in the case of the revenue account, of the deficit for the Period; and

c) in the case of the cash flow statement, of the cash flows for the Period.



Mumbai, 4 July 2011

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Axis Gold ETF Schedule November 10, 2010 to

March 31, 2011INCOMEInterest 2(d) & 8 697 Profit on sale of Gold, net 2(d) 5,181 Total 5,878 EXPENSES AND LOSSESManagement fee 9 3,465 Trusteeship fee 9 13 Custodian service charges 2,659 Registrar service charges 290 Commission to distributors 33 Audit fee 169 Marketing expenses 318 Listing fee 153 Other operating expenses 450 Less: Expenses reimbursed/to be reimbursed by AMC (622)Total 6,928 Surplus for the period (1,050)Equalisation (debit) / credit 2(e) (8,767)Surplus transferred to the balance sheet 4 (9,817)

Cash Flow Statement

(All amounts in thousands of Rupees)

Axis Gold ETFNovember 10, 2010

to March 31, 2011

A. Cashflow from operating activityNet Surplus for the period (1,050)Adjustments for:-Investments at cost (1,574,704)Net current assets (16,370)Net current liabilities 1,709 Net cash used in operations ( A ) (1,590,415)

B Cashflow from financing activityMovement in unit capital 79,307 Movement in unit premium reserve 1,514,587 Net cash generated from financing activities ( B ) 1,593,894 Cash and Cash Equivalents as at the close of the period (A+B) 3,479 Component of cash and cash equivalentsBalances with banks in current accounts 101 Collateralised lending 3,378









U.R. BhatDirector














U.R. BhatDirector






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SCHEDULES TO THE FINANCIAL STATEMENTS FOR THE YEAR/PERIOD ENDED MARCH 31, 2011(All amounts in thousands of Rupees unless specified otherwise)

1. BACKGROUND

Axis Bank Limited is the sponsor of Axis Mutual Fund (‘The Fund’)

In accordance with the Securities and Exchange Board of India (‘SEBI’) (Mutual Funds) Regulations, 1996 (‘the SEBI Regulations’), the Board of Directors of Axis

Mutual Fund Trustee Limited (‘the Trustee’) has appointed Axis Asset Management Company Limited (‘the AMC’) to manage the Fund’s affairs and operate its Schemes.


Scheme Name Type of Scheme Investment objective of the Scheme NFO Open - NFO Close

Axis Gold ETF Open ended gold exchange traded fund

The investment objective of the Scheme is to generate returns that are in line with the performance of gold.

October 20, 2010 to November 3, 2010



(a) Determination of net asset value (‘NAV’) The net asset value is determined considering the daily income earned,

including realised profit or loss and unrealised gain or loss in the value of Gold, and expenses incurred.


thereby reflecting all transactions relating to the period ended on that date.

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

(c) Investments Accounting for investments Purchase and sale of Gold is recorded on the date of the transaction, at

cost and sale price respectively, after considering adjustments on account of value of portfolio deposit, if any.

The Value Added Tax (VAT) paid at the time of purchase of Gold is accounted in the books as VAT receivable (input credit), and the liability arising at the time of sale of Gold (i.e. VAT payable) is accounted as payable and adjusted against the receivable, if any.

Valuation of investments Investment in gold is valued at the AM fixing price of gold quoted on

the London Bullion Market Association [LBMA] declared in US Dollars as increased by premium and fixing charges, by converting it into Indian Rupees at the RBI reference rate, as increased by custom duty for import of gold and octroi charges as applicable, in accordance with the guidelines issued by SEBI.

(d) Revenue recognition Interest income is recognised on an accrual basis.

Profit or loss on sale of Gold is determined on the basis of the weighted average cost method.

(e) Equalisation account When units are issued or redeemed, the distributable surplus (excluding unit

premium reserve), as on the date of the transaction is determined. Based on the number of units outstanding on the transaction date, the distributable surplus (excluding unit premium reserve) associated with each unit is computed. The per unit amount so determined is credited / debited to the equalisation account on issue / redemption of each unit respectively.


