I N D E X. Tax Reckoner 2. How To Read A Factsheet

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4 I N D E X Tax Reckoner 2 How To Read A Factsheet 5 Equity Funds Equity Outlook 6 Axis Equity Fund 7 Axis Focused 25 Fund 8 Axis Midcap Fund 9 Axis Long Term Equity Fund 10 Axis Multicap Fund 11 Axis Enhanced Arbitrage Fund 12 Debt Funds Fixed Income Outlook 13 Axis Liquid Fund 14 Axis Treasury Advantage Fund 15 Axis Short Term Fund 16 Axis Dynamic Bond Fund 17 Axis Corporate Debt Opportunities Fund 18 Axis Regular Savings Fund 19 Axis Fixed Income Opportunities Fund 20 Axis Constant Maturity 10 Year Fund 21 Axis Banking And PSU Debt Fund 22 Hybrid Funds Hybrid Outlook 23 Axis Equity Saver Fund 24 Axis Dynamic Equity Fund 25 Axis Income Saver 26 Axis Children s Gift Fund 27 Axis Triple Advantage Fund 28 SIP Performance Of Selected Schemes 29 s Load Structure And Minimum Investment Amount Annexures Expense Ratios Product Labeling

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6 EQUITY A P R I L % 10.2% -3.6% QUICK TAKE Equity market valuations are broadly reasonable adjusted for the cyclical low in earnings and potential for revival going forward. We remain bullish on equities from a medium to long term perspective Investors are suggested to have their asset allocation plan based on one s risk appetite and future goals in life. KEY HIGHLIGHTS DOMESTIC GLOBAL CORPORATE Equity markets continued to retrace from gains in The benchmark indices S&P BSE Sensex & NIFTY 50 fell 3.6% each. Global pessimism stemming from US geopolitical manoeuvres on China had an impact on market sentiment. FPI`s returned to the equity markets with a net purchase of US$1.63 billion. Mutual fund SIP collections for the month of February 2018 stood at Rs. 6,425 Cr. The government surprised the market with its borrowing program for the first half of FY 19 with respect to the tenure and nature of the borrowing. Overall FY2019 gross borrowing via dated bonds has been reduced by Rs 50,000 Cr. The government has also indicated that it will tap the small savings schemes to raise the shortfall as well as reduce its existing buyback program. The relief in the bonds markets is likely to be positive for banks and NBFC`s. CPI inflation eased to 4.44% in February V/s 5.07% in January. Core inflation was unchanged at 5%. The reversal is a reflection of seasonal decline in food prices. The RBI may look through the peak of 5.6% in June but will remain cautious as upside risks remain to RBI inflation targets. IIP numbers in January continued to indicate a nascent recovery in the manufacturing sector. On the global front, the US President signed an executive memorandum to impose retaliatory tariffs on up to US$60 bn of Chinese imports. China responded to this by proposing a list of 128 US products as potential retaliation targets in two stages depending on how discussions with US pan out. While this is expected to have no material impact on Indian exports, the market sentiment may remain negative in anticipation of the global implications on world trade. The economy is well positioned with a solid macro foundation, political stability and positive global focus. This combined with structural reforms is likely to push growth higher in the medium term. The recent budget announcements relating to rural, agriculture and healthcare are positive for growth in general and for the specific sectors of the economy. We continue to believe in the rural consumption story that is expected to play out over the next few quarters. We believe that rural centric policies are likely to be undertaken in the run up to the 2019 general elections, which will bode well for rural spending for the next few quarters. As a philosophy, we have consciously stayed away from PSU stocks especially PSU banks. The recent turmoil in these stocks caused limited damage to our portfolios. The recent bout of volatility stands testament to our focus on quality and investment process in building long term sustainable portfolios for investors. We continue to expect elevated volatility levels in the equity markets and hence advise investors to look at equity allocations from a medium to long term investment horizon. Systematic investments into equity products could also help investors ride out short term volatility. Source: Bloomberg, Axis MF Research. 6

7 AXIS EQUITY FUND (AN OPEN-ENDED LARGE CAP EQUITY SCHEME) INVESTMENT OBJECTIVE: To achieve long term capital appreciation by investing in a diversified portfolio predominantly consisting of equity and equity related securities of Large Cap companies including derivatives. However, there can be no assurance that the investment objective of the Scheme will be achieved. FUND STYLE 5th January , Cr. 1, Cr. Nifty 50 Investment Style Value Blend Growth Large Mid Small Market Cap STATISTICAL MEASURES (3 YEARS) Standard Deviation % Beta Sharpe Ratio** SECTOR ALLOCATION TURNOVER* (1 YEAR) 1.84 times Banks Finance Auto Consumer Non Durables 8.44 Software 6.78 PERFORMANCE (as on 28th March 2018) Date Period Scheme Returns NIFTY 50 S&P BSE SENSEX Mr. Shreyash Devalkar Work experience:16 years. He has been managing this fund since 23rd November 2016 Auto Ancillaries 5.14 Retailing 3.98 Textile Products 2.94 Chemicals Current Value of `10,000 invested Scheme NIFTY 50 S&P BSE SENSEX Returns Axis Equity Fund - Growth 31-Mar-17 Last 1 Year 18.13% 11.76% 12.70% 11,813 11,176 11, Mar-15 Last 3 Years 8.21% 7.38% 7.14% 12,667 12,378 12, Mar-13 Last 5 Years 15.29% 13.63% 13.48% 20,380 18,954 18,823 Since Inception (5-Jan-10) 11.61% 9.54% 9.45% 24,700 21,161 21,021 Axis Equity Fund - Direct Plan - Growth 31-Mar-17 Last 1 Year 19.81% 11.76% 12.70% 11,981 11,176 11, Mar-15 Last 3 Years 9.44% 7.38% 7.14% 13,102 12,378 12, Mar-13 Last 5 Years 16.61% 13.63% 13.48% 21,573 18,954 18,823 Since Inception (1-Jan-13) 15.74% 12.02% 12.04% 21,502 18,123 18,138 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns are calculated at `10 invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Shreyash Devalkar is managing the scheme since 23rd November 2016 and he manages 5 schemes of Axis Mutual Fund. Please refer to annexure on Page 32 for performance of all schemes managed by the fund manager. Returns greater than 1 year period are compounded annualised (CAGR). The performance of the scheme is benchmarked to the Total Return variant of the Benchmark Index (TRI) in terms of SEBI circular dated Jan. 4, 18. s Record Date DIVIDENDS Regular Plan Dividend (` Per unit) Direct Plan Dividend (` Per unit) Mar 15, Dividend Mar 21, Mar 10, Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` 10. Data as on 31st March EXIT LOAD If redeemed / switched-out within 12 months from the date of allotment, For 10 % of investments: Nil, For remaining investments: 1%, If redeemed / switched - out after 12 months from the date of allotment:nil (w.e.f. 25th September 2017) **Risk-free rate assumed to be 9.39% (MIBOR as on ) - Source: Please note that as per AMFI guidelines for factsheet, the ratios are calculated based on month rolling returns (absolute) for last 3 years. Data as on 31st March Source: ACEMF *Based on equity, equity derivatives and Fixed Income Securities transactions only. CBLO/ Repo/FD/Margin FD/MFU/SLB are not considered. 7 % OF ASSETS BANKS HDFC Bank Limited 9.94 Kotak Mahindra Bank Limited 8.04 IndusInd Bank Limited 2.33 Bandhan Bank Limited 0.98 FINANCE Housing Development Finance Corporation Limited 6.71 Bajaj Finance Limited 5.54 Bajaj Finserv Limited 3.21 AUTO Maruti Suzuki India Limited 7.14 Ashok Leyland Limited 1.49 Mahindra & Mahindra Limited 1.34 Eicher Motors Limited 0.97 CONSUMER NON DURABLES 8.44 Britannia Industries Limited 3.36 Hindustan Unilever Limited 3.03 Asian Paints Limited 2.06 SOFTWARE 6.78 Infosys Limited 3.12 Tata Consultancy Services Limited 2.13 Tech Mahindra Limited 1.54 AUTO ANCILLARIES 5.14 Endurance Technologies Limited 1.95 Motherson Sumi Systems Limited 1.93 MRF Limited 1.25 RETAILING 3.98 Avenue Supermarts Limited 3.98 TEXTILE PRODUCTS 2.94 Page Industries Limited 2.94 CHEMICALS 2.11 Pidilite Industries Limited 2.11 OTHERS Pharmaceuticals 2.03 Divi's Laboratories Limited 1.07 Cadila Healthcare Limited 0.96 Petroleum Products 1.53 Reliance Industries Limited 1.53 Construction Project 1.03 Larsen & Toubro Limited 1.03 Industrial Capital Goods 0.97 Bharat Electronics Limited 0.97 Cement 0.96 Shree Cements Limited 0.96 Gas 0.94 Petronet LNG Limited 0.94 Consumer Durables 0.83 Titan Company Limited 0.83 Pesticides 0.79 UPL Limited 0.79 Telecom - Services 0.77 Bharti Airtel Limited 0.77 Ferrous Metals 0.50 Tata Steel Limited 0.50 Other Equity (less than 0.50% of the corpus) 0.46 Total Equity Debt, Cash & Other Receivables Net Assets 100% Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

8 AXIS FOCUSED 25 FUND (AN OPEN-ENDED EQUITY SCHEME) INVESTMENT OBJECTIVE: To generate long term capital appreciation by investing in a concentrated portfolio of equity & equity related instruments of up to 25 companies. FUND STYLE 29th June , Cr. 3, Cr. Nifty 50 Investment Style Value Blend Growth Large Mid Small Market Cap STATISTICAL MEASURES (3 YEARS) Standard Deviation % Beta Sharpe Ratio** s SECTOR ALLOCATION DIVIDENDS Record Date EXIT LOAD TURNOVER* (1 YEAR) 1.30 times Finance Banks Software Auto Ancillaries 9.10 Auto 6.99 Cement 6.03 PERFORMANCE (as on 28th March 2018) Date Period Scheme Returns NIFTY 50 Dividend (` Per unit) S&P BSE 200 Mr. Jinesh Gopani Work experience:16 years. 07th June 2016 Industrial 5.96 Products Retailing 3.12 Textile Products Current Value of `10,000 invested Scheme NIFTY 50 Mar 08, Feb 28, Dividend Mar 10, Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` 10. Dividends disclosed above are since the inception of the fund. Data as on 31st March S&P BSE 200 Axis Focused 25 Fund - Growth 31-Mar-17 Last 1 Year 18.86% 11.76% 12.49% 11,886 11,176 11, Mar-15 Last 3 Years 11.90% 7.38% 9.31% 14,003 12,378 13, Mar-13 Last 5 Years 17.38% 13.63% 15.77% 22,296 18,954 20,804 Since Inception (29-June-12) 17.40% 13.33% 15.13% 25,150 20,533 22,472 Axis Focused 25 Fund - Direct Plan - Growth 31-Mar-17 Last 1 Year 20.30% 11.76% 12.49% 12,030 11,176 11, Mar-15 Last 3 Years 13.33% 7.38% 9.31% 14,544 12,378 13, Mar-13 Last 5 Years 18.85% 13.63% 15.77% 23,729 18,954 20,804 Since Inception (1-Jan-13) 17.21% 12.02% 13.59% 22,976 18,123 19,497 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns are calculated at `10 invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Jinesh Gopani is managing the scheme since 23rd November 2016 and he manages 5 schemes of Axis Mutual Fund. Please refer to annexure on Page 32 for performance of all schemes managed by the fund manager. Returns greater than 1 year period are compounded annualised (CAGR). The performance of the scheme is benchmarked to the Total Return variant of the Benchmark Index (TRI) in terms of SEBI circular dated Jan. 4, 18. % OF ASSETS FINANCE Bajaj Finance Limited 5.47 Bajaj Finserv Limited 5.41 Gruh Finance Limited 4.44 HDFC Limited 1.65 HDFC Standard Life Insurance Company Limited 2.60 Mas Financial Services Limited 1.11 JM FINANCIAL LIMITED 0.86 BANKS HDFC Bank Limited 8.67 Kotak Mahindra Bank Limited 6.55 Bandhan Bank Limited 2.76 SOFTWARE Tata Consultancy Services Limited 5.78 Info Edge (India) Limited 3.34 MindTree Limited 2.49 AUTO ANCILLARIES 9.10 Motherson Sumi Systems Limited 3.53 WABCO India Limited 2.94 Endurance Technologies Limited 2.63 AUTO 6.99 Maruti Suzuki India Limited 6.99 CEMENT 6.03 Shree Cements Limited 6.03 INDUSTRIAL PRODUCTS 5.96 Supreme Industries Limited 5.96 RETAILING 3.12 Avenue Supermarts Limited 3.12 TEXTILE PRODUCTS 3.07 Page Industries Limited 3.07 OTHERS 9.07 Industrial Capital Goods 3.05 V-Guard Industries Limited 3.05 Pharmaceuticals 3.04 Cadila Healthcare Limited 1.98 Sun Pharma Advanced Research Company Limited 1.07 Chemicals 2.97 Pidilite Industries Limited 2.97 Total Equity Cash & Other Receivables 5.54 Net Assets 100% If redeemed / switched-out within 12 months from the date of allotment, For 10 % of investments: Nil, For remaining investments: 1%, If redeemed / switched - out after 12 months from the date of allotment:nil (w.e.f. 25th September 2017) **Risk-free rate assumed to be 9.39% (MIBOR as on ) - Source: Please note that as per AMFI guidelines for factsheet, the ratios are calculated based on month rolling returns (absolute) for last 3 years.data as on 31st March Source: ACEMF *Based on equity, equity derivatives and Fixed Income Securities transactions only. CBLO/ Repo/FD/Margin FD/MFU/SLB are not considered. 8 Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

