AXA World Funds

AXA World Funds(The «SICAV»)

R.C.S. Luxembourg B - 63116VAT Number LU 216 82 319

Semi-Annual Report

as at 30 June 2015

AXA World Funds (The “SICAV”) Société d'Investissement à Capital Variable

Unaudited Semi-Annual Report as at 30 June 2015

AXA World Funds

Unaudited Semi-Annual Report as at 30 June 2015

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No subscription can be received on the sole basis of the present report. Subscriptions are only valid if made on the sole basis of the current Full Prospectus supplemented by the application form, the Key Investor Information Documents ("KIID"), the latest annual report and the latest semi-annual report if published hereafter.

AXA World Funds

Table of contents

3

General Information 8

Information to Shareholders 10

Foreign Distribution 11

Directors' Report 18

Financial Statements

Statement of Net Assets 28

Statement of Operations and Changes in Net Assets 42

Statistics 56

AXA World Funds - Global Flexible Property Schedule of Investments and Other Net Assets 72 Classification 74

AXA World Funds - Framlington Europe Real Estate Securities Schedule of Investments and Other Net Assets 75 Classification 76

AXA World Funds - Framlington Global Real Estate Securities Schedule of Investments and Other Net Assets 77 Classification 79

AXA World Funds - Framlington Europe Emerging Schedule of Investments and Other Net Assets 80 Classification 81

AXA World Funds - Framlington Eurozone Schedule of Investments and Other Net Assets 82 Classification 83

AXA World Funds - Framlington Eurozone RI Schedule of Investments and Other Net Assets 84 Classification 85

AXA World Funds - Framlington Europe Schedule of Investments and Other Net Assets 86 Classification 87

AXA World Funds - Framlington Euro Relative Value Schedule of Investments and Other Net Assets 88 Classification 89

AXA World Funds - Framlington Europe Opportunities Schedule of Investments and Other Net Assets 90 Classification 92

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AXA World Funds - Framlington Europe Small Cap Schedule of Investments and Other Net Assets 93 Classification 94

AXA World Funds - Framlington Europe Microcap Schedule of Investments and Other Net Assets 95 Classification 98

AXA World Funds - Framlington American Growth Schedule of Investments and Other Net Assets 100 Classification 102

AXA World Funds - Framlington Emerging Markets Schedule of Investments and Other Net Assets 103 Classification 105

AXA World Funds - Framlington Global Schedule of Investments and Other Net Assets 106 Classification 108

AXA World Funds - Framlington Global Opportunities Schedule of Investments and Other Net Assets 110 Classification 112

AXA World Funds - Framlington Global High Income Schedule of Investments and Other Net Assets 114 Classification 116

AXA World Funds - Framlington Global Convertibles Schedule of Investments and Other Net Assets 118 Classification 120

AXA World Funds - Framlington Global Small Cap Schedule of Investments and Other Net Assets 121 Classification 123

AXA World Funds - Framlington Health Schedule of Investments and Other Net Assets 124 Classification 126

AXA World Funds - Framlington Human Capital Schedule of Investments and Other Net Assets 127 Classification 129

AXA World Funds - Framlington Hybrid Resources Schedule of Investments and Other Net Assets 130 Classification 132

AXA World Funds - Framlington Italy Schedule of Investments and Other Net Assets 133 Classification 134

AXA World Funds - Framlington Junior Energy Schedule of Investments and Other Net Assets 135 Classification 137

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Table of contents

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AXA World Funds - Framlington Switzerland Schedule of Investments and Other Net Assets 138 Classification 139

AXA World Funds - Framlington Talents Global Schedule of Investments and Other Net Assets 140 Classification 142

AXA World Funds - Framlington LatAm Schedule of Investments and Other Net Assets 143 Classification 144

AXA World Funds - Global SmartBeta Equity Schedule of Investments and Other Net Assets 145 Classification 151

AXA World Funds - Asian Short Duration Bonds (note 1b) Schedule of Investments and Other Net Assets 153 Classification 155

AXA World Funds - Euro Credit Short Duration Schedule of Investments and Other Net Assets 156 Classification 160

AXA World Funds - Euro 3-5 Schedule of Investments and Other Net Assets 161 Classification 164



AXA World Funds - Euro 10 + LT Schedule of Investments and Other Net Assets 173 Classification 175

AXA World Funds - Euro Bonds Schedule of Investments and Other Net Assets 176 Classification 179

AXA World Funds - Euro Credit IG Schedule of Investments and Other Net Assets 180 Classification 184

AXA World Funds - Euro Credit Plus Schedule of Investments and Other Net Assets 185 Classification 190

AXA World Funds - Euro Credit Total Return (note 1b) Schedule of Investments and Other Net Assets 191 Classification 193

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AXA World Funds - Euro Government Bonds Schedule of Investments and Other Net Assets 194 Classification 196

AXA World Funds - Euro Inflation Bonds Schedule of Investments and Other Net Assets 197 Classification 198

AXA World Funds - Euro SmartBeta Credit Bonds (note 1b) Schedule of Investments and Other Net Assets 199 Classification 203

AXA World Funds - European High Yield Bonds Schedule of Investments and Other Net Assets 204 Classification 208

AXA World Funds - Global Aggregate Bonds Schedule of Investments and Other Net Assets 209 Classification 221

AXA World Funds - Global Credit Bonds Schedule of Investments and Other Net Assets 223 Classification 231

AXA World Funds - Global SmartBeta Credit Bonds Schedule of Investments and Other Net Assets 233 Classification 238

AXA World Funds - Global Emerging Markets Bonds Schedule of Investments and Other Net Assets 240 Classification 242

AXA World Funds - Global High Yield Bonds Schedule of Investments and Other Net Assets 244 Classification 253

AXA World Funds - Global Inflation Bonds Schedule of Investments and Other Net Assets 255 Classification 258

AXA World Funds - Global Strategic Bonds Schedule of Investments and Other Net Assets 259 Classification 264

AXA World Funds - Universal Inflation Bonds Schedule of Investments and Other Net Assets 266 Classification 268

AXA World Funds - US Credit Short Duration IG Schedule of Investments and Other Net Assets 269 Classification 274

AXA World Funds - US Dynamic High Yield Bonds Schedule of Investments and Other Net Assets 275 Classification 278

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AXA World Funds - US High Yield Bonds Schedule of Investments and Other Net Assets 279 Classification 284

AXA World Funds - US Libor Plus Schedule of Investments and Other Net Assets 285 Classification 288

AXA World Funds - Emerging Markets Short Duration Bonds Schedule of Investments and Other Net Assets 289 Classification 292

AXA World Funds - Global Flex 50 Schedule of Investments and Other Net Assets 294 Classification 295

AXA World Funds - Global Flex 100 Schedule of Investments and Other Net Assets 296 Classification 297

AXA World Funds - Global Income Generation Schedule of Investments and Other Net Assets 298 Classification 299

AXA World Funds - Global Optimal Income Schedule of Investments and Other Net Assets 300 Classification 303

AXA World Funds - Optimal Income Schedule of Investments and Other Net Assets 305 Classification 310

AXA World Funds - Optimal Absolute Schedule of Investments and Other Net Assets 312 Classification 314

AXA World Funds - Optimal Absolute Piano Schedule of Investments and Other Net Assets 315 Classification 316

Notes to the Financial Statements 317

Additional Appendix 376

AXA World Funds

General Information

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Registered Office of the SICAV

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

Board of Directors

Chairman Mr Christophe Coquema, Global Head of Client Group, AXA Investment Managers S.A., residing in France

Members Mr Denis Cohen Bengio, Head of Product Engineering, AXA France, residing in France

Mr Christian Gissler, Global Head of Risks & Controls, AXA Investment Managers S.A., residing in France

Mr Stephan Heitz, Head of AXA Investment Managers Continental Europe and Nordics, AXA Investment Managers Switzerland AG, residing in Switzerland

Mr Jean-Louis Laforge, Deputy Chief Executive Officer of AXA Investment Managers Paris, residing in France

Mr Michael Reinhard, Global Head of Operations, AXA Investment Managers S.A., residing in Germany

Mrs Dorothée Sauloup, Head of Product Management, AXA Investment Managers Paris, residing in France

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

Chairman Mr Michael Reinhard, Global Head of Operations, AXA Investment Managers S.A., residing in Germany

Members Mr Bruno Durieux, NORCEE Finance Office, AXA Belgium S.A., residing in Belgium Mr Steve Gohier, General Manager, responsible for Risks and Controls, AXA Funds Management S.A., residing in Luxembourg Mr Laurent Jaumotte, Chief Financial Officer and Member of the Executive Committee of AXA Luxembourg S.A., residing in Belgium Mr Jean-Louis Laforge, Deputy Chief Executive Officer of AXA Investment Managers Paris, residing in France Mr Sean O’Driscoll, General Manager and Third Parties Relationship Manager, AXA Funds Management S.A., residing in Belgium Mrs Tatiana Pécastaing-Pierre, Senior Sales Manager, ICG Sovereign Wealth Funds, AXA Investment Managers Paris, residing in France

Investment Managers

AXA Investment Managers Paris, Coeur Défense Tour B, La Défense 4, 100, Esplanade du Général de Gaulle, F-92400 Courbevoie, France

AXA Investment Managers UK Limited, 7 Newgate Street, London EC1A 7NX, United Kingdom

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General Information

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Investment Managers (continued)

AXA Investment Managers Inc., 100 West Putnam Avenue, 4th floor., Greenwich, CT 06830, United States of America

AXA Investment Managers Asia (Singapore) Ltd, 1 George Street, # 14-02/03, 15th floor, 04 9145 Singapore

AXA Investment Managers Asia Ltd, Suites 5701-4, 57/F, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong

AXA Real Estate Investment Managers SGP, Coeur Défense Tour B, La Défense 4, 100, Esplanade du Général de Gaulle, F-92400 Courbevoie, France

AXA Rosenberg Investment Management Limited, 7 Newgate Street, London EC1A 7NX, United Kingdom

Agent to carry out Stock Lending and Repurchase Agreements Activities

AXA Investment Managers GS Limited, 7 Newgate Street, London EC1A 7NX, United Kingdom

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

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

Promotor

AXA Investment Managers, Coeur Défense, Tour B, La Défense 4, 100, Esplanade du Général de Gaulle, F-92400 Courbevoie, France

Auditor

PricewaterhouseCoopers, Société coopérative, 2, rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg

Legal Adviser

Arendt & Medernach S.A., 14, rue Erasme, L-2082 Luxembourg, Grand Duchy of Luxembourg

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Information to Shareholders

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The Full Prospectus as well as the Key Investor Information Documents (“KIID”), 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 offices of the Custodian. Information on the issue and redemption prices is made available at the registered office of the Company.

These documents may also be downloaded from the website www.axa-im-international.com.

The financial year of the SICAV ends on 31 December of each year.

AXA World Funds

Foreign Distribution

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Sub-Funds List

As at 30 June 2015, the SICAV consists of 61 active Sub-Funds, eligible for registration: Sub-Funds Currency

EQUITIES SUB-FUNDS:

AXA World Funds - Global Flexible Property USDAXA World Funds - Framlington Europe Real Estate Securities EURAXA World Funds - Framlington Global Real Estate Securities EURAXA World Funds - Framlington Europe Emerging EURAXA World Funds - Framlington Eurozone EURAXA World Funds - Framlington Eurozone RI EURAXA World Funds - Framlington Europe EURAXA World Funds - Framlington Euro Relative Value EURAXA World Funds - Framlington Europe Opportunities EURAXA World Funds - Framlington Europe Small Cap EURAXA World Funds - Framlington Europe Microcap EURAXA World Funds - Framlington American Growth USDAXA World Funds - Framlington Emerging Markets USDAXA World Funds - Framlington Global USDAXA World Funds - Framlington Global Opportunities USDAXA World Funds - Framlington Global High Income USDAXA World Funds - Framlington Global Convertibles EURAXA World Funds - Framlington Global Small Cap USDAXA World Funds - Framlington Health USDAXA World Funds - Framlington Human Capital EURAXA World Funds - Framlington Hybrid Resources USDAXA World Funds - Framlington Italy EURAXA World Funds - Framlington Junior Energy USDAXA World Funds - Framlington Switzerland CHFAXA World Funds - Framlington Talents Global EURAXA World Funds - Framlington LatAm USDAXA World Funds - Global SmartBeta Equity USD

BONDS SUB-FUNDS:

AXA World Funds - Asian Short Duration Bonds (note 1b) USDAXA World Funds - Euro Credit Short Duration EURAXA World Funds - Euro 3-5 EURAXA World Funds - Euro 5-7 EURAXA World Funds - Euro 7-10 EURAXA World Funds - Euro 10 + LT EURAXA World Funds - Euro Bonds EURAXA World Funds - Euro Credit IG EURAXA World Funds - Euro Credit Plus EURAXA World Funds - Euro Credit Total Return (note 1b) EURAXA World Funds - Euro Government Bonds EURAXA World Funds - Euro Inflation Bonds EURAXA World Funds - Euro SmartBeta Credit Bonds (note 1b) EURAXA World Funds - European High Yield Bonds EURAXA World Funds - Global Aggregate Bonds EURAXA World Funds - Global Credit Bonds USDAXA World Funds - Global SmartBeta Credit Bonds USDAXA World Funds - Global Emerging Markets Bonds USD

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Sub-Funds List (continued)

Sub-Funds Currency

BONDS SUB-FUNDS: (continued)

AXA World Funds - Global High Yield Bonds USDAXA World Funds - Global Inflation Bonds EURAXA World Funds - Global Strategic Bonds USDAXA World Funds - Universal Inflation Bonds USDAXA World Funds - US Credit Short Duration IG USDAXA World Funds - US Dynamic High Yield Bonds USDAXA World Funds - US High Yield Bonds USDAXA World Funds - US Libor Plus USDAXA World Funds - Emerging Markets Short Duration Bonds USDAXA World Funds - Optimal Absolute Piano EUR

FUND OF FUNDS SUB-FUNDS: AXA World Funds - Global Flex 50 EURAXA World Funds - Global Flex 100 EURAXA World Funds - Global Income Generation EUR

BALANCED SUB-FUNDS: AXA World Funds - Global Optimal Income EURAXA World Funds - Optimal Income EURAXA World Funds - Optimal Absolute EUR

Regarding the Distribution of the SICAV in Austria

UniCredit Bank Austria AG, Schottengasse 6-8, A-1010 Vienna, provides the service of paying and information agent for the Republic of Austria.

As at 30 June 2015, all Sub-Funds are registered in Austria.

Regarding the Distribution of the SICAV in Belgium

The representative in Belgium is AXA Bank Europe S.A., boulevard du Souverain 25, B-1170 Brussels.

As at 30 June 2015, all Sub-Funds are registered in Belgium, apart from:

AXA World Funds - Global SmartBeta Equity AXA World Funds - Euro SmartBeta Credit Bonds AXA World Funds - Global SmartBeta Credit Bonds

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 Latin America Asset Management Advisors Ltda. at the following address: Latin America Asset Management Advisors Ltda., Magdalena 140, 5th Floor, Las Condes, Santiago de Chile, Chile.

As at 30 June 2015, the following Sub-Funds are registered in Chile:

AXA World Funds - Framlington Eurozone AXA World Funds - Framlington Europe AXA World Funds - Framlington Euro Relative Value AXA World Funds - Framlington Europe Opportunities AXA World Funds - Framlington Emerging Markets

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Regarding the Distribution of the SICAV in Chile (continued)

AXA World Funds - Framlington Global Convertibles AXA World Funds - Framlington Junior Energy AXA World Funds - Framlington Switzerland AXA World Funds - Framlington Talents Global AXA World Funds - Euro Credit Short Duration AXA World Funds - Euro 3-5 AXA World Funds - Euro 5-7 AXA World Funds - Euro 7-10 AXA World Funds - Euro Bonds AXA World Funds - Euro Credit Plus AXA World Funds - Global Aggregate Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - US High Yield Bonds AXA World Funds - Optimal Income

Regarding the Distribution of the SICAV in Denmark

As at 30 June 2015, all Sub-Funds are registered in Denmark, apart from:

AXA World Funds - US Libor Plus

Regarding the Distribution of the SICAV in Finland

As at 30 June 2015, all Sub-Funds are registered in Finland, apart from:


Regarding the Distribution of the SICAV in France

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

As at 30 June 2015, all Sub-Funds are registered in France.

Regarding the Distribution of the SICAV in Germany

Investors residing in Germany may obtain the Full Prospectus and the Key Investor Information Documents (“KIID”), the SICAV’s Articles of Association, the latest annual report or the latest semi-annual report, if published thereafter, free of charge from the information agent in Germany, AXA Investment Managers Deutschland GmbH, Im MediaPark 8a, D-50670 Köln. 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 Köln, provides the service of paying agent for Germany.

As at 30 June 2015, all Sub-Funds are registered in Germany.

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Regarding the Distribution of the SICAV in Hong Kong

As at 30 June 2015, the following Sub-Funds are authorised by Securities and Futures Commission in Hong Kong and are available to Hong Kong residents:

AXA World Funds - Framlington Europe Real Estate Securities AXA World Funds - Framlington Global Real Estate Securities AXA World Funds - Framlington Euro Relative Value AXA World Funds - Framlington Europe Opportunities AXA World Funds - Framlington American Growth AXA World Funds - Framlington Emerging Markets AXA World Funds - Framlington Global Convertibles AXA World Funds - Framlington Health AXA World Funds - Global Inflation Bonds AXA World Funds - Universal Inflation Bonds AXA World Funds - US High Yield Bonds

Sub-Funds others than the aforementioned are not authorised by the Securities and Futures Commission in Hong Kong and are not available to Hong Kong residents.

The Hong Kong representative is AXA Rosenberg Investment Management Asia Pacific Limited, Suites 5701-4, 57/F, One Island East, 18 Westlands Road, Quarry Bay, Hong Kong.

Regarding the Distribution of the SICAV in Italy

The representative in Italy is AXA Investment Managers Italia SIM S.p.A., Corso di Porta Romana, 68, I-20121 Milan.

The correspondent banks in Italy are the following:

- BNP Paribas Securities Services, Milan Branch, 5, Via Ansperto, I-20123 Milan - Société Générale Securities Services S.p.A., Via Benigno Crespi, 19/A MAC2, I-20159 Milan - Banca Monte dei Paschi di Siena S.p.A., Piazza Salimbeni 3, I-53100 Siena - Allfunds Bank S.A. - Italian Branch, Via Santa Margherita, 7, I-20121 Milan

As at 30 June 2015, all Sub-Funds are registered in Italy, apart from:


Regarding the Distribution of the SICAV in Korea

There is no representative in Korea because the SICAV is not registered as “publicly offered”.

As at 30 June 2015, the following Sub-Funds are registered in Korea:

AXA World Funds - Framlington Global Real Estate Securities AXA World Funds - Framlington American Growth AXA World Funds - Framlington Hybrid Resources AXA World Funds - Framlington Junior Energy AXA World Funds - Global Inflation Bonds AXA World Funds - US High Yield Bonds

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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 215, 1118 BH Schiphol Airport, Netherlands.

As at 30 June 2015, all Sub-Funds are registered in the Netherlands.

Regarding the Distribution of the SICAV in Norway

As at 30 June 2015, all Sub-Funds are registered in Norway, apart from:


Regarding the Distribution of the SICAV in Peru

All of the information provided by the Company for the purpose of registering the Shares on the Peruvian Foreign Securities Registry, is available to the public at the offices of Latin America Asset Management Advisors Ltda. at the following address: Latin America Asset Management Advisors Ltda., Magdalena 140, 5th Floor, Las Condes, Santiago de Chile, Chile.

As at 30 June 2015, the following Sub-Funds are registered in Peru:

AXA World Funds - Framlington Europe Small Cap AXA World Funds - Framlington Italy AXA World Funds - Framlington Junior Energy AXA World Funds - Euro Credit Short Duration AXA World Funds - Universal Inflation Bonds

Regarding the Distribution of the SICAV in Portugal

As at 30 June 2015, the following Sub-Funds are registered in Portugal:

AXA World Funds - Framlington Eurozone AXA World Funds - Framlington Europe AXA World Funds - Framlington American Growth AXA World Funds - Framlington Emerging Markets AXA World Funds - Framlington Global High Income AXA World Funds - Framlington Global Convertibles AXA World Funds - Framlington Junior Energy AXA World Funds - Euro Credit Short Duration AXA World Funds - Euro 3-5 AXA World Funds - Euro 5-7 AXA World Funds - Euro Credit Plus AXA World Funds - Global Aggregate Bonds AXA World Funds - Global Credit Bonds AXA World Funds - Global Emerging Markets Bonds AXA World Funds - Global High Yield Bonds AXA World Funds - Global Inflation Bonds AXA World Funds - Global Strategic Bonds AXA World Funds - Universal Inflation Bonds AXA World Funds - US High Yield Bonds AXA World Funds - Emerging Markets Short Duration Bonds AXA World Funds - Global Flex 50 AXA World Funds - Global Flex 100 AXA World Funds - Global Optimal Income AXA World Funds - Optimal Income

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Regarding the Distribution of the SICAV in Spain

As at 30 June 2015, all Sub-Funds are registered in Spain, apart from: AXA World Funds – Euro SmartBeta Credit Bonds

Regarding the Distribution of the SICAV in Singapore

The representative in Singapore is AXA Rosenberg Investment Management Asia Pacific Limited, 1 George Street, #14-02/03, 049145 Singapore.

As at 30 June 2015, the following Sub-Funds are registered in Singapore:

AXA World Funds - Framlington Europe Real Estate Securities AXA World Funds - Framlington Global Real Estate Securities AXA World Funds - Framlington Global Convertibles AXA World Funds - Framlington Global High Income AXA World Funds - Framlington Global Opportunities AXA World Funds - Framlington Europe Emerging AXA World Funds - Framlington Europe AXA World Funds - Framlington Euro Relative Value AXA World Funds - Framlington Europe Small Cap AXA World Funds - Framlington American Growth AXA World Funds - Framlington Emerging Markets AXA World Funds - Framlington Health AXA World Funds - Framlington Human Capital AXA World Funds - Framlington Junior Energy AXA World Funds - Framlington Talents Global AXA World Funds - Euro Credit Plus 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 - Global Strategic Bonds AXA World Funds - Universal Inflation Bonds AXA World Funds - US High Yield Bonds AXA World Funds - Emerging Markets Short Duration Bonds AXA World Funds - Optimal Income

Regarding the Distribution of the SICAV in Sweden

The paying agent in Sweden is Skandinaviska Enskilda Banken, AB Torg 2, SE-10640 Stockholm, Sweden.

As at 30 June 2015, all Sub-Funds are registered in Sweden, apart from:


Regarding the Distribution of the SICAV in Switzerland

The Full Prospectus and the KIIDS 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 period can be obtained free of charge at the registered office of the Swiss Representative in Zurich which is: First Independent Fund Services AG, Klausstrasse 33, CH-8008 Zurich, Switzerland.

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Regarding the Distribution of the SICAV in Switzerland (continued)

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

As at 30 June 2015, all Sub-Funds are registered in Switzerland, apart from:


Regarding the Distribution of the SICAV in Taiwan

The representative in Taiwan is Cathay Securities Investment Consulting Co., Ltd., a company duly incorporated under the laws of the Republic of China, with its principal place of business located at 9F, #296, Jen Ai Rd., Sec. 4, Taipei, Taiwan, R.O.C.

As at 30 June 2015, the following Sub-Funds are registered in Taiwan:

AXA World Funds - Framlington Europe Real Estate Securities AXA World Funds - Framlington Europe Small Cap AXA World Funds - Framlington Emerging Markets AXA World Funds - Framlington Junior Energy AXA World Funds - US High Yield Bonds AXA World Funds - Optimal Income

Regarding the Distribution of the SICAV in the United Kingdom

The legal representative, facilities, marketing and sales agent in the United Kingdom is AXA Investment Managers UK Ltd., 7, Newgate Street, London EC1A 7NX.

As at 30 June 2015, all Sub-Funds are registered in the United Kingdom, apart from:

AXA World Funds - US Libor Plus AXA World Funds - Global Flex 50 AXA World Funds - Global Flex 100 AXA World Funds - Global Income Generation

AXA World Funds

Directors' Report

18

Dear Shareholders,

Your Board of Directors is pleased to report on the progress of your SICAV for the period from 1 January 2015 to 30 June 2015.

The Financial markets through June 2015

Developed economies have rallied since 2013, following the Great Financial Crisis of 2008/2009 and the eurozone’s relapse in 2012 as a result of the sovereign debt crisis. They were supported in this process by large-scale initiatives on the part of central banks, which are still very accommodative to this day.

Global growth stabilised in 2014 at its 2013 level (3.3%) and we expect a further rise in 2015, to around 3.6%. This stabilisation and subsequent recovery were the result of increased growth in developed countries – particularly the US – combined with lower average growth on emerging markets. One notable example is China, which is currently managing its structural transition.

The global upturn remains marginal and fragile. Volumes of public debt are still very high post crisis, and it will take years for them to return to reasonable levels. Growth potential shifting down a gear and inflation weakening almost everywhere led to fears of uncontrolled deflation, particularly in the eurozone (where inflation stood at 0.4% in 2014 and is expected to approach 0% in 2015).

Falling demand and rising supply (caused by growing shale gas output in the US) led to the collapse of oil prices in the fourth quarter of 2014; the period saw a 50% drop. Saudi Arabia chose not to reduce its output to avoid the risk of losing out on market share. This fall in oil prices contributed to improved growth forecasts for consumer countries; conversely, it also worsened fears of deflation.

The US labour market continuously picked up speed, with the unemployment rate decreasing from 6.2% to 5.3%. However, the employment rate for the population is still low, meaning limited effects on salaries. Companies and households are financially healthy, with the ability to invest and spend. Economic growth stood at 2.4% in 2014 and is expected to reach around 2.9% in 2015. This healthier environment saw the Federal Reserve end its asset purchasing programme in October 2014, but the macro situation described above means that it has held on to accommodative key interest rates and is unlikely to raise them before September 2015 at the earliest.

Eurozone growth of 1.5% is expected for 2015, after 1.1% in 2014. Several factors underpinned consumer spending, including the ECB’s negative interest rate policy and its debt purchasing programme initiated in early 2015, widely pre-empted by the markets in 2014, the consequent fall of the euro (which lost 20% against the US dollar over the period) and declining oil prices. Moreover, fears of deflation dissipated in the first six months of 2015. Bank stress tests were reassuring and the ECB’s policies proved to have a positive impact on credit in so-called “peripheral” countries, but investment is still generally stagnant due to a lack of confidence. The long shadow cast by the critical Greek situation is likely to have left its mark on the first half of 2015. At the end of the period under review, a deal still had not been reached between Greece and its creditors on restructuring its debt and implementing the necessary structural reforms. A Greek exit from the eurozone was suddenly a distinct possibility, along with all of the related risks for the country itself and the region.

Prime Minister Shinzo Abe’s voluntarist policies in Japan caused salaries and inflation to rise, but the tax increases in April 2014 undermined consumer spending and growth. The Bank of Japan immediately embarked upon an even larger quantitative easing programme.

Chinese authorities are currently steering a transition to weaker growth, with targets of 7.5% for 2014 and 7% for 2015. The economy has faced strong deflationary forces and there is enduring uncertainty surrounding the real estate market. The equity market bubble swelled rapidly in the middle of the first half of 2015, before bursting at the end of the period.

In addition to these comments on the major economic regions over the period, we would like to broaden our perspective to include, for the longer term, the current and future importance of climate change, ageing populations and new technologies.

AXA World Funds

Directors' Report

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The Financial markets through June 2015 (continued)

Market review In this context, most equity markets posted positive performances over the period: 7% in the US, 7% in the Pacific (excluding Japan) and 4.2% in Switzerland. Supported by strong voluntarism in terms of monetary policy and currency depreciation, growth in the eurozone and Japan was even higher, at 11.5% and 33.8% respectively. By contrast, the UK and Canada declined slightly (MSCI indices, with dividends reinvested in local currencies). Emerging markets were up 16.6% in EUR.

The year’s best performances by sector came from health, consumer goods, technology and finance; energy, utilities and materials posted more mediocre performances (MSCI World).

Finally, small caps significantly outperformed large caps with the MSCI Europe Small Caps up 13.8% as opposed to 7% for the MSCI Europe index.

Fixed income markets reaped the benefits of accommodative monetary policies and very weak inflation forecasts, which saw yields reach new lows: +1.6% on US 10-year yields in January 2015 and +0.08% on German 10-year yields in April 2015. In general, 10-year yields declined over the year: by 0.18% to 2.35% in the US and by 0.48% to 0.76% in Germany. Yield spreads between “core” and “peripheral” eurozone countries were fairly stable throughout; hence 10-year yields fell 0.36% to 2.3% in Spain and 0.51% to 2.33% in Italy. The credit market slightly outperformed sovereign bonds; however, inflation-linked bonds significantly underperformed conventional bonds.

At the forefront of change as a result of differing monetary policies, the euro depreciated against the majority of other major currencies. Thus in one year, against the euro, the US dollar gained 22.8%, the Swiss franc 16.4% and the pound 12.8%. However, the yen was fairly stable with a rise of 1.6%.

On the raw materials market oil prices fell sharply, with Brent losing 45.3% in USD. Gold prices also fell by 11.7% per ounce, leading the GSCI Light Energy global index to shed 26.6% in USD over the period.

SICAV Events

We inform you that the assets under management of the SICAV amount to 29,055,237,536 EUR as at 30 June 2015.

I. Launch of three Sub-Funds

• Launch of AXA World Funds - Euro SmartBeta Credit Bonds. As further described in the prospectus and the KIID, this new Sub-Fund was launched on 8 January 2015.

• Launch of AXA World Funds - Euro Credit Total Return. As further described in the prospectus and the KIID, this new Sub-Fund was launched on 26 February 2015.

• Launch of AXA World Funds - Asian Short Duration Bonds. As further described in the prospectus and the KIID, this new Sub-Fund was launched on 10 March 2015.

II. Creation of Classes of shares

• AXA World Funds - Framlington Global Convertibles

- Class F – Capitalisation in GBP hedged (95%) - Class I – Distribution in EUR - Class I – Capitalisation in CHF hedged (95%)

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Directors' Report

20

SICAV Events (continued)

• AXA World Funds – Framlington Global High Income- Class A – Distribution monthly in AUD hedged (95%) - Class A – Distribution monthly in HKD hedged (95%) - Class A – Distribution monthly in SGD hedged (95%) - Class A – Distribution monthly in USD

• AXA World Funds – Framlington Global Real Estate Securities

- Class A – Distribution monthly in USD • AXA World Funds – Global Aggregate Bonds

- Class A – Distribution monthly in SGD hedged (95%) - Class A – Distribution monthly in USD hedged (95%)

• AXA World Funds –Global High Yield Bonds

- Class A – Distribution monthly in HKD hedged (95%) - Class A – Distribution monthly in SGD hedged (95%) - Class A – Distribution monthly in USD - Class I – Distribution quarterly in EUR hedged (95%)

• AXA World Funds – US High Yield Bonds

- Class A – Distribution monthly in USD • AXA World Funds – Framlington Human Capital

- Class A – Distribution in EUR • AXA World Funds – US Credit Short Duration IG

- Class I – Distribution in EUR hedged (95%) • AXA World Funds – Global Strategic Bonds

- Class M – Distribution in EUR hedged (95%) • AXA World Funds – Global Smartbeta Credit Bonds

- Class I – Distribution quarterly in JPY hedged (95%)

III. Ratification of launch of Classes of shares

• AXA World Funds – Framlington Global Real Estate Securities

- Class A – Distribution in EUR • AXA World Funds – Framlington Euro Relative Value

- Class A – Capitalisation in USD hedged (95%)

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• AXA World Funds – Framlington Europe Opportunities

- Class A – Capitalisation in USD hedged (95%) • AXA World Funds – Framlington Global

- Class M – Capitalisation in GBP hedged (95%) • AXA World Funds – Euro Credit Plus

- Class I – Distribution in EUR • AXA World Funds – Global Credit Bonds

- Class I - Distribution quarterly in GBP hedged (95%) - Class F - Capitalisation in GBP hedged (95%) - Class F - Distribution quarterly in GBP hedged (95%)

• AXA World Funds – Universal Inflation Bonds

- Class I - Capitalisation GBP FX Overlay - Class I - Distribution quarterly in GBP hedged (95%) - Class F - Capitalisation in GBP hedged (95%) - Class F - Distribution quarterly in GBP hedged (95%)

• AXA World Funds – US Dynamic High Yield Bonds

- Class I - Capitalisation GBP hedged (95%) - Class I - Distribution quarterly in GBP hedged (95%) - Class F - Capitalisation in GBP hedged (95%) - Class F - Distribution quarterly in GBP hedged (95%)

IV. Modifications/clarifications of Investment policies, change of investment objective, fees, denomination

Modification/clarification of investment policies

• AXA World Funds – Framlington Switzerland

It has been decided to amend the “Investment policy” section of the Sub-Fund so as to precise that the Sub-Fund may invest not only in companies domiciled but also in companies listed in Switzerland.

• AXA World Funds – Euro Credit Plus

It has been decided to correct a typo in the section “Investment policy” of the Sub-Fund so as to make clear that the arithmetic average of available ratings from Standard & Poor’s, Moody’s or Fitch will be considered when entering in sub-investment grade bonds of issuers noted between BB+ and B-.

It has also been decided to clarify that the UCITS and/or other UCIs in which the Sub-Fund may invest no more than 10% of its net assets will be managed only by the management company or any other AXA IM group entity.

• AXA World Funds – Global Aggregate Bonds

It has been decided to modify the investment policy of the Sub-Fund so as to permit its exposure to sub-investment grade securities, directly or indirectly through units of UCITS and/or other UCIs, up to 30%.

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• AXA World Funds – Global Credit Bonds

It has been decided to amend the investment policy of the Sub-Fund so as to clarify that (i) the sub-investment grade securities in which the Sub-Fund may invest will be rated between BB+ and B- by Standard & Poor’s or equivalent rating by Moody’s or Fitch or if unrated then deemed to be so by the investment manager; and that (ii) in case of downgrade below B- by Standard & Poor’s or equivalent rating by Moody’s or Fitch or if unrated then deemed to be so by the investment manager, securities will be sold within 6 months. It has also been decided:

• to precise which rating will have to be considered in case of different ratings of rating agencies exist; • that the UCITS and/or other UCIs in which the Sub-Fund may invest no more than 10% of its net

assets (i) must be managed only by the management company or any other AXA IM group entity and (ii) will themselves not invest in securities CCC+ or below by Standard & Poor’s or equivalent rating by Moody’s or Fitch or if unrated then deemed to be so by the investment manager.

• AXA World Funds – Global Optimal Income and AXA World Funds – Optimal Income

It has been decided to slightly amend the second paragraph of the section “Investment policy” so as to clarify that the units of UCITS and/or other UCIs in which the Sub-Fund may invest up to 10% of its assets including regulated open-ended hedge funds must comply with the provisions of the article 41(1) (e) of the law of 17 December 2010 on undertakings for collective investment

Modification of performance fees and fees

• AXA World Funds – Framlington Europe Real Estate Securities

It has been decided to decrease the maximum subscription fees applicable to class A quarterly distribution USD hedged (95%) and A quarterly distribution HKD hedged (95%) from 5.50% to 5.25%.

• AXA World Funds – Framlington Global Real Estate Securities and AXA World Funds – Human Capital

It has been decided to decrease the maximum annual management fees as applicable to classes “A” and “E” shares from 2.50% to 2.00%, class “F” shares from 1.50% to 1.00% and class “I” shares from 1.50% to 0.80%.

• AXA World Funds – Framlington Eurozone and AXA World Funds – Framlington Europe

It has been decided to decrease the maximum annual management fees as applicable to class “I” shares from 0.75% to 0.70%.

• AXA World Funds – Framlington American Growth and AXA World Funds – Framlington Emerging Markets

It has been decided to decrease the maximum annual management fees applicable to classes “A” and “E” shares from 2.50% to 1.70%, class “F” shares from 1.50% to 0.85% and class “I” shares from 0.75% to 0.70%.

• AXA World Funds – Framlington Global Opportunities

It has been decided to decrease the maximum annual management fees applicable to classes “A” and “E” shares from 2.50% to 1.70% and class “F” shares from 1.50% to 0.85%.

• AXA World Funds – Framlington Health

It has been decided to decrease the maximum annual management fees applicable to classes “A” and “E” shares from 2.50% to 2.00% and class “F” shares from 1.50% to 1.00%.

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• AXA World Funds – Framlington Italy

It has been decided to decrease the maximum annual management fees applicable to class “I” shares from 1.50% to 0.70%.

• AXA World Funds – Framlington LatAm

It has been decided, as provided in the fees arrangement entered into with the custodian, to draw the investor’s attention on the increase of the maximum annual custodian fees applicable to classes “A”, “E”, “F” and “M” from 0.025% to 0.25%.

V. Closure and modification of Classes of shares

As no investors subscribed, it has been decided to close the class of shares HKD – Capitalisation in USD hedged (95%) in AXA World Funds – Framlington Talents Global and in the meantime not to accept any subscription in this class of shares.

VI. Bearer shares

State Street Bank Luxembourg S.C.A. (SSBL) has been appointed as depositary within the meaning of the law of 28 July 2014 on the immobilization of bearer shares and units. The Depositary will in particular hold the bearer shares issued by AXA World Funds and which have been deposited with it. This is consecutive to the merger of AXA L Fund into AXA World Funds in December 2014. The Depositary shall register such bearer shares on a specific register compliant with the applicable legal requirements.

Such immobilisation must in any case occur no later than 18 February 2016. Bearer Shares not immobilised at this date shall be cancelled and their exchange value on the day of their redemption will be deposited with the Luxembourg caisse de consignation and made available to those persons who are able to establish their capacity of holders.

VII. Other changes to specific Sub-Funds

NAV realignment

It has been decided to reduce, as from 1 May 2015, the settlement cycle of subscription, redemption and conversion process. This means that for all Sub-Funds which use to calculate the NAV on the Valuation Day following the order date received from the investors (process on forward basis), the trade date shall as from 1 May 2015 be realigned with the date of the order. For all other Sub-Funds which use to calculate the NAV on the second Valuation Day following the order date received from the investors (process on forward-forward basis), the trade date shall as from 1 May 2015 be set the Valuation Day which immediately follows the relevant order date. Subscription, redemption and conversion orders of AXA World Funds – Global Emerging Markets Bonds, AXA World Funds – Emerging Markets Short Duration Bonds and AXA World Funds – US Libor Plus shall be processed on a forward-forward basis as from 1 May 2015. Such change has been decided (i) to take into account the exposure of AXA World Funds - Global Emerging Markets Bonds and AXA World Funds - Emerging Markets Short Duration Bonds to the Asian markets which are closed before mid-day CET and (ii) to ensure a consistent valuation of the assets of AXA World Funds – US Libor Plus. As a consequence thereof, the trade day shall remain for these Sub-Funds the Valuation Day which immediately follows the relevant order date. The relevant definitions in the glossary and the relevant sections of the prospectus as well as the section relating to the subscription, redemption and conversion process in all the appendices of the prospectus have been amended accordingly.

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Definition of “Business Day”

It has been decided to specify that for AXA World Funds – Framlington Italy, a Business Day shall be understood as a day on which banks are open all day for business in Luxembourg and in Italy.

It has been decided to specify that for AXA World Funds – Framlington Switzerland, a Business Day shall be understood as a day on which banks are open all day for business in Luxembourg and in Switzerland.

Clarification about the Benchmark index

It has been decided for AXA World Funds – Framlington Global Convertibles to draw the investor’s attention to the fact that the performance of the Benchmark index could be negative in case of non-EUR denominated shares (with the exception of the non-EUR hedged denominated shares) due to the impact of the currency conversion from the Euro base currency to the share class currency. It has also been decided:

• to reflect the change of the name of the Benchmark index used for comparison for the calculation of the performance fees which is now denominated “Thomson Reuters Convertible Global Focus Hedged EUR” instead of “UBS Global Focus Hedged EUR Convertibles”;

• to disclose that for the non-EUR hedged denominated shares, the Benchmark index for comparison is Thomson Reuters Convertible Global Focus Hedged denominated in the currency of the share class.

Clarification about the order cycle

• Insertion of a wording applicable to the subscription, redemption and conversion process which was missing in the appendix of AXA World Funds – US Libor Plus.

Special risk consideration

It has been decided for AXA World Funds – Global Aggregate Bonds to add a new sub-section relating to the risk associated to high yield securities.

It has been decided for AXA World Funds – Global Optimal Income to add a new sub-section relating to the risk associated to investment in hedge funds.

VIII. General modifications

In addition, the prospectus has been updated with the following modifications:

Directive 2013/14/EU • Addition of a new paragraph in the section relating to the “Investment policy” of several appendices in order to

take into account the requirements of the Directive 2013/14/EU of the European Parliament and of the Council of 21 May 2013. The appendices concerned by these amendments are the ones relating to Sub-Funds which invest into debt securities on the basis of their credit ratings issued by rating agencies. The Board decides to clarify that the Investment Manager will not rely exclusively or mechanistically on those credit ratings but also on an internal credit or market risk analysis and that decision to buy or sell assets may also be based on other analysis criteria of the Investment Manager.

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Efficient portfolio management techniques • Deletion of item (iv) (d) of the sub-section b) “Securities borrowing” of the section VII “Efficient portfolio

management techniques” according to which any Sub-Fund could borrow securities as a technique to meet its obligation to deliver the securities being the object of a repurchase agreement. Indeed the securities being the object of a repurchase agreement may no longer be reinvested, sold or pledged under the ESMA Guidelines 2014/937/EN. Therefore there is no legal reason for a Sub-Fund to borrow securities in order to meet their obligation referred to above.

ESMA Guidelines 2014/937/EN • Using of the modified rules on collateral diversification as published by the amended ESMA Guidelines

2014/937/EN which permit a UCITS to be fully collateralised in different transferable securities and money market instruments issued or guaranteed by member states, local authorities, third countries or public international bodies under certain conditions.

As a consequence, amendment accordingly of the sub-section “Eligible Collateral” of section VIII “Collateral Management” of the prospectus. Addition of a new paragraph to clarify that in case there is a title of transfer, the collateral received needs to be held by the custodian where in all other situations, the collateral may be held by a third party custodian provided that it is subject to prudential supervision and unrelated to the provider of collateral.

Form of shares • To allow the issue of bearer shares only on an exceptional basis, in case of a Company event (like a merger)

and subject to the prior approval of the Board.

Classes of shares • Amendment of the characteristics of class F shares which is now intended to be offered (i) through certain

distributors who have separate fee arrangements with their clients and (ii) to other investors of at the management company’s discretion.

• Amendment of all the appendices of the Sub-Funds so as (i) to remove any reference made to specific conditions or specific investors of the class shares available in each Sub-Fund since those rules are already provided in the general part of the prospectus and (ii) to precise that the minimum holding requirement mentioned in all the appendices is applicable to the relevant class shares and not to the Sub-Fund.

Update of the following information in the prospectus:

- The composition of the board of directors of the management company; - The address of the auditors; - The details concerning the management company of the SICAV and the list of the funds it manages; - Typos and editing issues.

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26

Board of Directors

We inform you that, there are no changes since the beginning of the year 2015, your Board of Directors is still composed, as at 30 June 2015 as follows:

Christophe Coquema, Chairman Denis Cohen Bengio, Christian Gissler, Stephan Heitz, Jean-Louis Laforge, Michael Reinhard, Dorothée Sauloup.

The Board of Directors Luxembourg, 30 June 2015

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

AXA World Funds

27

AXA World Funds

Statement of Net Assets as at 30 June 2015

The accompanying notes form an integral part of these financial statements. 28

Combined AXA World Funds AXA World FundsGlobal Flexible

Property Framlington Europe

Real Estate Securities

EUR USD EUR

ASSETS Investment portfolio at cost (note 2e) 26,081,163,480 33,485,554 563,361,868 Unrealised appreciation/(depreciation) on investment 1,536,873,166 (1,301,412) 76,165,858 Investment portfolio at market value (note 2d) 27,618,036,646 32,184,142 639,527,726

Time deposit 10,944,115 - - Cash and cash equivalent 1,334,859,922 420,114 11,072,202 Receivables resulting from sales of securities 432,640,542 319,815 2,313,355 Receivables resulting from subscriptions 112,577,788 - 2,332,989 Interest accruals 280,786,529 144,968 - Accrued securities lending income 862,665 - 1,771 Dividend and tax reclaim receivables 13,399,356 53,087 823,988 Net unrealised appreciation on open futures contracts (notes 2h, 15) 11,231,082 54,785 - Net unrealised appreciation on forward foreign exchange contracts (notes 2g, 14) 24,222,402 - 863,478 Net unrealised appreciation on swap contracts (notes 2i, 16) 2,231,268 - - Reimbursement of accrued expenses 11,053 - - Other receivables 8,867,513 250 11,857 Total assets 29,850,670,881 33,177,161 656,947,366

LIABILITIES Bank overdraft 4,775,230 40,936 - Payables resulting from purchases of securities 518,197,182 - 4,832,540 Payables resulting from redemptions 149,458,733 - 4,283,687 Net unrealised depreciation on open futures contracts (notes 2h, 15) 2,245,942 - - Net unrealised depreciation on forward foreign exchange contracts (notes 2g, 14) 79,119,730 299,655 - Net unrealised depreciation on swap contracts (notes 2i, 16) 3,164,241 - - Net unrealised depreciation on CDS 39,066 - - Accrued expenses 28,493,215 26,376 820,278 Dividend payable 957,226 - - Other payables 8,982,780 15,763 115,948 Total liabilities 795,433,345 382,730 10,052,453

NET ASSET VALUE 29,055,237,536 32,794,431 646,894,913

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsFramlington Global

Real Estate Securities Framlington Europe

Emerging Framlington Eurozone Framlington

Eurozone RIFramlington Europe Framlington Euro

Relative Value

EUR EUR EUR EUR EUR EUR

130,953,286 20,088,888 674,527,115 144,917,811 1,003,315,722 566,894,063

17,744,133 (540,565) 283,950,543 47,156,640 183,906,652 177,531,433 148,697,419 19,548,323 958,477,658 192,074,451 1,187,222,374 744,425,496

- - - - - - 1,207,890 100,886 13,770,386 3,365,158 7,327,977 6,721,460

- - - - 118,109 5,430,169 267,923 28,407 12,338,276 - 2,346,908 107,573

- - - - - - 508 - 113,948 - - 60,019

544,650 47,786 1,078,881 481,926 2,331,637 1,345,679 - - - - - -

243,832 - - - - - - - - - - - - - - - - -

888 - 141,944 33 72,186 42,390 150,963,110 19,725,402 985,921,093 195,921,568 1,199,419,191 758,132,786

3,643 - - - - -

- - 2,290,834 - 2,498,239 2,291,937 113,110 36,679 498,868 38,809 1,303,456 8,684,002

- - - - - - - - - - 253 - - - - - - - - - - - - -

181,408 61,280 723,310 194,489 396,244 660,868 1,205 - - - - -

145,181 7,708 - - - - 444,547 105,667 3,513,012 233,298 4,198,192 11,636,807

150,518,563 19,619,735 982,408,081 195,688,270 1,195,220,999 746,495,979

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Framlington Europe

OpportunitiesFramlington Europe

Small Cap Framlington Europe

Microcap

EUR EUR EUR

ASSETS Investment portfolio at cost (note 2e) 299,222,464 352,014,979 118,629,081 Unrealised appreciation/(depreciation) on investment 35,504,587 121,434,161 36,308,083 Investment portfolio at market value (note 2d) 334,727,051 473,449,140 154,937,164

Time deposit - - - Cash and cash equivalent 6,505,672 29,051,469 9,268,119 Receivables resulting from sales of securities 4,475,134 - 329,630 Receivables resulting from subscriptions 2,517,012 2,839,292 27,963 Interest accruals - - - Accrued securities lending income 1,669 - 1,358 Dividend and tax reclaim receivables 883,560 825,731 287,308 Net unrealised appreciation on open futures contracts (notes 2h, 15) - - - Net unrealised appreciation on forward foreign exchange contracts (notes 2g, 14) - - - Net unrealised appreciation on swap contracts (notes 2i, 16) - - - Reimbursement of accrued expenses - - - Other receivables 11,371 6,545 1,718 Total assets 349,121,469 506,172,177 164,853,260

LIABILITIES Bank overdraft - - - Payables resulting from purchases of securities 2,766,593 - 521,611 Payables resulting from redemptions 2,247,077 2,092,917 1,690,583 Net unrealised depreciation on open futures contracts (notes 2h, 15) 295,206 - - Net unrealised depreciation on forward foreign exchange contracts (notes 2g, 14) - 61 18 Net unrealised depreciation on swap contracts (notes 2i, 16) - - - Net unrealised depreciation on CDS - - - Accrued expenses 363,815 278,710 250,387 Dividend payable - - - Other payables 3,738 40,875 3,781 Total liabilities 5,676,429 2,412,563 2,466,380

NET ASSET VALUE 343,445,040 503,759,614 162,386,880

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsFramlington American

Growth Framlington Emerging

Markets Framlington Global Framlington Global

OpportunitiesFramlington Global

High Income Framlington Global

Convertibles

USD USD USD USD USD EUR

220,090,382 334,845,286 32,445,588 18,574,676 15,446,602 397,797,001

62,391,289 21,730,219 5,301,680 3,061,683 (6,101) 61,945,164 282,481,671 356,575,505 37,747,268 21,636,359 15,440,501 459,742,165

- - - - - - 13,354,628 6,737,528 134,600 307,527 87,461 26,548,896

- - 335,775 194,849 186,502 - 174,293 48,615 174,714 - 51,636 272,180

- - - - - 843,394 - 4,831 765 - - 83,190

77,348 2,081,381 88,601 49,863 45,558 - - - - - - - - - - 19 - - - - - - - - - - - - - -

496 2,736 17,485 - 135 4,150 296,088,436 365,450,596 38,499,208 22,188,617 15,811,793 487,493,975

- - 8,018 4,819 2,184 -

3,313,866 - 33,787 48,426 - - 539,242 197,333 2,027 - - 2,198,486

- - - - - - 232,953 64,522 9,342 - 4,934 4,345,851

- - - - - - - - - - - -

265,446 471,340 58,245 23,306 16,733 745,557 - - - - 789 -

23,283 339,696 13,815 7,828 5,199 9,093 4,374,790 1,072,891 125,234 84,379 29,839 7,298,987

291,713,646 364,377,705 38,373,974 22,104,238 15,781,954 480,194,988

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Framlington Global

Small CapFramlington Health Framlington Human

Capital

USD USD EUR

ASSETS Investment portfolio at cost (note 2e) 23,170,831 92,598,663 299,126,818 Unrealised appreciation/(depreciation) on investment 5,265,255 25,127,203 71,026,576 Investment portfolio at market value (note 2d) 28,436,086 117,725,866 370,153,394

Time deposit - - - Cash and cash equivalent 2,125,771 4,401,092 5,190,669 Receivables resulting from sales of securities - - 867,945 Receivables resulting from subscriptions 42,138 476,240 738,736 Interest accruals - - - Accrued securities lending income - - - Dividend and tax reclaim receivables 35,137 73,901 845,782 Net unrealised appreciation on open futures contracts (notes 2h, 15) - - - Net unrealised appreciation on forward foreign exchange contracts (notes 2g, 14) - - - Net unrealised appreciation on swap contracts (notes 2i, 16) - - - Reimbursement of accrued expenses - - - Other receivables 189 33 4,321 Total assets 30,639,321 122,677,132 377,800,847

LIABILITIES Bank overdraft - - - Payables resulting from purchases of securities - - 866,952 Payables resulting from redemptions - 199,216 470,879 Net unrealised depreciation on open futures contracts (notes 2h, 15) - - - Net unrealised depreciation on forward foreign exchange contracts (notes 2g, 14) 2 - 654 Net unrealised depreciation on swap contracts (notes 2i, 16) - - - Net unrealised depreciation on CDS - - - Accrued expenses 22,424 236,819 534,109 Dividend payable - - - Other payables 1,916 11,816 7,312 Total liabilities 24,342 447,851 1,879,906

NET ASSET VALUE 30,614,979 122,229,281 375,920,941

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsFramlington Hybrid

Resources Framlington Italy Framlington Junior

EnergyFramlington Switzerland

Framlington Talents Global

Framlington LatAm

USD EUR USD CHF EUR USD

46,089,314 424,800,941 129,786,416 96,741,464 95,013,944 10,088,735 (2,069,127) 107,851,796 (1,198,093) 28,643,020 24,844,608 (1,286,715)44,020,187 532,652,737 128,588,323 125,384,484 119,858,552 8,802,020

12,194,000 - - - - - 5,090,037 8,011,308 1,859,662 3,357,112 533,560 156,118

22,469,507 7,634,266 326,828 - - - 6,177 2,548,832 55,483 214,382 384,960 -

70 - - - - - 1,508 80,510 7,569 4,594 8,466 -

41,831 542,348 147,816 58,750 95,972 21,331 - - - - - - 3 - - - - 345

256,413 - - - - - - - - - - -

25 398 - - 1,856 - 84,079,758 551,470,399 130,985,681 129,019,322 120,883,366 8,979,814

- - - - - 5,425

22,000,000 7,195,475 - 2,544,422 - - 923,348 5,016,775 1,137,955 276,945 3,903 -

- - - - - - - - 5,742 - 25 - - - - - - - - - - - - -

84,622 513,911 222,538 180,393 108,351 24,214 - - - - - -

11,116 165,097 126,795 17,079 48,095 1,381 23,019,086 12,891,258 1,493,030 3,018,839 160,374 31,020

61,060,672 538,579,141 129,492,651 126,000,483 120,722,992 8,948,794

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Global SmartBeta

EquityAsian Short Duration

Bonds (note 1b) Euro Credit Short

Duration

USD USD EUR

ASSETS Investment portfolio at cost (note 2e) 159,152,601 14,545,081 2,224,103,478 Unrealised appreciation/(depreciation) on investment 6,458,053 48,892 5,719,005 Investment portfolio at market value (note 2d) 165,610,654 14,593,973 2,229,822,483

Time deposit - - - Cash and cash equivalent 2,941,187 550,964 210,135,871 Receivables resulting from sales of securities - 157,220 632,141 Receivables resulting from subscriptions - - 13,405,120 Interest accruals - 169,035 30,591,964 Accrued securities lending income - - 14,981 Dividend and tax reclaim receivables 312,253 - - Net unrealised appreciation on open futures contracts (notes 2h, 15) - - - Net unrealised appreciation on forward foreign exchange contracts (notes 2g, 14) 79,006 283 46,319 Net unrealised appreciation on swap contracts (notes 2i, 16) - - - Reimbursement of accrued expenses - - - Other receivables 189 - - Total assets 168,943,289 15,471,475 2,484,648,879

LIABILITIES Bank overdraft 312 - - Payables resulting from purchases of securities - - 3,100,000 Payables resulting from redemptions - - 22,106,452 Net unrealised depreciation on open futures contracts (notes 2h, 15) - - 37,720 Net unrealised depreciation on forward foreign exchange contracts (notes 2g, 14) - - - Net unrealised depreciation on swap contracts (notes 2i, 16) - - 4,714 Net unrealised depreciation on CDS - - - Accrued expenses 77,492 3,426 1,069,425 Dividend payable - - - Other payables 57,749 147 88,875 Total liabilities 135,553 3,573 26,407,186

NET ASSET VALUE 168,807,736 15,467,902 2,458,241,693

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsEuro 3-5 Euro 5-7 Euro 7-10 Euro 10 + LT Euro Bonds Euro Credit IG


568,096,077 1,369,400,593 290,770,681 95,307,216 209,953,951 395,423,607

9,249,742 21,221,834 3,844,211 (4,039,507) 1,385,875 3,710,693 577,345,819 1,390,622,427 294,614,892 91,267,709 211,339,826 399,134,300

- - - - - - 10,563,463 8,378,770 2,062,447 2,600,550 1,658,828 4,347,837

- 54,483,004 3,586,954 4,319,538 1,785,865 40,630,374 298,358 1,835,669 707,262 281,248 35,320 8,718,717

8,685,008 17,929,516 3,742,653 1,232,537 3,015,679 4,966,194 7,389 31,283 4,329 1,169 1,731 8,542

- - - - - - - - 219,180 - - - - - - - - - - - - - - - - - - - - -

497 225 2 27 107 15,623 596,900,534 1,473,280,894 304,937,719 99,702,778 217,837,356 457,821,587

- - - - - - - - 2,159,641 719,880 1,559,741 40,000,000

308,664 53,643,748 464,224 3,188,618 91,519 1,126,218 589,260 96,540 - 33,890 6,705 157,300

- - - - - - - - - - - - - - - - - -

269,605 819,955 137,451 78,023 153,165 139,676 - - - - - -

22,343 57,100 7,487 2,212 11,556 17,588 1,189,872 54,617,343 2,768,803 4,022,623 1,822,686 41,440,782

595,710,662 1,418,663,551 302,168,916 95,680,155 216,014,670 416,380,805

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Euro Credit Plus Euro Credit Total

Return (note 1b) Euro Government

Bonds

EUR EUR EUR

ASSETS Investment portfolio at cost (note 2e) 911,024,175 29,067,827 362,189,228 Unrealised appreciation/(depreciation) on investment (2,628,726) (437,332) 8,883,253 Investment portfolio at market value (note 2d) 908,395,449 28,630,495 371,072,481

Time deposit - - - Cash and cash equivalent 3,851,719 371,291 12,183,640 Receivables resulting from sales of securities 91,418,341 10,216,138 4,513,789 Receivables resulting from subscriptions 736,437 - 15,242,833 Interest accruals 12,494,793 437,779 6,203,345 Accrued securities lending income 20,004 - 4,702 Dividend and tax reclaim receivables - - - Net unrealised appreciation on open futures contracts (notes 2h, 15) - - 102,155 Net unrealised appreciation on forward foreign exchange contracts (notes 2g, 14) - - - Net unrealised appreciation on swap contracts (notes 2i, 16) - - - Reimbursement of accrued expenses - - - Other receivables 39 38,915 1 Total assets 1,016,916,782 39,694,618 409,322,946

LIABILITIES Bank overdraft - 1,299,948 - Payables resulting from purchases of securities 90,000,000 8,649,388 19,274,957 Payables resulting from redemptions 3,442,242 - 833,764 Net unrealised depreciation on open futures contracts (notes 2h, 15) 168,180 9,378 - Net unrealised depreciation on forward foreign exchange contracts (notes 2g, 14) - 19,519 - Net unrealised depreciation on swap contracts (notes 2i, 16) - - - Net unrealised depreciation on CDS - - - Accrued expenses 663,124 4,305 156,073 Dividend payable - - - Other payables 31,506 278 1,610 Total liabilities 94,305,052 9,982,816 20,266,404

NET ASSET VALUE 922,611,730 29,711,802 389,056,542

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsEuro Inflation Bonds Euro SmartBeta Credit

Bonds (note 1b) European High Yield

BondsGlobal Aggregate

BondsGlobal Credit Bonds Global SmartBeta

Credit Bonds

EUR EUR EUR EUR USD USD

216,365,565 29,021,075 53,039,034 467,756,280 108,557,153 104,020,063

(3,938,713) 48,085 2,060,510 48,444,089 (2,910,911) (3,413,641)212,426,852 29,069,160 55,099,544 516,200,369 105,646,242 100,606,422

- - - - - - 4,031,500 148,856 2,254,094 19,293,813 4,197,868 930,325 2,053,511 - 715,921 106,623,189 - -

17,885,898 - 201,908 61,763 241 - 1,487,722 434,206 1,009,801 4,729,095 1,302,379 1,430,526

1,090 - 714 7,579 571 9 - - - - - - - 88,286 - - 36,279 14,567 - 34,135 829,415 181,038 - - - - - - 111,297 - - - - - - -

5,979 - 7,684 5,145,600 2,126 17,654 237,892,552 29,774,643 60,119,081 652,242,446 111,297,003 102,999,503

- 113,316 - - - -

10,664,033 - - 108,877,912 - - 340,584 - 2,762,517 417,164 20 - 105,510 - - 215,677 - -

- - - - 704,453 452,690 3,370 - - 880,855 - -

- - - - - - 75,978 7,963 30,847 286,863 71,564 43,798

- - 34,211 339 - - 6,055 2,540 286 35,319 201,614 -

11,195,530 123,819 2,827,861 110,714,129 977,651 496,488

226,697,022 29,650,824 57,291,220 541,528,317 110,319,352 102,503,015

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Global Emerging

Markets BondsGlobal High Yield

Bonds Global Inflation Bonds

USD USD EUR

ASSETS Investment portfolio at cost (note 2e) 71,632,540 1,543,045,997 2,073,194,058 Unrealised appreciation/(depreciation) on investment (689,396) (52,550,993) 200,758,281 Investment portfolio at market value (note 2d) 70,943,144 1,490,495,004 2,273,952,339

Time deposit - - - Cash and cash equivalent 1,200,348 102,723,750 221,431,684 Receivables resulting from sales of securities - 3,796,875 21,827,301 Receivables resulting from subscriptions - 2,102,505 7,528,454 Interest accruals 1,086,865 29,660,898 7,839,418 Accrued securities lending income 12,938 22,667 72,609 Dividend and tax reclaim receivables - - - Net unrealised appreciation on open futures contracts (notes 2h, 15) - - 9,985,380 Net unrealised appreciation on forward foreign exchange contracts (notes 2g, 14) - - 21,952,617 Net unrealised appreciation on swap contracts (notes 2i, 16) - - - Reimbursement of accrued expenses - - - Other receivables 5,245 9,215 161,255 Total assets 73,248,540 1,628,810,914 2,564,751,057

LIABILITIES Bank overdraft - - - Payables resulting from purchases of securities 501,550 18,417,996 47,327,186 Payables resulting from redemptions 287,059 4,619,553 2,902,725 Net unrealised depreciation on open futures contracts (notes 2h, 15) - - - Net unrealised depreciation on forward foreign exchange contracts (notes 2g, 14) 501,418 23,420,297 - Net unrealised depreciation on swap contracts (notes 2i, 16) - - Net unrealised depreciation on CDS - - 39,066 Accrued expenses 118,336 1,236,273 1,517,965 Dividend payable - 773 - Other payables - 66,821 88,046 Total liabilities 1,408,363 47,761,713 51,874,988

NET ASSET VALUE 71,840,177 1,581,049,201 2,512,876,069

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsGlobal Strategic Bonds Universal Inflation

Bonds US Credit Short

Duration IGUS Dynamic High Yield

BondsUS High Yield Bonds US Libor Plus

USD USD USD USD USD USD

472,823,856 181,975,524 158,156,022 104,309,279 6,777,837,696 67,983,071 (13,645,292) (6,727,675) (208,303) (5,842,190) (169,614,426) (28,278,282)459,178,564 175,247,849 157,947,719 98,467,089 6,608,223,270 39,704,789

- - - - - - 24,151,577 2,075,931 3,163,505 3,641,583 365,386,484 4,253,186 1,522,226 14,292,624 994,607 6,340,858 18,305,833 -

427,937 - 27,531 - 9,709,920 - 6,591,055 769,568 1,626,146 2,318,978 130,700,364 78,994

3,951 - - 111 192,935 - - - - - - -

544,699 - - - - - - - - - - - - - - 1,257,326 - - - - - - - -

2,126 3,127,689 333 23,472 150,867 - 492,422,135 195,513,661 163,759,841 112,049,417 7,132,669,673 44,036,969

- 1,933 - - - -

1,082,943 18,889,945 999,370 7,056,495 90,742,977 - 260,401 997 57,747 - 9,450,227 -

- - - - - - 692,077 3,278,548 517,146 574 38,334,987 57

2,464,075 2,581 68,499 - - - - - - - - -

392,667 146,649 61,812 77,226 4,492,181 5,928 - - - - 1,025,144 -

7,747,977 6,069 6,793 6,092 - 2 12,640,140 22,326,722 1,711,367 7,140,387 144,045,516 5,987

479,781,995 173,186,939 162,048,474 104,909,030 6,988,624,157 44,030,982

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Emerging Markets

Short Duration BondsGlobal Flex 50 Global Flex 100

USD EUR EUR

ASSETS Investment portfolio at cost (note 2e) 1,297,678,748 113,552,893 43,149,999 Unrealised appreciation/(depreciation) on investment (43,294,712) 7,429,315 7,649,218 Investment portfolio at market value (note 2d) 1,254,384,036 120,982,208 50,799,217

Time deposit - - - Cash and cash equivalent 155,537,904 7,961,221 6,725,611 Receivables resulting from sales of securities 4,000,000 - - Receivables resulting from subscriptions 5,589,142 223,161 11,473 Interest accruals 16,809,705 - - Accrued securities lending income 75,727 - - Dividend and tax reclaim receivables - - 219 Net unrealised appreciation on open futures contracts (notes 2h, 15) - 118,247 52,562 Net unrealised appreciation on forward foreign exchange contracts (notes 2g, 14) - 77 - Net unrealised appreciation on swap contracts (notes 2i, 16) 861,057 - - Reimbursement of accrued expenses - - - Other receivables 687 127 6,665 Total assets 1,437,258,258 129,285,041 57,595,747

LIABILITIES Bank overdraft - - 122,205 Payables resulting from purchases of securities - - - Payables resulting from redemptions 13,774,146 71,961 19,887 Net unrealised depreciation on open futures contracts (notes 2h, 15) - - - Net unrealised depreciation on forward foreign exchange contracts (notes 2g, 14) 12,979,823 - - Net unrealised depreciation on swap contracts (notes 2i, 16) - - - Net unrealised depreciation on CDS - - - Accrued expenses 1,416,395 118,971 57,434 Dividend payable - - - Other payables 101,171 158,453 10 Total liabilities 28,271,535 349,385 199,536

NET ASSET VALUE 1,408,986,723 128,935,656 57,396,211

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds Global Income

Generation Global Optimal Income Optimal Income Optimal Absolute Optimal Absolute Piano

EUR EUR EUR EUR EUR

10,136,827 75,938,656 460,129,938 78,309,645 35,202,203 1,110,053 12,124,682 122,676,545 1,670,813 372,523

11,246,880 88,063,338 582,806,483 79,980,458 35,574,726

- - - - - 175,543 7,586,400 39,586,191 3,787,090 701,153

- - 2,929,810 - - - 528,731 949,961 17,752 90 - 126,236 1,430,240 416,240 231,837 - 2,513 37,253 511 - - 61,675 394,103 27,602 6,362 - - - 59,008 22,593 - - - - - - - - - -

11,053 - - - - - 167,937 663 53 -

11,433,476 96,536,830 628,134,704 84,288,714 36,536,761

- 611,296 2,000,074 567,643 - - 1,134,496 12,256,295 318,140 76,870 - 55,173 510,566 1,192 596

2,900 147,363 380,313 - - - 398,623 1,040,022 152,425 16,729 - - - - - - - - - - - 96,044 7,989,212 160,347 42,590 - - 2 - - - 3,949 28,231 166 84

2,900 2,446,944 24,204,715 1,199,913 136,869

11,430,576 94,089,886 603,929,989 83,088,801 36,399,892

AXA World Funds

Statement of Operations and Changes in Net Assets for the period ended 30 June 2015


Combined AXA World Funds AXA World FundsGlobal Flexible

Property Framlington Europe

Real Estate Securities

EUR USD EUR

NET ASSET VALUE AT THE BEGINNING OF THE PERIOD 26,665,646,796 * 14,872,949 321,810,470

INCOME Dividends (note 2j) 118,573,032 216,261 10,436,836 Interest on investment portfolio (note 2k) 396,813,065 161,480 - Interest on bank overdraft 32,694 - - Securities lending income (note 21) 4,964,556 - 26,780 Income on swaps 603,253 - - Reimbursement of management fees (note 6) 151,007 - - Other income 310,205 - - Total income 521,447,812 377,741 10,463,616 EXPENSES Interest on cash accounts (note 2k) 232,760 1,972 5,210 Performance fees (note 7) 9,379,947 - - Redex/SolEx fees (note 8) 260,291 - - Securities lending expenses (note 21) 1,737,594 - 9,373 Expense on swaps 724,211 - - Transaction fees (note 13) 565,247 4,779 5,247 Accounting fees (note 10) 2,692,179 2,698 53,362 Custody fees (note 11) 1,605,387 4,271 30,894 Distribution fees (note 5) 1,557,404 84 34,904 General administration fees (note 11) 1,498,394 1,460 48,697 Hedging fees 694,068 3,996 20,763 Legal fees 199,164 4,686 3,370 Management fees (note 6) 79,143,521 85,734 3,275,907 Professional fees 354,349 354 7,021 Publication and printing fees 283,495 283 5,617 Transfer agent fees (note 11) 4,109,158 4,130 81,447 Registration fees (note 11) 1,841,971 1,852 36,511 Regulatory fees 155,841 156 3,089 Taxation (note 4) 3,470,565 1,568 125,535 Withholding tax reclaim fees (note 9) 115,077 - 5,982 Other expenses 3,880,034 - - Total expenses 114,500,657 118,023 3,752,929 406,947,155 259,718 6,710,687 Net realised gain/(loss) - on sales of investments (note 2f) 221,753,496 178,562 4,515,215 - on spot foreign exchange (456,943,100) (445,103) 1,182,095 - on forward foreign exchange contracts 144,247,000 (1,812,121) (5,423,317)- on futures 102,657,278 26,193 - - on swaps 12,475,113 - - Net realised gain/(loss) for the period 24,189,787 (2,052,469) 273,993 Net change in unrealised appreciation/(depreciation) - on investments (note 2f) 387,096,516 (1,312,485) 14,832,617 - on forward foreign exchange contracts 45,112,499 (168,398) 926,490 - on futures 23,014,358 54,709 - - on swaps (1,344,211) - - Net change in net assets for the period resulting from operations 885,016,104 (3,218,925) 22,743,787 Net proceeds from subscriptions/redemptions 1,655,137,360 21,140,407 303,258,764 Dividends paid (note 20) (150,562,724) - (918,108)NET ASSET VALUE AT THE END OF THE PERIOD 29,055,237,536 32,794,431 646,894,913

* The opening balance was combined at the exchange ruling as at 30 June 2015. With the exchange rates prevailing as at 31 December 2014, this amount was equal to 25,775,825,839 EUR. Please refer to note 2b) for more details.

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsFramlington Global

Real Estate Securities Framlington Europe

Emerging Framlington Eurozone Framlington

Eurozone RIFramlington Europe Framlington Euro

Relative Value


129,378,360 16,237,595 818,227,742 182,977,039 1,059,204,070 702,014,485

2,040,194 240,430 19,056,384 3,577,456 20,910,087 14,652,560

- - - - - - - - - - - -

2,629 358 519,522 - 49,069 269,843 - - - - - - - - - - - - - - - - - -

2,042,823 240,788 19,575,906 3,577,456 20,959,156 14,922,403

1,182 429 6,063 2,371 11,827 2,652 - - - - - - - - 35,090 - - -

920 125 181,833 - 17,174 94,445 - - - - - -

5,615 3,544 7,896 13,200 5,307 7,567 14,861 1,803 90,267 18,889 114,107 75,620 10,950 19,923 52,260 11,930 60,057 43,780 43,967 30,946 6,294 - 54,658 40,020

7,975 968 48,459 10,140 79,404 40,343 1,536 - - - - -

939 114 5,701 1,193 7,207 4,776 781,735 138,752 2,966,356 770,882 1,031,087 2,854,133

1,955 237 11,877 2,485 15,014 10,065 1,564 189 9,502 1,988 12,011 8,064

22,683 2,751 137,776 28,830 174,164 115,421 10,168 1,233 61,762 12,924 78,073 51,740

861 104 5,226 1,094 6,606 4,378 28,261 4,816 78,524 50,319 80,822 179,281

747 - 20,471 5,629 14,948 17,543 - - - - - -

935,919 205,934 3,725,357 931,874 1,762,466 3,549,828 1,106,904 34,854 15,850,549 2,645,582 19,196,690 11,372,575

4,166,429 (1,319,648) 34,294,345 5,307,499 126,753,839 46,626,345 3,994,162 606,863 (3,986) (455) 36,854,588 120,478

481,169 (15,358) 5,779 - 602,210 221,231 - - - - - - - - - - - -

8,641,760 (728,143) 34,296,138 5,307,044 164,210,637 46,968,054

(3,644,895) 2,734,929 75,400,414 20,592,145 (40,672,157) 57,280,206 162,412 - - - (253) -

- - - - - - - - - - - -

6,266,181 2,041,640 125,547,101 28,544,771 142,734,917 115,620,835 15,089,366 1,531,374 38,798,094 (15,833,540) 11,579,764 (71,119,543)

(215,344) (190,874) (164,856) - (18,297,752) (19,798)150,518,563 19,619,735 982,408,081 195,688,270 1,195,220,999 746,495,979

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Framlington Europe

OpportunitiesFramlington Europe

Small Cap Framlington Europe

Microcap

EUR EUR EUR

NET ASSET VALUE AT THE BEGINNING OF THE PERIOD 280,094,535 429,013,360 143,147,069

INCOME Dividends (note 2j) 4,990,006 5,079,330 2,077,128 Interest on investment portfolio (note 2k) - - 1 Interest on bank overdraft - - - Securities lending income (note 21) 11,162 - 4,572 Income on swaps - - - Reimbursement of management fees (note 6) - - - Other income - - - Total income 5,001,168 5,079,330 2,081,701 EXPENSES Interest on cash accounts (note 2k) 7,954 11,269 2,588 Performance fees (note 7) - - 6,262 Redex/SolEx fees (note 8) - - - Securities lending expenses (note 21) 3,907 - 1,600 Expense on swaps - - - Transaction fees (note 13) 12,757 9,521 47,368 Accounting fees (note 10) 31,288 47,563 14,777 Custody fees (note 11) 16,467 27,537 12,444 Distribution fees (note 5) 3,388 47,534 - General administration fees (note 11) 16,798 25,534 7,937 Hedging fees - - - Legal fees 4,185 3,004 933 Management fees (note 6) 1,489,094 990,115 890,160 Professional fees 4,117 6,258 1,944 Publication and printing fees 3,293 5,007 1,555 Transfer agent fees (note 11) 47,756 72,597 22,556 Registration fees (note 11) 21,408 32,543 10,111 Regulatory fees 1,812 2,753 855 Taxation (note 4) 74,220 49,511 39,902 Withholding tax reclaim fees (note 9) 5,349 6,081 1,497 Other expenses - - - Total expenses 1,743,793 1,336,827 1,062,489 3,257,375 3,742,503 1,019,212 Net realised gain/(loss) - on sales of investments (note 2f) 18,349,634 41,046,384 8,610,227 - on spot foreign exchange 4,934,278 8,276,105 2,520,828 - on forward foreign exchange contracts 793,980 218,621 (28,687)- on futures 831,040 - - - on swaps - - - Net realised gain/(loss) for the period 24,908,932 49,541,110 11,102,368 Net change in unrealised appreciation/(depreciation) - on investments (note 2f) 14,592,430 41,733,462 13,805,671 - on forward foreign exchange contracts - (61) (18)- on futures (295,206) - - - on swaps - - - Net change in net assets for the period resulting from operations 42,463,531 95,017,014 25,927,233 Net proceeds from subscriptions/redemptions 21,404,819 (16,229,323) (6,687,422)Dividends paid (note 20) (517,845) (4,041,437) - NET ASSET VALUE AT THE END OF THE PERIOD 343,445,040 503,759,614 162,386,880

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsFramlington American

Growth Framlington Emerging

Markets Framlington Global Framlington Global

OpportunitiesFramlington Global

High Income Framlington Global

Convertibles

USD USD USD USD USD EUR

303,741,379 397,923,193 31,234,277 21,504,931 19,217,857 370,478,212

693,263 4,348,893 350,360 208,130 351,970 -

- - - - - 3,366,675 867 - 94 - 32 -

- 47,842 2,262 - - 503,657 - - - - - - - - - - - - - 251,491 - - - -

694,130 4,648,226 352,716 208,130 352,002 3,870,332

- 1,862 - - - 9,447 - - - - - 476,579 - - - - - - - 16,745 792 - - 176,280 - - - - - -

6,319 25,083 7,516 2,583 4,474 8,928 28,939 37,736 3,450 2,076 1,721 40,852

7,613 238,331 12,709 1,640 2,897 15,051 24,327 30,000 906 - 1,485 3,164 15,535 20,256 1,848 1,113 925 21,930

1,722 1,169 158 - 93 1,489 1,828 2,383 217 131 112 2,580

1,258,117 702,217 185,197 82,652 59,384 1,304,190 3,806 4,966 452 272 221 5,375 3,046 3,972 362 218 177 4,300

44,168 57,596 5,266 3,169 2,624 62,353 19,799 25,819 2,360 1,420 1,175 27,951

1,675 2,185 199 119 97 2,365 64,060 42,740 7,982 5,458 1,175 88,536

- - 66 41 110 - - - - - - -

1,480,954 1,213,060 229,480 100,892 76,670 2,251,370 (786,824) 3,435,166 123,236 107,238 275,332 1,618,962

22,343,584 7,577,732 596,421 357,163 1,019,750 28,191,386 (2,419,997) (11,313,024) (411,604) (148,763) (607,169) (13,048,736)

128,598 260,742 131,301 12,704 18,368 (2,392,138)- - - - 3,648 - - - - - - -

20,052,185 (3,474,550) 316,118 221,104 434,597 12,750,512

(2,637,056) 10,177,469 79,732 245,097 (415,288) 8,722,995 116,474 77,781 5,395 19 1,419 (2,056,062)

- - - - - - - - - - - -

16,744,779 10,215,866 524,481 573,458 296,060 21,036,407 (28,772,512) (43,761,354) 6,615,216 25,849 (3,725,882) 88,680,369

- - - - (6,081) - 291,713,646 364,377,705 38,373,974 22,104,238 15,781,954 480,194,988

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Framlington Global

Small CapFramlington Health Framlington Human

Capital

USD USD EUR

NET ASSET VALUE AT THE BEGINNING OF THE PERIOD 23,716,526 87,786,506 312,955,684

INCOME Dividends (note 2j) 148,053 613,252 6,901,798 Interest on investment portfolio (note 2k) - - - Interest on bank overdraft 132 178 - Securities lending income (note 21) - - - Income on swaps - - - Reimbursement of management fees (note 6) - - - Other income - - - Total income 148,185 613,430 6,901,798 EXPENSES Interest on cash accounts (note 2k) - - 7,723 Performance fees (note 7) - - - Redex/SolEx fees (note 8) - - - Securities lending expenses (note 21) - - - Expense on swaps - - - Transaction fees (note 13) 6,130 32,567 20,033 Accounting fees (note 10) 2,571 10,178 35,990 Custody fees (note 11) 2,436 5,357 22,730 Distribution fees (note 5) 117 39,927 8,579 General administration fees (note 11) 1,380 5,464 19,324 Hedging fees - - - Legal fees 161 642 2,273 Management fees (note 6) 64,911 875,955 2,490,946 Professional fees 336 1,339 4,735 Publication and printing fees 269 1,071 3,788 Transfer agent fees (note 11) 3,925 15,536 54,932 Registration fees (note 11) 1,758 6,964 24,624 Regulatory fees 148 588 2,083 Taxation (note 4) 1,954 29,021 77,672 Withholding tax reclaim fees (note 9) - 162 3,129 Other expenses - - - Total expenses 86,096 1,024,771 2,778,561 62,089 (411,341) 4,123,237 Net realised gain/(loss) - on sales of investments (note 2f) 899,730 3,309,244 20,334,983 - on spot foreign exchange (203,844) (480,333) 5,053,186 - on forward foreign exchange contracts 9,126 421,663 (71,001)- on futures - - - - on swaps - - - Net realised gain/(loss) for the period 705,012 3,250,574 25,317,168 Net change in unrealised appreciation/(depreciation) - on investments (note 2f) 1,605,104 7,915,032 30,823,902 - on forward foreign exchange contracts (2) (1,135) (654)- on futures - - - - on swaps - - - Net change in net assets for the period resulting from operations 2,372,203 10,753,130 60,263,653 Net proceeds from subscriptions/redemptions 4,526,250 23,689,645 3,149,353 Dividends paid (note 20) - - (447,749)NET ASSET VALUE AT THE END OF THE PERIOD 30,614,979 122,229,281 375,920,941

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsFramlington Hybrid

Resources Framlington Italy Framlington Junior

EnergyFramlington Switzerland

Framlington Talents Global

Framlington LatAm

USD EUR USD CHF EUR USD

67,779,302 429,567,254 161,377,393 140,240,425 127,159,438 8,957,675

545,615 8,455,126 1,411,099 1,424,477 1,024,039 113,578

- - - - - - 8,848 - 519 - - - 6,692 188,595 28,537 24,532 24,097 -

- - - - - - - - - - - - - - - - - -

561,155 8,643,721 1,440,155 1,449,009 1,048,136 113,578

- 1,782 - 3,648 1,188 - - - 72,186 - - - - - - - - -

2,342 66,008 9,988 8,586 8,434 - 7,098 - - - - -

31,202 5,623 10,431 6,983 10,091 27,161 6,341 47,277 15,076 12,631 13,243 830 3,338 52,253 15,076 5,983 20,910 7,867 2,811 47,324 3,507 - 969 - 3,393 25,383 8,064 6,782 7,109 443

- - 74 - - 4 402 2,986 957 798 836 52

225,417 2,056,629 778,590 854,123 484,927 33,292 840 6,220 1,997 1,662 1,743 108 672 4,977 1,599 1,329 1,394 86

9,679 72,159 23,011 19,279 20,212 1,267 4,339 32,347 10,315 8,642 9,061 568

366 2,737 871 732 766 48 7,085 84,321 34,728 31,024 26,214 2,127

79 22,163 108 - 518 - 7,665 - - - - -

313,069 2,530,189 986,578 962,202 607,615 73,853 248,086 6,113,532 453,577 486,807 440,521 39,725

(79,913) 7,500,778 (9,546,522) 3,376,987 9,238,662 (170,538)

(1,962,826) (1,473) (6,131,573) (15,617) 7,077,249 (259,653)143,147 3,541 614,370 18,331 (77,950) (13,000)

- - - - - - (3,784,468) - - - - - (5,684,060) 7,502,846 (15,063,725) 3,379,701 16,237,961 (443,191)

(2,391,246) 104,691,260 7,625,580 (7,801,806) 3,877,495 217,830

(57) - 4,028 (2) (25) 555 - - - - - -

3,142,919 - - - - - (4,684,358) 118,307,638 (6,980,540) (3,935,300) 20,555,952 (185,081)(2,034,272) (9,294,239) (24,904,202) (10,200,480) (26,992,398) 176,200

- (1,512) - (104,162) - - 61,060,672 538,579,141 129,492,651 126,000,483 120,722,992 8,948,794

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Global SmartBeta

EquityAsian Short Duration

Bonds (note 1b) Euro Credit Short

Duration

USD USD EUR

NET ASSET VALUE AT THE BEGINNING OF THE PERIOD 140,475,911 - 2,075,497,672

INCOME Dividends (note 2j) 1,883,285 - - Interest on investment portfolio (note 2k) - 168,594 15,895,004 Interest on bank overdraft - - - Securities lending income (note 21) - - 91,309 Income on swaps - - 27,500 Reimbursement of management fees (note 6) - - - Other income - - - Total income 1,883,285 168,594 16,013,813 EXPENSES Interest on cash accounts (note 2k) 311 - 78,454 Performance fees (note 7) - - - Redex/SolEx fees (note 8) - - - Securities lending expenses (note 21) - - 31,958 Expense on swaps - - - Transaction fees (note 13) 11,371 243 4,909 Accounting fees (note 10) 15,461 900 210,602 Custody fees (note 11) 8,951 1,887 99,758 Distribution fees (note 5) - - 61,422 General administration fees (note 11) 8,298 488 113,058 Hedging fees 11,871 9 404 Legal fees 976 56 14,047 Management fees (note 6) 153,828 277 3,637,970 Professional fees 2,034 118 27,709 Publication and printing fees 1,627 94 22,168 Transfer agent fees (note 11) 23,596 1,377 321,445 Registration fees (note 11) 10,577 618 144,096 Regulatory fees 895 52 12,193 Taxation (note 4) 8,315 789 221,682 Withholding tax reclaim fees (note 9) - - - Other expenses - - - Total expenses 258,111 6,908 5,001,875 1,625,174 161,686 11,011,938 Net realised gain/(loss) - on sales of investments (note 2f) 2,372,125 (5,610,326) (3,242,885)- on spot foreign exchange (8,330,594) 5,436 1,069 - on forward foreign exchange contracts 9,228,054 (42,315) 58,127 - on futures - 37,720 3,102,550 - on swaps - 4,714 2,382,423 Net realised gain/(loss) for the period 3,269,585 (5,604,771) 2,301,284 Net change in unrealised appreciation/(depreciation) - on investments (note 2f) (1,514,158) 5,719,005 (18,204,825)- on forward foreign exchange contracts 1,378,341 46,319 44,380 - on futures - (37,720) (105,780)- on swaps - (4,714) (4,714)Net change in net assets for the period resulting from operations 4,758,942 279,805 (4,957,717)Net proceeds from subscriptions/redemptions 23,572,883 15,188,097 396,049,617 Dividends paid (note 20) - - (8,347,879)NET ASSET VALUE AT THE END OF THE PERIOD 168,807,736 15,467,902 2,458,241,693

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsEuro 3-5 Euro 5-7 Euro 7-10 Euro 10 + LT Euro Bonds Euro Credit IG


516,090,828 1,487,298,645 372,643,648 104,598,957 250,156,813 446,815,816

- - - - - -

4,499,607 13,270,106 3,206,906 1,598,653 2,158,297 4,320,545 - - - - - -

46,588 186,746 24,743 5,231 12,768 45,428 - - - - - 2,222 - - - - - - - - - - - -

4,546,195 13,456,852 3,231,649 1,603,884 2,171,065 4,368,195

3,451 5,141 1,945 1,092 1,100 5,255 - - - - - - - - - - - -

16,306 65,361 8,660 1,831 4,469 15,900 - - - - - -

2,668 5,743 3,541 9,779 4,364 4,175 54,114 145,473 32,816 15,056 22,061 41,412 25,633 68,909 18,999 8,716 12,772 19,616 14,218 17,230 19,690 17,129 2,957 8,041 29,046 78,095 17,611 8,084 11,840 22,230

- - - - - - 4,303 10,428 3,735 2,188 2,105 3,469

974,878 3,220,145 503,403 363,612 649,395 467,645 7,120 19,141 4,318 1,981 2,903 5,449 5,696 15,313 3,454 1,585 2,322 4,359

82,596 222,038 50,089 22,979 33,672 63,208 37,026 99,534 22,395 10,301 15,094 28,334

3,133 8,422 1,900 871 1,277 2,397 51,379 231,909 34,003 22,968 47,116 32,979

- - - - - - - - - - - -

1,311,567 4,212,882 726,559 488,172 813,447 724,469 3,234,628 9,243,970 2,505,090 1,115,712 1,357,618 3,643,726

1,999,055 16,100,300 14,669,333 3,242,431 4,888,535 (29,595)

(42,051) (81,839) (29,868) (19,402) 1,131 (2,791)63,894 84,336 32,768 47,683 (696) -

6,612,170 1,489,642 (2,803,305) (1,876,839) 903,224 2,844,561 - - - - - 761,458

8,633,068 17,592,439 11,868,928 1,393,873 5,792,194 3,573,633

(16,138,236) (45,211,552) (20,612,105) (11,068,563) (9,968,414) (13,573,116)- - - - - -

105,446 (181,518) (703,484) (699,544) (463,709) 231,990 - - - - - -

(4,165,094) (18,556,661) (6,941,571) (9,258,522) (3,282,311) (6,123,767)88,733,790 (26,788,928) (57,596,824) 392,629 (29,253,351) (19,742,956)(4,948,862) (23,289,505) (5,936,337) (52,909) (1,606,481) (4,568,288)

595,710,662 1,418,663,551 302,168,916 95,680,155 216,014,670 416,380,805

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Euro Credit Plus Euro Credit Total

Return (note 1b) Euro Government

Bonds

EUR EUR EUR

NET ASSET VALUE AT THE BEGINNING OF THE PERIOD 833,557,032 - 350,643,680

INCOME Dividends (note 2j) - - - Interest on investment portfolio (note 2k) 9,969,236 376,106 5,794,107 Interest on bank overdraft - - - Securities lending income (note 21) 114,580 - 26,438 Income on swaps 5,000 18,698 - Reimbursement of management fees (note 6) - - - Other income - - - Total income 10,088,816 394,804 5,820,545 EXPENSES Interest on cash accounts (note 2k) 9,847 320 2,268 Performance fees (note 7) - - - Redex/SolEx fees (note 8) 2,058 - - Securities lending expenses (note 21) 40,103 - 9,253 Expense on swaps - - - Transaction fees (note 13) 7,785 3,516 2,827 Accounting fees (note 10) 83,711 1,968 34,886 Custody fees (note 11) 35,247 1,555 22,034 Distribution fees (note 5) 242,535 21 2,982 General administration fees (note 11) 44,939 1,058 18,732 Hedging fees - 3 - Legal fees 6,721 220 2,412 Management fees (note 6) 2,721,758 162 494,947 Professional fees 11,014 258 4,590 Publication and printing fees 8,811 207 3,672 Transfer agent fees (note 11) 127,772 3,006 53,248 Registration fees (note 11) 57,276 1,348 23,870 Regulatory fees 4,845 114 2,019 Taxation (note 4) 137,926 1,502 42,417 Withholding tax reclaim fees (note 9) - - - Other expenses - - - Total expenses 3,542,348 15,258 720,157 6,546,468 379,546 5,100,388 Net realised gain/(loss) - on sales of investments (note 2f) 2,925,036 (10,034,545) 1,095,814 - on spot foreign exchange 9,535 (38,615) (867)- on forward foreign exchange contracts (13,940) (40,251) - - on futures 4,039,778 634,553 622,023 - on swaps 3,755,124 31,048 - Net realised gain/(loss) for the period 10,715,533 (9,447,810) 1,716,970 Net change in unrealised appreciation/(depreciation) - on investments (note 2f) (37,393,386) 9,249,742 (14,487,577)- on forward foreign exchange contracts - - - - on futures 286,890 (589,260) 179,895 - on swaps - - - Net change in net assets for the period resulting from operations (19,844,495) (407,782) (7,490,324)Net proceeds from subscriptions/redemptions 113,072,131 30,119,584 45,903,186 Dividends paid (note 20) (4,172,938) - - NET ASSET VALUE AT THE END OF THE PERIOD 922,611,730 29,711,802 389,056,542

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsEuro Inflation Bonds Euro SmartBeta Credit

Bonds (note 1b) European High Yield

BondsGlobal Aggregate

BondsGlobal Credit Bonds Global SmartBeta

Credit Bonds

EUR EUR EUR EUR USD USD

142,858,454 - 41,211,171 750,488,587 113,152,543 119,555,084

- - - - - -

1,564,906 185,774 1,618,753 6,911,330 1,800,486 1,580,405 - - - - 766 -

10,620 - 6,357 43,365 2,740 848 821 - - - 80,742 -

- - - - - - - - - 1,593 251 -

1,576,347 185,774 1,625,110 6,956,288 1,884,985 1,581,253

932 - 955 36 - 16 - - - - - -

1,976 - - - 1,146 - 3,717 - 2,225 15,178 959 297

- - - 253,628 - - 5,019 1,766 3,392 20,666 12,925 7,287

17,577 2,716 5,081 58,617 10,766 10,483 8,326 2,145 2,674 27,768 3,966 4,967

10,787 - 1,350 6,594 58 - 9,431 1,458 2,728 31,469 5,752 5,598

- - 5,558 2,353 9,252 13,151 1,288 172 321 3,701 683 745

155,145 18,586 71,125 1,212,038 235,081 79,719 2,312 357 669 7,709 1,428 1,392 1,850 286 535 6,167 1,144 1,115

26,828 4,146 7,756 89,469 16,433 16,002 12,027 1,859 3,477 40,108 7,366 7,174

1,017 157 294 3,392 623 607 18,635 1,500 3,951 32,471 5,336 5,299

- - - - - - - - - - - -

276,867 35,148 112,091 1,811,364 312,918 153,852 1,299,480 150,626 1,513,019 5,144,924 1,572,067 1,427,401

4,849,333 (21,154,587) 4,161 9,696,314 1,885,480 806,751

188,024 45,059 1,464,378 192,002 (3,758,766) (5,067,904)(171,898) (593,930) 734,060 (14,901,240) 4,470,326 9,344,035 (110,480) 78,362 - 3,312,849 230,288 (104,505)

97,209 - - 796,740 76,937 - 4,852,188 (21,625,096) 2,202,599 (903,335) 2,904,265 4,978,377

(8,148,877) 21,221,834 1,286,930 (13,318,715) (4,768,132) (2,778,649)

- - 604,767 8,769,786 (533,875) 131,123 (53,110) (96,540) - (1,505,841) 81,334 (17,752)(3,370) - - (222,822) (24,782) -

(2,053,689) (349,176) 5,607,315 (2,036,003) (769,123) 3,740,500 86,065,443 30,000,000 10,672,931 (206,848,149) (2,064,068) (20,792,569)

(173,186) - (200,197) (76,118) - - 226,697,022 29,650,824 57,291,220 541,528,317 110,319,352 102,503,015