(f) Cash and cash equivalent Cash and cash equivalents include balances with banks in current accounts,

deposits placed with scheduled banks (with an original maturity of up to three months) and collateralised lending (including reverse repurchase transactions).

3. Unit Capital

Axis Gold ETF March 31, 2011

Face Value Rs. 100 Quantity Amount

Issued- new fund offer 335,072.000 33,507 - during the period 599,000.000 59,900 Redeemed during the period 141,000.000 14,100 Outstanding, end of period 793,072.000 79,307

Axis Gold ETFMarch 31, 2011

4. RESERVES AND SURPLUSUnit premium reserveNet premium/discount on issue/redemption of units 1,514,587 Transferred (to) / from equalisation account 8,767 Balance, end of period 1,523,354 Unrealised appreciation reserveUnrealised appreciation in value of investments 51,147 Balance, end of period 51,147 Retained surplusSurplus transferred from revenue account (9,817)Balance, end of period (9,817)Total reserves 1,564,684

5. CURRENT LIABILITIESAmount due to AMC for management fees 837Commission to distributors payable 1 Custody Fees Payable 594 Other current liabilities 277

1,709

Schedules

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Axis Gold ETFMarch 31, 2011

6. INVESTMENTSGold 1,625,851

1,625,851 (i) All the investments are held in the name of the Scheme, as per clause 7 of the Seventh Schedule under Regulation 44(1) of SEBI (Mutual Funds)

Regulations, 1996.(ii) Aggregate appreciation and depreciation in the value of investments are as follows:

Gold- appreciation 51,147 - depreciation -

(iii) The aggregate value of investments acquired and sold/redeemed/expired during the period and these amounts as a percentage of average daily net assets are as follows:Purchases - Gold - amount 1,859,081 - as a percentage of average daily net assets 104.37%Sales - Gold - amount 289,559 - as a percentage of average daily net assets 16.26%

(iv) Aggregate fair value of non traded investments as on March 31, 2011 valued in good faith -

7. OTHER CURRENT ASSETSBalances with banks in current accounts (including margin balance) 101 Amount due from AMC 622 Value added tax receivable on gold 15,720 Collateralised lending 3,378 Other current assets 28

19,849 November 10, 2010

toMarch 31, 2011

8. INTERESTMoney market instruments 697

697


The Scheme pays fees for investment management services (excluding service tax) under an agreement with the AMC, which provides for computation of such fee as a percentage of Scheme’s average daily net assets, after excluding the net asset value of the investments by the AMC in the scheme, the net asset value of the investments made in other schemes and fixed deposits as applicable. During the period ended March 31, 2011, Axis Gold ETF Fund has paid management fee (excluding of service tax) at an average annualised rate of 0.50 percent.

The Schemes pay fees for Trusteeship services under an agreement with the Trustee, aggregating Rs. 100,000/- per month (excluding service tax),subject to the ceiling of 0.10% per annum which is apportioned to all the Schemes on the basis of their monthly average net assets.



November 10, 2010to

March 31, 2011

Income

- amount 5,878

- as a percentage of average daily net assets 0.85%

Expenditure (excluding provision for net unrealised loss and realised loss on sale of investments)

- amount 6,928

- as a percentage of average daily net assets 1.00%

Schedules

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(i) Axis Gold ETF has entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on ‘Related Party Disclosures’ issued by the Institute of Chartered Accountants of India is provided below;

(a) Related party relationships

Name Description of relationship

Axis Bank Limited Sponsor of the Fund

Axis Mutual Fund Trustee Limited Trustee of the Fund

Axis Asset Management Company Limited The Scheme’s asset manager

The Central Depository Services (India) Ltd Associate

Schemes of the Fund, under common control of the Sponsor

Axis Equity Fund

Axis Tax Saver Fund

Axis Liquid Fund



Axis Fixed Term Plan - Series 1 (384 days)


Axis Fixed Term Plan - Series 4(3 Months)





Axis Income Saver

Axis Midcap Fund

Axis Gold ETF

(b) Transactions covered by Accounting Standard-18


Axis Mutual Fund Trustee Limited Fees for trusteeship services 13 2

Axis Asset Management Company Limited Fees for investment management services 3,465 837

