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Unaudited Semi-Annual Report as at 30 June 2008

AXA World Funds

Unaudited Semi-Annual Reparf as at SO June 2008

No subscription can be receiwi on the sole basis of the present repon. Subscriptions are onlyvalid if made on the sole basis of the current full and simplified prospecrus supplementcd by the application fom. the latest annual report arid [he latest scmi-annual report if published thereahel

2

AXA World Funds

Table of contents

General Information

Information to Shareholders

Foreign Distribution

Director’s Report

Financial Statements

Statement of Net Assets

Statistics

AXA World Funds - Aedificandi Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Aedificandi Global a Schedule of Investments and Other Net Assets a Industrial Classification

AXA World Funds - Clean Tech Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Emerging Europe Equities Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Euro Value Equities

= Industrial Classification Schedule of Investments and Other Net Assets

AXA World Funds - European Opportunities Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - European Small Cap Equities Schedule of Investments and Other Net Assets Industrial Classification

8

10

11

14

20

32

116 117

118 120

121 123

124 126

127 128

129 130

131 133

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AXA World Funds

Table of contents

AXA World Funds - Europe Dividend

Io Industrial Classification Schedule of Investments and Other Net Assets

AXA World Funds - Europe MicroCap

a Industrial Classification Schedule of Investments and Other Net Assets

AXA World Funds - Framlington Emerging Markets

@ Industrial Classification Schedule of Investments and Other Net Assets

AXA World Funds - Framlington Global Technology


AXA World Funds - Framlington Health Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Framlington Japan


AXA World Funds - Human Capital ' Schedule of Investments and Other Net Assets

Industrial Classification

AXA World Funds - Hybrid Resources so Schedule of Investments and Other Net Assets


AXA World Funds - Italian Equities


AXA World Funds - Junior Energy Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Swiss Equities ia Schedule of Investments and Other Net Assets


AXA World Funds - Talents Schedule of Investments and Other Net Assets Industrial Classification

134 135

136 139

140 142

143 144

145 147

148 149

150 152

153 155

156 157

158 160

161 162

163 165

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AXA World Funds

Table of contents

AXA World Funds - Talents Absolute a Schedule of Investments and Other Net Assets


AXA World Funds - Talents Asia Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Talents Brick @Schedule of Investments and Other Net Assets E Industrial Classification

AXA World Funds - Talents Europe Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Alpha Asian Bonds (note 1)

Ip Industrial Classification Schedule of Investments and Other Net Assets

AXA World Funds - Alpha Credit Bonds ’ Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Alpha Sterling Bonds (note 1)

DB Industrial Classification Schedule of Investments and Other Net Assets

AXA World Funds - Responsible Development Bonds (note 1) f f Schedule of Investments and Other Net Assets


AXA World Funds - Euro 1-3 @Schedule of Investments and Other Net Assets a Industrial Classification

AXA World Funds - Euro 3-5

= Industrial Classification Schedule of Investments and Other Net Assets

AXA World Funds - Euro 5-7 Schedule of Investments and Other Net Assets Industrial Classification

166 168

169 171

172 174

175 176

177 178

179 181

182 184

185 187

188 191

192 194

195 197

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A M World Funds

Table of ccintents

AXA World Funds - Euro 7-10 Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Euro IO+LT Schedule of Investments and Other Net Assets industrial Classification

AXA World Funds - Euro Bonds ' Schedule of Investments and Other Net Assets


AXA World Funds - Euro Credit Plus Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Euro Inflation Bonds Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - European Convergence Bonds a Schedule of Investments and Other Net Assets


AXA World Funds - Global Aggregate Bonds a Schedule of Investments and Other Net Assets


AXA World Funds - Global Emerging Markets Bonds a Schedule of Investments and Other Net Assets


AXA World Funds - Global High Yield Bonds Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Global Inflation Bonds Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - US High Yield Bonds iB Schedule of Investments and Other Net Assets


198 200

201 203

204 207

208 21 1

21 2 213

214 215

21 6 223

224 226

227 230

231 232

233 236

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AXA World Funds

Table of contents

AXA World Funds - US Libor Plus Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Force 3 Schedule of Investments and Other Net Assets Industrial Classification



AXA World Funds - Optimal Income Schedule of Investments and Other Net Assets

@ Industrial Classification

AXA World Funds - Portable Alpha Absolute Schedule of Investments and Other Net Assets Industrial Classification

AXA World Funds - Euro Liquidity E Schedule of Investments and Other Net Assets = Industrial Classification

Notes to the Financial Statements

Additional unaudited appendix - TER (Total Expense Ratio) and PTR (Portfolio Turnover Ratio)

237 241

242 243

244 245

246 247

248 250

251 252

253 255

256

288

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AXA World Funds

Registered Office of the SICAV

49, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Board of Directors

Chairman ME Nathalie Boullefort-Fulconis, Global Head of Sales, Marketing 8 Client Services, AXA Investment Managers Paris, residing in Paris, France

Directors Ms Catherine Adibi, Global Head of funds Range Management, AXA Investment Managers Paris, residing in Paris, France Mr Dominique Forget, Global Head of Marketing, Axa Investment Managers Paris, residing in Paris, France (appointed on 28 March 2008) Mr Martin Hall, Head of AXA Investment Managers UK & Scandinavia, residing in London, United Kingdom (appointed on 19 May 2008), Mr Jean-Pierre LBoni, Global Head of Product Specialist of AXA Investment Managers Paris, residing in Paris, France (appointed on 19 May 2008) Mrs Frederique Moy, Product Engineering, AXA France, residing in Paris, France Mr Jean-Benoit Naudin, Chief Operating Officer, AXA Investment Managers Paris, residing in Paris, France Mr Joseph Pinto, Director South Europe and Middle East, AXA Investment Managers Paris, residing in Paris, France Mr Christian Rabeau, Chief Investment Officer, AXA Investment Managers Paris, residing in Paris, France Mr Xavier Thomin, General Counsel of AXA Investment Managers, residing in Paris, France (appointed on 19 May 2008) Mrs Caroline Boutier, Retail Sales Director, AXA Investment Managers Paris, residing in Paris, France (resigned on 19 May 2008) Mr Alessandro &Andrea di Pescopagano, Country Manager, AXA Investment Managers ltalia SIM SPA, residing in Milan, Italy (resigned on 19 May 2008) Mr Christian Wrede, Chief Executive Officer, AXA Investment Managers Deutschland, residing in Germany (resigned on 31 January 2008) Mr Christophe Tadie, Global Head of Marketing, Axa Investment Managers Paris, residing in Paris, France (resigned on 28 March 2008)

Management Company

AXA Funds Management S.A., 49, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Board of Directors of the Management Company

Mr Jean-Benoit Naudin (Chairman), Global Head of Operational Support & Service Management, AXA Investment Managers Paris, residing in Paris, France Mr Guy Dauger de Caulaincourt, Oversight & SLA Manager and General Manager, AXA Funds Management S.A., residing in Luxembourg, Grand Duchy of Luxembourg Mr Bruno Durieux, Chief financial Officer, AXA Luxembourg S.A., residing in Luxembourg, Grand Duchy of Luxembourg Mr Kirk Hotte, Retail Senior Sales Manager, AXA Investment Managers Paris, residing in Paris, France Mr Christian Rabeau, Chief Investment Officer, AXA Investment Managers Paris, residing in Paris, France Mr Pierre Goffin, Chief Financial Officer (until 1 February 2008), AXA Luxembourg S.A., residing in Luxembourg, Grand Duchy of Luxembourg Mr Christof Jansen, Oversight & SLA Manager and General Manager, AXA Funds Management S.A., residing in Luxembourg, Grand Duchy of Luxembourg

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AXA World Funds

General information

Investment Managers

AXA Investment Managers Deutschland GmbH, Bleichstrasse 2-4, D-60313 Frankfurt am Main, Germany AXA Investment Managers Paris, Coeur Defense Tour B, La Defense 4, 100, Esplanade du General de Gaulle, F-92400 Courbevoie, France AXA Investment Managers UK Limited, 7 Newgate Street, London EClA 7NX, United Kingdom AXA Frarnlington Investment Management Limited, 155 Bishopsgate, London EC2MSXJ, United Kingdom AXA Investment Managers Inc., One Fawcett Place, Greenwich, CT 06830, USA AXA Rosenberg Investment Management Asia Pacific Limited, 1 George Street, #14-02/03, 15th Floor, 04 91 45 Singapore

Agent to carry out Stock Lending and Repurchase Agreements Activities

AXA Investment Managers GS Limited, 7 Newgate Street, London EClA 7NX, United Kingdom

Custodian, Paying Agent, Domiciliary and Administrative Agent, Transfer Agent and Registrar Agent

State Street Bank Luxembourg S.A., 49, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Promotor

AxA Investment Managers, Coeur Defense Tour 6, La Defense 4, 100, Esplanade du General de Gaulle, F-92400 Courbevoie, France

Independent Auditor

PricewaterhouseCoopers S.a r.1.. Reviseur d’entreprises, 400, Route d’Esch, L-1471 Luxembourg, Grand Duchy of Luxembourg

Legal Advisor

Arendt & Medernach,l4, rue Erasme, B.P. 39, L-2010 Luxembourg, Grand Duchy of Luxembourg

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AXA World Funds

Information to Shareholders

The Full and Simplified Prospectus and the Articles of Association and any other information published are available at the registered office of the SICAV, the Custodian, the Registrar and Transfer Agent. The semi- annual and the annual reports can be obtained at the address of the Custodian. Information on the issue and redemption prices is given by the Custodian.

The net asset value of the SICAV is determined on a daily basis except for AXA World Funds - Responsible Development Bonds whose net asset value is calculated fortnightly. The financial year of the SICAV ends on 31 December each year.

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AXA World Funds


Regarding the Distribution of the SICAV in Switzerland

The Full and Simplified Prospectus as well as the Articles of Association of the SICAV, the annual and semi- annual reports and the list of changes in the portfolios during the reference year and all information according to the SFA Directive in relation with the transparency of the management fees can be obtained free of charge at the registered office of the Swiss Representative in Zurich which is: First Independent Fund Services, Klausstrasse 33, CH-8008 Zurich, Switzerland.

The Swiss Paying Agent is: Credit Suisse, Paradeplatz 8, CH-8001 Zurich, Switzerland.

In respect of its distribution in Switzerland, the SICAV may grant discounts to the following institutional investors holding units for the account of third-party economic beneficiaries:

life insurance companies, pension funds and other savings institutions, investment foundations, Swiss fund managers, foreign fund managers, investment companies.

In respect of its distribution in Switzerland, the SICAV may also pay trailer fees to the following distributors and distribution partners:

authorised and exempted distributors; distribution partners investing in units of the SlCAV exclusively on behalf of institutional investors ITEmging their cash positions on a professional basis; distribution partners investing in units of the SICAV exclusively on behalf of their clients on the basis of a discretionary mandate.

As at 30 June 2008, the following sub-funds are registered in Switzerland:

Aedificandi Aedificandi Global (except I Cap EUR share class) Clean Tech Emerging Europe Equities Euro Value Equities European Opportunities European Small Cap Equities Framlington Global Technology (except I Cap EUR share class) Framlington Health (except I Cap EUR share class) Framlington Japan (except I Cap EUR share class) Human Capital Italian Equities (except I Cap EUR share class) Junior Energy (except E Cap EUR and I Cap EUR share classes) Swiss Equities Talents Asia Talents Brick Talents Europe Responsible Development Bonds Euro 1-3 Euro 3-5 Euro 5-7 Euro 7-1 0 Euro 10 + LT

*

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A M World Funds


Euro Bonds Euro Credit Plus Euro Inflation Bonds European Convergence Bonds Global Emerging Markets Bonds (except I Cap EUR share class) Global High Yield Bonds Global Inflation Bonds Force 3 Force 5 Force 8 Portable Alpha Absolute (except A Cap EUR and E Cap EUR share classes) Euro Liquidity

Regarding the Distribution of the SICAV in Hong-Kong

Sub-funds other than AXA World Funds - European Opportunities, AXA World Funds - Framlington Global Technology and AXA World Funds - Framlington Health are unauthorized by the Securities and Futures Commission in Hong Kong and not available to Hong Kong Residents. The Hong Kong Representative is AXA Rosenberg Investment Management Asia Pacific Limited, 22/F One Pacific Place, 88 Queensway, Hong Kong.

Regarding the Distribution of the SICAV in Belgium

The representative in Belgium is AXA Bank Belgium SA., Grotesteenweg 214, B-2600 Antwerpen.

Regarding the Distribution of the SICAV in France

The representative in France is BNP Paribas Securities Services, 3 Rue d’Antin, F-75002 Paris.

Regarding the Distribution of the SICAV in Spain

The representative in Spain is AXA lbercapital Agencia de Valores AV SAU, Paseo de la Castellana 79 - Primera planta, 28046 Madrid.

Regarding the Distribution of the SICAV in The Netherlands

The representative in The Netherlands is AXA IM Benelux - Netherlands Branch S.A./N.V., WTC Schiphol, Schiphol Boulevard 21 5, 11 18 BH Schiphol Airport, The Netherlands.

Regarding the Distribution of the SICAV in The United Kingdom

The legal representative, facilities, marketing and sales agent is AXA Investment Maangers UK Ltd., 7, Newgate Street, London EClA 7NX. I

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AXA World Funds

Foreign Disfrib u"Cm

Regarding the Distribution of the SICAV in Germany

Investors residing in Germany may obtain the Full and Simplified Prospectus, the SICAV's Articles of Association, the latest annual report or latest semi-annual report, if published thereafter, free of charge from the information agent in Germany, AXA Asset Managers Deutschland GmbH, Frankfurt branch, BleichstraOe 2- 4, 0-60313 Frankfurt am Main. They may also request the net asset value per share, the latest issue, conversion and redemption prices as well as any other financial information relating to the SICAV available to shareholders at the registered office of the SICAV.

Bank Sal. Oppenheim Jr. & Cie., Unter Sachsenhausen 4, D-50667 Koln, assumes the role of paying agent for the Federal Republic of Germany.

Regarding the Distribution of the SICAV in Austria

The representative in Austria is Bank Austria Creditanstalt AG, Am Hof 2, A-1010 Vienna, assumes the role of paying and information agent for the Republic of Austria.

Regarding the Distribution of the SlCAV in Italy

The representative in Italy is AXA Investment Managers ltalia SIM S.p.A, Corso di Porta Romana, 68, 1-20122 Milan.

The correspondent banks in Italy are the following: - BNP Paribas Securities Services, 5, Via Ansperto, 1-20123 Milan - BIPOP CARIRE S.p.A, 74, Via Leonard0 da Vinci, 1-25122 Brescia

Regarding the Distribution of the SICAV in Chile

All of the information provided by the Company for the purpose of registering the Shares on the Chilean Foreign Securities Registry, is available to the public at the offices of South Cone Investment Partners at the following address: South Cone Investment Partners, Av. Providencia 1760, 23rd Floor, Providencia, Santiago de Chile, Chile.

Regarding the Distribution of the SICAV in Singapore

The representative in Singapore is AXA Rosenberg Investment Management Asia Pacific Limited, 1 George Street, #I 4-02/03, 049145 Singapore.

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AXA World Funds

Directors' Repart

Dear Shareholders,

Your Board of Directors is pleased to report on the progress of your SICAV for the period from 1 January 2008 to 30 June 2008.

The financial markets through 30 June 2008

Nearly one year after the financial crisis erupted, initiated by the subprime fiasco in the United States, the climate remains uncertain. Three-month inter-bank lending rates are still unusually high, and the riskier asset classes are struggling. While the threat of bank failures has receded with the bailout of Northern Rock and Bear Sterns, in the United Kingdom and the United States, respectively, financial stocks are still feeling the equity market impact.

From a macro-economic perspective, the questions relating to the impact of the financial crisis on the real economy continue to weigh, while in parallel the doubling of the oil price in one year and higher commodity prices have brought that old devil-inflation-back on the scene. But the global economy continues to get support from a positive factor, as emerging economies maintain robust growth trends. The alleged decoupling among economies seems to be playing a role and, in so doing, is blunting the impact of the US slowdown.

Faced with the resurgence of inflation, monetary policies seem to be ready to abandon the accommodating stance maintained since last summer. Rising inflation is among the central preoccupations of the ECB. It did not take part in t h e general move toward relaxed rates initiated by the Fed last summer, but finally announced in June that it was getting ready to raise its rep0 rate. US and UK monetary policies, which have been accommodating, also seem about ready to turn a corner, and the emerging countries have resumed their rate hikes.

At the beginning of the year, bonds offered investors a safe haven in the face of plunging values for risky asset classes-equity and credit-but rising concerns over inflation fuelled in early June by the monetary policy speech of J. C. Trichet, sending the bond markets into a tailspin. In June, the equity markets fell back to March lows.

In the currency market, the dollar has continued to tumble (as low as $1.59), particularly against the euro, reflecting past cuts in US key rates, the weakness of the US economy and, more recently, expectations of higher rates in the Euro Area.

Activity slows as inflation picks up

The economic situation in the developed countries continued to deteriorate during the period, although the tax cuts offered in the United States had a positive impact on household consumption, weakened by higher energy prices and job cuts (the unemployment rate stood at 5.5% in May). The real estate market continued to decline, while the manufacturing sector resisted better than it was expected to (ISM was 50.2 in June, compared with 49.6 in May). A similar diagnosis can be made for the Euro Area, where most surveys continued to deteriorate, in spite of a rebound in activity in the first quarter. Indeed, June PMI surveys for manufacturing and services fell below the threshold of 50, the line separating contraction and expansion. Admittedly, Germany remains relatively robust, but as the fall in the IF0 suggests, the trend is toward a slowdown. The emerging countries remain solid, with growth generally showing few signs of slowdown.

The uptick in inflation since last summer is still attributable to commodity prices, in particular the price per barrel of oil, which rose above $140 at the end of the month of June. Inflation has not stopped its upward movement since last summer, and has reached 4%yoy in both Europe and the United States at present.

I

I

14

AXA World Funds

I

fB i rectors ' Report

The end of accommodative monetary policies ...

In the course of the first six months of the year, the Fed-aware of the risk to growth-continued to reduce its key rates, lowering Fed Funds by a total of 225bps. At the same time, it multiplied unconventional lending measures to ensure that the financial system had adequate liquidity. Inflation, which up to now has been a second order concern for the Fed, seems to be back on the scene. Bernanke's speech in June took a more cautious position on the risk of inflation.

In Continental Europe, while the ECB took part in the move to inject liquidities into the money market, it maintained rates unchanged for a year. But in June, it announced that a hike in its key rate was imminent. In Japan, the BoJ interrupted its bid to normalise key rates.

Despite the pursuit of more restrictive monetary policies in emerging economies, these countries hesitate to really fight overheating. As a result, they continue to post strong growth and this is putting pressure on commodity prices.

SICAV Events

The assets under management of the SICAV amount to 9,192,295,224 EUR as at 30 June 2008.

Implementation of a number of changes to the SICAV

We inform you that the Management of the Company has decided to implement a number of changes to the SICAV, as from the beginning of the year:

AXA World Funds - Alpha Asian Bonds

> Change to the Classes of Shares

1) The first indent of the section "Classes of Shares available in the Sub-Fund" under section 6 entitled "Shares" has been amended as follows:

"There are currently 18 classes of Shares available in the Sub-Fund, denominated in the currencies mentioned hereinafter:

- Class A - Capitalisation: USD; - Class A - Distribution: USD; - Class A - Capitalisation: EUR Hedged; - Class A - Distribution: EUR Hedged; - Class E - Capitalisation: EUR Hedged; - Class F - Capitalisation: USD; - Class F - Distribution: USD; - Class F - Capitalisation: EUR Hedged; - Class F - Distribution: EUR Hedged; - Class F - Capitalisation: GBP Hedged; - Class F - Distribution: GBP Hedged; - Class I - Capitalisation: USD; - Class I - Distribution: USO; - Class I - Capitalisation: EUR Hedged; - Class I - Distribution: EUR Hedged; - Class I - Capitalisation: GBP Hedged; - Class I - Distribution: GBP Hedged; - Class M - Capitalisation: USD.

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A M World Funds

Directors' Repart

2) The paragraph relating to Class "E" Shares has been deleted and replaced as follows:

"Class "E" Shares are for all investors. Shareholders cannot convert Class "E" Shares into another class of Shares in the same or a different Sub-Fund without the prior approval of the Company. 'I

> Change to the launch date of the Sub-Fund

1) As the launch date of the Sub-Fund has been postponed to 15 February 2008, the section 7 "Subscription" has been amended as follows:

"The initial subscription period in the Sub-Fund will take place on 15 February 2008. Subscriptions will be accepted at the price of EUR 100 or USD 100 or GBP 100 depending on the offering currency in which the relevant Class of Shares is denominated. Payment shall be made to the order of the Custodian on 20 February 2008.

2) Consequently, the section relating to the performance of the Sub-Fund has been amended as follows:

"The Sub-Fund will be launched on 15 February 2008. Its performance will be described in the annual and semi-annual reports of the Company.

Past performance is not indicative of future results."

> Insertion of new fees applicable to Class "E" Shares

A new indent at the end of the section "Management fees payable by the Company to the Management Company" has been added as follows:

"In addition, the Company will pay a maximum distribution fee of 0.25% for the Class E Shares which is calculated on top of the annual management fee, as a percentage of the Net Asset Value of the Sub-Fund.''

AXA World Funds - Alpha Sterling Bonds

r Change to the Investment Policy

The last indent of the "investment Policy" section has been amended as follows:

"The Value-at-Risk (VaR) is the percentage of Net Asset Value that a portfolio may lose on a given time horizon, at a given confidence level. In respect of this Sub-Fund, the Value-at-Risk level of 2 % of the Sub-Fund Net Asset Value will have a five Business Days horizon and 95% confidence level parameters. This means that there is a probability of 5% that a loss experienced by the Sub-fund within the five (5) Business Days horizon may be higher than 2% of the Sub-Fund's Net Asset Value.

The Reference Currency of the Sub-Fund is GBP."

16

AXA World Funds

Direcrors' Report

> Change to the calculation of the performance fees

The benchmark used for the calculation of the performance fees of Classes of Shares denominated in GBP has been modified as follows:

"The benchmark index for comparison is capitalised EONIA CAP. + 200 basis gross for Classes of Shares denominated in Euro, capitalised US Libor 1 week + 200 basis points for Classes of Shares denominated in USD and capitalised GBP Libor 1 week + 200 basis points for Classes of Shares denominated in GBP. For each Share Class this gross hurdle rate is adjusted with the related fixed fees to define the net hurdle rate."

Holding of an Extraordinary General Meeting

Then, we inform you that an Extraordinary General Meeting of the Company was held on 14 February 2008 (i) to amend the Article 1 of the Articles of Incorporation in order to modify the name of the Company by adding "AXA WF" to the current denomination and (ii) to allow the Board of Directors of the Company to set up a compulsory redemption of all the Shares of any Shares classes or Sub-Fund or to allocate the assets of any Sub-Fund to those of another Sub-Fund and to redesignate the Shares of the class(es) concerned as shares of another class. The Company shall serve a notice to the holders of the relevant classes)of Shares prior to the effective date for the compulsory redemption, which will indicate the reasons and the procedure for the redemption operations.

As the quorum requirements for voting the items of the agenda had not been attained on 14 February 2008, a second Extraordinary General Meeting was held on 25 March 2008 with the same agenda.

Dividend distribution process of AXA World Funds - US Libor Plus

We inform you that the dividend distribution process has been adopted by the Board of Directors' meeting held on 31 January 2008.

The first dividend distribution on AXA World Funds - US Libor Plus took place in March 2008, as follows:

AXA World Funds - US Libor Plus F Dist USD LU0271206012 19.70 USD AXA World Funds - US Libor Plus I Dist EURO hedged LU0271205980 19.43 EURO M A World Funds - US Libor Plus I Dist US0 LU0271205808 19.74 USD

1 .Record date as of 14 March 2008 2.Ex-date as of 17 March 2008 3.Payment date as of 19 March 2008

The second dividend distribution on AXA World Funds - US Libor Plus took alace in June 2008. as follows:

LU0271206012 6.27 USD AXA World Funds - US Libor Plus AXA World Funds - US Libor Plus AXA World Funds - US Libor Plus I Dist USD LU0271205808 6.28 USD

F Dist USD I Dist EURO hedged LU0271205980 6.20 EURO

The Directors have agreed on the following schedule: 4.Record date as of 13 June 2008 5.Ex-date as of 16 June 2008 6.Payment date as of 18 June 2008

17

AXA World Funds

Directors’ Report

Closing of AXA World Funds - US Bonds Core Plus and AXA World Funds - US Securitized Bonds

Then, the Directors of the Company respectively acknowledged on 11 April 2008 and 16 June 2008:

- the redemption of 250,000 shares by the remaining shareholder of the issued shares of AXA World Funds - US Bonds Core Plus on 4 April 2008. This order has been executed on 7 April 2008, based on the last net asset value of the Sub-Fund as calculated on 4 April 2008.

- the redemption by the remaining shareholder of the issued shares of AXA World Funds - US Securitized Bonds on 13 June 2008, executed on the net asset value calculated on 16 June 2008.

Consequently, further to the absence of assets in these sub-funds, the Directors have resolved to close them.

Board of directors

finally, we inform you that:

Mr Christian Wrede resigned as Director of the Company on 31 January 2008. Mr Dominique Forget has been appointed as new Director of the Company on 28 March 2008 in replacement of Mr Christophe Tadie who has resigned. The term of office of Mr Alessandro d’Andrea di Pescopagano and Mrs Caroline Boutier expired at the end of the Annual General Meeting of Shareholders which was held on 19 May 2008. They were not re-elected as Directors of the Company. Mr Martin Hall, Mr Xavier Thomin and Mr Jean-Pierre Leoni have been appointed as new Directors of the Company at the Annual General Meeting held on 19 May 2008.

Your Board of Directors is now composed as follows:

Nathalie Boullefort-Fulconis Chairman Catherine Adibi Dominique Forget Martin Hall Jean-Pierre Leoni Frederique Moy Jean-Benoit Naudin Joseph Pinto Christian Rabeau Xavier Thomin

The Board of Directors 30 June 2008

I

Note : The figures stated in this report are historical and not necessarily indicative of future performance.

18

AXA World Funds

19

AXA World Funds

Stalement of Net Assets as at 30 June 2008

ASSETS Investment portfolio at cost (note 29)

Unrealiscd amreciation / fdeoreclatlon)

_ x

9,496,020,663 175,951,485

I1 .G96.824.10< (34,545,332)

-~ 79,759,952

(1 3,699,478) "

Investment portfolio at market value (note 2b)

Time Deoosit

66,060.474 141,406,153 ~ -- -~ 8,399,198,556 - - ~ _ 563,577,205 18,276,000 13,612,030

165,857,007 5,327,017 5,392,232 ^^^ - " Cash and cash equivalent

Prepaid expenses

Receivables resulting from sales of securities 94,326,543 1,012,314 ;7,884.505 Receivables resulting from 5lJbSCriptiOnS ?4.382,537 1,400,503 21,825

Interest accruals 82,516.345 7,090 5,212

Accrued security lending incon'e (note 12) 1,855,506 " "- 75,234 6.098 270,062 Dividend and tax reclaim receivables

Unroalisec appreciation on open futures contracts (notes 2h, 9)

Unrealised appreciation on forward foreign exchange contracts (notes 2c, 8)

Other rweivables and prepayments 2,849.941 38,565 44.295

Total assets 9,425,541.603 167,579,143 103,296.703

- -~ 13,491 -" --x- "

" --

^ " 7,534,767 86,267 ~- ~~

10.58f.931

3,742

7.920,MS ~ _ _ _ ^

ppreciation on swaps contracts (notes 21. 10) -~~ "

- -- I - " -I LIABILITIES Bank overdraft- 2,631.862 Payablos resulting from purchases of securities 132.955.450 2,553,181 10,802,443

21.639 Payables resiilting frorn redemptions 74,964,594 3,955,725 1,529,540 Unrealised depreciation on open futures contracts (notes 2h, 9)

Unrealised depreciation on forward foreign exchange contracts (notes IC. 8) Unrealised depreciation on swaps mntracts (notes 21. 10) Accrued expensos 11,582,095 209,160 190,866 Other payables 525,706 118 462

12544,950

" - 10,250,039

181.292

155,338 ^ x ~

- ̂^ 233.246.376 6,718,184

^^ ~- " ^^ Total liabilities

NET ASSET VALUE 9,192,295,224 160,860,959 90,751,753

The accompanying notes form an integral part of these financial statements.

20

AXA World Funds

Statement of Net Assets as at 30 June 2008

30.51 0,218 178.993.278 1.7M).500.2L4 136,272,009 114,236.324 103.291,560

(2,919,824) 40.71 0,925 (342,543 523) (1 0,726,829) (1,375,504) (10,523,019)

27,590,394 21 9,704,203 1,357,956,721 125,545,180 1 i2,860.820 92,768,541

2.009.000

329,516

2.340

4,485

38.300

1,133,646

58,435.000

10,229,222

19,000,234

161.015 6,786,372

4,454 19,124 506 1,116,775

1,526,377 1228.832

7,495,000

1,558,932

7,520,607 736,933

3,000 26,092

298.31 7

54,510

5,960,000

1,430,422

2.147.000

870,985

144,939 1.552.981 397,479 1,442,683

2 278 653

385 232,044 520,680

20,944 1 16,033 109 396 27.31 6 7,555 29,973,765 222,551,145 1,454,918,313 142,747,967 121.055.683 99.31 1.078

139.529 674,631 569,510

75,295 14,781,899 8,13?.327 361,557 2,838,480

944,597 7,753.426 175,836 71 6,830 1,442,730

34,667 580,707 804.557 164.899 21 1,331 102,988

24,740 813 45 11,013

274,231 2,199,935 23,340.695 8973.1 07 1,289,718 4,964,721

29,699,534 220,351,210 1.431,577,618 134,274,860 119,765,965 94,346,357

The accompanying notes form a n integral part of these financial statements

21

AXA World Funds


ASSETS Investment portfolic at cost (note 29) 74,964.862 195,852,361 7.636.436

Unrealised appreciation f (depreciation) 1,916.81 1 (25,191.682) (493.454)

Investment portfolio at market value (note 2b) 76,881,673 170,660,679 7,142,982

Time Deposit

Cash and cash equivalent

Prcpaid expenses Receivables rosulting from sales of securrties

Rcccivables resulting from subscriptions

Interest accruals

Accrued sccurity lending income (note 12)

Dividend and tax reclaim reccivablcs

Unrealism' appreciation on opcn futures contracts (notes 2h. 9)

765,000

63,064

273

296.383

21,572,142 255,369

770.923 157,048

104,883 77

356.165 4,971

Unrcalised appreciation on forward foreign exchange contracts (notcs 2c. 8) Unrealiscd appreciation on swaps contracts (notes 2i, 10) Othor receivables and prepayrricnts 2,435 197

Total assets 77,506,343 193,469,392 7,506 479

LIABILITIES

Bank overdraft

Payables resulting from purchases of securities

_ " Payablcs rcsulting from redemptions

Unrcalised depreciation on open futures contracts (notcs 2h, 9)

Unrealised depreciation on forward foreign exchangc contracts (notes 2c, 8)

Unrealisec denreciation on swam contracts (notes 21, 10)

22.828

3.183

457.858

3.031.088

3,115 10,763

Accruod cxpenses 275,818 494.242 16,817

Othcr payables 2.929 Total liabilities 304.768 3.983.188 30,695

_ "

NET ASSET VALUE 77,201,585 189,486,204 7,477,784


22

AXA World Funds


36,201,717 523,629,916 36,948,289 54,904,247 40 244,796 73549.877 (4,702,790) (79,711,516) (4,467,282) 11,393,497 (5,546,828) 27568.593

I 31,498,922 443.918.400 32.481.007 66.297.744 34.697 968 101 118470

1.167.000

304,778

17,478,158

764.990

209,000 124,495 41,589 1,508,546 49599.240

31 7 422 453,118

18.128 551,443

270

4,154 61 9 2,400 368,643

11.546

123,640 39.576

29,831,408 149,009

15.845.020 657.371 3,693 355

11,892 48,700 1.053.398 47,592

4.260.821

3.001 219

33.1 82.676 524,405,306 50,076,068 89,513,370 102,533,882 35,385,383

16,827,610

4,690,474 34,228

546,507

15,612,301 80,502

174,230 55.156 31,797

60.123 1,789,994 29.238 31 0.256 65.166 I 2,698,258

3,456 9.365 33 24.676 I 11 8.735 23,303.076 15,650,924 344.484 319,931 3,301,238

I 33,063,941 501,102,228 24,425,164 89.1 68.886 35,065,452 99,232,644


23

AXA World Funds


ASSETS Investment portfolio at cost (note 29) 68.303,404 455,399,420

lnvcstment portfolio at marltct value (note 2b) 62.1 33,926 275549.325 12.475.181

20,317,l 69 Unrealiscd appreciation / (deprociation) (6.169.478) (1 79,850.095) (7,841,988)

Time Deposit Cash and cash equivalcnt

798.000 4,699,500 2,468.044

1,784,000

2.298.931

" " Prepaid expenses Receivables resulting from Salcs of secunties goi.606 14.808 Receivables resulting from subscriptions 21,316 116404

175 893 964 Interest accruals Accrued sezurity lending income (note 12) 54.497 103,214 842

89,834 4,156 Dividend and tax rcclaim receivables 657.636 Unrealisec appreciatlon on open futures contracts (notes 2h, 9)

Unrealised appreciation on forward foreign exchange contracts (notes 2c, 8) 204,343

Unrealised apprcciation on swaps contracts (notes 21. 10) 201 25,949 12.948 Other rcceivables and prepayments

Total assets 66.91 2.61 5 279,936,865 17.570.213

LIABILITIES

Bank overdraft

Payables resulting from purchases of securitics

Payables resulting from redemptions

2.977.167

56,477 1,771.61 7

1.884.905

168.517

49,760

Unrealised deprcclatlon on open futures contracts (notes 2h, 9) Unrealised depreciation on forward foreign exchange contracts (notes 2c. 8)

Unrealised dcprcclation on swaps contracts (notes 21, IO)

Accrued expcnses

Other payables Total liabilitics

165,817

I 79,236 412,063 61,019

17 259 3,056,403 4 290,896 279,555

63,856,212 275,645,969 17,290,658 NET ASSET VALUE


24

AXA World Funds

Statement of Net Assets as a t 30 June 2008

21,532,517 22,519581 141,500,215 13,460,613 17 964,995 27,500,476

(9,208,626) (56.400.068) (3,863,793) (1 12,486) (1,990,795) (775,556)

13.31 0,955 851 00,148 9.596.820 17.852510 25,509.681 20 756.961

10,222,265 250.000 140,000 13,M)O,O~ 1,823,000

743,829 70,367 93,079 787.664 51 7,273 756.31 2

, 13,491

1,310

20

27,474

1,030

229,557

100.699

1.553

3.008

147.999

6.247

1,683

128 282.747

1,441

2,826

377,304

177,619

566,167

6,010 60,230

5,708

424.784

66 3 926 599,537 119,309 134,633

14,084.61 8 85,904,644 9.837.080 32.522.458 28 368.894 33,104,679

30,609

379.736 27.578 11,378

24.374

145,290 63,093 45,895 344,968 27,765 55,Mll 31,282

76.818 726.341 55,343 478.823 80.697 581.906 31 4 1,637 254,158 6,226 122.801

I 14,007,800 65,178,303 9,761,737 32,043,635 26,268,197 32,522,773


25

AXA World Funds


Investment portfolio at cost (note 29) 17,267.232 274,625,808 255,444,433

Unrealisd apprcciation / (depreciation) (1,898,514) (7.493.647) (9.489.722)

245,954,711 Investment portfolio at market value (notc 2b) 267.132.161 15,368,718

7,805,000 Time Doposlt 10.01 6,000

Cash and cash equivalent 365.343 1,830,245 1,053,809

" ^ Prepaid expenses

Heceivables resulting from Sales of securities Receivables resultinq from subscnptions 121 5,259,964 2,288,488

Interest accruals

Accrued security lending income (note 12)

Dividend and tax raclaim rcceivables

Unrealisd appreciation on open futures contracts (notes 2h. 9) llnrealised appreciation on forward foreign cxchange contracts (notes 2c. 8)

Unrcaliscd amreciation on bwaos contracts (notes 21. IO)

6,299,960

1,808 4,000 " "

276,206 3,907,818

'35.103

199,505 Other receivables and prepayments 6,337 7,737

Total assets 16 145 491 288.1 54.333 763.608.205

LIABILITIES Bank overdrafl 332.185


Payablcs resulting from rodcmptlons Unrealisd depreciation on open futures contracts (notes 2h, 9) 60,239 386.680 174,430

Unrealised dcprcciation on forward foreign cxchange contracts (notes 2c. 8) Unrealised dcprcciation on swaps contracts (notes 21, IO) Accrucd expenses 16.768 103,370 133.462 Other payablcs 5,754 9 15

Total liabilities 414,946 5,851,651 7,126.087

5 361,592 6,818.1 80 " ^

" "

- 1 NET ASSET VALUE 15,730,545 282,302,6a2 256,482,118

The accompanying nates form an integral part of these financial statements.

26

AXA World Funds


531,589 885 102,275,772 229 820,340 1.332.877.31 5 43,518,498 31,446,078 (19,481,544) (5,435,520) (1 0,853,760) (50.963 527) (1,035,682) (671,445)

I 512.1 08,341 96,840,252 21 8,966,560 1.281.913.788 41,482 816 30,774,633 I

6272,000 3.264.032

106,682 11,994,579

691,000

1,501,74?

73.002

2,042,406

1,758,000 1,196,845

11,669,187 7,014,736

10,850,013

715,000 135,082

1,309,000

6,690

2,093,064

5,336,571 252,570 263 29,405,369 765,896 377,821

12,096 i ,424 2,639 21,032 12 284

1,940 3,982

359.568 108 743 154 945

8.202 669 6,883 1,266

534,125,500 101,259,236 240 762,914 1,327,533,656 45446.380 32,473.939

2.008.302 655,550

226.044

I4 070 377.1 55

59.01 3

9 780,679 1,272,257

56.300

110,715

7.988.751 8,795

32,158 2.293.1 70

148,002

349,371 32.297 12,727

I 8.122 4.618 998 10

2 . m . a 9 6 458,660 11.224.069 3,346.91 7 2.474,467 44,895

531,235,604 i00,800,578 229,538,845 1,324,i 86,739 42,971,913 32,429,044

The accompanying notes form an integral part of these financial statements

27

AXA World Funds


Investment portfolio at cost (note 29) 26,361,427 1,141.927.846 37.623.41 6

Unrealised appreciation / (depreciation) 65,433 (97,182.066) (5,44 1 , 1 88)

Investment poflfolio at market value (note 2b) 26.426.855 1,044.745.780 32.1 82.228

Time Deposit

Cash and cash equivalont

Preoaid CxDenses

1,791,093

18,044.073

28,634,003

1.438.000

746,456

Roccivables resulting from sales of securities 1.662.746 8.433

Rcccivables resulting from subscnptions 1 i m a 9 46.71 2 11,532

737,024 lntcrest accruals 576.583 14,467576

Accrued security lending income (note 12) 25,489

Dividcnd and tax reclaim receivables

Unrealised apprcciation on open futures contracts (notes 2h, 9) 84,475

533.676 13.413.327 Unrealised appreciation on forward foreign exchange contracts (notes 2c, 8)

Unrealiscd appreciation on swaps contracts (notes 21, 10) Other receivables and prepzyments 14,649 55,328 17,769

Total assets 28,975,184 1,121,095,034 35759.593

47,715

LIABILITIES Bank overdraft

Payables resulting from purchases of socurlties

Payables resulting from redemptions Unrcalised depreciation on open futures contracts (notes 2h, 9)

Unrealised dcprcciation on forwdrd forcign exchange contracts (notes 2c, 8)

Unrealiscd depreciation on swaps contracts (notes 21. 10)

Accrucd expenses x x x

" "

238,603

179,423

16,616

65,348

34,195 31,502

627,374

529,303 40.61 4 Other payables 90 344

Total liabilities 500.080 1,191,216 72.1 16 -"

NET ASSET VALUE 28,475/l04 I ,I 19,903,818 35,607,477


28

AXA World Funds

140.956 77.284 1,237,037 96,626 4,470,409 3,855,298


19,320,559 76,881.1 95 91.445.804 352,775,946 72,034,027 91.880.932 (3,160.689) (3,007,952) (3,028,583) (270,Ol 8,095) 1,726,742 208.538

16.159.871 73.878.243 88.41 7.271 82.757.851 73.760.769 92 089 470

829.902 512,000

1.034.876

66.390

3,461 1.652.31 6 374,713 647,767

44,aa7 304,520 271,496

14,715,000

1,258,038 15,56051 0 4.531.288

13,501,000 8.470.778

798,242 147,694

21,478,669 79,621 1.937 0-83 550 533

262.600

21.821 1,470 9,827 14.750

205 172

2,363

(1,924) 360,544 1,426,883 3,805 708 17,781,520 77 996,698 114,512,327 100,523 093 93,042,710 114.080.719

111,596

24,630

1 ,135,164

31.479 28

40.118 101.8G 96,626

3.208.312 1,198,657

1,351,489

2,366,959

63,440 51,715

17,640,564 77,919,414 113,275,290 100,426,467 88,572,301 I 1 0,225,421


29

AXA World Funds


lnvestmont portfolio at cost (note 29) 77,008.035 947,205.1 60 39,753,121

Unrealised appreciation / (depreciation) (1,358,633) (71,448,203) (5,971,220)

Investment portfolio at market value (note 2h) 75,649,402 a75,756,957 33,781.901

Time Deposit

Cash and cash equivalent

Prcpaid expenses

Receivables resulting from salcs of securities

Receivables resulting from subscriptions

lntercst accruals

Accrued security lcnding income (note 12)

Dividcnd and tax reclaim rocoivables

Unrealised appreciation on open futures contracts (notes 2h. 9)

2,316,000 229,415,282

9,720,171 25.748,732

39.61 3,600

237.606 2.484.073 31.21 8

Unrealised appreciztion on forward foreign exchange contracts (notes 2c 8)

Unrealised amreciation on swam contracts (notes 21. 10)

76.005

381.634 2,088,533

9,320,734

72

167,956

3,854,960 Other receivables and prepayments 3,302 491.786 9 659

Total assets 67,957,699 1 , I 85,377.336 38.144.a20

LIABILITIES Bank ovcrdratl


Pavables resultina from redemwtions 338.406

Unrcalised depreciation on open futures contracts (notes 2h. 9)

Unrcalised depreciation on forward foreign exchange contracts (notes 2c, 8)

Unrcalised denreciation on swats contracts (notes 21. 10)

2,791,744

60,081,826

29,868.201 53,785

Accrued expenses 108,733 2.429.wa

Other pzyables 17 325 Total liabilities 3.238.900 92,380,242 61,513

NET ASSET VALUE 84,718,799 1,092,997,094 38,083,107


30

AXA World Funds


176,104,363 (205.771)

175,898.61 2 I 108,473,865

446.728

3,587,779 590.821

3.861

1.266

289.002.932

1,669,064

122,292

438 1,791,794


31

AXA World Funds

Statistics

NET ASSET3 as at 31 December 2007 NET ASSETS as at 31 December 2006 NET ASSET VALUE PER SHARE as at 30 June 2008* Class A Distribution

CHF EUR GBP USD J PY

Accumulation CHF EUR GBP EUR hedged J PY USD

Class E Accumulation

CHF EUR EUR hedged GBP USD

Class F Distribution CHF

EUR EUR hedged GBP USD

Accumulation CHF EUR GBP EUR hedged JPY USD

Class I Distribution

EUR USD JPY

Accumulation EUR

GBP hedged EUR hedged USD J PY EUR

143,138,089 160,339,051

104.29

105.90

103.69

125,518,380 56,443.81 2

74.27

73.49

108.57

108.20

109.29

75.33

35,561,619

90.47

90.01

91.42

91.59

GBP

* In share-class currency

32

I

I

AXA World Funds

Statistics

168.71 3,530 1,959,919,824 275,665,929 201,031,121 108,984,444 165,390,251 2,573,663,242 286,696,440 323,695,436 123,136,858

102,814,023 92,939,260

35.94 77.88 157.13 41.25

159.33 78.73 40.1 1 42.20 84.95 128.47

41.06 76.98 83.94 154.96 38.85

160.26 36.87 82.82 85.10

44.56 83.66 85.98 134.89 164.92 43.52

125.05 76.97

33

AXA World Funds

Statistics

.

Class J Accumulation

EUR J PY

Class M Accumulation

EUR CHF USD

Class R Distribution

GBP Class SI Distribution

GBP Class S Accumulation

USD

8.58


34

AXA World Funds

Statistics

17.70

108.50

14.48

35

AXA World Funds

Statistics

NET ASSETS as at 31 December 2007 NET ASSETS as at 31 December 2006 NET ASSET VALUE PER SHARE as at 30 June 2008* Class A

Distribution CHF EUR GBP USD JPY Accumulation CHF EUR GBP EUR hedged J PY USD

Class E Accumulation CHF EUR EUR hedged GBP USD

Class F Distribution CHF EUR EUR hedged GBP USD Accumulation CHF EUR GBP EUR hedged JPY USD


EUR USD J PY Accumulation EUR GBP hedged EUR hedged USD JPY EUR

189,486,204 7,477,784 191,407,638 11,169,933

87.22 96.10

92.57

86.99

96.89

92.96

76.43

93.24

75.84

77.37

94.1 8

37,596,504

78.03

96.1 7

77.54

79.07

96.39

GBP

- In share-class currency

36

AXA World Funds

Statistics

501,102,228 34,425,164 89,168,886 35,065,452 99,232,644 63,856,212 8,i 26,953,448 20,901,652 64,018,822 60,780,702 96,645,981 190,547,706 6,671,549,875 68,198,350 74,456,963 69,936,189

67.71

7,594.52

66.85

68.62

7,697.34

79.60

93.48

80.00

120.79

120.76

122.68

143.74

144.22

148.67

156.59

151 -97

159.71

168.79

71.06

141.73

174.1 1

121.27

144.27

174.94

35.63 22.48

36.12 22.52

38.96

38.93

37

AXA World Funds

Statistics

Class J Accumulation EUR J PY

Class M Accumulation EUR CHF USD

Class R Distribution GBP

Class SI Distribution GBP

Class S Accumulation USD

’ In share-class currency

38

AXA World Funds

Statistics

123.99

39

AXA World Funds

Statistics

NET ASSETS as at 31 December 2007 546,731,835 31,786,837 21,974,149 NET ASSETS as at 31 December 2006 580,179,473 88,236,595 NET ASSET VALUE PER SHARE as at 30 June 2008* Class A

Distribution CHF EUR GBP USD J PY Accumulation CHF EUR GBP EUR hedged JPY USD

Class E Accumulation CHF EUR

222.25

91.70

21 5.1 0

97.36

95.10

59.23

68.79

58.71 EUR hedged GBP USD

Class F Distribution CHF EUR EUR hedged GBP USD Accumulation CHF EUR GBP EUR hedged J PY USD 92.98

Distribution EUR USD J PY Accumulation EUR GBP hedged EUR hedged USD J PY EUR GBP

230.60 98.69 59.77

69.39 Class I


40

I

AXA World Funds

Statistics

210,871,662 31,417,193 75,911,627 32,818,959

104.70

108.68

103.04

107.33

1 10.33

9.62

29.95 24.26

83.78

86.57 26.25

101.06

101.53

41,800,837 85,002,072

94.15

93.66

94.50

90.00

95.21

15,809,283 18,136,106

102.71

60.88

60.82

59.75

61.70

61.75

AXA World Funds

Statistics



Class R Distribution GBP 9.46 11.36


Class S Accumulation USD 76.1 8


42

AXA World Funds

Statistics

10.37

9.86

I

43

AXA World Funds

Statistics

NET ASSETS as at 30 June 2008 NET ASSETS as at 31 December 2007

282,302,682 352,976,739

NET ASSETS as at 31 December 2006 NET ASSET VALUE PER SHARE as at 30 June 2008* Class A

Distribution CHF EUR GBP USD J PY Accumulation CHF EUR GBP EUR hedged J PY USD


Class F Distribution CHF EUR EUR hedged GBP USD Accumulation CHF EUR GBP EUR hedged J PY USD

Class I Distribution EUR USD J PY Accumulation EUR GBP hedged EUR hedged USD J PY EUR

148,398,650

99.1 7

102.91

102.33

103.13

103.38

256,482,118 265,704,074 238,930,353

96.70

102.1 8

101.60

93.66

101.05

531,235,604 51 7,640,040 341,168,423

101.70

101.70

101.16

92.29

99.69

GBP

- In share-class currency

44

AXA World Funds

5 ta tistics

. . . . . . .

93,363,354 209,790,343 1,231,569,181 36,814,492 21,798,398 28,253,740 152,734,002 232,153,569 1,178,346,347 51,671,022 23,800,013 29,082,006

97.39 9.67 105.43 57.19 100.95 26.83

105.42 77.26 99.62 11.32 101 .oo 38.56

100.39 37.74 11.04 76.32 99.23 104.83

33.93 79.99 10.07

40.16 11.54 79.88

91.63 85.65 97.96

97.93 93.28 99.02 97.89 101.83

45

AXA World Funds

Statistics




Class SI Dtstri bution GBP

Class S Accumulation

103.96 101.89 100.51 I

USD


46

AXA World Funds

Statistics

98.84 94.10

97.33 10,945.46

99.85 11.78 102.23

t

I

47

AXA World Funds

. . - . . . - - .

NET ASSETS as at 31 December 2007 NET ASSETS as at 31 December 2006 NET ASSET VALUE PER SHARE as at 30 June 2008* Class A



Class F Distribution CHF EUR EUR hedged GBP USD Accumulation CHF EUR GBP EUR hedged JPY USD

Class I Distribution EUR USD J PY Accumulation EUR GBP hedged EUR hedged USD JPY EUR

1.1 14,016,390 981,301,730

18.78

25.46

19.41

30.52

29.91

31.54

89.73

31.60

87.58

102.02 114.97

35,687,477 37,876,570 84,908,329

103.26

109.47

140.34

108.86

102.62

178.63

1 1 3.43

178.60

103.32

17,640,564 19,461,377 19,939,848

I

29.54

64.60

48.13

75.88

47.46

34.86

68.1 5

I

I

49.58

I

78.19

102.75

130.99

GBP

In share-class currency

48

AXA World Funds

Statistics

77,919,414 1 13,275,290 100,426,467 88,572,301 11 0,225,421 84,718,799 37,259,824 82,892,220 296,559,265 90.1 70,865 154,667,410 102,383,144 18,997,308 30,206,873 397,777,753 107,020,759 131,726.91 7 126,504,127

108.59

133.56

43.66

52.95

48.22 51.41

53.36 51.38

44.44

100.69

108.1 4 103.1 7

52.22 51.47 50.33

56.26 56.86 54.94 21.51

21.79

56.05 54.77 56.62

104.77

106.06

45.12

45.50

108.99 21.84

108.95

105.28 106.40

96.72

99.40 21.58

49

AXA World Funds

Statistics

Class J Accumulation EUR JPY





89.81 10.097.67

11 6.66

USD

' In share-class currency

50

AXA World Funds

Statistics

109.88

51

AXA World Funds

Statistics

NET ASSEFS as at 31 December 2007 NET ASSETS as at 31 December 2006 NET ASSET VALUE PER SHARE as at 30 June 2008* Class A



Class F Distribution CH F EUR EUR hedged GBP USD Accumulation CHF EUR GBP EUR hedged J PY USD

Distribution EUR USD J PY Accumulation EUR GBP hedged EUR hedged USD JPY EUR

Class I

58,245,890 66,866,313

124.1 8

149.14

146.00

127.54

153.08

106.26 107.92

287,2i 1,138 126,485,769 70,390,209

11,774.76

1 3,049.16

12,879.62 i

131,740.59

1 33,122.1 2

I

109,456.1 5

GBP


52

AXA World Funds

Statistics

13.04






109,803.30

53

AXA World Funds

Statistics

NET ASSET VALUE PER SHARE as at 31 December 2007* Class A

Distribution CHF EUR 123.29 GBP USD Accumulation CHF EUR 123.28 103.71

GBP EUR hedged J PY USD

Class E Accumulation EUR USD

Class F Distribution CHF EUR 125.90 USD Accumulation CHF EUR GBP EUR hedged JPY USD

Distribution EUR USD Accumulation EUR GBP hedged EUR hedged USD J PY




121.15 103.40

125.52 104.33

Class I

126.54 104.44

10.29

* In fund currency

54

95.67

94.89

96.63

1

I

AXA World Funds

Statistics

178.15 48.37 51.09 87.01

180.66 52.41 52.28 87.95 103.61 154.14

176.34 50.97 51.06 86.19 102.75

I

181.03 50.24 92.12 103.42

186.20 54.99 93.09 56.65 104.47 161.30

138.98 93.47

140.69

18.73 15.07

55

AXA World Funds

Statistics


Class S Accumulation I

USD

\

* In fund currency

56

AXA World Funds

Statistics

I

57

AXA World Funds

Statistics

Class A Distribution CHF EUR GBP USD Accumulation CHF EUR GBP EUR hedged J PY USD


Class F Distribution CHF EUR USD Accumulation CHF EUR GBP EUR hedged J PY USD

Distribution EUR USD Accumulation EUR 104.81 99.90 94.63

GBP hedged EUR hedged USD J PY


Class M Accumulation EUR CH F USD


Class I

* In fund currency

58

104.71 107.66

99.54 94.61

103.74

104.71

103.82

113.38

99.02

100.30

1 14.04

108.86

94.23

95.43

108.66

AXA World Funds

Statistics

176.47 41.42 25.29

80.58

8,993.74

106.20 185.84 128.53 41.98 25.32 93.98

148.63

79.87 105.82 181.05 109.66

188.85 45.1 1

81.38 94.09 106.70

1 16.87

199.60 130.82

148.08

45.07

9,055.22

83.70 83.92

11 6.96

143.02

59

AXA World Funds

Statistics



I

' In fund currency

60

AXA World Funds

Statistics

I

61

AXA World Funds

Statistics


Distribution CHF EUR GBP USD Accumulation CHF EUR 289.80 GBP EUR hedged JPY USD 111.63

Class E Accumulation EUR 281 50 USD

Class F Distribution CHF EUR USD Accumulation CHF EUR 299.56 GBP EUR hedged JPY USD 11 2.74

Distribution EUR USD Accumulation EUR GBP hedged ElJR hedged USD J PY



Class R Distribution GBP 11 5 1 11.08

Class I

' In fund currency

62

101.67

99.70

102.71

I

93.51

101.41

93.05

94.01

101.90

I

I

AXA World Funds

Statistics

11.11 60.37 103.85 100.72

166.56

161.40

37.10 28.04

97.65 60.31 103.84 102.78

164.34 104.1 7 97.27 59.41 103.39 102.33

61.06

170.04

163.1 8

97.87 106.85 30.22

61 .I4

96.52 103.90 97.97

98.32 104.16 101.47

104.62 102.17

15.37

63

AXA World Funds

Statistics

- - Class SI

Distribution GBP

Class S Accumulation USD 92.85

1

* In fund currency

64

AXA World Funds

Statistics

11.36

I

65

AXA World Funds

Statistics


Distribution CHF EUR 102.89 102.29 101.60

GBP USD Accumulation CHF EUR 102.88 102.34 101.62

GBP EUR hedged J PY USD

Class E Accumulation

USD Class F

Distribution CHF EUR USD Accumulation CHF EUR GBP EUR hedged JPY USD

Distribution EUR USD Accumulation

GBP hedged EUR hedged USD J PY




EUR 102.45 101.86 101.34

Class I

97.22 96.53 91.1 7

EUR 100.70 99.07 94.99

101.36 99.84 95.69

In fund currency

66

I

I

AXA World Funds

Statistics

10.29 102.84 19.50

25.56

109.48 28.07 58.26

38.88 102.85 20.1 6 109.49 11 5 9 75.42

29.56 131.07

38.1 5 1 1.33 102.38 74.69 109.01 29.03

34.18 30.54

10.77 78.04 105.54 166.31

40.44 11.78 77.92 93.00 113.11

I

30.58 166.28

99.1 3

99.60 99.90 99.15 90.65

101.55 111.12

102.92

99.43 11,123.80

93.04 10,407.47

100.29 12.01 99.43

1 12.53

AXA World Funds

Statistics

. - . .



* In fund currency

68

AXA World Funds

Stat is t i cs

I

69

AXA World Funds

Statistics

Class A Distribution CHF EUR GBP USD Accumulation CHF EUR 104.02

GBP EUR hedged JPY USD 119.46

Class E Accumulation EUR 103.70

USD Class F

Distribution CHF EUR USD Accumulation CHF EUR GBP EUR hedged J PY USD

Distribution EUR 104.24

USD Accumulation EUR 103.1 1 104.1 9 GBP hedged EUR hedged USD 122.70

JPY Class J

Accumulation EUR JPY

Class M Accumulation EUR 104.96

CHF USD


99.84

103.60

105.17

Class I

103.94 105.38

+ In fund currency

70

49.80

73.32

31.99

60.75

48.47

71.30

47.84

37.83 63.92

AXA World Funds

Statistics

46.39 52.48 56.04 136.65

65.86

66.42

53.68 158.41 55.88 56.00

52.30 54.81 54.99 155.45

56.89 59.37 59.65 139.93

56.68 59.1 1 59.48 162.11

66.96

68.01

1 12.42 102.00

67.20 68.14

100.44

12.94

71

AXA World Funds

Statistics



* In fund currency

72

AXA World Funds

Statistics

73

AXA World Funds

Statistics


Distribution CHF EUR GBP USD Accumulation CHF EUR GBP EUR hedged J PY USD


Class F Distribution CHF EUR USD Accumulation CHF EUR GBP EUR hedged JPY USD


EUR USD Accumulation EUR GBP hedged EUR hedged USD J PY




' In fund currency

74

11,984.26

12,815.17

12,667.40

129,305.88

130,670.07

107.31 2.84

107.61 8.00

I

I

AXA World funds

Statistics

Distribution GBP


75

A M World Funds

5 t a tis tics

Class A Distribution CHF EUR GBP USD Accumulation CHF EUR GBP JPY USD



Class I Distribution EUR USD Accumulation EUR GBP hedged EUR hedged USD



149.64

149.68

148.08

151.15

151.20

151.90

148.31

11 3.52 150.21

1 13.27

1 13.78

147.92

152.79

153.50

68.00

I

' In fund currency

76

AXA World Funds

Statistics

47.44 89.48 53.45

53.45 89.55 104.38 153.53 15,643.01

10,497.53

50.84

49.76 88.24 52.55 104.26 15,612.47

94.14 49.22 104.46

54.48 55.83 94.05 104.46 158.70 15,672.26

10,517.59

140.05

134.23

77

AXA World Funds

Statistics

Class R Distribution GBP 16.51 21.13


I

* In fund currency

78

AXA World Funds

Statistics

20.74

I

I

79

AXA World Funds

Statistics

- NET ASSET VALUE PER SHARE as at 31 December 2006* Class A

Distribution CHF 41.01 EUR 191.15 41.57 GBP USD Accumulation CHF 41.57 EUR 201.23 106.75 41.63 GBP J PY USD 83.67



Distribution EUR USD Accumulation EUR GBP hedged EUR hedged USD


Class M Accumulation EU R CHF 139.73 USD

Class I

’ In fund currency

80

197.64

203.00

21 4.53 107.29

83.85

44.33

44.30 I

AXA World Funds

Statistics

58.85 16.40

31 8.08 104.49 137.53

90.50

39.92 40.91

101 .oo 58.79

83.72

311.14 103.20 112.96 100.93 58.16 136.31

I 59.36

325.91 104.65 139.08 114.08 43.75

101.07 59.40

90.75 83.90

101.11

81

AXA World Funds

Statistics



* In fund currency

82

AXA World Funds

Statistics

I 17.13 15.38 17.14

I 16.48

I

t

83

AXA World Funds

Statistics


Distribution CHF EUR 101 6 7 GBP USD Accumulation CHF EUR 101.67

GBP J PY USD






Class I

101.89 99.56 99.23

’ In fund currency

84

101.49

101.41

101.66

100.81 101.38

100.80 101.33

100.64

99.18

99.1 7

101.20

98.88

98.89

I

I

AXA World Funds

Statistics

101.98

101.97

103.47 29.1 8 11.03 101.55 59.91

103.44 38.73 1.77

11.56

7 01.53 73.

101.80 103.35 72.82 38.20 101.37

11.36 75.59 33.93

40.18 11.92 75.48

98.49 96.39 97.52

98.45 96.39 98.74 100.89 97.54

100.58 67.65

98.90 96.80 99.09 12.08 97.66

85

AXA World Funds

Statistics



I

' In fund currency

86

AXA World Funds

Statistics

I

87

AXA World Funds

Statistics

20.76

19.17

21.41

21.36

106.76

106.71

86.94

33.97

41.65

48.87

48.90

Class A Distribution CHF EUR GBP USD Accumulation CHF EUR GBP JPY USD

Class E Accumulation CHF EUR EUR hedged GBP USD 21.09

Class F Distribution CHF EUR EUR hedged GBP USD 22.08 Accumulation CHF EUR 98.57 GBP EUR hedged J PY USD 22.06

Distribution EUR USD Accumulation

GBP hedged

USD 79.96

Accumulation

J PY 66.31 Class M

Accumulation EUR CHF USD 80.69

Class I

EUR 95.95

EUR hedged 101.34

Class J

EUR 98.58

+ In fund currency

88

106.58

109.59

109.63

109.64

109.60

48.34

40.45

43.64

49.97

50.03

103.22

83.52

I

I

AXA World Funds

Statistics

49.89 55.64 57.29

98.80 55.46 57.27 57.28

77.15

98.72 54.32 56.47 56.52

58.43 60.42 60.54

58.26 60.37 60.21

131.65 132.26

100.95 100.31

98.67

98.63 150.34

131.65 100.31

132.30 100.98

99.10

89

AXA World Funds

Statistics

_ x . . . . .. - .