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Global Emerging

Markets BondsGlobal High Yield

Bonds Global Inflation Bonds

USD USD EUR

NET ASSET VALUE AT THE BEGINNING OF THE PERIOD 121,422,238 1,142,448,225 1,933,852,624

INCOME Dividends (note 2j) - - - Interest on investment portfolio (note 2k) 2,592,017 47,963,966 - Interest on bank overdraft 427 - - Securities lending income (note 21) 71,531 190,529 436,574 Income on swaps - - 9,523 Reimbursement of management fees (note 6) - - - Other income - - 81,708 Total income 2,663,975 48,154,495 527,805 EXPENSES Interest on cash accounts (note 2k) - 1,712 16,074 Performance fees (note 7) - - - Redex/SolEx fees (note 8) - - 220,138 Securities lending expenses (note 21) 25,036 66,685 152,801 Expense on swaps 12,217 - - Transaction fees (note 13) 11,902 16,676 14,600 Accounting fees (note 10) 9,173 126,232 212,397 Custody fees (note 11) 6,765 46,506 78,252 Distribution fees (note 5) 40,176 191,853 58,180 General administration fees (note 11) 4,926 67,768 114,024 Hedging fees 11,184 102,048 76,584 Legal fees 579 7,972 20,668 Management fees (note 6) 494,986 4,649,568 4,529,132 Professional fees 1,207 16,607 27,946 Publication and printing fees 966 13,285 22,357 Transfer agent fees (note 11) 14,001 192,671 324,185 Registration fees (note 11) 6,276 86,369 145,325 Regulatory fees 530 7,309 12,298 Taxation (note 4) 19,451 164,590 310,469 Withholding tax reclaim fees (note 9) - - - Other expenses - - 3,803,314 Total expenses 659,375 5,757,851 10,138,744 2,004,600 42,396,644 (9,610,939)Net realised gain/(loss) - on sales of investments (note 2f) (2,026,214) (13,543,175) (49,747,973)- on spot foreign exchange (12,707,426) (63,371,483) (21,663,354)- on forward foreign exchange contracts 1,887,080 36,078,487 (57,429,836)- on futures 514,912 - 80,012,054 - on swaps 310,576 - 3,429,831 Net realised gain/(loss) for the period (12,021,072) (40,836,171) (45,399,278)Net change in unrealised appreciation/(depreciation) - on investments (note 2f) 482,184 (3,479,386) 55,040,090 - on forward foreign exchange contracts 1,188,773 (16,874,368) 44,049,553 - on futures - - 25,758,961 - on swaps (128,751) - (329,402)Net change in net assets for the period resulting from operations (8,474,266) (18,793,281) 69,508,985 Net proceeds from subscriptions/redemptions (40,752,748) 464,189,497 517,572,056 Dividends paid (note 20) (355,047) (6,795,240) (8,057,596)NET ASSET VALUE AT THE END OF THE PERIOD 71,840,177 1,581,049,201 2,512,876,069

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World FundsGlobal Strategic Bonds Universal Inflation

Bonds US Credit Short

Duration IGUS Dynamic High Yield

BondsUS High Yield Bonds US Libor Plus

USD USD USD USD USD USD

340,738,591 241,716,276 90,965,415 108,384,280 6,555,502,768 42,521,951

- - - - - -

9,053,611 185,665 1,328,994 4,958,376 252,229,018 820,138 - 516 - 121 16,241 122

51,012 - - 755 1,333,094 - - 638 - 519,722 - - - - - - - -

984 - - - - - 9,105,607 186,819 1,328,994 5,478,974 253,578,353 820,260

1,786 - 1,162 - - -

- - - - - - - - - - - -

17,854 - - 264 466,583 - 326,038 - 69,861 - - - 22,894 7,568 2,847 8,434 11,655 756 41,137 19,315 12,560 10,313 645,964 4,028 17,321 45,744 5,291 3,797 237,985 1,484 89,673 1,183 106 56 41,648 - 22,086 10,368 6,745 5,541 346,780 2,161 56,093 10,747 7,177 690 287,063 -

2,598 1,219 793 651 40,797 255 1,331,757 414,425 166,642 326,037 19,299,320 10,599

5,412 2,538 1,651 1,356 84,994 530 4,329 2,032 1,321 1,085 67,995 424

62,788 29,481 19,175 15,747 985,947 6,147 28,148 13,215 8,596 7,060 441,976 2,755

2,381 1,118 727 597 37,398 233 53,641 10,222 7,982 5,357 515,777 2,427

- - - - - - 74,499 3,043 - - - -

2,160,435 572,218 312,636 386,985 23,511,882 31,799 6,945,172 (385,399) 1,016,358 5,091,989 230,066,471 788,461

(2,581,830) 5,408,972 (31,283) (1,326,359) (95,033,661) (1,025,402)

(14,674,152) (18,676,501) (1,069,375) (327,500) (267,590,176) (200)(7,488,753) 4,627,365 3,079,853 (346,187) 155,549,223 25 3,223,525 163,038 104,541 - - - 2,642,527 198,392 29,860 1,020,045 - -

(18,878,683) (8,278,734) 2,113,596 (980,001) (207,074,614) (1,025,577)

(8,880,067) 514,784 85,208 (838,586) 66,231,325 8,169,672 1,486,158 (1,263,176) (385,824) 9,482 (98,770) 77 1,924,950 - 4,312 - - -

(2,464,075) (45,150) 44,552 (1,024,819) - - (19,866,545) (9,457,675) 2,878,202 2,258,065 89,124,412 7,932,633 160,412,934 (59,061,446) 68,204,857 (5,733,315) 392,129,368 1,319

(1,502,985) (10,216) - - (48,132,391) (6,424,921)479,781,995 173,186,939 162,048,474 104,909,030 6,988,624,157 44,030,982

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds Emerging Markets

Short Duration BondsGlobal Flex 50 Global Flex 100

USD EUR EUR

NET ASSET VALUE AT THE BEGINNING OF THE PERIOD 2,107,998,431 123,904,385 60,100,024

INCOME Dividends (note 2j) - 139,356 219 Interest on investment portfolio (note 2k) 34,180,691 26 - Interest on bank overdraft 7,565 - - Securities lending income (note 21) 565,208 - - Income on swaps - - - Reimbursement of management fees (note 6) - 76,977 67,141 Other income - - 82 Total income 34,753,464 216,359 67,442 EXPENSES Interest on cash accounts (note 2k) - 2,114 522 Performance fees (note 7) - - - Redex/SolEx fees (note 8) - - - Securities lending expenses (note 21) 197,823 - - Expense on swaps 109,113 - - Transaction fees (note 13) 13,480 18,040 3,055 Accounting fees (note 10) 152,376 12,052 5,679 Custody fees (note 11) 120,296 2,536 2,092 Distribution fees (note 5) 110,223 20,471 5,697 General administration fees (note 11) 81,806 6,468 3,048 Hedging fees 135,694 - - Legal fees 9,623 972 391 Management fees (note 6) 6,064,078 439,790 298,006 Professional fees 20,047 1,585 747 Publication and printing fees 16,038 1,268 598 Transfer agent fees (note 11) 232,576 18,393 8,667 Registration fees (note 11) 104,257 8,243 3,885 Regulatory fees 8,820 697 329 Taxation (note 4) 233,996 15,520 7,171 Withholding tax reclaim fees (note 9) - - - Other expenses - 26 221 Total expenses 7,610,246 548,175 340,108 27,143,218 (331,816) (272,666)Net realised gain/(loss) - on sales of investments (note 2f) (45,945,636) 2,137,864 5,263,324 - on spot foreign exchange (133,636,443) (90,819) 601,013 - on forward foreign exchange contracts 34,700,018 (508,298) 284,613 - on futures - (2,924,311) (2,332,238)- on swaps 839,375 - - Net realised gain/(loss) for the period (144,042,686) (1,385,564) 3,816,712 Net change in unrealised appreciation/(depreciation) - on investments (note 2f) 46,273,531 3,772,255 (882,958)- on forward foreign exchange contracts 7,809,086 142,952 - - on futures - (416,711) (93,065)- on swaps (368,610) - - Net change in net assets for the period resulting from operations (63,185,461) 1,781,116 2,568,023 Net proceeds from subscriptions/redemptions (628,360,354) 3,258,850 (5,271,836)Dividends paid (note 20) (7,465,893) (8,695) - NET ASSET VALUE AT THE END OF THE PERIOD 1,408,986,723 128,935,656 57,396,211

AXA World Funds



AXA World Funds AXA World Funds AXA World Funds AXA World Funds AXA World Funds Global Income

Generation Global Optimal Income Optimal Income Optimal Absolute Optimal Absolute Piano

EUR EUR EUR EUR EUR

10,987,120 73,922,854 519,793,112 71,501,536 36,740,384

- 802,794 6,820,207 191,587 41,311 - 45,837 1,401,530 122,124 79,004 - - - - - - 14,051 208,589 1,915 218 - - - - -

6,889 - - - - - - - - -

6,889 862,682 8,430,326 315,626 120,533

- 2,305 10,121 5,206 2,517 - - 8,778,707 43,058 10,554 - - - - - - 4,918 73,006 670 76 - - - - -

1,267 4,775 8,708 3,917 4,393 1,090 8,354 53,290 7,379 3,453

- 5,717 28,048 5,826 2,003 - 4,517 222,310 91 554

585 19,739 28,607 3,966 1,856 - - - 25 8

88 994 7,947 1,294 367 34,431 449,352 2,200,172 538,962 91,628

143 1,099 7,012 970 455 114 879 5,610 776 362

1,665 12,752 81,338 11,264 5,275 746 5,717 36,462 5,050 2,364

63 483 3,085 426 199 122 19,624 96,704 9,197 8,697

- 783 7,284 2,445 - - - - - -

40,314 542,008 11,648,411 640,522 134,761 (33,425) 320,674 (3,218,085) (324,896) (14,228)

136,037 303,746 (608,475) (458,486) (317,045) 13,318 181,837 1,583,011 43,495 (1,447) (1,380) 1,957,560 (5,385,847) 255,794 165,404 (8,029) 159,514 3,684,314 313,306 303,614

- - - 13,642 6,821 139,946 2,602,657 (726,997) 167,751 157,347

345,469 8,366,236 44,918,810 1,118,235 129,274

- (398,623) (601,615) (166,534) (18,153) (7,472) (143,089) (236,504) 198,698 39,486

- - - - - 444,518 10,747,855 40,135,609 993,254 293,726

28 9,493,445 44,687,570 10,594,011 (634,218) (1,090) (74,268) (686,302) - -

11,430,576 94,089,886 603,929,989 83,088,801 36,399,892

AXA World Funds

Statistics - Total Net Assets

56

Currency Total Net Assets as at

30 June 2015

Total Net Assets as at

31 December 2014


31 December 2013 AXA World Funds - Global Flexible Property USD 32,794,431 14,872,949 - AXA World Funds - Framlington Europe Real Estate Securities

EUR 646,894,913 321,810,470 190,113,465

AXA World Funds - Framlington Global Real Estate Securities

EUR 150,518,563 129,378,360 63,061,300

AXA World Funds - Framlington Europe Emerging EUR 19,619,735 16,237,595 20,085,306 AXA World Funds - Framlington Eurozone EUR 982,408,081 818,227,742 1,275,746,158 AXA World Funds - Framlington Eurozone RI EUR 195,688,270 182,977,039 173,739,968 AXA World Funds - Framlington Europe EUR 1,195,220,999 1,059,204,070 1,217,231,949 AXA World Funds - Framlington Euro Relative Value EUR 746,495,979 702,014,485 775,218,499 AXA World Funds - Framlington Europe Opportunities

EUR 343,445,040 280,094,535 185,875,233

AXA World Funds - Framlington Europe Small Cap EUR 503,759,614 429,013,360 364,035,500 AXA World Funds - Framlington Europe Microcap EUR 162,386,880 143,147,069 141,770,299 AXA World Funds - Framlington American Growth USD 291,713,646 303,741,379 382,617,478 AXA World Funds - Framlington Emerging Markets USD 364,377,705 397,923,193 442,183,000 AXA World Funds - Framlington Global USD 38,373,974 31,234,277 52,148,517 AXA World Funds - Framlington Global Opportunities

USD 22,104,238 21,504,931 19,784,240

AXA World Funds - Framlington Global High Income USD 15,781,954 19,217,857 20,136,386 AXA World Funds - Framlington Global Convertibles EUR 480,194,988 370,478,212 173,532,958 AXA World Funds - Framlington Global Small Cap USD 30,614,979 23,716,526 24,793,046 AXA World Funds - Framlington Health USD 122,229,281 87,786,506 58,608,388 AXA World Funds - Framlington Human Capital EUR 375,920,941 312,955,684 244,990,302 AXA World Funds - Framlington Hybrid Resources USD 61,060,672 67,779,302 80,328,375 AXA World Funds - Framlington Italy EUR 538,579,141 429,567,254 291,575,848 AXA World Funds - Framlington Junior Energy USD 129,492,651 161,377,393 216,036,160 AXA World Funds - Framlington Switzerland CHF 126,000,483 140,240,425 139,766,188 AXA World Funds - Framlington Talents Global EUR 120,722,992 127,159,438 135,910,801 AXA World Funds - Framlington LatAm USD 8,948,794 8,957,675 10,024,616 AXA World Funds - Global SmartBeta Equity USD 168,807,736 140,475,911 27,072,856 AXA World Funds - Asian Short Duration Bonds (note 1b)

USD 15,467,902 - -

AXA World Funds - Euro Credit Short Duration EUR 2,458,241,693 2,075,497,672 1,535,592,062 AXA World Funds - Euro 3-5 EUR 595,710,662 516,090,828 529,610,334 AXA World Funds - Euro 5-7 EUR 1,418,663,551 1,487,298,645 824,238,716 AXA World Funds - Euro 7-10 EUR 302,168,916 372,643,648 279,816,679 AXA World Funds - Euro 10 + LT EUR 95,680,155 104,598,957 34,267,767 AXA World Funds - Euro Bonds EUR 216,014,670 250,156,813 153,065,588 AXA World Funds - Euro Credit IG EUR 416,380,805 446,815,816 374,771,028 AXA World Funds - Euro Credit Plus EUR 922,611,730 833,557,032 603,581,444 AXA World Funds - Euro Credit Total Return (note 1b)

EUR 29,711,802 - -

AXA World Funds - Euro Government Bonds EUR 389,056,542 350,643,680 128,728,802 AXA World Funds - Euro Inflation Bonds EUR 226,697,022 142,858,454 132,397,383 AXA World Funds - Euro SmartBeta Credit Bonds (note 1b)

EUR 29,650,824 - -

AXA World Funds - European High Yield Bonds EUR 57,291,220 41,211,171 44,512,572 AXA World Funds - Global Aggregate Bonds EUR 541,528,317 750,488,587 778,631,059

AXA World Funds

Statistics - Total Net Assets

57

Currency Total Net Assets as at

30 June 2015


31 December 2014


31 December 2013 AXA World Funds - Global Credit Bonds USD 110,319,352 113,152,543 109,023,943 AXA World Funds - Global SmartBeta Credit Bonds USD 102,503,015 119,555,084 49,650,803 AXA World Funds - Global Emerging Markets Bonds USD 71,840,177 121,422,238 92,035,917 AXA World Funds - Global High Yield Bonds USD 1,581,049,201 1,142,448,225 976,241,126 AXA World Funds - Global Inflation Bonds EUR 2,512,876,069 1,933,852,624 2,069,104,716 AXA World Funds - Global Strategic Bonds USD 479,781,995 340,738,591 223,958,821 AXA World Funds - Universal Inflation Bonds USD 173,186,939 241,716,276 234,496,865 AXA World Funds - US Credit Short Duration IG USD 162,048,474 90,965,415 35,436,925 AXA World Funds - US Dynamic High Yield Bonds USD 104,909,030 108,384,280 - AXA World Funds - US High Yield Bonds USD 6,988,624,157 6,555,502,768 7,774,332,288 AXA World Funds - US Libor Plus USD 44,030,982 42,521,951 37,297,369 AXA World Funds - Emerging Markets Short Duration Bonds

USD 1,408,986,723 2,107,998,431 949,953,414

AXA World Funds - Global Flex 50 EUR 128,935,656 123,904,385 139,304,194 AXA World Funds - Global Flex 100 EUR 57,396,211 60,100,024 56,416,447 AXA World Funds - Global Income Generation EUR 11,430,576 10,987,120 10,044,475 AXA World Funds - Global Optimal Income EUR 94,089,886 73,922,854 15,588,059 AXA World Funds - Optimal Income EUR 603,929,989 519,793,112 420,047,327 AXA World Funds - Optimal Absolute EUR 83,088,801 71,501,536 35,052,611 AXA World Funds - Optimal Absolute Piano EUR 36,399,892 36,740,384 38,344,594

AXA World Funds

Statistics - Quantity of Shares and Net Asset Value per Share

58

Quantity of shares as at

30 June 2015

Net Asset Value per Share in local

currency as at 30 June 2015


currency as at 31 December 2014



AXA World Funds - Global Flexible Property A Capitalisation EUR Hedged (95%) 200.000 97.75 100.26 - A Capitalisation USD 1,957.621 98.12 100.26 - A Distribution EUR Hedged (95%) 80.000 98.86 - - E Capitalisation EUR Hedged (95%) 200.000 97.39 100.26 - F Capitalisation EUR Hedged (95%) 200.000 98.12 100.29 - F Capitalisation USD 243.280 98.49 100.28 - I Capitalisation EUR Hedged (95%) 200.000 98.19 100.30 - I Capitalisation USD 243.280 98.58 100.30 - I Distribution EUR Hedged (95%) 296,250.150 98.33 100.30 - AXA World Funds - Framlington Europe Real Estate Securities A Capitalisation EUR 1,279,689.108 195.87 174.88 139.22 A Capitalisation USD Hedged (95%) 951,332.903 130.32 116.83 - A Distribution EUR 215,106.418 163.28 147.71 118.68 A Distribution quarterly HKD Hedged (95%) 67,164.984 120.75 109.92 - A Distribution quarterly USD Hedged (95%) 187,613.864 120.79 109.90 - E Capitalisation EUR 55,258.392 181.98 163.08 130.82 F Capitalisation EUR 212,201.905 210.96 187.65 148.28 F Capitalisation USD Hedged (95%) 51,470.110 131.55 117.53 - F Distribution EUR 63,543.287 182.50 165.60 133.34 I Capitalisation EUR 424,007.114 216.33 192.25 151.63 I Capitalisation EUR Hedged (95%) 341,403.887 188.48 175.94 142.38 AXA World Funds - Framlington Global Real Estate Securities A Capitalisation EUR 239,764.502 123.38 118.19 93.33 A Capitalisation USD 9,519.876 122.26 127.88 114.67 A Distribution EUR 24,636.401 119.96 114.91 - A Distribution monthly USD 5,370.300 91.46 - - E Capitalisation EUR 145,641.997 117.90 113.22 89.86 F Capitalisation EUR 243,741.978 132.83 126.70 99.21 F Capitalisation USD 160,564.110 104.97 109.32 - I Capitalisation EUR 123,347.671 131.76 125.54 98.06 I Distribution GBP Hedged (95%) 58,411.238 128.47 125.11 - M Capitalisation EUR 183,073.951 136.43 129.54 100.48 AXA World Funds - Framlington Europe Emerging A Capitalisation EUR 21,614.868 114.66 101.49 127.17 A Distribution EUR 70,194.340 103.76 94.35 120.81 E Capitalisation EUR 84,117.567 105.80 94.00 118.67 F Capitalisation EUR 7,362.857 124.88 110.14 136.95 F Distribution EUR 364.118 107.19 94.53 120.97 AXA World Funds - Framlington Eurozone A Capitalisation EUR 402,414.928 232.60 202.53 200.99 A Distribution EUR 5,933.351 114.72 100.91 - E Capitalisation EUR 7,324.640 221.91 193.93 193.90 F Capitalisation EUR 96,658.991 244.01 211.67 208.49 F Distribution EUR 84,124.720 134.27 118.19 117.90 I Capitalisation EUR 3,061,976.262 221.20 191.70 188.46 I Capitalisation EUR SolEx 161,294.468 155.75 138.90 138.92 I Distribution EUR 322,317.409 111.73 96.83 -

AXA World Funds


59


30 June 2015







AXA World Funds - Framlington Eurozone (continued) M Capitalisation EUR 594,518.884 190.35 164.48 160.72 AXA World Funds - Framlington Eurozone RI A Capitalisation EUR 46,221.136 141.10 122.11 123.03 F Capitalisation EUR 1,296,026.062 145.96 125.84 125.84 AXA World Funds - Framlington Europe A Capitalisation EUR 307,287.174 238.65 211.65 203.20 A Distribution EUR 18,617.817 111.04 98.47 - E Capitalisation EUR 63,313.404 227.42 202.44 195.86 F Capitalisation EUR 8,569.327 250.54 221.33 210.94 I Capitalisation EUR 588,139.008 224.40 198.09 188.43 I Distribution EUR 122.962 224.95 198.56 188.89 M Capitalisation EUR 842,347.000 177.74 156.43 147.91 M Distribution EUR 6,319,390.130 130.00 116.94 114.20 AXA World Funds - Framlington Euro Relative Value A Capitalisation EUR 522,400.650 56.48 48.73 48.94 A Distribution EUR 41,884.833 43.30 37.78 37.94 E Capitalisation EUR 236,188.761 51.90 44.95 45.48 F Capitalisation EUR 9,669,073.369 64.57 55.50 55.33 F Distribution EUR 1,233.519 47.70 40.99 40.87 M Capitalisation EUR 461,209.917 170.16 145.66 144.09 AXA World Funds - Framlington Europe Opportunities A Capitalisation EUR 1,965,874.270 68.90 59.93 58.26 A Distribution EUR 10,502.404 62.74 54.57 53.05 E Capitalisation EUR 14,440.139 63.59 55.51 54.37 F Capitalisation EUR 1,992,342.883 76.67 66.44 64.10 M Capitalisation EUR 187,351.791 139.33 120.27 115.12 M Distribution EUR 214,170.108 128.65 113.13 108.28 AXA World Funds - Framlington Europe Small Cap A Capitalisation EUR 302,475.818 137.23 113.82 106.23 A Distribution EUR 18,582.260 135.76 112.60 105.09 E Capitalisation EUR 184,252.887 129.56 107.72 101.04 F Capitalisation EUR 269,809.582 154.75 127.81 118.29 F Distribution EUR 1,084.726 144.95 119.71 110.79 I Capitalisation EUR 299,549.685 235.28 194.09 179.19 M Capitalisation EUR 61,388.115 155.59 127.91 117.26 M Distribution EUR 2,268,005.602 138.41 115.25 107.93 AXA World Funds - Framlington Europe Microcap A Capitalisation EUR 124,199.464 177.85 150.68 142.37 F Capitalisation EUR 693,052.789 202.40 170.57 158.67 M Capitalisation EUR 200.000 118.11 99.16 - AXA World Funds - Framlington American Growth A Capitalisation EUR 67,126.707 286.37 247.04 197.28 A Capitalisation EUR Hedged (95%) 78,567.585 143.74 135.99 123.20 A Capitalisation GBP 102.634 222.79 212.15 181.17 A Capitalisation USD 65,952.649 219.38 206.62 187.37 E Capitalisation EUR 17,873.075 274.49 237.67 191.22 E Capitalisation EUR Hedged (95%) 207.768 141.05 133.87 122.28

AXA World Funds


60


30 June 2015







AXA World Funds - Framlington American Growth (continued) F Capitalisation EUR 258,851.440 298.89 256.88 203.59 F Capitalisation USD 393,749.629 228.80 214.70 193.24 I Capitalisation EUR Hedged (95%) 37,228.690 178.30 167.67 150.50 I Capitalisation USD 346,236.058 151.60 142.12 127.68 M Capitalisation EUR 9,354.494 143.96 123.25 - M Capitalisation USD 189.675 163.16 152.50 136.14 AXA World Funds - Framlington Emerging Markets A Capitalisation EUR 149,093.530 113.91 102.46 93.67 A Capitalisation GBP 4,713.159 112.34 111.50 109.01 A Capitalisation USD 7,035.205 85.57 84.03 87.25 E Capitalisation EUR 60,527.414 107.14 96.73 89.10 F Capitalisation EUR 574,251.713 133.33 119.49 108.42 F Capitalisation USD 26,467.337 90.51 88.56 91.25 I Capitalisation EUR Hedged (95%) 74,711.010 96.87 94.87 97.58 I Capitalisation USD 331,243.852 106.44 104.04 107.01 M Capitalisation EUR 817,709.022 120.07 107.18 96.50 M Capitalisation USD 830,776.949 116.00 113.05 115.59 AXA World Funds - Framlington Global A Capitalisation EUR 94,972.226 149.28 134.49 109.87 A Capitalisation USD 8,056.569 127.36 125.42 115.90 E Capitalisation EUR 2,198.825 147.60 133.29 109.45 F Capitalisation EUR 77,974.887 151.78 136.22 110.46 F Capitalisation USD 535.788 129.52 127.08 116.54 I Capitalisation EUR 39,678.154 152.43 136.68 110.61 I Capitalisation USD 152.305 180.18 176.57 161.66 I Distribution EUR Hedged (95%) 5,906.123 172.11 169.27 154.98 I Distribution GBP Hedged (95%) 123.777 176.92 173.61 158.63 AXA World Funds - Framlington Global Opportunities A Capitalisation EUR 943.873 148.61 133.08 109.14 A Capitalisation GBP 192.268 140.20 138.52 121.46 F Capitalisation USD 155,458.037 140.68 137.02 126.65 F Distribution AUD 235.797 201.30 183.82 156.30 AXA World Funds - Framlington Global High Income A Capitalisation EUR 2,409.644 174.50 159.10 136.54 A Capitalisation EUR Hedged (95%) 1,000.000 97.00 - - A Capitalisation USD 806.334 134.75 134.13 130.74 A Distribution monthly AUD Hedged (95%) 700.350 101.12 - - A Distribution monthly HKD Hedged (95%) 4,444.600 100.44 - - A Distribution monthly SGD Hedged (95%) 767.250 100.65 - - A Distribution monthly USD 573.300 100.44 - - A Distribution quarterly EUR 380.000 120.88 112.29 - E Capitalisation EUR Hedged (95%) 3,846.833 112.79 113.32 111.28 F Capitalisation USD 228.350 138.71 137.57 133.07 F Distribution quarterly EUR 347.698 158.52 146.71 128.46 I Capitalisation EUR 140.654 181.05 164.31 139.66 I Capitalisation USD 100,325.222 139.53 138.25 133.47 M Capitalisation EUR 1,292.000 128.92 116.65 -

AXA World Funds


61


30 June 2015







AXA World Funds - Framlington Global High Income (continued) M Capitalisation USD 272.560 108.14 106.83 102.51 AXA World Funds - Framlington Global Convertibles A Capitalisation EUR 248,324.944 114.11 108.50 102.74 A Capitalisation USD Hedged (95%) 35,300.923 107.17 101.78 - E Capitalisation EUR 14,023.562 113.28 107.96 102.62 F Capitalisation CHF Hedged (95%) 48,191.764 113.92 108.48 102.54 F Capitalisation EUR 2,013,475.826 139.79 132.56 124.65 F Capitalisation USD Hedged (95%) 29,809.801 108.66 102.85 - I Capitalisation EUR 1,441,075.033 109.11 103.37 - AXA World Funds - Framlington Global Small Cap A Capitalisation EUR 8,965.407 161.64 136.12 116.47 A Capitalisation USD 591.118 138.07 126.94 123.35 E Capitalisation EUR 303.291 159.69 134.80 115.91 F Capitalisation EUR 225.000 165.12 138.45 117.46 F Capitalisation USD 6,774.733 141.01 129.09 124.39 I Capitalisation EUR 62,859.828 166.07 139.09 117.72 I Capitalisation GBP 160.940 144.67 133.69 120.99 I Capitalisation USD 32.378 141.71 129.70 124.66 M Capitalisation USD 112,213.219 144.33 131.51 125.52 AXA World Funds - Framlington Health A Capitalisation EUR 125,806.646 264.87 218.17 157.37 A Capitalisation SGD 51,067.231 139.99 123.51 - A Capitalisation USD 209,764.567 230.95 207.69 170.13 E Capitalisation EUR 63,056.556 254.16 209.87 152.15 F Capitalisation EUR 33,169.347 285.12 233.85 167.25 F Capitalisation USD 8,420.347 246.39 220.66 179.22 M Capitalisation EUR 4,602.000 163.68 133.62 - M Capitalisation USD 272.220 141.97 126.53 101.80 AXA World Funds - Framlington Human Capital A Capitalisation CHF 53.000 104.99 - - A Capitalisation EUR 1,476,733.460 135.79 114.77 111.32 A Distribution EUR 200.000 95.95 - - E Capitalisation EUR 23,373.310 153.73 130.25 126.97 F Capitalisation EUR 498,872.973 144.88 121.94 117.27 F Distribution EUR 136.322 177.35 149.26 145.27 I Capitalisation EUR 388,426.794 182.46 153.38 147.16 I Distribution EUR 162,685.602 175.79 150.12 146.06 AXA World Funds - Framlington Hybrid Resources A Capitalisation EUR 28,690.868 75.82 75.00 81.91 E Capitalisation EUR 9,299.554 72.01 71.50 78.65 F Capitalisation EUR 172,049.535 81.36 80.16 86.89 F Capitalisation USD 526.649 68.20 73.36 90.49 I Capitalisation EUR 2,905.084 92.82 91.37 98.98 I Capitalisation USD 616,268.228 67.67 72.72 89.35 M Capitalisation EUR 2,224.351 94.73 92.96 - M Capitalisation USD 294.349 78.12 83.73 102.08

AXA World Funds


62


30 June 2015







AXA World Funds - Framlington Italy A Capitalisation EUR 966,980.460 209.69 162.58 164.27 A Distribution EUR 17,919.253 193.09 149.70 153.50 E Capitalisation EUR 73,810.264 192.96 150.16 152.86 F Capitalisation EUR 275,466.524 238.18 183.99 184.50 F Distribution EUR 849.496 214.63 167.16 171.05 I Capitalisation EUR 953,158.038 101.61 78.42 78.48 M Capitalisation EUR 891,066.000 174.47 134.24 133.56 AXA World Funds - Framlington Junior Energy A Capitalisation EUR 68,125.934 100.72 97.13 113.31 A Capitalisation EUR Hedged (95%) 2,906.707 66.48 70.44 - A Capitalisation USD 50,663.667 86.15 90.87 120.48 E Capitalisation EUR 14,106.585 83.37 80.63 94.68 F Capitalisation EUR 928,670.434 110.44 106.03 122.39 F Capitalisation USD 1,641.551 90.09 94.49 124.57 I Capitalisation EUR 10,785.070 90.40 86.68 - I Capitalisation EUR Hedged (95%) 6,500.000 62.20 65.52 - AXA World Funds - Framlington Switzerland A Capitalisation CHF 1,538,283.403 48.03 49.39 45.31 A Capitalisation EUR 150,854.450 46.20 41.14 37.06 A Distribution CHF 51,698.091 44.47 46.25 42.86 A Distribution EUR 162,210.985 43.36 38.99 35.48 F Capitalisation CHF 637,889.374 54.56 55.89 50.89 F Distribution CHF 3,993.273 51.17 53.02 48.77 M Capitalisation CHF 1,244.276 183.96 187.72 169.58 AXA World Funds - Framlington Talents Global A Capitalisation EUR 70,969.934 366.27 320.32 271.11 A Capitalisation USD 970.143 106.69 101.87 97.89 E Capitalisation EUR 710.662 337.17 295.97 252.38 F Capitalisation EUR 109,115.946 399.24 347.86 292.22 F Capitalisation USD 1,000.755 114.30 108.73 103.73 M Capitalisation EUR 320,904.705 139.13 120.76 100.65 S Capitalisation USD 74,956.502 90.41 86.43 83.29 AXA World Funds - Framlington LatAm A Capitalisation EUR 323.208 96.77 90.78 90.13 A Capitalisation USD 2,450.589 83.29 85.31 96.18 F Capitalisation EUR 219.338 99.04 92.57 91.25 F Capitalisation USD 101,579.008 85.27 87.01 97.34 F Distribution GBP Hedged (95%) 183.113 84.73 86.84 96.90 AXA World Funds - Global SmartBeta Equity I Capitalisation EUR 100,000.000 106.32 - - I Capitalisation USD 261.560 117.30 116.89 108.03 M Capitalisation USD 38,002.576 108.63 108.12 - ZI Capitalisation CHF Hedged (95%) 751,002.563 111.13 111.38 - ZI Capitalisation EUR 200.000 139.50 127.29 103.54 ZI Capitalisation GBP 87,603.941 102.43 103.14 - ZI Capitalisation USD 420,381.427 117.41 116.97 108.05

AXA World Funds


63


30 June 2015







AXA World Funds - Asian Short Duration Bonds (note 1b) A Capitalisation EUR Hedged (95%) 200.000 100.36 - - A Capitalisation USD 208.600 100.47 - - F Capitalisation GBP Hedged (95%) 142.320 100.59 - - F Capitalisation USD 208.600 100.55 - - I Capitalisation EUR Hedged (95%) 200.000 100.47 - - I Capitalisation GBP Hedged (95%) 142.320 100.61 - - I Capitalisation HKD Hedged (95%) 1,616.700 100.58 - - I Capitalisation SGD Hedged (95%) 284.420 100.78 - - I Capitalisation USD 208.600 100.57 - - M Capitalisation USD 150,000.000 101.82 - - AXA World Funds - Euro Credit Short Duration A Capitalisation CHF Hedged (95%) 40,097.412 104.62 105.32 103.53 A Capitalisation EUR 3,129,067.818 129.26 129.60 127.04 A Distribution EUR 301,188.659 98.31 101.40 102.39 A Distribution quarterly EUR - - 100.16 - A Distribution quarterly HKD Hedged (95%) - - 100.20 - A Distribution quarterly SGD Hedged (95%) - - 100.11 - A Distribution quarterly USD Hedged (95%) - - 100.19 - E Capitalisation EUR 229,425.751 125.25 125.83 123.84 F Capitalisation EUR 729,176.610 117.51 117.65 114.98 I Capitalisation EUR 12,473,723.994 133.69 133.75 130.53 I Capitalisation USD Hedged (95%) 10,000.000 99.49 - - I Distribution EUR 2,106,511.868 102.38 105.78 106.77 M Capitalisation EUR 157,666.239 136.77 136.65 133.04 AXA World Funds - Euro 3-5 A Capitalisation EUR 270,926.363 139.20 140.19 132.48 A Distribution EUR 549,968.265 106.30 110.13 107.04 E Capitalisation EUR 83,520.775 135.96 137.10 129.91 F Capitalisation EUR 28,028.037 104.94 105.56 - I Capitalisation EUR 2,613,851.630 140.92 141.69 133.46 I Distribution EUR 926,692.116 103.17 107.06 104.00 M Capitalisation EUR 88,305.293 145.12 145.69 136.82 M Distribution EUR 80,795.560 104.82 108.84 102.22 AXA World Funds - Euro 5-7 A Capitalisation EUR 3,022,313.527 157.71 159.84 145.53 A Distribution EUR 2,237,522.543 126.88 132.12 123.54 E Capitalisation EUR 79,833.808 154.16 156.44 142.78 F Capitalisation EUR 6,828.932 108.04 109.37 - I Capitalisation EUR 223,211.760 158.31 160.18 145.33 I Distribution EUR 3,894,667.816 115.43 120.36 112.52 M Capitalisation EUR 982,679.276 163.01 164.69 148.97 AXA World Funds - Euro 7-10 A Capitalisation EUR 378,680.778 164.48 168.37 145.96 A Distribution EUR 37,988.108 132.68 139.60 124.22 E Capitalisation EUR 74,450.194 160.65 164.65 143.10 F Capitalisation EUR 5,046.433 112.39 114.90 - I Capitalisation EUR 305,287.527 163.32 166.91 144.19

AXA World Funds


64


30 June 2015







AXA World Funds - Euro 7-10 (continued) I Distribution EUR 698,056.715 120.67 127.13 113.00 M Capitalisation EUR 136.739 168.48 171.92 148.05 M Distribution EUR 791,090.391 111.49 117.61 103.27 AXA World Funds - Euro 10 + LT A Capitalisation EUR 228,867.342 198.68 205.06 160.23 A Distribution EUR 8,464.252 160.10 169.67 136.66 E Capitalisation EUR 25,149.791 194.43 200.91 157.39 F Capitalisation EUR 0.456 97.98 100.92 - I Capitalisation EUR 226,469.444 190.46 196.25 152.82 I Distribution EUR 1,424.996 141.37 149.95 116.76 M Capitalisation EUR 3,206.494 196.32 201.99 156.81 AXA World Funds - Euro Bonds A Capitalisation EUR 312,726.284 55.90 56.86 51.13 A Distribution EUR 2,014,717.626 31.88 33.26 30.67 BX Capitalisation EUR 23,956.176 1,636.49 1,665.14 - BX Distribution EUR 9,124.543 272.37 277.14 - E Capitalisation EUR 21,345.733 52.83 53.88 48.69 F Capitalisation EUR 728,972.058 59.33 60.25 53.98 I Capitalisation EUR 193,260.339 148.53 150.73 134.87 M Capitalisation EUR 127,699.124 152.95 154.99 138.26 AXA World Funds - Euro Credit IG A Capitalisation EUR 295,714.200 144.88 147.48 137.50 A Distribution EUR 5,820.000 114.94 119.89 114.92 E Capitalisation EUR 14,968.229 138.99 142.01 133.41 F Capitalisation EUR 41,212.017 147.68 150.07 139.40 I Capitalisation EUR 291,512.787 149.90 152.22 141.21 I Distribution EUR 970,304.882 118.33 123.68 118.47 M Capitalisation EUR 915,424.440 128.10 129.88 120.13 M Distribution EUR 890,647.300 99.84 102.67 - AXA World Funds - Euro Credit Plus A Capitalisation EUR 13,169,610.503 17.35 17.72 16.49 A Distribution EUR 13,397,975.171 11.69 12.24 11.71 E Capitalisation EUR 2,550,760.402 16.14 16.56 15.57 E Distribution quarterly EUR 79,395.264 102.39 105.07 102.72 F Capitalisation EUR 1,255,626.611 18.20 18.54 17.19 F Distribution EUR 165,052.079 12.19 12.80 12.24 I Capitalisation EUR 2,106,173.016 156.35 159.19 147.27 I Capitalisation EUR Redex 154,357.000 112.13 114.14 111.94 I Distribution EUR 50,200.000 96.09 - - J Capitalisation EUR 247.930 153.96 156.86 145.32 J Capitalisation JPY 214.049 14,117.02 15,493.51 14,132.86 M Capitalisation EUR 5,789,956.133 19.32 19.64 18.11 AXA World Funds - Euro Credit Total Return (note 1b) A Capitalisation EUR 200.000 96.74 - - E Capitalisation EUR 200.000 96.64 - - F Capitalisation EUR 200.000 96.83 - - I Capitalisation CHF Hedged (95%) 205.560 96.66 - -

AXA World Funds


65


30 June 2015







AXA World Funds - Euro Credit Total Return (note 1b) (continued) I Capitalisation EUR 200.000 96.86 - - I Capitalisation GBP Hedged (95%) 143.840 97.03 - - M Capitalisation EUR 300,000.000 98.65 - - AXA World Funds - Euro Government Bonds A Capitalisation EUR 543,504.737 128.87 131.44 116.22 E Capitalisation EUR 21,243.806 127.18 129.88 115.13 F Capitalisation EUR 334,682.907 130.27 132.74 117.13 I Capitalisation EUR 2,077,132.597 131.28 133.68 117.79 M Capitalisation EUR 181.818 111.59 113.53 99.82 AXA World Funds - Euro Inflation Bonds A Capitalisation EUR 118,686.870 129.10 128.65 120.92 A Distribution EUR 8,094.653 112.30 114.29 109.58 E Capitalisation EUR 77,538.140 126.14 125.85 118.59 F Capitalisation EUR 3,528.460 100.82 100.37 - F Distribution EUR 427.350 100.83 100.37 - I Capitalisation EUR 572,997.182 127.43 126.79 118.83 I Capitalisation EUR Redex 266,713.776 91.50 90.51 92.98 I Distribution EUR 59,367.451 108.18 110.23 105.65 M Capitalisation EUR 741,863.635 130.00 129.19 120.77 AXA World Funds - Euro SmartBeta Credit Bonds (note 1b) I Capitalisation EUR 300,000.000 98.84 - - AXA World Funds - European High Yield Bonds A Capitalisation EUR 47,315.756 120.31 116.59 113.44 E Capitalisation EUR 5,702.347 118.73 115.34 112.79 I Capitalisation EUR 84,186.731 122.72 118.49 114.44 I Distribution monthly GBP Hedged (95%) 60,592.308 99.06 97.74 - M Capitalisation GBP Hedged (95%) 181,209.807 125.57 120.69 115.71 AXA World Funds - Global Aggregate Bonds A Capitalisation EUR 262,750.230 29.91 30.28 28.65 A Capitalisation USD Hedged (95%) 128,542.055 38.26 38.70 36.62 A Distribution EUR 1,307.565 29.01 29.37 27.79 A Distribution monthly SGD Hedged (95%) 767.250 96.67 - - A Distribution monthly USD Hedged (95%) 573.300 96.35 - - A Distribution USD Hedged (95%) 153,843.095 26.48 27.35 26.49 E Capitalisation EUR 11,524.959 130.72 132.66 126.17 E Capitalisation USD Hedged (95%) 31,841.279 36.26 36.76 34.95 F Capitalisation EUR 17,516.517 140.27 141.78 133.68 F Capitalisation USD Hedged (95%) 1,525.970 40.14 40.53 38.24 F Distribution USD Hedged (95%) 726.676 39.94 40.33 38.05 I Capitalisation EUR 3,480,159.476 139.81 141.27 133.15 I Capitalisation USD Hedged (95%) 45,942.436 148.16 149.53 141.05 I Distribution USD Hedged (95%) 56,940.450 98.74 - - J Capitalisation EUR 154.846 140.17 141.78 133.88 J Capitalisation JPY Hedged (95%) 266.390 11,331.02 11,474.80 10,864.27 M Capitalisation EUR 216,100.687 104.52 105.40 - M Capitalisation USD Hedged (95%) 189.427 154.54 155.71 146.17

AXA World Funds


66


30 June 2015







AXA World Funds - Global Credit Bonds A Capitalisation USD 368.000 106.81 107.68 100.43 E Capitalisation EUR Hedged (95%) 200.000 99.70 100.89 - I Capitalisation CHF Hedged (95%) 247,524.863 107.45 108.75 101.20 I Capitalisation EUR Hedged (95%) 163,317.109 123.71 124.58 115.64 I Capitalisation EUR Hedged (95%) Redex 38,580.000 103.35 104.58 103.27 I Capitalisation USD 367,583.450 123.81 124.52 115.58 M Capitalisation EUR Hedged (95%) 77,102.710 108.65 109.19 100.99 AXA World Funds - Global SmartBeta Credit Bonds I Capitalisation AUD Hedged (95%) 311.867 112.75 111.82 101.19 I Capitalisation CHF Hedged (95%) 790,528.203 104.76 106.01 98.59 I Capitalisation EUR Hedged (95%) 210.183 105.90 106.34 98.73 I Capitalisation GBP Hedged (95%) 13,892.047 107.02 107.12 99.10 I Capitalisation JPY Hedged (95%) 258.791 10,488.82 10,538.92 - I Capitalisation USD 21.574 106.60 106.83 99.07 I Distribution quaterly JPY Hedged (95%) 102,652.137 9,891.57 - - M Capitalisation USD 30,291.155 104.76 104.95 - AXA World Funds - Global Emerging Markets Bonds A Capitalisation EUR Hedged (95%) 62,224.436 163.52 162.02 154.01 A Capitalisation USD 54,101.226 200.88 198.66 188.73 A Distribution EUR Hedged (95%) 31,977.412 119.91 124.48 123.36 E Capitalisation EUR Hedged (95%) 36,366.054 156.87 156.13 149.91 E Distribution quarterly EUR Hedged (95%) 11,293.312 96.81 98.46 99.82 F Capitalisation EUR Hedged (95%) 98,558.538 176.68 174.44 164.86 F Capitalisation USD 2,892.195 264.78 261.15 246.85 F Distribution EUR Hedged (95%) 2,396.094 113.19 117.72 116.33 F Distribution USD 600.017 208.96 216.39 213.89 I Capitalisation EUR Hedged (95%) 90,002.134 162.28 160.27 151.43 I Capitalisation USD 418.610 156.61 154.43 145.85 M Capitalisation EUR Hedged (95%) 7,223.160 106.23 104.48 - AXA World Funds - Global High Yield Bonds A Capitalisation CHF Hedged (95%) 18,555.707 113.36 111.15 109.72 A Capitalisation EUR Hedged (95%) 1,884,522.345 80.84 78.89 77.66 A Capitalisation USD 608,695.687 120.16 117.14 115.28 A Distribution EUR Hedged (95%) 392,138.030 30.29 31.67 32.94 A Distribution monthly HKD Hedged (95%) 4,444.600 100.41 - - A Distribution monthly SGD Hedged (95%) 767.250 100.80 - - A Distribution monthly USD 573.300 100.42 - - A Distribution USD 540,968.542 73.99 76.72 79.84 E Capitalisation EUR Hedged (95%) 326,686.880 76.75 75.28 74.62 E Distribution quarterly EUR Hedged (95%) 42,512.109 97.17 97.70 102.52 F Capitalisation EUR Hedged (95%) 258,472.910 86.20 83.88 82.11 F Capitalisation USD 542,408.745 128.46 124.87 122.14 F Distribution EUR Hedged (95%) 4,071.290 38.06 39.90 41.45 F Distribution USD 28,142.696 85.54 88.94 92.41 I Capitalisation CHF Hedged (95%) 186,587.275 115.55 112.78 110.53 I Capitalisation EUR Hedged (95%) 2,773,821.297 181.11 176.27 172.34 I Capitalisation GBP Hedged (95%) 62,585.232 107.53 104.30 101.65

AXA World Funds


67


30 June 2015







AXA World Funds - Global High Yield Bonds (continued) I Capitalisation USD 1,971,049.545 218.31 212.06 207.15 I Distribution EUR Hedged (95%) 364,021.698 98.54 103.20 105.52 I Distribution USD 537.383 99.50 - - M Capitalisation EUR Hedged (95%) 122,056.029 110.19 106.92 103.93 M Capitalisation USD 740,625.000 100.16 - - AXA World Funds - Global Inflation Bonds A Capitalisation CHF Hedged (95%) 267,929.822 136.10 136.36 125.92 A Capitalisation CHF Hedged (95%) Redex 177,614.679 91.46 89.77 95.03 A Capitalisation EUR 2,167,332.096 141.65 140.84 129.66 A Capitalisation EUR Redex 2,260,376.984 89.38 88.07 93.19 A Capitalisation GBP Hedged (95%) 44,810.253 134.77 133.62 122.53 A Capitalisation USD Hedged (95%) 956,373.809 162.60 161.56 148.57 A Capitalisation USD Hedged (95%) Redex 274,951.163 94.99 93.13 98.11 A Distribution EUR 460,279.537 95.02 99.29 91.41 E Capitalisation EUR 115,949.880 136.81 136.46 126.46 E Capitalisation EUR Redex 55,073.839 91.43 89.83 93.85 F Capitalisation EUR 170,974.321 108.43 107.69 98.90 F Capitalisation EUR Redex 1,015,662.011 97.03 95.51 98.90 F Capitalisation GBP Hedged (95%) 2,663.684 104.09 103.13 - F Capitalisation USD Hedged (95%) 17,887.970 108.64 107.78 98.89 F Distribution EUR 88,268.652 90.26 94.42 86.69 F Distribution EUR Redex 782,241.385 95.92 99.55 98.89 I Capitalisation CHF Hedged (95%) 787,213.341 139.33 139.39 128.26 I Capitalisation CHF Hedged (95%) Redex 304,535.083 93.91 92.57 97.65 I Capitalisation EUR 4,486,955.357 145.58 144.50 132.58 I Capitalisation EUR Redex 5,736,254.279 90.73 89.32 94.21 I Capitalisation GBP Hedged (95%) 37,204.083 137.61 136.27 124.53 I Capitalisation GBP Hedged (95%) Redex 141,563.170 94.01 92.28 96.70 I Capitalisation USD Hedged (95%) 857,592.079 105.28 104.42 95.78 I Capitalisation USD Hedged (95%) Redex 763,392.355 99.39 97.48 102.59 I Distribution EUR 136,469.486 95.97 100.42 92.14 I Distribution quarterly GBP Hedged (95%) 85,389.400 101.70 101.20 93.57 I Distribution USD Hedged (95%) 86,600.356 94.21 98.05 89.94 M Capitalisation EUR 3,761.641 150.08 148.75 136.05 AXA World Funds - Global Strategic Bonds A Capitalisation EUR Hedged (95%) 451,982.658 112.82 112.97 110.41 A Capitalisation GBP Hedged (95%) 2,127.635 114.46 114.27 111.31 A Capitalisation USD 35,840.344 113.92 113.84 111.20 A Distribution quarterly EUR Hedged (95%) 4,398.125 104.32 106.08 107.60 A Distribution quarterly GBP Hedged (95%) 106,994.999 104.00 105.36 106.68 A Distribution USD 4,590.644 97.19 99.24 - E Capitalisation EUR Hedged (95%) 128,247.601 110.99 111.49 109.56 E Distribution quarterly EUR Hedged (95%) 182,159.515 101.13 103.10 105.51 F Capitalisation EUR Hedged (95%) 36,491.775 114.03 113.99 111.00 F Capitalisation GBP Hedged (95%) 142,470.211 115.81 115.34 111.81 F Capitalisation USD 9,055.894 115.19 114.83 111.67 F Distribution quarterly GBP Hedged (95%) 371.464 100.32 101.39 -

AXA World Funds


68


30 June 2015







AXA World Funds - Global Strategic Bonds (continued) I Capitalisation EUR Hedged (95%) 1,651,907.373 114.73 114.62 111.47 I Capitalisation USD 241,774.318 115.89 115.49 112.21 I Distribution quarterly EUR Hedged (95%) 485,630.589 98.51 99.77 - I Distribution quarterly GBP Hedged (95%) 86,147.864 104.37 105.47 107.16 M Capitalisation EUR Hedged (95%) 217,928.353 104.11 103.67 100.26 M Distribution EUR Hedged (95%) 500.000 98.75 - - AXA World Funds - Universal Inflation Bonds A Capitalisation CHF Hedged (95%) 532.562 89.15 91.06 93.46 A Capitalisation EUR Hedged (95%) 2,175.405 90.19 91.65 93.84 A Capitalisation USD 35,692.382 95.84 97.08 99.19 A Distribution CHF Hedged (95%) 2,130.000 91.43 95.22 - A Distribution quarterly SGD Hedged (95%) 793.350 95.23 97.55 - A Distribution quarterly USD 620.100 94.95 97.66 - E Capitalisation EUR Hedged (95%) 1,436.319 92.64 94.47 97.36 E Distribution quarterly EUR Hedged (95%) 4,645.438 89.24 92.46 98.26 F Capitalisation CHF Hedged (95%) 10,000.000 92.16 93.96 96.11 F Capitalisation USD 4,284.694 96.64 97.72 99.49 I Capitalisation CHF Hedged (95%) 180,978.455 94.61 96.41 98.51 I Capitalisation EUR Hedged (95%) 222,323.866 95.53 96.93 98.83 I Capitalisation EUR Hedged FXO 8,070.000 98.90 98.80 - I Capitalisation GBP Hedged (95%) 19,621.519 91.21 92.12 93.61 I Capitalisation USD 1,250,830.905 97.11 98.15 99.84 AXA World Funds - US Credit Short Duration IG A Capitalisation CHF Hedged (95%) 244.260 101.46 101.21 100.84 A Capitalisation EUR Hedged (95%) 200.000 102.09 101.48 100.92 A Capitalisation USD 5,868.520 102.54 101.69 100.99 E Capitalisation EUR Hedged (95%) 200.000 101.41 101.04 100.79 F Capitalisation EUR Hedged (95%) 200.000 102.75 101.96 101.01 F Capitalisation USD 274.122 103.14 102.12 101.09 I Capitalisation CHF Hedged (95%) 175,258.397 102.30 101.84 100.99 I Capitalisation EUR Hedged (95%) 524,427.149 103.08 102.21 101.06 I Capitalisation USD 754,424.200 103.38 102.30 101.14 I Distribution EUR Hedged (95%) 35,200.000 99.76 - - AXA World Funds - US Dynamic High Yield Bonds A Capitalisation EUR Hedged (95%) 200.000 100.63 98.59 - A Capitalisation USD 248.040 100.82 98.59 - E Capitalisation EUR Hedged (95%) 200.000 100.23 98.47 - F Capitalisation EUR Hedged (95%) 200.000 101.06 98.73 - F Capitalisation USD 248.040 101.27 98.73 - I Capitalisation CHF Hedged (95%) 245.843 100.94 98.79 - I Capitalisation EUR Hedged (95%) 21.447 101.06 98.76 - I Capitalisation USD 1,000,024.222 104.76 102.07 - AXA World Funds - US High Yield Bonds A Capitalisation CHF Hedged (95%) 32,290.981 123.23 120.55 119.89 A Capitalisation EUR Hedged (95%) 448,557.928 183.32 178.82 177.56 A Capitalisation USD 2,278,374.682 149.93 145.97 144.92 A Distribution CHF Hedged (95%) 7,725.000 96.96 101.64 101.16

AXA World Funds


69


30 June 2015







AXA World Funds - US High Yield Bonds (continued) A Distribution EUR Hedged (95%) 47,642.763 103.39 108.13 114.11 A Distribution monthly USD 573.300 100.55 - - A Distribution USD 65,459.851 96.08 98.46 - E Capitalisation EUR Hedged (95%) 68,721.917 181.43 177.45 177.20 F Capitalisation CHF Hedged 3,708.485 125.81 122.63 121.37 F Capitalisation EUR Hedged (95%) 575,097.198 198.25 192.64 190.25 F Capitalisation USD 588,127.758 200.59 194.72 192.16 F Distribution quarterly GBP Hedged (95%) 4,576.308 97.72 97.62 - I Capitalisation CHF Hedged 4,165,452.273 104.22 101.62 100.47 I Capitalisation EUR Hedged (95%) 4,033,116.920 202.17 196.52 193.80 I Capitalisation GBP Hedged (95%) 228,099.001 113.00 109.51 107.67 I Capitalisation USD 20,113,319.244 204.38 198.25 195.39 I Distribution EUR Hedged (95%) 3,617,662.405 116.63 122.48 129.06 I Distribution GBP Hedged (95%) 397.561 98.41 102.72 107.66 I Distribution quarterly EUR Hedged (95%) 305,020.510 96.63 96.59 102.07 I Distribution USD 406,868.976 103.87 108.11 113.87 M Capitalisation EUR Hedged (95%) 200.000 104.12 100.87 - T Distribution monthly USD 2,180,558.994 95.74 95.96 101.23 AXA World Funds - US Libor Plus F Distribution EUR Hedged (95%) 396.797 10.99 10.63 9.31 F Distribution USD 136,127.561 11.17 10.78 9.44 I Distribution EUR Hedged (95%) 200.000 11.03 10.65 9.33 I Distribution USD 3,782,523.776 11.24 10.85 9.49 AXA World Funds - Emerging Markets Short Duration Bonds A Capitalisation CHF Hedged (95%) 192,833.693 102.88 101.47 102.01 A Capitalisation EUR Hedged (95%) 2,766,244.380 104.21 102.47 102.84 A Capitalisation SGD Hedged (95%) 330.840 98.72 96.48 - A Capitalisation USD 1,984,720.811 108.24 106.21 106.47 A Distribution EUR Hedged (95%) 99,211.649 96.77 100.14 100.55 A Distribution quarterly GBP Hedged (95%) 19,700.810 96.29 95.52 99.37 A Distribution quarterly HKD Hedged (95%) 4,809.650 96.91 97.00 - A Distribution quarterly SGD Hedged (95%) 11,232.853 97.33 96.92 - A Distribution quarterly USD 620.100 96.91 96.99 - A Distribution USD 111,422.460 98.74 101.45 103.19 E Capitalisation EUR Hedged (95%) 627,805.069 106.74 105.01 105.56 E Distribution quarterly EUR Hedged (95%) 68,533.691 95.69 96.23 101.32 F Capitalisation CHF Hedged (95%) 118,738.694 102.04 100.38 100.54 F Capitalisation EUR Hedged (95%) 646,006.686 103.23 101.38 101.25 F Capitalisation GBP Hedged (95%) 850.000 102.09 99.86 - F Capitalisation USD 318,836.666 109.25 106.99 106.82 F Distribution EUR Hedged (95%) 246,042.745 96.71 100.21 101.44 F Distribution GBP Hedged (95%) 379.932 101.54 100.52 101.56 F Distribution USD 45,653.980 100.54 103.42 103.29 I Capitalisation CHF Hedged (95%) 107,644.431 101.96 100.25 100.28 I Capitalisation EUR Hedged (95%) 1,530,574.662 108.86 106.78 106.60 I Capitalisation GBP Hedged (95%) 15,824.067 100.87 98.60 - I Capitalisation USD 2,150,629.191 109.77 107.46 107.19

AXA World Funds


70


30 June 2015







AXA World Funds - Emerging Markets Short Duration Bonds (continued) I Distribution EUR Hedged (95%) 494,238.234 97.00 100.70 101.77 I Distribution quarterly GBP Hedged (95%) 655,536.698 92.79 91.84 96.51 I Distribution USD 44,690.304 98.69 102.06 101.80 M Capitalisation EUR Hedged (95%) 11,150.741 103.52 101.19 100.44 M Capitalisation USD 24.152 106.68 104.13 103.31 AXA World Funds - Global Flex 50 A Capitalisation CHF Hedged (95%) 435.320 97.29 101.05 - A Capitalisation EUR 187,221.393 64.85 64.05 60.72 A Distribution EUR 17,200.461 47.27 47.47 45.01 E Capitalisation EUR 205,055.315 61.24 60.63 57.78 F Capitalisation EUR 1,435,478.764 72.02 70.90 66.79 AXA World Funds - Global Flex 100 A Capitalisation EUR 230,846.988 71.22 68.37 61.71 A Distribution EUR 4,847.053 69.94 67.14 61.72 E Capitalisation EUR 47,360.333 67.35 64.82 58.80 F Capitalisation EUR 151,734.365 80.01 76.51 68.55 I Capitalisation EUR 216,925.552 116.57 111.47 99.83 AXA World Funds - Global Income Generation I Capitalisation EUR 100,020.214 114.07 109.63 100.04 I Distribution EUR 200.000 107.91 108.93 100.05 AXA World Funds - Global Optimal Income A Capitalisation EUR 127,729.454 132.80 116.70 107.73 A Distribution EUR 17,494.050 121.67 107.86 - BX Capitalisation EUR 66,744.858 612.43 538.30 - BX Distribution EUR 41,697.948 220.71 193.99 - E Capitalisation EUR 25,426.001 131.26 115.63 107.29 F Capitalisation EUR 200.000 134.72 118.03 108.28 F Distribution EUR 33,684.233 119.96 106.60 - I Capitalisation EUR 144.362 134.80 118.06 108.29 M Capitalisation EUR 132,679.461 131.85 115.15 104.99 AXA World Funds - Optimal Income A Capitalisation EUR 1,277,027.305 181.06 167.91 162.65 A Distribution EUR 168,031.411 121.08 114.59 110.94 E Capitalisation EUR 352,384.513 171.16 159.21 155.09 F Capitalisation EUR 136,087.525 192.96 178.52 171.99 F Distribution EUR 120,124.499 128.34 120.72 117.52 I Capitalisation EUR 1,091,062.565 135.62 125.38 120.62 M Capitalisation EUR 899,781.476 113.81 105.03 100.68 AXA World Funds - Optimal Absolute A Capitalisation EUR 203.156 99.62 98.30 99.17 A Capitalisation USD Hedged (95%) 1,717.922 100.21 98.90 99.78 AX Capitalisation EUR 578,256.554 98.56 97.42 98.73 E Capitalisation EUR 587.517 98.23 97.13 98.47 F Capitalisation EUR 252,481.367 102.33 100.80 100.89 F Capitalisation USD Hedged (95%) 277.082 102.51 100.91 101.29

AXA World Funds


71


30 June 2015







AXA World Funds - Optimal Absolute Piano A Capitalisation EUR 30,582.710 55.46 55.13 55.47 A Capitalisation USD Hedged (95%) 440.669 100.17 99.34 - A Distribution EUR 2,236.111 37.81 37.58 37.82 E Capitalisation EUR 3,789.984 52.05 51.87 52.46 F Capitalisation EUR 536,477.080 60.77 60.28 60.36 F Capitalisation USD Hedged (95%) 279.437 100.79 99.77 - F Distribution EUR 336.899 61.10 60.61 60.69 M Capitalisation EUR 17,105.211 101.30 100.24 -

AXA World Funds - Global Flexible Property

Schedule of Investments and Other Net Assets as at 30 June 2015 (in USD)

72

The accompanying notes form an integral part of these financial statements. *Please refer to note 2d) for more information on valuation of Investments.

Description Quantity/ Nominal

Value

Market Value*

% of net

assets

I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

EUR Bonds Atrium European Real Est 3.625% 17/10/2022 400,000 459,505 1.40

Deutsche Ann Fin BV 1% 08/04/2074 500,000 577,659 1.76

Deutsche Ann Fin BV FRN 29/12/2049 300,000 333,583 1.02

Gecina SA 1.5% 20/01/2025 100,000 103,767 0.32

Gecina SA 2% 17/06/2024 600,000 656,416 2.00

Inmobiliaria Colonial SA 1.863% 05/06/2019 300,000 330,917 1.01


Klepierre 1% 17/04/2023 200,000 212,085 0.65

Prologis Intl Fund Ii 1.876% 17/04/2025 621,000 644,064 1.96

Prologis Ltd 1.375% 13/05/2021 1,072,000 1,166,079 3.56

Prologis Ltd 3.375% 20/02/2024 160,000 193,192 0.59

Societe Fonciere Lyonnais 1.875% 26/11/2021 100,000 111,239 0.34

5,002,260 15.26

USD Bonds Avalonbay Communities Inc 3.45% 01/06/2025 337,000 331,734 1.01

Boston Properties Ltd 4.125% 15/05/2021 400,000 426,066 1.30


Brixmor Operating Part 3.85% 01/02/2025 700,000 674,072 2.06

DCT Ind Oper Ptnr Ltd 4.5% 15/10/2023 500,000 509,901 1.55

Digital Realty Trust Ltd 3.95% 01/07/2022 300,000 299,831 0.91

Essex Portfolio Ltd 3.875% 01/05/2024 500,000 506,868 1.55

HCP Inc 3.4% 01/02/2025 500,000 470,375 1.43

Health Care REIT Inc 4% 01/06/2025 300,000 296,689 0.90

Health Care REIT Inc 5.25% 15/01/2022 600,000 657,230 2.00

Healthcare Realty Trust 3.875% 01/05/2025 187,000 180,729 0.55

Host Hotels & Resorts 5.25% 15/03/2022 1,200,000 1,305,200 3.98

Liberty Property Ltd 3.75% 01/04/2025 250,000 242,503 0.74

Omega Healthcare Investors 4.5% 01/04/2027 300,000 288,415 0.88


Value

MarketValue*

% of net

assets

USD Bonds (continued) Omega Healthcare Investors 4.95% 01/04/2024 600,000 614,754 1.87

Prologis Ltd 4.25% 15/08/2023 200,000 205,566 0.63

Realty Income Corp 4.65% 01/08/2023 500,000 527,264 1.61

Retail Opportunity In 5% 15/12/2023 300,000 315,297 0.96

Scentre Group 2.375% 28/04/2021 400,000 389,631 1.19

Scentre Group 3.25% 28/10/2025 300,000 286,604 0.87

Sl Green Realty Corp 4.5% 01/12/2022 182,000 186,122 0.57

UDR Inc 4.625% 10/01/2022 150,000 160,434 0.49

Ventas Inc 3.5% 01/02/2025 100,000 96,313 0.29

9,255,706 28.21

AUD Equities Goodman Group 70,000 337,339 1.03

Scentre Group 16,000 46,116 0.14

Westfield Corp 28,000 196,270 0.60

579,725 1.77

CHF Equities PSP Swiss Property AG 2,410 206,302 0.63

206,302 0.63

EUR Equities CA Immobilien Anlagen AG 14,000 244,121 0.74

Hispania Activos Inmobiliari 33,739 494,711 1.51

Icade 12,050 860,077 2.62

Immobiliaire Dassault SA 904 35,001 0.11

Klepierre 15,000 659,411 2.01

Société de la Tour Eiffel 3,000 157,938 0.48

Terreis 27,714 785,869 2.40

3,237,128 9.87

GBP Equities Big Yellow Group Plc 19,279 193,291 0.59

Great Portland Estates Plc 21,689 264,696 0.81

Hammerson Plc 131,341 1,271,377 3.88

Land Securities Group 40,969 775,761 2.37

Quintain Estates & Dev Plc 326,153 543,717 1.66

Unite Group Plc 7,582 68,147 0.21

3,116,989 9.52



73

The accompanying notes form an integral part of these financial statements. *Please refer to note 2d) for more information on valuation of Investments. (*) This classification regroups the securities that are not admitted to an official exchange listing or not dealt in on another regulated market.


Value

Market Value*

% of net

assets

JPY Equities Mitsui Fudosan Co Ltd 48,000 1,344,307 4.10

1,344,307 4.10

USD Equities American Campus Communities 3,012 113,522 0.35

American Homes 4 Rent A 5,000 80,200 0.24

Avalonbay Communities Inc 11,496 1,837,867 5.60

Boston Properties Ltd 9,640 1,166,826 3.56

Extra Space Storage Inc 18,023 1,175,460 3.58

General Growth Properties Trust Inc 19,279 494,699 1.51

Health Care REIT Inc 5,543 363,787 1.11

Host Hotels & Resorts Inc Com 27,435 544,036 1.66

Kite Realty Group Trust 4,000 102,716 0.31

National Retail Properties 6,000 154,200 0.47

Paramount Group Inc REIT 2,652 45,508 0.14

Physicians Realty Trust REIT 21,087 323,896 0.99

Post Properties Inc 8,194 445,508 1.36

Prologis Trust Inc 16,147 599,054 1.83

Public Storage Inc Pref Shs 6.125% 4,000 99,800 0.30

Public Storage Inc Pref Shs 6.375% 28,000 731,640 2.23

Simon Property Group Inc 4,097 708,863 2.16

Washington Real Estate Investment 5,484 142,310 0.43

9,129,892 27.83

EUR Warrants Société de la Tour Eiffel 2,000 535 0.00

535 0.00

USD Options Avalonbay Communities Inc 07/2015 Call 175 (13,400) (670) 0.00

Avalonbay Communities Inc 07/2015 Put 160 13,400 37,185 0.11

36,515 0.11

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

31,909,359 97.30


Value

MarketValue*

% of net

assets

II. OTHER TRANSFERABLE SECURITIES (*)

USD Bonds Goodman Funding PTY Ltd 6% 22/03/2022 200,000 223,883 0.68

223,883 0.68

USD Equities DDR Corp 2,000 50,900 0.16

50,900 0.16

TOTAL OTHER TRANSFERABLE SECURITIES 274,783 0.84

Total Investment in Securities 32,184,142 98.14

Cash and cash equivalent 420,114 1.28

Bank overdraft (40,936) (0.12)

Other Net Assets 231,111 0.70

TOTAL NET ASSETS 32,794,431 100.00


Classification as at 30 June 2015

* Any differences in the percentage of net asset figures are the result of rounding. The accompanying notes form an integral part of these financial statements.

74

Economical Classification of Schedule of Investments % of Net Assets

Real Estate 56.16 Financial Services 20.48 Banks 15.26 Industrial 3.98 Consumer, Non-cyclical 0.88 Building Materials and Products 0.68 Storage and Warehousing 0.59 Options 0.11

98.14 Geographical Classification of Schedule of Investments and Other Net Assets

Allocation Criteria: Geographical InvestmentMM US$ % of Net Assets Market Value in

Sub-Fund Currency Australia 1.48 4.51 1,479,843 Austria 0.24 0.74 244,121 France 3.58 10.93 3,582,338 Japan 1.34 4.10 1,344,307 Luxembourg 0.64 1.96 644,064 Spain 1.04 3.17 1,039,382 Switzerland 0.21 0.63 206,302 The Netherlands 1.37 4.18 1,370,747 United Kingdom 3.12 9.50 3,116,989 United States of America 19.16 58.42 19,156,049 Others 0.61 1.86 610,289 32.79 100.00 32,794,431

AXA World Funds - Framlington Europe Real Estate Securities

Schedule of Investments and Other Net Assets as at 30 June 2015 (in EUR)

75



Value

Market Value*

% of net

assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

CHF Equities PSP Swiss Property AG 300,740 23,105,508 3.57

Swiss Prime Site AG 141,416 9,635,745 1.49

32,741,253 5.06

EUR Equities Alstria Office AG 229,250 2,648,984 0.41

Beni Stabili SpA 10,160,000 6,766,560 1.05

Buwog AG 270,000 4,706,100 0.73

CA Immobilien Anlagen AG 500,000 7,825,000 1.21

Deutsche Annington Immobilien Right 1,250,000 31,625,000 4.89

Deutsche Euroshop AG 270,500 10,654,995 1.65

Deutsche Wohnen AG 1,231,577 25,315,065 3.91

Dic Asset AG 119,350 954,800 0.15

DO Deutsche Office AG 289,834 1,234,693 0.19

Eurocommercial Prop 143,767 5,377,605 0.83

Fonciere Des Murs REIT 1,936 47,025 0.01

Fonciere Des Regions 144,210 10,991,686 1.70

Fonciere Lyonnaise 39,410 1,598,076 0.25

Green REIT Plc 2,346,710 3,440,277 0.53

Hispania Activos Inmobiliari 600,490 7,902,448 1.22

Icade 400,000 25,624,000 3.96

Klepierre 1,099,000 43,361,045 6.69

LEG Immobilien AG 338,150 21,073,508 3.26

Mercialys SA 101,310 2,027,720 0.31

Merlin Properties Socimi SA REIT 1,325,142 14,523,556 2.25

Sponda Oyj 1,306,690 4,325,144 0.67

Terreis 358,040 9,112,118 1.41

Tlg Immobilien AG 176,910 2,566,080 0.40

Unibail-Rodamco SE 161,120 36,525,904 5.65

Vastned Retail 64,370 2,543,581 0.39

Warehouses De Pauw SCA 143,368 9,933,969 1.54 292,704,939 45.26

GBP Equities Big Yellow Group Plc 1,591,310 14,319,171 2.21

British Land Company Plc 3,928,550 44,000,955 6.79

Capital and Counties Properties Plc 2,590,450 15,912,814 2.46

CLS Holdings Plc 137,342 3,605,780 0.56

Derwent Valley Hdg 367,990 17,670,678 2.73

Great Portland Estates Plc 1,239,810 13,579,999 2.10

Hammerson Plc 4,177,190 36,290,685 5.61


Value

MarketValue*

% of net

assets

GBP Equities (continued) Land Securities Group 3,160,000 53,702,740 8.29

Quintain Estates & Dev Plc 6,464,700 9,672,464 1.50

Safestore Holdings Ltd 2,188,050 8,732,583 1.35

Segro Plc 2,663,371 15,255,505 2.36

Shaftesbury Plc 1,009,560 12,369,004 1.91

Unite Group Plc 2,262,510 18,251,124 2.82

WorkSpace Group Plc 981,690 12,464,028 1.93

275,827,530 42.62

SEK Equities Atrium Ljungberg AB 212,552 2,494,506 0.39

Castellum AB 994,570 12,532,880 1.94

Fastighets AB Balder B Shs 596,740 8,255,537 1.28

Wihlborgs Fastigheter AB 1,025,250 14,971,081 2.31 38,254,004 5.92


639,527,726 98.86


Cash and cash equivalent 11,072,202 1.71

Other Net Liabilities (3,705,015) (0.57)





76


Real Estate 95.30 Storage and Warehousing 3.56



Sub-Fund Currency Austria 13.96 1.94 12,531,100 Belgium 11.07 1.54 9,933,969 Finland 4.82 0.67 4,325,144 France 144.05 19.99 129,287,574 Germany 107.04 14.85 96,073,125 Ireland 3.83 0.53 3,440,277 Italy 7.54 1.05 6,766,560 Spain 24.99 3.47 22,426,004 Sweden 42.62 5.91 38,254,004 Switzerland 36.48 5.06 32,741,253 The Netherlands 8.83 1.22 7,921,186 United Kingdom 307.33 42.63 275,827,530 Others 8.21 1.14 7,367,187 720.77 100.00 646,894,913



77



Value

Market Value*

% of net

assets


AUD Equities Federation Centres 950,063 1,913,694 1.27

Goodman Group 587,668 2,541,773 1.69

Scentre Group 702,836 1,818,120 1.21

Westfield Corp 490,107 3,083,351 2.05

9,356,938 6.22

CAD Equities Allied Properties Real Estate REIT 80,541 2,051,996 1.36

Riocan REIT 69,137 1,330,530 0.88 3,382,526 2.24

EUR Equities Beni Stabili SpA 1,200,000 799,200 0.53

Hispania Activos Inmobiliari 75,000 987,000 0.66

Icade 20,568 1,317,586 0.88

Immobiliaire Dassault SA 30,583 1,062,759 0.71

Klepierre 120,000 4,734,600 3.15

LEG Immobilien AG 15,671 976,617 0.65

Merlin Properties Socimi SA REIT 293,833 3,220,410 2.14

Terreis 70,000 1,781,500 1.18 14,879,672 9.90

GBP Equities British Land Company Plc 244,862 2,742,529 1.82

Great Portland Estates Plc 127,328 1,394,661 0.93

Hammerson Plc 303,628 2,637,866 1.75

Quintain Estates & Dev Plc 1,126,363 1,685,261 1.12

Safestore Holdings Ltd 440,751 1,759,053 1.17

Unite Group Plc 83,371 672,534 0.45

10,891,904 7.24

HKD Equities Hang Lung Prop 670,780 1,793,843 1.19

Henderson Land Dev 731 4,506 0.00

Hysan Development Co 255,816 993,602 0.66

KWG Property Holding Ltd 600,000 453,583 0.30

Link REIT 460,002 2,420,393 1.61

Sun Hung Kai Properties 214,469 3,125,954 2.08

8,791,881 5.84


Value

MarketValue*

% of net

assets

JPY Equities Hulic Co Ltd 211,900 1,687,876 1.12

Japan Real Estate 127 517,915 0.34

Mitsubishi Estate Co Ltd 100,000 1,933,782 1.28

Mitsui Fudosan Co Ltd 245,000 6,158,285 4.09

Nippon Building Fund Inc 60 235,882 0.16

Nippon Prologis REIT 196 324,033 0.22

Nomura Real Estate Holdings Inc 55,000 1,036,753 0.69

Nomura Real Estate Office REIT 54 219,820 0.15

Sumitomo Realty & Development 145,000 4,566,244 3.03

United Urban Investment Corp REIT 292 370,732 0.25

17,051,322 11.33

SEK Equities Wihlborgs Fastigheter AB 43,096 629,304 0.42

629,304 0.42

SGD Equities Capitacommercial Trust 931,500 968,586 0.64

Capitaland Ltd 1,000,000 2,332,913 1.55

CapitaMall Trust 685,600 982,516 0.65

4,284,015 2.84

USD Equities Acadia Realty Trust 104,495 2,730,075 1.81

American Campus Communities 23,900 808,464 0.54

American Homes 4 Rent A 50,000 719,799 0.48

Avalonbay Communities Inc 42,104 6,041,255 4.01

Biomed Realty Trust Inc 27,839 483,222 0.32

Boston Properties Ltd 26,360 2,863,592 1.90

Caretrust REIT Inc 29,561 336,150 0.22

Cubesmart REIT 98,287 2,043,015 1.36

Douglas Emmett Inc 33,431 808,321 0.54

Equity Residential 29,168 1,836,940 1.22

Extra Space Storage Inc 69,731 4,081,723 2.71

First Industrial Realty Trust 63,174 1,061,972 0.71

Forest City Enterprises Cl A 55,000 1,090,917 0.72

General Growth Properties Trust Inc 246,317 5,672,675 3.77

Health Care REIT Inc 40,000 2,356,130 1.57

Hongkong Land Holdings Ltd 350,000 2,575,839 1.71

Host Hotels & Resorts Inc Com 170,090 3,027,181 2.01

Kilroy Realty Corp 25,560 1,540,436 1.02



78



Value

Market Value*

% of net

assets

USD Equities (continued) Kimco Realty Corp 137,804 2,787,742 1.85

Lasalle Hotel Properties 76,708 2,441,273 1.62

Liberty Property Ltd 46,768 1,352,419 0.90

Macerich Co 7,700 515,545 0.34

Mack Cali Realty Corp 80,847 1,337,292 0.89

Mid America Apartment Community 18,702 1,222,126 0.81

National Health Investors Inc REIT 29,049 1,624,262 1.08

Paramount Group Inc REIT 31,326 482,458 0.32

Pebblebrook Hotel Trust 15,399 592,631 0.39

Physicians Realty Trust REIT 209,736 2,891,353 1.92

Post Properties Inc 35,509 1,732,745 1.15

Prologis Trust Inc 118,672 3,951,473 2.63

Public Storage Inc 8,372 1,385,340 0.92

Ryman Hospitality Properties 25,000 1,191,662 0.79

Saul Centers Inc 30,344 1,339,635 0.89

Simon Property Group Inc 29,400 4,565,418 3.03

Sl Green Realty Corp 9,914 977,786 0.65

Stag Industrial Inc 27,485 493,358 0.33

Urban Edge Properties 74,000 1,380,776 0.92

Ventas Inc 45,600 2,541,110 1.69

Washington Real Estate Investment 127,431 2,967,900 1.97

Weingarten Realty Investors REIT 52,690 1,545,895 1.03

79,397,905 52.74

HKD Warrants Sun Hung Kai Properties 10,018 31,952 0.02

31,952 0.02


148,697,419 98.79



Bank overdraft (3,643) 0.00






79


Real Estate 93.85 Financial Services 2.63 Storage and Warehousing 1.17 Industrial 1.12 Rights and Warrants 0.02



Sub-Fund Currency Australia 10.43 6.22 9,356,938 Canada 3.77 2.25 3,382,526 China 0.51 0.30 453,583 France 9.91 5.91 8,896,445 Germany 1.09 0.65 976,617 Hong Kong 12.20 7.27 10,946,089 Italy 0.89 0.53 799,200 Japan 19.00 11.32 17,051,322 Singapore 4.77 2.85 4,284,015 Spain 4.69 2.80 4,207,410 Sweden 0.70 0.42 629,304 United Kingdom 12.14 7.24 10,891,904 United States of America 85.60 51.03 76,822,066 Others 2.03 1.21 1,821,144 167.73 100.00 150,518,563

AXA World Funds - Framlington Europe Emerging


80



Value

Market Value*

% of net

assets


CZK Equities Komercni Banka AS 2,000 397,880 2.03

397,880 2.03

EUR Equities Folli Follie SA 8,800 191,664 0.98

Hellenic Telecommun Organiza 30,000 221,400 1.13

Motor Oil (Hellas) SA 40,000 306,000 1.56

National Bank of Greece 120,000 108,000 0.55

827,064 4.22

HUF Equities Otp Bank Plc 20,000 355,251 1.81

355,251 1.81

PLN Equities Bank Zachodni SA 2,500 203,591 1.04

CD Projekt SA 70,000 397,242 2.02

Ciech SA 20,000 276,824 1.41

Fabryki Mebli Forte SA 20,000 272,003 1.39

Powszechna Kasa Oszczednosci Bank Polski SA 60,000 445,591 2.27

Powszechny Zaklad Ubezpieczen SA 5,000 516,240 2.63

Warsaw Stock Exchange 30,000 338,918 1.73

Work Service SA 100,000 422,395 2.15

2,872,804 14.64

RON Equities Electrica SA 85,000 234,995 1.20

Omv Petrom SA 2,500,000 210,419 1.07

445,414 2.27

RUB Equities Mostotrest 45,260 65,326 0.33

65,326 0.33

TRY Equities Akbank T.A.S. 200,000 519,273 2.65

Anadolu Hayat Emeklilik AS 107,894 203,141 1.04

Bim Birlesik Magazalar AS 15,000 241,211 1.23

Do & Co Restaurants & Catering AG 4,000 330,995 1.69

Emlak Konut Gayrimenkul Yati REIT 550,000 508,553 2.59


Value

MarketValue*

% of net

assets

TRY Equities (continued) Eregli Demir Ve Celik Fabrik 390,000 567,046 2.89

Kardemir Karabuk Demir 1 0 0.00

Koc Holding AS 40,000 166,167 0.85

Tav Havalimanlari Holding AS 50,000 381,079 1.94

Tupras Turkiye Petrol Rafine 20,000 454,950 2.32

Turk Traktor Ve Ziraat Makineleri AS 6,000 138,696 0.71

Turkcell Iletisim Hizmet 60,000 248,246 1.27

Turkiye Garanti Bankasi 170,000 476,123 2.43

Turkiye Halk Bankasi AS 100,000 413,743 2.11

4,649,223 23.72

USD Equities E.ON Russia JSC 7,200,000 352,362 1.80

Epam Systems Inc 8,000 511,434 2.61

Eurasia Drillin Company Ltd 15,000 221,729 1.13

Lenta Ltd Reg S 55,000 367,753 1.87

Lukoil Spon Adr 40,000 1,612,278 8.21

Luxoft Holding Inc 9,000 456,785 2.33

Magnit OAO Gdr 25,000 1,248,878 6.36

Magnitogors 150,000 453,689 2.31

Mail.Ru Group Gdr 19,000 355,547 1.81

MMC Norilsk Nickel Adr 70,000 1,059,864 5.39

Novatek Oao Gdr 7,700 703,518 3.59

OAO Gazprom-Spon Adr Reg S 200,000 931,969 4.75

Sberbank Rossii 300,000 349,643 1.78

Sberbank Rossii Adr 80,000 381,260 1.94

Surgutneftegaz Sp Adr 100,000 682,104 3.48

9,688,813 49.36


19,301,775 98.38

II. OPEN-ENDED INVESTMENT FUNDS

RON Open-Ended Investment Funds Fondul Proprietatea SA 1,388,722 246,548 1.26

246,548 1.26

TOTAL OPEN-ENDED INVESTMENT FUNDS 246,548 1.26



Other Net Liabilities (29,474) (0.15)





81


Oil and Gas 26.11 Banks 18.61 Metals and Mining 10.59 Retail 7.34 Internet, Software and IT Services 6.75 Insurance 3.67 Financial Services 3.60 Technology 3.22 Food and Beverages 2.92 Real Estate 2.59 Communications 2.40 Engineering and Construction 2.27 Commercial Services and Supplies 2.15 Electrical Appliances and Components 1.80 Chemicals 1.41 Household Products and Durables 1.39 Open-Ended Investment Funds 1.26 Industrial 0.85 Mechanical Engineering and Industrial Equipments 0.71



Sub-Fund Currency Austria 0.37 1.69 330,995 Cyprus 0.25 1.13 221,729 Czech Republic 0.44 2.03 397,880 Greece 0.92 4.22 827,064 Hungary 0.40 1.81 355,251 Poland 3.20 14.64 2,872,804 Romania 0.77 3.53 691,962 Russia 9.54 43.64 8,564,191 Switzerland 0.51 2.33 456,785 Turkey 4.81 22.01 4,318,228 United States of America 0.57 2.61 511,434 Others 0.08 0.36 71,412 21.86 100.00 19,619,735

AXA World Funds - Framlington Eurozone


82



Value

Market Value*

% of net

assets


EUR Equities Airbus Group NV 364,000 21,184,800 2.16

Allianz SE 309,000 43,167,300 4.39

Amadeus It Holding SA 506,000 18,092,030 1.84

ASML Holding NV 243,000 22,526,100 2.29

Atos Origin 225,776 15,122,476 1.54

Banca Popolare Di Milano 12,150,000 11,493,900 1.17

Banco Bilbao Vizcaya Argentaria 1,519,000 13,355,048 1.36

BASF SE 182,000 14,345,240 1.46

BNP Paribas SA 769,000 41,641,350 4.24

Bureau Veritas SA 658,000 13,594,280 1.38

Christian Dior 167,000 29,241,700 2.98

CNH Industrial Capital 3,847,000 31,468,460 3.20

Coface SA 911,000 9,497,175 0.97

Continental AG 51,000 10,824,750 1.10

Dassault Systemes SA 325,981 21,260,481 2.16

Deutsche Post AG 759,000 19,889,595 2.02

Deutsche Telekom AG 1,620,000 25,029,000 2.55

Edenred 392,610 8,702,201 0.89

Eiffage 395,000 19,710,500 2.01

Elis SA 577,000 10,166,740 1.03

Europcar Groupe SA 132,314 1,598,353 0.16

Finecobank SpA 3,037,000 20,180,865 2.05

GDF Suez 938,000 15,608,320 1.59

Gemalto 273,000 21,807,240 2.22

Hella KgaA Hueck % Co 304,000 13,144,960 1.34

Iliad SA 83,000 16,504,550 1.68

Inditex 344,000 10,029,320 1.02

ING Groep NV 1,417,000 20,985,770 2.14

Intesa Sanpaolo SpA 9,618,000 27,526,716 2.80

JC Decaux SA 380,000 14,223,400 1.45

Lafarge SA 190,000 11,255,600 1.15

Legrand SA 271,000 13,647,560 1.39

Linde AG 243,000 41,285,700 4.20

L'Oreal 121,000 19,360,000 1.97

Luxottica Group SpA 132,000 7,873,800 0.80

Ontex Group NV 445,174 11,984,084 1.22

Pernod Ricard SA 172,000 17,819,200 1.81

ProSiebenSat.1 Media AG 228,000 10,100,400 1.03

Prysmian SpA 557,000 10,794,660 1.10

Publicis Groupe SA 263,000 17,442,160 1.78

Royal Dutch Shell Plc A 924,549 23,455,808 2.39

Sanofi-Aventis SA 567,000 50,032,080 5.10

Schneider Electric SA 375,000 23,223,750 2.36


Value

MarketValue*

% of net

assets

EUR Equities (continued) Seb SA 91,000 7,607,600 0.77

Société Générale 695,000 29,099,650 2.96

Sodexo 223,000 18,995,140 1.93

Telefonica SA 1,291,000 16,460,250 1.68

UniCredit SpA 3,098,000 18,665,450 1.90

Volkswagen AG 152,000 31,616,000 3.22

Worldline SA 810,000 14,904,000 1.52

957,545,512 97.47

EUR Options Euro Stoxx 50 Index 7,034 932,146 0.09

932,146 0.09


958,477,658 97.56



Other Net Assets 10,160,037 1.04





83


Banks 16.48 Engineering and Construction 9.41 Internet, Software and IT Services 7.20 Insurance 6.53 Healthcare 5.75 Pharmaceuticals and Biotechnology 5.10 Automobiles 4.32 Communications 4.23 Oil and Gas 3.98 Technology 3.76 Food and Beverages 3.74 Media 2.81 Electrical Appliances and Components 2.49 Mechanical Engineering and Industrial Equipments 2.36 Semiconductor Equipment and Products 2.29 Commercial Services and Supplies 2.27 Traffic and Transportation 2.18 Aerospace and Defence 2.16 Textiles, Garments and Leather Goods 1.79 Chemicals 1.46 Advertising 1.45 Industrial 1.34 Household Products and Wares 1.22 Building Materials and Products 1.15 Diversified Services 1.03 Financial Services 0.97 Options 0.09



Sub-Fund Currency Belgium 13.35 1.22 11,984,084 France 514.14 46.96 461,443,066 Germany 234.36 21.41 210,335,091 Italy 107.56 9.83 96,535,391 Spain 64.55 5.90 57,936,648 The Netherlands 98.91 9.04 88,774,918 United Kingdom 35.06 3.20 31,468,460 Others 26.66 2.44 23,930,423 1,094.59 100.00 982,408,081

AXA World Funds - Framlington Eurozone RI


84



Value

Market Value*

% of net

assets


EUR Equities Aegon NV 315,000 2,076,480 1.06

Airbus Group NV 45,000 2,619,000 1.34

Akzo Nobel 40,500 2,643,435 1.35

Allianz SE 53,000 7,404,100 3.78


ASML Holding NV 41,600 3,856,320 1.97

Atos Origin 31,391 2,102,569 1.07

Banco Bilbao Vizcaya Argentaria 753,614 6,625,774 3.39

BASF SE 68,000 5,359,760 2.74

Bayer AG 56,350 7,074,742 3.62

BNP Paribas SA 74,000 4,007,100 2.05


Cap Gemini SA 28,000 2,222,360 1.14

Carrefour SA 100,000 2,872,000 1.47

Cie de St Gobain 57,300 2,307,471 1.18

CNH Industrial Capital 230,700 1,887,126 0.96

Daimler AG 59,000 4,816,760 2.46


Deutsche Post AG 129,000 3,380,445 1.73

Deutsche Telekom AG 276,500 4,271,925 2.18

Essilor Intl 31,000 3,317,000 1.70

Eutelsat Communications 60,000 1,737,000 0.89

Gemalto 24,500 1,957,060 1.00

Iberdrola SA 545,000 3,292,890 1.68

Iliad SA 11,800 2,346,430 1.20

Inditex 131,000 3,819,305 1.95

ING Groep NV 350,800 5,195,348 2.65


JC Decaux SA 61,000 2,283,230 1.17

KBC Groep NV 75,000 4,495,500 2.30

Legrand SA 31,900 1,606,484 0.82

Linde AG 33,000 5,606,700 2.87

L'Oreal 31,350 5,016,000 2.56

LVMH Moet Hennessy Louis Vuitton 26,300 4,133,045 2.11

Pernod Ricard SA 28,400 2,942,240 1.50

Peugeot SA 138,000 2,545,410 1.30

Philips Electronics 98,500 2,247,770 1.15

Randstad Holding NV 39,000 2,277,990 1.16

Repsol YPF SA 130,000 2,047,500 1.05


SAP AG 51,000 3,192,600 1.63



Value

MarketValue*

% of net

assets

EUR Equities (continued) Siemens AG 54,400 4,915,040 2.51


Solvay SA 12,500 1,542,500 0.79

Technip-Coflexip SA 28,000 1,554,560 0.79

Telefonica SA 405,000 5,163,750 2.64

Total SA 145,867 6,355,425 3.25

Umicore 45,500 1,935,115 0.99

Unilever NV 126,400 4,721,672 2.41

Valeo SA 21,500 3,039,025 1.55

Veolia Environnement SA 114,200 2,088,718 1.07

Volkswagen AG 14,500 3,016,000 1.54

Wartsila Oyj 36,000 1,512,720 0.77

189,734,134 96.96

GBP Equities CRH Finance Ltd 90,000 2,278,800 1.16

2,278,800 1.16

EUR Warrants Repsol SA 132,294 61,517 0.03

61,517 0.03


192,074,451 98.15








85


Banks 14.08 Chemicals 8.50 Insurance 7.49 Automobiles 6.85 Communications 5.71 Food and Beverages 5.38 Internet, Software and IT Services 4.87 Engineering and Construction 4.62 Technology 4.36 Oil and Gas 4.30 Healthcare 4.26 Pharmaceuticals and Biotechnology 3.45 Miscellaneous Manufacture 3.28 Electrical Appliances and Components 2.50 Building Materials and Products 2.34 Holding Companies 2.11 Commercial Services and Supplies 2.06 Semiconductor Equipment and Products 1.97 Textiles, Garments and Leather Goods 1.95 Mechanical Engineering and Industrial Equipments 1.74 Traffic and Transportation 1.73 Aerospace and Defence 1.34 Advertising 1.17 Energy and Water Supply 1.07 Metals and Mining 0.99 Rights and Warrants 0.03



Sub-Fund Currency Belgium 8.88 4.07 7,973,115 Finland 1.69 0.77 1,512,720 France 81.66 37.46 73,286,817 Germany 54.64 25.06 49,038,072 Ireland 2.54 1.16 2,278,800 Italy 8.68 3.98 7,786,915 Spain 26.00 11.92 23,334,811 The Netherlands 22.57 10.35 20,254,403 United Kingdom 7.36 3.38 6,608,798 Others 4.03 1.85 3,613,819 218.05 100.00 195,688,270