9 AXIS MIDCAP FUND (AN OPEN-ENDED EQUITY SCHEME) INVESTMENT OBJECTIVE: To achieve long term capital appreciation by investing predominantly in equity and equity related instruments of mid size companies. The focus of the fund will be to invest in relatively larger companies within this category. FUND STYLE 18th February , Cr. 1, Cr. S&P BSE Midcap Investment Style Value Blend Growth Large Mid Small Market Cap STATISTICAL MEASURES (3 YEARS) Standard Deviation % Beta Sharpe Ratio** SECTOR ALLOCATION Regular Plan Dividend (` Per unit) s Record Date EXIT LOAD TURNOVER* (1 YEAR) 0.99 times Finance Auto Ancillaries Consumer Non Durables 9.80 Industrial Products 8.74 Banks 5.67 PERFORMANCE (as on 28th March 2018) Date Period Scheme Returns DIVIDENDS S&P BSE Midcap NIFTY 50 Mr. Shreyash Devalkar Work experience: 16 years. 23rd November 2016 Textile Products 5.07 Retailing 4.32 Industrial Capital 3.40 Goods Gas Current Value of `10,000 invested Scheme S&P BSE Midcap Direct Plan Dividend (` Per unit) NIFTY 50 Axis Midcap Fund - Growth 31-Mar-17 Last 1 Year 20.03% 14.31% 11.76% 12,003 11,431 11, Mar-15 Last 3 Years 10.03% 16.07% 7.38% 13,315 15,626 12, Mar-13 Last 5 Years 22.27% 22.69% 13.63% 27,338 27,812 18,954 Since Inception (18-Feb-11) 18.48% 14.65% 10.42% 33,380 26,437 20,230 Axis Midcap Fund - Direct Plan - Growth 31-Mar-17 Last 1 Year 21.39% 14.31% 11.76% 12,139 11,431 11, Mar-15 Last 3 Years 11.31% 16.07% 7.38% 13,783 15,626 12, Mar-13 Last 5 Years 23.75% 22.69% 13.63% 29,043 27,812 18,954 Since Inception (1-Jan-13) 19.96% 17.98% 12.02% 25,946 23,775 18,123 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns is calculated on ` 10 invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Shreyash Devalkar is managing the scheme since 23rd November 2016 and he manages 5 schemes of Axis Mutual Fund. Please refer to annexure on Page 32 for performance of all schemes managed by the fund manager. Returns greater than 1 year period are compounded annualised (CAGR). The performance of the scheme is benchmarked to the Total Return variant of the Benchmark Index (TRI) in terms of SEBI circular dated Jan. 4, 18. Oct 16, Dividend Sep 15, Sep 10, Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` 10. Dividends disclosed above are since the inception of the fund. Data as on 31st March If redeemed / switched-out within 12 months from the date of allotment, For 10 % of investments: Nil, For remaining investments: 1%, If redeemed / switched - out after 12 months from the date of allotment:nil (w.e.f. 25th September 2017) **Risk-free rate assumed to be 9.39% (MIBOR as on ) - Source: Please note that as per AMFI guidelines for factsheet, the ratios are calculated based on month rolling returns (absolute) for last 3 years. Data as on 31st March Source: ACEMF *Based on equity, equity derivatives and Fixed Income Securities transactions only. CBLO/ Repo/FD/Margin FD/MFU/SLB are not considered. 9 % OF ASSETS FINANCE Gruh Finance Limited 8.32 Sundaram Finance Limited 4.36 Bajaj Finance Limited 4.06 Cholamandalam Investment and Finance Company Limited 3.44 Mahindra & Mahindra Financial Services Limited 2.41 Bajaj Finserv Limited 1.58 Mas Financial Services Limited 1.32 Sundaram Finance Holdings Limited 0.77 AUTO ANCILLARIES Endurance Technologies Limited 4.02 WABCO India Limited 2.47 MRF Limited 1.97 Balkrishna Industries Limited 1.46 Motherson Sumi Systems Limited 1.43 CONSUMER NON DURABLES 9.80 Procter & Gamble Hygiene and Health Care Limited 3.98 Britannia Industries Limited 2.13 Jubilant Foodworks Limited 2.13 Kansai Nerolac Paints Limited 1.56 INDUSTRIAL PRODUCTS 8.74 Supreme Industries Limited 4.07 Astral Poly Technik Limited 2.66 Schaeffler India Limited 2.01 BANKS 5.67 City Union Bank Limited 4.66 Bandhan Bank Limited 1.02 TEXTILE PRODUCTS 5.07 Page Industries Limited 5.07 RETAILING 4.32 Avenue Supermarts Limited 2.81 Trent Limited 1.51 INDUSTRIAL CAPITAL GOODS 3.40 V-Guard Industries Limited 3.40 GAS 2.94 Indraprastha Gas Limited 1.97 Petronet LNG Limited 0.97 OTHERS Chemicals 2.54 Tata Chemicals Limited 2.54 Construction Project 2.38 Voltas Limited 2.38 Consumer Durables 2.13 TTK Prestige Limited 2.13 Software 2.12 Info Edge (India) Limited 2.12 Pharmaceuticals 1.79 Divi's Laboratories Limited 1.79 Transportation 1.46 Gujarat Pipavav Port Limited 1.46 Auto 1.25 Ashok Leyland Limited 1.25 Ferrous Metals 1.07 Shankara Building Products Limited 1.07 Other Equity (less than 0.50% of the corpus) 0.44 Total Equity Cash & Other Receivables 7.27 Net Assets 100% Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

10 AXIS LONG TERM EQUITY FUND (AN OPEN-ENDED EQUITY LINKED SAVINGS SCHEME WITH A 3 YEAR LOCK-IN) INVESTMENT OBJECTIVE: 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. FUND STYLE 29th December , Cr. 15, Cr. S&P BSE 200 Investment Style Value Blend Growth Large Mid Small Market Cap STATISTICAL MEASURES (3 YEARS) Standard % Deviation Beta Sharpe Ratio** SECTOR ALLOCATION EXIT LOAD TURNOVER* (1 YEAR) 1.29 times Finance Banks Auto 8.06 Software 7.69 Auto Ancillaries 7.62 Chemicals 6.62 PERFORMANCE (as on 28th March 2018) Date Period Scheme Returns S&P BSE 200 NIFTY 50 Mr. Jinesh Gopani Work experience: 16 years. 1st April 2011 Consumer 6.16 Durables Pharmaceuticals 4.63 Retailing Current Value of `10,000 invested Scheme S&P BSE 200 NIFTY 50 Axis Long Term Equity Fund - Growth* 31-Mar-17 Last 1 Year 16.79% 12.49% 11.76% 11,679 11,249 11, Mar-15 Last 3 Years 9.10% 9.31% 7.38% 12,982 13,054 12, Mar-13 Last 5 Years 23.27% 15.77% 13.63% 28,480 20,804 18,954 Since Inception (29-Dec-09) 18.42% 10.57% 9.74% 40,324 22,912 21,528 Axis Long Term Equity Fund - Direct Plan - Growth* 31-Mar-17 Last 1 Year 18.07% 12.49% 11.76% 11,807 11,249 11, Mar-15 Last 3 Years 10.31% 9.31% 7.38% 13,416 13,054 12, Mar-13 Last 5 Years 24.71% 15.77% 13.63% 30,184 20,804 18,954 Since Inception (1-Jan-13) 22.32% 13.59% 12.02% 28,736 19,497 18,123 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns is calculated on ` 10 invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Jinesh Gopani is managing the scheme since 1st April 2011and he manages 5 schemes of Axis Mutual Fund. Please refer to annexure on Page 32 for performance of all schemes managed by the fund manager. Returns greater than 1 year period are compounded annualised (CAGR). The performance of the scheme is benchmarked to the Total Return variant of the Benchmark Index (TRI) in terms of SEBI circular dated Jan. 4, 18. s Record Date DIVIDENDS Regular Plan Dividend (` Per unit) Direct Plan Dividend (` Per unit) Mar 22, Jan 31, Regular Jan 25, Dividend Jan 22, Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` 10. Dividends disclosed above are since the inception of the fund. Data as on 31st March % OF ASSETS FINANCE HDFC Limited 7.00 Bajaj Finance Limited 5.04 Gruh Finance Limited 4.42 Sundaram Finance Limited 2.70 Multi Commodity Exchange of India Limited 0.70 BANKS HDFC Bank Limited 7.33 Kotak Mahindra Bank Limited 6.63 Bandhan Bank Limited 2.13 AUTO 8.06 Maruti Suzuki India Limited 5.17 Eicher Motors Limited 2.89 SOFTWARE 7.69 Tata Consultancy Services Limited 5.43 Info Edge (India) Limited 2.26 AUTO ANCILLARIES 7.62 Motherson Sumi Systems Limited 3.60 WABCO India Limited 2.48 Endurance Technologies Limited 1.53 CHEMICALS 6.62 Pidilite Industries Limited 6.62 CONSUMER DURABLES 6.16 TTK Prestige Limited 3.14 Symphony Limited 3.02 PHARMACEUTICALS 4.18 Sun Pharmaceutical Industries Limited 2.05 Cadila Healthcare Limited 1.38 Divi's Laboratories Limited 0.75 RETAILING 4.00 Avenue Supermarts Limited 4.00 OTHERS POWER 2.98 Torrent Power Limited 2.98 Construction Project 2.39 Larsen & Toubro Limited 2.39 Pesticides 2.28 PI Industries Limited 2.28 Industrial Products 1.28 Astral Poly Technik Limited 1.28 Textile Products 0.95 Page Industries Limited 0.95 Industrial Capital Goods 0.90 V-Guard Industries Limited 0.90 Commercial Services 0.80 Quess Corp Limited 0.80 Consumer Non Durables 0.64 Nestle India Limited 0.64 Other Equity (less than 0.50% of the corpus) 2.59 Total Equity Debt, Cash & Other Receivables 4.94 Net Assets 100% NIL **Risk-free rate assumed to be 9.39% (MIBOR as on ) - Source: Please note that as per AMFI guidelines for factsheet, the ratios are calculated based on month rolling returns (absolute) for last 3 years. Data as on 31st March Source: ACEMF *Based on equity, equity derivatives and Fixed Income Securities transactions only. CBLO/ Repo/FD/Margin FD/MFU/SLB are not considered. 10 Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