Axis Asset Management Company Limited Receivable for other expenses 622 622

Axis Bank Limited Bank charges 6 # -


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

Axis Gold ETF

The Central Depository Services (India) Ltd

Folio maintenance and corporate action charges 66

12. Investments made during the period in the sponsor company and its group companies at cost is Nil.

13. NET ASSET VALUE

Rupees

Plans Axis Gold ETFMarch 31, 2011

Face Value Rs. 100

Axis Gold ETF 2,072.94

Schedules

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Contingent liabilities as on March 31, 2011: NIL

15. SEGMENT REPORTING

The scheme operates in one segment only viz. to generate returns that are in line with the performance of gold.


As these are the first financial statements of the scheme since the date of launch, there are no prior period comparatives.

17. SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION

Details of investment portfolio and industry wise classification of the Scheme’s investments in each category of investments at March 31, 2011 are presented below. The industry and company exposures are stated as a percentage of the Scheme’s net assets

Axis Gold ETF



GOLD

MISCELLANEOUS 782 1,625,851 98.90 100.00

Gold 1KG Bar (995 purity) 782 1,625,851 98.90 100.00

TOTAL 782 1,625,851 98.90 100.00

OTHER CURRENT ASSETS 19,849 1.21

TOTAL ASSETS 1,645,700 100.11

LESS: CURRENT LIABILITIES 1,709 0.11

NET ASSETS 1,643,991 100.00










U.R. BhatDirector






Schedules

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Attachment 1

Disclosure under Regulation 25 (11) of SEBI (Mutual Fund) Regulations, 1996

Investments made by the schemes of Axis Mutual Fund in Companies or their subsidiaries that have invested more than 5% of the net assets of any scheme during the year ended March 31, 2011

Name of the Company Name of the Scheme invested by the Company

Investments made by the Schemes of Axis Mutual Fund in the Company or its subsidiary

Aggregate cost of acquisition during

the current and previous period

(Rupees in Lakhs)

Outstanding as on March 31, 2011 (Rupees in Lakhs)