AXA World Funds - Framlington Europe


86



Value

Market Value*

% of net

assets


CHF Equities Holcim Ltd Reg 450,000 29,819,197 2.49

Novartis AG 608,000 53,806,316 4.49

Roche Holding AG 168,632 42,430,253 3.55

UBS Group AG 1,300,000 24,757,136 2.07

150,812,902 12.60

DKK Equities Novo Nordisk A/S 501,243 24,498,067 2.05

24,498,067 2.05

EUR Equities Allianz SE 170,000 23,749,000 1.99


Anheuser Busch Inbev SA 200,000 21,500,000 1.80

ASML Holding NV 250,000 23,175,000 1.94


Banco Popolare Sc 1,100,000 16,236,000 1.36

Bayer AG 200,000 25,110,000 2.10

BNP Paribas SA 550,000 29,782,500 2.49

Crédit Agricole SA 1,410,784 18,819,859 1.57


Deutsche Post AG 640,000 16,771,200 1.40


Eiffage 350,000 17,465,000 1.46

Fresenius SE & Co KGaA 270,000 15,538,500 1.30

Gemalto 250,000 19,970,000 1.67


Iliad SA 120,000 23,862,000 2.00

Inditex 560,000 16,326,800 1.37

ING Groep NV 1,950,000 28,879,500 2.42


Linde AG 170,000 28,883,000 2.42

L'Oreal 115,000 18,400,000 1.54

LVMH Moet Hennessy Louis Vuitton 150,000 23,572,500 1.97

Royal Dutch Shell Plc A 27,100 683,369 0.06


Sodexo 250,000 21,295,000 1.78

Unilever NV 1,150,000 42,958,250 3.59

Volkswagen AG 140,000 29,120,000 2.44

Zodiac SA 370,000 10,804,000 0.90

604,423,372 50.59


Value

MarketValue*

% of net

assets

GBP Equities Arm Holdings Plc 1,300,000 19,028,519 1.59

Ashtead Group Plc 1,100,000 17,063,702 1.43

BAE Systems Plc 3,400,000 21,653,639 1.81

Barclays Bank Plc 5,500,000 20,223,359 1.69

BHP Billiton Ltd 900,000 15,866,745 1.33

Capita Group Plc 800,000 13,979,560 1.17

Hays Plc 6,000,000 13,838,410 1.16

ITV Plc 4,400,000 16,352,585 1.37

Lloyds TSB Group Plc 18,000,000 21,657,027 1.81

Prudential Plc 1,300,000 28,120,738 2.35

Reckitt Benckiser Group Plc 250,000 19,365,869 1.62

Royal Dutch Shell Plc B 1,872,900 47,770,042 3.99

Sabmiller Plc 550,000 25,649,896 2.15

Shire Ltd 250,000 17,979,064 1.50

Vodafone Group Plc 11,000,000 35,687,825 2.99

Whitbread Plc 270,000 18,849,540 1.58

WPP Plc 1,100,000 22,140,891 1.85

375,227,411 31.39

SEK Equities Assa Abloy AB - B 900,000 15,196,201 1.27

Atlas Copco AB 680,000 17,064,223 1.43

32,260,424 2.70


1,187,222,176 99.33


EUR Equities Anheuser Busch Inbev SA Strip VVPR 197,600 198 0.00

198 0.00

TOTAL OTHER TRANSFERABLE SECURITIES 198 0.00

Total Investment in Securities 1,187,222,374 99.33



TOTAL NET ASSETS 1,195,220,999 100.00




87


Pharmaceuticals and Biotechnology 12.89 Banks 12.05 Food and Beverages 9.32 Insurance 6.76 Communications 5.45 Internet, Software and IT Services 4.81 Oil and Gas 4.05 Engineering and Construction 3.88 Commercial Services and Supplies 3.76 Semiconductor Equipment and Products 3.53 Media 3.22 Aerospace and Defence 2.71 Building Materials and Products 2.49 Automobiles 2.44 Chemicals 2.10 Financial Services 2.07 Holding Companies 1.97 Technology 1.67 Household Products and Wares 1.62 Retail 1.58 Healthcare 1.54 Machinery 1.43 Traffic and Transportation 1.40 Textiles, Garments and Leather Goods 1.37 Mechanical Engineering and Industrial Equipments 1.35 Metals and Mining 1.33 Industrial 1.27 Metal Fabricate and Hardware 1.27



Sub-Fund Currency Australia 17.68 1.33 15,866,745 Belgium 23.96 1.80 21,500,198 Denmark 27.30 2.05 24,498,067 France 223.33 16.77 200,443,603 Germany 204.63 15.37 183,660,700 Ireland 20.03 1.50 17,979,064 Italy 36.21 2.72 32,496,000 Spain 56.44 4.24 50,656,950 Sweden 35.94 2.70 32,260,424 Switzerland 168.04 12.62 150,812,902 The Netherlands 81.01 6.08 72,707,869 United Kingdom 428.23 32.15 384,339,852 Others 8.91 0.67 7,998,625 1,331.71 100.00 1,195,220,999

AXA World Funds - Framlington Euro Relative Value


88



Value

Market Value*

% of net

assets


CHF Equities Roche Holding AG 51,187 12,879,390 1.73

12,879,390 1.73

EUR Equities Aéroports de Paris SA 36,874 3,737,180 0.50

Airbus Group NV 165,144 9,611,381 1.29

Allianz SE 142,885 19,961,034 2.67



Arkema SA 131,813 8,519,074 1.14

ASML Holding NV 152,978 14,181,061 1.90

Assicurazioni Generali 669,758 10,823,289 1.45

Atos Origin 114,981 7,701,427 1.03

AXA SA 657,318 14,875,106 1.99



Banco Popolare Sc 455,993 6,730,457 0.90

BASF SE 126,348 9,958,749 1.33

Bayer AG 170,721 21,434,022 2.87

BNP Paribas SA 432,549 23,422,527 3.15


Carrefour SA 258,122 7,413,264 0.99

Christian Dior 105,515 18,475,676 2.47

Crédit Agricole SA 1,029,390 13,732,063 1.84



Ei Towers SpA 198,733 10,741,519 1.44

ENI SpA 651,049 10,364,700 1.39

Erste Group Bank AG 300,148 7,646,270 1.02


Fresenius Medical Care AG 81,659 6,046,032 0.81


GDF Suez 851,704 14,172,355 1.90

GEA Group AG 231,509 9,262,675 1.24

Gemalto 87,296 6,973,204 0.93


Henkel AG&CO KGaA Pref Shs 83,358 8,385,815 1.12

Hermes International Npv 6,576 2,200,330 0.29

Iliad SA 73,170 14,549,854 1.95

Inditex 400,750 11,683,866 1.57

ING Groep NV 1,407,532 20,845,549 2.79



Value

MarketValue*

% of net

assets

EUR Equities (continued) JC Decaux SA 163,375 6,115,126 0.82

KBC Groep NV 164,241 9,844,606 1.32

Legrand SA 150,165 7,562,309 1.01

Linde AG 129,377 21,981,152 2.94

L'Oreal 72,429 11,588,640 1.55


Publicis Groupe SA 135,590 8,992,329 1.20


Renault SA 167,237 15,623,281 2.09




Siemens AG 101,299 9,152,365 1.23

Snam SpA 1,494,106 6,376,844 0.85


Sodexo 99,032 8,435,546 1.13

Thales SA 136,116 7,372,043 0.99

Total SA 504,945 22,000,454 2.96

Unilever NV 309,010 11,543,069 1.55


Vinci SA 201,012 10,428,503 1.40

Volkswagen AG 111,517 23,195,536 3.12

Worldline SA 323,170 5,946,328 0.80

Zodiac SA 241,975 7,065,670 0.95

705,265,824 94.47

GBP Equities CRH Finance Ltd 543,527 13,762,104 1.84

Severn Trent Plc 223,243 6,557,417 0.88

United Utilities Group Plc 473,428 5,960,761 0.80

26,280,282 3.52


744,425,496 99.72








89


Banks 14.67 Insurance 8.90 Oil and Gas 8.41 Food and Beverages 6.40 Healthcare 5.65 Chemicals 5.34 Automobiles 5.21 Engineering and Construction 4.84 Pharmaceuticals and Biotechnology 4.75 Internet, Software and IT Services 4.63 Communications 3.74 Aerospace and Defence 3.23 Energy and Water Supply 2.80 Commercial Services and Supplies 2.12 Technology 1.96 Semiconductor Equipment and Products 1.90 Textiles, Garments and Leather Goods 1.86 Building Materials and Products 1.84 Industrial 1.78 Mechanical Engineering and Industrial Equipments 1.75 Traffic and Transportation 1.32 Holding Companies 1.24 Miscellaneous Manufacture 1.23 Media 1.20 Household Products and Wares 1.12 Electrical Appliances and Components 1.01 Advertising 0.82



Sub-Fund Currency Austria 8.52 1.02 7,646,270 Belgium 33.72 4.05 30,260,684 France 358.53 43.11 321,778,851 Germany 188.81 22.70 169,453,677 Ireland 15.33 1.84 13,762,104 Italy 76.98 9.26 69,089,598 Spain 38.41 4.62 34,477,377 Switzerland 14.35 1.73 12,879,390 The Netherlands 67.98 8.17 61,016,298 United Kingdom 26.81 3.22 24,061,247 Others 2.31 0.28 2,070,483 831.75 100.00 746,495,979

AXA World Funds - Framlington Europe Opportunities


90



Value

Market Value*

% of net

assets


CHF Equities Actelion 33,712 4,428,993 1.29

Clariant AG 143,955 2,648,845 0.77

Holcim Ltd Reg 66,802 4,426,627 1.29

Nestle SA 84,314 5,465,599 1.59

Novartis AG 93,185 8,246,614 2.40

Roche Holding AG 44,362 11,162,121 3.24

Syngenta AG 4,717 1,721,408 0.50

Temenos Group AG 125,160 3,720,151 1.08

UBS Group AG 586,864 11,176,210 3.24

52,996,568 15.40


6,962,436 2.03

EUR Equities Allianz SE 25,126 3,510,102 1.02


Arkema SA 49,691 3,211,529 0.94

Atos Origin 91,777 6,147,223 1.79


Bayer AG 64,366 8,081,151 2.35

BNP Paribas SA 86,340 4,675,311 1.36

Crédit Agricole SA 422,109 5,630,934 1.64



GDF Suez 314,334 5,230,518 1.52

GEA Group AG 171,412 6,858,194 2.00


Iliad SA 12,037 2,393,557 0.70

ING Groep NV 774,930 11,476,714 3.33


KBC Groep NV 111,002 6,653,460 1.94

Koninklijke KPN NV 699,541 2,399,426 0.70

Legrand SA 65,631 3,305,177 0.96

Linde AG 48,337 8,212,456 2.39

Peugeot SA 172,223 3,176,653 0.92

Salvatore Ferragamo SpA 111,127 2,993,761 0.87

Sodexo 54,796 4,667,523 1.36

Telecom Italia SpA 3,063,299 3,486,034 1.02


Value

MarketValue*

% of net

assets

EUR Equities (continued) Thales SA 80,936 4,383,494 1.28

Total SA 134,731 5,870,230 1.71

Valeo SA 28,595 4,041,903 1.18

137,692,386 40.08

GBP Equities Ashtead Group Plc 362,240 5,619,232 1.64

BAE Systems Plc 1,001,792 6,380,130 1.86

Barclays Bank Plc 1,156,936 4,254,024 1.24

BHP Billiton Ltd 205,736 3,627,067 1.06

Britvic Plc 323,940 3,280,722 0.96

BT Group Plc 550,837 3,500,350 1.02

Croda Intl 182,329 7,082,508 2.06

Diageo Plc 72,490 1,883,713 0.55

HSBC Holdings Plc 893,402 7,189,205 2.09

Intercontinental Hotels Group 92,493 3,350,028 0.98

ITV Plc 1,496,341 5,561,146 1.62

Prudential Plc 356,742 7,716,806 2.25

Reckitt Benckiser Group Plc 74,773 5,792,177 1.69

Royal Dutch Shell Plc B 359,353 9,165,630 2.67

Sabmiller Plc 134,227 6,259,834 1.82

Severn Trent Plc 374,854 11,010,755 3.21

Shire Ltd 87,708 6,307,631 1.84

Smith & Nephew Plc 345,977 5,244,866 1.53

Unilever Plc 302,398 11,652,644 3.38

Vodafone Group Plc 3,225,023 10,463,096 3.05

125,341,564 36.52

SEK Equities Lundin Mining Corp 465,713 1,702,647 0.50

Lundin Petroleum AB 148,854 2,286,328 0.67

Volvo Treasury AB 301,721 3,358,231 0.98

7,347,206 2.15



91



Value

Market Value*

% of net

assets

USD Equities Liberty Global Plc 90,399 4,386,891 1.28

4,386,891 1.28


334,727,051 97.46








92


Food and Beverages 12.10 Pharmaceuticals and Biotechnology 11.81 Banks 11.06 Communications 8.06 Chemicals 6.62 Insurance 6.60 Oil and Gas 6.57 Financial Services 3.24 Energy and Water Supply 3.21 Aerospace and Defence 3.14 Automobiles 3.08 Media 2.90 Engineering and Construction 2.39 Holding Companies 2.00 Technology 1.79 Internet, Software and IT Services 1.78 Household Products and Wares 1.69 Commercial Services and Supplies 1.64 Metals and Mining 1.56 Healthcare 1.53 Building Materials and Products 1.29 Hotels, Restaurants and Leisure 0.98 Electrical Appliances and Components 0.96 Retail 0.87 Industrial 0.59



Sub-Fund Currency Australia 4.04 1.06 3,627,067 Belgium 16.75 4.38 15,034,268 Canada 1.90 0.50 1,702,647 Denmark 7.76 2.03 6,962,436 France 58.76 15.35 52,734,052 Germany 44.54 11.64 39,976,408 Ireland 7.03 1.84 6,307,631 Italy 17.91 4.68 16,071,518 Sweden 6.29 1.64 5,644,559 Switzerland 59.05 15.43 52,996,568 The Netherlands 15.46 4.04 13,876,140 United Kingdom 133.47 34.87 119,793,757 Others 9.71 2.54 8,717,989 382.67 100.00 343,445,040

AXA World Funds - Framlington Europe Small Cap


93



Value

Market Value*

% of net

assets


CHF Equities Clariant AG 443,205 8,155,198 1.62

Comet Holding AG Reg 11,943 8,923,338 1.77

Panalpina Welttransport Reg 65,220 7,390,897 1.47

24,469,433 4.86

DKK Equities Christian Hansen Holding A/S 188,179 8,236,092 1.63

Jyske Bank 145,098 6,539,220 1.30

14,775,312 2.93

EUR Equities Aareal Bank AG 220,174 7,754,528 1.54

Arkema SA 114,847 7,422,562 1.47

Cegid Group 106,147 4,000,680 0.79

Credito Emiliano SpA 1,161,374 8,582,554 1.70

De Longhi SpA 696,458 14,319,176 2.84

Eiffage 154,229 7,696,027 1.53

Elior 582,955 10,472,787 2.08

Eurazeo SA 167,583 9,946,051 1.97


Faurecia 178,900 6,599,621 1.31

Finecobank SpA 2,206,252 14,660,545 2.91

Finmeccanica SpA 719,350 8,114,268 1.61

Gaztransport ET Techniga 106,560 6,046,214 1.20

Glanbia Plc 669,073 11,795,757 2.34

Grand City Properties 520,038 8,099,592 1.61

Green REIT Plc 5,310,172 7,784,712 1.55

Groupe Fnac 200,680 10,792,570 2.14


Ingenico Group 140,229 14,766,114 2.93

Jenoptik AG 778,041 8,418,404 1.67

Kingspan Group Plc 339,608 7,352,513 1.46

Kion Group AG 189,832 8,157,081 1.62

Mobistar SA 472,595 8,024,663 1.59

Ontex Group NV 360,729 9,710,825 1.93

Paddy Power Plc 151,090 11,614,288 2.31


Sartorius AG 49,496 8,253,458 1.64

Scor 163,000 5,158,135 1.02

Sixt Leasing AG 129,102 2,446,483 0.49

Sixt SE 60,592 2,359,755 0.47

Umicore 168,736 7,176,342 1.42 262,683,214 52.13


Value

MarketValue*

% of net

assets

GBP Equities Aldermore Group Plc 1,977,206 8,606,948 1.71

Auto Trader Group Plc 2,620,921 11,279,614 2.24

Betfair Group Plc 580,841 19,725,853 3.91

Booker Group Plc 5,019,742 11,931,811 2.37

Dignity Plc 372,944 11,281,028 2.24

Grafton Group Plc 1,034,797 11,334,432 2.25

Hays Plc 4,169,913 9,617,494 1.91

Hikma Pharmaceuticals Plc 152,369 4,157,300 0.83

Inchcape Plc 439,737 5,033,809 1.00

Just Eat Plc 948,177 5,444,440 1.08

Rightmove Plc 189,613 8,770,562 1.74

St James's Place Capital Plc 836,718 10,700,158 2.12

UDG Healthcare Plc 1,436,647 9,924,232 1.97

Whitbread Plc 166,087 11,595,050 2.30

WorkSpace Group Plc 840,964 10,677,300 2.12

150,080,031 29.79

NOK Equities Schibsted ASA A Shs 104,458 2,905,197 0.58

Schibsted ASA B Shs 104,458 2,824,166 0.56

5,729,363 1.14

SEK Equities Hufvudstaden AB 685,461 7,481,067 1.49

JM AB 203,703 4,979,612 0.99

Swedish Orphan Biovitrum AB 273,243 3,251,108 0.65

15,711,787 3.13


473,449,140 93.98








94


Banks 11.24 Real Estate 8.51 Retail 8.46 Food and Beverages 7.42 Technology 4.57 Hotels, Restaurants and Leisure 3.91 Traffic and Transportation 3.86 Commercial Services and Supplies 3.38 Industrial 3.22 Insurance 3.14 Chemicals 3.09 Textiles, Garments and Leather Goods 2.84 Engineering and Construction 2.52 Energy and Water Supply 2.31 Financial Services 2.26 Diversified Services 2.24 Financial, Investment and Other Diversified Companies 1.97 Healthcare 1.97 Household Products and Wares 1.93 Semiconductor Equipment and Products 1.67 Aerospace and Defence 1.61 Communications 1.59 Pharmaceuticals and Biotechnology 1.48 Distribution and Wholesale 1.47 Building Materials and Products 1.46 Metals and Mining 1.42 Automobiles 1.31 Oil and Gas 1.20 Media 1.14 Internet, Software and IT Services 0.79



Sub-Fund Currency Belgium 27.76 4.95 24,911,830 Denmark 16.46 2.93 14,775,312 France 101.46 18.08 91,061,079 Germany 50.64 9.02 45,451,764 Ireland 66.64 11.87 59,805,934 Italy 60.85 10.84 54,611,679 Luxembourg 9.02 1.61 8,099,592 Norway 6.38 1.14 5,729,363 Sweden 17.51 3.12 15,711,787 Switzerland 27.26 4.86 24,469,433 United Kingdom 143.53 25.56 128,821,367 Others 33.77 6.02 30,310,474 561.28 100.00 503,759,614

AXA World Funds - Framlington Europe Microcap


95



Value

Market Value*

% of net

assets


CHF Equities Comet Holding AG Reg 1,250 933,951 0.58

Gurit Holding AG Br 4,000 1,993,708 1.24

Mobilezone Holding AG Reg 60,000 985,330 0.61

Newron Pharmaceuticals SpA 30,000 787,976 0.49

Santhera Pharmaceuticals Reg 8,000 691,460 0.43

Vaudoise Assurances Holding 2,000 1,008,379 0.62

6,400,804 3.97

DKK Equities Berlin Iv A/S 1,219,483 506,762 0.31

Per Aarsleff A/S 4,500 1,384,401 0.85

Rtx A/S 45,000 437,338 0.27

2,328,501 1.43

EUR Equities Actia Group 130,000 832,000 0.51

Adler Real Estate AG 55,000 707,300 0.44

Adocia SAS 12,000 806,280 0.50

Amadeus Fire AG 15,000 1,200,000 0.74

Aubay 80,000 1,132,800 0.70

Austria Technologie and System 65,000 844,350 0.52

Ausy 25,000 875,000 0.54

Banca Ifis SpA 50,000 974,000 0.60

Basler AG 17,500 927,500 0.57

Bet At Home.Com AG 20,000 1,330,000 0.82

Biesse SpA 60,000 897,600 0.55

Cegid Group 38,000 1,432,220 0.88

Cenit AG 60,000 915,000 0.56

Cerenis Therapeutics Holding 85,000 1,003,000 0.62

Dr Hoenle AG 45,000 1,004,850 0.62

Elmos Semiconductor AG 65,000 1,209,000 0.74

Erytech Pharma 27,500 818,125 0.50

Fair Value REIT AG 150,000 1,110,600 0.68

Formycon AG 35,000 828,450 0.51

GFT Technologies AG 60,000 1,110,600 0.68

Groupe Crit 20,000 902,000 0.56

Haemato AG 150,000 655,500 0.40

Haulotte Group 60,000 978,000 0.60

Helma Eigenheimbau AG 25,000 879,750 0.54

Ia Vision AG 25,000 1,472,500 0.91

Ion Beam Applications 40,000 976,800 0.60


Value

MarketValue*

% of net

assets

EUR Equities (continued) Jacquet Metal Service Npv 50,000 890,000 0.55

Kas Bank NV Cva 70,000 759,500 0.47

Kendrion NV 30,000 786,300 0.48

Koninklijke Wessanen NV 125,000 984,875 0.61

La Doria SpA 60,000 720,000 0.44

Lang & Schwarz AG 11,833 186,666 0.11

Ldlc.com 37,500 703,875 0.43

Le Belier 27,500 825,000 0.51

Le Noble Age 35,000 705,250 0.43

Lotus Bakeries 800 1,055,800 0.65

Massimo Zanetti Beverage Group 115,000 1,260,400 0.78

Mdxhealth 150,000 661,500 0.41

MGI Digital Graphic Technology 30,000 928,800 0.57

Miquel y Costas 25,000 785,750 0.48

Mondo Tv Suisse SpA 19,242 46,912 0.03

Montupet 10,000 644,500 0.40

MPI 250,000 697,500 0.43

Neurones 50,000 746,000 0.46

Nextradiotv 30,000 844,800 0.52

Oeneo 230,000 1,354,700 0.83

Okmetic Oyj 130,000 916,500 0.56

Papeles y Cartones de Europa 200,000 1,021,000 0.63

Patrizia Immobilien AG 55,000 1,206,425 0.74

Plastivaloire 20,000 977,800 0.60

Ponsse Oyj 60,147 810,180 0.50

Prima Industrie SpA 50,000 827,500 0.51

PSB Industries 15,000 704,550 0.43

Reply SpA 10,000 916,500 0.56

Resilux 7,000 1,071,000 0.66

Revenio Group Oyj 40,000 774,800 0.48

RIB Software AG 65,000 940,225 0.58

Rosenbauer Intl AG 10,000 756,500 0.47

S&T AG 300,000 1,314,000 0.81

Shw AG 17,500 753,288 0.46

Sioen Industries NV 60,000 898,500 0.55

Sirius Real Estate Ltd Npv 1,700,000 773,500 0.48

Sixt Leasing AG 80,000 1,516,000 0.93

Solutions 30 Se 60,000 976,800 0.60

Synergie SA 45,000 986,850 0.61

Technopolis Oyj 60,677 219,651 0.14

Total Produce Plc 700,000 847,700 0.52

Trigano SA 30,000 1,083,300 0.67



96



Value

Market Value*

% of net

assets

EUR Equities (continued) Valsoia SpA 70,000 1,644,999 1.01

VIB Vermoegen AG 55,000 880,000 0.54

Westgrund AG 175,000 796,250 0.49

65,025,171 40.01

GBP Equities 4Imprint Group Plc 75,000 1,134,851 0.70

Advanced Medical Solutions 500,000 1,009,227 0.62

Alternative Networks Plc 180,000 1,288,776 0.79

Avation Plc 500,000 1,023,342 0.63

Avon Rubber Plc 100,000 1,139,086 0.70

British Polythene Industries 80,000 759,390 0.47

Brooks Macdonald Group Plc 40,000 997,935 0.61

Caretech Holdings Plc 250,000 827,496 0.51

Central Asia Metals Plc 400,000 988,055 0.61

Chesnara Plc 150,000 688,109 0.42

CLS Holdings Plc 39,433 1,035,275 0.64

Cohort Plc 200,000 828,554 0.51

Conygar Investment Co Plc 350,000 879,369 0.54

CVS Group Plc 140,000 1,275,578 0.79

Dart Group Plc 200,000 1,115,090 0.69

Dotdigital Group Plc 1,000,000 483,441 0.30

Enquest Plc 1,500,000 905,129 0.56

GB Group Plc 500,000 1,482,082 0.91

Gemfields Plc 1,300,000 1,096,388 0.68

Globo Plc 1,250,000 913,068 0.56

Goals Soccer Centres Plc 250,000 758,685 0.47

Gooch & Housego Plc 80,000 1,023,060 0.63

GVC Holdings Plc 120,000 766,448 0.47

Hayward Tyler Group Plc 200,000 232,899 0.14

Hill & Smith Holdings Plc 100,000 956,296 0.59

Inland Homes Plc 1,500,000 1,487,375 0.92

Internetq Plc 26,007 95,994 0.06

IQE Plc 3,000,000 952,767 0.59

James Fisher & Sons Plc 50,000 955,590 0.59

Johnson Service Group Plc 900,000 1,082,978 0.67

Liontrust Asset Management 275,000 1,203,309 0.74

Lookers Plc 350,000 783,033 0.48

Lxb Retail Properties 400,000 496,850 0.31

M&C Saatchi Plc 200,000 830,672 0.51

Mj Gleeson Plc 140,000 861,584 0.53

Optimal Payments Plc 346,666 1,146,235 0.71

Oxford Biomedica Plc 6,000,000 774,917 0.48

Oxford Pharmascience Group P 6,000,000 1,005,698 0.62


Value

MarketValue*

% of net

assets

GBP Equities (continued) Porvair Plc 220,000 962,647 0.59

Redcentric Plc 300,000 692,344 0.43

Renew Holdings Plc 175,000 744,746 0.46

Renold Plc 800,000 917,479 0.56

Restore Plc 250,000 949,238 0.58

Ricardo Plc 85,000 1,034,211 0.64

Roxi Petroleum Plc 3,500,000 765,742 0.47

S&U Plc 20,000 635,178 0.39

Scapa Group Plc 600,000 1,683,221 1.05

Sdl Plc 125,000 733,983 0.45

Secure Trust Bank Plc 30,000 1,211,073 0.75

Sepura Ltd 225,000 503,379 0.31

Sepura Plc 15,000 33,453 0.02

Sound Oil Plc 3,000,000 793,972 0.49

Sprue Aegis Plc 185,000 750,745 0.46

Sqs Software Quality Systems 110,000 958,766 0.59

Staffline Group Plc 90,000 1,549,833 0.95

Stanley Gibbons Group Plc 175,000 638,530 0.39

Stv Group Plc 200,000 1,235,774 0.76

Telford Homes Plc 200,000 1,210,367 0.75

Tracsis Plc 200,000 1,178,608 0.73

Trifast Plc 750,000 1,302,115 0.80

Utilitywise Plc 150,000 567,426 0.35

Vertu Motors Plc 1,000,000 878,663 0.54

Victoria Plc 85,000 1,205,779 0.74

Walker Greenbank Plc 300,000 914,656 0.56

Wincanton Plc 450,000 1,156,024 0.71

Xlmedia Plc 1,200,000 940,063 0.58 61,432,646 37.85

NOK Equities Hexagon Composites ASA 396,795 1,172,374 0.72

Norway Royal Salmon 126,463 898,055 0.55

Protector Forsikring 115,000 888,807 0.55

Sparebanken More Cap Cert 25,000 644,538 0.40

3,603,774 2.22

SEK Equities Catella AB 550,000 922,113 0.57

Cellavision AB 175,000 830,983 0.51

Dios Fastigheter AB 100,000 575,982 0.35

Fastpartner AB 55,000 657,377 0.40

Itab Shop Concept AB 50,000 959,971 0.59

Lagercrantz Group AB 50,000 924,817 0.57



97



Value

Market Value*

% of net

assets

SEK Equities (continued) Moberg Pharma AB 150,000 1,018,110 0.63

Mq Holding AB 220,000 880,469 0.54

Mycronic AB 150,000 977,548 0.60

Nolato AB 40,000 819,896 0.50

Sagax 120,000 691,179 0.43

Sectra AB 60,000 694,424 0.43

Tethys Oil AB 175,000 1,050,559 0.65

Victoria Plc 850,000 859,647 0.53

Vitrolife AB 50,000 889,663 0.55

Wntresearch AB 100,000 489,991 0.30

13,242,729 8.15


152,033,625 93.63


EUR Equities Cards Off 1,575,000 0 0.00

Deutsche Beteiligungs AG Npv 50,000 1,381,250 0.85

Kertel 65,000 0 0.00

TRSB Groupe 60,000 462,600 0.28

1,843,850 1.13

GBP Equities Creston Plc 550,000 1,059,689 0.65

Silverdell Plc 307,500 0 0.00

1,059,689 0.65

TOTAL OTHER TRANSFERABLE SECURITIES 2,903,539 1.78








98


Technology 10.54 Internet, Software and IT Services 9.86 Financial Services 7.50 Commercial Services and Supplies 7.09 Real Estate 6.43 Pharmaceuticals and Biotechnology 4.93 Food and Beverages 4.56 Healthcare 4.06 Machinery 3.23 Containers and Packaging 3.02 Chemicals 2.43 Industrial 2.36 Automobiles 2.03 Semiconductor Equipment and Products 2.03 Retail 1.99 Consumer, Non-cyclical 1.95 Oil and Gas 1.95 Metals and Mining 1.78 Engineering and Construction 1.60 Insurance 1.59 Household Products and Durables 1.30 Media 1.28 Traffic and Transportation 1.28 Miscellaneous Manufacture 1.05 Building Materials and Products 1.00 Mechanical Engineering and Industrial Equipments 0.85 Communications 0.70 Hotels, Restaurants and Leisure 0.67 Energy and Water Supply 0.65 Electrical Appliances and Components 0.62 Advertising 0.58 Distribution and Wholesale 0.55 Textiles, Garments and Leather Goods 0.55 Financial, Investment and Other Diversified Companies 0.54 Open-Ended Investment Funds 0.53 Aerospace and Defence 0.51 Paper and Forest Products 0.48 Consumer, Cyclical 0.47 Entertainment 0.47 Banks 0.40

95.41




99

Geographical Classification of Schedule of Investments and Other Net Assets


Sub-Fund Currency Austria 3.25 1.80 2,914,850 Belgium 5.20 2.87 4,663,600 Denmark 2.59 1.43 2,328,501 Finland 3.03 1.68 2,721,131 France 24.86 13.73 22,311,750 Germany 24.48 13.53 21,969,920 Guernsey Island 0.86 0.48 773,500 Ireland 0.94 0.52 847,700 Isle of Man 2.13 1.18 1,912,683 Italy 9.00 4.97 8,075,887 Jersey 2.31 1.28 2,075,443 Norway 4.02 2.22 3,603,774 Singapore 1.14 0.63 1,023,342 Spain 2.01 1.11 1,806,750 Sweden 14.76 8.16 13,242,729 Switzerland 6.25 3.46 5,612,828 The Netherlands 2.82 1.56 2,530,675 United Kingdom 62.98 34.80 56,522,101 Others 8.30 4.59 7,449,716 180.93 100.00 162,386,880

AXA World Funds - Framlington American Growth


100



Value

Market Value*

% of net

assets


USD Equities Acuity Brands Lighting Inc 16,500 2,969,670 1.02

Affiliated Managers Group 13,000 2,841,800 0.97

Alexion Pharmaceuticals Inc 24,800 4,483,096 1.54

Align Technology Inc 46,000 2,884,660 0.99

Allergan Inc 14,500 4,400,170 1.51

Alliance Data Systems Co 14,800 4,320,712 1.48

Amazon.com Inc 11,600 5,035,444 1.73

American Express Co 51,400 3,994,808 1.37

American Tower Corp 36,500 3,405,085 1.17

Amgen Inc 27,000 4,145,040 1.42

Apple Computer Inc 115,000 14,423,874 4.93

Benefitfocus Inc 34,000 1,490,900 0.51

Biogen Idec Inc 7,300 2,948,762 1.01

Boeing Co 31,500 4,369,680 1.50

Cavium Inc 40,000 2,752,400 0.94

Celgene Corp 38,000 4,397,930 1.51

Cepheid Inc 49,600 3,033,040 1.04

Cerner Corp 60,000 4,143,600 1.42

Chipotle Mexican Grill Inc 7,400 4,476,926 1.53

Concho Resources Inc 34,000 3,871,240 1.33

Cooper Cos Inc 19,644 3,496,043 1.20

Costar Group Inc 11,900 2,394,994 0.82

Danaher Corp 52,500 4,493,475 1.54

Dexcom Inc 19,000 1,519,620 0.52

Ecolab Inc 38,500 4,353,195 1.49

Endo International Plc 46,500 3,703,725 1.27

Eog Resources Inc 33,000 2,889,150 0.99

Examworks Group Inc 37,000 1,446,700 0.50

F5 Networks Inc 36,000 4,332,600 1.49

Facebook Inc 69,000 5,917,785 2.03

Fedex Corp 16,500 2,811,600 0.96

Fireeye Inc 28,500 1,393,935 0.48

Gilead Sciences Inc 55,000 6,439,400 2.20

Global Payments Inc 14,800 1,531,060 0.52

Google Inc C share 19,200 9,993,792 3.42

Hain Celestial Group Inc 67,000 4,412,620 1.51

Harman International 24,000 2,854,560 0.98

HD Supply Inc 42,000 1,477,560 0.51

Hexcel Corp 89,000 4,426,860 1.52

Illumina Inc 11,000 2,401,960 0.82

Jazz Pharmaceuticals Plc 16,500 2,905,155 1.00

Linkedin Corp 9,600 1,983,648 0.68

LKQ Corp 149,000 4,506,505 1.54


Value

MarketValue*

% of net

assets

USD Equities (continued) Manhattan Associates Inc 34,500 2,057,925 0.71

Mattress Firm Holding Corp 33,000 2,011,350 0.69

Mcgraw Hill Financial Inc 21,000 2,109,450 0.72

Medidata Solutions Inc 26,100 1,417,752 0.49

Mellanox Technologies Ltd 30,500 1,481,995 0.51

Monsanto Co 11,300 1,204,467 0.41

Monster Beverage Corp 33,000 4,422,660 1.52

Nike Inc - Cl B 27,800 3,002,956 1.03

Norwegian Cruise Line Holdings 52,000 2,914,080 1.00

Novadaq Technologies Inc 143,000 1,731,730 0.59

NXP Semiconductors NV 14,500 1,423,900 0.49

O Reilly Automotive Inc 13,000 2,937,740 1.01

Palo Alto Networks Inc 8,000 1,397,600 0.48

Polaris Industries Inc 24,000 3,554,640 1.22

Priceline.com Inc 3,950 4,547,912 1.56

Proofpoint Inc 22,000 1,400,740 0.48

Qlik Technologies Inc 41,000 1,433,360 0.49

Qualcomm Inc 53,000 3,319,390 1.14

Quanta Services Inc 98,000 2,824,360 0.97

Restoration Hardware Holding 47,000 4,588,610 1.57

Roper Industries Inc 25,500 4,397,730 1.51

Royal Caribbean Cruises Ltd 56,000 4,406,640 1.51

Salesforce.com Inc 61,000 4,247,430 1.46

Servicenow Inc 37,000 2,749,470 0.94

Signature Bank 20,000 2,927,800 1.00

Splunk Inc 21,000 1,462,020 0.50

St Jude Medical Inc 17,000 1,242,190 0.43

Starbucks Corp 83,000 4,450,045 1.53

Stericycle Inc 22,000 2,946,020 1.01

Stifel Financial 50,000 2,887,000 0.99

TD Ameritrade Holding Corp 78,000 2,871,960 0.98

Texas Roadhouse 39,500 1,478,485 0.51

TJX Companies Inc 66,000 4,367,220 1.50

Tractor Supply Co 32,200 2,896,068 0.99

TransDigm Group Inc 13,000 2,920,710 1.00

Ultimate Software Group Inc 9,000 1,479,060 0.51

Under Armour Inc 17,400 1,451,856 0.50

Union Pacific Corp 37,000 3,528,690 1.21

United Natural Foods Inc 23,100 1,471,008 0.50

Verisk Analytics Inc 21,000 1,527,960 0.52

Vertex Pharmaceuticals Inc 11,500 1,420,020 0.49

Visa Inc 65,000 4,364,750 1.50



101



Value

Market Value*

% of net

assets

USD Equities (continued) Whitewave Foods Co 30,500 1,490,840 0.51

XPO Logistics Inc 33,000 1,490,940 0.51

Zeltiq Aesthetics Inc 72,900 2,148,363 0.74

282,481,671 96.84


282,481,671 96.84








102


Internet, Software and IT Services 18.34 Pharmaceuticals and Biotechnology 11.95 Retail 9.32 Technology 7.20 Healthcare 6.50 Financial Services 4.31 Hotels, Restaurants and Leisure 4.24 Food and Beverages 4.04 Commercial Services and Supplies 3.81 Communications 3.17 Miscellaneous Manufacture 3.06 Aerospace and Defence 2.50 Oil and Gas 2.32 Traffic and Transportation 2.17 Chemicals 1.90 Distribution and Wholesale 1.54 Electrical Appliances and Components 1.51 Real Estate 1.17 Textiles, Garments and Leather Goods 1.03 Building Materials and Products 1.02 Environmental Control 1.01 Banks 1.00 Household Products and Durables 0.98 Media 0.72 Financial, Investment and Other Diversified Companies 0.52 Consumer, Non-cyclical 0.51 Industrial 0.51 Semiconductor Equipment and Products 0.49



Sub-Fund Currency Canada 1.73 0.59 1,731,730 Ireland 6.61 2.27 6,608,880 Israel 1.48 0.51 1,481,995 The Netherlands 1.42 0.49 1,423,900 United States of America 271.24 92.98 271,235,166 Others 9.23 3.16 9,231,975 291.71 100.00 291,713,646

AXA World Funds - Framlington Emerging Markets


103



Value

Market Value*

% of net

assets


AED Equities Emaar Malls Group PJSC 3,313,118 3,012,786 0.83

3,012,786 0.83

BRL Equities BB Seguridade Participacoes 302,564 3,321,347 0.91

Itausa Investimentos 1,269,990 3,642,677 1.00

6,964,024 1.91

CZK Equities Komercni Banka AS 14,404 3,192,777 0.88

3,192,777 0.88

GBP Equities Hikma Pharmaceuticals Plc 295,438 8,981,404 2.46

Unilever Plc 84,996 3,649,280 1.00

12,630,684 3.46

HKD Equities AIA Group Ltd 718,300 4,683,629 1.29

China Construction Bank Corp 10,563,000 9,660,263 2.65

China Life Insurance Co H 762,000 3,302,552 0.91

China Machinery Engineering H 1,424,000 1,535,577 0.42

China Mobile Ltd 544,500 6,981,355 1.92

China Pacific Insurance Group 796,000 3,829,811 1.05

Guangdong Investment Ltd 4,799,666 6,711,131 1.84

Industrial & Commercial Bank of China 5,178,190 4,107,793 1.13

Lenovo Group Ltd 4,358,000 6,037,358 1.66

Longfor Properties 2,311,500 3,673,331 1.01

Picc Property & Casualty H 1,866,000 4,245,860 1.17

Tencent Holdings Ltd 702,000 14,017,271 3.85

68,785,931 18.90

IDR Equities Matahari Department Store 6,594,800 8,186,307 2.25

8,186,307 2.25

INR Equities Housing Development Finance 220,293 4,490,269 1.23

Icici Bank Ltd 1,389,182 6,719,034 1.84

Indusind Bank Ltd 203,351 2,783,942 0.76


Value

MarketValue*

% of net

assets

INR Equities (continued) Infosys Ltd 261,526 4,055,542 1.11

Maruti Suzuki India Ltd 103,600 6,535,520 1.79

Reliance Industries Ltd 244,000 3,827,827 1.05

Tata Consultancy Services Ltd 254,267 10,201,825 2.80

Zee Entertainment Enterprise 871,867 5,057,595 1.39

43,671,554 11.97

KRW Equities Hyundai Marine & Fire INS Co 126,644 3,349,319 0.92

Hyundai Motor Co Ltd 28,922 3,526,283 0.97

Samsung Electronics Co Ltd 3,566 4,053,690 1.11

Samsung Electronics Co Ltd Pref Shs 2,792 2,485,504 0.68

Samsung Fire & Marine 20,884 5,504,412 1.51

18,919,208 5.19

MXN Equities Arca Continental Sab De CV 607,874 3,458,036 0.95

Banregio Grupo Financiero SA 877,900 5,119,472 1.40

Grupo Financiero Banorte 993,800 5,473,591 1.50

14,051,099 3.85

PHP Equities Bank of The Philippine Islands 2,082,750 4,365,045 1.20

First Gen Corporation 3,834,800 2,296,287 0.63

Robinsons Retail Holdings In 1,971,290 3,254,880 0.89

Security Bank Corp 754,890 2,703,809 0.74

SM Prime Holdings Inc 12,575,900 5,572,554 1.53

Universal Robina Corp 1,656,030 7,125,079 1.96

25,317,654 6.95

PLN Equities Warsaw Stock Exchange 220,268 2,772,604 0.76

2,772,604 0.76

THB Equities CP All Pcl Foreign 7,366,200 10,086,801 2.77

Kasikornbank Plc 546,900 3,060,328 0.84

13,147,129 3.61



104



Value

Market Value*

% of net

assets

TWD Equities Delta Electronics Inc 642,000 3,287,559 0.90

Far Eastern Department Store 4,434,000 2,766,355 0.76

Far Eastone Telecomm Co Ltd 3,887,000 9,397,987 2.58

Ginko International Co Ltd 150,000 1,888,703 0.52

Hon Hai Precision Industry 1,956,982 6,152,336 1.69

Taiwan Semiconductor Manufacturing Co Ltd 2,977,206 13,557,096 3.72

37,050,036 10.17

USD Equities Alibaba Group Holding 69,567 5,723,277 1.57

Ambev SA 591,773 3,609,815 0.99

Baidu Inc 19,380 3,858,170 1.06

Banco Santander Chile SA 219,759 4,450,120 1.22

Cemex SA Adr 404,443 3,704,698 1.02

Credicorp Ltd 23,940 3,325,745 0.91

Grupo Televisa SA 359,208 13,944,454 3.83

Magnit OAO Gdr 131,757 7,333,595 2.01

New Oriental Educatio Sp Adr 103,099 2,527,987 0.69

Petrochina Co Ltd 58,187 6,447,701 1.77

Samsung Electronics Co Ltd 20,305 11,584,002 3.18

Southern Copper Corp 126,178 3,710,895 1.02

70,220,459 19.27

ZAR Equities Avi Ltd 567,462 3,812,612 1.05

Clicks Group Ltd 360,241 2,671,145 0.73

Life Healthcare Group Holdings Ltd 1,695,737 5,243,230 1.44

Mtn Group Ltd 203,534 3,835,835 1.05

Naspers Ltd N Shs 48,606 7,588,587 2.08

Woolworths Holdings Ltd 677,282 5,501,844 1.51

28,653,253 7.86


356,575,505 97.86


Value

MarketValue*

% of net

assets


SGD Equities China Sky Chemical 3,499,900 0 0.00

0 0.00









105


Banks 13.57 Internet, Software and IT Services 10.39 Food and Beverages 8.72 Insurance 7.76 Media 7.30 Financial Services 6.74 Retail 6.59 Communications 5.55 Electrical Appliances and Components 4.92 Technology 4.25 Semiconductor Equipment and Products 3.72 Real Estate 3.37 Automobiles 2.76 Pharmaceuticals and Biotechnology 2.46 Healthcare 1.96 Holding Companies 1.84 Oil and Gas 1.77 Building Materials and Products 1.44 Chemicals 1.05 Metals and Mining 1.02 Hotels, Restaurants and Leisure 0.68



Sub-Fund Currency Brazil 10.57 2.90 10,573,839 Chile 4.45 1.22 4,450,120 China 68.97 18.92 68,966,951 Czech Republic 3.19 0.88 3,192,777 Hong Kong 18.38 5.04 18,376,115 India 43.67 11.99 43,671,554 Indonesia 8.19 2.25 8,186,307 Korea, Republic of 30.50 8.37 30,503,210 Mexico 31.70 8.70 31,700,251 Peru 3.33 0.91 3,325,745 Philippines 25.32 6.95 25,317,654 Poland 2.77 0.76 2,772,604 Russia 7.33 2.01 7,333,595 South Africa 28.65 7.86 28,653,253 Taiwan 37.05 10.17 37,050,036 Thailand 13.15 3.61 13,147,129 United Arab Emirates 3.01 0.83 3,012,786 United Kingdom 12.63 3.47 12,630,684 United States of America 3.71 1.02 3,710,895 Others 7.80 2.14 7,802,200 364.37 100.00 364,377,705

AXA World Funds - Framlington Global


106



Value

Market Value*

% of net

assets


BRL Equities Kroton Educacional SA 111,500 426,775 1.11

426,775 1.11

CAD Equities Quebecor Inc 13,310 332,843 0.87

Toronto Dominion Bank 11,209 476,211 1.24

809,054 2.11

CHF Equities Compagnie Financière Richemont SA 5,458 444,151 1.16

Novartis AG 5,179 510,668 1.33

Roche Holding AG 2,754 772,081 2.01

1,726,900 4.50

EUR Equities Anheuser Busch Inbev SA 3,417 409,276 1.07

BNP Paribas SA 10,256 618,785 1.61

Cap Gemini SA 4,667 412,722 1.08

Continental AG 2,146 507,505 1.32

Fresenius SE & Co KGaA 7,862 504,129 1.31

Orange SA 25,670 394,987 1.03

ProSiebenSat.1 Media AG 9,690 478,289 1.25

Publicis Groupe SA 6,033 445,801 1.16

3,771,494 9.83

GBP Equities London Stock Exchange Group Plc 16,760 624,695 1.63

Meggitt 48,656 356,895 0.93

Prudential Plc 25,240 608,325 1.59

Rio Tinto Plc 11,863 487,693 1.27

Shire Ltd 7,113 569,958 1.49

Weir Group 16,312 435,347 1.13 3,082,913 8.04

HKD Equities AIA Group Ltd 107,800 702,903 1.83

702,903 1.83

JPY Equities ABC Mart 7,900 483,561 1.26

Ain Pharmaciez Inc 14,200 659,143 1.72

Bridgestone Corp 18,200 673,399 1.75

Hoya Corp 9,600 384,973 1.00


Value

MarketValue*

% of net

assets

JPY Equities (continued) Nabtesco Corp 15,500 388,878 1.01

Ngk Spark Plug Co Ltd 14,100 391,203 1.02

SMC Corp 1,700 512,160 1.33

Sumitomo Mitsui Financial Group Inc 12,200 544,272 1.42

United Arrows Ltd 17,700 554,730 1.45

Yumeshin Holdings Co Ltd 55,300 352,503 0.92

4,944,822 12.88

PHP Equities Security Bank Corp 102,780 368,130 0.96

368,130 0.96

SEK Equities Hexagon AB 11,519 417,030 1.09

417,030 1.09

TWD Equities Taiwan Semiconductor Manufacturing Co Ltd 202,000 919,833 2.40

919,833 2.40

USD Equities Abbvie Inc 9,751 655,170 1.71

Alexion Pharmaceuticals Inc 2,437 440,536 1.15

Alibaba Group Holding 4,977 409,458 1.07


Axis Bank Ltd 12,274 535,760 1.40

Baidu Inc 2,992 595,647 1.55

BlackRock Inc 1,284 444,238 1.16

Blackstone Group Ltd 11,729 479,364 1.25

Celgene Corp 3,698 427,988 1.12

CF Industries Holdings Inc 7,295 468,923 1.22

Colgate-Palmolive Co 5,105 333,918 0.87

Conocophillips 10,169 624,478 1.63

Criteo SA Spon Adr 8,640 411,869 1.07

Ecolab Inc 3,749 423,899 1.10

Eog Resources Inc 7,143 625,370 1.63

Express Scripts Holding Co 5,206 463,022 1.21

Facebook Inc 4,640 397,950 1.04

Gilead Sciences Inc 6,015 704,236 1.84

Google Inc A share 487 262,999 0.69

Google Inc C share 873 454,405 1.18

Icici Bank Ltd 50,754 528,857 1.38

Las Vegas Sands Corp 7,199 378,451 0.99

LyondellBasell Industries 4,272 442,237 1.15

Magnit OAO Gdr 6,394 355,890 0.93



107



Value

Market Value*

% of net

assets

USD Equities (continued) Mead Johnson Nutrition Co 4,231 381,721 0.99

Oracle Corp 10,425 420,128 1.09

Philip Morris Intl Inc 7,095 568,806 1.48

Precision Castparts Corp 1,928 385,349 1.00

Qualcomm Inc 5,837 365,571 0.95

Roper Industries Inc 3,648 629,134 1.64

Schlumberger Ltd 4,046 348,725 0.91

Stericycle Inc 2,847 381,242 0.99

TD Ameritrade Holding Corp 15,189 559,259 1.46

Thermo Electron Corp 3,803 493,477 1.29

Tractor Supply Co 5,469 491,882 1.28

Union Pacific Corp 3,762 358,782 0.93

United Rentals Inc 5,949 521,251 1.36

Unitedhealth Group Inc 4,035 492,270 1.28

Visa Inc 11,502 772,359 2.01

Walt Disney Co 5,826 664,980 1.73

Wells Fargo & Company 12,778 718,635 1.87

20,577,414 53.62


37,747,268 98.37









108


Pharmaceuticals and Biotechnology 12.95 Banks 8.48 Financial Services 6.90 Technology 6.39 Media 6.08 Internet, Software and IT Services 5.58 Retail 4.77 Oil and Gas 4.17 Automobiles 4.09 Chemicals 3.47 Insurance 3.42 Healthcare 3.36 Communications 3.02 Food and Beverages 2.79 Distribution and Wholesale 2.62 Semiconductor Equipment and Products 2.40 Machinery 2.34 Mechanical Engineering and Industrial Equipments 2.22 Commercial Services and Supplies 2.01 Electrical Appliances and Components 1.64 Agriculture 1.48 Metals and Mining 1.27 Textiles, Garments and Leather Goods 1.16 Metal Fabricate and Hardware 1.00 Environmental Control 0.99 Lodging 0.99 Aerospace and Defence 0.93 Traffic and Transportation 0.93 Real Estate 0.92

98.37




109



Sub-Fund Currency Belgium 0.41 1.07 409,276 Brazil 0.43 1.11 426,775 Canada 0.81 2.11 809,054 China 1.01 2.62 1,005,105 France 2.28 5.95 2,284,164 Germany 1.49 3.88 1,489,923 Hong Kong 0.70 1.83 702,903 India 1.06 2.77 1,064,617 Ireland 0.57 1.49 569,958 Japan 4.94 12.89 4,944,822 Philippines 0.37 0.96 368,130 Russia 0.36 0.93 355,890 Sweden 0.42 1.09 417,030 Switzerland 1.73 4.50 1,726,900 Taiwan 0.92 2.40 919,833 United Kingdom 2.51 6.55 2,512,955 United States of America 17.74 46.22 17,739,933 Others 0.63 1.63 626,706 38.38 100.00 38,373,974

AXA World Funds - Framlington Global Opportunities


110



Value

Market Value*

% of net

assets


BRL Equities Kroton Educacional SA 62,600 239,607 1.08

239,607 1.08


Toronto Dominion Bank 6,926 294,249 1.33

490,029 2.22

CHF Equities Compagnie Financière Richemont SA 3,418 278,143 1.26

Novartis AG 3,150 310,601 1.41


1,041,227 4.72

EUR Equities Anheuser Busch Inbev SA 1,889 226,258 1.02

BNP Paribas SA 5,726 345,472 1.56

Cap Gemini SA 2,470 218,432 0.99

Continental AG 1,191 281,658 1.27


Orange SA 14,270 219,574 0.99



2,090,211 9.44

GBP Equities London Stock Exchange Group Plc 10,251 382,086 1.73

Meggitt 28,063 205,844 0.93

Prudential Plc 14,291 344,436 1.56

Rio Tinto Plc 6,658 273,713 1.24

Shire Ltd 3,985 319,314 1.44

Weir Group 9,452 252,262 1.14 1,777,655 8.04


408,179 1.85

JPY Equities ABC Mart 4,300 263,204 1.19

Ain Pharmaciez Inc 8,000 371,348 1.68


Hoya Corp 5,400 216,547 0.98


Value

MarketValue*

% of net

assets

JPY Equities (continued) Nabtesco Corp 9,600 240,853 1.09

Ngk Spark Plug Co Ltd 7,900 219,184 0.99

SMC Corp 1,000 301,271 1.36


United Arrows Ltd 9,900 310,273 1.40

Yumeshin Holdings Co Ltd 31,500 200,793 0.91

2,812,399 12.71

PHP Equities Security Bank Corp 64,350 230,484 1.04

230,484 1.04

SEK Equities Hexagon AB 7,087 256,575 1.16

256,575 1.16

TWD Equities Taiwan Semiconductor Manufacturing Co Ltd 115,000 523,668 2.37

523,668 2.37



Alibaba Group Holding 2,823 232,248 1.05

Apple Computer Inc 5,320 667,261 3.03

Axis Bank Ltd 6,824 297,868 1.35

Baidu Inc 1,697 337,839 1.53

BlackRock Inc 779 269,518 1.22


Celgene Corp 2,095 242,465 1.10


Colgate-Palmolive Co 2,854 186,680 0.84



Ecolab Inc 2,069 233,942 1.06

Eog Resources Inc 4,132 361,757 1.64

Express Scripts Holding Co 2,960 263,262 1.19

Facebook Inc 2,682 230,022 1.04



Google Inc C share 496 258,173 1.17

Icici Bank Ltd 29,246 304,743 1.38



Magnit OAO Gdr 3,428 190,802 0.86



111



Value

Market Value*

% of net

assets

USD Equities (continued) Mead Johnson Nutrition Co 2,402 216,708 0.98

Oracle Corp 6,025 242,808 1.10


Precision Castparts Corp 951 190,076 0.86

Qualcomm Inc 3,374 211,314 0.96


Schlumberger Ltd 2,462 212,200 0.96

Stericycle Inc 1,671 223,764 1.01

TD Ameritrade Holding Corp 8,624 317,536 1.44

Thermo Electron Corp 2,130 276,389 1.25


Union Pacific Corp 2,244 214,010 0.97

United Rentals Inc 3,468 303,866 1.37

Unitedhealth Group Inc 2,260 275,720 1.25

Visa Inc 6,716 450,979 2.04

Walt Disney Co 3,510 400,631 1.81


11,766,325 53.25


21,636,359 97.88









112


Pharmaceuticals and Biotechnology 12.92 Banks 8.55 Financial Services 6.96 Technology 6.25 Media 6.08 Internet, Software and IT Services 5.50 Retail 4.77 Oil and Gas 4.16 Automobiles 3.98 Chemicals 3.43 Insurance 3.41 Healthcare 3.28 Communications 2.99 Food and Beverages 2.70 Distribution and Wholesale 2.56 Machinery 2.45 Semiconductor Equipment and Products 2.37 Mechanical Engineering and Industrial Equipments 2.30 Commercial Services and Supplies 2.04 Electrical Appliances and Components 1.60 Agriculture 1.49 Textiles, Garments and Leather Goods 1.26 Metals and Mining 1.24 Environmental Control 1.01 Traffic and Transportation 0.97 Aerospace and Defence 0.93 Lodging 0.91 Real Estate 0.91 Metal Fabricate and Hardware 0.86

97.88




113



Sub-Fund Currency Belgium 0.23 1.02 226,258 Brazil 0.24 1.08 239,607 Canada 0.49 2.22 490,029 China 0.57 2.58 570,087 France 1.28 5.79 1,280,764 Germany 0.81 3.68 813,054 Hong Kong 0.41 1.85 408,179 India 0.60 2.73 602,611 Ireland 0.32 1.44 319,314 Japan 2.81 12.72 2,812,399 Philippines 0.23 1.04 230,484 Russia 0.19 0.86 190,802 Sweden 0.26 1.16 256,575 Switzerland 1.04 4.71 1,041,227 Taiwan 0.52 2.37 523,668 United Kingdom 1.46 6.60 1,458,341 United States of America 10.17 46.03 10,172,960 Others 0.47 2.12 467,879 22.10 100.00 22,104,238

AXA World Funds - Framlington Global High Income


114



Value

Market Value*

% of net

assets


AUD Equities Bendigo and Adelaide Bank 16,096 151,673 0.96

Coca Cola Amatil Ltd 23,123 162,617 1.03

Wesfarmers Ltd 4,656 139,673 0.89

Worleyparsons Ltd 23,846 190,795 1.21

644,758 4.09

CAD Equities Manitoba Telecom Svcs Inc 9,125 203,996 1.29

Pembina Pipeline Corp 5,619 181,697 1.15

385,693 2.44

EUR Equities BNP Paribas SA 2,727 164,531 1.04

Deutsche Telekom AG 12,252 210,911 1.34

EDP Energias de Portugal SA 44,782 169,896 1.08

Man Se 1,860 191,470 1.21

Munksjo Oyj 23,672 253,203 1.60

Nokian Renkaat Oyj 4,924 154,220 0.98

Orange SA 12,457 191,677 1.21

Philips Electronics 7,169 182,279 1.15


Rtl Group 2,301 208,614 1.32

Telefonica Deutschland Holding 35,916 206,891 1.31

2,151,612 13.62

GBP Equities Antofagasta Plc 16,833 182,533 1.16

Astrazeneca Plc 2,625 165,918 1.05

Barclays Bank Plc 46,830 191,857 1.22

BT Group Plc 30,858 218,484 1.38

CRH Finance Ltd 6,563 184,344 1.17

Glaxosmithkline Capital 7,056 146,757 0.93

Kingfisher Plc 37,171 203,028 1.29

Reckitt Benckiser Group Plc 2,233 192,730 1.22

Rio Tinto Plc 4,217 173,363 1.10

Standard Chartered Bank 15,447 247,551 1.57

Vodafone Group Plc 71,133 257,135 1.63

2,163,700 13.72


Value

MarketValue*

% of net

assets

HKD Equities CNOOC Ltd 148,000 210,377 1.33

Li & Fung Ltd 226,000 179,283 1.14

389,660 2.47

JPY Equities Canon Inc 5,600 182,258 1.15

Chiyoda Corp 18,000 159,457 1.01

Ezaki Glico Co Ltd 4,300 213,656 1.35

Isetan Mitsukoshi Holdings Ltd 13,900 248,545 1.57

Mitsubishi Electric Corp 17,000 219,785 1.39

Nippon Building Fund Inc 40 175,214 1.11

Ono Pharmaceutical Ltd 2,800 305,937 1.95 1,504,852 9.53

KRW Equities Kia Motors Corp 4,880 198,184 1.26

198,184 1.26

MXN Equities Kimberly Clark de Mexico 93,100 201,679 1.28

201,679 1.28

NOK Equities Norsk Hydro ASA 35,511 149,176 0.95

Statoil ASA 12,945 230,517 1.46 379,693 2.41

NZD Equities Air New Zealand Ltd 155,021 267,344 1.70

Auckland Intl Airport Ltd 55,607 185,591 1.18

Contact Energy Ltd 38,906 131,824 0.84

Fletcher Building Ltd 36,155 198,547 1.26

783,306 4.98

PLN Equities PGE SA 46,035 225,713 1.43

225,713 1.43

SEK Equities Ericsson Lm B Shs 14,122 146,198 0.93

Volvo Treasury AB 14,869 184,395 1.17 330,593 2.10

SGD Equities Keppel Corp 28,600 174,595 1.11

174,595 1.11



115



Value

Market Value*

% of net

assets

THB Equities Airports of Thailand PCL 28,400 254,776 1.61

254,776 1.61

TWD Equities Asustek Computer 23,000 224,003 1.42

Chipbond Technology Corp 88,000 190,235 1.21

414,238 2.63


Activision Blizzard Inc 8,883 215,057 1.36

American Eagle Outfitters 14,545 250,465 1.59

Anadarko Petroleum Corp 2,320 181,099 1.15

Camden Property Trust 2,602 193,277 1.22

Chevrontexaco Corp 2,526 243,683 1.54


Cullen/Frost Bankers Inc 2,726 214,209 1.36

Emerson Electric Co 2,851 158,031 1.00


Johnson & Johnson 2,175 211,976 1.34

Masco Corp 7,393 197,171 1.25

McDonalds Corp 1,967 187,003 1.18

Microsoft Corp 4,385 193,598 1.23

Northrop Grumman Corp 1,353 214,626 1.36

People's United Financial Inc 15,081 244,463 1.55

Potlatch Corp 5,472 193,271 1.22

Rlj Lodging Trust 6,476 192,855 1.22

Seagate Technology 3,450 163,875 1.04

Seaworld Entertainment Inc 10,802 199,189 1.26

Texas Instruments Inc 4,174 215,003 1.36

Thor Industries Inc 3,287 184,992 1.17

Tupperware Brands Corp 2,602 167,933 1.06

Waste Management Inc 4,638 214,971 1.36

5,001,767 31.67


Value

MarketValue*

% of net

assets

ZAR Equities Sasol Ltd 6,357 235,682 1.49

235,682 1.49


15,440,501 97.84









116


Oil and Gas 9.76 Communications 9.09 Pharmaceuticals and Biotechnology 7.14 Banks 6.15 Electrical Appliances and Components 5.74 Retail 5.63 Automobiles 4.58 Industrial 3.90 Building Materials and Products 3.68 Technology 3.61 Real Estate 3.55 Food and Beverages 3.27 Metals and Mining 3.21 Media 2.70 Internet, Software and IT Services 2.59 Semiconductor Equipment and Products 2.57 Traffic and Transportation 1.70 Consumer, Non-cyclical 1.60 Savings and Loans 1.55 Aerospace and Defence 1.36 Environmental Control 1.36 Healthcare 1.34 Textiles, Garments and Leather Goods 1.28 Hotels, Restaurants and Leisure 1.26 Household Products and Wares 1.22 Paper and Forest Products 1.22 Energy and Water Supply 1.21 Machinery 1.21 Office and Business Equipment 1.15 Distribution and Wholesale 1.14 Household Products and Durables 1.06 Engineering and Construction 1.01

97.84




117



Sub-Fund Currency Australia 0.64 4.09 644,758 Canada 0.39 2.44 385,693 China 0.21 1.33 210,377 Finland 0.15 0.98 154,220 France 0.36 2.26 356,208 Germany 0.83 5.24 827,192 Hong Kong 0.18 1.14 179,283 Ireland 0.18 1.17 184,344 Japan 1.50 9.54 1,504,852 Korea, Republic of 0.20 1.26 198,184 Luxembourg 0.21 1.32 208,614 Mexico 0.20 1.28 201,679 New Zealand 0.78 4.96 783,306 Norway 0.38 2.41 379,693 Poland 0.23 1.43 225,713 Portugal 0.17 1.08 169,896 Singapore 0.17 1.11 174,595 South Africa 0.24 1.49 235,682 Sweden 0.58 3.70 583,796 Taiwan 0.41 2.62 414,238 Thailand 0.25 1.61 254,776 The Netherlands 0.18 1.15 182,279 United Kingdom 1.98 12.54 1,979,356 United States of America 5.00 31.69 5,001,767 Others 0.34 2.16 341,453 15.76 100.00 15,781,954

AXA World Funds - Framlington Global Convertibles


118



Value

Market Value*

% of net

assets


EUR Bonds Aabar Investments 0.5% 27/03/2020 8,400,000 8,806,812 1.83

Adidas AG 0.25% 14/06/2019 4,800,000 5,460,240 1.14

America Movil SAB de CV 0.01% 28/05/2020 11,900,000 12,206,188 2.55

Cap Gemini Sogeti 0.01% 01/01/2019 7,500,000 6,808,162 1.42

CEZ AS 0.01% 04/08/2017 3,000,000 3,144,945 0.65

Cofinimmo SA 3.125% 28/04/2016 1,675,200 1,997,799 0.42

Deutsche Post AG 0.6% 06/12/2019 5,000,000 6,617,675 1.38

Deutsche Wohnen AG 0.875% 08/09/2021 3,000,000 3,647,985 0.76

Fresenius SE & Co KGaA 0.01% 24/09/2019 7,000,000 9,064,020 1.89

Haniel Finance De 0.01% 12/05/2020 8,000,000 8,274,480 1.72

Industrivarden AB 1.875% 27/02/2017 5,000,000 5,563,200 1.16

Ingenico Group 0.01% 26/06/2022 899,200 1,524,549 0.32

Intl Consolidated Airline 1.75% 31/05/2018 1,800,000 3,017,880 0.63

LEG Immobilien AG 0.5% 01/07/2021 3,500,000 4,621,050 0.96

Misarte PP 3.25% 01/01/2016 4,000,000 6,892,880 1.44

OHL Investments SA 4% 25/04/2018 1,500,000 1,300,552 0.27

Orpar 0.01% 15/07/2019 3,200,000 3,248,032 0.68

Orpea 1.75% 01/01/2020 9,500,000 6,442,520 1.34

Prysmian SpA 1.25% 08/03/2018 3,000,000 3,324,690 0.69

RAG Stiftung 0.01% 18/02/2021 5,500,000 6,378,460 1.33

Rallye SA 1% 02/10/2020 6,000,000 6,480,000 1.35

Salzgitter Fin BV 2% 08/11/2017 1,000,000 1,207,130 0.25

Solidium 0.01% 04/09/2018 3,500,000 3,808,735 0.79

Suez Environnement 0.01% 27/02/2020 22,000,000 4,715,480 0.98

Technip-Coflexip SA 0.5% 01/01/2016 8,000,000 6,668,000 1.39

Unibail-Rodamco SE 0.01% 01/01/2022 2,500,000 8,639,188 1.80

139,860,652 29.14


Value

MarketValue*

% of net

assets

GBP Bonds British Land Company Plc 1.5% 10/09/2017 5,000,000 8,334,134 1.74

Derwent London Capital (Jersey) Ltd 1.125% 24/07/2019 500,000 836,018 0.17

J Sainsbury Plc 1.25% 21/11/2019 2,000,000 3,030,377 0.63

12,200,529 2.54

HKD Bonds Hengan Intl Group Co 0.01% 27/06/2018 8,000,000 990,182 0.21

Logo Star Ltd 1.5% 22/11/2018 40,000,000 8,427,289 1.75

Shenzhou International 0.5% 18/06/2019 20,000,000 2,690,124 0.56

Shine Power International Ltd 0.01% 28/07/2019 30,000,000 3,427,052 0.71

15,534,647 3.23

JPY Bonds ABC Mart 0.01% 05/02/2018 500,000,000 6,024,025 1.25

Alps Electric Co Ltd 0.01% 25/03/2019 250,000,000 3,837,070 0.80

Chugoku Electric Power 0.01% 23/03/2018 800,000,000 6,232,373 1.30

Gs Yuasa Corp 0.01% 13/03/2019 100,000,000 730,906 0.15

Kawasaki Kisen Kaisha 0.01% 26/09/2018 600,000,000 4,810,507 1.00

Nidec Corp 0.01% 18/09/2015 700,000,000 8,865,914 1.85

Park24 Co Ltd 0.01% 26/04/2018 50,000,000 378,105 0.08

Yamada Denki Co Ltd 0.01% 28/06/2019 900,000,000 7,198,564 1.50

38,077,464 7.93

SEK Bonds Elekta AB 2.75% 25/04/2017 48,000,000 5,127,704 1.07

Industrivarden AB 0.01% 15/05/2019 45,000,000 5,467,395 1.14

10,595,099 2.21

USD Bonds Akamai Technologies Inc 0.01% 15/02/2019 7,000,000 6,569,207 1.37

Anthem Inc 2.75% 15/10/2042 3,000,000 5,904,995 1.23

Ares Capital Corp 5.75% 01/02/2016 2,000,000 1,836,600 0.38

Billion Express Investments Ltd 0.75% 18/10/2015 4,500,000 4,066,478 0.85



119



Value

Market Value*

% of net

assets

USD Bonds (continued) Chesapeake Energy Corp 2.5% 15/05/2037 5,000,000 4,245,109 0.88

Citrix Systems Inc 0.5% 15/04/2019 8,000,000 7,598,026 1.58

Ctrip.Com Inter Ltd. 1% 01/07/2020 2,550,000 2,225,483 0.46

DP World Ltd 1.75% 19/06/2024 4,000,000 3,899,982 0.81

Euronet Worldwide Inc 1.5% 01/10/2044 9,000,000 8,940,833 1.86

Extra Space Storage Inc 2.375% 01/07/2033 8,600,000 9,393,004 1.96

Gilead Sciences Inc 1.625% 01/05/2016 2,100,000 9,719,163 2.02

Hologic Inc FRN 15/12/2037 3,500,000 5,264,544 1.10

Hyundai Heavy Industries 0.01% 29/06/2020 400,000 362,019 0.08

Illumina Inc 0.01% 15/06/2019 4,000,000 4,195,979 0.87

Illumina Inc 0.25% 15/03/2016 2,500,000 5,829,407 1.21

Inmarsat Plc 1.75% 16/11/2017 2,500,000 3,290,096 0.69

Intel Corp 3.25% 01/08/2039 5,000,000 6,827,141 1.42

Jarden Corp 1.125% 15/03/2034 5,000,000 5,247,600 1.09

Jarden Corp 1.875% 15/09/2018 1,700,000 2,560,436 0.53

LAM Research Corp 0.5% 15/05/2016 6,000,000 7,168,821 1.49

Linkedin Corp 0.5% 01/11/2019 5,000,000 4,526,634 0.94

Microchip Technology Inc 2.125% 15/12/2037 1,500,000 2,576,400 0.54

Micron Technology Inc 3% 15/11/2043 7,000,000 5,697,757 1.19

Newford Capital Ltd 0.01% 12/05/2016 1,000,000 983,037 0.20

Nuance Communications 2.75% 01/11/2031 3,000,000 2,730,722 0.57

Nvidia Corp 1% 01/12/2018 7,000,000 7,239,931 1.51

On Semiconductor Corp 1% 01/12/2020 8,820,000 7,868,656 1.64

Priceline.com Inc 0.9% 15/09/2021 5,000,000 4,287,359 0.89

Priceline.com Inc 1% 15/03/2018 6,000,000 7,160,771 1.49

Red Hat Inc 0.25% 01/10/2019 6,000,000 6,616,856 1.38

Salesforce.com Inc 0.25% 01/04/2018 7,000,000 7,630,453 1.59

Sandisk Corp 0.5% 15/10/2020 7,500,000 6,541,566 1.36


Value

MarketValue*

% of net

assets

USD Bonds (continued) Shizuoka Bank Ltd 0.01% 25/04/2018 1,000,000 892,614 0.19

Siemens Financieringsmaatschap 1.05% 16/08/2017 8,000,000 7,670,652 1.60

Stmicroelectronics NV 1% 03/07/2021 12,000,000 11,304,147 2.35

Synchronoss Technologies Inc 0.75% 15/08/2019 6,000,000 6,053,958 1.26

Toll Brothers Fin Corp 0.5% 15/09/2032 5,500,000 5,144,564 1.07

Trinity Industries Inc 3.875% 01/06/2036 3,000,000 3,419,938 0.71

United Microelectronics 0.01% 18/05/2020 9,000,000 7,819,710 1.63

Webmd Health Corp 2.25% 31/03/2016 2,500,000 2,261,993 0.47

Xilinx Inc 2.625% 15/06/2017 4,000,000 5,556,884 1.16

Yahoo Inc 0.01% 01/12/2018 4,500,000 4,162,460 0.87

223,291,985 46.49

EUR Governments and Supranational France (Republic of) 0.01% 28/10/2015 5,000,000 5,003,050 1.04

5,003,050 1.04


444,563,426 92.58


EUR Bonds Azimut Holding SpA 2.125% 25/11/2020 2,000,000 2,547,700 0.53

Sagerpar 0.375% 09/10/2018 3,000,000 3,335,025 0.69

5,882,725 1.22

JPY Bonds Asics Corp 0.01% 01/03/2019 1,000,000,000 9,296,014 1.94

9,296,014 1.94









120


Technology 16.75 Internet, Software and IT Services 8.61 Real Estate 7.35 Semiconductor Equipment and Products 5.62 Banks 5.07 Financial Services 4.80 Industrial 4.75 Communications 4.73 Holding Companies 4.53 Consumer, Non-cyclical 4.07 Consumer, Cyclical 4.01 Traffic and Transportation 3.82 Healthcare 3.12 Retail 2.85 Financial, Investment and Other Diversified Companies 2.68 Textiles, Garments and Leather Goods 2.50 Energy and Water Supply 2.28 Oil and Gas 2.27 Metals and Mining 1.33 Pharmaceuticals and Biotechnology 1.10 Governments and Supranational 1.04 Electrical Appliances and Components 0.80 Food and Beverages 0.68 Hotels, Restaurants and Leisure 0.46 Diversified Services 0.27 Basic Materials 0.25



Sub-Fund Currency Belgium 5.94 1.11 5,332,824 China 6.58 1.23 5,905,789 Finland 4.24 0.79 3,808,735 France 62.87 11.75 56,421,861 Germany 49.10 9.18 44,063,910 Italy 6.54 1.22 5,872,390 Japan 53.78 10.05 48,266,092 Jersey 10.22 1.91 9,170,152 Korea, Republic of 0.40 0.08 362,019 Luxembourg 1.45 0.27 1,300,552 Mexico 13.60 2.54 12,206,188 Sweden 18.00 3.36 16,158,299 Switzerland 12.60 2.35 11,304,147 Taiwan 8.71 1.63 7,819,710 The Netherlands 13.40 2.50 12,022,727 United Arab Emirates 14.16 2.65 12,706,794 United Kingdom 10.40 1.94 9,338,353 United States of America 201.42 37.66 180,777,767 Virgin Islands, British 18.83 3.52 16,903,856 Others 22.79 4.26 20,452,823 535.03 100.00 480,194,988

AXA World Funds - Framlington Global Small Cap


121



Value

Market Value*

% of net

assets


AUD Equities Nufarm Ltd 63,703 353,996 1.16

353,996 1.16


599,168 1.96

CHF Equities Comet Holding AG Reg 932 775,877 2.53

775,877 2.53

DKK Equities Christian Hansen Holding A/S 15,482 754,988 2.47

754,988 2.47

EUR Equities Blue Solutions 9,370 263,611 0.86

Finecobank SpA 112,773 834,955 2.73

Gaztransport ET Techniga 8,118 513,218 1.68

Glanbia Plc 32,353 635,521 2.08

Groupe Fnac 11,592 694,612 2.27

Hella KgaA Hueck % Co 10,030 483,225 1.58

Ingenico Group 5,551 651,272 2.13

Ontex Group NV 17,488 524,540 1.71

Salvatore Ferragamo SpA 17,164 515,204 1.68

Wirecard AG 16,620 636,093 2.08

5,752,251 18.80

GBP Equities Auto Trader Group Plc 136,005 652,166 2.13

Betfair Group Plc 30,785 1,164,878 3.79

Just Eat Plc 88,362 565,318 1.85

St James's Place Capital Plc 41,178 586,732 1.92

Whitbread Plc 8,484 659,934 2.16

WorkSpace Group Plc 41,653 589,242 1.92

4,218,270 13.77

HKD Equities L'Occitane International SA 143,500 409,072 1.34

Samsonite International SA 213,900 736,678 2.41

1,145,750 3.75


Value

MarketValue*

% of net

assets

JPY Equities Misumi Group Inc 40,800 579,499 1.89

Nihon M&A Center Inc 21,200 874,923 2.85

Weathernews Inc 17,500 552,752 1.81

Yaskawa Electric Corp 28,700 367,765 1.20

2,374,939 7.75

MXN Equities Banregio Grupo Financiero SA 28,700 167,364 0.55

167,364 0.55

SEK Equities Swedish Orphan Biovitrum AB 20,478 271,477 0.89

271,477 0.89

SGD Equities Osim International Ltd 263,400 323,748 1.06

323,748 1.06

TRY Equities Bim Birlesik Magazalar AS 10,474 187,664 0.61

187,664 0.61

USD Equities Advisory Board Co 8,960 489,843 1.60

American Equity Investment 16,535 446,114 1.46

Aspen Technology Inc 8,587 391,138 1.28

Cbre Group Inc 15,500 573,500 1.87

Cepheid Inc 8,264 505,344 1.65

Costar Group Inc 2,256 454,043 1.48


East West Bancorp Inc 9,391 420,905 1.37

Everbank Financial Corp 25,825 507,461 1.66

First Republic Bank/San Francisco 7,186 452,934 1.48

Generac Holdings Inc 8,273 328,852 1.07

Global Payments Inc 3,593 371,696 1.21

Hollysys Automation Technology 15,423 370,615 1.21

Incyte Corp 4,598 479,158 1.57

Insulet Corp 6,844 212,061 0.69

Ipg Photonics Corp 3,267 278,267 0.91

ITC Holdings Corp 13,282 427,415 1.40

Knight Transportation Inc 14,863 397,437 1.30

Lazard Ltd Class A 11,578 651,147 2.13

Ldr Holding Corp 18,955 819,804 2.68



122



Value

Market Value*

% of net

assets

USD Equities (continued) Manhattan Associates Inc 5,766 343,942 1.12

Polyone Corporation 11,045 432,633 1.41

Reinsurance Group of America 5,053 479,378 1.57

Spirit Airlines Inc 4,449 276,283 0.90

VCA Inc 10,374 564,397 1.84

11,510,594 37.58


28,436,086 92.88








123


Healthcare 11.09 Financial Services 10.24 Food and Beverages 7.01 Banks 6.13 Retail 6.11 Internet, Software and IT Services 5.34 Insurance 4.95 Media 4.68 Commercial Services and Supplies 4.50 Traffic and Transportation 4.33 Technology 4.24 Hotels, Restaurants and Leisure 3.79 Real Estate 3.79 Chemicals 2.57 Textiles, Garments and Leather Goods 2.41 Distribution and Wholesale 1.89 Household Products and Wares 1.71 Oil and Gas 1.68 Industrial 1.58 Electrical Appliances and Components 1.40 Personal Products 1.34 Machinery 1.21 Pharmaceuticals and Biotechnology 0.89



Sub-Fund Currency Australia 0.35 1.16 353,996 Belgium 0.52 1.71 524,540 Bermuda 0.65 2.13 651,147 Canada 0.60 1.96 599,168 China 0.37 1.21 370,615 Denmark 0.75 2.47 754,988 France 2.96 9.66 2,958,940 Germany 1.12 3.66 1,119,318 Ireland 0.64 2.08 635,521 Italy 1.35 4.41 1,350,159 Japan 2.37 7.75 2,374,939 Luxembourg 0.41 1.34 409,072 Mexico 0.17 0.55 167,364 Singapore 0.32 1.06 323,748 Sweden 0.27 0.89 271,477 Switzerland 0.78 2.53 775,877 Turkey 0.19 0.61 187,664 United Kingdom 4.22 13.77 4,218,270 United States of America 10.39 33.93 10,389,283 Others 2.18 7.12 2,178,893 30.61 100.00 30,614,979

AXA World Funds - Framlington Health


124



Value

Market Value*

% of net

assets


AUD Equities CSl Ltd 12,514 831,691 0.68

831,691 0.68

CAD Equities Valeant Pharmaceuticals 6,515 1,445,882 1.18

1,445,882 1.18

CHF Equities Novartis AG 49,498 4,880,680 3.99

Roche Holding AG 23,155 6,491,476 5.32

11,372,156 9.31


2,239,834 1.83

EUR Equities Fresenius Medical Care AG 13,541 1,117,070 0.91


Qiagen NV 24,299 596,574 0.49


4,353,306 3.56

GBP Equities Astrazeneca Plc 28,520 1,802,659 1.47



Shire Ltd 27,622 2,213,326 1.81

Synergy Healthcare Plc 16,841 455,292 0.37

Vectura Group 189,951 535,932 0.44

7,081,285 5.78

JPY Equities Kaken Pharmaceutical Co Ltd 35,000 1,222,776 1.00

M3 Inc 42,600 857,118 0.70

Nichi-Iko Pharmaceutical Co 41,225 1,120,199 0.92

3,200,093 2.62

USD Equities Abbvie Inc 69,708 4,683,680 3.83

Aetna Inc 8,665 1,104,441 0.90

Alexion Pharmaceuticals Inc 12,970 2,344,587 1.92

Allergan Inc 11,524 3,497,072 2.86


Value

MarketValue*

% of net

assets

USD Equities (continued) Amerisourcebergen Corp 16,297 1,733,023 1.42

Amgen Inc 33,093 5,080,436 4.16

Anthem Inc 7,857 1,289,648 1.06

Baxter Intl Inc 17,806 1,245,174 1.02

Biogen Idec Inc 10,004 4,041,015 3.31

Biomarin Pharmaceuticals Inc 17,983 2,459,715 2.01

Bristol Myers Squibb Co 20,716 1,378,443 1.13

Cardinal Health Inc 18,212 1,523,434 1.25

Celgene Corp 30,090 3,482,466 2.85

Cepheid Inc 12,997 794,767 0.65

Cerner Corp 16,650 1,149,849 0.94

Cigna Corp 13,128 2,126,736 1.74

Community Health Systems Inc 8,261 520,195 0.43

CVS Caremark Corp 13,565 1,422,697 1.16

Davita Inc 9,971 792,395 0.65

Dexcom Inc 17,171 1,373,337 1.12

Edwards Lifesciences Corp 10,797 1,537,817 1.26

Endologix Inc 43,094 661,062 0.54

Exelixis Inc 55,615 209,112 0.17

Express Scripts Holding Co 29,058 2,584,419 2.11


HCA Holdings Inc 13,621 1,235,697 1.01

Heartware Intl Inc 6,746 490,367 0.40

Hologic Inc 34,866 1,327,000 1.09

Illumina Inc 3,302 721,025 0.59

Incyte Corp 9,259 964,880 0.79

Insulet Corp 10,803 334,731 0.27

Ironwood Pharmaceuticals Inc 49,533 597,368 0.49

Laboratory Corporation of American Holdings 9,326 1,130,498 0.92

Lifepoint Hospitals Inc 8,747 760,552 0.62

Magellan Health Services Inc 8,074 565,745 0.46

McKesson Corp 10,033 2,255,519 1.85

Medtronic Plc 42,473 3,147,249 2.57

Merck & Co Inc 15,802 899,608 0.74

Mylan NV 24,273 1,647,166 1.35

Newlink Genetics Corp 11,070 490,069 0.40

Nuvasive Inc 17,664 836,920 0.68

Pfizer Inc 39,990 1,340,865 1.10

Quintiles Transnational Holding 12,669 919,896 0.75

Spectranetics Corp 30,268 696,467 0.57

St Jude Medical Inc 19,409 1,418,216 1.16

Stryker Corp 12,801 1,223,392 1.00



125



Value

Market Value*

% of net

assets

USD Equities (continued) Teva Pharmaceutical 24,460 1,445,586 1.18

Thermo Electron Corp 8,981 1,165,375 0.95

Ultragenyx Pharmaceutical 6,997 716,423 0.59

Unitedhealth Group Inc 25,058 3,057,076 2.50

Universal Health Services 8,156 1,158,968 0.95

Varian Medical Systems Inc 8,495 716,383 0.59

Vertex Pharmaceuticals Inc 4,697 579,986 0.47

Wright Medical Group Inc 12,960 340,330 0.28

Zimmer Holdings Inc 9,698 1,059,313 0.87

86,764,304 71.00

ZAR Equities Life Healthcare Group Holdings Ltd 141,283 436,848 0.36

436,848 0.36

USD Warrants Community Health Systems Right Inc 33,352 467 0.00

467 0.00


117,725,866 96.32


USD Equities Trius Therapeutics Inc 30,327 0 0.00

0 0.00









126


Pharmaceuticals and Biotechnology 60.28 Healthcare 29.85 Commercial Services and Supplies 1.85 Technology 1.54 Retail 1.16 Internet, Software and IT Services 0.94 Media 0.70



Sub-Fund Currency Australia 0.83 0.68 831,691 Denmark 2.24 1.83 2,239,834 France 1.28 1.05 1,282,644 Germany 2.47 2.02 2,474,088 Ireland 5.36 4.39 5,360,575 Israel 1.45 1.18 1,445,586 Japan 3.20 2.62 3,200,093 South Africa 0.44 0.36 436,848 Switzerland 11.37 9.30 11,372,156 The Netherlands 0.60 0.49 596,574 United Kingdom 4.87 3.98 4,867,959 United States of America 83.62 68.42 83,617,818 Others 4.50 3.68 4,503,415 122.23 100.00 122,229,281

AXA World Funds - Framlington Human Capital


127



Value

Market Value*

% of net

assets


CHF Equities Clariant AG 305,500 5,621,356 1.50

Schindler Holding AG 28,300 4,150,112 1.10

9,771,468 2.60


Novozymes A/S 164,000 6,993,174 1.86 13,536,389 3.60

EUR Equities Altran Technologies SA 305,000 2,938,370 0.78

Arkema SA 86,000 5,558,180 1.48

Atos Origin 86,047 5,763,428 1.53

Autogrill SpA 450,000 3,379,500 0.90


Bic 46,000 6,578,000 1.75

Biomerieux 45,800 4,372,068 1.16



CNP Assurances 292,700 4,384,646 1.17

Delhaize Group 50,000 3,703,000 0.99

Delta Lloyd NV 260,500 3,835,862 1.02

Eiffage 125,000 6,237,500 1.66

Enel Green Power SpA 2,400,000 4,207,200 1.12

Erste Group Bank AG 204,000 5,196,900 1.38


Gamesa Corp Tecnologica SA 302,000 4,267,260 1.14

Gemalto 77,000 6,150,760 1.64

Havas SA 700,000 5,236,000 1.39

Heineken Holding NV 108,700 6,842,665 1.82

Iliad SA 32,000 6,363,200 1.69

Imerys SA 90,500 6,208,300 1.65

JC Decaux SA 190,000 7,111,700 1.89

MTU Aero Engines Holding AG 65,000 5,484,050 1.46

Natixis Banques Populaires 905,000 5,841,775 1.55

Nexity 145,000 5,104,000 1.36

NH Hotel Group SA 715,000 3,682,250 0.98

Peugeot SA 390,000 7,193,550 1.91


Remy Cointreau SA 71,000 4,590,150 1.22

Rexel SA 280,000 4,048,800 1.08


Value

MarketValue*

% of net

assets

EUR Equities (continued) Salvatore Ferragamo SpA 140,000 3,771,600 1.00

Seb SA 80,000 6,688,000 1.78

STMicroelectronics 575,200 4,228,196 1.12

Symrise AG 130,000 7,237,100 1.93

Television Francaise (T.F.1) 330,000 5,105,100 1.36

UBI Banca 754,000 5,425,030 1.44

UCB SA 110,000 7,082,900 1.88

Umicore 150,000 6,379,500 1.70

Valeo SA 43,000 6,078,050 1.62


Wacker Chemie AG 42,000 3,889,200 1.03

Wartsila Oyj 145,000 6,092,900 1.62

230,098,169 61.21

GBP Equities Aberdeen Asset Management Plc 1,020,000 5,816,536 1.55

Aggreko Plc 221,500 4,499,015 1.20

Amec Plc 332,000 3,830,970 1.02

Amlin Plc 766,500 5,154,266 1.37

Ashtead Group Plc 385,000 5,972,296 1.59

Booker Group Plc 2,500,000 5,942,442 1.58

Derwent Valley Hdg 148,000 7,106,879 1.89

Great Portland Estates Plc 460,000 5,038,514 1.34


Intercontinental Hotels Group 160,000 5,795,081 1.54

Intertek Group Plc 100,000 3,458,191 0.92

John Wood Group Plc 432,800 3,937,251 1.05

Persimmon Plc 261,500 7,289,902 1.94

Premier Oil Plc 900,000 1,894,101 0.50

Provident Financial Plc 181,000 7,477,977 1.99

Rotork Plc 1,510,000 4,957,578 1.32

Schroders 162,000 7,262,370 1.93

Spectris Plc 174,100 5,185,183 1.38

Travis Perkins Plc 241,000 7,177,652 1.91

United Utilities Group Plc 347,200 4,371,470 1.16

108,001,083 28.73

NOK Equities Gjensidige Forsikring ASA 335,139 4,832,503 1.29

4,832,503 1.29



128



Value

Market Value*

% of net

assets

SEK Equities Alfa Laval AB 248,000 3,913,782 1.04

3,913,782 1.04


370,153,394 98.47








129


Food and Beverages 7.35 Financial Services 7.02 Technology 6.95 Commercial Services and Supplies 6.60 Chemicals 5.94 Pharmaceuticals and Biotechnology 5.29 Insurance 4.85 Real Estate 4.59 Banks 4.42 Energy and Water Supply 4.28 Engineering and Construction 3.88 Building Materials and Products 3.56 Automobiles 3.53 Hotels, Restaurants and Leisure 3.42 Media 2.75 Aerospace and Defence 2.60 Internet, Software and IT Services 2.47 Household Products and Durables 1.94 Advertising 1.89 Textiles, Garments and Leather Goods 1.78 Household Products and Wares 1.75 Metals and Mining 1.70 Miscellaneous Manufacture 1.62 Oil and Gas 1.55 Communications 1.32 Healthcare 1.16 Semiconductor Equipment and Products 1.12 Mechanical Engineering and Industrial Equipments 1.10 Machinery 1.04 Retail 1.00



Sub-Fund Currency Austria 5.79 1.38 5,196,900 Belgium 19.13 4.57 17,165,400 Denmark 15.08 3.60 13,536,389 Finland 6.79 1.62 6,092,900 France 137.23 32.77 123,168,076 Germany 18.51 4.42 16,610,350 Italy 25.38 6.06 22,780,970 Norway 5.38 1.29 4,832,503 Spain 8.86 2.11 7,949,510 Sweden 4.36 1.04 3,913,782 Switzerland 15.60 3.72 13,999,664 The Netherlands 24.93 5.95 22,378,237 United Kingdom 125.38 29.94 112,528,713 Others 6.43 1.53 5,767,547 418.85 100.00 375,920,941

AXA World Funds - Framlington Hybrid Resources


130



Value

Market Value*

% of net

assets


AUD Equities Oil Search Ltd 70,000 383,608 0.63

Western Areas Ltd 170,000 422,038 0.69

805,646 1.32

CAD Equities Agrium Inc 7,500 795,206 1.30

Cameco Corp 30,000 429,412 0.70

Crescent Point Energy Corp 22,000 451,648 0.74

Hudbay Minerals Inc 44,000 366,534 0.60

Husky Energy Inc 24,000 459,257 0.75

Lundin Mining Corp 160,000 657,455 1.08

Peyto Exploration & Dev Corp 13,000 317,906 0.52

Raging River Exploration Inc 100,000 699,267 1.15

Torc Oil & Gas Ltd 63,000 439,024 0.72

Vermilion Energy Inc 15,000 648,204 1.06

West Fraser Timber Co Ltd 7,200 395,800 0.65

Whitecap Resources Inc 58,000 612,311 1.00 6,272,024 10.27

CHF Equities Syngenta AG 1,700 691,242 1.13

691,242 1.13

EUR Equities Aperam 14,000 562,649 0.92

Smurfit Kappa Group Plc 16,000 440,510 0.72

1,003,159 1.64

GBP Equities Anglo American Capital 43,000 621,146 1.02

BHP Billiton Ltd 52,000 1,021,437 1.67

Dragon Oil Plc 60,000 685,068 1.12

Glencore Intl Plc 220,000 883,323 1.45

Randgold Resources Ltd 9,000 606,512 0.99

Royal Dutch Shell Plc B 90,000 2,557,683 4.19 6,375,169 10.44

JPY Equities JFE Holdings Inc 25,000 554,999 0.91

554,999 0.91


Value

MarketValue*

% of net

assets

KRW Equities Hyundai Steel Co 7,000 424,851 0.70

Korea Zinc Co Ltd 1,350 659,599 1.08

1,084,450 1.78

MXN Equities Grupo Mexico SAB 140,000 421,946 0.69

421,946 0.69

NOK Equities Salmar ASA 19,000 277,725 0.45

277,725 0.45

SEK Equities Boliden AB 22,500 409,732 0.67

Lundin Petroleum AB 17,000 290,931 0.48

700,663 1.15

USD Equities Anadarko Petroleum Corp 8,300 647,898 1.06

Archer Daniels Midland Co 10,000 482,200 0.79

Cabot Oil & Gas Corp 14,500 457,330 0.75

Cal Maine Foods Inc 6,000 313,200 0.51



Concho Resources Inc 5,000 569,300 0.93

Conocophillips 30,000 1,842,300 3.02

Devon Energy Corp 13,500 803,115 1.32

Diamondback Energy Inc 7,000 527,660 0.86

Enterprise Products Partners 21,000 627,690 1.03


EQT Midstream Partners Ltd 4,000 326,160 0.53

Exxon Mobil Corp 40,000 3,328,001 5.45

Gulfport Energy Corp 9,000 362,250 0.59

International Paper Co 17,000 809,030 1.32

Kinder Morgan Inc 19,000 729,410 1.19


Marathon Oil Corp 20,000 530,800 0.87

Occidental Petroleum Corp 12,500 972,125 1.59

Phillips 66 10,000 805,600 1.32

Range Resources Corp 9,000 444,420 0.73

Sanderson Farms Inc 4,000 300,640 0.49

Tesoro Corp 8,000 675,280 1.11

US Silica Holdings Inc 17,500 513,800 0.84

19,545,799 32.00


37,732,822 61.78



131



Value

Market Value*

% of net

assets


USD Open-Ended Investment Funds AXA IM Court Terme Dollar FCP I 3,600 6,287,365 10.31

6,287,365 10.31

TOTAL OPEN-ENDED INVESTMENT FUNDS 6,287,365 10.31








132


Oil and Gas 36.76 Metals and Mining 12.18 Open-Ended Investment Funds 10.31 Chemicals 4.40 Food and Beverages 2.24 Paper and Forest Products 1.97 Basic Materials 1.83 Energy and Water Supply 1.15 Containers and Packaging 0.72 Venture Capital 0.53



Sub-Fund Currency Australia 1.83 2.99 1,827,083 Canada 6.27 10.27 6,272,024 France 6.29 10.30 6,287,365 Ireland 0.44 0.72 440,510 Japan 0.55 0.91 554,999 Jersey 0.61 0.99 606,512 Korea, Republic of 1.08 1.78 1,084,450 Luxembourg 0.56 0.92 562,649 Mexico 0.42 0.69 421,946 Norway 0.28 0.45 277,725 Sweden 0.70 1.15 700,663 Switzerland 1.57 2.58 1,574,565 United Arab Emirates 0.69 1.12 685,068 United Kingdom 3.18 5.21 3,178,829 United States of America 19.55 32.01 19,545,799 Others 17.04 27.91 17,040,485 61.06 100.00 61,060,672