11 AXIS MULTICAP FUND (AN OPEN-ENDED EQUITY SCHEME INVESTING ACROSS LARGE CAP, MID CAP, SMALL CAP STOCKS.) INVESTMENT OBJECTIVE: To generate long term capital appreciation by investing in a diversified portfolio of equity and equity related struments across market capitalization. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. FUND STYLE 20th November , Cr. 2, Cr. S&P BSE 200 Index Investment Style Value Blend Growth Large Mid Small Market Cap SECTOR ALLOCATION EXIT LOAD Mr. Jinesh Gopani Work experience: 16 years. He has been managing the fund since inception. Banks Consumer Non Durables Finance Auto 9.74 Software 5.83 If redeemed / switched-out within 12 months from the date of allotment: 1%, If redeemed / switched - out after 12 months from the date of allotment: NIL Mr. Shreyash Devalkar Work experience: 16 years. inception. Since scheme have not completed one year, performance details for the same are not provided. Auto Ancillaries 5.35 Retailing 3.84 Chemicals 2.51 Industrial Capital Goods Rating % OF ASSETS CORPORATE BOND Allahabad Bank BWR A Allahabad Bank CARE A Cholamandalam Investment and Finance Company Limited IND AA Edelweiss Commodities Services Limited CRISIL AA 1.60 Edelweiss Commodities Services Limited ICRA AA 0.66 HDFC Limited CRISIL AAA 1.74 ICICI Bank Limited ICRA AA ICICI Home Finance Company Limited ICRA AAA 1.07 LIC Housing Finance Limited CRISIL AAA 0.22 Power Finance Corporation Limited CRISIL AAA 0.44 Reliance Jio Infocomm Limited CRISIL AAA 0.31 Renew Power Venture Pvt Limited CARE A Rural Electrification Corporation Limited CRISIL AAA 0.44 Tata Sons Ltd CRISIL AAA 0.66 Vedanta Limited CRISIL AA 1.53 ZERO COUPON BOND 1.85 Tata Motors Finance Limited CARE AA GOVERNMENT BOND SOVEREIGN 0.02 OTHERS 2.12 NABARD ICRA A HDFC Limited ICRA A TOTAL EQUITY BANKS HDFC Bank Limited 9.45 Kotak Mahindra Bank Limited 6.84 Bandhan Bank Limited 2.00 CONSUMER NON DURABLES Asian Paints Limited 3.01 Hindustan Unilever Limited 2.96 Jubilant Foodworks Limited 2.33 Kansai Nerolac Paints Limited 2.06 Britannia Industries Limited 1.52 FINANCE Bajaj Finance Limited 6.28 Mahindra & Mahindra Financial Services Limited 1.86 Mas Financial Services Limited 1.01 Multi Commodity Exchange of India Limited 0.89 HDFC Limited 0.94 AUTO 9.74 Maruti Suzuki India Limited 6.76 Ashok Leyland Limited 2.98 SOFTWARE 5.83 Infosys Limited 2.39 Tech Mahindra Limited 1.75 Tata Consultancy Services Limited 1.69 AUTO ANCILLARIES 5.21 Motherson Sumi Systems Limited 2.99 MRF LIMITED 2.21 RETAILING 3.84 Avenue Supermarts Limited 3.84 CHEMICALS 2.51 Pidilite Industries Limited 2.51 INDUSTRIAL CAPITAL GOODS 2.18 V-Guard Industries Limited 2.18 OTHERS Textile Products 1.93 Page Industries Limited 1.93 Pharmaceuticals 1.83 Divi's Laboratories Limited 1.83 Ferrous Metals 1.53 Shankara Building Products Limited 1.53 Cement 1.02 Shree Cements Limited 1.02 Construction Project 0.99 Voltas Limited 0.99 Telecom - Services 0.78 Bharti Airtel Limited 0.78 Consumer Durables 0.72 Titan Company Limited 0.72 Transportation 0.56 InterGlobe Aviation Limited 0.56 Media & Entertainment 0.55 Zee Entertainment Enterprises Limited 0.55 Other Equity (less than 0.50% of the corpus) 0.15 Debt, Cash & Other Receivables 4.71 Net Assets 100% 11 Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

12 AXIS ENHANCED ARBITRAGE FUND (AN OPEN-ENDED ARBITRAGE FUND) INVESTMENT OBJECTIVE: To generate income through low volatility absolute return strategies that take advantage of opportunities in the cash and the derivative segments of the equity markets including the arbitrage opportunities available within the derivative segment, by using other derivative based strategies and by investing the balance in debt and money market instruments. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The Scheme does not assure or guarantee any returns. 14th August 2014 s AVERAGE MATURITY*@ 179 days MODIFIED DURATION*@ 161 days YIELD (YIELD TO MATURITY & ) 7.68% TURNOVER # (1 YEAR) times DIVIDENDS Record Date EXIT LOAD 2, Cr. 1, Cr. Mr. Ashwin Patni Work experience: 16 years. He has been managing the fund since 27th April 2015 PERFORMANCE (as on 28th March 2018) Date Period Scheme Returns Regular Plan Dividend (` Per unit) CRISIL Liquid CRISIL 1 Year T-Bill Index CRISIL Liquid Mr. Devang Shah Work experience: 13 years. inception. Direct Plan Dividend (` Per unit) Current Value of `10,000 invested Scheme Mar 22, Dividend Feb 27, Jan 31, Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` 10. Dividends disclosed above are since the inception of the fund. 0.25% if redeemed / switched out within 7 days from the date of allotment. (w.e.f. 15th May Based on debt portfolio only. * For instruments with put/call option, the put/call date has been taken as the maturity date. & The yield to maturity given above is based on the portfolio of funds as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities. The calculation is based on the invested corpus of the debt portfolio. # Based on equity, equity derivatives and Fixed Income Securities transactions only. CBLO/ Repo/FD/Margin FD/MFU/ SLB are not considered. CRISIL Liquid CRISIL 1 Year T-Bill Index Axis Enhanced Arbitrage Fund - Growth 31-Mar-17 Last 1 Year 6.00% 6.79% 5.87% 10,600 10,679 10, Mar-15 Last 3 Years 6.29% 7.33% 6.91% 12,005 12,360 12,217 Since Inception (14-Aug-14) 6.67% 7.61% 7.29% 12,635 13,042 12,902 Axis Enhanced Arbitrage Fund - Direct Plan - Growth 31-Mar-17 Last 1 Year 6.86% 6.79% 5.87% 10,686 10,679 10, Mar-15 Last 3 Years 7.18% 7.33% 6.91% 12,308 12,360 12,217 Since Inception (14-Aug-14) 7.57% 7.61% 7.29% 13,024 13,042 12,902 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns are calculated on ` 10 invested at inception. The performance data for 5 years period has not been provided for scheme/plan not in existence for 5 years. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above.devang Shah is managing the scheme since inception and he manages 43 schemes & Ashwin Patni is managing the scheme since 27th April 2015 and he manages 22 schemes. Please refer to annexure on Page 33 for performance of schemes managed by the fund managers. Returns greater than 1 year period are compounded annualised (CAGR). % OF ASSETS TOTAL HEDGED EQUITY Sun Pharmaceutical Industries Limited 6.32 The Federal Bank Limited 5.85 Mahindra & Mahindra Limited 5.07 Motherson Sumi Systems Limited 3.52 Cummins India Limited 3.44 Century Textiles & Industries Limited 2.97 Bajaj Finance Limited 2.90 Torrent Power Limited 1.90 Dewan Housing Finance Corporation Limited 1.65 United Spirits Limited 1.54 State Bank of India 1.45 Nestle India Limited 1.43 Aurobindo Pharma Limited 1.36 Maruti Suzuki India Limited 1.34 CESC Limited 1.02 ICICI Bank Limited 1.01 Mahindra & Mahindra Financial Services Limited 1.00 Tata Consultancy Services Limited 0.97 GMR Infrastructure Limited 0.95 Capital First Limited 0.89 Jaiprakash Associates Limited 0.88 Tata Global Beverages Limited 0.78 Can Fin Homes Limited 0.74 Kotak Mahindra Bank Limited 0.70 Bajaj Auto Limited 0.69 PC Jeweller Limited 0.62 Suzlon Energy Limited 0.60 Reliance Industries Limited 0.58 Tata Motors Limited 0.52 TV18 Broadcast Limited 0.51 HDFC Limited 0.49 IDBI Bank Limited 0.48 Lupin Limited 0.48 IDFC Bank Limited 0.48 Wockhardt Limited 0.44 Tata Motors Limited 0.44 Indiabulls Housing Finance Limited 0.42 Manappuram Finance Limited 0.39 Dr. Reddy's Laboratories Limited 0.38 Steel Authority of India Limited 0.37 DLF Limited 0.35 Ashok Leyland Limited 0.35 Bharat Heavy Electricals Limited 0.33 Petronet LNG Limited 0.33 Godrej Consumer Products Limited 0.31 Balrampur Chini Mills Limited 0.30 Punjab National Bank 0.29 Escorts Limited 0.28 Vedanta Limited 0.27 Reliance Capital Limited 0.27 LIC Housing Finance Limited 0.25 Jain Irrigation Systems Limited 0.25 RBL Bank Limited 0.24 Housing Development and Infrastructure Limited 0.23 Ajanta Pharma Limited 0.22 Shriram Transport Finance Company Limited 0.22 Havells India Limited 0.21 Divi's Laboratories Limited 0.20 Bank of Baroda 0.19 Siemens Limited 0.18 BEML Limited 0.17 Multi Commodity Exchange of India Limited 0.16 NMDC Limited 0.16 NBCC (India) Limited 0.16 Godfrey Phillips India Limited 0.15 CEAT Limited 0.12 UPL Limited 0.12 The India Cements Limited 0.12 Tata Communications Limited 0.12 Bank of India 0.12 Shree Cements Limited 0.11 Tata Elxsi Limited 0.10 Indraprastha Gas Limited 0.10 The Karnataka Bank Limited 0.10 Reliance Infrastructure Limited 0.09 Cadila Healthcare Limited 0.09 Adani Power Limited ~ 0.09 Allahabad Bank 0.08 Arvind Limited 0.08 PTC India Limited 0.08 Castrol India Limited 0.07 L&T Finance Holdings Limited 0.07 MRF Limited 0.07 IFCI Limited 0.06 Strides Shasun Limited 0.06 Repco Home Finance Limited 0.04 Britannia Industries Limited 0.04 Union Bank of India 0.04 IDFC Limited 0.04 The South Indian Bank Limited 0.03 Jet Airways (India) Limited 0.03 Voltas Limited 0.02 Hindustan Petroleum Corporation Limited 0.02 IRB Infrastructure Developers Limited 0.02 Bharat Financial Inclusion Limited 0.02 Idea Cellular Limited 0.02 Exide Industries Limited 0.01 Andhra Bank 0.01 Bharat Petroleum Corporation Limited 0.01 Equitas Holdings Limited 0.01 Mahanagar Gas Limited 0.01 Tata Steel Limited 0.01 Syndicate Bank 0.01 Apollo Hospitals Enterprise Limited 0.00 DEBT, CASH & OTHER RECEIVABLES NET ASSET 100% ~ Secured by shares of Adani Ports & SEZ Ltd and Adani Transmission Limited 12 Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