ACC LTD AXIS FIXED TERM PLAN-SERIES 4 (3 MONTHS) AXIS EQUITY FUND 4,443.22 -

ALLAHABAD BANK AXIS LIQUID FUND AXIS EQUITY FUND 2,467.83 -

AXIS TREASURY ADVANTAGE FUND AXIS FIXED TERM PLAN - SERIES 1 1,493.20 -

AXIS FIXED TERM PLAN-SERIES 4 - 3 MONTHS 813.12 -

AXIS INCOME SAVER 2,152.50 -

AXIS LIQUID FUND 106,896.53 -

AXIS SHORT TERM FUND 10,751.03 3,943.34

AXIS TREASURY ADVANTAGE FUND 62,325.20 3,437.72

ANDHRA BANK LTD AXIS LIQUID FUND AXIS EQUITY FUND 2,485.36 -

AXIS TREASURY ADVANTAGE FUND AXIS INCOME SAVER 12,606.32 -

AXIS LIQUID FUND 43,784.48 2,497.54

AXIS SHORT TERM FUND 9,786.83 -

AXIS TREASURY ADVANTAGE FUND 47,852.67 -

AXIS TRIPLE ADVANTAGE FUND 2,284.13 -

AXIS BANK LIMITED AXIS LIQUID FUND AXIS EQUITY FUND 10,621.89 1,180.77

AXIS TREASURY ADVANTAGE FUND AXIS TAX SAVER FUND 388.45 140.39

AXIS SHORT TERM FUND AXIS TRIPLE ADVANTAGE FUND 3,312.13 1,350.96

BAJAJ FINANCE LTD. AXIS LIQUID FUND AXIS EQUITY FUND 71,400.00 -




BANK OF BARODA AXIS LIQUID FUND AXIS EQUITY FUND 5,940.00 675.40

AXIS FIXED TERM PLAN - SERIES 13 (370 DAYS ) 2,780.73 2,801.19

AXIS INCOME SAVER 8,609.82 1,806.38



AXIS TAX SAVER FUND 137.76 144.73


AXIS TRIPLE ADVANTAGE FUND 1,069.65 96.49

BANK OF INDIA AXIS LIQUID FUND AXIS EQUITY FUND 9,963.50 -

AXIS TREASURY ADVANTAGE FUND AXIS FIXED TERM PLAN - SERIES 1 938.61 -





AXIS TRIPLE ADVANTAGE FUND 187.64 -

BANK OF MAHARASHTRA. AXIS LIQUID FUND AXIS EQUITY FUND 2,469.97 -

AXIS FIXED TERM PLAN - SERIES 1 2,491.56 999.02




BHARTI AIRTEL LTD. AXIS LIQUID FUND AXIS EQUITY FUND 3,976.80 714.80

AXIS TREASURY ADVANTAGE FUND AXIS INCOME SAVER 395.05 357.40

AXIS TAX SAVER FUND 108.18 -

AXIS TRIPLE ADVANTAGE FUND 379.19 428.88

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(Rupees in Lakhs)


CENTRAL BANK OF INDIA AXIS LIQUID FUND AXIS EQUITY FUND 6,929.15 -

AXIS TREASURY ADVANTAGE FUND AXIS FIXED TERM PLAN - SERIES 1 100.64 -


AXIS FIXED TERM PLAN - SERIES 3 999.03 -


AXIS LIQUID FUND 149,842.99 2,455.52




CIPLA LTD. AXIS LIQUID FUND AXIS EQUITY FUND 2,508.92 -



CORPORATION BANK AXIS LIQUID FUND AXIS EQUITY FUND 31,534.54 -

AXIS TREASURY ADVANTAGE FUND AXIS INCOME SAVER 26,647.60 3,753.65


AXIS MIDCAP FUND 1,400.00 -


AXIS TAX SAVER FUND 1,179.28 -



DABUR INDIA LIMITED AXIS FIXED TERM PLAN-SERIES 3 (3 MONTHS) AXIS EQUITY FUND 164.60 -

DENA BANK AXIS LIQUID FUND AXIS LIQUID FUND 23,408.94 -



DEWAN HOUSING FINANCE CORPN LTD

AXIS LIQUID FUND AXIS EQUITY FUND 1,338.71 -

AXIS INCOME SAVER 486.47 -

AXIS MIDCAP FUND 343.98 368.64



DLF LIMITED AXIS LIQUID FUND AXIS INCOME SAVER 214.18 -

AXIS TREASURY ADVANTAGE FUND

ECL FINANCE LIMITED AXIS LIQUID FUND AXIS EQUITY FUND 11,291.52 -

AXIS FIXED TERM PLAN - SERIES 1 2,888.87 1,498.77

AXIS FIXED TERM PLAN - SERIES 3 2,636.42 -




EICHER MOTORS LTD. AXIS FIXED TERM PLAN - SERIES 13 (370 DAYS) AXIS MIDCAP FUND 117.55 141.84

EXIM BANK AXIS LIQUID FUND AXIS LIQUID FUND 19,829.38 -


G. E. SHIPPING AXIS SHORT TERM FUND AXIS MIDCAP FUND 146.06 145.59

HDFC BANK LTD. AXIS LIQUID FUND AXIS EQUITY FUND 6,589.75 4,691.70

AXIS TREASURY ADVANTAGE FUND AXIS LIQUID FUND 38,307.70 2,683.66




AXIS TRIPLE ADVANTAGE FUND 1,099.82 1,172.93

HERO HONDA MOTORS LTD AXIS FIXED TERM PLAN - SERIES 1(384 DAYS) AXIS EQUITY FUND 319.82 -

AXIS FIXED TERM PLAN-SERIES 3 (3 MONTHS) AXIS TAX SAVER FUND 69.61 -

HINDALCO INDUSTRIES LTD. AXIS SHORT TERM FUND AXIS EQUITY FUND 1,929.59 1,464.05




ICICI SEC PRIMARY DEALERSHIP LTD.