* In fund currency

90

AXA World Funds

Statistics

i

I

91

AXA World Funds

Stat is t i cs

Class A Distribution CHF EUR 137.11 11 -83 GBP USD Accumulation CHF EUR 151.25 12.38 GBP J PY USD





Class M Accumulation EUR 103.54

CHF USD

Class I

- In fund currency

92

149.10

139.99

154.09

106.62

12.27

101.13

12.62

12.61

103.37

i

I

i

I

I

AXA World Funds

Statistics

Class R Distribution

I GBP 16.83 Class SI

Distribution GBP

t

93

AXA World Funds

I

Statistics

QUANTITY OF SHARES as at 30 June 2008 Class A

Distribution CHF EUR GBP USD J PY Accumulation CHF EUR GBP HEDGED EURO J PY USD

Class E Accumulation CHF EUR EUR HEDGED GBP USD

Class F Distribution CHF EUR EUR HEDGED GBP USD Accumulation CHF EUR GBP HEDGED EURO J PY USD

Distribution EUR USD JPY Accumulation EUR GBP hedged EUR hedged USD JPY EUR GBP

Class I

103,228.448

521,946.041

16,522.554

81 .OOO

405,155.052

450,722.863

7,076.338

19,104.1 06

1,179,074.000

8,765.746

30.81 4

46.000

31 5,515.1 10

94

AXA World Funds

Statistics

14,153.931 43,091.246 42,209.045

1,338,605.773 586,606.798 121,294.761 36,174.406 107,644.416 161,815.970

25,431.203 602,544.809 35,442.31 8 20.158

1,052,827.441 369,045.247 9,279.661 I 20.261

1,772.882 13,581,749.1 71 2,840,604.01 1 977,450.737 537,875.748

54,302.750 20.000

95

AXA World Funds

Statistics






136.000

USD

96

AXA World Funds

Statistics

6,896,542.534

125,093.705 16,666.274

97

AXA World Funds

Statistics

QUANTIN OF SHARES as at 30 June 2008 Class A



Class F Distribution CHF EUR EUR HEDGED GBP USD Accumulation CHF EUR GBP HEDGED EURO JPY USD


Class I

I

170.139

45,741.571

6,461.464 5,978.500 14.205

1,891,809.543 335,251.792

20.000 20.000 24.1 87

I

7,270.640 468.583 190.002

25.920 133.587.491 33,263.920

98

AXA World Funds

Statistics

66.864 17,821.872 64,219.273

399,488.940 5,467.698 1,391.000 71,949.401 66,745.1 00 6,910.127

20,896.740

38,663.246

284.072

20.000 3,558.080 20.000 762.289 193.060

18.462 113.273

I

1,188,609.273 22,282.933 428,903.000 421,337.000 133,653.5a4 595,101.059

1,079.740 34,755.620 90.000

9,657.154

1,686.000

99

AXA World Funds

Statistics

I






I

100

AXA World Funds

Statistics

20.000

101

A M World Funds

Statistics

QUANTITY OF SHARES as at 30 June 2008 Class A





Class I

76,570.614 3,660.700 274,705.61 6

20.000 12,673.606

20.000 719.81 9 41,547.440

I

I

833,955.888 53,220.000 145,120.000

20.000 25.630

i

102

AXA World Funds

Statistics

4,778.404 69,407.827

257,054.187 104,586.390 53,298.41 0

23,429.822

520.005

193,768.244 3,733.338 200.000 22,667.756

36.41 6

144,638.204 37,320.099 18,489.1 73

36,521.980

9,900.000 204,980.41 6

237,462.036

40,235.649

290.822

200,200.000 400,200.000 150.678

103

AXA World Funds

Statistics





Class S

183,068.070 44,034.31 5

Accumulation USD 396,880.51 5

104

I

AXA World Funds

Statistics

1,539,769.235 I

1,072.138

105

AXA World Funds

Statistics

Class A Distribution CHF EUR GBP USD J PY Accumulation CHF EUR GBP HEDGED EURO J PY USD




Class I

7,851.1 50 17,252.676 2,322.927

I

237,668.058 620,417.1 74 236,886.045

I

932.039 2,308.176 1,191.708 i

53,982.000 34,017.895 3,246,553.050

2,430,285.346 1,808,041.691 1,970,981.047

1 06

AXA World Funds

Statistics

290.000 64,708.268 740,487.1 56 30,656565 2.1 13.562 17,743.485

I

334,844.685 807,011.767 193.81 9.61 5 122,078.997 3.01 5,718.606 13,243.164

4,644.263 502.560 10.422.742 8,879.471 8,910.650 282,2 17.491

60.866 670,213.678 33.545

21 7,135.839

132,009.947 I 86,358.913 8,103.928

486,327.91 9 1,359,538.685 185,259.1 80 285,516.251

107

AXA World Funds

Statistics


Class M Accumulation EUR 100.000 53,078.000 106,539.000 CHF USD




108

AXA World Funds

Statistics

68,45

I

,000 100.000 11,106. 15.249 ,02

100.000 149.500

,387.926 00.000

109

AXA World Funds

Statistics

QUANTITY OF SHARES as at 30 June 2008 Class A Distribution CHF EUR GBP USD JPY Accumulation CHF EUR GBP HEDGED EURO J PY USD



Distribution EUR USD JPY Accumulation EUR GBP hedged EUR hedged USD J PY EUR GBP

Class I

95.328

224,099.601

95.328

219,929.251

69,991.891

92.649

23,589.21 6

125.721.767

100.000

10,533,720.01 0 11 9.800

18,093.624

54,474.047

33,316.703

844.232

68,851.526

480.1 22

56,252.1 70

98,285.122

1,443.646

187,372.635

148.223

8,769.343

19,284.622

1,678.772

305,058.007

46.81 3

46.838

182.822

100.000

124.000

I

110

AXA World Funds

Statistics

2,548.080 270.682 4,714.61 0

85,977.821

29,943.571

283,980.913 570,028.485 1,496,266.807

1,294.754

154.407.800

1,093.329 100.136 1,682.1 65 20,387.930 200.140

I

13,935.273

18,865.244

39.01 6 41.407 43.21 5

1,140.000

492.514

1,289,415,359 1,360,187.1 98 141,835679

130,534.000

263.800

I

102.1 30 477,991.000

508,991.81 8 21,120.727

200.000 785,465.579

2,623,459.925 50,200.000

111

AXA World Funds

Statistics






100.000 149.500

426,026.944 I

USD

112

AXA World Funds

Statistics

100.000

113

AXA World Funds

Statistics

Class A Distribution CHF EUR GBP USD J PY Accumulation CHF EUR GBP HEDGED EURO J PY USD



Distribution EUR USD J PY Accumulation EUR GBP hedged EUR hedged USD JPY EUR GBP

Class I

802,899.542 17.514

I

3,804,976.935 7,454.217

I

1,924.584 1,450,114.183

0.01 7 158,743.946

1,237.585 780,079.910

684,650.590 1.568 352,880.185

114

AXA World Funds

Statistics

. ... . .... .. . . .. .. . . . "..." - .. .... . , ~" x_l__.,_,__ __-. ...- .-





Class S

101.432.630

0.200

Accumulation USD

115

AXA World Funds - Aedificandi

as at 30 June 2008 (in EUR)

Transferable securities admitted to an official exchange listing

EUR Eauities Accor

Aftine (Ex Inimobai)

Alstria Office Ag

Rabis Vovos Sa

Beni Stabili Spa

Carrefour

Cie De St Gobain

Ciments Francais

Corio Nv

Deutsche Euroshop

Dic Asset Ag

Eurobank Proportic

Eurocommcrcial Prop

Fdl

Fonciere Dtis Murs

Foncicre Des Regions

Fonciere Paris France

Gpe Eurotunncl Sa

lcade

lmmobiliare Grandc Distrib

lmmoeast Immobilc

Kiint S Citycon

Kinepolis

Klemurs Promesses

Klcpicrrc larnda Developrncnt Sa

Mcrcialys Sa Nieuwe Steen lnvcs

Orpea

Picrre 8 Vacances Frf20 Prologis European Properties

Selogor Promesses

Silic

Sponds Oyj

Technopolis Ojy

Unibail

Vastnec Offices/lndustrial

Vastned Retail

Vib Vermoqen Ag

Warehouses De Pauw Sca

Wereldhdvc Belgium

Wereldhave Nv

~

25,000 81,000

128,000 86,000

600,000

20.000 20,600 13,000

760,000

35,000 78,000

43.502 210.000

44,705 65,500

124,000 13,700 65,124

107,000 610.000

907,298 780,000

55,000 13,000

482,000 40,000 26,000

40,000 37,000

5,761 295,000

10,000 33,000

277,500

21 7.21 8 108,000

80,000 60,000

38.000 22,500

6,600 43.000

Zucblin lmmobiliera France Sa ~ .~~~ . ,

116,626,666 72.50 54.500

1,067,250

2,604,150 1.337603

1.785.360 378.1 80 698,200 845.630

1.364.350 12,740,000

849.800

1,292,460 332,355

6,415,500 773.397

1,951,108 9,719,120 1,527,550

657.1 C1 7,813,l 40 1,141.310

5,035,504

2,496,000 1,465,200

240,500

15,472,200 364,000 741,000 668,400

1 ,I 92.1 LO

361,791 2.71 4,000

151.6M)

2,670,360 1,523,475 1.1 09,984

15,791,706 1,373,600 3,061,800

239,400 865,350 320.1 00

2,924,000 550.995

0.66- 1.62

0.83 1.11 0.24

0.43 0.53 0.85 7.92

0.53

0.80 0.21

3.99 0.48

1.21 6.04

0.95 0.41 4.86 0.71 3.13

1.55 0.91

0.15

9.62 0.23 0.46 0.42 0.74 0.22

1,68 0.09 1.66 0.95

0.69 9,82 0.85 1.90 0.15

0.54 0.20

1.82 0.34

GBP Equities British Land Company PIC 420,000 3,751,961 2.33 Hammorson PIC 89.221 982.612 0.61 Land Secs Gp 300,000 4,673.356 2.91 Liberty International f’lc 320.000 3,441,290 2.14

14,534,461 9.04

NOK Equities Norwegian Property Asa 68,182 200,785 0.12

200,785 0.12

SEK Equities 793.048 0.49

793,048 0.49 Castellum Ab 125,000

USD Equities 1 10,000 512.618 0.32 Afi Development PIC

Cb Richard Ellis Grow Inc 1 13 0.00

Total Equities

EUR Rights

Schedule of investments and Other Net Assets


512,631 0.32

132,667,591 82.47

0 0.00

0 0.00 Technopolis Oyj 1

NOK Rights Norweoian Prooertv 200.546 2.262 0.00

2,262 0.00

Total Rights 2,262 0.00

EUR Warrants Groupe Eurotunnd Sa C N 3W06/2011 8.000,000 2,080.000 1.30

2,080,000 1.30

Total Warrants 2,080,000 1.30

Total Transferable securities admitted to an official exchange listing 134,749,853 83.77

Open-ended investment funds

EUR Open-ended investment funds Axa Easyetl Epra Eurczone 35,000 6,656,300 4.14

6,656,300 4.1 4

Total Open-ended investment funds 6,656,300 4.14

Total Investment in Securities Othcr Net Assets

141,406,153 87.91 19.454.806 12.09

TOTAL NET ASSETS 160,860,959 100.00

116

AXA World Funds - Aedificandi

Industrial Classification as at 30 June 2008

- .

Real Estate Financial Services


Hotels Restaurants and Leisure Building Materials 2nd Products

Warrants

Private Placement

Healthcare

Diversified

Distribution and Wholesale

66.42

9.92

4.14

1.79

1.38

1.30

0.90

0.74

0.48

0.43

Transportation 0.41

87.91

117

AXA World Funds - Aedificandi Global

Schedule of Investments and Other Net Assets as at 30 June 2008 (in EUR)


AUD Equities Leighton Holdings Limited

Westfield Grouo

40,000 I ,254.675 1.38 300.000 3.095.173 3.41

4,349,848 4.79

BRL Eauities Cia Da Concessoes Rodoviarias 120,000 1,515.978 1.67 Cia Vale Do Rio Doce 65,000 1.445.1 81 1.59

2,961,159 3.26

EUR Equities Unibail 9,000 1,316,160 1.45

Vib Vermocaen Aa 40.1 27 252.800 0.28 1,568,960 1.73

GBP Equities British Land Company PIC

Hammerson PIC

Land Sccs Gp

Prospect Fpicure J

90,000 803.992 0.89 80,000 881,059 0.97

130,000 2.025.121 2.22 134,000 9,319 0.01

Prospect Epicure J 728,610 340,874 0.38 4,060,365 4.47

HKD Equities China Overseas Land B Invest 1.200.0M) 1,181,626 1.30

China Rcsources Land Ltd 1,000,000 887.033 0.98

Guangzhou R&F Properties Co Ltd 700,000 820.302 0.90 Hutchison Whampoa 250,000 1,566,549 1.72 Link Reinhe 600,000 849.599 0.94 New World China Land I.td 3,000,000 996.081 1.10

6,301,190 6.94

JPY Equities Kajima Corporation 400,OCO 897.2’6 0.99

Mitsubishi Estate Co hmttcd 100,000 1,453,490 1.59 Prospcct Residential lnvcstinent Corp 20 32,300 0.04

Wcst Japan Railway Co 600 1,866,209 2.06 4,249,215 4.68

SGD Eauities ~

Capitacommercial Trust 800,000 723,071 0.80 723,071 0.80

TWD Eauities

USD Equities Alexandria Real Estate Equit 15,000 934,351 1.03 Amb Property Cow 20,000 638,455 0.70

Biomed Realty Trust Inc 50,000 782.514 0.86 Boston Properties Inc 27,003 1.544.007 1.70 Cb Richard Ellis Group Inc 60,000 753,880 0.83

40,000 884.035 0.97 Developers Diversified Rlty

Diamondrock Hospitality Co 75,000 570,935 0.57 Equity Residential 65,000 1,578.520 1.74

20,000 880.098 0.97 Fcdcral Realty lnvs Trust

General Growth Propartics 100,000 2,229,769 2.46

Hospitality Propertias Trust 20.000 313,768 0.35 Kimco Realty Corp 65,000 1,434,906 1.58 Pme African Infrastructure 0 3.900.000 2,469,920 2.72

Prologis 55,000 1,879,367 2.07 Public Storage Inc 26,000 1.313,824 1.45 Simon Property Group Inc 35,000 2.018.157 2.23 SI Green Realty Corp 1o.ow 524,110 0.58

Vornado Realty Trust 50.000 2.766.894 3.05 23,467,510 25-86

Total Equities 48,917,826 53.89

EUR Ontions Call lI10O.033 19/12/08 50.000.000 0 0.00

0 0.00

HKD Options Hsp JUN 08 29000 PJT 12.100 2,327,231 2.56

2,327,231 2.56

Total Options 2,327,231 2.56

NOK Rights Norwcgian Property 143,332 1,617 0.M)

1,617 0.00


HKD Warrants China Overseas Land 8 Invcstmcnt

6,412 0.01

6,412 0.01 Ltd Wts 27/08/5008 74.333

USD Warrants Pme African Infmsttuct-Cw12 30/ 04/2012 700.0CQ 73.331 0.08

Cathay Real Estate Development Co Ltd 198,000 75.318 0.08 Highwealth Construction Corp 722,000 533,447 0.59

Huaku Develooment Co LLtd 374.000 627.748 0.69

Total Warrants

73,331 0.08

79,743 0.09

I

I

I

I

i i I

I

I I

I 1,236,508 1.36


118



SGD Reit Parkway Life Rcal 1,000.000 531,122 0.59

531,122 0.59

Total Reit 531,122 0.59

Total Transferable securities admitted to an official exchange listing 51,857,539 57,13

Transferable securities dealt in on another regulated market

AED Equities frnaar Properties Pjsc 250.000 468,865 0.5?

468,865 0.52

Total Equities 468,865 0.52

MAD Rights Usdoha 2.000 371.985 0.41

371,985 0.41


Total Transferable securities dealt in on another regulated market 840,850 0.93

Other transferable securities

HKD Warrants China State Contruction lntl 71,428 !.453 0.00

1,453 0.00

Total Warrants 1,453 0.00

Total Other transferable securities 1,453 0.00


GBP Open-ended investment funds Utilico Em Mkt Ltd 149,132 132,940 0.15

Utilico Ernerq MMs 790,305 1.483.946 1.64

1,616,886 1.79

USD Open-ended investment funds ISharQS Dow Jones Us Rcal Estate Index Fund 200.000 7.785.1 44 8.58

Ishares Msci Jaaan Index Fund 500.000 3.958.602 4.36

11,743,746 12.94



66,060,474 72.79 24,691,779 27.21



119



Real Estate 22.36

Financial Services


Commercial Services and Supplies

Options

Engineering and Construction

Transportation

Holding Companies-Divers

Metals and Mining

Biotechnology REITS

20.52 14.73

3.34

2.56

2.37

2.06

1 72

1 59

0.86

0 59

~-

Warrants 0.09

72.79 I

120

AXA World Funds - Clean Tech


Transferable securities admi t ted to an official exchange listing

AUD Equities

Agl Energy Ltd 31.000 266,276 0.90

Crane Group Ltd 22,500 177,194 C.60 Energy Devclopments Limited 65,000 144.258 0.48

Leighton Holdings Limitcd 8,000 750,935 0.84

United Groua Ltd 23.000 175.515 C.59

1,014,178 3.41

CHF Equities

Abb Limitec 21 -000 384.320 1.29

Gunt-Heberlein Ag 380 224.957 C.76

609,272 2.05

DKK Eauities Grecntcch Energy Systems

Novozymes N S - B Shares

Rockwool lntl NS-8 Shs

Vcstas Wind Svstems NS

14.500 158,457 0.53

4.9m 290,396 0.98

1,600 133,224 0.45

2.500 211.515 0.71

793,587 2.67

EUR Equit ies

4Energy lnvcst

Air Liquide (L )

Alstom Centrotherm Photovoltaics Ay

Cic De St Gobain E On Ag

Edf Energies Nouvcllcs Sa

Edp Renovaveis Sa

Electricidade De Portugal Sa Erg Spa

Eurofins Scientific

Fortum Oyj

Gamma Corp Tecnologica Sa

Gpe Eurotunnel Sa

Groupe Eurotunncl Sa

lbcrdrola Renovables

lberdrola Sa lnterseroh Ag

Jaakko Poyry Group Oyj Kingspan Group PIC

Lassila & Tikanoja Oyj

Linde Ag

Mastertlex Ag

Neste Oil Oyj

Nordex Ag

Oast Elektrizitatswirts-A

Philips tlcc (Kon) Q-Cells Ag

Rhodia

Saft Groupe Sa

32,000

4,400 3.600

7.500 6.000

7,850

8,600 29.047

76.000

13.000 4.250

16.225

16,300 18,519

5,000 85,i07

34.000

3,700 14,745

15,000

16,000 2,800

7.100 11,525

12,200

8.370 17,500

3,700

10,500

10,000

192,000

366,080

526,660 153,426

746.300 362.321

356.986

215,529

253,080

199,524

233,623

505.064 521.600

186.857 50.450

411.918

287,980 219,225

242,850

94,875

245.410

251,692 108,630

21 1,369

326,058 464.702

382,463

238,465 126,315

282.000

0.65 1.23 1.77

0.52

0.83 1.22

1.20

0.73

0.85 0.67

0.79 1.70

1.76

0.63 0.1 7

1.39

0 97 0.74

0.82

0 32

0 83

0.85

0.37 0 71

1.10

1.56 1.29

0.80

0.43 0.95

Schneider Electric

Seche Fnvironnemen

Siemens Ag

Solarworld Ag

Suez Thoolia

Umicore Velcan Energy

Vergnet

Vivcndi Environnenient

Wicnorberger Ag

Zhonyde Waste Technology Ag

Zumtobcl Aa

3,000

2,340

7,000 8,900

6.700

8,900 11,000

6,600

10,824

6.100

6,000

7,000

6.000

21 0,030

193,144

496.230 266,911

287,162

155,750 342,870

198,000

113,652

266,659

164,100

175,000

124,320

0.71

0.65

1.67

0.90 0.97

0.52 1.15

0.67

0.37

0.96

0.55

0.59

0.42

11,279,350 37.98

GBP Equities Hanscn Transrnissions Int 60,000 278.176 0.94 Intertek Group Pic 20,000 249.094 084

Johnson Matthey PIC 12,000 277.974 0 9 4 Fv Crystalox Solar 123.581 304,708 102 Rcncsola 35,000 196,272 0 65

Renewable Fnergy Generation 110,000 150,910 051 Rps Group PIC 65,000 245.332 0 8 3

1,702,466 5.73

HKD Equit ies

China Hiah Sucod Transmission Equipmeh &oup Co Ltd

China Railway Cons

China Railway Group Ltd

205.000 250,575 0.84

200,000 774,802 0.59

290,000 135,700 0.46

Uongfang Eloctric Co Ltd 54,000 98.876 0.33

659,953 2.22

INR Equities Jain lrriaztion 20.000 145.103 0.49

145,103 0.49

JPY Equit ies

Central Jawn Railway Co Horiba Ltd

Kurita Watcr Industries Ltd

Organo Corporation

Sharp Corp

Shimano Inc

Toyota Motor Cow Ulvac Inc

West Jaaan Railwav Co

51 9,000

10,000

17,000 20,000

8,600

5,800 7,700

74

344,710 157,461

242.846

128,224

207,077

272,634

175.890 179,162 7110.1 RR

1.16

0.53 0.82

0.43

0.70

0.93

0.59

0.60 n 77 .. - -

1,938,170 6.53

NOK Equities Orltla Asa 35,oCO 286,839 0.97 Renewable Energy 17,800 297,221 1.00

584,060 1.97


121

AXA World Funds - Clean Tech


NZD Eauities Contact Energy Ltd 52,000 205.951 0.69

205,951 0.69

USD Equities Adobe Systems Inc

Amcncan Superconductor Corp

Bunge Ltd

Cameco Corp

Chcck Point Software Tcch

Constellation Eriorgy Group

Corning lric

Covanta Holding Corp

Edison lnternatiunal

Ernc Corp/Mass

Erilcrgy Corp Evergreen Solar Inc

Exelon Corp

fluor Corp (New)

Fpl Group Inc

Fucl Tech Inc

General Electric Go

Gushan Environmcntal Energy Ltd

Itron Inc Memc Electronic Materials P G B ECorp

Rcpublic Services Inc Schlumberger Linritod

Sunpower Corp

Suntcch Pwr holdings Co Limitcd

Symantec Corp

Urs Corp Verisign Inc

Vmwarc Inc

Waste Manaaernent Inc

14.000 11,500

1,400 7,OOG

13,000 7,500

32,700 12.700 10,100

:7.500 4.600

24,000 11,100

3,100 13,100 19,900

16.500 16,000 4,100

10.2017

13,600 18,000

2.400 5,200 8,500

21,100 10.200

10,500 2,600

21,100

353,766 255,766

93,793 179.683

197,759 384,654 486.851 21 1,418 320,l 12 164,106 343.806 148,109 613,123

362.895 528,308

238,413 275,096

117,228 261,402 409,152

331,397 339.3c3 161,366 240,051

197,140

260,962 279,568 254.925

84.270

1 .I9 0.86 0.32

0.61 0.67

1.30 1 64 0.71 1.08 0.55 1.16 0.50

2.06 1.22

1.78 0.80 0.93

0.39 0.88

1.38 1.12

i.14 0.54

0.81 0.66 0.88

0.94 0.86

0.28 ACIR RR7 , _ -,-_- 1.68

8,593,304 28.94


EUR Warrants Groupe Eurotunnel Sa CAN 30/06/2011 250,000 65,000 C.22

65,000 0.22



Total Investment in Securities Other Not Assets

27,590,394 92.90 2,109,140 7.10

1

1



122

A M World Funds - Clean Tech


Energy

Industrial

Electrica, Equipment


Environmental Control

Tech no1 og y

Oil and Gas Chemicals

Utilities 14 84

12 79 8 49 7 68 6 04 4.66 3.92 3.50 3 40

Private Placement 3.31 Communications 3.17 Industria' Conglomerates 2.51 Metals and Mining 2.36 Building Materials and Products 2.15

Electronic Equipment and instruments

Transportation


Household Products and Durables

Food and Beverages

Water

Consumer, Cyclical

Computers, Software and Internet

2 13 1.57 1.47 1.29

0.97 0.96 0.93 0.88

Miscellaneous Manufacture 0.83 Healthcae 0.79 Diversified 0.70

Automobiles

Machinery

0.59 0.43

Agriculture 0.32 Warrants 0.22

92.90

123

M A World Funds - Emerging Europe Equities



CZK Equities Central European Media Ent-A 20,000 1 ,I 74,037 0.53 Cesky Telecom 100,000 2,027,807 0.92

Cez 175,000 9.658.213 4.39 Komercni Bank3 15,000 2,187,505 0.99

15,042,562 6.83

EUR Eauities Krka Tovarna Zdrav 11.250 1,008.450 0.46

1,008,450 0.46

GBP Eauities turasian Natural Rcsourccs Gorp 65,000 1, 101,324 0.50

Fenexpo PIC 200,000 998,905 0.45 Imperial Energy Corp PIC 400,000 4,6C7,606 2.09

Mirland Devcloprnent Corp PIC 100,000 545,920 0.25

New World Resources Nv 65,453 1,490,528 0.68

8,744,283 3.97

HUF Equities Mol Hungarian Oil 47,000 3,968,622 1.81

Oto Bank 110.000 2.918.0L4 1.32 6,086,666 3.13

PLN Equities Bank Polska Kasa Opicki Gnip 65,000 3,167,946 1.44

Globe Trade Centre Sa 100,000 920.534 0.41

Kghm Polska Miedz 100,000 3,023,759 1.37 Polski Koncem Naf 150,000 1.51 1.284 0.69 Powszechna Kasz Os 400.000 5,362,331 2.43 Telekornunikacja Polska S.A. ! 0,000 62,114 0.03 Zaklady batowe Pulawy Sa 30,000 1.098.384 0.50

I 5,146,352 6.87

SEK Equities Eos Russia Ab 580.Y99 4.750.261 2.16 Oriflame Cosmetics 35,500 1,462,551 0.66 Vostok Nzfta lnves 105,000 6,265,806 2.84

12,478,618 5.66

TRY Equities Bagfas 20,000 1,621,791 0.74

Bim Birlesik Magazalar As

Coca Cola Icecek

Gubrc Fabflkalari

Hcktas

Hurriyet Gazctccilik Ve Matb

Koc Holding As Koza Davetiyclcn lrnalat lthalat Ve lhracat As

Tat Konserve

.I ekfen Holding As

84,000 133.000 30,000

800,000

650,000 ~30.000

11 0,000 600.000

200.000

1,952,347 81 7.455 782.488 471,042

506,939 401,522

248,847 91 1,095 955,514

0.89 0.37 0.36 0.21 0.23 0.18

0.1 1 0.41

0.43

Tupras Turktye Petrol Rafine 95.000 1,349.340 0 61

Turkcell lletisim 450,002 1.708.303 0 78 1,700,000 2,563,875 1 16 Turkiye Garanti Bankasi

Turkiye Halk Rankasi As 300,000 937.436 0 4 3 2,503,962 1 14

Turkiye Vakiflar 151 125 000

17,732,081 8.05

Turkiye Is Bankasi 1,200 000

USD Equities Afk Sistema 143,797 2.807.374 1.27 Cornstar United Telesystems 280.000 1,827.496 0.83 Ctc Media Inc 100,000 1,570,743 0.71 Fvraz Group Sa 35,000 2,644,359 1.20

Integra Group Holdings 100,oM) 714,263 0.32 Lukoil-Spon Adr 288.900 18,323.91 9 8.32 Lukoil-Spon Adr 26,100 1,655,432 0.75 Magnitogorsk Iron B Steel Works 130,003 1.469.159 0.67

150,OM) 4,637,945 2.10 Mechel Steel Group Oao Mrnc Norilsk Nickel -Adr- 650,000 10,585,370 4.80

Mobile Telesystems- Sp Adr 171,682 8.391979 3.81

Novatek Oao 100,000 5,453,791 2.40 Nvvolipctsk Steel 60,000 2,098,979 0.95 Oao Gazprom-Spon Adr Reg S 555,499 20,596,881 9.35 Pharrristandard 90,000 1,559,949 0.71

778.546 0.35 Pik Group-Gdr Reg S 45,000 Polyrnetal-Regs Gdr 350,000 1,724,388 0.78 Polyus Gold Co 100,000 1.81 8,989 0.83

Rosneft Oil Co 1,100,000 8,234,018 3.74

SurgutneRegaz Jsc 562,810 4.048.527 1.84 59,601 5,760,163 2.61

Tmk Oao 75.000 1,809,485 0.82

Tatneft

Vimpclcom-Sp Adr 300,000 5.679.81 5 2.58

11 4,211,550 51.82




USD Equities Aeroflot 240.000 533,316 0.24 Belon 25,000 3.333225 1.51 Novorossiysk Trade Port '0,000,000 1,263.451 0.5'7 Silvinit 800 1,104,726 0.51

UralkaliGls 500,000 4,539,535 2.06 I 0,774,253 4-89

10,774,253 4.89

another regulated market 10,774,253 4.89

Total Equities

Total Transferable securities dealt in on

I I

I

I

!

1 !

i I I

1 I


124

AXA World Funds - Emerging Europe Equities



USD Equities Sberbank Rossti 7,100,000 14,515,084 6.59 Transnefl 1,300 1,120,440 0.51

Ursa Bank 1,326.300 1,094,688 0.50

16,730,212 7.60

I

I Total Equities 16,730,212 7.60

Total Other transferable securities 16,730,212 7.60


USD Open-ended investment funds

Renfin Ltd N.A 13,000 949,176 0.43

949,176 0.43

Total Open-ended investment funds 949,176 0.43

Total Investment in Securities 219,704,203 99.71 Other Net Assets 647,007 0.29


The accompanying notes form an integral pari of these financial statements

125

AXA World Funds - Emerging Europe Equities


Banks 15.57

Energy 14.48

Utilities 13 74

Basic Materials 12 24

Oil and Gas 11.29

Communications 9 44 Financial Services 3 87

Chemicals 2.32

Investment Companies 2.16

Iron and Steel 2 10

Metals and Mining 2.05

Coal 1.51

Pharmaceuticals 1.17 Consumer, Non-cyclical 0.89

Metal Fabricate and Hardware 0 82 Food and Beverages 0.78

Wireless Telecommunication Services 0.78

Private Placement 0 66

Industrial 0.57

Open-ended investment funds 0.43

Holding Companies-Divers 0.43

Real Estate 0.41

Airlines 0.24

Diversified 0.18

Commercial Services and Supplies 0.1 1

99.71

Media 1.47

126

A M World Funds - Euro Value Equities



CHF Equities Baloiso Holdings

Novartis Aa 44,960 2,977,792 0.21

249.305 8.505.6.53 0.59

EUR Eauities

~

11,433,445 0.80

Aegori Nv

Alcatel

Alliarrz Ag

Allicd Irish Banks

Anglo Irish Bank Corp PIC

&a Eanca lntesa Spa Banco Bpi Sa

Bank of Ireland

Bast Ay

Bco Corn Portugues Bco Sant Cent Hisp

Belgacom Sa Bnp Pdribas

Commerzbank Ag

Credit Agricole Sa

Crh PIC

Daimlerchtysler Ag Deutsche Luftharisa

Deutsche Post Ag

Dcutsche Tdekom Ag -Reg

llexia M Posthank Ag

E On Ag

Electricidado De Portiigal Sa

[Iuropacorp Promesses

European Aeronautic Defence

Fortis

Franc0 Tolecorn

Gdlp Energia Sgps Sa

Groupe Bruxelles tamhcrt Sa

Henkccl Kgaa

Iberia Lineas Acroas De Espana lnfincon Technologies Ag

Ing Groep Nv

Man Ag

Merck Kgad

Metro Ag

Michclin (Cgde)-R Mobistar

Muenchener Huckvers Ag

Natoxis Bqe Populairc National Hank of Greece

Paris Re Holdings Ltd

LdfXge

1.516,456

3.368.726 332,075

456,477 374.289 967.940

6,150,003 : 86,268

510.041 934.140

2,638.640 1,843.2 16 : ,237,847

232,506

7,263,997 3.328.078

325,279

917.225 1,109,690 2,767,479 3,466,936

285.763 148,390

448.1 14 3.991 269

396,731 769,172

3,966.952

3,500,604 385,501

31 8.050

446.559 1,452,367 2,381,925

1,385,354 86,180

31 1,566 1 84.253 223,409

140,243 497.366

373,774 198,254 151.49!

1.765.800

12.747.324 12,716,941 37,292,073

4,521.405 2 447,850

18.439257 22,263,011

497.336 7,953,137

41,214,257 3.694.096

21,547,195 34,022,225

13,464,422 43,179,143 44 629.526

5,750,933 363.578.933 15,591,145 45,757,707

35,778,780 2,883.349 8.315.776

56,968.733 13 290,976 2,550,980 9.352.402

42,248,039 61.103.043 5,112,434

24,006,414

11,772,028 2,512,595

13,541,244

28,282,002 8 490,454

22.753,665 16,453,793

9,162,003 6.378.252

24,157.067 36,100.801

1,473,027 4,320.573

23.396.850

0.89 0.89

2.60 0.32 0.1 7

1.29 1.56 0.03 0.21

7.88 0.26

1.51 2.38

0.96 3.01 3.?2

0.40 2.56

1 .OY 3.20 2.50 0.20 0.58

3.98 0.93

0.18

0.65 2.95 4.26

0.37 1.68

0.78

0.18

0.95 1.98 0.59

1.59 1.15

0.64 0.45 1.69 2.52 0.10 0.30 1 .I53

Pe.rgeot Sz 294.652 9,848,057 0 69

Philips Elec (Kon) 539.680 11,794,706 0.82

Praktiker Rau Holding 773,002 10,126326 0.71

Prosiebensatl Media Ag

Publicis Groupe

Repsol Ypf Sa

Rwe Ag (Neu) Sacyr Vallehermoso Sa

Sanofi Avcntis Societe GBnBrzle

sucr

.rclecorn ltalie

274,657 1,749,565 0.i2

266.024 5,605.126 0.39 1,305,635 32,314,466 2.26

482,132 37,865,933 2.65 72,434 1,479,827 0.10

1,882.778 79,377,920 5.51 696,939 38,401,339 2.68 215,358 9,230,244 0.64

15,955,535 20,263.529 1.42 780,002 10,670,427 0.75 1 clckorn Austria Ag

Total Sa Unicrcdito Italian

llnilcvcr Nv

Schedule of Investments and Other Net Assets


1,330,780 70.41 1,570 4.92 12.198.658 47,294,197 3.30 2.565.889 45,570,189 3.18

Vivendi Sa 737,238 17.479.913 1.22

1,338,916,360 93.53

GBP Equities British Land Company PIC 491,156 4,387,616 0.31

Harnrnerson PIC 287.770 3.169.280 0.22 7,556,896 0.53

Total Equities 1,357,956,721 94.86

Total Transferable securities admitted to an official exchange listing 1,357,956,721 94.86

Total Investment in Securities 1,357,956,721 94.86 Other Net &sots 73,620,897 5.14

TOTAL NET ASSITS 1,431,577,618 100.00

127

M A World Funds - Euro Value Equities


Banks

Communications

Financial Services

Utilities

Oil and Gas

Insurance

Pharmaceuticals

Automobiles

Air Freight and Couriers

Food and Beverages

Chemicals


Machinery

Media

Airlines

Semiconductor Equipment and Products Retail

Aerospace and Defense

Consumer, Non-cyclical

Real Estate

Private Placement

Building Materials and Products

Advortisinq

15 14

14 07 11.39

8.20

7.55

7 51

7 28

3.70

3 20

3 18 2 88 1 60

1 59 1 31 1 27

0 95

0 71 0.65

0 64

0 63 0.59

0 40 0 39

~ ""

- 94.86

I

128

AXA World Funds - European Opportunities



CHF Eauities Julius Baer Holding Ag 38.477 1,676,585 1.25

Nestle Sa 10,776 3,031,953 2.26

Novartis Ag i32.101 4.506227 3.35

Ubs Ag 93,558 1.304.534 0.97

10,519,299 7.83

DKK Equities Carlsb~rg As-B

Novo-Nordisk N S

TowkinmarR N S

29.406 1.821.585 1 3 6

40.274 1.684.81 0 1 2 5

10.477 1,036,726 0.77 4,543,123 3.38

EUR Equities

Adp Akzo Nobel

Allianz Ag

Arcelomittal

Banco Popolarc Scar1

Cat rcfour Cirnents Francais

Cnp Assurances

Commerzbank Ag Dt Postbank Ag

Galp Encrgia SgpS Sa

Gas Natural Sdg Sa

lberdrola Sa Koninklijke Kpn Nv

Logrand Sa

Loreal

Mctro Ag

Nokia Gyl Nokia Gyj

Piraeus Bank Sa

PPr Repsol Ypf Sa

Royal Dutch Shell PIC

Sanofi Aventis

Siemens Ag

Societe GBncralc

Stada Arzncimittel Ag

Suez Telecom ltalia

Iclckoni Austria Ag

Umicorc Unicredito Italian Unci

22.186

49.865

43,958

3i,lR0

21 6.338 P8.530 14,430

17,226

121.210

47,221

54.621 41,823

258,882

260,175

66,900

25,056

62.465

-I~R,OO(I 109.901

43,771 20,991

64.699 208.491

56,316

A4.979

78.341

51.408

77.6Z

2,359.267

167.116

44.853

946,006 5n .4~7

1,337,ni R

2,173,615

4.936.483

1.985.542

2.378.723

995.982 7 3 1 4,429

1.245.268

2.309.051 2,646,268

766.879

1.534.486

2.1 92,731 2,773.&66

1,070.CO0

I,fi89.661

2,561,690

-200.660 1,690,277

739,730 1,485,743

2,096,300

5,330.367

2.374283 3,188,561

4,316589

2,318.501

3,326,879

2.996269

2,186.1 47

1,396,068 3,667,673

1 .00

1.62

3.68

1.48

1.77

0 74 i .13

0.93

1.72 1 9 7

0.57

1.14

1 63

2 07

0 80

1 76 1.91

-0.15 1.26

0.55 1.11

1 56

3.97

1.77 2.37

3.20

1.73

2.18

2.23

1.70 1.04

2.73

. 1,9Ri ,808 1.46

73,089,025 54.43

GBP Eauities Bg Group

Bhp Billiton PIC Cable 8 Wireless PIC

Cadbury PIC

Imperial Tobacco

Prudential PIC

Royal Bank Of Scotland Group

Scottish 8 Southern Energy

Shire Ltd

Vodafone Group PIC

131.161

84.534

1,003,396

259,391

143,302

413.439

488.606

172,520

298,609

1,606,631

2,075,034

2,004,147 1,870,108

1,999,059

3.308.643 2,838,626

1,345,284

3,034,335

3,077,212

2,878.61 1

1.55

1.49 1.39

1.49

2 46 2.12

1 .oo 2.26

2.29

2.14

Whitbrcad PIC 144,004 2,197,752 1.64

26,628.81 1 19.83

NOK Equities Subsea 7 Inc 65.767 1.054.899 0.79

I ,054,899 0.79

SEK Eauities Teliasonera Ab 234,997 1,242,633 0.93

1,242,633 0.93

USD Equities Anheuser-Busch Cos Inc 123,939 4.899.169 3.66

Marathon Oil Corp 62.401 2,032,181 1.51

Oao Garprom-Spon Adr Reg S 37.380 1,385.982 1.03

8,317,331 6.20


EUR Options Dj Euro Stoxx 50 Index 1,190 150,059 0.11

150,059 0.11

Total Options 150,059 0.11


Total Investment in Securities 125,545,180 93.50 Othcr Nct Asscts 8,729,680 6.50

TOTAL NET ASSETS I 34,274,860 I 00.00


129



Banks 12.84

Pharmaceuticals 10.39

Communications 9.43

Food and Beverages 8.77

Utilities 8 54

7 65 Oil and Gas Insurance 7 50 Retail 2.75 Metals and Mining 2.53

Tobacco 2 46

-

-

Industrial Conglomerates 2 37 Financial Services 2.32 Energy 2 30 Wireless Telecommunication Services 2 14

Consumer, Non-cyclical 1.91

Chemicals 1 62

Basic Materials 1.48

Engineering and Construction 1.46

Healthcare 1 26 Building Materials and Products 1.13

Industrial 1 00

Electrical Equipment 0 80

Distribution and Wholesale 0.74

Options 0 11

93.50

130

AXA World Funds - European Small Cap Equities



CHF Equities Dufry Ag

Lindt & Spruengli

sgs Sa Sika Limited

9.335 540.410 0 4 5 697 1,243,904 1.04

1,920 1.783.1 85 1 49 848 836.665 0 7 0

Temmos Group Ag 32.986 640,635 0.53

5,044,799 4.21

DKK Equities DSV N S 82.625 1.274.034 1.06 Fls Industries NS-B Shs 17.856 1,268,912 1.06 Nkt Holding AIS 17,569 923,432 0.77

3,466,378 2.89

EUR Eauities

i.i55.570 0 9 6 Acea Spa Axalto Holding Nv

Bank of Cyprus Pub1

Bauer Ag

Bcncteau

Boskalis Westmnslr

Cd lmrnc International Ag

Uassault Systemes Sa Douglas Holding Ag

Elringklingw Ag

Eriks Group Nv

Evs Broadcast Equity

Ficlmann Ag

Fourlis Sa Friyoglass Sa

Fuchs Pctro Ag Oel Gonerale Location

Gmdis (Ex Calbersn)

Gpe furotunnal Sa

Grifola Sa

lcade

lmtcch Nv

lnterccll Ag Ivg lmrnobiien Ag

Jeronimo Martins Saps

K B S A g

Kloeckncr B Co Ag

Kone Corporation Npv

Kontron Ag

Laboratorios Almir

Mwtic

Metka Sa

Metso Oyj

MlP As Motor Oil Sa Nokian Renkaat Oyj

95,739 42.108

207295 3G.699

93,659 31,831

11 2,954 30.85i 30,144

15,796 6,971

44,695 20,161

55.443 88,284

15.158 25.1 32 14,932 39,074 71,741 14,482 73,921

30.395 41.044

171,742

7,917 25.41 1

73,777 98,800

139.928 26,550 81,253 3: ,487

94,757 41.243

54,086

983,222

1.658.360 2.186.731 1.31 6.846 1,063,474 1,095,654

1,181,902 999,274

975.087 288,599

2,547,615 950.1 88

1,053,417 1.386.059

Y14,937 489.823

7.000.888

394,757 ! ,406,841

1,057,476 1,091.813

935,254 507.304

796,024 2,874,425

929.788 1,637.112

848.692

1,893,776 403,295

1.088.790 927,292

1,028,113 542,758

1,639,888

0.82

i .38

1.83

1.10 0.89 0.91

0.99 0.83

0.8;

0.21

2.13 0.79 0.88 :.I6 0.76 0.41 1.67

0.33 1.17

0.88

0.91

0.78 0.47

0.66 2.40 0.78 1.37 0.71

1.58 0.34

0.91 0.77

0.86 0.45 1.37

Nutroco boldings

Ocstcrrcichischc Post Ag

Orpea Paddy Powcr Premiere Ag

Ptysmian Spa Rational Ag

Rhoen-Kiinikum Ag

Seb Sa Seche Environnernen

Sechilienne-Sidec

Seloger Pronicsscs

Sgl Carbon Ag

Sligro Food Group

Smit lnternationale Nv

Sr Toleperforrnance(Ex Rochef

Stada Afzncimittcl Ag

Stallergenes

Stockmann Oyj Abp

Trevi Finanziaria

Umicore

Unit 4 Agresso Nv

vopak

Vossloh Ag

Wicrier Stddt Versi Ag

Yit-Yhtyma Oy

Zodiac Sa

26,540 37.445 18,045 56,833 94.189

83.256 5,906

45,766 23.337 1 1,204

31,590 51,311

37,687 67,258 2i.193 22,495 27,875 17,266

24,407

79.96; 28,430

35,219 20.108 20.242 32.955

84.860 27.510

1,105,656

928.636 581,4iO

1,165,070 1,331,832

1,358,655 754,373

91 9.439 886,339 932,207

1,517,300 777.875

1,704,583 1,731.894 1,318,205

522.784

1.257.163 920,796 588.209

1,285,693 886.163

578,296 875,703

1,720570 1.4:0,474

1.365.397 802.192

0.92

0.78 0.49

0.97 1.11

1.13 0.63

0.77 0.74 0.78

1.27 0.65 1.42 1.45

1.10 0.45

1.06 0.77

0.49

1.07 0.74

0.48 0.73 1.44 1.:8

1.14 0.67

71,477,508 59.68

GEP Eauities 886 Holdings PIC

Aegis Group Afrcn PIC

Bahcock International Group Betonsports

Brown(N)Group Ccntral African Mining R Fxploration co PIC

Charter

Cookson Group Pic

Domino's Pizza Uk & lrl PIC Ferrexpo Pic

lcap Imperial Energy Cop PIC

informa PIC lntcrtck Group Plc

I arnprell PIC

Nighthawk Fnergy PIC

I'ctcr Hambro Mining PIC

Playtech Ltd

Smiths Group PIC

Tullow Oil

Ultra Electronic

Weir Group The accompanying notes form an integral part of these financial statements.

397,419 934,675

618.294 85,644

1,165,410 109,830

1,122,745

126.894 169,023

260,313 244,l 60 272,226

75,918 224,770 107,239 168.595

679.546 32.928

179,671 95,629

209,279 68,555

11 3.037

743,716 1.273.429 1,342,730

650,290 0

251,013

787,900 1,387,085 1,317,576

591,646 1.21 9,463 1,822.605

874.501 1,137,540

1,335,629 1,215,113

779,763 534.598

1.231,329 1,295,019

2,580,045 1,029,799 1.327.802

0.62 1.06 1.12 0.54 0.00

0.21

0.66 1.16 1.10

0.49 1.02 1.52

0.73 0.96 1.12 1.01

0.65 0.45

1 .c3 1.08

2.15 0.86 1.11

131

AXA World Funds - European Small Cap Equities


WQlktrCam Hldgs P 107,565 1,765,398 1.47

Whitbread PIC 82.208 1.254.638 1.05

27,748,627 23.17

NOK Eauities Sevan Marine As 152.888 1,187,840 0.99

1,187,840 0.99

SEK Equities Oriflarile Cosmctics 6,874 283,200 0.25

Pa Rcsources Ab 104,089 812.351 0.68 Vostok Nafta lrives 24,732 1,475,866 1.23

2,571,417 2.16




EUR Eauities Ipso5 65.589 1.364.251 1.14

1,364,251 1.14


Total Transferable securities dealt in on another regulated market 1,364,251 1.14

Total Investment in Securities 11 2,860,820 94.24 Other Net Assets 6,905,145 5.76


1

i


132

A M World Funds - European Small Cap Equities

,

I


Private Placement

Oil and Gas Chemicals

9.09

7.69

4.52

Electrical Equipment 4.30

Machinery 4.20 Technology

Food and Beverages

Retail

Metals and Mining

Media

Diversified

Financial Services


4.08

4.07

3.82

3.22

3.13

2.97

2.97

2.75

Consumer, Cyclical 2.74 Industrial


Pharmaceuticals

Automobiles

2.68 2.68

2.64

2.18

Miscellareous Manufacture 2.18 Transportation

Hotels Restaurants and Leisure

Marine


2.17

2.07

1.72

1.67

Advertising 1.59 Industrial Conglomerates

Banks

Investment Companies

1.54

1.38

1.27

Healthcare 1.26 Insurance


Basic Materials


Biotechnology


Energy

Entertainment

1.18

1.06 1.02

0.86

0.70 0.77

0.65

0.62

Software 0.48

Trading Companies and Distributors 0.24

94.24

133


Schedule of Investments and Other Net Assets as at 30 June 2008 [in EURJ


CHF Eauities Ncstle Sa

Novartis Ag

3,191 897,825 0.95 73.367 2.502.696 2.66

Ubs Ag 72.465 1.01 0.282 1.07 4,410,803 4.68

DKK Eauities ~~

Carlsbery A& 40,215 2,491,160- ~ 2.64

Uanske Bank N S 72.265 1,337,164 1.42

Topdanrnark N S 12,707 1,257,393 1.33

5,085,717 5.39

EUR Equities AdP %0.008 1.206.482 i -28

Allianz Ag

Bayer Ag Bnp Paribas

Bouygues Canal Plus

Cirnents Frzncais

Deutsche Post Ag

Dt Postbank Ag

E On Ag

Eni

Eutolsat Communications

Gas Natural Sdg Sa Gaz De Frwco

Gpo Eurotunnel Sa

lbcrdrola Sa

K R S A g

Khc Group Nv

Koninklijke Kpn Nv

M6-Metropcle Television

Nokia Oyj

Outokurnpu Oyj

Pagesjaunes Groupe Hepsol Ypf Sa

Royal Dutch Shell PIC Sanofi Aventis

Siemens Ag Socibttc GCncrale

sucz

T i l 1 otal Sa Unicredito Italian

Unilever Nv

12,478 32,912 19.954 42,110

281.825 22.1 76 71,668 21,677

19,265

78.234 56,801 42,276 23.836 84,660

140.792 5.042

24,723 171.296

68.811 135,154

32.966 98.300 52.465

127,644 56.547 16.246 25,181

54.048 87.783

71,103 487.936

48,623 Vivendi Sa 51.114

1,401,279 1,749,273 1,155,536 1,770,726 1,637,403

2,327,371 1.187.539 1.21 4.779

2,449,159 1,829.1 11

1.008.786 1,551,106

967,980 854.219

1,192,508 1,830,599 1.759.041 1,857,995

921,781

2,078,669 753.273

912,697 1,288,509 3264,495 2,384,022 1.1 51.679

1,387,473 2,316,497

909,432 3,762.060

1 B72.343 863,544

1.21 1.913

1.49 1.85 1.22 1 .E8

1.74 2.47

1.26 1.29 2 60

1.94 1.07

1.64 1.03 0.91 1.26 1.94 1.86 1.97

0.98

2.70

0.80 1 .oo 1.38 3.46 2.53 1.22 1.47

2.46 0.96

3.99 1.97

0.91 1.28

GBP Eauities Anglo American PIC 35.497 Bhp Billiton PIC 106,842

Cadbury PIC 196,620 Glaxosmithkline 252,852

Imperial Tobacco 79,866 Prudontial PIC 1 17.609 Royal Bank Of Scotland Group 856,388 Standard Chartered 37,552 Vodalonc Group PIC 1.760.575

NOK Eauities

1,524,250

2.533.029 1.51 5,299

3,555,233 1,843,995

807,490 2,357,902

687,541 3,154,433

17,979,172

1.62 2.68

1 .GI 3.77

: .95 0.86 2.50

0.73 3.34

19.06

~ _ _ _ _ ~

Statoil Asa 84.846 1.954.204 2 07 Telcnor Asa 110,624 1,351,596 1.43

3,305,800 3.50

SEK Equities Atlas Copco Ab 113.567 1.091,335 1.16

Ssab Svcnskt Stal Ab-Ser A 32,890 693.277 0.73

Tcliasonera Ab 264,748 1,399,953 1.48 Volvo Ah-B Shs 152.603 1,195,024 1.27

4,382,539 4.64

USD Equities Anheuser-Busch Cos Inc 70,807 2,798,921 2.97

2,798,921 2.97

Total Equities

EUR Warrants

92,032,231 97.55

Groupo Eurotunnel Sa CAN 30/06/2011 2,831,962 736.310 0.78

736,310 0.78



Total Investment in Securities Other Net Assets

92,768,541 98.33 1,577,816 1.67


54,069,279 57.31


134


I

t

I


Oil and Gas 13.87

Banks

Food and Beverages

Pharmaceuticals

Communications

Utilities

Wireless Telecommunication Services

Media

Chemicals

Insurance

Metals and Mining


Basic Materials

Tobacco

Industrial

Machinery


Industrial Conglomerates



Transportation

Warrants

13.53

9.08 8.96

6 15

7 96 5.22 4.96

3.79

3.68

2 68

2.47 2.42

1.95

1.28

127 1.26

1.22

116

1 00 0.91

0 78

Private Placement 0.73

98.33

1 35




CAD Equities

Foraco International Sa 130,000 245.050 0.32

245,050 0.32

CHF Eauities Rossard Holding Ag

Gunt-Heberlcin Ag

lnterroll Holding Ag

Kardex Ag

I em Holdings Ag

Meyer Burger Technology Ag

Phoenix Mccano

Vetropack Holding Ag Winterthur Tochnologle Ag

Wmh Walter Mew Aa

10,000

750

1,800

13,000

3,200

2,000

1,200 700

12,000 3.000

497,985 443,985

526.619

492.414

663,316

386,872

354,813

1,0?1.803 445,572 396 51 4

0.65

0.58

0.68

0 64

0.85

0.50

0 46 1.32

0.58 0 44

~

5,169,893 6.70

DKK Eauities Auriga Industries-B

Per Aarskff

~

25.000 737,453 0.96

5,000 459.232 0 5 9

United lntl Enterprises Ltd 5,000 345.262 0.45

1,541,947 2.00

EUR Equities Abc Ahitrage 70,000 343,000 0.44 Ablynx Nv . W/I

Adthink Media

Advertine

Atfecto Oyj

Alfa-Beta Vassilopoulos S.A

Amper Sa

Antevenio

Arkoon Network Security

Atenor Group

Auto tscape

Banca lfis Spa

Baron Do I ky

Basicnet Spa

Bastide Le Contort Medical

Bene Ag

BcrtranM Ag

Bigben Interactive

Cards Off Carraro Spa Ccleos

Ccntrotec Npv

Cobra Spa

Df Deut Fotfait Ag

Uias Aqua C(Fishf)

Dietswell Engineering

Duerr Ag

193,434 80,000

4 5 , m

100.000

15,000

40,000

40.000

100,000

8.500 120,000

60,000

10,000

230,000

18,000 90,000

17,000

40,000

15,000

70,000

15,000

30,000

80,000

55,000

170.000

r0,000 15.000

851,110

209,600

359,550

330,000

669.600

374,000

248,000

345,000

365,500 333,600

546.720

500,000

335,110

308.1 ti0 379,800 427,040

320,000

660,000

333.480 238,500

415,200

382.080 313,750

710,600 404,000

394,500

1.10

0.27

0.47

0.43

0.87 0.48

0.32 0.45

0.47

0.43 0.71

0.65 0.43

0.40

0.49

0.55 0.41

0.85

0.43

0.31

0.54 0.49

0.45 0.92

0.52

0.51

Etteplan Oyl

Eurogem

Geiiearl Ag Genfit

G ~ s c o Ag

Gmdv Groupc Monceau Fleurs

Heurtey Petrochern

Ifg Group PIC

lnterscroh Ag

Ion Bcam Applicztions

Koenig 8 Baucr Ag

Ksb Ag

Landi Reno Spa

Mgi Digital Graphic Tcchnology

Mindscape

Olvi Oyj-A Shares

Phoenix Sonncnstrom Ag

Polytec Holding Ag

Ponsse

h a Tcpla Ag

R Stahl Ag

Referencement.Com

Referencement.Com

Rentabiliwcb Group

Reply Spa Hosenbauer International Ag

Roth 8 Raw Ag

Safwood

Schaltbau Holding Ag

Sfakianakis

Sipef (Plant Fin)

Sixt Ag - Ptfd

Skw Stahl Mctallur Ste lnterndtionalc Dc Plantations D Heveas Sa Streamwidc

Tcchnopolis Ojy I-hessalonlki Water Supply & Sewage Co Sa Thrombogentcs

Tipp24 Ag

Touax

Touax Vouage Inv)

Trailor Actm International

Trcvi Finanziaria

Trsb Groupe

Vittoria Assicurazioni Spa

Zianaao Vetro Sm

KdS Bank NV

55,000 262,900

25,000 375,000

25.0Ms 347,500

45.000 303,750 13.000 655,850

50,000 524,500 30,000 276,000

20,000 596,000

240,000 444.000 13.000 770,250

25,000 392,500

25.000 664,250

20,000 390,000

800 352,960

120,ow 468.840 60,000 439,800

20,000 349.400

25,000 592.500

13,000 626,860

40,000 383,200

25.000 308.750

50,000 360.000

17,000 598,740

45.000 0 45,000 348,300

100,000 739.000

1 8,000 363,060 14,000 416,920

2,724 397,432

165,OW 673.200

17,000 81 6,000

65,000 422,500

1,422,030

15,000 344,850

15,000 304,800

3,000

800 508,000

18,000 312,300 104,000 531.140

80,000 504.000

45,000 397,800 25,000 405,750

15,000 489,900

3 , m 95.250

15,000 61 3,800

40,000 643,160

60,000 585,000

30,000 3 3 8.9 7 0 90,000 421.110

0.34

0.49

0.45 0.39

0.85

0.68 0.36 0.77

0.58

1 .oo 0.51

0.86

0.51 0.46

0.61

0.57 0.45

0.77

0.81

0.50 0.40

0.47

0.78 0.00

0.45

0.96 0.47

0.54 0.50 0.87

1.06

0.55

1.84

0.45 0.39

0.66 0.40

0.69

0.65

0.52

0.53

0.63 0.12

0.80

0.83 0.76

0.44

0.55 - .,

33,706,022 43.66


136


Schedule of Investments and Other Net Assets as at 30 June 2008 {in EUR)

GBP Enuities NOK Eauities Abcam Aero Inventory PIC

Afren PIC

Albidon

Anglo Pacific Grp

Asos PIC

Avocet Mining

Bctonsports

Borders & Southern Petroleum PIC

Bowleven PIC

Rraemar Shipping Ssrvices PIC

Caledon Hesourccs

Coal International PIC

Cry0 Save Group Nv Dechrz Pharrnaccuticals PIC

Emcrald Energy PIC

Faroe Petrolcum PIC

Gaming Vc Holdings Sa

Global Oceanic Carrers Ltd

Globus Maritime Ltd

Gulfsands Petroleum PIC

Hlll & Smth Holdings

Hyder Consulting

Hydrodec Group PIC

lntl Fcrrn Metals

ltvine Energy Kcntz Corporation

k e d Petrolcum PIC

London Capital Group Holding

M P Fvans Group

Mwrs Group

Nighthawk Energy Pc

Plant Health Care PIC

Redhall Group PIC

Renew Holdings PIC

Salamander Energy Sdl PIC

splcc PIC

Stanley Gibbons Grcup

Tolecom Plus PIC

Tcnon Group

Tge Marine Ag

Titanium Hcsources Group Ltd Volga Gas PIC

Worldspreads Group

Wsp Group

65,000 50,000

538.400

150,000 230,000

120,000 200,000

230,000

400.000

150,000

60.0M)

400,000 400,000

150,000

130.000 120,000

200.000

120,000

170.000 60.0M:

170,000 120,000

60,000

6OOSWO 240.000

8,000,000

250.000 800,000

90,000

70.000

100,000

800.000

11 0,000 130,000

400,000

100,000 80,000

50,000 150,000

120.000

600,000 2,017

585,000

60,000 300.000

60,OM)

100.000

361,629

355,623 1,169,227

372.693

665,979 496,165

388.1 82

0

414,735

694,176

402,849 61 1.987

379,331 353.726

666,137

589.101 440,6563

339,880

360.048

343.294

466.600

474.543

285.067 381,228

381,607

326.725 548.449

601.872

365.01 1

358.68Y 360,048

91 7,981

563.306

519,430 503,246

415.683

289.050 351.513

298.723

470,370 405,884

325.172

196.01 9

371,744

378.383

401,337 259.209

0.L7

0.46 1.51

0.48

0.86 0.64

0.50

0.00

0.54

0.90

0.52 0.79

0.49

0.46 0.86

0.76 0.57

0.4C

0.C7

0.44

0.61

0.61

0.37 0.49

0.49

0.32 0.71

0.78

0.47

0.46 0.47

1.19

0.73

0.68

0.66 0.55

0.37 0.46

0.39

0.6 1

0.53 0.42

0.25

0.48 0.49

0.52

(1.34 Zenergy Power PIC

Codfarmers Asa 120,000 380.448 0.49

Equinox Offshore Accornmodat 260,000 407,264 0.53 Funcom N.V. 90,000 319.621 0.45

Havila Shipping Asa 22,000 228.820 0.30 lrnarcx Asa 25,000 405,698 0.53 London Mining PIC 80,000 338.8L4 0.44 Mcrkantildata Asa 100,000 428.567 0.56 Odim Asa 180,000 1.973.666 2.55

Opcra Software Sa 200,000 551,373 0.71 Pctromena As 200,000 443,605 0.57

I’rotcctnrs Fors Asa 258,000 219.848 0.28 Reservoir Explorat 45,000 360,899 0.47 Scana Industrier 250,000 413,530 0.54 Star Rcclcrs Inc 16,003 479.193 0.62 Tts Marine Asa 70.000 701,748 0.91

7,683,124 9.95

PLN Eauities Astarta Holding Nv

Eurocash Sa 40.000 438.520 0.57

120,000 428.986 0.56

867,506 1.13

SEK Equities Addtech Ab Angpannetoreningcn

Be Group Ab

Connecta Ab

G & L Reijer Ab& Shs

Know It Ab

Medivir Ab-R Shs

Ncdcrman Ab

Semcon Ab

Sensys Trafk Ab

Tethys Oil Ab

Total Equities

EUR Rights

35.000

38.000 65,000

70,000 20,000

100,000

60,000

45,000

70.000

750.000

180,000

486.045

691.989 412,385

509,143

344,030 599.929

369,514

402,563

470,121

262 8 0 1

439,594

4,988,914

0.63

0.90 0.53 0.66

0.45

0.78

0.48 0.51

0.61

0.34

0.57

6.46 -

74,826,258 96.93

Prima lndustrie SD 14.000 17.710 0.02

17,710 0.02



20,623,802 26.71


137




EUR Equities Prima lndustrie Spa 14,000 237,300 0.31

237,300 0.31

GBP Equities Harareaves Service 70.000 544.3LO 0.70

544,340 0.70

Total Equities 7a1,mo 1.01

another regulated market 781,640 1.01 Total Transferable securities dealt in on


EUR Eauities Easvdentic 32,000 721,280 0.93

Total Equities

EUR Warrants

I

1

721,280 0.93

721,280 0.93

Easydcntic 32,000 9,920 0.02

Kortnl 165.000 41.250 0.05

51,170 0.07

SEK Warrants

I

1-ethvs Oil Ab Stockholm 42.000 35.677 0.05

35,677 0.05

Total Warrants 86.847 0.12

Total Other transferable securities 808.127 1.05


CHF ODen-ended investment funds Shapc Capital Ag 2.800 447.938 0.58

447,938 0.58



76,a81,673 99.59 319,912 0.41


I


1 38



Private Placement Industrial

Oil and Gas Machiney Financial Services Consumer. Non-cyclical Chemicals Energy Metals and Mining Computers, Software and Internet Food and Beverages Technology Electronic Equipment and Instruments Communications Engineering and Construction Agriculture Automobiles Transportation Diversified Retail Environmental Control Biotechnology Hand and Machine Tools Miscellaneous Manufacture Holding Cornpanies-Divers Entertainment

Commercial Services and Supplies Electrical Equipment Insurance Real Estate Building Materials and Products Utilities It Consulting and Services Open-ended investment funds Packaging&Containers I iealthcare Office and Business Equipment Coal Internet Apparel Investment Companies Industrial Conglomerates Consumer, Cyclical Basic Materials Media warrants

7.04 6.32 5 29 5 06 4 27 4 08 3 94 3 93 3 76 3 75 3 42 3.1 1 3 10 2 60 2 03 1 97 1.78 177 1 56 1 49 141 1.08 1 06 1 04 0 97 0 81 o a i 0.72 0 69 0 66 0.65 0.61 0 58 0 55 0.51 0 49 0 49 0.47 0.43 0 42 0 39 0.36 0.32 0 27 0.12

Hotels Restaurants and Leisure 0.00

99.59

1 39


Schedule of Investments and Other Net Assets as at 30 June 2008 (in USD)


USD Bonds Jp Morgan lntl Derivativ 0% 19/01/200Y 45.000 497,025 0.26

497,025 0.26

Total Bonds 497,025 0.26

BRL Equities All America 1.atina Logistica Sz 185.000 2,357,290 1.24 Brascan Residential Prooerties Sa 50.000 270.910 0.15

2,628,200 1.39

GBP Equities Landkuni Ir,tcrnational PIC 1.028,461 1.710.275 0.90

Xxi Century lnvcstments Public L.td 85.000 1,777,460 0.94

3,487,735 1.84

HKD Equities China Cosco Holdings Co Ltd 544.500 1.279.986 0.68 China Green Holdings Lid 1.086.000 : ,277,852 0.67 China Shcnhua Fnergy Co Lid -H. 431,000 1,654558 0.87 Cnpc Hung Kong Limited 5.670,000 2.51 4,590 1.33 Dba Talccommunication Asia 1.836.000 211,799 0.11

Guangdong Investment Ltd 5,552,000 2,334,163 1.23 Guangzhou Pharmaceutical-H 2.508.000 1,716,630 0.91 Hopcwell Holdings 477,000 1,705,810 0.90 Industrial &Commercial Bank of China 3 , i 70,OCO 2,177,870 1.15

Maanshar Iron 8 Steel 1 ,600.000 929.022 0.49 Parkson Retail Group Ltd 300,000 2,195,661 1.16 Shanghai Industrial Holding Limited 550,000 1593,234 0.84 Zhejiang Glass Co Ltd 2,553,000 1,740,686 0.92

21,332,061 11.26

IDR Eauities ~

Bk Rakyat 3 903,000 2,138,920 1 1 3 Perusahaan Perkehunan London Sumatra Indonesia Tbk R 2.058.000 2,322,648 1 23 Tambang Batubara Bukit Asam Tbk FI 1253,M)O 2.155.187 1 13 Iclckomunikasi Indonesia Tbk R 2 000 000 1.584.373 0.84

8,201,128 4.33

MXN Eauities Banco Cornpartarnos 4 14.294 1,547,964 0 82 Grupo Financier0 Banorte-0 600,000 2,771,972 1.46 Sare Holding Sa De Cv 1,427529 1,893,176 1 .OO

6,213,062 3.28

MYR Eauities

Kencana Petroleum 2,763.000 1,507.476 0.80 'Tenaga Nasional Bhd 835.000 7,073,103 1.08

8,478,804 4.47

PHP Equities

Banco De Oro-Epci Inc 978.000 949.992 0.50 Mcgaworld Corp

Universal Robina Cow 17.220,OOO 476.811 0.25 2,760,000 631.720 0.34

2,058,523 1.09

SGD Equities Fibrechem Technologies Ltd 2,270,000 1,099,395 0.58 Tat Hong Holdings Lid 1,759,000 2.387.929 1.26

691 .OM) 2.570.809 1.36 Wilmar International Ltd

6,058,133 3.20

THE Equities

ptt Aromdics & Refining Pcl 1,395,239 969,407 0.51

Thai Farmers Bank-Foreign 800,000 1.753.392 0.93 2,722,799 1.44

TWD Equities First Financial Holding Co Ltd 2,137,000 2.279.317 1.20 Polaris Sccuritics Co Ltd 3 01 7,000 1,857,257 0.98

4,i 36,574 2.1 a

USD Equities Afk Sistema 58.000 1,783,500 0.94 Arc Capital Holdings Lid

Banco Bradesco Sa Bank Of Georgia

Chunghwa Telecom Co Ltd

Cia Siderurgica Nacl-Sp Adr

Cia Vale Do Rio Doce

Credicorp Lid Evraz Group Sa lcici Bank I f d

lnfosys Technologies-Sp Adr

lnvestcorp Bank Bsc

Kazakhstan Kaga-Gdr Regs

Kookmin Bank

Lukoil-Spon Adr

Magnitogorsk Iron 8 Steel Works

Nagarluna Construct-Gdr Regs

Oao Gazprom-Spon Adr Rog S Petrolco Brasileiro SA.-Adr

Samsung Electronics-Gdr Rcgs Sterlite Industries India Ltd

Taiwan Somicndctr Mfg Co 1. Tam Sa Unibanco-Gdr

1.638.068

S7,500 70.0M3

11 1,300 80,000

105,000

33,000 30,000

48,000 5 7 . m 74,000

520,000

35.000 31.000

130,000

300.000 65,000 82.000 9,000

11 0,000

250,000

100,000 20.733

2,309,676

2.008.500

1.4Y8.000 2,733528

3.496.800 3.725.400 2.641.980 3,570.000 1,423,680 2,452,710 1.813.000 1,653,600

2,060,100

3,096,900 2,314,000

979.806 3,796,000 5676,860 2.729.250 1,775,400 2,717,500

1,899.000 2.62Y.I)Rl

1.22

1.06

0.79 1.44 1.85 1.97 1-39 1 .88

0.75 1.29

0.96 0.87

1.09 1.m 1.22

0.52 2.00

3.00 1.45

0.94 1.43 1.00 1.39

Commerce Assot- Holding Bhd 680,000 1,698,697 0.90

Gamuda Bhd 2,117,000 1,544,356 0.82 ljm Corp Bhd 1,000,000 1,655,l 72 0.87


60,785,171 32.08

1

I

i i I \

1

I 1 I I

i I

i

I

! !