13 FIXED INCOME A P R I L % 3.89% 6.25% 6.65% 10 yr G-Sec : Last 1 year 4.44% CPI Inflation : Last 1 year 6.00% Repo : Last 1 year QUICK TAKE Bonds continue to remain under pressure as 10-year benchmark yield goes over 7.70%. Key Events During the Month US Trade War The US President signed an executive memorandum to impose retaliatory tariffs on up to US$60 bn of Chinese imports. China responded to this by proposing a list of 128 US products as potential retaliation targets in stages depending on results of negotiations between the two. While this is expected to have no material impact on Indian exports, the market sentiment may remain negative in anticipation of the global implications on world trade. The Government Borrowing Program The government surprised the market with its borrowing program for the first half of FY 19 with respect to the tenure and nature of the borrowing. Overall FY2019 gross borrowing via dated bonds has been reduced by Rs 50,000 Cr. The government has also indicated that it will tap the small savings schemes to raise the shortfall as well as reduce its existing buyback program. The borrowing announcement is likely to bring much needed cheer to the bond market which has been saddled with negative sentiments thus far. Inflation & IIP Gradual Recovery & Easing Prices CPI inflation eased to 4.44% in February V/s 5.07% in January. Core inflation was unchanged at 5%. The reversal is a reflection of seasonal decline in food prices. The RBI may look through the peak of 5.6% in June but will remain cautious as upside risks remain to RBI inflation targets. IIP numbers in January continued to indicate a nascent recovery in the manufacturing sector. US Rate Hikes The action begins The US Fed raised benchmark lending rates 25bps and forecast a steeper path of hikes in 2019 and 2020, citing an improving economic outlook. Policy makers continue to project 3 rate hikes this year. Market View The government borrowing program has brought much needed cheer to the bond market Direction of CPI in the domestic markets coupled with RBI tone are likely to set the tone for the bond markets for the coming months. We continue to advise investors to stay invested in short to medium term strategies and actively look at credit funds. 10 YEAR G-SEC YIELD 7.40% Significant changes to the supply-tenor mix and a staggered borrowing calendar over FY19 meaningfully improves short term demand-supply situation and markets cheered it with a 25 bps rally in long bond yields. But we don t see a fundamental reason for rally to continue as medium-term yields on long bonds can continue to remain under pressure, on account of concerns of MSP on inflation, a deteriorating BoP position, rising global bond yields and continuing challenges for fiscal consolidation. In our view, the anticipated drop in bond yields present opportunities to reduce duration exposure Structural liquidity (Government Cash Balances + LAF Balances) continues to be positive. We expect structural liquidity to remain in surplus to neutral zone for next 6-12 months. Improving growth prospects has had a positive impact on corporate performance. This has led to improvement in corporate balance sheets. The current corporate bond spreads remain conducive for investors on a risk reward basis. As highlighted above, 1-3-year segment (short segment) of the curve had also seen a significant rise in yields and volatility in last 3 months. With the relief in bond yields across, the short end of the corporate bond curve has also participated in the rally by more than bps. Ample liquidity and attractive spreads over the overnight rate still offers some opportunity. Hence 1-3-year space is likely to offer superior risk adjusted returns as compared to money market and ultra-short term funds. 13 Source: Bloomberg, Axis MF Research.

14 AXIS LIQUID FUND (AN OPEN-ENDED LIQUID SCHEME) INVESTMENT OBJECTIVE: 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. ^^ FUND STYLE 9th October , Cr. 14, Cr. CRISIL Liquid Internal Rate Sensitivity High Med Low High Mid Low Credit Quality Credit Risk Rating [ICRA] A1+mfs^ CARE AAA mfs^ AVERAGE MATURITY* 73 days MODIFIED DURATION* 68 days YIELD (YIELD TO MATURITY & ) 6.91% Mr. Devang Shah Work experience: 13 years. 5th November Mr. Aditya Pagaria Work experience: 11 years. 13th August COMPOSITION BY ASSETS COMPOSITION BY RATING Total Money Market Instruments* % CARE A1+/ CRISIL A1+/ CRISIL A1+(SO)/ ICRA A1+/IND A1+/ Corporate Bond % CARE AAA/ CRISIL AAA/ICRA AAA/ & Equivalent % SOV % CRISIL AA % ICRA AA % * Includes Net Current Assets Regular Plan Retail Plan Direct Plan Dividend (` Per Dividend (` Per Dividend (` Per unit) unit) unit) s Record Date Monthly Dividend PERFORMANCE (as on 31st March 2018) Date Period Scheme Returns DIVIDENDS Mar 26, , , , , , , Feb 26, , , , , , , Jan 25, , , , , , , Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` Dividends disclosed above are since the inception of the fund. EXIT LOAD CRISIL Liquid CRISIL 1 Year T-Bill Index Current Value of `10,000 invested Scheme CRISIL Liquid CRISIL 1 Year T-Bill Index Axis Liquid Fund - Growth 31-Mar-17 Last 1 Year 6.83% 6.84% 5.92% 10,683 10,684 10, Mar-15 Last 3 Years 7.43% 7.33% 6.91% 12,401 12,367 12, Mar-13 Last 5 Years 8.12% 8.08% 7.05% 14,776 14,752 14,059 Since Inception (9-Oct-09) 8.00% 7.64% 6.52% 19,207 18,676 17,086 Axis Liquid Fund - Direct Plan - Growth 31-Mar-17 Last 1 Year 6.89% 6.84% 5.92% 10,689 10,684 10, Mar-15 Last 3 Years 7.50% 7.33% 6.91% 12,427 12,367 12, Mar-13 Last 5 Years 8.19% 8.08% 7.05% 14,825 14,752 14,059 Since Inception (31-Dec-12) 8.22% 8.09% 7.14% 15,142 15,043 14,359 Axis Liquid Fund - Retail Plan - Growth 31-Mar-17 Last 1 Year 6.22% 6.84% 5.92% 10,622 10,684 10, Mar-15 Last 3 Years 6.85% 7.33% 6.91% 12,202 12,367 12, Mar-13 Last 5 Years 7.55% 8.08% 7.05% 14,394 14,752 14,059 Since Inception (1-Mar-10) 7.71% 7.88% 6.72% 18,236 18,466 16,916 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns are calculated on ` 1,000 invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Devang Shah is managing the scheme since 5th November 2012 and he manages 43 schemes & Aditya Pagaria is managing the scheme since 13th August 2016 and he manages 4 schemes. Please refer to annexure on Page for performance of schemes managed by the fund managers. Returns greater than 1 year period are compounded annualised (CAGR). RATING % OF ASSETS TOTAL MONEY MARKET INSTRUMENTS^ BANKS IDFC Bank Limited ICRA A The South Indian Bank Limited CARE A Vijaya Bank CARE A RBL Bank Limited ICRA A Bandhan Bank Limited ICRA A Union Bank of India ICRA A ICICI Bank Limited ICRA A Abu Dhabi Commercial Bank (ADCB) CRISIL A Citibank N.A. CRISIL A RBL Bank Limited ICRA A IndusInd Bank Limited CRISIL A Kotak Mahindra Bank Limited CRISIL A The South Indian Bank Limited CRISIL A OTHERS Reliance Jio Infocomm Limited CRISIL A Edelweiss Commodities Services Limited CRISIL A Indiabulls Housing Finance Limited CRISIL A Dewan Housing Finance Corporation Limited CRISIL A Tata Capital Financial Services Limited CRISIL A Tata Motors Finance Limited ICRA A Aditya Birla Finance Limited ICRA A Tata Power Company Limited CRISIL A HDFC Limited CRISIL A NABARD ICRA A India Infoline Limited CRISIL A LIC Housing Finance Limited CRISIL A Indus Towers Limited CRISIL A Reliance Industries Limited CRISIL A Vedanta Limited CRISIL A Indiabulls Commercial Credit Limited CRISIL A HDB Financial Services Limited CRISIL A TVS Credit Services Limited CRISIL A Network18 Media & Investments Limited ICRA A Mahindra & Mahindra Financial Services Limited CRISIL A Reliance Retail Ltd CRISIL A Piramal Finance Limited ICRA A Piramal Housing Finance Pvt Limited ICRA A Hinduja Leyland Finance Limited CRISIL A Infina Finance Private Limited CRISIL A Piramal Enterprises Limited ICRA A Mahindra Rural Housing Finance IND A L&T Finance Limited ICRA A Talwandi Sabo Power Limited CRISIL A1+(SO) 1.00 Bharti Telecom Limited CRISIL A India Infoline Finance Limited CRISIL A JSW Steel Limited CARE A Export Import Bank of India CRISIL A Adani Transmission Limited ICRA A Turquoise Invest & Finance Pvt Limited CRISIL A T V Sundram Iyengar & Sons Pvt Ltd ICRA A IndoStar Capital Finance Limited CRISIL A HDFC Limited ICRA A Trapti Trading & Invest Pvt Limited ICRA A Hinduja Leyland Finance Limited ICRA A TV18 Broadcast Limited ICRA A L&T Housing Finance ICRA A JM Financial Services Limited ICRA A IDFC Infrastructure Finance Limited ICRA A Kotak Securities Limited ICRA A Piramal Enterprises Limited ICRA A Tata Capital Housing Finance Limited CRISIL A Hero Fincorp Limited CRISIL A India Infoline Finance Limited ICRA A Bajaj Finance Limited ICRA A TGS Investment & Trade Pvt Limited ICRA A TREASURY BILL Days Tbill Sovereign Days Tbill Sovereign Days Tbill Sovereign 1.33 TOTAL DEBT 4.55 CORPORATE BOND 4.55 Power Finance Corporation Limited CRISIL AAA 2.25 Dewan Housing Finance Corporation Limited CARE AAA 1.36 Tata Capital Financial Services Limited CRISIL AA Sundaram Finance Limited ICRA AAA 0.34 Cholamandalam Investment and Finance Company Limited ICRA AA 0.24 HDFC Limited CRISIL AAA 0.03 NET CURRENT ASSETS NET ASSETS 100% ^Certificate of Deposit/Commercial Paper/Treasury Bill NIL * For instruments with put/call option, the put/call date has been taken as the maturity date. & The yield to maturity given above is based on the portfolio of funds as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities. The calculation is based on the invested corpus of the debt portfolio. 14 Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