AXIS LIQUID FUND AXIS LIQUID FUND 2,487.46 -


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(Rupees in Lakhs)


IDBI BANK LIMITED AXIS LIQUID FUND AXIS EQUITY FUND 8,986.34 -

AXIS TREASURY ADVANTAGE FUND AXIS INCOME SAVER 9,586.24 -




AXIS FIXED TERM PLAN - SERIES 1 998.78 999.03


AXIS FIXED TERM PLAN-SERIES 12 (367 DAYS) 333.64 338.38


IDFC LTD AXIS LIQUID FUND AXIS EQUITY FUND 10,280.23 -


IL&FS FINANCIAL SERVICES LTD AXIS LIQUID FUND AXIS LIQUID FUND 6,436.56 2,451.36


INDIA INFOLINE INVESTMENT SERV LTD



INDIABULLS FINANCIAL SERVICES LTD

AXIS LIQUID FUND AXIS INCOME SAVER 190.53 154.80



INDUSIND BANK LTD AXIS LIQUID FUND AXIS SHORT TERM FUND 586.80 -

AXIS TREASURY ADVANTAGE FUND AXIS TREASURY ADVANTAGE FUND 1,858.18 -



JAMMU & KASHMIR BANK LIMITED

AXIS LIQUID FUND AXIS LIQUID FUND 2,447.03 2,491.28

L&T FINANCE LTD AXIS LIQUID FUND AXIS INCOME SAVER 400.00 -



LIC HOUSING FINANCE LTD. AXIS LIQUID FUND AXIS EQUITY FUND 2,351.79 -



AXIS SHORT TERM FUND 930.23 -



MAN INFRACONSTRUCTION LTD




MARUTI SUZUKI INDIA LTD AXIS FIXED TERM PLAN - SERIES 1(384 DAYS) AXIS EQUITY FUND 3,508.91 883.51

AXIS FIXED TERM PLAN - SERIES 13 (370 DAYS) AXIS TAX SAVER FUND 106.03 50.49

AXIS LIQUID FUND AXIS TRIPLE ADVANTAGE FUND 213.52 189.32

AXIS TREASURY ADVANTAGE FUND

MOTILAL OSWAL FINANCIAL SERVICES LIMITED






MOTILAL OSWAL SECURITIES LTD



NATIONAL BANK FOR AGRI. & RURAL DEV

AXIS LIQUID FUND AXIS EQUITY FUND 994.19 -





ORIENT GREEN POWER CO LTD AXIS SHORT TERM FUND AXIS EQUITY FUND 956.49 -

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(Rupees in Lakhs)