140


1

I

I

I

I

t

I

I I

I


ZAR Eauities -

Adcorp Holdings Ltd 39.91 5 i ,073.i 28 --o 56 Aspen Phamacarc Holdings hmited 350,000 1,370,702 0 71 Bidvest Group 157.81 6 1,965,809 104

Metorcx Ltd 510.000 1.436.774 0.76

Total Equities

USD Warrants

5,846,413 3.07

131,948,603 69.63

Bnp Par.CwO9 Taiwan Fertili 1 O/l2/2009 Citigrp-CwO9 Tawan Cement 20/01/2009 Citigrp-CwlO Gs Holdings Co 20/01/2010 Cttigrp-CwlO Hankook Tire C 20/01/2010 Merrill-CwlU Dubai Islamic 12/01/2010 Merrill-CwlO Emaar Propcrti 12/01/~010 Merrill-CwlO Qatar Gas Trans 26/07/2010 Merrill-CwlO Sorouh Rcal Est 22/06/2010 Merrill-Cw12 Jindal Saw Ltd 28/09/?012 Merrill-Cwl2 Megastudy Co L 18/07/?012

670,000

1.232.000

47,000

175,000

632.500

680,000

275,000

1,20G.000

90,000

4.586

2500,775

1,655,808

1,788,491

2,422,350

1,382.708

1.998.656

2.916.265

2971,200

1,090,530

I 47~17nn

1.32

0.87

0.94

1.28

0.73

1.06

1.54

I J 7

0 5.8

* r

,. . . , ._ 075

20,155,483 10.64


Total Transferable securities admitted to an official exchange listing 152,601 ,I 11 80.53


EGP Equities Efg-Hermes HoldinG Saa 210,000 1,910,268 1.01

El Sewedy Cables Folding Co 99.056 2,449,977 1.29

4,360,245 2.30

USD Equities Rtm Oao 345,000 686,550 0.36

686,550 0.36




USD Equities Sborbank Rossii 8.50 O M 7 737 noo 144

Total Equities

USD Warrants

2,737,000 1.44

2,737,000 1 .44

Bnp Paribas Arbitrage Issuance 23.1 70 1.530.189 0.81 Citigroup Global Mkts Hldgs In 60,000 1,458.420 0.77

Murrill Lynch International 800,000 2.687.280 1.42

Mcrrill Lviich lritl 44.000 1.741.318 U92

7,417,207 3.92




BRL Open-ended investment funds Seb Sistema Fducac 180,000 2,858,566 1.51

2,858,566 1.51


Total Investment in Securities 170,660,679 90.06 Othcr Net Assets 18,825,525 9.91



141



Financial Services 16.13 Warrants i 4.56 Basic Materials 9.62 Industrial 6.87

Energy

Banks

Consumer, Cy"clical Consumer, Non-cyclical

Communications

Utilities

Agriculture


Onen-ended investment funds

Electronic Equipment and Instruments

Technology

Diversified

Coal Holding Companies-Divers

Metal Fabricate and Hardware


Oil and Gas Healthcare

Retail

6.83

5 49 4.42 4.07 3 33 3.08 1.90 1.74 1.51 1.43 1 29 1.23 1.13 1.04 0.94 0.92 0.80 0.71

0 51

- "

Heal Estate 0.51

90.06

I 1

142

AXA World Funds - Framlington Global Technology



USD Bonds Jp Morgan International 0% 23/03/2012 340,900 135,576 181

135,576 1.81

Total Bonds

EUR Eauities

135,576 1.81

Asml Holding Nv 2.940 71.173 0.95 Nokia Oyj 5,900 142,923 1.91

214,096 2.86

GBP Equities

Arm Holdings PIC 64,000 111,208 1.49 Autonomy Cow PIC 5,800 102.053 1 36 Imagination Tech Group PIC 67.810 95.546 1 2 8

Sepura Ltd 43,799 76.979 1.03

385,786 5.16

JPY Equities

Nintendo Co Limited 400 229.874 3.08

Toshiba Corp 12.000 87.842 1.17 317,716 4.25

KRW Equities

Samsung Electronics Co t.imited 165 :01.883 1.36

101,863 1.36

NOK Equities Stepstone Asa 39,600 121,148 1.62 Tandberg Asa 5,050 83.626 1-12

204,774 2.74

USD Equities Adobe Systems Inc

Akaniai Technologies

Allscripts Hcalthcare Solutions Inc

American ToWQr Cop-CI A

Apple Computer Inc

Aruba Networks Inc

Ceragon Nctworks Ltd Cerner C o p

Ciena Cow Cisco Systems Inc Cogent Communications Group Inc

Corning Inc

Data Domain Inc

Datacraft Asia Ltd

Ebay Inc

Electronic Arts Inc

Cmc Corp/Mass

Flir Systems Inc

2,500 4,170 5,350

4.61 0

1,100

16.280 :2.200

1,776 4,140

10,520 5,710 9,050 4,500

99,000

2,9a0 1,590

8.830 4.680

Y9.500 144,115

68.113

191,269 187,099

88.238 94,916

78.878 ~ a . 9 4 6

248.377 79,540

212,223

103,320 100,980

82,278 69.865

130,419 193.658

1.33

1.93

0.91

2.56 2.50

1.18 1 2 7

1.05 1.32 3.32 1.06 2.84

1.38

7.36

1.11 0.94 1.75 2.59

Foundry Networks Inc

Gmgle Inc

Hon Hai Pracision'Gdr Reg S

12 Technologies Inc

Intel Corp

lntersil Cow Lawson Software Inc

Mczfce Inc

Micros Systems Inc

Micrvscrrri Cvrp

Nds Group Plc-Spons Adr

Netlogic Microsysterns Inc

Nvidia Corp

Oracle Corp

Pmc - Sierra Inc

Polycom Inc Qualconrm Inc

Research In Motion Riverbed Technology Inc

Salesforce.Com Inc

Silicon Motion Iechnology Corp

Sonus Networks Inc

Syrwpsys Inc

Taiwan Scmicndctr Mfy Co L

1 akc- Two Interactive Softwar

lcsscra Technologies Inc

Thq Inc

Vistaprint Ltd

Vmware Inc Websense Inc

9,000 305

3,444 7,500 9.360

5.890 15,700 3.008 3.900

10.440 2,2m

3,OM)

1.020 12,130

15.0M1 4,200

4,700 865

4.460 1.460 1,520

20,080 5,650

15,154 3.552 6.600 6,000 4,690

5 70 4.219

109,260 161,061 34,406 95,325

201 , I 4B 145,l 30 11 5.709

103.385 120,705 771.544 109,296

100,710 77,502

258,248

116,700 104,496

214.555 107.067 61,682

100,185 22.853 70,682

134,809

164,724 91.50C

75,256 11 8,500 123.488

29,099 72.314

1.46 7.15 0.46 1.27 2.69

1.94 1.55 1.38 1.61

3.63 1.46

1.35 1.04 3.45

1.56 1.40

2.87 1.43

0.82 1.34 0.31

0.95 1.80

2.20 1.22

1.01 1.58 1.65

0.39 0.97

5,783,171 77.34




7,142,982 95.52 334.802 4.48



1 43

AXA World Funds - Frarnlington Global Technology


Communications 33.92

Technology


Semiconductor Equipment and Products

lnlernet


Industrial

Corporate Bonds

31 78 11.26 4.51 3.62 3.21 2.59 1.81

Commercial Services and Supplies 1.65 Electrical Equipment 1.17

95.52

I ‘I

144

AXA World Funds - Framlington Health



CAD Equities Shoppers Drug Mart Ccrp 4.224 232.426 0.70

232,426 0.70

CHF Equities Ncwron Pharmaccu:icals Spa 3,621 109.523 0.33

Nobel Biccare Ag 9.45c 303.712 0.Y3

Novartis Ag 8,207 440.947 1.33 Roche Holdings Ag 3,802 652,709 1.97

Schweizehall Holding Ag 800 171,773 0.52

I ,678,664 5.08

DKK Equities Novo-Nordisk N S 5,200 342,629 1.04

342,629 1.04

EUR Eauities Frcsonius Medical Care Ag& 11,689 645,114 1.95

Jcrini Ag 5,79i 31,833 0.10

676,947 2.05

GBP Equities Acambts PIC

Advanced Mcdical S Ardana PIC

Corin Group PIC

Hutchison China Mc

Lombard Medical Technologies PIC

Osmetech

Prostmkan Group PIC

Shire Ctd

Synergy Healthcare PIC

Tepnel Life Scienc

Vcrnalis PIC

121,287

365.557

184.774

36,208 72.749

987.204

41 8,260 287,287

24.139

30.1 74

110,725

w3.473

282,OOY 242,069

23.919 1 15,376

177,482

191,692

137.443 454,857

391,804

145,590

0

60.693

0.85 0.73

0.07 u.35 0.54

0.58

0.42

1.38

1.18

1.35

0.00

0.18

2,522,934 7.63

HUF Equities Richtor Gedeon Veg 7,655 559,153 1.69

559,153 1.69

JPY Equities Nichi-lko Pharmaceutical Cc 14,550 359,141 1.08

Scsei Co 1.td 229 88.454 0.27

447,595 1.35

USD Equities Alcon Inc 3.809 613,782 1.86 Alcxion Pharmaceuticals Inc 8.650 629.634 1.90 Allergan Inc 12.700 655,066 1.98 Allscripts Hcalthcaro Solutions Inc 47.847 546.299 1.65

Altus Pharmaceuticels Inc 42,243 183,335 0.55


Arnericw Medical Systems Holdings Inc

Amylin Phmiaceuticals Inc

Ancsiva Inc

Arthrocare Cow Barr Laboratcrics Inc Biomarin Pharmaceuticals Inc

Brookdale Senior Living Inc

Cardica Inc

Cclcra Gcncmics Group-Appler

Cclgene Corp

Ccphalon Inc

Cemer Ccrp

Cvs Corp Daita Inc

Eclipsys Ccrp Fli ILilly & Co Ev3 Inc

Exclixis Inc

Genentech Inc

Gen-Probe Inc

Genzyme Gorp - Genl Division

Gilead Sciences Inc Hms Holdings Corp

Hologic Inc

lccn PIC lndevus Pharmaceuticals Inc

lnsulet Corp

lnvcntiv Hcalth Inc Kv Pharmaceutical Co-CI A

Lhboratory Corp Of America Holdings Medtronic Inc

Merck 8 Co. Inc.

Mcridim Bioscicncc Inc

Micrus Endovascular Cvrp

Nuvzsive Inc kxstage Medical Inc

Onyx Pharmaceuticals Inc Optimer Pharmaceuticals Inc

Orasure Technologies Inc

Orchid Ccllmsh Inc Pdl Riopharma Inc

Phase Forwzrd Inc

Psychiatric Solutions Inc

Sequenoni Inc

Sonic Innovations Inc

Spcctranctics Corp

Stryker C o p Therriio Electron Corp

Trans1 Inc Trizetto Group

Varian Mcdical Systcrns Inc

Vnus MCdical lcchnolqics Inc

21,122

12.069

54,313 15.619

3.988 17,133

12.992

36.2C8

25,000

8,650

6,949

7,718 11,721

i 1,494

23.980 9,074

24,139

24,139 4,928

10,500

9,4c7

19,045

22,329

35,000

2,975

32,530 19,518

28,725 12,069

4,499

9,293

1 i ,466 12,533

23,415

19,668

31,709 14,900

24.688

50,692 79.689

24,139

18.1G4

15.937

23,675

35,321 28,518

6.397

10,343 3,200

20,000 8,449

5.764

315,980

315,846

162,939

650.688

179.061 51 4,675

277.899

31 0,665 291.750

547,805

469,752

352,713

466,144

619.067 448.426

413,865

226,907

122.868 358,364

503,475

682,478

1.006,718

486,326

770,700

229.878 50,747

319,510

805.449 228,466

31 1,691

476.1 73 424,013

348,919

320,786

880.733

128,739 529,397

206,145

200,233 217,496

254.1 84

317,725

607,040

361,991

107.376 284,610

398.277 572,175

45,856

432,200 434,532

11 8.047

0.96

0.96

0.49

1.97 0.54

1.56

0.84 0.94

0.88

1.66

1.42

1.07

1.41

1 .a7 1.36

1.25

0.69

0.37 1.08

1.52

2.06

3.04

1.47

2.33

0.70 0.15

0.97 2.44

0.69

0.94

1.44

1.28

1.06

0.97

2.66 0.39

1.60

0.62

0.61

0.66 0.77

u 96 1.84

1.09 0.32

0.86

1.20 1.73

0.14

1.31 1.32

0.37

145

AXA World Funds - Frarnlington Health


Volcano Gorp 27.217 328.509 0.99

Wcllpoint Inc 5.430 261.074 0.79

Wyeth 14.05% 647,657 1.96

23,972,856 72.51


GBP Warrants Lombard Med Tech A WiS 09/07/2010 41,400 0 0.00

Lombard Med Tech A WTS 07/09/20 1 2 41.400 0 0.00

0 0.00

USD Warrants Axonyx Inc Stock Pur Wts 10,000 0 0.00

0 0.00

Total Warrants 0 0.00



GBP Equities Tepnel Life Scicnc 1.676,869 300.561 0.91

Vcctura Groun 362.084 322.696 0.98

623,257 1.89

USD Eauities Endocare Inc 36,671 170,153 0.51

170,153 0.51




GBP Equities Care Uk 31.984 272,308 0.8?

272.308 0.82




TOTAL NET ASSETS

31,498,922 95.27 1,565,OI 9 4.73

33,063,941 1M1.00

I

I

i


1 46

AXA World Funds - Framlington Health



Pharmaceuticals

Healthcze

Technology Blotechnology

Communications


Consumer, Cyclical


Retail

investment Companies

Warrants

15.67

8.97

5.04 3.97

2.44

1.73 1 4 1

1.31 0.70

0.52 0.00

95.27

t

1 47

M A World Funds - Framlington Japan

Schedule of Investments and Other Net Assets as at 30 June 2008 (in JPY)


JPY Equities 1.95 7,400 9,775,400 Aeon Cc Limited

Ajinomoto Co Inc Asahi Glass Co ILimited

Bridgestone Corp

Doutor Nicjires Ho East Japan Railway Co Fanuc Limited Fuji Photo Film Co Limited

Hisarnitsu Pharmaceutical Co Hitachi Construction Machine lbidon Co Ltd lzurni Go Limited Kamigurni Co Ltd

Kawasaki beavy lndus Ltd

Konica Corporation

Kuhota Corp Mcisci Industrial Co Limited Mitsubishi Tokyo Financial Group Inc

Mitsui 8. Co Ltd

Nichi-lko Pharmaceutical Co Nintendo Co Limited

Nippon Chemiphar Co Limited Nlppon .Telegraph 8 Telephone

Nishimdtsuya Chain Co Limited Nomura Holdings Inc

Rcsona Holdings Inc Ricoh Company I-imited

Sekisui Chemical Co Ltd Shiga Hank Limited

Shln-Etsu Chemical Co Ltd Srnc Corp Sony Financial Holdings Inc Sosei Co Ltd Sumitomo Mitsui Financial Group Inc T&D Holdings lric

Takeda Chemical lndustrics Toho Pharmaceutical Co Limited Toshiha Corp

1 oyota Motor Corp Uni-Charm Corporation

1 5,000 6,000 5,100 6,700

20

YO3 1,700 2,500 4.200 1,600 6.000

14.000 29,000 11 .M)o

18.000 14,200 4,000 3.800

300 7,000

29 5 ,5CO 6.700

86 5,000

13,000 12,000 1,400

900 18 L6 21

1,900 2.200

4.000 12,000 4,300 2.500

14,000

15,000,000 7.926.0CO 8,394.600 7,717,400

16,900,000 9,630,000 6.256.003

11,375,000 12,726,000 6,320,000 9,588,000

11,130,000 8,439,000

20,207,000 10,850,000 5,958.000

13248,600 9,160,000 9.956.000

18.300.000 3,500,000

14,964,000 5,302,000

10,626.200 13,932,000 9,450,000

9.5?9.000 8.424.000 9,240.000

10,251,000 8,010,000 1,886,000

17.283.000

12,654,000 11.836.000 8, l 40,000

9,324,000 21,801,000 19,350,000

2.99 1.58 1.68 1.54 3.37 1.92 : .75 2.27 2.54 1.26 1.91 2.22 1.68 4.03 2.17 1.19 2.61 1.83

1.99 3.65 0.70 7.99 1.06 2.12

2.78 1.09 1.90 1.68 1.84 2.05 1.60 0.38 3.45 2.53 2.36 1.62 1.86 4.35 3.86 1.91 Ushio Inc 5,600 9.559.200

443,918,400 88.59




443,918,400 88.59 57,183.828 11.41

TOTAL NET ASSETS 501,102,228 100.00 The accompanying notes form an integral part of these financial statements.

1 48

AXA World Funds - Framlington Japan

t

I


Banks

Machiney

Retail

Automobiles

Electrica Equipment

Healthcare

Pharmaceuticals



Consumer, Cyclical

Financial Services


Transportation

Food and Beverages

Communications

Industria

Insurance

Office Electronics

Chemicals


10 55 6 76 6 46

6 03 5 69 5 48

5 34

5 28

4.58

3 73 3.72

3 65 3.37 2.99 2.99

2.94

2.53 1.89

1.84

1.58


88.59

149

AXA World Funds - Human Capital



CHF Equities

Baloise Holdings 6,540 433,157 1.26 Lindt & Spruengii : 35 740.928 0.70 Nobel Biocare Ag 15,400 314,236 0.91 Panalpina Welt Ag 4.625 312.945 0.91 Schindler Holding Ag 9.050 438,001 1.27

Swisscorn Ag 2,000 421,420 1.23 Svnuenta Aa 2.500 5057% 1 47

DKK Eauities

~~ ... 2,666,453 7.75

~

Novozvmes NS-R Shares 8.410 498.414 1.45

498,414 1.45

EUR Equities AOP Asm Spa

Air France

Alstorn

Atos Origin

Banco Espirito Santo-Reg

Bca Pop Di Milano

Eeiersdorl Ag Doskdlis Wcstmnstr

Cap Gemini Sa

Casino Guichard Perrach-Pfd

Christian Dior

Cie Gen Gcophysiqu

Cnp Assurances

Coca-Cola Hellenic Bottling

Dassauit Systcmcs Sa Dcc

Dexia Dt Postbdnk Ag

Eiffage

Fortum Oyj

Frescnius Ag

Gamcsa Corp Tecnologica Sa

Gas Natural Sdg Sa

Gw De rrancc

Heineksn Holding Nv

Henkel Kgaa

Iberia Lineas Acreas De Espana

lndra Sistemas Sa

Irish Lifc & Perm

Jc Uecaux Sa

Klcpicrre

Konc Corporation Npv

Mcrck Kgaa

Mobistar

Monte Pasch Sicna

6,100 220.000 20,775

3,075 3,500

16.500 63,500 10,600 14,040

10,300 3.900

5,885 15,500 5,800

19,000 14,700 28,850 25,000

8.700

7.125 14.768

7.300 18,400 i3,450

9,000 10,600 9,500

163,000 26,500 33.000 23,100

5,935 19.200

7,315 8,800

252,800

367.830 51 5,020 320.558

449.871 127,505 167.970 380.497

490,750 469,076

382.851 205,218

392,824 451,825 41 9,282

320,720 563,l 57

454.099 252.250 487,548 314,569 459.728

404,201 588.800 493,481 365,490

308,234 238,735

281.990 434.070 247,500

381,381 190,514

426.048 653,230 427.416 431.277

1.07 1.50

0.93 1.31

0.37 0 . 4 ~

1.11 1.42

1.36 1.11 0.60

1.14 1.31

1.22 0.93

1.64 1.32

0.73 1.42 0.91 1.34 1.17

1.71 1.43

1.06 0.89 0.69 0.87

1.26 0.72 1.11

0.55 1.21

1.90 1.24 1.75



Natexis Bqe Populaire

Neste Oil Oyj

Oko Bank-A

Outokurnpu Oyj

Pagesjaunes Groupe

Premiere Ag

Randstad Holding Nv

Rhodia

Saipem Salzgitter Ag

Sanorna-Wsoy Oyj

Sbm Offshore NV

Sodexho Alliance Sa Technip-Coflaxip S.A.

Teiekon; Austria Ag

Tfl

Umicorc

Wartsila

Wcndci lnvestissernent Conu

42.300 29,400 34,630

24,000 41.290 28.000 17,315 20,700

17,315 3.980

19,000 17.315 11,130 3,580

28,000 26,000

14,825

9,600 2.150

31 4,289 410,816

380,584 548,400 395,971

395,920 386,990

249,021 501.269 480.983 264,860

394.436 473.025

207,139 383,040 269.360

462,095 377.664 144.158

0.91

1.19 1.11

1.59 1.15 1.16

1.12 0.72 1.46 1.40

0.77 1.15

1.37 0.60 1.11

0.78 1.34

1.10 0.42

20,903,030 -60.72

GBP Equities 33.000 341.948 0.99 31 Group PIC

Arriva PIC 55.000 452,036 1.31 British Energy Group PIC 25.000 223.805 0.65

Cable & Wireless PIC 190.000 354.118 1.03 Cairn Energy PIC 14.450 585,954 1-70

Capita Group PIC 66.000 568,731 1.65 Firstgroup PIC 70.000 462,468 1.34 Friends Provident 271.500 363.892 1.06 Hammcrson PIC 20,150 221.917 0.64 Johnson Matthey PIC 22.700 525,834 1.54

London Stock Exchange Group PIC 10,oM: iO1.850 0.30 Pennon Group PIC 56.0OU 445,031 1.29

239,130 0.69 Provident Financial PIC 24.000 Serco Group PIC 97,000 543,954 1.58 United Business Mcdia PIC 40,000 271,095 0.79

5,701,763 16.56

NOK Equities Stolt Offshorcs S A . 29.000 415,190 1.20 Storebrand Asa 73.1 00 357,252 1.03

11,400 628,565 1.83

1,401,007 4.06 Yara International Ass

150


Schedule of Investments and Other Net Asets as a t 30 June 2008 (in EUR)

SEK Equities

Atlas Copco Ab 49,650 478.429 1 3 9 Skanska Ab-8 Shs 41 .COO 378.752 110

Ssab SvensM Stal Ab-Ser A 21,500 453.159 1.32

1,310,340 3.81


Total Transferable securities admitted to an official exchange listing 32,481 ,MI7 94.35

Total Investment in Securities 32,481,007 94.35 Other Net Assets 1,944.1 57 5 65



151



Energy

Banks

Communications

Insurance

Utilities

Basic Materials

Oil and Gas



Industrial


Chemicals

Media

Healt hcare

7 93 5 91

5 72 5.29

4.07

4 82 4 79

4.77

4.71

3.72

3.71

3 64

3 50 3.50

_ "

Technology 2 90

Machinery 2 37


" " Consumer, Cyclical

Food and Beverages

2.30

2.19

Financial Services 2.10


Industrial Conglomerates 1 74

Electronic Equipment and Instruments 1 54

It Consulting and Services 1.48

Diversified 1.36


Real Estate 119

Venture Capital 0 99 Airlines 0 82

Household Products and Durables 0 69

94.35

I 1

152

AXA World Funds - Hybrid Resources

I



AUD Equities Felix Resources Ltd

Gloucester Coal Ltd

Panaust Limited

25,000 409,620 0.46 55.000 647,844 0.7:’

300,000 289,907 0.33

Straits Resources Limited 55.000 348.514 0 3 9

1,695,885 1.90

CAD Equities Addax Petroleum Corp

Canadian Natural Resources

Canadian Oil Sands Trust

Equinox Mincrals Ltd

Foraco International Sa

Grande Cache Coal Corp

Magindustries Corp

Opti Canada Inc Quadra Mining Ltd

Thompson Creek Mdals Co Inc Tristar Oil + Gas Ltd NCW

9,000

5,000

9.000

70.000

81,200 50,00G

150,OCO

16,000 15,CK)O

16.000 29.500

/131,719

497,105

a73.848

308.971

2d1.081

384.482

480.974 375.753

310.258 316,849

590.905

- 0 48 0 56

0 53

0 35

0.27

0.43

0 54 0 42

0.35

0 36 0.66

4,411,945 4.95

EUR Eauities Arcelormittal

K & S A y

Sioef (Plant Fin)

17,000 1.705.087 1.92 2,000 1.:43.708 ! .2B

55G 410.625 0.C6

3,259,420 3.66

GBP Euuities Atren PIC

Anglo American PIC

Aquanus Platinum Lx Bhp Billiton PIC

Eurasian Natural Resources Corp Ferrexpo PIC

lntl FOKO Metals

Jkx Oil & Gas PIC

Nighthawk Energy PIC

Petrofac Limited

Rio Tinto PIC Tullow Oil

Vedanta Rcsources

Wellstream Hldgs P

Western Canadian Coal Corp

Xstrata PIC

150,000

9,000

22,000

33.000 20,000

60,000

150,000

40,000

250,000

35,000 15,300

48.000 11,000

14.000

50.000

10.000

513,074

608.697 357,962

1,232,273

533,736

a71,998

375,656 41 5,438

451,833

505.356 1,780,406

932,046 473.412

361.905

445,610

783.476

0.58

0.68 0.40

1.38

0.60

0.53

0.42 0.47

0.51

0.57

2.00 1.05

0.52

0.40

0.50 0.88

10,242,878 1 1.49

SEK Equities 531,663 060

Vostok Nafta lnves 10,500 986.897 i .10

Tanyanyika Oil Co 22,000

1,518,560 1.70

USD Equities Alpha Natural Resources Inc 7,500 771.225 0.86

Anadarko Petroleum Corp

Apache Corp Arena Resources Inc

Atwood Oceanics Inc

Cabut Oil 8 GTS C o p

Callon I’ctrolourn Corp

Carrizo Oil 8 Gas Inc

Century Aluminum Co

Chesapcakc Encrgy Corp Cia Vale Do Rio Doce

Ciniarux Energy Co

Comstock Hcsourccs Inc Concho Res Inc

Consol Energy Inc

6,000 446,160 0.50 4,500 616,950 0.69

10,000 516,600 0.58

4,000 480.120 0.54

9,000 586,710 U.66 7 8.000 478,800 0.54

7,000 472,850 0.53

5,000 333,000 0.37 7,500 480,675 0.54

35,000 1,241,800 1.39

6,OUO 408.660 0.46 6,5Go 502.840 0.56

10,oGo 380.000 0.43

4,000 447.800 0.50 Evraz Group Sa 6,000 714,000 0.80 Fording Canadian Coal Trust 8,000 750,000 0.84

Forest Oil Corp 8,000 590.560 0.66

Gerddu Sa -Spon Adr 18,000 416,160 0.47

Gran Terra Fnergy Inc 55,000 453,750 0.51

Helrrierich 8 Payne

Marincr Encryy Inc

Masscy Encrgy Co Mechel Steel Group Oao Murphy Oil Corp

Novolipetsk Steel

Pctruhawk Energy Corp

Pctrolco Brasileiro S.A.-Adr

Petroquest Enerqy Inc Steel Dynamics lnc Vaalco Energy Inc

Whiting Petroleum Corp

6,900 496,041 0.56

449,410 0.50

8,000 779,570 0.82 9,600 467.520 0.52

4,000 385.160 0.43 8,000 440.800 0.49

17.0’33 730,320 0.82

23.000 1.592.290 1.79

15.000 391,800 0.44

12.000 460.920 0.52

50,000 424,500 0.48

5,000 521,800 0.59

13,000

Xto Enorgy Inc 6,000 405.000 0.45

18,583,741 20.M

ZAR Equities Impala Platinum Holdings ILtd 9,000 360.973 0.41

Kumba Iron Ore Ltd 10,000 402,367 0 4 4

Palabora Mintny Co Lirriited 76,000 522,257 0.59

Sasol I id 7,000 409,000 0.46

1,698,597 1.90

NOK Equities Total Equities

Odim Asa 25.000 431,753 0 4 9

Yara Intornational Asa 10,000 868.441 0.97

1,300,194 1.46

42,711,220 47.90


153

AX4 World Funds - Hybrid Resources


Governments and supranational

USD Governments and supranational United States Trcas Bills 0 % 02/10/2008 6,000,000 5,973,288 6.70 United States Trczs Bills 0 "/o 10/07/2008 6.000,000 5998.932 6 73 United States Treas Bills 0 % 1 1 /09/2008 4,000,000 3,987,224 4.47 United States Treas Bills 0 YO 1611 0/2008 3,000,000 7,983,908 3.34 Unitcd States Treas Bills 0 % 18/09/2008 4.000. 000 3.985.1 72 4 47

I

22,928,524 25.71

Total Governments and supranational 22,928,524 25.71



USD Equities

1

Raspadskaya Oao 70.000 658,OCO 0.74

658,000 0.74



Total Investment in Securities 66,297,744 74.35 Other Net Assets 22871,147 25.65



1 54


Industrial Classification as a t 30 June 2008

.- ... ...... .. . - . - - - . Sovereign Bonds

Oil and Gas

Metals and Mining

25.71

13.86 8.52


Energy 6.09

Coal 5.87

Private Placement

Chemicals

Financial Services

Iron and Steel

Food and Beverages

2.03

1.28

1.10

0.96

0.46

74.35

155


Schedule of fnvestments and Other Net Assets as at 30 June 2008 (in EUR)


EUR Equities Aem Spa Arisaldc Sts Spa

Ascoplave Assic Generali

Autostradc Spa

Bca Pop Di Milano

Ecc Pop Unite

Carraro Spz Cementir Spa

Cobra Spa

Dada Spa Danieli 8 Co

Danieli 8 Co-Rnc Diasorin Spa

Cdison Spa fni

Enia Spa

Erg Spa

Finmeccanica Spa

Hera Spa lfil Spa

Irna (Ind Macc Auto)

lmpreyilo Spa

lnterpump Group lntesahci Spd-RnC

Kerself

Mairc Vccnimont Spa

Piquadro Spa

I’rysrnian Spa Sad1 Spa

Safwood

Saipem Tcrna Spa

.I rev1 Finanziaria

1,100,000 55,000

!9.975 77,000 60.000 85.000

AO.000

60,000

100,000

170,000 100,000

50,000 25,000

45.000 900,000

130.000 40,000 50,000

30,000 3C0,OOO 100,000 25,000

150,000 70.000

750,000 40,000

190.000

170S100 100,003

430,000 100,000

64,598 320,000 100,000

2,575,100 51 8.375

30,821 1,746,720

1,194,000 509,320

594,040 285.843 432.200 81 1,920

1,300,000

1 .I 99,000 380.650 593,145

1,271,700 3,039,400

326,000

767.400 494,580 74 7,000

419,800 361 -875

418.800 41 6,150

2.482.500 391.120 835,430 283,900

1,631,900

578.780 408.000

1,870,112 879.040

1.607.900

- 7.31 1.48 0.09 4.98 3.41 1.45

1.69 0.81

1.22 2.32 3.71

3.42 1.09

1.69 3.63

8.67 0.93

2.19 1.41 2.13 1.20 1.03

1.19 1.19 7.08 1.12

2.38 0.81 4.65

1.65 1.16

5.33

2.51 4.59

Llnicredito Italian 850,000 3,295,450 9.40 34,697,968 98.95



Total Investment in Securities 34,697,968 98.95 Othcr Net Assets 367,484 1.05



156



Banks 19.62

Utilities

Oil and Gas

Energy

Machinery

Private Placement


Insurance

Electrical Equipment

Computers. Software and Internet



Aerospace and Defense Building Materials and Products

Financial Services

Hand ard Machine Tools

Automobiles

16.54 10.86 7.71 6.73 6.70 5.78 4.98 4.65 3.71 3.41 1.69 1.41 1.22 1.20 1.12 0.81

Consumer, Cyclical 0.81

98.95

1 57

AXA World Funds - Junior Energy


1,122,796 1.13 Subsca 7 Inc 70,000 Transferable securities admitted to an official exchange listing

AUD Eauities Australian Worldwide Fxploration Limited 400,000 991,432 1.00

Felix Resourccs Ltd 150,000 1,560,407 1.57 Glouccster Coal ILtd 250.000 1,869,618 1.88 Macarthur Coal Ltd 100,000 1,098,878 1 .I 1

5,520,336 5.56

CAD Equities Addax Pctroleum Corp 35,000 1,065,937 1.07 Bankers Petroleum Ltd 1,000.000 1,131,001 1.14 Birchcliff Energy Ltd New 150,000 1,357,201 1.37

Cirrus Energy Corp 400,000 1,193,830 7.20 Grande Cache Coal Corp 400.000 1,952,862 1.97

Ivanhoe Energy Inc 4UG.000 922.394 0.93 Solana Res Ltd 500,000 1,787.610 1.80 Tristar Oil + Gas Ltd New 100,000 1,271,748 1.28

Wcstcm Canadian Coal Corn 500.000 2.726.969 2.75 13,409,556 13.51

CHF Eauities Meyer Burger Technology Ag 5.000 967,181 0.97

967,181 0.97

EUR Equities Dietswell Engineering 4 1,000 414,100 0.42

Marc Tccnimont Spa

Nordex Ag Roth 8 Rau Ag Trcvi Finan71aria

250,000 1,099.250 1.1 1

40,000 1,075,600 1.08 4,000 583.600 0.59

70.000 1.125.530 1.:3

4,298,080 4.33

GBP Eauities Afren PIC

Jkx Oil 8 Gas PIC

John Wood Group f'lc Kent7 Corporation

Lamprcll PIC

Nighthawk Energy PIC Pctrofac Limited

Tullow Oil

900,000

150.000 170,000

450,000 7 50,000

1,400,000 iao,ooo 100,000

1,954,502

9a9.105 1,009,747

987.209 1,081,093

1,606.466 1.650.089 1,232,825

1.97 1 .oo 1.02 0.99

1.09 1.62

1.66 1.24

Wcllstream Hldgs P 50,000 820,619 0.83 1 1,331,655 11.42

NOK Equities Dno 800,000 1,090,716 1.10

Odim Asa 310,000 3,399,091 3.43

Pa Hesources Ab 140,000 1,078.937 1.09

Seadrill I imitec 50.000 969,602 0.98

Swan Marine As 100,000 776,935 0.78

Songa Offshore 150.000 1,531,940 1.54

9,970,017 10.05

SEK Equities Tanganyika Oil Co 'Tethys Oil Ab

Vostok Nafta lnves



70,000 1,074,032 1.08

388.800 949.523 0.96 25.000 1.491.859 1.50

3,515,414 3.54

SGD Equities Straits Asia RQSOurCCS Ltd 600,000 978.382 0.99

978,382 0.99

THB Equities Eanpu Public Co Ltd-For Reg 100,000 1,022,353 1.03

1,022,353 1.03

USD Eauities ~~ ~~ ~

Alpha Natural Resources Inc 35,000 Arena Resources Inc

Atwood Oceanics Inc

Basic Energy Services Inc

Bpz Energy Inc

Cabot Oil & Gas Corp

Callon Petroleum Corp

Carrizo Oil 8 Gas Inc

Cimarox Energy Co

Clayton Williams Energy Inc

Cornstock Resources Inc Contango Oil + Gas Co

Encore Acquisition Co

Cnsco lntcrnational Inc

Frnc Technologies Inc

Fording Canadian Coal Trust

Forest Oil Corp

Gran T'ierra Energy Inc Helrnerich 8 Payne

Hombeck Offshore Scrvices Inc

Key Energy Services Inc

Massey Energy Co

Nabors Industries Ltd

Natural Gas Services Group Inc

Patterson-Uti Eneryy Inc

Petrohawk Energy Corp

Stone Energy Corp

Superior Energy Servicos

Swift Energy Co T-3 Encrgy Services Inc

Vaalco Encrgy Inc

W+T OffshorQ Inc

Walter Industries Inc

W-H Energy Services InC

45.000 20,000

50,000

80,000 3C,OOO

90,000 30.000

30,000 25,000

17,000 25.000 40,000 20,000 30,000 25.000 25.000

250,000 30,000 35,000

120,000 21,000 50,000 60.000 40,000 50.000

35.000 30,000

40,000 35.000

230,000 50.002 20,000 20,000

2,285,037 1,475,952

1.524.141 999,333

1,438,429 1,241,674 1,519,951 1,286,625 1,297,291

1.719.309 834,970

1,470,905 1,929,589 1,024.475 1,431.001 1,488,047 1 , I 71,708 1,309,481

1,369,289 1 .75a.181

1,471,190 1,215,827

1,568,520 1 .I 16,154

907,399 1,363,765 1,467,730

1.037.300 1,600,456

1.664.168 1,239,769

1,830,417 1,370,114 1,189,930

~~

2.30 1.49 1.54

1.01 1.45

1.25 1.53 1.30

1.31 1.73

0.84 1.48

1.91 1.03 1.44 1.50 1.18 1.32 1.38

1.27 1.48

1.23 1.58 1.12 0.91 1.37 1.48 1.05 1.61 1.68

1.25

1.84 1.38

1.21

Whiting Petroleum Corp 16,000 1,060,131 1.07 48,178,258 48.55

1 i

I

! I

1

1

1 1 !

1 58

AXA World Funds -Junior Energy


ZAR Equities Palabvra Mining Co Limited 70.000 892.7’7 090

892,717 0.90

Total Equities 100,083,949 100.85



SEK Warrants Tethvs Oil Ab Stock7oIm 78.000 66.258 0.07

Total Warrants

Total Other transferable securities


CAD Open-ended investment funds

66,258 0.07

66,258 0.07

66,258 0.07

Cathedral Energy Svcs liicome T 100.000 968,763 098 968,263 0.98


Total Investment in Securities i o i , i 18,470 101 .go Othcr Net Liabilities (1,885.826) (1.90)



159

AXA World Funds - Junior Energy


Oil and Gas

Energy

Coal

Private Placement

Marine

Metals and Minlng

Financial Services




Hand and Machine Tools

Chemicals Wnrrmk

52.37

17.26

13.20

8.20

2.32 1.93

1.50

1.38

1.13

0.98

0.97 0.59

0.07 . . -. , -. . .- 101.90

I

I

160

AXA World Funds - Swiss Equities

Schedule of Investments and Other Net Assets as at 30 June 2008 (in CHF)


CHF Equities Abb Limltcd Actelion Adecco Sa Baloise Holdings Earv Callobaut Ag Bk Sarasin + Cie Ag Bkw Fmb Encrgio Ay Burckhardt Compression Hol Crcdit Suisse GrouF Cfg International Galonica Holding Ag Geberit Ag Givaudan-Reg Helvetia Patria Holding Holcim Julius Baer Holding 49 Kuchnc & Nagel Ag Lindt 8 Spruengli Lindt B Spruengli Ag Logitech international Sa Lonta Group Ag Nestle Sa Nobel Riocare Ag

Novartis Ag Pargesa Holdings Sa Partners Group PQtrOplUS Holdings Ag Phonak Hichcmont (Cie Fin) Roche Holdings Ag Schindlcr Holding Ag Sgs Sa Sika Limited Sulzer Ag Swatch Group Swiss Cite Holding Swiss Hcinsurance

Swisscom Ag Syngcnta Ag Synthes Inc Ternenos Group Ag UBS Ag Zunch Fin Svs Grow

: 04.843 26,295

7,C20 7.520 1.681

10,000 1,165 3,235

11,575 15.529 3,090 7,862 2.607 1.708 6.171 6.682

18,565 505

15 45.816 18,179 11.875 22.41 1

85,291 5.525 7,331

27.737 i8.255 24,698 23.270 24.444

2,934 1.059 4,420 5,105 3.559 7.290

837 6,740 1.603

38.630 49,171 5.507

3.082.384 1.434.392

353,l OFj

800.1 28 1,136,356

475.500 162,867

1.002.04 1 542,868 458.106

1,152,570 1,169.079 2,374 977

549.845

: .a78.653

675.51 4

467,740

,447,835 461,925

1,273 685 2,572 329 5,367.500

734.633 4.673.947

634,823 1 055,664 1,507,503 1,579,970 1,392,967 4,074.577 1,900,521 4,377.528 1,678,515

562,224 1.306.880

Y57,922 497.543 783.325

2.1 90.500 222,657

1.205.256 1,101,430 1418.141

4.83 2.25 0.55 1.25 1 78 0.74 0 26 1 5 7 0 85 0 72 1.80 1.83 3.7% 1.06 0.85 0 73 2.86 2 27 0.72 1 99

4.03 8.41 1.15 7.32 0.99 1.66 2.36 2.47 2.1 8 6.38 2.98 6.86 2.63 0.88 2.05 1.49 0.78 0.44 3.43 0.35 1.89 1.7> 2.22

62,133,926 97.30



Total Investment in Securities 62,133,926 97.30 Othcr Net Assets i,722.286 2.7U

TOTAL NET ASSETS 63,856,212 1OO.OO The accompanying notes form an integral part of these financial statements.

161

AXA World Funds - Swiss Equities


Chemicals 13.81

Pharmaceuticals

Food and Beverages

Private Placement


Healthcare

Insurance


Banks

Machinery

Financial Services

13 70

13.18 7.41

7.41

5.77

5.74

4.83

4.76

2.98

2.72

Building Materials and Products 2 68

Oil and Gas 2"36 Biotechnology 2.25

Retail 2.18

Textiles and Apparel 2.05

Technology 1 89

Miscellaneous Manufacture 0 88

Communications 0.44

Utilities 0.26

97.30

I

I

162

AXA World Funds - Talents



AUD Equities Abc Learning Cente 765.781 537,625 0.20

lluka Rcsources 269.596 775.196 0.28

GBP Equities Collins Stcwart 322,838 308,197 0.11

West China Cement Ltd 448.816 777.474 0.28

1,085,671 0.39

1,312,821 0.48

CHF Eauities Pctroplus Holdings Ag Swatch Crmm

37.400 1,265.312 0 46 H OH7 1788 706 047

2,554,018 0.93

CLP Eouities ~~~

Emaresas Coo% Sa 135.600 1.118.355 041

I ,I 18,355 0.41

EUR Eauities A Novo

Acciona S A

A-Tec Industries Ag Bco Sant Cent Hisp

Boiron

Bollore Invcstisscmerit

Corp Financ Alba Euroland Finance

Financiere De IL'Odet

Fuchs Petro Ag Oel

Groupc Monceau Fleurs Hbi Iliad

llog Sa lmmsi Spa

Keyrus

Mediobanca Spa

Meetic

Mcdelabs Group Natl Portefeuille

NRJ Group

Omega Pharma Sa Orco Property Group

Penauille Polyscrvices

Poweo

Rallye

Rentabiltwcb Group

Rhj International

Saras Haffinerie

Soitec Securities

Sos Cuetara Sa U10 Sa

60,472

9,000

24,000 147,600

148,821

9,900

20,626

81.000

99,2YY 35,626

176,800

1,227,924

17,750

303.41 9 9,407.41 7

222,149

279,399

144,561 102,827

92,592

447.7t5

50,772

55,500 436,097

75.113 185,031

50,03:

285,729

390.830

327,500

73,034

77,003

12,094

i ,369,350

1.368.000

1,725,444

3,083.571 1,207.800

767,493

234,090

25.817.740

2,174,967

i ,644,960 12,156,448

1,087,543 1,941,882

6,698,081

277,686

2,961,629

2.1 95,882

240,615 4,375.898

2,977,504

1,379.21 2 2,081,250

2,450,865 2,112,929

6,759,182

369,729

2.260.1 16

1,419,495

1,183,800

1,048.C38 284,911

1,071,079

0.00 0.50

0.50

0.83

1.12

0.c4

C.28 0.08

9.37

0.79

0.60 4.4;

0.39

0.70 7.43 0.10

1.07

0.80

0.09

1.58

1.08

0.48 0.76

0.89 0.77 2.45

0.13

0.82

0.51

0.47

0.38 0.1 0

Utd Internet Ap 88.300 0.39

96,789,283 35.1 1

HKD Eauities Ctrcuny Kong (Holdings) 120,000 1,048.81 5 0.38 China Grand Forcstry Grccn nos 10,091,500 550,229 0.20

China Mining Resour 72.008.000 3,398,772 1.23 Fosun lntcrnational 2.553.000 1,205.01 4 0.43

lmagi lntl Hlg Ltd 7,368,000 377,749 0 14

Samlinp Global Ltd 4,262,000 419.674 0.15

Singamas Container 6,054,000 960,412 0.36

Tom Group Limited 13,044,457 705,169 0.26

8,685,834 3.15

INR Equities Dlf hmitod

Fortis Healthcarc

Great Fastem Ship Hindalco Industries Limited

I Flcx Solutions

lndiabulls Rcal Estate Ltd

Mahindra 8 Mahindra Lirriited

l l td Breweries Holdina

107.832

3.516.543

685,500

1,609,230

18.937

256,350

P13.6CO 36.683

672,411 0.24 3,613,482 1.31

4,049.775 1.47

3,311 ,968 1.20

386,377 0.15 1,115,915 0.40

1,590,815 0.58

194228 0.07 14,934,951 5.42

JPY Eauities Aiful Corporation

Goldcrcst Co Limited

Goodwill Group Incnhe

325,250 2,344.284 0.85

45.700 535,223 0.19

32,105 885.277 0.32 11,151 983,144 0.36 Index Holdings

Livcdcor Co Limited 41,250 2,319,304 0.84

Monex Beans Holdings Inc 5,549 2,353,243 0.85 Rakuten Inc 7.795 2,503,780 0.91

Hound One Corporation

Suaby Ikague Lirnitcd Sega Sammy Holdings Inc

7.523 1,810,941 0.66

182,389 1.969.163 0.71 90.400 513.686 0.19

Sottbank Corporation 1,061 ,YO0 11,471,155 4.16 Softbank Investment Corp 55,655 7,883,003 2.86

Sparx Asset Management 1,060 234,909 0.09 Usen Corp 2,136,150 5,366,447 1.95

Watami Food Service Co Ltd 14,100 141,098 0.05

41,314,657 14.99

KRW Equities Ncsofl 7R.300 2.386.475 0.87

2,386,475 0.87


1 63


Schedule of Investments and Other Net Assets as at 30 June 2008 [in EUR)

MYR Eauities Transferable securities dealt in on another regulated market ~

Scomi Group Berhad 53 0207057 7,119,411 2.58

Scomi Marine Bhdn 5,487,400 549,957 0 2 0

Transrnilo Group Bhd 2.1 70,100 540.561 0.20

8,209,929 2.98

NOK Eauities Aker Asa

Aker Biomarinc Asa

Orkla Asa

Pan Fish Asa

Seadrill hmited

~ ~~

277,809 8.337.672 3 02

2,163.700 4,067,0E7 1 47

792.800 6,497,322 2 36 i6.253.105 7,658.032 2 78

325.200 6,306,294 2 29

32,866,387 11.92

SEK Equities Socuritas Ah-R Shs 757,500 5,610,198 2.04

5,610,198 2.04

SGD Equities China Sky Chemical 4,226.900 1.624,670 0.59

1,624,670 0.59

USD Equities Abraxis Bioscience IncMew 18.885 750,819 0.27 China Techfaith Wirdess Communication Technology Ltd

Dell Inc Go1 hnhas Aereas lritcligcntes Sa

Google Inc

Hindalco Indu-144NReg S Gdr

Inter Parfuns Inc L - l ldcntity Solutions Inc Martha Stewart Living -CI A

Miva lric

North American Palladium Ltd

Overstock Corn Inc

Plug Power Inc Scars Holdings Corp

Sirius Satellite Radio Inc Tanzanian Rty h p l

Td Amentrade Holding C o p

d91.200 504,380

121,700

10,320 247,975

275 625

321.700

269,527

117,lr4

600.000

837,708

2.746 756

38.800 3,211,400

i ,534,064

158.8'7

1,278.638 7.1 25,137

870,030

3.460.003

51 1.678

2,582,916

2,720,574

1,348.447

~2,556

i3.6a4.779

2.1 29,455

4,377,228

1,914,810

4,281.728

4,743.269

1.842.21 7

0.46

2.58

0.37 1.26

0.19

0.94

0.99

0.49

0.03

0.76 4.96

1.59 C.69

1.55 1.72

0.67

Yahoo! Inc 60.000 812.545 0.29

54,516,829 19.76


Total Transferable securities admitted to an official exchange listing 273,oio,o7a 99.04

INR Equities Ht Media Ltd 123.968 186.306 0.07

186,306 0.07

JPY Equities 1-ake And Give Neods Co Ltd 45,688 2,352,941 0.85

2,352,941 0.85 I



Total investment in Securities 275,549,325 99.96 Other Net Assets 96,644 G.04



1 64





Private Placement

Communications

Energy

Food and Beverages

Media

Chemlcals

Real Estate


Retail

Banks

Technology

Metals and Mining

Financial Services

Commerzial Services and Supplies

Industrial

Consumer, Cyclical

Marine

Oil and Gas Pharmaceuticals

Engineer ng and Construction


Automobiles

Diversified

Healthcare


Textiles and Apparel



Containers and Packaging

Basic Materials

Paper and Forest Products

12.54

12.20 9.99 7.88

6.46

5.59

4.65 4.41

4.40

3.57

3.40

3.01 2.58 2.27

2.08 1.94

1.92

1.61

1.47

1.25 1.12

0.70 0.66

0.58

0.53 0.48

0.48

0.47 0.47

0.41

0.36 0.19

0.15

Household Products and Durables 0.14

99.96

165

AXA World Funds - Talents Absolute


Tom Grow Limited 865,143 32,034 0.19 Transferable secur i t ies admitted to an off ic ia l exchange listing

AUD Equit ies

Abc I earning Center PY.913 21,001 0.12 21,001 0.12

CHF Equit ies

Petroplus Holdings Ag 1.900 64.283 0.37 Swatch Grouo 385 61.352 0.36

125,635 0.73

CLP Eauities Fmpresas Copoc Sa 6,700 55,258 0.32

55,258 0.32

EUR Equit ies

Acciona S A 420 63,903 0.37 Rco Sant Cent Hisp

Boiron

Corp Financ Alba

Financiere De L‘Odct

Fuchs Petro Ag Oel

Grvupo Moiceau Fleurs

Hbi Iliad

lloy Sa

lmmsi Spa

Kcyrus

Meetic

Natl Portefeuille NRJ Group

Orriega Phanna Sa

Orco Property Group

I’enauille Polysetviccs

POWCO

Hallye

Rhj Internztiunal

Soitec Securitics

Sos Cuctara Sa U10 Sa

Mediobanca Spa

6,100 4,100

760 5,477 1

1,765

7.775 90.396

1,100 7,230

399,923 22,200

13.615

6,700 4,584

15,105

2.669 2,550

20,100 2,lCO

7.978 7,3Go

16,300 2,983

4.100

71.3C9 84,952

28,280 ,424,020 107,753

71,530 894.920 67.397 46,272

284.745 27.750

144,319 101,773

2:6.640 100.4L8 69.874

95.625 112,962

59,073 291,436

57.743 63.896 42.806

15.170

0.41 0.49

0.16 8.24 0.62 0.41

5.18 0.39

0.27 1.65

0.16

0.83

0.59 1.25

0.58 0.40 0.55 0.65 0.35 1.69

0.33 0.37 0.25 0.09

4,544,596 26.28

GBP Eauit ies

Collins Stowart 36.400 34.749 0.20 Wcst China Cement Ltd 32,476 56.257 0.33

91,006 0.53

HKD Equit ies

China Mining Resour 2,540,100 119.893 0.69 Fosun International 12i,OOO 57,112 0.33

lrnagi lntl Hlg Ltd 352,000 18.047 0.10

Sinyarnas Container 221,600 35,887 0.21

262,973 1.52

INR Equities Olf Limitod 9,808 61,160 0.35 Great Eastern Ship 52,400 309,567 1.79

13,955 28.721 0.17 Hindalco lndustrtcs Limited

Mzhindra B Mahindra Limited 14.200 105,756 0.61 Utd Breweries Holdina 10.200 54007 0.31

559,211 3.23

JPY Equit ies

Aful Corporatron

Goodwill Group Inc/The Index Holdings

Monex Bcans Holdings Inc

Rakutcn Inc

Round One Corporation

Sazaby Loaguc Limited

Softbank Corporation

Softbank lnvcstment Corp

Sparx Assct Management

15,100 1.71 0

577 526

459 41

5,200 49,000

2,400

51

108,835 47,152 50.872

223,068

147.432 29.429 56,142

529,322

339,937 11,302

0.63 0.27 0.29 1.29

0.05 0.17

0.32 3.06 1.97

0.07

Usen Coru 142.370 359,170 2.08

1,902,661 11.00

KRW Equities Ncsoft 7,500 228.590 1.32

228,590 1.32

MYR Equities Scomi Group Berhad 2,021,843 271,488 1.57 Transmile Grouu Bhd 363,200 90,471 0.52

361,959 2.09

NOK Equit ies

Akcr Asa 13:509 405,435 2.34 Aker Biomarinc Asa

Orkla Asa

Pan Fish h a

Seadrill Limited

75.920 142,705 0.83 32,300 264,712 1.53

710,176 334,618 1.94 211.373 1.22 10.900

1,358,841 7.86

SEK Eauities ~~ ~

Sccuritas Ab-R Shs 37.800 279,954 1.62 279,954 1.62

SGD Equities China Sky Chemical 193,400 74,336 0.43

74,336 0.43


1 66



USB Equities Ahraxis Bioscience Inc/New China Techfaith Wireless Communication Technology Ltd Dell Inc

Go1 Linhas Aerwas lnteligentes Sa

Googlc Inc

Hindalco Indu-144A’R’nEg S Gdr

Inter Partums Inc L-l Identity Solutions Inc

Martha Stewart Livirg -CI A

North American Palladium Ltd Overstock.Com Inc

Plug Power Inc Sears tioldings C o p

Sinus Satellite Radio Inc Tarrzdnian Rty Expl

1,775 70,569 0.41

19.800 19.420 5,100

500 102,975

13,350 11.200

10,900 31.000 36,778

100,917 2.10G

129,000 56,925

51,541 0.30 274.337 1 5 9

36.460 0.21 167.636 0.97

212.481 1.23 125,105 0.72

120.088 069 54,533 032

1-0,022 C64 800.805 3.47 160,82: 0 9 3 103,637 060

171,994 0.99

176,010 1 0 3 Td Arneritrade Holdiig Cow 4,762 55,237 0.32

2,491,276 14.42




JPY Equities Take And Give Needs Co Ltd 2.289 117.884 0.68

I 117,884 0.68



Total Investment in Securities Gther Net ASS&

I TOTAL NET ASSETS

12,475,181 72.15 4,815.477 97.85

17,290,658 100.00


167



Industrial Conalomerates 10.58 - Computers, Software and Internet 9 21 Private Placement 6 39

5 45 Communications Chemicals 5.18

Food and Beverages 4.03

Energy 3 72

Media 3.65

""_

Consumer, Non-cyclical 3 02

Retail 2.01

Commercial Services and Supplies 1.45


Real Estate 2.55

Technology 1.59

Banks 1 24

Basic Materials 1 23 Consumer, Cyclical 1 22


Industrial 1.02

Oil and Gas 0.99

Engineering and Construction 0 89

Marine 0.83

Automobiles 0.61


Healthcare 0.40

Semiconductor Equipment and Products 0 37 Textiles and Apparel 0 36

Building Materials and Products 0 33 Holding Companies-Divers 0 32 Containers and Packaging 0.21

Hotels Restaurants and Leisure 0.17

Household Products and Durables 0 10 Diversified 0 07

72.15

I

168

AXA World Funds - Talents Asia



AUD Equities Abc Learning Center 159.61 8 176.5U3 1.26 John Fairfax Holdinss Ltd 156,287 435,805 3 1 1

Servcorp Ltd 47,700 176.125 1.26

Toll Holdings Limitcd 10 .04 59,1i8 0.12 Unitcd Group Ltd 16 800 201,925 1.44

1,049,476 7.49

GBP Eouities

INR Eauities Biocon Lid Finolex Industries

Godrcj Industrics

I Flex Solutions

Nicholas Piramal

Piramal Life Scien

Utd Breweries Holding

24,000 231.Y40 1.66 111.ocQ 150,658 1.08 30,000 100,047 0.71 6,800 218,526 1.55

21,000 150,595 1-08 4,200 25,364 0.18

30.000 250.187 1.79 Yes Rank 30,000 86,929 0.62

1,214,246 8.67

'O85o7 0 78 JPY Equities West China Cement L td 39,879

108,807 0.78 L 9,000 153,130 1 0 9 Softbank Investment Corp 2,250 501,955 3.58 I ken Cnrn nnn 189979 136

HKD Equities Bclle lriternationa

Bosidcng Intorriationdl Holdings Ltd

Centron Tclccom lntcrnationa Century Sunshine Ecological Technology Holdings Ltd

Cheung Kong (Holdings)

China Grand Forostry GrQQri Res

China Mining Rcsour

China Seven Star China l.ing Group t4 Cornba Telecom Systems Holdings Ltd Enerchina Holdings Ltd

First Pacific Co Fosun International

Guoco Group Limitcd Hengan International Group Co ILtd

lmagi Inti Hlg Ltd Ipe Group Limited

Luen f ha1 Holdings

Luks Group Vietnam Holdings

Ming An Holdings C

Pic0 Far East Holding

Samling Global I.td

Singamas Container

Sinolink Worldwide

Xingda lntl Holdings

Xinyi Glass tiolding Co ILimited

Yia'S Chemical Holdinas Ltd

16.751 12,000

500 000

1.060.000

6,000 600.000

5,826.000

1.590.000 506 000

390,000 348.562

A68.000

P95.500 21.000 51,000

580.000

765,000 3.435,OOO

126,000 750,000 450,000 681,000

383,000 536.250

21 6,000

300,000 248 000

14,643 2,ouo

103.182

36,684

82.597 51 3 7

433.118 20.3EO 81,720

106,976 11.035

299.933 219.681 717,645 152,312 46,836

100,016

396,757 62.986

134.585

66.908 106.084

97,692 79,045 40.1 G5

198,032 I R R . ~ ~

_.. _. n * n u IU

0 01 O 74

0 26

0 59 0 37

3 09 0 15 0 58

0 76 0 08 7 14

1 5 7 1 5 7 1 0 9 0 33 0 71 7 83 0 45 0 96

0 48 0 76

0 70 0 56 0 29 1 A I

aai,oi4 6.03

KRW Equities Doosan 2,433 423,973 3.03

Korea Investment Holdings Co Ltd 3.900 156,5;7 1.12 NCSOR 3.300 158.4:8 1.12 Onental Fire B Marine hSUranCQ Co Ltd 52,500 491.455 3.51 Orion C o p 900 190,101 1 3 6

1,420,464 10.14

MYR Equities Gold Is 200,000 95.019 0.68

Scomi Group Berhad 1,575,000 333,103 2.38 Scomi Marine Rhdn 61 5 . m 97,080 0.69 Yransrnile Group Bhd 282.000 110.639 0.79

635,841 4.54

SGD Equities China Energy Ltd i59,OoO 51,921 0.37 China Sky Chemical 343,000 207,650 1.48 Jiutian Chemical Group l.td 675.000 64,392 0.46

Midds Holdings Ltd 126,000 81.827 0.58 Osiin Intcrnational Ltd 330,OcQ 71,435 0.51 Sino-Environment Technology Group I t d 139,000 143,819 1.03

621,044 4.43 , . , ,

. THE Eouities .-- - - - - 1 . 1 Y - - - - Telecomasia Corporation-For 1,20c,000 144,565 1 0 3

144,565 1.03 IDR Equities

;65.730 1 1 8 TWD Equities BhdMi lnvestarna Tbk R 3,320,000 331,000 285.486 2.04

285,486 2.04 Panin Life Tbk Pt 3,750,000 85,458 0.61

251,188 1.79


169


Schedule of Investments and Other Net Asets as at 30 June 2008 {in USD)

USD Equities Chtna 1 echtaith Wireless Communication Technology Ltd

China Yuchai International

Cog0 Group Inc

Hindalco Indu-144NReg S Gdr

Hon Hai Precision-Gdr Reg S

Mahindra rl Mahindm-Sp Gdr

Merrill l.ynch Inti Merrill Lynch Inti

Noteasc.Com

02Micro Internztional Ltd

Tvngjitang Chinese Medicines C

26,000

39,000

25,382

123,000

54,000

22,851

iao.ooo 330.000

9.000

18,000 44,184

:06.600 393,900

237,576

399.760

539.460

267,357 189,794

239,064 186,210

122,940

293,824

0.76

2.81

1.70

2.85

3.85

1.91

1.35 1.71

1.33

0.88

2.10

Trina Solar Ltd Spon Adr I ,485 45,604 0.33

3,022,079 21 -58


SGD Warrants

10 15/10/2010 135.000 1,734 0.01

1,734 0.01

Jiutian Chemical Group -Cw

USD Warrants ~. CitiarwCwl2 Fortis Healthc 24; 0/2012 189,125 305.248 2.19

305,248 2.19




JPY Equities Take And Give Nccds Co Ltd 1.017 82,494 0.59

82,494 0.59




13,310,955 95.03 696.845 4.97



170



Computers, Software and Internet 7 49

Financial Services

Automobiles

6.81

6.13


Basic Materials 5 45

Technology 4 73

Communications 4 62 Media 4 47

Insurance 4 47

Industrial 3 47

Metals a id Mining 3 09


Food and Beverages 3 15

Textiles and Apparel 2 83

Diversified 2 82

4 18

Consumer, Non-cyclical 2 75


Energy 2 38

2 33 Commercial Services and Supplies Warrants 2 20 Biotechrology 2 10

Consumer, Cyclical 2 05

Real Estate 1 85

Industrial Conglomerates 1 55 Banks 1 52

Pharmaceuticals 1 08

Paper and Forest Products 0 76 Containers and Packaging 0 70

Healthcare 0 61

Oil and Gas 0 56

Electronic Equipment and Instruments 0 33

I-lousehold Products and Durables 0 33

Chemicals 0 26 Utilities 0 08

95.03

171

AXA World Funds - Talents Brick

Schedule of Investments and Other Net Assets as at 30 June 2008 (in EURJ

Yip's Chemical Holdings Ltd 2,739,500 1,165,967 1.37

Transferable securities admitted to an official exchange listing 17,310,096 20.32

BRL Equities IDR Equities ltausa Inv ltau Sa 4.851

Natura Cosneticos 107,800 690.518 0.81

Port0 Seguro Sa 68,250 496.278 0.59

Su7ano Bahia SUI Papcl E Celulose Sa 48.200 496,473 0.58 ILS Equities

19*219 '.02 Bhakti lnvcstama Tbk F? 17,495.000 554,475 0.65

554,475 0.65

1,702,488 2.00 Bank Hapoalim Ltd 174,200 491,736 0.58

Castro Model Ltd 13,361 122.582 (1.14

Delek Group Ltd 4,100 397.702 0.47 )032.765 '21 Idb Development Corp Ltd 24,200 374,146 0.44

3497580 0.41 Idh Holding Corp Ltd 15,000 215.638 0.25 ' 93829345 .62 Omat Industries 48,400 396,749 0.47 Strauss Group Ltd 154,710 1,375,126 1.61

3,373,679 3.96

CLP Equities Aiitarchile Sa 96.800

Cencosud Sa 180.1 80

EUR Equities Financiere De I.'Odet 7.524 1.956.240 2.30

1,956,240 2.30 INR Equities

Rharti Airtel Limited 105,925 1,167,888 1.37

Dlf lirnited 80,415 501,446 b i d e Industries Ltd 135,947 125,001

'7157223 2m01 Finolex lndustrlcs 918.3M) 791,331

GBP Equities West China Cerricnt Ltd 990,155 1,715,223 2.01

Fortis Healthcare

445,675 o,52 Godrej Industries HKD Equities Aac Acoustic Tech 822,300

Alibaba.Com Ltd Allan lntl Holdings

Bosideng Intornational Holdings Ltd

Centron Tclccom lnternationa Century Sunshine Ecological Technology Holdings Ltd

Choung Kong (Holdings) China Grand Forestry Green Res

China Mining Resour

China Seven Star

China Ting Group H

Cornba Tolocom Systems Holdings Ltd

Enerchina Holdings Ltd

First Pacific Co Fittec International

Fosun lntcrnational

Gumo Group Limited

lmagi lntl Hly Ltd

Linmark Group Limited

Luen Thai Holdings

Luks Group Vietnam Holdings

Pic0 Far Cast Holding

Samling Global I td

Singamas Container

Sinolink Worldwide

Tom Group LJmited

Wasion Meters Group Limited

Xlngda Intl Holdings

Xinyi Glass Holding Co Limited

420,000

4,880,000

224,000

4.769.200

13.974.900

99,Ooo

6,449,400 54,666,300

21,874,800

5.975.400

2,898,700

5.068.C25

4,370,400

3,500,000 2,339.300

70.500

6,108.000 10,662,000

8,551,000

1234,400

4263.800 4 847,000

2,746,800

6,070,462 4,687.000

1.396.000

4,577,000 1,343,700

372.554

510.313

23,698

559.353

307.062

865.272 351,647

2.580.245

202,429

612,704

50431 3

101.871

1,778,298

106.810

1,104,148

453,241

31 3.1 50 433,832

626.286

391,772

402,502

477,278

444,829

568,111

173,548

329.455

540.085

563.1 48

~ ~~

0.44

0.60

0 03 0.66

0.36 1.02 0.41

3.03

0.14 0.72

0.59

0.12

2.09

0.13

Gkaldas Exports L

Great Eastern Ship

Haveils India

Hirnatsingka Seide

Hindalco Industries Limited

I Flex Solutions

lndiabulls Heal Estate Ltd

Jet Airways India

Jk Ccmcnts Limited Mahindra 8 Mahindra Limited

Nicholas Piramal

Piramal Life Scien

Suzlon Energy Ltd

Utd Brewenes Holding

Utd Phosphorous

1,379,105

246,700 522.349

1,342,108

226,755

310.050

19.505

1,236,186 747.31 7

23.962 58,585

23,265 735,916

154,327

105,885

10.588

380.325

323,664

38.250

671,125

1,831,704

101,657

851.113

1.538.049 488,903

255.026 1 68.1 02

1.504.778 1,149,372

482.092

40,596

1,300,539

1,713,730

160,729

0.59 0.15

0.93 1.62

0.61

0.73

2.15

0.12

1 .oo 1 .81

0.57 0.30

0.70 - .77

1.35 0.56

0.04

1.53

2.01 0.19

1.30 YosBank 124,161 228.419 0.27

0.53 16,923,054 19.87 0.37 o.51 JPY Equities 0.74 Softbank Corporation 45,700 493.673 0.58

0.46

0.17

0.55 36,750 i ,120,089 1.31 0.51 Ncsott

o,67 Nong Shim Holdings Co Ltd 9,031 393,060 0.46

o . ~ O Oricntal Fire & Marine Insurance Co Ltd 302.006 1,795,159 2.11

9,000 1,206,953 1.42

4,515,261 5.30

493,673 0.58

KRW Equities

0.39 Onon Gorp

0.63

0.66

I

I

I I

i

!

I

!

I !