15 AXIS TREASURY ADVANTAGE FUND (AN OPEN-ENDED DEBT SCHEME) INVESTMENT OBJECTIVE: 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. FUND STYLE 9th October , Cr. 2, Cr. CRISIL Liquid Internal Rate Sensitivity High Med Low High Mid Low Credit Quality Credit Risk Rating [ICRA] A1+mfs^ AVERAGE MATURITY * 347 days MODIFIED DURATION * 309 days YIELD (YIELD TO MATURITY & ) 7.59% Total Money Market Instruments* % Corporate Bond % Zero Coupon Bond % Pass Through Certificate % * Includes Net Current Assets Mr. Devang Shah Work experience: 13 years. 07th June Mr. Aditya Pagaria Work experience: 11 years. 13th August COMPOSITION BY ASSETS COMPOSITION BY RATING PERFORMANCE (as on 28th March 2018) Date Period Scheme Returns DIVIDENDS CARE A1+/ CRISIL A1+/ICRA A1+/ ICRA A1+(SO)/BWR AAA/ CARE AAA/ CRISIL AAA/ ICRA AAA(SO)/ IND AAA & Equivalent % CRISIL AA/ ICRA AA % CARE AA-/ICRA AA-/ IND AA % BWR AA+/ ICRA AA+/ IND AA % Regular Plan Retail Plan Direct Plan Dividend (` Per Dividend (` Per Dividend (` Per unit) unit) unit) s Record Date Mar 26, , , , , , , Monthly Feb 26, , , , , , , Dividend Jan 25, , , , , , , Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` Dividends disclosed above are since the inception of the fund. EXIT LOAD CRISIL Liquid CRISIL 1 Year T-Bill Index Current Value of `10,000 invested Scheme CRISIL Liquid CRISIL 1 Year T-Bill Index Axis Treasury Advantage Fund - Growth 31-Mar-17 Last 1 Year 6.63% 6.79% 5.87% 10,663 10,679 10, Mar-15 Last 3 Years 7.69% 7.33% 6.91% 12,484 12,360 12, Mar-13 Last 5 Years 8.24% 8.09% 7.05% 14,863 14,755 14,060 Since Inception (9-Oct-09) 8.11% 7.65% 6.52% 19,365 18,666 17,078 Axis Treasury Advantage Fund - Direct Plan - Growth 31-Mar-17 Last 1 Year 7.30% 6.79% 5.87% 10,730 10,679 10, Mar-15 Last 3 Years 8.16% 7.33% 6.91% 12,649 12,360 12, Mar-13 Last 5 Years 8.72% 8.09% 7.05% 15,197 14,755 14,060 Since Inception (1-Jan-13) 8.73% 8.09% 7.13% 15,503 15,032 14,346 Axis Treasury Advantage Fund - Retail Plan - Growth 31-Mar-17 Last 1 Year 6.15% 6.79% 5.87% 10,615 10,679 10, Mar-15 Last 3 Years 7.06% 7.33% 6.91% 12,268 12,360 12, Mar-13 Last 5 Years 7.54% 8.09% 7.05% 14,388 14,755 14,060 Since Inception (3-Mar-10) 7.64% 7.88% 6.72% 18,122 18,445 16,906 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns are calculated on ` 1,000 invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Devang Shah is managing the scheme since 7th June 2016 and he manages 43 schemes & Aditya Pagaria is managing the scheme since 13th August 2016 and he manages 4 schemes. Please refer to annexure on for performance of schemes managed by the fund managers. Returns greater than 1 year period are compounded annualised (CAGR). RATING % OF ASSETS TOTAL MONEY MARKET INSTRUMENTS^ BANKS HDFC Bank Limited CARE A IndusInd Bank Limited CRISIL A Yes Bank Limited ICRA A ICICI Bank Limited ICRA A NABARD CRISIL A OTHERS NABARD ICRA A HDFC Limited ICRA A HDFC Limited CRISIL A Indiabulls Housing Finance Limited CRISIL A IndoStar Capital Finance Limited CRISIL A Reliance Industries Limited CRISIL A Rural Electrification Corporation Limited CRISIL A Tata Capital Financial Services Limited ICRA A PASS THROUGH CERTIFICATE 1.09 Sansar Trust ICRA AAA(SO) 0.79 Sansar Trust ICRA A1+(SO) 0.30 TOTAL DEBT CORPORATE BOND Reliance Jio Infocomm Limited CRISIL AAA 6.50 Power Finance Corporation Limited CRISIL AAA 4.63 Rural Electrification Corporation Limited CRISIL AAA 4.22 Piramal Finance Limited ICRA AA 3.86 NABARD CRISIL AAA 3.09 Edelweiss Commodities Services Limited CRISIL AA 2.88 Hinduja Leyland Finance Limited CARE AA Indian Railway Finance Corporation Limited CRISIL AAA 1.93 JM Financial Products Limited CRISIL AA 1.54 Daimler Financial Services India Pvt Limited IND AAA 1.54 Indiabulls Housing Finance Limited BWR AAA 1.41 IndoStar Capital Finance Limited CARE AA Muthoot Finance Limited CRISIL AA 1.24 India Infoline Finance Limited ICRA AA 1.16 HDFC Limited CRISIL AAA 1.00 LIC Housing Finance Limited CRISIL AAA 0.97 Mahindra Rural Housing Finance IND AA Tata Motors Finance Limited CRISIL AA 0.96 Magma Fincorp Limited ICRA AA Reliance Industries Limited CRISIL AAA 0.94 UPL Limited BWR AA ICICI Bank Limited ICRA AA IndoStar Capital Finance Limited IND AA Small Industries Dev Bank of India CARE AAA 0.08 ZERO COUPON BOND 8.10 Dewan Housing Finance Corporation Limited CARE AAA 5.90 TMF Holdings Limited CRISIL AA 1.06 Sundaram BNP Paribas Home Finance Limited ICRA AA JM Financial Products Limited CRISIL AA 0.51 NET CURRENT ASSETS NET ASSETS 100% ^Certificate of Deposit/Commercial Paper NIL * For instruments with put/call option, the put/call date has been taken as the maturity date. & The yield to maturity given above is based on the portfolio of funds as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities. The calculation is based on the invested corpus of the debt portfolio. 15 Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

16 AXIS SHORT TERM FUND (AN OPEN-ENDED DEBT SCHEME) INVESTMENT OBJECTIVE: 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. FUND STYLE 22nd January , Cr. 5, Cr. CRISIL Short Term Bond Fund Index Internal Rate Sensitivity High Med Low High Mid Low Credit Quality Credit Risk Rating [ICRA]AAAmfs $ AVERAGE MATURITY * 2.1 years MODIFIED DURATION * 1.7 years YIELD (YIELD TO MATURITY & ) 7.73% Corporate Bond % Total Money Market Instruments* -9.90% State Government Bond % Government Bond % Zero Coupon Bond % * Includes Net Current Assets Mr. Devang Shah Work experience: 13 years. 5th November COMPOSITION BY ASSETS COMPOSITION BY RATING PERFORMANCE (as on 28th March 2018) Date Period Scheme Returns DIVIDENDS EXIT LOAD CARE A1+/ CRISIL A1+/ICRA A1+/ BWR AAA/ CARE AAA/ CRISIL AAA/ CRISIL AAA(SO)/ ICRA AAA/IND AAA & Equivalent % SOV % CRISIL AA/ ICRA AA % CARE AA+/ CRISIL AA+/ ICRA AA+/ IND AA % CRISIL Short Term Bond CRISIL 1 Year T-Bill Index Current Value of `10,000 invested Scheme CRISIL Short Term Bond Regular Plan Retail Plan Direct Plan CRISIL 1 Year T-Bill Index Benchmark Returns) Axis Short Term Fund - Growth 31-Mar-17 Last 1 Year 6.00% 6.11% 5.87% 10,600 10,611 10, Mar-15 Last 3 Years 7.68% 7.90% 6.91% 12,479 12,558 12, Mar-13 Last 5 Years 8.10% 8.56% 7.05% 14,768 15,082 14,060 Since Inception (22-Jan-10) 8.05% 8.07% 6.66% 18,848 18,873 16,946 Axis Short Term Fund - Direct Plan - Growth 31-Mar-17 Last 1 Year 6.74% 6.11% 5.87% 10,674 10,611 10, Mar-15 Last 3 Years 8.49% 7.90% 6.91% 12,762 12,558 12, Mar-13 Last 5 Years 8.96% 8.56% 7.05% 15,361 15,082 14,060 Since Inception (1-Jan-13) 8.97% 8.55% 7.13% 15,684 15,371 14,346 Axis Short Term Fund - Retail Plan - Growth 31-Mar-17 Last 1 Year 6.00% 6.11% 5.87% 10,600 10,611 10, Mar-15 Last 3 Years 7.68% 7.90% 6.91% 12,479 12,558 12, Mar-13 Last 5 Years 8.11% 8.56% 7.05% 14,773 15,082 14,060 Since Inception (2-Mar-10) 8.01% 8.15% 6.72% 18,635 18,834 16,906 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns are calculated on ` 10 invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Devang Shah is managing the scheme since 5th November 2012 and he manages 43 schemes of Axis Mutual Fund. Please refer to annexure on Page 33 for performance of schemes managed by the fund manager. Returns greater than 1 year period are compounded annualised (CAGR). Dividend (` Per unit) Dividend (` Per unit) Dividend (` Per unit) s Record Date Mar 26, Monthly Feb 26, Dividend Jan 25, Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` 10. Dividends disclosed above are since the inception of the fund. RATING % OF ASSETS TOTAL DEBT CORPORATE BOND HDFC Limited CRISIL AAA Power Finance Corporation Limited CRISIL AAA Rural Electrification Corporation Limited CRISIL AAA LIC Housing Finance Limited CRISIL AAA 3.84 Small Industries Dev Bank of India CARE AAA 3.57 Tata Sons Ltd CRISIL AAA 2.98 Power Grid Corporation of India Limited CRISIL AAA 2.66 Reliance Jio Infocomm Limited CRISIL AAA 2.63 HDB Financial Services Limited CRISIL AAA 2.19 NABARD CRISIL AAA 2.11 Indian Railway Finance Corporation Limited CRISIL AAA 2.02 Indiabulls Housing Finance Limited BWR AAA 1.95 Reliance Industries Limited CRISIL AAA 1.89 NABARD IND AAA 1.84 Cholamandalam Investment and Finance Company Limited ICRA AA 1.51 Mahindra & Mahindra Financial Services Limited IND AAA 1.40 Tata Capital Financial Services Limited CRISIL AA Reliance Utilities & Power Pvt Limited CRISIL AAA 1.26 Vodafone Mobile Services Limited CRISIL AA 1.22 NHPC Limited ICRA AAA 1.00 Tata Motors Limited CARE AA L&T Housing Finance CARE AAA 0.87 Dewan Housing Finance Corporation Limited CARE AAA 0.82 LIC Housing Finance Limited CARE AAA 0.78 Gruh Finance Limited CRISIL AAA 0.69 Nirma Limited CRISIL AA 0.66 IDFC Bank Limited ICRA AAA 0.62 Dewan Housing Finance Corporation Limited BWR AAA 0.62 Oriental Nagpur Betul Highway Limited CRISIL AAA(SO) 0.61 Tata Capital Financial Services Limited ICRA AA Daimler Financial Services India Pvt Limited IND AAA 0.44 Mahindra Rural Housing Finance CRISIL AA Bharti Airtel Limited CRISIL AA Indiabulls Housing Finance Limited ICRA AAA 0.35 L&T Infrastructure Finance Company Limited CARE AAA 0.26 National Highways Auth Of Ind CRISIL AAA 0.26 Bajaj Finance Limited CARE AAA 0.19 Tube Investments of India Limited CRISIL AA 0.17 Bhopal Dhule Transmission Company Limited CRISIL AAA 0.17 Indiabulls Housing Finance Limited CARE AAA 0.09 Mahindra Rural Housing Finance IND AA STATE GOVERNMENT BOND Sovereign 4.76 GOVERNMENT BOND Sovereign 3.18 ZERO COUPON BOND 2.46 Dewan Housing Finance Corporation Limited CARE AAA 1.91 Aditya Birla Fashion and Retail Limited CRISIL AA 0.31 Mahindra & Mahindra Financial Services Limited IND AAA 0.21 Axis Finance Limited IND AAA 0.02 HDB Financial Services Limited CRISIL AAA TOTAL MONEY MARKET INSTRUMENTS^ 6.92 BANKS 6.92 Yes Bank Limited ICRA A IndusInd Bank Limited CRISIL A ICICI Bank Limited ICRA A HDFC Bank Limited CARE A Small Industries Dev Bank of India CARE A NET CURRENT ASSETS 2.98 NET ASSETS 100% ^Certificate of Deposit NIL (w.e.f. 28th August 2015) * For instruments with put/call option, the put/call date has been taken as the maturity date. & The yield to maturity given above is based on the portfolio of funds as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities. The calculation is based on the invested corpus of the debt portfolio. 16 Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