AXA World Funds - Framlington Italy


133



Value

Market Value*

% of net

assets


EUR Equities A2A SpA 4,000,000 4,280,000 0.79

Atlantia SpA 500,000 11,080,000 2.06

Autogrill SpA 700,000 5,257,000 0.98

Banca Monte Dei Paschi 4,400,000 7,682,400 1.43

Banca Popol Emilia Romagna 1,000,000 8,000,000 1.49


Banco Popolare Sc 600,000 8,856,000 1.64

Brunello Cucinelli SpA 200,000 3,360,000 0.62

Buzzi Unicem SpA 600,000 4,806,000 0.89

CNH Industrial Capital 5,600,000 45,808,000 8.52

Danieli & Co - Rnc 350,000 4,760,000 0.88

Datalogic SpA 580,000 7,609,600 1.41

Davide Campari - Milano SpA 1,700,000 11,602,500 2.15

De Longhi SpA 220,000 4,523,200 0.84

Diasorin SpA 130,000 5,323,500 0.99

Ei Towers SpA 100,000 5,405,000 1.00

Engineering SpA 160,000 9,168,000 1.70

ENI SpA 1,270,000 20,218,400 3.75

Fiat Chrysler Automobiles NV 690,000 9,066,600 1.68

Finecobank SpA 3,100,000 20,599,500 3.82

Finmeccanica SpA 1,500,000 16,920,000 3.14

Hera SpA 5,300,000 11,893,200 2.21

Industria Macchine Automatic 110,000 4,598,000 0.85

Infrastrutture Wireless Ital 1,250,000 5,062,500 0.94

Interpump Group SpA 200,000 2,896,000 0.54



Marr SpA 300,000 4,770,000 0.89

Massimo Zanetti Beverage Group 450,000 4,932,000 0.92

Mediobanca SpA 2,000,000 17,590,000 3.27

Mediolanum SpA 1,400,000 10,360,000 1.92

Molecular Medicine SpA 2,000,000 776,000 0.14

Piccolo Credito Valtellinese 5,000,000 5,950,000 1.10

Prysmian SpA 1,150,000 22,287,000 4.14

Rai Way SpA 2,300,000 9,890,000 1.84


Save SpA 300,000 3,780,000 0.70


Tenaris SA 750,000 9,060,000 1.68

Triboo Media SpA 600,000 2,316,000 0.43

UBI Banca 1,500,000 10,792,500 2.00


Value

MarketValue*

% of net

assets

EUR Equities (continued) UniCredit SpA 8,230,000 49,585,750 9.22

Unipol Gruppo Finanziario SpA 2,750,019 12,540,087 2.33

Yoox SpA 260,000 7,545,200 1.40 532,652,737 98.90


532,652,737 98.90








134


Banks 36.15 Engineering and Construction 9.22 Electrical Appliances and Components 6.35 Financial Services 5.60 Oil and Gas 5.43 Technology 4.19 Communications 3.89 Aerospace and Defence 3.14 Internet, Software and IT Services 3.10 Food and Beverages 3.07 Healthcare 2.65 Retail 2.60 Machinery 2.27 Industrial 2.06 Insurance 1.92 Automobiles 1.68 Textiles, Garments and Leather Goods 1.46 Hotels, Restaurants and Leisure 0.98 Building Materials and Products 0.89 Distribution and Wholesale 0.89 Utilities 0.79 Media 0.43 Pharmaceuticals and Biotechnology 0.14



Sub-Fund Currency Italy 522.25 87.03 468,718,137 Luxembourg 10.09 1.68 9,060,000 United Kingdom 61.14 10.19 54,874,600 Others 6.60 1.10 5,926,404 600.08 100.00 538,579,141

AXA World Funds - Framlington Junior Energy


135



Value

Market Value*

% of net

assets


CAD Equities Bankers Petroleum Ltd 703,072 1,745,783 1.35

Boulder Energy Ltd 165,728 1,101,800 0.85

Canadian Energy Services 304,185 1,754,281 1.35

Cardinal Energy Ltd 83,314 956,298 0.74

Crescent Point Energy Corp 60,000 1,231,767 0.95

Precision Drilling Corp 278,402 1,873,184 1.45

Raging River Exploration Inc 351,536 2,458,176 1.90

ShawCor Ltd 74,702 2,189,392 1.69

Storm Resources Ltd 206,100 784,152 0.61

Torc Oil & Gas Ltd 240,000 1,672,474 1.29

Vermilion Energy Inc 61,040 2,637,757 2.04

Whitecap Resources Inc 233,652 2,466,685 1.90

20,871,749 16.12

DKK Equities Vestas Wind Systems A/S 28,400 1,416,755 1.09

1,416,755 1.09

EUR Equities Bourbon SA 60,321 981,261 0.76

Gamesa Corp Tecnologica SA 96,826 1,524,394 1.18

Gaztransport ET Techniga 28,562 1,805,681 1.39

Maire Tecnimont SpA 555,188 1,802,572 1.39

Technip-Coflexip SA 20,120 1,244,631 0.96

7,358,539 5.68

GBP Equities Amec Plc 166,980 2,146,833 1.66

Dragon Oil Plc 219,710 2,508,606 1.94

Hunting Plc 224,104 2,149,936 1.66

6,805,375 5.26

ILS Equities Isramco Negev 2 Lp Ltd 8,788,399 1,849,748 1.43

1,849,748 1.43

INR Equities Bharat Petroleum Corp Ltd 145,008 1,999,553 1.54

1,999,553 1.54

JPY Equities Itochu Enex Co Ltd 120,000 1,153,271 0.89

1,153,271 0.89


Value

MarketValue*

% of net

assets

NOK Equities Det Norske Oljeselskap ASA 263,652 1,859,890 1.44

DNO International ASA 649,606 855,407 0.66

Petroleum Geo Services 351,536 1,885,136 1.46

4,600,433 3.56

SEK Equities Tethys Oil AB 132,582 886,809 0.68

886,809 0.68

USD Equities Advanced Energy Industries 70,308 1,932,767 1.49

Bristow Group Inc 27,840 1,483,872 1.15

Cabot Oil & Gas Corp 116,001 3,658,672 2.83

Cameron Intl Corp 84,961 4,449,408 3.45

Canadian Solar Inc 57,125 1,633,775 1.26

Carrizo Oil & Gas Inc 43,942 2,163,704 1.67

Cheniere Energy Inc 17,577 1,217,383 0.94

Cimarex Energy Co 8,788 969,404 0.75


Continental Resources Inc 35,153 1,490,136 1.15

Denbury Resources Inc 354,803 2,256,547 1.74

Diamondback Energy Inc 43,942 3,312,348 2.56

Ep Energy Corp Cl A 137,730 1,753,303 1.35

EQT Corp 39,547 3,216,753 2.48

EQT Midstream Partners Ltd 24,000 1,956,960 1.51

Exterran Partners Ltd 70,308 1,581,930 1.22

FMC Technologies Inc 36,519 1,515,173 1.17

Green Plains Inc 52,730 1,452,712 1.12

Gulfport Energy Corp 35,153 1,414,908 1.09

Helmerich & Payne 42,688 3,006,089 2.32

Magellan Midstream Partners Ltd 18,940 1,389,817 1.07

Matador Resources Co 87,884 2,197,100 1.70

Mplx Lp Mlp 17,236 1,230,306 0.95

Nabors Industries Inc 182,801 2,637,818 2.04

Newfield Exploration Co 41,760 1,508,371 1.16

Newpark Resources Inc 142,456 1,158,167 0.89

Northern Tier Energy Ltd 65,913 1,566,752 1.21

Oceaneering Intl Inc 27,840 1,297,066 1.00

Pbf Energy Inc 65,913 1,873,247 1.45

Range Resources Corp 53,942 2,663,656 2.06

Rex American Resources Corp 20,000 1,272,800 0.98

Rose Rock Midstream/Fin 40,000 1,870,000 1.44

Synergy Resources Corp 175,768 2,009,028 1.55

Targa Resources Corp 17,577 1,568,220 1.21



136



Value

Market Value*

% of net

assets

USD Equities (continued) Teekay Tankers Ltd Class A 219,710 1,452,283 1.12

Tesoro Corp 61,504 5,191,554 4.02

US Silica Holdings Inc 64,961 1,907,255 1.47

Weatherford Intl Llc 120,000 1,472,400 1.14

Whiting Petroleum Corp 43,942 1,476,451 1.14

World Fuel Services Corp 35,153 1,685,586 1.30 81,646,091 63.05


128,588,323 99.30








137


Oil and Gas 59.42 Energy and Water Supply 14.73 Venture Capital 6.32 Engineering and Construction 4.01 Aerospace and Defence 2.48 Electrical Appliances and Components 2.35 Industrial 1.66 Semiconductor Equipment and Products 1.49 Metals and Mining 1.47 Open-Ended Investment Funds 1.44 Traffic and Transportation 1.12 Pipelines 1.07 Retail 0.98 Food and Beverages 0.76



Sub-Fund Currency Bermuda 2.64 2.04 2,637,818 Canada 22.51 17.38 22,505,524 Denmark 1.42 1.09 1,416,755 France 4.03 3.11 4,031,573 India 2.00 1.54 1,999,553 Israel 1.85 1.43 1,849,748 Italy 1.80 1.39 1,802,572 Japan 1.15 0.89 1,153,271 Marshall Islands 1.45 1.12 1,452,283 Norway 4.60 3.55 4,600,433 Spain 1.52 1.18 1,524,394 Sweden 0.89 0.68 886,809 Switzerland 1.47 1.14 1,472,400 United Arab Emirates 2.51 1.94 2,508,606 United Kingdom 4.30 3.32 4,296,769 United States of America 74.45 57.50 74,449,815 Others 0.90 0.70 904,328 129.49 100.00 129,492,651

AXA World Funds - Framlington Switzerland

Schedule of Investments and Other Net Assets as at 30 June 2015 (in CHF)

138



Value

Market Value*

% of net

assets


CHF Equities ABB Ltd 76,500 1,497,870 1.19

Actelion 21,500 2,941,200 2.33

Adecco SA 22,000 1,669,800 1.33

AMS AG 34,300 1,402,870 1.11

Baloise Holding AG 34,100 3,887,400 3.09

Bucher Industries AG 7,000 1,628,200 1.29

Burckhardt Compression Holding 3,200 1,133,600 0.90

Cembra Money Bank AG 31,600 1,801,200 1.43

Clariant AG 217,900 4,174,964 3.31

Compagnie Financière Richemont SA 34,900 2,654,145 2.11

Dufry Group Reg 48,587 6,326,027 5.02

Forbo Holding AG Reg 600 667,200 0.53

Geberit AG 8,850 2,758,545 2.19

George Fischer AG Reg 3,400 2,184,500 1.73

Givaudan Reg 420 679,560 0.54

Holcim Ltd Reg 38,800 2,677,200 2.12

Implenia AG Reg 27,000 1,410,750 1.12

Julius Baer Group Ltd 33,950 1,780,678 1.41

Kuehne & Nagel AG 29,700 3,685,770 2.93

Lindt & Spruengli AG 1,370 6,773,280 5.38

Logitech International 30,000 411,000 0.33

Lonza Group AG Reg 29,400 3,672,060 2.91

Nestle SA 144,550 9,757,125 7.75

Novartis AG 128,000 11,795,200 9.37

OC Oerlikon Corp AG Reg 187,700 2,149,165 1.71

Partners Group Holding 13,150 3,675,425 2.92

Roche Holding AG 37,000 9,694,000 7.69

SFS Group AG 13,550 920,045 0.73

SGS SA 1,000 1,706,000 1.35

Sika Ltd 800 2,638,400 2.09

Sonova Holding AG 26,350 3,330,640 2.64

Straumann Holding AG 11,700 3,001,050 2.38

Sunrise Communications 23,000 1,797,450 1.43

Swatch Group 1,500 546,150 0.43

Swiss Life Holding AG 20,600 4,410,460 3.50

Swiss Re Ltd 33,700 2,788,675 2.21

Swisscom AG 2,800 1,467,200 1.16


Value

MarketValue*

% of net

assets

CHF Equities (continued) Syngenta AG 9,900 3,762,000 2.99

Temenos Group AG 66,000 2,042,700 1.62

UBS Group AG 206,000 4,084,980 3.24

125,384,484 99.51


125,384,484 99.51








139


Pharmaceuticals and Biotechnology 22.30 Food and Beverages 13.13 Insurance 8.80 Chemicals 6.84 Building Materials and Products 6.40 Financial Services 6.16 Retail 5.45 Healthcare 5.02 Traffic and Transportation 2.93 Banks 2.84 Commercial Services and Supplies 2.68 Machinery 2.61 Engineering and Construction 2.31 Textiles, Garments and Leather Goods 2.11 Automobiles 1.73 Internet, Software and IT Services 1.62 Financial, Investment and Other Diversified Companies 1.43 Mechanical Engineering and Industrial Equipments 1.29 Communications 1.16 Semiconductor Equipment and Products 1.11 Metal Fabricate and Hardware 0.73 Household Products and Durables 0.53 Technology 0.33



Sub-Fund Currency Austria 1.50 1.11 1,402,870 Switzerland 132.66 98.40 123,981,614 Others 0.66 0.49 615,999 134.82 100.00 126,000,483

AXA World Funds - Framlington Talents Global


140



Value

Market Value*

% of net

assets


CHF Equities Roche Holding AG 15,033 3,782,521 3.12

3,782,521 3.12


1,834,508 1.52

EUR Equities Anheuser Busch Inbev SA 16,698 1,795,035 1.49

Christian Dior 8,659 1,516,191 1.26

Continental AG 9,039 1,918,528 1.59


Financière de L'Odet 2,805 2,847,075 2.36



Iliad SA 11,048 2,196,895 1.82

Inditex 56,974 1,661,077 1.38


Sampo Plc Class A 35,538 1,501,480 1.24

20,811,177 17.25

GBP Equities Antofagasta Plc 149,290 1,452,941 1.20

Booker Group Plc 732,668 1,741,535 1.44


Hunting Plc 131,236 1,129,967 0.94

WPP Plc 76,070 1,531,143 1.27

7,279,642 6.03

HKD Equities Cheung Kong Property Holding 112,860 837,511 0.69

CK Hutchison Holdings Ltd 112,860 1,494,715 1.24

Hong Kong & China Gas 947,782 1,786,303 1.48

4,118,529 3.41

JPY Equities Rakuten Inc 132,600 1,923,267 1.59

Softbank Corp 52,150 2,757,459 2.28

THK Co Ltd 73,400 1,424,510 1.18

Unicharm Corp 64,800 1,382,843 1.15

7,488,079 6.20


Value

MarketValue*

% of net

assets

MXN Equities Banregio Grupo Financiero SA 258,700 1,353,984 1.12

Fomento Economico Mex 123,100 986,066 0.82

2,340,050 1.94

NOK Equities Acergy SA 90,267 790,328 0.65

790,328 0.65

PHP Equities Bank of The Philippine Islands 589,780 1,109,375 0.92

1,109,375 0.92

SEK Equities Atlas Copco AB 50,958 1,278,763 1.06

1,278,763 1.06

TWD Equities Ginko International Co Ltd 174,000 1,966,340 1.63

1,966,340 1.63

USD Equities Alexion Pharmaceuticals Inc 11,660 1,891,741 1.57

Alibaba Group Holding 15,110 1,115,688 0.92

Amazon.com Inc 5,980 2,329,796 1.93


Baidu Inc 7,637 1,364,543 1.13

Bank of The Ozarks 36,816 1,511,696 1.25

Berkshire Hathaway Inc Class B 26,132 3,192,271 2.63

BlackRock Inc 4,463 1,385,845 1.15

Blackstone Group Ltd 72,723 2,667,554 2.21

Cerner Corp 34,717 2,151,819 1.78

Channeladvisor Corp 85,958 921,915 0.76

Check Point Software Tech 22,126 1,579,719 1.31

Chipotle Mexican Grill Inc 2,468 1,340,078 1.11


Danaher Corp 37,180 2,856,074 2.37

Dexcom Inc 23,717 1,702,464 1.41

Dril Quip Inc 17,444 1,178,120 0.98

Ecolab Inc 24,579 2,494,299 2.07


Facebook Inc 21,447 1,650,872 1.37

Fedex Corp 14,451 2,210,062 1.83


Google Inc A share 4,473 2,168,012 1.80



141



Value

Market Value*

% of net

assets

USD Equities (continued) Ipg Photonics Corp 18,899 1,444,734 1.20

Jardine Matheson Holdings Ltd 25,700 1,308,971 1.08

O Reilly Automotive Inc 10,823 2,195,101 1.82

Oracle Corp 50,088 1,811,655 1.50

Qualcomm Inc 26,541 1,491,889 1.24

Schwab (Charles) Corp 93,232 2,732,027 2.26

Starbucks Corp 42,779 2,058,514 1.71

Stryker Corp 23,832 2,044,179 1.69

Synchronoss Technologies Inc 29,330 1,203,788 1.00

Tenaris SA 33,785 819,306 0.68

WalMart Stores Inc 17,877 1,138,050 0.94

Wells Fargo & Company 59,947 3,025,867 2.50

64,950,396 53.80

ZAR Equities Naspers Ltd N Shs 15,050 2,108,844 1.75

2,108,844 1.75


119,858,552 99.28


EUR Equities A Tec Industries AG 165,854 0 0.00

0 0.00

SGD Equities China Sky Chemical 1,200,000 0 0.00

0 0.00

USD Equities Qiao Xing Mobile Communication 114,317 0 0.00

0 0.00









142


Internet, Software and IT Services 19.33 Pharmaceuticals and Biotechnology 9.50 Financial Services 8.10 Healthcare 7.76 Banks 5.79 Retail 5.58 Oil and Gas 5.45 Food and Beverages 5.27 Holding Companies 3.44 Technology 3.20 Media 3.02 Insurance 2.63 Communications 2.61 Miscellaneous Manufacture 2.37 Machinery 2.24 Industrial 2.10 Chemicals 2.07 Traffic and Transportation 1.83 Automobiles 1.59 Textiles, Garments and Leather Goods 1.38 Metals and Mining 1.20 Consumer, Non-cyclical 1.15 Energy and Water Supply 0.98 Real Estate 0.69



Sub-Fund Currency Austria - - 0 Belgium 2.00 1.49 1,795,035 China 2.76 2.05 2,480,231 Denmark 2.04 1.52 1,834,508 Finland 1.67 1.24 1,501,480 France 9.34 6.95 8,385,408 Germany 5.94 4.41 5,326,742 Hong Kong 6.05 4.50 5,427,500 Israel 1.76 1.31 1,579,719 Italy 2.39 1.77 2,141,435 Japan 8.34 6.20 7,488,079 Luxembourg 0.91 0.68 819,306 Mexico 2.61 1.94 2,340,050 Philippines 1.24 0.92 1,109,375 South Africa 2.35 1.75 2,108,844 Spain 1.85 1.38 1,661,077 Sweden 1.42 1.06 1,278,763 Switzerland 4.21 3.13 3,782,521 Taiwan 2.19 1.63 1,966,340 United Kingdom 8.99 6.68 8,069,970 United States of America 65.47 48.67 58,762,169 Others 0.96 0.72 864,440 134.49 100.00 120,722,992

AXA World Funds - Framlington LatAm


143



Value

Market Value*

% of net

assets


BRL Equities BB Seguridade Participacoes 9,916 108,851 1.22

BR Malls Participacoes SA 19,800 92,805 1.04

CETIP SA - Balcao Organizado de Ativos e Derivativos 16,466 180,647 2.02

Cielo SA 21,864 308,421 3.45

Estacio Participacoes SA 33,300 192,956 2.16

Lojas Renner SA 12,100 440,156 4.92

M Dias Branco SA 2,732 72,117 0.81

Petrobras Petroleo Brasileiro 49,000 200,486 2.24

Raia Drogasil SA 15,500 199,987 2.23

Valid Solucoes SA 27,400 422,502 4.72

WEG SA 50,928 312,316 3.49

2,531,244 28.30

CLP Equities Embotelladora Andina Pref B 28,234 95,581 1.07

S.A.C.I. Falabella 22,680 158,345 1.77

253,926 2.84

MXN Equities Arca Continental Sab De CV 60,581 344,629 3.85

Banregio Grupo Financiero SA 67,100 391,294 4.37

Bolsa Mexicana de Valores SA 178,500 309,433 3.46

Grupo Financiero Banorte 65,200 359,105 4.01

Grupo Lala SAB 84,500 177,017 1.98

Grupo Mexico SAB 74,900 225,741 2.52

Hoteles City Express 166,100 242,629 2.71

Infraestructura Energetica 49,700 245,797 2.75

Macquarie Mexico Real Estate REIT 157,300 218,446 2.44

Walmart de Mexico 137,100 335,440 3.75 2,849,531 31.84

USD Equities Ambev SA 72,895 444,660 4.97

Banco Bradesco Adr 37,078 339,634 3.80

Banco Santander Chile SA 13,235 268,009 2.99

Cemex SA Adr 43,200 395,712 4.42

Credicorp Ltd 2,895 402,173 4.49


Value

MarketValue*

% of net

assets

USD Equities (continued) Fomento Economico Mex 3,161 281,613 3.15

Grupo Televisa SA 13,070 507,377 5.67

Itau Unibanco Holding SA 48,232 528,141 5.89

3,167,319 35.38


8,802,020 98.36









144


Banks 22.46 Financial Services 16.74 Food and Beverages 13.85 Retail 12.60 Media 5.67 Oil and Gas 4.99 Building Materials and Products 4.42 Machinery 3.49 Real Estate 3.48 Hotels, Restaurants and Leisure 2.71 Metals and Mining 2.52 Pharmaceuticals and Biotechnology 2.23 Agriculture 1.98 Insurance 1.22



Sub-Fund Currency Brazil 3.84 42.95 3,843,679 Chile 0.52 5.83 521,935 Mexico 4.03 45.09 4,034,233 Peru 0.40 4.49 402,173 Others 0.15 1.64 146,774 8.94 100.00 8,948,794

AXA World Funds - Global SmartBeta Equity


145



Value

Market Value*

% of net

assets


AUD Equities AGL Energy Ltd 9,200 109,956 0.07

Amcor Ltd 24,700 260,466 0.15

Aurizon Holdings Ltd 48,900 192,809 0.11

Aust & Nz Banking Group 11,200 277,188 0.16

Brambles Ltd 18,100 147,464 0.09

Commonwealth Bank Australia 6,300 412,215 0.24

CSl Ltd 3,300 219,321 0.13

Dexus Property Group 21,300 119,510 0.07

General Property Trust 37,100 122,044 0.07

Goodman Group 13,800 66,504 0.04

Insurance Aust Group 36,500 156,541 0.09

James Hardie Industries Cdi 4,000 53,249 0.03

Lend Lease Group Stapled Security Npv 4,200 48,519 0.03

Mirvac Group 87,100 123,848 0.07

Ramsay Health Care Ltd 2,100 99,216 0.06

Scentre Group 46,100 132,872 0.08

Sonic Healthcare Ltd 4,500 73,912 0.04

Suncorp Group Ltd 9,500 98,062 0.06

Tattersall's Ltd 30,800 88,063 0.05

Telstra Corp Ltd 59,600 281,265 0.17

Wesfarmers Ltd 9,400 281,985 0.17

Woodside Petroleum Ltd 3,400 89,451 0.05

Woolworths Holdings Ltd 9,600 198,926 0.12

3,653,386 2.15

CAD Equities Alimentation Couche Tard 4,900 209,706 0.12

Bank of Montreal 13,700 812,157 0.48

Bank of Nova Scotia 20,400 1,053,457 0.62

Brookfield Asset Management Inc 13,000 454,419 0.27

Can Imperial Bank of Commerce 8,500 626,853 0.37

Canadian National Railway Co 15,700 906,197 0.54

Canadian Pacific Railway Ltd 1,800 288,386 0.17

Intact Financial Corp 2,400 166,844 0.10

Magna International Inc 4,000 224,598 0.13

National Bank of Canada 7,800 293,144 0.17

Rogers Communications Inc 6,200 220,001 0.13

Royal Bank of Canada 18,000 1,101,238 0.65

Shaw Communications Inc B 6,700 145,973 0.09


Value

MarketValue*

% of net

assets

CAD Equities (continued) Thomson Reuters Corp 8,400 320,000 0.19

Toronto Dominion Bank 27,600 1,172,577 0.69

Transcanada Corp 16,400 666,798 0.40

8,662,348 5.12

CHF Equities Actelion 1,100 161,019 0.10

Compagnie Financière Richemont SA 3,800 309,229 0.18

Geberit AG 840 280,165 0.17

Givaudan Reg 216 373,964 0.22

Lindt & Spruengli AG 5 312,878 0.19

Nestle SA 15,800 1,141,191 0.68

Novartis AG 9,900 976,176 0.58

Roche Holding AG 3,600 1,009,256 0.60

Schindler Holding AG 1,200 196,330 0.12

SGS SA 120 219,057 0.13

Sonova Holding AG 400 54,101 0.03

Swatch Group 360 140,256 0.08

Swiss Prime Site AG 1,000 75,919 0.04

Swiss Re Ltd 5,000 442,726 0.26

Swisscom AG 540 302,777 0.18

Syngenta AG 680 276,497 0.16

UBS Group AG 18,900 401,035 0.24

Zurich Insurance Group AG 900 274,078 0.16 6,946,654 4.12

DKK Equities Coloplast B 2,400 157,400 0.09

Danske Bank A/S 3,000 88,181 0.05

Novo Nordisk A/S 12,900 702,484 0.42

Novozymes A/S 3,600 171,039 0.10

1,119,104 0.66

EUR Equities Accor SA 1,200 60,528 0.04

Aegon NV 290 2,130 0.00

Air Liquide 5.5 5,500 695,233 0.41

Airbus Group NV 5,000 324,232 0.19

Allianz SE 2,480 386,021 0.23

Amadeus It Holding SA 5,100 203,175 0.12

Anheuser Busch Inbev SA 5,200 622,838 0.37

Assicurazioni Generali 2,700 48,615 0.03

Bayer AG 6,160 861,709 0.51

Bayerische Motoren Werke AG 3,000 328,176 0.19



146



Value

Market Value*

% of net

assets

EUR Equities (continued) Beiersdorf AG 1,800 150,698 0.09

Brenntag AG 2,400 137,528 0.08

Cap Gemini SA 800 70,747 0.04

Continental AG 1,250 295,611 0.18

Daimler AG 3,600 327,468 0.19

Dassault Systemes SA 1,800 130,803 0.08

Deutsche Börse AG 2,400 198,550 0.12

Deutsche Post AG 17,200 502,199 0.30


Fresenius Medical Care AG 1,500 123,743 0.07


Hannover Rückversicherungs AG 1,300 125,712 0.07

Heineken NV 2,800 212,362 0.13

Henkel AG&CO KGaA 425 40,482 0.02

Henkel AG&CO KGaA Pref Shs 4,833 541,724 0.32

Hugo Boss AG 600 67,019 0.04

Inditex 12,400 402,808 0.24

Kerry Group Plc 2,700 200,025 0.12

Klepierre 1,800 79,129 0.05

Kone Corp 4,500 182,506 0.11

Koninklijke Ahold NV 14,400 269,547 0.16

Legrand SA 5,200 291,778 0.17

Linde AG 3,220 609,554 0.36

L'Oreal 3,990 711,305 0.42

Luxottica Group SpA 3,400 225,971 0.13

LVMH Moet Hennessy Louis Vuitton 1,960 343,189 0.20

Münchener Rückversicherungs AG 1,820 322,427 0.19

Pernod Ricard SA 2,700 311,664 0.18



Red Electrica de Espana 1,600 128,142 0.08


Safran SA 3,200 216,743 0.13

Sampo Plc Class A 9,600 451,919 0.27

Sanofi-Aventis SA 2,800 275,288 0.16

SAP AG 10,200 711,439 0.42

Schneider Electric SA 1,600 110,404 0.07

Scor 3,200 112,828 0.07

Ses Receipt 7,600 255,181 0.15

Siemens AG 5,200 523,473 0.31

Snam SpA 48,000 228,259 0.14

Sodexo 2,500 237,269 0.14

Symrise AG 1,600 99,244 0.06


Value

MarketValue*

% of net

assets

EUR Equities (continued) Terna SpA 32,000 141,334 0.08

Total SA 8,700 422,348 0.25

Unibail-Rodamco SE 1,040 262,693 0.16

Unilever NV 20,400 849,067 0.50

Valeo SA 720 113,394 0.07

Vinci SA 2,400 138,731 0.08 17,711,234 10.50

GBP Equities 3I Group Plc 8,000 64,984 0.04

Arm Holdings Plc 14,500 236,479 0.14

Associated British Foods Plc 3,600 162,548 0.10

Astrazeneca Plc 3,800 240,186 0.14

BAE Systems Plc 47,000 333,513 0.20

British American Tobacco Intl Fin Plc 17,200 923,773 0.55

British Land Company Plc 12,000 149,753 0.09

British Sky Broadcasting 7,000 114,162 0.07

BT Group Plc 95,000 672,628 0.40

Bunzl Plc 7,500 205,002 0.12

Burberry Group Plc 6,600 163,067 0.10

Capita Group Plc 9,000 175,230 0.10

Compass Group Plc 32,500 538,217 0.32

Diageo Plc 30,900 894,661 0.53

Experian Group Ltd 8,000 145,821 0.09


HSBC Holdings Plc 64,800 580,995 0.34

Imperial Tobacco Group Plc 7,200 347,290 0.21

ITV Plc 18,000 74,537 0.04

Johnson Matthey Plc 2,400 114,669 0.07

Land Securities Group 4,000 75,741 0.04

National Grid Plc 56,400 724,859 0.43

Next Plc 2,450 287,057 0.17

Prudential Plc 13,200 318,142 0.19

Reckitt Benckiser Group Plc 9,200 794,050 0.47

Rolls Royce Holdings Plc 7,200 98,514 0.06

Sabmiller Plc 10,800 561,190 0.33

Severn Trent Plc 3,300 108,002 0.06

Shire Ltd 4,700 376,607 0.22

Smith & Nephew Plc 5,000 84,454 0.05

SSE Plc 19,800 478,302 0.28

Unilever Plc 17,800 764,238 0.45

United Utilities Group Plc 7,800 109,422 0.06

Whitbread Plc 2,900 225,579 0.13

WPP Plc 10,800 242,208 0.14

12,176,241 7.20



147



Value

Market Value*

% of net

assets


Bank of East Asia Ltd 8,000 34,982 0.02

Cheung Kong Property Holding 8,208 67,866 0.04

CK Hutchison Holdings Ltd 8,208 121,121 0.07

CLP Holdings Ltd 35,500 301,307 0.18

Hang Seng Bank Ltd 15,600 304,855 0.18

Hong Kong & China Gas 68,000 142,797 0.08

MTR Corp 41,000 190,653 0.11 1,510,468 0.89

JPY Equities Aeon Co Ltd 6,700 95,135 0.06

Ajinomoto Co Inc 8,000 173,350 0.10

Asahi Breweries Holdings Ltd 8,600 273,571 0.16

Asahi Kasei Corp 25,000 205,430 0.12

Astellas Pharma Inc 24,200 345,206 0.20

Bank of Yokohama Ltd 25,000 153,353 0.09


Canon Inc 4,100 133,439 0.08

Central Japan Railway Co 1,900 343,231 0.20

Chiba Bank Ltd 13,000 99,121 0.06

Daiichi Sankyo 3,700 68,457 0.04

Daikin Industries Ltd 2,100 151,178 0.09

Daito Trust Const 1,400 145,074 0.09

Daiwa House Industry Co Ltd 8,000 186,524 0.11

Denso Corp 4,300 214,218 0.13

East Japan Railway Co 4,900 440,886 0.26

Fanuc Ltd 1,000 204,961 0.12

Fast Retailing Co Ltd 500 227,026 0.13

Fuji Heavy Industries Ltd 5,000 184,203 0.11

Hankyu Hanshin Holdings Corp 21,000 124,080 0.07

Hoya Corp 6,700 268,679 0.16

Isuzu Motors Ltd 8,000 105,095 0.06

Itochu Corp 24,600 325,078 0.19

Japan Tobacco Inc 8,600 306,463 0.18

Kao Corp 5,600 260,539 0.15

Kddi Corp 11,300 272,792 0.16

Keio Corp 12,000 85,907 0.05

Keyence Corp 700 377,902 0.22

Kubota Corp 12,000 190,398 0.11

Makita Corp 1,300 70,543 0.04

Marubeni Corp 29,000 166,442 0.10

Mitsubishi Electric Corp 13,000 168,071 0.10

Mitsubishi Motors Corp 7,200 61,312 0.04


Value

MarketValue*

% of net

assets

JPY Equities (continued) Mitsubishi Tokyo Financial Group Inc 41,600 299,103 0.18

Mizuho Financial Group Inc 109,800 237,789 0.14

Murata Manufacturing Co Ltd 900 157,104 0.09

Nagoya Railroad Co Ltd 17,000 63,629 0.04

Nippon Telegraph & Telephone 9,800 355,071 0.21

Nitori Holdings Co Ltd 1,400 114,183 0.07

Nsk Ltd 5,000 77,269 0.05

NTT Docomo Inc 24,400 467,402 0.28

Odakyu Electric Railway Co 15,000 140,114 0.08

Omron Corp 2,400 104,344 0.06

Oriental Land Co Ltd 2,600 166,052 0.10

Osaka Gas Co Ltd 45,000 177,735 0.11

Otsuka Holdings Co Ltd 5,900 188,213 0.11

Resona Holdings Inc 24,000 131,116 0.08

Secom Co Ltd 4,400 285,686 0.17

Sekisui House Ltd 8,000 127,095 0.08

Seven & I Holdings Co Ltd 11,000 472,848 0.28

Shimano Inc 1,100 150,125 0.09

Shin-Etsu Chemical Co Ltd 3,800 235,984 0.14

Shizuoka Bank Ltd 13,000 135,880 0.08

SMC Corp 900 271,144 0.16


Suzuki Motor Corp 3,100 104,756 0.06

Sysmex Corp 2,000 119,315 0.07

T&D Holdings Inc 7,300 108,875 0.06

Tokio Marine Holdings Inc 5,400 224,800 0.13

Tokyo Gas Co Ltd 49,000 260,287 0.15

Toray Industries Inc 8,000 67,699 0.04

Toyota Motor Corp 5,000 335,186 0.20

Toyota Tsusho Corp 3,300 88,592 0.05

USS Co Ltd 5,400 97,528 0.06

West Japan Railway Co 4,100 262,522 0.16

Yahoo Japan Corp 16,500 66,612 0.04

Yamaha Motor Co Ltd 2,700 59,068 0.03

13,160,026 7.77

NOK Equities Telenor ASA 15,300 334,101 0.20

334,101 0.20

SEK Equities Assa Abloy AB - B 18,000 338,632 0.20

Atlas Copco AB 10,800 301,970 0.18

Hennes & Mauritz 11,500 442,398 0.26



148



Value

Market Value*

% of net

assets

SEK Equities (continued) Hexagon AB 3,500 126,713 0.08

Nordea Bank AB 6,000 74,770 0.04

Skandinaviska Enskilda Banken 18,000 229,949 0.14

Svenska Handelsbanken AB 15,000 218,741 0.13

Swedbank AB 9,900 230,632 0.14

Teliasonera AB 57,000 335,302 0.20

2,299,107 1.37

SGD Equities Comfortdelgro Corp Ltd 47,000 109,254 0.06

DBS Group Holdings 18,000 276,584 0.16

Keppel Corp 17,000 103,780 0.06

Oversea-Chinese Banking Corp 34,000 257,052 0.15

Singapore Exchange Ltd 19,000 110,486 0.07

Singapore Press Holdings Ltd 43,000 130,293 0.08

Singapore Telecommunications 122,000 381,448 0.23

United Overseas Bank Ltd 12,000 205,600 0.12

1,574,497 0.93

USD Equities 3M Co 5,300 817,790 0.48

Abbvie Inc 10,000 671,900 0.40

Accenture Plc Class A 6,300 609,714 0.36

Aetna Inc 2,900 369,634 0.22

Aflac Inc 2,000 124,400 0.07

Air Products & Chemicals Inc 900 123,147 0.07


Allstate Corp 6,700 434,629 0.26

Altria Group Inc 24,600 1,203,186 0.71

American Electric Power 6,600 349,602 0.21

American Express Co 10,200 792,744 0.47

American Water Works Co Inc 4,200 204,246 0.12

Ametek Inc 2,400 131,472 0.08

Amgen Inc 5,700 875,064 0.52

Amphenol Corp Cl A 4,100 237,677 0.14

Aon Plc 3,300 328,944 0.19


Arch Capital Group Ltd 3,000 200,880 0.12

AT&T Inc 23,500 834,720 0.49

Automatic Data Processing 10,100 810,323 0.48

Autozone Inc 800 533,520 0.32

Avago Technologies Ltd 2,900 385,497 0.23


Value

MarketValue*

% of net

assets

USD Equities (continued) Ball Corp 2,700 189,405 0.11

Baxter Intl Inc 10,000 699,300 0.41

Becton Dickinson & Co 4,300 609,095 0.36

Bed Bath & Beyond Inc 2,900 200,042 0.12

Berkshire Hathaway Inc Class B 10,400 1,415,543 0.84

Biogen Idec Inc 1,600 646,304 0.38

Boeing Co 5,600 776,832 0.46

Borgwarner Inc 3,100 176,204 0.10

Bristol Myers Squibb Co 9,400 625,476 0.37

Brown Forman Corp Class B 3,000 300,540 0.18

Cardinal Health Inc 6,900 577,185 0.34

Celgene Corp 5,200 601,822 0.36



Chipotle Mexican Grill Inc 400 241,996 0.14

Chubb Corp 5,900 561,326 0.33

Church and Dwight Co Inc 2,700 219,051 0.13

Cigna Corp 1,800 291,600 0.17

Cincinnati Financial Corp 3,300 165,594 0.10

Cintas Corp 1,800 152,262 0.09

Cisco Systems Inc 22,400 615,104 0.36

Clorox Company 2,900 301,658 0.18

CMS Energy Corp 5,700 181,488 0.11

Coca Cola Co 36,700 1,439,740 0.86

Cognizant Technology Solutions Corp 6,500 397,085 0.24

Colgate-Palmolive Co 15,500 1,013,855 0.60

Comcast Corp 3,600 216,504 0.13

Conagra Foods Inc 4,800 209,856 0.12

Consolidated Edison Inc 4,200 243,096 0.14

Costco Wholesale Corp 7,400 999,444 0.59

CR Bard Inc 1,100 187,770 0.11

Cummins Inc 2,200 288,618 0.17

CVS Caremark Corp 4,500 471,960 0.28

Danaher Corp 3,000 256,770 0.15

Deere Co 3,900 378,495 0.22

Delphi Automotive Plc 3,900 331,851 0.20

DirecTV Holdings Llc 2,400 222,696 0.13

Discover Financial Services 6,700 386,054 0.23

Dish Dbs Corp 2,800 189,588 0.11

Dollar General Corp 3,400 264,316 0.16

Dollar Tree Inc 2,900 229,071 0.14

Dominion Resources Inc 12,600 842,562 0.50

Dr Pepper Snapple Group Inc 4,600 335,340 0.20

Dte Energy Company 2,900 216,456 0.13



149



Value

Market Value*

% of net

assets

USD Equities (continued) Du Pont de Nemours 7,600 486,020 0.29

Duke Energy Corp 8,500 600,270 0.36

Ecolab Inc 5,600 633,192 0.38

Edwards Lifesciences Corp 1,200 170,916 0.10

Eli Lilly & Co 15,800 1,319,142 0.78

Emerson Electric Co 8,200 454,526 0.27

Equifax Inc 2,600 252,434 0.15

Equity Residential 2,700 189,459 0.11

Estee Lauder Companies Class A 3,100 268,646 0.16

Eversource Energy 6,600 299,706 0.18

Exxon Mobil Corp 19,400 1,614,079 0.97

Fidelity National Information Services Inc 4,000 247,200 0.15

Fiserv Inc 4,900 405,867 0.24

Ford Motor Credit Co Llc 20,600 309,206 0.18

Franklin Resources Inc 5,500 269,665 0.16

General Mills Inc 14,000 780,080 0.46

General Motors Co 11,000 366,630 0.22

Genuine Parts Co 3,700 331,261 0.20



Hanesbrands Inc 5,500 183,260 0.11

HCA Holdings Inc 3,200 290,304 0.17

Henry Schein Inc 1,800 255,816 0.15

Hershey Co 3,600 319,788 0.19

Home Depot Inc 9,300 1,033,509 0.61

Honeywell International Inc 6,200 632,214 0.37

Hormel Foods Corp 3,100 174,747 0.10

Illinois Tool Works Inc 1,600 146,864 0.09

Intl Business Machines 8,200 1,333,812 0.79

Intl Flavors and Fragrances 1,800 196,722 0.12

Intuit Inc 4,100 413,157 0.24

JM Smucker Co 1,800 195,138 0.12

Johnson & Johnson 17,000 1,656,819 0.99

Kimberly Clark Corp 7,800 826,566 0.49

Kroger Co 7,100 514,821 0.30

L Brands Inc 3,100 265,763 0.16

Laboratory Corporation of American Holdings 2,000 242,440 0.14


Linear Technology Corp 3,700 163,651 0.10

Lowe S Cos Inc 4,800 321,456 0.19


M & T Bank Corp 1,500 187,395 0.11

Macy's Inc 2,700 182,169 0.11


Value

MarketValue*

% of net

assets

USD Equities (continued) Marsh & Mclennan Cos 12,500 708,750 0.42

Mastercard Inc 9,500 888,060 0.53

Mccormick & Co Non Vtg Shrs 2,700 218,565 0.13

McDonalds Corp 12,900 1,226,403 0.73

Mcgraw Hill Financial Inc 3,500 351,575 0.21

McKesson Corp 2,900 651,949 0.39

Mead Johnson Nutrition Co 2,700 243,594 0.14

Medtronic Plc 11,400 844,740 0.50

Merck & Co Inc 20,900 1,189,837 0.70

Microsoft Corp 21,000 927,150 0.55

Molson Coors Brewing Co 2,700 188,487 0.11

Mondelez International Inc 28,800 1,184,832 0.70

Monsanto Co 3,900 415,701 0.25

Monster Beverage Corp 1,700 227,834 0.13

Moody's Corp 2,400 259,104 0.15

Nextera Energy Inc 8,700 852,861 0.51

Nike Inc - Cl B 6,100 658,922 0.39

Nisource Inc 7,100 323,689 0.19

Northern Trust Corp 2,400 183,504 0.11

Northrop Grumman Corp 3,500 555,205 0.33

O Reilly Automotive Inc 1,400 316,372 0.19

Omnicom Group Inc 3,600 250,164 0.15

Oracle Corp 16,800 677,040 0.40

Paychex Inc 7,900 370,352 0.22

Pepsico Inc 14,600 1,362,763 0.81

Pfizer Inc 48,900 1,639,616 0.98


Phillips 66 2,200 177,232 0.10

PNC Financial Services Group 3,700 353,905 0.21

PPG Industries Inc 2,500 286,800 0.17

PPL Corporation 15,500 456,785 0.27

Praxair Inc 6,300 753,165 0.45

Priceline.com Inc 455 523,873 0.31

Procter & Gamble Co 20,000 1,564,799 0.94

Progressive Corp 13,200 367,356 0.22

Public Service Enterprise Gp 5,400 212,112 0.13

Public Storage Inc 2,000 368,740 0.22

Qualcomm Inc 9,200 576,196 0.34

Raytheon Company 5,400 516,672 0.31

Republic Services Inc 5,600 219,352 0.13

Reynolds American Inc 7,300 545,018 0.32

Rockwell Automation Inc 1,900 236,816 0.14

Rockwell Collins Inc 2,200 203,170 0.12




150



Value

Market Value*

% of net

assets

USD Equities (continued) Ross Stores Inc 6,600 320,826 0.19

Sempra Energy 5,600 554,064 0.33

Sherwin Williams Co 1,800 495,036 0.29

Simon Property Group Inc 5,300 917,006 0.54

Southern Co 19,000 796,100 0.47

Spectra Energy Corp 15,000 489,000 0.29

St Jude Medical Inc 3,800 277,666 0.16

Starbucks Corp 13,700 734,526 0.44

Stericycle Inc 2,100 281,211 0.17

Stryker Corp 2,800 267,596 0.16

Synopsys Inc 2,300 116,495 0.07

Sysco Corp 13,900 501,790 0.30

T Rowe Price Group Inc 3,300 256,509 0.15

Texas Instruments Inc 9,100 468,741 0.28

TJX Companies Inc 13,500 893,295 0.53


Travelers Cos Inc 6,600 637,956 0.38

Union Pacific Corp 10,500 1,001,385 0.59

United Parcel Service 9,500 920,645 0.55

United Technologies Corp 6,600 732,138 0.43

Unitedhealth Group Inc 8,500 1,037,000 0.61

US Bancorp 22,200 963,480 0.57

Verisk Analytics Inc 3,100 225,556 0.13

Verizon Communications Inc 2,500 116,525 0.07

VF Corp 5,100 355,674 0.21

Visa Inc 19,300 1,295,995 0.77

WalMart Stores Inc 15,000 1,063,950 0.63

Walt Disney Co 6,000 684,840 0.41

Waste Management Inc 9,100 421,785 0.25

Waters Corp 1,000 128,380 0.08

Wec Energy Group Inc 4,700 211,359 0.13


Western Digital Corp 2,200 172,524 0.10

WW Grainger Inc 1,200 283,980 0.17

Xcel Energy Inc 11,300 363,634 0.22

Xilinx Inc 2,700 119,232 0.07


Value

MarketValue*

% of net

assets

USD Equities (continued) Yum Brands Inc 5,800 522,464 0.31

Zimmer Holdings Inc 2,500 273,075 0.16

Zoetis Inc 5,500 265,210 0.16

96,463,488 57.20


165,610,654 98.11



Bank overdraft (312) 0.00






151


Food and Beverages 9.85 Pharmaceuticals and Biotechnology 9.45 Healthcare 7.23 Banks 7.10 Retail 5.95 Electrical Appliances and Components 4.87 Insurance 4.72 Chemicals 3.98 Internet, Software and IT Services 3.82 Oil and Gas 3.58 Communications 3.47 Traffic and Transportation 3.29 Technology 3.11 Commercial Services and Supplies 2.52 Automobiles 2.33 Aerospace and Defence 2.17 Media 2.14 Real Estate 2.01 Financial Services 1.82 Agriculture 1.62 Textiles, Garments and Leather Goods 1.31 Industrial 1.00 Tobacco and Alcohol 0.92 Semiconductor Equipment and Products 0.91 Hotels, Restaurants and Leisure 0.86 Distribution and Wholesale 0.83 Consumer, Non-cyclical 0.82 Household Products and Wares 0.79 Machinery 0.74 Mechanical Engineering and Industrial Equipments 0.69 Environmental Control 0.55 Utilities 0.50 Building Materials and Products 0.48 Miscellaneous Manufacture 0.46 Engineering and Construction 0.44 Pipelines 0.29 Containers and Packaging 0.26 Energy and Water Supply 0.24 Holding Companies 0.20 Metal Fabricate and Hardware 0.20 Lodging 0.17 Personal Products 0.16 Financial, Investment and Other Diversified Companies 0.13 Office and Business Equipment 0.08 Entertainment 0.05

98.11




152

Geographical Classification of Schedule of Investments and Other Net Assets / (Liabilities)


Sub-Fund Currency Australia 3.60 2.13 3,600,137 Belgium 0.62 0.37 622,838 Bermuda 0.20 0.12 200,880 Canada 8.34 4.94 8,342,348 Denmark 1.12 0.66 1,119,104 Finland 0.63 0.38 634,425 France 5.17 3.07 5,174,323 Germany 7.10 4.21 7,104,089 Hong Kong 1.51 0.89 1,510,468 Ireland 2.23 1.32 2,230,156 Italy 0.64 0.38 644,179 Japan 13.16 7.80 13,160,026 Luxembourg 0.26 0.15 255,181 Norway 0.33 0.20 334,101 Singapore 1.96 1.16 1,959,994 Spain 0.73 0.43 734,125 Sweden 2.30 1.36 2,299,107 Switzerland 6.95 4.12 6,946,654 The Netherlands 1.49 0.88 1,492,982 United Kingdom 13.16 7.80 13,163,675 United States of America 94.08 55.74 94,081,862 Others 3.20 1.89 3,197,082 168.78 100.00 168,807,736

AXA World Funds - Asian Short Duration Bonds (note 1b)


153



Value

Market Value*

% of net

assets


CNY Bonds Bitronic Limited 4% 12/12/2015 1,000,000 161,368 1.04

China Minmetals Corp 3.65% 28/03/2016 1,700,000 273,840 1.77

Lai Sun Garment Intl Fin 7.7% 24/07/2018 1,000,000 163,012 1.05

Ocean Wealth Ltd 5.25% 07/07/2017 2,000,000 327,355 2.12

Rainbow Days Ltd 3% 30/06/2016 1,000,000 159,856 1.03

Soar Rise Ltd 4.375% 13/06/2017 1,000,000 162,286 1.05

Yanlord Land Hk Co Ltd 5.375% 23/05/2016 1,000,000 159,454 1.03

1,407,171 9.09

USD Bonds Axis Bank Ltd 5.125% 05/09/2017 210,000 222,269 1.44

Bank Negara Indonesia Lo 4.125% 27/04/2017 360,000 372,600 2.41

Bank of East Asia Ltd 1% 20/11/2024 560,000 561,227 3.63

Bank Rakyat Indonesia 2.95% 28/03/2018 370,000 372,294 2.41

Bao Trans Enterprise 3.75% 12/12/2018 290,000 297,820 1.93

BCEG Hong Kong Co Ltd 3.85% 10/06/2018 200,000 200,849 1.30

Central China Real Estat 8.75% 23/01/2021 200,000 200,379 1.30

China Construction Bank 1% 13/05/2025 400,000 398,414 2.58

China Resources Land Ltd 4.625% 19/05/2016 290,000 296,666 1.92

CN Energy Rsrve Chmcals 5.25% 11/05/2018 400,000 404,410 2.61

Dah Sing Bank Ltd 1% 29/01/2024 380,000 393,838 2.55

DBS Bank Ltd 1% 21/09/2022 360,000 371,871 2.40

Eastern Creation Ii Inve 2.625% 20/11/2017 370,000 373,141 2.41

Energy Development Corp 6.5% 20/01/2021 200,000 221,311 1.43

Far East Horizon Ltd 4.625% 06/03/2017 360,000 369,772 2.39

Fita International Ltd 7% 10/02/2020 200,000 225,448 1.46

FPC Finance Ltd Co 6% 28/06/2019 350,000 376,136 2.43


Value

MarketValue*

% of net

assets

USD Bonds (continued) Franshion Investment Ltd 4.7% 26/10/2017 360,000 372,505 2.41

Greenland Hong Kong Holding 4.375% 07/08/2017 200,000 200,695 1.30

Greenland Hong Kong Holding 4.75% 18/10/2016 200,000 202,383 1.31

Haitong Intl Fin Hldg 15 3.5% 21/04/2020 400,000 394,986 2.55

Huarong Finance Co Ltd 4% 17/07/2019 370,000 377,013 2.44

Icici Bank Ltd 1% 29/08/2049 400,000 409,952 2.65

Icici Bank Ltd 1% 30/04/2022 200,000 206,403 1.33

Idbi Bank Ltd/Difc Dubai 5% 25/09/2019 350,000 364,305 2.36

International Container 7.375% 17/03/2020 200,000 228,057 1.47

Korea Western Power Co 3.125% 10/05/2017 220,000 225,682 1.46

Krung Thai Bank/Cayman 1% 26/12/2024 200,000 206,650 1.34

Longfor Properties 6.875% 18/10/2019 220,000 230,162 1.49

Ls Finance 2017 Ltd 5.25% 26/01/2017 290,000 303,571 1.96

Majapahit Holding BV 8% 07/08/2019 310,000 359,454 2.32

Malayan Banking Bhd 1% 20/09/2022 380,000 383,652 2.48

National Agricultural Co 3.5% 08/02/2017 250,000 257,225 1.66

New World China Land 5.375% 06/11/2019 200,000 209,313 1.35

Oversea-Chinese Banking Corp 1% 11/03/2023 400,000 406,710 2.63

RHB Bank 3.25% 11/05/2017 370,000 377,890 2.44

Sino Ocean Lnd Trs Fin I 4.625% 30/07/2019 200,000 204,039 1.32

Theta Capital Pte Ltd 7% 16/05/2019 220,000 228,444 1.48

Travelers Intl Hotel Grp 6.9% 03/11/2017 300,000 320,649 2.07

United Overseas Bank Ltd 1% 17/10/2022 238,000 241,427 1.56

Wanda Properties Oversea 4.875% 21/11/2018 200,000 206,482 1.33



154



Value

Market Value*

% of net

assets

USD Bonds (continued) Wiseyear Holdings Ltd 5% 15/02/2017 200,000 208,963 1.35

Yuexiu Property Co Ltd 4.5% 24/01/2023 200,000 188,245 1.22

Yuzhou Properties Co 11.75% 25/10/2017 200,000 213,500 1.38

13,186,802 85.26


14,593,973 94.35








155


Banks 46.34 Financial Services 21.40 Real Estate 6.71 Energy and Water Supply 4.07 Electrical Appliances and Components 3.75 Food and Beverages 2.43 Open-Ended Investment Funds 2.41 Agriculture 1.66 Traffic and Transportation 1.47 Diversified Services 1.46 Hotels, Restaurants and Leisure 1.35 Engineering and Construction 1.30



Sub-Fund Currency Cayman Islands 0.53 3.45 534,005 China 2.09 13.53 2,092,514 Hong Kong 4.17 26.96 4,167,885 India 0.62 3.98 616,355 Indonesia 0.37 2.41 372,294 Korea, Republic of 0.48 3.12 482,907 Malaysia 0.76 4.92 761,542 Philippines 0.77 4.98 770,017 Singapore 1.25 8.07 1,248,452 The Netherlands 0.36 2.32 359,454 United Arab Emirates 0.59 3.79 586,574 United Kingdom 0.37 2.41 372,600 Virgin Islands, British 2.23 14.41 2,229,374 Others 0.87 5.65 873,929 15.46 100.00 15,467,902

AXA World Funds - Euro Credit Short Duration


156



Value

Market Value*

% of net

assets


EUR Bonds 2I Rete Gas SpA 1.75% 16/07/2019 22,316,000 22,899,675 0.93

A2A SpA 4.5% 28/11/2019 1,100,000 1,252,020 0.05

Abbey National Treasury Services Plc 1.75% 15/01/2018 8,000,000 8,230,360 0.33

Abbey National Treasury Services Plc 2% 14/01/2019 25,000,000 25,966,000 1.06

Abertis Infraestructuras SA 4.75% 25/10/2019 3,900,000 4,505,592 0.18

ABN Amro Bank NV 1% 29/03/2049 4,270,000 4,320,813 0.18

ABN Amro Bank NV 2.875% 30/06/2025 3,805,000 3,833,005 0.16

ABN Amro Bank NV 4.75% 11/01/2019 11,000,000 12,567,555 0.51

Acea SpA 3.75% 12/09/2018 21,979,000 23,973,814 0.98

Achmea BV 2.5% 19/11/2020 12,000,000 12,672,780 0.52

Alliander NV FRN Perp. 8,896,000 9,279,462 0.38

Amadeus Finance BV 0.625% 02/12/2017 4,200,000 4,201,470 0.17

America Movil SAB de CV 1% 06/09/2073 6,000,000 6,366,510 0.26


Anglo American Capital 1.75% 03/04/2018 5,600,000 5,706,596 0.23



Aviva Plc FRN Perp. 16,000,000 16,156,000 0.66

AXA SA 1% 29/07/2049 15,000,000 15,582,000 0.63

Banco Popolare Sc 3.5% 14/03/2019 5,000,000 5,138,900 0.21

Bank of America Corp 1.875% 10/01/2019 27,337,000 28,366,429 1.14



Bank of Ireland 1.875% 13/05/2017 3,000,000 3,091,470 0.13

Bank of Nova Scotia 1% 30/04/2019 8,000,000 8,048,184 0.33

Banque Fédérative du Crédit Mutuel FRN Perp. 6,225,000 6,279,469 0.26

Barclays Bank Plc 4% 20/01/2017 7,000,000 7,402,115 0.30



Value

MarketValue*

% of net

assets

EUR Bonds (continued) BAT International Finance Plc FRN 06/03/2018 4,074,000 4,097,935 0.17

BBVA Senior Finance SA 3.25% 21/03/2016 13,500,000 13,782,960 0.56

BBVA Sub Capital Unipers FRN 11/04/2024 17,700,000 18,346,599 0.75

Belfius Bank NV 2.25% 26/09/2018 13,800,000 14,458,053 0.59

Belfius Bank SA 1.125% 22/05/2017 7,400,000 7,483,768 0.30

BMW Finance NV 0.5% 05/09/2018 3,425,000 3,433,905 0.14

BNP Paribas Fortis SA 5.757% 04/10/2017 8,000,000 8,885,320 0.36

BNP Paribas SA 2% 28/01/2019 19,000,000 19,857,090 0.81

BNP Paribas SA 3% 24/02/2017 15,000,000 15,665,325 0.64

BNP Paribas SA Jr Sub 1% 29/04/2049 5,300,000 5,399,375 0.22

BNP Paribas SA Jr Sub 1% 29/04/2049 8,000,000 8,382,400 0.34

BP Capital Markets Plc 2.994% 18/02/2019 10,000,000 10,847,400 0.44

BPCE SA 0.75% 22/01/2020 8,900,000 8,793,334 0.36

BPCE SA 1% 29/12/2049 9,300,000 9,334,875 0.38

BPCE SA 1.625% 08/02/2017 8,000,000 8,165,560 0.33

Brambles Finance Limited 4.625% 20/04/2018 9,100,000 10,097,678 0.41

Caixabank 1% 14/11/2023 10,000,000 10,645,180 0.43

Caixabank 2.5% 18/04/2017 23,800,000 24,565,622 1.00

Caixabank 3% 15/01/2019 2,500,000 2,718,412 0.11

Cap Gemini SA 1% 02/07/2018 3,100,000 3,115,082 0.13

Carlsberg Breweries AS 2.625% 03/07/2019 6,800,000 7,250,602 0.29

Carrefour SA 1.875% 19/12/2017 22,000,000 22,801,768 0.93

Casino Guichard Perrachon 3.157% 06/08/2019 21,500,000 23,295,465 0.95


Citigroup Inc 1% 11/11/2019 8,572,000 8,587,430 0.35

Citigroup Inc 1.75% 29/01/2018 11,800,000 12,180,963 0.50

Citigroup Inc 4.375% 30/01/2017 9,000,000 9,578,763 0.39

CNP Assurances FRN 14/09/2040 700,000 789,040 0.03

CNP Assurances FRN Perp. 3,000,000 3,082,470 0.13

Coca Cola Co 2% 05/12/2019 11,415,000 11,924,942 0.49



157



Value

Market Value*

% of net

assets

EUR Bonds (continued) Coca Cola HBC Finance BV 4.25% 16/11/2016 4,000,000 4,204,440 0.17

Coventry BS 2.25% 04/12/2017 9,684,000 10,082,158 0.41

Crédit Suisse London 0.5% 29/03/2018 4,706,000 4,691,553 0.19


Crédit Suisse London 1% 15/12/2017 6,452,000 6,460,226 0.26


Danske Bank A/S 1% 02/06/2017 8,000,000 8,021,360 0.33

Danske Bank A/S 1% 04/10/2023 14,000,000 15,016,232 0.61

Danske Bank A/S 1% 19/11/2018 18,269,000 18,296,769 0.74

Delta Lloyd NV 4.25% 17/11/2017 25,000,000 27,087,500 1.10

Deutsche Ann Fin BV 1% 08/04/2074 10,500,000 10,887,492 0.44

Deutsche Ann Fin BV 2.125% 25/07/2016 21,800,000 22,205,480 0.90


Deutsche Bank AG 5.125% 31/08/2017 12,000,000 13,187,460 0.54

DNB Bank ASA 1% 26/09/2023 18,800,000 19,694,730 0.80

DNB Bank ASA 2.75% 21/03/2017 9,000,000 9,391,275 0.38

EDP Finance 2.625% 15/04/2019 11,130,000 11,475,030 0.47

EDP Finance 4.125% 29/06/2020 2,500,000 2,737,188 0.11

Ee Finance Plc 3.25% 03/08/2018 5,000,000 5,385,825 0.22

ELM BV Limited 1% 29/04/2049 12,350,000 13,039,748 0.53

ELM BV Limited 1% 29/05/2049 500,000 512,992 0.02

Enel Finance Intl NV 4.125% 12/07/2017 940,000 1,006,904 0.04

Enel Finance Intl NV 5.75% 24/10/2018 4,000,000 4,642,900 0.19

Enel SpA 5.25% 20/06/2017 19,200,000 20,967,936 0.85

Enel SpA FRN 10/01/2074 8,000,000 8,749,256 0.36

ENI SpA 4.75% 14/11/2017 10,000,000 11,011,450 0.45

ENI SpA 5% 28/01/2016 7,000,000 7,191,975 0.29

Erste Group Bank AG 1.875% 13/05/2019 4,000,000 4,128,400 0.17



Value

MarketValue*

% of net

assets

EUR Bonds (continued) ESB Finance Limited 6.25% 11/09/2017 3,532,000 3,978,409 0.16

Eutelsat SA 4.125% 27/03/2017 11,000,000 11,706,981 0.48

Eutelsat SA 5% 14/01/2019 11,000,000 12,578,940 0.51

Fca Capital Ireland Plc 1% 17/10/2017 4,615,000 4,624,959 0.19

FCE Bank Plc 1.114% 13/05/2020 5,060,000 4,995,789 0.20

FCE Bank Plc 1.625% 09/09/2016 4,780,000 4,845,773 0.20

FCE Bank Plc 1.75% 21/05/2018 8,107,000 8,301,690 0.34

FCE Bank Plc 1.875% 12/05/2016 5,121,000 5,185,857 0.21

FCE Bank Plc 1.875% 18/04/2019 10,000,000 10,250,150 0.42

Fiat Finance & Trade SA 7% 23/03/2017 12,000,000 12,882,000 0.52

Fonciere Des Regions 3.875% 16/01/2018 5,300,000 5,709,531 0.23

Gas Natural Capital Markets 4.125% 26/01/2018 4,000,000 4,352,820 0.18


GDF Suez 1% 29/06/2049 5,000,000 5,056,775 0.21

GDF Suez 1.5% 20/07/2017 10,000,000 10,256,550 0.42

GE Capital European Funding 2.875% 18/06/2019 10,000,000 10,853,700 0.44

Gecina SA 4.75% 11/04/2019 10,000,000 11,388,000 0.46

Generali Finance BV 1% 29/06/2049 7,000,000 7,093,807 0.29

Generali Finance BV 1% 29/12/2049 2,550,000 2,610,336 0.11

Glencore Finance Dubai 1% 19/11/2018 13,000,000 13,689,520 0.56

Glencore Finance Europe 1% 03/04/2018 6,665,000 7,340,964 0.30

Glencore Finance Europe 5.25% 22/03/2017 12,000,000 12,945,360 0.53

Goldman Sachs Group Inc 1% 05/09/2016 10,000,000 10,041,630 0.41

Goldman Sachs Group Inc 4.375% 16/03/2017 9,000,000 9,604,458 0.39




Hera SpA 4.5% 03/12/2019 2,005,000 2,299,835 0.09

Holding D Infrastructure 5.75% 09/03/2018 7,000,000 7,935,263 0.32

HSBC Holdings Plc 6.25% 19/03/2018 1,100,000 1,249,446 0.05



158



Value

Market Value*

% of net

assets

EUR Bonds (continued) Iberdrola Intl BV 1% 27/02/2049 2,000,000 2,153,660 0.09

Imperial Tobacco Finance 4.5% 05/07/2018 10,000,000 11,075,490 0.45

Imperial Tobacco Finance 5% 02/12/2019 4,800,000 5,576,558 0.23


ING Bank NV 1% 16/09/2020 9,000,000 9,050,355 0.37

ING Groep NV 4.75% 31/05/2017 8,815,000 9,549,510 0.39

Inmobiliaria Colonial SA 1.863% 05/06/2019 13,400,000 13,266,000 0.54

Intesa Sanpaolo SpA 3% 28/01/2019 12,270,000 12,962,887 0.53



Intesa Sanpaolo SpA 4.125% 19/09/2016 13,000,000 13,521,495 0.55

Intesa Sanpaolo SpA FRN Perp. 9,650,000 10,253,125 0.42

JP Morgan Chase & Co 1% 19/02/2017 5,000,000 5,011,525 0.20

JP Morgan Chase & Co 1% 20/11/2016 12,598,000 12,603,568 0.51

JP Morgan Chase Bank 1% 30/11/2021 4,000,000 4,186,352 0.17

KBC Groep NV FRN 25/11/2024 28,700,000 28,990,443 1.17

KBC Ifima NV Bank 4.5% 27/03/2017 4,000,000 4,287,180 0.17

Klepierre 4% 13/04/2017 5,300,000 5,650,622 0.23

Koninklijke KPN NV 1% 29/03/2049 3,500,000 3,726,292 0.15

Koninklijke KPN NV 4.75% 17/01/2017 7,064,000 7,536,758 0.31

Lloyds Bank Plc 0.625% 20/04/2020 13,123,000 12,877,797 0.52

Lloyds Bank Plc 1% 10/09/2019 15,000,000 15,048,750 0.61

Lloyds Bank Plc 1.875% 10/10/2018 5,000,000 5,209,875 0.21

Lloyds Bank Plc 4.625% 02/02/2017 5,000,000 5,347,600 0.22

Mediobanca SpA 0.875% 14/11/2017 22,173,000 21,984,751 0.89

Mediobanca SpA 2.25% 18/03/2019 4,146,000 4,238,394 0.17

Mediobanca SpA 4.625% 11/10/2016 12,500,000 13,089,562 0.53

Morgan Stanley 1% 19/11/2019 20,000,000 20,035,960 0.82


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Morgan Stanley 2.25% 12/03/2018 5,000,000 5,213,450 0.21

Morgan Stanley 4.375% 12/10/2016 8,500,000 8,943,224 0.36

Morgan Stanley 6.5% 28/12/2018 8,000,000 9,577,800 0.39

Munich Re JR Subordina 1% 29/06/2049 15,250,000 16,428,444 0.67

National Australia Bank 1% 16/01/2018 10,000,000 10,005,000 0.41

National Australia Bank FRN 12/11/2024 20,000,000 19,845,700 0.81

Nordea Bank AB 3.75% 24/02/2017 15,000,000 15,859,500 0.65

Orange SA 1% 28/02/2049 6,000,000 6,236,700 0.25

Orange SA 4.75% 21/02/2017 6,300,000 6,759,144 0.27

Paccar Financial Europe 1% 19/05/2017 5,739,000 5,757,394 0.23

Pernod Ricard SA 4.875% 18/03/2016 5,000,000 5,163,025 0.21

Petroleos Mexicanos 5.5% 09/01/2017 15,000,000 16,085,775 0.65

PGE Sweden AB 1.625% 09/06/2019 2,236,000 2,272,894 0.09

Pohjola Bank Plc 1% 03/03/2017 5,333,000 5,350,972 0.22

Poste Italiane SpA 3.25% 18/06/2018 20,665,000 21,975,161 0.89

Poste Vita SpA 2.875% 30/05/2019 12,845,000 13,167,988 0.54

Rabobank Nederland 3.375% 21/04/2017 25,000,000 26,407,750 1.07


RCI Banque SA 1% 13/06/2017 8,000,000 8,034,920 0.33

RCI Banque SA 1% 27/11/2017 11,868,000 11,875,643 0.48

RCI Banque SA 1.125% 30/09/2019 5,891,000 5,919,895 0.24

RCI Banque SA 4% 25/01/2016 6,000,000 6,124,230 0.25

Ren Redes Energeticas 4.125% 31/01/2018 3,500,000 3,749,288 0.15

Repsol Intl Finance 1% 29/12/2049 4,000,000 3,868,008 0.16

Repsol Intl Finance 4.25% 12/02/2016 5,300,000 5,428,552 0.22






159



Value

Market Value*

% of net

assets

EUR Bonds (continued) Royal Bank of Scotland Plc 1.5% 28/11/2016 24,980,000 25,202,822 1.03

Royal Bank of Scotland Plc 4.875% 20/01/2017 4,000,000 4,267,880 0.17



Sampo Oyj 4.25% 27/02/2017 8,245,000 8,767,651 0.36

Santan Consumer Finance 1% 15/03/2016 10,000,000 10,010,900 0.41

Santander Intl Debt SA 1.375% 25/03/2017 19,300,000 19,565,375 0.80



Snam SpA 1% 17/10/2016 7,188,000 7,230,194 0.29

Snam SpA 1.5% 24/04/2019 4,000,000 4,080,860 0.17

Snam SpA 2.375% 30/06/2017 17,579,000 18,210,613 0.74

Snam SpA 3.875% 19/03/2018 6,300,000 6,834,870 0.28

Societe Des Autoroutes Paris-Rhin-Rhone 5% 12/01/2017 22,000,000 23,549,196 0.96

Société Générale 1% 16/01/2017 8,600,000 8,610,621 0.35

Societe Generale 2.375% 28/02/2018 15,000,000 15,762,000 0.64

Standard Chartered Bank 1.625% 20/11/2018 10,200,000 10,538,028 0.43


Swedbank AB 3.375% 09/02/2017 6,000,000 6,296,430 0.26

Tdc A/S 4.375% 23/02/2018 18,000,000 19,759,770 0.80

Telefonica Emisiones SAU 4.693% 11/11/2019 10,000,000 11,522,600 0.47




Telefonica Europe BV FRN Perp. 19,000,000 20,849,460 0.85

Telekom Finanzmanagement 4.25% 27/01/2017 10,000,000 10,606,140 0.43

Telfonica Deutsch 1.875% 22/11/2018 13,470,000 13,950,946 0.57

Terna SpA 4.125% 17/02/2017 20,800,000 22,041,032 0.90

UBS AG London 0.5% 15/05/2018 5,490,000 5,476,138 0.22


Value

MarketValue*

% of net

assets

EUR Bonds (continued) UBS AG London 1.125% 30/06/2020 11,892,000 11,896,757 0.48

Unicredit Bk Austria AG 2.5% 27/05/2019 6,700,000 6,919,224 0.28


Unicredit SpA 1% 22/01/2016 8,000,000 8,047,840 0.33

Unicredit SpA 3.375% 11/01/2018 1,100,000 1,161,814 0.05

Unicredit SpA 3.625% 24/01/2019 26,400,000 28,409,963 1.15

Unione Di Banche Italian 2.75% 28/04/2017 16,000,000 16,455,760 0.67


Vallourec SA 4.25% 14/02/2017 600,000 619,794 0.03

Vivendi SA 4.25% 01/12/2016 10,000,000 10,563,600 0.43

Volkswagen Intl Financial Services 1% 16/07/2018 4,979,000 4,988,410 0.20

Volkswagen Leasing GmbH 3.375% 03/06/2016 5,000,000 5,147,350 0.21

Volvo Treasury AB 1% 05/09/2016 15,894,000 15,917,285 0.65



Wells Fargo & Company 1% 02/06/2020 10,000,000 9,981,450 0.41

2,215,026,483 90.11


2,215,026,483 90.11


EUR Open-Ended Investment Funds AWF Eur Cr Tr Mc 150,000 14,796,000 0.60

14,796,000 0.60





TOTAL NET ASSETS 2,458,241,693 100.00




160


Banks 76.03 Financial Services 4.08 Insurance 2.38 Communications 1.71 Electrical Appliances and Components 1.13 Agriculture 1.01 Oil and Gas 1.01 Commercial Services and Supplies 0.96 Food and Beverages 0.93 Open-Ended Investment Funds 0.60 Real Estate 0.46 Holding Companies 0.41



Sub-Fund Currency Australia 33.26 1.21 29,850,700 Austria 46.12 1.68 41,391,580 Belgium 66.65 2.43 59,817,584 Canada 8.97 0.33 8,048,184 Denmark 76.15 2.78 68,344,733 Finland 15.73 0.57 14,118,623 France 375.25 13.70 336,792,913 Germany 54.28 1.98 48,714,200 Ireland 25.12 0.92 22,548,538 Italy 414.11 15.12 371,669,913 Luxembourg 53.44 1.95 47,964,324 Mexico 31.34 1.14 28,129,510 Norway 32.41 1.18 29,086,005 Portugal 7.21 0.26 6,467,700 Spain 201.22 7.35 180,594,807 Sweden 59.05 2.16 52,999,794 The Netherlands 319.03 11.65 286,326,721 United Arab Emirates 15.25 0.56 13,689,520 United Kingdom 415.98 15.20 373,345,805 United States of America 233.89 8.54 209,921,329 Others 254.50 9.29 228,419,210 2,738.96 100.00 2,458,241,693

AXA World Funds - Euro 3-5


161



Value

Market Value*

% of net

assets


EUR Bonds ABN Amro Bank NV 6.375% 27/04/2021 2,000,000 2,438,640 0.41

Adecco SA 4.75% 13/04/2018 1,500,000 1,666,520 0.28

Aegon NV 1% 25/04/2044 2,250,000 2,273,355 0.38

AIB Mortgage Bank 0.625% 03/02/2022 1,557,000 1,528,157 0.26

Allianz Finance II BV 3.5% 14/02/2022 2,000,000 2,294,790 0.39

Allianz SE 1% 17/10/2042 2,000,000 2,356,530 0.40

Aquarius & Investments Plc 1% 02/10/2043 2,000,000 2,204,810 0.37

ASR Nederland NV 1% 30/09/2049 3,900,000 3,908,307 0.66

Assicurazioni Generali 2.875% 14/01/2020 2,300,000 2,450,144 0.41

Atlantia SpA 2.875% 26/02/2021 1,400,000 1,518,678 0.25

Atlantia SpA 4.5% 08/02/2019 1,500,000 1,689,848 0.28

Australia Pacific Airport 3.125% 26/09/2023 1,800,000 2,022,318 0.34

Autoroutes du Sud de la France 2.95% 17/01/2024 1,500,000 1,650,562 0.28

Autoroutes du Sud de la France 4% 24/09/2018 1,500,000 1,665,172 0.28

Banco Bilbao Vizcaya Argentaria 3.5% 24/01/2021 2,000,000 2,314,350 0.39

Banco Popular Espanol SA 3.75% 22/01/2019 4,000,000 4,462,360 0.75

Banco Santander SA 1.125% 27/11/2024 2,500,000 2,468,050 0.41

Banco Santander SA 4% 07/04/2020 2,500,000 2,909,562 0.49


Bank of America Corp 7% 15/06/2016 1,500,000 1,596,669 0.27

Banque Fédérative du Crédit Mutuel 1% 20/03/2019 3,100,000 3,137,355 0.53


Barclays Bank Plc 6.625% 30/03/2022 1,930,000 2,397,909 0.40

Belfius Bank NV 2.25% 26/09/2018 2,500,000 2,619,212 0.44

BNP Paribas SA 2.5% 23/08/2019 2,500,000 2,670,262 0.45

BNP Paribas SA 3.125% 22/03/2022 2,800,000 3,254,902 0.55

Caixabank 3% 15/01/2019 1,300,000 1,413,574 0.24


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Carrefour Banque 1% 21/03/2018 400,000 403,510 0.07


Cie Financement Foncier Covered 2.375% 21/11/2022 2,500,000 2,787,950 0.47

Coca Cola Co 0.75% 09/03/2023 1,806,000 1,715,005 0.29

Commonwealth Bank Australia 3% 03/05/2022 2,500,000 2,860,812 0.48

Commonwealth Bank Australia 4.25% 06/04/2018 2,150,000 2,375,245 0.40


Crédit Agricole SA 3.875% 13/02/2019 2,800,000 3,114,818 0.52


Credito Emiliano SpA 0.875% 05/11/2021 1,755,000 1,769,979 0.30

DNB Boligkreditt 2.75% 21/03/2022 2,500,000 2,825,038 0.47

Edenred 1.375% 10/03/2025 1,300,000 1,215,409 0.20

Electricite de France SA 1% 22/01/2049 1,800,000 1,882,332 0.32

Enel Finance Intl NV 3.625% 17/04/2018 689,000 743,114 0.12

Enel SpA 5.25% 20/06/2017 1,500,000 1,638,120 0.27

ENI SpA 3.25% 10/07/2023 1,500,000 1,671,608 0.28


Ferrovie Dello Stato 3.5% 13/12/2021 1,500,000 1,653,848 0.28

Ferrovie Dello Stato 4% 22/07/2020 1,800,000 2,009,727 0.34


Gecina SA 1.75% 30/07/2021 1,200,000 1,215,342 0.20

Gecina SA 4.75% 11/04/2019 1,800,000 2,049,840 0.34

Groupe Auchan SA 1.75% 23/04/2021 1,300,000 1,344,830 0.23

Heineken NV 3.5% 19/03/2024 1,600,000 1,844,736 0.31

Icade 2.25% 30/01/2019 1,500,000 1,565,948 0.26





KBC Groep NV FRN 11/03/2027 1,700,000 1,608,990 0.27



162



Value

Market Value*

% of net

assets

EUR Bonds (continued) Kering SA 3.125% 23/04/2019 1,500,000 1,633,612 0.27

Klepierre 1.75% 06/11/2024 2,800,000 2,764,916 0.46

Metro AG 3.375% 01/03/2019 1,500,000 1,635,038 0.27

Mondelez International Inc 1% 07/03/2022 800,000 770,203 0.13


Nationwide Building Society 3.125% 03/04/2017 2,300,000 2,411,159 0.40

Nordea Bank AB 4% 29/03/2021 2,400,000 2,735,196 0.46

Orange SA 1% 29/10/2049 1,796,000 1,855,906 0.31



Prologis Ltd 3% 18/01/2022 1,500,000 1,594,209 0.27


RCI Banque SA 1.125% 30/09/2019 2,000,000 2,009,810 0.34

RCI Banque SA 2.875% 22/01/2018 2,000,000 2,108,460 0.35

Ren Finance BV 2.5% 12/02/2025 753,000 716,714 0.12


Santander Issuances 2.5% 18/03/2025 1,200,000 1,124,346 0.19

SES SA 4.75% 11/03/2021 1,500,000 1,790,340 0.30

Snam SpA 5.25% 19/09/2022 1,400,000 1,730,813 0.29



Svenska Handelsbanken AB 1% 15/01/2024 2,412,000 2,507,612 0.42

Sydney Airport 2.75% 23/04/2024 1,900,000 2,034,444 0.34

Tdc A/S 3.75% 02/03/2022 1,500,000 1,697,812 0.29

Telenor ASA 4.125% 26/03/2020 1,500,000 1,733,850 0.29

Telstra Corp Ltd 2.5% 15/09/2023 1,300,000 1,406,288 0.24

Unibail-Rodamco SE 1% 14/03/2025 1,303,000 1,200,109 0.20

Unicredit SpA 1.5% 19/06/2019 3,100,000 3,102,774 0.52

Unicredit SpA 2.75% 31/01/2021 2,500,000 2,762,312 0.46

Unicredit SpA 4.875% 07/03/2017 2,500,000 2,658,512 0.45


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Unione Di Banche Italian 1.25% 07/02/2025 2,085,000 2,075,711 0.35

Veolia Environnement SA 5.125% 24/05/2022 1,700,000 2,128,145 0.36


Volkswagen Intl Financial Services 3.25% 21/01/2019 1,500,000 1,642,552 0.28

Votorantim Cimentos SA 3.25% 25/04/2021 2,000,000 1,967,720 0.33

WPP Fin SA 2.25% 22/09/2026 987,000 989,941 0.17

193,903,711 32.56

EUR Governments and Supranational Austria (Republic of) 1.75% 20/10/2023 1,000,000 1,072,350 0.18

Belgium (Kingdom of) 2.25% 22/06/2023 4,000,000 4,417,300 0.74

Belgium (Kingdom of) 3% 28/09/2019 7,500,000 8,394,375 1.41



Buoni Poliennali Del Tes 4.5% 01/03/2024 10,350,000 12,188,936 2.05

Cassa Depositi Prestiti 1% 26/01/2018 3,824,000 3,838,856 0.64

France (Republic of) 0.25% 25/07/2018 16,467,866 17,139,343 2.88

France (Republic of) 1% 25/05/2018 10,000,000 10,304,750 1.73





Germany (Fed Rep) 3.5% 04/07/2019 16,000,000 18,267,824 3.07

Germany (Fed Rep) 4.25% 04/07/2018 14,000,000 15,869,070 2.66

Ireland (Government of) 3.4% 18/03/2024 9,500,000 10,978,438 1.84


Italy (Republic of) 3.75% 01/08/2021 6,000,000 6,754,956 1.13





163



Value

Market Value*

% of net

assets

EUR Governments and Supranational (continued) Netherlands (Kingdom of) 1.75% 15/07/2023 4,600,000 4,956,845 0.83

Portugal (Republic of) 4.75% 14/06/2019 21,868,909 24,792,432 4.16

Romania Government 5.25% 17/06/2016 2,300,000 2,406,202 0.40

Spain (Kingdom of) 2.75% 31/10/2024 10,950,000 11,389,095 1.91

Spain (Kingdom of) 3.75% 31/10/2018 17,000,000 18,670,250 3.13

Spain (Kingdom of) 4.6% 30/07/2019 9,000,000 10,298,250 1.73

Spain (Kingdom of) 4.875% 30/07/2017 4,200,000 4,572,855 0.77

Spain (Kingdom of) 5.5% 30/04/2021 23,050,000 28,197,065 4.73

383,442,108 64.36


577,345,819 96.92








164


Governments and Supranational 64.36 Banks 28.66 Commercial Services and Supplies 0.90 Oil and Gas 0.62 Communications 0.60 Electrical Appliances and Components 0.44 Energy and Water Supply 0.36 Real Estate 0.34 Agriculture 0.33 Food and Beverages 0.31



Sub-Fund Currency Australia 17.97 2.71 16,129,126 Austria 4.64 0.70 4,168,650 Belgium 39.58 5.96 35,525,944 Brazil 2.19 0.33 1,967,720 Denmark 1.89 0.29 1,697,812 France 170.63 25.70 153,140,929 Germany 42.48 6.40 38,128,462 Ireland 20.86 3.14 18,717,680 Italy 143.21 21.58 128,529,445 Luxembourg 1.99 0.30 1,790,340 Mexico 1.84 0.28 1,648,598 Norway 5.08 0.77 4,558,888 Portugal 29.20 4.40 26,206,006 Romania 2.68 0.40 2,406,202 Spain 98.43 14.83 88,343,175 Sweden 5.84 0.88 5,242,808 The Netherlands 29.67 4.47 26,632,736 United Kingdom 13.86 2.09 12,440,783 United States of America 11.22 1.69 10,070,515 Others 20.46 3.08 18,364,843 663.72 100.00 595,710,662



165



Value

Market Value*

% of net

assets


EUR Bonds ABN Amro Bank NV 6.375% 27/04/2021 5,000,000 6,096,600 0.43

Aegon NV 1% 25/04/2044 5,000,000 5,051,900 0.36

Aeroporti Di Roma SpA 3.25% 20/02/2021 5,000,000 5,492,675 0.39



Allianz SE 1% 17/10/2042 5,000,000 5,891,325 0.42


ASR Nederland NV 1% 30/09/2049 10,400,000 10,422,152 0.73


Atlantia SpA 2.875% 26/02/2021 5,000,000 5,423,850 0.38

Atlantia SpA 4.375% 16/03/2020 5,000,000 5,744,950 0.40

Atlantia SpA 4.5% 08/02/2019 4,000,000 4,506,260 0.32



Autoroutes du Sud de la France 4% 24/09/2018 4,000,000 4,440,460 0.31











Belfius Bank NV 2.25% 26/09/2018 3,900,000 4,085,972 0.29

BNP Paribas SA 2.5% 23/08/2019 5,000,000 5,340,525 0.38


Value

MarketValue*

% of net

assets

EUR Bonds (continued) BNP Paribas SA 2.875% 24/10/2022 6,000,000 6,548,220 0.46

BNP Paribas SA 3.125% 22/03/2022 6,000,000 6,974,790 0.49

BPCE SA 2.375% 29/11/2023 6,000,000 6,718,260 0.47

BPCE SA 4.625% 18/07/2023 5,000,000 5,665,625 0.40

Caixabank 3% 15/01/2019 4,100,000 4,458,196 0.31




Citigroup Inc 7.375% 04/09/2019 5,000,000 6,319,585 0.45

Cloverie Plc Swiss Reins 1% 01/09/2042 5,000,000 6,270,600 0.44

CNP Assurances 1% 29/11/2049 5,000,000 4,891,075 0.34

Coca Cola Co 0.75% 09/03/2023 4,496,000 4,269,469 0.30



Crédit Agricole Home Loan 3.875% 12/01/2021 8,000,000 9,482,240 0.67



Daimler AG 2.625% 02/04/2019 4,000,000 4,314,300 0.30

Delta Lloyd Levensverzek 1% 29/08/2042 5,000,000 6,108,775 0.43


Edenred 1.375% 10/03/2025 3,600,000 3,365,748 0.24


Electricite de France SA 4.125% 25/03/2027 4,000,000 4,874,600 0.34



ENI SpA 3.25% 10/07/2023 5,000,000 5,572,025 0.39






166



Value

Market Value*

% of net

assets

EUR Bonds (continued) GE Capital European Funding 6% 15/01/2019 3,000,000 3,568,950 0.25

Gecina SA 1.75% 30/07/2021 5,000,000 5,063,925 0.36

Gecina SA 4.75% 11/04/2019 4,700,000 5,352,360 0.38

German Postal Pensions Government 3.75% 18/01/2021 8,000,000 9,429,440 0.66

Groupe Auchan SA 1.75% 23/04/2021 5,000,000 5,172,425 0.36

Heineken NV 3.5% 19/03/2024 4,000,000 4,611,840 0.33

Icade 2.25% 30/01/2019 4,600,000 4,802,239 0.34






KBC Groep NV FRN 11/03/2027 5,000,000 4,732,325 0.33

Kering SA 3.125% 23/04/2019 5,000,000 5,445,375 0.38

Klepierre 1.75% 06/11/2024 7,800,000 7,702,266 0.54

Klepierre 2.75% 17/09/2019 3,200,000 3,456,704 0.24


Lloyds Bank Plc 6.5% 24/03/2020 5,000,000 5,984,475 0.42

Metro AG 3.375% 01/03/2019 5,000,000 5,450,125 0.38

Mondelez International Inc 1% 07/03/2022 2,298,000 2,212,409 0.16

National Australia Bank 1.375% 28/05/2021 8,000,000 8,328,680 0.59


Nordea Bank AB 4% 29/03/2021 6,000,000 6,837,990 0.48

Orange SA 1% 29/10/2049 4,791,000 4,950,804 0.35


Philip Morris Intl Inc 2.125% 30/05/2019 3,500,000 3,690,631 0.26


Prologis Ltd 3% 02/06/2026 5,000,000 5,197,440 0.37

Prologis Ltd 3% 18/01/2022 5,000,000 5,314,030 0.37


RCI Banque SA 1.125% 30/09/2019 5,638,000 5,665,654 0.40


Value

MarketValue*

% of net

assets

EUR Bonds (continued) RCI Banque SA 2.875% 22/01/2018 4,000,000 4,216,920 0.30

Ren Finance BV 2.5% 12/02/2025 2,146,000 2,042,589 0.14


SES SA 4.75% 11/03/2021 5,000,000 5,967,800 0.42

Snam SpA 5.25% 19/09/2022 5,000,000 6,181,475 0.44


Svenska Handelsbanken AB 1% 15/01/2024 4,135,000 4,298,911 0.30

Sydney Airport 2.75% 23/04/2024 5,000,000 5,353,800 0.38

Tdc A/S 3.75% 02/03/2022 5,000,000 5,659,375 0.40


Telenor ASA 4.125% 26/03/2020 5,000,000 5,779,500 0.41

Telstra Corp Ltd 2.5% 15/09/2023 5,000,000 5,408,800 0.38

UBS AG 1% 12/02/2026 5,000,000 5,312,880 0.37

Unibail-Rodamco SE 1% 14/03/2025 3,516,000 3,238,359 0.23

Unibail-Rodamco SE 1.375% 17/10/2022 6,800,000 6,769,400 0.48

Unicredit SpA 1.5% 19/06/2019 6,100,000 6,105,460 0.43

Unicredit SpA 2.75% 31/01/2021 8,000,000 8,839,400 0.62

Unicredit SpA 3.25% 14/01/2021 5,000,000 5,325,150 0.38

Unicredit SpA 5% 31/10/2021 8,000,000 10,122,120 0.71

Unicredit SpA 5.25% 30/04/2023 8,000,000 10,573,040 0.75




Volkswagen Intl Financial Services 3.25% 21/01/2019 4,000,000 4,380,140 0.31


WPP Fin SA 2.25% 22/09/2026 5,000,000 5,014,900 0.35

655,053,488 46.15



167



Value

Market Value*

% of net

assets





European Investment Bank 4.125% 15/04/2024 14,000,000 17,882,900 1.26








Italy (Republic of) 5% 01/03/2022 59,500,000 71,679,650 5.05

Netherlands (Kingdom of) 3.25% 15/07/2021 6,000,000 7,016,850 0.49



Spain (Kingdom of) 2.75% 31/10/2024 26,150,000 27,198,615 1.92

Spain (Kingdom of) 4.85% 31/10/2020 26,000,000 30,625,400 2.16


Value

MarketValue*

% of net

assets

EUR Governments and Supranational (continued) Spain (Kingdom of) 5.5% 30/04/2021 39,230,000 47,990,059 3.38

Spain (Kingdom of) 5.85% 31/01/2022 24,000,000 30,119,400 2.12

Spain (Kingdom of) 6% 08/03/2021 8,000,000 9,908,800 0.70

735,568,939 51.87


1,390,622,427 98.02




TOTAL NET ASSETS 1,418,663,551 100.00




168


Governments and Supranational 51.87 Banks 39.59 Electrical Appliances and Components 1.28 Communications 1.17 Financial Services 0.92 Oil and Gas 0.78 Commercial Services and Supplies 0.71 Energy and Water Supply 0.44 Real Estate 0.38 Food and Beverages 0.33 Automobiles 0.30 Agriculture 0.25



Sub-Fund Currency Australia 51.33 3.25 46,071,660 Austria 12.41 0.79 11,141,510 Belgium 97.97 6.20 87,924,950 Brazil 5.48 0.35 4,919,300 Denmark 6.31 0.40 5,659,375 France 372.62 23.57 334,428,327 Germany 17.44 1.10 15,655,750 Ireland 94.38 5.97 84,710,626 Italy 385.49 24.39 345,975,689 Luxembourg 26.57 1.68 23,850,700 Mexico 5.90 0.37 5,299,065 Norway 13.99 0.89 12,559,590 Portugal 62.67 3.96 56,245,718 Spain 224.59 14.21 201,568,113 Sweden 12.41 0.79 11,136,901 Switzerland 5.92 0.37 5,312,880 The Netherlands 86.01 5.44 77,194,325 United Kingdom 22.50 1.42 20,190,572 United States of America 45.43 2.87 40,777,376 Others 31.24 1.98 28,041,124 1,580.66 100.00 1,418,663,551



169



Value

Market Value*

% of net

assets


EUR Bonds ABN Amro Bank NV 1% 16/04/2025 1,069,000 986,826 0.33

ABN Amro Bank NV 4.125% 28/03/2022 1,800,000 2,115,927 0.70

ABN Amro Bank NV 6.375% 27/04/2021 1,200,000 1,463,184 0.48

Aegon NV 1% 25/04/2044 900,000 909,342 0.30


Allianz Finance II BV 3% 13/03/2028 900,000 1,022,337 0.34


Allianz SE 1% 17/10/2042 1,000,000 1,178,265 0.39



ASR Nederland NV 1% 30/09/2049 2,900,000 2,906,177 0.96


AT&T Inc 2.5% 15/03/2023 700,000 728,976 0.24

Atlantia SpA 2.875% 26/02/2021 1,236,000 1,340,776 0.44

Atlantia SpA 4.375% 16/03/2020 1,300,000 1,493,687 0.49




Banco Bilbao Vizcaya Argentaria 4% 25/02/2025 2,000,000 2,487,950 0.82








Belfius Bank NV 2.25% 26/09/2018 1,400,000 1,466,759 0.49


Value

MarketValue*

% of net

assets

EUR Bonds (continued) BNP Paribas SA 2.875% 24/10/2022 1,300,000 1,418,781 0.47

BNP Paribas SA 3.125% 22/03/2022 1,200,000 1,394,958 0.46

Caixabank 3% 15/01/2019 700,000 761,156 0.25


Coca Cola Co 0.75% 09/03/2023 963,000 914,479 0.30


Commonwealth Bank Australia 5.5% 06/08/2019 700,000 824,572 0.27

Continental AG 3.125% 09/09/2020 1,700,000 1,868,138 0.62

Crédit Agricole London 5.125% 18/04/2023 1,700,000 2,128,009 0.70



Deutsche Telekom Intl 2.75% 24/10/2024 1,000,000 1,101,975 0.36


Edenred 1.375% 10/03/2025 800,000 747,944 0.25





ENI SpA 3.25% 10/07/2023 1,182,000 1,317,227 0.44



Gas Natural Capital Markets 6.375% 09/07/2019 900,000 1,089,558 0.36

Gas Natural Fenosa Finance 3.875% 11/04/2022 1,100,000 1,252,680 0.41

Gecina SA 1.75% 30/07/2021 1,400,000 1,417,899 0.47

Gecina SA 4.75% 11/04/2019 1,000,000 1,138,800 0.38

Groupe Auchan SA 1.75% 23/04/2021 1,400,000 1,448,279 0.48

Heineken NV 3.5% 19/03/2024 950,000 1,095,312 0.36

Icade 2.25% 30/01/2019 1,000,000 1,043,965 0.35





170



Value

Market Value*

% of net

assets

EUR Bonds (continued) KBC Groep NV FRN 11/03/2027 1,100,000 1,041,112 0.34

Klepierre 1.75% 06/11/2024 1,500,000 1,481,205 0.49

Kreditanstalt für Wiederaufbau 2.5% 17/01/2022 1,250,000 1,414,719 0.47

Metro AG 3.375% 01/03/2019 900,000 981,022 0.32

Mondelez International Inc 1.625% 08/03/2027 1,021,000 919,731 0.30


Nordea Bank AB 4% 29/03/2021 1,100,000 1,253,632 0.41

Orange SA 1% 29/10/2049 1,444,000 1,492,165 0.49



Prologis Ltd 3% 18/01/2022 1,000,000 1,062,806 0.35


RCI Banque SA 1.125% 30/09/2019 1,647,000 1,655,079 0.55

RCI Banque SA 2.875% 22/01/2018 1,350,000 1,423,210 0.47

Ren Finance BV 2.5% 12/02/2025 480,000 456,870 0.15

Santander Issuances 2.5% 18/03/2025 700,000 655,868 0.22

SES SA 4.75% 11/03/2021 1,700,000 2,029,052 0.67

Snam SpA 5.25% 19/09/2022 1,700,000 2,101,702 0.70


Svenska Handelsbanken AB 1% 15/01/2024 900,000 935,676 0.31

Sydney Airport 2.75% 23/04/2024 1,115,000 1,193,897 0.40

Tdc A/S 3.75% 02/03/2022 1,500,000 1,697,812 0.56


Telstra Corp Ltd 2.5% 15/09/2023 1,000,000 1,081,760 0.36

Unibail-Rodamco SE 1% 14/03/2025 849,000 781,959 0.26


Valeo SA 3.25% 22/01/2024 1,600,000 1,781,240 0.59



Value

MarketValue*

% of net

assets

EUR Bonds (continued) Volkswagen Intl Financial Services 1% 29/03/2049 1,500,000 1,553,272 0.51