I


172

AXA World Funds - Talents Brick


Mahindra & Mahindra-Sp Gdr 80.700 599,466 0.70

Nutritek Group IJsdl 00 18,000 330,275 0.39 MXN Equities

940,982 02Micro International I.td 234.600 1.017.312 1.19

498,1 69 0.58 Razguliay Group 90.800 469,839 0.55 Banco Corripartamos 210.000

Grupo Elcktra Sa Dc Cv 4Y ,000 ' 693326 .37 Tanzarlian Rty Expl 663,641 7,051,953 2.41 216089477 3.06 Tongjitang Chinese Medicines C 451.316 1,905,495 2.24

Alfa SA.-A 207,000

Trina Solar Ltd Spon Adr 41.515 809,450 0.95 MYR Equities 13,040,448 15.30

Airasia Bhd 3,161,270 532.116 0.62 Gold Is

Public Bank Hhd

Scorni Group Berhaj

Scomi Marine Bhdn Transmile Group Bhd

1.21 5,700 366*707 43 ZAR Equities 81 5,486 2,027.668 2 38

27210v681 2fio Rmb Holdlngs Ltd 51 0,000 882.755 1.04 2,910,423 3.42

236,500 474C40 0.56 Aspcn Pharmacare Holdings Lirnited IG.463,500

9.068.400 908851 1 0 7

7.204505 549 131 0.64

Wct Engineering Ehd i.137.600 68i.660 0.80 Total Equities 84,583,146 99.30 5,723,422 6.72

SGD Riahts - NOK Equities Osim International 125,000 291 0.00

Wega Mining Asa 1,300.000 6C2.751 0.7i 291 0.00 602,751 0.71

Total Rights 291 0.00 SGD Equities

China Sky Chemical 3.536,YOO

China Energy Ctd 1 8 2,: 00 375,691 0.44 SGD Warrants ,359,c58 ,60 Jiutian Chcmical Group -CwlO

15/10i2010 1,250,000 10.191 0.01

10,191 0.01 Jiutian Chorriical Group Ltd 4,792,300 790,253 0.35

Midas Holdings Ltd 7,289,900 531.849 0.62

Osim International ILrd 1,917,000 Hafflos Education 1,800,000 905,702 1.06 Sc Glohal Devclopmnts Ltd 528.902 300,624 o.35 Total Transferable securities admitted to Sino-Environmcnt Txhnology Group an official exchange listing 84,593,628 99.31 Ltd 1,048,100 688.51i 0.81

263,471 0.31 Total Warrants 10,191 0.01

4,715,559 5.54 Transferable securities dealt in on another regulated market

THB Equities USD Equities

9 Telecornasia Corporation For 412.800 Magnit 15,700 475,969 0.56

31,574 0.04 475,969 0.56

TRY Equities Total Equities 475,989 0.56 -

522)950 o.61 Total Transferable securities dealt in on Bim Btrlcsik Magazalar As 22,500

91 3,70C 750.353 0.86 another regulated market 475,969 0.56 Dogan Sirkctlor Gruhy Hldg As

Sinpas Gaynmcnkul 160.863 367.749 0.43 1,635,%2 1 .g2 Other transferable securities

TWD Equities MYR Warrants Hon Hal Procision Industry 616,700 I ,946,307 2.29 WCt Englnmring 227.520 30,551 0.04

Pou Chen 2,633,500 1,442.099 1 .E9 30,551 0.04

Total Warrants 30,551 0.04 3,388,406 3.98

USD Equities China Techfaith Wirdess Communication Technology Ltd 164.1 50 427,297 0.50


,402,925 .65 Total Investment in Securities China Yuchai International ?i8.780 , 2.23 Othcr Net Assets Cog0 Group Inc 379,701

1'780'R36 ' 50 TOTAL NET ASSFTS Cresud Sa 139,322 Go1 Linhas Aareds lnteligentes Sa 118,.70G 845.721 0 9 9

30,551 0.04

85,100,148 99.91 78.155 0.09

85,178,303 100.00


173

AXA World Funds Talents Brick


Private Placement


Automobiles

Financial Services

Banks

Food and Beverages


Healthcare

Basic Materials

Industrial

Retail

Communications

Metals and Mining

Diversified


Consumer, Cyclical

Energy



Biotechnology

Insurance

Real Estate

Agriculture




Technology

Oil and Gas Paper and Forest Products


Textiles and Apparel

Investment Companies


Airlines Pharmaceuticals

Chemicals


Machinery

Internet

Trading Companies and Distributors

Utilities

14 61

6.74

4.51

3 94

3.87 3.82

3.72

3.50

3 49

3 37 3 17

3.16

3.03

2 95

2 89 2 85 2 60

2.45

2 42

2.24 2.1 1

191

i .76

1.53

1 53 1.47

119

1.14

113

0.97 0.74

0.69

0.68

0.62

0 56 0.55

0.51

0 47

0.44

0 41

0 12

Warrants 0.05

99.91

174

AXA World Funds - Talents Europe

Schedule of Investments and Other Net Assets as a t 30 June 2008 (in EUR)


CHF Equities AdKcO Sa 1,760 55,107 0.56

Petroplus Holdings Ag 1,360 46,011 0 4 7

101,118 1.03

EUR Eauities Acciona S A Alpha Bank A.E. Andritz Ag

April Group

Archos A-Tec Industries Ag Axel Springer Ag

Banif Sgps Banif Sgps Sa Banif Spys

Bauer Ag

Bco Sant Cent Hisp Betandwin.Com Ir'ltcrzctivc

Boiron Eollore lnvestissement

Bouygucs

Brernbo Spa Cie Du Bois Sawage Corp Financ Alba

Espirito Santo Financial Group Sa Financiere De L'Odet Financiere De Tubi7e Sa Folli Folk

Fuchs Petro Ag Ocl Groupc Bourbon

Froupe Monceau Fleurs

Hal Trust

Havas Hbi Hunter Douglas Nv lrnrnsi Spa lnditex Inter Parfurns Jcronimo Martins Sgps

Kcyrus Mediobanca Spa

Meetic Mytilineos Holdings Sa

Natl Portefcuillc Natra Sa New Gravitation Power Norbcrt Dentressan Nrj Group Omega Pharmd Sa

Orco Property Group Pcnauille Polyservices

1.500 7,700 4.1 10

3,000 3,900 2.927 ; ,220

2.820

2,820 1 ,osc

7,700 4,800

10.838

900 2,100

8 300 330

3,862 4,500 2,485 2,500 1,110

1.100

2,510 14,276

2,153

37,200 51,918 3,195

441,464 1.500 4,125

10,700

7.?.390 7.609 2.400

14,100

12,600 3,126

15.722 55,794

1.750 11,700 3,060

2,40C

65,900

228.225 50.652

'65.428

110,400 30,030

166.839 87.291 5,273

26.367 5,773

66.171 90.01 3 89.280

224,563

103,800

88,305 56.523

105.600 143.705 71.550

646.1 00

54,250 16.472

67 155

97,564

131,339

163,757 86.678

513.988 i23.423 314,322 42,570 95.?64 49.595

90.488

80.655 36.456 95.004

147,735 11 5,557 306.570 104.983 77,605

80.111 90,000

257.958

2.33 0 52

1.69 1.13 0.31

1.71 0.89 0 05 0.27 0 05 0.68 0 92 0 91

9 30 t i 2

0.90 0.58 1 0 8 1.47 0 73 6.61 0.55 0.1 7 0 69 1 .00 1.34

1.67 0.89 5.25 1.26 3.21 0.44 0.97 0.5;

0.93 0.82

0.37

0.97 1.5: 1.18 3.13 1.07 0.80

0.82 0.92 7.64

2,100 59,073 0.60 POWMI

96.675 0.99 0-Cells Ag 1.500 Rallye 12.454 454,945 4.65 Rhj International 20.600 162,945 1.67

2.739 35,826 0.37 Satimo Sixt Ag 4,200 110,754 1.13

14,500 56,840 0.58 Soitec Securities Sonae Capital Syps Sa 8.475 10,933 0.1 1

Sonae Sgps Sa 74,000 58.090 0.59 110.208 1.14 Sos Cuctara Sa 7,660

9,600 35,520 0.36 111 0 Sa Utd lntcrnct Ag 4,550 55.192 0.56

14,304 0.15 V m De Velde 504 Vcltalia 12.300 98,400 1.01

Worms 8 CIC 5,400 68.310 0.70

7,291,829 74.55

GBP Eauities Carphone Warehouse Group PIC 2; ,000 52,894 054

52,894 0.54

NOK Eauities Aker Asa

Akcr Biomanne Asa Orkla Asd Pan Fish Asa Seadrill 1-imited

14.823 444,872 4.55

126.722 238,197 2.44 62,300 510,574 5.22

601,965 283.639 2.90 4,510 87,458 0.89

Wega Mining Asa 138.0M1 63,984 0.65

1,628,724 16.65

SEK Eauities New Wave Group Ah Securitas Ah-B Shs

Varvaa Hcsources Nuv

39,OCO 148,251 1.52 18,200 134,793 1.38

33.600 149.844 1.53

432.888 4.43




EUR Equities Boursc Dirccl 57.656 89,367 0.91

89,367 0.91

89,367 0.91 Total Equities



9,596,820 98.1 1 184.917 1.89



175

AXA World Funds - Talents Europe



Retail

Private Placement

Diversified

Chemicals

Financial Services

Real Estate

Banks


Energy

Media

Marine


Pharmaceuticals

11.47 6.81 6.49 5 78 5.25 5.13 4.13 3.36

3 20 2.89 2.58 2.44 2.33 2.30

Consumer, Cyclical 1 92 Textiles and Apparel 1:84 I-iealthcare 1.79 Industrial 1.71 Machinery 1.69 Consumer, Non-cyclical 1.38 Holding Companies-Divers 1 36 Household Products and Durables 1.26 Oil and Gas 1 1 6 Insurance 1 1 3 Ar Freight and Couriers 1.07 Metals and Mining 0.97-

Entertainment 0 91 Wireless Telecommunication Services 0 90 Basic Materials 0.65 Automobiles 0.58

Semiconductor Equipment and Products 0 58 Computers, Software and Internet 0.56 Communications 0 54

98.1 I

176




USD Bonds Bank Danarnon Indonesia Tbk Pt Regs 7.65% 30 Mar 2049 Dbs Bank Ltd Singwore 2.94 4: 16/05:2017 Empire Cap Resources Re Ltd 9.375 % 15/12/2011 Excelcornindo Fin &,Confid I 7.1 25% 18/01/2013 Hutchison Whampca International 03/13 Ltd Regs 6.5% 13/02:2013 Hysan (Mtnj Ltd 7 4: 01/02/2012 lndl Bank Of Korea 3.17688 % 27/04/2011 Jardine Strztegic Financc Ltd 6.375 % 0811 1/7011 Kookmin Bank Regs 3.344: 2811 1/2011 Korea Midland Power Co Ltd 5.375 % 11/02/2013 1.g Caltex Oil Corp 7.75 % 25/07/2011 Nine Rragons Papcr Holdings Ld 7.875 % 79/04/2013 Overseas Chinese Ek 7.75 % 06/09/2011 Parkson Retail Group Ltd 7.875 % 14/11 /2011 Prime Hldgs Labuar 5.375 % 22/09/2014 Public Bank Bhd 1 % 22/09/2014 Shinsogae Co Ltd 6 i25 % 27/06/2011 Singapore Tclccommunications Ltd Regs 6.375% 01/17J2011 Sk Energy Co Ltd 7 % 19/06:2013 Soifihern Bank Bhd 6.1 25% 30/06/7014 United Overseas Bank Ltd Regs

500.000

750,000

500,000

500,001:

1,000.000 1,000,000

1,000,000

1,000,000

1,000,000

1,000,000

1,000,000

500,000

1,000,000

500,000

1,000,000

535,000

1,000,000

1,000,000 1,000,000

1,000.000

500,790

700,668

527.165

506.700

1,016,020 ,056,183

962,804

,039,382

957,304

984,358

,057,234

473.500

,073,093

500.39i

943.882

539,656

.M11.100

,048.01 6

993,155

1,00H.707

1.56

7.lY

1 .G5

1.58

3.17

3.30

3.00

3.24

2.99

3.07

3.30

1.48

3.35

1.56

2.95

1.68

3.12

3.27

3.1 0

3.15

3.00 4.5% 02/07/2013 1,000,000 962,540 17,852,510 55.71

Total Bonds 17,852,510 55.71


Total Investment in Securities 17,852,510 55.71 Other Nct Assets 14,191,125 44.29



177



.. Banks 20.92

Holding Companies-Divers 6.41

Oil and Gas 6.40

Retail

Financial Services Real estate

Communications

Enerqv

4.68

4.60

3.30 3.27

3.07 -- Corporate Bonds 1.58

Paper and Forest Products 1.48

55.71

178

AXA World Funds - Alpha Credit Bonds



EUR Bonds Abbey National Plc Frn 4.903% 20/04/2015 Alglim Water Services Financi

Alpha Credit Group PIC Emtn 5.026% 73/03/2012

Banca Antonvcncta Spa Enrtn 1 76 30/09/ 2009 Banca Montc Dei Paschi Di Siena Spa5.17496 01/06/2014

Banco Bpi Sa 1% 16/10/2013 Banco Pastor Sa 5.791 % 1 1/06/2049 Banco Popolare Di Verona E Novara Scrl Emtn 4.107% 17/12/2007 Banco Sahadell Fr Sub Nts 5.03% 18/02/1014

Bank of Ireland Emtn 1% 19/12/2013

Bayerische Hypo-Und Vereinsbank Ag Emtn 6.675% 12/10/2010 Bbva Sub Cap Unip 6.288% 24/10/2011

6.25 90 27/06/2016

Bca Per II Leasing 1% 02/02/2010 Rcp Financc Bank Limited Erntn 3.084% 28/10/2013 Bpe Financiaciones Sa 3.972% 30/06/2011 Brrtish American Tobacco Holdings The Netherlands 0v Emtn 4.375% 15/09/2014

Caixa Econornica Montepio 4.531 9t C4/11/2009 Caixa Geral Dc Dcpositos Finance/ Cayman Islands Emtn 5.565% 31 11 7/P049 Candide Financing L.05% 20/11/2051 Casino Guich Perr 6.375 % 04/04/2013 Cie Financiere Et lndustricllc Des Autoroutes 6% 09/11 /2009

Citigroup Inc 1% 31 /05/7017

Credit Agricolc Sa 6 76 24/06/2013

Cse Ccnt Crcd Mid 1% 77/07/2029 Dainilerchrysler Australia 1 % 14/11/2008 Daimlcrchrysler Na Holding Corp Emtn 4.125% 08/09/2009 Deutschc Bank Ag Erntn 5 176% 20i09/2016 Dnb Nor Bank Asa 5.875 % 20/06/2013 Eco Bat Finance PIC 10.175% 31 /01/2013

Emporiki Group Finance PIC 1 % 05/08/2014

45,000

164,000

11 2,000

30.000

39,000

136,000

600,000

300,000

200,000

1,150,000

60.000

700,000

600.000

1.287.000

56,000

500,000

26.000

784.000

400,000

200.000

70,000 500,000

350.000

100.000

600,000

659.000

22,000

41 1,000

52.000

147.00l: Gcn Motors Acc Cp 6% 03/07/2008 1,4i3,000

43,844

468,539

11 1.588

29,963

38,720

135.569

420,000

775.600

196.539

1,141,301

61,022

666.749

555,344

1,278,017

54.546

452,864

75,790

693,683

318.840

196.541

70,820

453,927

351,523

1 OC, 126

599,098

647.877

20,942

41 1,646

54,3tO

145,977

1.409.168

0.15

1.66

0.39

0.1 1

0.14

0.48

1.48

0.97

0.69

4.03

0.22

2.36

196

4.57

0.19

1.60

0.09

2.45

1.23

0 69

0.26 1 .El

1.25

0 36

2.13

2.29

0.07

1.46

0.19

0.52

4.98

Groupanla Sa 1% 29/10/2049

Groupama Sa 5.60396 22/07/2029 lbcrdrola Flnanzds 5 125 76 09/05/2013 Irish Life & Perm 4.5% 09/05/2017

Jp Morgan Chase Co 5 25 y% 08/05/2013 La Mondiale 1 Yo 14il0/2049

Lloyds Tsh Rank PIC Erntn 3.034% 09/07/2016 Man Financial Scrviccs 5.37596 08/1 2/2010 Merrill Lynch CG 6.75 % 21:05/2013

Mp Y Ca Scvilla 5.8764: 29;12/2049 Natexis Ranques Populaires 6.375% 25/04/2010

National Grid 5.125 % 14/05/2013

Otc PIC 5.375 96 14/02/2011

Popular Capital Sa 6% 20/10/2049 Proctcr & Gamble Co 1.875% 21/10/2011

Puhlic Power Corpn 6.25% Ofl/11/2010 Rci Banque 5.25 % 27/05/7011

Hci Banquc Sa 4.656% 04/02/2009 Hcsona Bank Limited Emtn 7 % 15/04/2015

Royal 8 Sun Alliancc Insurnrice Group 5.459% 15:10/2019 Royal Bank Of Scolland Group P 5.25 9t 15/05/2013 Royal Kpn Nv Emtn 4.5% 18/03/2013

Sanpaolo Imi Spa Emtn 1 % 20/02/2018 Schcring Plough Corp 5% 01/10/2010 Siemens Financicringmaatschap 5.75 % 1211 2/2011 Skandinaviska Enskildz Bankcn Ab 1 YC 0611 0/%01 4

Sns Bank Nv4.153% 10/11/2015 St George Bank I..td 6.5 % 24/06/2013 Tcleforiica Cnisiones S A 5.58 % 12/06/2013

Ubs Ag 1% 17/11/2015

Unicredrto ltalianc Spa 0% 15/06/2015 Vodafone Group PIC 5.875 % 18/06/2010

Wachovia Rank Na 6 9t 23/05,’2013 Xstrata Can Fin Cora 5.875 4:

250.000 30,000

200.000

429,000

400,000

600.0M3

98,000

334,000

300.000 200.000

80,000

150,000

470,000 79,000

C62,000

728.000

250.000

22,000

340,000

730,000

385.000

400,000

1,030,000

220,000

390,000

79,000

: 12,000

500.000

250,OM)

130,000

250.000

500.000 300.0W

27/05/2011 432.000

Total Bonds

7G4.521

29.997

195,546 375,079

386,040

583.908

94,193

333,373

784.798

128.000

80.01 7

146,753

462,372

74.655

456,485

730.905 245,089

21,989

318,629

718,882

370,483

373.402

967,590

215.619

386,742

77.854 106,674

497.397

246,107

122,502

243,9i 9

501,413

287.519

478.776

0.72 0.1 1

0.69 1.33

1.36

2.06

0.33

1.16

1.01

0.45

0.28

0.52

1.63

0.26

1.6;

2.58 0.87

0.08

1.13

2.54

1.31

1.32

3.42

0.76

1.37

0.28

0.38

1.76

0.87

0.13

0.86

1.77

1.02

22,155,001 78.32

22,155,001 78.32


179



EUR Equities Bci Us Ftmclina Trust 30 30.225 0.17

30,225 0.11


EUR Governments and suwanational Gcmmany (Federal Republic) !OYr 08/09/2008 500,000 0.03 0.00

The Exportimport Bank Of Korc 5.75 96 22/05/2013 269.000 259.508 0.92

Total Governments and supranational 259,508 0.92

EUR Mortaaae and Asset Backed Securities Grcat kaii Mortgages PIC 5.41% 18/03/2039 400.000 140,000 0.49

Holland Euro-Denominated Mortgage Backcd Scries 2.35% 18/08/2039 700,000 :66.920 0.59 Preps Linitcd Partnership 4 6 0 % 1011 21201 2 50,000 38,870 0.14

Storm Bv 1 % ;)7/04:2049 67.200 64.243 0.23

410,033 1.45

Total Mortgage and Asset Backed Securities 410,033 1.45


Other transferable securities 1

EUR Bonds Credit I cgement Assurancc 5.33% 29/11/2049 835.000 763,399 2.70

Wpp Group PIC 1.375% 0511 2’2013 36.000 32,i51 0.1 1

795,550 2.81


EUR Mortgage and Asset Backed Securities Cibclcs 111 Ftpyme Fondo D 1.828% 26/11 /2030 509.9,51 468.084 1.65

Confluont Senior Loans Opportunities PIC 7.1 96% 31 /07/20.16 1.860.000 1,391.280 4.92

1,859,364 6.57

Total Mortgage and Asset Backed Securities 1,859,364 6.57


Total Investment in Securities 25,509,681 90.18 Other Net Asscts 2.778,516 9.82



1 80



Corporate Bonds 54 25

Banks 8 10

Mortgage and Asset Backed Securities 8 02 Financial Services 7 22

Consumer, Non-cyclical 2 37 Metals a id Mining 1 50

Industria 1 37

Sovereign Bonds 0 92

Energy 0 69

Food and Beverages 0 69

Oil and Gas 0 52


90.18

Communications 4 27

181


Schedule of Investments and Other Net Assets as at 30 June 2008 (in GBP)


EUR Bonds American International Group Inc A3 250,000 148.597 0.46 Aviva PIC 6.875 % 22/05/2038 190,000 141,432 0.43 BouyguCS E.125 % 03/07/2015 350,000 276,654 0.85 Kraft Foods Inc 5.75 % 20/03/%012 750,000 580,465 1.79 Old Mutual PIC Emtn 1 % 650.000 455.559 1.41 ldc N S Erntn 200,000 157,680 0.48 War, Group PIC 6.625 % 600.000 456.416 1.40

2,216,803 6.82

GBP Bonds Abbey National Treasury Sciv 7.125 Yt 20/06/2011 Alliance & Leicester PIC

Alliance + Leicester 9.625 % 30/! 0/2023 Allied Irish Banks PIC 5.25 % 30/09/2049 Amcrican General Firiancc 5.625 % 29/03/7010 Anglo American Capital 6.875 % 01 /05/7018 Argon Capital PIC 1 % 2911 0/2049 Baa PIC 5.75 0/6 (Mtn) 27/11/2013

Barclays Bank PIC

Barclays Bk PIC 1 % 28/02/2049 Bbva Subordinated Capital S A 6.085 % 21/10/%015 Bmw (Uk) Capital PIC 6.375 % 28/06/2010 Bnp Paribasbl6.0875 % 05/10/2015 Bradford & Eingley PIC Frn

British Sky Broadcasting PIC

British lelecornrnunications I’lc Citigroup Inc 7.625 Yt 03/04/2018 Compass Group PIC 7.125 YG 1 Y/01/2010 Countrywide Fin1 5.125 % Emtn 17/0.?/2011 Gbp Dcutsche Telekorn lntl Fin Bv 6.25 96 09il2/2010 Dnb Nor Bank A w 7.25 % 73;06/ 2020 Dnb Norbmk Asa 6.01 16% 29/03/2049 France Telocom 7.5% 14/03/2011 Ga;. Capital Sa Emtn Gen Elec Cap C o p 6.5 % 15/09/7067 Global Crossing Uk Finance PIC 11 -75% 15/12/2014

Hhos Capital Fdg 1% 31/03/2049 ltv PIC Erntn 6 125% 05/01/2017 Lehman Brothers Hldys 6 % 25/01/2013

500,000 250,000

400,000

500,000

470,000

21 0,000

400SJCO

375,000 425,000 160,OCO

400.0c0

430,000

400,000 350.000 403,000 250,000

300.000

370.000

i W.O(M

460.000

138,000

270.000 450,000 470.000

370.000

230,000

410,000 350.000

400,000

507.904 187,079

410.015

403,128

446,133

203,925 380.192

331.486 399,454 163.0>2

387.142

428,159

3m 31 4 267,753 406,139 263 984

306.197

370.295

88.320

451,490

138,834

236,260

459.1 79 434.974

344.1 56

227,700 41 7,579

286.725

355,960

1.56 0.56

1.26

1.24

1.37

0.63 1.17 1.02

1.23 0.50

1.19

1.32

1.19 0.82 1.25

0.81 0.94

1.14

0.27

1.39

0.43

0.73 1.41

1.34

1.06

0.70

1.78 0 88

1.09

Lloyds Tsb Bank 6.09063 % 29:04/2016 Merrill lynch + Co 7.75 Yo 30/’04/2018 Northern Rock 5.625 YG 13/01/2015 Poland Government International Bond 5.63% 18/li/2010 Reseau Fcrre De France 4.75 % 25!01/2011 RI Finance Bonds Frn Perp Gbp 1000 Royal And Sun Alliance Group 1 % 29/07/2049 Santandcr Issuances S A 6.5325 % 24/10/2017 Scottish Widows PIC Fm 2949 (Porp)

Shinsei Bank 5% 0611 212049

Standard Chartered Bank

Svenka Handelsbanken Ab 1 % 31/12/2049 Svenska Handolsbkn 5.375 % 04/09/2049 Telecorn ltalia Spa 5.625 % 29/12/2015 Telefonica Eniision 5.888% 31/01/2014 Tharries Water Utilities Cayman 7.241 % 09/04/2058 Unicredito Italimo Spa Erntn

Vdafone Group Plc 4.625 % (Mtn) 06/09/14 Washington Mut Bk 5.5 % 10/06/2019 Wessex Water Scrviccs 5.875 YO 30/03/2009

400,000

300.000 380.000

690,000

I .ooo.ooo

190.000

230.000

350.000

270.000 100,000 310,000

460,000

200,000

350,000

350.000

300,000

300.000

410,000

200,000

500,000

382.033

281.481 320.034

679.139

964,310

157.837

235.1 12

340,340 229,037

145.529 307.526

426,512

179.346

314,065

332.518

299,096

290,571

363,800

136,264

496.258

1.17

0.87 G.98

?.09

2.97

0.49

0.72

1.05 0.70 0.45

0.94

1.31

0.55

0.97

1.02

0.93 0.89

1.12

0.42

1.53

16,569,996 50.95

USD Bonds

Ford Mtr Cr Co 5.625 96 0: /I 012008 200,000 98,942 0.30 Hbos PIC 144A 796,000 352,272 1.09 Hbos PIC 6.75 % 21/05/2018 300,OCU 146,474 0.45

597,688 1.84

Total Bonds 19,384,407 59.61

NOK Equities Mpu Offshore Litt 1.500.000 66.896 0.21

66,896 0.21



1 !

!

,

1 1 1 1 1

1


182


Schedule of Investments and Other Net Assets as at 30 June 2008 (in GBP)


EUR Bonds Assct Repackaging Trust Bv tmtn 1% 21/i2/2011 100,000 76,763 0.24

76,763 0.24

USD Bonds General Mtrs Nova Scotia Fin 6.85% 15/10/2008 180.000 89,707 0.27 Zfs Fin Usa Tr Iv 5 875 % 09/05/2032 1,000,000 459,557 1.40

549,264 1.67




GBP Bonds American lntl Grp 8.625 % 22/05/2038 200.000 I R R . ~ ~ n s 7

186,330 0.57

NOK Bonds Bergcn Group As 10.41 % 06/07/2009 500.000 49,057 0.15 Mpu Offshore Lift 1 96 15/12/2C11 1,500,000 92,911 0.29 1% Rcsources Ab 11 5 2 % 09/01 /2009 1,500.000 149,401 0.46

291,369 0.90

USD Bonds

Ocean Rig Asa 300,000 151,389 0.47 Pa Resourccs 9.5 % 09/01/2009 100.000 50,463 0.16

201,852 0.63



Total Investment in Securities Other Nct Assets

20,756,961 63.83 1;,765.812 36.17



183



Banks 18 29

Corporate Bonds

Financial Services

Transportation

Food and Beverages

12 12

8 62 2.97

2.93 Insurance 2 87

Oil and Gas 2 72

Communications 2 68

Media 2 65

Water 2 46

Sovereign Bonds 2 09 Automobiles 1 32


Metals and Mining 0 63 Consumer, Cyclical 0 27

Snipbuilding 0.15

63.83

Machinery 0 21

1 84

A M World Funds - Responsible Development Bonds

Schedule of Investments and Other Net Assets as at 30 June 2008 (in EUR}

Philippine Long Distance Telephone Transferable securities admitted to an official exchange listing 11.375% 15/05/2012 46C,OOO 350.472 2.23

Rbd Capital Sa 6.5% 11/08/2008 50C.000 317,450 2.02 EGP Bonds

KfW 7.1 25% 15/11/2012 3,000.000 Statc Bank Of India (London)

344,796 2.19 5.375% 04/10/2010 1 ,00c,ooo 630,934 4.01

344,796 2.19 5,993,216 38.08

EUR Bonds Total Bonds 10,653,934 67.71

Banque Centrale De Tunisie Regs 4.5% 22/06/2020 ~00.000 333,459 2.12 EUR Equities Banqve Centrale De lunisic Hcgs [Irste Rank Der Oestereichisch 1,000,000 999,870 6 3 6

999,870 6.36 4.75% 07/04/2011 350,000 335.775 2.13 Colgate Palmolive k 4.75%

Corp Andina De Foment0 Emtn 400.000 400.568 2.55 481B20 3.06 Total Equities 13/06/2014 500.00c 999,870 6.36

Corporacion Andina De Fome 6 375% 18/06/2009 1 ,100,000 : ,103,622 7 02 Croatian Bank Fur Reconstruction &

EUR Mortgage and Asset Backed Securities Bold IX 1 Microfin 1 % 25/03/2011 500,000 400,M)O 2.51

Development 4.807% 11/07/2016 ?50.000 236,422 1 5 0 400,000 2.54

Croatian Rank For Feconstruction 8 Development Emtn 5.75% 0411 212012 750.000 247,352 ,57 Total Mortgage and Asset Backed

Croatian Bznk For ncconstruction 8, Securities 400,000 2.54 Development Emtn 4.875%

France Alter Ego 1 % 20/07/2011

i 1 /WROll 250,000 244,145 1.55 EUR Governments and supranational 250,000 267,694 1.71 turo Inv Bank 3.75 % 24/11/2010 200.000 195,436 1.24

Inter-American Devclopmcnt Bank Intl Euro Inv Bank 4.375 % 15/04/20? 3 200,000 195.745 1.24 5 5% 30/03/20 10 500,000

4,155,801 26.42 4 5% 15/17/2009 200.000 199,114 1.27 50L,944 21 European Investment Bank Emtn

Europcan lnvostmcnt Bank Emtn

European Invcstmcrrt Bank Erntri UGX Bonds 3.625% 15/11/2011 200.000 192.719 1 2 3 African Development Rank 10 % 16/05/2011 11 1.375 000 16[) 171 1 0 7 4 25% 15/10/2014 200,000 193,293 1 2 3 . . , . .-

1 6 0 , ~ 21 1.02 Gcrn:any (Fcdoral Rcpublic) 1 OYr 08/08/2008 -400.000 0 0.00

USD Bonds 976,307 6.21

African Development Bank 3.25% 01 /O8/2008 750,000 475,885 3.03 MXN Governments and supranational

African Development Bank 3.75% 15/01 /20i 0 300,000 192.686 1.22 26/01/2016 2.000.000 116.C04 0.74

Asian Development 3ank Erntri 4.25% 116,004 0.74 29/ 12/2009 500,000 373.107 2.05

Inter American Development 8%

Asian Dcvclopment BanWPasig Emtn USD Governments and supranational 500,000 31 9,9'9 2."3 Argentina Government lntcrnational 5% OW1 1 /2008

Banco Naciorial De Comercio Exterior Snc Regs 3.875% 2: /01/2009 Bold 06 1 Microfin 1% 25/03/2011 Brazil Development Funding Cor 9.625 % 12/12/7011 Export-Import Hk Kotca 5.125% 14/02/2011 Fondo I-atinoamcric 5.7575% 15/02/2011

Ind Dev Rank 4.75% 03/03/2009 Inter Amer Ucv Rk 1.75 % 29/06/2010 International Finance Facility For Inifnunisation Regs 5% 14/1 1/2011 Koroa Development Rank 4.625% 16/09/2010

1,000,000 500,uOO

500,000

500,000

750,000

500,OOC

750,000

1.000,000

500.000

fi3d,i06 126,980

363.645

315,751

157.931 3:8.187

491,056

658.1 91

31 6.9: 0

4.03 0.81

2.31

2 01

1 .OO 2.07

3.:2

4.18

2.01

Bond $Dis 8.28% 31/12/2033 Bruilian Government International Bond 1 1 % 17/08/2040 Central American Rank 4.875% 15/01 /2012 Chile Government International Bond 7.125% 11/01/7012 Chile Government International Bond 5.5% 15/01/2013

Chile Rep 6.875 % 28/04/2009 Philippine Government Inlornational Bond 9.875% !5/0:/2019 Philippine Government International Bond 8.25% 15/01/7014 Philippine Government International Bond 8% 1 YO1 /2016 Philippine Government International Bond 8.375% 12/03/2009

296,494

250,000

700,000

150,000

150,000 150,000

100,000

100,000

100,000

100.000

144,242

2i 0,152

441.987

103,443

98,685

98,102

77.055

68.569

68,093

65.315

0.92

1.34

2.61

0.66

0.63 0.62

0.49

0.44

0.43

0.42


1 85

AXA World Funds - Responsible Development Bonds


Bonb'8.37596 15/02/2011 100,000 67,617 0.43 Turkey Government International Bond 7.%5% !5!03/2015 500,000 314,053 2.00

United Mexican Sts 8.375% 14/01 /2011 250.000 173.725 1.10

1,931,838 12.29

Total Governments and supranational 3,0241 49 19.24



USD Governments and suoranational ~ ~~

Heoublic Of Turkev 12% 15/12/2008 250.000 164,661 1.05

164,661 1.05

Total Governments and supranational 164,661 1.05



USD Bonds Petroleum ExporWC 4.623136 15/06/2010 200.000 126.!04 0.80

126,104 0.80




15,368,718 97.70 361.827 2.30



1 86



Banks Corporate Bonds

22.80

22.62

Sovereign Bonds 20.29 Financial Services

Multi-National


18.40

5.76

3.06 Mortgage and Asset Backed Securities 2 51 Communications 2.23

97.70

187




EUR Bonds Allied Domccq kin Services 5 875% 12/06/2009 Alpha Crodit Group PIC 4 755% 30/01/2004 Alpha Credit Group PIC 4.864% 23/02/201 I: Anylian Water PIC 5.375% 02/07:2009 Anglo Irish Bank Corp 4.609% 25/06/2014 Anglo Irish Bk 1 Cib 25/01/2012 Aysurance Gcnerales De Fra 1 % 08/03/2020 Assurancos Generales De Fr 5.664% 08:03/202C Astrazeneca PIC 4.625% 12/11/?010 Aust & N7 Bank Group 4.45% 05/02/2015 Aust & Nz Banking Group 4.6259: 08/1 1/2010 Ayl Ccdulas Cajas Ii A . 5 % 28/1 i/2008

Bmca Lorrbarda E Piemontcsc Sp 1 % 12/02/201 G Banco De Credito Local 3.75% 30/06/2009 Bank uf Ireland Emtn

Bank Of Scotland PIC 5.625 % 23/05/2013 Bank Tokyo Mitsu Ufl 1 %

Bat lntl Finance 4 875% 25/02/2009 16/i 2/2015

Bbva Bancorner 4.799% 17/05/2017 Rbva Senior Finance Socied rrn 4.766% 04/10/2010 Rertelsmann Us Finance Inc 4.62596 03/06/2010 Res Finaricc Limited 6.625% C1/03/2010 Rhp Billiton Finance Bv 4.125% 05/05/2011 Bk of Ireland 1 % 24/01 /2017 Bleiche Poplari Unite 3.675% 07/1 a201 5 Bmw Finance Nv Erritn 3% 15/12/2009 Bnp Paribas 1% 06/12/2015 Bottling Holdings lnvestmcnts Luxembourg Commandite 4.75% 08/11/2010 British American Tobacco H 4.375% 15/06/2011

Cala Madrid 1 ?A 17/10/2016 Carrefour 4.375% 15/06/2011 Czsino Guichard f'crrachon Sa Emtn 4.75% 21/07/2011

1,000,000

2.000,000

,000.000

,660,000

,833,000 ,842,000

.490.000

1,388,000

1,502,000

2,500,000

1,705,000

3.000,OCO

1,700.000

2.500,000

2,500,000

1,206.000

1,200,000

7,000,000

1.200.000

909.000

2.500.000

460,000

236,0110 1.550.000

2,200,000

2,500,000 1,250,000

1,450,000

599,000 2,500,000 7.000.000

2,000,000

1 ,M32,097

1,992,753

985.213

1,656,282

1,689 392 1,662,266

2,488.107

1,955,079

: ,475,654

2,420,854

1.664.760

2.992.428

1,686.607

2,465,432

2,257,022

1,170,822

1,112.784 1,993,390

1,055.161

903.460

2.450.301

460.674

226,745 1.416.369

2,129.621

2,426,057 1,171,543

1,420.91 1

574,862 2.322.932

1,951,244

1,920,241

0.35

0.71

0.35

0.59

0.60

0.59

0.88

0.69

0.52

0.86

0.59

1.06

0.60

0.87 0.80

0.41

0.39 0.71

0.37

0.32

0.87

0.16

0.08

0.50

0.76

0.87 0.42

0.51

0.20 0.82 0.69

0.68

Cez 5 125% 12 10/2012 647,000 0 29 Cez Finance B.V. 4.625% 08/06/2011

Citicorp 5.25% 09/09/ 20019 Citigroup Inc 1 % 31/05/2017 Credit Agricole Sa 4.2% 29/06/2049 Credit Agricolc Sa 6 % 24/0W2013 Credit Logcinent 1 % 03/07/2017 Cse Nat De Csc D Epargne8P 5.6% 05/11/2011 Daimlerchrysler Canada Fin 3.625% 10/11/2010 Diago Finance PIC 1 % 22/05/2012 Dnb Nor Rank Asa 5.675 % 20/06/2013 Dow Chemical Conhe Erntn Lads Finance B V 4.62596 03/03/2010 Edison Spa Erntn 5.1;15% 10/12/2010 Ffc Hellas 5.265% 30!06/7014

Cricsson (Lm)Tel6.75% 28/11/2010 Fondo Titulizacion Activos 4.336% 21 /04/2028 Fortis Bank (Ned) Nv 4.425% 22/06/2015 rorturro Brands Inc 3.5% 30/01/2009 Francc Tdecom 6.625% 10/11/2010 Hbos PIC Erntn 1 % 21/03/2017 Household Fin Corp L5% 12/11/2010 lberdrola Finanzas Sau 1 % 17/08/2009 International Endcsa Bv 4.375% 18/06/2009 Jpmorgan Chase Bank National A 4.625 % 31/01/2011 Lehman Brothers Holdings I 1 % 26/09/ 201 6 I rmh Moet Hcnnessy Louis V 5% 29/04/2010 Marfin Popular Bk Public 1 % 31/05/2010 Merck Kgaa 4.75% 26/11/2010 Merrill Lynch + Co 6.75 "/o 21/05/2013 Metro Ag 1 % 07/10/2009 Morgan Stanlay 6.5 % 15/04/2011 Morgan Stanley Group Inc 1 ?h 08/06/2009 Natexis Bques Populaires 1 % 21/01 /2016 Nationwide Building Societ 1% 17/08/2015 Natl Australia Bank 1 % 04/06/20i 5 Nordoa Bank Ab (Se) 1 % 20/05/2015 Norinchukin Bank 1 % 28/09/2016

2,000,000

255.646 1,000,000 1700,000 2,150.000

550.000

350,000

1.500.000 790,000

1,232,000

2,500,000

2,600,000

3,000,000 < ,300.000

1 .ooo.ooo

147.825

1.350.000

2,077,000

%.50C,OOO 2,500,000

1.120,000

800.000

300,OCQ

1,000,000

3,350,000

1,340,000

694.000 1,553,000

1,250,000

1,460.000 2.200.000

2.000.000

1.400.000

430,000 1,000,000

1,150,000

1,000,000

827,713

1,950,805 257,86? 907.854

1,634,550 2.1 59,357

522.415

345.215

1.439353

773,809

1,233,935

2,430,624

2,559,921

2,972,136

1,274.938 1,008.275

146,695

1.290.71 7

2,045,656

2.566258 2,258,737

1,093,417

797.390

297,679

977,107

2,770,567

1,330.308

675.643 1,527,084

1,186,660 1,460,106

2,184,807

1,974,047

1,308.755

386.687 948,802

1,126,491 1,829,455

0.69 0.09

0.32 0.58

0.76 0.19

0.12

0.51 0.27

0.44 0.86

0.91

1.05 0.45

C.36

0.05

0.46

0.72

0.91

0.80

0.39

0.28

0.11

0.35

0.98

0.47

0.24

0.54

0.42

0.52 0.77

0.70

0.46

0.14

0.34

0.40 0.65

I

I

I

I 1

1 1

1

1

1



Schedule of Investments and Other Net Assets as at 30 June 2008 [in EUR)

1 WOl/2017 Ote PIC 1% 21/11/2009 Ote PIC 5.375 % 14/07/7011 Procter 8 Gamble Co 4.875% 24/10/2011 RQmult Regie Ntl 6.125% 26/06/2009 Rodamco Europe 3 75% 01 /070010 Royal &Sun Alliance Group 6.875% 15/: 0/2019 Royal Bank of Scotland 5.5% 31/1 Z2049 Santandcr Issuances S.A llnipersonal Emtn 45.435% 74/10/2017 Sch Finance Sa 5.75% 31/12:20a9 Schering-Plough C ~ r p 5% 01/10/2010 Schlumberger Finance Bv 1 % 14/09/2009 Sos Global Sa 4% !5/03/2011

Ses Global Sa Emtn 1 % 20/i 0/2009 Siemens Financicringmaatschap 5.25 % 12/12/2011 Skandinaviska Enskilda Ban 4.12595 28/05/2015 Sodexho Alliancc Sa 4.625% 16/0:3/2009

Soycrirn Sa 1% 20/04/7011 St George Bank I.td 6.5 % 24/06/2013 Standard Chartered 8.16% 29/03/2049 Standard chartered Bank 5.375% 06/05/2009 Sunitomo Mitsui Banking 1 % 27/10/70 14 Telecom ltalta Spa 4.9625% 07/06/2010 Telefonica Emisiones S A 5.58 YO 12/06/2013 Telefonica Emisioncs Sau Entn 1 % 25/01/2010 Telekom Finanzmana 3.375% 27/01/20: 0 Telenor Communication 5.75% 04/02/2009 The Exportimport Bank of Kore 5.75 % 22/05/2013 The Goldman Sachs Group In 5.095% 04/10/2012 Unicrcdito ltaliano Spa 0% 15/06/2015 Vivendi Sa 3.625% 06/04/2010 Volkswagen Bank Gnbh 3.91 9% 05/0?/2010 Volkswagen Bank Gmbh 4.64A% 10/11/2008

800.000 1,60C.000

940.000

1.849.000

1,960,000

1.000.000

920,000

1,190.00c

1,200,000 1,500,000

2,201,000

: ,550.000 1,000,000

1.607.000

2,347,000

460.000

990,000 1,000,000

3,000.000

2.000.000

440,000

700,000

3.000.000

1,550,000

1,000.000

1,000,000

430,000

1,075 000

1.71 1,000

1,500,000

2.1 90.000

1,050,000

1 650,000

708.954 1.59; ,860

924.744

1.826,928

‘.970.565

959.487

916,117

RSX,~: 3

1.151.777 1,395,064

2.157.1 72

1,543,159 940.481

1599.446

2.339.L31

441,155

983.582 1,030,100

2,984.35 1

2,004,31?

436,997

679.456

2,940.01 6

1,525,863

993,789

967.472

430.475

1,037,069

!.645.747

1,463,512

2,107.356

1.04Y.81 6

1,648,889

0.25 0.56

0.33

0.65

0 70

0.31

0.32

0.37

0.41 0.49

0.76

0 55 0.33

0.57

0.83

0 lti

0 35 0.36

1.06

0.71

0.15

0.74

1.04

0.54

0.35

0.34

0.15

0.37

0.58

0.52 0.75

0.37

0.58

Xstrata Can Fin Corp 5.875 % 27/05/2011 7,590,000 2.540.697 0.90

153,410,544 54.34

To ta l Bonds 153,410,544 54.34

EUR Mortgage and Asse t B a c k e d Securities Abf Finance Slr 2.768% 21/11!2019 142.464 139,016 0.05 Adagio Clo Bv 1% 21/11/2019 Arena Bv 3.41 % 17/02/2037 Arran Residential Moriyage 4.966% 20/09/2056 Bancaja 1 Fondo De Tituliz 1 % 05/02/2036 Bancaja 1 fond0 Dc Tituliz 1.459% 75/10/7037 Bancaja Sfondo De iituliza 3.158% 1 8/0w%035$ Bancaja Fondo De Tituliz 4.891 % 1611 112036 Byzantiuw hnancc PIC 1.1 94% 12/10/2032 Delphinus 1 % 25/04/2093 Goldilux 1 % 10/12/2012 Geldilux 1 s 1 % 1 O/i 2/2012 Granite Mast 1 % 20/12/2054 Granite Master Iss 5.046% 2C/: 2/2054 Granite Master Issuer f’lc 4.763% 20/12/2054 Grezt Hall Mortgages Num 1 I% 1 % 12/03/2039 Holland Euro Dcnom 1.166% 16/05/2039 Holland Mortgage Backed Se 1 %

Lcck Finance holdings h‘o 1 4.853% 21/09/2038 Lcck Finance Number Foiirte 1.903% 21/06/2036 Lusitano Mortgages No 3 5.021 y.6 17/: 012047 Match 1 (2002 1)Bv A2 4.48% 29/10/2034 Oryx European Clo 3.31 8% 22/11/2020 Resirnac Premiereuro 2004 2 2.745% !0!11/2036 Rural liipotecario Vii 2.586% 15/03/2038 Saecure 2 Bv 1 % 75/08/2034

Split Sri No 2 2.91 9% 15/10/2018 l~hemclcion Mortgage Financ 7.276% 27/12/2036 7itulizacion De Activos Sc 5.782% 77/03/2035 Uci 3.228% 19/06/2035

I a /ow039

500,000 157,016

432.000

154.830

400,003

219,364

;.206,609

260.797

500.000 1,000,000

1,500.000 281,559

393,000

695.000

300.000

85,818

300.003

276.219

11.160

300,OCO

21 5,148

500,003

73,099

786.959 87.753

502,028

11 7,847

200,om

26.577

488,850 154,951

421.848

178.865

31 2.280

192.483

1,156,209

258,926

487,222 995,000

1.481.550 273,901

338,499

650,173

183.196

83 767

265,114

271,137

43.870

251,520

21 1,899

468,450

72.31 7

269.655 86.814

490,983

115,148

147.700

25 655

0.17 0.05

0.15

0.05

0.1 1

0.07

0.41

0.09

0.77

0.35 0.52 0.10

0.12

0.73

0.06

0.03

0.09

0.10

0.07

0.09

0.08

0.17

0.03

0.10 0.03 0.17

0.04

0.05 0.01

10,467,098 3.71



189


Schedule of investments and Other Net Assets as at 30 June 2008 (in EUR)

EUR Governments and supranational Bundesohligation 145 3.5% 0911 0/%00Y 3C.000.000 29.610.261 10.49 Germany (Federal Republic) 5.375% 04/01/20!0 15.M)O.OOO 15,176.730 5.38

Greece (Rep) 3.5% 20/04/2009 20,400,000 20,213,171 7.16

Hcllenic Renuhlic 3.1 % 20/04/2010 15.770.000 15.31 1.024 5.42

80,311,186 28.45




EUR Bonds Goldcn Bar Securitisation 4.724% 20/111'2023 700.000 672,350 0.94

Santander Consumcr Finance 5.1 15% 28/09/2016 2,000,000 1.866.304 0.66

2,538,654 0.90

Total Bonds 2,538,654 0.90

EUR Mortaaae and Asset Backed Securities ILocat Securitisativn Vchic 1 % 12\12/2026 700,000 675.470 0.20

Magellan Mortgagcs PIC 2.724% 15/05/2058 61 0,044 596,916 0.21

Vela Lease 1 : 5/12:2028 2.000.000 1.918.600 0.68

3,090,986 1-09

Total Mortgage and Asset Backed Securities 3,090,986 I .09

EUR Governments and suoranational Frarrcc (Government Of) 3.5% 12/01 /2009 5.000.000 4.973.703 1.76

4,973,703 1.76




EUR Bonds Rural Hipotccs V 2.706% 15/12/2033 390,800 368.563 0.13

Uci 11 Tilulizacion De Act 4.87% 15/09/204 1 855,460 820,266 0.29

1 ,I 88,829 0.42

Total Bonds 1,188,829 0.42

EUR Mortgage and Asset Backed Securities Amarer li 2.667% 26/10/2030 2,720,520 2,647.066 0.94

Aria Cdo 1 PIC 3 556% 07/10/2009 1,000,000 998.200 0.35 Aria Cdo li PIC 19.851% 10/10/2012 150,000 123,521 0.04

Locat Securitisation Vehiclo Sri 1 % 1 2/12/2028 2.000.000 1.918.000 0.68

Magellan Mtg No 2 PIC Clb 4.052% 18!07/2036 200.000 188,340 0.06

Spoloto Mtg 2.878% 25/02/2035 652,417 644,458 0.23

25!02/2035 526,000 442.498 0.16 Spoleto Mtgs Srl 3.754%

The Mclcion Mortgage Finan 2.65596 21/01/2039 73,561 72,145 0.03

Thcmclcion li Mort 2.775% 12'01/2040 206,574 184.851 C.07

7,219,079 2.56




EUR Own-ended investment funds Axa Im Alpha Euro Bonds-C 14,000 3.063.060 1-09 Ax3 Im Euro Inflation Bonds fC) 6.600 869.022 0.31

3,932,082 I .40


Total Open-ended invsstment funds 3,932,082 1.40

Total Investment in Securities 267,132,161 94.63 Other Net Assets 25,170.521 5.37



190



Corporate Bonds 39.47 Sovereig? Bonds

Mortgage and Asset Backed Securities

Financial Services

Banks



Metals and Mining

30.21 7.36

4.14

3.70

2.98

1.40 0.90

Communications 0.87 Chemicals

Industrial


Food and Beverages

0.86 0.83 0.69

0.68

Utilities 0.29

Insurance 0.25

94.63

191


Schedule of investments and Other Net Assets as at 30 June 2008 (in EUR)


EUR Bonds Air Liquide Finance Emtn 5.254; 18/07/2017 Altsdis hnance Rv 4 25% C2/10/2008

Aquarius 8 lrrvestmcnts t’lc 0.01 % 03/05/%0;4 Asrnl Holding Nv 5.75% 13/06!2017 Assurance Gencralcs Dc fra 1 % 08/03/2020 Aust 8 Nz Bankiny Group 4.625% OH/li/2010 Axa 1 % 15/12/7020

h a Sa Emtn 5.777% 29:07/20Q Ayt Ccdulas Territoriales 3.75%

Banco Bilbao Mzcaya Arycn 3.750% 231 1/2011 Brnw Financc Nv Emtn 4.875% 1811 W2012 Brip Paribas 4% %?/C3/2010

2411 0:2008

Bnp Paribas Covered 4.595 iwi n/2009 Caissc Hefinancement De L‘Habitat 4.375% 1111 0/201C

Cala De Madrid : % 03:l 012008 Cam International Sa 1 ’% 26/04/2017 Cif Euromortyaye 3.625% 16/07/20!0 Cincnts Francais Sa Enitri 4.75% c4/00/2017 Cirnpor Ciricritos Ue Portuga 4.5%

Conpagnie De Financement

Cornpagnie De Financement Foricicr Counipouncd Method. 5.625% 75/06/2010 Credit Agricole Sa 4.13% 31/:2/2049 Credit Lqomcnt 4.223% 15/06/2017

Delhaiza Group 5.675% 27/06/2011 Deutsche Tclckom 6.625% 11/07/2011 Dcutsche Telekom Ag 4.500% 25/10/2013

27:05/2011

3.750% 26/02/2010

Dcxia Municipal Agency Emtn 3.5% 21 /09/2009 Dcxia Municipal Agency Emtn 4% 26/01/2011 Dexia Municipal Agency Fmtn 4.25% 22/11/2010 Diago Finance PIC 1 ?6 22/05/2012 Ffg Privata Bank SdZurich 4.81 19% 29/1 i/%049

ROO.OOO

500,oon

1,500,000 1,062.000

1.650.000

989,000 500.000

1.500.000

1.300.000

2,000.000

748.000 WO.000

3,800,000

7.000.000 900,000

850,000

1.045.000

550.000

1.735.000

2,500,000

6.000.000

2.100.000

950,000 991,000

2.000.000

2.000.000

3,500,000

193,000

807.000 w .000

800,000

785,329

498,302

1.327.787 879,075

1,648,746

965.659 500.676

1,319,680

1.294.65d

1,904,730

730,760 880.713

3,764,288

6,866,466 899.925

709.788

1,014.9’6

478.373

1,637,626

2,443,979

6.055.643

1,642,038

873.606

936,396

2,050,741

1,877,850

3.435.831

187,698

791.3Y8

928,571

465.6CQ

0.31

0.19

0.52

0.34

0.64

0.38

0.20 0.51

0.50

0.74

0.28

0.34

1.47

2.68 0.35

0.28

0.40

0.19

0.64

0.95

2.36

0.64

0.34 0.37

0.80

0.73

1.34

0.07

0.31

0.36

0.18

Emlrlc te DE France 6 25% 20!10/200A Enel Spa 5.25% 20/06/2017 Fiat Finance & Tradc Limrted 6.625% 15/02/2013 Fiat Finance Na 5.625% 12/06/2017

France Telecom 7.25% 28/01/2013 Gallahcr Group 5.875% 06/08/2008 G z Capital For Gazprom Emtn 5.364% 31/10/2014 Ge Caprtal European funding 4. ? 25% 27/10/2016 GmacBankGmbh 1%21/05/2010

Hbos Cap Fdg 1 % 29/05/2049 lbcrdrola Finamas 5.125’16 09/05/2013 Ifil Sap 5.375% 12/06/2017 lmetys Sa 5% 18/04/2017 Kfw International Finance 3.750% 14/10/2017 L.vmh Moet Hennassy 4.625% 01/07/2011 Merrill Lynch 8 Co 4.625% c9/10/2013 Merrill Lynch 8 Co Inc Emtn 5.01 i % 25/08/2014 Nationwide Building Societ 1 % 17/08/2015 Natixis 4.245% 26/01/2017 Nordea Bank Finland 5.7596 26/03/2014

Ote PIC 5.375 % 14/02/2011 Ppr Sa Emtn 4 % 29/01/2013 Santander lssuanccs S.A Unipcrsonal Emtn 45.435% 24/1 0/701? Schenng-Plough Corp 5%

Seb Ag 4% 14/04/2009 Shinsei Bank Ljmited 1 %

Siemens Financiwingmaatschap 5.25 % 12A2/2011

Slrn Gorp Emtn 5.278% 01 /06/2013 Sogcrim Sa 1 % 20/04/2011 Telcfonica Ernlsiones S A 5.58 % 12/06/2013 Transcapitalinvcst 5.381 % 27/06/2012

o:/i wzoi o

23/02/201 6

Unicredito ltaliano Spa 1 % 16/09/2019 Unicredito ltaliano Spa 4.5% 22/09/ 20 1 9

Urenco Finance Nv 5.375 % 22/05/2015 Vcolia Environnernent Enitn 5.375% 28/05/2018 Volkswagcn Credit 5.125 % 19/05/2011

1.200.(100 1,465,000

i .000,000 1,556,000

850,OCQ

845.000

1,765,000

I ,noo,ooo 1.200.000 2,000.000

800,000

1,000,000 1,050,000

7,500,000

2,075,000

700,000

787.000

980,003

1,000,000

41 0,OCO 755,000

1,600,000

650.0(30

605,OCO 2,300,000

2.01 2,000

1,750,000 1,600,000

785,000

i.500,ono

1 .I 00,000

355.000

630.000

1,000,000

1,500,000

650.000

1,203,920 1,441,336

960.523

1,320,580 894,680 845,5063

1,557,182

Y07,521

936.328 1.453.786

782.183 864.847

902,475

7,248,123

2,031,455

616,393

671,393

881.288

919.322

409,762 742,746

1,439.951

623.879

592.953 2,282.469

1,780.825

1,744,357 1.331.19.1

808,629

1,476,641

1,036,534

31 1.558

571,362

988.491

1,428,363

639.373

0.47 0.56

0.37 0.51

0.35 0.33

0 6i

0.35 0.37

0.57

0.30

0.34 0.35

2.83

0.79

0.24

0.26

0.34 0.36

0.16 0.29

0.56

0.24

0.24

0.89

0.69

0.68 0.52 0.32

0.58

0.40

0.12

0.22

0.39

0.56

0.25


192



- - " """ - Volkswagen Leasing Gmbh tintn 4 875% 18/10/2012 500,000 L83,963 0 1 9 Volkswgn Fin Sv Ag 4 75%

Netherlands Govcrnmcnt Bond 5.5% 15/07/7010 7.700.000 7.837.684 3.06

Portuad (ROD) 3.2516 15/07/2008 2.000.000 1.999.201 0.78 19!07/2011 915,000 895.384 0.35

95,826,068.00 37.36

Total Bonds 95,826,068.00 37.36

EUR Mortgage and Asset Backed Securities

Adagio Clo Bv 1% 21/11/2019 850,000 831,045 032

Brunel Res Mottg 1 W 13/01/2039 300,000 267.060 0.10 Epic Drummond Lln-itcd 1 :b

Leek Finance holdings Nn 1 4 853% 21 /09/2038 276.21 9 771,137 0.i 1

Resloc Ilk 4.83% 15/12/2043 1,904.000 1.618.LOO 0 63

4,142,036 1.61

25/01/2022 1,307,310 1,154,394 0.45

Total Mortgage and Asset Backed Securities 4,142.036 1.61

EUR Governments and supranational Austria (Government Ot) 5% 15/07/2012 Bulgaria Government International Bond Regs 7.5% 15/01/2013 Bundcsrepublik Deutschland 1.5% 15/04/2016 Bundcsropublik Deutschland 5% C4/07/2011

Dutch Govt 3.25% :5/07/'2015

Finnish Governmcnt 4.25% 15/09/2012

France (Govcrnment O ~ J 3.75% 25/04/20 17 France (Govcmmcnt Of) 3.5% 25/04/20 1 5 France Republic of 5.5?/, 25/04/7010

Germany (Federal Rcpublic) 4.25% 04/01 /2014

Germany (Federal Rcpublic) 3.5% 04/01Q016

Germany (Fcdaral Republic) 1 OYr 08/09/2008 Germany(Fcd Rep) 3.75% 1211 2/2008 kellenic Rcpublic Gwernment Bond 5Yr 3.9% 20/08/2011 Hungary(Rep) 4.375% 04/07/2017

Italian Republic 4% 15/04/2012 Italy Buoni Poliennali Del 1-esoro 3.75% 15/09/2011 Kingdorn Of Belgium 4 % 28/03/2014 Kingdom Of Belgium 4% 28/03/2073

20,400,000

1,000.000

7.457.870

7 7,750.000

2,000,000

15,750,000

1,535.000

5.575.000

4.000.000

3,009,000

6,000,000

8,600,000

1,500,000

13,000,000 1,960,000

16,850,000

6,900,000

3,000,000

850,000

20.658.203

1,066,950

7.199.300

17.996.494

1,835,883

15.506,349

1.434.164

521 5.748

4,063,468

2,974,774

5,672,651

0

1,495,406

12.602.691

1,780,921

6,337,972

6,669,328

2,891,638

824.234

8.35

0.42

2.51

7.02

0.72

6.05

0.56

2.03

1.58

!.16

2.:9

0.00

0.58

4-91

0.69 6.37

7.60

1.13

0.32

136,Oi 3,059 53.03




EUR Bonds Bombardcr Inc Regs 1% 15/11/2013 1,100,000 i ,097,742 0.44 Cassa Dcposili 8 Prestiti 3.25% 31/07/2010 1,000,000 961.769 0.37 Crown European Holdings Sa 6.25X Oi:09/ 701 1 1,325,000 1.242.1 88 0.48

3,301,699 1 .29

Total Bonds 3,301,699 1.29

EUR Mortgage and Asset Backed Securities Locat Securittsation Vchic 4.898% 12/12/2026 762.640 746.160 0.29

746,160 0.29


Total Transferable securities dealt in on another regulated market 4,047,859 I .58


EUR Ooen-ended investment funds 2,275450 0.89 h a Euro 1-3 C

h a Im Alpha Credit A 11.400 1,122,558 0 44 &a Im Aloha Euro Bonds-C 11 55.1 75776R1 n W

10.91 5

5,925,689 2.32



Total investment in Securities 245,954,711 95.90 Othcr Net Assets 10,527,407 4.10

TOTAL NET ASSETS 256,482.1 18 100.00


193



Corporate Bonds

Financial Services

Banks Open-ended investment funds


Industrial

Communications

Water

Retail


Utilities

Basic Materials

Energy

Consumer, Cyclical

Automobiles


Sovereign Bonds 53.03

22 69

6.18

4.24

2.32

1 90 1.03 0 87

0.56

0 56

0 48 0 47

0.31

0 30

0 28 0 25 0.24

Building Materials and Products 0.19

95.90

194




EUR Bonds Air Liquide Financc tmtn 5.25% 18/07/2017 Aquarius & lnvustrnents PIC 0 01 % 03/05/20 14 Asml Holding Nv 5.75% 13/06/2017 Assurances Generales Dc Fr 5.664% 08/03/2C20 Aust & Nz Banking Group d 625% 08/1 1/2010 Aviva 1 % 02/10/2023 Aviva PIC 1 % 29/09/2049

h a 1 % 15/12/2020

h a Sa Emtn 5.777% 29/07/2049 Banco Bilbao Vizcaya kgen 3.750% 23/1 i/2011

Bank Of America 1.75% 06/05/2079 Bbva International Preferred Sa Unipersonal 1 % 29/09/ 2049 Bmw Finance Nv Emtn 4.875% 18/10/2012 Rnp Paribas 1% 22/33/2010 Rnp Paribas Covered 4.5% 1611 0/2009 Cain International Sa 1 o/c 26/04/2017 Cif Furomortqagc 3.625% 16/07/2010 Ciments Francais Sa Emtn 4.75% 04/04/2017 Cimpor Cimentos De Pottuga 4.5% 27/05/2011 Clencal Mcdfin PIC 1 ?b 05/07/2073 Cnp Assurances 1 % 16/05/7023

Cnp Assuranccs 6.5% 29/03/2049 Compagnie Ue Financemerit 3 750% 26/02/2010 Credit Agricolc Sa 4 13% 31/12/2049 Crcdit Loyement 4 223% 15/06/2017 Dclhaze Group 5 625% 27/06/2014 Dcutsche Telekom 6 625% 1 1 /07/2011 Dexia Municipal Agency Emtn 4% 76/01/2011 Dexia Municipal Agency Emtn 4.25% 22/11/2010 Dexia Municipal Agency Emtn 5 .58 7511 0/2012 Diago Finance PIC 1% 27/05/2012 Efg Private Bank Sd7urich 4.81 19% 29/11/20L9

Electticite Dc France 6.25% 2011 0/2008 Encl Spa 5.25% 70/06/20: 7 Europcan Investment Rk 4.75% 1 5/10:2017

1.500.000

2.000.000 1,852,000

3,325.000

1.E71,OOO

3.340.000 3.000.000 1,000,000 7,350,000

5.500.000

2.000.000

1,800,000

1,315.000 1,400,000

1,600,000

1,550.000

5,300,000

900,000

2,240,000 1 ,000,000

2.500.000 275,000

12.wc.000

4,000,000

1,550.000

1.724.000

2.145,OOO

967,000

4.033.000

13.W0,OOO

1.422,ooc

1,450.000

2,350,000

2,657,000

2.000.000

1.472.493

1.770.382 1.547.486

3,769.938

1,631.563

3,074352 2,602,624 1,001,352

2,067,499

5,238,007

1,776,799

1.477.21 7

1,784,691 1,369,997

1,584.963

1.294.320

5 147,422

782.792

2.1 14.284 935,208

7,358,838 155,581

11.731,10!