17 AXIS DYNAMIC BOND FUND (AN OPEN-ENDED DEBT FUND) INVESTMENT OBJECTIVE: To generate optimal returns while maintaining liquidity through active management of a portfolio of debt and money market instruments. FUND STYLE 27th April Cr Cr. CRISIL Composite Bond Internal Rate Sensitivity High Med Low High Mid Low Credit Quality AVERAGE MATURITY* 5.8 years MODIFIED DURATION* 3.9 years YIELD (YIELD TO MATURITY & ) 8.24% Mr. R. Sivakumar Work experience: 19 years. inception Mr. Devang Shah Work experience: 13 years. 5th November RATING % OF ASSETS TOTAL DEBT GOVERNMENT BOND Sovereign CORPORATE BOND Syndicate Bank IND AA Allahabad Bank CARE A Union Bank of India BWR AA 4.74 Punjab National Bank BWR AA 4.73 Renew Power Venture Pvt Limited CARE A COMPOSITION BY ASSETS COMPOSITION BY RATING Government Bond % SOV % CRISIL A1+/ CRISIL AAA/ CRISIL AAA(SO)/ Corporate Bond % ICRA AAA(SO) & Equivalent % BWR A+(SO)/ CARE Total Money Market Instruments* % Pass Through Certificate % A+/ ICRA A+(SO) % BWR AA % CRISIL AA-/ State Government Bond % IND AA % IND A(SO) % Reduced Face Value Bonds - Non Amortisation % * Includes Net Current Assets PERFORMANCE (as on 28th March 2018) Date Period Scheme Returns CRISIL Composite Bond CRISIL 10 year Gilt Index Current Value of `10,000 invested Scheme CRISIL Composite Bond CRISIL 10 year Gilt Index Axis Dynamic Bond Fund - Growth 31-Mar-17 Last 1 Year 3.99% 5.06% -0.42% 10,399 10,506 9, Mar-15 Last 3 Years 7.26% 8.12% 6.36% 12,335 12,632 12, Mar-13 Last 5 Years 8.06% 8.60% 6.42% 14,737 15,110 13,649 Since Inception (27-Apr-11) 8.50% 8.61% 6.75% 17,587 17,717 15,715 Axis Dynamic Bond Fund - Direct Plan -Growth 31-Mar-17 Last 1 Year 4.90% 5.06% -0.42% 10,490 10,506 9, Mar-15 Last 3 Years 8.35% 8.12% 6.36% 12,713 12,632 12, Mar-13 Last 5 Years 9.30% 8.60% 6.42% 15,605 15,110 13,649 Since Inception (1-Jan-13) 9.41% 8.57% 6.56% 16,016 15,382 13,947 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns is calculated on ` 10 invested at inception. Calculations are based on Growth. Since inception returns are calculated at Rs.10 invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. R. Sivakumar is managing the scheme since inception and he manages 6 schemes & Devang Shah is managing the schmes since 5th November 2012 and he manages 43 schemes. Please refer to annexure on Page 32&33 for performance of schemes managed by the fund managers. Returns greater than 1 year period are compounded annualised (CAGR). Tata Power Company Limited CRISIL AA Suhani Trading And Investment Consultants Private Limited BWR A+(SO) 1.74 India Infrastructure Fin Co Ltd CRISIL AAA 1.23 STATE GOVERNMENT BOND Sovereign REDUCED FACE VALUE BONDS - NON AMORTISATION 1.19 Ess Kay Fincorp Limited IND A(SO) 1.19 TOTAL MONEY MARKET INSTRUMENTS^ BANKS IndusInd Bank Limited CRISIL A PASS THROUGH CERTIFICATE Sansar Trust IIERT TRUST ICRA AAA(SO) CRISIL AAA(SO) Solstice Trust ICRA A+(SO) 1.21 NET CURRENT ASSETS 4.63 NET ASSETS 100% ^Certificate of Deposit DIVIDENDS s Record Date Dividend (` Per unit) Regular Plan Dividend (` Per unit) Direct Plan Mar 26, Sep 25, Half Yearly Dividend Mar 27, Sep 26, Mar 26, Quarterly Dividend Dec 26, Sep 25, Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` 10. Half Yearly Dividends disclosed above are for the last 2 Years. Quarterly Dividends disclosed above are for the last 3 quarters. * For instruments with put/call option, the put/call date has been taken as the maturity date. & The yield to maturity given above is based on the portfolio of funds as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities. The calculation is based on the invested corpus of the debt portfolio. 17 NIL EXIT LOAD (w.e.f. 10th November 2017) Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

18 AXIS CORPORATE DEBT OPPORTUNITIES FUND (AN OPEN-ENDED DEBT FUND) INVESTMENT OBJECTIVE: The Scheme seeks to provide steady income and capital appreciation by investing in corporate debt. There is no assurance or guarantee that the objectives of the Scheme will be realized. FUND STYLE 13th July Cr Cr. CRISIL Short Term Bond Internal Rate Sensitivity High Med Low High Mid Low Credit Quality AVERAGE MATURITY* 1.4 years MODIFIED DURATION* 1.2 years YIELD (YIELD TO MATURITY & ) 8.31% Mr. Devang Shah Work experience: 13 years. 13th July RATING % OF ASSETS TOTAL DEBT CORPORATE BOND UPL Limited BWR AA Piramal Finance Limited ICRA AA 7.15 Dewan Housing Finance Corporation Limited BWR AAA 7.15 Reliance Utilities & Power Pvt Limited CRISIL AAA 5.49 Indiabulls Housing Finance Limited BWR AAA 3.98 COMPOSITION BY ASSETS COMPOSITION BY RATING Corporate Bond % CARE A1+/ CRISIL A1+/ICRA A1+/ BWR AAA/ CARE AAA/ CRISIL Zero Coupon Bond % AAA/ CRISIL AAA(SO)/ICRA AAA(SO) & Equivalent % Total Money Market Instruments* % Pass Through Certificate % CRISIL AA/ ICRA AA/ BWR AA % BWR AA-(SO)/ CARE AA-/ICRA AA-/ IND AA % BWR AA+/CRISIL AA+ Reduced Face Value Bonds - Non % BWR A+(SO)/ CARE A % IND A(SO) % Amortisation % * Includes Net Current Assets NIL s Monthly Dividend DIVIDENDS Record Date EXIT LOAD Regular Plan Dividend (` Per unit) Direct Plan Dividend (` Per unit) Mar 26, Feb 26, Jan 25, Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` 10. Dividends disclosed above are since the inception of the fund.. Since scheme have not completed one year, performance details for the same are not provided. * For instruments with put/call option, the put/call date has been taken as the maturity date. & The yield to maturity given above is based on the portfolio of funds as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities. The calculation is based on the invested corpus of the debt portfolio HDFC Limited CRISIL AAA 3.97 Indian Railway Finance Corporation Limited CRISIL AAA 3.97 India Infoline Finance Limited ICRA AA 3.97 Oriental Nagpur Betul CRISIL Highway Limited AAA(SO) 3.96 Edelweiss Commodities Services Limited ** CRISIL AA 3.93 Renew Power Venture Pvt Limited CARE A Suhani Trading And Investment Consultants Private Limited BWR A+(SO) 2.37 Syndicate Bank IND AA Small Industries Dev Bank of India CARE AAA 1.97 Magma Fincorp Limited ICRA AA Union Bank of India BWR AA 1.96 Punjab National Bank BWR AA 1.95 Hinduja Leyland Finance Limited CARE AA Bharti Airtel Limited CRISIL AA ZERO COUPON BOND Aditya Birla Fashion and Retail Limited CRISIL AA 4.67 JM Financial Products Limited CRISIL AA 4.41 Sprit Textile Pvt Limited BWR AA-(SO) 4.17 REDUCED FACE VALUE BONDS - NON AMORTISATION 1.09 Ess Kay Fincorp Limited IND A(SO) 1.09 TOTAL MONEY MARKET INSTRUMENTS^ BANKS IndusInd Bank Limited CRISIL A Yes Bank Limited ICRA A HDFC Bank Limited CARE A OTHERS 1.85 Indiabulls Housing Finance Limited CRISIL A PASS THROUGH CERTIFICATE 5.99 IIERT TRUST CRISIL AAA(SO) 2.82 Sansar Trust ICRA AAA(SO) 1.88 MFL Securitisation Trust CRISIL AAA(SO) 1.29 NET CURRENT ASSETS NET ASSSET 100% ^Certificate of Deposit/Commercial Paper/ ** Secured by shares of Emami Ltd 18 Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

19 AXIS REGULAR SAVINGS FUND (AN OPEN-ENDED DEBT SCHEME) INVESTMENT OBJECTIVE: To generate optimal returns in the medium term while maintaining liquidity of the portfolio by investing in debt and money market instruments. FUND STYLE 28th March , Cr. 1, Cr. CRISIL Composite Bond Internal Rate Sensitivity High Med Low High Mid Low Credit Quality AVERAGE MATURITY * 2.4 years MODIFIED DURATION * 1.9 years YIELD (YIELD TO MATURITY & ) 8.52% s Record Date Dividend (` Per unit) Mr. Devang Shah Work experience: 13 years. 5th November Regular Plan COMPOSITION BY ASSETS COMPOSITION BY RATING Corporate Bond % CARE A1+/ CRISIL A1+/ICRA A1+/ BWR AAA/ CARE AAA/ CRISIL AAA/ Pass Through Certificate % CRISIL AAA(SO)/ ICRA AAA/ ICRA AAA(SO) & Equivalent % Total Money Market Instruments*- 7.91% Zero Coupon Bond % CARE AA/ CARE AA(SO)/ CRISIL AA/ ICRA AA/IND AA/ BWR AA % Reduced Face Value Bonds - Non Amortisation % BWR AA-(SO)/ CARE AA-/ CRISIL AA-/ ICRA AA-/ IND AA % Government Bond % BWR A+(SO)/ CARE A+/ ICRA A+/ ICRA A+(SO)- 8.57% CRISIL State Government Bond % AA+/ ICRA AA+/ IND AA % SOV % * Includes Net Current Assets IND A(SO) % BWR A % PERFORMANCE (as on 28th March 2018) Date Period Scheme Returns DIVIDENDS CRISIL Composite Bond CRISIL 10 year Gilt Index Benchmark Returns) Dividend (` Per unit) Current Value of `10,000 invested Scheme CRISIL Composite Bond Direct Plan CRISIL 10 year Gilt Index Axis Regular Savings Fund - Growth 31-Mar-17 Last 1 Year 7.58% 5.06% -0.42% 10,758 10,506 9, Mar-15 Last 3 Years 8.34% 8.12% 6.36% 12,711 12,632 12, Mar-13 Last 5 Years 8.92% 8.60% 6.42% 15,332 15,110 13,649 Since Inception (28-Mar-12) 9.18% 8.72% 7.27% 16,939 16,516 15,236 Axis Regular Savings Fund - Direct Plan - Growth 31-Mar-17 Last 1 Year 8.29% 5.06% -0.42% 10,829 10,506 9, Mar-15 Last 3 Years 9.25% 8.12% 6.36% 13,033 12,632 12, Mar-13 Last 5 Years 9.88% 8.60% 6.42% 16,021 15,110 13,649 Since Inception (7-Jan-13) 9.83% 8.51% 6.43% 16,317 15,317 13,844 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns is calculated on ` 10 invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Devang Shah is managing the scheme since 5th November 2012 and he manages 43 schemes of Axis Mutual Fund. Please refer to annexure on Page 33 for performance of schemes managed by the fund manager. Returns greater than 1 year period are compounded annualised (CAGR). Half Yearly Dividend Mar 26, Sep 25, Mar 27, Sep 26, Quarterly Dividend Mar 26, Dec 26, Sep 25, Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` 10. Half yearly dividend disclosed above are since the inception of the fund. Quarterly dividends disclosed above are for the last 3 Quarters. * For instruments with put/call option, the put/call date has been taken as the maturity date. & The yield to maturity given above is based on the portfolio of funds as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities. The calculation is based on the invested corpus of the debt portfolio. 19 RATING % OF ASSETS TOTAL DEBT CORPORATE BOND Dewan Housing Finance Corporation Limited BWR AAA 4.04 Indiabulls Housing Finance Limited BWR AAA 3.96 Nuvoco Vistas Corporation Limited CRISIL AA 3.32 Rural Electrification Corporation Limited CRISIL AAA 3.18 Oriental Nagpur Betul Highway Limited CRISIL AAA(SO) 3.00 ICICI Bank Limited ICRA AA Tata Power Company Limited IND AA 2.89 Tube Investments of India Limited CRISIL AA 2.89 Reliance Jio Infocomm Limited CRISIL AAA 2.77 Adani Transmission Limited IND AA IndoStar Capital Finance Limited CARE AA Bhopal Dhule Transmission Company Limited CRISIL AAA 2.17 Power Finance Corporation Limited CRISIL AAA 1.98 Indian Railway Finance Corporation Limited CRISIL AAA 1.83 Edelweiss Commodities Services Limited ICRA AA 1.83 Suhani Trading And Investment Consultants Private Limited BWR A+(SO) 1.83 Renew Power Venture Pvt Limited CARE A JK Lakshmi Cement Limited CARE AA 1.83 HDFC Limited CRISIL AAA 1.81 Punjab National Bank BWR AA 1.73 Bank of Baroda CARE AA 1.68 Union Bank of India BWR AA 1.66 Piramal Enterprises Limited ICRA AA 1.60 Vijaya Bank ICRA AA Birla Corporation Limited ICRA AA 1.33 Syndicate Bank IND AA Magma Fincorp Limited ICRA AA State Bank of India CRISIL AA Dalmia Cement (Bharat) Limited ICRA AA 1.10 Hinduja Leyland Finance Limited CARE AA JM Financial Products Limited CRISIL AA 1.02 Bharti Airtel Limited CRISIL AA Nirma Limited CRISIL AA 0.87 PVR Limited CRISIL AA Mahindra Rural Housing Finance IND AA Allahabad Bank CARE A Gruh Finance Limited CRISIL AAA 0.72 Tata Power Company Limited CRISIL AA Vodafone Mobile Services Limited CRISIL AA 0.65 Reliance Gas Transportation Infrastructure Limited CRISIL AAA 0.64 Edelweiss Commodities Services Limited CRISIL AA 0.58 Hindalco Industries Limited CRISIL AA 0.54 Hansdeep Industries & Trading Company Limited CARE AA(SO) 0.53 ECL Finance Limited ICRA AA 0.37 Equitas Small Finance Bank Limited CARE A JM Financial Products Limited ICRA AA 0.37 Indiabulls Housing Finance Limited ICRA AAA 0.36 Tata Power Company Limited ICRA AA Allahabad Bank BWR A Piramal Finance Limited ICRA AA 0.15 Muthoot Finance Limited CRISIL AA 0.07 ZERO COUPON BOND 4.99 Aditya Birla Fashion and Retail Limited CRISIL AA 1.29 Amri Hospitals Limited ## BWR A+(SO) 1.26 Dewan Housing Finance Corporation Limited CARE AAA 1.01 Sprit Textile Pvt Limited BWR AA-(SO) 1.00 Edelweiss Commodities Services Limited CARE AA 0.42 REDUCED FACE VALUE BONDS - NON AMORTISATION 1.75 Subros Limited ICRA A Ess Kay Fincorp Limited IND A(SO) 0.67 GOVERNMENT BOND Sovereign 1.13 STATE GOVERNMENT BOND Sovereign 0.30 PASS THROUGH CERTIFICATE 8.20 Sansar Trust ICRA AAA(SO) 3.26 IIERT TRUST CRISIL AAA(SO) 1.93 MFL Securitisation Trust CRISIL AAA(SO) 1.53 Solstice Trust ICRA A+(SO) 1.48 TOTAL MONEY MARKET INSTRUMENTS^ 3.78 BANKS 3.43 Small Industries Dev Bank of India CARE A HDFC Bank Limited CARE A IndusInd Bank Limited CRISIL A OTHERS 0.35 HDFC Limited ICRA A NET CURRENT ASSETS 4.12 NET ASSETS 100% ^Certificate of Deposit/Commercial Paper/ ## Secured by shares of Zee Entertainment Enterprises Ltd EXIT LOAD If redeemed / switched-out within 12 months from the date of allotment For 10% of investment : Nil For remaining investment : 1% If redeemed/switched out after 12 months from the date of allotment : Nil (w.e.f. 30th June 2016) Note: The scheme was reanamed earlier known as Axis Income Fund and was renamed w.e.f. April 10, Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