ORIENTAL BANK OF COMMERCE







PIRAMAL HEALTHCARE LIMITED

AXIS LIQUID FUND AXIS EQUITY FUND 134.28 -

PRAJ INDUSTRIES LIMITED AXIS FIXED TERM PLAN - SERIES 1(384 DAYS) AXIS EQUITY FUND 580.87 439.91



PUNJAB NATIONAL BANK AXIS TREASURY ADVANTAGE FUND AXIS EQUITY FUND 26,033.31 848.89

AXIS FIXED TERM PLAN - SERIES 1 1,607.73 114.88




AXIS LIQUID FUND 176,273.68 16,709.19


AXIS TAX SAVER FUND 1,334.88 1,335.51



RELIANCE INDUSTRIES LTD. AXIS FIXED TERM PLAN - SERIES 13 (370 DAYS) AXIS EQUITY FUND 8,763.40 3,986.58

AXIS LIQUID FUND AXIS INCOME SAVER 811.64 314.73

AXIS TREASURY ADVANTAGE FUND AXIS LIQUID FUND 14,930.66 -



AXIS TRIPLE ADVANTAGE FUND 972.16 1,049.10

RELIGARE FINVEST LIMITED AXIS LIQUID FUND AXIS EQUITY FUND 11,391.67 -

AXIS FIXED TERM PLAN - SERIES 3 2,385.05 -




RHC HOLDING PVT LTD AXIS LIQUID FUND AXIS LIQUID FUND 3,500.00 -

AXIS TREASURY ADVANTAGE FUND AXIS TREASURY ADVANTAGE FUND 6,500.00 -

SHAREKHAN LIMITED AXIS LIQUID FUND AXIS LIQUID FUND 2,489.50 -

STATE BANK OF HYDERABAD AXIS LIQUID FUND AXIS EQUITY FUND 20,031.79 -







STATE BANK OF INDIA AXIS LIQUID FUND AXIS EQUITY FUND 8,961.87 3,041.83







STATE BANK OF TRAVANCORE AXIS LIQUID FUND AXIS EQUITY FUND 17,854.14 1,996.93





AXIS MIDCAP FUND 2,385.10 2,392.55


AXIS TREASURY ADVANTAGE FUND 49,480.14 898.69


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(Rupees in Lakhs)


SUN PHARMACEUTICAL INDUSTRIES LTD.

AXIS LIQUID FUND AXIS EQUITY FUND 1,281.71 1,106.25



SYNDICATE BANK AXIS LIQUID FUND AXIS LIQUID FUND 3,467.35 -






TATA CAPITAL LIMITED AXIS LIQUID FUND AXIS EQUITY FUND 19,470.69 -

AXIS FIXED TERM PLAN - SERIES 1 3,794.61 1,998.42

AXIS FIXED TERM PLAN - SERIES 3 988.40 -





TATA CHEMICALS LTD. AXIS SHORT TERM FUND AXIS INCOME SAVER 167.57 171.00


TATA MOTORS FINANCE LIMITED





TATA STEEL LTD. AXIS LIQUID FUND AXIS EQUITY FUND 6,183.30 1,866.75

AXIS INCOME SAVER 699.17 341.59




UNION BANK OF INDIA AXIS LIQUID FUND AXIS FIXED TERM PLAN - SERIES 13 (370 DAYS ) 2,271.96 2,291.68





UNITED BANK OF INDIA LTD. AXIS LIQUID FUND AXIS EQUITY FUND 8,356.54 -

AXIS TREASURY ADVANTAGE FUND AXIS FIXED TERM PLAN-SERIES 11 (371 DAYS) 600.72 612.16

AXIS FIXED TERM PLAN-SERIES 12 (367 DAYS) 121.89 -

AXIS INCOME SAVER 2,982.15 785.47







VIJAYA BANK AXIS LIQUID FUND AXIS FIXED TERM PLAN - SERIES 13 (370 DAYS ) 2,271.55 2,286.48

AXIS TREASURY ADVANTAGE FUND AXIS LIQUID FUND 5,909.60 -

ZEE ENTERTAINMENT ENTERPRISES LTD

AXIS LIQUID FUND AXIS TRIPLE ADVANTAGE FUND - 74.16

All the companies transacted herewith are financially sound companies with proven track record. Moreover fund management has undertaken a detailed research in each of these companies and has sought relevant approval from the Investment Review Committee. As a result, investments in all these companies are independent investment decisions and does not relate, in any manner, to their investment in the Schemes.

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VOTING POLICY

1. SEBI vide its circular no. SEBI/IMD/Cir No 18/198647/2010 dated March 15, 2010 has stated that mutual funds should play an active role in ensuring better corporate

governance of listed companies. This policy is drafted in pursuance of above referred circular and clarificatory email received from SEBI on June 23, 2011 and provides general

philosophy, broad guidelines and procedures for exercising voting rights.

2. Axis Asset Management Company Limited (AMC), Investment Manager to Axis Mutual Fund (“the Mutual Fund”), shall endeavor to vote on all resolutions which may affect

its unitholders interests, either by postal ballot or through attendance.

3. The AMC shall not give proxy to brokers, for voting on its behalf.

4. Where the holding of the Mutual Fund Scheme(s) is 5% or more of the paid up capital of the investee company, the AMC shall be represented by the concerned Fund Manager

or concerned analyst tracking the stock or any other Equity Fund Manager.

5. Where the holding of the Schemes is less than 5% of the paid up capital of the Investee Company, the AMC may vote through the postal ballot method.

6. The decision regarding the voting on the resolution, i.e. whether the AMC will (i) attend/not attend, (ii) vote/abstain, (iii) if voted, for or against the resolution proposed by the

Investee Company will be taken by the Fund Manager in consultation with the Head - Investments.