3.127.692

1,425,357

1.629.008

2,199,420

940,436

3,955.030

13,213,361

1.392.856

813.900

7357.677 2,611,081

1,974.064

0.28

0.33 0.29

0.62

0.31

0.58 0.49 0.19

0.39

0.99

0.33

0.28

0.24 0.26

0.30

0.24

0.Y7

0.15

0.10 0.18 0.14 0.03

2.2’

0.59

0.27

0.31

0:1:

0.18

0.74

2.49

0.26

0.1 6

0.44 0.49

0.37

Fiat Finance &Trade Lirnitd 6.625% 15/02/2013

Fiat Finance Na 5.625% 12/06:2017 France Telecom 7.25% 28/01/2013

Gallaher Group 5.875% 06/08/2008 Gallcrics Lafayetie 4.875% 17/12/2010 Gm Capital For Gatprvrrl Emtn 5.3649.; 31/10/2014 Gc Capital European Funding 4.125% 27/10/2016 Grnac Bank Gmbh l?h 21/05/2010 Hsbc holdings PIC 5.375% 20/12/2012 lherdrola Finamas 5.125 % 09!05:2013 lbcrdrola International B. 4.875% 18/02/2013

lfil Sap 5.37596 12/06/20: 7 lrnerys Sa 5 8 18/04!2017 Ing Vcrzekeringen Nv 6.25% 21 /06/2021 Krodilanstalt Fuer Wiederaufbau 3.5% 04/07/2015 Kreditanstalt Fur Wicdcraubau 3.875% 09/04/201 G

Lansforsakrinyar Bank Akli 4.625% 16/12/2008 Lvmh Moet Hmnessy 4.825% 01/07/2011 Merrill Lynch 8 Co 4.15% 3 1 /01/2014 Mcrrill Lynch 8 Co Inc Emtn 5.01 1 %

Natixis 4.245% 26/01/2017 Ote Plc 5.375 % 14/02/201 1

Ppr Sri Erritn L% 29/01/2013 F’rudcntial Corprl PIC 1 orb 19/12/2021 Saint-Gobain Nederland Bv 5?4 25/04/20i4 Sarltander Issuances S.A Unipersonal Fmtn 45.435% 2C/l0/2017

25/06/2014

Schering-Plouyh Corp 5% 01/10/2010 Shinsei ‘dank Limitod 1 % 73/0?/?016 Siemens Financicrinqmaatschw 5.25 % 17/12/201 1

Slrn Corp Emtn 5.978% 01/06/2013 Sogcrim Sa i % 20/04/2011 Standard Chartered Bank 5.375% 06/05/2009 Swedish Covered Rd 3.875% 3’/:0/2011 Telcfonica Enrisicnes S A 5.58 % 12/0w2013 Telefonica Europe Rv Emtn 5.125%

4/02/2013

2,000,000

2,528,000 3,355,000

1,440.000

2,620,000

2,647,000

2,250,003 %,000,003

1,400,000

1,550,000

1,100,000

1,450,000 1.750.000

1,850,000

8,000,000

5,000,000

1 , I 10,000

3,050,000

2.1 90,000

787.000 3,200.000 1.645.000 1,000,000

1.890.000

1,800.cQ0

1,150,000

990.000

919,000

3,485,000

2,750,000 7,000,000

2.080.000

5,000,000

3,050,000

2,000,000

1,921.047

2,145.51 8

3,531,355

1,440,862

2,530,016

2,335.332

2,041,922 1,560.547

1.370.128

1,515,480

1.068.951

1.254.028 1.504.125

1.81 5,298

7,376,874

4,921 293

1,106,510

2,985.994

1.885308

671,393 2,941,830

,618,302 899.869

,822,478

,713,871

,103,787

970,286

81 3.408

3,473,762 2.287,988 2,060,200

2,065,804

4.801.51 1

3,002,504

1,952,568

0.36

0.40 0.66

0.27

0.48

0.44

0.38 0.29

0.26

0.29

0.20

0.24 0.28

0.34

1.39

0.93

0.21

0.56

0.35

0.13

0.55 0.30 0.1 7

0.34

0.32

0.21

0.18

0.15

0.65 0.43 0.39

0.39

0.90

0.57

0.37


195



27:06/20i2 2.000.000 1,888,244 0.36 Unicredito ltalianu Spa 1 % 16/09!2019 1.8YO.000 1,658,716 0.31 Urcnco Finance h;v 5.375 '16 22/05/2015 1,95G.000 1,927,557 0.36 Veulia Envircnnement Emtn 5.375% 28/05/20.:8 2.000.000 1,904,484 0.36 Volkswayon Crcdit 5.1 25 % 19/05:2011 1.300.000 1.278,747 0.24 Volkswagen leasing Gnbh EFtn 4.875% 18:10/2C: 7 900,000 871.133 0.16

177,401,461 33.38

Total Bonds 177,401,461 33.38

EUR Mortgage and Asset Backed Securities Adagio Clo Bv 1 % 21/1 i/2019 500,000 488.850 0.09 Rrunel Res Mortg 1 % 13:0:/703Y 500.000 445,100 0.08

Cif Eurorriortqaqe 4.5% ?3/10/2009 12.000.000 11,907.708 2.24 Epic Drummcnd Imited 1 % 25/01/2022 2.449. 675 2,163,092 0.41 Look Finance Holdings No 1 4.853% 21/09/2038 276.21 9 271,337 0.05 Rcsloc Uk 2.83% 7 5/12/2003 3,172,000 2,696,200 0.51

17,972,087 3.38


EUR Governments and supranational Austria (Govcnrmcnt 00 5% 15/07/2012 Bulgaria Govcrnment International Bond Regs 7.5% 15/01 0 0 1 3 Bundcsrepublik Deutschland 1.5% 15/04/2016 Rundesrepublik Ueutschland 5% 04/07/2011 Dutch God 3.25% 15/07/2015 Finnish Governmcnt 4.25% 15/09/70: 2

Franca (Government Of) 3.5% 25/041'2C15 Francc (Gcvemment or) 4%

France (Gcvemment Of) 5.5% 25/10/2010

25/10/2014

France Republic Of 5 5% 25/04/20 10

Germany (Fcdcral Republic) 1 OYr 08/09/1008 Germany (Federal Bcpublic) 4.25% 04/01 /20: 4 Greece Republic Of 3.7% 20/07!2015 Italian Republic 4% 15/04/2012 Italy Buoni Pclicnnali Del Tesoro 5.25% 01/08/2017 Kingdoni Of Belgiun 4 % 28/03/2014

19,000,000

1,500,000

20.242.790

10 ,~0 .000

20.000.000

19,500,000

11,400,000

50.000.000

8.500,000

5,000,000

31.200.000

26,276,000

4,000,000

F.OOO.0OC

i2.000.000

37,000,000

19,240,183

1,600,425

19,540.958

10,747,202 18.358.832

19,198,337

10,665,385

48.327.738

8,668,687

5,079,335

0

97,954,372

3,694.933 5,817.676

12,24621 6

35.663.538

3.62

0.30

3.68

2.02 3.46

3.61

2.01

9.10

1.63

0.96

0.00

5.26

0.70 1.10

2.31

6.71

Kingdom Of Belgium 4% 6.254.479 1.18 28/03/2013

Nethcrlatrds Govcmrncnt Bond 5.5% 15/07/2010 13,900,000 14,148,546 2.66 Portugal (Republic) 3.2% 15/04/2011 10,000,000 9,600,511 1 .81 Spain (Kingdom Of) 5.35%

6,150,000

31 /10/2011 7.000.000 7.138.488 1.34

283,946,141 53.46




EUR Bonds Banco Bilbao Vizcaya Argentaria Sa 2.75% 07/06/2010 13,000,000 12,380,417 2.33 Bombardicr lirc Regs 1 "/o 15/11/2013 2,200.000 7.1Y5.485 0.41

Cassa Depositi 8 Prestiti 3.25% 31/07/2010 5.000.000 4,808,844 0.91

Crown European Holdings Sa 6.25% 01/09/ 201 1 2.425.000 2.273.438 0.43

21,658,184 4.08

Total Bonds 21,658,1a4 4.08

Total Transferable securities dealt in on another regulated market 21,658,l 84 4.08


EUR Open-ended investment funds Axa Euro 1-3 C 20,325 4,237,151 0.80

Axa Im Alpha Credit A 73,300 2,294,351 (1.43

Axa Im Abha Euro Bonds-C 21.020 4,598,966 0.87

11,130,468 2.10



Total Investment in Securities 512,108,341 96.40 Glhar Net Assets 19,127,263 3.60



196



Sovereigi Bonds 53.16

Corporate Bonds

Banks


Financial Services


Industrial Communications

Utilities


Water

Energy

Basic Materials

Automobiles

Consumer, Cyclical


Retail

Buildina Materials and Products

23.01

6.92

3.38

2 95 2 10 0 93 0.87

0 44 0 43 0.36

0.29

0 28

0 24

0 24 0.18

0 17

0.15

96.40

t

197

AXA World Funds - Euro 7-1 0



EUR Bonds Air Liquide Financc Emtn 5.25% 18/07!2017 Aquarius & lnvcstments PIC 0.01 % 03/05/2014 Asml Holding Nv 5.75% i3/06/2017 Aust & Nz Banking Group 4.625% 08/11 /2010

Aviva : % 02/ 10/2023 Aviva PIC 1 % 29/09/ 2049

Axa 1 % 15/12/2020 h a Sa tmtn 5.777% 29/07/2049 Bancsto Banco Emisiones 4% 23/03/20<6 Bcp Finance Bank Limited 6.25% 29/03/2011 Rk of Ireland 1 % 24:0:/2017 Brnw Finance Nv Emtn 4.875% 18/100012

Bnp Paribas 4% 22/03/2010 Bnp Paribzs Covered 4.5% 16/10/2009 Rqe red Croci Mut 4.625% ?7/04/2017 Bsch Issuances Limitod 5.125% 06/07/2009 Cam International Sa 1% 26/04/7017 Cic Fin Cred Mutue 4.836% 22/02/2016 Cirncnts Francais Sa Erntn 4.7596 04/04/2017 Cirnpor Cirxntos De f'ortuga 4.5% 27/05/2011

Citigroup Inc 4.375% 30/01/7017

Cnp AssuranCFS 6,574 29/03/2049 Credit Loyemcnt 4.223% 15/06/2017 DeltiaiLc Group 5.625% 27/06/2014 Depfa Bank PIC Erntn 1 % 15/12/2013 Deutschc Telekom 6.625% 11/07/2011 Deutschc Tclckorn Ag 4.500% 25/10/2013 Dexia Municipal Aycncy Emtn 4% 26/01/2011 Dexia Municipal Agency Emtn 4.25% 22/1 1/2010 Diago Finance PIC 1 % 22'05:2012 Electricitc De France 6.25% 20/10/2008 Enel Spa 6.25% 20/06/2017 European Investment Bk 4.75% 15/10/7017 Fcc Alliance Auto Loans 4.31 1 % 25/1C/202C

450,000

750,000

463.000

409,000 ? .ooo.oM)

850.000 500,000

1 .ooo.ooo

1 .I oo,ooc

750,000 550,000

31 1 .OOO

5,700,OCO

1,350,000

750.000

825,000

350 000

1,500,000

1 .ooo.ooo

750.000 1 .ooo,ooo

270,000

500,000 474,000

1 ,000.000

1,100,000

1,100.000

5,145,000

5,605,000 L74,OOO

450,000 749.000

750.000

300.000

441,748

663,893 386,871

399.3.47 920,614 737,410 500.677 879.787

1,029,264

747,290

502.583

303,832 5.577.847

1,337,313

697,984

81 8.727

292.266

1,410,237

869,769

707.907 882,794

152,753

459,793

447,883

860.235

1 ,I 27,908

1,032,817

5,023,665

5,496.639

464,285

451,470

736,901

740,274

291,300

0.44

0.66

0.38

0.40

0.91 0.73 0.50

0.87

1 .G2

0 . 7 A

0.50

0.30

5.53

1.33

0.69

0.81

0.29

1.40

0.86

0.70

0.88

0.15

0.46 0.44

0.85

1.12

1.02

4.96

5.45 0.46

0.45 0.73

0.73

0.29

Fiat Finance &Trade Limited 6.625% 15/02/2013

Fiat Financc Na 5.625% 12/06/2017 Francc Teiecorn 7.2596 28/01/2013 Gallems Lafayetle 4.675% 17/12/2010 Gaz Capital For Gazprorn Erntn 5.364% 31/10/2014 Gc Capital European Funding 4.125% 2711 0/2016

Gmac Bank Grnbh 1% 21/05/2010 Hsbc Holdings PIC 5.375% 20/12/2012 Iberdrola Finanzas 5.125 % 09/05/2013 lfil Sap 5.375% 12/06/2017 lmerys Sa 5% 18/04/2017 Jp Morgan Chase Bank 4.375% 14/11/2021 Jprnorgan Chase & Co 3.879% 12/10/2015 LE Banque Postale Erntn 5.102% 12/12/2016 Lloyds Tsb Bank PIC 1 YU 15/07/2049 Lvmh Moet Hennessy 4.625% 01/07/2011 Mcrrill Lynch & Co Inc Emtn 5.01 1 % 25/08/2014 Natixis 4.245% 26/01/2017 Odd0 & Cie 4.847% 12/07/2017 Olivetti Finance Nv 7.25% 74/04/2012 Ote PIC 5.375 % 14/02/2011 Santander Issuances S.A Unipersonal Erntn 45.435% 24/10/2017 Schering-Plough Gorp 5% 0i/i0/2010 Scb Ag 4% 14/04/2009 Shinsei Bank I .irnited 1 % 23/02/2016 Siemens Financieringrnaatschap 5.25 % 12/12/2011 Slm Corp Emtn 5.278% 01/06/2013 Soycrim Sa 1 % 20/04/2011 Telefonica Emisionos S A 5.58 % 12/06/2013 Transcapitalinvest 5.381 % 27/06/2012 Urcnco Finance Nv 5.375 % 22:05/2015 Volkswayen Cradit 5.i25 % 19/05/2011

1 .000,000 584,000

1,100,000

650,000

823.000

500.000 600,000

1,105,000

3W.OM) 450,000

1.000.000

900.000

850.000

450.000

900,000

1,000.000

500.000

700,000 500.000

1,130,000

430,000

250,000

275,OW

460.000

1,000,000

660.000 825.000

1,000,000

600.000

550.000

400. OM)

250.000

960.523 495.642

1,157,821

627,676

726.097

453,760 468,164

1,081,422

293,319 389.181

859,500

759,l 60

774,794

417.218

883.494

979,Ol 5

426,552 643,525

366.335

1,165,077 423,021

239.954

269,524

456.494

885.102

657,872

686.396 1,030.1 00

590,657

51 9,267

395,396

245.913

0.95 0.49 1.15

0.62

0.72

0.45

0.46

1.07

0.29

0.39 0.85

0.76

0.78

0.42

0.88

0.97

0.42

0.64 0.36

1.16 0.42

0.24

0.27 0.15

0.88

0.65 0.68

1,02

0.59

0.52

0.39

0.24 Volkswagcn Leasing Gmbh Emtn 4 875% 18/ln/7nl7 200.000 193,585 0.19

57,895,589 57.42

Total Bonds 57,895,589 57.42

~ ~~ ~ .-. -


198

AXA World Funds Euro 7-1 0


EUR Mortnane and Asset Backed Securities AdagioCluBv1%21/11/2019 500 000 433.~50 0.48 Epic Drummond Lirnitcd 1 % 25/01/2022 5 i G.378 450.679 0.45 Granite Mastcr Issuer PIC 1% 20/1 T/%054 557,000 503,760 0.50 Great Hall Mtg No 1 PIC 4.94% 18!03/2039 200,000 132.294 0.13 Holland Mortgage Racked 1 % 1811 32038 123.455 120.405 0.12 Leek Finance Holdings No 1 4.853% 21 /09/2038 276.21 9 27:,137 0.27

Rasloc Uk 4.8376 15:l 2/20a3 Y52.000 809.200 0.80 2,776,325 2.75


EUR Governments and supranational Bulgaria Government International Bond Regs 7.5% 15/0!/2013 Bundesrepublik Deutschland 1.5% 15/04/20: 6

Bundcsrcpublik Deutschland 06 4% 04/07/20! 6

Bundcsschatranwe,sungen 4.5%

Dutch God 3.2576 15/07/20:5 FralcQ (Government 00 3.5% 25/04/2015 kranco (Government Of) 3.75% 25/04/2017 France (Govcmmont 0 0 4% 25/10/2038 Gcrrnany (Federal Republic) 1 0Yr 08/G9/2008 Greece Republic Of 3.7% 20/07/2015 Greece(Repub1ic Or: 4.3% 20/07/2017

12/06/2009

Italy Buoni Poliennali Del Tcsoro 5.2596 01/08/2017 Kingdom Of Belgium 4 % 28/03/2014 Knydom of Belgium 4% 28/03/2013


EUR Bonds Bomhardicr Inc Regs ;YO 15/11/2013 600.000 598,769 0.59

Crown European Holdings Sa 6.259b 01/09/ 201 1 675,000 632,813 0.63

1,231,582 1.22

Total Bonds 1,231,582 1.22

Total Transferable securities dealt in on another regulated market 1,231,582 I .22


EUR Open-ended investment funds h a Im Alpha Credit A Axa Im Alnhn Fiiro Hnnds-C

4.700 462.809 0.46 4.574 1 .om 745 0.99

75C.000

3.728.935

4,000.000

1 .ooo.ooo 4.000.000

7,336,000

6,000,000

4.000.000

23.600.000

2,015,000

1,000.000

4.31 5,000

2,000,000

800,213

3,599.650

3363.926

999,264

3.671.766

2.1 85.468

5.605.854

3.419.908

0

1.86; .322

9ao.fiou

4,403,535

1,927,759

0.79

3.57

3.83

0.99

3.64

2.1 7

5.56

3.39

0.00

1 .E6

0.93

4.38

1.97

1,463,554 1.45



Total Investment in Securities 96,840,252 96.07 Other Net Assets 3.960396 3.93


7on.nno - - - , - - - 193,Y37 0.20

33,473,202 33.23


Total Transferable securities admitted to an official exchange listing 94,145.1 16 93.40


199



Sovereign Bonds

Financial Services


Industrial

Banks


33.23

9.04

2.75

1.50

1.49

1.45

Communications 1.01

Buildina Materials and Products 0.86 Y

Containers and Packaging 0.63

Utilities 0.45


Consumer, Cyclical 0.30

Energy 0.29


Automobiles 0.24

96.07

200

AXA World Funds - Euro 1 O+LT



EUR Bonds Air Liquide Finance Emtn 5.25% 18/07/2017 Aquarius 8 Investments PIC 0.01 76 03/05/2011

Asml Holding Nv 5.75% 13/06/2017

Aust 8 NZ Banking Group 4.625% 08/11 /20 1 0

Aviva 1 % 02/10/2023

Axa 1% 15/12/2020

h a Sa Emtn 5.777% 28/07/2019 Banco Eilbao Mzcaya Argcn 3.750%

Banesto Banco De Emisiones

Bk Of Ireland 1 S 24/01 /2017

Brriw Finance Nv 5% 06/08/2018 Bmw Finance Nv Emtn 4.875% 18/10/2012

2 3 1 1/7011

5.1 26% 29/09/2013

Rqe Fed Cred Mut 4.6254; 27/04/2017 Cam International Sa 1 % 26/04/2017

Cirnents Francais Se Emtn 4.75% 04/04/2017 Cofiroute 5.785% 09/:0/2016 Credit Agricole Sa 4 13% 31/12/2049 Credit Lcgemcnt 4.223% 15/06/2017

Oelhaiie Group 5.625% 27/06/2014 Oeutsche Telekoin B.62596 11/07/2011

Dcutsche Telekom Xg 4.500% 25/10/2013

Diago Finance PIC 196 77105/2012 Eloctricite De France 6.75% 20/10/2008

Enel Spa 5.25% 20/96/2017 Fcc Alliance Auto Loans 4.31 1 76 2% 0/7020

Fiat Finance R Trade Limitcd 6.625% 15/02/2013

Fia! Finance Na 5.625% 1 ?/06/20! 7 Gallories Lafayette 4 875% 17/12/2010

G u Capital For Gazprom Emtn 5.364% 31/10/2014 Gc Capital European 1 % 14/02/2013 Gc Capital Europear Funding 4.125% 27/10/2016 Gmac Bank Gmhh 1% 21/05/2010

Hbos Cap Fdg 1 76 29/05/2049 Hshc Bank PIC London 4.965% 2Y03/2016

lfil Sao 5.375% 12/06/'2017

950,000

750 000

715.000

580 000

2,000.M)o

450,000

1,000,000

1,500 000

500,000 550,000

500,000

437,000

? ,000,000

700,000

350,000

31 6,000

?.000.000

~ 0 , 0 0 0 776 000

755,000

1,500,000

474,000

900,000

1,158.000

:300.000

1,000.000

972,000

7 300,000

1.059.000

600.000

1,000.0M)

600,000

2.000.000

1,000,000

550,000

932,579

663.893 597,437

566,311

1,841,229

450,608 879.787

1,428,547

197,823

502,583 181.147

426,928

1.861.280

584.537

304,SiY

31 5.939

1,563,846

551,751

733.742

774,155

1,408,387

484,285

902,940

1,139,296

291.300

960,523

824,938

1,255,351

934,309

554,834

907,521

468.164 1,453.786

953,647

175,666

0.41

U.29 0.26

0.25 0.80

0.P0 0.38

0.62

0.22 0.22

0.21

0.1 9

0.81

0.75

0.13 0.14

0.68

0.24

0.32

0.34

0.81

0.70

0.39 0.50

0.13

0.42

0.36

0.55

0.4:

0.74

0.40 0.20 0. iY3

0.47

0 21

lmcrys Sn 5% 18/04/20 17 Jp Morgan Chase Bank 4.37576 1 4/11 /2021

Klcpicrrc 1.6254; 7 5/'07/2011 La Banquc Postalc Eintn 5.1028 12;12/20i6 ILvmh Moet Hennessy 4.625Yo 01 /07/?011 Merck Fanaiiz Ag 3.75% 07/12/2012 Merrill Lynch & Co Inc Emtn 5.01 14: 25/06/2014

Ote Plc 5.375 % 14/02/2011

Ppr Sa Erntri 4% 29!01:2013 Santandor Iswarices S.A Unipersonal Emtn 45.435% 24/10/20i 7 Schcring-Plough Gorp 5% 01/10~2010 Shinsei Rank Limited 1 % 23/07/2016

Siomcns Financioringmaatsctiap 5.25 '% 12/i2/201$

Slm Corp Erntn 5.278% O:/Of3/2013

Sogerirn Sa 1 % 2OiOU2011

Telecom ltalia Spa 5.375% 29/01/9019

Telefonica Emisiones S A 5.58 YO 17/06/2013 Transcapitalinvcst 5.38 1 % 27/06/2012 Urenco Finance Nv 5.375 % 22!05/2015 Vattenfall Treasury Ab 5.37546 29/04/2024 Veolia Environnement 6.1 2596 25/11 /2033

Vivendi 1 % 03/10/2011 Volkswagen Credit 5.125 % 19/05/201~ Volkswdgen Leasing Gmbh Emtn 4.875% 18/10/2012

600,000

1.350.OGO

780,000

900,oM)

1.500.OGO

: .ooo,oco

1 .I 00.000

610,000 1 .ooo.oco

400,000

358,000

2.000.000

1,200,000

1 , I 00,000

1,000,000

1 .ooo.ooo

1,050,000

900,000

700,OW

41 0,OOC

400,000

1,000,000

450,000

300.000

515,700

1,138.7/.0

741.781

834.437

1.468522

933.382

938,415

600.1 00 899,969

383.926

350.871

1,770,203

1 , I 96,13G

915,195

1,030,100

885.918

1,033,649

849.710

691.9L4

396,631

373,576

977,486

442.643

290.378

0.22

0.50

0.32

0.36

0.64

0.41

0.41

0.26 0.39

0.17

0.15

0.76

0.51

0.40

0.45

0.39

0.45

0.37

0.30

0.17

0.16

0.43

0.19

0.13

48,612,399 21.17

Total Bonds 48,612,399 21.17

EUR Mortgage and Asset Backed Securities Cranitc Mast 1 % 20:l 2/2054 187.706 182.601 0.08 Grsnitc Master Issuer PIC 176 20/12/2054 716.000 671,680 0.28 Great Hall Mtg No 7 PIC 4.94% 18/03/2039 200,000 132,294 0.06 Holland Mortgagc Backed 1 % 18/1 a2038 344.753 336,237 0.15 Leck Financc Holdings Eo 1 4.853% ?'/09/2038 276.219 271,137 0.12

Resloc Uk 4.83% 1 5/17/7043 : ,015,000 862.750 0.38

2,456,699 1.07



201

AXA World Funds - Euro 1O+LT


EUR Governments and supranational Bulnaria Government International


Boid Hegs 7.5% 15/01/2G13 Deutsche Rundesrepublik 97 6.5% 04/07/?0?7 France (Government ot) 4 8 25/: 0/2038 France (Government Of) 4.25% 25/10/2023

France (Government On 1.8% 25/07/20& Gerrrwny (Fcderzl Republic) 1 OYr 08/09/2008 Gerrnany(Fcd Fcp) 4.25% 04/07:2039

Hungzry(Hep) 4.375% OC:07/2017

Italian Republic 4% 15/04/20 12 Italy Buoni Policnnali Dcl Tesoro 5.25% 01/08/2017 Italy (Republic of) 5.75% 01/02/2033

Republic Of Poland 4.5% 18/01 /202;! Soain lGoVti 4.2% 31:0!/2037

3.000.003

26,500,000

32,500.000

30,030,000

9,448.830

25,000,000

20,030,000

1.40G.000 7,000,000

8,000.000

12,000.000

6.750.000

3,200,850

31,760.966

27,786,749

27,860,304

8,544,577

0

18,231,048

1.272.086

6.787.288

8.164.1 44

12,667,380

6,C35,2'4

10.000.000 8.674.058

: .39 EUR Open-ended investment funds Axa Euro 1.3 C 6,670 1.390.495 0.61

3'84 Axa Im Alpha Credit A 8,200 807,454 0.35

12,1 Axa Im Alpha Euro Bonds-C 8,500 1,859,715 0.8; 4

4,057,664 1.77 i

12.14

1 Total Open-ended investment funds 4,057,664 1.77 3.72

Total Open-ended investment funds 4,057,664 1.77 0.00

Total Investment in Securities 218,966,560 95.39 7.94 Other Net Assets 10,572,285 4-61 0.55

2.96 TOTAL NET ASSETS 229,538,845 lW.00

3.56

5.52

2.63 3.78

160,984,664 70.1 4

Total Governments and supranational 160,984,664 70.1 4



EUR Bonds Bombardier Inc Regs 1% 15/11/2013 1 .000.000 997,948 0.43

Cassa Dcposlti & Prestiti 3 2 5 2 31/07/2010 1.500.000 1.442.653 0.63

2,440,601 1.06

Total Bonds 2,440,601 1.06

EUR Mortaaae and Asset Backed Securities Locat Securitisation Vchic 4.898% 12/1 W 0 2 6 423.689 414,533 0.18

414,533 0.18




202

AXA World Funds - Euro 1 O+LT

I

t



Corporate Bonds 17.69


Financial Services


Industrial

Communications

Basic Materials

Retail

Utilities

Automobiles

Consumer, Cyclical

Consumer, Non-cycl tcal

1.77

1 2 5 1.25

0.73

0 71

0 41

0.39 0.39 0 19 0.19 0.15

Building Materials and Products 0.13

95.39

I

203

AXA World Funds - Euro Bonds



EUR Bonds Ab Sveriges Sdkorstallda 4% 01 /02/2010 Abb IntcrnEtional Finance 4.469Y0 06:06/2013

Abbcy National PIC 5% 07/01/2009 Aib Mortgaqe Bank Emtn 3.7516 29/01/2010 Allianz ririancc Bv 6.5% 13/01!2025 Aquarius & Investments Pic 0.0146 C3/05/7C14 At And T Inc 4.375% 15/03/2013 Aust 8 Nz Banking Group 4.6?5% O W 1 1/2010 Aviva 1 % OW 012023 &a Sa Fmtn 5.777% 29/07/2049 Ayt Ccdulas Territoriales 3.75% 24/10/2008 Banco Bilbao Mzcaya Aryan 3.750% 234 :/2011 Banco Bilbao VIzcaya Argentaria Sa 4.25% 29/01/2013 Bancc Comerctal Portugues 4.875 % 09/05/2010 Rank Voor Ned1 Gemeenten N.V 3.875 '% 21/02/2013 Barclays Bank PIC h t n 1 % 04/03/2019 Rhva lnterrnational Preferred Sa Unipersonal 1 % 29/09/ 2049 Bcp Financc Bank Limited 6.25% 29/03/2011 Bcp Finance Co 4.239% 13/10/2049 Bes Finance Limitcd 6.625% 0 1 /03/?013 Rnp Paribas 4% 22/03/7010 Britlsh American Tobacco H 4.375% 15/06/2011 Caissc D'Amoriissemerit De La Dette Socidc Fir 5.1 75% %5/10:2008 Caisse Rcimancement De L'Habttat 4.37576 i 1/10/2010 Caja De Ahorros Y Monte 3.75% 22/10/20C9 Caja Dc Madrid i "/b 03/10/2008 Ceniex Ficance Europe Bv 4.75% 05/03/2014 Cif Euromortgage Fmtn 2 375Y0 08/06/2009 Cit Euromortgagc Emtn 4.75?h 29/10/2008 Cimpor Cimcntos De Portuga 4.5% 27/05/2011 Citigroup Inc Emtn 1 % 30/11/2017

Cofiroutc 5 765% 09/10:2016 Compagnfe De Financement 3.750% 26/02/2010

10.00c.000

5.000.000

10.000.000

10,000,000 3.500.000

3,000.000 2.000.000

3,410,000 4.400.000 2,000.000

2.000.000

6.1 00,000

4,300.000

5,000,000

~5,000.000

4,150,000

2.000.000

1,480,000

2,000,000

4,360,000 15,000,000

2,000,000

17,500,000

10,000,000

11,000.000

3,800.030

1,000,000

10,000,000

8,i 5C.000

1,610,000

2,000,000 2 200.000

1 1,250,000

9,812,061

4,752.906 5,092,359

9.732.259 3,508 068

7,655,573 1,885,803

3,329531

4,050,703 1.759.574

1,991,775

5.809.426

4,110,758

4.946516

14,350,074

3,775,359

1,641,352

4,463,814

1,554,764

4,366.386 14,676,544

1,919,407

17.509205

9.809.237

10,776,055 3,799,683

858,421

9.767.129

8,143,726

2,519,641

1.71 4.973 2,199,573

10.997.907

0.74

0.36 0.38

0.73 0.26

0.20 0.14

0.25 0.31

0.13

0.15

0.44

0.31

0.37

1.08

0.29

0.12

0.34

0.12

0.33 1.11

0.14

1.32

0.74

0.8 1

0.79

0.06

0.74

0.61

0.1 1 0.13 0.17

0.83

Compagnie De Financement Foncicr EiTtn 3.625% 16/01/2012 Csc D Amort rktte 4.375% 25/10/2021 Dekabank Ucutsche Girozentrale 439 5.75% 12/0$/20-0 Dcpfa Acs Bank Regs 3.875% 15/07/%013 Deutscho Bundesrepublik 6.25% C4/01/2030 Ucutsche lelekom Ag 4.500% 25/10/2013 Dcxia Municipal Agency Cmtri 3.5% 71/09/2009 Elia System Operator 4.7546 13/05/2014 Enel Spa 5.25% 20/06/2017 Eurohypo Ag 231 7 3.75% 1 1 /04/2011 Furopean Invostmcnt Bank 1314% 15/10/2037

France Telecom 7.2596 28/01/2013 France Telecom Sa Emtn 4.375% T /02/2012 Gallahcr Group 5.875% 06/08/2008

Hbos Cap Fdg 1 % 29/05/2049 Hbos PIC 4.25% 15/01/2014 Holcim Finance Bv Emtn 4.375% 23/06/2010 Hsbc Holdifqs PIC 5.375% 20/12/2012 tiutchison Whamp F 4.175% 28/06/2015 Hypothekenbank In Esscn Ag 3.25% 1711 1/2009

lmerys Sa 5% 18/04/?017 Ing Vorrckcringen Nv 6.25% 21/06/2021 lnstituto De Crcdito Oficial 4% 01 /02/2010 Jpmorgan Chase 8 Co 3.879% 12/1 of201 5

K ~ w 4.375% 30/06/2009 Kroditanstait Fuer Wiederautba 1, .I 25% 04/07/2017 Land Brandenburg 4.25% 14/05/2014 Landesbank Baden Wurttemberg 4.125 46 15/04/2013 Lloyds Tsb Rank PIC 1 % 15/07/2049

Lvmh Moet Hennessy 4.625% 01 /07/2011 Mcrck Fanani Ag 3.75% 0711 21201 2 Merrill Lynch & Co 4.625% c2/10/2013 Metro Finance Bv 4.75% 79/05/2012 Morgan Stanley 3.75% 01/03/2013 Nationwide Building Socict 1 % 17/08/2015

10,000,000

10,000,000

10,000,000

15.000.OoO

7.665.000

5.000.000

30,000,000

2,000,000 3,700,000

15.000.0M1

10,600,000 3.570,OOO

7,900,000 3.250.000 3,000.000

24.000.000

2.000.000

2,250,000

1 .ooo.ooo

2 , 0 0 0 . 0 ~

2.500.000

1,000,000

5.000.000

3,000.000

20,000,000

5,000.000

13.000,0M)

7,500.000

4,500,000

2,200,000

1.297.000

3,000,000

2.600.000 3. i 00,000

2.500.000

0,523,047

9,409,915

10,129.383

14,2: 7.79 1

9,020,325

4,694,624

29,449,983

1.920.882

3.640234

14,477,620

8,892,866

3.757.656

7,528,247 3,251,945 2,180,679

71.968.073

1,949,957

2,201,991

870,916

1,952,624 2,148,750

981,242

A.928,l 25

7,734,569 19.914 064

4,725,419

12,562,505

7,229.866

4,417,468

2,153,832

1,210,597

?.641,684

2,511203 2,723,732

2,248,183

0.72

0.71

0.76

1.07

0.68

0.35

2 22

0.15 0.27

1.09

0.67 0.28

0.57 0.25

0.16 1.66

0.15

0.17

0.07

0.'5 0.16

0.07

0.37

0.22

1.51

0.37

0.96

0.56

0.33

0.17

0.10

021

0.19 0.21

0.17


204



Nordea Bank Finland 5.7546 26/03/2014 Northern Hock PIC 3.625%

Northcrn Rock PIC 3.875% 20/04/2015

16/11/2020 Portugal(Repub1ic @ 4.45 4: I 15/06/2018 Ppr Sa Emtn 4% 20/01/2013 Proctor 8 Gamble Company 4.5%

I 1 1 /OW201 4

Prudential Corpri PIC 1% 1 Y/17/702 1 Reseau Feme De France 4.375% 02/06/2022 Rohm 8 Haas Co 3.5% 19/09/2012 Saint-Gobain Ncdcrland Bv 5% 25/04/2014 Sampo Housing Loan Bank PIC Emtn 2.5% 23/09/2010 Santander Central Hispano Issuances Limited Emtn 6.375% 05/07/2010 Scharing-Plough C o p 5% 01/10/2010 Shinsci Bank Limited i % 23/02/2016 Siemens Financieringmaatschm 5.25 96 12/12/2011 Skandinaviska EnskiIda Banken 4.25 46 17/01/2011 Societe Generalc 4.2% 05/03/2012 Sogerim Sa 1 % 70/34/2011 Sparebanken 4 % 15/06/2011

I

Standard Chartered Bank 5.375% 06/05/2009 Svenska Handolsbanken Emtn 3.612% 20/10/2017 Telefonica Emisonos Sau Erntn 4.375% 02/02/2016 The Goldman Sachs Group In 1 % 11/05/2011 Unicredito ltaliano Spa 1 % 16/09/2019 Unicredito ltaliano Spa 4.5% 22/09/ 201 9

12/02/2016 Vodafone Group PIC 5.3754: 06/06/2022

I I Veolia Environnemont 4%

1,230,000

6,500,000

10,000,000

20,000,000 2,000,000

3.300.000

2,400,000

13,CQO,OOO 4,904,000

2,000.000

10,000.000

3,790.000

825,000

4.4ai.000

3,869,000

10,000,000 2,400,000 1,860.000 10.M30.000

3.1 70.000

1,670,000

4,000,000

2,510,000

3,310,000

1,520,000

5,000.000

3,000,000

7.229.285

5,743,754

8,233,676

19,202,420 1,739,939

3.173.ao3

2,314,757

i 2.1 26336 4,451,lAO

1,904,301

9.442.390

3.82.4.695

808.572

3,966,140

3.856.523

9,763,640 2.2a2.885 1 3 1 5,986 9,663.613

3.1 48.365

1,591,225

3,637,027

2,438,701

2.904.948

1.378523

4.483.850

2,703.781

1,377.1:2

0.09

0.43

0.62

1.45 0.14

0.24

0.17

0.97

0.34

0.14

0.71

0.29

0.06

0.30

0.29

0.74 0.17 0.14 0.73

0.24

0.12

0.27

0.18

0.22

0 10

0.34

0.20

0.10 Volkswagcn Credit 5.125 % 1 ~ / n w n i I . 1,400,000

531,619,916 40.15

Total Bonds 531,619,916 40.15

EUR Mortaaae and Asset Backed Securities AdagioClo Bv i4: 21/11/2019 1,400,000 1,368,780 0.10 Hcsloc Uk 4.83% 15/12/2043 5,000,000 4,250,000 0.32

5,618,780 0.42


EUR Governments and supranational Austria (Republic) 4.3% 15/07/2014 4O.OOO.OCO 39,301.384 2.97 Austria (Rep) 3 9?/, 15/07/2020 Bundesrepublik Deutschland 06 3 75% 04/01/2017 Buoni Poliennali Del Tes 5% 01 /08/2034 Euro Inv Bank 4.375 % 15/04/2013 Finland Government Bond 3.875% 15/09/2017 Finnish Government 4 25% 15/09/2012 France (Government or) 3.75% 25/04/2021 France (Government Of) 4% 25/10/2038 France (Govornment Or) 5.5% 25/10/2010 France (Government Of) France (Government Oil 1.8% 25/07/2040 Germany (Federal Hepublic) 4% 04/01/2037 Germany (Fodcral Rcpublic) 5.375% 04/01/2010 Germany (Federal Rcpublic) 1OYi oa/o9/2ooa Greece Republic Ot 3.7% 20/07/?015

hellenic Republic 4.5% 20/09/2037 Hungary(Rep) 4.375% 04/07/2017 Italy Ruoni Poliennali Del Tcsoro 3.75% 15/09/2011 Italy Buoni Poliennali Oel lesoro

Italy Buoni Policnnali Del Tesoro

Italy Government International Bond 5.75% 75/07/2016 Kingdom of Belgium 4 % 28:03/2014

5.25% oi/oa/2oi7

Netherlands Government Bond 3.75% 15/07/2014 Portugal Obrigacoes Do Tesouro Ot 3.85% 15/04/2021 Republic Of Poland 5.625 % 20/06/2018

33,620,000

67,000.0M)

4,000,000 25,000,000

35,000,000

40.000,000

55,000,000

45,000,000

18,000,000 10,000,000

20,997.409

7,450,030

53,000,000

30.000,OOO

20.000.oM) 12,500,000 1.000.0M3

42.000.000 30,000,000

26,000,000

4,000,000

1o.ooo.oM3

45,000,OM)

10,000,000

2.000.000

30,825,755

63.463.457

3,813,825 24,468,108

32,683,132

39,381,204

49,371,251

38,473,961

111,357,219 9,672,805

18,987.949

6.51 6.392

53.624.446

0

16,474,663 10,738,524 908,633

40.595.91 1 29,843,546

26533.468

4,181.180

9,638,791

43,090,994

8,930,346

2.010.070

2.33

4.79

0.29 1.85

2.48

2.97

3.73

2.91

1.39 0.73

1.43

0.49

4.05

!J.OO

1.40 0.80 0.07

3.07 2.25

2.00

0.32

0.74

3.25

0.67

0.15


205



15/05/2017 %.500.000 2,367,500 0.18

Spain Government Bond 3.?5% 30/07/2010 54,175,000 52,765,459 3.98

698,331,891 52.74


Total Transferable securities admitted to an official exchange listing 1,235,570,587 93.31


EUR Bonds Ayf Cedulas Cajas Iv Fondo De 1 itulizacion De Activos Iv 4% 13/03/ 2013 5.000.000 4.659.809 0 35 Banco Bilbao Vizcaya Argentaria Sa 3% 03/12/2009 10.000.000 9,693,198 0.73 NrwRank42576 27/11/2014 5 000,000 4,807,704 036

19,160,711 1.44

Total Bonds 19,160,711 1.44

EUR Mortgage and Asset Backed Securities Bbva Fyme Fondo De Titulizacion De Activos 1 Y/u 19/08/7038 1,344.749 1,309,651 0.10

Locat Securitisation Vehic 4.898% 1 7/12/2026 4,152,153 4,062,425 0.31

5,372,076 0.41




EUR Open-ended investment funds &a Im Alpha Credit A 98,400 9.689.448 0.73 Ax3 Im Aloha Euro Bonds-C 55.400 12.120.966 0.92

21,810,414 1.65

Total Open-ended investment funds 21,a10,414 1.65

Total Investment in Securities 1,281,913,788 96.81 Other Net Assets 42,272,951 3.14

TOTAL NET ASSETS 1,324,186,739 100.00


206




Corporate Bonds

Banks

Financial Services


Communications


Supranational Industrial

Utilities

Retail

Automobiles

Building Materials and Products Consumer. Non-cvclical

23.26 11.51

4.35

1.65

0.84

0.83

0 67

0 45

0.15 0.14

0.10

0.06 0.06

96.81

207

AXA World Funds - Euro Credit Plus



EUR Bonds Abb International Finance 4.469% 06/06/2013 Alglian Water Services Financi 6.25 % 27/06/2016 Allianz Ag 1% 29/01/2049 Allied Dornecq Fin SeWicCS 5.875% 12/06/2009 Alstorn 7.127% 15/03/2009 Arncrican Honda Finance 5.125% 03/10/2012

Anglo Amcncan Capital PIC Erritn

Arcclor Finance Sca Astrazenwa PIC 4,W25% 12/11/2010 At + T Inc 6.125 % 02/04/2015 Auchan 5 % 29/04/2013 Aust 8, NL Banking Group 4.625% ow1 1/201c Autostrade Spa (Conces E C 5% 09/06/2014 B A T Intcrnstional 5.375 % 29/06/2017 Banca lntcsa Spa Erntn Banco Bilbao Vlzcaya Argentaria Sa Frntn 1% 12/11/2015 Banco Pastor Sa 5.791 9t 1 1/06/2049 Banco POpOlarQ Di Verona E Novara Scd Erntn 4.107% 17/12/2007

Bank Nederlandsc Gemeenten Erntn

Bank M Scotland PIC 5.625 % 23/05/2013 Banquc Federative Du Credit Mutuel/Francc Emtn

Barclays Bank PIC 1 Y6 7911 2/2049 Bayer Ag Frntn 4.5% 23/05/2013 Bbva International Preferred Sz Unipersonal Bcp Finance Bank Lirnitcd 6.25% 29/03/?01’ Bes Finance Limited 6.25% 17/05/2011 Bhp Billiton Financa Bv 4.125% 05/05/2011 Bmw Finance Nv Emtn 4.25% 22/01/2014

Rnp Paribas 4.75 % 04/04/2011 Bnp Paribas Capital Trust 6.342% 29/01/2049

Bnp Paribas Sa 4.25% 16/03/2016 Bnp Paribas Sa 4.375 % 72/01 /2019 Bouygucs 4.375% 29/10/2014 Bouygues Sa 4.75 % 24/05/2016 Bprn Capital Trust 1 % 29/07/2049

300,000

265,000

300.000

750,000 150,000

100,000 250.001)

300.000

11 3.000 150,000 200,000

273,000

~00.000

156,000 200.000

300,000

600,000

250,000 500,000

322,000

200.000 200.000 400,OCO

200,000

400,000

450,000

236,000

200,000 300,000

350.000 100,000

300,000 700,000 150,000 270,000

285.1 74

267,592

278.254

250,524 152,513

97.586 241,272

281,772

11 1,033 150,677 195.366

766.557

193,040

142,871 182,279

286.827

420,000

229.667 477,140

31 2,608

185,328 198,852 382.466

155,269

398,555

445,741

226.745

188,093

294,706

338.458 83,377

278.640 182.701 137.869 270.818

0.66

0.62

0.65

0.58

0.35

0.23

0.56 0.66

0.26 0.35 0.45

0.62

0.45

0.33

0.42

0.67

0.98

0.53 1.11

0.73

0.43 0.46 0.89

0.36

0.93

1.04

0.53

0.44

0.69

0.79 0.19

0.65 O.n3 0.33

0.64

Brirtsn American Tobaccc h 4 375% 15/06/2011 Rriiish American Tobacco Holdings The Nethedands Bv Erntn 4.375% 15/09/ 201 4 Carrefour Sa 5.375 % 12/06/2015 Casino Guichard Ferrachon 5.25% 28/04/2010 Cez5.125% 12/10/2012 Cirnents Francais Sa Emtn 4.75% 04/04/2017

Citigroup Inc Erntn 1% 30/11/2017

Cnp Assurances 4.75% 29/12/2049 Cofinoga Funding One Lp 6.82% 1 1 !03/2049 Croclit Agricolc Sa 4.1 3% 31/12/2049 Credit Agricole Sa 6 % 24/06/2013 Credit Agricole Sa Leadenhall 4.875 % 08/04/2011 Credit Agricole Sa/London Erntn

Dairnlerchrysler Na tiolding Corp Erntn 4.125% 08/09/ 2009 Dairnlerchrysler Na Hclding Gorp Erntn 4.375% 16/03/2010 Dancnc Finance 5.25 % 06/05/2011

Delhaize Group 5.625% 27/06/2014 Dcutsche Rank Cap Fd 6.1 5% 29/12/2049 Deutsche Tclekom lntl Fin 8.125% 29/05/2012 Dnb Nor Bank Asa 5.875 % 20/06/2013 Dong Naturalgas NS 3.5% 29/06/2012

E.On International Finance Bv Erntn Mp Financc Bv 4.625% 13/06/2016 Enporiki Group Finance PIC 1 % 05/08/2014 Enel Spa 5.25% 20/06/2017 Eni Spa 4.75 46 14/1 1/201 7 Eskom 4% 07/03/2013 Fiat Finance 8, Trade Lmitcd 6 25% 24/02/2010

France Tdccom 7.25% 28/01/2013 Gar Capital Sa 5.875% 01/06/2015

Ge Capital European Funding Emtn

Fen Motors Acc Cp 6% 03/07/2008 Generali Finance Bv Emtn

Gie Suez Alliancc 5.1 25% 24/06/2015 Glaxosrnithline Cap 5.625 % 13/1 2/2017 Goldman Sachs Group Inc 3.75% 04/02/2013 Groupc Danome 5.5 % 06/05/2015 Heidelbergcernent Financc Bv Erntn

hsbc Capital Funding Euro 1 % 29/12/2049

300.000

200.000 350,000

312.000

141.000

200,000

500.000 300.000

300.000

1 oo.oM3 400.00G

500,OW 300.000

200,000

300.000 100.000

88,000

175.100

350.000

370,000

200,000

400,000

100,000

286.000 200.000 400.000 300,000

100.000 323.000

300.000 300.000 500,000 300,000

200,000

300,OM)

375.0OU 500,000 300,000

250,000

287.91 1

181,145 345.082

308.069 137,789

173,954 428,743

239,468

258.81 0

78.192 401,741

ago.115

296,754

196,624

293,527

99,747 83.151

167,720

374,701

370.581

185,941 396.672

92,792

284.009 196,769 385.486 259.273

100,55A 339.978

269,962 292,249

498.750 273,350

197,047

298,764

335,195 497.566 293,865

251,846

0.68

0.42

0.80 1 0.72

0.32

0.40

1 .oo 0.56

0.60

0.18 0.93

1.14 0.69

0.46

0.68 0.23

0.19

0.39

0.87

0.86

0.43

0.9a

0.22

0.66

0.46 0.90 0.60

0.23 0.79 0.63

0.68

1.16 0.64

!

0.46

0.70

0.78 1.16 0.68

0.59


208



Hsbc Finance Corp Erritn Hutchinson WhamFoa Finance 5.875% 08/07/7013 lberdrola Finanzas 5.125 % 09/05/2013 If Skadeforsakring Ab 1 % 30/03/2021 Imperial TObdCCO Fnance 4.375% 22/11/2013

Ing Groep Nv 4.75 % 31/05/2017 lntesa Sanpaolo Spa 6.625 76 08/05/2018

lntesa Sanpaolo Spa Cmtn Jp Morgan Chase Go 5 75 % 08/05/2013

La Mondiale 1 % 14,’10/2049

Lafarge Sa Emtn 4.25% 23/03/2016 Leek finance Holdtngs 4 943% 26/09/2038 Lchman Brothers Holdings Inc trntn 5.3754: 17/1 0/2012 Lindc Finance Bv 4 75% 24/04/2017

Lloyds Tsb Bank PIC 5.625 ?A 05/03/2018 M a n Financial Services 5.375% 08/12/2010

Manpower Inc 4.5% 01/06/;.’012 Merck Fananz Ag 3.75% 07/12/2012 Merrill Lynch + Go 6.75 % 21 /05/2013 Morgan Stanley 6.5 ?4 15/04/2011

Morgan Stanley Grntn 5.01 9% 19/11 /7U13

National Australia Bank Ltd 4.875 % 21/01/2013 National Australia Bank Ltd 5.5 % 20/05/2015

National Gnd 5.125 % 14/05/2013

Nordea Bank Ab Erntn

Norinchukin Bank 1% 28/09/2016 Olivetti Finance Nv 6.575% 30/07/2009 Ote PIC 5.375 % 14,’02/2011

Pernex ProjKt Fdg Mastcr T 6.625% 04/04/2010 Pemex Project Funding Master Trust Regs Pctronas Capital Limited 6.375% 22/05/2M39

Popular Capital Sa 6% 20/10/2049

Ppr Sa Erntn 4% 29!01/2013

Procter B Gamble Co

Procter 8 Gamble Go 4.875% 24/:0/2011 Public Power Corpn 6.25% 08/11/2010

Rabobank Nederland Erntn

Rabobank Nodorland Emtn

250,000

350,000

350.00G

250,000 400,000

300,000

300,000

100,000

200.000

200,000

300,000

150,000

200.000

200.000

200,OOG

350.000

200.000

150,000

300,000

?00.000

400.000

200,000

150,000

300.00G

400,000

300,000 350.000

200.000

300.000

150,000

200,000

200,000

200,000

230,000

100,000

800,000 300.000

243,004

342,205

362.639

221.489

374.622

289,l 80 295,254

386.040 194,636

i72,443

773.700

134,819

185,423

194,537

199,624

317.539

186.676

142,399 297.928

179.641

383.475

194.41 4

146,753

284.366 365,891

302.1 19 344.319

202.440

302.91 7

150,897

189.000

179,994

196,145

217.254

1 OG 399

769,693

279.673

c.57

G.80

C.84

C.52

0.87

0.67

0.69

0.90

0.45 0.40

0.52

0.31

0.43

0.45

0.46

0.76

0.43

0.33 0.69

0.42

0.89

0.45

0.34

0.66

0 85

0.70

0.80

0.47

0 70

0.35

0.44

0 42

0.46

0.53

0.23

1.79

0.65

Rentokil Initial PIC Emtn 4.625% 27/03!2014 Rodarncu Sverige Ab 4.1 25% 21/04/2011 Hoyal 8 Sun Allimce Group 6.875% 15/: 0/2019

Royal Bank of Canada Erntn Royal Bank Of Scot 5.125 % #N/A Field Not Applicable Royal Bank Of Scotland 5.5% 31 /12/2049

Royal Bank Of Scotland Group P 5.25 % 15/05/2013 Royal Kpn Nv Erntn 4.5% 18/03/2013

Royal Kpn Nv Gmtn Rte Cedf Transport 4.675 % 06:05/2015

Santandcr Int 4.1 25 % 04/04/2011 Santander lssuanccs S.A llnipersonal

Santander Perpetual Sa Sasol Financing In 3 375% 29/06/2010

Sch Financc Sa 5.75% 31/12/2049

Ses Global 4.5% 19/11/2008 Sicrncns Financieringrnaatschap 5.25 % 12/12/2011 Singapore Telworns 6% 21/1 i/2011 Socictc Gencrale Erntn 5.625% 13/02/2012 Sodexho Alliance 4.5% 28/03/2014

St George Bank Ltd 6.5 % 24/06/20 13 Statkratl As Emtn 4.625% 22/09/ 201 7

Sumitorno Mitsui Banking 1 % 27/10/2014

Telecorn ltalia (Sa) 6.875%

Telefoniw. frnisioncs S A 5.58 3b 17/06/20+ 3 Telefonica Ernisoncs Sau Eriitn 1.375% 02/02/2016

Telenor Asa Emtn 4.5% 28/03/2014 The Exportimport Bank of Kore 5.75 96 22/05/2013

Total Capital 4.125 % 16/01 /2013

I-ranscapitalinvest 5.381 % 27/06/2012

Unicredito ltaliano Spa 6.1 % 28/02/20 12

Unicredito ltaliano Spa Erntn Union Fenosa Financc Bv 5% 09i l 2/7010

24/01/2013

Urenco Finance Nv 5.375 4: 22/05/2015 Veolia Cnvironnement h t n 4.375% i 6/01/2017

209,000

290,000

300.000 300.000

250.000

200,000

431 .OM)

300,OM)

200.000

250,000 200.000

200,000

200,000

100,oM)

400.000

700.000

470.000

200.000

500.000 357,000

500.000

204,003

193,000

2 0 0 . m

100.000

300,000

300.000

215.000

300.000

300,000

200.000

100,000

200,000

7 50,000

300.000

176,210

274,305

298.734 274.352

216.418

151.011

414,749

280,052

185,326

244.338

192.236

180,661

168.466

95,000

372.01 7

199,267

468,484

199,393

493,770

333.1 49

497.392

187,251

187,336

200,112

98,443

277.777

278,784

207,414

287,040

283.237

202.0: 7

85,057

197,307

148.274

270.076

0.41

0.64

0.70 0.64

0.50

0.35

0.97

0.65

0.43

0.57

0.45

0.47

0.39

0.22

0.87

0.46

1.09

0.46

1.15

0.78

1.16

0.44

0.44

0.47

0.23

0.63

0.65

0.48 0.67

0.66

0.47

0.20

0.46

0.35

0.63


209



Verhund lntcrnational 5% 25/06/2014 147,000 143,699 0.33 Other transferable securities Vodafone Group PIC 5.875 % 18/06/2010 500.000 501.413 1.17 EUR Bonds - - . . - . . . -_ Vodafone Group PIC Erntn 4 75% 14/06/2016 200.000 184,765 0.43 2g/i v2049 300.000 274,275 064

Credit I-ogernent Assurance 5.33%

Volkswagon Bank Grnbh 1% Wpp Group PIC 4.375% 05/12/2013 i50.000 133,964 0.31 348,017 0.81

408,239 0.95 03/12/2014 361,000 Wachovia Bank Na 6 % 23/05:2013 X0.000 239.599 0.56 I Westpac Banking Corp Erntn 400.000 408,239 0.95 I 379*297 0-88 Total Bonds

505,1 96 Total Other transferable securities 408,239 0.95 Xstrata Car Fin Corp 5.875 % 27/05/7011 51 5.000 Zurich Finance Usa Inc 4.546 17/09/ 201 4 300,000 279,625 0.65

;

Total Investment in Securities 41,~2,ai6 96.54 40’213’449 93.58 Other Net Assets 1,48Y,OY7 3.46

40’213’449 93*58 TOTAL NET ASSETS 42,971,913 100.00 Total Bonds

EUR Mortaaae and Asset Backed Securities ~~~~

Eurosad PIC 4 93% 13/03/2045 248.000 195.598 0.46

Paragon Mortgages PIC 1 % 15/09/2039 440,383 379,258 0.88

574,856 1.34


I

EUR Governments and supranational Germany (Federal Republic) 1 OYr 08/09/2008 1.400.000 0.00 0.00

0.00 0.00

Total Governments and supranational 0.00 0.00



EUR Bonds Cores 4.5 % 23/04/2018 300,000 286.272 0.67

286,272 0.67




21 0



Corporate Bonds 41.39

Banks

Financial Services

Communications

Oil and Gas Food and Beverages

Metals and Mining

Industria

Insurance


Energy Mortgage and Asset Backed Securities


Consumer, Nan-cyclical

Utilities

Pharmaceuticals

Automobiles

Iron and Steel

Cosrnetics/Personal Care

Consumer, Cyclical

Retail

Commerzial Services and Supplies


Agriculture

20 57 8.11

169 3.28 2.64 1.74

1 52 1.51 1.48

1 37 1 34 0.92 0.79

0.76

0 70 0 68 0.66

0.46

0.44 0 42 0.41 0.33

0.33 Sovereign Bonds 0.00

~ .-

96.54

21 1

AXA World Funds - Euro Inflation Bonds



EUR Governments and sumanational Agence France Tres 2.1 % 25/07/2023 Bundesobligation Inflation Linkcd I/L 2.25% 15/04/2013 Bundcsrepublik Deutschland 1.5% 15/04/2016 Caisse D Arnortissement 1 % 25/07/2017 France (Governmcnt 00 1 .e% 25/07/?040 France (Govcmment Ot) 3.1 5% 75/07/2032 France (Govcmment 06 Oat 2.25% 25/07/2020 France (Governmcnt OfJ 1.6% 25/07/2015 France (Government Of) 1.6% 25/07/2011 France (Govemmcnt OfJ 1 % 25/07/2017 Hellenic Republic Government Bond Hicp Italy Huoni Poliennali Del Tesoro Cpi 2.6% 15/09/2023 Italy(Rep) 1 % 15:09/7012 Italy (Republic) 0.95% 15/09/2010

ltalv IReoublic) 2.35% 15/09/2035

lhdly (Rcpublic) 2.15% 15/09/2014

1,541,805

3,669,050

3,728,935

1,704,696

1574.805

1,314,721

3,355,830

2,466,293

2,196,340

1.376.377

314,961

1,255,896 3.1 39,740

876.688 1,555,076

219,172

1,496.1 1 0

3.712.106

3,599,650

1 .W9.931

1.424.096

1,525,659

3.375.921

2,400.752

2.1 76,340

1.248571

289.683

1,239,947 3.095.1 02

856,921 1,543,300

208.605

4.61

11.45

11.10

5.09

4.39

4.70

10.41

7.40

6.72

3.85

0.90

3.82

9.54 2.64 4.76

. . . 0.64

29,842,694 92.02

SEK Governments and supranational Swcdcn (Kingdom or) 1 % 01/04/%012 5,000,000 550,107 1.70

550,107 1.70




EUR Governments and supranational Cse D h o r t Dctte 1 % 25/07/2019 399.01 2 381.832 1.18

Total Governments and supranational 381,832 i . ia


Total Investment in Securities 30,774,633 94.90 Other Net Assets 1,654,411 5.10

TOTAL NET ASSETS 32,429,044 lMl.00


21 2

A M World Funds - Euro Inflation Bonds



94.90

21 3

AXA World Funds - European Convergence Bonds


Hungary (Rep Of) 6% 1211 01701 1 225,000,000 855,867 3.00 300.000.000 1,235,902 4.34

Hungay (Rep or) 7.5% l a 1 1/2020 60,000,000 235,140 0.83 Hungary (Rcp) 5.5% 16/02/2012 200,000,000 688.396 2.42

3,481,456 12.23


EUR Bonds Croatian Bank For Reconstructiorr 8 Development Emtn 4.875% 11 /02/2011 500,000 486.289 1.71

Hungary ofj 7% 24,06/2009

488,289 1.71 PLN Governments and supranational Poland Govcrnment Bond 1017 5.25%

Poland Government Bond 4.75% 25/ Total Bonds 488,289 1-71 25!10/2017 2,500,000 679.582 2.39

CZK Governments and supranational 041201 2 5,000.000 1.391,145 4.89 399,325 ,40 Poland (God Of) 3% 24/08/2016 1,095,240 330,320 1.16 Czech (Republic or) 2.554: 18/10/2010

Czech (Republic Gf) 3.7% 16/06/2013 10.000.000 39i,927 .40 Poland (Govt Of) 5% 24/10/2013 2,500,000 691,477 2.43 39,238 o.13 Poland (Govt Of) 5.75% 23/09/2022 1.500.000 414,404 1.46 Czech (Republic or) 3.8% 1 1/04/1015

24/03/2010 ?.500,000 731,714 2.57 Czech (Republic or) 3.8% 22/03/2009

201q538 0.71 Poland (Republic) 6% 24/05/2009 4,000,000 1.182.818 4.15 Czech (Republic Or) 4.6% 18/08/2018

1-schechien Kc A111 3.75% 12/09/2020 7,000.000 255*402 Pcland (God Ofj 6.25% 24/10/2015 2.200.000 642,053 2.25

'606'188 5.64 Poland (Rcp Of) 4.25% 24/05/2011 4,750.000 1,323,346 4.65

7,386,859 25.95

10.000.000

1,000,000 7,500,000

5,000.000

3,2,758 l . lo Pcland (Republic m5.75%

EUR Governments and supranational Bulgaria Government International Bond Regs 7.5% 15/01/2013 Croatia Government lritcrnational Bond Croatia (Republic 6.75% 14:03/2011 Czech (Republic or) International Emtn

Germany (Federal Ropublic) 1 OYr 08: O~I,2:2008 Vungaty (Republic) 4.5% 06/02/2013 Hungary Government lntornatlonal Bond Hungary Government International Bond 3.875% 24/02/2020 Macoclcnia (Govt) 4.625 76 08/12/2015 Poland Government International Bond 5.5% 12/03/2012 Poland (Rep) 4.2% 15/04/2020 Poland (Republic or) 4.5% 05/02/2013 Romania (Republic or) 8.5% 08:05/2012 Slovakia Government lntcrnational Bond 7.375% 14/04/2010 Slovakia(F3ep) 4.5% 20/05/2014 Turkey Government International Bond 9.25% 09/02/2G10 Turkey (Rep Of) 5.5% 21/09/2M)9 Turkey (Republic) 5.5% lG/O2/2017 Turkcy Government lntcrnational Bond 4.75% 06/07/?012

46C.000 450.000

450,000

1,500,000

m,ooo

1,000,000

450,000

500,000

200.000

500.000 1,200,000

1,050,000

450,000

500,000

1 ,000,000

500,000 400,000 AO0,OOO

450,000

490.797 444,105

460,710

1.362.340

0

958,306

452,221

422,606

173,260

504,622 1,060,049

1.01 8.483

485.21 3

520,300

973,550

518,750 397,000 349,720

413.213

,72 USD Governments and supranational .56 Republic Of Serbia Regs 3.75%

01/11/2024 500.000 293.641 1.03

293,641 1.03


1.62 4.78

'.O0 Total Transferable securities admitted to an

3.37

, ,59 Transferable securities dealt in on another regulated market

official exchange listing 24,462,928 85.92

,48 CZK Governments and supranational Czech (Republic or) Government

Czech (Rcpublic Of) Government

3,72 Czech (Rcpublic or) Governmant

565,232 1.98

1.77 Bond36 8,000,000 352,824 1.24

Bond 49 4.2% 04/12!2036 12,500,000 438,748 1.54

1,356,804 4.76

12.000.000 0 . ~ 2 Bond34

3.58

1.70 USD Governments and supranational lurkey Government International Bond 1,000,000 607,123 2.13

1.83 607,123 2.13 3.42

Total Governments and supranational 1,963,927 6.89 1.82 1.39 Total Transferable securities dealt in on 1.23 another regulated market 1,963,927 6.89

1.45 Total Investment in Securities 26,426,855 92.81 mi 75n n 71 Other Net Assets 2.048.249 7.19 Ukrainc (Rep Of) 4.95% 13/10/?015 250,000

1 1,206,495 39.36 TOTAL NET ASSETS

HUF Governments and supranational Hungary (Gcvt Gf) 8% 12/02/20 15 50.000.000 199,293 0.70 Hungary (Rep or) 5.5% 12/02/20:4 75,000.000 266.858 0.94


28,475,104 100.00

21 4



Sovereign Bonds

Financial Services

91.10 1.71

92.81

21 5

A M World Funds - Global Aggregate Bonds


German Postal Pensions Securitisation PIC 3 Transferable securities admitted to an official exchange listing

CAD Bonds Goldman Sachs Group lnc 3.75% 04/’02/2013

Finansement O w 5.250% 01/12/2011 2.000.000 Kredrtanstalt h e r Wiederaufbau 4.95% 14/1 0/20i 4 6,000,000 3,931,663 0.35 04;07/2018 Rabobank Noderland 4% %3/09/ 201 0 3,000,000 1,889,763 0.17 4.75% 16/01/2014

Hutchinson Whampoa Financc

Kreditanst.f.Wlwleraufbau 4.375 %

Lehrnar Brothers Holdings Inc

1,310,613 0.12 5.875% 08/07/2013

7,132,039 0.64 Mizuho Fin (Cayman) 1% 1 5/04/20 1 4 Morgan Stanley Group Inc 3.375% 20/07/2012

DKK Bonds RcalkrMit Danrnark 4% 01/01/2010 1,500,000 197,371 0.02

197,371 0.02

EUR Bonds Allgemeine Hypothcnbank 5.5% 13!07/2010 B.A T International Finan 3 625% 29/06/2012 Rank Nederlandsc Femeenten

Bayer Ag Emtn 6% 10/04/2012 Berlin Hannover Hypothekenbank 3.5 % 22/02/2013 Cap De Madrid 4% 07/04/2014 Carrefour 4 375% 15/06:2011 Casino Guichard Permchon 5 25% 28/04/2010 Codulas lnterrnoney Tituliz 4% 31/03/2020

CezA.S 1.125% 17/10/2013 Compagnie De Financement Fonclcr Cornpagnie De Saint Gobain 4.25% 31 /05/2011 Credit Agricole Sa 4.13% 31/12/2049 Credit Suisse Fin (Guernsey) 1 % 2911 1/2049 Cse Nat Cso Ep 1 % 29/07/2049 Dairnlerchrysler lntl hnan 7% 21/03/201i Development Bank Of Japan 4.75 96 26/11/2027 Dexia Municipal Agency 4.875 % 03/07/2017 Dong Naturalgas N S 3.5% 29/06/2012 E On International Finance 0v Fmtn 5 75% 29/05/2009 Eurohypo Ag 2194 Furopean Investment Bk 4 75% 15/10/2017 Fortuni 0 ~ ~ 5 % 19/11f013 Fortunc Brands Inc 3.5% 30/01/2009

France Telecorn 7% 23/12/2009 France Telecorn 7.258 28/01/2013 Ge Capital Europan Fundin 3.375% 08/0%/%012

7,100,000

%.100.000

5.000,OOO 500,000

5.000.000

500,000 2,000.000

1 ,M)O.WO

500.000 3.000.000 5,000,000

1,000,000

1 .I 00,000

2,000.000 1,100,000

7,050,000

5,000.000

5,000.000

1 000,000

2.000.000

5.000.000

5.W0.000 2,500,000

750,000 5,200 OOO

100,000

300.000

2.1 11,899

1,926,619 4,746,906

507,353

4,675,571

459,483 1,951,244

987,401

423,971 2,794,179

4.829270

956,579

860,l 15

1,964,415 886,l 10

2.1 17,450

4,769,064

4,936.688

Y29,706

2,003754

4,476,562

4,935.161 2,456,665

738.682 5,301.528

105,256

283,344

0.19

0.17 0.42 0.05

0.42 0.04

0.17

0.09

0.04

0.25 0.43

0.09

0.08

Ned Waterschapsbk 4.125 % 23/01/2017 Olivetti Finance Nv 6.575% 30/07/2009 Pernex Project Fdg Master 1 6.625% 04/04/2010 Pemex Project Funding Mast 6.25% 05!08/2013 Pld International Finance 4.37590 13/04/?011 Res De Trans Elect I. 125% 27/09/ 201 6 Rodamco Europe Finance Ev Fmtn 3.75% 12/12/2012 Rwe Finance Bv 6.1 25% 26/10/2012 Sanpaolo Irni Spa 1 % 09/06/2015

Sfr Sa 3.375% 18/07/2012 SI Finance PIC 1 % 12/07/2022 Standard Charlared Bank 1 % 03/02/2017 Surnitomo Mitsui Banking 1 % 27/10/2014

Vtb Capital Sa Lux 4.25% 1 wn7/701 fi

5,000,000

6,400,000

1,500,000

5,000.000

2,000,000

5,400.0W

100,oM)

5,000,000

2.000.000

50,000

1,000.000

1 ,000,OW

1.300.000

1,000,000

100,000

100,000 5,3GO,OCQ

200.000

200.000

5.500.000

4,378,756

5.720.658

1,458,025

4.774.894

1.733.560

5.313.364

88,311

4.725.273

2,014,130

50,610

1.01 0.588

909,899

1.202,412

898.639

102.968 95.455

4,876.434

191,186

178.438

5.338.585

0.39

0.51

0.13

0.43

0.15

0.47

0.01

0.41

0.18

0.00

0.09

0.08

0.1 1

C.08

0.01

0.01

0.44

0.02

0.02

0.48

. . 3,170,OCO 2,878,636 0.26

11 1,081,796 9.94 0.18

GBPBonds

0.19

0.43

0.44

0.08

0.18

0.40

0.44 0.22

0.07

0.47 0.01

0.03

Abn Amro Bank Nv 1 % 28/02/2049 Alliance + Leicester 9.625 % 30/10/2023

Amlin 6.5 % Nts 19/12/26 GbplOOO Anglo Irish Cap Lp 6.949% 01 /OW2049 Asif lii (Jersey) 5.625 96 15/06/2009 Aspire Defence Fin 4.674 31/03/40 Gbp A Aust & Nz Bank Grp 6.54% 29/06/2049 Aviva 6.875 96 20/05/2058

Baa PIC Emtn 5.75% 10/12/2031 Bk Nederlandse GerncQntCn 5.25% 26/02/2016 Bp Capital Markets PIC 5.75% ow1 1/2010 Bradford + Binglcy Bldg Soc 5.125 76 10/12/2008

150,000

200.000 100,000

1 00.u00 193,000

250,000

100,000 50,000

263,000

122,oCO

200,000

160,000

157,464

259,219

105.378

87.322 239,122

224,564

114.933 63,577

296,168

150,276

251,048

195,196

0.01

0.02

0.01

0.01

0.02

0.02

0.01

0.01

0.03

0.01

0.02

0.02

I I

i i I

I I

I !