20 AXIS FIXED INCOME OPPORTUNITIES FUND (AN OPEN-ENDED DEBT SCHEME) INVESTMENT OBJECTIVE: To generate stable returns by investing in debt & money market instruments across the yield curve & credit spectrum. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The Scheme does not assure or guarantee any returns. FUND STYLE 15th July , Cr. 1, Cr. CRISIL Short Term Bond Internal Rate Sensitivity High Med Low High Mid Low Credit Quality AVERAGE MATURITY * 2.4 years MODIFIED DURATION * 1.9 years YIELD (YIELD TO MATURITY & ) 8.54% Mr. Devang Shah Work experience: 13 years. He has been managing this fund since inception. COMPOSITION BY ASSETS COMPOSITION BY RATING Corporate Bond % CARE AA/ CARE AA(SO)/ CRISIL AA/ ICRA AA/ ICRA AA(SO)/ IND AA/ BWR Pass Through Certificate % AA % BWR AAA/ CARE AAA/ CRISIL AAA/ CRISIL AAA(SO)/ ICRA State Government Bond % Zero Coupon Bond % AAA/ ICRA AAA(SO) & Equivalent % BWR A+(SO)/ CARE A+/ Total Money Market Instruments* % ICRA A+/ ICRA A+(SO) % SOV % BWR AA-(SO)/ CARE Government Bond % AA-/ CRISIL AA-/ ICRA AA-/ IND AA % BWR AA+/ CARE AA+/ Reduced Face Value Bonds - Non Amortisation % CRISIL AA+/ ICRA AA+/ IND AA % IND A(SO) % * Includes Net Current Assets PERFORMANCE (as on 28th March 2018) Date Period Scheme Returns DIVIDENDS CRISIL Short- Term Bond Fund Index Index Regular Plan Direct Plan Dividend (` Per unit) Dividend (` Per unit) s Record Date Mar 26, Monthly Dividend Feb 26, Jan 25, Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` 10. EXIT LOAD (w.e.f. 10th November 2017) CRISIL 1 Year T-Bill Current Value of `10,000 invested Scheme CRISIL Short- Term Bond Fund Index Index If redeemed / switched-out within 12 months from the date of allotment:- For 10% of investment: Nil For remaining investment: 1% If redeemed/switched out after 12 months from the date of allotment: Nil * For instruments with put/call option, the put/call date has been taken as the maturity date. & The yield to maturity given above is based on the portfolio of funds as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities. The calculation is based on the invested corpus of the debt portfolio. 20 CRISIL 1 Year T-Bill Axis Fixed Income Opportunities Fund - Growth 31-Mar-17 Last 1 Year 6.44% 6.11% 5.87% 10,644 10,611 10, Mar-15 Last 3 Years 8.05% 7.90% 6.91% 12,610 12,558 12,217 Since Inception (15-Jul-14) 8.76% 8.40% 7.30% 13,647 13,481 12,982 Axis Fixed Income Opportunities Fund - Direct Plan - Growth 31-Mar-17 Last 1 Year 7.91% 6.11% 5.87% 10,791 10,611 10, Mar-15 Last 3 Years 9.39% 7.90% 6.91% 13,084 12,558 12,217 Since Inception (15-Jul-14) 10.00% 8.40% 7.30% 14,236 13,481 12,982 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns are calculated on ` 10 invested at inception. The performance data for 5 years period has not been provided, since scheme is in existence for less than 3 years.different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Devang Shah is managing the scheme since inception and he manages 43 schemes. Please refer to annexure on Page 33 for performance of schemes managed by the fund manager. Returns greater than 1 year period are compounded annualised (CAGR). RATING % OF ASSETS TOTAL DEBT CORPORATE BOND Dewan Housing Finance Corporation Limited BWR AAA 5.44 Power Finance Corporation Limited CRISIL AAA 3.61 Nirma Limited CRISIL AA 3.35 Dalmia Cement (Bharat) Limited ICRA AA 2.98 Piramal Enterprises Limited ICRA AA 2.86 Birla Corporation Limited ICRA AA 2.85 Indiabulls Housing Finance Limited BWR AAA 2.56 Nuvoco Vistas Corporation Limited CRISIL AA 2.45 Muthoot Finance Limited CRISIL AA 2.45 PVR Limited CRISIL AA Hinduja Leyland Finance Limited CARE AA Oriental Nagpur Betul Highway Limited CRISIL AAA(SO) 2.17 Bank of Baroda CARE AA 2.17 Suhani Trading And Investment Consultants Private Limited BWR A+(SO) 2.17 Renew Power Venture Pvt Limited CARE A JM Financial Products Limited CRISIL AA 2.00 ECL Finance Limited ICRA AA 1.92 Adani Transmission Limited IND AA JK Lakshmi Cement Limited CARE AA 1.90 Ujjivan Small Finance Bank Limited ICRA A IndoStar Capital Finance Limited CARE AA Reliance Jio Infocomm Limited CRISIL AAA 1.60 Tata Power Company Limited IND AA 1.60 India Infoline Finance Limited ICRA AA 1.36 Piramal Finance Limited ICRA AA 1.35 Indiabulls Housing Finance Limited ICRA AAA 1.35 Hansdeep Industries & Trading Company Limited CARE AA(SO) 1.28 LIC Housing Finance Limited CRISIL AAA 1.25 UPL Limited BWR AA Union Bank of India BWR AA 1.07 State Bank of India CRISIL AA Bhopal Dhule Transmission Company Limited CRISIL AAA 1.07 Bharti Airtel Limited CRISIL AA Syndicate Bank IND AA HDFC Limited CRISIL AAA 0.81 Vodafone Mobile Services Limited CRISIL AA 0.81 Punjab National Bank BWR AA 0.80 Magma Fincorp Limited ICRA AA Tata Motors Limited CARE AA Edelweiss Commodities Services Limited ICRA AA 0.54 Edelweiss Commodities Services Limited CRISIL AA 0.54 Power Grid Corporation of India Limited CRISIL AAA 0.32 ICICI Bank Limited ICRA AA Mahindra Rural Housing Finance IND AA IDFC Bank Limited ICRA AAA 0.05 Indiabulls Housing Finance Limited CARE AAA 0.05 Rural Electrification Corporation Limited CRISIL AAA 0.05 Tata Sons Ltd CRISIL AAA 0.03 NABARD CRISIL AAA 0.01 STATE GOVERNMENT BOND Sovereign 5.78 ZERO COUPON BOND 4.12 Amri Hospitals Limited ~ BWR A+(SO) 2.18 Aditya Birla Fashion and Retail Limited CRISIL AA 0.64 Sprit Textile Pvt Limited BWR AA-(SO) 0.63 SVL Limited ## ICRA AA(SO) 0.51 Edelweiss Commodities Services Limited CARE AA 0.16 GOVERNMENT BOND Sovereign 2.65 REDUCED FACE VALUE BONDS - NON AMORTISATION 1.48 Ess Kay Fincorp Limited IND A(SO) 0.94 Subros Limited ICRA A PASS THROUGH CERTIFICATE 8.79 Sansar Trust ICRA AAA(SO) 3.61 IIERT TRUST CRISIL AAA(SO) 2.32 Solstice Trust ICRA A+(SO) 1.65 MFL Securitisation Trust CRISIL AAA(SO) 1.21 NET CURRENT ASSETS 2.72 NET ASSETS 100% ^Commercial Paper/ ~ Secured by shares of Emami Ltd/ ## Backed by corporate guarantee of Shriram Transport Finance Company Limited Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