WPP Fin SA 2.25% 22/09/2026 1,413,000 1,417,211 0.47

123,773,462 40.95







France (Republic of) - Caisse d'Amortissement de la Dette Sociale 2.5% 25/10/2022 5,000,000 5,607,540 1.86




France (Republic of) 5.75% 25/10/2032 200,000 319,119 0.11










171



Value

Market Value*

% of net

assets

EUR Governments and Supranational (continued) SNCF Réseau 3.3% 18/12/2042 1,800,000 2,153,124 0.71

Spain (Kingdom of) 2.75% 31/10/2024 15,200,000 15,809,520 5.23

Spain (Kingdom of) 5.4% 31/01/2023 16,350,000 20,284,219 6.72

170,841,430 56.55


294,614,892 97.50








172


Governments and Supranational 56.55 Banks 33.98 Electrical Appliances and Components 2.03 Communications 1.31 Oil and Gas 1.06 Mortgage and Asset Backed Securities 0.82 Energy and Water Supply 0.52 Commercial Services and Supplies 0.49 Real Estate 0.38 Food and Beverages 0.36



Sub-Fund Currency Australia 8.02 2.38 7,194,634 Austria 4.11 1.22 3,692,850 Belgium 14.55 4.32 13,058,798 Brazil 1.58 0.47 1,414,791 Denmark 1.89 0.56 1,697,812 France 71.71 21.30 64,359,880 Germany 6.06 1.80 5,442,144 Ireland 16.14 4.79 14,487,912 Italy 73.12 21.72 65,623,356 Luxembourg 9.28 2.76 8,328,552 Mexico 1.31 0.39 1,177,570 Norway 1.64 0.49 1,469,020 Portugal 13.33 3.96 11,966,924 Spain 55.96 16.62 50,224,740 Sweden 2.44 0.72 2,189,308 The Netherlands 32.51 9.66 29,177,963 United Kingdom 7.00 2.08 6,282,172 United States of America 7.61 2.26 6,826,466 Others 8.42 2.50 7,554,024 336.68 100.00 302,168,916

AXA World Funds - Euro 10 + LT


173



Value

Market Value*

% of net

assets


EUR Bonds ABN Amro Bank NV 1% 16/04/2025 147,000 135,700 0.14

ABN Amro Bank NV 6.375% 27/04/2021 300,000 365,796 0.38

Aegon NV 1% 25/04/2044 500,000 505,190 0.53

Allianz Finance II BV 3% 13/03/2028 300,000 340,779 0.36

Allianz Finance II BV 3.5% 14/02/2022 100,000 114,740 0.12

Allianz SE 1% 17/10/2042 500,000 589,132 0.62

Aquarius & Investments Plc 1% 02/10/2043 400,000 440,962 0.46

ASR Nederland NV 1% 30/09/2049 400,000 400,852 0.42

Assicurazioni Generali 4.125% 04/05/2026 400,000 411,126 0.43

AT&T Inc 3.5% 17/12/2025 500,000 557,304 0.58

Atlantia SpA 4.375% 16/03/2020 200,000 229,798 0.24

Australia Pacific Airport 3.125% 26/09/2023 300,000 337,053 0.35

Autoroutes du Sud de la France 2.95% 17/01/2024 300,000 330,112 0.35

Banco Bilbao Vizcaya Argentaria 4% 25/02/2025 300,000 373,192 0.39

Banco Santander SA 4.625% 04/05/2027 500,000 664,688 0.69

Bank of America Corp 1.375% 10/09/2021 142,000 141,432 0.15

Banque Fédérative du Crédit Mutuel 4% 22/10/2020 200,000 225,055 0.24

Barclays Bank Plc 6.625% 30/03/2022 300,000 372,732 0.39

Casino Guichard Perrachon 3.994% 09/03/2020 200,000 224,658 0.23

Coca Cola Co 0.75% 09/03/2023 282,000 267,791 0.28

Commonwealth Bank Australia 3% 03/05/2022 100,000 114,432 0.12

Continental AG 3.125% 09/09/2020 300,000 329,672 0.34

Crédit Agricole Home Loan 4% 16/07/2025 200,000 255,058 0.27

Crédit Agricole London 3.125% 05/02/2026 100,000 110,000 0.11

Crédit Agricole SA 3.9% 19/04/2021 300,000 332,699 0.35

Edenred 1.375% 10/03/2025 200,000 186,986 0.20

Electricite de France SA 1% 22/01/2049 400,000 418,296 0.44

Electricite de France SA 4.125% 25/03/2027 300,000 365,595 0.38


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Enel Finance Intl NV 4.875% 17/04/2023 150,000 181,131 0.19

Enel SpA 5.625% 21/06/2027 200,000 261,084 0.27

ENI SpA 3.25% 10/07/2023 500,000 557,202 0.58

Ferrovie Dello Stato 3.5% 13/12/2021 250,000 275,641 0.29

Ferrovie Dello Stato 4% 22/07/2020 200,000 223,303 0.23

Gas Natural Capital Markets 6.375% 09/07/2019 200,000 242,124 0.25

Gecina SA 1.75% 30/07/2021 200,000 202,557 0.21

Goldman Sachs Group Inc 2.875% 03/06/2026 100,000 105,260 0.11

Groupe Auchan SA 1.75% 23/04/2021 200,000 206,897 0.22

Heineken NV 3.5% 19/03/2024 300,000 345,888 0.36

Icade 2.25% 30/01/2019 300,000 313,190 0.33

Intesa Sanpaolo SpA 1.125% 04/03/2022 107,000 100,641 0.11



KBC Groep NV FRN 11/03/2027 300,000 283,940 0.30

Klepierre 1.75% 06/11/2024 200,000 197,494 0.21

Met Life Global Funding I 2.375% 11/01/2023 100,000 104,803 0.11

Mondelez International Inc 1.625% 08/03/2027 168,000 151,337 0.16

National Australia Bank FRN 12/11/2024 300,000 297,686 0.31

Orange SA 1% 29/10/2049 276,000 285,206 0.30

Orange SA 8.125% 28/01/2033 200,000 330,705 0.35

Petroleos Mexicanos 5.5% 24/02/2025 500,000 588,785 0.62

Priceline.com Inc 2.375% 23/09/2024 400,000 392,640 0.41

Prologis Ltd 3% 02/06/2026 500,000 519,744 0.54

Prologis Ltd 3% 18/01/2022 200,000 212,561 0.22

Rabobank Nederland 4.125% 14/09/2022 300,000 334,719 0.35

RCI Banque SA 1.125% 30/09/2019 117,000 117,574 0.12

Ren Finance BV 2.5% 12/02/2025 306,000 291,254 0.30


SES SA 4.75% 11/03/2021 250,000 298,390 0.31

Snam SpA 5.25% 19/09/2022 300,000 370,888 0.39

Svenska Handelsbanken AB 1% 15/01/2024 300,000 311,892 0.33



174



Value

Market Value*

% of net

assets

EUR Bonds (continued) Sydney Airport 2.75% 23/04/2024 300,000 321,228 0.34

Tdc A/S 3.75% 02/03/2022 300,000 339,562 0.35

Telefonica Emisiones SAU 2.932% 17/10/2029 300,000 298,550 0.31


Telstra Corp Ltd 2.5% 15/09/2023 200,000 216,352 0.23

Thermo Fisher Scientific 2% 15/04/2025 500,000 484,108 0.51

Unione Di Banche Italian 1.25% 07/02/2025 298,000 296,672 0.31

Valeo SA 3.25% 22/01/2024 400,000 445,310 0.47

Veolia Environnement SA 6.125% 25/11/2033 200,000 290,596 0.30

Volkswagen Intl Financial Services 1% 29/03/2049 500,000 517,758 0.54

Votorantim Cimentos SA 3.25% 25/04/2021 454,000 446,672 0.47

WPP Fin SA 2.25% 22/09/2026 300,000 300,894 0.31

22,062,661 23.07

EUR Governments and Supranational Austria (Republic of) 3.15% 20/06/2044 720,000 940,464 0.98

Austria (Republic of) 3.8% 26/01/2062 230,000 365,861 0.38

Belgium (Kingdom of) 3.75% 22/06/2045 920,000 1,245,802 1.30



European Investment Bank 3% 14/10/2033 200,000 244,768 0.26

European Investment Bank 3.5% 15/04/2027 200,000 251,980 0.26






Ireland (Government of) 2% 18/02/2045 743,908 654,639 0.68

Ireland (Government of) 3.4% 18/03/2024 370,000 427,581 0.45



Value

MarketValue*

% of net

assets

EUR Governments and Supranational (continued) Italy (Republic of) 5% 01/08/2034 3,240,000 4,138,543 4.33




Netherlands (Kingdom of) 2.5% 15/01/2033 100,000 115,940 0.12

Netherlands (Kingdom of) 2.75% 15/01/2047 500,000 625,028 0.65

Netherlands (Kingdom of) 4% 15/01/2037 1,760,000 2,551,000 2.67

Portugal (Republic of) 4.35% 16/10/2017 760,000 823,612 0.86



Reseau Ferre de France 5% 10/10/2033 200,000 292,271 0.31

Romania Government 5.25% 17/06/2016 350,000 366,161 0.38

SNCF Réseau 3.3% 18/12/2042 600,000 717,708 0.75

Spain (Kingdom of) 4.9% 30/07/2040 1,630,000 2,081,347 2.18

Spain (Kingdom of) 5.15% 31/10/2044 1,355,000 1,806,791 1.89

Spain (Kingdom of) 6% 31/01/2029 5,150,000 7,023,674 7.33

69,205,048 72.32


91,267,709 95.39








175


Governments and Supranational 72.32 Banks 19.54 Electrical Appliances and Components 1.01 Communications 0.89 Oil and Gas 0.64 Mortgage and Asset Backed Securities 0.39 Food and Beverages 0.36 Commercial Services and Supplies 0.24



Sub-Fund Currency Australia 1.43 1.34 1,286,751 Austria 1.46 1.37 1,306,325 Belgium 8.52 7.99 7,645,171 Brazil 0.50 0.47 446,672 Denmark 0.38 0.35 339,562 France 29.27 27.46 26,269,925 Germany 1.02 0.96 918,804 Ireland 2.28 2.14 2,043,998 Italy 24.63 23.10 22,106,013 Luxembourg 0.89 0.83 795,138 Mexico 0.66 0.62 588,785 Portugal 4.01 3.76 3,594,541 Romania 0.41 0.38 366,161 Spain 14.49 13.59 13,002,484 Sweden 0.35 0.33 311,892 The Netherlands 7.61 7.13 6,825,775 United Kingdom 0.54 0.50 482,732 United States of America 3.27 3.07 2,936,980 Others 4.92 4.61 4,412,446 106.64 100.00 95,680,155

AXA World Funds - Euro Bonds


176



Value

Market Value*

% of net

assets


EUR Bonds ABN Amro Bank NV 6.375% 27/04/2021 950,000 1,158,354 0.54

Aegon NV 1% 25/04/2044 830,000 838,615 0.39

AIB Mortgage Bank 0.625% 03/02/2022 725,000 711,569 0.33

Allianz SE 1% 17/10/2042 1,000,000 1,178,265 0.55


Anglo American Capital 3.5% 28/03/2022 750,000 809,869 0.37

Aquarius & Investments Plc 1% 02/10/2043 881,000 971,219 0.45

ASR Nederland NV 1% 30/09/2049 1,200,000 1,202,556 0.56

Atlantia SpA 3.625% 30/11/2018 300,000 326,996 0.15

Australia Pacific Airport 3.125% 26/09/2023 975,000 1,095,422 0.51


Autoroutes du Sud de la France 4% 24/09/2018 700,000 777,080 0.36

Banco Bilbao Vizcaya Argentaria 4% 25/02/2025 1,200,000 1,492,770 0.69

Banco Bilbao Vizcaya Argentaria 4.75% 10/02/2016 250,000 257,074 0.12





Banque Fédérative du Crédit Mutuel 4% 22/10/2020 950,000 1,069,011 0.49

Belfius Bank NV 2.25% 26/09/2018 800,000 838,148 0.39

BNP Paribas SA 3.125% 22/03/2022 1,300,000 1,511,204 0.70

BNP Paribas SA 5.431% 07/09/2017 1,050,000 1,158,082 0.54

BPCE SA 4.625% 18/07/2023 800,000 906,500 0.42

Caixabank 3% 15/01/2019 400,000 434,946 0.20





Value

MarketValue*

% of net

assets

EUR Bonds (continued) Cloverie Plc Swiss Reins 1% 01/09/2042 900,000 1,128,708 0.52

CNP Assurances 1% 29/11/2049 1,000,000 978,215 0.45

Coca Cola Co 0.75% 09/03/2023 642,000 609,653 0.28




Credito Emiliano SpA 0.875% 05/11/2021 859,000 866,332 0.40


Edenred 1.375% 10/03/2025 500,000 467,465 0.22


Elsevier Fin (Elm BV) 2.5% 24/09/2020 300,000 322,538 0.15



Ferrovie Dello Stato 3.5% 13/12/2021 600,000 661,539 0.31


GDF Suez 1% 29/07/2049 900,000 938,434 0.43

Gecina SA 1.75% 30/07/2021 900,000 911,506 0.42

Gecina SA 4.75% 11/04/2019 800,000 911,040 0.42


Groupe Auchan SA 1.75% 23/04/2021 800,000 827,588 0.38

Heineken NV 3.5% 19/03/2024 700,000 807,072 0.37

Icade 2.25% 30/01/2019 1,100,000 1,148,362 0.53

Icade 3.375% 29/09/2023 300,000 337,344 0.16

Imperial Tobacco Finance 4.5% 05/07/2018 750,000 830,662 0.38


Intesa Sanpaolo SpA 3% 28/01/2019 900,000 950,823 0.44



KBC Groep NV FRN 11/03/2027 800,000 757,172 0.35

Klepierre 1.75% 06/11/2024 1,200,000 1,184,964 0.55



177



Value

Market Value*

% of net

assets

EUR Bonds (continued) Lloyds Bank Plc 6.5% 24/03/2020 950,000 1,137,050 0.53

Mediobanca SpA 2.25% 18/03/2019 1,150,000 1,175,628 0.54

Metro AG 3.375% 01/03/2019 634,000 691,076 0.32

Mondelez International Inc 1% 07/03/2022 728,000 700,885 0.32

Morgan Stanley 3.75% 21/09/2017 1,064,000 1,140,629 0.53


Nationwide Building Society FRN 20/03/2023 850,000 902,717 0.42

Nordea Bank Finland Plc 2.25% 03/05/2019 200,000 215,413 0.10

Orange SA 1% 29/10/2049 895,000 924,853 0.43


Priceline.com Inc 2.375% 23/09/2024 1,018,000 999,269 0.46

Prologis Ltd 3% 18/01/2022 900,000 956,525 0.44


RCI Banque SA 1% 16/07/2018 757,000 756,606 0.35

RCI Banque SA 1% 27/11/2017 964,000 964,621 0.45

RCI Banque SA 2.875% 22/01/2018 890,000 938,265 0.43

Ren Finance BV 2.5% 12/02/2025 770,000 732,895 0.34


Santan Consumer Finance 1.45% 29/01/2016 800,000 805,256 0.37

Santander Intl Debt SA 4.125% 04/10/2017 800,000 862,404 0.40


Société Des Autoroutes 1% 31/03/2019 600,000 605,552 0.28

Société Des Autoroutes 4.875% 21/01/2019 800,000 915,216 0.42


Société Générale 2.875% 14/03/2019 300,000 329,646 0.15

Solvay SA 4.625% 27/06/2018 800,000 899,096 0.42

Stockland Trust Mgmt Ltd 1.5% 03/11/2021 1,050,000 1,051,118 0.49

Sydney Airport 2.75% 23/04/2024 982,000 1,051,486 0.49

Tdc A/S 3.75% 02/03/2022 608,000 688,180 0.32


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Telefonica Emisiones SAU 4.693% 11/11/2019 650,000 748,969 0.35

TeliaSonera AB 4.25% 18/02/2020 800,000 929,340 0.43

Total SA 1% 29/12/2049 950,000 921,552 0.43

UBS AG 1% 12/02/2026 1,000,000 1,062,576 0.49

Unibail-Rodamco SE 1% 14/03/2025 545,000 501,964 0.23


Unicredit SpA 1.5% 19/06/2019 1,150,000 1,151,029 0.53

Unicredit SpA 4.875% 07/03/2017 760,000 808,188 0.37

Unicredit SpA 5.25% 30/04/2023 1,150,000 1,519,874 0.70


Valeo SA 3.25% 22/01/2024 1,000,000 1,113,275 0.52

Veolia Environnement SA 5.125% 24/05/2022 600,000 751,110 0.35

Volkswagen Bank GmbH 1% 11/04/2016 1,100,000 1,101,452 0.51


WPP Fin SA 2.25% 22/09/2026 906,000 908,700 0.42

95,130,030 44.05




Belgium (Kingdom of) 4.25% 28/03/2041 600,000 868,500 0.40

Bundesrepublik Deutschland 4.75% 04/07/2034 750,000 1,167,546 0.54


Cassa Depositi Prestiti 1% 26/01/2018 1,836,000 1,843,133 0.85

European Union 2.75% 21/09/2021 1,500,000 1,712,392 0.79







178



Value

Market Value*

% of net

assets

EUR Governments and Supranational (continued) Ireland (Government of) 2% 18/02/2045 1,133,823 997,764 0.46












Neder Waterschapsbank 3% 28/03/2022 200,000 231,435 0.11




Reseau Ferre de France 5% 10/10/2033 300,000 438,406 0.20


SNCF Réseau 3.3% 18/12/2042 1,300,000 1,555,034 0.72

Spain (Kingdom of) 2.75% 31/10/2024 3,650,000 3,796,365 1.76

Spain (Kingdom of) 3.75% 31/10/2018 1,200,000 1,317,900 0.61

Spain (Kingdom of) 4.2% 31/01/2037 300,000 346,402 0.16

Spain (Kingdom of) 4.6% 30/07/2019 1,900,000 2,174,075 1.01

Spain (Kingdom of) 4.875% 30/07/2017 2,050,000 2,231,989 1.03

Spain (Kingdom of) 4.9% 30/07/2040 1,050,000 1,340,745 0.62

Spain (Kingdom of) 5.4% 31/01/2023 1,950,000 2,419,219 1.12

Spain (Kingdom of) 5.5% 30/04/2021 2,350,000 2,874,755 1.33


Value

MarketValue*

% of net

assets


Spain (Kingdom of) 6% 31/01/2029 3,750,000 5,114,325 2.37

Vattenfall AB 6.75% 31/01/2019 300,000 365,016 0.17

116,209,796 53.79


211,339,826 97.84








179


Governments and Supranational 53.79 Banks 37.97 Food and Beverages 0.89 Commercial Services and Supplies 0.86 Communications 0.86 Electrical Appliances and Components 0.71 Mortgage and Asset Backed Securities 0.69 Financial Services 0.53 Real Estate 0.42 Oil and Gas 0.39 Agriculture 0.38 Energy and Water Supply 0.35



Sub-Fund Currency Australia 8.12 3.37 7,285,641 Austria 5.68 2.36 5,102,158 Belgium 14.18 5.89 12,730,456 Denmark 0.77 0.32 688,180 Finland 0.24 0.10 215,413 France 56.34 23.40 50,561,385 Germany 4.61 1.92 4,138,339 Ireland 8.78 3.65 7,882,041 Italy 54.94 22.83 49,313,323 Mexico 0.79 0.33 706,542 Norway 1.83 0.76 1,638,522 Portugal 9.35 3.89 8,393,869 Romania 1.81 0.75 1,621,571 Spain 40.12 16.67 36,004,458 Sweden 1.44 0.60 1,294,356 Switzerland 1.18 0.49 1,062,576 The Netherlands 10.23 4.25 9,181,074 United Kingdom 6.67 2.77 5,985,848 United States of America 8.39 3.49 7,534,074 Others 5.21 2.16 4,674,844 240.68 100.00 216,014,670

AXA World Funds - Euro Credit IG


180



Value

Market Value*

% of net

assets



2I Rete Gas SpA 1.75% 16/07/2019 1,000,000 1,026,155 0.25

2I Rete Gas SpA 3% 16/07/2024 2,163,000 2,287,944 0.55

A2A SpA 1.75% 25/02/2025 1,147,000 1,076,574 0.26

A2A SpA 3.625% 13/01/2022 867,000 956,682 0.23



ABN Amro Bank NV 2.875% 30/06/2025 1,141,000 1,149,398 0.28

ABN Amro Bank NV 4.75% 11/01/2019 1,515,000 1,730,895 0.42

ABN Amro Bank NV 6.375% 27/04/2021 2,720,000 3,316,550 0.79

Acea SpA 2.625% 15/07/2024 1,748,000 1,789,296 0.43

Achmea NV 1.125% 25/04/2022 2,444,000 2,336,525 0.56

Adecco SA 1.5% 22/11/2022 1,279,000 1,260,058 0.30

Aeroporti Di Roma SpA 3.25% 20/02/2021 956,000 1,050,199 0.25


Allianz SE 1% 31/12/2049 2,500,000 2,699,850 0.65

Alstom 3% 08/07/2019 2,300,000 2,440,174 0.59


America Movil SAB de CV FRN 06/09/2073 750,000 860,528 0.21

Amgen Inc 2.125% 13/09/2019 597,000 628,216 0.15


Apple Computer Inc 1% 10/11/2022 2,188,000 2,147,577 0.52

Apt Pipelines Ltd 1.375% 22/03/2022 2,476,000 2,426,121 0.58

Assicurazioni Generali 1% 10/07/2042 1,500,000 1,989,364 0.48

Assicurazioni Generali 1% 12/12/2042 400,000 479,023 0.12


AT&T Inc 1.3% 05/09/2023 2,042,000 1,938,671 0.47



Value

MarketValue*

% of net

assets

EUR Bonds (continued) Autoroutes Paris Rhin Rhône 5.125% 18/01/2018 1,200,000 1,340,222 0.32

Aviva Plc FRN Perp. 920,000 928,970 0.22




Banque Fédérative du Crédit Mutuel 2.625% 18/03/2024 2,200,000 2,330,636 0.56

Banque Fédérative du Crédit Mutuel FRN Perp. 4,805,000 4,847,045 1.15



Bayer AG 1% 01/07/2074 800,000 807,100 0.19



Belfius Bank NV 2.25% 26/09/2018 2,700,000 2,828,750 0.68


BPCE SA 0.75% 22/01/2020 2,000,000 1,976,030 0.47

BPCE SA 1.375% 22/05/2019 2,900,000 2,962,596 0.71

BPCE SA FRN 08/07/2026 2,900,000 2,907,244 0.70

Brambles Finance Limited 4.625% 20/04/2018 857,000 950,957 0.23

Brisa Concessao Rodov SA 1.875% 30/04/2025 2,600,000 2,330,182 0.56

Caixabank 2.5% 18/04/2017 2,000,000 2,064,338 0.50

Cargill Inc 2.5% 15/02/2023 2,173,000 2,319,399 0.56

Carrefour SA 4% 09/04/2020 1,921,000 2,193,329 0.53



Centrica Plc 1% 10/04/2076 537,000 515,158 0.12

CEZ AS 5% 19/10/2021 900,000 1,109,030 0.27

Citigroup Inc 1.375% 27/10/2021 1,425,000 1,415,373 0.34

Clerical Medical Fin Plc 1% 29/06/2049 3,364,000 3,364,000 0.80

Cloverie Plc Zurich Insurance 1.75% 16/09/2024 774,000 764,151 0.18

CNP Assurances FRN 14/09/2040 1,100,000 1,239,920 0.30




181



Value

Market Value*

% of net

assets

EUR Bonds (continued) Commonwealth Bank Australia FRN 22/04/2027 3,435,000 3,269,261 0.79

Compagnie de St Gobain 4.5% 30/09/2019 1,621,000 1,864,434 0.45

Corio NV 3.25% 26/02/2021 1,800,000 1,983,942 0.48

Coventry BS 2.5% 18/11/2020 2,526,000 2,684,696 0.64

Crédit Agricole Assurances FRN Perp. 1,300,000 1,254,292 0.30




CRH Finance Ltd 2.75% 15/10/2020 2,250,000 2,398,050 0.58

DAA Finance Plc 6.587% 09/07/2018 1,952,000 2,284,611 0.55

Danfoss A/S 1.375% 23/02/2022 1,565,000 1,570,689 0.38

Delta Lloyd Levensverzek 1% 29/08/2042 2,000,000 2,443,510 0.59

Delta Lloyd NV 1% 29/06/2049 626,000 580,274 0.14


Deutsche Ann Fin BV 3.125% 25/07/2019 900,000 972,702 0.23

Deutsche Ann Fin BV 3.625% 08/10/2021 967,000 1,078,316 0.26

Deutsche Bank AG 1.25% 08/09/2021 2,300,000 2,259,394 0.54

Discovery Communications 2.375% 07/03/2022 262,000 270,919 0.07

Edenred 2.625% 30/10/2020 2,700,000 2,881,454 0.69

EDP Finance 2% 22/04/2025 2,141,000 1,940,067 0.47

EDP Finance 4.875% 14/09/2020 2,200,000 2,489,575 0.60

Electricite de France SA Jr Sub 1% 29/01/2049 400,000 411,418 0.10

Electricite de France SA Sub 1% 29/01/2049 2,000,000 2,160,760 0.52

ELM BV Limited 1% 29/04/2049 2,100,000 2,217,285 0.53

Enagas Financiaciones SA 1.25% 06/02/2025 700,000 640,882 0.15


Enel Finance Intl Nv 1.966% 27/01/2025 1,325,000 1,286,336 0.31

ENI SpA 2.625% 22/11/2021 1,878,000 2,018,981 0.48

ESB Finance Limited 3.494% 12/01/2024 638,000 721,718 0.17


Value

MarketValue*

% of net

assets

EUR Bonds (continued) ESB Finance Limited 4.375% 21/11/2019 1,000,000 1,151,235 0.28

FCE Bank Plc 1.875% 24/06/2021 2,595,000 2,630,881 0.63

Fortum Oyj 6% 20/03/2019 1,110,000 1,319,096 0.32

Gas Natural Capital Markets 6% 27/01/2020 1,600,000 1,936,752 0.47

Gas Natural Fenosa Finance 1.375% 21/01/2025 700,000 651,592 0.16

GDF Suez 1% 02/06/2049 1,200,000 1,223,766 0.29

Gecina SA 1.75% 30/07/2021 2,200,000 2,228,127 0.54

General Electric Co 1.25% 26/05/2023 1,903,000 1,872,390 0.45




Hera SpA 3.25% 04/10/2021 2,239,000 2,460,202 0.59

Holding D Infrastructure 2.25% 24/03/2025 700,000 691,446 0.17

Hutchison Whampoa Intl Ltd 1.375% 31/10/2021 1,853,000 1,851,833 0.44

Iberdrola Intl BV 1.875% 08/10/2024 1,800,000 1,771,155 0.43

Iberdrola Intl BV 3% 31/01/2022 1,200,000 1,307,280 0.31

Icade 2.25% 30/01/2019 2,100,000 2,192,326 0.53

Illinois Tool Works Inc 1.25% 22/05/2023 2,515,000 2,441,449 0.59

Imerys SA 2.5% 26/11/2020 1,400,000 1,481,970 0.36


Imperial Tobacco Finance 5% 02/12/2019 1,253,000 1,455,714 0.35

ING Bank NV 1% 25/02/2026 1,163,000 1,232,879 0.30

ING Bank NV FRN 21/11/2023 2,000,000 2,115,300 0.51






Jefferies Group Llc 2.375% 20/05/2020 1,400,000 1,367,040 0.33

JP Morgan Chase & Co 1.375% 16/09/2021 1,588,000 1,589,872 0.38



182



Value

Market Value*

% of net

assets

EUR Bonds (continued) JP Morgan Chase & Co 2.625% 23/04/2021 1,923,000 2,067,633 0.50

KBC Groep NV FRN 25/11/2024 2,800,000 2,828,336 0.68

Klepierre 1% 17/04/2023 1,200,000 1,142,082 0.27

Kommunal Landspensjonska 1% 10/06/2045 977,000 959,199 0.23

Koninklijke KPN NV 4.5% 04/10/2021 943,000 1,100,792 0.26

Lloyds Bank Plc 1% 19/11/2021 1,212,000 1,187,275 0.29

Macquarie Bank Ltd 1% 16/09/2019 2,339,000 2,346,906 0.56

McDonalds Corp 1.125% 26/05/2022 3,700,000 3,646,702 0.87

Mediobanca SpA 0.875% 14/11/2017 2,694,000 2,671,128 0.64

Mercialys SA 1.787% 31/03/2023 1,800,000 1,778,886 0.43

Merck KgaA Sub FRN 12/12/2074 1,839,000 1,804,620 0.43

Met Life Global Funding I 2.375% 11/01/2023 2,200,000 2,305,673 0.55


Michelin Luxembourg Scs 1.125% 28/05/2022 2,857,000 2,833,173 0.68

Morgan Stanley 2.25% 12/03/2018 1,489,000 1,552,565 0.37

Morgan Stanley 5.375% 10/08/2020 1,500,000 1,807,564 0.43




Nationwide Building Society FRN 20/03/2023 2,458,000 2,610,445 0.63

NN Group NV 1% 08/04/2044 1,150,000 1,188,519 0.29

NN Group NV 1% 18/03/2022 1,236,000 1,191,621 0.29

Nykredit Realkredit AS FRN 03/06/2036 2,754,000 2,706,425 0.65

Orange SA 1% 29/12/2049 2,000,000 2,133,310 0.51

Pearson Funding Five Plc 1.875% 19/05/2021 695,000 720,152 0.17


PGE Sweden AB 1.625% 09/06/2019 632,000 642,428 0.15


Poste Vita SpA 2.875% 30/05/2019 1,027,000 1,052,824 0.25


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Priceline.com Inc 2.375% 23/09/2024 2,805,000 2,753,388 0.66

Prologis Ltd 1.375% 07/10/2020 1,444,000 1,427,885 0.34

Prologis Ltd 3% 18/01/2022 2,955,000 3,140,592 0.75

Prosegur Cia De Segurida 2.75% 02/04/2018 2,100,000 2,202,806 0.53

PZU Finance 1.375% 03/07/2019 684,000 685,303 0.16

Rabobank Nederland 1% 26/05/2026 1,825,000 1,816,879 0.44

RCI Banque SA 0.625% 04/03/2020 1,642,000 1,597,650 0.38

RCI Banque SA 1.25% 08/06/2022 1,357,000 1,316,609 0.32

RCI Banque SA 2.25% 29/03/2021 2,414,000 2,520,749 0.61

Red Electrica Finance SA 2.125% 01/07/2023 1,300,000 1,326,982 0.32

Redexis Gas Finance 2.75% 08/04/2021 2,100,000 2,229,244 0.54

Ren Finance BV 2.5% 12/02/2025 1,027,000 977,511 0.23




RWE AG 1% 21/04/2075 1,934,000 1,813,463 0.44

Ryanair Ltd 1.125% 10/03/2023 2,665,000 2,510,030 0.60

Ryanair Ltd 1.875% 17/06/2021 2,641,000 2,689,198 0.65

Sampo Oyj 1.5% 16/09/2021 803,000 808,693 0.19

Sampo Oyj 4.25% 27/02/2017 1,921,000 2,042,772 0.49

Santan Consumer Finance 0.9% 18/02/2020 1,800,000 1,767,024 0.42

Scentre Mgmt Ltd 1.5% 16/07/2020 1,273,000 1,294,972 0.31

Shell International Fin 1% 06/04/2022 2,379,000 2,357,791 0.57

SKY Plc 1.5% 15/09/2021 2,754,000 2,750,089 0.66

Snam SpA 1.5% 21/04/2023 1,436,000 1,394,263 0.33

Snam SpA 5% 18/01/2019 355,000 405,128 0.10

Societa Iniz Autostradal 3.375% 13/02/2024 2,501,000 2,763,130 0.66



Sodexo 1.75% 24/01/2022 2,223,000 2,285,633 0.55



183



Value

Market Value*

% of net

assets

EUR Bonds (continued) SSE Plc 1% 29/10/2049 1,641,000 1,653,422 0.40


Statkraft AS 2.5% 28/11/2022 442,000 479,895 0.12


Sumitomo Mitsui Banking 2.25% 16/12/2020 2,517,000 2,667,429 0.64


Swedbank AB 1% 01/06/2022 2,427,000 2,363,740 0.57

Swisscom AG 1.875% 08/09/2021 1,539,000 1,603,084 0.39

Sydney Airport 2.75% 23/04/2024 1,508,000 1,614,706 0.39

Talanx AG 3.125% 13/02/2023 1,000,000 1,102,635 0.26

Talanx Finanz AG 1% 15/06/2042 1,700,000 2,132,140 0.51





Tennet Holding BV 2.125% 01/11/2020 810,000 860,358 0.21

Terna SpA 0.875% 02/02/2022 1,779,000 1,691,873 0.41

Thermo Fisher Scientific 2% 15/04/2025 1,589,000 1,538,495 0.37

Total SA FRN Perp. 2,401,000 2,239,521 0.54

Tyco Electronics Group 1.1% 01/03/2023 1,692,000 1,629,692 0.39

UBS AG London 1.125% 30/06/2020 4,820,000 4,821,928 1.15


Unicredit SpA 2.25% 16/12/2016 943,000 961,275 0.23

Unicredit SpA 4.875% 07/03/2017 3,941,000 4,190,879 1.00


Uniqa Insurance Group AG 1% 31/07/2043 1,500,000 1,628,018 0.39

Valeo SA 3.25% 22/01/2024 2,000,000 2,226,550 0.53

Verizon Communications Inc 2.375% 17/02/2022 1,039,000 1,096,327 0.26

Vienna Insurance Grp Agw FRN 09/10/2043 800,000 856,252 0.21


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Vier Gas Transport GmbH 3.125% 10/07/2023 972,000 1,089,257 0.26


Volvo Treasury AB 2.375% 26/11/2019 1,367,000 1,453,100 0.35

Wells Fargo & Company 1.125% 29/10/2021 1,394,000 1,382,342 0.33

Wesfarmers Ltd 1.25% 07/10/2021 2,147,000 2,153,505 0.52

399,134,300 95.86


399,134,300 95.86


EUR Bonds Films Plc 1% 31/03/2008 7,200,000,000 0 0.00

0 0.00









184


Banks 87.30 Financial Services 2.00 Insurance 1.24 Commercial Services and Supplies 1.07 Electrical Appliances and Components 1.05 Industrial 0.58 Communications 0.53 Food and Beverages 0.53 Oil and Gas 0.47 Building Materials and Products 0.36 Automobiles 0.35 Holding Companies 0.23 Pharmaceuticals and Biotechnology 0.15



Sub-Fund Currency Australia 21.91 4.72 19,666,754 Austria 8.32 1.79 7,471,535 Belgium 6.30 1.36 5,657,086 Cayman Islands 2.06 0.44 1,851,833 Czech Republic 1.24 0.27 1,109,030 Denmark 4.77 1.03 4,277,114 Finland 7.32 1.58 6,568,611 France 78.73 16.96 70,660,146 Germany 18.52 3.99 16,626,236 Ireland 13.06 2.82 11,724,027 Italy 55.13 11.88 49,482,541 Japan 5.32 1.15 4,771,806 Luxembourg 12.44 2.68 11,162,333 Mexico 6.60 1.42 5,921,759 Norway 1.60 0.35 1,439,094 Portugal 2.60 0.56 2,330,182 Spain 24.76 5.34 22,222,789 Sweden 5.73 1.24 5,144,571 The Netherlands 58.90 12.70 52,866,337 United Kingdom 59.31 12.78 53,226,864 United States of America 50.09 10.80 44,953,652 Others 19.22 4.14 17,246,505 463.93 100.00 416,380,805

AXA World Funds - Euro Credit Plus


185



Value

Market Value*

% of net

assets



2I Rete Gas SpA 1.75% 16/07/2019 3,250,000 3,335,004 0.36

2I Rete Gas SpA 3% 16/07/2024 4,744,000 5,018,032 0.54

A2A SpA 1.75% 25/02/2025 2,241,000 2,103,403 0.23

A2A SpA 3.625% 13/01/2022 1,835,000 2,024,812 0.22



ABN Amro Bank NV 1% 29/03/2049 3,393,000 3,433,377 0.37

ABN Amro Bank NV 2.875% 30/06/2025 2,536,000 2,554,665 0.28

ABN Amro Bank NV 6.375% 27/04/2021 4,549,000 5,546,687 0.60

Acea SpA 2.625% 15/07/2024 3,692,000 3,779,224 0.41

Achmea BV FRN 04/04/2043 1,627,000 1,820,841 0.20

Achmea NV 1.125% 25/04/2022 7,067,000 6,756,229 0.73

Adecco SA 1.5% 22/11/2022 2,878,000 2,835,377 0.31

Aeroporti Di Roma SpA 3.25% 20/02/2021 2,008,000 2,205,858 0.24

Airbus Group Finance BV 2.125% 29/10/2029 5,806,000 5,891,987 0.64


Allianz SE 1% 31/12/2049 4,100,000 4,427,754 0.48

Allied Irish Banks Plc 1.375% 16/03/2020 2,715,000 2,639,029 0.29

Allied Irish Banks Plc 2.75% 16/04/2019 6,506,000 6,733,684 0.73

Alstom 3% 08/07/2019 4,700,000 4,986,442 0.54


America Movil SAB de CV FRN 06/09/2073 2,667,000 3,060,036 0.33

Amgen Inc 2.125% 13/09/2019 768,000 808,157 0.09


Aon Plc 2.875% 14/05/2026 1,112,000 1,164,814 0.13

Apple Computer Inc 1.625% 10/11/2026 4,014,000 3,948,455 0.43


Arcelormittal 3.125% 14/01/2022 6,192,000 5,992,797 0.65


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Assicurazioni Generali 1% 10/07/2042 3,100,000 4,111,353 0.45



AT&T Inc 1.3% 05/09/2023 2,951,000 2,801,674 0.30

AT&T Inc 2.45% 15/03/2035 4,605,000 3,984,734 0.43

Ausnet Services Holdings 1.5% 26/02/2027 2,642,000 2,470,296 0.27


Aviva Plc FRN Perp. 2,150,000 2,170,962 0.24

Banca Monte Dei Paschi 3.625% 01/04/2019 4,996,000 5,043,512 0.55

Banco Comerc Portugues 3.375% 27/02/2017 6,300,000 6,365,457 0.69

Banco Popolare Sc 3.5% 14/03/2019 2,007,000 2,062,754 0.22




Bank of Ireland 1% 29/12/2049 4,000,000 3,988,320 0.43

Bank of Ireland 1.25% 09/04/2020 3,389,000 3,289,109 0.36

Bank of Ireland 2% 08/05/2017 1,694,000 1,711,919 0.19

Bank of Ireland 3.25% 15/01/2019 4,340,000 4,576,708 0.50

Bankia SA 3.5% 17/01/2019 6,000,000 6,260,352 0.68

Banque Fédérative du Crédit Mutuel 1.25% 14/01/2025 3,400,000 3,185,290 0.35


Bayer AG 1% 01/07/2074 2,711,000 2,735,060 0.30



Belfius Bank NV 2.25% 26/09/2018 6,200,000 6,495,647 0.70

BNP Paribas SA 1% 14/10/2027 2,841,000 2,793,811 0.30

BNP Paribas SA 1% 29/06/2049 4,000,000 4,619,560 0.50


BPCE SA 0.75% 22/01/2020 3,700,000 3,655,656 0.40

BPCE SA 1% 29/07/2049 3,630,000 3,648,150 0.40



186



Value

Market Value*

% of net

assets

EUR Bonds (continued) BPCE SA 1% 29/10/2049 4,000,000 4,335,580 0.47

BPCE SA FRN 08/07/2026 2,600,000 2,606,495 0.28

Brisa Concessao Rodov SA 1.875% 30/04/2025 5,300,000 4,749,987 0.51

Cargill Inc 2.5% 15/02/2023 3,812,000 4,068,822 0.44



Centrica Plc 1% 10/04/2076 1,042,000 999,617 0.11

Citigroup Inc 1.375% 27/10/2021 4,944,000 4,910,598 0.53

Citigroup Inc 2.125% 10/09/2026 2,000,000 1,958,810 0.21

Clerical Medical Fin Plc 1% 29/06/2049 4,333,000 4,333,000 0.47

Cloverie Plc Zurich Insurance 1.75% 16/09/2024 1,819,000 1,795,853 0.19

CNP Assurances FRN 14/09/2040 2,200,000 2,479,840 0.27


Coca Cola Co 1.875% 18/03/2030 5,424,000 4,782,693 0.52

Commonwealth Bank Australia FRN 22/04/2027 4,628,000 4,404,699 0.48

Corio NV 3.25% 26/02/2021 3,792,000 4,179,504 0.45

Coventry BS 2.5% 18/11/2020 4,675,000 4,968,707 0.54

Crédit Agricole Assurances FRN Perp. 1,700,000 1,640,228 0.18


Crédit Agricole SA 1% 29/10/2049 3,250,000 3,879,688 0.42

Crédit Agricole SA 1% 29/11/2049 1,600,000 1,614,000 0.17


CRH Finance Ltd 2.75% 15/10/2020 2,740,000 2,920,292 0.32

DAA Finance Plc 6.587% 09/07/2018 4,095,000 4,792,768 0.52

Danfoss A/S 1.375% 23/02/2022 2,428,000 2,436,826 0.26

Delta Lloyd NV 1% 29/06/2049 2,274,000 2,107,896 0.23




Deutsche Bank AG 1.25% 08/09/2021 4,000,000 3,929,380 0.43


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Discovery Communications 2.375% 07/03/2022 866,000 895,480 0.10

Edenred 2.625% 30/10/2020 4,300,000 4,588,982 0.50

EDP Finance 2% 22/04/2025 4,643,000 4,207,254 0.46

EDP Finance 4.875% 14/09/2020 4,338,000 4,908,989 0.53


Electricite de France SA Jr Sub 1% 29/01/2049 600,000 617,127 0.07

Electricite de France SA Sub 1% 29/01/2049 3,200,000 3,457,216 0.37

ELM BV Limited 1% 29/04/2049 2,750,000 2,903,588 0.31

Enagas Financiaciones SA 1.25% 06/02/2025 1,600,000 1,464,872 0.16

Enagas Financiaciones SA 2.5% 11/04/2022 1,600,000 1,683,728 0.18

Enel Finance Intl Nv 1.966% 27/01/2025 3,730,000 3,621,159 0.39

Enel Finance Intl NV 5% 14/09/2022 3,255,000 3,966,755 0.43

ENI SpA 2.625% 22/11/2021 3,052,000 3,281,114 0.36

ESB Finance Limited 2.125% 08/06/2027 1,739,000 1,710,706 0.19


ESB Finance Limited 4.375% 21/11/2019 2,000,000 2,302,470 0.25

FCE Bank Plc 1.875% 24/06/2021 3,600,000 3,649,777 0.40

FGA Capital Ireland 2.875% 26/01/2018 1,400,000 1,453,693 0.16

FGA Capital Ireland 4% 17/10/2018 3,075,000 3,313,445 0.36

Fiat Chrysler Finance EU 6.75% 14/10/2019 3,250,000 3,692,488 0.40

Gas Natural Capital Markets 6% 27/01/2020 2,200,000 2,663,034 0.29

Gas Natural Fenosa Finance 1% Perp. 6,400,000 6,378,534 0.69

Gas Natural Fenosa Finance 1.375% 21/01/2025 1,500,000 1,396,268 0.15

GDF Suez 1% 02/06/2049 1,700,000 1,733,668 0.19

Gecina SA 1.75% 30/07/2021 4,400,000 4,456,254 0.48

General Electric Co 1.875% 28/05/2027 2,848,000 2,815,547 0.31

General Motors Financial Co 1.875% 15/10/2019 1,224,000 1,238,668 0.13






187



Value

Market Value*

% of net

assets

EUR Bonds (continued) Goldman Sachs Group Inc 2.5% 18/10/2021 4,151,000 4,393,477 0.48

Harman Finance Int Sca 2% 27/05/2022 7,000,000 6,872,075 0.73

Hera SpA 3.25% 04/10/2021 3,242,000 3,562,293 0.39

Holding D Infrastructure 2.25% 24/03/2025 3,700,000 3,654,786 0.40

Hutchison Whampoa Intl Ltd 1% 29/05/2049 2,160,000 2,196,720 0.24

Hutchison Whampoa Intl Ltd 1.375% 31/10/2021 4,591,000 4,588,108 0.50

Iberdrola Intl BV 1.875% 08/10/2024 2,600,000 2,558,335 0.28

Iberdrola Intl BV 3% 31/01/2022 2,900,000 3,159,260 0.34

Icade 2.25% 16/04/2021 1,000,000 1,039,910 0.11

Icade 2.25% 30/01/2019 2,700,000 2,818,706 0.31

Illinois Tool Works Inc 1.25% 22/05/2023 5,659,000 5,493,503 0.60

Imerys SA 2.5% 26/11/2020 1,800,000 1,905,390 0.21


ING Bank NV 1% 25/02/2026 1,841,000 1,951,616 0.21

ING Bank NV FRN 21/11/2023 3,255,000 3,442,651 0.37






Intesa Sanpaolo SpA FRN Perp. 3,250,000 3,453,125 0.37

Jefferies Group Llc 2.375% 20/05/2020 2,217,000 2,164,805 0.23


KBC Groep NV FRN 25/11/2024 6,600,000 6,666,792 0.72

KBC Groep NV FRN Perp. 4,000,000 3,930,000 0.43

Klepierre 1% 17/04/2023 2,000,000 1,903,470 0.21

Kommunal Landspensjonska 1% 10/06/2045 1,316,000 1,292,022 0.14

Koninklijke KPN NV 1% 29/03/2049 6,000,000 6,387,930 0.69


La Mondiale 1% 29/12/2049 3,147,000 3,204,071 0.35

Lafarge SA 6.625% 29/11/2018 5,422,000 6,177,046 0.67


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Lloyds Bank Plc 1% 19/11/2021 2,522,000 2,470,551 0.27

Macquarie Bank Ltd 1% 16/09/2019 5,632,000 5,651,036 0.61

Mapfre SA 1% 24/07/2037 4,000,000 4,229,820 0.46

McDonalds Corp 1.125% 26/05/2022 8,400,000 8,278,997 0.89

Mediobanca SpA 0.875% 14/11/2017 6,488,000 6,432,917 0.70

Mercialys SA 1.787% 31/03/2023 4,200,000 4,150,734 0.45

Merck KgaA Sub FRN 12/12/2074 2,831,000 2,778,074 0.30

Met Life Global Funding I 2.375% 11/01/2023 4,111,000 4,308,464 0.47

Michelin Luxembourg Scs 1.75% 28/05/2027 7,009,000 6,771,360 0.73

Microsoft Corp 2.625% 02/05/2033 2,392,000 2,506,952 0.27

Moody's Corp 1.75% 09/03/2027 1,826,000 1,715,282 0.19

Morgan Stanley 1.75% 30/01/2025 2,307,000 2,214,443 0.24

Morgan Stanley 5.375% 10/08/2020 3,250,000 3,916,390 0.42




Nationwide Building Society FRN 20/03/2023 4,167,000 4,425,437 0.48

Natixis Banques Populaires 1% 29/10/2049 5,400,000 5,888,041 0.64

NN Group NV 1% 08/04/2044 2,169,000 2,241,651 0.24

NN Group NV 1% 18/03/2022 2,235,000 2,154,752 0.23

Nykredit Realkredit AS FRN 03/06/2036 3,228,000 3,172,236 0.34

Old Mutual Plc 1% 29/11/2049 6,287,000 6,315,474 0.68

Orange SA 1% 28/02/2049 1,100,000 1,143,395 0.12


PGE Sweden AB 1.625% 09/06/2019 1,032,000 1,049,028 0.11


Poste Vita SpA 2.875% 30/05/2019 1,860,000 1,906,770 0.21


Prologis Ltd 1.375% 07/10/2020 4,176,000 4,129,396 0.45



188



Value

Market Value*

% of net

assets

EUR Bonds (continued) Prologis Ltd 3% 18/01/2022 7,668,000 8,149,595 0.87

Prosegur Cia De Segurida 2.75% 02/04/2018 5,500,000 5,769,252 0.63

Rabobank Nederland 1% 26/05/2026 3,299,000 3,284,319 0.36

RCI Banque SA 0.625% 04/03/2020 3,558,000 3,461,898 0.38

RCI Banque SA 1.25% 08/06/2022 3,143,000 3,049,449 0.33

Red Electrica Finance SA 2.125% 01/07/2023 2,700,000 2,756,038 0.30

Redexis Gas Finance 2.75% 08/04/2021 4,153,000 4,408,596 0.48

Ren Finance BV 2.5% 12/02/2025 1,730,000 1,646,635 0.18

Ren Finance BV 4.75% 16/10/2020 1,625,000 1,848,314 0.20

Ren Redes Energeticas 4.125% 31/01/2018 2,000,000 2,142,450 0.23

Repsol Intl Finance 1% 25/03/2075 3,000,000 2,775,510 0.30






RWE AG 1% 21/04/2075 1,858,000 1,742,200 0.19

Ryanair Ltd 1.125% 10/03/2023 5,779,000 5,442,951 0.59

Ryanair Ltd 1.875% 17/06/2021 4,951,000 5,041,356 0.55

Sampo Oyj 1.5% 16/09/2021 1,447,000 1,457,259 0.16

Santan Consumer Finance 0.9% 18/02/2020 3,400,000 3,337,712 0.36


Scentre Mgmt Ltd 1.5% 16/07/2020 2,304,000 2,343,767 0.25

Scentre Mgmt Ltd 2.25% 16/07/2024 2,618,000 2,683,594 0.29

Skandinaviska Enskilda Banken 1% 29/12/2049 4,000,000 4,528,900 0.49

SKY Plc 1.5% 15/09/2021 3,174,000 3,169,493 0.34

Smurfit Kappa Acquisitions 2.75% 01/02/2025 3,036,000 2,857,635 0.31

Snam SpA 1.5% 21/04/2023 3,119,000 3,028,346 0.33

Snam SpA 3.25% 22/01/2024 2,938,000 3,238,308 0.35

Societa Iniz Autostradal 3.375% 13/02/2024 2,170,000 2,397,438 0.26


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Société Générale 1% 16/09/2026 1,300,000 1,271,933 0.14


Sogecap SA Subordinated 1% Perp. 2,600,000 2,458,014 0.27

Solvay Finance 1% 29/11/2049 3,696,000 3,986,598 0.43

SSE Plc 1% 29/10/2049 1,550,000 1,561,734 0.17


Statoil ASA 1.625% 17/02/2035 2,585,000 2,283,486 0.25




Swedbank AB 1% 01/06/2022 5,461,000 5,318,659 0.58

Swisscom AG 1.875% 08/09/2021 2,088,000 2,174,944 0.24

Sydney Airport 2.75% 23/04/2024 3,615,000 3,870,797 0.42

Syngenta Finance NV 1.25% 10/09/2027 800,000 716,200 0.08

Talanx AG 3.125% 13/02/2023 1,600,000 1,764,216 0.19

Talanx Finanz AG 1% 15/06/2042 2,500,000 3,135,500 0.34

Tdc A/S 1.75% 27/02/2027 2,559,000 2,351,657 0.25



Telefonica Europe BV 1% 29/09/2049 2,000,000 2,317,540 0.25

Telekom Austria AG 1% 29/12/2049 5,000,000 5,310,100 0.58



Teliasonera AB 1.625% 23/02/2035 2,416,000 2,057,405 0.22

Terna SpA 0.875% 02/02/2022 3,857,000 3,668,103 0.40

Tesco Corp 1.375% 01/07/2019 3,574,000 3,456,962 0.37

Thermo Fisher Scientific 2% 15/04/2025 4,597,000 4,450,889 0.48

Total SA FRN Perp. 4,390,000 4,094,751 0.44

Tyco Electronics Group 1.1% 01/03/2023 3,668,000 3,532,926 0.38



189



Value

Market Value*

% of net

assets

EUR Bonds (continued) UBS AG Jersey Branch 1% 29/12/2049 5,000,000 5,547,690 0.60

UBS AG London 1.125% 30/06/2020 3,964,000 3,965,586 0.43


Unicredit SpA 4.875% 07/03/2017 3,259,000 3,465,637 0.38

Unicredit SpA 6.95% 31/10/2022 2,000,000 2,317,882 0.25


Veolia Environnement SA 1% 29/01/2049 5,000,000 5,212,325 0.56


Vienna Insurance Grp Agw FRN 09/10/2043 3,300,000 3,532,040 0.38

Vier Gas Transport GmbH 3.125% 10/07/2023 1,299,000 1,455,705 0.16


Wal Mart Stores Inc 4.875% 21/09/2029 4,342,000 5,813,591 0.63

Walgreens Boots Alliance Inc 2.125% 20/11/2026 4,339,000 4,180,279 0.45

Wells Fargo & Company 1.125% 29/10/2021 3,356,000 3,327,934 0.36

Wesfarmers Ltd 1.25% 07/10/2021 5,177,000 5,192,686 0.56

893,599,450 96.87


893,599,450 96.87


EUR Open-Ended Investment Funds AWF Eur Cr Tr Mc 150,000 14,795,999 1.59

14,795,999 1.59









190


Banks 92.02 Electrical Appliances and Components 1.62 Open-Ended Investment Funds 1.59 Financial Services 1.13 Insurance 1.07 Industrial 0.32 Oil and Gas 0.29 Building Materials and Products 0.21 Communications 0.12 Pharmaceuticals and Biotechnology 0.09



Sub-Fund Currency Australia 53.63 5.22 48,132,189 Austria 18.23 1.77 16,357,454 Belgium 19.04 1.85 17,092,439 Cayman Islands 7.56 0.74 6,784,828 Denmark 8.87 0.86 7,960,719 Finland 4.88 0.47 4,377,551 France 144.35 14.05 129,553,936 Germany 31.25 3.04 28,046,273 Ireland 61.00 5.93 54,749,928 Italy 114.11 11.10 102,413,180 Japan 7.66 0.75 6,879,325 Jersey 6.18 0.60 5,547,690 Luxembourg 51.26 4.99 46,009,057 Mexico 10.11 0.98 9,075,158 Norway 3.98 0.39 3,575,508 Portugal 14.77 1.44 13,257,894 Spain 56.95 5.54 51,114,706 Sweden 14.43 1.40 12,953,992 The Netherlands 139.46 13.57 125,162,268 United Kingdom 110.20 10.72 98,904,719 United States of America 134.20 13.05 120,446,635 Others 15.84 1.54 14,216,281 1,027.96 100.00 922,611,730

AXA World Funds - Euro Credit Total Return (note 1b)


191



Value

Market Value*

% of net

assets


EUR Bonds 2I Rete Gas SpA 3% 16/07/2024 229,000 242,228 0.82

Abbey National Treasury Services Plc 1.125% 14/01/2022 300,000 292,084 0.98

ABN Amro Bank NV 2.875% 30/06/2025 355,000 357,613 1.20

Achmea BV FRN 04/04/2043 259,000 289,857 0.98

Allianz SE 1% 31/12/2049 200,000 215,988 0.73



AXA SA 1% 04/07/2043 300,000 344,230 1.16

Banca Monte Dei Paschi 3.625% 01/04/2019 450,000 454,280 1.53

Banco Popolare Sc 3.5% 14/03/2019 700,000 719,446 2.42

Bank of Ireland 1% 29/12/2049 600,000 598,248 2.01

Bank of Ireland 1.25% 09/04/2020 700,000 679,368 2.29

Bankia SA 3.5% 17/01/2019 400,000 417,357 1.40


Centrica Plc 1% 10/04/2076 134,000 128,550 0.43

DAA Finance Plc 6.587% 09/07/2018 481,000 562,960 1.89


Eircom Finance Ltd 9.25% 15/05/2020 200,000 217,850 0.73


Electricite de France SA Sub 1% 29/01/2049 600,000 648,228 2.18

Erste Group Bank AG 7.125% 10/10/2022 750,000 852,170 2.87

Gazprom SA 3.7% 25/07/2018 400,000 392,062 1.32

HSBC Holdings Plc 3% 30/06/2025 200,000 199,894 0.67



KBC Groep NV FRN Perp. 300,000 294,750 0.99

Klepierre 1.75% 06/11/2024 300,000 296,241 1.00

Kommunal Landspensjonska 1% 10/06/2045 500,000 490,890 1.65

Koninklijke KPN NV 1% 29/03/2049 300,000 319,396 1.07


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Merck KgaA Sub FRN 12/12/2074 165,000 161,915 0.54

Nykredit Realkredit AS FRN 03/06/2036 777,000 763,577 2.57

Orange SA 1% 28/02/2049 200,000 207,890 0.70

Permanent Tsb Plc 2.375% 22/05/2018 200,000 197,726 0.67

Petrobras Global Finance 3.75% 14/01/2021 300,000 278,475 0.94


Poste Italiane SpA 3.25% 18/06/2018 500,000 531,700 1.79

Rabobank Nederland 1% 22/01/2049 400,000 403,998 1.36

Repsol Intl Finance 1% 25/03/2075 300,000 277,551 0.93

Royal Bank of Scotland Plc 1.625% 25/06/2019 500,000 502,128 1.69

Simon Property Group Inc 2.375% 02/10/2020 300,000 319,109 1.07

Societa Iniz Autostradal 3.375% 13/02/2024 300,000 331,443 1.12

Société Des Autoroutes 1% 31/03/2019 900,000 908,327 3.06

Solvay Finance 1% 29/11/2049 300,000 323,588 1.09

Solvay Finance FRN Perp. 300,000 309,540 1.04

Standard Chartered Bank 3.625% 23/11/2022 300,000 312,682 1.05

Talanx Finanz AG 1% 15/06/2042 100,000 125,420 0.42

UBS AG 1% 12/02/2026 500,000 531,288 1.79

Unicredit SpA 3.25% 14/01/2021 700,000 745,521 2.51

Unicredit SpA FRN 28/10/2025 400,000 429,649 1.45


Uniqa Insurance Group AG 1% 31/07/2043 300,000 325,604 1.10



21,753,344 73.22

GBP Bonds Barclays Bank Plc 1% 15/06/2049 500,000 689,872 2.32

Coventry BS 1% 29/12/2049 600,000 815,416 2.74

Crédit Agricole SA 1% 29/04/2049 600,000 837,376 2.82



192



Value

Market Value*

% of net

assets

GBP Bonds (continued) Enel SpA 1% 10/09/2075 400,000 613,456 2.06

Iberdrola Finanzas SAU 7.375% 29/01/2024 200,000 361,926 1.22

Nationwide Building Society 1% 11/03/2049 500,000 698,343 2.35

4,016,389 13.51

USD Bonds ING Groep NV 1% 29/12/2049 400,000 356,085 1.20


Macquarie Bank Ltd 4.875% 10/06/2025 400,000 355,134 1.20

Société Générale 1% 29/12/2049 400,000 361,695 1.22


2,360,652 7.95

EUR Governments and Supranational France (Republic of) 0.01% 12/08/2015 500,000 500,110 1.68

500,110 1.68


28,630,495 96.36



Bank overdraft (1,299,948) (4.38)






193


Banks 86.49 Electrical Appliances and Components 3.83 Insurance 2.01 Governments and Supranational 1.68 Financial Services 1.65 Communications 0.70



Sub-Fund Currency Australia 0.40 1.20 355,134 Austria 1.55 4.68 1,391,837 Belgium 0.33 0.99 294,750 Denmark 0.85 2.57 763,577 France 6.29 19.01 5,648,703 Germany 0.42 1.27 377,903 Ireland 2.51 7.59 2,256,152 Italy 7.84 23.70 7,039,784 Luxembourg 0.58 1.74 517,482 Mexico 0.70 2.13 631,557 Norway 0.55 1.65 490,890 Spain 1.09 3.29 977,283 Switzerland 0.59 1.79 531,288 The Netherlands 3.24 9.78 2,906,199 United Kingdom 4.60 13.90 4,128,847 United States of America 0.36 1.07 319,109 Others 1.20 3.64 1,081,307 33.10 100.00 29,711,802

AXA World Funds - Euro Government Bonds


194



Value

Market Value*

% of net

assets


EUR Bonds ANZ New Zealand Intl Ltd 1.375% 05/10/2018 837,000 860,436 0.22

Commonwealth Bank Australia 3% 03/05/2022 315,000 360,462 0.09

Dexia Credit Local Government 2% 22/01/2021 1,300,000 1,395,667 0.36

La Banque Post Home Loan Covered 1.875% 11/09/2020 500,000 537,058 0.14

Nordea Bank Finland Plc 2.25% 03/05/2019 553,000 595,617 0.15

Unicaja 4.375% 14/10/2015 200,000 202,391 0.05

3,951,631 1.01


Austria (Republic of) 2.4% 23/05/2034 1,000,000 1,130,075 0.29

Austria (Republic of) 3.15% 20/06/2044 1,500,000 1,959,300 0.50



Belgium (Kingdom of) 3.75% 22/06/2045 600,000 812,480 0.21




Bundesrepublik Deutschland 1.5% 15/05/2024 4,000,000 4,288,900 1.10

Bundesrepublik Deutschland Bonds 2.5% 15/08/2046 1,000,000 1,227,775 0.32

Caisse Refinance de l'habitat 4% 25/04/2018 1,500,000 1,664,062 0.43

Finland (Republic of) 2% 15/04/2024 1,400,000 1,530,690 0.39

Finland (Republic of) 2.75% 04/07/2028 300,000 352,095 0.09







Value

MarketValue*

% of net

assets

EUR Governments and Supranational (continued) France (Republic of) 3.75% 25/04/2021 11,650,000 13,856,476 3.55




Germany (Fed Rep) 1.75% 04/07/2022 8,100,000 8,866,665 2.28

Germany (Fed Rep) 4.25% 04/07/2039 5,700,000 8,831,056 2.27

Germany (Fed Rep) 4.75% 04/07/2028 6,550,000 9,478,996 2.44

Ireland (Government of) 2% 18/02/2045 300,000 264,000 0.07


















Netherlands (Kingdom of) 2% 15/07/2024 3,000,000 3,288,531 0.85





195



Value

Market Value*

% of net

assets

EUR Governments and Supranational (continued) Netherlands (Kingdom of) 4% 15/01/2037 2,600,000 3,768,523 0.97

Spain (Kingdom of) 0.375% 31/10/2016 4,364,000 4,367,600 1.12

Spain (Kingdom of) 0.5% 15/12/2017 2,618,000 2,609,923 0.67

Spain (Kingdom of) 1% 20/09/2015 2,000,000 2,003,960 0.52

Spain (Kingdom of) 3.75% 31/10/2018 7,000,000 7,687,750 1.98

Spain (Kingdom of) 3.8% 30/04/2024 1,000,000 1,126,500 0.29

Spain (Kingdom of) 4.25% 31/10/2016 10,500,000 11,066,738 2.84

Spain (Kingdom of) 4.6% 30/07/2019 9,300,000 10,641,525 2.74

Spain (Kingdom of) 4.65% 30/07/2025 5,000,000 6,044,200 1.55

Spain (Kingdom of) 4.7% 30/07/2041 3,500,000 4,354,175 1.12

Spain (Kingdom of) 4.875% 30/07/2017 6,000,000 6,532,650 1.68

Spain (Kingdom of) 5.15% 31/10/2028 2,000,000 2,524,600 0.65

Spain (Kingdom of) 5.4% 31/01/2023 3,495,000 4,335,984 1.11

Spain (Kingdom of) 5.5% 30/04/2021 6,000,000 7,339,800 1.89

Spain (Kingdom of) 5.5% 30/07/2017 12,500,000 13,807,189 3.54

Spain (Kingdom of) 5.75% 30/07/2032 1,000,000 1,373,625 0.35

Spain (Kingdom of) 5.85% 31/01/2022 2,500,000 3,137,438 0.81

367,120,850 94.37


371,072,481 95.38








196


Governments and Supranational 94.37 Banks 1.01



Sub-Fund Currency Australia 0.40 0.09 360,462 Austria 5.83 1.35 5,234,075 Belgium 23.42 5.40 21,021,117 Finland 2.76 0.64 2,478,402 France 76.64 17.68 68,783,851 Germany 36.43 8.40 32,693,392 Ireland 12.27 2.83 11,016,227 Italy 143.64 33.14 128,918,105 Spain 99.34 22.92 89,156,048 The Netherlands 11.76 2.71 10,550,366 United Kingdom 0.96 0.22 860,436 Others 20.04 4.62 17,984,061 433.49 100.00 389,056,542

AXA World Funds - Euro Inflation Bonds


197



Value

Market Value*

% of net

assets


EUR Bonds Orange SA 3% 25/07/2018 812,092 879,927 0.39

879,927 0.39

EUR Governments and Supranational Buoni Poliennali Del Tes 2.1% 15/09/2021 1,302,972 1,413,985 0.62






Deutschland I/L Bond 0.1% 15/04/2046 4,671,720 5,002,127 2.21
















Germany (Fed Rep) 0.1% 15/04/2023 5,396,196 5,761,114 2.54

Germany (Fed Rep) 0.75% 15/04/2018 4,665,182 4,863,452 2.15


Value

MarketValue*

% of net

assets

EUR Governments and Supranational (continued) Germany (Fed Rep) 1.5% 15/04/2016 920,192 926,802 0.41

Germany (Fed Rep) 1.75% 15/04/2020 10,715,992 12,076,162 5.33


Italy (Republic of) 2.1% 15/09/2016 536,455 549,947 0.24

Italy (Republic of) 2.1% 15/09/2017 465,920 489,148 0.22

Spain (Kingdom of) 0.55% 30/11/2019 12,587,778 12,714,286 5.61

Spain (Kingdom of) 1% 30/11/2030 2,557,998 2,368,258 1.04

Spain (Kingdom of) 1.8% 30/11/2024 2,933,435 3,110,248 1.37

211,546,925 93.32


212,426,852 93.71








198


Governments and Supranational 93.32 Communications 0.39



Sub-Fund Currency France 115.83 45.86 103,958,519 Germany 37.31 14.77 33,481,598 Italy 63.28 25.05 56,793,943 Spain 20.27 8.03 18,192,792 Others 15.90 6.29 14,270,170 252.59 100.00 226,697,022

AXA World Funds - Euro SmartBeta Credit Bonds (note 1b)


199



Value

Market Value*

% of net

assets


EUR Bonds 2I Rete Gas SpA 1.75% 16/07/2019 150,000 153,923 0.52

3M Co 1.5% 09/11/2026 150,000 146,796 0.50

ABB Finance BV 2.625% 26/03/2019 150,000 161,354 0.54


ABN Amro Bank NV 7.125% 06/07/2022 100,000 127,750 0.43

Achmea BV 2.5% 19/11/2020 170,000 179,531 0.61

Adecco SA 4.75% 13/04/2018 150,000 166,652 0.56

Aegon NV 3% 18/07/2017 150,000 157,970 0.53

Aeroports de Paris SA 1.5% 07/04/2025 200,000 199,405 0.67

Air Products & Chemicals Inc 2% 07/08/2020 150,000 159,054 0.54

Akzo Nobel 4% 17/12/2018 150,000 167,838 0.57

Alfa Laval Treasury 1.375% 12/09/2022 150,000 149,794 0.51

Alliander NV 4.5% 17/12/2019 150,000 175,810 0.59

Amadeus Cap Market 4.875% 15/07/2016 170,000 177,885 0.60

Amcor Ltd 4.625% 16/04/2019 150,000 170,794 0.58

American Intl Group Inc 5% 26/06/2017 150,000 163,335 0.55

Amgen Inc 2.125% 13/09/2019 170,000 178,889 0.60

Apple Computer Inc 1.625% 10/11/2026 150,000 147,551 0.50

Archer Daniels Midland Co 1.75% 23/06/2023 100,000 100,690 0.34

Arkema SA 4% 25/10/2017 150,000 162,114 0.55

ASF 5.625% 04/07/2022 150,000 192,697 0.65

Avinor AS 1.75% 20/03/2021 150,000 156,692 0.53

Bank of Tokyo Mitsubishi UFJ 0.875% 11/03/2022 150,000 145,567 0.49


Barclays Bank Plc 6% 14/01/2021 150,000 178,166 0.60

BBVA Senior Finance SA 4.375% 21/09/2015 200,000 201,838 0.68

Belfius Bank SA 1.125% 22/05/2017 200,000 202,264 0.68

Bertelsmann Se & Co KgaA 1.75% 14/10/2024 100,000 99,348 0.34

Bouygues SA 4% 12/02/2018 150,000 163,306 0.55


Value

MarketValue*

% of net

assets

EUR Bonds (continued) BP Capital Markets Plc 2.177% 28/09/2021 170,000 179,919 0.61


Brussels Airport Co NV 3.25% 01/07/2020 100,000 110,547 0.37

Caixabank 3.25% 22/01/2016 100,000 101,586 0.34

Carlsberg Breweries AS 3.375% 13/10/2017 150,000 159,677 0.54

Carrefour SA 1.75% 15/07/2022 170,000 172,864 0.58

China Construction Bank 1.5% 11/02/2020 100,000 100,717 0.34

Citigroup Inc 5% 02/08/2019 150,000 174,706 0.59

Cloverie Plc Zurich Insurance 1.75% 16/09/2024 170,000 167,837 0.57

Coca Cola Co 1.875% 22/09/2026 150,000 150,034 0.51

Coca Cola HBC Finance BV 4.25% 16/11/2016 150,000 157,666 0.53


Compagnie de St Gobain 4.75% 11/04/2017 100,000 107,685 0.36

Compass Group Plc 1.875% 27/01/2023 150,000 154,700 0.52

Continental AG 3% 16/07/2018 150,000 161,045 0.54

Coventry BS 2.25% 04/12/2017 180,000 187,401 0.63

Crédit Suisse London 0.625% 20/11/2018 170,000 169,402 0.57

CRH Finance BV 5% 25/01/2019 100,000 114,221 0.39

Danfoss A/S 1.375% 23/02/2022 150,000 150,545 0.51

Danske Bank A/S 2.5% 09/07/2015 150,000 150,070 0.51


Deutsche Bank AG 5.125% 31/08/2017 150,000 164,843 0.56

Dong Energy A/S 4% 16/12/2016 150,000 158,200 0.53

EADS Finance BV 2.375% 02/04/2024 150,000 161,252 0.54


Elia System Op NV 5.25% 13/05/2019 150,000 176,996 0.60

Elsevier Fin (Elm BV) 2.5% 24/09/2020 100,000 107,512 0.36




200



Value

Market Value*

% of net

assets

EUR Bonds (continued) Enel SpA 4.875% 20/02/2018 150,000 166,210 0.56

ENI SpA 4.875% 11/10/2017 150,000 164,862 0.56


Experian Finance Plc 4.75% 04/02/2020 150,000 175,789 0.59

Fortum Oyj 4.5% 20/06/2016 170,000 176,962 0.60


GDF Suez 1.5% 13/03/2035 100,000 85,609 0.29

GE Capital European Funding 5.375% 16/01/2018 150,000 168,795 0.57


Hammerson Plc 2.75% 26/09/2019 150,000 160,268 0.54

Heineken NV 2% 06/04/2021 170,000 178,258 0.60

Illinois Tool Works Inc 1.25% 22/05/2023 100,000 97,076 0.33

ING Groep NV 4.75% 31/05/2017 150,000 162,499 0.55


KBC Ifima NV Bank 3% 29/08/2016 180,000 185,694 0.63

Kering SA 2.5% 15/07/2020 100,000 107,034 0.36

Klepierre 1% 17/04/2023 100,000 95,174 0.32

LeasePlan Corporation NV 3.875% 16/09/2015 150,000 151,156 0.51

Mapfre SA 5.125% 16/11/2015 100,000 101,828 0.34

McDonalds Corp 2.625% 11/06/2029 100,000 103,296 0.35

Merck & Co Inc 1.875% 15/10/2026 150,000 150,716 0.51

Merck Fin Services GmbH 4.5% 24/03/2020 150,000 175,993 0.59


Michelin Luxembourg Scs 2.75% 20/06/2019 150,000 162,384 0.55

Microsoft Corp 3.125% 06/12/2028 150,000 170,811 0.58

Morgan Stanley 5.5% 02/10/2017 150,000 166,741 0.56

National Australia Bank 4.625% 10/02/2020 150,000 173,081 0.58

Nationwide Building Society 3.125% 03/04/2017 150,000 157,250 0.53

Nordea Bank AB 4.5% 26/03/2020 150,000 171,952 0.58

Oracle Corp 2.25% 10/01/2021 150,000 159,940 0.54


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Pearson Funding Five Plc 1.875% 19/05/2021 150,000 155,428 0.52

Philip Morris Intl Inc 2.875% 03/03/2026 150,000 162,292 0.55

Pohjola Bank Plc 5.75% 28/02/2022 150,000 184,649 0.62

Praxair Inc 1.5% 11/03/2020 150,000 154,503 0.52

Prologis Ltd 3.375% 20/02/2024 150,000 162,554 0.55

Publicis Groupe SA 1.125% 16/12/2021 200,000 197,501 0.67

PZU Finance 1.375% 03/07/2019 170,000 170,324 0.57


Repsol Intl Finance 4.375% 20/02/2018 100,000 109,296 0.37

Rolls Royce Holdings Plc 2.125% 18/06/2021 150,000 160,226 0.54

Sampo Oyj 4.25% 22/02/2016 170,000 174,394 0.59

Sanofi-Aventis SA 1.75% 10/09/2026 100,000 100,040 0.34


Scania AB 1.625% 14/09/2017 150,000 154,196 0.52

Scentre Mgmt Ltd 1.5% 16/07/2020 170,000 172,934 0.58

Schiphol Nederland BV 4.43% 28/04/2021 150,000 179,018 0.60

Schneider Electric SA 3.5% 22/01/2019 100,000 110,392 0.37

SES SA 4.625% 09/03/2020 150,000 174,699 0.59

Shell International Fin 1.625% 20/01/2027 170,000 164,573 0.56

Siemens Financieringsmat 2.875% 10/03/2028 150,000 166,424 0.56


SKY Plc 1.5% 15/09/2021 170,000 169,759 0.57

Snam SpA 5% 18/01/2019 150,000 171,181 0.58


Sodexo 1.75% 24/01/2022 170,000 174,790 0.59


State Grid Europe Develo 1.5% 26/01/2022 150,000 148,269 0.50

Stockland Trust Mgmt Ltd 1.5% 03/11/2021 150,000 150,160 0.51

Suez Environnement 5.5% 22/07/2024 100,000 134,023 0.45

Sumitomo Mitsui Banking 2.25% 16/12/2020 100,000 105,976 0.36



201



Value

Market Value*

% of net

assets

EUR Bonds (continued) Swedbank AB 3.375% 09/02/2017 150,000 157,411 0.53

Talanx AG 3.125% 13/02/2023 100,000 110,264 0.37

Teliasonera AB 4.75% 16/11/2021 150,000 184,926 0.62

Telstra Corp Ltd 3.625% 15/03/2021 150,000 172,298 0.58

Terna SpA 2.875% 16/02/2018 150,000 158,520 0.53


Total Capital Intl SA 1.375% 19/03/2025 100,000 97,474 0.33

Toyota Motor Credit Corp 0.75% 21/07/2022 200,000 193,534 0.65

Tyco Electronics Group 1.1% 01/03/2023 100,000 96,318 0.32

UBS AG 6% 18/04/2018 150,000 172,666 0.58

Unicredit SpA 4.375% 11/09/2015 170,000 171,297 0.58


Urenco Finance NV 2.375% 02/12/2024 150,000 146,749 0.49

Vattenfall AB 6.25% 17/03/2021 130,000 167,076 0.56

Vier Gas Transport GmbH 3.125% 10/07/2023 150,000 168,095 0.57

Volkswagen Intl Financial Services 0.875% 16/01/2023 130,000 125,545 0.42

Wal Mart Stores Inc 4.875% 21/09/2029 100,000 133,892 0.45

Walgreens Boots Alliance Inc 2.125% 20/11/2026 150,000 144,513 0.49

Wesfarmers Ltd 1.25% 07/10/2021 170,000 170,515 0.58

Wolters Kluwer NV 6.375% 10/04/2018 150,000 173,956 0.59

21,331,556 71.96

GBP Bonds Atlantia SpA 6.25% 09/06/2022 100,000 169,609 0.57

Aviva Plc 9.5% 20/06/2016 100,000 152,289 0.51

BAE Systems Plc 4.125% 08/06/2022 120,000 180,212 0.61

BHP Billiton Finance Ltd 3.25% 25/09/2024 150,000 213,171 0.71

BNP Paribas SA 5.75% 24/01/2022 120,000 189,650 0.64

British American Tobacco Intl Fin Plc 7.25% 12/03/2024 100,000 183,459 0.62

Bupa Finance Plc 7.5% 04/07/2016 120,000 179,548 0.61


Value

MarketValue*

% of net

assets

GBP Bonds (continued) Crédit Agricole SA 7.375% 18/12/2023 100,000 175,076 0.59

HSBC Bank Plc 6.5% 07/07/2023 100,000 165,703 0.56



Lloyds Bank Plc 7.5% 15/04/2024 100,000 186,996 0.63

Orange SA 7.25% 10/11/2020 100,000 174,458 0.59

Prudential Plc 1.25% 16/11/2015 100,000 141,285 0.48


2,618,000 8.83

USD Bonds Agrium Inc 3.15% 01/10/2022 200,000 174,317 0.59

America Movil SAB de CV 3.125% 16/07/2022 200,000 177,533 0.60

AT&T Inc 3.9% 11/03/2024 200,000 181,346 0.61

Avalonbay Communities Inc 3.45% 01/06/2025 100,000 88,348 0.30

Baidu Inc 3% 30/06/2020 200,000 179,007 0.60


BPCE SA 5.7% 22/10/2023 200,000 189,753 0.64

Capital One Financial Co 4.75% 15/07/2021 200,000 196,323 0.66

CEZ AS 4.25% 03/04/2022 200,000 187,988 0.63

CNOOC Finance 2012 Ltd 3.875% 02/05/2022 220,000 200,723 0.68

Eastman Chemical Company 3.6% 15/08/2022 200,000 181,720 0.61

Enterprise Products Oper 3.75% 15/02/2025 200,000 176,275 0.59

Glencore Finance Canada 4.95% 15/11/2021 200,000 188,760 0.64

HCP Inc 5.375% 01/02/2021 200,000 198,262 0.67

Hutchison Whampoa Intl Ltd 4.625% 13/01/2022 200,000 193,566 0.65

JP Morgan Chase & Co 4.5% 24/01/2022 200,000 192,531 0.65

National Rural Utilities Cooperative Fin 10.375% 01/11/2018 150,000 171,400 0.58

Oneok Partners Ltd 3.375% 01/10/2022 200,000 165,394 0.56


PKO Finance AB 4.63% 26/09/2022 200,000 186,597 0.63



202



Value

Market Value*

% of net

assets

USD Bonds (continued) Royal Bank of Scotland Plc 4.375% 16/03/2016 200,000 183,672 0.62


Teck Resources Ltd 3% 01/03/2019 200,000 173,145 0.58

Tencent Holdings Ltd 4.625% 12/12/2016 200,000 187,305 0.63

Vale Overseas Ltd 6.25% 23/01/2017 200,000 190,220 0.64

Verizon Communications Inc 5.15% 15/09/2023 200,000 196,856 0.66

Wells Fargo & Company 3.3% 09/09/2024 200,000 176,956 0.60

WPP Fin SA 3.625% 07/09/2022 200,000 182,015 0.61

5,119,604 17.25


29,069,160 98.04









203


Banks 75.19 Financial Services 5.65 Communications 3.05 Oil and Gas 2.01 Energy and Water Supply 1.83 Industrial 1.26 Agriculture 1.21 Electrical Appliances and Components 1.14 Insurance 1.08 Real Estate 0.84 Metals and Mining 0.64 Utilities 0.63 Advertising 0.61 Internet, Software and IT Services 0.60 Pharmaceuticals and Biotechnology 0.60 Building Materials and Products 0.58 Commercial Services and Supplies 0.56 Holding Companies 0.56



Sub-Fund Currency Australia 1.56 4.72 1,399,647 Belgium 0.55 1.65 489,807 Brazil 0.21 0.64 190,220 Canada 0.60 1.81 536,222 Cayman Islands 0.22 0.65 193,566 China 0.41 1.24 366,312 Czech Republic 0.21 0.63 187,988 Denmark 0.69 2.09 618,492 Finland 0.60 1.81 536,005 France 3.99 12.06 3,577,062 Germany 0.98 2.97 879,588 Hong Kong 0.11 0.34 100,717 Ireland 0.48 1.47 435,005 Italy 1.68 5.08 1,505,404 Japan 0.28 0.85 251,543 Luxembourg 0.69 2.09 619,095 Mexico 0.42 1.26 372,970 Norway 0.17 0.53 156,692 Spain 1.56 4.72 1,398,324 Sweden 1.50 4.53 1,342,276 The Netherlands 4.01 12.14 3,602,016 United Kingdom 4.86 14.70 4,360,701 United States of America 6.41 19.38 5,748,785 Virgin Islands, British 0.22 0.68 200,723 Others 0.65 1.96 581,664 33.06 100.00 29,650,824

AXA World Funds - European High Yield Bonds


204



Value

Market Value*

% of net

assets


CHF Bonds Nord Anglia Education Fi 5.75% 15/07/2022 386,000 381,820 0.67

381,820 0.67

EUR Bonds Abengoa Finance Sau 8.875% 05/02/2018 400,000 422,000 0.74

ABN Amro Bank NV 1% 29/03/2049 412,000 416,903 0.73

Agrokor DD 9.125% 01/02/2020 550,000 602,305 1.05

Albea Beauty Holdings SA 8.75% 01/11/2019 400,000 429,900 0.75

Aldesa Financial Services 7.25% 01/04/2021 330,000 301,620 0.53

Alize Finco Plc 6.25% 01/12/2021 400,000 419,000 0.73

Altice Financing SA 5.25% 15/02/2023 100,000 101,000 0.18

Altice SA 7.25% 15/05/2022 500,000 506,250 0.88

Ardagh Packaging Finance 9.25% 15/10/2020 250,000 266,250 0.46

Areva SA 3.5% 22/03/2021 100,000 99,125 0.17


Bank of Ireland 1% 11/06/2024 167,000 167,432 0.29

Befesa ZC 8.875% 15/05/2018 275,000 288,771 0.50

Bite Finance International FRN 15/02/2018 378,000 372,417 0.65

Boats Invest Netherlands 11% 31/03/2017 645,337 212,961 0.37

Boparan Finance Plc 4.375% 15/07/2021 339,000 311,710 0.54

Bormioli Rocco Holdings SA 10% 01/08/2018 500,000 507,500 0.89

BPCE SA 1% 29/09/2049 305,000 418,612 0.73

Bulgarian Telecom 6.625% 15/11/2018 337,000 341,179 0.60

Cable Comm Syst NV 7.5% 01/11/2020 270,000 283,651 0.50

Campofrio Food Group SA 3.375% 15/03/2022 174,000 172,411 0.30

Carlson Wagonlit BV 7.5% 15/06/2019 322,000 341,320 0.60

Cemex Sab De Cv 4.375% 05/03/2023 357,000 344,728 0.60

Cerba European Lab Sas 7% 01/02/2020 300,000 315,651 0.55

Cerved Group SpA 6.375% 15/01/2020 100,000 104,750 0.18


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Cerved Group SpA 8% 15/01/2021 350,000 377,125 0.66

Cirsa Funding Luxembourg 8.75% 15/05/2018 230,136 235,716 0.41

CNH Industrial Capital 2.75% 18/03/2019 300,000 302,025 0.53

CNP Assurances FRN Perp. 250,000 256,872 0.45


Crown European Holdings 3.375% 15/05/2025 333,000 308,858 0.54

Crown European Holdings 4% 15/07/2022 154,000 157,465 0.27

Darling Global Finance 4.75% 30/05/2022 441,000 433,282 0.76

Eco Bat Finance Plc 7.75% 15/02/2017 200,000 196,400 0.34

Eileme 2 AB 11.75% 31/01/2020 300,000 333,351 0.58


Elior Finance and Co 6.5% 01/05/2020 211,250 227,622 0.40

Empark Funding SA 6.75% 15/12/2019 300,000 326,997 0.57

Enel SpA 1% 15/01/2075 350,000 367,080 0.64

Faurecia 3.125% 15/06/2022 254,000 243,878 0.43

Fiat Finance & Trade SA 6.625% 15/03/2018 200,000 219,786 0.38


Galapagos Holding SA 5.375% 15/06/2021 250,000 252,005 0.44

Galapagos Holding SA 7% 15/06/2022 300,000 285,000 0.50

Gamenet SpA 7.25% 01/08/2018 222,000 205,350 0.36

Gazprom SA 3.7% 25/07/2018 250,000 245,039 0.43

GCL Poly Energy Holdings 9.375% 15/04/2018 500,000 523,740 0.91

GCS Holdco Finance I SA 6.5% 15/11/2018 300,000 311,250 0.54

Geo Debt Finance 7.5% 01/08/2018 200,000 188,500 0.33

Geo Travel Finance 10.375% 01/05/2019 258,000 235,564 0.41

Grupo Antolin Dutch 4.75% 01/04/2021 100,000 102,000 0.18


Ineos Group Holdings SA 5.75% 15/02/2019 250,000 253,438 0.44




205



Value

Market Value*

% of net

assets

EUR Bonds (continued) Infor US Inc 5.75% 15/05/2022 600,000 609,000 1.06

International Game Tech 4.75% 15/02/2023 400,000 386,508 0.67

Interxion Holding NV 6% 15/07/2020 450,000 479,277 0.84


Intl Personal Finance 5.75% 07/04/2021 565,000 570,495 1.00


Kerling Plc 10.625% 01/02/2017 370,000 379,694 0.66

Kerneos Tech Group SA 5.75% 01/03/2021 100,000 102,740 0.18

Kion Finance SA 6.75% 15/02/2020 200,000 211,850 0.37

Kloeckner Pentaplast Of 7.125% 01/11/2020 206,000 206,515 0.36

Kraussmaffei Group GmbH 8.75% 15/12/2020 288,000 309,600 0.54

La Finac Atalian SA 7.25% 15/01/2020 250,000 268,760 0.47

Labco SAS 8.5% 15/01/2018 100,000 104,250 0.18

Labeyrie Fine Foods 5.625% 15/03/2021 300,000 313,050 0.55

LGE Holdco VI BV 7.125% 15/05/2024 365,000 407,130 0.71

Lock 7% 15/08/2021 300,000 317,925 0.55

Lock 9.5% 15/08/2022 400,000 432,524 0.75

Loxam SAS 4.875% 23/07/2021 202,000 206,798 0.36

Loxam SAS 7.375% 24/01/2020 200,000 211,093 0.37

Manutencoop Facility 8.5% 01/08/2020 170,000 161,502 0.28

Matterhorn Telecom SA 3.875% 01/05/2022 158,000 150,329 0.26

Matthorn Tel Hld 4.875% 01/05/2023 355,000 338,865 0.59

Merlin Entertainments Pl 2.75% 15/03/2022 150,000 143,295 0.25

Monitchem Holdco SA 5.25% 15/06/2021 100,000 101,005 0.18

Montichem Holdco SA 6.875% 15/06/2022 175,000 168,306 0.29

NH Hotel Group SA 6.875% 15/11/2019 118,000 129,505 0.23

NN Group NV 1% 08/04/2044 100,000 103,350 0.18

Novafives SAS 4.5% 30/06/2021 408,000 391,007 0.68

Oberthur Tech 9.25% 30/04/2020 450,000 491,062 0.86

Ontex Group NV 4.75% 15/11/2021 100,000 105,342 0.18


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Ote Plc 3.5% 09/07/2020 261,000 202,813 0.35

Ovako AB 6.5% 01/06/2019 196,000 192,401 0.34

Paprec Holding 5.25% 01/04/2022 166,000 170,980 0.30

Pfleiderer GmbH 7.875% 01/08/2019 100,000 103,625 0.18

Polish Telev Holding BV 11% 15/01/2021 250,000 297,500 0.52

Portucel SA 5.375% 15/05/2020 200,000 210,316 0.37

Progroup AG 5.125% 01/05/2022 300,000 306,750 0.54

PSPC Escrow Corp 6% 01/02/2023 243,000 246,906 0.43

Rapid Holding Gmbh 6.625% 15/11/2020 480,000 467,772 0.82

Royal Bank of Scotland Plc 1% 22/09/2021 370,000 379,422 0.66

Santos Fin Ltd Emtn 1% 22/09/2070 179,000 194,101 0.34

Sappi Papier Holdng GmbH 3.375% 01/04/2022 500,000 477,018 0.83

Schaeffler Holding Finance BV Reg 6.875% 15/08/2018 400,000 415,660 0.73

SGD Group 5.625% 15/05/2019 400,000 407,500 0.71

Sig Combibloc Holdings 7.75% 15/02/2023 322,000 335,910 0.59

SMCP SAS 8.875% 15/06/2020 330,000 354,235 0.62

Smurfit Kappa Acquisitions 3.25% 01/06/2021 367,000 375,753 0.66

Snai SpA 12% 15/12/2018 200,000 210,250 0.37

Snai SpA 7.625% 15/06/2018 205,000 211,662 0.37


SPCM SA 2.875% 15/06/2023 445,000 419,412 0.73

Swiss Life Holding AG 1% 29/11/2049 300,000 302,811 0.53

Teamsystem Holding SpA 7.375% 15/05/2020 300,000 319,725 0.56

Techem Energy Met Serv 7.875% 01/10/2020 230,000 251,126 0.44

Techem GmbH 6.125% 01/10/2019 200,000 209,500 0.37

Telenet Finance 6.625% 15/02/2021 200,000 210,479 0.37

Telenet Finance 6.75% 15/08/2024 100,000 109,805 0.19

Tesco Corp 1.375% 01/07/2019 525,000 507,808 0.89

Trinseo Fin 6.375% 01/05/2022 300,000 300,000 0.52



206



Value

Market Value*

% of net

assets

EUR Bonds (continued) Trionista Holdco GmbH 5% 30/04/2020 200,000 207,498 0.36

Trionista Topco GmbH 6.875% 30/04/2021 212,000 224,746 0.39

UBS AG Jersey Branch 1% 29/12/2049 300,000 332,861 0.58

Unicredit SpA 6.95% 31/10/2022 250,000 289,735 0.51

Unitymedia Hessen 5.75% 15/01/2023 405,000 437,400 0.76

UPC Holding BV 6.75% 15/03/2023 250,000 272,500 0.48

Valeant Pharmaceuticals 4.5% 15/05/2023 343,000 332,676 0.58

Waste Italia SpA 10.5% 15/11/2019 350,000 306,268 0.53

Wepa Hygieneprodukte GmbH 6.5% 15/05/2020 200,000 214,999 0.38

Wind Acquisition Fin SA 4% 15/07/2020 317,000 317,000 0.55

Wind Acquisition Fin SA 7% 23/04/2021 203,000 210,206 0.37

XPO Logistics Inc 5.75% 15/06/2021 300,000 296,266 0.52

ZF NA Capital 2.75% 27/04/2023 600,000 567,900 0.99

37,123,048 64.81

GBP Bonds AA Bond Co Ltd 5.5% 31/07/2043 244,000 342,996 0.60

Arqiva Broadc Finance 9.5% 31/03/2020 325,000 506,898 0.88

Bakkavor Finance 2 Plc 8.25% 15/02/2018 213,939 315,571 0.55



Cable & Wireless Intl Fin NV 8.625% 25/03/2019 140,000 227,490 0.40

Cabot Financial Lux SA 10.375% 01/10/2019 250,000 385,765 0.67

Enterprise Inns Plc 6.875% 15/02/2021 400,000 584,364 1.02

Equiniti Newco 7.125% 15/12/2018 200,000 285,124 0.50

Findus Bondco SA 9.5% 01/07/2018 265,000 392,284 0.68

Gala Electric Casinos Ltd 11.5% 01/06/2019 300,000 451,717 0.79

Gala Group Finance Plc 8.875% 01/09/2018 180,000 267,156 0.47

GHD Bondco Plc 7% 15/04/2020 200,000 254,071 0.44


Value

MarketValue*

% of net

assets

GBP Bonds (continued) Grainger Plc 5% 16/12/2020 200,000 287,287 0.50

HBos Capital Funding Lp Bank 1% 29/11/2049 150,000 226,070 0.39

HSS Financing Plc 6.75% 01/08/2019 142,800 211,641 0.37

Infinis Plc 7% 15/02/2019 301,000 443,982 0.77

Investec Bank Plc 9.625% 17/02/2022 350,000 592,835 1.03

Iron Mountain Europe Plc 6.125% 15/09/2022 480,000 698,907 1.23

Jaguar Land Rover Automobile 5% 15/02/2022 350,000 510,172 0.89

Jerrold Finco Plc 9.75% 15/09/2018 279,000 429,253 0.75

Johnston Press Plc 8.625% 01/06/2019 239,000 332,281 0.58

Ladbrokes Group Fin Plc 7.625% 05/03/2017 254,000 384,307 0.67

Lafarge SA 10% 30/05/2017 550,000 882,753 1.55

Legal & General Group 1% 29/05/2049 200,000 294,468 0.51

Lloyds Banking Group Plc 1% 29/12/2049 400,000 567,513 0.99

Lowell Group Fin Plc 10.75% 01/04/2019 450,000 687,581 1.20

Marlin Imdt Holdings 10.5% 01/08/2020 300,000 470,540 0.82

Meif Renewable Energy Uk 6.75% 01/02/2020 256,000 374,896 0.65

Mizzen Bondco 7% 01/05/2021 473,500 659,994 1.15

QBE Capital Funding Company 1% 24/05/2041 250,000 396,145 0.69

Scottish Widows Plc 1% 29/09/2049 320,000 453,213 0.79


Society of Lloyd 1% 21/06/2049 180,000 271,361 0.47

Spirit Issuer Plc 1% 28/12/2036 170,000 248,039 0.43

Stonegate 5.75% 15/04/2019 275,000 391,076 0.68

Telecom Italia SpA 7.375% 15/12/2017 250,000 388,291 0.68

Thomas Cook Group Plc 7.75% 22/06/2017 250,000 379,342 0.66

Travelex Financing Plc 8% 01/08/2018 345,000 508,922 0.89



207



Value

Market Value*

% of net

assets

GBP Bonds (continued) Virgin Media Finance Plc 6.375% 15/10/2024 250,000 368,756 0.64