AMC recognizes that there may be a potential conflict of interest when it decides to vote for / against Investee Company, on behalf of the Mutual Fund Scheme(s), which is a

group company of AMC or where the Investee Company has substantial investments in the Scheme(s) of the Mutual Fund. AMC shall specifically review all voting proposals

and take decisions with respect to voting on such proposals in the best interest of the unit holders.

7. The actual exercise of the proxy votes in the AGMs/EGMs of the investee companies will cover the following matters and will be reported in the SEBI prescribed format:

a. Corporate governance matters, including changes in the state of incorporation, merger and other corporate restructuring, and anti takeover provisions;

b. Changes to capital structure, including increases and decreases of capital and preferred stock issuances;

c. Stock option plans and other management compensation issues;

d. Social and corporate responsibility issues;

e. Appointment and Removal of Directors;

f. Any other issue that may affect the interest of the shareholders in general and interest of the unit-holders in particular.

7. Whenever there is a change in Auditors, Independent Directors, key management personnel of the Investee Company, the AMC shall be vigilant and make more enquiries,

including asking the Investee Company to provide reasons for the same.

8. Any corporate governance issue requiring support from other shareholders may be discussed with them by the AMC.

9. The Investment Review Committee of AMC will note the action taken in respect of voting in its meetings.

10. The general policies and procedures stated above for exercising the voting rights in respect of shares held by the Scheme(s) of the Mutual Fund will be disclosed on the website

of the Mutual Fund as well as in the annual report distributed to the unit holders from the financial year 2010-11 onwards.

Date: November 30, 2010

Revised on: June 30, 2011

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Details of Exercise of Voting Rights In AGMs/EGMs Of Investee Companies During the F. Y. 2010 - 2011

Management Proposals

Date Company Type of Meeting (AGM / EGM / Postal Ballot)

Proposal Management Recommendation

*Vote (For / Against / Abstain)

March 29, 2011 Bank Of Baroda EGM Approval for equity shares preferential issue to Government of India to raise stake to 58%

For Abstain

March 29, 2011 Glaxosmithkline Consumer Healthcare Ltd.

AGM General business For Abstain

March 28, 2011 Punjab National Bank Ltd. EGM Approval for equity shares preferential issue to Government of India to raise stake to 58%

For Abstain

March 24, 2011 ZEE Entertainment Enterprises Ltd.

Postal Ballot Approval for buy-back of equity shares from open market

For Abstain

February 24, 2011 Mphasis Ltd. AGM Appointment of 4 directors and approval of stock unit plan

For Abstain

February 21, 2011 Hindustan Zinc Ltd. Postal Ballot Approval for increasing authorized shares, stock split and 1:1 bonus

For Abstain

February 17, 2011 PI Industries Ltd. Postal Ballot Approval for ESOP For Abstain

January 24, 2011 Oil and Natural Gas Corporation Ltd. (ONGC)

Postal Ballot Approval for sub-division of equity shares and bonus issuance

For Abstain

January 21, 2011 PI Industries Ltd. EGM Approval for slump sale of polymer division For Abstain

January 20, 2011 Spicejet Ltd. Postal Ballot Approval for Article of Association post change in promoter

For Abstain

January 17, 2011 HCL Technologies Postal Ballot Appointment of Mr Vineet Nayar as Vice Chairman, CEO and Whole-time Director

For Abstain

January 17, 2011 TV 18 India Ltd. Postal Ballot Approval for corporate restructuring between group companies

For Abstain

December 22, 2010 TISCO Postal Ballot Approval for increasing authorized shares and issuing ‘A’ ordinary shares

For Abstain

December 22, 2010 Reliance Infrastructure Ltd. AGM Appointment of 2 directors For Abstain

December 21, 2010 IBN 18 BroadCast Ltd. CCM Approval for corporate restructuring between group companies

For Abstain

December 15, 2010 NATCO Pharma Ltd. EGM Approval for fund raising - Either equity or convertibles

For Abstain

*During the F.Y. 2010-2011, the management proposals which were received were not adversely affecting the interest of the unitholders of the schemes and accordingly Axis Asset Management Company Ltd. has abstained from exercising its voting rights.