21 AXIS CONSTANT MATURITY 10 YEAR FUND (AN OPEN-ENDED GILT SCHEME) INVESTMENT OBJECTIVE: To generate returns similar to that of 10 year government bonds. FUND STYLE 23rd January Cr Cr. CRISIL 10 Year Gilt Index Internal Rate Sensitivity High Med Low High Mid Low Credit Quality AVERAGE MATURITY* 9 years MODIFIED DURATION* 6.1 years YIELD (YIELD TO MATURITY & ) 7.44% Mr. Devang Shah Work experience: 13 years. 5th November RATING % OF ASSETS TOTAL DEBT GOVERNMENT BOND % GOI Sovereign % GOI Sovereign % GOI Sovereign % GOI Sovereign % GOI Sovereign % GOI Sovereign % GOI Sovereign % GOI Sovereign 3.82 NET CURRENT ASSETS 4.90 COMPOSITION BY ASSETS COMPOSITION BY RATING Government Bond %, Total Money Market Instruments* % SOV & Equivalent % NET ASSETS 100% * Includes Net Current Assets PERFORMANCE (as on 28th March 2018) Current Value of `10,000 invested Date Period Scheme CRISIL 10 Year Gilt Index Scheme CRISIL 10 Year Gilt Index Axis Constant Maturity 10 Year Fund - Growth 31-Mar-17 Last 1 Year 2.57% -0.42% 10,257 9, Mar-15 Last 3 Years 6.41% 6.36% 12,046 12, Mar-13 Last 5 Years 6.77% 6.42% 13,876 13,649 Since Inception (23-Jan-12) 6.83% 6.82% 15,040 15,031 Axis Constant Maturity 10 Year Fund - Direct Plan - Growth 31-Mar-17 Last 1 Year 3.11% -0.42% 10,311 9, Mar-15 Last 3 Years 6.97% 6.36% 12,234 12, Mar-13 Last 5 Years 7.30% 6.42% 14,227 13,649 Since Inception (1-Jan-13) 7.30% 6.56% 14,461 13,947 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns is calculated on ` 10 invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Devang Shah is managing the scheme since 5th November 2012 and he manages 43 schemes. Please refer to annexure on Page 33 for performance of schemes managed by the fund manager. Returns greater than 1 year period are compounded annualised (CAGR). s DIVIDENDS Record Date EXIT LOAD Dividend (` Per unit) Regular Plan Dividend (` Per unit) Direct Plan Mar 26, Sep 25, Half Yearly Dividend Mar 27, Dec 26, Nov 27, Regular Dividend Oct 25, Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` 10. Dividends disclosed above are since the inception of the fund. Half yearly dividend disclosed above are since the inception of the fund. Regular dividends disclosed above are for the last 3 months. NIL * For instruments with put/call option, the put/call date has been taken as the maturity date.& The yield to maturity given above is based on the portfolio of funds as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities. The calculation is based on the invested corpus of the debt portfolio. 21 Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

22 AXIS BANKING & PSU DEBT FUND (AN OPEN-ENDED DEBT SCHEME) INVESTMENT OBJECTIVE: To generate stable returns by investing predominantly in debt & money market instruments issued by Banks, Public Sector Units (PSUs) & Public Financial Institutions (PFIs).The scheme shall endeavor to generate optimum returns with low credit risk. FUND STYLE 8th June Cr Cr. CRISIL Short Term Bond Internal Rate Sensitivity High Med Low High Mid Low Credit Quality Credit Risk Rating [ICRA] AAAmfs $ AVERAGE MATURITY* 1.3 years MODIFIED DURATION* 1.1 years YIELD (YIELD TO MATURITY & ) 7.58% Mr. Aditya Pagaria Work experience: 11 years. 13th August COMPOSITION BY ASSETS COMPOSITION BY RATING Corporate Bond % Total Money Market Instruments* % Zero Coupon Bond % * Includes Net Current Assets PERFORMANCE (as on 28th March 2018) Date Period Scheme Returns CARE A1+/ CRISIL A1+/ICRA A1+/ BWR AAA/ CARE AAA/ CRISIL AAA/ICRA AAA/IND AAA & Equivalent % CRISIL AA+/ ICRA AA+/ IND AA % CARE AA/ CRISIL AA/ ICRA AA % CRISIL Short- Term Bond CRISIL 1 Year T-Bill Index Cuurent Value of `10,000 invested Scheme CRISIL Short- Term Bond Fund Index CRISIL 1 Year T-Bill Index Axis Banking & PSU Debt Fund - Growth 31-Mar-17 Last 1 Year 7.11% 6.11% 5.87% 10,711 10,611 10, Mar-15 Last 3 Years 7.85% 7.90% 6.91% 12,541 12,558 12, Mar-13 Last 5 Years 8.41% 8.56% 7.05% 14,979 15,082 14,060 Since Inception (8-Jun-12) 8.47% 8.62% 7.19% 16,033 16,159 14,961 Axis Banking & PSU Debt Fund - Direct Plan - Growth 31-Mar-17 Last 1 Year 7.33% 6.11% 5.87% 10,733 10,611 10, Mar-15 Last 3 Years 8.05% 7.90% 6.91% 12,610 12,558 12, Mar-13 Last 5 Years 8.61% 8.56% 7.05% 15,119 15,082 14,060 Since Inception (1-Jan-13) 8.56% 8.55% 7.13% 15,376 15,371 14,346 Past performance may or may not be sustained in future. Calculations are based on Growth. Since inception returns is calculated on ` 1,000 invested at inception. Different plans have different expense structure. Plan of the scheme for which performance is given is indicated above. Aditya Pagaria is managing the scheme since 13th August Aditya manages 4 schemes at Axis Mutual Fund. Please refer to annexure on Page for performance of all schemes managed by the fund manager. Returns greater than 1 year period are compounded annualised (CAGR). RATING % OF ASSETS TOTAL DEBT CORPORATE BOND Small Industries Dev Bank of India CARE AAA 7.29 Indian Railway Finance Corporation Limited CRISIL AAA 7.29 Tata Sons Ltd CRISIL AAA 5.15 Dewan Housing Finance Corporation Limited BWR AAA 4.53 Power Finance Corporation Limited CRISIL AAA 4.37 NABARD IND AAA 3.62 ICICI Bank Limited ICRA AA JM Financial Products Limited CRISIL AA 2.90 NHPC Limited ICRA AAA 2.87 Power Grid Corporation of India Limited CRISIL AAA 1.48 Rural Electrification Corporation Limited CRISIL AAA 1.43 Indiabulls Housing Finance Limited BWR AAA 1.17 State Bank of India CRISIL AA HDFC Bank Limited CRISIL AA Bank of Baroda CARE AA 0.73 Piramal Finance Limited ICRA AA 0.73 Mahindra Rural Housing Finance IND AA ZERO COUPON BOND IDFC Bank Limited ICRA AAA TOTAL MONEY MARKET INSTRUMENTS^ BANKS HDFC Bank Limited CARE A Yes Bank Limited ICRA A IndusInd Bank Limited CRISIL A ICICI Bank Limited ICRA A Small Industries Dev Bank of India CARE A OTHERS 3.41 HDFC Limited CRISIL A NET CURRENT ASSETS 2.90 NET ASSETS 100% ^Certificate of Deposit/Commercial Paper s DIVIDENDS Record Date EXIT LOAD Regular Plan Dividend (` Per unit) Direct Plan Dividend (` Per unit) Mar 26, , , , , Monthly Dividend Feb 26, , , , , Jan 25, , , , , Please note that after the payment of dividend, the falls to the extent of dividend, distribution tax and cess wherever applicable. Past performance may or may not be sustained in future. Face Value of units is ` Dividends disclosed above are since the inception of the fund. NIL (w.e.f. 14th July 2014) * For instruments with put/call option, the put/call date has been taken as the maturity date. & The yield to maturity given above is based on the portfolio of funds as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities. The calculation is based on the invested corpus of the debt portfolio. 22 Please refer to page no 30, 32-33, for, TER, Riskometer & Statutory Details.

23 HYBRID OUTLOOK APRIL 2018 Quick Take - Equity Equity market valuations are broadly reasonable adjusted for the cyclical low in earnings and potential for revival going forward. We remain bullish on equities from a medium to long term perspective Investors are suggested to have their asset allocation plan based on one s risk appetite and future goals in life. 10.2% 6.65% Key highlights 7.40% 10 yr G-Sec : Last 1 year Quick Take - Fixed Income Bonds continue to remain under pressure as 10-year benchmark yield goes over 7.70%. The government borrowing program has brought much needed cheer to the bond market Direction of CPI in the domestic markets coupled with RBI tone are likely to set the tone for the bond markets for the coming months. We continue to advise investors to stay invested in short to medium term strategies and actively look at credit funds. Equity markets continued to retrace from gains in The benchmark indices S&P BSE Sensex & NIFTY 50 fell 3.6% each. Global pessimism stemming from US geopolitical maneuvers on China had an impact on market sentiment. FPI`s returned to the equity markets with a net purchase of US$1.63 billion. However, they continue to remain net sellers in the debt markets. FPI`s sold US$1.39 billion in the Indian debt markets during the month. Mutual fund SIP collections for the month of February 2018 stood at Rs. 6,425 Cr. Key Events During the Month US Trade War The US President signed an executive memorandum to impose retaliatory tariffs on up to US$60 bn of Chinese imports. China responded to this by proposing a list of 128 US products as potential retaliation targets in stages depending on results of negotiations between the two. While this is expected to have no material impact on Indian exports, the market sentiment may remain negative in anticipation of the global implications on world trade. The Government Borrowing Program The government surprised the market with its borrowing program for the first half of FY 19 with respect to the tenure and nature of the borrowing. Overall FY2019 gross borrowing via dated bonds has been reduced by Rs 50,000 Cr. The government has also indicated that it will tap the small savings schemes to raise the shortfall as well as reduce its existing buyback program. The borrowing announcement is likely to bring much needed cheer to the bond market which has been saddled with negative sentiments thus far. Inflation & IIP Gradual Recovery & Easing Prices CPI inflation eased to 4.44% in February V/s 5.07% in January. Core inflation was unchanged at 5%. The reversal is a reflection of seasonal decline in food prices. The RBI may look through the peak of 5.6% in June but will remain cautious as upside risks remain to RBI inflation targets. IIP numbers in January continued to indicate a nascent recovery in the manufacturing sector. US Rate Hikes The action begins The US Fed raised benchmark lending rates 25bps and forecast a steeper path of hikes in 2019 and 2020, citing an improving economic outlook. Policy makers continue to project 3 rate hikes this year. Market View Equity Markets The economy is well positioned with a solid macro foundation, political stability and positive global focus. This combined with structural reforms is likely to push growth higher in the medium term. The recent budget announcements relating to rural, agriculture and healthcare are positive for growth in general and for the specific sectors of the economy. We continue to believe in the rural consumption story that is expected to play out over the next few quarters. We believe that rural centric policies are likely to be undertaken in the run up to the 2019 general elections, which will bode well for rural spending for the next few quarters. As a philosophy, we have consciously stayed away from PSU stocks especially PSU banks. The recent turmoil in these stocks caused limited damage to our portfolios. The recent bout of volatility stands testament to our focus on quality and investment process in building long term sustainable portfolios for investors. We continue to expect elevated volatility levels in the equity markets and hence advise investors to look at equity allocations from a medium to long term investment horizon. Systematic investments into equity products could also help investors ride out short term volatility. Debt Markets Significant changes to the supply-tenor mix and a staggered borrowing calendar over FY19 meaningfully improves short term demand-supply situation and markets cheered it with a 25 bps rally in long bond yields. But we don t see a fundamental reason for rally to continue as medium-term yields on long bonds can continue to remain under pressure, on account of concerns of MSP on inflation, a deteriorating BoP position, rising global bond yields and continuing challenges for fiscal consolidation. In our view, the anticipated drop in bond yields present opportunities to reduce duration exposure Structural liquidity (Government Cash Balances + LAF Balances) continues to be positive. We expect structural liquidity to remain in surplus to neutral zone for next 6-12 months. Improving growth prospects has had a positive impact on corporate performance. This has led to improvement in corporate balance sheets. The current corporate bond spreads remain conducive for investors on a risk reward basis. As highlighted above, 1-3-year segment (short segment) of the curve had also seen a significant rise in yields and volatility in last 3 months. With the relief in bond yields across, the short end of the corporate bond curve has also participated in the rally by more than bps. Ample liquidity and attractive spreads over the overnight rate still offers some opportunity. Hence 1-3-year space is likely to offer superior risk adjusted returns as compared to money market and ultra-short term funds. Source: Bloomberg, Axis MF Research. 23