Vougeot Bidco Plc 7.875% 15/07/2020 300,000 450,553 0.79

William Hill Plc 4.25% 05/06/2020 321,000 450,819 0.79

17,341,994 30.25

USD Bonds Rabobank Nederland 1% 29/11/2049 260,000 252,682 0.44

252,682 0.44


55,099,544 96.17








208


Banks 87.92 Building Materials and Products 1.55 Financial Services 1.25 Food and Beverages 1.05 Retail 1.02 Household Products and Wares 0.89 Hotels, Restaurants and Leisure 0.66 Pharmaceuticals and Biotechnology 0.58 Insurance 0.51 Communications 0.40 Oil and Gas 0.34



Sub-Fund Currency Australia 0.22 0.34 194,101 Austria 0.53 0.83 477,018 Belgium 0.39 0.61 350,967 Bulgaria 0.38 0.60 341,179 Cayman Islands 0.74 1.15 659,994 Croatia 0.67 1.05 602,305 France 8.44 13.23 7,577,349 Germany 3.05 4.77 2,733,016 Ireland 1.41 2.21 1,266,920 Italy 3.65 5.72 3,278,863 Jersey 1.45 2.27 1,298,072 Luxembourg 10.59 16.59 9,502,234 Mexico 0.38 0.60 344,728 Norway 0.84 1.31 750,449 Portugal 0.23 0.37 210,316 Spain 1.03 1.61 924,766 Sweden 0.59 0.92 525,752 The Netherlands 5.39 8.45 4,841,717 United Kingdom 18.47 28.93 16,578,715 United States of America 2.94 4.61 2,641,083 Others 2.44 3.83 2,191,676 63.83 100.00 57,291,220

AXA World Funds - Global Aggregate Bonds


209



Value

Market Value*

% of net

assets


AUD Bonds Eurofima 5.5% 30/06/2020 800,000 610,206 0.11

Kreditanstalt für Wiederaufbau 4% 16/01/2019 1,000,000 720,199 0.13

1,330,405 0.24

CAD Bonds Bank Nederlandse Gemeenten 4.55% 15/02/2019 3,000,000 2,415,963 0.45

Kreditanstalt für Wiederaufbau 1.375% 28/01/2020 400,000 289,179 0.05

Kreditanstalt für Wiederaufbau 4.7% 02/06/2037 2,000,000 1,716,233 0.32

Neder Waterschapsbank 4.55% 16/03/2029 4,600,000 3,782,884 0.70

8,204,259 1.52


2I Rete Gas SpA 1.75% 16/07/2019 378,000 387,887 0.07

A2A SpA 4.375% 10/01/2021 227,000 258,284 0.05



Abbey National Treasury Services Plc 2% 14/01/2019 455,000 472,581 0.09

ABN Amro Bank NV 1% 29/03/2049 300,000 303,570 0.06

ABN Amro Bank NV 7.125% 06/07/2022 200,000 255,500 0.05

Acea SpA 2.625% 15/07/2024 194,000 198,583 0.04

Acea SpA 3.75% 12/09/2018 300,000 327,228 0.06

Achmea BV 2.5% 19/11/2020 300,000 316,820 0.06

Aegon NV 3% 18/07/2017 500,000 526,565 0.10

Aeroporti Di Roma SpA 3.25% 20/02/2021 117,000 128,529 0.02

AIB Mortgage Bank 2.25% 26/03/2021 400,000 433,688 0.08


Alliander NV FRN Perp. 300,000 312,932 0.06


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Allianz SE 1% 31/12/2049 200,000 215,988 0.04

Allied Irish Banks Plc 1.375% 16/03/2020 429,000 416,996 0.08



Amcor Ltd 4.625% 16/04/2019 100,000 113,863 0.02


Amgen Inc 2.125% 13/09/2019 300,000 315,686 0.06

ANZ New Zealand Intl Ltd 1.375% 05/10/2018 356,000 365,968 0.07

Apt Pipelines Ltd 1.375% 22/03/2022 248,000 243,004 0.04



AT&T Inc 2.65% 17/12/2021 255,000 273,076 0.05





Banco Comerc Portugues 3.375% 27/02/2017 100,000 101,039 0.02



Banco Popular Espanol SA 2.125% 08/10/2019 300,000 318,681 0.06

Banco Popular Espanol SA 4.125% 30/03/2017 200,000 213,676 0.04



Bank of Ireland 0.375% 07/05/2022 800,000 770,432 0.14

Bank of Ireland 1.25% 09/04/2020 156,000 151,402 0.03

Bank of Ireland 2% 08/05/2017 532,000 537,628 0.10

Bankia SA 4.25% 25/05/2018 1,000,000 1,113,525 0.21

Bankinter SA 1% 05/02/2025 300,000 291,662 0.05




210



Value

Market Value*

% of net

assets

EUR Bonds (continued) Barclays Bank Plc 1.5% 01/04/2022 170,000 166,558 0.03


BBVA Senior Finance SA 2.375% 22/01/2019 500,000 522,547 0.10

BBVA Sub Capital Unipers FRN 11/04/2024 400,000 414,612 0.08

Belfius Bank NV 2.25% 26/09/2018 400,000 419,074 0.08

BNP Paribas Cardif 1% Perp. 300,000 289,198 0.05

BNP Paribas SA 1% 14/10/2027 154,000 151,442 0.03

BP Capital Markets Plc 1.526% 26/09/2022 392,000 395,040 0.07

BPCE SA 0.75% 22/01/2020 200,000 197,603 0.04

BPCE SA 1.5% 28/02/2018 500,000 518,585 0.10

BPCE SA 2.125% 17/03/2021 400,000 418,232 0.08

BPCE SA FRN 08/07/2026 200,000 200,500 0.04

Caixabank 2.5% 18/04/2017 200,000 206,434 0.04

Caixabank 3% 15/01/2019 200,000 217,473 0.04

Caixabank 3% 22/03/2018 500,000 537,375 0.10

Caixabank 3.5% 31/03/2016 500,000 512,362 0.09

Caja Ahorros Barcelona 2.375% 09/05/2019 200,000 206,363 0.04

Cap Gemini SA 1.75% 01/07/2020 200,000 201,515 0.04

Carrefour SA 1.25% 03/06/2025 136,000 127,924 0.02



Cie Financement Foncier Covered 4.625% 23/09/2017 500,000 550,550 0.10

Citigroup Inc 7.375% 04/09/2019 200,000 252,783 0.05



Coca Cola Co 1.125% 09/03/2027 348,000 318,802 0.06

Commonwealth Bank Australia FRN 22/04/2027 356,000 338,823 0.06

Corio NV 3.25% 26/02/2021 250,000 275,548 0.05

Coventry BS 2.5% 18/11/2020 259,000 275,272 0.05

Crédit Agricole Home Loan 1.625% 11/03/2020 500,000 529,700 0.10



Value

MarketValue*

% of net

assets

EUR Bonds (continued) Crédit Agricole London 2.375% 20/05/2024 200,000 206,859 0.04



Crédit Logement FRN Perp. 450,000 374,850 0.07

CRH Finance Ltd 3.125% 03/04/2023 165,000 179,480 0.03




Deutsche Bank AG 1.25% 08/09/2021 100,000 98,234 0.02

DirecTV Holdings Llc 2.75% 19/05/2023 400,000 424,008 0.08

Edenred 2.625% 30/10/2020 300,000 320,162 0.06



Enagas Financiaciones SA 1% 25/03/2023 200,000 187,028 0.03



ENI SpA 1.5% 02/02/2026 143,000 134,822 0.02



Faurecia 3.125% 15/06/2022 100,000 96,015 0.02

FCE Bank Plc 1.134% 10/02/2022 169,000 161,891 0.03

FCE Bank Plc 1.875% 18/04/2019 193,000 197,828 0.04

FCE Bank Plc 1.875% 24/06/2021 310,000 314,286 0.06

Fortum Oyj 2.25% 06/09/2022 1,068,000 1,113,347 0.21

Gas Natural Fenosa Finance 1% Perp. 300,000 298,994 0.06



Gecina SA 1.5% 20/01/2025 100,000 93,131 0.02

Gecina SA 1.75% 30/07/2021 400,000 405,114 0.07

General Electric Co 1.25% 26/05/2023 333,000 327,644 0.06



211



Value

Market Value*

% of net

assets

EUR Bonds (continued) General Motors Financial Co 1.875% 15/10/2019 113,000 114,354 0.02

Glencore Finance Europe 1% 03/04/2018 150,000 165,213 0.03

Glencore Finance Europe 1.625% 18/01/2022 245,000 239,766 0.04






Hammerson Plc 2% 01/07/2022 192,000 195,398 0.04

Hannover Rückversicherungs AG 1% 29/06/2049 200,000 199,492 0.04

Hera SpA 3.25% 04/10/2021 200,000 219,759 0.04

Hj Heinz Co 2% 30/06/2023 147,000 145,887 0.03




Iberdrola Intl BV 1.125% 27/01/2023 100,000 95,141 0.02

Icade 2.25% 30/01/2019 300,000 313,190 0.06

Illinois Tool Works Inc 1.25% 22/05/2023 440,000 427,132 0.08


ING Bank NV 0.7% 16/04/2020 186,000 183,269 0.03

ING Bank NV FRN 21/11/2023 500,000 528,825 0.10









Value

MarketValue*

% of net

assets

EUR Bonds (continued) Iss Global A/S 1.125% 09/01/2020 174,000 173,758 0.03

Jefferies Group Llc 2.375% 20/05/2020 239,000 233,373 0.04


KBC Groep NV FRN 25/11/2024 400,000 404,048 0.07

Kering SA 1.375% 01/10/2021 100,000 100,022 0.02

Kering SA 2.5% 15/07/2020 100,000 107,034 0.02

Klepierre 1% 17/04/2023 200,000 190,347 0.04

Koninklijke KPN NV 4.5% 04/10/2021 200,000 233,466 0.04

La Banque Post Home Loan Covered 1.875% 11/09/2020 400,000 429,646 0.08

Lloyds Bank Plc 1% 19/11/2021 231,000 226,288 0.04

Lloyds Bank Plc 4% 29/09/2020 300,000 354,090 0.07

Macquarie Bank Ltd 1% 16/09/2019 325,000 326,098 0.06

Mediobanca SpA 0.875% 14/11/2017 599,000 593,914 0.11

Mediobanca SpA 1.125% 17/06/2019 500,000 515,018 0.10

Mediobanca SpA 2.25% 18/03/2019 363,000 371,089 0.07

Mediobanca SpA 4.625% 11/10/2016 200,000 209,433 0.04

Merck KgaA FRN 12/12/2074 116,000 114,820 0.02


Moody's Corp 1.75% 09/03/2027 100,000 93,937 0.02

Morgan Stanley 1.75% 30/01/2025 199,000 191,016 0.04

Morgan Stanley 2.25% 12/03/2018 442,000 460,869 0.09

Morgan Stanley 3.75% 21/09/2017 497,000 532,794 0.10




NN Group NV 1% 15/07/2049 276,000 274,871 0.05

Nordea Bank AB 1.125% 12/02/2025 137,000 129,352 0.02

Orange SA 1% 28/02/2049 190,000 197,496 0.04

Orange SA 4.125% 23/01/2019 200,000 224,236 0.04



212



Value

Market Value*

% of net

assets

EUR Bonds (continued) Petroleos Mexicanos 3.125% 27/11/2020 242,000 254,728 0.05

PGE Sweden AB 1.625% 09/06/2019 106,000 107,749 0.02




Prologis Ltd 1.375% 07/10/2020 337,000 333,239 0.06

Prologis Ltd 3% 18/01/2022 358,000 380,485 0.07

Prosegur Cia De Segurida 2.75% 02/04/2018 800,000 839,164 0.15


RCI Banque SA 0.625% 04/03/2020 219,000 213,085 0.04

RCI Banque SA 1.125% 30/09/2019 317,000 318,555 0.06

Red Electrica Finance SA 1.125% 24/04/2025 100,000 90,635 0.02

Redexis Gas Finance 2.75% 08/04/2021 220,000 233,540 0.04

Ren Finance BV 2.5% 12/02/2025 114,000 108,507 0.02





Ryanair Ltd 1.125% 10/03/2023 267,000 251,474 0.05

Ryanair Ltd 1.875% 17/06/2021 183,000 186,340 0.03

Sampo Oyj 1.5% 16/09/2021 111,000 111,787 0.02

Santan Consumer Finance 0.9% 18/02/2020 300,000 294,504 0.05

Scentre Mgmt Ltd 1.5% 16/07/2020 212,000 215,659 0.04

SKY Plc 1.5% 15/09/2021 592,000 591,159 0.11




Sogecap SA Subordinated 1% Perp. 500,000 472,695 0.09


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Solvay Finance FRN Perp. 200,000 206,360 0.04

SSE Plc 1% 29/10/2049 261,000 262,976 0.05

Standard Chartered Bank 1% 21/10/2025 300,000 317,894 0.06



Sydney Airport 2.75% 23/04/2024 400,000 428,304 0.08

Symrise AG 1.75% 10/07/2019 204,000 208,823 0.04

Talanx AG 2.5% 23/07/2026 100,000 104,386 0.02

Tdc A/S 1.75% 27/02/2027 157,000 144,279 0.03

Tdc A/S FRN Perp. 198,000 190,436 0.04



Telefonica Europe BV 1% 29/12/2049 300,000 305,620 0.06

Telekom Finanzmanagement 3.125% 03/12/2021 500,000 552,630 0.10

Telekom Finanzmanagement 3.5% 04/07/2023 200,000 228,043 0.04

Terna SpA 0.875% 02/02/2022 356,000 338,565 0.06


Total SA FRN Perp. 378,000 352,578 0.07

UBS AG London 1.125% 30/06/2020 330,000 330,132 0.06

Unicredit SpA 0.75% 30/04/2025 1,000,000 945,185 0.17

Unicredit SpA 1.5% 19/06/2019 300,000 300,268 0.06

Unicredit SpA 2.25% 16/12/2016 147,000 149,849 0.03

Unicredit SpA 2.625% 31/10/2020 300,000 332,964 0.06

Unicredit SpA 3% 31/01/2024 150,000 172,744 0.03

Unicredit SpA 4.875% 07/03/2017 300,000 319,022 0.06








213



Value

Market Value*

% of net

assets

EUR Bonds (continued) Vallourec SA 3.25% 02/08/2019 200,000 204,611 0.04


Volvo Treasury AB 2.375% 26/11/2019 250,000 265,746 0.05



Wesfarmers Ltd 1.25% 07/10/2021 477,000 478,445 0.09

Westpac Securities Ltd London Branch 3.5% 16/06/2016 600,000 619,755 0.11

74,143,365 13.80

GBP Bonds Amlin Plc 1% 19/12/2026 100,000 145,063 0.03

Aspire Defence Fin 4.674% 31/03/2040 248,125 396,616 0.07

AT&T Inc 5.875% 28/04/2017 50,000 75,697 0.01

Aviva Plc 1% 20/05/2058 50,000 80,970 0.01

Bank Nederlandse Gemeenten 5.25% 26/02/2016 122,000 177,329 0.03



British Telecom Plc 8.625% 26/03/2020 10,000 17,966 0.00

Citigroup Inc 7.625% 03/04/2018 140,000 228,291 0.04

Deutsche Telekom Intl 6.5% 08/04/2022 34,000 58,599 0.01


DNB Bank ASA 1% 29/01/2049 50,000 73,238 0.01

E.ON Intl Fin BV 5.875% 30/10/2037 150,000 253,500 0.05

East Japan Railway Co 4.75% 08/12/2031 250,000 418,466 0.08



GE Capital UK Funding 8% 14/01/2039 40,000 93,611 0.02

Heathrow Funding Ltd 6.45% 10/12/2031 103,000 190,467 0.04

HSBC Holdings Bank Plc 1% 18/10/2022 50,000 76,014 0.01


Value

MarketValue*

% of net

assets

GBP Bonds (continued) Legal & General Group 1% 29/05/2049 100,000 147,234 0.03

Lloyds Banking Group Plc 1% 29/12/2049 265,000 386,785 0.07

Lloyds Banking Group Plc 7.869% 25/08/2020 75,000 118,037 0.02

London & Continental Railways Fin Plc 4.5% 07/12/2028 180,000 308,555 0.06

Marstons Issuer 1% 15/07/2035 250,000 336,487 0.06

Mufg Capital Fin 5 1% 29/01/2049 50,000 74,139 0.01

National Australia Bank 1% 12/06/2023 250,000 399,624 0.07

National Grid Electricity Transmission Plc 7.375% 13/01/2031 75,000 155,061 0.03

Nationwide Building Society 1% 23/11/2020 167,000 238,032 0.04

Network Rail Infrastructure Fin 4.75% 22/01/2024 100,000 169,897 0.03

Pearson Funding One 6% 15/12/2015 50,000 72,079 0.01

Royal Bank of Scotland Plc 1% 29/06/2049 40,000 53,637 0.01

RWE Fin BV 5.5% 06/07/2022 100,000 160,443 0.03

Santander UK 1% 30/10/2023 200,000 340,503 0.06

Spirit Issuer Plc 6.582% 28/12/2027 151,000 221,663 0.04

Standard Chartered Bank 1% 29/06/2049 50,000 72,867 0.01

Telecom Italia SpA 5.875% 19/05/2023 50,000 74,549 0.01

Tesco Corp 6.125% 24/02/2022 120,000 183,574 0.03


Vodafone Group Plc 5.9% 26/11/2032 112,000 185,897 0.03

WalMart Stores Inc 5.625% 27/03/2034 50,000 90,475 0.02

7,128,587 1.27

MXN Bonds Inter American Devel Bk 8% 26/01/2016 3,000,000 176,467 0.03

176,467 0.03



214



Value

Market Value*

% of net

assets

SEK Bonds European Investment Bank 1.25% 12/05/2025 16,500,000 1,714,005 0.32

1,714,005 0.32

USD Bonds Abbvie Inc 1.75% 06/11/2017 347,000 312,428 0.06

Abbvie Inc 3.6% 14/05/2025 852,000 757,355 0.14

ABN Amro Bank NV 4.25% 02/02/2017 890,000 834,213 0.15

Actavis Funding Scs 4.75% 15/03/2045 1,110,000 946,449 0.17

Acuity Brands Lighting Inc 6% 15/12/2019 690,000 680,959 0.13

Adobe Systems Inc 4.75% 01/02/2020 890,000 880,440 0.16

Aercap Ireland Cap Ltd 4.5% 15/05/2021 791,000 715,251 0.13

AES Corp 8% 15/10/2017 260,000 262,520 0.05

Agrium Inc 4.125% 15/03/2035 1,120,000 901,748 0.17

Altria Group Inc 9.25% 06/08/2019 620,000 699,116 0.13

American Express Co 7% 19/03/2018 750,000 763,875 0.14

American Intl Group Inc 4.5% 16/07/2044 1,148,000 983,977 0.18

Anadarko Petroleum Corp 6.45% 15/09/2036 880,000 914,120 0.17

Aon Plc 3.5% 14/06/2024 880,000 779,308 0.14

Apache Corp 4.75% 15/04/2043 1,005,000 837,827 0.15

Arcelormittal 1% 25/02/2017 700,000 654,169 0.12

Ashland Inc 3.875% 15/04/2018 734,000 679,355 0.13

Assoc Banc Corp 2.75% 15/11/2019 1,032,000 928,240 0.17

AT&T Inc 4.5% 15/05/2035 1,672,000 1,383,896 0.26

Aviation Capital Group 7.125% 15/10/2020 550,000 575,495 0.11

Avnet Inc 4.875% 01/12/2022 1,300,000 1,216,642 0.22

Bank Nederlandse Gemeenten 2.5% 23/01/2023 5,000,000 4,517,995 0.83




Barclays Bank Plc 2.75% 08/11/2019 1,070,000 956,263 0.18

Barrick Gold Corp 4.1% 01/05/2023 1,075,000 941,647 0.17


Value

MarketValue*

% of net

assets

USD Bonds (continued) Baxalta Inc 3.6% 23/06/2022 770,000 690,585 0.13

Bayer Us Finance Llc 3.375% 08/10/2024 612,000 547,028 0.10

BB&T Corp 2.45% 15/01/2020 1,626,000 1,463,531 0.27

Becton Dickinson & Co 4.685% 15/12/2044 698,000 608,567 0.11

Bemis Company Inc 6.8% 01/08/2019 825,000 861,200 0.16

Berkshire Hathaway Energy 6.125% 01/04/2036 1,010,000 1,071,216 0.20

Black Hills Corp 4.25% 30/11/2023 1,088,000 1,011,445 0.19

Blackstone Holdings Fin 5.875% 15/03/2021 850,000 877,116 0.16

BP Capital Markets Plc 3.561% 01/11/2021 1,060,000 988,158 0.18

BPCE SA 5.7% 22/10/2023 722,000 685,010 0.13

Broadcom Corp 2.7% 01/11/2018 1,070,000 972,873 0.18

Broadridge Financial Sol 3.95% 01/09/2020 733,000 685,844 0.13

Burlington Northern Santa Fe 4.45% 15/03/2043 1,480,000 1,293,471 0.24

Cadence Design Sys Inc 4.375% 15/10/2024 781,000 704,500 0.13

CDK Global Inc 3.3% 15/10/2019 710,000 638,787 0.12

Cimarex Energy Co 4.375% 01/06/2024 173,000 154,132 0.03


Citigroup Inc 3.375% 01/03/2023 1,090,000 978,811 0.18

Citigroup Inc 4.45% 10/01/2017 730,000 684,755 0.13

City National Corp 5.25% 15/09/2020 769,000 782,733 0.14


Columbia Pipeline Group 4.5% 01/06/2025 762,000 674,112 0.12

Comcast Corp 4.5% 15/01/2043 1,140,000 1,002,814 0.19

Comerica Bank 5.75% 21/11/2016 1,060,000 1,014,452 0.19

Constellation Brands Inc 4.75% 15/11/2024 630,000 568,255 0.10

D.R. Horton Inc 3.625% 15/02/2018 742,000 680,933 0.13

Daimler Finance North America Llc 2.25% 31/07/2019 925,000 827,726 0.15

Deere Co 3.9% 09/06/2042 765,000 642,144 0.12



215



Value

Market Value*

% of net

assets

USD Bonds (continued) Dexia Credit Local Government 1.875% 29/01/2020 5,000,000 4,438,624 0.82

Duke Realty Ltd 6.5% 15/01/2018 830,000 832,755 0.15

Ecolab Inc 5.5% 08/12/2041 550,000 541,238 0.10

Energy Transfer Partners 6.5% 01/02/2042 1,000,000 927,500 0.17

Enterprise Products Operating 5.2% 01/09/2020 890,000 890,076 0.16

Eog Resources Inc 2.45% 01/04/2020 750,000 678,248 0.13

Erac USA Fin Co 3.85% 15/11/2024 870,000 785,217 0.15

Exelon Corp 2.85% 15/06/2020 372,000 336,188 0.06

Express Scripts Holding Co 4.75% 15/11/2021 700,000 682,662 0.13

Fidelity National Information Services Inc 3.875% 05/06/2024 917,000 813,730 0.15


First American Financial 4.6% 15/11/2024 960,000 870,940 0.16

First Tennessee Bank 2.95% 01/12/2019 1,050,000 942,878 0.17

Ford Motor Credit Co Llc 4.25% 03/02/2017 1,300,000 1,213,164 0.22

Freeport Mcmoran Inc 4.55% 14/11/2024 600,000 502,697 0.09


General Electric Co 5.875% 14/01/2038 990,000 1,064,837 0.20

General Motors Financial Co 3.5% 10/07/2019 775,000 710,952 0.13

Georgia Power Company 4.3% 15/03/2042 1,000,000 853,868 0.16

Gilead Sciences Inc 5.65% 01/12/2041 1,075,000 1,107,839 0.20


Goldman Sachs Group Inc 4% 03/03/2024 1,110,000 1,014,721 0.19

Harman International 4.15% 15/05/2025 794,000 703,702 0.13

HCA Holdings Inc 3.75% 15/03/2019 620,000 562,018 0.10

Healthcare Realty Trust 3.875% 01/05/2025 453,000 392,936 0.07

Heineken NV 1.4% 01/10/2017 810,000 728,331 0.13


Value

MarketValue*

% of net

assets

USD Bonds (continued) Hospitality Properties Trust 4.5% 15/03/2025 1,075,000 950,873 0.18

Howard Hughes Corp 3.5% 01/09/2023 780,000 721,781 0.13

HSBC USA Inc 5% 27/09/2020 800,000 797,370 0.15

Huntington National Bank 6.6% 15/06/2018 980,000 952,651 0.18

Hyundai Capital Services Inc 4.375% 27/07/2016 800,000 741,630 0.14

Indiana Michigan Power Co 7% 15/03/2019 500,000 522,735 0.10

ING Bank NV 2.5% 01/10/2019 1,380,000 1,247,035 0.23

International Paper Co 5% 15/09/2035 1,153,000 1,016,978 0.19


JP Morgan Chase Bank 4.625% 10/05/2021 810,000 786,947 0.15

Kaiser Foundation Hospital 3.5% 01/04/2022 370,000 336,519 0.06

Key Bank 1.65% 01/02/2018 701,000 629,844 0.12

Key Bank 3.3% 01/06/2025 1,345,000 1,174,574 0.22

KKR Group Finance Co 5.5% 01/02/2043 947,000 862,113 0.16

Kroger Co 2.95% 01/11/2021 410,000 366,147 0.07

Laboratory Corporation of American Holdings 4% 01/11/2023 745,000 683,874 0.13

Lennar Corp 4.5% 15/11/2019 821,000 749,747 0.14

Lexington Realty Trust Company 4.4% 15/06/2024 1,065,000 961,716 0.18

Lincoln National Corp 3.35% 09/03/2025 1,075,000 937,801 0.17

Macquarie Bank Ltd 3.45% 27/07/2015 1,000,000 899,210 0.17

Macy's Inc 5.125% 15/01/2042 970,000 877,645 0.16

Manuf & Traders Trust Co 2.1% 06/02/2020 886,000 783,971 0.14

Marathon Petroleum Corp 3.625% 15/09/2024 1,048,000 925,262 0.17

Masco Corp 5.95% 15/03/2022 615,000 622,341 0.11

Maxim Integrated Product 2.5% 15/11/2018 816,000 738,696 0.14

Merck & Co Inc 5% 30/06/2019 990,000 989,925 0.18

Metropolitan Edison Co 4% 15/04/2025 1,048,000 940,051 0.17

Mid America Apartment Community 4.3% 15/10/2023 1,020,000 950,286 0.18



216



Value

Market Value*

% of net

assets

USD Bonds (continued) Morgan Stanley 2.5% 24/01/2019 1,035,000 938,009 0.17

Morgan Stanley 6.625% 01/04/2018 380,000 382,825 0.07

Motiva Enterprises Llc 5.75% 15/01/2020 840,000 829,767 0.15


Nationwide Financial Services Inc 5.375% 25/03/2021 1,100,000 1,086,109 0.20

Neuberger Berman Grp/Fin 4.875% 15/04/2045 529,000 432,101 0.08

News America Inc 6.15% 01/03/2037 900,000 936,953 0.17

Nisource Finance Corp 5.65% 01/02/2045 695,000 707,616 0.13

Noble Energy Inc 8.25% 01/03/2019 800,000 856,157 0.16

Nxp Bv/Nxp Funding Llc 4.125% 15/06/2020 749,000 678,954 0.13

Omnicom Group Inc 3.65% 01/11/2024 601,000 530,730 0.10


Oracle Corp 4.3% 08/07/2034 1,500,000 1,330,163 0.25

Orange SA 9% 01/03/2031 800,000 1,024,746 0.19

Packaging Corp of Americ 4.5% 01/11/2023 456,000 422,783 0.08

Pennantpark Investment C 4.5% 01/10/2019 1,140,000 1,028,909 0.19

Pentair Finance SA 1.875% 15/09/2017 410,000 369,876 0.07

Prudential Financial Inc 4.5% 15/11/2020 650,000 638,902 0.12


Realty Income Corp 5.75% 15/01/2021 1,000,000 1,010,806 0.19

Reynolds American Inc 5.85% 15/08/2045 630,000 595,208 0.11

Roche Holding Inc 1.35% 29/09/2017 1,925,000 1,734,147 0.32

Rogers Communications Inc 5% 15/03/2044 1,150,000 1,024,526 0.19

Roper Industries Inc 6.25% 01/09/2019 920,000 940,975 0.17

Royal Bank of Canada 1.2% 19/09/2017 2,500,000 2,241,476 0.41


Royal Caribbean Cruises Ltd 5.25% 15/11/2022 715,000 666,940 0.12


Value

MarketValue*

% of net

assets

USD Bonds (continued) Ryder System Inc 2.35% 26/02/2019 825,000 739,616 0.14

Scentre Group 2.375% 28/04/2021 1,165,000 1,019,093 0.19

Scripps Networks Interac 3.5% 15/06/2022 1,576,000 1,393,665 0.26

Seagate Hdd Cayman 4.75% 01/06/2023 965,000 884,566 0.16

Select Income REIT 2.85% 01/02/2018 667,000 607,080 0.11

Sempra Energy 6% 15/10/2039 1,000,000 1,065,532 0.20

SES Global Americas Holding 2.5% 25/03/2019 710,000 635,491 0.12

SKY Plc 2.625% 16/09/2019 440,000 394,582 0.07

Snap-On Inc 4.25% 15/01/2018 330,000 315,744 0.06

Southwestern Public Service 4.5% 15/08/2041 925,000 853,379 0.16

Steel Dynamics Inc 5.125% 01/10/2021 895,000 808,890 0.15

Sumitomo Mitsui Trust Bank 1.8% 28/03/2018 1,000,000 898,160 0.17

SunTrust Banks Inc 3.5% 20/01/2017 1,050,000 970,803 0.18

SVB Financial Group 5.375% 15/09/2020 850,000 852,048 0.16

Svenska Handelsbanken AB 3.125% 12/07/2016 1,030,000 946,894 0.17

Targa Resources Corp 6.875% 01/02/2021 730,000 683,024 0.13

Teachers Insur & Annuity Subordinated 4.9% 15/09/2044 1,141,000 1,046,735 0.19

Teck Resources Ltd 3.75% 01/02/2023 1,335,000 1,032,305 0.19

Thomson Reuters Corp 1.65% 29/09/2017 788,000 707,389 0.13

Time Warner Inc 4.5% 15/09/2042 500,000 367,359 0.07

Time Warner Inc 6.1% 15/07/2040 985,000 997,588 0.18

Transcanada Pipelines Ltd 4.625% 01/03/2034 1,212,000 1,081,877 0.20

UDR Inc 4.25% 01/06/2018 1,110,000 1,058,340 0.20

Verisk Analytics Inc 4% 15/06/2025 635,000 559,253 0.10


Verizon Communications Inc 5.85% 15/09/2035 1,000,000 977,097 0.18





217



Value

Market Value*

% of net

assets

USD Bonds (continued) Walt Disney Co 4.125% 01/06/2044 461,000 407,997 0.08

Wea Finance Llc 4.75% 17/09/2044 503,000 444,514 0.08

Wellcare Health 5.75% 15/11/2020 600,000 562,063 0.10

Wells Fargo Bank 5.95% 26/08/2036 750,000 807,545 0.15

Wells Fargo Bank 6% 15/11/2017 1,650,000 1,631,799 0.30

Western Union Co 2.875% 10/12/2017 778,000 714,102 0.13

Williams Partners Ltd 3.35% 15/08/2022 475,000 404,069 0.07

WPP Fin SA 3.625% 07/09/2022 1,060,000 964,679 0.18

Zimmer Biomet Holdings 4.45% 15/08/2045 898,000 742,214 0.14

149,693,422 27.67

AUD Governments and Supranational European Investment Bank 6% 06/08/2020 1,700,000 1,334,483 0.25


2,907,657 0.54

CAD Governments and Supranational Canada - British Columbia (Province of) 5.7% 18/06/2029 300,000 290,394 0.05

Canada Housing Trust 2.55% 15/03/2025 4,000,000 2,980,828 0.55

France (Republic of) - Caisse d'Amortissement de la Dette Sociale 4.45% 26/10/2018 3,300,000 2,622,923 0.48

JPN Bank for International Coop 2.3% 19/03/2018 5,000,000 3,697,639 0.68

9,591,784 1.76




Caisse Refinance de l'habitat 1.375% 25/10/2019 1,000,000 1,046,775 0.19

Caisse Refinance de l'habitat 4% 25/04/2018 700,000 776,562 0.14



Value

MarketValue*

% of net

assets


Germany (Fed Rep) 3.5% 04/07/2019 2,000,000 2,283,478 0.42

Germany (Fed Rep) 4.75% 04/07/2028 2,000,000 2,894,350 0.53




Portugal (Republic of) 2.875% 15/10/2025 1,000,000 993,360 0.18



Spain (Kingdom of) 0.5% 15/12/2017 297,000 296,084 0.05

Spain (Kingdom of) 1.4% 31/01/2020 10,000,000 10,124,499 1.87

Spain (Kingdom of) 2.75% 31/10/2024 10,000,000 10,400,999 1.91

Spain (Kingdom of) 5.15% 31/10/2028 3,900,000 4,922,970 0.91

98,636,575 18.18

GBP Governments and Supranational Belgium (Kingdom of) 5% 24/04/2018 12,000,000 18,745,116 3.45

EDF Energy Network 5.75% 08/03/2024 40,000 67,242 0.01




European Investment Bank 6% 07/12/2028 144,000 281,973 0.05

Kreditanstalt für Wiederaufbau 6% 07/12/2028 300,000 597,650 0.11

SNCF Réseau 5.375% 18/03/2027 1,010,000 1,771,884 0.33

UK Treasury Stock 4% 07/09/2016 15,000 22,049 0.00



218



Value

Market Value*

% of net

assets

GBP Governments and Supranational (continued) UK Treasury Stock 4.25% 07/12/2049 5,000,000 9,604,053 1.77

UK Treasury Stock 4.75% 07/12/2038 1,000,000 1,926,060 0.36

Vattenfall AB 6.125% 16/12/2019 50,000 82,630 0.02

38,311,769 7.06

JPY Governments and Supranational Japan (Government of) 1.5% 20/12/2044 1,900,000,000 14,095,687 2.59

Japan (Government of) 2.3% 20/12/2035 10,000,000 87,510 0.02

14,183,197 2.61

MXN Governments and Supranational Mexico (Fed Rep) 6.5% 09/06/2022 48,000,000 2,847,365 0.53

Mexico (Fed Rep) 8% 07/12/2023 50,000,000 3,236,475 0.60

6,083,840 1.13

PLN Governments and Supranational Poland (Republic of) 4.75% 25/04/2017 8,000,000 2,005,300 0.37

2,005,300 0.37

SEK Governments and Supranational European Investment Bank 3% 23/04/2019 30,000,000 3,557,852 0.66

3,557,852 0.66

USD Governments and Supranational Japan Fin Org Municipal 4% 13/01/2021 5,000,000 4,923,780 0.91

Manitoba (Province of) 3.05% 14/05/2024 2,000,000 1,849,083 0.34

Neder Waterschapsbank 1.25% 18/09/2017 7,000,000 6,319,225 1.17

Ontario (Province of) 2% 27/09/2018 3,000,000 2,742,994 0.51

Ontario (Province of) 2.45% 29/06/2022 2,000,000 1,799,413 0.33

Ontario (Province of) 2.5% 10/09/2021 4,000,000 3,629,600 0.67

Quebec (Province of) 2.625% 13/02/2023 5,000,000 4,521,119 0.83


Value

MarketValue*

% of net

assets

USD Governments and Supranational (continued) Spain (Kingdom of) 1.125% 01/04/2016 2,800,000 2,518,279 0.47

United States Treasury Notes 3.625% 15/02/2044 5,000,000 4,934,523 0.91


37,104,965 6.85

USD Mortgage and Asset Backed Securities Fannie Mae Pool 257451 5.5% 01/11/2028 124,764 125,611 0.02

Fannie Mae Pool 745453 1% 01/03/2021 171,827 166,452 0.03

Fannie Mae Pool 842405 5.5% 01/11/2035 125,489 126,606 0.02

Fannie Mae Pool 851532 6% 01/02/2036 687,126 702,209 0.13

Fannie Mae Pool 852736 5% 01/01/2021 8,303 7,895 0.00

Fannie Mae Pool 880213 6.5% 01/02/2036 14,691 15,242 0.00

Fannie Mae Pool 880627 5.5% 01/04/2036 252,859 254,577 0.05

Fannie Mae Pool 884195 5% 01/05/2021 242,682 233,397 0.04

Fannie Mae Pool 885140 6% 01/06/2036 50,446 51,498 0.01

Fannie Mae Pool 885593 6% 01/09/2036 190,271 194,156 0.04

Fannie Mae Pool 889390 1% 01/03/2023 196,350 194,621 0.04

Fannie Mae Pool 894164 6% 01/10/2036 247,635 252,334 0.05

Fannie Mae Pool 918297 5% 01/05/2037 426,482 422,657 0.08

Fannie Mae Pool 941280 6% 01/06/2037 35,289 35,929 0.01

Fannie Mae Pool 952450 5.5% 01/09/2037 473,879 477,136 0.09

Fannie Mae Pool 956030 6% 01/12/2037 21,924 22,380 0.00

Fannie Mae Pool 959515 6% 01/12/2037 191,574 195,673 0.04

Fannie Mae Pool 962276 6% 01/03/2038 39,556 40,274 0.01

Fannie Mae Pool 967205 6.5% 01/12/2037 130,280 134,346 0.02

Fannie Mae Pool 973048 5.5% 01/03/2038 200,374 201,819 0.04

Fannie Mae Pool 974383 5% 01/04/2038 607,901 602,121 0.11

Fannie Mae Pool 975116 5% 01/05/2038 566,129 560,746 0.10



219



Value

Market Value*

% of net

assets

USD Mortgage and Asset Backed Securities (continued) Fannie Mae Pool 975202 5.5% 01/03/2038 183,167 184,452 0.03

Fannie Mae Pool 976243 5% 01/08/2023 241,408 235,204 0.04

Fannie Mae Pool 984600 5.5% 01/06/2038 310,162 312,296 0.06

Fannie Mae Pool 991184 5.5% 01/09/2038 124,051 124,894 0.02

Fannie Mae Pool AA4462 4% 01/04/2039 1,030,464 980,376 0.18

Fannie Mae Pool AC3353 4.5% 01/08/2039 2,761,868 2,687,578 0.50

Fannie Mae Pool Ma1652 3.5% 01/11/2033 4,024,604 3,781,539 0.70

Gnma Pool 3.5% 15/06/2042 4,350,855 4,057,675 0.75

Gnma Pool 3.5% 15/12/2042 3,437,356 3,220,062 0.59

Gnma Pool 4% 15/05/2040 2,241,462 2,145,093 0.40

22,746,848 4.20


477,520,297 88.21


USD Bonds Goodman Funding PTY Ltd 6.375% 12/11/2020 900,000 927,326 0.17


National City Bank 5.8% 07/06/2017 700,000 676,819 0.12

Post Apartment Homes Ltd 3.375% 01/12/2022 306,000 265,668 0.05

2,953,536 0.54

JPY Governments and Supranational Italy (Republic of) 3.7% 14/11/2016 110,000,000 843,603 0.16

843,603 0.16

USD Mortgage and Asset Backed Securities Fannie Mae Pool 256359 5.5% 01/08/2036 96,878 97,764 0.02

Fannie Mae Pool 257203 5% 01/05/2028 61,568 60,982 0.01

Fannie Mae Pool 811353 5% 01/02/2020 62,607 60,285 0.01

Fannie Mae Pool 838579 6.5% 01/10/2035 39,142 40,378 0.01


Value

MarketValue*

% of net

assets

USD Mortgage and Asset Backed Securities (continued) Fannie Mae Pool 884964 5.5% 01/06/2036 11,221 11,322 0.00

Fannie Mae Pool 897463 5.5% 01/10/2036 231,504 233,385 0.04

Fannie Mae Pool 911039 5.5% 01/08/2022 53,300 52,311 0.01

Fannie Mae Pool 931260 4.5% 01/05/2039 1,065,325 1,036,635 0.19

Fannie Mae Pool 936526 6% 01/07/2037 71,827 74,013 0.01

Fannie Mae Pool 948085 5.5% 01/11/2022 286,431 283,082 0.05

Fannie Mae Pool 949444 4.5% 01/05/2023 867,658 830,728 0.15

Fannie Mae Pool 952235 7% 01/11/2037 248,284 251,681 0.05

Fannie Mae Pool 960719 6% 01/01/2038 10,315 10,506 0.00

Fannie Mae Pool 963734 6% 01/06/2038 859,392 876,094 0.16

Fannie Mae Pool 984788 5.5% 01/06/2038 119,389 120,200 0.02

Fannie Mae Pool 984934 4% 01/04/2023 113,717 107,032 0.02

Fannie Mae Pool AA1582 4.5% 01/02/2039 316,103 307,269 0.06

Fannie Mae Pool AB5650 3% 01/07/2042 7,054,057 6,343,475 1.17

Fannie Mae Pool AC1765 4.5% 01/07/2039 2,027,777 1,968,815 0.36

Fannie Mae Pool AH2130 4.5% 01/02/2041 3,035,169 2,954,006 0.55

Fannie Mae Pool AI1045 3.5% 01/06/2026 4,073,512 3,866,145 0.71

Fannie Mae Pool AT7859 2.5% 01/06/2028 7,843,138 7,171,285 1.32

Gnma Pool 4.5% 15/04/2039 721,942 704,486 0.13

Gnma Pool 4.5% 15/12/2040 3,274,691 3,196,888 0.59

Gnma Pool 5% 15/08/2039 419,978 417,764 0.08

Gnma Pool 5% 15/11/2035 888,223 888,272 0.16



220



Value

Market Value*

% of net

assets

USD Mortgage and Asset Backed Securities (continued) Gnma Pool 5.5% 15/09/2038 826,738 838,523 0.15

Gnma Pool 6% 15/11/2038 1,061,373 1,095,117 0.20

Gnma Pool 6.5% 15/12/2038 899,468 984,490 0.18

34,882,933 6.41









221


Governments and Supranational 38.41 Banks 20.79 Mortgage and Asset Backed Securities 10.72 Financial Services 8.26 Industrial 6.30 Energy and Water Supply 1.95 Communications 1.19 Oil and Gas 1.13 Financial, Investment and Other Diversified Companies 0.84 Technology 0.76 Real Estate 0.58 Electrical Appliances and Components 0.53 Agriculture 0.43 Consumer, Non-cyclical 0.33 Pharmaceuticals and Biotechnology 0.33 Metals and Mining 0.32 Advertising 0.28 Building Materials and Products 0.27 Insurance 0.27 Media 0.26 Mechanical Engineering and Industrial Equipments 0.23 Automobiles 0.20 Pipelines 0.20 Chemicals 0.18 Food and Beverages 0.16 Semiconductor Equipment and Products 0.13 Hotels, Restaurants and Leisure 0.12 Venture Capital 0.06 Savings and Loans 0.04 Utilities 0.03 Consumer, Cyclical 0.02

95.32




222



Sub-Fund Currency Australia 7.20 1.19 6,461,965 Austria 0.87 0.14 780,673 Belgium 21.80 3.61 19,568,238 Canada 27.90 4.62 25,037,010 Cayman Islands 1.30 0.22 1,170,571 Denmark 0.57 0.09 508,473 Finland 1.37 0.23 1,225,134 France 31.56 5.23 28,329,560 Germany 10.52 1.74 9,442,832 Ireland 5.87 0.97 5,271,348 Italy 58.94 9.78 52,898,796 Japan 26.88 4.45 24,121,242 Korea, Republic of 0.83 0.14 741,630 Luxembourg 19.32 3.20 17,344,196 Mexico 7.25 1.20 6,508,885 Norway 0.08 0.01 73,238 Poland 2.23 0.37 2,005,300 Portugal 19.51 3.23 17,513,602 Spain 45.22 7.50 40,585,928 Sweden 1.71 0.28 1,532,371 Switzerland 0.68 0.11 610,206 The Netherlands 32.92 5.46 29,548,300 United Kingdom 33.32 5.53 29,908,003 United States of America 217.28 36.02 195,012,868 Others 28.22 4.68 25,327,948 603.35 100.00 541,528,317

AXA World Funds - Global Credit Bonds


223



Value

Market Value*

% of net

assets


CAD Bonds Bank of Montreal 6.02% 02/05/2018 60,000 54,244 0.05


Caisse Centrale Desjardins du Quebec 3.502% 05/10/2017 160,000 134,257 0.12

GE Capital Canada Funding Co 5.73% 22/10/2037 140,000 146,295 0.13


Greater Toronto Airports 6.98% 15/10/2032 60,000 68,743 0.06

Hydro One Inc 5.49% 16/07/2040 60,000 60,698 0.06

Hydro One Inc 6.93% 01/06/2032 50,000 56,671 0.05

Rogers Communications Inc 5.8% 26/05/2016 80,000 66,530 0.06

Royal Bank of Canada 4.93% 16/07/2025 40,000 38,019 0.03

Telus Corp 5.05% 04/12/2019 120,000 108,472 0.10

Wells Fargo Financial Canada Company 2.944% 25/07/2019 80,000 67,323 0.06

1,072,802 0.97


2I Rete Gas SpA 3% 16/07/2024 154,000 181,498 0.16

A2A SpA 1.75% 25/02/2025 100,000 104,579 0.09

ABN Amro Bank NV 6.375% 27/04/2021 100,000 135,857 0.12

Acea SpA 2.625% 15/07/2024 100,000 114,052 0.10

Acea SpA 3.75% 12/09/2018 100,000 121,532 0.11

Achmea BV FRN 04/04/2043 100,000 124,695 0.11

Adecco SA 1.5% 22/11/2022 160,000 175,632 0.16



Airbus Group Finance BV 2.125% 29/10/2029 100,000 113,070 0.10

Akzo Nobel 1.75% 07/11/2024 100,000 111,495 0.10

Alize Finco Plc 6.25% 01/12/2021 130,000 151,726 0.14


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Alliander NV FRN Perp. 100,000 116,223 0.11



Alstom 3% 08/07/2019 100,000 118,210 0.11

America Movil SAB de CV FRN 06/09/2073 100,000 127,840 0.12

Amgen Inc 4.375% 05/12/2018 150,000 187,738 0.17

Apple Computer Inc 1.625% 10/11/2026 112,000 122,753 0.11

Arcelormittal 2.875% 06/07/2020 100,000 109,540 0.10

Arcelormittal 3.125% 14/01/2022 143,000 154,205 0.14

Arkema SA 1% Perp. 100,000 113,925 0.10


AT&T Inc 2.45% 15/03/2035 100,000 96,412 0.09


Aviva Plc FRN Perp. 100,000 112,506 0.10

Babcock Intl Group Plc 1.75% 06/10/2022 161,000 179,281 0.16






Bank of Ireland 1.25% 09/04/2020 117,000 126,519 0.11

Bank of Ireland 3.25% 15/01/2019 200,000 234,994 0.21


Bankia SA 3.5% 17/01/2019 200,000 232,509 0.21


Banque Fédérative du Crédit Mutuel FRN Perp. 100,000 112,395 0.10

BAT International Finance Plc FRN 06/03/2018 102,000 114,316 0.10

Bayer AG FRN 01/07/2075 100,000 113,052 0.10


Belfius Bank NV 2.25% 26/09/2018 100,000 116,733 0.11



224



Value

Market Value*

% of net

assets

EUR Bonds (continued) BNP Paribas Fortis SA 4.375% 01/02/2017 118,000 139,943 0.13

BPCE SA 0.75% 22/01/2020 100,000 110,085 0.10

BPCE SA FRN 08/07/2026 100,000 111,698 0.10

BPE Financiaciones SA 2% 03/02/2020 200,000 217,530 0.20

BPE Financiaciones SA 2.5% 01/02/2017 100,000 113,515 0.10


Brisa Concessao Rodov SA 1.875% 30/04/2025 100,000 99,857 0.09


Carrefour SA 1.25% 03/06/2025 100,000 104,804 0.10

Carrefour SA 1.75% 15/07/2022 100,000 113,297 0.10



Citigroup Inc 2.375% 22/05/2024 100,000 114,674 0.10

Citigroup Inc 7.375% 04/09/2019 100,000 140,826 0.13



Commerzbank AG 6.375% 22/03/2019 100,000 125,295 0.11

Commonwealth Bank Australia FRN 22/04/2027 213,000 225,874 0.20

Corio NV 3.25% 26/02/2021 100,000 122,806 0.11

Coventry BS 2.25% 04/12/2017 200,000 232,002 0.21

Coventry BS 2.5% 18/11/2020 100,000 118,420 0.11

Crédit Agricole Assurances FRN Perp. 100,000 107,502 0.10





Crédit Logement FRN Perp. 150,000 139,219 0.13

Crédit Suisse 1.25% 14/04/2022 129,000 136,274 0.12

Crédit Suisse London 1.375% 31/01/2022 139,000 153,680 0.14


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Danfoss A/S 1.375% 23/02/2022 100,000 111,825 0.10

Danske Bank A/S 3.875% 28/02/2017 100,000 118,071 0.11

Delhaize Group 3.125% 27/02/2020 100,000 121,843 0.11



Deutsche Bank AG 1.125% 17/03/2025 200,000 200,705 0.18


EDP Finance 2% 22/04/2025 100,000 100,963 0.09

EDP Finance 4.125% 20/01/2021 161,000 195,616 0.18


Enagas Financiaciones SA 1% 25/03/2023 100,000 104,193 0.09


Enel SpA FRN 10/01/2074 100,000 121,855 0.11


FCE Bank Plc 1.134% 10/02/2022 100,000 106,733 0.10

FCE Bank Plc 1.75% 21/05/2018 100,000 114,096 0.10

FGA Capital Ireland 2.875% 26/01/2018 100,000 115,693 0.10




Gecina SA 1.5% 20/01/2025 100,000 103,767 0.09




Hammerson Plc 2% 01/07/2022 100,000 113,392 0.10

Hera SpA 2.375% 04/07/2024 100,000 113,370 0.10

Hera SpA 3.25% 04/10/2021 120,000 146,913 0.13


Iberdrola Intl BV 3% 31/01/2022 100,000 121,381 0.11



225



Value

Market Value*

% of net

assets

EUR Bonds (continued) Imerys SA 2.5% 26/11/2020 100,000 117,944 0.11


Imperial Tobacco Finance 5% 02/12/2019 100,000 129,446 0.12

Infra Foch Sas 1.25% 16/10/2020 100,000 111,179 0.10

ING Bank NV 0.7% 16/04/2020 100,000 109,784 0.10

ING Bank NV FRN 21/11/2023 100,000 117,843 0.11





Intesa Sanpaolo SpA FRN Perp. 100,000 118,384 0.11

Intl Personal Finance 5.75% 07/04/2021 120,000 135,004 0.12

Iss Global A/S 1.125% 09/01/2020 100,000 111,265 0.10

KBC Groep NV FRN 11/03/2027 100,000 105,455 0.10

KBC Groep NV FRN 25/11/2024 100,000 112,548 0.10


Klepierre 1% 17/04/2023 100,000 106,042 0.10

Klepierre 1.75% 06/11/2024 100,000 110,024 0.10

Lock 7% 15/08/2021 130,000 153,501 0.14


McDonalds Corp 1.125% 26/05/2022 500,000 549,075 0.50

Mediobanca SpA 0.875% 14/11/2017 150,000 165,711 0.15

Mediobanca SpA 2.25% 18/03/2019 104,000 118,459 0.11

Mediobanca SpA 4.625% 11/10/2016 100,000 116,675 0.11

Mercialys SA 1.787% 31/03/2023 100,000 110,113 0.10

Merck KgaA FRN 12/12/2074 100,000 110,286 0.10

Merck KgaA Sub FRN 12/12/2074 100,000 109,337 0.10





Value

MarketValue*

% of net

assets

EUR Bonds (continued) Mondelez International Inc 1% 07/03/2022 100,000 107,270 0.10

Morgan Stanley 1.75% 30/01/2025 100,000 106,950 0.10

Morgan Stanley 2.25% 12/03/2018 95,000 110,368 0.10

Morgan Stanley 3.75% 21/09/2017 199,000 237,694 0.22




Nordea Bank AB 1.125% 12/02/2025 100,000 105,200 0.10

Nykredit Realkredit AS FRN 03/06/2036 100,000 109,495 0.10



PGE Sweden AB 1.625% 09/06/2019 100,000 113,258 0.10



Prologis Ltd 1.375% 07/10/2020 100,000 110,177 0.10

RCI Banque SA 1.25% 08/06/2022 357,000 385,930 0.35


Ren Finance BV 4.75% 16/10/2020 100,000 126,732 0.11



Ryanair Ltd 1.125% 10/03/2023 133,000 139,571 0.13

Ryanair Ltd 1.875% 17/06/2021 100,000 113,453 0.10

Sampo Oyj 1.5% 16/09/2021 100,000 112,210 0.10



SKY Plc 1.875% 24/11/2023 145,000 160,035 0.15

Smurfit Kappa Acquisitions 2.75% 01/02/2025 100,000 104,874 0.10

Snam SpA 1.5% 24/04/2019 100,000 113,672 0.10



226



Value

Market Value*

% of net

assets

EUR Bonds (continued) Snam SpA 3.5% 13/02/2020 100,000 123,033 0.11


Solvay Finance FRN Perp. 100,000 114,963 0.10


Symrise AG 1.75% 10/07/2019 102,000 116,335 0.11

Talanx AG 2.5% 23/07/2026 100,000 116,307 0.11

Tdc A/S FRN Perp. 100,000 107,164 0.10



Telefonica Europe BV FRN Perp. 100,000 122,266 0.11

Teliasonera AB 1.625% 23/02/2035 100,000 94,882 0.09

Tesco Corp 1.375% 01/07/2019 200,000 215,543 0.20

Teva Pharmaceutical 1.25% 31/03/2023 212,000 223,505 0.20

Thyssenkrupp AG 1.75% 25/11/2020 76,000 82,309 0.07

Total SA FRN Perp. 113,000 117,437 0.11


Unicredit SpA 3.25% 14/01/2021 200,000 237,331 0.22

Unicredit SpA 4.875% 07/03/2017 100,000 118,485 0.11

Unicredit SpA FRN 28/10/2025 100,000 119,679 0.11







Vier Gas Transport GmbH 3.125% 10/07/2023 100,000 124,861 0.11


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Volvo Treasury AB 5% 31/05/2017 100,000 121,137 0.11


Wesfarmers Ltd 1.25% 07/10/2021 119,000 132,992 0.12

25,805,178 23.36

GBP Bonds AA Bond Co Ltd 6.269% 02/07/2043 240,000 453,994 0.41

ABP Finance Plc 6.25% 14/12/2026 135,000 264,229 0.24


Centrica Plc FRN 10/04/2075 230,000 352,323 0.32


Crédit Suisse 3% 27/05/2022 251,000 384,295 0.35

Direct Line Insurance Group 1% 27/04/2042 225,000 438,802 0.40


Firstgroup Plc 8.75% 08/04/2021 235,000 464,514 0.42

GDF Suez 1% 31/12/2049 100,000 162,705 0.15

GDF Suez 5% 01/10/2060 100,000 190,522 0.17

Iberdrola Finanzas SAU 6% 01/07/2022 100,000 185,793 0.17


Intu (Sgs) Finance Plc 4.625% 17/03/2033 270,000 460,903 0.42

Iron Mountain Europe Plc 6.125% 15/09/2022 100,000 162,233 0.15

Lloyds Bank Plc 7.5% 15/04/2024 100,000 208,351 0.19

Lloyds Bank Plc 9.625% 06/04/2023 165,000 350,112 0.32

Man Air Grp Fnd P 4.75% 31/03/2034 255,000 433,758 0.39


National Grid Electricity Transmission Plc 7.375% 13/01/2031 75,000 172,769 0.16


Ngg Finance Plc 1% 18/06/2073 200,000 336,102 0.30

Northern Gas Networks 4.875% 15/11/2035 110,000 195,986 0.18




227



Value

Market Value*

% of net

assets

GBP Bonds (continued) Scottish Widows Plc 7% 16/06/2043 100,000 185,053 0.17


Tdc A/S 5.625% 23/02/2023 130,000 231,157 0.21


Tesco Corp 6.125% 24/02/2022 100,000 170,448 0.15

William Hill Plc 4.25% 05/06/2020 100,000 156,481 0.14

8,568,520 7.79


Abbvie Inc 3.6% 14/05/2025 367,000 363,487 0.33

ABN Amro Bank NV 4.25% 02/02/2017 300,000 313,308 0.28

Actavis Funding Scs 4.75% 15/03/2045 700,000 665,021 0.60



AES Corp 8% 15/10/2017 100,000 112,500 0.10

Agrium Inc 4.125% 15/03/2035 750,000 672,808 0.61

Aircastle Ltd 6.75% 15/04/2017 250,000 266,875 0.24

Altria Group Inc 4% 31/01/2024 256,000 260,431 0.24

Altria Group Inc 9.25% 06/08/2019 285,000 358,068 0.32

American Express Co 7% 19/03/2018 675,000 766,000 0.69

American Intl Group Inc 4.5% 16/07/2044 364,000 347,622 0.32

Anadarko Petroleum Corp 6.45% 15/09/2036 575,000 665,505 0.60

Aon Plc 3.5% 14/06/2024 258,000 254,571 0.23

Apache Corp 4.75% 15/04/2043 560,000 520,163 0.47

Arcelormittal 1% 25/02/2017 300,000 312,375 0.28

Ashland Inc 3.875% 15/04/2018 285,000 293,906 0.27

AT&T Inc 4.5% 15/05/2035 690,000 636,326 0.58


Avnet Inc 4.875% 01/12/2022 475,000 495,309 0.45




Value

MarketValue*

% of net

assets

USD Bonds (continued) Bank of America Corp 5.625% 01/07/2020 850,000 959,053 0.87


Barrick Gold Corp 4.1% 01/05/2023 700,000 683,189 0.62

Baxalta Inc 3.6% 23/06/2022 330,000 329,764 0.30

BB&T Corp 2.45% 15/01/2020 536,000 537,538 0.49

Becton Dickinson & Co 4.685% 15/12/2044 286,000 277,832 0.25

Bemis Company Inc 6.8% 01/08/2019 350,000 407,082 0.37

Berkshire Hathaway Energy 6.125% 01/04/2036 425,000 502,236 0.46

Black Hills Corp 4.25% 30/11/2023 334,000 345,958 0.31



BPCE SA 5.7% 22/10/2023 650,000 687,125 0.62

Brandywine Oper Partners 4.95% 15/04/2018 350,000 372,647 0.34

Broadridge Financial Sol 3.95% 01/09/2020 322,000 335,692 0.30

Burlington Northern Santa Fe 4.45% 15/03/2043 250,000 243,444 0.22

Cadence Design Sys Inc 4.375% 15/10/2024 266,000 267,347 0.24

CBS Corp 5.9% 15/10/2040 350,000 366,583 0.33



Citigroup Inc 3.375% 01/03/2023 1,000,000 1,000,543 0.90

Citigroup Inc 4.45% 10/01/2017 650,000 679,343 0.62



Columbia Pipeline Group 4.5% 01/06/2025 333,000 328,234 0.30

Comerica Bank 5.75% 21/11/2016 517,000 551,289 0.50

Conocophillips 6.5% 01/02/2039 250,000 309,266 0.28

Constellation Brands Inc 4.75% 15/11/2024 260,000 261,300 0.24




228



Value

Market Value*

% of net

assets

USD Bonds (continued) D.R. Horton Inc 3.625% 15/02/2018 297,000 303,682 0.28

Daimler Finance North America Llc 2.25% 31/07/2019 375,000 373,886 0.34

Dow Chemical Co 8.55% 15/05/2019 350,000 427,092 0.39

Duke Realty Ltd 6.5% 15/01/2018 513,000 573,482 0.52


Ecolab Inc 5.5% 08/12/2041 160,000 175,432 0.16

Energy Transfer Partners 6.5% 01/02/2042 600,000 620,052 0.56

Enterprise Products Operating 5.2% 01/09/2020 300,000 334,288 0.30

Eog Resources Inc 2.45% 01/04/2020 275,000 277,091 0.25

Erac USA Fin Co 3.85% 15/11/2024 277,000 278,556 0.25

Exelon Corp 2.85% 15/06/2020 158,000 159,096 0.14

Exelon Corp 2.95% 15/01/2020 234,000 235,053 0.21



Fifth Third Bancorp 4.5% 01/06/2018 400,000 423,977 0.38

First American Financial 4.6% 15/11/2024 555,000 561,013 0.51

First Tennessee Bank 2.95% 01/12/2019 450,000 450,238 0.41

Ford Motor Credit Co Llc 4.25% 03/02/2017 600,000 623,865 0.57



General Electric Co 5.875% 14/01/2038 400,000 479,370 0.43


Gilead Sciences Inc 5.65% 01/12/2041 425,000 488,000 0.44


Goldman Sachs Group Inc 4% 03/03/2024 399,000 406,405 0.37

Harley Davidson Inc 6.8% 15/06/2018 375,000 428,239 0.39

Harman International 4.15% 15/05/2025 338,000 333,771 0.30


Value

MarketValue*

% of net

assets

USD Bonds (continued) HCA Holdings Inc 3.75% 15/03/2019 245,000 247,450 0.22

Heineken NV 1.4% 01/10/2017 260,000 260,484 0.24

Hospitality Properties Trust 4.5% 15/03/2025 400,000 394,219 0.36

Howard Hughes Corp 3.5% 01/09/2023 425,000 438,190 0.40

HSBC USA Inc 5% 27/09/2020 550,000 610,795 0.55


Hyundai Capital Services Inc 4.375% 27/07/2016 300,000 309,872 0.28

Indiana Michigan Power Co 7% 15/03/2019 250,000 291,216 0.26

ING Bank NV 2.5% 01/10/2019 525,000 528,594 0.48

International Paper Co 5% 15/09/2035 500,000 491,378 0.45


JP Morgan Chase Bank 4.625% 10/05/2021 600,000 649,493 0.59

Kaiser Foundation Hospital 3.5% 01/04/2022 100,000 101,338 0.09

Key Bank 1.65% 01/02/2018 500,000 500,550 0.45


Kroger Co 2.95% 01/11/2021 161,000 160,199 0.15

Laboratory Corporation of American Holdings 4% 01/11/2023 237,000 242,399 0.22

Laboratory Corporation of American Holdings 4.7% 01/02/2045 375,000 344,798 0.31

Lennar Corp 4.5% 15/11/2019 312,000 317,460 0.29

Lincoln National Corp 3.35% 09/03/2025 425,000 413,099 0.37

Macy's Inc 5.9% 01/12/2016 400,000 426,324 0.39

Manuf & Traders Trust Co 2.1% 06/02/2020 357,000 351,963 0.32

Marathon Petroleum Corp 3.625% 15/09/2024 385,000 378,728 0.34

Masco Corp 5.95% 15/03/2022 240,000 270,600 0.25

Maxim Integrated Product 2.5% 15/11/2018 665,000 670,750 0.61

Mid America Apartment Community 4.3% 15/10/2023 450,000 467,122 0.42

Morgan Stanley 2.5% 24/01/2019 304,000 306,975 0.28

Morgan Stanley 5.5% 26/01/2020 600,000 670,005 0.61



229



Value

Market Value*

% of net

assets

USD Bonds (continued) Mosaic Co 5.625% 15/11/2043 195,000 208,506 0.19

Motiva Enterprises Llc 5.75% 15/01/2020 250,000 275,156 0.25


Nationwide Financial Services Inc 5.375% 25/03/2021 325,000 357,542 0.32

Neuberger Berman Grp/Fin 4.875% 15/04/2045 219,000 199,313 0.18

News America Inc 6.15% 01/03/2037 600,000 695,969 0.63

Nisource Finance Corp 5.65% 01/02/2045 275,000 311,967 0.28

Noble Energy Inc 8.25% 01/03/2019 350,000 417,345 0.38

Norfolk Southern Corp 7.25% 15/02/2031 206,000 262,739 0.24

Nxp Bv/Nxp Funding Llc 4.125% 15/06/2020 255,000 257,550 0.23



Orange SA 9% 01/03/2031 400,000 570,886 0.52

Packaging Corp of Americ 4.5% 01/11/2023 144,000 148,757 0.13

Pentair Finance SA 1.875% 15/09/2017 132,000 132,681 0.12

Prudential Financial Inc 4.5% 15/11/2020 300,000 328,553 0.30



Reynolds American Inc 5.85% 15/08/2045 270,000 284,220 0.26

Rogers Communications Inc 5% 15/03/2044 361,000 358,340 0.32




Ryder System Inc 2.55% 01/06/2019 500,000 501,327 0.45

Scentre Group 2.375% 28/04/2021 480,000 467,834 0.42

Scripps Networks Interac 3.5% 15/06/2022 694,000 683,793 0.62

Seagate Hdd Cayman 4.75% 01/06/2023 530,000 541,305 0.49


Value

MarketValue*

% of net

assets

USD Bonds (continued) Select Income REIT 2.85% 01/02/2018 512,000 519,222 0.47

Sempra Energy 6% 15/10/2039 250,000 296,804 0.27

SES Global 3.6% 04/04/2023 116,000 118,001 0.11


SKY Plc 2.625% 16/09/2019 550,000 549,554 0.50

Steel Dynamics Inc 5.125% 01/10/2021 295,000 297,065 0.27

Sumitomo Mitsui Trust Bank 1.8% 28/03/2018 400,000 400,292 0.36

Suncor Energy Inc 5.95% 01/12/2034 300,000 342,057 0.31

SunTrust Banks Inc 1.35% 15/02/2017 700,000 701,128 0.64

SVB Financial Group 5.375% 15/09/2020 400,000 446,754 0.40


Teachers Insur & Annuity Subordinated 4.9% 15/09/2044 379,000 387,394 0.35

Teck Resources Ltd 3.75% 01/02/2023 665,000 572,943 0.52

Thomson Reuters Corp 1.65% 29/09/2017 263,000 263,058 0.24

Time Warner Inc 4.5% 15/09/2042 205,000 167,818 0.15

Time Warner Inc 6.1% 15/07/2040 550,000 620,641 0.56

Transcanada Pipelines Ltd 4.625% 01/03/2034 435,000 432,641 0.39

UDR Inc 4.25% 01/06/2018 400,000 424,938 0.39

Verisk Analytics Inc 4% 15/06/2025 277,000 271,818 0.25






Wea Finance Llc 4.75% 17/09/2044 500,000 492,324 0.45

Wellcare Health 5.75% 15/11/2020 262,000 273,462 0.25





230



Value

Market Value*

% of net

assets

USD Bonds (continued) Wells Fargo Bank 5.95% 26/08/2036 300,000 359,907 0.33

Western Union Co 2.875% 10/12/2017 153,000 156,472 0.14

Western Union Co 5.93% 01/10/2016 250,000 262,559 0.24

Williams Partners Ltd 3.35% 15/08/2022 185,000 175,346 0.16

WPP Fin SA 3.625% 07/09/2022 450,000 456,302 0.41

Zimmer Biomet Holdings 4.45% 15/08/2045 350,000 322,317 0.29

67,844,786 61.51

CAD Governments and Supranational Telus Corp 5.05% 23/07/2020 250,000 226,625 0.21

226,625 0.21

GBP Governments and Supranational UK Treasury Stock 2% 22/01/2016 95,000 150,662 0.14

150,662 0.14


103,668,573 93.98


CAD Bonds Canadian Imperial Bank of Commerce FRN 02/11/2020 250,000 201,416 0.18

Greater Toronto Airports 5.96% 20/11/2019 100,000 96,149 0.09

Royal Bank of Canada 2.98% 07/05/2019 150,000 126,668 0.11

424,233 0.38


Value

MarketValue*

% of net

assets

USD Bonds Goodman Funding PTY Ltd 6.375% 12/11/2020 550,000 631,416 0.57

JP Morgan Chase Bank 6% 05/07/2017 600,000 652,694 0.59

National City Bank 5.8% 07/06/2017 250,000 269,326 0.24

1,553,436 1.40









231


Banks 38.00 Financial Services 19.88 Industrial 13.06 Energy and Water Supply 4.68 Communications 3.04 Oil and Gas 2.60 Financial, Investment and Other Diversified Companies 1.74 Technology 1.33 Agriculture 1.19 Real Estate 1.18 Metals and Mining 0.89 Building Materials and Products 0.84 Consumer, Non-cyclical 0.82 Pharmaceuticals and Biotechnology 0.80 Advertising 0.70 Media 0.62 Food and Beverages 0.50 Traffic and Transportation 0.48 Diversified Services 0.40 Chemicals 0.39 Pipelines 0.39 Retail 0.39 Insurance 0.38 Governments and Supranational 0.35 Automobiles 0.31 Hotels, Restaurants and Leisure 0.27 Semiconductor Equipment and Products 0.23 Utilities 0.16 Electrical Appliances and Components 0.14

95.76




232



Sub-Fund Currency Australia 2.11 1.91 2,112,245 Austria 0.24 0.22 238,509 Belgium 0.76 0.69 760,727 Canada 4.51 4.09 4,514,088 Cayman Islands 0.54 0.49 541,305 Denmark 0.79 0.72 788,977 Finland 0.11 0.10 112,210 France 5.86 5.31 5,856,614 Germany 1.24 1.12 1,239,277 Guernsey Island 0.52 0.47 520,569 Ireland 1.80 1.64 1,803,939 Italy 3.92 3.55 3,915,933 Japan 0.69 0.63 689,650 Jersey 0.45 0.41 453,994 Korea, Republic of 0.31 0.28 309,872 Luxembourg 2.37 2.15 2,370,808 Mexico 0.25 0.22 245,120 Norway 0.15 0.14 153,501 Portugal 0.21 0.19 212,435 Spain 2.17 1.97 2,173,927 Sweden 0.43 0.39 434,477 The Netherlands 5.64 5.11 5,641,923 United Kingdom 11.56 10.48 11,560,981 United States of America 59.00 53.48 58,995,161 Others 4.67 4.24 4,673,110 110.30 100.00 110,319,352

AXA World Funds - Global SmartBeta Credit Bonds


233



Value

Market Value*

% of net

assets


EUR Bonds ABN Amro Bank NV 6.375% 27/04/2021 400,000 543,426 0.53

American Intl Group Inc 4.375% 26/04/2016 300,000 345,280 0.34

Amgen Inc 2.125% 13/09/2019 200,000 234,492 0.23

ASF 5.625% 04/07/2022 200,000 286,270 0.28

AT&T Inc 2.4% 15/03/2024 152,000 173,981 0.17



Avinor AS 1% 29/04/2025 100,000 105,499 0.10

Avinor AS 1.75% 20/03/2021 300,000 349,171 0.34




Cargill Inc 2.5% 15/02/2023 254,000 302,074 0.29

Citigroup Inc 5% 02/08/2019 380,000 493,133 0.48

EADS Finance BV 2.375% 02/04/2024 400,000 479,113 0.47


ENI SpA 4.875% 11/10/2017 460,000 563,314 0.55


Experian Finance Plc 4.75% 04/02/2020 200,000 261,152 0.25


Hammerson Plc 2.75% 26/09/2019 400,000 476,189 0.46

HSBC Holdings Plc 6.25% 19/03/2018 450,000 569,509 0.56

Klepierre 2.75% 17/09/2019 500,000 601,791 0.59

McDonalds Corp 2.375% 27/11/2024 400,000 469,514 0.46

Nordea Bank AB 4.5% 26/03/2020 410,000 523,676 0.51

Orange SA 8.125% 28/01/2033 300,000 552,707 0.54

Petrobras Global Finance 4.25% 02/10/2023 480,000 488,707 0.48




Value

MarketValue*

% of net

assets

EUR Bonds (continued) Pohjola Bank Plc 5.75% 28/02/2022 300,000 411,472 0.40

Prologis Ltd 1.375% 13/05/2021 116,000 126,180 0.12

Prologis Ltd 3% 18/01/2022 100,000 118,418 0.12

Prologis Ltd 3.375% 20/02/2024 200,000 241,490 0.24

Publicis Groupe SA 1.125% 16/12/2021 500,000 550,139 0.54


Sampo Oyj 4.25% 27/02/2017 250,000 296,207 0.29




Snam SpA 1.5% 21/04/2023 100,000 108,182 0.11

Snam SpA 3.875% 19/03/2018 450,000 543,958 0.53


Statoil ASA 2.875% 10/09/2025 290,000 361,152 0.35



Talanx AG 2.5% 23/07/2026 500,000 581,537 0.57

Teliasonera AB 3.625% 14/02/2024 310,000 406,386 0.40

Unicredit SpA 2.25% 16/12/2016 450,000 511,107 0.50


Urenco Finance NV 4% 05/05/2017 100,000 118,495 0.12

Volkswagen Leasing GmbH 2.375% 06/09/2022 200,000 239,728 0.23

Volkswagen Leasing GmbH 2.625% 15/01/2024 250,000 300,929 0.29

Wachovia Corp 4.375% 27/11/2018 350,000 435,338 0.42

Wesfarmers Ltd 2.75% 02/08/2022 440,000 535,265 0.52

Wolters Kluwer NV 6.375% 10/04/2018 400,000 516,857 0.50

20,580,409 20.08



234



Value

Market Value*

% of net

assets

GBP Bonds Anheuser Busch Inbev NV 9.75% 30/07/2024 200,000 471,167 0.46

Atlantia SpA 6.25% 09/06/2022 280,000 529,141 0.52

BAE Systems Plc 4.125% 08/06/2022 300,000 501,980 0.49




BSKYB Finance UK Plc 5.75% 20/10/2017 300,000 513,528 0.50

Bupa Finance Plc 7.5% 04/07/2016 400,000 666,840 0.64



DNB Bank ASA 4.25% 27/01/2020 280,000 478,678 0.47

GE Capital UK Funding 5.875% 04/11/2020 200,000 368,768 0.36


Lloyds Bank Plc 7.5% 15/04/2024 260,000 541,714 0.53


Northumbrian Water 6.875% 06/02/2023 200,000 395,388 0.39

Pearson Funding One 6% 15/12/2015 240,000 385,492 0.38

Phoenix Natural Gas Finance 5.5% 10/07/2017 140,000 236,159 0.23

Reed Elsevier Investment 5.625% 20/10/2016 300,000 497,370 0.49

Southern Gas Network Plc 5.125% 02/11/2018 280,000 485,479 0.47


Tesco Corp 6.125% 24/02/2022 320,000 545,434 0.53

UBS AG London 6.625% 11/04/2018 200,000 356,961 0.35

Wales & West Finance Plc 6.25% 30/11/2021 220,000 417,371 0.41


Westpac Banking Corp 5% 21/10/2019 130,000 229,443 0.22

11,499,508 11.21


Value

MarketValue*

% of net

assets


Adib Sukuk Co Ltd 3.745% 04/11/2015 440,000 444,521 0.43


Agrium Inc 3.15% 01/10/2022 300,000 291,336 0.28

Agrium Inc 6.75% 15/01/2019 200,000 229,370 0.22

Akbank T.A.S. 5.125% 22/07/2015 600,000 600,966 0.59

Alibaba Group Holding 3.125% 28/11/2021 500,000 494,672 0.48

Allied World Assurance 7.5% 01/08/2016 400,000 424,900 0.41

Allstate Corp 3.15% 15/06/2023 200,000 200,606 0.20

Allstate Corp 6.125% 15/12/2032 200,000 248,372 0.24

Altria Group Inc 4% 31/01/2024 300,000 305,193 0.30

Altria Group Inc 9.25% 06/08/2019 180,000 226,148 0.22


American Express Co 8.15% 19/03/2038 350,000 496,566 0.48

Ameriprise Financial Inc 5.3% 15/03/2020 410,000 463,707 0.45

AT&T Inc 5.35% 01/09/2040 400,000 395,154 0.39



Baidu Inc 3% 30/06/2020 200,000 199,450 0.19

Banco Bradesco (Cayman) 4.5% 12/01/2017 450,000 467,366 0.46

Banco De Credito Del Per Notes 2.75% 09/01/2018 481,000 485,957 0.47

Bancolombia SA 5.95% Perp. 500,000 547,865 0.53

Bank of China Hong Kong 5.55% 11/02/2020 500,000 548,078 0.53


Banque Fédérative du Crédit Mutuel 2.75% 22/01/2019 400,000 408,116 0.40


BAT International Finance Plc 3.25% 07/06/2022 350,000 347,520 0.34

Bayer Us Finance Llc 3.375% 08/10/2024 500,000 497,956 0.49

BB&T Corp 3.95% 22/03/2022 400,000 417,747 0.41

Berkley Corporation 7.375% 15/09/2019 200,000 237,342 0.23



235



Value

Market Value*

% of net

assets

USD Bonds (continued) Berkshire Hathaway Energy 6.125% 01/04/2036 395,000 466,784 0.46


BNP Paribas SA 5% 15/01/2021 500,000 555,408 0.54

Boeing Co 6.875% 15/03/2039 450,000 623,732 0.61




BPCE SA 2.5% 10/12/2018 250,000 254,494 0.25

BPCE SA 5.7% 22/10/2023 200,000 211,423 0.21

Bristol Myers Squibb Co 6.8% 15/11/2026 180,000 235,734 0.23

Camden Property Trust 2.95% 15/12/2022 200,000 190,864 0.19

Camden Property Trust 3.5% 15/09/2024 200,000 195,276 0.19

Capital One Financial Co 4.75% 15/07/2021 510,000 557,796 0.54

Cardinal Health Inc 3.75% 15/09/2025 500,000 498,486 0.49

CEZ AS 4.25% 03/04/2022 430,000 450,330 0.44

CFE 4.875% 26/05/2021 620,000 654,406 0.63

Cisco Systems Inc 5.9% 15/02/2039 400,000 478,711 0.47


CNOOC Finance 2012 Ltd 3.875% 02/05/2022 200,000 203,314 0.20

Comcast Corp 6.95% 15/08/2037 300,000 390,772 0.38


Crédit Suisse New York 5.3% 13/08/2019 500,000 557,150 0.54

CVS Caremark Corp 6.25% 01/06/2027 400,000 484,280 0.47

Danske Bank A/S 3.875% 14/04/2016 480,000 490,807 0.48


Dolphin Energy Ltd 5.5% 15/12/2021 400,000 454,568 0.44

Dow Chemical Co 8.55% 15/05/2019 400,000 488,106 0.48




Value

MarketValue*

% of net

assets

USD Bonds (continued) Electricite de France SA Sr Uns 4.875% 22/01/2044 150,000 157,310 0.15

Electricite de France SA Sr Uns 4.875% 22/01/2044 100,000 104,697 0.10

Endurance Specialty Holding 7% 15/07/2034 400,000 468,862 0.46


Ensco Plc 4.7% 15/03/2021 200,000 204,109 0.20

Enterprise Products Oper 3.75% 15/02/2025 500,000 491,015 0.48

ERP Operating Ltd 4.625% 15/12/2021 420,000 458,789 0.45




Fifth Third Bancorp 3.5% 15/03/2022 500,000 509,293 0.50



Gazprom SA 8.146% 11/04/2018 350,000 375,079 0.37



Glencore Funding Llc 1.7% 27/05/2016 600,000 600,808 0.59


Grupo Bimbo 4.5% 25/01/2022 500,000 524,400 0.51

Hana Bank 4.25% 14/06/2017 630,000 660,207 0.63

Hartford Financial Services Group 6% 15/01/2019 450,000 503,239 0.49

HCP Inc 5.375% 01/02/2021 500,000 552,260 0.54

Health Care REIT Inc 4% 01/06/2025 500,000 494,482 0.48

Home Depot Inc 5.875% 16/12/2036 500,000 602,986 0.59

Huntington National Bank 7% 15/12/2020 500,000 596,252 0.58


Iberdrola Fin Ireland 5% 11/09/2019 200,000 219,413 0.21

ING Bank NV 3.75% 07/03/2017 230,000 239,062 0.23



236



Value

Market Value*

% of net

assets

USD Bonds (continued) ING Bank NV 5.8% 25/09/2023 200,000 219,462 0.21



Johnson & Johnson 5.95% 15/08/2037 500,000 632,894 0.62


Keycorp 5.1% 24/03/2021 500,000 555,432 0.54

Kimberly Clark Corp 6.625% 01/08/2037 470,000 617,425 0.60

Kinder Morgan Energy Partners Ltd 3.45% 15/02/2023 400,000 377,454 0.37

Kookmin Bank 3.625% 14/01/2017 430,000 443,842 0.43

Korea Gas Corp 2.25% 25/07/2017 240,000 243,010 0.24

Korea Hydro and Nuclear Po 3% 19/09/2022 450,000 447,592 0.44

KT Corp 1.75% 22/04/2017 200,000 200,204 0.20

KT Corp 3.875% 20/01/2017 430,000 444,424 0.43


Li & Fung Ltd 5.5% 16/05/2017 220,000 233,935 0.23

Lincoln National Corp 4.85% 24/06/2021 500,000 548,869 0.54

Manulife Financial Corp 4.9% 17/09/2020 220,000 244,039 0.24

McKesson Corp 2.7% 15/12/2022 400,000 384,364 0.37

Medtronic Inc 3.5% 15/03/2025 500,000 498,904 0.49

Microsoft Corp 5.2% 01/06/2039 500,000 561,280 0.55

Montpelier Holdings 4.7% 15/10/2022 240,000 242,690 0.24



Noble Energy Inc 8.25% 01/03/2019 100,000 119,241 0.12

Novartis Capital Corp 4.4% 06/05/2044 500,000 517,590 0.50


Ooredoo International Finance Company 4.75% 16/02/2021 400,000 434,058 0.42


Value

MarketValue*

% of net

assets

USD Bonds (continued) Partnerre Finance Llc 5.5% 01/06/2020 450,000 502,654 0.49

Pearson Dol Fin Two Plc 6.25% 06/05/2018 200,000 221,130 0.22


PKO Finance AB 4.63% 26/09/2022 400,000 415,812 0.41

Plains All Amer Pipeline 3.6% 01/11/2024 500,000 482,582 0.47

PNC Funding Corp 3.3% Perp. 500,000 508,969 0.50

Procter & Gamble Co 5.8% 15/08/2034 500,000 620,300 0.61

PSA International 3.875% 11/02/2021 230,000 245,244 0.24

PTTEP Australia International Finance 4.152% 19/07/2015 360,000 360,409 0.35

Quest Diagnostics Inc 4.7% 01/04/2021 500,000 541,422 0.53

Reliance Holdings USA 4.5% 19/10/2020 250,000 264,898 0.26

Rio Tinto Fin USA Ltd 4.125% 20/05/2021 300,000 318,009 0.31

Rio Tinto Fin USA Plc 3.5% 22/03/2022 200,000 201,689 0.20

Roche Holding Inc 7% 01/03/2039 400,000 559,432 0.55


Ryder System Inc 2.5% 11/05/2020 500,000 496,205 0.48

RZD Capital Plc 5.739% 03/04/2017 200,000 203,431 0.20

Sabmiller Holdings Inc 3.75% 15/01/2022 480,000 496,392 0.48

Scentre Group 3.5% 12/02/2025 600,000 588,192 0.57

Schlumberger Ltd 3.65% 01/12/2023 300,000 309,590 0.30


SES Global 3.6% 04/04/2023 400,000 406,898 0.40


Shinhan Bank 4.375% 27/07/2017 620,000 653,138 0.63



Southwestern Public 8.75% 01/12/2018 190,000 232,725 0.23

Stanley Black & Decker 2.9% 01/11/2022 440,000 433,514 0.42



237



Value

Market Value*

% of net

assets

USD Bonds (continued) SunTrust Banks Inc 2.5% 01/05/2019 200,000 201,304 0.20



Swire Pacific 5.5% 19/08/2019 450,000 501,026 0.49

Sydney Airport Finance 3.375% 30/04/2025 203,000 196,084 0.19

Tanger Properties L.P. 6.125% Perp. 442,000 505,279 0.49

Taqa Abu Dhabi National Energy 4.125% 13/03/2017 400,000 415,810 0.41

Target Corp 6.5% 15/10/2037 500,000 641,087 0.63

Teck Resources Ltd 3% 01/03/2019 540,000 520,880 0.51

Telecom Italia Capital 5.25% 01/10/2015 200,000 201,920 0.20

Telstra Corp Ltd 4.8% 12/10/2021 405,000 452,713 0.44

Total Capital Intl SA 3.75% 10/04/2024 500,000 517,938 0.51

Travelers Cos Inc 6.25% 15/06/2037 500,000 628,620 0.61

Trust 5.25% 15/12/2024 500,000 520,160 0.51


UBS AG Stamford 2.35% 26/03/2020 250,000 248,085 0.24

UDR Inc 4.625% 10/01/2022 480,000 513,390 0.50

United Parcel Service 6.2% 15/01/2038 200,000 249,662 0.24

United Technologies Corp 7.5% 15/09/2029 360,000 503,270 0.49





Viacom Inc 2.2% 01/04/2019 150,000 148,577 0.14

Viacom Inc 6.125% 05/10/2017 200,000 218,311 0.21

Vodafone Group Plc 7.875% 15/02/2030 420,000 522,505 0.51

Walgreen Co 3.1% 15/09/2022 500,000 486,388 0.47

WalMart Stores Inc 6.5% 15/08/2037 450,000 579,424 0.57


Value

MarketValue*

% of net

assets

USD Bonds (continued) Westpac Banking Corp 4.875% 19/11/2019 300,000 332,488 0.32

WPP Fin SA 4.75% 21/11/2021 500,000 549,070 0.54

Xcel Energy Inc 4.7% 15/05/2020 210,000 229,273 0.22

67,913,900 66.26


99,993,817 97.55


USD Bonds Siemens Financieringsmaatschap 6.125% 17/08/2026 500,000 612,605 0.60

612,605 0.60









238


Banks 31.47 Financial Services 23.70 Industrial 16.71 Communications 4.06 Energy and Water Supply 3.45 Real Estate 2.54 Oil and Gas 2.52 Consumer, Non-cyclical 1.96 Electrical Appliances and Components 1.71 Holding Companies 1.13 Utilities 1.12 Healthcare 1.04 Agriculture 0.92 Food and Beverages 0.87 Metals and Mining 0.83 Building Materials and Products 0.71 Advertising 0.54 Chemicals 0.48 Traffic and Transportation 0.48 Retail 0.46 Savings and Loans 0.46 Insurance 0.34 Consumer, Cyclical 0.23 Pharmaceuticals and Biotechnology 0.23 Internet, Software and IT Services 0.19

98.15




239



Sub-Fund Currency Australia 4.15 4.05 4,146,705 Belgium 0.47 0.46 471,167 Bermuda 1.57 1.53 1,570,510 Brazil 0.53 0.52 529,858 Canada 1.29 1.25 1,285,625 Cayman Islands 1.12 1.09 1,118,576 China 0.69 0.68 694,122 Colombia 0.55 0.53 547,865 Czech Republic 0.45 0.44 450,330 Denmark 0.88 0.86 880,442 Finland 0.71 0.69 707,679 France 6.61 6.44 6,605,609 Germany 1.12 1.09 1,122,194 Hong Kong 1.28 1.25 1,283,039 Ireland 1.34 1.31 1,339,648 Italy 2.72 2.65 2,720,678 Japan 0.50 0.49 498,050 Korea, Republic of 3.09 3.02 3,092,417 Luxembourg 1.53 1.49 1,526,579 Mexico 2.66 2.59 2,655,197 Norway 1.29 1.26 1,294,500 Peru 0.49 0.47 485,957 Singapore 0.25 0.24 245,244 Spain 1.82 1.78 1,822,572 Sweden 1.35 1.31 1,345,874 The Netherlands 5.47 5.34 5,473,378 Turkey 0.60 0.59 600,966 United Arab Emirates 1.31 1.28 1,314,899 United Kingdom 12.27 11.97 12,266,329 United States of America 42.31 41.28 42,307,099 Virgin Islands, British 0.20 0.20 203,314 Others 1.90 1.85 1,896,593 102.52 100.00 102,503,015

AXA World Funds - Global Emerging Markets Bonds


240



Value

Market Value*

% of net

assets


BRL Bonds Anheuser Busch InBev Worlwide 9.75% 17/11/2015 1,000,000 315,916 0.44

315,916 0.44

USD Bonds CFE 4.875% 26/05/2021 2,000,000 2,110,989 2.94

CNOOC Curtis Funding No. 4.5% 03/10/2023 1,250,000 1,316,788 1.83

Codelco Inc 5.625% 18/10/2043 750,000 806,265 1.12

Ecopetrol SA 4.125% 16/01/2025 1,500,000 1,377,218 1.92

Gazprom SA 9.25% 23/04/2019 750,000 834,214 1.16

Indian Railway Finance 3.917% 26/02/2019 500,000 515,450 0.72

Instit Costa De Electric 6.95% 10/11/2021 1,000,000 1,056,090 1.47

Inversiones CMPC SA 4.75% 15/09/2024 1,060,000 1,083,394 1.51

Kazmunaygas National Co 4.4% 30/04/2023 1,500,000 1,371,240 1.91


Kazmunaygas National Co 9.125% 02/07/2018 500,000 566,455 0.79

Lenovo Group Ltd 4.7% 08/05/2019 355,000 371,337 0.52

Office Cherifien 5.625% 25/04/2024 897,000 940,540 1.31


Power Sector Assets And Li 7.25% 27/05/2019 58,000 68,220 0.09

Sinopec Grp Oversea 2013 5.375% 17/10/2043 750,000 837,619 1.17

Srilankan Airlines Ltd 5.3% 27/06/2019 375,000 369,135 0.51

TransCapitalIinvest 8.7% 07/08/2018 750,000 824,156 1.15

TransNet Soc Ltd 4% 26/07/2022 625,000 602,291 0.84

16,562,999 23.06

USD Governments and Supranational Angola (Northern Republic of) 7% 16/08/2019 500,000 501,965 0.70

Arab Republic Of Egypt 5.875% 11/06/2025 1,000,000 977,445 1.36

Argentina (Republic of ) 1% 31/12/2038 1,000,000 556,250 0.77


Value

MarketValue*

% of net

assets

USD Governments and Supranational (continued) Argentina (Republic of ) 8.28% 31/12/2033 701,019 679,988 0.95

Argentina (Republic of ) 8.75% 02/06/2017 500,000 475,310 0.66

Banque Cent De Tunisie 5.75% 30/01/2025 1,250,000 1,223,650 1.70

Brazil (Federal Republic of) 4.25% 07/01/2025 2,000,000 1,928,800 2.68


Colombia (Republic of) 5.625% 26/02/2044 1,500,000 1,527,038 2.13

Croatia (Republic of) 6% 26/01/2024 1,000,000 1,059,260 1.47

Croatia (Republic of) 6.375% 24/03/2021 1,000,000 1,082,825 1.51

Dominican Republic 5.875% 18/04/2024 1,000,000 1,038,575 1.45

Dominican Republic 7.45% 30/04/2044 500,000 546,980 0.76

Ecuador (Republic of) 10.5% 24/03/2020 773,000 780,954 1.09

Ethiopia (Federal Republic of) 6.625% 11/12/2024 500,000 496,845 0.69

Gabon (Republic of) 6.95% 16/06/2025 750,000 745,875 1.04

Honduras Government 7.5% 15/03/2024 500,000 544,028 0.76

Hungary (Republic of) 6.375% 29/03/2021 1,000,000 1,138,450 1.58

Hungary Government 5.375% 25/03/2024 1,000,000 1,085,105 1.51

Indonesia (Republic of) 5.875% 15/01/2024 1,750,000 1,938,868 2.70

Iraq (Republic of) 5.8% 15/01/2028 750,000 608,554 0.85

Ivory Coast 1% 31/12/2032 1,000,000 945,475 1.32

Ivory Coast 6.375% 03/03/2028 1,500,000 1,473,518 2.05

Jamaica (Republic of) 8% 24/06/2019 1,000,000 1,126,155 1.57

Kenya (Republic of) 6.875% 24/06/2024 500,000 508,402 0.71

Lebanese Republic 6% 27/01/2023 1,500,000 1,518,818 2.11

Lebanese Republic 9% 20/03/2017 1,000,000 1,080,910 1.50

Magyar Export Import Ban Govt 4% 30/01/2020 1,500,000 1,512,180 2.10

Mongolia Intl Bond 4.125% 05/01/2018 400,000 386,314 0.54

Mongolia Intl Bond 5.125% 05/12/2022 400,000 363,922 0.51

Panama (Republic of) 5.2% 30/01/2020 1,000,000 1,103,225 1.54



241



Value

Market Value*

% of net

assets

USD Governments and Supranational (continued) Panama (Republic of) 6.7% 26/01/2036 750,000 932,438 1.30