Shareholder Proposals

Date Company Type of Meeting (AGM / EGM / Postal Ballot)

Proposal *Vote (For / Against / Abstain)

Nil

3

Risk Factors: All Mutual funds and securities investments are subject to market risks and there is no guarantee that the investment objective of the schemes will be achieved. The NAV of the units issued by the Mutual Fund under the schemes can go up or down depending on various factors and forces affecting securities markets. Past performance of the Sponsor, its affiliates/the AMC/the mutual fund or its schemes does not indicate the future performance of the schemes. The sponsor is not liable or responsible for any loss or shortfall resulting from the operation of the schemes. Investments in the schemes are subject to interest rate risk, re-investment risk, basis risk, credit risk, liquidity risk, spread risk, prepayment risk, risk of possible loss of principal, etc. Equity and Equity Related Instruments are volatile by nature. Mid & Small size companies may be more volatile & less liquid than larger companies. Investments in gold exchange traded funds are subject to market risk, risks associated with investment in physical gold, liquidity risk, counterparty risk, etc. The term ‘Income Saver’ is only meant to denote the dual objectives of delivering regular returns and the endeavor to manage risk. The name of the scheme should in no way be construed as a guarantee or assurance of returns or capital invested in the scheme. Axis Liquid Fund (An Open ended Liquid Scheme; the objective of the scheme is 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), Axis Treasury Advantage Fund (An Open ended Debt Scheme; the objective of the scheme is 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), Axis Tax Saver Fund (An Open ended equity linked savings scheme with a lock-in period of 3 years; the objective of the scheme is to generate income and long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related Securities. However, there can be no assurance that the investment objective of the scheme will be achieved), Axis Equity Fund (An Open ended growth scheme; the Objective of the scheme is 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) Axis Short Term Fund (An Open ended Debt Scheme; the objective of the scheme is 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), Axis Fixed Term Plan – Series 1 (384 days), Axis Fixed Term Plan – Series 11 (371 days), Axis Fixed Term Plan – Series 12 (367 days) and Axis Fixed Term Plan – Series 13 (370 days) (A Close ended debt scheme(s); the objective of the scheme is to generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the respective plan(s)), Axis Income Saver (An open ended Income Fund; The Scheme seeks to generate regular income through investments in debt & money market instruments, along with capital appreciation through limited exposure to equity and equity related instruments. It also aims to manage risk through active asset allocation.), Axis Triple Advantage Fund (An Open ended Hybrid Fund; The Scheme seeks to generate long term capital appreciation by investing in a diversified portfolio of equity and equity related instruments, fixed income instruments & gold Exchange Traded Funds.), Axis Gold ETF (An Open ended Gold Exchange Traded Fund; The investment objective of the Scheme is to generate returns that are in line with the performance of gold.), 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) are only the names of the Scheme(s) and do not in any manner indicate either the quality of the Scheme(s), their future prospects and returns. Mutual Fund Investments are subject to market risks. Please read the Scheme Information Documents and Statement of Additional Information (SID & SAI) carefully before investing. For detailed risk factors, please refer to the SID.

Statutory Details: Axis Mutual Fund has been established as a Trust under the Indian Trusts Act, 1882, sponsored by Axis Bank Ltd. (liability restricted to Rs. 1 Lakh). Trustee: Axis Mutual Fund Trustee Ltd. Investment Manager: Axis Asset Management Co. Ltd. (the AMC)

3

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Invest fixed amounts each month for peace of mind.To open your SIP* account call toll-free 1800 3000 3300 or SMS ‘PEACE’ to 567678

Mutual Fund investments are subject to market risks. Read the Scheme Information Document and

Statement of Additional Information carefully before investing.

* SIP refers to Systematic Investment Plan.

Axis Asset Management Company LimitedAxis House, First Floor, Bombay Dyeing Mills Compound, Pandurang Budhakar Marg, Worli, Mumbai - 400 025, India.

Tel.: 022 4325 5100 Fax: 022 4325 [email protected] | www.axismf.com

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