I


21 6

AXA World Funds I Global Aggregate Bonds


Btmu (Curacao) Holding 1 % 20/01/2017

Citigroup Inc 7.625 % 03/04/2018

Co Operative Bank 1% 16/11 PO21

Countrywide Fin1 5.:25 % Emtn 17/02/2011 Gbp Dnb Nor Bank Asa 6.1 7 %

Dnb Norbank Asa 6.01 16% 29/01/2018

79/03/2049 E.On lntl Fin 0 v Eoaqr 5.875 % 30/10/2037 East Japan Railway 4.75% 08/12/2031 Ernpyrean Finance (Jersey) L 5.45 5% 04 Aprl3

Enterprisc Inns PIC 6 375% 26/09/ 2031

France Telecom 7.5% 14/03/2011 Hbos PIC Pref Shs S3rt 1.5 6.OW4% 31/12/2049

Household Finance Corp Enitn Hsbc Holdings PIC Emtn 1% 18/10/2022 Kfw International Finance l r ~ . 5 % 09/06/2036 Kfw lnternatonal Finance 15.75 % Notes 13/10/2008 Gbp (

Legal B Gcncral Grcup 1 % 29/05/2049

Mcllon Capital 1 % 05/09/2066

Mufg Capital Fin 5 1% 25/01/2049 National Australia Bank Ltd 7.125 % 12/06/2023 Nationwido Building Societ R.024Y0 29/01/2049 Norinchukin Fin 1 YO 28/09/2016 Northern Rock PIC F 399% 21/09/2049 Portman Ruilding Socicty 1% 2311 112020 Resona Bank Limitcd 1 % 29/08/2049

Royal And Sun Alliance Group 1% 29/07/2049

Royal Rank 01 Scotland PIC Emtn

Saphir Fin 1 % 25/08/2049 Shinsci Rank 5% OW1 2/2049 Smfg Prefened Cap 1 % 29/01/2049 Spint Issuer PIC 6.582 % 28/12/2018 CI A4

Standard Chartered Bank 1 % 3111 ?/PO49 Svenka Handelsbankon Ab 1 % 31/12/2049

Telecom ltalia Spa 5.G25 % 29/12/15 Telefonica Emision 5.888% 31/01/7014

Vodaforio Group PIC Emtn

250,000

140,000

150.000

150.000

300, 000

50.000

150.000

250,000

250,000

300,000

155,000

250,000

100,000

50,000

207,000

100,000

100,000

150,000

100,000

250,000

50,000

200,000

150,000

225,000

250,000

250,000

19O.OGO

125,000 150,000

140.000

205,000

150,000

165,000

250.000

100,000 162,000

293.148

180.678

162,741

167.513

365.165

55.377

180,432

271,466

306,066

306.034

199,985

219.823

125,000

61.1 73

264,434

126.358

114,219

164,445

104,098

315.i93

55,406

231,623

107,447

243.783

%87.013

323.136 195,710

135,073

138,009 140,989

234.950

152.898

193.444

283.654

120,128

184.428

0.03

0.02

0.01

0.01

0.03

0.00

0.02

0.02

0.03

0.03

0.02

0.02

0.01

0.01

0.01

O.G1

0.01

c.01 0.01

0.04

0.00

0.02

0.01

0.02

0.03

0.03

0.01 0.01

0.01 0.01

0.02

0.01

0.G2

0.03

0.01

W 8 Dh Issuer PIC i "/o 15/07/2035 250.000 251.180 0.0%

9,436,511 0.84

JPY Bonds

Aflac Inc 0.71 % 20/07:2010

American Express Credit Co

Bank of America Corporation 0.84% 0 3 1 2/2009 Bayerische Landeshank 0.6446 22/12/2008 Rayerische Landesbank Giro 1.4 '?A Mtn 22 /04/2013 Jpyl 000

Rrnw Finance Nv 0.91 % 26!05/2009

Carrefour 0.8 96 10/11/08 Mtn

Citigroup Inc 0.8% 30/10/2008 Dev Bk Of Japan 1.7% 20/09/202%

Development Rank Of Japan 2.3 Yi 19/03/2076 Dexia Muni Agency 1 .8% 09/05/2017 Dexia Municipal Agency 0.8% 21/05/2012 European Investment Rank 1.4 % 20/06/7017

European lnvcstmcnt Bank 1.9% 26/01/2026

France Telecom 1 .A?OO/o 10/05/2011

i .65L'Sb 01/11/2011

General Elcctric Capital C 0.55% 14/1 G/2008

General tlectric Capital C 1 % 2 1 /03/20 1 2 Hbos Treasury Services l'lc 0.55 46 01/07/7013 Household Finance Corporat 1.14% 24/09/ 2009 Japan Fin Corp Mc 1.55 % Rds 21/02/2012 J p y l O O

Japan Fin Corp Municipal C 1.35 % 26/11/20!3 (Regs)

Japan Fin Corp Small & Mod 1 .I % 20/09/2011 Kreditanst Fur Wic 0.75 46 22/03/2011 Landwirtschafliche Hentenb 1.375 % 25/04/2013 Morgan Stanley D W 2.090% 28/06/2010 Ocsterreichische Kontrollhank Ag 1 .8% 22/03/2010

Pfizer Inc 1.2% 22/02/2011

Procter & Gamble Co 2 % 21/06/2010 Rabobank Nederland 0.800% 03/02/2011 Toyota Motor Cred 0.55 % 30/'06/2010 Jnvl OOC

200.000.000

100,000,000

200,000,000

200,000,000

11 0,000,000

200,000.000

200,000,000 330.000.000

40,000,000

100,000,000

1G0.000.000

40.000.000

490,000,000

70,000.000

100,000.000

55,000,000

400.000,000

135,000,000

100,000,000

550,000,000

600,000,000

700,000,000

350,000,000

15,00O,OM3

100,000,000

165,000,000

150,000,000

250.000.000

1 oo.ooo,ooo

300.000.300

1,164,582

602,527

1,177,662

1,192,276

653,840

1.1 87,564

1.194.776

1,966,270

228.297

601.1 19

583.636

233,230

2,873,412

399,534

600,337

328.491

2,279,762

805,7 7 7

586,857

3,336,353

3,593.876

4.184.1 70

2,079,301

89,175

587.062

1,000,960

890.1 37

1508,532

587,343

1.772.795

0.10

0.05

0.1 1

0.1 1

0.06

0.1 1

0.1 1

0.18

0.02

0.05

0.05

0.02

0.26

0.04

0.05

0.03

0.20

0.07

0.05

0.30

0.32

0.37

0.19

0.01

0.05

0.09

0.08

0.13

0.05

0.1r

0 02 38,289,653 3.42


21 7

AXA World Funds - Global Aggregate Bonds


United Dominion Rlty Tr In 6.05% SEK Bonds 01,'06/2013 2,500,000 1,541,974 0.14 European Investment Bank 6,000,000 632,412 0.06 United Tcchnologies Corp 6.1 25 % Spintab Ab 6% 20/04/2009 i 1,000,000 1,176,209 0.iO 15/07/2038 2,500,000 1.597.702 0.14

Usb Rlty Corp 1 96 22/12/2049 3,700,003 1,716,239 0.15 Stadshypotck Ab (Publ) 6% 15/09/ 201 0 31,000,000 3,326,856 0.30 Verizon Global Fdg Corp 5.85%

15/09/ 2035 2,000,000 1,133,065 0.10 Vulcan Materials 6.4% 3011 11201 7 1.500.000 941.472 0.08

USD Bonds Wachovia Corp 2.000.000 1,171,002 0.10

O,I< Xto Energy Inc 5.5 % 15/06/2016 2,000.000 1,215,817 0.11

1 1 5,135,477 0.46

Allstate Corp 5% 15/08/2014 Asian Dev 6k 4.375 % 17/09/2010 Atlantic Richfield Co 8.5% 01/04/2012 Barclays Rank PIC 6.278% 31/12/2034 Bellsouth Corp 6% 1511 0/2011 Burlington North Santa F 7% 15/12/2025 Capital Onc Financial 7.1 25% 01/08/2008 Citigroup Inc 6.5 96 11/04/2013 Crh America lhc 6.95% 15/03/2012 Csx Corp 6.25% i 5/1 0/7008

Erp Operating Lp 5.2% 01/04/2013 European Bank For Reconstruction & Development

European lnvestmcnt Bank

GQnCral Hec Cap Corp 5.625% 15/09/201 T Hewlett Packard Co 4.5 % 01/03/2013 Inter Amarn Deb Rk Global Med 5.125 % 13/09/2016 Kinder Morgan Ener Part 7.5% 01/11/2010 Kreditanstalt Fucr Wiederaufbdu Gmtn

Landwirtschaftlichc Hentenbank 5.125 %01/02/2017 Lowe'S Companies Inc 6.1 % 15/09/2017 Marriot lnterndtional 5.625% 15/0P/2013 Merrill Lynch & Co 4.831 % 27/10/2008 Oestcrrcichische Kwtroilbank Ag Principal Life Inc Fdg 5.1 96 15/04/2014 Prologis 5.25% 15/11/2010 Province of Quebec Canada Sicmens Financieringsmaats 6.125% 17/08/2026 Simon Ppty Group L P 5.375% 01/06/2011 Travelers Cos Inc 6.25% 20/06/2016 Ubs pfd Fdg Tr V 6.2439: 12/05/2049 Unilever Capital Corp 7.125% 01/11/2010

2.500.000 5.000.000

2.500.000

2,000,000 2.500.000

2.776.000

2.500.000 2,000,000 2.M)0.000 2,000,000 ?.500.000

5,000,000 5.000.000

1,8U0,000

2.M10.000

5.000.000

7,000,000

5,000,000

5.000.000

1,600,000

1.800.000

250.000 5,000,000

2,520,000 2,000.000 5,000,000

2.500.000

2,000.000

735,000

2,250,000

! .400,00(1

1,565,133 3,257,561

1,792.578

1,072,597 1.634371

1,843,229

1589,753 1,241.483 1,270,209 1,276,839 1,515230

3,366,214 3,261,163

1,119,545

1257,371

3,330,053

1,335,719

3,289.303

3,322,835

1,033,089

1,074.785

158.686 3,276,703

1,544,595 1,26R,953 3,261,678

1,526,541

1,252,333

477,415

1,252,776

948,914

o,zg Yum! Brands lnc 6.25% 15/03/2018 1,800,000 1,115,548 0.10

lions Bancorp 5.5% 16/11/2015 250,000 127,644 0.01 0.16 65,998,127 5.90

o.l Total Bonds 237,270,974 21.22 0.15

0'16 Ccventty Rs 6.092% 29/06/2016 180,000 209,900 0.02 209,900 0.02 0.14

Total Floating rate note 209,900 0.02

EUR Mortaaae and Asset Backed Securities

GBP Floating rate note

0.1 1 0.l

0.14 Bankinter Fondo De l'itiiy4.626% 16/05/2043 698,572 661,338 0.06

0,30 Delphinus 1% 25/09:2096 1,500.CQO 1,469,550 C.13 0.29 Gracechurch Mortgage Finm 3.55%

20/11/2056 1.5oo.ooo 1,462,869 0.13 U-lO Holland Mortgage Backed 1%

1811 2/2038 1,250,956 1,220,057 0.1 1 0.l Leak Finance Holdings No 1 4.853%

21/09/2038 460,365 451.894 0.04 5,265,708 0.47 0.30

0.12 USD Mortaaae and Asset Backed Securities

0.29

0.30

0.09

0.10

0.01 0.29

0.15 0.12 0.30

0.15

0.11

0.04

0.11

0.08

Fannie Mae Pool 256359 5.5% 01/08/2036 Fannio Mac Pool 745453 5.516 01 /03/2021 Fannie Mae Pool 81 1353 5% 01/02/2020 Fannia Mae Pool 817764 5.5% 01/06/2036 Fannic Mae Pool 838579 6.5% 0'/10/2035 Fannie Mae Pool 842405 5.5% 0:/11/2035 Fannie Mae Pool 851 343 6.5% 01/0;1/%036 Fannie Mae Pool 884964 5.5% 01/06/2036 Fannie Mae Pool 897463 5.5% 0111 0/2036 Fannic Mae Pool 916370 5% 01 /05/2037 Fn 252577 5.5% 01/06/2009 Fn 851532 6% 01/02/2036 Fn 852736 5% 01/01/2021 kn 867607 5.5% 01/03/2036 Fn 880213 6.5% 01/07/%036

1,809,856

1,295,604

515,535

18.594

231,914

1,856.443

2,905,439

86,801

2,669,351

2,964,367 54,721

9.308.1 32 212,405 138.91 7 69,369

1.1 33.1 76

830.728

324.725

11,642

151,647

1,163,451

1,899.841

54,347

1,671,319

1,816,083 34,856

5.968.31 1 133,790 86.978 45,346

0.10

0.07

0.03

0.00

0.01

0.10

0.1 7

0.00

0.15

0.16 0.00 0.53 0.01 0.01 0.00

1


21 8



Fn 888285 6 5% 0'/03/2037 Fn 941280 6% 01/06/2037 Fnma Pool 256152 Fnma Pool 884195 Fnma Fool 8851 40 Fnma Pool 885593 Fnrna Pool 888890

Fnma Pool 8941 64 Fnma Pool 918297 Fnrna Pool 936526 Fnrria Pool 952450

Fnrria Pool 956030 Fnma Pool 959515 Fnma Pool 9607: Y

Fnma Pool 962276 Fnma Pool 963734 Fnma Pool 967205 Fnma Fool 973007

Fnma Pool 973048 Fnma Pool 975202 rnma Pool 984600

Fnma Pool 984788 Mdst 2006.1 M2 6 742% 15/10/2040

1,145560

1,380,809 4.500,OOO 4.31 7,077 2,993.086 3,634,912 6233,389

4,800.000 4,907,028

503,633 11,000,000

500,000

3.966.62: 191334

869,983

11 ,00O.(Kll 5,094,914 4,350,061

2,959,902 2,989,455

7.500.000 4,800,000

2.778

748.844 885,179

2,885.370 2,711,533 1,919,146 2 330,681 1,074,721 3.077.728

2,986,084 322 8%

6,885.774 320.529

2,095,376

122.977 557.655

7.050.943 3,329,821 2,723,049 : ,852,650

1,871,148 4.694.369 3.004.396

1.194

0.56 o,07 DKK Governments and supranational o.08 Denmark (Kingdorn Of) 4 %

15'1 1/2015 41 .8W.O00 5,328,320 0.48 o'26 Dcnmark (Kingdom Of) 5% 0.94 15/11 /2013 16,500,000 2.233.228 0.20 0.1 7 Dcnmark (Kirrgdoni (3) 6% 0.21 15/11/2009 5.000.000 679.936 0.06 0.36 8,241,434 0.74

0.27 37 EUR Governments and supranational

0.03 0.61

0.03 0.19

0.01

0.05 0.64 0.31

0.24 0.17

0.17 0.42 0.27

Total Mortgage and Asset Backed Securities

AUD Governments and suoranational

78,080,333 6.97

83,346,041 7.44

Australia 6.75% 15/94/2015 5.900.000 3.554.748 0.32 Australia Government Bond 5.25% 15/03/2019 1.350,OOO 747.817 0.06

Euro Inv Bank 5.375% 24/01/201 i i ,500,000 869,5(10 0.08 New South Wales Treasury 6.000% 01 /05/2012 150,000 87.829 0.01

5,259,984 0.47

Austria (Government uf) 99 4 Austria (Government Of) 4.65% 15/01 /20! 8 Austria (Government Of) 3 50096 15/09/2021 Belgium (Kingdom) 4 25% 28/09/2014 Bundesschatzanweisungen 4.5% 12/06/2009 Caisse Amort Dette Sociale 4.125 % 25/04/2017 Dcrrnwk Government International Bond Drritn 3 125% 15/10/2010 Finland Government Bond 3.875% 15/0912017 Frmcc (Govarnrnent or) 8.500% 25/10/2019

France (Governmcnt Or) 4% .?5/10/2014 France (Govcrnmcnt Of) 4 75% 75/04/2035 France (Govcrnmmt (3) 4% 95/10/2038 France (Government Or) 5.5% 25/7 0/2010 Germany (Fcdcral Rcpublic) 4 25% 04/01 E014 Germany (Fcdcral Republic) 5.625% 04/01/2028 Germany (Federal Republic) 3.75% 04/01 001 5 Germany (Federal Repuhlic) 3.25% 17/04/2009 Greecc Hcpublic Of 3.7%

Brttish Colurnvia(Prcv) 5.3 % 20/07/2015 17/06/2019 4,WO,OOO Canada (Govcrnrnent Or) 3.750%

01/06/2017 5.400,OOO 3.440.505 18/04/2013 5,109,410 0.4fi Italy Buoni Policnnali Del Tesoro Canada (Govcrnment Of) 4.000%

01 /09/.?010 8,000,000 Italy (Rep Of) 0.954: 15/09/2010 New Rrunswick Prov Cda 6.75 %

27/06/2017 4,000.00C 2,951,888 0.26 Netherlands Governmcnt Bond

Ontario Prov Cda 4.4% 08/03/2016 5,000,000 3,176,479 0.28 Netherlands Government Bond

Netherlands Governmcnt Bond

Portugal (Rep) 3.75% 15/07/2008

CAD Governments and supranational

2'690,827 0.24 Hellenic Republic 4.5% 20/09/2037 o,31 lroland Government Rond 5%

,7,369,109 ,.55 4.5% 15/07/2017

5.596 15/07/2010 CZK Governments and supranational Czech (Republic uf) 3.7% 16/06/2013 56.000.000 2,228,393 o.70 Hcpublic Of Austria 4.1 5%

+ I n n In"n7

10.000,000

2,650,000

6,000.000

400,000

15.000,OoO

9.ooo.oM)

9,000,000

1 7,ooo.oco

5.800,000

8,000,000

2,800,000

5.400.000

9.100,000

350,000

12,700,000

250.000

7.000.000

5,950,000 10,000,000

10,000,000 6,000,000 2,191,720

10,000,000

10,000,000

6,000,000 300.000

5,000,000

10,131,015

2,633,494

5,206,742

390,027

14,988,964

8,528,148

8,718.61 1

15,371,807

7,660,454

7,732.438

2,720,615

4,616,875

9.382579

346,019

13,852,347

239 590

6,931,329

5,496.21 2 8.590.81 9

10.1 10,520 5,969,l 75 2,142.302

9,768,694

9.865.231

6.107.286

299,880

4,403,879

0.90

0.24

0.46

0.03

1.34

0.76

0.78

1.43

0.68

0.69

0.24

0.41

0.84

0.03

1.24

0.02

0.62

0.49 0.76

0.90 0.53 0.19 0.86

0.88

0.55 0.03

0.39 I 3 l l l i l l C U i l I Czech (Hcpublic or) 3.8% 11/04/2015 12,000.000 470,859 0.04 Spain (Govt) 4.2% 31/01/2037 5.1 00,000 4,423 770 0.40

2,699,252 0.24 187,234,822 16.69


21 9



GBP Governments and supranational Euro lrlv Bank 4.875 % 07/09/2016 25G.000 301.952 0.03 Poland (Government or) 5%

Euro Inv Bank 5.375 % 7/06/2021 200,000 250.942 0.02 24/10/'013

PLN Governments and supranational

4.550.000 1,258,489 0.1 1

24/03/2010 2.000.0M) 585.372 0.06 Uk Treasury Stock 6% 07/i2/2028

United Kingdom Gilt 4.75% 24/05/2009 6.500,OW 1.922.080 0.1 7 07/12/2038 8.500.000 10,985,157 0.98 ^-^--*l ^ L .

,298,308 o,12 Poland (Government or) 5.75% Treasury 6.25% 25/11/2010 1,000,000

3.219'065 0'29 Poland (Government or) 6% 2,250,000

J,lbS,Y41 U.34 United Kingdom (Government Of) 5 250% 07/06/2012 800,000 1,016,103 0.09

I f ) 4 5% 10,500,000 1,115.610 0.10

..

Hungary (Rep or) 7% 24/06/2009 GG,ooo.ooo 247,180 0.02

247,180 0.02 SKK Governments and supranational Slovak (ReDublic) 5% 22/01/2013 770.000.000 8.889.906 G.79

JPY Governments and supranational Italy Governrncnt International Bond 1.8% 23/02/2010

Japan (Government 00 2.3% 20/06/2035

Japan (Governmcnt On 2% 20/12/2025 Japan (Government Of) 2.1 % 20/03/2026 Japan (Goverment Of) 1.2% 20/06/2015 Japan (Government Of) 0.8% 10/03/2016 Japan (Government or) 1 % 20/12/2010

Japan (Government Of) 1 4 % 20/12/2011

Japan (Governmant Of) 2% 20/09/2025

Japan (Governmcnt Of) 1.3% 20/06/2011 Japan (Government 00 1.8% 20/03/?016 Japan (Governmont Of) 2.3% 20/12/2035 Jzpan (Govcmment Of) 5Yr 1.4% 20/03/2011

Japan (Government Of) 1.1 % 20/03/2011 Quebec (Prov or) 1.6 YG Bds 09/05/2013 JDvIOO

185,000,000

1.080.000,000

600,000,000

2.000.000,000

4.900.000,OOO

700,000,000

200,000,000

4.055.000.000

300,000,000

500.000.000

2,3CO,OOO,OOO

10,000,000

800,M)0,000

5,000.000.000

240.CO0.000

1.1 21,671

6,328,302

3,536,664

11.933.51 2

29,027,105

1.1 78.870

1,201,079

24,586,303

1,771,966

3,025,502

14,190,668

58.485

4,053,102

30.087.692

1,450,784

0.10

0.57

0.32

1.07

2.59

0.1 1

0.11

2.19

0.15

0.76

1.27

0.01

0.43

2.69

0.13 , .

134,351,705 12.00

MXN Governments and supranational Inter American Dwclopment 8% 2W01/2016 3.M10.000 174,007 0.02

Mexico (Unitod Mexican Sta) 9.5% 1811 21201 4 40,000,000 2,532,023 0.22

8,889,906 0.79

USD Governments and suwanational Ontario Prov Cda 5.45 % 27/04/2016 3.349.1 77 0.30 5.000.000 Poland Govcrnment International

Unitod States Treasury NoteBonU 6.25% 15/05/2030 1.525.000 1 ,I 94,545 0.1 1 Unitod States Treasury NoteIBorrd 4.25% 15/11/%014 24.300.000 16.124.744 1.44

United States Treasury NoteBond 5.553.331 0.50 4.5% 15/11/2015

Bond 5,000.000 3,183,547 0.28

8.300.000 United States Treasury Nota/Bond 4.875% 15/08/2016 4,000,000 2,723,127 0.24

United States Treasury Note/Bond 2.625% 15/03/2099 133,000,000 84,698.994 7.56 United States Treasury Note/Bond 4.250% 15/08/2013 18,000,000 11,907,659 1.06

United States Treasury Notc/Eond 4.250% 15/08/2013 3.000,000 1,984,610 0.18 United States Trcasury Note/Bond 2.625% 15/07/2017 98.44a.500 69,l 21,727 6.1 7

199,841,461 17.84 ,


Total Transferable securities admitted to an official exchange listing 937,4m,a07 03.71

I

I Transferable securities dealt in on another regulated market

EUR Bonds Banco Bilbao Vlzcaya Argentaria Sa 3.875% 31 /05/2012 3.000.000 2.841.04U 0.25

Deutsche Hypothekenbank 4.25 % 1 a/05/20 1 6- ' 5,000,000 4,775,155 0.43

7,616,195 0.68

Mexico (Utd Mex St) 8% 17/12/2015 7,300,000 426,862 0.04

3,132,892 0.28


220



Progressive Corpflhc 6.25% JPY Bonds 01/12/2032 460.000 282,834 0.03 Mefrill Lynch Intl 1.23% 30/06/2003 1 03,0M).OOO 581,711 0.05 Rbs Capital Trust I 6.425%

250,000 141.320 0.01 Renault SaSBr 1.12% 15/12/2010 200,000,000 1.163.893

,,748,604 o.16 Southem CoA5.3% 15/01/2012 2.000.003 i ,292,428 0.1 2 Telecom ltalia Cap 5.75% 01/10/2015 700.003 116,990 0.01

TCSCO PIC 5.5% 15/11/2017 2.000,000 1.238,618 0.1 1

o, 29/i 2/2049

USD Bonds Abx Financing Co 5.75% 15/10/2016 Aetna Inc 5.75% 15/06/2011

Alcoa Inc 5.72% 23/02/2019

Alcoa Inc 5.87% 23/02/2022 American Hmda Finance 5.1 Yo 27/03/2012

AtRT Wireless Scrviccs Inc 7.675% 01/03/2011

Bocing CoTThe 5.125% i5/0%/2013 Bskyb Finance Uk PIC 144A 6.54: 1511 0/2035 Rurlington Rasources Finance Co 7.4% Oi/l2/2031 Capital One Capital Iv 8.745% 17/02/2037 Cargill Inc 144A 4.375% 01/06P013

Corncast Cable Communications 6.75% 30/01/2011 Cornmcnwcalth Edison Co 5.8 %

Cox Coinmunications Inc 3.875% 01 11 012008 Or Horton Inc 5% 15/01/2009

Fbg Finance Ctd 5.125% 15/06/2015

Fosters Fin Corp 6.875% 15/06/20 1 1 Goldman Sachs Group Inc 5.7% 01/c9/2012

Goldrnan Sachs Gfcup Inc 6.345% 15/07/Z?034 lntl Lease Financc Corp 5.625% 20/09/2013

lstar Financial Inc 5.8% 15/03/2011 Jprn Chase Capital Xxii 6.45% 02/02/2037 Lehrnan Brothers Holdings Inc Mtn 5.75% 25/04/2011

Mcllon Fdg Corp 5.2 4: 15/05/2014 Met I.ife Global Funding 4.625% 19!08/?010

Metlife Inc 6.4% 15/12/2036 Midarnoncan Energy Holdings Co 6.125% 01 /04/203E National Rural lltils Coop Fin 5.45 % 01/02/2018 Nortclk Southern Ccrp 5.257% 17/09/2014 Occidental Petroleum Corp 6.758 15/01 1201 2

Petro-Canada 5,’35% i 5/05/2035

i5/03/201 a

~.030.000

2.000,000 1,870,000

630,000

2,000,000

2,000.00G 2.500.000

200.000

250,000

1.500,000

1,500,000

2.M)0.000

2,000,000

2,000,000

2.470.000

200,000

2,000,000

200.000

2,500,000

1,500,000

2,000,000

2.000.00c

2.000,ooo

7,125,000

2,010,000

2,000.000

2.000.000

2,000.000

2,440,000

2.200,000 2,000,000

1,236,025

1.312.667

i.io2.59a

366.383

1,273,601

1,351,654

1,675.1 39

119.047

184.805

719,996

910,867

1,315218

1,240,898

1,268,067 1,515.332

119.271

1,347,406

127,633

1,357,779

819,851 1,079.973

1,090,575

1,243,370

1,330,898

1.284.566

1 , l M.297

1,223,630

1,238,051

1.532.774

1,499,826

1.1 18.059

o.l Washington Mut Inc 5.25% 200.000 96,033 0.01

0.12 36,227,924 3.23

0.!0

0.03 Total Bonds 45,592,723 4.07

15!09/ 201 7

EUR Mortaaae and Asset Backed Securities o,12 Caja Laboral Tta 4.782%

0.15

0.01

0,02

24:10/2049 5.015.573 4.636397 0.41

4,636,897 0.41

USD Mortgage and Asset Backed Securities Wells Fargo Bank N A 6.45% 01/02/2011 Y377.000 1 576.677 0.14

0.06 1,576,672 0.14


CAD Governments and supranational Canada (Govcrnmcnt Of) 4.500%

0.!2

0.1 1

0.1 1 465,670 0.04 01/06/2015 700,000 465.670 0.04

0.14 EUR Governments and supranational

. ..

12,800,000 12.505.690 1.12 0.12 12,505,690 1.12

0-01 JPY Governments and supranational o,l Japan (Government ot) 0.5%

10/06/%015 101.600.000 590.106 0.05

0.06 590,106 0.05

0.10 USD Governments and Supranational

o, United States Tfeasury Notc/Bond 4.1 25% 15/05/2015 650.000 427,129 0.04

0.1 1 United States Treasury Notc/Bond 35,000,003 21,421,193 1.9% 0.12 Unlted States Treasury Note/Bond 1,500,003 929,137 0.08

Unitwl Stntas Treasurv Note/Bond , . . 0.1 1 5.125% 15/05/2016 2,000,000 1,386,066 0.1 2

0.10 24,163,525 2.16

0.1 1 Total Governments and supranational 37,724,991 3.37

0.11 Total Transferable securities dealt in on another regulated market 89,531,283 7.99

0.14

0.13

0.10


221

M A World Funds - Global Aggregate Bonds



CAD Bonds Province of Nova Scotia Canada 4,000.000 2,593,335 0.23

2,593,335 0.23

JPY Bonds American lntl Group 1.49% 21/12/2011 100,000,000 556,699 0.05

Goldrnan Sachs Group Inc 0.8296 03/02/2010 1 cQ.000.000 583,462 0.05

Hyundai Capital Se 1.04% 06/02/7009 100,000,000 591,156 0.05

Nikko Citigroup 0.8825 % 29/C3/2010 1 cQ.ooo.oMs 583,997 0.05

Royal Rank of Canada 1.77 5% 26/04/2011 1 00.000.000 594.018 0.05

2,909,332 0.25

USD Bonds Freddie Mac 4.5% 09/01/201? 3,500,000 2.244,423 0.21

Lloyds Tsb Group PIC 1% 31/12/2049 2,500,000 1,267,219 0.12

3,511,652 0.33

Total Bonds 9,014,319 0.81

AUD Governments and supranational Australia Government Bond 121 6.000.000 3,550,841 0.32

3,550,841 0.32

USD Governments and suoranational United States Troasury NotdBond 3.500.000 2,137,953 0.19

2,137,953 0.19

Total Governments and supranational 5,ma,794 0.51



EUR Open-ended investment funds h a Im Strategies Plus C 11,700 3,041,577 0.27

3,041,577 0.27


Total Investment in Securities Gther Net Assets

I ,0~,745,7ao 93.29 75.158.038 6.71

TOTAL NET ASSETS 1,119,903,818 100.M3

I


222



Sovereign Bonds

Corporate Bonds Mortgagi and Asset Backed Securities

Banks Financial Services

Energy

Industrial

Multi-National

Communications

Municipal


Consumer, Cycllcal



Utilities

Basic Materials

Automobiles


Oil and Gas

55.87 15.18 7 99 4.88

3 82

0 68 0.67 0.65

0.53 0.53

0.52

0 43 0 28

0 27

0 23 0.21

0.16

0 14

0.1 1 Computers, Software and Internet 0.1 1 Insurance 0.03

FNMA Collateral 0.00

93.29

223

AXA World Funds - Global Emerging Markets Bonds



US0 Bonds Fbn Capital Finance Co 250,000 153,434 0.43 Gth Finance Bv 8.5 5.6 29/01/2012 250,000 152,930 0.43

Sphynx Capital Markets PCC Emtn 200.000 125,704 0.35

432,068 1.21


USD Mortgage and Asset Backed Securities Argentina 1 % 03/08/7012 312.500 106,504 0.30

106,504 0.30


EUR Governments and supranational Euro Bund i OYr 08/06/2008 - 100,000 0 0.00 Macedonia (Govtj 4.625 % 08/12/ 201 5 200.000 173,260 0.48 Morocco (Kingdom 00 5.375% 27/ 06/2017 250.000 228.125 0.64

401,385 1.12

USD Governments and suoranational ~~~

Argentina Government International Rond $Dis 8.28% 3111 912033 Argentina Governmcnt International Bond $Par 1 % 31 /I 2/2038 Brazilian Government International Bond Brazilian Governmcnt International Bond 10.125% 15/05/2027 Brazilian Government international Bond 10.5% 14/07/2014 Brazilian Government International Bond 11 % 17/08/2040 Brazilian Government International Bond 12.25% 06/03/2030 Brazilian Government International Bond 8.875% 15/04/2024 Chile Govornment International Bond

Colombia Government International Bond 10% 73/01/2012 Colombia Government intornational Bond 11.75% 25/02/2020 Colombia Government lntcrnational Bond 8.125% 21/05/2024 Costa Rica Republic 8.05% 31 /01:2013 Dominican Republic 9.04% 23/01/2018 El Salvador Government International Bond Regs 7.75% 24/01 /2023 El Salvador Republic 7.65% 15/06/2035

592.990

1.200.0c0

750,000

250,000

1,000,000

250,000

300,000

1 .ooo.ooo

1,250,000

500.000

270,OM)

800,000

600,000

81 9,131

600,000

400.000

280.485

260,944

601,171

226,977

802.831

21 0,152

323.085

814.259

822,374

369,671

248.992

591,727

347.608

536,061

411.415

264,l 1 8

0.81

0.73

1.68

0.64

2.25

0.59

0.91

2.28

2.30

1.04

0.70

1.66

0.97

1.50

1.15

0.74

Government Of Jamaica 9% 02/06/2015 Guatemala Governmcnt Bond Regs 10.25% 08/11/2011 Indonesia Republic 6.875% 09/03/2017 Indonesia Republic 8.5% 12/10/2035 Lebanon (RepOf) 4 % 31/12/2017 Malaysia Government International Bond 7.5% 15/07/2011 Mexico Government International Bond 1 1.5% 15/05/2026 Mexico Government International Bond Mtn Panama Government International Bond 7.25% 15/03/2015 Panama Government international Bond 8.875% 30/09/2027 Panama Governmcnt International Bond 9.625% 08/02/2011 Peru Government International Bond 8.375% 03/05/2016 Peru Government lntcrnational Bond 8.75% 21/11/2033 Philippine Govornment International Bond 10.625% 16/03/2025 Philippine Governmcnt International Bond 8% 15/01/2016 Philippine Government International Bond 8.375% 12/03/2009 Philippine Government lntemetional Bond 8.375% 15/02/2011 Philippine Government International Bond 9.875% 16/03/2010 Philippine Long Distance Telephone 1 1.375% 15/05/2012 Poland Government Intornationat Bond Ropublic Of Colombia 8.375% 15/02/2027 Republic of Colombia 9.24438% 17/03/2013 Republic Of Ghana Regs Repuhlic of Serbia Regs 3.75% 01/11/2024 Republic of Uruguay 8% 16/11 /2022 Republic Of Venezuela 5.375% 07/08/2010 Russia Government International Bond Regs 1 1 % 24/07/2018 Russian Fcdcration 196 31/03/2030 Russian Federation 12.75% 24/06/2028 South Africa Rep 9.1 25% 19/05/2009 Turkey Govcmment international Bond 11 2% 23/01 1201 2 Turkey Govemmcnt International Bond 12.375% 15/06/2009 Turkey Govcrnment International Bond 6.875% 17/03/7036

250,003

500.000

1,000,000

25O:OM)

1,250,000

1.500.000

600.000

1 .000.000

500,000

450.000

300,000

250,000

1,250,000

300.000

100.000

250.0M1

600,OM)

850,000

250,oM)

750,003

500.000

250,003 250,000

300,OMs

1,150,000

1,000,000

1,500,000 1,083,500

1,000,000

750,000

1,000,000

1 ,M30,000

200,000

164.280

363,480

607,123

164.479

653,749

1,038.229

621.885

67 1,407

342,449

359.631

213,088

184.31Y

1,029.728

252,373

68.093

163.2m

405,701

590,259

190,474

477.532

368,462

168.447

164,280

176.185

783,070

600,714

1.333.469 772,149

1,124.567

497,603

727,341

682,200

105.235

0.46

I 1.02 I

I I 1.70

0.46

1.83

2.91

1.74

1.88

0.96

1.01

0.60

0.52

2.8Y

0.71

0.19

0.46

1.13

1.65

0.53

1.34

1.03

0.47

0.49

2.19

1.68

3.74 2.i6

3.15

1.39

2.04

1.91

0.30


224

A M World Funds - Global Emerging Markets Bonds


Turkoy Government International Bond 7% 05/06/2020 200,000 117.774 0 3 4 Ukrainc Govcrnrnent International Bond Rcgs 7.65% -8 1/06/2013 500,000 311,101 088 United Mexican Sts Mtn 6.625% 03/03:2015 1.500.000 1.024.395 2.87

Uruguay Rep 7.5% 15/03/2015 1,000,000 698.390 1.96

19/09/2013 1 .ooo.ooo 660.296 1.85

Venezuela Hcaublic 1% 20/04/2011 750.000 426.177 1.19

I

Venezucla Republic 10 75%

26,423,352 74.04

Total Governments and supranational 26,824,737 75.1 6



USD Governments and supranational Brazilian Government International Bond 8% 15/01/2018 400.000 Mexico Government International Bond 4.625% 08/10/2008 500.000

Panama Government lntcrnational Bond 6.7% 26/01/2036 81 5,000 Philippine Government lntematlonal Bond 7.75% 14/01/;1031 350,000 Republic of Philippines 6.375% 15/01/2032 1,200,000 South Africa Rep 6.54: 02/06/2014 500,000 Turkey Government International Bond 1,000,000

Total Governments and supranational

Total Transferable securities dealt in on another regulated market

282.784

318.720

525.852

731.659

698.31 3

328.164

607.123

2,992,615

2,992,615

0.79

0.90

1.47

0.65

1.96

0.92

1.70

8.39

8.39


I USD Mortgage and Asset Backed Securities Central Bank Of Ni 5.092% I 05/01/2010 33,290 21,920 0.06

21,920 0.06


USD Governments and supranational Turkey Government International Bond 11.875% 15/01 PC30 950,000 848.187 2.38 United Mexican Sts Mtn 8.39: 15/08/2031 1,200.000 956,197 2.68

1,804,384 5.06



Total Investment in Securities 32,182,228 90.18 Othcr Nct Assets 3.505.249 9.82


The accompanying notes form an integral pari of these financial statements.

225



Sovereign Bands

Financial Services

Banks Mortgaqe and Asset Backed Securities

88.61

0.78

0.43

0.36

~-

226

AXA World Funds - Global High Yield Bonds

Schedule of Investments and Orher Ner Assets as at 30 June 2008 (in EUR)


EUA Bonds Central European Oistributim Corp Rcgs 8% 25/07/2012 42.000 4; ,055

Central European Media Enterprises Limited Regs 8.25% 15/05/2012 Chcsapcaka Energy Corp 6.25% 15/01/2017 Europcar Group Sa Regs 8.125% 15/05/2014 Foodcorp Limited Rngs 4.43% 15/06/2012 Hayes LemmcrL Finance Llc/Sec 8.25 % 15/06/2015

Lighthouse lntl Co Sa 8% 30/04/2014

Magyar Telecorn Bv Rcgs 10.75% 15/08/2012

Millipore Corp 5.875% 30/06/2016

Nordic Tclcphone 1 96 03/05/2016 01 European Group B.V 6.875% 31/03/2017

Stena Ah 6.175% 01/02/2017 Tds Investor Secreg Senior 70.875% 01/09/ 2016 Trw Automotivc Inc 5.37576 15/03/2014 Tvn Financo C o p PIC Regs 9.5% 15/12/2013

100,000

10c.000

100,000

130,000

100,000

12',000

70,000 75,000

50,000

70,000 150.000

150,000

100,000

75.000

99,000

93,500

67,500

87.750

85,050

94,670

68.863

69.938 19.779

65,275

11 7,000

122.063

86,500

79.31 3

0.23

0.56

0.53

0.38

0.50

0.48

0 54

0.39

0.40

0 29

0 37

0.66

0.69

0 A 9

0 45

1,227,256 6.96

GBP Bonds Countrywide Fin1 5.125 % Erntn 17Fe11 Gbp 70,000 78.173 0.44 Global Crossing Uk =inance PIC 11.75% 15/12/2014 75,000 93.884 0.53

Hbos Capital Fdg 1 Y, 31 /03/2049 50,000 64,391 0.37 lcici Bank Bahrain 6.25% 18/05/2010 75,000 90,440 0.51 Northcrn Rock PIC 8.399% 21 /09/2049 125,000 89.539 0.51

Ntl Cable PIC 9.75% 15/04/2014 75,000 88,669 0.50

505,096 2.86

USD Bonds Affiliated Computcr Svcs Inc 4.7% 01/06/20!(1 21 5,000 130,702 0.74 Allied Waste North Amof 6.576 15/11 /2010 105,000 67,164 0.38

Belo Corporation 7.75% 01 /06/2027 75.000 44.018 0.25 Boston Scicntific Co-p 6% 15/06/2011 ;05.000 65,665 0.37 Esterline Technologies C 6.625% 01/03/2017 260.000 165,487 0.94

Ford Motor Co 7.45% 16/07/2031 185,000 69,006 0.39 Ford Motor Credit Co Ford Mtr Cr Co 5.625 "/b 01 11 012008

125.000 61,998 0.35

50.000 31.777 0.18

Frwpon-Mcrrioran Copper 8 Gold Inc 8.375% 01/04/2017 140,000 95,034 0.54

General Motors Corp 7.7% 26,626 0.15 15/01 /2Oi 1 55,000 87.299 0.49 ldearc Inc 220.000

K. Hovnanian Enterprises 6.25% 105.000 42,999 0.24 15/01/2015

Mgm Mirage 135.000 70.926 0.40

Ouicksilver Res Inc 7.75 % 72.648 0.41 01 /08/2015 11 5,000

Speedway Motorsports Inc 6.750% 180,899 1.03 01/06/2013 790.000

Sunstate Equip Co Llc 10.546 01/04:2013 240,000 121,139 0.69

Team Fin Llc / Health Fin 11 250% 01/12/2013 170.000 113,060 0.61

Tesoro Cwp 6.5% 01/06/2017 95.000 54,586 0.31

01/04/2017 260.000 159.296 0.90

West Carp 1 1 4" 15/i 0/201 t3 275,000 149,281 0.85

Wii Components Inc 10.000% 64.760 0.37 15/02/2012 120.000

Ventas Realty Lp 6.750%

Total Bonds

EUR Equities

1,873,870 10.62

3,606,222 20.44

Jsg Funding PIC 20 0 0.00

0 0.00

NOK Equities m o nnn 7R195 0 1 8


EUR Mortaaae and Asset Backed Securities ~_____

Gerresheimcr Holdings Gmbh Regs 7 875% 01 /03/2015 42.000 42,105 0.21

42,105 0.24




EUR Bonds Asset Repackaging Trust Bv Emtn 1% 21/12/2011 109,908 106,679 0.60 Bcm lrcland Finance Limited Regs 1 9.0 15/08/2016 100,000 92,000 0.52 Huntsman International Llc Rags

100,000 85,750 0.49 6.825% 1311 1/2C13

Wdac Subsidiary Corp Regs 8.5% 01/12/2011 100.000 72.151 0.41

356,580 2.02


227



D R riortoii Inc 9 75 % 15/09/2010 105.000 67,331 0 3 8 USD Bands Ace Cash Eiprcss Inc 144A i 0.25% 01 /l O/PC1 4

Ace Cash Express Inc 144A 7.5% 1 5/05/2015

Aes Corpnhe 9.3754: 15/09/?01U Agy Holding Corp 144A 1 1 % 15/11/2014

Alltel Corp

Altra Industrial Motion Inc 9% 01/12/2011

Amer Rock Salt Co Uc 9.5'36 15/03/2014

American Tire Distrihutors Inc 1 % 0:/04/2012

Amencast Techriologics 11 o/u 01/12/2014 Aramark Services Inc 8.5% 01/02/2015 Axcan Inter Hldgs Inc 12.75 9t 01/03/2016 &can Inter Hldgs Inc 9.25 9'0 01/03/2015 Baldor Electric Co 8.625% 15/02/2017

Biomat Inc 10 % 15/10/20i 7 Bombardier Inc 144A 6.3% 01/05/201 4

Broadview Networks Holdings Inc 11.375% 01/09/2012 Buckayc Technologies Inc 8% 15/10/2010

Bway Corp 10% 15/10/2010

Capital One Capital lii 7.686% 15/08/2036 Casella Waste Systems Inc 9.75% 01/02/2013 Cch I Holdings Llc 9.92%

Celestica Inc 7.875% 01/07/2011

Charter Communications Operating LIcKharler Communications Capital Corp 14 8.37536 30/04/2014

Chemtura Corp 6.875% 01 /06/201 G

01 /04/2014

Chesapeake Encrgy Corp 6.58 15/08/2017 Cincinnati Bell Inc 7.25% 15/07/2013

Cincmatk Inc 1 % 15/03/20 14

Citizcns Communications Co Conimunications & Power lndustnes Inc 8% 01 /02/2012

Community Health Systems 8.875% 15/07/2015

Currcctions Corp of America Corroctions Corp Of America 7.5% 01/05/2011 Cpg lntcrnztional I Inc 10.5% 01!07/2013

Cricket Ccmmunications Inc

31 5,000

120.000 185,000

145,000

50.000

160,000

135,000

180,000

255,000

165,000

80,000

130.000

1 %0.000 P15.000

275.000

195.000

111.000

165,000

175,000

150,000

160,000

135,000

155,000

345,000

185.000

170,000 225,000

135,000

180,000

90,000

140.000

125,000

145,000

155.000

150.995

76.378 124,210

86.537

32,459

104,124

89,997

105,139

150,971

103,449

51,046

83,362

76.950

145.035

167,614

116,377

70.826 105,282

89.491

95,235

57,903

85,712

93,489

186.1 84

109,822

105,774

136,424

89,140

112,282

57.712

88.412

80. I 56

77,331

94.965

0.86

0.43

0.70

0.49

0.18

0.59

0.51

0.60

0.86

0.59

0.29

0.47

0.44

0.82

0.95

0.66

0.40

0.60

0.51

0.54

0.33

0.49

0.53 1.06

0.62

0.60

0.77

0.51

0.64

0.33

0.50

0.45

0.44

0.54

Dollar Gen Cop 10.675 % 15:07/2015

Dynegy Holdings Inc

Echostar Dhs Corp 6.625% 01/10/2014 Edison Mission Encrgy 7.625% 15/05/2027

El Paso Corp Mtn 7.8% 01/08/2031 El Paso Pcrformance-L.inked Trust 144A 7.75% 15/07/2011 Esco Corp 144A 8.625% 15/12/2013 Flextronics lritornational Ltd 6.5% 15/05/2013

Fmc Fin Iii Sa 6.875 96 15/07/2017 Ford Motor Credit Co 7% 01/10/2013

Forest Oil Corp 8% 15/1 a201 1 Freescale Semiconductor 10.1 25% 15/12/2016

General Motors Acceptance Corp General Motors COrp 8.375% 15/07/2033

G w Sub Corp 1 1 % 15/05/2012 Georgia-Pacific Corp 8.125% 15/05/2011

Global Crossing Uk Financo PIC 10.75% 15/12/2014 Goodyear Tire & Rubber Conhe 9% 01/07/2015

Graham Packaging Co Inc 9.875% 15/10/2014 Hawker Beechcraft Acq Co Llc 9.75 'yo 01/04/2017

Hca lhc

Hca Inc/De 9.25% 15/11 /2016

Hertz Corpme Homer City Funding Llc 8.734% 01/10/2026

Hombeck Offshore Serv 6.1 25% 01/12/2014

lngles Markets Inc 8.875% 01/12/2011 lntelsat Bermuda Ltd 11.25% 15/06/2016

Interface Inc 9.5% 01/02/2014

lnvista 144A 9.25% 01/05/2012

Kabel Oeutschland Grnbh 10.625% 01 /07/2014

Kar Hldgs Inc 10 % 01/05/2015

Kb Home 6.25% 15/06/2015

La5 Vegas Sands Corp

Lqrand 8.5% 15/02/2025 Lavcl 3 Financing Inc 12.25% 15/03/2013 Marquee Holdings Inc 12% 15/08/2014 Massey Energy Co 6.625% 15/11/7010

145,000

130,000

130.00

270,000

180,000

165,000

145.000

185,003

190,000

140,OW

215,000

190,003

100,OW

165.000

160.000

85,003

142,000

97,000

180,OcQ

310,000 180.000

115,000

105,003

125,613

275.000

135,000

75,000 135,000

75.000

100,oOO

185,000

85.000 95,000

11 5,000

75.000

215.000

85,000

91,600

81,505

75,728

154,281

116,178

106.31 8

93,441

112,758

119,123

66.112

140.910

92,584

40,558

62.855

100,314

53,697

88,803

61,893

101,140

197.31 1 95,711

75,204

61,665

85,932

168.923

86.997

48,391 89.140

48.927

65,236

99,251

45.872

51.268

82.224

48,213

107.838

53,967

0.52

0.46

0.43

0.67

0.66

0.60

0.53

0.64

0.68

0.37

0.80

0.5P 0.23

0.36

0.57

0.30

I

0.50

0.35

0.57

1.12

0.54

0.43 0.35

0.49

0.96

0.49

0.27

0.51 0.28

0.37

0.56

0.26

0.29

0.47

0.27

0.61

0.31


228



Mcbc Holdings Inc 1 1.521 25%

Mgm Mirage 8.5% 15/09/2010 Mohegan Tribal Gaming Authority 6.375% 15/07/2009 Momentive Performance Matls In 9.75 % 01/12/2014 Newmarket Corp 7.125% 15/12/2016

Ncwpagc Corp NuveQn Investments Inc 10.5% 15/11/2015

Nxp Bv / Nxp Funding Llc 9.5% 1511 Or201 5 Pafker Drilling Co 9.625% 01/10/2013 FCnhall International Corp 144A 12% 01/08/2014 Pinnaclc Foods Fin Llc 10.625 % 01/04/2017 Plains Exploration 8 Production Co 7% 15/03/2017

PnaGroup Inc 10.75% 01/09/2016 Pride International Inc 7.375% 15/07/2014

Pseg Encrgy Holdings Inc 8.5% 15/06/2011

PUk Homes Inc h e s t Capital Funding Inc 7.25% 15/02/2011

Owest Communications International Inc 7.5% 15/02/2014 Rcdble Therapeutics Finance Llc / Reable Therapeutics Financc Corp

Res-Care Inc 7.75% 15/10/2013

Rh Donnelley Corp 144A

Rock Tn Co 9.25 'yo 15/03/2016

1511 0/2014

Rural Metro Oper Co Llc 9.875 % 15/03/2015

HuraVMetro Corp 0 % 15/03/2016

Sanmina-Sci Corp Sanmina-Sci Corp 7 74063% 15/06/2010 Soagate Technology Hdd Holdings 6.8% 01/10/2016 Servico Corp InternationalNs 6 75% 01 /04/2016

Sgs International Inc 12% 15/12/2013 Smithficld Foods Inc 7% 01/08/2011

Solo Cup Co 8 5% 15/07/2014

S s K Technologies Inc 11 75% 01 /I 2/2013 Stratos Global Corp 9.875% 15/02/2013

Sungard Data Systcms Inc 10 25% 15/08/2015 Sungard Data Systems Inc 3.75% 15/01 /2009

Swift Energy Co

i00.000

150,000

90,000

205,000

230,000

140,000

165,000

95,000

85,000

21 5,000

775,000

230.000

180,000

80,000

165,000

130,000

75,000

75.000

105.000

135,000

125.000 170,000

75,000

90,om

95.000

57.000

260,000

255,000

215,000

80,000

150,000

31 5,000

275.000

120,000

135.000

115,000

52.379

94,759

56,855

11 1.607

145.662

90.21 9

97.164

52.324

56,665

103,060

4 14.996

140,916

134.853

50,788

11 0,307

70,982

46,427

45,594

62.165 82,069

47,221

1 14,949

a.aoa

54.687

40.856

36.006

153.106

154,007

125,924

46.983

84,045

210,993

150,709

76.569

84,962 73,014

0.30

0.54

P.32

0.63

0.83

C.51

0.55

0.30

G.32

C.58

C.65

0.80

C.76

0.29

0.63

0.40

0.76

C.26

c.35 c.47

0.27

0.65

0.25

0.23

0.31

0.20

0.87

0.87

0.70

0.26

0.48

1.20

0.85

0.43

0.48 0.41

lcnet Hcalthcarc Corp 220,000 140,376 0.80

Texas Conp Elec Hold Llc 10.25% 01/11/7015 230.000 142,376 0.81 Time Warner Telecom Holdings Inc 9.25% 15/02/2014 200.000 130,155 0.74

Town Sports International 80,000 47,714 0.27

Transdigm Inc 7.75% 15/07/2014 190,000 119,425 0.69

Unisys Corp 110,000 60.236 0.34 United Rentals North America Inc 7.75% 15/11/2013 100,000 50,475 0.29 Universal City Development Partners 11.75% 0:/04/2010 130,000 85.013 0.48 Us Investigations Servic 10.5% Oi/11/2015 300,000 176.185 1.00 Valmont Industries Inc 6.875% 01/05/2014 320,000 202,660 1.15

Vangent Inc 9.625% 15/02/2015 295.000 163,684 0.93 Warnaco lric 8.875% 15/06/2013 215,003 142,305 0.61

Yankee Acquisition Corp/Ma B 150,000 74,759 0.42

I 1,493,467 65.1 6

Total Bonds 11,850,047 67.18

Total Transferable securities dealt in on another regulated market 1 1,850,047 67.1 8


EUR Bonds Carlson Wagonlit Bv Regs 10.002% 01 /05/201 5 100,ooo 82.000 0.46 lfco Systems N V 10.375% 15/10/2010 50,000 51,500 0.29

Sncm Sa Heas 8.25% 15/06/2013 130.000 121.225 0.69

254,725 1.44

GBP Bonds American lntl Grp 8.625 % 22/05/2038 50,000 58,901 0.33

58,901 0.33

USD Bonds Language Linc Inc 1 1.125% 15/06/2012 240,000 157.709 0.90 Stoneridge Inc 11.5% 01/05/.?012 245.000 161,967 0.92

319,676 1.82



Total Investment in Securities 16,159,871 91.61 Other Nct Asscts 1,480,693 8.39



229



Industrial


Communications

Financial Services

Consumer, Cyclical

Energy Basic Materials

Technoiogy

Utilities

Healthcare

Chemicals


Oil and Gas Home Builders

Lodging

Biotechnology


Retail

Forest Products&Paper

Media


Automobiles

Pipelines


Banks Computers, Software and Internet

Insurance


Hoteis Restaurants and Leisure

Advertising

9.44

7 24

7 20

6.77

6.08

5.50

5.19

~"

4.69 3.50 2.51

1.81

1.71

0.82

0.78

0 69

0.68

0 65 0 52 0.51

0 49

0 48 0 48 0 46

0 42

0 37 0 34 0 33 0.3f ~

0 27 0.27

I

I


Private Placement 0.00

0 21 Machineb 0 16

91.61

230

AXA World Funds - Global Inflation Bonds



EUR Bonds Agence France Tros 2.1 % 75/07/2023 1.027.870 997,407 1.28


AUD Governments and supranational Australia ICmnwlth) 4% 20/08/2015 190.[lnn i m i ~ i 4 n.74

183,154 0.24

EUR Governments and supranational Eundasropublik Deutschland 1.5% 15/04/2016 2,663,525 2,571.179 3.30 Bundosobligation In'lation Linked I/L 2.25% 15/04/2013 7,338,100 7,424.213 9.53 Caissc D Amortissernent 1 % %5/07/2017 207,890 201,211 0.26 France (Govcrnment Of) 3.1 5% 25/07/2032 1,133,380 : ,315,222 1.68 France (Government Of, Oat 2.25% 25/07/2020 2,796,525 2,813,766 3.61 France (Government Of) 1 % P5/07/2017 P. 190.21 0 1,983,951 2.55 France (Govcrnment Of) 1 .R% 25/07/2040 4,461.948 1,034,939 5.18 Italy Euoni Policrinali Del Tesoro Cpi 2.6% 15/09/2023 941,922 929,960 1 19

Italy (Republic) 2.15% i5/09/2014 895.008 888,230 1.14 22,162,171 28.44

GBP Governments and suoranational U K (Government Gi) 1.125% 22/11/2037 3.437.91 5 4,917,770 6.35 U K Treasury Stock 2.5% 16/04/2010 800,000 2.942.082 3 78 U K Treasury Stock 5% 16/08/2013 1,200,000 3.755.770 4 82 UK Treasury Stock -, % 26/07/2016 900,000 3.i89.728 4.03

14,835,350 19.04

SEK Governments and supranational Sweden (Kingdom ofl: % 01/04/%012 16,500,000 1,815,354 2.33 Sweden (Kingdom Of) 4% 01/12/2020 2,000,000 326.036 0 4 2 Sweden (Kjngdom Of) 3.5% 01/12/2026 2.000.000 377.044 0 4 7

2,468,434 3.17

USD Governments and supranational United Statcs Treasury Note/Rond 2% 15/01/2026 1,298568 Ra0.146 1.05 United Statcs Treasury NotdRond 3.625% 15/04/202E 2,788,653 221 6,050 2.84 Unitcd States Treasury Note/Bond 3.875% 15/04/2029 4,572,750 3,7832'83 4.86 United States Trcasury Note/Bond 3% 15/07/2012 11,228,770 7.830.369 10.04

United States Treasury NoteIBond 3.50/6 15/01/2011 6,170,250 4,267,312 5.48 United Stztes 1-reasury Note/Bond 4.75% 15/01/2010 1,276,590 869.586 1.12 Us Treasury Security 2.625% 15/07/2017 1.036.300 727.597 0.93

20,514,343 26.32


Total Transferable securities admitted to an official exchange listing 61,160,~sg 78.49


CAD Governments and suwanational Canada (Government or) 4%

236,134 223,438 0.29 01 /1?/%031 Canada (Government Of, 4.75% 01 /12/2021 341,763 291,193 0.37 Canada (Government Of, 4.75% 01 /12/2026 219.834 200,960 0.26

715,591 0.92

JPY Governments and supranational Japan(Govt) 1.4 % 10/03/2018 409,590,000 2,498,949 3.21

2,498,949 3.21

USD Governments and su~ranational . . . . . - -. .

United States .Treasury Notc/Bond 2.375% 15/01/2025 2,392,824 1,597,891 2.06 United States Treasury Notc/Bond 1 % 15/07/7014 2,973,938 2,006,165 2.57 lJnited Statcs rrcasury Notc/Bond 1.67596 15/C1/2015 3,374,460 2,214,585 2.84 Unitcd States Treasury Note/Bond 1.875% 15/07/2013 4209.876 2,825,437 3.63 Uriitod States Treasury Note/Rond 3.875% 15/01/7009 1.309.630 858.703 1.10

9,502,844 12.20




TOTAL NET ASSETS 77,919,414 1oo.M)


23 1



Sovereign Bonds Corporate Bonds

93.54

1.28

94.82

232

AXA World Funds - US High Yield Bonds

Schedule of Investments and Other Net Assets as at 30 June 2008 [in USDJ


USD Bonds ~ ~ ~ _ _ _ _ _ _

Attiliated Cornouter Svcs Inc 4.7% 01/06/2010 Allied Wastc North kmer 6.5% 15/11 /2010 Bclo Corporation 7.75% O i /06/2027

Bcston Scientific CGrp 6% 15/06/2011 Fsterline Tcchnologies C 6.625% 01/03/2017

Ford Motor Co 7.45% 16/07/2031

Ford Motor Credit Co Frccpoit-Mcmoran Copper & Gold Inc 8.375% 01/04/2017 General Motors Corp 7.2% 15/01/2011

Hawk Cow 8.75% 01/11/2014

ldearc Inc

K. Hovnanian Entcrprisos 6.25% 1 5/01 /20! 5

Mgm Miragc Quicksilver Res Inc 7.75 5% 01/08/2015 I

590,000

135,000

235,000

340.000

825,000

750,000 485,000

535,000

205,000

730,000

R25.000

41 5.000

505,000

425,000

564,975

136.013

217.234

334,900

827,063 440,625

378.883

572.004

156.31 3

743.888 51 5.625

267,675

41 7,888

422.875

0.50

0.12

0 19

0.30

0 73

0 39 0.33

0.50

0.14

0 66

0.46

0 24

0 37

0 37 Spcodway Motorsports Inc 6.750% 01 /06/2013 Sunstate Equip Co ILIc 10.5% 01/ 04/2013 Team Fin Llc / eealth Fin 11.250% 01/12/2013

Tesoro C o p 6.5% C1/06/2017

Tirnken Co 5.75 % 15/02/2010

Trinity lnds Inc 6.500% 15/03:2014 Ventas Realty Lp 6.750% 01/04/ 201 7

West Corp 1 1 % 15/10/2016 wli Components Inc 1 0.000% 15/02/2012

820,000

775,000

685,000

485.000

460.000

865.000

365,000

935,000

715.000

805,650

616.1 25

71 7,538

438.925

460,401

839.050

352.225

799.425

182.750

0.70

0.54

0.63 0.39

0.41

0.74

0.31

0.71

0.16

11,207,800 9.89

Total Bonds 11,207,800 9.89

Total Transferable securities admitted to an official exchange listing 1 1,207,800 9.89


USD Bonds Ace Cash Exprcss lric 144A 10.25% 01 11 M 0 1 4 1,210,000 913,550 0.81 Aes Corpllhc 144A 8.75% 1 5/05/70 1 3 483,000 502,913 0.44

Acs CorpTThe 9 ,375X 15/09/2010 865.000 914,738 0.81 Agy Holding Corp 1 L4A 1 19b 15/11/2014 1.005.000 944.700 0.a3 Allied Waste North Anwica R 5.75% 15/C2/2011 590,000 582.625 0.51

180.000 184.050 0 1 6 Alltel Corp Altra lndustnal Motion Inc 9% GI /I 2/2011 Arner Rock Salt Co Llc 9.5% 15/03/20: 4 Arnerican Tire Distributors Inc 1 Yb 01:04/2012

American Tower Cop American Tower Cop 7.5% 01 /OW01 2 Amcricast Technologies 11 % 01/12/2014

Amkor Tcchnology lric Aramark Scrvicos Inc 8.5% 01/02/20!5 Axcan lntcr Hldgs lrlc 12.75 76 01/03/2016 Axcan Inter Hldgs Inc 9.25 % 01 /03/20 1 5 Raldor Electric Co 8.625% 15/’02/2017

Biomet Inc 10 % 15/1 Oi2017 Bio-Rad Laboratories Inc 6.125% 15/12/2014

Bombardicr Inc 144A 6.3% 07 /05/3014 Bombardier Inc 7.45% 01 /05/2034

Broadview Networks Holdings Inc i 1.375% 01 /09/2012 Buckeye Technolwies Inc 8% 15/10/2010

Bway Corp 10% 1511 01201 0 Cas& Waste Systems Inc 9.75% 01 /02/2013 Cch I Holdings IJc 9.92% 01 /04/2014

Celestica Inc 7.875% 01/07/2011

Ccntcnc Corp 7.25% 01/04/2014 Charter Communications Operating LWCharter Communications Capital C o p 14 8.375% 30/04/2014

Chcntura Corp 6.875% 01/06/?016 Chcsapcake Energy Corp 6.546 15/08/2017 Chcsapcake Energy Corp 6.875Yo 15/11/2020 Cincinnati Bell Inc 7.25% 15:07/20: 3

Cincmark Inc 1 % 15/03/2014

CitiLcns Communications Co Clean Harbors Inc 11.25% 15/07/7012

Colcman Cable Inc 9.875% 0!/!0/2012 Community Hoallh Systems 8.875% 15/07/2015 Constellaton Brands Inc 7.25 Sb 15/05/2017

Corrections Corp Of America 7.596 0 1 /05/2011

565.000

405,000

635.000

540,000

500,000

860.000

565,000

655.000

300,000

450,000

395,000

765,000

820,000

860.000 595,000

605,000

372.000

745,OGO

530,000

61 5.000 550,033 900,003

595,000

805.000

260,OCO

425,000

485,000

730,000

4 40,000

705.000

500,000

339,003

660.000

400,000

579.1 25

425,250

584,200

548,100

506,250

801,950

542,400

646.81 3

301,500

454,500

398.950

812.813

779.000

825,600

568.225

568,700

373.860 748,725

530,000

350,550

550.000

855,000

565,250 769,250

243,100

401.625

475,300

697,150

457,600

748.181

472,500

342,390

625.350

404,000

0.51

0.38

0.52

0.48

0.45

0.71

0.48

0.57

0.27

0.40

0.35

0.72

0.69

0.73

0.50

0.50

0.33

0.66

0.47

0.31

0.49

0.75

0.50

0.68

0.21

0.35

0.42

0.62

0.40

0.66

0.42

0.30

0.55

0.36


233



Cpg lntcrnational I Inc 10.5% 01/07/2013

Cricket Communications Inc

D R Hotton Inc 9.75 % 15/09/2010 Dollar Gen Corp 10.625 4: 15/07/2015

Uyncgy Holdings Inc Echostar Dbs Corp 7.12596 01 /02/2016

Edison Mission Energy 7.625% 15/05/2027 El Paso Corp Mtn 7.8% 01/08/2031

El Paso Performancu-Linked Trust 144A 7.75% 15/07/2011 Esco Corp 144A 8.625% 1511 2/201 3

Felcor Lodging Lp 8.5% 01/06i2011 First Data Corporation 9.87596 24/09/2015

Flextronics International Ltd 6 5% 15/05/2013

Fmc Fin lii Sa 6 875 96 15:07/2017

Ford Motor Crcdit Co 7% 01 /10/2013

Forest Oil Corp 8% 1511 21201 1

Freescale Semiconductor 10 125% 1511 2/2016

Guncral Motors Acceptancc Corp Gcneral Motors Corp 8.375% 15/07/2033

Gco Sub Corp 1 1% 15/05/2012 Gwrgia-Pacific Corp 8.1 25% 15/05:201~

Global Crossing Uk Finance PIC 10.75% 15/12/2014 Goodyear Tire 8 Rubbcr Conhe 9% 01 /07/2015 Graham Packaging Co Inc 9.875% 15/10/2014 Graphic Packaging lntl Inc 8.5 % 15/08/2011 Gsc Hldgs Corp / Gamcstop Inc 8% 01/10/2012

Hangcr Orthopedic Group Inc Hawkcr Beechcraft Acq Co Llc 9 75 ?& 01/04/2017

Hca Inc

HcaInc/De925% 15/11/2016

Hert7 Corpmhc

Homer City Funding Uc 8.734% 01/10/207R Hornbeck Offshurc Sow 6.1 25% 01 /1 2/2014 lnglcs Metkets Inc 8.875% 01/12/2011 lntolsat Bermuda Ltd 11.25% 15/06/2016

lntcrface Inc 9.5% 01/02/2014

lnvista 144A 9.25% 01/05!20~7

510.000 580,000

340,000

15.wO

460,000

575,000

855,000

570,000

530.000

535.000 400.000

765.000

585.000

600,000

465,000

800,000

580,000 375,000

640,000

fj60.000

265,CCO

503,000

350,000

560,000

330,000

520,000

625.000

1,180,000

595.000

440,000

380.000

164,763

865.000

470.000

235.000

1.030.000

235,000

428.400

559.700

343,400

14.925

454.250

530,438

769,500

579.456

537,887

5 4 3.0 2 5

393.000

664,594

561,600

592.500

345.860

826.000

445,150

239,551

384,000

651,750

263,675

495.455

351,750

495.600

319,275

535,600

645,313

1,182,950

498,313

453.200

351,500

176.993

836.888

477.050

238,819

1,071200

241.463

0.38

0.49

0.30

0.01

0.40

0.47

0.68

0.51

0.47

0.48 0.35

0.59

0.50

0.52

0.31 0.73

0.39

0.21

0.34

0.58

0.23

0.44

0.31

0.44

0.28

0.47

0.57

1.04

0.44

0.40

0.31

0.16

0.74

0.42

0.21

0.95

0.21

Kar Hldgs Inc 10 % 01/05/2015

Kb Home 6.25% 15/06/2015

Las Vogas Sands Corp Level 3 Financing Inc !2.75% 15/03/2013

Manitowc Co 7.125% 01/11/2013

Marquee Holdings Inc 12% 15/08/2014

Massey Energy Co 6.625% 15/11/2010 Mcbc Holdings Inc 11.52125% 15/10/2014

Mdiacom LWMediacom Capital Corp

Mgm Mirage 8.5% 15/09/2010

Mobile Mini lm 6.875% 01/05/2015 Mohegan Tribal Gaming Authority 6.375% 15/07/2009 Momentive Performancc Matls In 9.75 % 01/12/2014 Nowmarket Corp 7.125% 15/12/2016

Newpage Corp Nova Chemicals Corp 7.4% 01/04/2009

Nuveen Investments Inc 10.5% 15/11/2015

Nxp Bv / Nxp Funding Llc 9.5% 15/10/2015 Parker Drilling Co 9.625% 0 1/1 Or201 3 Penhall International Corp 144A 12% 01/08/2014 Pinnacle Foods Fin Llc 10.625 % 01/04/2017 Plains Exploration 8 Production Co 7% 15/03/2017

Pna Group Inc 10.75% 01/09/2016 Pride International Inc 7.375% 15/07/2014

Pseg Energy Holdings Inc 8.5% 15/06/2011

PuRo Homes Inc Owes! Communications International Inc 7.5% 15/02/2014

Owcst Corp 5.625% 15/11/2008 Reable Thcrapeutics Finance Uc / Reable Therapeutics Finance Gorp

Rcs-Care Inc 7.75% 15/10/2013

Hh Donnelley Gorp 144A

Rock Tn Co 9.25 % 15/03/2016 Rural Metro Opcr Co Llc 9.875 % 15/03/2015

RuralIMotro Cop 0 96 15/03/2016 Sandndge Energy Inc 8 % 01/06/2Oi 8

Sanmina-Sci Carp

Sanmina-Sci Corp 7.7406376 15/06/2010

710,000

300.000

355.000

260.000

690.000

780,000

455.000

860.000

575.000 540,000

425.000

240,000

750,000

860.000

535.000

480.000

560,000

3 7 5 , m

115,000

680,000

1.065.000

795.000

640.000

255,000

455.000

535,OCQ

235,000

250,000

3 9 5 . m 1,047.000

430,000

465.000

355.000 345.000

270,000 320.000

224.000

599,950

255.000 301,750

263,250 658.950

616,200

455,000

709,500

543.375

537.300 363,375

238,800

643,125

857.850

543,025

477,600

519,400

325.31 3

120,750

513,400

857.325

767,175

755.200

255,000

479,099

460.1 00

225.01 3

250,625

368.338 1,002503

255.850

495.225

326,600

?46.675

272.025 291,200

222.880

0.53

0.23

0.27

0.23

0.58

0.54

0.40

0.63

0.48

0.47

0.32

0.21

0.57

0.76

0.48

0.42

0.46

0.29

0.11

0.45

0.76

0.68 0.67

0.23

0.42

0.41

0.20

0.22

0.33

0.89 0.23

0.44

0.29

0.22

0.24

0.76

0.20


234


Schedule of Investments and Other Net Assets as at 30 June 2008 [in USD)

Seabulk International Inc 9.5% 15/08/2013

Seagate Technology Hdd Holdings 6.8% 01/10/2016

Sequa Corp 11.75 3 01/12/2015 Servtca Corp International/Us 6.75% 01/04/2016 Sgs International Inc 12% 15/12/2013

Silgan Holdings Inc 6.75% 15/11/2013

Smithfield Foods Inc 7% 01/08/2011

Solo Cup Co 8.5% + 5/02/2014

Sprint Capital Corp

Sprint Capital Corp Ss8C Technologies Inc 11.75% 01 /12/2013 Stratos Global Corp 9.875% 15/07/2013

Sungard Data System Inc 10.25% 15/08/2015

Sungard Data Systems Inc 3.75% 15/01/2009

Swift Encrgy Go

Tenet Haalthcare Corp Tenneco Automotive Inc B 10.25% 15/07/2013 Texas Comp Elcc Hold Llc 10.25% 01/11/2015

Time Warncr Telecom Holdings Inc 9.25% 15/02/2014

Town Sports lntcrnational

Transdigm Inc 7.75% 15/07/2014

Unisys Carp United Rentals North Arncrica Inc 7.75% 15/11/2013 Univetsal City Developmcnt Partners 11.75% 01/04/201C Us Investigations Servic 10.5% 01/11/2015 Valmont Industries Inc 6.875%

Vangent Inc 9.625% 15/02/2015

Wamaco Inc 8.875% i5/06/.?013

01/05/2014

535,000

520,000 ~RO,OOG

31 0,000

74 5,000

61 5,000

250,000

575,000

330,000

2~0.000

1,005,000

900.000

445,000

425,000

320,000

820.000

141,000

71 0,000

785.000

270.0M3

580.000 390,000

385.000

665,000

1,120,000

Ro0.000 1,025.000

775,000

564,425

482,300

698.1 00

294.888

687,263

587.325

731.?50

507.438

310.943

2767; 6

1.060275

949,500

447.2?5

421 283

320,000

824,100

118.226

892.250

804.625

253.800

574.200

336,375

306,075

684.950

1.036.000

798.000

896,875

807.938

439,600

0.50

0.43

0.67

0.26

0 61

0.52

0.70

0 45 0.27

0.24

0.94

0.84

0.38

0.37

0.28 0.73

0.13

0.61

0.71

0.22

0.51 0.30

0.27

C.60

0.91

0.70

0.79

0.71

0.39 Yankee Acquisition Corp/Ma B 560,000 I

75,011,502 66.24

Total Bonds 75,01 1,502 66.24



USD Bonds Corrections Corp of Amenca 6.25% 15/03/2013 425,000 412,250 0.36 Languagc Linc Inc 1 1.125% 15/06/ 201 2 845.000 874,575 0.77 Stoneridue Inc 11.576 01/05/2012 ~75.000 911.094 0.80

2,197,919 1.93

Total Bonds 2,197,919 1.93


Total Investment in Securities aa,417,221 78.06 Other Net Assets 24,858,069 21 -94



235



Industrial

Corporate Bonds


Communications

Consumer, Cyclical

Financial Services

Basic Materials

Energy

Technology

UtllltleS

Healthcare

Media

Oil and Gas Commercial Services and Supplies

Home Builders

Lodging


Chemicals

Food and Beverages

Biotechnology


Forest ProductsBPaper



Metal Fabricate and Hardware

Pipelines




Advertising


Retail

12.01

8.69

8.56

6.67

6.57

6 27 4 68 4.35

4.02

3.12

2.79

0.94

0.89

0.82

0.71

0.64

0.62

0.57

0.55

0.52

0.48

0 48

0.45

0 44

0.41

0.40

0.39

0.30

0.26

0 23

0.22

0.01

~-~

" "

I

78.06

236

AXA World Funds - US Libor Plus


Bay 2004-6 M3 7 055% 78/05/2039 Transferable securities admitted to an official exchange listing Bay 2o04 M3 90596 28/ow2044

Bayv 2004-0 M4 6.1 05% 28/08/2044 USD Mortgage and Asset Backed Securities

B a y 7005-A 61 7 855% 28/02/2040 Abfc 2003-Opt1 M4 7.665% 25/07/2032 Abfc 2003-Wmcl M2 6.b65% 25/05/2033 Abic 2004-He1 M2 6.01 5% 25/01/2034 Abfc 2004-HOl M5 6.715% 25/08/2033 Abfc 2004-Opt2 M2 5.865% 25/07/2033 Abshe 7005-Hcl M6 5.865% 25/03/2035

Accdo 11A C 6.24063% 15/03/2047

Ahm 2004-4 M2 5.9:5% 25/02/2045

Ahm 2005-0 1M3 5665% 25/11/2045

Ahm 2005-4 M2 5.585% 25/11/2045

Ahrn 2005-4 M3 5.665% 75/11/2045 Ahrna 2005-2 282 6 407065% 25/01 /2036

Ahma 2006-4 M4 5.465% 25/10/2046

Ahnia 2006-5 M4 5.51 5% 25/11/2046

Amsi 2003-1 1 M2 6.515% 25/01/2034

Arnsi 2003-5 M2 5.622% 25/04/2033

Amsi 2003-la1 Mvl 5% 25/11/2033 Amsi 2004-R11 M5 6.065% 25/11 /2034

Amsi ?004-R2 M4 5.915% 25/04/2034

Amsi 2004-R2 M7 6.565% 25/04/2034

Amsi 2001-R3 M2 6.015% 25/05/2034

Amsi 2004-R3 M4 6.705% 25/05/2031 Arsi 2003.W5 M5 6.42989% 2 3 1 0/2033 Arsi 2004-W1 M3 6.31 5% 25/03/2034

Arsi 2004-W5 M4 6.73875% 25/04/2034 Ayres 2005-1A B 5.84625% ow1 ~12045 Bafc 2004-8 682 7.06999% 20/12/2034 BafC 2004-8 7M2 6.04875% 7011 2/2034 Bafc 2005-D 82 4.1 11475% 25/05/2035 Bafc 2005-E Db2 7.23575% 20/06/7035

Balta2004-13 M:, 5.915% 25/11/2034

BaRa 2004.3 M2 6.01 5% 25/0A/2034 Ranc Amer Mtg Secs Inc 5.8% 25/08/2018

Rayc 2007-3 B1 5.815% 25/07/2037

Bayc 2007-3 M6 5.665% 25/G7/2037

Bayrt 2006-E R1 8.355% 28/12/2040

Bayv 7003-Aa M3 6.072% 75/02/2033

Bayv 2004-8 M2 6.755% 28/05/2039

270.762

477.405

1,014,148

127,486

958,076

2.OOO.OOO 1,000,000

1,134,943

2 000,000

1.440,OCO

1,440.000

1,414,407

3508,045

4.516.908

737.860 1,103.084

1.478.634

2,510,426

543,363

434,439

382.652

966,811

185.476 513,191

371,665

2.250.000

607,141

1.073.467

1,972,437

1,905,346 1.228.800

500,547

1,054.1 78

1.6’17.739

1,527,965

3.500,OOO 941,452

8,857.41 5

23,800

100,494

213.478

11,206

201,675

175,Roo

20 000 108.274

1.209.200

126,576

870,624

209,952

349,333

497,669 155,320

232.199

893.982

790.666

114.378

38,187

80.548 84,983

17,694

108,027

35,457

67,500

57,921

225365

1,037.107

167,480 258,fX2

105.365

968,760

I.020.171

941,532

333,900 190,176

1,864,486

O.C?

