Axis Investment Fund Series 1

The objective of the Fund is to achieve long-term capital growth through investments in a diversified portfolio of early-stage eligible businesses engaged in the information technology sector. Our strategy to satisfy this objective involves prudently selecting companies that share a number of features, including: seasoned management teams with deep domain expertise; proprietary technology that creates a competitive advantage for the company and barriers to entry against competitors, and clear paths to revenue and profitability.

Eligible:
100%	> RSP
15%	> Federal Tax Credit
15%	> Ontario Tax Credit

Additional Fund Information

Annual Financial Report

Semi-Annual Financial Report

Article

Nov. 6, 2009 - AXIS Funds halts trades

Minimum Initial Investment:
Lump Sum
Initial: $1000
Subsequent: $500

Distribution of Earnings:
Accumulated and distributed at the end of the fiscal year and automatically reinvested.

Pre-Authorized Chequing Investment (PAC) or Group RRSP:
$100 minimum investment for bi-monthly, monthly, quarterly, semi annual or annual deposit.

$25 will be charged per dishonored cheque or electronic transfer.

Systematic Withdrawal Plan:
N/A

Annual Management Fee (excluding applicable taxes): 4.00%

Management Expense Ratio (including applicable taxes) as at February 28, 2010: %*
*Includes performances fees and commissions paid. The MER quoted above is annualized as at February 28, 2009.


Rear Load Option	ATL1178

Inception Date:	January 14, 2002

Assets Under Management (000’s) As at: 12/31/2011	$0

Performance
3 mo	6 mo	1 yr	3 yrs	5 yrs	10 yrs	YTD	Since Inception
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Calendar Year Performance
2009	2008	2006	2005	2004	2003	2002
(55.1%)	(61.1%)	(13.03%)	(5.96%)	(5.62%)	1.97%	-

Historical Pricing

Investment Performance

Value of $10,000 invested since inception

The rate of return or mathematical table shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the fund or returns on investment in the fund.

Company	Location	Investment	Technology
Elliptic Semiconductor Inc.	Kanata, ON	$1,003,978	Elliptic Semiconductor Inc. designs the intellectual property for protocol data processors which fit between the general purpose applications processor and the Radio Frequency (RF) to baseband conversion device in a wireless terminal, such as a cell phone or PDA. Currently, this processing is done on the general purpose DSP or RISC core in software but with higher data rates (such as 54 Mb/s available on 8082.11a or g) the power consumption would rise to the point to make the battery life prohibitively short. Elliptic's IP core, a TCP/IP Offload Engine (TOE), will reduce power consumption by a 10x-1000x factor compared to current state of the art.
GridIron Software Inc.	Ottawa, ON	$950,000	GridIron Software develops software tools which allow existing large-scale software applications to run on multiple small desktop computers, producing supercomputer capacity at 10x-25x less cost. In today's corporate network's, 95% of desktop CPU power and 80% of server resources are wasted; grid computing can reclaim most of that lost processor, bandwidth and storage capacity.
Hyla Cybernetics Corp.	Almonte, ON	$918,131	Hyla is a software vendor dedicated to applying aggressive new approaches to well known enterprise IT problems.
Grantium Inc. (formerly Infoterra Inc.)	Ottawa, ON	$1,029,787	Grantium, Inc. is an international e-business software firm specializing in the automation of public sector grants and contribution programs. Infoterra's solutions address the total grants process, including on-line applicant submissions, online evaluation, case management, risk management and performance tracking. The enterprise-level grants-management system consolidates and integrates the life cycle processes of all grant programs while adhering to government policies, processes, and standards.
Liquid Computing Corp.	Kanata, ON	$2,073,960	Liquid Computing is focused on delivering compelling reductions in data center total cost of ownership. Liquid Computing has offices in Los Altos, CA and Ottawa, ON.
Netistix Technologies Corp.	Kanata, ON	$1,250,000	Netistix has developed a vehicle relationship management system for businesses with significant fleet operations. The solution combines the latest in Wi-Fi wireless technology, the information technology in vehicles and networking and management application software expertise, and enables fleet operators to reduce costs and protect their fleet assets
PointShot Wireless Inc.	Ottawa, ON	$1,162,486	PointShot Wireless Inc. is an early-stage company which provides a complete wireless solution to businesses creating environments that enable people to work, communicate and be entertained. It applies its expertise to extend the reach of wireless networks for the benefit of those businesses and their customers. The SolutionPoint(tm) family includes products for rail operators, remote locations and instant hotspots.
Blueprint Inc. (formerly Sofea Inc.)	Toronto, ON	$1,481,178	Blueprint Inc. bridges the gap between business and IT. Its solution, Profesy, changes the way that software is built. Profesy puts the customer and business analyst at the centre of the development process by allowing them to develop, verify, simulate, validate and automatically test their requirements in business terms that they understand - all before one line of code has been developed. Blueprint Inc. calls this approach “Customer Oriented Software Development™” or COSD™.
Trigence Corp.	Ottawa, ON	$1,519,110	Trigence Corp. is leading the evolution of enterprise server application management. Trigence software products simplify the IT burden by safely enabling rapid and non-disruptive consolidation and movement of enterprise applications. IT executives are seeking solutions to improve corporate return on investment for the IT budget. Trigence products address this need throughout the entire lifecycle of an application. The company is based in Ottawa, ON.
Total Investments (CDN$ at cost)		$11,846,311

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Holdings As at: 12/31/2005