Peru (Republic of) 6.55% 14/03/2037 500,000 624,138 0.87

Peru (Republic of) 8.75% 21/11/2033 500,000 757,625 1.05

Philippines (Republic of) 4.2% 21/01/2024 1,500,000 1,636,965 2.28

Philippines (Republic of) 6.375% 23/10/2034 500,000 664,608 0.93

Poland (Republic of) 3% 17/03/2023 1,000,000 983,350 1.37

Poland (Republic of) 5% 23/03/2022 750,000 833,036 1.16

Republic Of Georgia 6.875% 12/04/2021 400,000 434,218 0.60

Republica Orient Uruguay 7.625% 21/03/2036 800,000 1,071,600 1.49


Russian Federation 1% 31/03/2030 468,750 549,656 0.77

Russian Federation 4.5% 04/04/2022 800,000 785,136 1.09

Senegal (Republic of) 6.25% 30/07/2024 500,000 482,630 0.67

Senegal (Republic of) 8.75% 13/05/2021 500,000 557,945 0.78

Serbia (Republic of) 7.25% 28/09/2021 1,000,000 1,123,820 1.56

South Africa (Republic of) 4.665% 17/01/2024 750,000 770,002 1.07

South Africa (Republic of) 5.875% 16/09/2025 2,000,000 2,223,009 3.09

Sri Lanka (Republic of) 6.125% 03/06/2025 1,600,000 1,578,624 2.20

Turkey (Republic of) 5.75% 22/03/2024 2,250,000 2,443,128 3.39

Turkey (Republic of) 6% 14/01/2041 750,000 792,180 1.10

Ukraine (Republic of) 7.5% 17/04/2023 1,100,000 577,990 0.80

United Mexican States 3.6% 30/01/2025 500,000 493,750 0.69

United Mexican States 4.75% 08/03/2044 500,000 478,762 0.67

Venezuela (Republic of) 7.75% 13/10/2019 1,000,000 402,500 0.56

Venezuela (Republic of) 9.25% 15/09/2027 1,000,000 431,900 0.60

53,217,419 74.07


70,096,334 97.57


Value

MarketValue*

% of net

assets


USD Governments and Supranational Ep Petroecuador (Noble) Govt 1% 24/09/2019 947,368 846,810 1.18

846,810 1.18









242


Governments and Supranational 73.55 Oil and Gas 6.63 Energy and Water Supply 6.11 Financial Services 3.04 Building Materials and Products 2.63 Banks 1.70 Electrical Appliances and Components 1.47 Traffic and Transportation 1.35 Chemicals 1.31 Technology 0.52 Industrial 0.44

98.75




243



Sub-Fund Currency Argentina 1.71 2.38 1,711,548 Australia 1.32 1.83 1,316,788 Brazil 3.50 4.87 3,499,825 Chile 1.89 2.63 1,889,659 China 0.37 0.52 371,337 Colombia 2.90 4.04 2,904,256 Costa Rica 1.06 1.47 1,056,090 Croatia 2.14 2.98 2,142,085 Dominican Republic 1.59 2.21 1,585,555 Ecuador 1.63 2.27 1,627,764 Egypt 0.98 1.36 977,445 Ethiopia 0.50 0.69 496,845 Gabon 0.75 1.04 745,875 Georgia 0.43 0.60 434,218 Honduras 0.54 0.76 544,028 Hungary 3.74 5.21 3,735,735 India 0.52 0.72 515,450 Indonesia 1.94 2.70 1,938,868 Iraq 0.61 0.85 608,554 Ireland 0.82 1.15 824,156 Ivory Coast 2.42 3.37 2,418,993 Jamaica 1.13 1.57 1,126,155 Kazakhstan 2.99 4.16 2,987,733 Kenya 0.51 0.71 508,402 Lebanon 2.60 3.62 2,599,728 Luxembourg 0.83 1.16 834,214 Mexico 3.55 4.93 3,545,061 Mongolia 0.75 1.04 750,236 Morocco 0.94 1.31 940,540 Panama 2.04 2.83 2,035,663 Peru 1.38 1.92 1,381,763 Philippines 2.37 3.30 2,369,793 Poland 1.82 2.53 1,816,386 Romania 1.06 1.48 1,061,700 Russia 1.33 1.86 1,334,792 Senegal 1.04 1.45 1,040,575 Serbia 1.12 1.56 1,123,820 South Africa 3.60 5.00 3,595,302 Sri Lanka 1.95 2.71 1,947,759 The Netherlands 0.50 0.70 501,965 Tunisia 1.22 1.70 1,223,650 Turkey 3.24 4.50 3,235,308 Ukraine 0.58 0.80 577,990 United States of America 0.32 0.44 315,916 Uruguay 1.07 1.49 1,071,600 Venezuela, Bolivarian Republic of 0.83 1.16 834,400 Virgin Islands, British 0.84 1.17 837,619 Others 0.90 1.25 897,033 71.87 100.00 71,840,177

AXA World Funds - Global High Yield Bonds


244



Value

Market Value*

% of net

assets


CHF Bonds Nord Anglia Education Fi 5.75% 15/07/2022 1,971,000 2,172,308 0.14

2,172,308 0.14

EUR Bonds Abengoa Finance Sau 8.875% 05/02/2018 1,700,000 1,998,318 0.13

ABN Amro Bank NV 1% 29/03/2049 1,190,000 1,341,676 0.08

Agrokor DD 9.125% 01/02/2020 2,110,000 2,574,538 0.16

Albea Beauty Holdings SA 8.75% 01/11/2019 2,150,000 2,574,596 0.16

Aldesa Financial Services 7.25% 01/04/2021 1,850,000 1,884,001 0.12

Alize Finco Plc 6.25% 01/12/2021 1,683,000 1,964,270 0.12


Altice SA 7.25% 15/05/2022 1,900,000 2,143,442 0.14

Ardagh Packaging Finance 9.25% 15/10/2020 1,100,000 1,305,285 0.08

Areva SA 3.5% 22/03/2021 550,000 607,448 0.04

Auris Luxembourg Ii 8% 15/01/2023 1,448,000 1,743,624 0.11


Bank of Ireland 1% 11/06/2024 567,000 633,386 0.04

Befesa ZC 8.875% 15/05/2018 900,000 1,052,994 0.07

Bite Finance International FRN 15/02/2018 1,217,000 1,335,953 0.08

Boats Invest Netherlands 11% 31/03/2017 623,905 229,401 0.01

Boparan Finance Plc 4.375% 15/07/2021 1,653,000 1,693,510 0.11

Bormioli Rocco Holdings SA 10% 01/08/2018 1,760,000 1,990,407 0.13

BPCE SA 1% 29/09/2049 1,038,000 1,587,350 0.10

Bulgarian Telecom 6.625% 15/11/2018 1,322,000 1,491,237 0.09

Cable Comm Syst NV 7.5% 01/11/2020 2,021,000 2,365,649 0.15

Campofrio Food Group SA 3.375% 15/03/2022 1,712,000 1,890,087 0.12

Carlson Wagonlit BV 7.5% 15/06/2019 1,434,000 1,693,628 0.11

Cemex Sab De Cv 4.375% 05/03/2023 2,193,000 2,359,447 0.15


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Cerba European Lab Sas 7% 01/02/2020 1,750,000 2,051,574 0.13

Cerved Group SpA 6.375% 15/01/2020 300,000 350,137 0.02

Cerved Group SpA 8% 15/01/2021 1,400,000 1,680,771 0.11

Cirsa Funding Luxembourg 8.75% 15/05/2018 1,965,712 2,243,308 0.14


Crown European Holdings 3.375% 15/05/2025 2,083,000 2,152,615 0.14

Crown European Holdings 4% 15/07/2022 1,019,000 1,160,916 0.07

Darling Global Finance 4.75% 30/05/2022 1,853,000 2,028,482 0.13

Eco Bat Finance Plc 7.75% 15/02/2017 800,000 875,315 0.06

Eileme 2 AB 11.75% 31/01/2020 1,130,000 1,399,014 0.09

Eircom Finance Ltd 9.25% 15/05/2020 1,950,000 2,366,602 0.15

Elior Finance and Co 6.5% 01/05/2020 765,050 918,481 0.06

ELM BV Limited 1% 29/04/2049 500,000 588,214 0.04

Empark Funding SA 6.75% 15/12/2019 1,218,000 1,479,221 0.09

Enel SpA 1% 15/01/2075 1,400,000 1,636,002 0.10

Europcar Groupe SA 9.375% 15/04/2018 2,910,000 3,399,331 0.22

Faurecia 3.125% 15/06/2022 1,952,000 2,088,248 0.13

Fiat Chrysler Finance EU 4.75% 22/03/2021 1,000,000 1,173,843 0.07

Fiat Finance & Trade SA 7.375% 09/07/2018 2,401,000 3,008,978 0.19

Galapagos Holding SA 5.375% 15/06/2021 676,000 759,240 0.05

Galapagos Holding SA 7% 15/06/2022 1,400,000 1,481,886 0.09

Gamenet SpA 7.25% 01/08/2018 809,000 833,784 0.05

Gazprom SA 3.7% 25/07/2018 2,100,000 2,293,386 0.15

GCL Poly Energy Holdings 9.375% 15/04/2018 1,425,000 1,663,121 0.11

GCS Holdco Finance I SA 6.5% 15/11/2018 1,397,000 1,614,907 0.10

Geo Debt Finance 7.5% 01/08/2018 862,000 905,215 0.06

Geo Travel Finance 10.375% 01/05/2019 589,714 599,922 0.04




245



Value

Market Value*

% of net

assets

EUR Bonds (continued) Grupo Antolin Dutch 5.125% 30/06/2022 1,050,000 1,194,449 0.08

Huntsman International L 5.125% 15/04/2021 935,000 1,078,229 0.07



Infor US Inc 5.75% 15/05/2022 2,050,000 2,318,371 0.15

International Game Tech 4.75% 15/02/2023 2,100,000 2,260,898 0.14

Interxion Holding NV 6% 15/07/2020 1,786,000 2,119,428 0.13


Intl Personal Finance 5.75% 07/04/2021 2,215,000 2,491,954 0.16


Kerling Plc 10.625% 01/02/2017 1,630,000 1,863,729 0.12

Kerneos Tech Group SA 5.75% 01/03/2021 1,650,000 1,888,803 0.12

Kion Finance SA 6.75% 15/02/2020 1,011,000 1,193,199 0.08

Kloeckner Pentaplast Of 7.125% 01/11/2020 794,000 886,886 0.06

Kraussmaffei Group GmbH 8.75% 15/12/2020 1,584,000 1,897,260 0.12

La Finac Atalian SA 7.25% 15/01/2020 1,422,000 1,703,285 0.11

Labeyrie Fine Foods 5.625% 15/03/2021 1,967,000 2,286,967 0.14

LGE Holdco VI BV 7.125% 15/05/2024 1,340,000 1,665,361 0.11

Lock 7% 15/08/2021 1,100,000 1,298,851 0.08

Lock 9.5% 15/08/2022 1,350,000 1,626,474 0.10

Loxam SAS 4.875% 23/07/2021 730,000 832,683 0.05

Loxam SAS 7.375% 24/01/2020 950,000 1,117,201 0.07

Manutencoop Facility 8.5% 01/08/2020 1,000,000 1,058,501 0.07

Matterhorn Telecom SA 3.875% 01/05/2022 579,000 613,801 0.04

Matthorn Tel Hld 4.875% 01/05/2023 1,295,000 1,377,310 0.09

Merlin Entertainments Pl 2.75% 15/03/2022 1,257,000 1,337,945 0.08

Monitchem Holdco SA 5.25% 15/06/2021 226,000 254,340 0.02

Montichem Holdco SA 6.875% 15/06/2022 500,000 535,791 0.03


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Mpt Oper Partnersp Finl 5.75% 01/10/2020 282,000 337,770 0.02

NH Hotel Group SA 6.875% 15/11/2019 484,000 591,852 0.04

NN Group NV 1% 08/04/2044 280,000 322,426 0.02

Novafives SAS 4.5% 30/06/2021 1,531,000 1,634,792 0.10

Oberthur Tech 9.25% 30/04/2020 2,050,000 2,492,535 0.16

Ontex Group NV 4.75% 15/11/2021 324,000 380,285 0.02

Ote Plc 3.5% 09/07/2020 1,012,000 876,190 0.06

Ovako AB 6.5% 01/06/2019 485,000 530,465 0.03

Paprec Holding 5.25% 01/04/2022 1,362,000 1,563,066 0.10

Pfleiderer GmbH 7.875% 01/08/2019 300,000 346,377 0.02

Polish Telev Holding BV 11% 15/01/2021 550,000 729,244 0.05

Progroup AG 5.125% 01/05/2022 1,675,000 1,908,276 0.12

PSPC Escrow Corp 6% 01/02/2023 1,528,000 1,729,865 0.11

Rapid Holding Gmbh 6.625% 15/11/2020 1,880,000 2,041,333 0.13

Rexam Plc 1% 29/06/2067 1,720,000 1,945,170 0.12

Royal Bank of Scotland Plc 1% 22/09/2021 1,060,000 1,211,129 0.08

Santos Fin Ltd Emtn 1% 22/09/2070 848,000 1,024,553 0.06

Sappi Papier Holdng GmbH 3.375% 01/04/2022 1,800,000 1,913,374 0.12

Schaeffler Holding Finance BV Reg 6.875% 15/08/2018 1,610,000 1,864,092 0.12

SGD Group 5.625% 15/05/2019 2,200,000 2,497,201 0.16

Sig Combibloc Holdings 7.75% 15/02/2023 1,300,000 1,511,033 0.10

SMCP SAS 8.875% 15/06/2020 2,050,000 2,451,855 0.16

Smurfit Kappa Acquisitions 3.25% 01/06/2021 1,663,000 1,897,106 0.12

Snai SpA 12% 15/12/2018 700,000 819,912 0.05

Snai SpA 7.625% 15/06/2018 880,000 1,012,362 0.06


SPCM SA 2.875% 15/06/2023 2,127,000 2,233,634 0.14


Teamsystem Holding SpA 7.375% 15/05/2020 1,288,000 1,529,447 0.10

Techem Energy Met Serv 7.875% 01/10/2020 1,420,000 1,727,486 0.11



246



Value

Market Value*

% of net

assets

EUR Bonds (continued) Techem GmbH 6.125% 01/10/2019 800,000 933,700 0.06

Telenet Finance 6.625% 15/02/2021 904,000 1,060,011 0.07

Telenet Finance 6.75% 15/08/2024 520,000 636,193 0.04

Tesco Corp 1.375% 01/07/2019 2,000,000 2,155,426 0.14

Trinseo Fin 6.375% 01/05/2022 1,675,000 1,866,285 0.12

Trionista Holdco GmbH 5% 30/04/2020 786,000 908,593 0.06

Trionista Topco GmbH 6.875% 30/04/2021 1,250,000 1,476,489 0.09

TVN Finance Corp III AB 7.375% 15/12/2020 408,000 498,576 0.03

UBS AG Jersey Branch 1% 29/12/2049 750,000 927,185 0.06

Unicredit SpA 6.95% 31/10/2022 750,000 968,469 0.06

Unitymedia Hessen 5.75% 15/01/2023 2,385,000 2,869,956 0.18

UPC Holding BV 6.75% 15/03/2023 1,250,000 1,518,097 0.10

Valeant Pharmaceuticals 4.5% 15/05/2023 2,015,000 2,177,535 0.14

Waste Italia SpA 10.5% 15/11/2019 1,750,000 1,706,216 0.11

Wepa Hygieneprodukte GmbH 6.5% 15/05/2020 1,000,000 1,197,762 0.08

Wind Acquisition Fin SA 4% 15/07/2020 1,009,000 1,124,228 0.07

Wind Acquisition Fin SA 7% 23/04/2021 1,470,000 1,696,018 0.11

XPO Logistics Inc 5.75% 15/06/2021 1,350,000 1,485,446 0.09

ZF NA Capital 2.75% 27/04/2023 2,800,000 2,952,853 0.19

187,688,031 11.93

GBP Bonds AA Bond Co Ltd 5.5% 31/07/2043 1,401,000 2,194,320 0.14

Arqiva Broadc Finance 9.5% 31/03/2020 1,298,000 2,255,668 0.14

Bakkavor Finance 2 Plc 8.25% 15/02/2018 664,945 1,092,839 0.07





Value

MarketValue*

% of net

assets

GBP Bonds (continued) Cable & Wireless Intl Fin NV 8.625% 25/03/2019 570,000 1,031,981 0.07

Cabot Financial Lux SA 10.375% 01/10/2019 681,000 1,170,827 0.07

Cabot Financial Lux SA 6.5% 01/04/2021 500,000 756,842 0.05



Enterprise Inns Plc 6.875% 15/02/2021 890,000 1,448,693 0.09

Equiniti Newco 7.125% 15/12/2018 586,000 930,818 0.06

Findus Bondco SA 9.5% 01/07/2018 1,062,000 1,751,630 0.11

Gala Electric Casinos Ltd 11.5% 01/06/2019 850,000 1,426,026 0.09

Gala Group Finance Plc 8.875% 01/09/2018 720,000 1,190,660 0.08

GHD Bondco Plc 7% 15/04/2020 1,000,000 1,415,430 0.09

Grainger Plc 5% 16/12/2020 666,000 1,065,916 0.07

HBos Capital Funding Lp Bank 1% 29/11/2049 300,000 503,775 0.03

HSBC Bank Funding 1% 29/04/2049 330,000 553,156 0.03

HSS Financing Plc 6.75% 01/08/2019 557,600 920,785 0.06

Infinis Plc 7% 15/02/2019 1,435,000 2,358,382 0.15

Investec Bank Plc 9.625% 17/02/2022 1,775,000 3,349,866 0.21

Iron Mountain Europe Plc 6.125% 15/09/2022 2,300,000 3,731,370 0.24

Jaguar Land Rover Automobile 5% 15/02/2022 1,350,000 2,192,530 0.14

Jerrold Finco Plc 9.75% 15/09/2018 1,169,000 2,003,951 0.13

Johnston Press Plc 8.625% 01/06/2019 1,155,000 1,789,177 0.11

Ladbrokes Group Fin Plc 7.625% 05/03/2017 1,162,000 1,958,905 0.12

Lafarge SA 10% 30/05/2017 1,935,000 3,460,349 0.22

Legal & General Group 1% 29/05/2049 750,000 1,230,363 0.08

Lloyds Banking Group Plc 1% 29/12/2049 1,153,000 1,822,669 0.12

Lowell Group Fin Plc 10.75% 01/04/2019 1,200,000 2,042,938 0.13

Marlin Imdt Holdings 10.5% 01/08/2020 1,300,000 2,271,860 0.14

Meif Renewable Energy Uk 6.75% 01/02/2020 1,020,000 1,664,310 0.11



247



Value

Market Value*

% of net

assets

GBP Bonds (continued) Mizzen Bondco 7% 01/05/2021 1,799,300 2,794,388 0.18

QBE Capital Funding Company 1% 24/05/2041 850,000 1,500,707 0.09

Scottish Widows Plc 1% 29/09/2049 1,270,000 2,004,100 0.13


Society of Lloyd 1% 21/06/2049 1,050,000 1,763,709 0.11

Spirit Issuer Plc 1% 28/12/2036 800,000 1,300,539 0.08

Stonegate 5.75% 15/04/2019 500,000 792,248 0.05

Telecom Italia SpA 7.375% 15/12/2017 1,050,000 1,817,062 0.11

Thomas Cook Group Plc 7.75% 22/06/2017 1,260,000 2,130,223 0.13

Travelex Financing Plc 8% 01/08/2018 1,058,000 1,738,926 0.11

Virgin Media Finance Plc 6.375% 15/10/2024 1,540,000 2,530,947 0.16

Vougeot Bidco Plc 7.875% 15/07/2020 1,700,000 2,844,701 0.18

William Hill Plc 4.25% 05/06/2020 1,281,000 2,004,516 0.13

80,154,025 5.07

USD Bonds 99 Cents Only Stores 11% 15/12/2019 5,002,000 4,551,820 0.29

a International Inc 11% 01/10/2019 6,228,000 6,632,820 0.42

Academy Finance Corp 9.25% 01/08/2019 3,693,000 3,898,700 0.25

Ace Cash Express Inc 11% 01/02/2019 11,606,000 6,557,390 0.41

Advanced Micro Devices 6.75% 01/03/2019 7,685,000 7,012,562 0.44

Aegis Merger Sub Inc 10.25% 15/02/2023 3,591,000 3,716,685 0.24

Aercap Ireland Cap Ltd 4.5% 15/05/2021 7,681,000 7,738,608 0.49


AES Corp 5.5% 15/04/2025 5,710,000 5,453,050 0.34

Aguila 3 SA 7.875% 31/01/2018 9,705,000 9,644,344 0.61

Ahern Rentals Inc 7.375% 15/05/2023 1,228,000 1,218,790 0.08

Alliance Data Systems Co 5.375% 01/08/2022 5,491,000 5,422,362 0.34

Ally Financial Inc 4.625% 19/05/2022 3,866,000 3,822,508 0.24


Value

MarketValue*

% of net

assets

USD Bonds (continued) Alphabet Holding Co Inc 7.75% 01/11/2017 4,690,000 4,701,725 0.30

Altice Financing SA 6.625% 15/02/2023 4,965,000 4,941,664 0.31

Altice SA 7.75% 15/05/2022 8,775,000 8,511,750 0.54

Amer Energy Woodford 1% 30/12/2020 2,601,000 1,872,720 0.12

American Equity Investment 6.625% 15/07/2021 5,483,000 5,825,688 0.37

American Tire Distributo 10.25% 01/03/2022 5,995,000 6,429,638 0.41

Anna Merger Sub Inc 7.75% 01/10/2022 5,106,000 5,157,060 0.33

Antero Resources Corp 5.625% 01/06/2023 5,456,000 5,299,140 0.34

Arcelormittal 1% 15/10/2039 4,681,000 4,681,000 0.30

Arcelormittal 7% 25/02/2022 3,813,000 4,127,572 0.26

Ardagh Finance Holdings 8.625% 15/06/2019 2,820,145 2,932,951 0.19

Artsonig Pty Ltd 11.5% 01/04/2019 7,458,260 3,020,595 0.19

Atlas En Holdings Op Co 7.75% 15/01/2021 2,147,000 1,578,045 0.10


Bankrate Inc 6.125% 15/08/2018 3,727,000 3,633,825 0.23

Barminco Finance Pty Ltd 9% 01/06/2018 5,595,000 5,259,300 0.33

BCP Singapore 8% 15/04/2021 6,637,000 6,711,666 0.42

Bi Lo Fin Corp 9.25% 15/02/2019 2,833,000 2,875,495 0.18

Blue Racer 6.125% 15/11/2022 2,966,000 3,069,810 0.19

BMC Software Finance Inc 8.125% 15/07/2021 3,610,000 2,937,638 0.19

BMC Software Inc 7.25% 01/06/2018 4,000,000 3,705,000 0.23

BNP Paribas SA 1% 31/12/2049 1,800,000 2,128,500 0.13

Bombardier Inc 6.125% 15/01/2023 2,828,000 2,523,990 0.16

Bombardier Inc 7.5% 15/03/2025 6,334,000 5,779,775 0.37

Boxer Parent Co Inc 9% 15/10/2019 12,750,000 9,100,312 0.58

BWAY Holding Co 9.125% 15/08/2021 7,855,000 8,129,925 0.51

Calumet Specialty Prod 7.625% 15/01/2022 5,150,000 5,278,750 0.33




248



Value

Market Value*

% of net

assets

USD Bonds (continued) Capella Healthcare Company 9.25% 01/07/2017 8,138,000 8,351,622 0.53

Carrizo Oil & Gas Inc 6.25% 15/04/2023 4,130,000 4,160,975 0.26

Case New Holland Inc 7.875% 01/12/2017 1,922,000 2,114,200 0.13

CCO Holdings Capital Corp 5.375% 01/05/2025 4,071,000 3,974,314 0.25


Cemex Sab De Cv 6.125% 05/05/2025 2,466,000 2,434,485 0.15

Century Intermediate Holding 9.75% 15/02/2019 2,507,000 2,616,681 0.17

Cequel Com Hldg I/Cap Cp 5.125% 15/12/2021 3,940,000 3,592,788 0.23


Chaparral Energy Inc 9.875% 01/10/2020 4,243,000 3,479,260 0.22

Columbus Intl Inc 7.375% 30/03/2021 8,712,000 9,429,825 0.60

Commercial Vehicle Group 7.875% 15/04/2019 2,981,000 3,070,430 0.19

Commscope Tech Finance L 6% 15/06/2025 5,620,000 5,612,975 0.36

Community Health Systems Inc 6.875% 01/02/2022 2,125,000 2,247,188 0.14

Concho Resources Inc 7% 15/01/2021 5,938,000 6,242,322 0.39

Concordia Healthcare Cor 7% 15/04/2023 4,985,000 4,997,462 0.32

Constellation Brands Inc 4.75% 15/11/2024 1,905,000 1,914,525 0.12

Covanta Holding Corp 5.875% 01/03/2024 4,671,000 4,682,678 0.30

CPL Inernational Inc 8.75% 15/02/2018 6,475,000 6,653,062 0.42

Creditcorp 12% 15/07/2018 4,784,000 4,024,540 0.25

Crescent Resources Llc 10.25% 15/08/2017 1,693,000 1,803,045 0.11

Crestwood Midstream Part 6.125% 01/03/2022 3,980,000 4,079,500 0.26


Crownrock Lp/Crownrock F 7.75% 15/02/2023 3,500,000 3,745,000 0.24

CSC Holdings Llc 5.25% 01/06/2024 3,927,000 3,789,555 0.24

DFC Finance Corp 10.5% 15/06/2020 6,916,000 5,273,450 0.33

DH Services 7.75% 15/12/2020 5,592,000 5,829,660 0.37

Diamondback Energy Inc 7.625% 01/10/2021 2,762,000 2,969,150 0.19


Value

MarketValue*

% of net

assets

USD Bonds (continued) Digicel Group Ltd 8.25% 30/09/2020 8,550,000 8,587,492 0.54

Digicel Limited 6.75% 01/03/2023 7,813,000 7,652,248 0.48

Dish Dbs Corp 5.875% 15/11/2024 4,100,000 3,948,812 0.25

Dyncorp Interntl Inc 10.375% 01/07/2017 12,076,000 8,755,100 0.55

Dynegy Inc 7.625% 01/11/2024 7,345,000 7,804,062 0.49

Eclipse Resources Corp 8.875% 15/07/2023 4,878,000 4,730,684 0.30

Eco Services Op/Eco Fin 8.5% 01/11/2022 5,759,000 5,816,590 0.37

Endeavor Energy Resource 8.125% 15/09/2023 651,000 674,599 0.04

Ep Energy Corp Cl A 6.375% 15/06/2023 6,941,000 6,984,381 0.44

Equinix Inc 5.75% 01/01/2025 3,210,000 3,193,950 0.20

Exopack Holding Corp 10% 01/06/2018 2,901,000 3,060,555 0.19

Family Tree Escrow Llc 5.75% 01/03/2023 2,983,000 3,132,150 0.20

FMG Resources Ltd 8.25% 01/11/2019 2,439,000 2,067,052 0.13

Genesis Energy Lp/Genesi 5.625% 15/06/2024 4,005,000 3,904,875 0.25


Genesis Energy Lp/Genesi 6% 15/05/2023 5,033,000 5,048,099 0.32

Global Brass And Copper 9.5% 01/06/2019 4,563,000 5,007,892 0.32

Gray Television Inc 7.5% 01/10/2020 4,251,000 4,522,001 0.29

Greystar Real Estate 8.25% 01/12/2022 3,510,000 3,720,600 0.24

Halcon Resources Corp 9.75% 15/07/2020 6,489,000 4,396,298 0.28

HBos Plc 6% 01/11/2033 520,000 563,519 0.04

HCA Holdings Inc 7.69% 15/06/2025 1,710,000 1,949,400 0.12

HD Supply Inc 11.5% 15/07/2020 8,379,000 9,719,640 0.61

Hologic Inc 6.25% 01/08/2020 4,700,000 4,864,618 0.31

Hot Topic Inc 9.25% 15/06/2021 2,485,000 2,621,675 0.17

Hub Holdings 8.125% 15/07/2019 7,513,000 7,513,000 0.48

Hudbay Minerals Inc 9.5% 01/10/2020 5,888,000 6,270,720 0.40

Igloo Holdings Corp 8.25% 15/12/2017 10,560,000 10,705,200 0.67



249



Value

Market Value*

% of net

assets

USD Bonds (continued) Immucor Inc 11.125% 15/08/2019 4,530,000 4,824,450 0.31

Ineos Group Holdings SA 6.125% 15/08/2018 4,000,000 4,100,000 0.26

Infor Software 7.125% 01/05/2021 2,630,000 2,646,438 0.17

Infor US Inc 6.5% 15/05/2022 5,376,000 5,483,520 0.35

Innovation Ventures/Finance 9.5% 15/08/2019 4,804,000 5,020,180 0.32

Intelsat Jackson Hldg 7.25% 15/10/2020 8,750,000 8,684,375 0.55

Intelsat Luxembourg SA 8.125% 01/06/2023 14,789,000 12,348,815 0.77

Interactive Data Corp 5.875% 15/04/2019 3,389,000 3,446,105 0.22

Interline Brands Inc 10% 15/11/2018 2,346,000 2,457,435 0.16

International Wire Group 8.5% 15/10/2017 4,653,000 4,827,488 0.31

Intl Lease Finance Corp 8.625% 15/01/2022 5,574,000 6,821,182 0.43

Intrepid Aviation Group 6.875% 15/02/2019 7,696,000 7,195,760 0.46

Italics Merger Sub 7.125% 15/07/2023 4,940,000 4,890,600 0.31

J2 Global Communications 8% 01/08/2020 2,139,000 2,320,815 0.15

Jaguar Holding Co 9.375% 15/10/2017 14,034,000 14,366,605 0.90

James Hardie Industries Cdi 5.875% 15/02/2023 1,957,000 2,025,495 0.13

JBS Investments GmbH 7.25% 03/04/2024 5,105,000 5,281,020 0.33


JBS USA Llc 5.75% 15/06/2025 6,466,000 6,407,483 0.41

Jll/Delta Dutch Newco BV 7.5% 01/02/2022 2,236,000 2,339,415 0.15

Jll/Delta Dutch Pledgeco 8.75% 01/05/2020 9,010,000 9,167,675 0.58

JM Huber Corp 9.875% 01/11/2019 9,139,000 9,797,556 0.61

Kenan Advantage Group 8.375% 15/12/2018 6,767,000 7,063,056 0.45

Kodiak Oil & Gas Corp 8.125% 01/12/2019 3,471,000 3,651,058 0.23

Lantheus Medical Imaging Company 9.75% 15/05/2017 4,260,000 4,390,995 0.28

Level 3 Financing Inc 5.625% 01/02/2023 3,652,000 3,702,215 0.23

Linn Energy Llc Fin Corp 7.75% 01/02/2021 7,575,000 5,927,438 0.37

LTF Merger Sub Inc 8.5% 15/06/2023 4,625,000 4,486,250 0.28


Value

MarketValue*

% of net

assets

USD Bonds (continued) Magnum Hunter Resources 9.75% 15/05/2020 5,299,000 4,769,100 0.30

Masonite International C 5.625% 15/03/2023 2,197,000 2,243,686 0.14

Mattamy Group Corp 6.5% 15/11/2020 2,588,000 2,510,360 0.16

Mcgraw Hill Global 9.75% 01/04/2021 4,687,000 5,179,135 0.33

Memorial Production Partners Ltd 7.625% 01/05/2021 1,696,000 1,623,920 0.10

MGM Resorts Intl 11.375% 01/03/2018 6,064,000 7,140,360 0.45

MHGE Parent Llc 8.5% 01/08/2019 10,849,000 10,971,051 0.68

Michael Baker Intl Inc 8.25% 15/10/2018 8,857,000 8,613,432 0.54


Multi Color Corp 6.125% 01/12/2022 2,241,000 2,302,628 0.15

NCL Corp Ltd 5.25% 15/11/2019 3,640,000 3,744,650 0.24

Neovia Logistics Int Holding 10% 15/02/2018 5,619,000 5,619,000 0.36

New Academy Finance Co 8% 15/06/2018 5,733,000 5,790,330 0.37

Nexeo Solutions Llc/Corp 8.375% 01/03/2018 9,428,000 8,768,040 0.55

Nexstar Broadcasting Inc 6.125% 15/02/2022 1,276,000 1,298,330 0.08


Nielsen Finance Llc/Co 5% 15/04/2022 4,668,000 4,592,145 0.29

Nortek Inc 8.5% 15/04/2021 4,936,000 5,293,860 0.33

Nufarm Australia Limited 6.375% 15/10/2019 7,436,000 7,631,195 0.48

Oasis Petroleum Inc 6.875% 15/03/2022 3,255,000 3,320,100 0.21

Omnicare Inc 4.75% 01/12/2022 1,543,000 1,643,295 0.10

Opal Acquisition Inc 8.875% 15/12/2021 6,544,000 6,404,940 0.41

Optimas Oe Solution Hldg 8.625% 01/06/2021 3,500,000 3,570,000 0.23

PAR Pharmaceutical Company 7.375% 15/10/2020 7,073,000 7,568,110 0.48

Park Ohio Industries Inc 8.125% 01/04/2021 6,657,000 7,089,705 0.45

Parsley Energy Llc Fin 7.5% 15/02/2022 2,845,000 2,901,018 0.18

Party City Holdings Inc 8.875% 01/08/2020 4,616,000 4,950,660 0.31



250



Value

Market Value*

% of net

assets

USD Bonds (continued) Pbf Logistics Lp Finance 6.875% 15/05/2023 4,900,000 4,979,625 0.31

Penn Virginia Corp 8.5% 01/05/2020 9,020,000 8,140,550 0.51

Penn Virginia Resource 8.375% 01/06/2020 4,084,000 4,436,245 0.28

Petco Animal Supplies In 9.25% 01/12/2018 2,404,000 2,518,190 0.16

Petco Holdings Inc 8.5% 15/10/2017 7,941,000 8,179,230 0.52

Pinnacle Entertainment 6.375% 01/08/2021 4,000,000 4,265,000 0.27


PPL Energy Supply Llc 4.6% 15/12/2021 5,643,000 5,184,506 0.33

Prince Mineral Hold Corp 11.5% 15/12/2019 5,344,000 4,943,200 0.31

Prospect Hldg Llc 10.25% 01/10/2018 7,343,000 4,919,810 0.31


Rayonier AM Prod Inc 5.5% 01/06/2024 10,619,000 9,530,552 0.60

Realogy Group 5.25% 01/12/2021 3,114,000 3,164,602 0.20

Realogy Group 7.625% 15/01/2020 2,938,000 3,126,032 0.20

Realogy Group 9% 15/01/2020 1,255,000 1,358,538 0.09

Rentech Nit Part 6.5% 15/04/2021 5,015,000 5,040,075 0.32

Reynolds Group 9.875% 15/08/2019 5,150,000 5,417,156 0.34

Rice Energy Inc 7.25% 01/05/2023 5,061,000 5,212,830 0.33

Rite Aid Corp 6.125% 01/04/2023 3,260,000 3,370,025 0.21

Rite Aid Corp 9.25% 15/03/2020 1,100,000 1,194,875 0.08

Rose Rock Midstream/Fin 5.625% 15/07/2022 2,513,000 2,469,022 0.16


Royal Caribbean Cruises Ltd 5.25% 15/11/2022 2,715,000 2,821,719 0.18


Sanchez Energy Corp 6.125% 15/01/2023 2,500,000 2,250,000 0.14


Schaeffler Finance BV 4.75% 15/05/2023 4,450,000 4,361,000 0.28


Value

MarketValue*

% of net

assets

USD Bonds (continued) Schaeffler Holding Finance BV Sr Uns 144A 6.875% 15/08/2018 5,535,000 5,742,562 0.36

Servicemaster Company 7.45% 15/08/2027 3,975,000 4,034,625 0.26

Shea Homes Lp/Fndg Cp 6.125% 01/04/2025 3,145,000 3,184,312 0.20

Sirius Xm Radio Inc 5.375% 15/04/2025 3,866,000 3,740,355 0.24

Sitel Llc/Sitel Fin Corp 11.5% 01/04/2018 11,350,000 10,016,375 0.62

Sm Energy Co 5.625% 01/06/2025 1,412,000 1,401,128 0.09

Sophia Holding Fin Lp/In 9.625% 01/12/2018 10,880,000 11,056,800 0.69

Sophia Lp/Fin Inc 9.75% 15/01/2019 11,020,000 11,736,300 0.73

Southern Star Cent 5.125% 15/07/2022 3,971,000 4,050,420 0.26

Spectrum Brands Inc 5.75% 15/07/2025 4,240,000 4,324,800 0.27

Speedy Cash Intermediate Hldgs Corp 10.75% 15/05/2018 917,000 871,150 0.06

Speedy Group Holdings Co 12% 15/11/2017 7,600,000 6,878,000 0.44

Spirit Aerosystems Inc 5.25% 15/03/2022 1,565,000 1,623,688 0.10

SPL Logistics Escrow Llc 8.875% 01/08/2020 6,735,000 7,172,775 0.45

Sprint Cap Corp 8.75% 15/03/2032 7,730,000 7,536,750 0.48

Sprint Capital Corp 6.875% 15/11/2028 3,565,000 3,074,812 0.19

Sprint Corp 7.125% 15/06/2024 5,069,000 4,714,677 0.30

Sprint Corp 7.875% 15/09/2023 8,860,000 8,663,308 0.55

Sterigenics Nordion Hold 6.5% 15/05/2023 2,274,000 2,313,795 0.15

Summit Materials Llc/Fin 10.5% 31/01/2020 5,987,000 6,563,249 0.42


Summit Midstream Holdings 5.5% 15/08/2022 1,666,000 1,599,360 0.10

Sun Products Corp 7.75% 15/03/2021 5,227,000 4,743,502 0.30

Surgical Care Affiliates 6% 01/04/2023 1,359,000 1,365,795 0.09

Symetra Financial Corp 1% 15/10/2037 1,000,000 1,035,000 0.07

Syniverse Holdings Inc 9.125% 15/01/2019 1,690,000 1,495,650 0.09



251



Value

Market Value*

% of net

assets

USD Bonds (continued) T Mobile USA Inc 6.375% 01/03/2025 3,848,000 3,944,200 0.25

T Mobile USA Inc 6.625% 01/04/2023 1,850,000 1,926,312 0.12

Talen Energy Supply Llc 6.5% 01/06/2025 4,096,000 4,101,120 0.26


Targa Resources Corp 6.875% 01/02/2021 6,672,000 6,955,560 0.44

Taylor Morrison 5.625% 01/03/2024 3,489,000 3,375,608 0.21

Telesat Canada 6% 15/05/2017 9,725,000 9,907,344 0.62

Tenet Healthcare Corp 8.125% 01/04/2022 4,399,000 4,821,304 0.30

Tesoro Logistics Lp/Corp 6.25% 15/10/2022 3,495,000 3,634,800 0.23

Titlemax Fin Llc 8.5% 15/09/2018 7,340,000 6,055,500 0.38

Tops Holding Corporation and Tops Markets 8.875% 15/12/2017 3,520,000 3,682,360 0.23

TransDigm Group Inc 6.5% 15/07/2024 2,880,000 2,858,400 0.18


Transunion Holding Co 8.125% 15/06/2018 8,799,000 9,003,577 0.57

TransUnion Holding Co 9.625% 15/06/2018 11,150,000 11,195,158 0.70

Tribune Media Co 5.875% 15/07/2022 1,335,000 1,348,350 0.09

Trinseo Fin 6.75% 01/05/2022 5,941,000 6,074,672 0.38

Tutor Perini Corp 7.625% 01/11/2018 3,380,000 3,472,950 0.22

Ultra Petroleum Corp 5.75% 15/12/2018 2,500,000 2,412,500 0.15


United Surgical Partners Company 9% 01/04/2020 2,040,000 2,177,700 0.14

Unitymedia Kabelbw GmbH 6.125% 15/01/2025 7,146,000 7,485,435 0.47

US Foods Inc 8.5% 30/06/2019 2,732,000 2,854,940 0.18


Vander Intermediate Holding 9.75% 01/02/2019 4,424,000 4,379,760 0.28

Viking Cruises Ltd 6.25% 15/05/2025 4,775,000 4,763,062 0.30



Value

MarketValue*

% of net

assets

USD Bonds (continued) Watco Companies 6.375% 01/04/2023 8,066,000 8,207,155 0.52

Waterjet Holdings Inc 7.625% 01/02/2020 2,938,000 3,070,210 0.19

Western Refining Inc 7.5% 15/02/2023 6,236,000 6,454,260 0.41

Whiting Petroleum Corp 5.75% 15/03/2021 4,760,000 4,707,640 0.30

Windstream Corp 6.375% 01/08/2023 2,000,000 1,635,000 0.10

WireCo Worldgroup Inc 9.5% 15/05/2017 7,057,000 6,664,490 0.42

ZF NA Capital 4.5% 29/04/2022 2,379,000 2,339,271 0.15

1,147,740,218 72.54

USD Governments and Supranational Endo Ltd Finc 6% 15/07/2023 4,626,000 4,735,868 0.30

4,735,868 0.30


1,422,490,450 89.98


USD Bonds Audatex North America In 6% 15/06/2021 3,276,000 3,378,375 0.21

Bi Lo Fin Corp 8.625% 15/09/2018 8,311,000 7,729,230 0.49

Brightstar Corp 7.25% 01/08/2018 4,804,000 5,092,240 0.32

Capsugel SA 7% 15/05/2019 11,713,000 11,941,286 0.75

Coveris Holdings SA 7.875% 01/11/2019 203,000 203,000 0.01

Hockey Merger Sub 2 Inc 7.875% 01/10/2021 7,865,000 8,041,962 0.51

Howard Hughes Corp 6.875% 01/10/2021 3,666,000 3,904,290 0.25

MPH Acquisition Holding 6.625% 01/04/2022 1,532,000 1,568,385 0.10

Mustang Merger Corp 8.5% 15/08/2021 6,545,000 6,675,900 0.42



252



Value

Market Value*

% of net

assets

USD Bonds (continued) Stearns Holdings Inc 9.375% 15/08/2020 9,660,000 9,756,600 0.61



68,004,554 4.29





TOTAL NET ASSETS 1,581,049,201 100.00




253


Industrial 36.61 Financial Services 16.48 Banks 15.83 Energy and Water Supply 5.82 Communications 4.39 Oil and Gas 2.07 Pharmaceuticals and Biotechnology 1.89 Food and Beverages 1.66 Building Materials and Products 1.08 Consumer, Non-cyclical 1.04 Technology 1.04 Traffic and Transportation 0.67 Media 0.62 Financial, Investment and Other Diversified Companies 0.61 Hotels, Restaurants and Leisure 0.61 Healthcare 0.60 Lodging 0.45 Commercial Services and Supplies 0.41 Retail 0.40 Mechanical Engineering and Industrial Equipments 0.37 Containers and Packaging 0.31 Diversified Services 0.30 Electrical Appliances and Components 0.26 Consumer, Cyclical 0.17 Insurance 0.15 Household Products and Wares 0.13 Metals and Mining 0.13 Real Estate 0.09 Machinery 0.08

94.27




254



Sub-Fund Currency Australia 19.00 1.20 19,002,695 Austria 15.04 0.95 15,035,306 Barbados 9.43 0.60 9,429,825 Belgium 1.26 0.08 1,256,046 Bulgaria 1.49 0.09 1,491,237 Canada 31.99 2.02 31,989,651 Cayman Islands 9.51 0.60 9,506,054 Croatia 2.57 0.16 2,574,538 France 46.52 2.94 46,521,469 Germany 22.79 1.44 22,792,667 Ireland 18.50 1.17 18,502,958 Italy 15.10 0.96 15,102,974 Jamaica 16.24 1.03 16,239,740 Jersey 5.68 0.36 5,679,143 Luxembourg 129.51 8.19 129,506,679 Mexico 4.79 0.30 4,793,932 Norway 2.93 0.19 2,925,325 Spain 5.38 0.34 5,375,405 Sweden 2.43 0.15 2,428,055 The Netherlands 42.71 2.70 42,710,645 United Kingdom 78.87 4.99 78,870,587 United States of America 1,008.76 63.81 1,008,760,073 Others 90.55 5.73 90,554,197 1,581.05 100.00 1,581,049,201

AXA World Funds - Global Inflation Bonds


255



Value

Market Value*

% of net

assets


EUR Bonds Orange SA 3% 25/07/2018 1,082,790 1,173,235 0.05

1,173,235 0.05

GBP Bonds Network Rail Infrastructure Fin 1.125% 22/11/2047 4,535,954 10,179,092 0.41

10,179,092 0.41

AUD Governments and Supranational Australian Index Linked (Commonwealth) FRN 20/08/2020 100,000 132,881 0.01

Australian Index Linked (Commonwealth) FRN 20/09/2030 29,300,000 27,431,041 1.09

Australian Index Linked (Commonwealth) FRN 21/02/2022 100,000 77,906 0.00

27,641,828 1.10

CAD Governments and Supranational Canada Government Bond 1.5% 01/12/2044 20,105,128 18,184,652 0.72

Canada Government Bond 2% 01/12/2041 13,060,780 12,847,709 0.51

31,032,361 1.23













Value

MarketValue*

% of net

assets








Germany (Fed Rep) 0.1% 15/04/2023 5,966,948 6,370,462 0.25

Germany (Fed Rep) 0.75% 15/04/2018 11,716,210 12,214,149 0.49

Germany (Fed Rep) 1.75% 15/04/2020 36,232,350 40,831,286 1.62




Spain (Kingdom of) 0.55% 30/11/2019 65,064,454 65,718,352 2.62

Spain (Kingdom of) 1% 30/11/2030 8,008,562 7,414,527 0.30

Spain (Kingdom of) 1.8% 30/11/2024 5,232,614 5,548,010 0.22

540,544,320 21.52

GBP Governments and Supranational UK Government Bond 0.125% 22/03/2024 1,596,405 2,440,138 0.10

UK Government Bond 0.125% 22/03/2029 2,771,034 4,373,750 0.17










256



Value

Market Value*

% of net

assets

GBP Governments and Supranational (continued) UK Government Bond 0.75% 22/11/2047 17,695,365 38,171,937 1.52








UK Treasury Stock FRN 16/04/2020 3,500,000 17,885,294 0.71





583,644,232 23.22

JPY Governments and Supranational Japan (Government of) 0.1% 10/03/2024 3,078,000,000 24,081,326 0.96

24,081,326 0.96

SEK Governments and Supranational Sweden (Kingdom of) FRN 01/12/2020 62,000,000 10,885,778 0.43

Sweden (Kingdom of) FRN 01/12/2028 40,000,000 8,028,379 0.32

18,914,157 0.75

USD Governments and Supranational United States Treasury Notes 0.125% 15/01/2022 22,997,700 20,456,721 0.81







Value

MarketValue*

% of net

assets

USD Governments and Supranational (continued) United States Treasury Notes 0.125% 15/07/2022 36,421,644 32,440,889 1.29















United States Treasury Notes 2% 15/01/2016 2,311,901 2,105,175 0.08

United States Treasury Notes 2% 15/01/2026 43,272,141 44,525,971 1.77










257



Value

Market Value*

% of net

assets




1,008,752,081 40.14


2,245,962,632 89.38


CAD Governments and Supranational Canada Government Bond 4% 01/12/2031 11,749,040 13,438,704 0.53

Canada Government Bond 4.25% 01/12/2026 8,629,320 9,198,046 0.37

22,636,750 0.90


5,352,957 0.21





TOTAL NET ASSETS 2,512,876,069 100.00




258


Governments and Supranational 90.03 Banks 0.41 Communications 0.05



Sub-Fund Currency Australia 30.80 1.10 27,641,828 Canada 59.80 2.14 53,669,111 France 157.86 5.64 141,680,476 Germany 113.17 4.04 101,571,352 Italy 244.88 8.75 219,784,838 Japan 26.83 0.96 24,081,326 Spain 87.67 3.13 78,680,889 Sweden 21.07 0.75 18,914,157 United Kingdom 661.64 23.63 593,823,324 United States of America 1,129.92 40.35 1,014,105,038 Others 266.21 9.51 238,923,730 2,799.85 100.00 2,512,876,069

AXA World Funds - Global Strategic Bonds


259



Value

Market Value*

% of net

assets


EUR Bonds ABN Amro Bank NV 1% 29/03/2049 1,240,000 1,398,049 0.29

Achmea BV FRN 04/04/2043 2,910,000 3,628,612 0.76

Albea Beauty Holdings SA 8.75% 01/11/2019 1,300,000 1,556,732 0.32

Alize Finco Plc 6.25% 01/12/2021 1,335,000 1,558,111 0.32

Anheuser Busch Inbev NV 2.7% 31/03/2026 2,500,000 2,946,752 0.61

Areva SA 3.5% 22/03/2021 900,000 994,006 0.21

Assicurazioni Generali 1% 12/12/2042 3,000,000 4,002,957 0.83

Bank of Ireland 2.75% 05/06/2016 1,146,000 1,298,631 0.27

Bulgarian Telecom 6.625% 15/11/2018 1,078,000 1,216,001 0.25


Carlson Wagonlit BV 7.5% 15/06/2019 633,000 747,606 0.16

Chesapeake Energy Corp 6.25% 15/01/2017 455,000 533,576 0.11

Cirsa Funding Luxembourg 8.75% 15/05/2018 162,865 185,865 0.04

CRH Finance Germany GmbH 1.75% 16/07/2021 3,000,000 3,375,190 0.70

Eileme 2 AB 11.75% 31/01/2020 500,000 619,033 0.13



Empark Funding SA 6.75% 15/12/2019 382,000 463,926 0.10

Gas Natural Fenosa Finance 1% 29/12/2049 4,000,000 4,051,231 0.84

Gazprom SA 3.389% 20/03/2020 1,150,000 1,203,188 0.25

GCS Holdco Finance I SA 6.5% 15/11/2018 577,000 667,002 0.14

Geo Debt Finance 7.5% 01/08/2018 675,000 708,840 0.15

Hammerson Plc 2.75% 26/09/2019 3,716,000 4,423,800 0.92


ING Bank NV 1% 25/02/2026 3,754,000 4,434,024 0.92

Interxion Holding NV 6% 15/07/2020 1,094,000 1,298,239 0.27

Intl Personal Finance 5.75% 07/04/2021 1,100,000 1,237,539 0.26


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Kerling Plc 10.625% 01/02/2017 100,000 114,339 0.02

La Finac Atalian SA 7.25% 15/01/2020 310,000 371,321 0.08

Lock 7% 15/08/2021 1,000,000 1,180,773 0.25


Ontex Group NV 4.75% 15/11/2021 221,000 259,392 0.05

PSPC Escrow Corp 6% 01/02/2023 1,657,000 1,875,907 0.39

Ryanair Ltd 1.125% 10/03/2023 3,000,000 3,148,228 0.66

Sig Combibloc Holdings 7.75% 15/02/2023 778,000 904,295 0.19

Snai SpA 7.625% 15/06/2018 700,000 805,288 0.17

Teamsystem Holding SpA 7.375% 15/05/2020 624,000 740,974 0.15

Techem GmbH 6.125% 01/10/2019 200,000 233,425 0.05

Trionista Holdco GmbH 5% 30/04/2020 593,000 685,491 0.14

Trionista Topco GmbH 6.875% 30/04/2021 263,000 310,653 0.06

UBS AG 1% 12/02/2026 2,052,000 2,429,408 0.51


66,858,625 13.92

GBP Bonds AA Bond Co Ltd 5.5% 31/07/2043 862,000 1,350,110 0.28




Centrica Plc FRN 10/04/2075 2,124,000 3,253,628 0.68


Crédit Suisse 3% 27/05/2022 1,880,000 2,878,384 0.60

Direct Line Insurance Group 1% 27/04/2042 1,750,000 3,412,903 0.71

Equiniti Newco 7.125% 15/12/2018 407,000 646,490 0.13

Findus Bondco SA 9.5% 01/07/2018 346,000 570,682 0.12

Firstgroup Plc 8.75% 08/04/2021 1,570,000 3,103,351 0.65

Gala Electric Casinos Ltd 11.5% 01/06/2019 500,000 838,839 0.17



260



Value

Market Value*

% of net

assets

GBP Bonds (continued) Glencore Finance Europe 6.5% 27/02/2019 1,750,000 3,114,570 0.65

Grainger Plc 5% 16/12/2020 226,000 361,707 0.08

HSBC Bank Plc 6.5% 07/07/2023 1,500,000 2,769,396 0.58

Infinis Plc 7% 15/02/2019 535,000 879,258 0.18

Intu Metrocentre Finance 4.125% 06/12/2023 2,243,000 3,691,740 0.77

Investec Bank Plc 9.625% 17/02/2022 1,620,000 3,057,342 0.64

Iron Mountain Europe Plc 6.125% 15/09/2022 800,000 1,297,868 0.27

Ladbrokes Group Fin Plc 7.625% 05/03/2017 460,000 775,470 0.16

Land Securities Group 1% 07/11/2019 1,600,000 2,708,593 0.56

Legal & General Group 1% 29/05/2049 1,600,000 2,624,774 0.55

Lloyds Bank Plc 7.5% 15/04/2024 756,000 1,575,136 0.33

Marlin Imdt Holdings 10.5% 01/08/2020 406,000 709,519 0.15

Marstons Issuer 1% 15/07/2035 1,125,000 1,687,113 0.35


Ngg Finance Plc 1% 18/06/2073 2,000,000 3,361,018 0.70

Old Mutual Plc 1% 29/03/2049 1,600,000 2,533,042 0.53

Orange SA 1% 29/10/2049 1,333,000 2,142,531 0.45


Rio Tinto Finance Plc 4% 11/12/2029 2,500,000 4,002,346 0.83

Rl Finance Bonds 1% 30/11/2043 2,600,000 4,314,081 0.90


RSA Insurance Group Plc 1% 10/10/2045 2,057,000 3,208,113 0.67

RWE AG 1% 29/03/2049 1,800,000 2,957,598 0.62

Safeway Ltd Company 6% 10/01/2017 1,911,000 3,178,823 0.66

Santander UK 1% 29/12/2049 1,612,000 2,528,254 0.53

Scentre Mgmt Ltd 3.875% 16/07/2026 2,140,000 3,555,212 0.74

Scottish Widows Plc 5.5% 16/06/2023 2,402,000 3,930,526 0.82

Segro Plc 6.75% 23/11/2021 806,000 1,561,254 0.33



Value

MarketValue*

% of net

assets

GBP Bonds (continued) Standard Life Plc 1% 04/12/2042 1,579,000 2,641,616 0.55

Tesco Corp 5.5% 13/12/2019 1,400,000 2,368,684 0.49

Thomas Cook Group Plc 7.75% 22/06/2017 400,000 676,261 0.14

Travelex Financing Plc 8% 01/08/2018 766,000 1,258,996 0.26

Vougeot Bidco Plc 7.875% 15/07/2020 800,000 1,338,683 0.28

William Hill Plc 4.25% 05/06/2020 566,000 885,680 0.18

113,385,497 23.64


a International Inc 11% 01/10/2019 795,000 846,675 0.18


Actavis Funding Scs 4.75% 15/03/2045 3,330,000 3,163,600 0.66

Acuity Brands Lighting Inc 6% 15/12/2019 310,000 340,876 0.07

Aercap Ireland Cap Ltd 5% 01/10/2021 950,000 979,688 0.20

Agrium Inc 4.125% 15/03/2035 2,500,000 2,242,695 0.47

Aguila 3 SA 7.875% 31/01/2018 910,000 904,312 0.19

Altice SA 7.75% 15/05/2022 895,000 868,150 0.18

Altria Group Inc 9.25% 06/08/2019 1,915,000 2,405,966 0.50

Amer Energy Woodford 1% 30/12/2020 391,000 281,520 0.06

American Express Co 7% 19/03/2018 1,750,000 1,985,923 0.41

American Tire Distributo 10.25% 01/03/2022 938,000 1,006,005 0.21

Anadarko Petroleum Corp 6.45% 15/09/2036 2,370,000 2,743,038 0.57

Arcelormittal 1% 15/10/2039 661,000 661,000 0.14

Artsonig Pty Ltd 11.5% 01/04/2019 2,140,426 866,873 0.18

AT&T Inc 4.5% 15/05/2035 1,771,000 1,633,236 0.34

Atlas En Holdings Op Co 9.25% 15/08/2021 370,000 279,350 0.06


Bank of Ceylon 6.875% 03/05/2017 500,000 516,238 0.11

Berkshire Hathaway Energy 6.125% 01/04/2036 1,790,000 2,115,298 0.44



261



Value

Market Value*

% of net

assets

USD Bonds (continued) Blackstone Holdings Fin 5.875% 15/03/2021 2,150,000 2,471,950 0.52

Bombardier Inc 7.5% 15/03/2025 1,048,000 956,300 0.20


Capella Healthcare Company 9.25% 01/07/2017 1,090,000 1,118,612 0.23

Century Intermediate Holding 9.75% 15/02/2019 560,000 584,500 0.12

China Oversea Fin Ky 5.5% 10/11/2020 750,000 813,128 0.17

Citigroup Inc 3.375% 01/03/2023 1,970,000 1,971,068 0.41

Citigroup Inc 4.45% 10/01/2017 1,270,000 1,327,332 0.28

Crestwood Midstream Part 6.25% 01/04/2023 929,000 970,805 0.20

Crownrock Lp/Crownrock F 7.75% 15/02/2023 1,004,000 1,074,280 0.22

Delek & Avner Tamar 3.839% 30/12/2018 750,000 765,566 0.16

DFC Finance Corp 10.5% 15/06/2020 686,000 523,075 0.11

Duke Realty Ltd 6.5% 15/01/2018 2,247,000 2,511,917 0.52


Dynegy Inc 7.625% 01/11/2024 920,000 977,500 0.20


Energy Transfer Partners 6.5% 01/02/2042 2,800,000 2,893,576 0.60


Exelon Corp 2.85% 15/06/2020 1,313,000 1,322,110 0.28

Finansbank AS 6.25% 30/04/2019 1,000,000 1,011,130 0.21

First American Financial 4.6% 15/11/2024 2,990,000 3,022,397 0.63

FMG Resources Ltd 8.25% 01/11/2019 300,000 254,250 0.05


Freeport Mcmoran Inc 6.875% 15/02/2023 2,572,000 2,764,900 0.58

GCX Ltd 7% 01/08/2019 1,000,000 1,012,075 0.21



Grupo Elektra SA 7.25% 06/08/2018 500,000 516,008 0.11


Value

MarketValue*

% of net

assets

USD Bonds (continued) Halcon Resources Corp 9.75% 15/07/2020 645,000 436,988 0.09

HCA Holdings Inc 7.69% 15/06/2025 1,020,000 1,162,800 0.24

Huntington National Bank 2.2% 01/04/2019 1,800,000 1,790,888 0.37



Infor Software 7.125% 01/05/2021 873,000 878,456 0.18


International Paper Co 5% 15/09/2035 2,389,000 2,347,802 0.49

Intrepid Aviation Group 6.875% 15/02/2019 925,000 864,875 0.18




Kazmunaygas National Co 4.4% 30/04/2023 750,000 685,620 0.14


Key Bank 3.3% 01/06/2025 3,100,000 3,016,359 0.63


Koc Holding AS 3.5% 24/04/2020 550,000 538,527 0.11

Lantheus Medical Imaging Company 9.75% 15/05/2017 887,000 914,275 0.19

LTF Merger Sub Inc 8.5% 15/06/2023 180,000 174,600 0.04

Magnum Hunter Resources 9.75% 15/05/2020 740,000 666,000 0.14

MGM Resorts Intl 11.375% 01/03/2018 626,000 737,115 0.15

MHGE Parent Llc 8.5% 01/08/2019 1,509,000 1,525,976 0.32

Multi Color Corp 6.125% 01/12/2022 863,000 886,732 0.18

Neovia Logistics Int Holding 10% 15/02/2018 903,000 903,000 0.19

New Academy Finance Co 8% 15/06/2018 657,000 663,570 0.14


Noble Energy Inc 8.25% 01/03/2019 2,450,000 2,921,412 0.61




262



Value

Market Value*

% of net

assets

USD Bonds (continued) OAS Investments GmbH 8.25% 19/10/2019 750,000 153,750 0.03

Office Cherifien 5.625% 25/04/2024 750,000 786,405 0.16

Omnicom Group Inc 4.45% 15/08/2020 2,500,000 2,676,432 0.56

Pacific Rubiales Energy 5.375% 26/01/2019 750,000 616,361 0.13


Penn Virginia Corp 8.5% 01/05/2020 722,000 651,605 0.14

Penn Virginia Resource 8.375% 01/06/2020 816,000 886,380 0.18

Petco Holdings Inc 8.5% 15/10/2017 996,000 1,025,880 0.21


PPL Energy Supply Llc 4.6% 15/12/2021 934,000 858,112 0.18

Prince Mineral Hold Corp 11.5% 15/12/2019 587,000 542,975 0.11



Rentech Nit Part 6.5% 15/04/2021 900,000 904,500 0.19

Reynolds American Inc 5.85% 15/08/2045 1,217,000 1,281,096 0.27

Rice Energy Inc 7.25% 01/05/2023 981,000 1,010,430 0.21

Roper Industries Inc 3.125% 15/11/2022 2,856,000 2,769,543 0.58




Seagate Hdd Cayman 4.75% 01/06/2023 3,110,000 3,176,336 0.66



Sophia Lp/Fin Inc 9.75% 15/01/2019 1,045,000 1,112,925 0.23

Sprint Cap Corp 8.75% 15/03/2032 920,000 897,000 0.19

Sprint Corp 7.875% 15/09/2023 918,000 897,620 0.19

Syniverse Holdings Inc 9.125% 15/01/2019 495,000 438,075 0.09


Value

MarketValue*

% of net

assets

USD Bonds (continued) Telesat Canada 6% 15/05/2017 865,000 881,219 0.18

Time Warner Inc 4.75% 29/03/2021 2,800,000 3,030,642 0.63

Titlemax Fin Llc 8.5% 15/09/2018 1,725,000 1,423,125 0.30

Transportadora de Gas Internacional SA 5.7% 20/03/2022 750,000 793,792 0.17


TV Azteca 7.5% 25/05/2018 500,000 515,592 0.11

UDR Inc 4.25% 01/06/2018 490,000 520,549 0.11


US Bank Na Cincinnati 2.8% 27/01/2025 3,302,000 3,163,240 0.66

Valeant Pharmaceuticals 6.125% 15/04/2025 855,000 881,719 0.18

Vander Intermediate Holding 9.75% 01/02/2019 766,000 758,340 0.16




Wells Fargo Bank 5.95% 26/08/2036 250,000 299,922 0.06

Wells Fargo Bank 6% 15/11/2017 1,000,000 1,101,909 0.23




Zimmer Biomet Holdings 3.55% 01/04/2025 3,200,000 3,098,090 0.65

165,697,555 34.51



Germany (Fed Rep) 0.75% 15/04/2018 4,792,995 5,567,320 1.16

Germany (Fed Rep) 1.5% 15/04/2016 1,747,200 1,960,713 0.41

Germany (Fed Rep) 3.5% 04/07/2019 3,000,000 3,816,377 0.80

18,954,620 3.96



263



Value

Market Value*

% of net

assets

GBP Governments and Supranational UK Government Bond 0.125% 22/03/2024 2,660,675 4,531,335 0.94


UK Government Bond 5% 07/03/2018 2,059,000 3,600,479 0.75

UK Treasury Stock 1% 07/09/2017 5,000,000 7,909,897 1.66



27,689,839 5.77

USD Governments and Supranational Arab Republic Of Egypt 5.875% 11/06/2025 500,000 488,722 0.10

Brazil (Federal Republic of) 4.25% 07/01/2025 1,000,000 964,400 0.20

Croatia (Republic of) 6% 26/01/2024 750,000 794,445 0.17

Dominican Republic 5.875% 18/04/2024 750,000 778,931 0.16

Ecuador (Republic of) 10.5% 24/03/2020 309,000 312,180 0.07

Endo Ltd Finc 6% 15/07/2023 923,000 944,921 0.20

Honduras Government 7.5% 15/03/2024 750,000 816,041 0.17

Indonesia (Republic of) 3.75% 25/04/2022 1,700,000 1,678,096 0.35

Ivory Coast 6.375% 03/03/2028 387,000 380,168 0.08

Jamaica (Republic of) 8% 24/06/2019 500,000 563,078 0.12

Peru (Republic of) 8.75% 21/11/2033 500,000 757,625 0.16

Russian Federation 4.5% 04/04/2022 1,000,000 981,420 0.20

Senegal (Republic of) 6.25% 30/07/2024 1,000,000 965,260 0.20

South Africa (Republic of) 5.875% 16/09/2025 500,000 555,752 0.12

Turkey (Republic of) 5.75% 22/03/2024 750,000 814,376 0.17



55,428,245 11.58


448,014,381 93.38


Value

MarketValue*

% of net

assets


USD Bonds Bi Lo Fin Corp 8.625% 15/09/2018 1,430,000 1,329,900 0.28

Capsugel SA 7% 15/05/2019 1,485,000 1,513,943 0.32

Goodman Funding PTY Ltd 6.375% 12/11/2020 2,050,000 2,353,462 0.49



Stearns Holdings Inc 9.375% 15/08/2020 1,680,000 1,696,800 0.35

11,164,183 2.33









264


Banks 33.53 Governments and Supranational 21.11 Industrial 11.18 Financial Services 10.76 Energy and Water Supply 2.99 Oil and Gas 2.09 Insurance 1.93 Communications 1.62 Electrical Appliances and Components 1.25 Agriculture 1.24 Real Estate 1.03 Technology 1.01 Financial, Investment and Other Diversified Companies 0.88 Savings and Loans 0.84 Diversified Services 0.58 Advertising 0.56 Pharmaceuticals and Biotechnology 0.53 Building Materials and Products 0.49 Food and Beverages 0.48 Traffic and Transportation 0.34 Commercial Services and Supplies 0.22 Media 0.18 Chemicals 0.16 Lodging 0.15 Hotels, Restaurants and Leisure 0.14 Entertainment 0.11 Holding Companies 0.11 Mechanical Engineering and Industrial Equipments 0.08 Metals and Mining 0.05 Healthcare 0.04 Engineering and Construction 0.03

95.71




265



Sub-Fund Currency Australia 10.63 2.21 10,626,178 Austria 0.15 0.03 153,750 Belgium 3.21 0.67 3,206,144 Bermuda 1.01 0.21 1,012,075 Brazil 0.96 0.20 964,400 Bulgaria 1.22 0.25 1,216,001 Canada 4.08 0.85 4,080,214 Cayman Islands 3.99 0.83 3,989,464 Colombia 1.41 0.29 1,410,153 Croatia 0.79 0.17 794,445 Dominican Republic 0.78 0.16 778,931 Ecuador 0.31 0.07 312,180 Egypt 0.49 0.10 488,722 France 21.24 4.43 21,236,919 Germany 19.52 4.07 19,517,580 Guernsey Island 2.88 0.60 2,878,384 Honduras 0.82 0.17 816,041 Indonesia 1.68 0.35 1,678,096 Ireland 6.15 1.28 6,151,091 Israel 0.77 0.16 765,566 Italy 5.55 1.16 5,549,219 Ivory Coast 0.38 0.08 380,168 Jamaica 0.56 0.12 563,078 Jersey 1.35 0.28 1,350,110 Kazakhstan 0.69 0.14 685,620 Luxembourg 17.16 3.58 17,158,804 Mexico 1.78 0.37 1,783,088 Morocco 0.79 0.16 786,405 Norway 1.18 0.25 1,180,773 Peru 0.76 0.16 757,625 Russia 0.98 0.20 981,420 Senegal 0.97 0.20 965,260 South Africa 0.56 0.12 555,752 Sri Lanka 0.52 0.11 516,238 Sweden 0.62 0.13 619,033 Switzerland 2.43 0.51 2,429,408 The Netherlands 22.04 4.59 22,041,548 Turkey 2.36 0.49 2,364,033 United Kingdom 125.86 26.23 125,863,650 United States of America 190.57 39.73 190,570,998 Others 20.60 4.29 20,603,431 479.80 100.00 479,781,995

AXA World Funds - Universal Inflation Bonds


266



Value

Market Value*

% of net

assets


COP Governments and Supranational Colombia (Republic of) 4.25% 17/05/2017 4,892,905,600 1,954,565 1.13

1,954,565 1.13

KRW Governments and Supranational Korea (Republic of) 1.125% 10/06/2023 15,253,650,001 13,184,462 7.61

13,184,462 7.61

MXN Governments and Supranational Mexico (Fed Rep) 2% 09/06/2022 141,963,182 8,728,700 5.04

Mexico (Fed Rep) 2.5% 10/12/2020 45,388,229 2,940,220 1.70

Mexico (Fed Rep) 3.5% 14/12/2017 47,446,532 3,218,036 1.86

Mexico (Fed Rep) 4% 13/06/2019 2,638,850 182,494 0.11

Mexico (Fed Rep) 5% 16/06/2016 7,916,552 529,191 0.31

15,598,641 9.02

THB Governments and Supranational Thailand Government 1.2% 14/07/2021 235,585,071 6,744,713 3.89

6,744,713 3.89

TRY Governments and Supranational Turkey (Republic of) 2.5% 04/05/2016 9,717,705 3,605,599 2.08

Turkey (Republic of) 3% 06/01/2021 20,779,189 7,960,857 4.60

11,566,456 6.68

USD Governments and Supranational United States Treasury Notes 0.125% 15/01/2022 104,535 103,604 0.06





United States Treasury Notes 0.125% 15/04/2019 201,946 204,462 0.12



Value

MarketValue*

% of net

assets










United States Treasury Notes 2% 15/01/2016 13,947 14,150 0.01





118,429,973 68.37

ZAR Governments and Supranational South Africa (Republic of) 2.75% 31/01/2022 58,294,845 5,138,798 2.97

5,138,798 2.97


172,617,608 99.67



267



Value

Market Value*

% of net

assets



2,630,241 1.52




Bank overdraft (1,933) 0.00






268


Governments and Supranational 101.19 101.19

Geographical Classification of Schedule of Investments and Other Net Assets / (Liabilities)


Sub-Fund Currency Colombia 1.95 1.13 1,954,565 Korea, Republic of 13.18 7.61 13,184,462 Mexico 15.60 9.01 15,598,641 South Africa 5.14 2.97 5,138,798 Thailand 6.74 3.89 6,744,713 Turkey 11.57 6.68 11,566,456 United States of America 121.06 69.90 121,060,214 Others (2.06) (1.19) (2,060,910) 173.18 100.00 173,186,939

AXA World Funds - US Credit Short Duration IG


269



Value

Market Value*

% of net

assets


USD Bonds Abbvie Inc 1.8% 14/05/2018 2,000,000 1,995,504 1.23

Actavis Funding Scs 1.85% 01/03/2017 1,000,000 1,005,200 0.62

Actavis Funding Scs 2.35% 12/03/2018 439,000 441,603 0.27

Advanced Micro Devices 6.75% 01/03/2019 120,000 109,500 0.07


Air Lease Corp 3.375% 15/01/2019 150,000 153,188 0.09

Air Lease Corp 4.5% 15/01/2016 280,000 284,375 0.18

Air Lease Corp FRN 01/04/2017 600,000 637,500 0.39

Aircastle Ltd 4.625% 15/12/2018 180,000 185,850 0.11

Allegheny Technologies Inc 9.375% 01/06/2019 120,000 141,600 0.09

Allergan Inc 5.75% 01/04/2016 750,000 777,248 0.48

Ally Financial Inc 3.6% 21/05/2018 700,000 701,750 0.43

American Express Co 6.15% 28/08/2017 1,000,000 1,094,856 0.68

American Honda Finance 1% 07/10/2016 150,000 150,630 0.09

Anglo American Capital 1% 15/04/2016 500,000 498,922 0.31

Anheuser Busch Cos Llc 5.5% 15/01/2018 1,000,000 1,100,160 0.68

ANZ New Zealand Intl Ltd 1.75% 29/03/2018 1,000,000 1,000,760 0.62

Arc Prop Oper Part Lp/Cl 2% 06/02/2017 500,000 486,250 0.30


Avis Budget Car/Finance 1% 01/12/2017 300,000 301,110 0.19

Avnet Inc 6% 01/09/2015 270,000 272,056 0.17

Bank of America Corp 1% 15/01/2019 700,000 706,896 0.44







Value

MarketValue*

% of net

assets

USD Bonds (continued) Bank of Tokyo Mitsubishi UFJ 1.7% 05/03/2018 1,000,000 998,413 0.62

Barclays Bank Plc 2% 16/03/2018 1,000,000 997,690 0.62


Barrick Intl Barbados 5.75% 15/10/2016 2,000,000 2,109,094 1.30

BB&T Corp 4.9% 30/06/2017 1,000,000 1,059,915 0.65

BBVA US Senior SA 4.664% 09/10/2015 280,000 282,701 0.17

Bear Stearns 5.55% 22/01/2017 1,645,000 1,745,593 1.08


BPCE SA 1% 10/02/2017 300,000 301,659 0.19

BPCE SA 1% 25/04/2016 100,000 100,696 0.06

Brandywine Oper Partners 5.7% 01/05/2017 1,000,000 1,066,316 0.66

Bunge Limited Finance Co 3.2% 15/06/2017 500,000 515,060 0.32



Camden Property Trust 5.7% 15/05/2017 1,000,000 1,073,240 0.66

Canadian Natural Resources 5.7% 15/05/2017 2,000,000 2,145,871 1.31

Capital One Financial Co 1% 06/11/2015 300,000 299,572 0.18

CIT Group Inc 3.875% 19/02/2019 500,000 497,500 0.31

Citigroup Inc 1% 09/06/2016 300,000 298,705 0.18

Citigroup Inc 1% 15/11/2016 225,000 225,440 0.14

Citigroup Inc 5.5% 15/02/2017 3,050,000 3,241,672 1.99


Columbia Pipeline Group 2.45% 01/06/2018 1,000,000 1,008,406 0.62

Commonwealth REIT 6.65% 15/01/2018 200,000 216,313 0.13

Computer Sciences Corp 6.5% 15/03/2018 420,000 464,249 0.29

Con Way Inc 7.25% 15/01/2018 925,000 1,032,237 0.64

Continental Resources Inc 5% 15/09/2022 400,000 392,752 0.24

Copano Energy Llc Co 7.125% 01/04/2021 400,000 423,620 0.26

Cox Communications Inc 5.875% 01/12/2016 1,000,000 1,061,693 0.66



270



Value

Market Value*

% of net

assets

USD Bonds (continued) Crédit Agricole SA 1% 03/10/2016 300,000 301,638 0.19

Daimler Finance North America Llc 1.65% 02/03/2018 1,500,000 1,494,144 0.92

Darden Restaurants Inc 6.45% 15/10/2017 500,000 555,028 0.34

DCP Midstream Operating Company 2.5% 01/12/2017 1,000,000 969,576 0.60

DDR Corp 4.75% 15/04/2018 550,000 587,217 0.36

DDR Corp 7.5% 01/04/2017 1,450,000 1,590,070 0.98

DDR Corp 9.625% 15/03/2016 250,000 263,789 0.16

Dell Inc 3.1% 01/04/2016 300,000 300,750 0.19

Delphi Corp 5% 15/02/2023 500,000 533,750 0.33

Delta Air Lines 4.95% 23/11/2020 126,129 133,696 0.08

Deutsche Bank AG London 1.875% 13/02/2018 1,000,000 998,885 0.62


DirecTV Holdings Llc 1.75% 15/01/2018 1,000,000 997,029 0.62

DirecTV Holdings Llc 2.4% 15/03/2017 1,000,000 1,013,628 0.63

Domtar Corp Company 10.75% 01/06/2017 400,000 463,252 0.29

Dun & Bradstreet Corp 3.25% 01/12/2017 400,000 407,005 0.25

Echostar DBS Corp 4.625% 15/07/2017 400,000 413,000 0.25

El Paso Pipeline Part Op 4.1% 15/11/2015 280,000 282,937 0.17

Enbridge Energy Partners 5.875% 15/12/2016 1,300,000 1,375,665 0.85



Enterprise Products Oper 1% 01/08/2066 300,000 315,000 0.19

Enterprise Products Oper 1% 15/01/2068 725,000 781,188 0.48

Erac USA Finance Llc 6.375% 15/10/2017 1,000,000 1,099,853 0.68

Exelon Corp 1.55% 09/06/2017 1,250,000 1,252,368 0.77

Express Scripts Holding Co 2.65% 15/02/2017 1,000,000 1,018,313 0.63

Fifth Third Bancorp 5.45% 15/01/2017 1,500,000 1,590,682 0.98

Ford Motor Credit Co Llc 1% 17/01/2017 150,000 150,027 0.09


Value

MarketValue*

% of net

assets

USD Bonds (continued) Ford Motor Credit Co Llc 1.684% 08/09/2017 500,000 498,820 0.31





Freeport Mcmoran Inc 2.3% 14/11/2017 1,500,000 1,496,232 0.92



GE Capital Trust I 1% 15/11/2067 1,000,000 1,070,500 0.66

General Electric Co 1% 15/11/2067 1,000,000 1,077,500 0.66


Genworth Finl Inc 6.515% 22/05/2018 300,000 315,750 0.19

Glencore Funding Llc 1.7% 27/05/2016 1,500,000 1,502,016 0.93

Goldman Sachs Group Inc 1% 15/11/2018 625,000 631,055 0.39



Gulf South Pipeline 6.3% 15/08/2017 400,000 428,356 0.26

HBos Plc 6.75% 21/05/2018 1,500,000 1,666,880 1.03

HCP Inc 3.75% 01/02/2016 280,000 283,685 0.18

HCP Inc 5.625% 01/05/2017 1,500,000 1,603,888 0.99

Health Care REIT Inc 6.2% 01/06/2016 260,000 271,085 0.17

Hess Corp 1.3% 15/06/2017 750,000 746,494 0.46

Hewlett Packard Co 1% 14/01/2019 500,000 493,399 0.30

Hewlett Packard Co 2.125% 13/09/2015 290,000 290,973 0.18

Hj Heinz Co 1.6% 30/06/2017 1,000,000 1,000,589 0.62



HSBC Fin Cap Trust Ix 1% 30/11/2035 100,000 100,805 0.06

Humana Inc 7.2% 15/06/2018 474,000 545,763 0.34



271



Value

Market Value*

% of net

assets

USD Bonds (continued) Huntington National Bank 1.7% 26/02/2018 500,000 497,294 0.31

Hyundai Capital America 1.45% 06/02/2017 500,000 499,785 0.31

Hyundai Capital America 2% 19/03/2018 1,000,000 1,003,800 0.62

Hyundai Capital Services Inc 3.5% 13/09/2017 1,000,000 1,035,655 0.64

ING Bank NV 1% 01/10/2019 500,000 501,352 0.31

ING Bank NV 1.8% 16/03/2018 2,000,000 2,004,280 1.24




Intl Lease Finance Corp FRN 15/09/2015 270,000 273,712 0.17

Jabil Circuit Inc 7.75% 15/07/2016 300,000 315,000 0.19

JB Hunt Transport 2.4% 15/03/2019 500,000 505,000 0.31


Johnson Controls Inc 5.5% 15/01/2016 270,000 276,818 0.17


JP Morgan Chase Bank 6% 01/10/2017 800,000 872,559 0.54

Kilroy Realty Corp 4.8% 15/07/2018 1,000,000 1,068,201 0.66

Kimco Realty Corp 5.584% 23/11/2015 270,000 274,624 0.17

Kimco Realty Corp 5.7% 01/05/2017 1,000,000 1,074,712 0.66

Kinder Morgan Energy Partners Ltd 6% 01/02/2017 1,108,000 1,180,430 0.73

Kinder Morgan Inc 2% 01/12/2017 1,132,000 1,129,223 0.70

Kohl S Corporation 6.25% 15/12/2017 1,000,000 1,110,399 0.69

Kroger Co 1% 17/10/2016 225,000 225,166 0.14


LeasePlan Corporation NV 3% 23/10/2017 1,447,000 1,477,875 0.91

Lennar Corp 4.75% 15/12/2017 400,000 418,000 0.26

Liberty Property Ltd 5.5% 15/12/2016 500,000 527,840 0.33

Liberty Property Ltd 6.625% 01/10/2017 1,000,000 1,103,349 0.68


Value

MarketValue*

% of net

assets

USD Bonds (continued) Liberty Property Ltd 7.5% 15/01/2018 500,000 559,878 0.35

Lincoln National Corp 1% 17/05/2066 100,000 91,000 0.06

Lincoln National Corp 1% 20/04/2067 1,000,000 907,500 0.56

Mack Cali Realty Corp 2.5% 15/12/2017 400,000 401,760 0.25


Macy's Inc 7.45% 15/07/2017 700,000 780,711 0.48

Macy's Inc 8.125% 15/08/2035 300,000 302,809 0.19

Marathon Petroleum Corp 3.5% 01/03/2016 280,000 284,774 0.18

Marriott Intl Inc New 6.2% 15/06/2016 260,000 272,170 0.17

Maxim Integrated Product 2.5% 15/11/2018 1,000,000 1,008,646 0.62

Mid America Apartment Community 5.5% 01/10/2015 270,000 272,887 0.17

Morgan Stanley 1% 24/01/2019 700,000 700,348 0.43

Morgan Stanley 5.45% 09/01/2017 1,000,000 1,059,932 0.65

Morgan Stanley 5.75% 18/10/2016 1,000,000 1,057,148 0.65

Murphy Oil Corp 2.5% 01/12/2017 500,000 499,359 0.31

Mylan Inc 1.8% 24/06/2016 300,000 300,222 0.19

Mylan Inc 2.55% 28/03/2019 27,000 26,825 0.02

Nabors Industries Inc 2.35% 15/09/2016 500,000 501,608 0.31

Nabors Industries Inc 6.15% 15/02/2018 650,000 702,321 0.43

National Retail Properties 6.15% 15/12/2015 270,000 275,974 0.17

National Retail Properties 6.875% 15/10/2017 1,000,000 1,108,788 0.68

Newmont Mining Corp 5.125% 01/10/2019 300,000 326,222 0.20

Noble Holding Intl Ltd 3.45% 01/08/2015 280,000 280,290 0.17

Nomura Holdings Inc 2% 13/09/2016 1,400,000 1,410,613 0.87


Oneok Partners Ltd 2% 01/10/2017 1,220,000 1,223,206 0.75


Orange SA 2.75% 06/02/2019 47,000 47,726 0.03



272



Value

Market Value*

% of net

assets

USD Bonds (continued) Penske Truck Leasing 2.5% 15/03/2016 1,000,000 1,007,164 0.62

Petrobras Global Finance 1% 15/01/2019 200,000 186,228 0.11

Petrobras Intl Fin Co 3.875% 27/01/2016 290,000 291,704 0.18

Pitney Bowes Inc 5.75% 15/09/2017 1,000,000 1,080,332 0.67

PNC Funding Corp 5.25% 15/11/2015 270,000 274,436 0.17

Prologis Ltd 4% 15/01/2018 1,000,000 1,050,252 0.65

Pseg Power Llc 5.5% 01/12/2015 280,000 285,317 0.18

Quest Diagnostics Inc 3.2% 01/04/2016 145,000 147,493 0.09

QVC Inc 3.125% 01/04/2019 400,000 397,659 0.25

Qwest Corp 6.5% 01/06/2017 500,000 540,824 0.33


Regency Centers Ltd 5.875% 15/06/2017 1,725,000 1,865,270 1.15

Rj Reynolds Tobacco Co 2.3% 21/08/2017 1,000,000 1,004,030 0.62

Rohm & Haas Co 6% 15/09/2017 1,000,000 1,093,008 0.67

Roper Industries Inc 1.85% 15/11/2017 1,000,000 1,007,098 0.62

Royal Bank of Scotland Plc 1.875% 31/03/2017 1,000,000 996,780 0.62


Santander Bank 2% 12/01/2018 1,000,000 1,000,465 0.62

Seagate Hdd Cayman 3.75% 15/11/2018 1,000,000 1,043,356 0.64

Seagate Hdd Cayman 7% 01/11/2021 300,000 323,250 0.20

Select Income REIT 2.85% 01/02/2018 2,000,000 2,028,210 1.25

Spectra Energy Capital 6.2% 15/04/2018 1,000,000 1,093,176 0.67


Stanley Black & Decker 1% 15/12/2053 300,000 324,750 0.20

Starwood Hotels & Resorts 6.75% 15/05/2018 500,000 559,778 0.35

Starwood Hotels & Resorts 7.375% 15/11/2015 270,000 276,061 0.17

Sunoco Inc 5.75% 15/01/2017 340,000 358,317 0.22



Value

MarketValue*

% of net

assets

USD Bonds (continued) Symantec Corp 2.75% 15/06/2017 1,000,000 1,012,816 0.63

Synchrony Financial 1.875% 15/08/2017 1,500,000 1,500,150 0.93

Talisman Energy Inc 7.75% 01/06/2019 300,000 344,331 0.21


Teck Resources Ltd 3.15% 15/01/2017 2,000,000 2,022,810 1.25

Time Warner Inc 5.85% 01/05/2017 1,000,000 1,068,333 0.66

Toll Brothers Fin Corp 8.91% 15/10/2017 300,000 342,000 0.21

Transcanada Pipelines Ltd 1% 15/05/2067 250,000 238,125 0.15

Transocean Inc 4.95% 15/11/2015 227,000 230,133 0.14

UBS AG Stamford 5.875% 15/07/2016 270,000 281,966 0.17

URS Corp Company 3.85% 01/04/2017 100,000 99,875 0.06


Ventas Inc 1.25% 17/04/2017 1,000,000 997,979 0.62

Verizon Communications Inc 1.35% 09/06/2017 1,000,000 999,056 0.62

Vesey Street Inv Trust I 1% 01/09/2016 1,500,000 1,553,912 0.96

Voya Financial Inc 2.9% 15/02/2018 300,000 308,052 0.19

Weatherford Intl Llc 6.35% 15/06/2017 500,000 535,714 0.33

Western Union Co 5.93% 01/10/2016 1,000,000 1,050,235 0.65

Westpac Banking Corp 0.95% 12/01/2016 10,000 10,023 0.01

Whirlpool Corp 1.65% 01/11/2017 64,000 64,255 0.04

Wyndham Worldwide Corp 2.5% 01/03/2018 500,000 502,182 0.31

Xerox Corporation 7.2% 01/04/2016 750,000 784,345 0.48

Zimmer Biomet Holdings 1.45% 01/04/2017 2,000,000 2,001,532 1.24

155,063,444 95.69


155,063,444 95.69



273



Value

Market Value*

% of net

assets


USD Bonds Contl Airlines 2009 1 Pass Thru Ce 9% 08/01/2018 142,948 152,597 0.09

Glencore Finance Canada 2.05% 23/10/2015 300,000 300,790 0.19

National City Bank 5.8% 07/06/2017 1,000,000 1,077,302 0.66

Nissan Motor Acceptance 1% 26/09/2016 500,000 502,543 0.31

Northwest Air 2007 7.027% 01/05/2021 45,415 50,979 0.03

SKY Plc 9.5% 15/11/2018 300,000 366,455 0.23


Ual 2009 2A Pass Thru Tr Pass Thru Ce 9.75% 15/07/2018 142,463 154,929 0.10

2,884,275 1.78









274


Financial Services 40.17 Industrial 29.92 Banks 11.09 Energy and Water Supply 4.64 Oil and Gas 3.94 Communications 1.63 Pharmaceuticals and Biotechnology 1.41 Traffic and Transportation 0.98 Retail 0.94 Electrical Appliances and Components 0.77 Consumer, Non-cyclical 0.65 Metals and Mining 0.31 Technology 0.29 Financial, Investment and Other Diversified Companies 0.20 Hotels, Restaurants and Leisure 0.17 Food and Beverages 0.14 Mortgage and Asset Backed Securities 0.13 Basic Materials 0.09



Sub-Fund Currency Australia 0.29 0.18 290,555 Barbados 2.11 1.30 2,109,094 Brazil 0.41 0.25 409,902 Canada 5.52 3.40 5,515,179 Cayman Islands 1.88 1.16 1,877,029 France 1.03 0.64 1,030,399 Ireland 0.15 0.09 149,438 Italy 2.33 1.44 2,331,994 Japan 2.41 1.49 2,409,026 Korea, Republic of 1.04 0.64 1,035,655 Luxembourg 1.74 1.07 1,738,507 Spain 0.28 0.17 282,701 The Netherlands 4.45 2.75 4,448,920 United Kingdom 12.17 7.51 12,171,441 United States of America 122.15 75.38 122,147,879 Others 4.10 2.53 4,100,755 162.06 100.00 162,048,474

AXA World Funds - US Dynamic High Yield Bonds


275



Value

Market Value*

% of net

assets



a International Inc 11% 01/10/2019 933,000 993,645 0.95


Advanced Micro Devices 6.75% 01/03/2019 492,000 448,950 0.43



Aguila 3 SA 7.875% 31/01/2018 1,000,000 993,750 0.95

Alphabet Holding Co Inc 7.75% 01/11/2017 994,000 996,485 0.95

Amer Energy Woodford 1% 30/12/2020 478,000 344,160 0.33

American Tire Distributo 10.25% 01/03/2022 688,000 737,880 0.70

Arcelormittal 1% 15/10/2039 495,000 495,000 0.47

Ardagh Finance Holdings 8.625% 15/06/2019 299,435 311,412 0.30

Artsonig Pty Ltd 11.5% 01/04/2019 2,632,635 1,066,217 1.02

Atlas En Holdings Op Co 9.25% 15/08/2021 500,000 377,500 0.36

Bankrate Inc 6.125% 15/08/2018 400,000 390,000 0.37

Barminco Finance Pty Ltd 9% 01/06/2018 850,000 799,000 0.76

BCP Singapore 8% 15/04/2021 936,000 946,530 0.90

BMC Software Finance Inc 8.125% 15/07/2021 415,000 337,706 0.32

BMC Software Inc 7.25% 01/06/2018 540,000 500,175 0.48

Bombardier Inc 7.5% 15/03/2025 906,000 826,725 0.79


BWAY Holding Co 9.125% 15/08/2021 1,040,000 1,076,400 1.03


Carrizo Oil & Gas Inc 6.25% 15/04/2023 400,000 403,000 0.38

Century Intermediate Holding 9.75% 15/02/2019 772,000 805,775 0.77

Chaparral Energy Inc 9.875% 01/10/2020 400,000 328,000 0.31


Value

MarketValue*

% of net

assets

USD Bonds (continued) Commscope Tech Finance L 6% 15/06/2025 650,000 649,188 0.62

Creditcorp 12% 15/07/2018 1,390,000 1,169,338 1.11



Crownrock Lp/Crownrock F 7.75% 15/02/2023 535,000 572,450 0.55

DFC Finance Corp 10.5% 15/06/2020 1,051,000 801,388 0.76

DH Services 7.75% 15/12/2020 647,000 674,498 0.64

Digicel Group Ltd 8.25% 30/09/2020 1,086,000 1,090,762 1.04


Dynegy Inc 7.625% 01/11/2024 455,000 483,438 0.46


Endeavor Energy Resource 8.125% 15/09/2023 212,000 219,685 0.21

Ep Energy Corp Cl A 6.375% 15/06/2023 756,000 760,725 0.73

FMG Resources Ltd 8.25% 01/11/2019 217,000 183,908 0.18

Genesis Energy Lp/Genesi 6% 15/05/2023 914,000 916,742 0.87


Halcon Resources Corp 9.75% 15/07/2020 625,000 423,438 0.40

HCA Holdings Inc 7.69% 15/06/2025 610,000 695,400 0.66

Hub Holdings 8.125% 15/07/2019 1,273,000 1,273,000 1.21

Hudbay Minerals Inc 9.5% 01/10/2020 620,000 660,300 0.63


Immucor Inc 11.125% 15/08/2019 488,000 519,720 0.50

Infor Software 7.125% 01/05/2021 775,000 779,844 0.74



International Wire Group 8.5% 15/10/2017 380,000 394,250 0.38


Italics Merger Sub 7.125% 15/07/2023 969,000 959,310 0.91



276



Value

Market Value*

% of net

assets

USD Bonds (continued) J2 Global Communications 8% 01/08/2020 450,000 488,250 0.47


JBS USA Llc 5.75% 15/06/2025 567,000 561,869 0.54


Kenan Advantage Group 8.375% 15/12/2018 500,000 521,875 0.50

Lantheus Medical Imaging Company 9.75% 15/05/2017 747,000 769,970 0.73

Linn Energy Llc Fin Corp 6.5% 15/09/2021 684,000 516,420 0.49

LTF Merger Sub Inc 8.5% 15/06/2023 688,000 667,360 0.64

Magnum Hunter Resources 9.75% 15/05/2020 620,000 558,000 0.53

MHGE Parent Llc 8.5% 01/08/2019 1,991,000 2,013,399 1.92


Michael Baker Intl Inc 8.875% 15/04/2019 350,000 322,000 0.31

Multi Color Corp 6.125% 01/12/2022 1,007,000 1,034,692 0.99

Neovia Logistics Int Holding 10% 15/02/2018 500,000 500,000 0.48



Optimas Oe Solution Hldg 8.625% 01/06/2021 542,000 552,840 0.53

Park Ohio Industries Inc 8.125% 01/04/2021 300,000 319,500 0.30

Pbf Logistics Lp Finance 6.875% 15/05/2023 573,000 582,311 0.56

Penn Virginia Corp 8.5% 01/05/2020 770,000 694,925 0.66


PPL Energy Supply Llc 4.6% 15/12/2021 686,000 630,262 0.60

Prince Mineral Hold Corp 11.5% 15/12/2019 724,000 669,700 0.64



Rentech Nit Part 6.5% 15/04/2021 1,220,000 1,226,100 1.17

Rice Energy Inc 7.25% 01/05/2023 563,000 579,890 0.55


Value

MarketValue*

% of net

assets

USD Bonds (continued) Rose Rock Midstream/Fin 5.625% 15/07/2022 890,000 874,425 0.83