0.10

0.2:

0.01

c.20

0.18

0.02 0.1 1

1.20

0.:3

0.87

0.7i

0.35

0.50 0.15

0.23

0.89

0.22

0.; 1

0.04

0.08

0.08

0.07 0.1 1

0.04

0.07

0.06

0.23

1.03

0.17

0.26

0.10

0.94

1.02

0.94

0.33 0.20

1.86

BOWW 2003.8 64 4.718707% 25/03/2033

Boams 2003-G 84 4.276065% 25/06/2033 Bsabs 2003-Ac7 M2 6.465% ?5/01/203L Bsabs 2004-Ac6 M2 6.065% 25/11 /2034

Bsarni 2003 8 B4 4 844% 75/01/2034

Bvmbs 2004-2 81 5 965% 25/02/2035

Cbass 2005-Cbl M3 5 695% 25/0 1 /2035

Cbcl 11A D 7.69063”. 15/09/2039

Cbcl5A D2 7 469% 22/09/2036

Cfah 2003-3 2M2 6.71% 25/1-/2032

Cfah 2003-5 1 B 5.85% 25;02/2032

Cfab 2004-1 2M2 5 745% 25/07/2033

Cflat 2004-Aql M2 6.065% 25/05/2034 Cmlti 2003-He3 M1 6.465% 2% 2/2033 Cmlti 2004-Res1 M6 6 215% 25/1 i/2034 Crnlti 2005-3 1 B1 6.782539% 25/08/7035

Crnlti 2005-3 182 6.782539% 25/08;2035

Cmlti 7005-Opt1 M6 5.625% 25/02/2035

Cnfhe 20C7-A M2 6.98625% 15/04/2032 Csfb 2007-Ar31 Cb3 6.4773% 25/11/2032

Csfb 7003-Ar12 Cb3 6.0438?h 25/04/2033

Csfh 2003-Ar 15 Cb4 1.986% 25/06/2033 Cstb 2003 Ar20 CL? 4.7928% 25/08/2033

Csfh 2003-Ar5 Cbl 5 9042% 25/01 /2033 Csfb 2006-Ar4 5M2 6.26556 25/05/2034 Cwalt 2OOA-J13 B 6.53313% 25/02/2035 Cwalt 2004-J4 B 5.93213646 25/06/2034 Cwalt 2004-J9 B 6.633134: 25/10/2034

Cwalt 2005-24 1 M 5.978% 20/07/2035 Cwalt 2005.59 R i 5.94875% 20/11/2035

Cwak ?005-62 MG 6.065% 25/l ?E035

CWII 2004-16 E1 5.915% 25/09/2034

Cwhl7005-11 3M1 5.515% 25/03/2035

3.112.065

1.406.755

703,377

3,000,000

212,024

583,681

715,725

365.778 939.455

1.634.599

840.000

684.000

3,971.060

1,160,797

1.066.741

630.749

1,092,797

1,500,000

566,8ia

1.01 9,255

470.478

2.000.000

743.768

224,213

1.028.644

779.485

571,926

21 1,890

35,921

960,000

1,019,180

399,115

1.41 2,570

6,896,082

3,964,597

3.51 1,860

809,215

655,090

296,l 22

148,061

286.200

124,034

175,104

150,660

76.996 281,837

155.941

80, I 36 51,300

1,968,852

244,341

101.767

132.773

230,034

906,900

11 9,315

61 6,242

99,036

665.1 22

156.563

112,106

21 6.529

68.51 7

54.562

194,176

1,796

91,584

97,230

38.076 854,040

902,697

479,716

739,246

489,251

0.65 0.29

0.15

0.28

0.1 2

0.17

0.15

0.08

0.28 0.16

0.0u 0.05 1.96

0.24

0.10 0.13

0.23

0.90

0.12

0.61

0.10

0.66

0.16

0.1 1

0.22

0.07

0.05

0.19

0.00

0.09

0.10

0.04

0.85

0.90

0.48

0.74

0.49


237



Cwhl 2005-2 E l 6.515% 25/03:2035

Cwhl 2005-4 82 6.1 15% 25/02/2035

Cwhl 2005-7 lib2 6.665% 25/C3/2035

Cwhl 2005-9 M6 6.015% 25/05/2035

Cwl2003-5 Mv3 6.565% 25/11/2033

Cwl 2003-Bc5 M5 6.965% 25/12/2032

Cwl7004-1 M7 6.465% 25/10/2033 Cwl2004-11 M7 7.2831 3% 25/10/2034 Cwl2004-2 ME 6.61 5% 25/12/2033

Cwl2004-2 M7 6.71 5% 25/09/2033

Cwl2004-3 M6 6.665% 25/01/2034 Cwl2004-Ab2 M4 5.63313% 25/05/2036

Cwl2005-Ab4 M6 5.715% 25/03/2036

Cwl2005-Bc3 M5 5.965% 25/06/2035

25/02/2052 Dbarn 2007-0o2A N1 6.5% 25/02/2047

Dsla 2004-Ar4 83 6.715% 19/01/2045

Easi 2007-1 A3 5.465% 25/02/2039

Easi 2007-1 84 5.515% 25/02/2039

Eflot 1997-4 M I 7.29% 25/01/2024

Eflot 1998-2 A5 7.46% 25/06/2024

Eflot 1998-2 M1 7.49% 25/06/2024

C w o d 2007-2A C 5.465%

Eflot 1999-1 A5 7.88% 25/05/2030

Frnpire Fdg Home Ln Owner Tr

Fed Hm Ln Owner Tr Ffrnl2004-Ffll M66.1159; 25/01/2035 Ffrril 2004-Ff7 M4 6.065% 25/09/2034

Ffml2004-Ff7 M5 6.315% 25/09/2034

Fina 2004-2 M6 6.265% 25/08/2034

Firstplus Home Ln Owner Tr

Firstplus Home I n Owner Tr

rrriic 2004-4 M4 6.565% 25/10/2035

Fplus 1998-2 A8 7.89% 10/05/2024

Fplus 1998-4 A8 7.49% 10/09/2074

Fplus 1998-5A9 7.51% 10/12/2024 Frbpt 2002-Frb2 B1 5.78625% 15/11/2032 Gprnf 1005-Arl M7B 6.01 5% 25/06/2045 Gsaa 2004-5 B1 5.73909% 25/06/2034

Gsaa 2005-4 M2 5.565% 25/03/2035

Gsarnp 2003-He2 M4 7.815% 25/08/2033

Hemt 2004-6 M3 5.644% 75/04/2035

Hmac 2004-2 M3 6.5154: 25/06/2034

Hmbt 2004-1 2M2 6.59% 75/08/2029

Hnht 2005-1 M6 5.665% 25:03/2035

Iivmlt 20033 H1 5.585% 19/02/2034

1,626,323

731.581

889.750

2.421.087

148,704 161,742

1,641,967

658.427

699,762 127,230

422.788

1,900,000 6,50C,OOO

1,920,000

3.250.000

10,853

734.432 1,994,567

3,989,134

185.257

558,013 321,680

1,034,322

252,884 116,220

1,428.588 338,930

508.406

253.21 8 353,371 515,754

1,320,000

788,459

2,239,967

1,008,057

3W,194

2,943,635

2,038,250 1,000,000

214,383

2,000,000

922.278

333,527 1,129,534

765.194

142,954

64,306

84.882

509,639

13,071

7,702 156,644

57,876

61,509

11,183

40,334

399,950

183,739

609,297

1,507,025

1,016

112.368 990,502

1,767,585

1 12.007

51 1.363 194,488

947.853

152,894

106,504

136.287

32.334

48.502

22.258

323.829

472,637

283,815

722.544

2,052.705

923,783

312,467

619,635

194,449

210.500

18,844

87,985

190:800

70,207

237.767

462.637

0.14 Hvmlt 2004-5 84 4.23047% o.06 19/06/2034

0.08 Hvnllt 2005-2 82 5.665% 19/05/2035

o,51 Hvmlt 2005-9 B6 6.09875% 20/06/2035

0'01 lrnrn 2003-1 1 1 M3 6.38759% 0.01 25/10/2033

0.16 Irnrn 2003-11 281 5.61656% 231 0/2033

0.06 Imm 2004-9 M6 6.815% 25/01/2035

0.06 Imm 2005-8 2M2 5.61 5% 25/02/2036 0.01 lmSd 2004-1 M3 6% 25/03/2034

0.04 lnabs 2005-A M6 5.695% 25/03/2035

lwhe 2003-C M2 6.865% 25/06/2028

0'40 Jpmac 2005-Fldl M4 5.515% 0.18 25/07/2035 0.61 Jprncc 2004-F11A J 5.28125%

16/04/2019

1.50 Keyot 1998-P2 M I 7.91 % 25/01/2029

Lbrnlt 2003-4 M2 6.61 5% 25/08/2033

Lbmlt 2004-1 M4 5.865% 25/02/2034

Lbrnlt 2004-1 M6 6.265% 25/02/2034

Lbrnlt 2004-4 M5 5.965% 2511 012034 0'9g

.76 LbmA 2004-4 M7 6.53313% 0.11 25/10/2034

0.51

0.19

LbSbC 2006-2A B 5.765% 25/09/2036

LXS 2005-9N M3 5.765% 25/02/2036 0.94 Ixs 2006..141\1 M31i 5.265%

,5 25/08/2036 -. . - o.l Lxs 2006-14N M41i 5.365%

25/08/2036

o,14 o,03 Mabs 2005-M1 M7 6.015%

0.05 0'02

0'32

0.47

o.28 Mrfc 2002-Thc2 83 5.48625% 0.72 15/08/2032 2.04 Msac 2004 Hc3 E l 6.915% o,92 25/03/2034

Msac 2004-Nc8 M6 6.1 15% o,31 25/09/2034

Msm 2004-6Ar Ch2 5.081634% o,62 25/08/2034

Msm 2005-1 1Ar M3 5.385% o,19 25/01/2036

o.21 Msm 2005-2Ar B2 5.665% 25/04/2035

Naa 2004-Ar3 M2 6.015% 25/11/2034 0.02 Naa 2004-Ar3 M3 6.215% 2511 112034

0.19 Naa 2005-Ar4 M2 5.535% 25/08/2035

0.09 Nchet 2003-4 M2 6.685% 25/10/2033

0.07 Nchct 2003-8 M2 6.43875% 0.24 25/11/2033

o.46

Lxs 2006-2N M4 5.915% 25/02/2046

25/06/2035 Mam 2004.2 M2 6.42% 25/03/2034

Mam 2M34-2 M3 6.615% 25/03/2034

Mlcc 2005-A R3 5.965% 25/03/2030

Mlmi 2005-A3 M2 5.515% 25/04/2035

Ncwca 2006-8A 5 5.615% 25/11/2052

Nhel2003-2 M2 6.715% 25/09/2033

707,342

2,358,110

1,420,304

616.457

1.227.957

304,533 1,654,740

513.31 1 2,000,000

1,216,658

3 .400 .m

726,498

1,418.1 07

1,310,094

1,920,000

368.306

1 .000.000

1.500.000 1,000,000

1.61 1,000

1,129,000

1,129,000

1 .oao.ooo

1.950.000

5.21 1,000

1,998,240

357,647

2.750.000

408,620

319,aon

3,000,000

702,927

1,100,056

3,271,970

502,560 712.966

1,110,542

1.201.163

1.319.410

6.750.000 966,755

62.1 75

224,964

298,974

129,764

11 7.1 47

64,104

348,323 48.970

288,423

256,107

715,700

704.084

857,388

275.775

404,160 77.528

21 0,500

143,100 671,363

153.689

228,623

105,674

227,340

296,966

1,096,916

190,632

31,120

570.875

231.873

30.471

631,500

147.966

140,285

688.739

105,789 150.079

59,425

252,845

277,736

2,835,000 203,507

0.06

0.22

0.30

0.1 3

0.12

0.06

0.35 0.05

0.29

0.26

0.71

0.70

0.85 0.27

0.40

0.08 0.21

0.1 4

0.67

0.15

0.23

0.1 1

0.23

0.30

1.09

0.19

0.03

0.58

0.23

0.03

0.63

0.1 5

0.1 4

0.69

0.1 1

0.15 0.06

0.25

0.28

2.82 0.20

I

I 1 ,

I

I I I

I

i


238

AXA World Funds - U S Libor Plus


Nhcl2003-3 M2 6 515% 25/12/2033 477,806 0.1 0 Structured Adi Rate Mto Ln 7.1 7%

NhCl2003.3 M3 6.865% 25/12/2033

NhCl2003-4 82 8.1 15% 25/02/2034

Nhel2003-4 M2 6.49% 25/02/2034 Nhel2004-2 E1 6.815% 25/09/2034

NhQl2005-3 M4 5.455% 25/01/2036

Nheli 2007-3 M4 6.265% 25/03/2037

Oomlt 2003-3 M4 7.465% 25/06/2033

OomR 2004-2 M4 6.665% 25/05/2034

Oomk 2005-1 M4 5.865% 25/02/2035

Oomlt 2005-5 M7 6.1 15% 25/12/2035 Oomlt 2007-Cpl M4 5.81 5% 25/03/2037 OomA 2007-Cpl M5 5.865% 25/03/2037 Ppsi 2004-Wcwl M3 6.115% 25/09/2034 Ppsi 2004-Wwfl M4 5.965% 25/12/2034 Ppsi 2004-Wwfl M5 6.065% 25/12/2034

Rali 7006-009 M4 5.395% 25/12/2046 Ramp 2003-Hz3 M1 4.12% 25/06/2033 Rast 2004-lp2 83 5.39986% 25/12/2034 Resif 2004-E3 B5 5.961 25% 10/02/?036 Resif 2006-C I35 5.15625% 15/07/2038 Resif 2007-8 B5 5.33625% 15/04/2039 Resix 2003-A BIO 19.91 125% 10/03/2035 Resix 2003-A B11 25.91 125% 10/03/2035

25/07/2041 RfSC 2003-Hp2 M2 7.365%

Sac0 2004-3A M2 6.01 5% 25/12/2035

Sequoia Mtg Tr 11 6.71 % 20/10/2033

Soquoia Mtg Tr 6.37% 20/02/2030

Sequoia Mtg Tr 6.72% 20/09/2032

Sequoia Mtg f r 6.7396 20/04/2033 Structered Asset Secs Corp 7.57% 25/05/2032 Structurcd Ad; Rate 1% 25/02/7035 Structurcd Ad] Rate Mtg 6.32% 25/09/2034 Structured Adj Rate Mtg Ln 1% 25/07/2035

Structured Adj Rate Mtg Ln 1% 25/09/2034 Structured Ad] Rate Mty Ln 5.77% 75/03/2035 Structurcd Ad; Rate Mty Ln 7.07% 25/08/2035 Structurocl Adj Rate Mtg Ln 7.07% 25/10/2035

31 1.61 4

487.495 1,165,707

1,045.867

1,000,000 5,186,000

373,425

365.603 2,000,000

2,5GU,OOO

1,000,000

2,000.0M)

2.320,OOO

2,325,000

2,400,000

2,876,115

782.852

1.31 2,646

1,398,950

1,673,570

7,971,740

2.008.263

1.044.522

1,440,000

7.147.1 83

623,109 570.400

424,395

833.773

1,412,967

1.633558

2,638,564

1,867.409

1.269.1 66

700.0?5

6,843 000

5,140,000

65.595

42.851

245.381

119.084

95,400

71 4.W8 34.001

34.879

736,395 284,862

124.31 6

230.098

488,360

489,413

228.960

31 6.372

473,313

125,226

897.286

682.816

1,198,206

2.044.010

1.076.275

303,120

451,982

249,244

278.160

i 78,246

375.198

297.425 343,864

555,418

393.090

267.159

423,229

61 4,662

440,356

0.07

0.04 0.24

0.12

0.09 0.71

0.03

0.03 0.73

0.28

0.19

0.23

0.49

0.49

0.23

0.32

0.47

0.12

0.89

0.68

1.19

2.04

1.07

0.30

0.45

0.25

0.23

0.18 0.37

0.30

0.34

0.55

0.39

0.27

0.47

0.61

0.49

25/09/2034

25/06/2035 Structured Ad] Rzte Mtg Ln Tr 5.5387%

Structured Ad; Ratc Mtg Ln Tr 6.1 % 25/02/2035

Structurod Ad; Rata Mtg Lo 5.263988% 2511 1/2034 Structured Asset lnvt Lr T 7.07% 25/11/2033 Structured Asset lnvt Ln T 7.07% 25/11 /2033 Structured Asset lnvt Ln T 8.32% 25/10/2033

Structured Asset Mtg lnvts 1% 19/03/2034 Structured Asset Mtg lnvts 1% 19/05/2034 Structured Asset Mtg lnvts 1 % 19/10/2034 Structured Asset Mtg lnvts 6.08% 25/05/2045 StructurMl Assct Mtg lnvts 6.42% 25/03/2016 Structurod Assat Mty lnvts 7.07% 25/03/2046 Structured Asset Mtg Invts li 6.27% 25/02/2036 Structured Asset Secs Corp 1% 25/03/2034 Structured Asset Secs Corp 1 % 25/12/2033 Structured Asset Secs Cocp 4.65% 25/04/2033 Structurd Asset Secs C o p 5.0923% 2 3 1 2/2033 Structured Asset Secs Corp 5.236902% 25/09/2033 Structured Asset Secs Corp 5.43% 25/03/2033 Structured Asset Secs Corp 5.65% 25/03/2034 Structured Asset Secs Corp 5.87% 25/01/2037 Structurod Asset Secs Corp 5.97% 25/01 /2037 Structured Asset Secs Corp 6.02% 25/12/2033 Structurcd Assct Socs Corp 6.27% 75/04/2034 Structurcd Assot Secs Corp 6.42% 25/03:2034 Structured Asset Secs Cop 6.42% 25/07/2034

Structured Asset Secs Corp 6.72% 75/02/2034 Structured Asset Sacs Corp 6 92% 75/10/2036 Structured Asset Secs Cocp 7.1 7% 25/12/2033 Structurcd Asset Secs Corp 7 1948% 75/08/2034

91 6,978

1,424,029

668,170

1.183.865

308,922

269,762

298,410

939.498

562.806

841,309

1,372,063

3,022,101

1,580,105

2.000.000

514.825

546.288

339.116

630.397

890.285

281,337

621,133

2.316.000

2.166.000

1.775.435

699.096

3,434,430

984,364

479.077

1.676.000

467,785

579.526

87,480

125,172

63,743

104,062

29.471

66.785

19,393

197,764

53,692

177,096

120,604

400,126

200,357

200.807

108.371

11 4,994

29,808

55,412

78.256

24,730

54.598

153,088

11 1.766

1.073.428

147.160

722,948

207,209

100,846

84.470

98.469

121,990

0.09

0.12

0.06

0.10

0.03

0.06

0.02

0.20

0.05

0.18

0.12

0.40

0.20

0.20

0.1 1

0.1 1

0.03

0.06

0.08

0.02

0.05

0.15

0.1 1

1.07

0.15

0.72

0.?1

0.1 1

0.09

0.1 1

0.1 2


239



Structured Mtg Ln Tr 6.42438% 25/10/2034 Structured Mtg Ln ‘Tr 6.47% 25/11/2031 Structured Mtg Loan Tr 6.02% 25/11 /2034 Terwin Mtg Tr Frn 25/07/2034 6.77% 25/07/2034 Terwin Mtg Tr Frn 25/07/2034 7.67% 25/07/2034 Wamu Mtg Pass Through Ctfs 1 % 25/01/’2045 Wamu Mtg Pass Through Ctfs 1% 25/04/2045 Waniu Mtg Pass Through Ctfs 1% 25/07/2045 Wamu Mtg Pass Through Ctfs 1% 25/10/2045 Wamu Mtg Pass Through Ctfs 4 75% 25/01/2044 Wamu Mtg Pass Through Ctfs 6.22% 25/01/2045 Washington Mut Mtg Sccs Co 1 % 25/01/2045 Washington Mutual Ser 2006 Ar9 1 % 25/08/2046 Wells Fargo 4.484975% 2VOW2035 Wells Fargo Home Equity As 6.47% 25/11/2035 Wells Fargo Home Equity Asset 6.32% 25/03/2037 Wells Fargo Home Fqurty Asset 7 2% 25/09/2034 Wells Farqo Mtg Racked Sec 4 55738eA 25/01/2035 . . . , . - .

82,056,386 81.71

986.275

418,393

753,202

1,927,200

339,288

1.807.61 1

740.501

1.91 7.338

1.306.868

376,586

2.636.099

1,666,290

2.837.084

1,359.138

852.000

3,000,000

1.938.128

5c15.973

207.61 1

88.072

455.386

405.676

32,368

380.502

155,875

403.600

124.675

79,271

554.899

333.258

148,379

543.655

81.281

395,36 1

184,897

21 2.828

0.21

0.09

0.45

0.40

0.03

0.38

0.16

0.40

0.12

0.08

0.55

0.33

0.15

0.54

0.08

0.39

0.18

0.21


Total Transferable securities admitted to an official exchange listing 82,0~,3a6 81.71


USD Mortgage and Asset Backed Securities Cwaii Inr 3.332.381 701.466 0.70

Total Mortgage and Asset Backed Securities



TOTAL NET ASSETS

701.466 0.70

701,466 0.70

701,466 0.70

82,757,852 82.41 17,668,615 17.59

1 oO,426,467 100.00


240

Mortgage and Asset Backed Securities 82.41

82.41

A M World Funds - U S Libor Plus


241

AXA World Funds - Force 3



EUR Bonds Gcrmarty (Federal Republic) 1 OYr 08/09/7008 19,800 000 000 0.00

0 0.00

Total Bonds 0 0.00

EUR Options Dow Jones Euro Stoxx 50 (600) (2,820) 0.00

(507,300) (0.57)

Total Options (507,300) (0.57)

Total Transferable securities admitted to an official exchange listing (507,300) (0.57)


EUR Bonds

Dow Jones Euro Stoxx 50 (600) (504,480) (0.57)

France (Government Of) 0 % 07/08/2008 6,000,000 5,973,914 6.74

French Discount T Bill 0 % 15/01/2M39 6.000.000 5.860.620 6.62

11,834,534 13.36

Total Bonds 1 1 ,834,534 13.36



EUR Mortaaae and Asset Backed Securities AriaCdo li PIC 19.851% 12/10;2Oi2 100,000 61,440 0.07

61,440 0.07



EUR Open-ended investment funds h a Balanced Thomc 1 49,620 4,604,736 5.20 Axa Court Terme C 7,380 17,106,545 19.31

h a Im Euro Liquidity 401 17,113,905 19.32

h a Tresor Court Terrne C 7.236 17,111,259 19.32 Global Tactical Asset Allocation A Cao Eur 65.000 6.435.650 7.27

62,372,095 70.42


73,760,769 83.28 Total Investment in Securities Other Net Assets 14,811,532 16.72




242

A M World Funds - Force 3


Open-ended investment funds 70.42 Sovereign Bonds 13.36

Mortgage and Asset Backed Securities 0.07 Optlons (0.57)

83.28

243




EUR Options Dow Jones Euro Stoxx 50 (2,100) (9,870) (0.01)

Dow Jones Euro Stoxx 50 (2.1 00) (1,765,680) (1.60)

(1,775,550) (1.61)

Total Options (1,775,550) (I .el)

Total Transferable securities admitted to an official exchange listing (1,775,550) (I .el)


EUR Mortgage and Asset Backed Securities Aria Cdo Ii PIC 19.651% 12/10/2012 200,000 122.880 0.11

122,880 0.11




EUR Open-ended investment funds Axa Balanced T h e m 1 150,300 13,947,640 12.65

Axa Court Termc C 9,456 21.918.630 19.89

Axa Im Euro Liquidity 515 21.979.199 19.94

Axa Rosenberg Eurobloc Equity Alpha Fund A Cap Eur 553,000 7,504,210 6.81

Axa Tresor Court Tcme C 9,285 21,956,611 19.92 Global Tactical Asset Allocation A Cap Eur 65,CQO 6,435,650 5.84

93,742,140 85.05


Total Investment in Securities Other Nct Assets

92,089,470 83.55 18.1 35.851 16.45



244

M A World Funds - Force 5


Open-ended investrnent funds 85.05

0.1 1

Options (I .61)

83.55


245




EUR Bonds

08/09/2006 12.1 00,000 0 0.00 0 0.00

Germany (Federal Republic) 1 OYr

Total Bonds 0 0.00

EUR Options Dow Jones Euro Stoxx 50 (2,000) (1,681,600) (1.99)

Dow Joncs Euro Stoxx 50 (2.000) (9,400) (0.01)

(I ,691,000) (2.00)

Total Options (1,691 ,OOO) (2.00)

Total Transferable securities admitted to an official exchange listing (1,691,000) (2.00)


EUR Mortgage and Asset Backed Securities AriaCdo li PIC 19.851% 12/10/2012 600,000 368.640 0.44

368,640 0.44




EUR Open-ended investment funds h a Balanced Theme 1 184,140 17,068,192 20.17

Axa Court Terrne C Axa Im Euro Liquidlty

7,268 16,846,933 19.89

289 12,333,967 14.55

Axa Rosenbcrg Eurobloc Equity Alpha Fund A Cap Eur 375.500 5,095,536 6.01

Axa Tresor Court Terne C 6,949 16,432,578 19.40

Axa Valeurs Euro C 52.641 2,738,911 3.23

Global Tactical Asset Allocation A Cap Eur 65,000 6,435,650 7.60

76,971,762 90.85





246



Open-ended investment funds 90 85

Mortgage and Asset Backed Securities Sovereign Bonds

0.44 0.00

Options (2.00)

89.29

I

247

AXA World Funds - Optimal income



EUR Bonds French Discount T Bill 0.01 % 24/07/2008 60.000.000 59,844,834 5.48

59,844,834 5.48

Total Bonds 59,844,834 5.48

CHF Equities NQStlC Sa 42,436 11,939,862 1.09

Novartis A! 412,108 14,057.822 1.29

25,997,684 2.38

DKK Equities 20.907.7:8 1.91

20,907,718 1.91 Carlsbcrg As-B 337.515

EUR Equities Air Liquide Sa Air Liquide(L) Alleanza Assicuraz

Bayer Ag

Rouyyues Canal Plus

Deutschc Post Ag

E On Ag Cni

Cutelsat Communicztions

Gas Natural Sdg Sa

Gaz De France

Gpe Eurotunnel Sa

Hcinckm Nv

K & S A g Koninklijkc Kpn Nv

Mobistar

Morgan Stanley

Outokumpu Oyj Royal Dutch Shell PIC

Sanofi Aventis

Siemens Ay Societb Gcnerale

sucz

Terna Spa

Total Sa

Unicrcdito Italian

Unilcvcr Nv

Vivendi Sa Volta Finance Ltd

169,692

83.955

1,327,754 363,584

226.055

2,687,894

496,876

120,684

824.165

384,758 489,474

186.984

488,429 187,189

32,405

908,085

163,970

1,547.795

i34.9ia 727,041

702.61 2

106,965

109,966 414,000

3,814,500

562,905 3,219,272

676,033

870,758

1,604292

14.1 18,374

6.985056 9.1 38,931

19,324,490

9,505.61 3 15.616.664

8,233,235

15,342,557

19,268,978

6.833.302

17,958,801

7,593,420

4,928249

6,014,383 11,765,283

9.680.186

7,964,023

4,251,793

3,082,876

18594,074

29,622,122

7,582.749

6.059.1 27 17,744,040

10,480,339

29,783,304 12,482,727

12,006,346

20,645.E7%

4,652,447

1.29

0.64 0.84

1.77 0.87

1.43

0.75

1.40

1.76

0.63

1.64

0.69 0.45

0.55 1.09

0.89

0.73

0.39

0.28

1.70

2.71

0.69 0.55 1.62

0.96

2.72 1.14

l . i O 1 .89

0.43

0.77 8.431.603 Wolters Kliiwer Nv 576.71 7 ~. ~ .~~~

375,690,764 34.37

GBP Equities Anglo American PIC 155.41 0 6.673.345 0.61

Rp PIC 2,119.098 15.145.672 1.39

British Amorican Tobacco PIC 600,565 12,757,520 1.17

19,552,589 1.78 Glaxosmithklino

Imperial Tobacco 924,698 21.349.988 1.95

Royal Bank Of Scotland Group 5,356.1 84 '4,747,235 1.35

Vodafone Grouo PIC 13.175.755 23.607.082 2.16

1,390,601

113,833,431 10.41

NOK Equities Talenor Asa 723,037 8.834.015 0.81

8,834,015 0.81

SEK Equities Tollasonera Ab 1,524,547 8,061,605 0.74

VOIVO Ab-E ShS 933,577 7.310.777 0.67

15,372,382 1 A1

USD Equities Anheuser-Busch Cos Inc 228,936 9,049,582 0.83

9,049,582 0.83


EUR Options Deutsche Post Ay (359,200) (1,232,056) (0.1 1)

7.940.880 0.72 Di Euro Stoxx 50 Index 32.800

6,708,824 0.61

Total Options 6,708,824 0.61



EUR Bonds France (Governmant Gf) 0 %

30,000,000 29,797,799 2.73 28/08/2008 France (Government or) 0 % 10/07/2008 30,0W,OOO 29,966,069 2.74 French Discount T Bill 0 96

48,668,400 4.45 12/02/2009 50,000,000

France (Government Or) 0 % 04/09/2008 5,000,000 4.962.385 0.45 France (Government of) 0 96 0411 2/2008 50.W0.000 49,070,028 4.49

162,464,681 14.86

Total Bonds 1 62,464,681 I 4.86



24.8

AXA World Funds - Optimal Income

Exanc Asset Management bane Investors Gulliver Fund C 660 9,887,856 0.90


Other transferable securities 1 I EUR Eauities


EUR Open-ended investment funds Axa Im Xp Alpha Europcan Opp 45,000 4.262.850 0.39

Haussmann Holdings Nv C Eur 5,294 11,129,776 '.02 Miralt Sicav 285,362

Mw Tops I.td N.A 1557.738 16,044,701 '.47 35,845,970 3.28

I 19.801.26~ ~ .81

GBP Ooen-ended investment funds Mw Tops Ltd 1,219,342 15,926,590 : .4B

15,926,590 1.46


Total Investment in Securities 875,756,957 80.1 2 I Other Net Asscts 217,240.137 19.88

TOTAL NET ASSETS 1,092,997,094 100.00


249



Sovereign Bonds

Oil and Gas Open-ended investment funds Pharmaceuticals Utilities-

Food and Beverages

Media

Communications

Banks

Wireless Telecommunication Services

Chemicals

Tobacco

Private Placement

Agriculture

Alternative Investment

Basic Materials

Insurance



Machinery

Energy

Options

Transportation

Diversified

20.34

8.26

6.15

5.78 5.62

5.48

4.09 3.80

3.04

3.03

2.86

1.95

1.29 1.17

0.90

1

0.89

0.84

0.75

0.69 0.67

0.64

0.61

0.45

0.43


80.12

250

AXA World Funds - Portable Alpha Absolute



GBP Equities

L

I Euro/Bp 6,800,000 0 0.00 0 0.00

Total Equities 0 0.00

Total Transferable securities admitted to an official exchange listing I 0 0.00


EUR Open-ended investment funds Axa Europe Opportunities Afrn 141,322 3.41 1,514 8.96

Axa Europe Small Cap Afm 139,634 6,600.499 17 33 h a France Opportunitics Afm 17,112 6,393,925 16 79

Talonts Afm 19.616 4.543.850 11 93

I

20,949,788 55.01

GBP Open-ended investment funds h a Framlington Uk Select Opport. A 324,552 6.463.41 1 16.97

6,463,411 16.97

USD Open-ended investment funds Axa Rosnnhera L I S F f h A 667 845



33,781,901 88.70 4,301,706 11.30



251



. Open-ended investment funds 88.70

88.70

I

I

252

AXA World Funds - Euro Liquidity



EUR Bonds Alpha Credit Group PIC Emtn 3.895% 16/10/2006 Anz National International Ltd/ London Emtn 4.012% 21/09/2009 Ayt Ftgencat 1 % 15/06/2039 Banca Antonvcncta Spa 3.954% 0111 212008 Ranche Popolari Unite 4.339% 25/07/2008

Banco Bpi Sa 3.832% 11/07/2007 Banco Popolare Di Verona E Novara Scrl Emtn 1 % 17/1 W2008

Banco Popolare Scad Emtn 5.089% 05/06/2009 Banco Sabadell Sa 4.744% 07/07/2009 Banque Psa Finance 0 % 27/08/7008 Barclays Bank PIC Bishopsga 4.73 % 10/07/2008

Rayer Ag Emtn 1 % 25/05/2009 Bbva Senior Finance Sa Uniporsonal Erntn 1% 23/01/2009 Bca Pop Di Milano 1 % OW04/2009 Brriw Japan Financc 1 % 22/09/2008 Bqe Fed Cred Mut 1% 30/09/2008 Caisse Ccntrale Du Credit 3.y3296 25/07/2008 Caixa 0 Cstalvis De 3.992% 21/09/2008 Caja De Ahorros Y Pensione Frn 29/06/2009 Coprnpagnie Fin Du Credit 4.443% 24/10/2008 Credit Agricole Sa 4.064% 30/06/2008 Credito Ernilkno 3.997% 23/03/2009 Daimlerchrysler CAordinatiorr Center Sa Emtn 1 % 17/07/2008 Danske Bank N S 4.786% CP/06/2009 Dnb Nor Bank Asa 4.763% 28/08/2009 Efg Hcllas PIC Erntn 4.976% 28/09/2009 Elccthel Sa 1% 28/’0/2008 Erste Bank Dcr Oosterreichisch 4.965 5% 04/09/2009 French Discount T Bill 0.01 % 24/07/2008 Lehrnan Hrothcrs Hcldings Inc 4.31 7% 03/11/2008 Merrill Lynch & Co Inc Emtn 1 % 08/09/ 2008 Natixis 0 96 09/07/2008

kbg Finance PIC 1 % 22/05/2009

1 ,oCQ.000

1,500,000

152,453

1 .ooo.o0o

1,000,000

1,000,000

1,000,000

7 .000,000

1,500,000

6,000,000

2.000.000 1.500.000

1.200.000

1,000,000

1,000,000 1.500.000

1,500,000

1,000,000

1,000,000

1,000.000

1 .m.m

1 ,ooo,coo

1,000,000

2,000,000

1,300,000

1,500,000 1,000,000

1,000,000

5,0Oo.(x10

1,000,000

2.000,ooo ~.O00,OOO 1 .000.000

998,800

1,496,750 152.249

939.510

l,D00.:81 999,900

999.923

983.870

1,490.845

5,954,097

2.000,000 1,497,150

1,198,492 ’397.030

998,930 1,499,075

1,499,849

S9.600

997,357

999,750

1 ,CUo.ooo

998,300

1,000,033

1.994.980

1,297,140

1,485,870 999,440

1.000.200

4,987,070

993,160

1,994,778 6,000,000

995,370

0.35

0.52 0.05

0.35

0.35

0.35

0.35

0.34

C.52

7.07

0.70 0.52

0.42

0.35

0.35

0.52

0.52

0.35

0.35

0.35

0.35

0.35

0.35

0.69

0.45

0 52

0.34

0.31

1 .73

0.35

0.69

2.09 0.35

Royal Bank Of Scotland 0 % 02/09/2008 6.000.000 5,949,629 2.07 Sanofi-Aventis Erntn 4.774% 01 11 212008 700.000 699,799 0.28 Santander International Debt Sau Emtn 2.566% 23/01/2009 1,000,000 999,197 0.35

Societe Gcncralc 0 % 02/07/2008 6,000,000 6,000,000 2.09 St George Bank Limitcd 4.064% 30/06/2008 1,000,000 1,000,000 0.35 Telefonica Emisioncs Sau 4.895%

1,500,000 1,496,250 0.52 30/03/2009 Unicrcdito ltallano Spa Erntn 1% 2311 0/2008 1,500.000 1,499,731 0.52

Unilever Nv 1 “/o 29/05/2009 1,000,000 998,558 0.35 Vodafone Group PIC Emtn 1 % 17/07/2008 1,000,000 1,000,100 0.35

73,648,246 25.64

Total Bonds 73,648,246 25.64

EUR Mortclacle and Asset Backed Securities Granite Master lssu PIC 1 % 19/12/2030 Hnlland Mtu Xii 3 921 11 %

159,723 159,531 0.06

_. - 29/09/200< 992,774 987.0:5 0.34

1,146,546 0.40




EUR Bonds Bankinter Sa 1 % 10/10/2008 1,000,000 997,911 0.35 Caja ne Ahorros Y Montc De Piedad Uc Madrid Mtn 1 % 23/02/2009 1,000,000 998.500 0.35

Cofinocga 10% 03/1 W2008 1,000,000 999,360 0.35 Fi-ance (Government or) 0 % 18/12/2008 14,500,000 14,211,295 4.95 Francc (Government 0 % 17/07/2008 8,000,000 7,984,455 2.78 French Discount T Bill 0 % 12;02/2009 38.300.000 37,279,994 12.98 Francc (Government G ~ J 0 %

14,994,982 5.22 03/07/2008 15.000.000 France (Government Of) 0 % 09/04/2009 5,000,000 4.831 -440 1.68 France (Govcmmcnt or) 0 ”/. 23/ 1 0/2008 15,000,003 14.800.580 5.15 La Caja De Ahorros Y Pensioncs Dc Barcelona 1 3.878% C2/03/2009 1.500,000 1.498.085 0.52 Nurnura Europe Finance NV Emtn 4.223% 27/G2/200Y 1,000,000 995,000 0.35

99,591,610 34.68

Total Bonds 99,591,610 34.68


253



EUR Mortaaae and Asset Backed Securities BbvaAkrtos Fondo Dc Titulizacion

De Actfvos 4 03% 20/06/2016 615,874 601,770 0.21 Celtic Residsntial lnsh M 1 % 13/11/2047 129,327 128.228 0.04 Retail Abs Finance 3 9112% 31 /12/2020 706.783 699,061 024

Silver Arrow Sa 1 % 15/07/2012 83.193 83,151 0.03 1,512,210 0.52


Total Transferable securities dealt in on another regulated market 101 ,I 03,820 35.20



I


t



- . . Sovereign Bonds 34 49

Banks Corporate Bonds

Financial Services


Communications Basic Materials

Consumer, Cyclical

Consumer. Non-cvclical

1 10.13

7 02 6.70 0.92

0 87 0.52

0.35 0.24

61.24

255

AXA World Funds

Notes to the Financial Statements as at 30 June 2008

Note 1 General

AXA World Funds (the “SICAV”) is a Luxembourg domiciled SICAV with multiple sub-funds, registered in accordance with Part I of the Law of 20 December 2002 on undertakings for collective investment schemes.

As at 30 June 2008, the SICAV consists of 48 active sub-funds:

EQUITIES SUB-FUNDS: AXA World Funds - Aedificandi AXA World Funds - Aedificandi Global AXA World Funds - Clean Tech AXA World Funds - Emerging Europe Equities AXA World Funds - Euro Value Equities AXA World Funds - European Opportunities AXA World Funds - European Small Cap Equities AXA World Funds - Europe Dividend AXA World Funds - Europe MicroCap AXA World Funds - Framlington Emerging Markets AXA World Funds - Framlington Global Technology AXA World Funds - Framlington Health AXA World Funds - Framlington Japan AXA World Funds - Human Capital AXA World Funds - Hybrid Resources AXA World Funds Italian Equities AXA World Funds - Junior Energy AXA World Funds - Swiss Equities AXA World Funds - Talents AXA World Funds -Talents Absolute AXA World Funds -Talents Asia AXA World Funds - Talents Brick AXA World Funds - Talents Europe

AXA World Funds - Alpha Asian Bonds M A World Funds - Alpha Credit Bonds AXA World Funds - Alpha Sterling Bonds AXA World Funds - Responsible Development Bonds AXA World Funds - Euro 1-3 AXA World Funds - Euro 3-5 AXA World Funds - Euro 5-7 AXA World Funds - Euro 7-1 0 AXA World Funds - Euro 1O+LT AXA World Funds - Euro Bonds AX4 World Funds - Euro Credit Plus AXA World Funds - Euro Inflation Bonds AXA World Funds - European Convergence Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Emerging Markets Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global Inflation Bonds AXA World Funds - US High Yield Bonds AXA World Funds - US Libor Plus

AXA World Funds - Force 3 AXA World Funds - Force 5 AXA World Funds - Force 8 AXA World Funds - Portable Alpha Absolute



BONDS SUB-FUNDS:

FUND OF FUNDS SUB-FUNDS:

BALANCED SUB-FUNDS

CASH SUB-FUND:

EUR EUR EU R EUR EUR EUR EUR EUR EUR USD USD USD JPY EUR USD EUR EUR CHF EUR EUR USD EUR EU R

USD EUR GBP EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD USD

EUR EUR EUR EUR

EUR

EUR

256

AXA World Funds

Notes to the Financial Statements as a t 30 June 2008

The Management Company (AXA Funds Management SA.) was incorporated on 21 November 1989 for an undetermined period of time. Its articles of association were published in the “Memorial” of 26 January 1990. Consolidated Articles were deposited with the register of commerce and companies of Luxembourg on 17 January 2002. The Company is registered in the “Registre de Commerce” (trade register) in Luxembourg under the number B 32.223. AXA Funds Management S.A. has obtained CSSF approval to be considered as a management company managing UCITS in compliance with UCITS 111.

Class “A” and Class “F” Shares

Each sub-fund offers several different classes of shares. Class “A” shares are for all investors. There is no minimum initial subscription in Class “A” shares. There is no minimum subsequent investment in Class “A” shares. Class “F” shares have been more specifically designed for institutional investors and benefit from reduced fee levels. The minimum initial subscription in Class “F” shares is EUR 500,000, the minimum subsequent investment is the equivalent of EUR 50,000. The holders of Class “ A shares can apply for a conversion into Class “F” shares if as a result of a subsequent subscription the shareholder reaches the minimum level of holding required for Class “F” shares, which is EUR 500,000. If as a result of a redemption, a shareholder holding Class “F” shares falls below the minimum level of holding required, such shareholder will be deemed to have requested the conversion into Class “A” shares. NO charge will be levied for conversions between Class “ A shares and Class “F” shares. An initial fee of up to 5.50% of the Dealing Price of the Class “A” shares purchased will normally be charged to the shareholder. An initial fee of up to 2.00% of the Dealing Price of the Class “F” shares purchased will normally be charged to the shareholder.

Distribution and Capitalisation Shares

The Class “A” and Class “F” shares are further divided in capitalisation shares and distribution shares. These shares differ by their distribution policies, the first by accumulating income, and the other by distributing dividends. The assets of these two categories are gathered together.

Class “E” Shares

Class “E” shares are for all investors. No initial fee will be charged to the Class “E” shares. An annual distribution fee of up to 0.75% calculated on top of the annual management fee as a percentage of the Net Asset Value of Class “E” shares will be charged.

Class “ I “ Shares

The Directors reserve the right to issue Class “ 1 ” shares at their sole discretion. Class “I” shares are only offered to institutional investors. No initial fee will be charged to the Class “I“ shares.

Class “M” Shares

Class “M” shares are only subscribed and held by A M Investment Managers or its subsidiaries for use in institutional mandates or investment management agreements for a dedicated fund contracted with the AXA Group. No initial fee will be charged to the Class “M” shares. There is no initial minimum amount for which a shareholder has to subscribe and no minimum for subsequent subscriptions.

257

AXA World Funds


Class "R" Shares

Class "R" shares will only be offered to investors, other than institutional investors, who are resident in the UK, the Channel Islands or the Isle of Man.

Class "SI" Shares

Class "SI" shares will only be offered to institutional investors who are resident in the UK, the Channel Islands or the Isle of Man.

Class "S" Shares

Class "S" Shares are only offered by the distributor "HSBC Private Bank (Suisse) SA branch offices in Hong- Kong and in Singapore" to investors who are resident in Asia.

Class "J" Shares

The Directors reserve the right to issue Class "J" shares at their sole discretion. Class "J" shares are only offered to institutional investors who are resident in Japan.

The description of the different types of shares is detailed in the current Prospectus.

Some sub-funds are available in currencies other than the sub-fund's reference currency. AXA Funds Management S.A. has obtained CSSF approval to be considered as a management company managing UClTS in compliance with UClTS 111.

During the period ended 30 June 2008, the following new Sub-Funds have been launched:

AXA World Funds - Alpha Asian Bonds (launched on 15 February 2008) AXA World Funds - Alpha Sterling Bonds (launched on 15 January 2008)

The Board of Directors resolved to put the Sub-Fund AXA World Funds - US Bonds Core Plus into liquidation with effect on 11 th April 2008.

The Board of Directors resolved to put the Sub-Fund AXA World Funds - US Securitized Bonds into liquidation with effect on 16th June 2008.

The General Meeting decides to amend Article 1 to be read as follows : "There exists among the appearing persons and all those who may become holders of shares, a company in the form of a limited liability company ("societe anonyme") qualifying as a "societe d'investissements a capital variable" ("SICAV") under the name of "AXA World Funds", in short "AXA WF" (the "Company")."

On 7 January 2008, the Sub-Fund h a World Funds - Development Debt has been renamed in Responsible Development Bonds.

I

Change to the launch date of the Sub-Fund Alpha Asian Bonds : The initial subscription period in the Sub-Fund will take place on 15 February 2008. Subscriptions will be accepted at the price of EUR 100 or USD 100 or GBP 100 depending on the offering currency in which the relevant Class of Shares is denominated. Payment shall be made to the order of the Custodian on 20 February 2008.

25%

A M World Funds

Notes to the Finantjaf Statements a5 at 30 June 2008

Note 2 Significant Accounting Policies

a) Presentation of the Financial Statements

The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investment. The combined financial statements are expressed in EUR and are presented for information purposes only. For this purpose the corresponding statements have been translated into EUR using the latest exchange rates known as at the time of calculation of the year-end NAV.

b) Valuation of Securities

The assets of the SICAV are valued as follows:

a) Liquid assets are valued at their face value with interest accrued; in the case of short-term instruments (especially discount instruments) with maturities of less than 90 days, the value of the instrument based on the net acquisition cost, is gradually adjusted to the repurchase price thereof while the investment return calculated on the net acquisition cost is kept constant. In the event of material changes in the market conditions, the valuation basis of the investment is adjusted to the new market yields.

b) Securities listed or traded on any Regulated Market, stock exchange in an Other State or Other Regulated Market, are valued at the closing price on such markets. If the securities are listed or traded on several markets, the closing price at the market, which constitutes the main market for such securities, will be determining;

c) Securities not listed or traded on any Regulated Market, stock exchange in an Other State or Other Regulated Market are valued at their last available market price;

d) Securities for which no price quotation is available or for which the price referred to in (a) and/or (b) is not representative of the fair market value, are valued prudently and in good faith by the Board of Directors of the SICAV on the basis of their reasonably foreseeable sales prices.

e) As far as Collateralised Debt Obligations (CDO) are concerned and insofar the price quotation is not representative of the fair market value, CDO are valued at their Net Asset Value as transmitted to the Investment Manager by the arranging bank of each CDO in which the SICAV has invested;

c) Valuation of the Forward Foreign Exchange Contracts

Outstanding forward foreign exchange contracts are valued at the closing date using the forward rates of exchange applicable to the outstanding life of the contract. All unrealised appreciation and depreciation are included in the Statement of Net Assets.

d) Realised Gains/(Losses) on Sales of Securities

Realised gains/(losses) on sales of securities are determined on the basis of the average cost of the securities sold.

259

AXA World Funds

Notes to the Financial Statements as ax 30 June 2008

e) Foreign Currency Translation

The accounting records and the financial statements are denominated in the reference currency of the relevant sub-fund. Transactions in currencies other than that in which the sub-fund is denominated are translated into the respective currency of the portfolio based on the exchange rate in effect at the date of the transaction.

Assets and liabilities denominated in other currencies are translated into the respective currency of the sub- fund at the rate of exchange at each balance sheet date.

9 Exchange rates used for the NAV calculation

EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR =

1.638034 2.529060

1.59151 1.606473

23.91 7467 7.458104 0.790866

12.288156 7.247204

237.4501 50 67.538195

AU 0 BRL CAD CHF CZK DKK GB P HKD HRK HUF INR

g) Acquisition Cost of Securities

EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR = EUR =

167.1 83808 1640.494566

5.1 38605 7.980076 2.070392 3.356749 9.41 7782 2.146401

30.330524 1.9361 32 1.575051

JPY KRW MYR N O K NZD PLN SEK SGD SKK TRY USD

The acquisition cost of securities expressed in currencies other than the reference currency of the sub-fund is converted into the reference currency of the sub-fund on the basis of the average exchange rates prevailing on the purchase date.

h) Valuation of Financial Futures and Options

Outstanding futures contracts and exchange traded options contracts are valued at the closing date using the last available market price of the instrument. All unrealised appreciation/(depreciation) is included in the Statement of Net Assets.

i) Valuation of Swap Agreements

A swap is an agreement that obliges two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Risks may arise as a result of the failure of another party to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Fund, and/or the termination value at the end of the c0ntract.A swap is an agreement that obliges two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Risks may arise as a result of the failure of another party to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the SICAV, and/or the termination value at the end of the contract.

I

260

AXA World Funds


Therefore, the SICAV considers the creditworthiness of each counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities or indices.

I Credit Default Swap

A Credit Default Swap ("CDS") is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. The unrealised appreciation/(depreciation) on CDS is included in the Statement of Net Assets under the headings "Unrealised appreciation/(depreciation) on swaps".

- Constant Maturity Swap

A Constant Maturity Swap ("CMS") is a variation of the fixed-to-floating interest rate swap. The interest rate on one leg is reset each year relative to a regularly available fixed maturity market rate and the interest rate of the other leg of the swap is either fixed or reset periodically at or relative to LlBOR (or another floating rate index).The unrealised appreciation/(depreciation) on CMS is included in the Statement of Net Assets under the headings "Unrealised appreciation/(depreciation) on swaps".

- Performance Swap Agreementrrotal Return Swap

The SICAV entered into performance swap agreements pursuant to which the SICAV pays interest on a notional amount and receives or pays the performance of the underlying index based on the same notional amount. The interest is accrued and the performance of the index is valued both on a daily basis. The net receivable or payable amount is recorded in the Statement of Net Assets under the headings "Unrealised appreciation/(depreciation) on swaps".

j) Repurchase Agreement Transactions

The SICAV may, on an ancillary basis, enter into repurchase agreement transactions which consist of the purchase and sale of securities with a clause reserving the seller the right or the obligation to repurchase from the acquirer the securities sold at a price and term specified by the two parties in their contractual arrangement. As at 30 June 2008, no such contracts are open.

k) Interest income

Interest income is recognised on a daily accrual basis, net of any irrecoverable withholding tax (interest on investment portfolio, interest on deposits and interest on call accounts and security lending income).

I) Dividend income

Dividends are accounted for on an ex-dividend basis, net of any irrecoverable withholding tax.

261

AXA World Funds

Notes ts the Financial Statements as at 30 h n e 2UQ8

Note 3 Management Fees

The Management Company is entitled to receive, from the assets of the relevant sub-funds, a management fee in an amount to be specifically determined for each sub-fund or Class of Shares. The annual management fee is calculated as a percentage of the Net Asset Value of each sub-fund. The details and the percentage of this fee, per share class, are described in the Full and Simplified Prospectus and in the table here below. This fee is calculated and accrued daily and is payable monthly in arrears. The Management Company will remunerate the Investment Managers out of the management fee in accordance with the contracts signed with the Investment Managers. The maximum rates are the following:

AXA World Funds - Aedificandi Global AXA World Funds - Clean Tech AXA World Funds - Emerging Europe Equities AXA World Funds - Euro Value Equities AXA World Funds - European Opportunities AXA World Funds - European Small Cap Equities AXA World Funds - Europe Dividend AXA World Funds - Europe MicroCap AXA World Funds - Framlington Emerging Markets AXA World Funds - Framlington Global Technology AXA World Funds - Framlington Health AXA World Funds - Framlington Japan AXA World Funds - Human Capital AXA World Funds - Hybrid Resources AXA World Funds - Italian Equities AXA World Funds - Swiss Equities AXA World Funds - Talents AXA World Funds - Talents Absolute AXA World Funds - Talents Asia AXA World Funds - Talents Brick AXA World Funds - Talents Europe AXA World Funds - Alpha Asian Bonds AXA World Funds - Alpha Credit Bonds AXA World Funds - Alpha Sterling Bonds AXA World Funds - Responsible Development Bonds (formerly Development Debt) AXA World Funds - Euro 1-3 AXA World Funds - Euro 3-5 AXA World Funds - Euro 5-7 AXA World Funds - Euro 7-10 AXA World Funds - Euro 1O+LT AXA World Funds - Euro Bonds AXA World Funds - Euro Credit Plus AXA World Funds - Euro Inflation Bonds AXA World Funds - European Convergence Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Emerging Markets Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global Inflation Bonds

2.50% 2.50% 1 S O % 1.50% 1.50% 1.75% 2.50% 2.40% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 1.50% 1.50% 1 S O % 2.00% 1.75% 1.75% 1.50% 1.50% 1.50% 1.50% 0.90%

0.50% 0.60% 0.60% 0.60% 0.60% 0.75% 0.90% 0.50% 0.75% 0.75% 1.25% 1.25% 0.60%

2.50% 2.50% 1.50% 1.50% 1 SO% 1.75% 2.50%

NIA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 1.50%

NIA 1.50% 2.00% 1.75% 1.75% 1.50% 1.50% 1.50% 1.50% 0.90%

0.50% 0.60% 0.60% 0.60% 0.60% 0.75% 0.90% 0.50% 0.75% 0.75% 1.25% 1 .OO% 0.60%

1.50% 1 SO% 0.75% 0.75% 0.75% 0.90% 1.50% 1.20% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 0.75% 0.75% 0.75% 1.50% 0.90% 0.90% 0.75% 1 .OO% 1 .OO% 1 .OO% 0.60%

NIA NIA NIA NIA NIA

0.50% 0.50%

N/A 0.60% 0.60% 0.65% 0.75%

N/A

1.50% 2.50% 1.50% NIA 0.75% 1.50%

NIA NIA NIA NIA

0.70% 1.50% 1.50% NIA 1.20% NIA 1.50% NIA 1.50% NIA 1.50% NIA 1.50% NIA 1.50% NIA 1.50% NIA 1.50% N/A 0.75% NIA 0.75% 1.50% 0.75% 1.50%

NIA NIA 0.90% 1.50% 0.75% 1.50% 1.00% N/A 1.00% NIA 1.00% NIA 0.60% NIA

0.25% NIA 0.30% NIA 0.30% NIA 0.30% NIA 0.30% NJA 0.30% NIA 0.35% NIA 0.25% NIA 0.35% NIA 0.40% NIA 1.00% NIA 0.55% NIA 0.30% N/A

AXA World Funds - US High Yield Bonds 1.50% 1.50% 1.00% 1.00% N/A

NIA NIA NIA NIA NIA N/A NIA NIA NIA NIA NIA NIA NIA N/A NIA NIA N/A NIA NIA NIA

1 .OO% NIA NIA NIA NIA

NIA NIA NIA NIA NIA N/A NIA NIA NIA NIA NIA N/A NIA NIA

NIA NIA NIA N/A NIA NIA NIA NIA NIA NIA NIA NIA NIA NIA NIA NIA

1.75% N/A NIA NIA NIA N/A NIA NIA NIA

NIA NIA NIA NIA N/A NIA NIA NIA NIA NIA NIA NIA NIA NIA

0.9OYo NIA NIA NIA NIA NIA NIA NIA NIA NIA NIA NIA NIA N/A NIA NIA N/A N/A NIA NIA NIA NIA NIA NIA NIA

NIA N/A NIA NIA NIA NIA

0.35% NIA NIA

0.40% NIA NIA NIA NIA

262

AXA World Funds


AXA World Funds - US Libor Plus 1.50% 1.50% 1.00% 1.00% NIA N/A N/A NIA AXA World Funds - Force 3 1.00% 1.00% 0.50% 0.50% NIA N/A N/A N/A AXA World Funds - Force 5 1.25% 1.25% 0.60% 0.60% NIA N/A N/A N/A AXA World Funds - Force 8 1.50% 1.50% 0.75% 0.75% NIA N/A N/A N/A AXA World Funds - Optimal Income 1.20% 1.20% 0.60% 1.00% 1.50% NIA N/A N/A AXA World Funds - Portable Alpha Absolute 1.50% 1.50% 0.50% 0.50% N/A NIA N/A N/A AXA World Funds - Euro Liquidity 0.40% 0.40% 0.30% 0.15% N/A N/A N/A NIA

There is no management fees for Class "M" shares.

Retrocession on management fee levied on the assets invested in other UClTS or UCls is calculated and accrued daily and refunded to each share class. This retrocession represents a partial discount or a full refund of the management fees levied by each underlying K I T S or UCls.

As foreseen in the Prospectus, the sub-funds will not invest in underlying UCls which are themselves submitted to a management fee exceeding 3%.

The management fee may be used in part to pay remuneration (trailer fees) for distribution activities concerning the SICAV.

In addition, reimbursement may be made to institutional investors, which, from a commercial perspective hold shares of the SICAV for third parties.

As at 30 June 2008, actual management fees applied are the following:

AXA World Funds - Aedificandi Global M A World Funds - Clean Tech AXA World Funds - Emerging Europe Equities AXA World Funds - Euro Value Equities AXA World Funds - European Opportunities AXA World Funds - European Small Cap Equities AXA World Funds - Europe Dividend M A World Funds - Europe MicroCap AXA World Funds - Frarnlington Emerging Markets AXA World Funds - Framlington Global Technology AXA World Funds - Framlington Health AXA World Funds - Framlington Japan AXA World Funds - Human Capital AXA World Funds - Hybrid Resources AXA World Funds - Italian Equities AXA World Funds - Junior Energy AXA World Funds - Swiss Equities AXA World Funds - Talents AXA World funds - Talents Absolute AXA World Funds - Talents Asia AXA World Funds - Talents Brick AXA World Funds - Talents Europe AXA World Funds - Alpha Asian Bonds AXA World Funds - Alpha Credit Bonds AXA World Funds -Alpha Sterling Bonds AXA World Funds - Responsible Development Bonds (formerly Development Debt)

1.75% 1.75% 1.50% 1.50% 1.50% 1.75% 1.50%

2 % 1.50% 1.75% 1.75% 1 SO% 1.75% 1.50% 1.50% 1.75% 1 .So% 1.50% 1 .SO% 1 S O % 1.75% 1 .So%

NIA

NIA 0.90%

0.80%

1.75% 1.75% 1.50% 1.50% 1 SO% 1.75% 1.50%

N/A 1.50% 1.75% 1.75% 1 .So% 1.75% 1.50% 1.50% 1.75%

NIA 1.50% 1.50% 1.50% 1.75% 1.50%

N/A 0.80%

N/A 0.90%

0.90% 0.90% 0.75% 0.75% 0.75% 0.90% 0.75% 1 .OO% 0.75% 0.90% 0.90% 0.75% 0.90% 0.75% 0.75% 0.90% 0.75% 0.75% 0.75% 0.75% 0.90% 0.75%

N/A 0.50%

NIA 0.60%

NIA 0.70%

N/A NIA N/A

0.70% 0.60%

N/A 0.60% 0.75% 0.75% 0.60%

N/A 0.60% 0.60%

NIA N/A N/A N/A N/A N/A N/A

0.60% 0.40% 0.40%

N/A

1.50% N/A

1.50% N/A N/A

1 .So% NIA N/A N/A NIA NIA N/A N/A N/A N/A N /A NIA

1.50% 1 .So%

NIA 1.50%

N/A N/A N/A N/A NIA

N/A N/A N/A N/A N/A NIA NIA NIA NIA N/A N/A N/A NIA N/A N/A N/A N/A N/A N/A NIA N/A

1 .OO% NIA NIA N/A NIA

N/A N/A N/A N/A NIA NIA NIA N/A N/A NIA NIA N/A N/A N/A N/A NIA NIA

1.75% NIA N/A NIA N/A N/A NIA NIA NIA

NIA N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A NIA N/A N/A N/A N/A N/A N/A NIA N/A N/A NIA N/A N/A NIA

263

AXA World Funds


.. . -. .. .

