TRY Government Bonds and Bills Income Pension Mutual Fund

Fund Investment Strategy

This fund aims at yielding interest income through investments in domestic government bonds with middle to long term maturity dates. Average fund maturity date is adjusted by the respective portfolio manager, in line with the changing market conditions. Minimum 80% of the fund is comprised of borrowing instruments and profit sharing certificates issued in TRY by the Undersecretariat of Treasury, including reverse repurchase agreement transactions. Total amount to be invested in reverse repurchase agreement and Takasbank money market transactions cannot exceed two percent of the fund portfolio. The fund portfolio is managed with the goal of obtaining consistent yield. Also, portfolio management is executed according to fixed yield securities’ periods are observed.

Money Market and Capital Market Instruments to Which tho Fund's Portfolio is Allocated

The fund’s management must comply with the following restrictions, save for the provisions of the relevant Regulations. Also, at least 80% of the fund’s portfolio must be allocated to reverse repurchase agreements and government domestic borrowing instruments.

ASSET TYPE	MINIMUM %	MAXIMUM %
Borrowing instruments and profit sharing certificates issued by the Undersecretariat of Treasury Araçları ve Gelir Ortaklığı Senetleri	78	100
Borrowing instruments issued by banks or other issuers having rating notes sufficient for investment, provided that the foregoing shall be traded in TRY in the stock exchange market	0	20
Reverse Repurchase Agreements and Takasbank Money Market Transactions	0	2
Time Deposits (TRY) / Participation Cert. (TRY)	0	20
Profit Sharing Certificates	0	20

Potential Risks

The fund is susceptible to market, inflation and interest rate risks. Accordingly, fluctuations in interest rates and inflation affect the fund’s revenues. For that reason, the fund’s portfolio is diversified, regularly adjusted in terms of maturity and rate, given way to variable-interest bonds with a view to avoiding potential risks.The fund is susceptible to market, inflation and interest rate risks. Accordingly, fluctuations in interest rates and inflation affect the fund’s revenues. For that reason, the fund’s portfolio is diversified, regularly adjusted in terms of maturity and rate, given way to variable-interest bonds with a view to avoiding potential risks.

The fund portfolio is mainly comprised of public borrowing instruments. The fund makes use of the yields from domestic government bonds to achieve the targeted yield. The fund carries interest, market and inflation risk. The changes in interest and inflation rates affect the yield of the fund. For the aim of avoiding carried risks, the fund portfolio is diversified, time and ratio adjustments are made and variable-interest bonds are included in the fund portfolio.

Benchmark

2% IIMA O/N Repo Indices Gross + 90% IIMA TRY Bill Indices All + 2% IIMA Private Sector Bonds Index Variable + 2% IIMA Private Sector Bonds Index Fixed + 4% IIMA 1 Month Indicative Deposit Index (TRY)

Other Informations

Please click here to view the By-laws of AXA Government Bonds and Bills Income Standard Pension Mutual Fund
Please click here to view the Prospectus regarding AXA Government Bonds and Bills Income Standard Pension Mutual Fund
Please click here to view the AXA Government Bonds and Bills Income Standard Fund Introductory Brochure.
Please click here to view the Public Disclosure Form.
Please click here to view Announcement to Participants.