AXA World Funds - Euro 1-3 AXA World Funds - Euro 3-5 AXA World Funds - Euro 5-7 AXA World Funds - Euro 7-10 AXA World Funds - Euro 1 O+LT AXA World Funds - Euro Bonds AXA World Funds - Euro Credit Plus AXA World Funds - Euro Inflation Bonds AXA World Funds - European Convergence Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Emerging Markets Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global Inflation Bonds AXA World Funds - US High Yield Bonds AXA World Funds - US Libor Plus AXA World Funds - Force 3 AXA World Funds - Force 5 AXA World Funds - Force 8 AXA World Funds - Optimal Income AXA World Funds - Portable Alpha Absolute AXA World Funds - Euro Liquidity

0.50% 0.50% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.75% 0.75% 0.90% 0.90% 0.50% 0.50% 0.75% 0.75% 0.75% 0.75% 1.25% 1.25% 1.25% 1.00% 0.60% 0.60% 1.20% 1.20% 0.05% NIA 1.00% 1.00% 1.25% 1.25% 1.50% 1.50% 1.20% 1.20%

NIA N/A 0.40% 0.40%

N/A 0.25% NIA 0.30% NIA 0.30% NIA 0.30% N/A 0.30%

0.50% 0.30% 0.50% 0.35%

NIA 0.25% 0.60% N/A 0.60% 0.40% 0.65% 0.50% 0.75% 0.55%

N/A 0.30% 0.70% 0.50% 0.05% 0.05% 0.50% N/A 0.60% 0.60% 0.75% N/A 0.60% 0.45%

NIA 0.00% 0.30% 0.15%

NIA N/A NIA NIA NIA NIA NIA NIA NIA NIA NIA NIA N/A N/A N/A NIA NIA NIA

1.50% NIA NIA

NIA NIA NIA NIA N/A NIA NIA N/A N/A N/A N/A NIA NIA NIA NIA N/A N/A NIA NIA N/A 0.35% NIA NIA N/A N/A N/A N/A NIA NIA 0.40% NIA N/A NIA NIA NIA N/A NIA NIA N/A NIA NIA NIA NIA NIA NIA NIA NIA N/A NIA NIA NIA NIA NIA NIA NJA NIA NIA N/A N/A N/A NIA NJA NIA

As at 30 June 2008, actual management fees rates, as charged, at target fund level, are the following:

__I - .. . Force 3 AXA Balanced Theme 1 AXA Court Terme C AXA IM Euro Liquidity AXA Tresor Court Terme c Global Tactical Asset Allocation A Cap Eur

0.85% 0.30%

0.0891 % 0.05%

1%

Force 5 AXA Balanced Theme 1 0.85% AXA Court Terme C 0.30% AXA IM Euro Liquidity 0.0891 % AXA Rosenberg Eurobloc Equity Alpha Fund A Cap EUR 0.70% AXA Tresor Court Terrne C 0.05%

1 % Global Tactical Asset Allocation A Cap Eur

Force 8 AXA Balanced Theme 1 0.85% AXA Court Terme C 0.30% AXA IM Euro Liquidity 0.0891 % AXA Rosenberg Eurobloc Equity Alpha Fund A Cap EUR 0.70%

AXA Tresor Court Terme C 0.05% AXA Valeurs Euro C 1.50%

1 Yo Global Tactical Asset Allocation A Cap Eur

I

Portable Alpha Absolute

AXA Europe Small Cap Afrn 0.85% AXA France Opportunities Afm 0.85% Talents Afm 0.85%

AXA Framlington Uk Select Opport. A 1.50%

AXA Rosenberg Us Eqty A 0.70%

AXA Europe Opportunities Afm 0.85%

264

AXA World Funds


Note 4 Performance Fees

For the below listed sub-funds, the Principal Investment Manager is entitled to receive a performance fee in addition to the management fees, based on the sub-fund’s performance in excess of the benchmark return, calculated as described in the related sub-fund’s appendices in the Full Prospectus dated November 2007.

The performance fee is calculated in respect of each reference year as described in the Full Prospectus dated November 2007, accrued daily and paid at the end of each accounting year.

As of 30 June 2008, the performance fee rates and the benchmark are as follow:

Sub-funds AXA World Funds - Hybrid Composite 50% GSCl Light Energy Excess Return USD Resources + 25% MSCl AC World TR Net Metals & Mining USD

+ 25% MSCl AC World TR Net Oil Gas & Consumable Fuels USD AXA World Funds - Junior Energy 20Yn MSCl World Energy AXA World Funds -Talents 20% MSCl World M A World Funds -Talents Absolute 20% EONIA CAP AXA World Funds - Europe 20% MSCl Europe Small Cap MicroCap AXA World Funds - Alpha Credit 30% EONIA Cap +1.40% Bonds AXA World Funds - Alpha Sterling 30% EONIA Cap +1.40% Bonds AXA World Funds - Portable Alpha EONIA Cap. + 2.5% Absolute - EUR AXA World Funds - Portable Alpha LlBOR I month Cap. + 2.5% Absolute - GBP

20%

30%

30%

AXA World Funds - Optimal Income 20% (1)

(1) As per the Prospectus, the performance fees are calculated by applying 20% to the performance generated in excess of a proxy Fund return of 14.49% over a reference period of two years.

Note 5 Commissions of the Custodian and Administration Services

The commissions of the custodian and administration services are payable monthly and calculated on the average of the Net Asset Value of the SICAV in accordance with the agreement signed on 31 March 2006.

Note 6 “Taxe d’Abonnement”

The SICAV is a registered investment fund in Luxembourg and is, as a result, exempt from tax except for subscription tax. Under current legislation and regulation, the SICAV is subject to a subscription tax calculated and payable quarterly on the Net Asset Value of the SICAV at the end of the respective quarter. The SICAV pays the normal tax rate of 0.05% for all sub-funds except for the institutional and/or cash and money market sub-funds, for which a reduced tax of 0.01 YO is applied.

Note 7 Changes in the Investment Portfolio

Changes in the Investment Portfolio during the reporting year are available to the shareholders at the address of the Custodian.

265

AXA World Funds


Note 8 Forward Foreign Exchange Contracts

The unrealised appreciation/(depreciation) on these contracts are disclosed in the Statement of Net Assets under the headings “Unrealised appreciation /(depreciation) on forward foreign exchange contracts”.


USD 27,000,000 NOK 140,529,600 12/09/2008 (1 65,817) Total (1 65,817)


EUR 150,300 HKD 1,800,000 13/08/2008 3,329 EUR 2,833,555 J PY 450,000,000 13/08/2008 128,589 EUR 3,504,821 USD 5,400,000 13/08/2008 68,231 JPY 90,000,000 EUR 534,474 13/08/2008 6,520 USD 600,000 EUR 384,169 13/08/2008 (2,326)

Total 204,343


JPY NZD USD USD NZD TWD USD USD PHP USD

107,543,000 945,776

1,003,115 730,375 957,732

22,597,500

750,000 22.360,OOO

501,458

737,454

USD USD J PY NZD USD USD NZD TWD USD PHP

1,000,000 750,000

107,543,000 945,776 750,000 746,778 957,732

22,597,500 500,000

22,360,000


30/06/2008 30/06/2008 30/06/2008 30/06/2008 11/07/2008 1 1 /07/2008

11/07/2008 18/07/2008 la/07/2008

Total

1 i1071zooa

13,336 (30,876)

11,252 (23,175)

(2,133) 10,629 5,355

(1.442) 2,900

(24,374)

(10,220)

GBP 2,567,176 EUR 3,228,000 19/09/2008 GBP 515,307 NOK 5,250,000 19/09/2008 GBP 1.342,524 USD 2,600,000 19/09/2008

Total

8,663 (331 6) 28,625 5.708

AXA World Funds - Resaonsible Development Bonds

EUR 124,858 MXN 2,02a,ooo 30/06/2008 166 EUR 8,999,484 USD 13,960,000 30/06/2008 134,986 EUR 124,989 MXN 2,028,000 31 /07/2008 699

1 35,103 Total

266

AXA World Funds


AXA World Funds - Euro Inflation Bonds

Total 3,982


EUR EUR HUF PLN SKK CZK EUR SKK

1,023,384 1,257,091

220,000,000 3,000,000 8.850.000 2,500,000

126,286 8,850,000

HUF USD EUR EUR EUR EUR HUF EUR

250,000,000 1,950,000

882,168 288,129 103,765

30.000,OOO 291,918

a89,793

30/06/2008 30/06/2008 30/06/2008 30/06/2008 30/06/2008 31 /07/2008 3 1 /07/2 008 31 /07/2008

Tntnl

(29,103) 18,855 36,395 11,410 3,658

81 1 433

47.715 (95)


EUR 6,260,812 AUD 10,300,000 10/07/2008 (20,204) EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR KRW KRW SEK USD USD

29,756,129 1,593,300 4,556,390

56,007,846 1,791,747

188.794,499 12.350,457 3,441,389 1,268,195

934,636 4,118,884 7,487,967

317,410 41 4,004,072

8,256,720 20,000,000,000 20,000,000,000

1 1 2,091.3 1 6 16,709,400 11,964,800

CAD CZK DKK GBP HUF J PY

KRW MXN NOK NZD PLN SEK SKK U S 0 SKK USD USD EUR AUD CAD

46,000,000 39,800,000 34,000,000 44,600,000

448,000,000 30,500,000,000 20,000,000,000

56,000,000 10,000,000

1,900,000 14,000,000 70,000,000 10,000.000

640,000,000 260,000,000

19,230,769 19,230,769 12,000,000 18,000,000 12,000,000

10/07/2008 10/07/2008 10/07/2008 10/07/2008 10/07/2008 10/07/2008 10/07/2008 10/07/2008 10/07/2008 10/07/2008 10/07/2008 10/07/2008 10/07/2008 10/07/2008 11/07/2008 11/07/2008 11/07/2008 11/07/2008 11/07/2008 11/07/2008

Tntnl

839,672 (71,032)

(2,091 (365,827)

(92,129) 6,116,136

159,400

15,982 18,425

(48,930) 55,572

(1 2,299) 7,410,786 (315,732) (164,337)

137,422 (98.51 6)

(1 79.780) 28,972

13.413.327

1 ,a37


EUR 34,058,117 USD 52,795,000 30/06/2008 533,676 Total 533,676

267

AXA World funds



EUR 51 8,857 GBP 41 0.000 2410712008 823 EUR 66,001 NOK 520,000 2410712008 936

USD 3,210,000 EUR 2,086,515 2410712008 (45,804) Total 304,520

-

EUR 1 6,672,345 USD 25,677,000 24/07/2008 348,565


EUR 715,000 CAD 1,128,818 251071200a 5,033 EUR 14,800,000 GBP 11,777,929 2510712008 (80,964) EUR 2,471,806 JPY 413,000,000 251071200a (5,669) EUR 2,488,426 SEK 23,270,000 2510712008 17,821 EUR 20,426,632 USD 31,600,000 2510712008 336,411

Total 271,496


GBP 14,050,000 EUR 17,801,688 3010612 008 (37,826) GBP 2,050,000 EUR 2,582,654 30/09/200a 3,071

Total 2,363

Note 9 Futures

The unrealised appreciation/(depreciation) on futures is included in the Statement of Net Assets under the headings “Unrealised appreciation/(depreciation) on open futures contracts”.


Index DJ EURO STOXX 50 INDEX FUTURE EUR 74 2,493,060 (79,l 80)

Currency EURO FX CURRENCY FUTURE 15/0912008 USD 61 7,606,355 133,690 Total 54.510

19/09/2008


199,160 Index DJ EURO STOXX 50 INDEX FUTURE EUR (3,806,970) 19/09/2008

S + P 500 INDEX FUTURES 1810912008 USD (33) (6,704,544) 381,321 Total 657.636

TOPIX INDEX FUTURES 1210912008 J PY (1 8) (1,421 ,I 90) 77,155

I

268

AXA World Funds



08/09/2008 GERMAN FED REP BDS 2YR FUTURES EUR (63) (6,463,485) (14,685) 08/03/2008 GERMANY FED REP BONDS 5YR FrRS EUR (65) (6,918,925) 14,455 08/09/2008

Total 6,010


. - __ . - . - . ___ ___ . __ ___ Interest rate UK TREAS BONDS FUTURE 26/09/2008 GBP (58) (6,094,060) 60,230


08/09/2008 GERMANY FED REP BONDS IOYR EUR (4) (445,480) 2,520 08/09/2008 GERMANY FED REP BONDS 5YR FTRS EUR (6) (638,670) 5,315 08/09/2008 U S TREAS NOTES 5YR FUTURES USD (27) (1,893,153) (1 6,071)

US TREAS NOTES 2YR FUTURES USD (52) (6,969,218) (31,467)

US TREAS NOTES lOYR FUTURE USD (14) (1,011,773) (17,916) 19/09/2008

U S TREAS BONDS FTRS (30YR) USD (3) (220,290) (5,580) 19/09/2008

30/09/2ooa

30/09/200a


. . . 08/09/2008 GERMANY FED REP BONDS 5YR FTRS EUR (390) (41,513,550) 229,440 08/09/2008

Total (386,680)


413 - . ....- EUR 43.961,785 Interest rate GERMANY FED REP BONDS 5YR FTRS

08/09/2008 GERMAN FED REP BDS 2YR FUTURES EUR (61) (6,258,295) 28,365 08/09/2008 GERMANY FED REP BONDS IOYR EUR (86) (9,577,820) 90,300 Qa/09/2008

Total (1 74,430)

269

AXA World Funds



Interest rate GERMAN FED REP BDS 2YR FUTURES 08/ EUR 680 69,764,600 (309,400)

09/2008 GERMANY FED REP BONDS lOYR 08/09/ EUR 312 34,747,440 132,850 2008 GERMANY FED REP BONDS 5YR FTRS 08/ EUR 640 68,124,800 (479,000) 09/2008

Total (655,550) I


Interest rate GERMAN FED REP BDS 2YR FUTURES EUR 112 1 1,490,640 (50,960)

08/09/2008 GERMANY FED REP BONDS lOYR EUR 236 26,283,320 (196,820)

GERMANY FED REP BONDS 5YR FTRS EUR 115 50,015,135 (1 29,375) 08/09/2008

Total 1377.1 551

oa/09/2008

AXA World Funds - Euro 1O+LT

08/09/2008 GERMANY FED REP BONDS lOYR EUR 250 3,897,950 (19,760)

08/09/2008 GERMAN FED REP BDS 30YR FTRS EUR 70 6,111,000 (8,400) 08/09/2008

Total (56,300)


Interest rate GERMAN FED REP BDS 2YR FUTURES EUR 449 46,065,155 (204,2Y5)

08/09/2008 GERMANY FED REP BONDS lOYR EUR 300 33,411,000 283,000

08/09/2008 GERMANY FED REP BONDS 5YR FTRS EUR 350 37,255,750 (87,500)

08/09/2008


interest rate GERMAN FED REP BDS-2jRFUrU-RES EUR 22 2,257,090 11,000

08/09/2008 GERMANY FED REP BONDS lOYR EUR 14 1,559,180 (7.260) 08/09/2008 GERMANY FED REP BONDS 5YR FTRS EUR (3) (31 9,335) (1,800) 08/09/2008

Total 1,940

270

AXA World Funds


I


Interest rate GERMAN FED REP BDS 2YR FUTURES EUR 1 102,595 08/09/2008

GERMANY FED REP BONDS 10YR EUR 9 1,002,330 (8,370) 08/09/2008 GERMANY FED REP BONDS 5YR FTRS EUR 16 1,703,120 3,825

GERMAN FED REP BDS 30YR FTRS EUR 1 87,300 640 08/09/200a

08/09/2008 US TREAS NOTES 2YR FUTURES USD 2 268,047 1,210 30/09/2008

USTREASNOTES5YRFUTURES USD (4) (280,467) (2,381) 30/09/2008 U S TREAS BONDS FTRS (30YR) USD (6) (440,581) (1 1,160) 19/09/2008


15/09/2008 CANADA GOVT BONDS 10 YA FUTURE 19/09/2008 GERMAN FED REP BDS 2YR FUTURE 08/09/2008 GERMANY FED REP BONDS 5YR FUTURE 08/09/2008 GERMANY FED REP BONDS lOYR 08/09/2008

GERMAN FED REP BDS 30YR FUTURE 08/09/2008 LIFE LONG GILT 26/09/2008 JAPAN GOVT BONDS lOYR FUTURE 10/09/2008 US TREAS NOTES 2YR FUTURE 30/09/2008 U S TREAS BONDS FTRS (30YR) 19/09/2008 U S TREAS NOTES 5YR FUTURE

US TREAS NOTES lOYR FUTURE 19/09/2008

30109/20oa

CAD 117

EUR 1,716

EUR 355

EUR (558)

EUR (75)

GBP 694 JPY 16

USD 452 USD 340

USD (1 8)

USD (1.039)

8,660,075

176,053,020

37,787,975

(62,144,460)

(6,547,500)

92,200,897 12,941,930

60,578,587 24,966,252

(1,262,102)

(75,087,986)

(27.201)

(703.560)

11.125

502,200

(1 0,500)

(1,024,295) 161,738

129,341 322,112

(1,250)

(1 79,439)


US TREAS NOTES 2YR FUTURES USD 6 804,141 3,859 30/09/2008 US TREAS NOTES lOYR FUTURE 19/09/2008

USD 64 4,625,245

us TREAS BONDS FTRS ( 3 0 ~ ~ ) 19/09/2008 USD 3 5,649,676 4,018 USD (9) (631,051) (5,932) US TREAS NOTES 5YR FUTURES

30/09/2008

27 1

AXA World Funds


AXA World Funds - force 3

08/09/2008 Index DJ EURO STOXX 50 INDEX FUTU EUR 551 18,563,190 (898.130)

19/09/2008 S + P MINI 500 INDEX FUTURE 19/09/2008 USD 40 1,625,344 (92,441) NASDAQ 100 E MINI INDEX FUTURE USD 17 402,752 (25,926) 19/09/2008

Total (1,198,657)


148 16,482,760 (1 36,160) Interest rate GERMANY FED REP BONDS lOYR EUR 08/09/2008

Index DJ EURO STOXX 50 INDEX FUTU 1 EUR 732 24,661,080 (1,193,160) 9/09/2008 S + P MINI 500 INDEX FUTURE 19/09/2008 USD 286 11,621,210 (660,956) NASDAQ 100 E MINI INDEX FUTURE USD 247 5,851,750 (376,682) 19/09/2008

Total (2,366,959)


Interest rate GERMANY FED REP BONDS 10YR EUR 121 13,475,770 (1 11,320) Index DJ EURO STOXX 50 INDEX FUTURES EUR 965 32.51 0,850 (1,572,950)

S + P MINI 500 INDEX FUTURE USD 305 12,393,248 (704,866) NASDAO 100 E MINI INDEX FUT USD 2 64 6,254,502 (402,608)

Total (2,791,744)


Interest rate DJ EURO STOXX 50 INDEX FUTURE 19/09/ EUR (6,406) (215,818,140) 9,320,734

Total 9.320.734 2008

272

AXA World Funds


Note 10 Swaps

For return enhancement and assets liquidity purposes, equity sub-funds may use futures and/or swaps and/or interest rate swap contracts in order to get a global equity exposure. This strategy implies that some money market instruments may appear in the Net Asset Value. These money market instruments held are only linked to the futures or swaps, credit default swap contracts or constant maturity swap.

Total Return SWAP

The following sub-funds have the following swap contracts outstanding as at 30 June 2008:


LONDON MORGAN STANLEY 2,340,000 LONDON MORGAN STANLEY 730,000 LONDON MORGAN STANLEY 36,600,000 LONDON

CAPIOUOTI

CAPIOUOTI

CAPlQUOTl

CAP1 QU OTI

USD US T BILL 3M

USD US T BILL 3M

USD US T BILL 3M

Total Return Index S W GSCl Energy 30/05/2008 29/05/2009 215,886 Total Return Index S&P GSCl Ind Met 30/05/2008 29/05/2009 35,836 Total Return Index S&P GSCl Light 30/05/2008 29/05/2009 3,670,979 Energy Total Ret Index

Total 4.260.821


CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA CALYON PA

1:ooo;ooo 1,000,000 535,000 1,000,000 1,000,000 1,000,000 1,000.000 1,000,000 1,000,000 1,000,000 500,000 1,000,000 1,000,000 500,000 500,000 500,000

USD USD USD US0 USD USD USD USD USD USD USD USD USD USD USD USD

5.375 5.375 5.625 6.125 6.125 6.375 6.375 6.5 7 7 7.125 7.75 7.75

7.875 9.375

7.875

USD LlBOR 3M USD LIBOR 3M USD LlBOR 3M USD LIBOR 3M USD LIBOR 3M USD LlBOR 3M USD LlBOR 3M USD LlBOR 3M USD LIBOR 3M USD LIBOR 3M USD LlBOR 3M USD LIBOR 3M USD LIBOR 3M USD LIBOR 3M USD LIBOR 3M USD LlBOR 3M

20/02/2008 03/05/2008 2 1 /02/2008 20/06/2008 21/02/2008 19/02/2008 29/02/2008 20/02/2008 17/06/2008 19/02/2008 22/05/2008 19/02/2008 19/02/2008 2 1 /04/2008 23/04/2008 05/08/2008

0211 112013 22/09/2014 22/09/2009 27/06/2011 30/06/2009 12/01/2011 1 1 /08/2011 13/02/2013 19/06/2013 0210 1 120 1 2 1 810 1 120 1 0 25/07/2011 09/06/2011 14/11/2011 29/04/2013 15/12/2011

Total

22,308 76,751 (6,070) (4,665)

(16,161) (62,105) (27,472) (22,258) (8,465)

(40,414) 1,392

(68,974) 8,665

12,847 (22,271)

(44,393)

(145,2901

273

AXA World Funds


AXA World Funds - Alpha Sterling Bonds Fund

INTL BANK LTD

INTL BANK LTD MERRILL LYNCH 3,800,000 GBP 4.875 GBP LlBOR 6M 15/01/2008 18/01/2018 199,643 I

Total 267.221


BNP PARI BAS 8,445,271

ClTlBANK 7,186,347 LONDON

DEUTSCHE BANK 5,684,935 LONDON GOLDMAN SACHS 11,219,638 LONDON MERRILL LYNCH 4,206,182 LONDON MERRILL LYNCH 5,824,089 LONDON

Zone Net Return Index

INDEX

SMALL 200RT

EU R SBF 120 EURIBOR 1 M 18/07/2007 31/07/2008 889,454

EUR DJ STOXX EURIBOR 1 M 14/09/2006 14/09/2008 821,475

GBP FTSE All GBP LlBOR 1 M 28/09/2007 30/09/2008 627,756

USD S&P US 500 USD LlBOR 1 M 14/09/2007 30/09/2008 594,601

EUR MSCl DAILY EURIBOR 1 M 14/09/2007 30/09/2008 41 3,507

EU R MSCl DAILY EURIBOR 1M 17/09/2007 30/09/2008 508.1 67

Total 3.854.960

share TR

TR INDEX

G.EUROPE

G.WORLD

Credit Default SWAP

The sub-fund had the following Credit Default Swap outstanding as at 30 June 2008:


Entitv: RALLYE 20/09/2008, coupon 5.625%

Entitv: HAVAS 20/09/2008, coupon 4%

Buyer BNP Paribas 2,000,000 EUR 0.75 07/09/2007 20109/2UOU London

274

AXA World Funds


Entity: VNU NV 20/09/2008, coupon 5.625%

SACHS INTL London

Entity: Arcelor Finance SCA 20/06/2013, coupon 5.1 25%

LYNCH London

Entity: ENEL SPA SEN 20/03/2013 , coupon 4.25%

America London

Entity: SUEZ SA 20/03/2013, coupon 5.875%

Generale Paris

Entity: VEOLIA ENVIRONNEMENT SEN 20/03/13, coupon 5.875%

Entity: LAGARDERE 20/03/2012, coupon 4.75%

Generale Paris

Entity: ABB INT FIN LTD 20/06/2013, coupon 6.5%

. . . Gbnbrale Paris

Entity: Anglo American 20/09/2013, coupon 5.1 25%

Buyer UBS London 500,000 EUR 0.91 25/06/2008 20/09/2013

275

AXA World Funds


Entity: AVIVA 20/09/2009, coupon 5.75%

London

Entitv: BAT 20/06/2013. couDon 4.375%

London

Entitv: BOMBARDIER 20/06/2009, coupon 6.75%

Buyer HSBC London 500,000 EUR o ao 17/06/2008 20/06/2009 2,459

Entity: CDS TELEFONICA 20/12/2012, coupon 4.375%

.- . . Buyer Dresdner 500,000 EUR 0:35 10/11/2007 20/12/2012 (12,213)

BankLondon

Entiw: IMPERIAL TOBACCO GRP PLC 20/06/2013, coupon 6.25%

London

BROKER

Entity: VIVENDI 20/06/2013, coupon 3.875%

Buyer GOLDMAN 500,000 EUR 0.91 SACHS INTL

276

AXA World Funds


Entity: WPP 2005 LIMITED 20/06/2013, coupon 6%

TOTAL BUYER (I 08,686)


Entitv: BRITISH TEL PLC 20/06/2013, coupon 5.75%

Entitv: CENTRICA PLC 20/06/2013, coupon 5.875%

Lnndnn 2008

Entity: Cie de Saint Gobain 20/06/2013, coupon 5%

Generale Paris 2008

Entity: Deutsche Lufthansa AG 20/06/2013, coupon 4.625%

Entity: LANXESS AG 20/06/2013, coupon 4.125%

Entity: Next PLC 20/06/2013, coupon 5.25%

SACHS INTL I IMITFO

Entity: Porsche Auto Holding SE 20/06/2013, coupon 3.5%

Paris

277

AXA World Funds


Entitv: Reed Elsevier 20/09/2013. couDon 4.625%

Entity: RWE AG 20/03/2013, coupon 6.125%

Entitv: SCHNEIDER 20/06/2013. CouDon 4.5%

JP Morgan 500,000 EUR 0.88 2,832

London

Entitv: The Black 8 Decker Corp 20/06/2013, coupon 7.125%

Entitv: Akzo Nobel NV 20/09/2013, coupon 4.25%

Entitv: Fortune Brands 20/03/2013, coupon 6.25%

Seller UBS London

Entity: GKN HOLDINGS PLC 20/03/2013, coupon 7%

11,144 -

Societe Generale 1 .OOo~OOO --- EUR 1 90 13/02/2008 20/03/2013 Paris

Seller

Entitv: STMICROELECTRONICS SEN 20/03/2013, coupon 0%

0.69 18/01/2008 201UJ~201Y Seller Bank of America 1,000,000 EUR London

278

AXA World Funds


Entity: ThyssenKrupp AG 20/06/2013, coupon 4.375%

London

TOTAL SELLER 45,573

TOTAL (63,093)


Entity: CDS ITRAXX MAIN S8 20/12/2012, coupon 0%

BROTHERS INTERNATIONAL

Entity: CDS DJ CDX NA IG $ S10 20/06/2013, coupon 0%

STANLEY London . - -

Entity: CDS DJ CDX NA IG $ S9 20/12/2012, coupon 0%

STANLEY INTERNATIONAL

Entity: CDS ITRAXX MAIN S9 20/06/2013, coupon 0%

INTERNATIONAL

Entity: A n Inc 20/06/2013, coupon 5.875%

INTERNATIONAL I Tr.

Entity: Enel SpA 06/2013, coupon 4.25%

Buyer LEHMAN 750,000 EUR 1.16 29/02/2008 20/06/2013 4,791 BROTHERS INTERNATIONAL

279

AXA World Funds


Entity: Suez SA 06/2013, coupon 5.875%

Buyer UBS London 750,000 EU R 0.75 29fO2l2008 20/06/2013 2,967

Entity: Veolia Environnernent 06/2013, coupon 5.875%


Entity: France Telecom SA 20/06/2013, coupon 7.25%

Buyer UBS London 500,000 EUR 1.10 29/02/2008 20l06f2013 339

Entity: Telefonica SA 20/06/2013, coupon 4.375%

STAN LEY INTERNATIONAL LTD

Entity: Vodafone Group PIC 06/2013, coupon 5%


TOTAL BUYER (1 22,934)


Entity: Akzo Nobel NV 20/03/2013, coupon 4.25%

INTERNATIONAL

Entity: DAIMLER SEN 20/06/2013, coupon 6.5%

280

AXA World Funds

I


Entin/: Deutsche Lufthansa AG 20/06/2013, cowon 4.625%

Seller MORGAN STANLEY 1,300,000 EUR 1.13 29/04/2008 20/06/2013 29,665

INTERNATIONAL

Entity: Landesbank Berlin AG 20/06/2013, coupon 5.25%

Seller LEHMAN 1,300,000 EUR 1.45 29/02/2008 20/06/2013 (24,079) BROTHERS INTERNATIONAL

Entitv: Lanxess AG 20/03/2013. cowon 4.125% . .

Seller MORGAN STANLEY 1,300,000 EUR 1.30 28/01/2008 20/03/2013 INTERNATIONAL LTD

Entity: NEXT SEN 20/06/2013, coupon 5.25%

Seller UBS London 1,300,000 EUR 2.36 13/06/2008 20/06/2013 23,326

Entity: Pearson PLC 20/03/2013, coupon 7%

Seller MORGAN STANLEY 1,300,000 EUR 0 77 18/01/2008 20/03/2013 INTERNATIONAL LTD

Entity: Portugal T e l e c o m lntl 20/03/2013, coupon 3.75%

INTERNATIONAL

Entity: Reed Elsevier PLC 20/03/2013, coupon 4.625%

Seller MORGAN STANLEY 1,300,000 EUR 0.58 18/01/2008 20/03/2013 3,905 INTERNATIONAL LTD

281

AXA World Funds


Entitv: Sora Enso Ovi 20/03/2013, coupon 7.375%

INTERNATIONAL LTD

Entity: Volkswagen AG 20/06/2013, coupon 5.375%

Entitv: Dow Chemical CoAhe 20/03/2013, coupon 6%

INTERNATIONAL LTD

Entitv: Sara Lee CorD 20/03/2013, coupon 6.125%

Seller MORGAN STANLEY 2,000.000 USD 0.70 INTERNATIONAL

Entity: Black Decker Corp 20/06/2013, coupon 7.125%

Seller MERRILL LYNCH 2,500,000 USD 0 99 05/12/2008 20/06/2013 11,664

London

Fntitv: CATERPILLAR FINANCIAL 20/06/2013. CoUDon 5.5%

MORGAN STANLEY 5,000,000 EUR 0 70 15/01/2008 20/1212017 2.1181

INTERNATIONAL LTD

Fntitv: I CDS ITRAXX MAIN S8 20/12/2017. couDon 1.55%

Seller MORGAN STANLEY 5,000,000 tUK 0. I U 1 S / U l I Z U U ~ zu/ I ztzu I I IL4, IYO

INTERNATIONAL LTD

282

AXA World Funds


Entity: CBS CORPORATION 20/06/2013, coupon 4.625%

Seller MORGAN STANLEY 2,500,000 USD 1 0 3 13/06/2008 20/06/2013 21,742 London

Entity: 6980671 1 CDS USD R F 20/12/2012, coupon 1.55%

Seller MORGAN STANLEY 5,000,000 USD 1 5 0 13/06/2008 2011 21201 2 16,562 London

TOTAL SELLER 280,497

TOTAL 157,563


Entity: FIAT 20/03/2013, coupon 6.75%

Seller BNP Paribas London 1,000,000 EUR 0.56 21/06/2007 20/03/2013 6 4 3 1 a

Entity: BOMBARDIER 20/12/2008, coupon 6.75%

Entity: SLM Corp 20/06/2013, coupon 5.1 25%




Seller BNP Paribas London 2,000,000 EUR 0.56 21/06/2007 20/03/2013 128,635


283

AX4 World Funds







Seller UBS London 600,000 EUR 0.60 28/06/2007 2011 212008 1,131


Entity: SLM Corp 20/06/2013, coupon 5.125%

Seller BNP Paribas London 1UU,UUU tun 1 .bY 1 bjlusrzuu~ 20/06/2013 69,021


AXA World Funds - Euro 10+LT


Seller ENP Paribas London 900,000 EUR 1.69 16/05/2007 20/06/2013


Entitv: FIAT 20/03/2013. comon 6.75%



284

AXA World Funds

I


Performance calculated according to the Directive guidelines regarding the calculation of the performance of the Swiss Funds Association of July 27, 2004.

Past performance is not an indicator of current or future returns. Performance data do not take into account the fees and expenses arising from the issue and redemption of units.

Note 11 Dividend Distribution

During the annual meetings, the shareholders resolved, on the recommendations of the Board of Directors, to approve a dividend payment for the following sub-funds :

AXA WF Aedificandi AXA WF Alpha Credit Bonds AXA WF Euro 1 O+LT AXA WF Euro 1-3 AXA WF Euro 3-5 AXA WF Euro 5-7 AXA WF Euro 7-10 AXA WF Euro Bonds AXA WF Euro Credit Plus AXA WF Euro Inflation Bonds AXA WF Euro Liquidity AXA WF Euro Value Equities AXA WF European Convergence Bonds AXA WF Force 3 AXA WF Force 5 AXA WF Global Aggregate Bonds AXA WF Global Emerging Markets Bonds AXA WF Global High Yield Bonds AXA WF Optimal Income AXA WF US Libor Plus AXA WF US Libor Plus AXA WF US Libor Plus AXA WF US Libor Plus

Note 12 Stock Lending

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD EUR EUR EUR EUR USD EUR USD

1.80

2.24 3.75 3.43

1.01 0.39

427.63 1.18 2.46 2.14 1.95 0.94 6.32 2.27 4.59

3.28 3.93

3.91 3.98 3.81

0.47 3.84

1.88

3.27 2.85 4.70

- 19.35 - 19.43 19.70 - 19.74

- 6.18 - 6.20 6.27 - 6.28

09/06/2008 09/06/2008 09/06/2008 09/06/2008 09/06/2008 09/06/2008 09/06/2008 09/06/2008 09/06/2008 09/06/2008 09/06/2008 09/06/2008 09/06/2008 09/06/2008

09/06/2008 09/06/2008 09/06/2008 09/06/2008 17/03/2008 17/03/2008 16/06/2008 16/06/2008

09/06/200a

11/06/2008 11/06/2008 11/06/2008 11/06/2008 11/06/2008 11/06/2008 11/06/2008 11/06/2008 11/06/2008 11/06/2008 11/06/2008 11/06/2008 1 1 /06/2008 11/06/2008 11/06/2008 11/06/2008 11/06/2008 11/06/2008 11/06/2008 19/03/2008 19/03/2008 18/06/2008 18/06/2008

The SICAV may lend positions of its securities portfolio to third parties. In general, lending may only be effected via recognised clearing houses, or through the intermediary of prime financial institutions that specialise in such activities and where collateral is received as guarantee. Such transactions may not be entered into for longer than 30 days. If the loan of securities exceeds 50% of the securities portfolio of the sub-fund concerned, it may only be effected on condition that it is possible to terminate the loan contract with immediate effect.

285

AXA World Funds


The sub-funds for which securities are lent as at 30 June 2008 are:

Axa World Funds - Aedificandi Global Axa World Funds - Emerging Europe Equities Axa World Funds - Euro Value Equities Axa World Funds - European Small Cap Equities Axa World Funds - Italian Equities Axa World Funds - Junior Energy Fund Axa World Funds - Swiss Equities Axa World Funds - Talents Axa World Funds - Talents Absolute Axa World Funds - Talents Brick Axa World Funds - Responsible Development Bonds Axa World Funds - Euro 1-3 Axa World Funds - Euro 3-5 Axa World Funds - Euro 5-7 Axa World Funds - Euro 7-10 Axa World Funds - Euro 10 + LT Axa World Funds - Euro Bonds Axa World Funds - Euro Inflation Bonds Axa World Funds - Global Aggregate Bonds Axa World Funds - Global Emerging Markets Bonds Axa World Funds - Global Inflation Bonds Axa World Funds - Force 3 Axa World Funds - Optimal Income Axa World Funds - Euro Liquidity

2.06% 1.19%

23.95% 0.98% 5.59% 2.1 1 %

29.3% 10.48% 3.07% 0.77%

31.26% 45.08% 56.72% 30.24% 47.36% 55.36% 27.17%

6.87%

35.84% 0.68%

25.78%

7.16% 6.51 %

32.38%

Note 13 Sub-funds Offered for Sale in Hong Kong

1,867,080 2,617,946

342,791,707 1,168.455 1,960,268 2,097,649

80,771,466 1,812,412 2,613,249

120,573 88,259,647

1 15,623.1 39 301,295,893

30,477,839 108,700,929 733,074,760

8,811,920 401,326,124

241,146 5,580,707 5,765,480

281,796,648 93,001,408

4,383,992

The sub-funds AXA World Funds - European Opportunities, AXA World Funds - Framlington Global Technology and AXA World Funds - Framlington Health are offered for sale in Hong Kong. Authorisation in Hong Kong does not imply official approval or recommendation by the Hong Kong Securities and Futures Commission.

Note 14 SFC Hong Kong Requirements

The information requested by the Hong Kong Code on Unit Trusts and Mutual Funds (Appendix E) relating to the statement of net assets and to the investment portfolio can be obtained upon request at the address of the Custodian.

Note 15 Soft Commissions

Certain investment advisers have entered into soft commission arrangements with brokers under which the investment advisers received goods and services used to support investment decision making. The investment advisers do not make direct payment for these services but transact an agreed amount of business with the brokers on behalf of the SICAV. Commission is paid from the SICAV for these transactions. The goods and services utilised for the SICAV include information providers, computer software, computer hardware, IT network & support and periodicals. All of these are included in the Hong Kong Securities and Futures Commission’s list of approved goods and services. The sub-fund for which soft commissions have been arranged is : AXA World Funds - European Opportunities.

I

286

AXA World Funds


Note 16 Connected Party Transactions

Other than investment management functions and as defined for Hong Kong purposes, the SICAV did not enter into connected party transactions.

Note 17 SlCAV Events

Modification of fees

Changes in thc administrative fees in Alpha Asian Bonds as follows :

Insertion of new fees applicable to “E” Shares of Alpha Asian Bonds In addition, the Company will pay a maximum distribution fee of 0.25% for the class “E” Shares which is calculated on top of the annual management fee, as a percentage of the Net Asset Value of the Sub-Fund.

Change to thc calculation of the performance fccs in Alpha Sttrling Bunds :

The benchmark used for the calculation of the performance fees of Classes of Shares denominated in GBP shall be modified as follows : The benchmark index for comparison is capitalised EONIA CAP + 200 basis gross for Classes of Shares denominated in Euro, capitalised US Libor 1 week + 200 basis points for Classes of Shares denominated in USD and capitalised GBP Libor 1 week + 200 basis points for Classes of Shares denominated in GBP. For each Share Class this gross hurdle rate is adjusted with the related fixed fees to define the net hurdle rate.

Modification of Investment Policies

The last indent of the “Investment Policy” section of Alpha Sterling Bonds shall be amended as follows : “The Value-at-Risk (VaR) is the percentage of Net Asset Value that a portfolio may lose on a given time horizon, at a given confidence level. In respect of theis Sub-Fund, the Value-at-Risk level of 2% of the Sub-Fund Net Asset Value will have a five Business Days horizon and 95% confidence level parameters. This means that there is a probability of 5% that a loss experienced by the Sub-Fund within the five (5) Business Days horizon may be higher than 2% of the Sub-Fund’s Net Asset Value. The Reference Currency of the Sub-Fund is GBP.

AXA World Funds

Additional unaudited appendix

TER (Total Expense Ratio)

AXA World Funds - Aedificandi Unit Class E Accumulation EUR 2.38% 2.37% AXA World Funds - Aedificandi AXA World Funds - Aedificandi AXA World Funds - Aedificandi AXA World Funds - Aedificandi AXA World Funds - Aedificandi AXA World Funds - Aedificandi Global AXA World Funds - Aedificandi Global AXA World Funds - Aedificandi Global AXA World Funds - Aedificandi Global AXA World Funds - Clean Tech AXA World Funds - Clean Tech AXA World Funds - Clean Tech AXA World Funds - Clean Tech AXA World Funds - Emerging Europe Equities AXA World Funds - Emerging Europe Equities AXA World Funds - Emerging Europe Equities AXA World Funds - Emerging Europe Equities AXA World Funds - Emerging Europe Equities AXA World Funds - Emerging Europe Equities AXA World Funds - Euro Value Equities AXA World Funds - Euro Value Equities AXA World Funds - Euro Value Equities M A World Funds - Euro Value Equities AXA World Funds - Euro Value Equities AXA World Funds - Euro Value Equities AXA World Funds - European Opportunities AXA World Funds - European Opportunities AXA World Funds - European Opportunities AXA World Funds - European Opportunities AXA World Funds - European Small Cap Equities AXA World Funds - European Small Cap Equities AXA World Funds - European Small Cap Equities AXA World Funds - European Small Cap Equities AXA World Funds - European Small Cap Equities AXA World Funds - European Small Cap Equities AXA World Funds - European Small Cap Equities AXA World Funds - Europe Dividend AXA World Funds - Europe Dividend AXA World Funds - Europe Dividend AXA World Funds - Europe Dividend AXA World Funds - Europe Dividend AXA World Funds - Frarnlington Emerging Markets AXA World Funds - Frarnlington Emerging Markets AXA World Funds - Frarnlington Emerging Markets AXA World Funds - Frarnlington Emerging Markets

Unit Class I Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class E Accumulation Unit Class F Accumulation Unit Class R Distribution Unit Class A Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class I Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class R Distribution Unit Class E Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class M Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class A Distribution Unit Class E Accumulation Unit Class I Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class R Distribution Unit Class A Accumulation Unit Class E Accumulation Unit Class F Distribution Unit Class F Accumulation Unit Class I Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class E Accumulation

EU R EUR EUR EUR EUR EUR EU R GBP EUR EUR EUR EUR EUR EUR EUR EU R EUR EUR GEP EUR EUR EUR EUR EU R EUR EUR EU R EUR EUR EUR EUR EUR EUR EU R EUR GBP EUR EUR EUR EUR EUR EUR GBP USD EU R

0.54% 0.88% 0.86% 1.63% 1.63% 2.37% 1.03% 1.62% 1.87% 1.90% 2.37% 1.05% 0.80% 2.50% 1.01 % 0.96% 1.71 % 1.75% 1.72% 2.38% 0.87% 0.87% 1.62% 1.62% 0.09% 2.46% 0.87% 1.62% 1.63% 2.37% 0 . 7 9 O 1 6 1.02% 1.03% 1.87% 1.87% 1.63% 1.63% 2.37% 0.87% 0.88% 0.72% 1.84% 1 .SO% 1.80% 2.56%

0.54% 0.88% 0.85% 1.63% 1.64% 2.36% 1.02% 1.62O% 1 .87Oh 1.91 % 2.38% 1.04% 0.83% 2.51% 1.01 % 1-01 % 1.75% 1.76% 1.76% 2.37% 0.87% 0.87% 1.62% 1.62% 0.09% 2.49% 0.87% 1.65% 1.62% 2.36% 0.80% 1.02% 1.03Yo 1.87% 1.87% 1.62% 1.62% 2.36% 0.88% 0.88% 0.73% 1.89% 1.80% 1 .SO% 2.55%

AXA World Funds - Framlington Emerging Markets Unit Class F Accumulation USD 1.06% 1.06%

(1) The TERs above represent, as indicated in the prospectus, a weighted average of administrative expenses which shareholders could normally have expected to pay when being invested in the chosen share class as indicated in the prospectus. This methodology is in line with accepted standard market practices and represents a fair view of publications to be made in the market.

(2) The TERs above represent the actual calculations made by the fund administrator whereas TERs published for small share-classes are effected by rounding processes. This creates a TER not necessarily representing a figure of expenses which shareholders are reasonably expected to pay.

288

AXA World Funds

Add i t i o na I una ud i ted appendix


AXA World Funds - Framlington Global Technology AXA World Funds - Framlington Global Technology AXA World Funds - Framlington Global Technology AXA World Funds - Framlington Global Technology AXA World Funds - Framlington Health AXA World Funds - Framlington Health AXA World Funds - Framlington Health AXA World Funds - Framlington Health AXA World Funds - Framlington Health AXA World Funds - Framlington Japan AXA World Funds - Framlington Japan AXA World Funds - Framlington Japan AXA World Funds - Framlington Japan AXA World Funds - Framlington Japan AXA World Funds - Human Capital AXA World Funds - Human Capital AXA World Funds - Italian Equities AXA World Funds - Italian Equities AXA World Funds - Italian Equities AXA World Funds - Italian Equities AXA World Funds - Italian Equities AXA World Funds - Italian Equities AXA World Funds - Swiss Equities AXA World Funds - Swiss Equities AXA World Funds - Swiss Equities AXA World Funds - Swiss Equities AXA World Funds - Swiss Equities AXA World Funds - Swiss Equities AXA World Funds - Swiss Equities AXA World Funds - Talents Asia AXA World Funds - Talents Asia AXA World Funds - Talents Asia AXA World Funds - Talents Asia AXA World Funds - Talents Asia AXA World Funds - Talents Brick AXA World Funds - Talents Brick AXA World Funds - Talents Brick AXA World Funds - Talents Brick AXA World Funds - Talents Brick

Unit Class A Accumulation EUR 1.87% Unit Class A Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class F Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class I Accumulation Unit Class A Accumulation Unit Class A Distribution Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class M Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class F Accumulation Unit Class R Distribution

USD EUR EUR USD EUR USD EUR EUR USD EUR J PY EUR EUR J PY EUR EUR EUR EUR EUR EUR EU R EUR EUR EUR CHF CHF CHF CHF CHF EUR USD EUR EUR USD EUR EUR EUR USD US0 GBP

1.88% 2.37% 1.15% 1.03% 1.88Oh 1.88% 2.37% 1.20% 1.04% 1.63% 1.64% 2.37% 0.83% 0.83% 1.91 Yo 1.04% 2.39% 0.89% 0.87% 1.62% 1.64% 0.74% 1.61 % 1.62% 0.87% 0.87% 1.62% 1.62% 0.09% 1.86% 1.85% 2.61 % 1.11% 1.07% 2.04% 2.55% 1.19% 2.04% 1.20% 1 .81 %

1.86% 1.87% 2.37% 1.15% 1.03% 1.88% 1.87% 2.36% 1.18% 1.02% 1.63% 1.64% 2.37% 0.83% 0.78% 1.89% 1.04% 2.38% 0.89% 0.86% 1.61 % 1.64% 0.74Yo 1.61% 1.62% 0.87%

1.62% 1.62% 0.08% 1.86% 1.87% 2.61 Yo 1.10% 1.06% 2.03% 2.54% 1.18% 2.04% 1.20%

0.87%

1.82% AXA World Funds - Talents Brick . . .



289

AXA World Funds

Additional unaudited appendix


AXA World Funds -Talents Europe Unit Class A Accumulation EUR 1.60% 1.60% AXA World Funds - Talents Europe AXA World Funds - Talents Europe AXA World Funds -Talents Europe AXA World Funds -Talents Europe AXA World Funds -Talents Europe AXA World Funds - Talents Europe AXA World Funds - Responsible Development Bonds (formerly Development Debt) AXA World Funds - Responsible Development Bonds (formerly Development Debt) AXA World Funds - Responsible Development Bonds (formerly Development Debt) AXA World Funds - Responsible Development Bonds (formerly Development Debt) AXA World Funds - Responsible Development Bonds (formerly Development Debt) AXA World Funds - Euro 1-3 AXA World Funds - Euro 1-3 AXA World Funds - Euro 1-3 AXA World Funds - Euro 1-3 AXA World Funds - Euro 1-3 AXA World Funds - Euro 1-3 AXA World Funds - Euro 3-5 M A World Funds I Euro 3-5 AXA World Funds - Euro 3-5 AXA World Funds - Euro 3-5 AXA World Funds - Euro 3-5 AXA World Funds - Euro 3-5 AXA World Funds - Euro 5-7 AXA World Funds - Euro 5-7 M A World Funds - Euro 5-7 AXA World Funds - Euro 5-7 M A World Funds - Euro 5-7 M A World Funds - Euro 5-7 AXA World Funds - Euro 7-1 0 AXA World Funds - Euro 7-10 AXA World Funds - Euro 7-10 AXA World Funds - Euro 7-10 AXA World Funds - Euro 7-10 AXA World Funds - Euro 7-10 AXA World Funds - Euro 10 + LT AXA World Funds - Euro 10 + LT

Unit Class E Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class A Distribution Unit Class SI Distribution Unit Class E Accumulation

Unit Class F Accumulation

Unit Class F Distribution

Unit Class A Accumulation

Unit Class A Distribution

Unit Class I Accumulation Unit Class I Distribution Unit Class M Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class A Distribution Unit Class I Accumulation Unit Class I Distribution Unit Class M Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class A Distribution Unit Class I Accumulation Unit Class I Distribution Unit Class M Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class A Distribution Unit Class I Accumulation Unit Class I Distribution Unit Class M Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class A Distribution Unit Class I Accumulation Unit Class I Distribution

EUR EUA GBP GBP GBP GBP EUR

EUR

EUR

EUR

EUR

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

2.38% 0.08% 0.88% 1.63% 1.63% 1.11% 1.53%

0.72%

0.73%

1.03%

1.03%

0.32% 0.320/0 0.08% 0.62% 0.88% 0.60% 0.39% 0.38% 0.08% 0.72% 0.97% 0.75% 0.39% 0.39% 0.09% 0.72% 0.97% 0.74% 0.39% 0.39% 0.09% 0.72% 0.98% 0.73% 0.39% 0.39% 0.09% Unit Class M Accumulation EUR AXA World Funds - Euro 10 + LT - _. - -~ _.

2.37% 0.80% 0.88% 1.63% 1.62% 1.10% 1.54%

0.72%

0.73%

1.03%

1.03%

0.32% 0.32% 0.07% 0.62% 0.88% 0.59% 0.39% 0.38% 0.08% 0.72% 0.97% 0.76% 0.38% 0.39% 0.09% 0.71 % 0.96% 0.75% 0.38% 0.39% 0.09% 0.72% 0.98% 0.73 46 0.39% 0.39% 0.1 OYO



290

AXA World Funds

Addition a I una u d it ed appendix


Unit Class A Accumulation EUR AXA World Funds - Euro 10 + LT AXA World Funds - Euro 10 + LT AXA World Funds - Euro Bonds AXA World Funds - Euro Bonds AXA World Funds - Euro Bonds AXA World Funds - Euro Bonds AXA World Funds - Euro Bonds AXA World Funds - Euro Bonds AXA World Funds - Euro Bonds AXA World Funds - Euro Credit Plus AXA World Funds - Euro Credit Plus AXA World Funds - Euro Credit Plus AXA World Funds - Euro Credit Plus AXA World Funds - Euro Credit Plus AXA World Funds - Euro Credit Plus AXA World Funds - Euro Credit Plus AXA World Funds - Euro Credit Plus AXA World Funds - Euro Credit Plus AXA World Funds - Euro Inflation Bonds AXA World Funds - Euro Inflation Bonds AXA World Funds - Euro Inflation Bonds AXA World Funds - Euro Inflation Bonds AXA World Funds - Euro Inflation Bonds AXA World Funds - Euro Inflation Bonds AXA World Funds - European Convergence Bonds AXA World Funds - European Convergence Bonds AXA World Funds - European Convergence Bonds AXA World Funds - European Convergence Bonds AXA World Funds - European Convergence Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Aggregate Bonds


Unit Class E Accumulation Unit Class A Distribution Unit Class E Accumulation Unit Class I Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class M Accumulation Unit Class E Accumulation Unit Class I Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class M Accumulation Unit Class J Accumulation Unit Class J Accumulation Unit Class I Accumulation Unit Class I Distribution Unit Class M Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class A Distribution Unit Class E Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class E Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class I Accumulation Unit Class I Accumulation Unit Class A Accumulation Unit Class A Distribution Unit Class M Accumulation Unit Class I Accumulation Hedged Unit Class J Accumulation Unit Class J Acciimulation

EUR EUR EUR EUR EUR EUR EU R EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR JPY EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD USD USD EUR USD USD EUR USD EUR EUR USD EUR

EUR J PY

0.98% 0.73% 1.38% 0.39% 0.62% 0.61 % 0.88% 0.88% 0.09% 1.52% 0.44% 0.63% 0.63% 1.02% 1.03% 0.09% 0.63% 0.62% 0.27% 0.27% 0.11% 0.66% 0.89% 0.66% 1.50% 0.85% 0.86% 0.99% 1 .OOO% 0.87% 0.87% 1.37% 0.729'0 0.72% 0.72% 0.47% 0.49Oh 0.88% 0.85% 0.12% 0.47%

0.69%

0.98% 0.74% 1.37% 0.39% 0.62% 0.63%

0.87% 0.09% 1.52% 0.45% 0.62% 0.62% 1.02% 1.03% 0.09% 0.63% 0.63% 0.27% 0.26% 0.11% 0.67% 0.89% 0.66% 1.50% 0.85% 0.84% 0.99% 1.00% 0.92% 0.92% 1.41% 0.76%

o.aa%

0.77% 0.74% 0.53% 0.51 % 0.89% 0.91 % 0.13% 0.52%

0.71 % AXA World Funds - Global Aggregate Bonds . . .._ 0.69% 0.71 Yo



29 1

AXA World Funds

Ad d it i o n a I u n a u d it ed a p p end ix


AXA World Funds - Global Emerging Markets Bonds Unit Class F Accumulation EUR AXA World Funds - Global Emerging Markets Bonds AXA World Funds Global Emerging Markets Bonds AXA World Funds - Global Emerging Markets Bonds AXA World Funds - Global Emerging Markets Bonds AXA World Funds - Global Emerging Markets Bonds AXA World Funds - Global Emerging Markets Bonds AXA World Funds - Global Emerging Markets Bonds AXA World Funds - Global Emerging Markets Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global Inflation Bonds AXA World Funds - Global Inflation Bonds AXA World Funds - Global Inflation Bonds AXA World Funds - Global Inflation Bonds AXA World Funds - Global Inflation Bonds AXA World Funds - Global Inflation Bonds AXA World Funds - US High Yield Bonds AXA World Funds - US High Yield Bonds AXA World Funds - US High Yield Bonds AXA World Funds - US High Yield Bonds AXA World Funds - US High Yield Bonds AXA World Funds - US Libor Plus AXA World Funds - US Libor Plus AXA World Funds - US Libor Plus AXA World Funds - Force 3 AXA World Funds - Force 3 AXA World Funds - Force 3 AXA World Funds - Force 3

Unit Class F Accumulation Unit Class F Distribution Unit Class F Distribution Unit Class A Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class A Distribution Unit Class I Accumulation Unit Class A Accumulation Unit Class A Distribution Unit Class E Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class I Accumulation Unit Class I Accumulation Unit Class I Accumulation Unit Class I Distribution Unit Class M Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class F Accumulation Hedged Unit Class F Accumulation Unit Class I Accumulation Hedged Unit Class I Accumulation Unit Class A Accumulation Hedged Unit Class F Accumulation Hedged Unit Class F Accumulation Unit Class A Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation

USD EUR USD EUR USD EU R EUR EUR USD USD EUR USD USD EUR EUR EUR EU R EUR USD EUR EU R EUR EU R USD EUR EUR USD EU R USD EUR EU R USD USD EUR EUR EUR EUR

0.76% 0.76%

1.12% 1.12%

0.77% 0.77% 0.77% 1.37% 1.53% 1.62% 1.37% 0.59% 1.37% 1.36% 1.60% 0.88% 0.86% 0.85% 0.87% 1.37% 1.37% 0.66% 0.65% 0.39% 0.41 % 0.12% 0.75% 0.79% 0.95% 1.53% 0.83% 0.62% 0.59% 1.34% 0.17% 0.16% 0.15% 1.62% 0.63% 0.63% 1.12%

0.77% 0.77% 0.77% 1.37% 1.56% 1.61 % 1.37% 0.59% 1.37% 1.36% 1.59% 0.88% 0.85% 0.86% 0.87% 1.37% 1.37% 0.66% 0.66% 0.38% 0.41 % 0.12% 0.75% 0.79% 0.95% 1.53% 0.83% 0.62% 0.59% 1.36% 0.16% 0.16% 0.15% 1.61 % 0.62% 0.61 Yo 1.11%

I hi t Class A Distribution EUR


I


292

AXA World Funds

Add it i o n a I una u d i ted a p p e n d ix


AXA World Funds - Force 5 Unit Class E Accumulation EUR 1.85% 1.84% AXA World Funds - Force 5 AXA World Funds - Force 5 AXA World Funds - Force 5 AXA World Funds - Force 5 AXA World Funds - Force 5 AXA World Funds - Force 8 AXA World Funds - Force 8 AXA World Funds - Force 8 AXA World Funds - Force 8 AXA World Funds - Force 8 AXA World Funds - Euro Liquidity AXA World Funds - Euro Liquidity AXA World Funds - Euro Liquidity AXA World Funds - Euro Liquidity AXA World Funds - Euro Liquidity AXA World Funds - Euro Liquidity AXA World Funds - Euro Liquidity

With Performance Commission AXA World Funds - Europe MicroCap AXA World Funds - Europe MicroCap AXA World Funds - Hybrid Resources AXA World Funds - Hybrid Resources AXA World Funds - Hybrid Resources AXA World Funds - Hybrid Resources AXA World Funds - Hybrid Resources AXA World Funds -Junior Energy AXA World Funds -Junior Energy AXA World Funds -Junior Energy AXA World Funds -Junior Energy AXA World Funds -Junior Energy AXA World Funds - Talents AXA World Funds - Talents AXA World Funds - Talents AXA World Funds -Talents AXA World Funds -Talents M A World Funds - Talents AXA World Funds - Talents AXA World Funds - Talents Absolute AXA World Funds -Talents Absolute AXA World Funds - Talents Absolute AXA World Funds - Talents Absolute AXA World Funds - Alpha Credit Bonds AXA World Funds - Alpha Credit Bonds AXA World Funds - Alpha Credit Bonds AXA World Funds - Alpha Credit Bonds

Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class I Accumulation Hedged Unit Class E Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class E Accumulation Unit Class I Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class M Accumulation

Unit Class F Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class I Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class E Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class R Distribution Unit Class S Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class R Distribution Unit Class A Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class I Accumulation

EUR EUR EUR EUR GBP EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

EUR EUR EUR USD EUR EUR USD EUR USD EUR USD EUR EUR EUR USD EUR USD GBP USD EUR EUR EUR GBP EUR EUR EUR EUR

0.70% 0.69% 1.35% 1.35% 0.68% 2.12% 0.87% 0.87% 1.62% 1.63% 0.79% 0.20% 0.39% 0.37% 0.49% 0.49% 0.08%

1.13% 2.12% 1.64% 0.81 % 2.42% 0.87% 0.91 % 1.88% 1.88% 1.03% 1.03% 2.39% 2.39% 0.89% 0.88% 1.65% 1.65% 1.65% 1.89% 2.41 % 0.91 % 1.65% 1.68% 0.92% 1.19% 0.63% 0.42%

0.70% 0.70% 1.34% 1.35% 0.67% 2.10% 0.87% 0.85% 1.62% 1.62% 0.79% 0.20% 0.39% 0.38% 0.49% 0.48% 0.08%

1.28% 2.15% 4.09% 0.82% 3.81 % 1.32% 2.32% 7.49% 4.74% 6.69% 6.33% 5.98% 2.38% 0.89%

1.64% 1.65% 1.65% 1.88% 2.40% 0.91 % 1.64% 1.69% 0.92% 1.18% 0.63% 0.41 %

0.87%

AXA World Funds - Alpha Credit Bonds Unit Class I Distribution EUR 0.42% 0.42%



293

AXA World Funds

Add it i o na I una ud it ed append ix


AXA World Funds - Optimal Income Unit Class E Accumulation EUR 1.82% 1 .81 % AXA World Funds - Optimal Income AXA World Funds - Optimal Income AXA World Funds - Optimal Income AXA World Funds - Optimal Income AXA World Funds - Optimal Income M A World Funds - Optimal Income AXA World Funds - Portable Alpha Absolute

Without Performance Commission AXA World Funds - Europe MicroCap AXA World Funds - Europe MicroCap AXA World Funds - Hybrid Resources AXA World Funds - Hybrid Resources AXA World Funds - Hybrid Resources AXA World Funds - Hybrid Resources AXA World Funds - Hybrid Resources AXA World Funds - Junior Energy AXA World Funds - Junior Energy AXA World Funds - Junior Energy AXA World Funds - Junior Energy AXA World Funds -Junior Energy AXA World Funds - Talents AXA World Funds Talents AXA World Funds -Talents AXA World Funds - Talents M A World Funds -Talents AXA World Funds - Talents AXA World Funds - Talents AXA World Funds -Talents Absolute AXA World Funds -Talents Absolute AXA World Funds - Talents Absolute AXA World Funds - Talents Absolute AXA World Funds - Alpha Credit Bonds AXA World Funds - Alpha Credit Bonds AXA World Funds - Alpha Credit Bonds AXA World Funds -Alpha Credit Bonds

Unit Class I Accumulation Unit Class F Accumulation Unit Class F Distribution Unit Class A Accumulation Unit Class A Distribution Unit Class R Distribution Unit Class I Accumulation

Unit Class F Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class I Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class E Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class A Accumulation Unit Class R Distribution Unit Class S Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class A Accumulation Unit Class R Distribution Unit Class A Accumulation Unit Class E Accumulation Unit Class F Accumulation Unit Class I Accumulation

EUR EU R EUR EUR EUR GBP EUR

EUR EUR EUR USD EUR EUR USD EUR USD EUR USD EU R EUR EUR USD EUR US0 GBP USD EUR EUR EUR GBP EUR EU R EUR EUR

0.54% 0.72% 0.73% 1.32% 1.33% 1.66% 0.08%

1.13% 2.12% 1.64% 0.81 % 2.42% 0.87% 0.91 % 1.88% 1.88% 1.03% 1.03% 2.39% 2.39% 0.89% 0.88% 1.65% 1.65% 1.65% 1.89% 2.41 % 0.91 % 1.65% 1.68% 0.92% 1.19% 0.63% 0.42%

0.54% 0.72% 0.73 % 1.32% 1.32% 1.67% 0.08%

1.13% 2.12% 1.64% 0.82% 2.47% 0.87% 0.90% 1.88% 1.87% 1.03% 1.02% 2.38% 2.38% 0.89% 0.87% 1.64% 1.65% 1.65%

2.40% 0.91 % 1.64% 1.69% 0.92% 1.18% 0.63% 0.41 %

1 .myo

AXA World Funds - Alpha Credit Bonds ~~~ ~ 0.42% Unit Class I Distribution EU R 0.42%



294

AXA World Funds

Addition a I una u d it ed append ix


. -. .. .- ._ - AXA World Funds - Force 3 Unit Class E Accumulation EUR 1.63% AXA World Funds - Force 3 Unit Class F Accumulation EUR 0.64% AXA World Funds - Force 3 Unit Class F Distribution EUR 0.64% AXA World Funds - Force 3 Unit Class A Accumulation EUR 1.13% AXA World Funds - Force 3 Unit Class A Distribution EUR 1.13% AXA World Funds - Force 5 Unit Class E Accumulation EUR 1.99% AXA World Funds - Force 5 Unit Class F Accumulation EUR 0.83% AXA World Funds - Force 5 Unit Class F Distribution EUR 0.83% AXA World Funds - Force 5 Unit Class A Accumulation EUR 1.49%

EUR 1.48% AXA World Funds - Force 5 AXA World Funds - Force 5 Unit Class I Accumulation Hedged GBP 0.81% AXA World Funds - Force 8 Unit Class E Accumulation EUR 2.34% AXA World Funds - Force 8 Unit Class F Accumulation EUR 1 .05% AXA World Funds - Force 8 Unit Class F Distribution EUR 1.02% AXA World Funds - Force 8 Unit Class A Accumulation EUR 1.80% AXA World Funds - Force 8 Unit Class A Distribution EUR 1.79% AXA World Funds - Portable Alpha Absolute Unit Class I Accumulation EUR 078%

Unit Class A Distribution

295

AXA World Funds

Add it i o n a I una ud i t ed append ix

PTR (Portfolio Turnover Ratio)

AXA World Funds - Aedificandi AXA World Funds - Aedificandi Global AXA World Funds - Clean Tech AXA World Funds - Emerging Europe Equities AXA World Funds - Euro Value Equities AXA World Funds - European Opportunities AXA World Funds - European Small Cap Equities AXA World Funds - Europe Dividend AXA World Funds - Europe MicroCap AXA World Funds - Framlington Emerging Markets AXA World Funds - Framlington Global Technology AXA World Funds - Framlington Health AXA World Funds - Framlington Japan AXA World Funds - Human Capital AXA World Funds - Hybrid Resources AXA World Funds - Italian Equities AXA World Funds - Junior Energy AXA World Funds - Swiss Equities AXA World Funds - Talents AXA World Funds - Talents Absolute AXA World Funds - Talents Asia AXA World Funds - Talents Brick AXA World Funds - Talents Europe AXA World Funds - Alpha Credit Bonds AXA World Funds - Responsible Development Bonds M A World Funds - Euro 1-3 AXA World Funds - Euro 3-5 AXA World Funds - Euro 5-7 M A World Funds - Euro 7-10 AXA World Funds - Euro 1O+LT AXA World Funds - Euro Bonds AXA World Funds - Euro Credit Plus AXA World Funds - Euro Inflation Bonds AXA World Funds - European Convergence Bonds AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Emerging Markets Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global Inflation Bonds AXA World Funds - Force 3 AXA World Funds - Force 5 AXA World Funds - Force 8 AXA World Funds - Optimal Income AXA World Funds - Portable Alpha Absolute

EUR EUR EUR EU R EUR EU R EUR EUR EUR USD USD USD JPY EUR USD EUR EUR CHF EUR EUR USD EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EU R EUR EUR EUR EUR EUA EUR EUR EUR EUR

(36.86 %) 37.98% 11.71% 34.77% 28.35%

739.98% 30.99%

504.21 % 119.62O%

6.1 1 % 42.16%

1.74% 88.58% 27.95%

246.07% (42.77 %) 182.31 % 63.05%

(27.91 %)

12.72% (22.76%)

2.04% 447.88%

25.85%

(53.30%)

(34.93%)

(9.93%)

33.28% (9.37%) 25.74% 24.31 %

147.37% 38.88% 6.85%

290.77% 78.80% 79.58% 54.37% 22.25% 34.89% 56.79%

141.29% 17.03%

AXA World Funds - Euro Liquidity EUR ~~ ~ 112.23%

296

INVESTMENT MANAGERS AXA World Funds

www.axa-im.com

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