Servicemaster Company 7.45% 15/08/2027 500,000 507,500 0.48



Sophia Lp/Fin Inc 9.75% 15/01/2019 1,154,000 1,229,010 1.17


SPL Logistics Escrow Llc 8.875% 01/08/2020 395,000 420,675 0.40

Sprint Cap Corp 8.75% 15/03/2032 671,000 654,225 0.62


Titlemax Fin Llc 8.5% 15/09/2018 2,805,000 2,314,125 2.20





Watco Companies 6.375% 01/04/2023 595,000 605,412 0.58

Waterjet Holdings Inc 7.625% 01/02/2020 334,000 349,030 0.33



91,636,818 87.35

USD Governments and Supranational Endo Ltd Finc 6% 15/07/2023 718,000 735,052 0.70

735,052 0.70


92,371,870 88.05



277



Value

Market Value*

% of net

assets


USD Bonds Bi Lo Fin Corp 8.625% 15/09/2018 1,590,000 1,478,700 1.41

Capsugel SA 7% 15/05/2019 1,600,000 1,631,184 1.55

Hockey Merger Sub 2 Inc 7.875% 01/10/2021 790,000 807,775 0.77


6,095,219 5.81









278


Industrial 44.51 Financial Services 22.67 Energy and Water Supply 7.29 Communications 3.15 Oil and Gas 2.72 Commercial Services and Supplies 1.91 Consumer, Non-cyclical 1.73 Technology 1.57 Food and Beverages 1.49 Building Materials and Products 1.39 Pharmaceuticals and Biotechnology 1.20 Financial, Investment and Other Diversified Companies 1.02 Diversified Services 0.95 Healthcare 0.64 Mechanical Engineering and Industrial Equipments 0.64 Traffic and Transportation 0.50 Containers and Packaging 0.30 Metals and Mining 0.18



Sub-Fund Currency Australia 2.05 1.95 2,049,125 Canada 1.49 1.42 1,487,025 Cayman Islands 0.95 0.90 946,530 Ireland 0.44 0.42 436,631 Jamaica 1.09 1.04 1,090,762 Luxembourg 6.09 5.80 6,085,629 The Netherlands 1.26 1.20 1,263,735 United States of America 85.11 81.13 85,107,652 Others 6.44 6.14 6,441,941 104.92 100.00 104,909,030

AXA World Funds - US High Yield Bonds


279



Value

Market Value*

% of net

assets



a International Inc 11% 01/10/2019 39,890,000 42,482,850 0.61

Academy Finance Corp 9.25% 01/08/2019 37,032,000 39,094,682 0.56


Advanced Micro Devices 6.75% 01/03/2019 35,124,000 32,050,650 0.46




AES Corp 5.5% 15/04/2025 23,178,000 22,134,990 0.32

Aguila 3 SA 7.875% 31/01/2018 58,499,000 58,133,381 0.84

Ahern Rentals Inc 7.375% 15/05/2023 6,144,000 6,097,920 0.09

Alliance Data Systems Co 5.375% 01/08/2022 33,284,000 32,867,950 0.47

Ally Financial Inc 4.625% 19/05/2022 21,588,000 21,345,135 0.31

Alphabet Holding Co Inc 7.75% 01/11/2017 42,323,000 42,428,808 0.61

Altice Financing SA 6.625% 15/02/2023 20,346,000 20,250,374 0.29

Altice Finco SA 7.625% 15/02/2025 7,000,000 6,737,500 0.10

Altice SA 7.75% 15/05/2022 49,235,000 47,757,950 0.68

Amer Energy Woodford 1% 30/12/2020 15,593,000 11,226,960 0.16

American Equity Investment 6.625% 15/07/2021 29,332,000 31,165,250 0.45

American Tire Distributo 10.25% 01/03/2022 36,215,000 38,840,588 0.56

Anna Merger Sub Inc 7.75% 01/10/2022 29,380,000 29,673,800 0.42

Antero Resources Corp 5.625% 01/06/2023 29,816,000 28,958,790 0.41

Arcelormittal 1% 15/10/2039 37,003,000 37,003,000 0.53

Arcelormittal 7% 25/02/2022 26,829,000 29,042,392 0.42

Ardagh Finance Holdings 8.625% 15/06/2019 25,691,638 26,719,304 0.38

Artsonig Pty Ltd 11.5% 01/04/2019 28,048,301 11,359,562 0.16



Value

MarketValue*

% of net

assets

USD Bonds (continued) Atlas En Holdings Op Co 9.25% 15/08/2021 21,078,000 15,913,890 0.23

Bankrate Inc 6.125% 15/08/2018 18,908,000 18,435,300 0.26

Barminco Finance Pty Ltd 9% 01/06/2018 37,290,000 35,052,600 0.50

BCP Singapore 8% 15/04/2021 27,482,000 27,791,172 0.40

Bi Lo Fin Corp 9.25% 15/02/2019 19,472,000 19,764,080 0.28

Blue Racer 6.125% 15/11/2022 16,662,000 17,245,170 0.25

BMC Software Finance Inc 8.125% 15/07/2021 26,357,000 21,448,009 0.31

BMC Software Inc 7.25% 01/06/2018 7,901,000 7,318,301 0.10

Bombardier Inc 6.125% 15/01/2023 19,305,000 17,229,712 0.25

Bombardier Inc 7.5% 15/03/2025 39,999,000 36,499,088 0.52


BWAY Holding Co 9.125% 15/08/2021 64,965,000 67,238,774 0.97

Cablevision Systems Corp 7.75% 15/04/2018 23,547,000 25,489,628 0.36



Capella Healthcare Company 9.25% 01/07/2017 32,140,000 32,983,675 0.47



Case New Holland Inc 7.875% 01/12/2017 5,805,000 6,385,500 0.09



Cemex Sab De Cv 6.125% 05/05/2025 10,264,000 10,132,826 0.14

Century Intermediate Holding 9.75% 15/02/2019 20,565,000 21,464,719 0.31


Chaparral Energy Inc 9.875% 01/10/2020 27,587,000 22,621,340 0.32

Columbus Intl Inc 7.375% 30/03/2021 34,875,000 37,748,526 0.54

Commercial Vehicle Group 7.875% 15/04/2019 10,245,000 10,552,350 0.15



280



Value

Market Value*

% of net

assets

USD Bonds (continued) Commscope Tech Finance L 6% 15/06/2025 31,200,000 31,161,000 0.45

Community Health Systems Inc 6.875% 01/02/2022 17,791,000 18,813,982 0.27

Concho Resources Inc 7% 15/01/2021 23,462,000 24,664,428 0.35

Concordia Healthcare Cor 7% 15/04/2023 24,410,000 24,471,025 0.35

Constellation Brands Inc 4.75% 15/11/2024 14,248,000 14,319,240 0.20

Covanta Holding Corp 5.875% 01/03/2024 18,760,000 18,806,900 0.27

CPL Inernational Inc 8.75% 15/02/2018 21,498,000 22,089,195 0.32

Creditcorp 12% 15/07/2018 16,475,000 13,859,594 0.20

Crescent Resources Llc 10.25% 15/08/2017 14,702,000 15,657,630 0.22



CSC Holdings Llc 5.25% 01/06/2024 24,305,000 23,454,325 0.34

DFC Finance Corp 10.5% 15/06/2020 62,797,000 47,882,712 0.69

DH Services 7.75% 15/12/2020 23,649,000 24,654,082 0.35

Diamondback Energy Inc 7.625% 01/10/2021 12,587,000 13,531,025 0.19

Digicel Group Ltd 8.25% 30/09/2020 45,211,000 45,409,250 0.65

Digicel Limited 6.75% 01/03/2023 33,698,000 33,004,664 0.47

Dish Dbs Corp 5.875% 15/11/2024 33,582,000 32,343,664 0.46


Dynegy Inc 7.625% 01/11/2024 45,605,000 48,455,312 0.69

Eclipse Resources Corp 8.875% 15/07/2023 25,606,000 24,832,699 0.36


Endeavor Energy Resource 8.125% 15/09/2023 7,950,000 8,238,188 0.12


Equinix Inc 5.75% 01/01/2025 22,681,000 22,567,595 0.32

Exopack Holding Corp 10% 01/06/2018 23,225,000 24,502,375 0.35

Family Tree Escrow Llc 5.75% 01/03/2023 21,938,000 23,034,900 0.33

FMG Resources Ltd 8.25% 01/11/2019 14,465,000 12,259,088 0.18


Value

MarketValue*

% of net

assets

USD Bonds (continued) Genesis Energy Lp/Genesi 5.625% 15/06/2024 27,701,000 27,008,475 0.39


Genesis Energy Lp/Genesi 6% 15/05/2023 16,106,000 16,154,318 0.23

Global Brass And Copper 9.5% 01/06/2019 37,453,000 41,104,668 0.59

Gray Television Inc 7.5% 01/10/2020 36,897,000 39,249,184 0.56


Halcon Resources Corp 9.75% 15/07/2020 35,234,000 23,871,035 0.34

HD Supply Inc 11.5% 15/07/2020 54,853,000 63,629,480 0.92

Hologic Inc 6.25% 01/08/2020 12,850,000 13,300,071 0.19

Hot Topic Inc 9.25% 15/06/2021 18,337,000 19,345,535 0.28

Hub Holdings 8.125% 15/07/2019 33,983,000 33,983,000 0.49

Hudbay Minerals Inc 9.5% 01/10/2020 35,918,000 38,252,670 0.55


Immucor Inc 11.125% 15/08/2019 39,670,000 42,248,550 0.60

Infor Software 7.125% 01/05/2021 13,942,000 14,029,138 0.20

Infor US Inc 6.5% 15/05/2022 33,442,000 34,110,840 0.49


Intelsat Jackson Hldg 7.25% 15/10/2020 41,220,000 40,910,850 0.59


Interactive Data Corp 5.875% 15/04/2019 15,554,000 15,816,085 0.23

Interline Brands Inc 10% 15/11/2018 24,741,000 25,916,198 0.37

International Wire Group 8.5% 15/10/2017 24,200,000 25,107,500 0.36

Intl Lease Finance Corp 8.625% 15/01/2022 40,925,000 50,081,969 0.72



J2 Global Communications 8% 01/08/2020 14,263,000 15,475,355 0.22


James Hardie Industries Cdi 5.875% 15/02/2023 14,084,000 14,576,940 0.21



281



Value

Market Value*

% of net

assets

USD Bonds (continued) JBS Investments GmbH 7.25% 03/04/2024 23,195,000 23,994,764 0.34


JBS USA Llc 5.75% 15/06/2025 36,498,000 36,167,693 0.52

JBS USA Llc 8.25% 01/02/2020 18,570,000 19,865,722 0.28

Jll/Delta Dutch Newco BV 7.5% 01/02/2022 20,336,000 21,276,540 0.30


JM Huber Corp 9.875% 01/11/2019 22,408,000 24,022,720 0.34


Kodiak Oil & Gas Corp 8.125% 01/12/2019 20,681,000 21,753,827 0.31

Lantheus Medical Imaging Company 9.75% 15/05/2017 19,965,000 20,578,924 0.29

Level 3 Financing Inc 5.625% 01/02/2023 26,034,000 26,391,968 0.38

Linn Energy Llc Fin Corp 7.75% 01/02/2021 40,290,000 31,526,925 0.45

LTF Merger Sub Inc 8.5% 15/06/2023 25,099,000 24,346,030 0.35

Magnum Hunter Resources 9.75% 15/05/2020 25,867,000 23,280,300 0.33

Masonite International C 5.625% 15/03/2023 14,578,000 14,887,782 0.21

Mattamy Group Corp 6.5% 15/11/2020 22,000,000 21,340,000 0.31

Mcgraw Hill Global 9.75% 01/04/2021 29,980,000 33,127,900 0.47

Memorial Production Partners Ltd 7.625% 01/05/2021 17,546,000 16,800,295 0.24

MGM Resorts Intl 11.375% 01/03/2018 47,529,000 55,965,398 0.80

MHGE Parent Llc 8.5% 01/08/2019 46,941,000 47,469,086 0.68



Multi Color Corp 6.125% 01/12/2022 8,300,000 8,528,250 0.12

NCL Corp Ltd 5.25% 15/11/2019 13,733,000 14,127,824 0.20

NCR Corp 6.375% 15/12/2023 13,494,000 14,354,242 0.21

Neovia Logistics Int Holding 10% 15/02/2018 12,080,000 12,080,000 0.17

New Academy Finance Co 8% 15/06/2018 47,205,000 47,677,050 0.68


Value

MarketValue*

% of net

assets

USD Bonds (continued) Nexeo Solutions Llc/Corp 8.375% 01/03/2018 17,494,000 16,269,420 0.23



Nielsen Finance Llc/Co 5% 15/04/2022 29,790,000 29,305,912 0.42

Nortek Inc 8.5% 15/04/2021 42,812,000 45,915,870 0.66


Oasis Petroleum Inc 6.875% 15/03/2022 23,348,000 23,814,960 0.34

Omnicare Inc 4.75% 01/12/2022 11,466,000 12,211,290 0.17


Optimas Oe Solution Hldg 8.625% 01/06/2021 9,255,000 9,440,100 0.14

PAR Pharmaceutical Company 7.375% 15/10/2020 31,835,000 34,063,450 0.49


Parsley Energy Llc Fin 7.5% 15/02/2022 4,534,000 4,623,274 0.07

Party City Holdings Inc 8.875% 01/08/2020 27,242,000 29,217,045 0.42

Pbf Logistics Lp Finance 6.875% 15/05/2023 11,995,000 12,189,919 0.17

Penn Virginia Corp 8.5% 01/05/2020 48,959,000 44,185,498 0.63

Penn Virginia Resource 8.375% 01/06/2020 26,731,000 29,036,549 0.42

Petco Animal Supplies In 9.25% 01/12/2018 17,604,000 18,440,190 0.26




PPL Energy Supply Llc 4.6% 15/12/2021 26,440,000 24,291,750 0.35

Prince Mineral Hold Corp 11.5% 15/12/2019 28,464,000 26,329,200 0.38



Realogy Group 5.25% 01/12/2021 22,806,000 23,176,598 0.33

Realogy Group 9% 15/01/2020 13,701,000 14,831,332 0.21



282



Value

Market Value*

% of net

assets

USD Bonds (continued) Rentech Nit Part 6.5% 15/04/2021 31,986,000 32,145,930 0.46

Reynolds Group 9% 15/04/2019 35,725,000 37,109,344 0.53

Reynolds Group 9.875% 15/08/2019 35,479,000 37,319,473 0.53

Rice Energy Inc 7.25% 01/05/2023 15,011,000 15,461,330 0.22

Rite Aid Corp 6.125% 01/04/2023 22,449,000 23,206,654 0.33

Rite Aid Corp 9.25% 15/03/2020 18,612,000 20,217,285 0.29







Schaeffler Holding Finance BV Sr Uns 144A 6.875% 15/08/2018 33,385,000 34,636,938 0.50

Servicemaster Company 7.45% 15/08/2027 23,349,000 23,699,235 0.34

Shea Homes Lp/Fndg Cp 6.125% 01/04/2025 20,755,000 21,014,438 0.30

Sirius Xm Radio Inc 5.375% 15/04/2025 26,169,000 25,318,508 0.36


Sm Energy Co 5.625% 01/06/2025 8,176,000 8,113,045 0.12


Sophia Lp/Fin Inc 9.75% 15/01/2019 52,630,000 56,050,950 0.80

Southern Star Cent 5.125% 15/07/2022 20,198,000 20,601,960 0.29

Spectrum Brands Inc 5.75% 15/07/2025 23,677,000 24,150,540 0.35

Speedy Cash Intermediate Hldgs Corp 10.75% 15/05/2018 43,702,000 41,516,900 0.59


Spirit Aerosystems Inc 5.25% 15/03/2022 16,028,000 16,629,050 0.24

SPL Logistics Escrow Llc 8.875% 01/08/2020 42,191,000 44,933,415 0.64


Value

MarketValue*

% of net

assets

USD Bonds (continued) Sprint Cap Corp 8.75% 15/03/2032 53,067,000 51,740,325 0.74

Sprint Capital Corp 6.875% 15/11/2028 18,100,000 15,611,250 0.22

Sprint Corp 7.125% 15/06/2024 23,243,000 21,618,314 0.31

Sprint Corp 7.875% 15/09/2023 47,828,000 46,766,218 0.67

Sterigenics Nordion Hold 6.5% 15/05/2023 7,697,000 7,831,698 0.11




Sun Products Corp 7.75% 15/03/2021 35,271,000 32,008,432 0.46

Symetra Financial Corp 1% 15/10/2037 9,340,000 9,666,900 0.14


T Mobile USA Inc 6.375% 01/03/2025 34,762,000 35,631,050 0.51

T Mobile USA Inc 6.5% 15/01/2024 35,473,000 36,714,555 0.53

Talen Energy Supply Llc 6.5% 01/06/2025 21,894,000 21,921,368 0.31

Targa Resources Corp 6.375% 01/08/2022 10,687,000 11,167,915 0.16

Taylor Morrison 5.625% 01/03/2024 16,866,000 16,317,855 0.23

Telesat Canada 6% 15/05/2017 27,535,000 28,051,281 0.40

Tenet Healthcare Corp 8.125% 01/04/2022 30,564,000 33,498,144 0.48

Tesoro Logistics Lp/Corp 6.25% 15/10/2022 21,102,000 21,946,080 0.31

Titlemax Fin Llc 8.5% 15/09/2018 38,169,000 31,489,425 0.45

Tops Holding Corporation and Tops Markets 8.875% 15/12/2017 12,003,000 12,556,638 0.18





Tribune Media Co 5.875% 15/07/2022 5,676,000 5,732,760 0.08

Trinseo Fin 6.75% 01/05/2022 20,891,000 21,361,048 0.31



283



Value

Market Value*

% of net

assets

USD Bonds (continued) Ultra Petroleum Corp 5.75% 15/12/2018 9,454,000 9,123,110 0.13


United Surgical Partners Company 9% 01/04/2020 26,966,000 28,786,205 0.41

Unitymedia Kabelbw GmbH 6.125% 15/01/2025 27,247,000 28,541,232 0.41

US Foods Inc 8.5% 30/06/2019 2,581,000 2,697,145 0.04





Watco Companies 6.375% 01/04/2023 39,963,000 40,662,352 0.58

Waterjet Holdings Inc 7.625% 01/02/2020 20,547,000 21,471,615 0.31



Windstream Corp 6.375% 01/08/2023 22,500,000 18,393,750 0.26


ZF NA Capital 4.5% 29/04/2022 14,680,000 14,434,844 0.21

6,225,165,901 89.09

USD Governments and Supranational Endo Ltd Finc 6% 15/07/2023 24,211,000 24,786,011 0.35

24,786,011 0.35


6,249,951,912 89.44


USD Bonds Audatex North America In 6% 15/06/2021 32,839,000 33,865,219 0.48

Bi Lo Fin Corp 8.625% 15/09/2018 47,356,000 44,041,080 0.63

Blueline Rental Finance 7% 01/02/2019 16,653,000 17,194,222 0.25


Value

MarketValue*

% of net

assets

USD Bonds (continued) Brightstar Corp 7.25% 01/08/2018 10,000,000 10,600,000 0.15

Capsugel SA 7% 15/05/2019 52,299,000 53,318,308 0.76

Coveris Holdings SA 7.875% 01/11/2019 2,026,000 2,026,000 0.03


Howard Hughes Corp 6.875% 01/10/2021 22,367,000 23,820,855 0.34

MPH Acquisition Holding 6.625% 01/04/2022 17,689,000 18,109,114 0.26

Mustang Merger Corp 8.5% 15/08/2021 19,990,000 20,389,800 0.29




358,271,358 5.12





TOTAL NET ASSETS 6,988,624,157 100.00




284


Industrial 45.14 Financial Services 19.41 Energy and Water Supply 6.72 Communications 6.01 Pharmaceuticals and Biotechnology 2.19 Oil and Gas 1.99 Food and Beverages 1.84 Technology 1.47 Building Materials and Products 1.26 Financial, Investment and Other Diversified Companies 1.25 Consumer, Non-cyclical 0.85 Lodging 0.80 Healthcare 0.70 Diversified Services 0.61 Retail 0.56 Hotels, Restaurants and Leisure 0.52 Traffic and Transportation 0.48 Media 0.40 Containers and Packaging 0.38 Mechanical Engineering and Industrial Equipments 0.35 Electrical Appliances and Components 0.31 Commercial Services and Supplies 0.28 Consumer, Cyclical 0.28 Real Estate 0.21 Metals and Mining 0.18 Banks 0.14 Insurance 0.14 Machinery 0.09



Sub-Fund Currency Australia 91.98 1.32 91,975,115 Austria 40.93 0.59 40,933,319 Barbados 37.75 0.54 37,748,526 Canada 165.84 2.37 165,843,776 Cayman Islands 27.79 0.40 27,791,172 Germany 28.54 0.41 28,541,232 Ireland 82.37 1.18 82,369,652 Jamaica 78.41 1.12 78,413,914 Luxembourg 431.62 6.18 431,623,018 Mexico 10.13 0.14 10,132,826 The Netherlands 91.11 1.30 91,114,908 United States of America 5,521.74 79.01 5,521,735,812 Others 380.40 5.44 380,400,887 6,988.61 100.00 6,988,624,157



285



Value

Market Value*

% of net

assets

OTHER TRANSFERABLE SECURITIES (*)

USD Mortgage and Asset Backed Securities Acacia Cdo 11 Ltd 1.53585% 15/03/2047 1,151,630 52,054 0.12

Ameriquest Mtg Secs Inc 0.867% 25/11/2033 373,284 297,806 0.68

Ameriquest Mtg Secs Inc 1.98475% 25/11/2034 2,384,257 1,395,159 3.17

Ameriquest Mtg Secs Inc 2.65975% 25/12/2033 224,681 147,773 0.34

Ameriquest Mtg Secs Inc 2004 R2 M4 1.75975% 25/04/2034 264,746 192,424 0.44




Argent Secs Inc 2.35975% 25/03/2034 224,846 184,594 0.42

Argent Secs Inc 3.10975% 25/04/2034 157,561 92,756 0.21

Argent Secs Inc 5.80975% 25/10/2033 48,448 47,322 0.11

Asset Backed Fdg Corp 1.687% 25/07/2033 95,130 62,567 0.14



Ayresome CDO I Ltd 6.09% 08/12/2045 2,250,000 0 0.00

Bank Of America Corp 0.637% 25/08/2018 46,829 44,141 0.10

Bank Of America Corp 2.63% 25/08/2033 159,097 18,948 0.04

Bank Of America Corp 2.699% 25/05/2035 1,093,752 275,361 0.63

Bayview Finl Revolving Asset 7.186% 28/12/2040 1,965,898 378,042 0.86

Bayview Finl Secs Co Llc 2004 D M3 1.236% 28/08/2044 1,312,502 1,302,767 2.96

Bayview Finl Secs Co Llc 2004 D M4 1.436% 28/08/2044 656,251 625,857 1.42

Bayview Finl Secs Co Llc 6.072% 25/02/2033 139,864 91,988 0.21

Bayview Finl Secs Co Llc 6.186% 28/02/2040 1,621,305 311,777 0.71

Bear Stearns 1.912% 25/04/2034 209,640 199,220 0.45


Value

MarketValue*

% of net

assets

USD Mortgage and Asset Backed Securities (continued) Bear Stearns 2.787% 25/01/2034 225,461 164,859 0.37

Bear Stearns 2004 13 M2 1.762% 25/11/2034 203,423 3,214 0.01

Bear Stearns 2004 AC6 M2 1.987% 25/11/2034 151,678 30,463 0.07

C Bass Cbo V Ltd 1.42975% 25/01/2035 97,882 57,623 0.13

C Bass Cbo XI Ltd 2.98585% 15/09/2039 684,000 0 0.00

Cederwoods Ltd 5.92% 25/02/2052 3,352,257 59,335 0.13

Chase Fdg Loan Acquisition Tr 1.987% 25/05/2034 243,987 190,223 0.43

Chase Funding Mortgage Loan 1.507% 25/07/2033 131,714 125,100 0.28

Chase Funding Mortgage Loan 2.032% 25/11/2032 511,928 446,143 1.01

Citigroup Funding Mortgage Loan Trust 1.787% 25/12/2033 1,500,000 1,332,287 3.03

Citigroup Funding Mortgage Loan Trust 2005 3 1B1 0.01784% 25/08/2035 857,360 256,390 0.58

Citigroup Funding Mortgage Loan Trust 2005 3 1B2 0.01784% 25/08/2035 53,222 5 0.00

Conseco Finance 2.9315% 15/04/2032 667,036 664,357 1.51

Crédit Suisse First Boston Mortgage 2.25261% 25/01/2033 137,519 77,862 0.18




Cwabs Inc 1.837% 25/06/2035 1,920,000 1,130,304 2.57

Cwabs Inc 2.587% 25/10/2033 766,394 727,396 1.65

Cwabs Inc 2.812% 25/12/2033 478,813 312,130 0.71

Cwabs Inc 2.887% 25/01/2034 152,074 89,526 0.20

Cwabs Inc 2.962% 25/09/2033 31,191 125 0.00

Cwalt Inc 2.812% 25/02/2035 356,999 231,772 0.53

Cwalt Inc 2.962% 25/10/2034 169,174 32,532 0.07

Empire Funding Home Loan Owner 1998 1 M1 7.73% 25/06/2024 5,995 1 0.00

Empire Funding Home Loan Owner 1998 2 A5 7.46% 25/06/2024 355,382 36 0.00



286



Value

Market Value*

% of net

assets

USD Mortgage and Asset Backed Securities (continued) Empire Funding Home Loan Owner 1998 2 M1 7.49% 25/06/2024 234,741 23 0.00

Fieldstone Mortgage Investment Trust 2.73475% 25/10/2035 1,320,000 666,916 1.51

Finance America Mortgage Loan Trust 2.287% 25/08/2034 145,340 129,131 0.29

First Franklin Mtg Ln Tr 2.062% 25/01/2035 209,934 13,697 0.03

First Plus Home Loan Trust 0.06851% 10/05/2024 209,750 21 0.00

First Republic Mortgage Loan Trust 1.7606% 15/11/2032 160,856 124,361 0.28

GS Mtg Secs Corp 4.612% 25/08/2033 96,894 19,877 0.05

GS Mtg Secs Corp 5.74083% 25/06/2034 630,262 25 0.00

GSAA Home Equity Trust 0.887% 25/03/2035 1,000,000 799,821 1.82

Harborview Mortgage Loan Trust 1.1175% 19/02/2034 583,338 83,989 0.19

Harborview Mortgage Loan Trust 1.33675% 20/06/2035 1,143,644 687,583 1.56

Home Equity Mtg Ln Asset Back 1.017% 25/03/2035 2,000,000 1,583,905 3.60

Homebanc Mortgage Trust 0.987% 25/03/2035 521,982 369,622 0.84

Homestar Mortgage Acceptance 1.837% 25/06/2034 578,261 164,891 0.37

Impac Cmb Tr 0.937% 25/02/2036 466,978 432,880 0.98

Impac Cmb Tr 2003 11 1M3 2.437% 25/10/2033 226,372 148,885 0.34

Impac Cmb Tr 2003 11 2B1 4.687% 25/10/2033 113,023 110,844 0.25

Irwin Home Equity 3.187% 25/06/2028 103,366 67,984 0.15

JP Morgan Mortgage Acquisition Corp 1.162% 25/07/2035 3,400,000 3,052,784 6.92

Keystone Owner 7.91% 25/01/2029 753,048 144,811 0.33

Lehman Bros Small Balance Coml 6.22% 25/09/2036 1,000,000 9,400 0.02

Long Beach Mortgage Loan Trust 2.812% 25/08/2033 275,320 265,633 0.60

Long Beach Mortgage Loan Trust 2004 1 M4 1.687% 25/02/2034 193,221 187,976 0.43




Value

MarketValue*

% of net

assets

USD Mortgage and Asset Backed Securities (continued) Long Beach Mortgage Loan Trust 2004 4 M7 2.812% 25/10/2034 180,312 147,694 0.34

Master Adj Rate Mortgage Trust 2004 2 M2 1.787% 25/03/2034 1,322,201 1,302,361 2.96

Master Adj Rate Mortgage Trust 2004 2 M3 2.437% 25/03/2034 1,998,240 1,859,747 4.22

Mellon Residential Funding Corp 1.4355% 15/08/2032 107,253 76,805 0.17

MLCC Mortgage Investors Inc 1.837% 25/03/2030 238,275 65,526 0.15

Morgan Stanley Abs Cap I 2.062% 25/09/2034 427,672 387,312 0.88

Morgan Stanley Abs Cap I 3.262% 25/03/2034 88,849 86,641 0.20

New Centy Home Equity Ln Tr 2.662% 25/11/2033 130,263 85,674 0.19

New Centy Home Equity Ln Tr 2.917% 25/10/2033 197,833 192,344 0.44

Nomura Asset Accep Corp 2004 AR3 M2 1.337% 25/11/2034 421,940 127,345 0.29

Nomura Asset Accep Corp 2004 AR3 M3 1.537% 25/11/2034 28,527 3 0.00

Novastar Home Equity Ln Tr 2.95625% 25/09/2033 816,781 754,362 1.71

Novastar Mtg Fdg Tr 0.777% 25/01/2036 1,000,000 439,726 1.00

Novastar Mtg Fdg Tr 2.625% 25/02/2034 396,525 381,106 0.87

Novastar Mtg Fdg Tr 2.662% 25/12/2033 140,725 92,555 0.21

Option One Mortgage Loan Trust 1.687% 25/02/2035 461,681 60,425 0.14



Park Pl Secs Inc 2.062% 25/09/2034 2,320,000 2,182,792 4.96

Park Pl Secs Inc 2004 WWF1 M4 1.837% 25/12/2034 2,325,000 2,227,664 5.05

Park Pl Secs Inc 2004 WWF1 M5 1.987% 25/12/2034 1,622,494 1,374,246 3.12

Resi Finance Ltd 1.735% 10/02/2036 318,262 184,178 0.42

Residential Asset Mortgage Products 4.62% 25/06/2033 323,064 257,740 0.59

Residential Funding Sec Corp 3.93475% 25/07/2041 1,227,032 1,207,517 2.74

Resix Fin Ltd 2003 A B10 15.6854% 10/03/2035 244,040 264,271 0.60



287



Value

Market Value*

% of net

assets

USD Mortgage and Asset Backed Securities (continued) Resix Fin Ltd 2003 A B11 21.6854% 10/03/2035 126,928 144,724 0.33

Saco I Trust 1.912% 25/12/2035 991,724 930,741 2.11

Semt B3 1.60082% 20/04/2033 529,107 168,997 0.38

Sequoia Mortgage Trust 1.60121% 20/09/2032 258,967 97,657 0.22

Sequoia Mortgage Trust 1.60996% 20/12/2032 462,362 171,370 0.39

Structured Adj Rate Mtg Loan Trust 0.637% 25/03/2035 147,314 2,239 0.01

Structured Adj Rate Mtg Loan Trust 0.937% 25/02/2035 3,490 7 0.00

Structured Adj Rate Mtg Loan Trust 1.187% 25/09/2034 963,908 69,082 0.16

Structured Asset Investment Loan Trust 2003 BC12 M2 2.812% 25/11/2033 88,014 87,342 0.20

Structured Asset Investment Loan Trust 2003 BC13 M2 2.812% 25/11/2033 43,847 41,901 0.10

Structured Asset Mortgage Investment 1.9875% 19/10/2034 135,138 3,290 0.01

Structured Asset Secs Corp 1.137% 25/04/2034 279,342 246,026 0.56


Structured Asset Secs Corp 2003 37A B2I 2.03025% 25/12/2033 194,936 52,947 0.12

Structured Asset Secs Corp 2003 37A B2II 1.18475% 25/12/2033 61,211 2,120 0.00


Terwin Mortgage Trust 2004 7HE B1 2.537% 25/07/2034 167,597 14,892 0.03

Terwin Mortgage Trust 2004 7HE M2 1.637% 25/07/2034 298,592 196,384 0.45

Wells Fargo Home Equity Asset 1.337% 25/11/2035 852,000 684,176 1.55

Wells Fargo Home Equity Asset 2.067% 25/10/2034 612,521 600,634 1.36

39,704,789 90.17









288


Mortgage and Asset Backed Securities 90.17 90.17



Sub-Fund Currency Cayman Islands 0.70 1.60 704,562 United States of America 39.00 88.57 39,000,227 Others 4.33 9.83 4,326,193 44.03 100.00 44,030,982

AXA World Funds - Emerging Markets Short Duration Bonds


289



Value

Market Value*

% of net

assets


BRL Bonds Anheuser Busch InBev Worlwide 9.75% 17/11/2015 6,000,000 1,895,493 0.13

1,895,493 0.13

EUR Bonds Bite Finance International FRN 15/02/2018 6,000,000 6,586,459 0.47

Bulgarian Energy Hld 4.25% 07/11/2018 7,000,000 7,712,787 0.55

Turkiye Vakiflar Bankasi 3.5% 17/06/2019 6,687,000 7,521,548 0.53

21,820,794 1.55

MXN Bonds America Movil SAB de CV 6% 09/06/2019 175,000,000 11,212,362 0.80

11,212,362 0.80

USD Bonds AE Rotor Holding BV 4.969% 28/03/2018 15,000,000 15,576,225 1.11

African Export Import Ba 3.875% 04/06/2018 15,500,000 15,536,890 1.10

Akbank T.A.S. 3.875% 24/10/2017 11,000,000 11,156,035 0.79

Alliance Global Group Cayman 6.5% 18/08/2017 11,000,000 11,723,140 0.83

Andrade Gutier International SA 4% 30/04/2018 6,000,000 4,633,860 0.33

Axtel SA De Cv 1% 31/01/2020 10,000,000 9,990,700 0.71

Banco BTG Pactual/Cayman 4.875% 08/07/2016 10,000,000 10,212,650 0.72

Banco de Costa Rica Government 5.25% 12/08/2018 10,000,000 10,231,800 0.73

Banco Nal Costa Rica Sr 4.875% 01/11/2018 10,000,000 10,143,150 0.72

Bank of Ceylon 6.875% 03/05/2017 7,100,000 7,330,572 0.52

Bank of Moscow (Kuznetski) 1% 25/11/2015 2,500,000 2,499,538 0.18

Batelco Int Fin No 1 Ltd Company 4.25% 01/05/2020 10,000,000 10,096,300 0.72

BBVA Bancomer SA 7.25% 22/04/2020 9,750,000 10,813,579 0.77

BC Luxco 1 SA 7.375% 29/01/2020 8,900,000 8,989,000 0.64

Bestgain Real Estate 2.625% 13/03/2018 12,000,000 11,884,680 0.84


Value

MarketValue*

% of net

assets

USD Bonds (continued) Cemex SA Adr 1% 15/10/2018 12,000,000 12,594,660 0.89

China Oversea Fin Ky 3.375% 29/10/2018 10,000,000 10,151,100 0.72

Controladora Mabe SA 7.875% 28/10/2019 11,000,000 12,452,495 0.88

Dar Al Arkan Sukuk Co Lt 5.75% 25/11/2016 3,000,000 3,051,075 0.22

Delek & Avner Tamar 3.839% 30/12/2018 9,000,000 9,186,795 0.65

DME Airport Ltd 6% 26/11/2018 11,000,000 10,079,190 0.72

Double Rosy Ltd 3.625% 18/11/2019 15,000,000 15,076,050 1.07

DP World Sukuk Ltd 6.25% 02/07/2017 12,000,000 12,940,200 0.92

Ecopetrol SA 4.25% 18/09/2018 6,000,000 6,276,000 0.45

Emaar Sukuk Ltd 8.5% 03/08/2016 5,000,000 5,363,400 0.38

Empresa de Energia 6.125% 10/11/2021 14,000,000 14,909,930 1.06

Finansbank AS 5.5% 11/05/2016 15,000,000 15,214,200 1.08

FPC Finance Ltd Co 6% 28/06/2019 15,952,000 17,143,216 1.22

Franshion Investment Ltd 4.7% 26/10/2017 12,000,000 12,416,820 0.88

Gajah Tunggal 7.75% 06/02/2018 16,000,000 13,541,840 0.96

Gazprom SA 9.25% 23/04/2019 15,000,000 16,684,275 1.18

GCX Ltd 7% 01/08/2019 10,000,000 10,120,750 0.72

Greenland Hong Kong Holding 4.75% 18/10/2016 12,000,000 12,142,980 0.86

Grupo Elektra SA 7.25% 06/08/2018 8,000,000 8,256,120 0.59

Grupo Kuo SAB 6.25% 04/12/2022 10,000,000 10,404,150 0.74

GS Caltexd Corp 3% 18/06/2019 13,000,000 13,021,970 0.92

Icici Bank Ltd 3.5% 18/03/2020 12,000,000 12,191,400 0.87

Icici Bank Ltd 4.8% 22/05/2019 11,000,000 11,688,545 0.83

Indian Railway Finance 3.917% 26/02/2019 7,000,000 7,216,300 0.51

Indo Energy Finance BV 7% 07/05/2018 12,000,000 9,921,420 0.70

Indosat Palapa Co BV 7.375% 29/07/2020 10,000,000 10,388,650 0.74

Instit Costa De Electric 6.95% 10/11/2021 1,300,000 1,372,917 0.10

Israel Electric Corp Ltd 5.625% 21/06/2018 5,000,000 5,352,525 0.38



290



Value

Market Value*

% of net

assets

USD Bonds (continued) Israel Electric Corp Ltd 6.7% 10/02/2017 13,500,000 14,404,568 1.02

Kazakhstan Engineering 4.55% 03/12/2016 9,000,000 8,838,675 0.63



Koc Holding AS 3.5% 24/04/2020 15,000,000 14,687,100 1.04

Kuwait Projects Co 4.8% 05/02/2019 8,000,000 8,414,440 0.60

Kuwait Projects Co 8.875% 17/10/2016 8,000,000 8,672,720 0.62

Listrindo Capital BV 6.95% 21/02/2019 11,000,000 11,534,050 0.82

Longfor Properties 6.875% 18/10/2019 10,000,000 10,461,900 0.74

Lukoil Intl Finance BV 3.416% 24/04/2018 11,000,000 10,582,495 0.75

Lukoil Intl Finance BV 6.356% 07/06/2017 4,500,000 4,711,635 0.33

Majapahit Holding BV 7.25% 28/06/2017 11,500,000 12,545,005 0.89

Marfrig Holding Europe B 6.875% 24/06/2019 5,000,000 4,782,025 0.34

Marfrig Holding Europe B 8.375% 09/05/2018 13,000,000 13,111,085 0.93

National Savings Bank 8.875% 18/09/2018 7,000,000 7,595,665 0.54

Noble Group Ltd 6.75% 29/01/2020 11,500,000 11,870,645 0.84

OAS Investments GmbH 8.25% 19/10/2019 22,000,000 4,510,000 0.32

Pacific Rubiales Energy 5.375% 26/01/2019 10,000,000 8,218,150 0.58

Pacific Rubiales Energy 7.25% 12/12/2021 5,000,000 4,163,600 0.30

Petrobras Global Finance 3% 15/01/2019 10,000,000 9,241,800 0.66

Petrobras Intl Fin Co 6.125% 06/10/2016 4,500,000 4,638,218 0.33

Poly Real Estate Finance Company 4.5% 06/08/2018 10,000,000 10,349,000 0.73

Polyus Gold Intl Ltd 5.625% 29/04/2020 10,000,000 9,425,700 0.67

Qgog Atlantic 5.25% 30/07/2019 4,521,000 4,024,798 0.29

Rearden G Holdings 7.875% 30/03/2020 12,000,000 11,736,840 0.83

RZD Capital Plc 5.739% 03/04/2017 17,000,000 17,291,635 1.23

Samruk Energy Jsc 3.75% 20/12/2017 17,100,000 16,706,786 1.19


Value

MarketValue*

% of net

assets

USD Bonds (continued) Severstal (Steel Cap) 6.7% 25/10/2017 9,000,000 9,412,200 0.67

Shimao Ppty Hldng Ltd 6.625% 14/01/2020 10,000,000 10,137,000 0.72

Skyland Mining BVI Ltd 3.5% 17/07/2017 8,000,000 8,074,440 0.57

Sm Investments Corp 4.25% 17/10/2019 4,000,000 4,059,180 0.29

SM Investments Corp 5.5% 13/10/2017 10,412,000 10,909,798 0.77

Srilankan Airlines Ltd 5.3% 27/06/2019 2,625,000 2,583,945 0.18

Star Energy Geothermal 6.125% 27/03/2020 7,000,000 6,727,245 0.48

State Oil Company of The Azer 5.45% 09/02/2017 11,000,000 11,431,530 0.81

Sukuk Funding No3 Ltd 4.348% 03/12/2018 10,000,000 10,531,200 0.75

TBG Global Ltd 4.625% 03/04/2018 9,000,000 8,989,740 0.64

Theta Capital Pte Ltd 6.125% 14/11/2020 5,000,000 5,062,075 0.36

Theta Capital Pte Ltd 7% 16/05/2019 5,000,000 5,191,900 0.37

TNK BP Finance SA 7.5% 18/07/2016 5,500,000 5,736,418 0.41

Turk Sisecam 4.25% 09/05/2020 12,000,000 11,811,360 0.84

Turk Telekomunikasyon 3.75% 19/06/2019 10,000,000 9,998,500 0.71

Turkiye Garanti Bankasi 4% 13/09/2017 11,100,000 11,264,946 0.80

Turkiye Halk Bankasi AS 4.875% 19/07/2017 13,500,000 13,920,188 0.99

Turkiye Is Bankasi AS 3.75% 10/10/2018 10,000,000 9,926,550 0.70

Turkiye Vakiflar Bankasi 5.75% 24/04/2017 6,600,000 6,892,446 0.49

TV Azteca 7.5% 25/05/2018 13,000,000 13,405,405 0.95

Vedanta Resources Plc 6.75% 07/06/2016 15,000,000 15,405,150 1.09

Vimpelcom Holdings 6.254% 01/03/2017 12,250,000 12,604,944 0.89

VTB Bank North-West 1% 29/09/2015 7,000,000 7,016,205 0.50

Yapi Ve Kredi Bankasi AS 5.25% 03/12/2018 5,500,000 5,682,078 0.40

Zhaikmunai Ltd 7.125% 13/11/2019 10,000,000 9,565,550 0.68

940,107,515 66.74



291



Value

Market Value*

% of net

assets


Kazagro Nationnal 3.255% 22/05/2019 15,000,000 15,769,466 1.12

17,998,022 1.28

IDR Governments and Supranational Indonesia (Republic of) 7.375% 15/09/2016 300,000,000,000 22,499,718 1.59

22,499,718 1.59

USD Governments and Supranational Angola (Northern Republic of) 7% 16/08/2019 22,010,000 22,096,498 1.57

Argentina (Republic of ) 9.95% 01/03/2017 2,500,000 2,596,938 0.18


Colombia (Republic of) 7.375% 18/03/2019 12,500,000 14,545,312 1.03

Croatia (Republic of) 6.25% 27/04/2017 11,500,000 12,184,882 0.86

Dominican Republic 9.04% 23/01/2018 7,213,646 7,778,438 0.55

Ecuador (Republic of) 10.5% 24/03/2020 10,206,000 10,311,020 0.73

Ecuador (Republic of) 9.375% 15/12/2015 4,950,000 4,945,025 0.35

Jamaica (Republic of) 10.625% 20/06/2017 11,000,000 12,630,695 0.90

Kenya (Republic of) 5.875% 24/06/2019 15,571,000 15,941,356 1.13

Lebanese Republic 8.5% 19/01/2016 13,000,000 13,382,395 0.95

Perusahaan Penerbit SBSN 4% 21/11/2018 10,000,000 10,453,100 0.74

Russian Federation 11% 24/07/2018 16,000,000 19,442,799 1.38

Serbia (Republic of) 5.875% 03/12/2018 14,000,000 14,775,740 1.05

Sri Lanka (Republic of) 5.125% 11/04/2019 2,800,000 2,791,796 0.20

Sri Lanka (Republic of) 6% 14/01/2019 13,000,000 13,339,430 0.95

Turkey (Republic of) - Hazine Mustesarligi Varlik Sr Uns 144A 4.557% 10/10/2018 8,000,000 8,351,200 0.59


Value

MarketValue*

% of net

assets

USD Governments and Supranational (continued) Turkey (Republic of) - Hazine Mustesarligi Varlik Sr Uns 4.557% 10/10/2018 4,000,000 4,179,140 0.30

Turkey (Republic of) 7% 11/03/2019 10,000,000 11,262,250 0.80

United States Treasury Bill 0.01% 13/08/2015 3,000,000 3,000,018 0.21

215,109,032 15.26


1,230,642,936 87.35


USD Governments and Supranational Ep Petroecuador (Noble) Govt 1% 24/09/2019 9,473,684 8,468,100 0.60

8,468,100 0.60


III. OPEN-ENDED INVESTMENT FUNDS

USD Open-Ended Investment Funds AWF AS S Du Bds 150,000 15,273,000 1.08

15,273,000 1.08





TOTAL NET ASSETS 1,408,986,723 100.00




292


Governments and Supranational 17.61 Banks 15.89 Financial Services 12.00 Oil and Gas 6.32 Communications 4.33 Energy and Water Supply 4.00 Electrical Appliances and Components 3.31 Real Estate 2.95 Traffic and Transportation 2.72 Holding Companies 2.48 Financial, Investment and Other Diversified Companies 2.45 Industrial 2.19 Consumer, Cyclical 2.09 Building Materials and Products 1.99 Engineering and Construction 1.84 Utilities 1.30 Food and Beverages 1.22 Open-Ended Investment Funds 1.08 Technology 1.02 Entertainment 0.95 Metals and Mining 0.67 Diversified Services 0.62

89.03




293



Sub-Fund Currency Argentina 2.60 0.18 2,596,938 Austria 4.51 0.32 4,510,000 Azerbaijan 11.43 0.81 11,431,530 Bahrain 10.10 0.72 10,096,300 Bermuda 10.12 0.72 10,120,750 Brazil 11.10 0.79 11,101,000 Bulgaria 7.71 0.55 7,712,787 Cayman Islands 67.48 4.79 67,477,650 China 30.68 2.18 30,679,320 Colombia 48.11 3.41 48,112,992 Costa Rica 21.75 1.54 21,747,867 Croatia 12.18 0.86 12,184,882 Dominican Republic 7.78 0.55 7,778,438 Ecuador 23.72 1.68 23,724,145 Egypt 15.54 1.10 15,536,890 France 2.23 0.16 2,228,556 Germany 11.74 0.83 11,736,840 Hong Kong 22.01 1.56 22,007,645 India 22.62 1.61 22,621,450 Indonesia 46.49 3.30 46,494,658 Ireland 27.37 1.94 27,370,825 Israel 28.94 2.05 28,943,888 Jamaica 12.63 0.90 12,630,695 Kazakhstan 72.15 5.12 72,152,372 Kenya 15.94 1.13 15,941,356 Korea, Republic of 13.02 0.92 13,021,970 Lebanon 13.38 0.95 13,382,395 Luxembourg 74.88 5.31 74,882,714 Mexico 78.32 5.56 78,315,892 Philippines 14.97 1.06 14,968,978 Russia 19.44 1.38 19,442,799 Saudi Arabia 3.05 0.22 3,051,075 Serbia 14.78 1.05 14,775,740 Singapore 19.24 1.37 19,243,715 Sri Lanka 33.64 2.39 33,641,408 The Netherlands 143.68 10.21 143,682,291 Turkey 141.87 10.07 141,867,541 United Arab Emirates 34.41 2.44 34,411,145 United Kingdom 9.43 0.67 9,425,700 United States of America 15.71 1.11 15,709,090 Virgin Islands, British 77.62 5.51 77,621,809 Others 154.60 10.98 154,602,687 1,408.97 100.00 1,408,986,723

AXA World Funds - Global Flex 50


294



Value

Market Value*

% of net

assets


EUR Options Euro Stoxx 50 Index 07/2015 Put 3400 660 58,740 0.05

Euro Stoxx 50 Index 08/2015 Put 3100 (680) (33,048) (0.03)

Euro Stoxx 50 Index 08/2015 Put 3300 680 66,300 0.05

Euro Stoxx 50 Index 09/2015 Put 2500 (470) (3,901) 0.00




157,841 0.12


157,841 0.12


EUR Open-Ended Investment Funds Amundi Etf Msci Em Asia Ucits 75,750 1,841,482 1.43

Amundi INV Solutions ETF MSCI Europe EX EMU FCP 1,500 335,565 0.26

Amundi INV Solutions ETF MSCI Japan FCP 437 73,355 0.06

AXA IM Fixed Income Investment 23,700 3,862,152 3.00

AXA International Obligations C 151,814 7,546,606 5.85

AXA Rosenberg Pan European Equity Alpha Fund 198,606 3,392,242 2.63

AXA World Funds - Euro Credit IG M Cap EUR 19,400 2,485,140 1.93

AXA World Funds - Framlington Europe Microcap F Cap EUR 12,223 2,473,935 1.92

AXA World Funds - Framlington Europe Opportunities M Cap EUR 38,035 5,299,417 4.11

AXA World Funds - Framlington Eurozone M Capitalisation EUR 12,850 2,445,998 1.90

AXA World Funds - Global Aggregate Bonds M Cap EUR 201,547 21,065,692 16.33

AXA World Funds - Global Credit Bonds M Cap EUR H (95%) 21,899 2,379,326 1.85


Value

MarketValue*

% of net

assets

EUR Open-Ended Investment Funds (continued) AXA World Funds - Global Infla 22,000 1,996,060 1.55

AXA World Funds - Global Strategic Bonds M Cap EUR H (95%) 217,908 22,686,401 17.59

AXA World Funds - US High Yield 18,600 3,760,362 2.92

Lyxor ETF Commodities CRB 665,707 12,302,265 9.54

Lyxor Ucits ETF BOT Ex-Bank of Italy 269 27,320 0.02

93,973,318 72.89

USD Open-Ended Investment Funds AXA Rosenberg Equity Alpha Trust - AXA Rosenberg US Index 240,070 5,355,443 4.15

AXA Rosenberg Equity Alpha Trust - Global Emerging Market Equity 156,355 2,050,765 1.59

AXA Rosenberg Equity Alpha Trust - Pacific Ex-Japan Equity Alpha Fund 30,918 978,922 0.76

Axa Rosenberg Us Small 141,299 2,586,421 2.01

Ishares MSCI Canada 10,900 1,107,854 0.86

Natixis International Funds Du Loomis 1,299,655 14,771,644 11.45

26,851,049 20.82




Other Net Liabilities (7,773) 0.00





295


Open-Ended Investment Funds 93.71 Options 0.12



Sub-Fund Currency France 24.65 17.16 22,126,593 Germany 0.18 0.12 157,841 Ireland 33.70 23.46 30,243,291 Luxembourg 76.27 53.09 68,454,483 Others 8.86 6.17 7,953,448 143.66 100.00 128,935,656



296



Value

Market Value*

% of net

assets









178,239 0.30


178,239 0.30


EUR Open-Ended Investment Funds Amundi Etf Msci Em Asia Ucits 82,900 2,015,299 3.51

Amundi INV Solutions ETF MSCI Europe EX EMU FCP 7,131 1,595,276 2.78

Amundi INV Solutions ETF MSCI Japan FCP 18,745 3,146,536 5.48

AXA IM Euro Liquidity Capitalisation EUR 25 1,128,253 1.97

AXA Indice USA 81,447 5,975,833 10.42

AXA Rosenberg Equity Alpha Trust - Global Emerging Markets Equity Alpha Fund 70,963 1,085,579 1.89

AXA Valeurs Euro AFM 12,250 1,003,554 1.75

AXA World Funds - Framlington American Growth M Cap EUR 9,340 1,344,586 2.34

AXA World Funds - Framlington Europe Microcap F Cap EUR 10,900 2,206,160 3.84

AXA World Funds - Framlington Eurozone M Capitalisation EUR 18,596 3,539,749 6.17

AXA World Funds - Global Aggregate Bonds M Cap EUR 8,407 878,700 1.53


Value

MarketValue*

% of net

assets

EUR Open-Ended Investment Funds (continued) AXA World Funds - Global High Yield Bonds M Cap EUR H (95%) 33,300 3,669,327 6.39

AXA World Funds - Global Infla 47,500 4,309,675 7.51

Lyxor ETF Commodities CRB 473,609 8,752,295 15.26 40,650,822 70.84

USD Open-Ended Investment Funds AXA Rosenberg Equity Alpha Trust - AXA Rosenberg US Index 225,738 5,035,727 8.77

AXA Rosenberg Equity Alpha Trust - Pacific Ex-Japan Equity Alpha Fund 61,786 1,956,260 3.41

AXA Rosenberg US Equity Alpha 20,189 430,212 0.75

Axa Rosenberg Us Small 62,000 1,134,885 1.98

Ishares MSCI Canada 13,903 1,413,072 2.46

9,970,156 17.37










297





Sub-Fund Currency France 26.31 41.15 23,617,046 Germany 0.20 0.31 178,239 Ireland 12.32 19.26 11,055,735 Luxembourg 17.77 27.79 15,948,197 Others 7.35 11.49 6,596,994 63.95 100.00 57,396,211

AXA World Funds - Global Income Generation


298



Value

Market Value*

% of net

assets





Euro Stoxx 50 Index 09/2015 Put 2500 (40) (332) 0.00

Euro Stoxx 50 Index 09/2015 Put 2800 40 984 0.01



14,521 0.13


14,521 0.13


EUR Open-Ended Investment Funds Amundi Etf Msci Em Asia Ucits 9,941 241,666 2.11

AXA Rosenberg Equity Alpha Trust - Global Defensive Equity 93,065 1,553,871 13.59

AXA World Funds - Emerging Markets Short Duration Bonds M Cap EUR H (95%) 11,131 1,152,281 10.08

AXA World Funds - Euro Credit Plus M Cap EUR 73,212 1,414,456 12.37

AXA World Funds - Framlington Emerging Markets M Capitalisation EUR 1,027 123,312 1.08

AXA World Funds - Framlington Europe Microcap F Cap EUR 530 107,272 0.94

AXA World Funds - Framlington Global High Income M Cap EUR 1,092 140,781 1.23

AXA World Funds - Framlington Global Real Estate Securities M Cap EUR 6,027 822,264 7.19

AXA World Funds - Framlington Health M Cap EUR 4,402 720,519 6.30

AXA World Funds - Framlington Hybrid Resources M Cap EUR 2,202 208,595 1.82


Value

MarketValue*

% of net

assets

EUR Open-Ended Investment Funds (continued) AXA World Funds - Global Credit Bonds M Cap EUR H (95%) 18,765 2,038,816 17.85

AXA World Funds - Global High Yield Bonds M Cap EUR H (95%) 15,450 1,702,436 14.90

AXA World Funds - Global Inflation Bonds M Cap EUR 3,747 562,350 4.92

10,788,619 94.38

USD Open-Ended Investment Funds AXA Rosenberg Equity Alpha Trust - Global Emerging Market Equity 16,387 214,933 1.88

Axa Rosenberg Us Small 12,500 228,807 2.00 443,740 3.88









299





Sub-Fund Currency France 0.27 2.11 241,666 Germany 0.02 0.13 14,521 Ireland 2.23 17.48 1,997,611 Luxembourg 10.02 78.67 8,993,082 Others 0.20 1.61 183,696 12.74 100.00 11,430,576

AXA World Funds - Global Optimal Income


300



Value

Market Value*

% of net

assets


EUR Bonds Banque Fédérative du Crédit Mutuel 5% 30/09/2015 300,000 303,376 0.32

Banque PSA Finance 4.25% 25/02/2016 200,000 204,684 0.22

Enel SpA 3.5% 26/02/2016 300,000 306,376 0.33

Fresenius SE & Co KGaA 0.01% 24/09/2019 200,000 258,972 0.28



RCI Banque SA 4% 25/01/2016 300,000 306,212 0.33


Unicredit SpA 1% 31/08/2015 300,000 301,660 0.32

2,824,614 3.02

USD Bonds Bank of America Corp 5.25% 01/12/2015 330,000 301,360 0.32

Hana Bank 4.5% 30/10/2015 330,000 299,558 0.32

Petrobras Intl Fin Co 3.875% 27/01/2016 330,000 297,917 0.32

898,835 0.96

AUD Equities Commonwealth Bank Australia 4,429 260,091 0.28

260,091 0.28

CAD Equities Enbridge Inc 7,131 299,436 0.32

Pembina Pipeline Corp 10,542 305,948 0.33

605,384 0.65

CHF Equities Geberit AG 1,983 593,600 0.63


UBS AG 30,819 587,507 0.62

1,534,877 1.63


Value

MarketValue*

% of net

assets

DKK Equities Flsmidth & Co A/S 21,240 916,806 0.97

Novo Nordisk A/S 35,960 1,757,532 1.87

Pandora A/S 11,835 1,140,680 1.21

Vestas Wind Systems A/S 9,327 417,595 0.44

4,232,613 4.49

EUR Equities Air Liquide 5.5 14,415 1,635,382 1.74


Anheuser Busch Inbev SA 7,041 756,908 0.80

ASML Holding NV 19,457 1,803,664 1.92

Atos Origin 12,285 822,849 0.87

Bureau Veritas SA 21,250 439,025 0.47

CNH Industrial Capital 101,509 830,344 0.88

Commerzbank AG 19,622 224,966 0.24

Crédit Agricole SA 41,035 547,407 0.58

Dassault Systemes SA 7,298 475,976 0.51

Deutsche Annington Immobilien Right 36,734 929,370 0.99

Deutsche Post AG 18,805 492,785 0.52


Deutsche Wohnen AG 22,787 468,387 0.50

Ei Towers SpA 15,900 859,395 0.91

Elis SA 75,165 1,324,407 1.41

Eurazeo SA 9,631 571,600 0.61

Eutelsat Communications 9,568 276,994 0.29

Faiveley SA 1,660 112,216 0.12

Finecobank SpA 303,874 2,019,243 2.14


Gemalto 8,552 683,134 0.73

Ingenico Group 6,765 712,354 0.76

Kabel Deutschland Holding AG 3,426 411,120 0.44

KBC Groep NV 15,375 921,578 0.98

Kion Group AG 6,461 277,629 0.30

Lafarge SA 5,748 340,512 0.36


Linde AG 1,759 298,854 0.32

Natixis Banques Populaires 113,863 734,986 0.78

Ontex Group NV 23,913 643,738 0.68

Peugeot SA 61,117 1,127,303 1.20

PostNL NV 87,436 348,607 0.37


Remy Cointreau SA 5,333 344,778 0.37

Safran SA 8,520 517,931 0.55

Salvatore Ferragamo SpA 19,684 530,287 0.56



301



Value

Market Value*

% of net

assets

EUR Equities (continued) Sanofi-Aventis SA 6,827 602,414 0.64

SAP AG 10,252 641,775 0.68

Sodexo 3,607 307,244 0.33

Soitec Securities 213,808 147,528 0.16

Solvay SA 2,182 269,259 0.29

Telecom Italia SpA 324,806 369,629 0.39

Vallourec SA 9,009 165,045 0.18

Wienerberger AG 31,712 447,298 0.48

Zodiac SA 25,445 742,994 0.79

29,584,231 31.46

GBP Equities Avanti Communications Group 163,091 465,012 0.49

Prudential Plc 35,755 773,428 0.82

Shire Ltd 10,384 746,778 0.79

Vodafone Group Plc 66,402 215,431 0.23

2,200,649 2.33

HKD Equities China Mobile Ltd 29,000 333,716 0.35

Great Wall Motor Company H 56,000 246,356 0.26

Hkt Trust And Hkt Ltd Ss Stapled Security 1 1 0.00

Ping An Insurance Group Co H 30,000 362,589 0.39

Samsonite International SA 91,500 282,829 0.30

Sunny Optical Tech 250,000 488,545 0.52

Tencent Holdings Ltd 93,600 1,677,410 1.78

3,391,446 3.60

JPY Equities Central Japan Railway Co 2,500 405,331 0.43

Denso Corp 7,000 312,984 0.33

Fanuc Ltd 4,300 790,998 0.84

Iriso Electronics Co Ltd 4,200 267,392 0.28

Japan Airlines Co Ltd 15,900 497,972 0.53

Keisei Electric Railway Co 41,000 437,850 0.47

Nidec Corp 4,600 309,222 0.33

Nippon Ceramic Co Ltd 21,200 265,274 0.28

Pacific Industrial Co Ltd 34,300 294,347 0.31

Yaskawa Electric Corp 63,100 725,697 0.77

4,307,067 4.57

NOK Equities Bakkafrost 23,235 555,299 0.59

555,299 0.59


Value

MarketValue*

% of net

assets

SEK Equities Autoliv Inc Swed Dep 9,516 996,367 1.06

Com Hem Holding AB 35,909 298,495 0.32

Ericsson Lm B Shs 59,113 549,245 0.58

Hexagon AB 11,017 357,975 0.38

Millicom Intl Cellular SA 6,468 427,815 0.45

Nordax Group AB 126,360 606,851 0.64

Sandvik AB 51,072 506,297 0.54

3,743,045 3.97

USD Equities Accenture Plc Class A 4,140 359,603 0.38

ACI Worldwide Inc 15,222 335,671 0.36

Advance Auto Parts Inc 3,994 570,996 0.61

Agilent Technologies Inc 7,407 256,473 0.27

Amazon.com Inc 1,179 459,336 0.49

American Airlines Group Inc 9,327 334,297 0.36

Baidu Inc 2,612 466,700 0.50

Biogen Idec Inc 1,906 690,998 0.73


Boeing Co 3,887 483,939 0.51

Cabela S Inc 6,421 288,029 0.31

Cerner Corp 6,979 432,570 0.46


Check Point Software Tech 10,260 732,528 0.78

Coca Cola Co 14,713 518,032 0.55


Estee Lauder Companies Class A 6,397 497,544 0.53

Gannett Co 7,736 97,134 0.10

Global Payments Inc 6,706 622,631 0.66

Hershey Co 1,622 129,315 0.14

International Paper Co 3,264 139,413 0.15

Jones Lang Lasalle Inc 3,264 500,937 0.53

Keysight Technologies 8,046 225,233 0.24

Lululemon Athletica Inc 9,234 541,178 0.58


Marketo Inc 10,470 263,676 0.28

Mastercard Inc 6,072 509,433 0.54

Mead Johnson Nutrition Co 4,159 336,766 0.36

Mobileye NV 12,107 577,750 0.61

Nice Systems Ltd 6,540 373,253 0.40

Opower Inc 29,697 306,778 0.33

Polypore International Inc 18,548 996,818 1.06

Priceline.com Inc 444 458,812 0.49

Prologis Trust Inc 17,535 583,871 0.62

Qualcomm Inc 4,761 267,619 0.28



302



Value

Market Value*

% of net

assets

USD Equities (continued) Reinsurance Group of America 5,371 457,321 0.49

Rockwell Automation Inc 3,545 396,562 0.42

Sodastream International Ltd 6,605 125,259 0.13

Spectra Energy Corp 11,020 322,430 0.34

Stryker Corp 6,999 600,336 0.64

Tegna Inc 15,473 445,359 0.47


Verint Systems Inc 4,636 252,750 0.27

Veritiv Corp 24 785 0.00

Verizon Communications Inc 3,206 134,219 0.14

Vistaprint NV 8,208 619,983 0.66

Walgreens Boots Alliance Inc 4,158 315,115 0.33

Wesco International Inc 4,758 293,115 0.31 20,057,097 21.31

ZAR Equities Steinhoff Intl Holdings Ltd 60,949 346,976 0.37

346,976 0.37

EUR Governments and Supranational Italy (Republic of) 3.5% 01/11/2017 200,000 213,675 0.23


Spain (Kingdom of) 0.55% 30/11/2019 294,450 297,409 0.32

Spain (Kingdom of) 5.5% 30/07/2017 600,000 662,745 0.70

2,211,883 2.35

USD Governments and Supranational European Investment Bank 2.25% 15/03/2016 700,000 636,531 0.68




4,016,320 4.27

EUR Warrants Peugeot SA 14,688 61,836 0.07

61,836 0.07


80,832,263 85.92


Value

MarketValue*

% of net

assets


EUR Open-Ended Investment Funds AXA IM Euro Liquidity Capitalisation EUR 10 451,437 0.48

AXA World Funds - Global Credit Bonds M Cap EUR H (95%) 36,439 3,958,702 4.20

Lyxor ETF Msci Korea 3,250 142,708 0.15

Mirabaud 12,198 1,321,189 1.40

5,874,036 6.23

GBP Open-Ended Investment Funds Riverstone Energy Ltd 16,403 236,160 0.25

236,160 0.25

USD Open-Ended Investment Funds AXA World Funds - Framlington Global Small Cap M Cap 8,695 1,120,879 1.19

1,120,879 1.19










303


Internet, Software and IT Services 9.60 Open-Ended Investment Funds 7.67 Banks 7.07 Governments and Supranational 6.62 Technology 5.88 Pharmaceuticals and Biotechnology 5.37 Communications 5.02 Automobiles 3.77 Financial Services 3.51 Chemicals 3.03 Food and Beverages 2.91 Real Estate 2.91 Traffic and Transportation 2.68 Engineering and Construction 2.17 Retail 2.09 Semiconductor Equipment and Products 2.08 Aerospace and Defence 1.85 Insurance 1.70 Oil and Gas 1.54 Textiles, Garments and Leather Goods 1.51 Building Materials and Products 1.47 Media 1.43 Diversified Services 1.41 Miscellaneous Manufacture 1.18 Commercial Services and Supplies 1.13 Healthcare 0.92 Mechanical Engineering and Industrial Equipments 0.80 Electrical Appliances and Components 0.77 Household Products and Wares 0.68 Pipelines 0.66 Financial, Investment and Other Diversified Companies 0.61 Hotels, Restaurants and Leisure 0.58 Machinery 0.54 Personal Products 0.53 Containers and Packaging 0.52 Household Products and Durables 0.37 Distribution and Wholesale 0.31 Industrial 0.30 Metal Fabricate and Hardware 0.18 Paper and Forest Products 0.15 Rights and Warrants 0.07

93.59




304



Sub-Fund Currency Australia 0.29 0.28 260,091 Austria 0.50 0.48 447,298 Belgium 2.89 2.75 2,591,483 Canada 1.28 1.22 1,146,562 China 3.61 3.45 3,241,600 Denmark 4.72 4.50 4,232,613 Faroe Islands 0.62 0.59 555,299 France 16.40 15.64 14,716,157 Germany 5.79 5.52 5,193,270 Guernsey Island 0.26 0.25 236,160 Hong Kong 0.37 0.35 333,717 Ireland 1.23 1.18 1,106,381 Israel 2.02 1.92 1,808,790 Italy 6.28 5.99 5,638,319 Japan 4.80 4.58 4,307,067 Korea, Republic of 0.33 0.32 299,558 Luxembourg 8.65 8.25 7,763,033 South Africa 0.39 0.37 346,976 Spain 3.53 3.37 3,167,165 Sweden 3.69 3.52 3,315,230 Switzerland 1.71 1.63 1,534,877 The Netherlands 3.85 3.67 3,455,388 United Kingdom 2.55 2.43 2,284,215 United States of America 22.38 21.33 20,082,089 Others 6.71 6.41 6,026,548 104.85 100.00 94,089,886

AXA World Funds - Optimal Income


305



Value

Market Value*

% of net

assets



A2A SpA 1.75% 25/02/2025 229,000 214,939 0.04

A2A SpA 3.625% 13/01/2022 837,000 923,579 0.15



ABN Amro Bank NV 2.875% 30/06/2025 254,000 255,869 0.04

Acea SpA 3.75% 12/09/2018 400,000 436,304 0.07

Achmea BV 1% 29/12/2049 311,000 300,474 0.05

Achmea BV 2.5% 19/11/2020 996,000 1,051,841 0.17





Amgen Inc 2.125% 13/09/2019 130,000 136,797 0.02


Apt Pipelines Ltd 1.375% 22/03/2022 619,000 606,530 0.10

Arkema SA 1% Perp. 700,000 715,735 0.12


AT&T Inc 2.65% 17/12/2021 692,000 741,054 0.12


Avinor AS 1.75% 20/03/2021 250,000 261,152 0.04

AXA SA 1% 20/05/2049 800,000 794,576 0.13

AXA SA 1% 29/11/2049 350,000 347,744 0.06





Bank of Ireland 1.25% 09/04/2020 195,000 189,252 0.03

Bank of Ireland 2% 08/05/2017 780,000 788,251 0.13


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Barclays Bank Plc 1.5% 01/04/2022 726,000 711,302 0.12




Belfius Bank NV 2.25% 26/09/2018 500,000 523,842 0.09

BNP Paribas SA 1% 29/12/2049 650,000 652,386 0.11

BNP Paribas SA 2.375% 17/02/2025 320,000 301,573 0.05


BPCE SA 1% 29/12/2049 600,000 602,250 0.10

BPCE SA 2% 24/04/2018 400,000 416,826 0.07

BPCE SA 2.125% 17/03/2021 800,000 836,464 0.14

Caixabank 1% 14/11/2023 700,000 745,163 0.12

Caixabank 3% 15/01/2019 200,000 217,473 0.04

Caja Ahorros Barcelona 2.375% 09/05/2019 700,000 722,270 0.12



Citigroup Inc 1.375% 27/10/2021 970,000 963,447 0.16

Citigroup Inc 2.375% 22/05/2024 600,000 617,523 0.10

CNP Assurances 1% 05/06/2045 600,000 612,201 0.10

CNP Assurances 1% 29/11/2049 400,000 391,286 0.06

Compagnie de St Gobain 4.5% 30/09/2019 500,000 575,088 0.10

Corio NV 3.25% 26/02/2021 263,000 289,876 0.05

Coventry BS 2.5% 18/11/2020 967,000 1,027,752 0.17



CRH Finance Ltd 2.75% 15/10/2020 350,000 373,030 0.06

DAA Finance Plc 6.587% 09/07/2018 600,000 702,237 0.12

Danfoss A/S 1.375% 23/02/2022 358,000 359,301 0.06

Danske Bank A/S 1% 19/05/2026 300,000 308,111 0.05

Delhaize Group 3.125% 27/02/2020 300,000 328,065 0.05



306



Value

Market Value*

% of net

assets

EUR Bonds (continued) Delta Lloyd NV 4.25% 17/11/2017 1,000,000 1,083,500 0.18



Deutsche Bank AG 1.25% 08/09/2021 1,000,000 982,345 0.16

DNB Bank ASA 4.25% 18/01/2022 1,000,000 1,187,345 0.20

EDP Finance 4.875% 14/09/2020 800,000 905,300 0.15





Enel SpA 1% 15/01/2075 448,000 469,862 0.08

ENI SpA 1.5% 02/02/2026 570,000 537,402 0.09

ENI SpA 3.25% 10/07/2023 331,000 368,868 0.06

Erste Group Bank AG 1.875% 13/05/2019 500,000 516,050 0.09


Eutelsat SA 3.125% 10/10/2022 800,000 886,056 0.15

Fca Capital Ireland Plc 1% 17/10/2017 462,000 462,997 0.08

FGA Capital Ireland 4% 17/10/2018 250,000 269,386 0.04


Fonciere Des Regions 1.75% 10/09/2021 1,000,000 991,940 0.16

Gas Natural Capital Markets 5% 13/02/2018 500,000 556,090 0.09

Gas Natural Fenosa Finance 1% Perp. 400,000 398,658 0.07

GDF Suez 1% 29/06/2049 700,000 707,948 0.12

GE Capital European Funding 2.25% 20/07/2020 1,000,000 1,065,245 0.18

Gecina SA 1.5% 20/01/2025 200,000 186,262 0.03

Gecina SA 1.75% 30/07/2021 300,000 303,836 0.05

Gecina SA 2% 17/06/2024 300,000 294,568 0.05

General Motors Financial Co 1.875% 15/10/2019 1,092,000 1,105,087 0.18

Glaxosmithkline Capital 0.625% 02/12/2019 519,000 520,269 0.09

Glencore Finance Europe 1% 03/04/2018 600,000 660,852 0.11


Value

MarketValue*

% of net

assets

EUR Bonds (continued) Glencore Finance Europe 3.375% 30/09/2020 193,000 210,735 0.03


Hammerson Plc 2% 01/07/2022 247,000 251,372 0.04

Hannover Rückversicherungs AG 1% 29/06/2049 300,000 299,238 0.05

Hera SpA 4.5% 03/12/2019 1,000,000 1,147,050 0.19

Hj Heinz Co 2% 30/06/2023 147,000 145,887 0.02



Iberdrola Intl BV 1% 27/02/2049 400,000 430,732 0.07


Icade 2.25% 30/01/2019 300,000 313,190 0.05

Imerys SA 2.5% 26/11/2020 200,000 211,710 0.04



Infra Foch Sas 1.25% 16/10/2020 300,000 299,352 0.05

ING Bank NV FRN 21/11/2023 500,000 528,825 0.09





Intesa Sanpaolo SpA FRN Perp. 500,000 531,250 0.09

Iss Global A/S 1.125% 09/01/2020 218,000 217,697 0.04




KBC Groep NV FRN 25/11/2024 1,000,000 1,010,120 0.17

Kering SA 1.875% 08/10/2018 300,000 312,778 0.05

Koninklijke KPN NV 4.5% 04/10/2021 300,000 350,199 0.06

Lloyds Bank Plc 0.625% 20/04/2020 656,000 643,743 0.11



307



Value

Market Value*

% of net

assets

EUR Bonds (continued) Lloyds Bank Plc 4.625% 02/02/2017 600,000 641,712 0.11

Mediobanca SpA 0.875% 14/11/2017 599,000 593,914 0.10

Mediobanca SpA 2.25% 18/03/2019 485,000 495,808 0.08

Mediobanca SpA 4.625% 11/10/2016 400,000 418,866 0.07

Mercialys SA 1.787% 31/03/2023 400,000 395,308 0.07


Moody's Corp 1.75% 09/03/2027 252,000 236,720 0.04

Morgan Stanley 1.875% 30/03/2023 1,000,000 1,000,294 0.17

National Australia Bank 2% 12/11/2020 608,000 638,628 0.11

National Australia Bank FRN 12/11/2024 1,000,000 992,285 0.16


NN Group NV 1% 08/04/2044 300,000 310,048 0.05


Pernod Ricard SA 2% 22/06/2020 300,000 312,789 0.05

PGE Sweden AB 1.625% 09/06/2019 106,000 107,749 0.02

Priceline.com Inc 2.375% 23/09/2024 1,000,000 981,600 0.16

Prologis Ltd 1.375% 07/10/2020 481,000 475,632 0.08

Prologis Ltd 3% 18/01/2022 700,000 743,964 0.12


RCI Banque SA 2.25% 29/03/2021 163,000 170,208 0.03

RCI Banque SA 2.875% 22/01/2018 416,000 438,560 0.07

RCI Banque SA 4% 25/01/2016 400,000 408,282 0.07


Ren Finance BV 2.5% 12/02/2025 343,000 326,472 0.05

Ren Finance BV 4.75% 16/10/2020 600,000 682,454 0.11





Value

MarketValue*

% of net

assets

EUR Bonds (continued) Royal Bank of Scotland Plc 1.625% 25/06/2019 700,000 702,978 0.12

Ryanair Ltd 1.125% 10/03/2023 333,000 313,636 0.05

Ryanair Ltd 1.875% 17/06/2021 235,000 239,289 0.04



Scentre Mgmt Ltd 1.5% 16/07/2020 212,000 215,659 0.04

Skandinaviska Enskilda Banken 1.875% 14/11/2019 664,000 694,471 0.11

Skandinaviska Enskilda Banken 2% 19/02/2021 659,000 689,156 0.11

SKF AB 1.875% 11/09/2019 222,000 231,094 0.04

SKY Plc 1.5% 15/09/2021 1,048,000 1,046,512 0.17

Snam SpA 1.5% 21/04/2023 161,000 156,321 0.03

Snam SpA 2.375% 30/06/2017 457,000 473,420 0.08

Snam SpA 5.25% 19/09/2022 300,000 370,888 0.06


Societe Fonciere Lyonnais 1.875% 26/11/2021 800,000 798,700 0.13







Sydney Airport 2.75% 23/04/2024 582,000 623,182 0.10

Talanx AG 2.5% 23/07/2026 100,000 104,386 0.02

Talanx AG 3.125% 13/02/2023 300,000 330,790 0.05

Tdc A/S 1.75% 27/02/2027 236,000 216,878 0.04


Telefonica Europe BV FRN Perp. 600,000 658,404 0.11

Terna SpA 0.875% 02/02/2022 740,000 703,758 0.12

Terna SpA 2.875% 16/02/2018 300,000 317,040 0.05

Tesco Corp 3.375% 02/11/2018 1,225,000 1,284,915 0.21



308



Value

Market Value*

% of net

assets

EUR Bonds (continued) UBS AG London 1.125% 30/06/2020 661,000 661,264 0.11

Unibail-Rodamco SE 2.25% 01/08/2018 34,000 35,847 0.01

Unicredit SpA 3.375% 11/01/2018 453,000 478,456 0.08

Unicredit SpA 3.625% 24/01/2019 500,000 538,068 0.09

Unicredit SpA 4.875% 07/03/2017 600,000 638,043 0.11



Vallourec SA 3.25% 02/08/2019 200,000 204,611 0.03

Vallourec SA 4.25% 14/02/2017 300,000 309,897 0.05



Volvo Treasury AB 2.375% 26/11/2019 629,000 668,618 0.11




Wendel 5.875% 17/09/2019 100,000 117,944 0.02

Wesfarmers Ltd 2.75% 02/08/2022 215,000 234,742 0.04

Westfield Retail Trust 3.25% 11/09/2023 593,000 661,299 0.11

106,556,528 17.66

CHF Equities Geberit AG 17,938 5,369,640 0.89

Novartis AG 154,858 13,704,505 2.26

Roche Holding AG 38,608 9,714,332 1.61

UBS AG 613,328 11,691,970 1.94

40,480,447 6.70

DKK Equities Flsmidth & Co A/S 140,970 6,084,843 1.01

Novo Nordisk A/S 214,264 10,472,074 1.73

Pandora A/S 89,569 8,632,835 1.43

Vestas Wind Systems A/S 80,909 3,622,515 0.60 28,812,267 4.77


Value

MarketValue*

% of net

assets

EUR Equities Air Liquide 5.5 52,163 5,917,892 0.98

Air Liquide Reg Post Sub Prim 5.5 98,447 11,168,813 1.85

Airbus Group NV 59,343 3,453,763 0.57



ASML Holding NV 164,756 15,272,882 2.52

Atos Origin 97,778 6,549,170 1.08

Banco Bilbao Vizcaya Argentaria 874,477 7,688,402 1.27

Beiersdorf AG 80,952 6,082,733 1.01

BNP Paribas SA 108,925 5,898,289 0.98

Canal Plus 176,748 1,343,285 0.22


Commerzbank AG 147,760 1,694,068 0.28

Crédit Agricole SA 244,991 3,268,180 0.54


Deutsche Annington Immobilien Right 212,351 5,372,480 0.89

Deutsche Post AG 260,735 6,832,561 1.13


Deutsche Wohnen AG 187,093 3,845,697 0.64

Edenred 277,081 6,141,500 1.02

Elis SA 445,009 7,841,059 1.30

ENI SpA 139,785 2,225,377 0.37


Faiveley SA 36,631 2,476,256 0.41

Finecobank SpA 909,436 6,043,202 1.00

GEA Group AG 201,141 8,047,651 1.33

Gemalto 105,711 8,444,195 1.40

Gerry Weber Intl AG 49,263 1,013,340 0.17

Ingenico Group 73,723 7,763,032 1.29

Kabel Deutschland Holding AG 173,170 20,780,401 3.43

KBC Groep NV 104,394 6,257,376 1.04

Kion Group AG 148,239 6,369,830 1.05

Lafarge SA 38,838 2,300,763 0.38

LEG Immobilien AG 68,745 4,284,188 0.71

Linde AG 29,116 4,946,808 0.82

Michelin (Cgde) Class B 90,315 8,488,707 1.41

Natixis Banques Populaires 841,620 5,432,657 0.90

Ontex Group NV 85,948 2,313,720 0.38

Peugeot SA 441,074 8,135,610 1.35

ProSiebenSat.1 Media AG 76,896 3,406,493 0.56

Remy Cointreau SA 134,251 8,679,327 1.44


Safran SA 78,403 4,766,118 0.79



309



Value

Market Value*

% of net

assets

EUR Equities (continued) Salvatore Ferragamo SpA 175,070 4,716,386 0.78


SAP AG 110,612 6,924,311 1.15


Sodexo 25,084 2,136,655 0.35

Tarkett 22,194 429,454 0.07


Volkswagen AG 21,385 4,448,080 0.74

Zodiac SA 78,975 2,306,070 0.38

297,765,621 49.30

GBP Equities BG Group 195,863 2,929,114 0.49

Dragon Oil Plc 730,167 7,482,414 1.24

Prudential Plc 245,787 5,316,701 0.88

Shire Ltd 104,886 7,543,008 1.25

Tullow Oil 250,272 1,200,026 0.20 24,471,263 4.06

NOK Equities Bakkafrost 71,249 1,702,797 0.28

1,702,797 0.28

SEK Equities Autoliv Inc Swed Dep 67,728 7,091,420 1.17

Com Hem Holding AB 95,979 797,829 0.13

Kinnevik Investment AB 53,989 1,530,601 0.25

Millicom Intl Cellular SA 121,490 8,035,754 1.33

Sandvik AB 334,082 3,311,884 0.55

Swedish Match AB 101,560 2,590,336 0.43

23,357,824 3.86

USD Equities Mead Johnson Nutrition Co 60,581 4,905,419 0.81

4,905,419 0.81






17,203,024 2.85


Value

MarketValue*

% of net

assets

EUR Warrants Peugeot SA 438,805 1,847,369 0.31

1,847,369 0.31


547,102,559 90.60


EUR Open-Ended Investment Funds Mirabaud 77,122 8,353,059 1.38

Volta Fin Ltd 1,773,164 13,103,683 2.16

21,456,742 3.54

GBP Open-Ended Investment Funds Riverstone Energy Ltd 514,722 7,410,641 1.23

7,410,641 1.23

USD Open-Ended Investment Funds AXA World Funds - Framlington Global Small Cap M Cap 53,034 6,836,541 1.13

6,836,541 1.13




Bank overdraft (2,000,074) (0.33)






310


Banks 22.87 Pharmaceuticals and Biotechnology 8.31 Open-Ended Investment Funds 5.90 Automobiles 4.78 Media 4.21 Communications 3.92 Technology 3.77 Oil and Gas 3.51 Financial Services 3.28 Engineering and Construction 3.18 Food and Beverages 3.08 Internet, Software and IT Services 2.90 Governments and Supranational 2.85 Chemicals 2.83 Semiconductor Equipment and Products 2.52 Real Estate 2.24 Aerospace and Defence 1.74 Textiles, Garments and Leather Goods 1.60 Building Materials and Products 1.38 Holding Companies 1.33 Diversified Services 1.30 Traffic and Transportation 1.13 Industrial 1.11 Insurance 1.04 Commercial Services and Supplies 1.02 Healthcare 1.01 Retail 0.78 Electrical Appliances and Components 0.74 Machinery 0.55 Agriculture 0.48 Miscellaneous Manufacture 0.41 Household Products and Wares 0.38 Rights and Warrants 0.31 Metal Fabricate and Hardware 0.04

96.50




311



Sub-Fund Currency Australia 5.95 0.88 5,339,931 Austria 0.57 0.09 516,050 Belgium 18.09 2.69 16,232,963 Denmark 33.92 5.04 30,447,386 Faroe Islands 1.90 0.28 1,702,797 Finland 0.42 0.06 373,030 France 179.73 26.70 161,310,517 Germany 101.96 15.15 91,505,183 Guernsey Island 22.86 3.40 20,514,324 Ireland 14.85 2.21 13,325,776 Italy 35.65 5.30 31,997,495 Japan 0.63 0.09 561,095 Luxembourg 28.85 4.29 25,895,000 Norway 1.61 0.24 1,448,497 Portugal 0.58 0.09 520,590 Spain 23.34 3.47 20,951,580 Sweden 19.74 2.93 17,713,158 Switzerland 45.10 6.70 40,480,447 The Netherlands 47.85 7.11 42,949,735 United Arab Emirates 8.34 1.24 7,482,414 United Kingdom 37.85 5.63 33,973,847 United States of America 19.57 2.91 17,564,668 Others 23.54 3.50 21,123,506 672.90 100.00 603,929,989

AXA World Funds - Optimal Absolute


312



Value

Market Value*

% of net

assets


EUR Bonds Fresenius SE & Co KGaA 0.01% 24/09/2019 600,000 776,916 0.94

776,916 0.94

CHF Equities Dufry Group Reg 2,662 332,854 0.40

332,854 0.40

DKK Equities Flsmidth & Co A/S 19,081 823,614 0.99

Novo Nordisk A/S 17,000 830,869 1.00

Vestas Wind Systems A/S 1,500 67,159 0.08

1,721,642 2.07

EUR Equities Air Liquide 5.5 8,175 927,454 1.12

Cegid Group 12,709 479,002 0.58

Deutsche Annington Immobilien Right 65,966 1,668,940 2.01

Deutsche Post AG 19,700 516,238 0.62

Elis SA 70,710 1,245,910 1.50

Faiveley SA 5,150 348,140 0.42

Finecobank SpA 109,461 727,368 0.88


KBC Groep NV 7,300 437,562 0.53

Kion Group AG 13,612 584,908 0.70



Tarkett 6,271 121,344 0.15

Wienerberger AG 33,670 474,915 0.57

8,501,019 10.25

GBP Equities Pets at Home Group Plc 69,547 293,222 0.35

293,222 0.35

SEK Equities Nordax Group AB 123,640 593,788 0.71

593,788 0.71


Value

MarketValue*

% of net

assets

EUR Governments and Supranational Buoni Ordinari Del Tes Bills 0.01% 14/07/2015 3,300,000 3,300,082 3.97

Cert Di Credito Del Tes Bonds 0.01% 29/04/2016 1,000,000 998,610 1.20

Italy (Republic of) 0.01% 01/11/2015 1,000,000 999,785 1.20




Spain (Kingdom of) 0.01% 16/10/2015 2,000,000 1,999,730 2.41

Spain (Kingdom of) 0.01% 17/07/2015 4,700,000 4,700,164 5.66

Spain (Kingdom of) 0.01% 30/07/2015 1,000,000 999,930 1.20

Spain (Kingdom of) 0.01% 30/07/2016 5,000,000 4,985,975 6.00

Spain (Kingdom of) 0.01% 31/01/2016 6,000,000 5,994,990 7.22

Spain (Kingdom of) 0.01% 31/01/2017 2,000,000 1,987,450 2.39

Spain (Kingdom of) 0.25% 30/04/2018 6,000,000 5,933,850 7.14

Spain (Kingdom of) 3.75% 31/10/2015 1,000,000 1,012,350 1.22

Spain (Kingdom of) 5.5% 30/07/2017 5,000,000 5,522,875 6.65

49,838,933 59.98



14,341,011 17.25

CHF Warrants Dufry Group Reg Right 2,662 0 0.00

0 0.00

EUR Warrants Deutsche Annington Immobilien Right 4 7 0.00

7 0.00


76,399,392 91.95



313



Value

Market Value*

% of net

assets


USD Governments and Supranational Strips 0.01% 15/05/2016 4,000,000 3,581,066 4.31

3,581,066 4.31










314


Governments and Supranational 81.54 Real Estate 2.20 Banks 2.12 Diversified Services 1.50 Chemicals 1.12 Pharmaceuticals and Biotechnology 1.00 Engineering and Construction 0.99 Healthcare 0.94 Retail 0.75 Building Materials and Products 0.72 Industrial 0.70 Oil and Gas 0.64 Traffic and Transportation 0.62 Internet, Software and IT Services 0.58 Miscellaneous Manufacture 0.42 Food and Beverages 0.34 Electrical Appliances and Components 0.08



Sub-Fund Currency Austria 0.53 0.57 474,915 Belgium 0.49 0.53 437,562 Denmark 1.92 2.07 1,721,642 France 4.38 4.73 3,933,107 Germany 4.13 4.46 3,704,990 Italy 16.26 17.56 14,593,371 Portugal 3.16 3.41 2,835,616 Spain 36.92 39.89 33,137,314 Sweden 0.66 0.71 593,788 Switzerland 0.37 0.40 332,854 United Kingdom 0.33 0.35 293,222 United States of America 19.97 21.58 17,922,077 Others 3.46 3.74 3,108,343 92.58 100.00 83,088,801

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315



Value

Market Value*

% of net

assets


EUR Bonds Fresenius SE & Co KGaA 0.01% 24/09/2019 100,000 129,486 0.36

129,486 0.36

CHF Equities Dufry Group Reg 654 81,775 0.22

81,775 0.22

DKK Equities Vestas Wind Systems A/S 750 33,580 0.09

33,580 0.09

EUR Equities Air Liquide 5.5 2,049 232,459 0.64

Cegid Group 3,110 117,216 0.32

Deutsche Annington Immobilien Right 15,940 403,282 1.11

Deutsche Post AG 5,030 131,811 0.36

Elis SA 18,178 320,296 0.88

Faiveley SA 1,315 88,894 0.24

Finecobank SpA 30,504 202,699 0.56


KBC Groep NV 1,825 109,390 0.30

Kion Group AG 3,544 152,286 0.42


Tarkett 1,453 28,116 0.08

1,988,866 5.47

GBP Equities Pets at Home Group Plc 16,718 70,486 0.19

70,486 0.19

EUR Governments and Supranational Buoni Ordinari Del Tes Bills 0.01% 14/07/2015 1,200,000 1,200,030 3.30




Spain (Kingdom of) 0.01% 17/07/2015 1,500,000 1,500,052 4.12

Spain (Kingdom of) 0.01% 30/07/2016 1,000,000 997,195 2.74

Spain (Kingdom of) 0.01% 31/01/2016 2,000,000 1,998,330 5.49


Value

MarketValue*

% of net

assets


Spain (Kingdom of) 0.25% 30/04/2018 3,000,000 2,966,925 8.15

Spain (Kingdom of) 3.75% 31/10/2015 950,000 961,732 2.64

Spain (Kingdom of) 5.5% 30/07/2017 2,000,000 2,209,150 6.07

21,620,062 59.40



9,859,935 27.08

CHF Warrants Dufry Group Reg Right 654 0 0.00

0 0.00

EUR Warrants Deutsche Annington Immobilien Right 2 3 0.00

3 0.00


33,784,193 92.81


USD Governments and Supranational Strips 0.01% 15/05/2016 2,000,000 1,790,533 4.92

1,790,533 4.92









316


Governments and Supranational 91.40 Real Estate 1.11 Diversified Services 0.88 Banks 0.86 Chemicals 0.64 Industrial 0.42 Retail 0.41 Healthcare 0.36 Oil and Gas 0.36 Traffic and Transportation 0.36 Internet, Software and IT Services 0.32 Miscellaneous Manufacture 0.24 Food and Beverages 0.20 Electrical Appliances and Components 0.09 Building Materials and Products 0.08



Sub-Fund Currency Belgium 0.12 0.30 109,390 Denmark 0.04 0.09 33,580 France 1.10 2.72 989,398 Germany 0.91 2.24 816,868 Italy 6.87 16.93 6,163,767 Portugal 3.39 8.35 3,038,160 Spain 14.06 34.68 12,620,834 Switzerland 0.09 0.22 81,775 United Kingdom 0.08 0.19 70,486 United States of America 12.98 32.01 11,650,468 Others 0.92 2.27 825,166 40.56 100.00 36,399,892

AXA World Funds

Notes to the Financial Statements as at 30 June 2015

317

Note 1 General

a) SICAV’s details

AXA World Funds (the “SICAV”) is a Luxembourg domiciled SICAV with multiple Sub-Funds organised as a “Société d'Investissement à Capital Variable” under the law of 10 August 1915 of the Grand Duchy of Luxembourg, as amended, (the “1915 law”). The Company is qualified under Part I of the law of 17 December 2010 (the “Law”) on undertakings for collective investment for transferrable securities (“UCITS”), as amended. The VAT number is LU 216 82 319.

The Board of Directors of the SICAV has confirmed its adherence to the ALFI's Code of conduct and to the standards of corporate governance described in this code.

The Management Company (AXA Funds Management S.A.) was incorporated on 21 November 1989 for an undetermined period of time and is registered in the register of commerce and companies of Luxembourg under the number B-32.223. Its Articles of Association were published in the “Mémorial” of 26 January 1990. The latest Consolidated Articles of Association have been filed in the register of commerce and companies of Luxembourg on 7 March 2015. The VAT number is LU 197 76 305.

The Management Company is registered pursuant to chapter 15 of the law of 17 December 2010, as amended.

AXA Funds Management S.A. is a public limited company ("société anonyme") organised under the laws of Luxembourg. Its share capital amounts to EUR 925,345.84.

b) 2015 SICAV’s Summary

During the period ending 30 June 2015, the following events occurred:

• AXA World Funds - Euro SmartBeta Credit Bonds has been launched on 8 January 2015.

• AXA World Funds - Euro Credit Total Return has been launched on 26 February 2015.

• AXA World Funds - Asian Short Duration Bonds has been launched on 10 March 2015.

c) Sub-Funds List

Please note that the Sub-Funds List is disclosed in the Foreign Distribution section. As at 30 June 2015, the SICAV consists of 61 active Sub-Funds.

d) Share Classes List

During the period ended 30 June 2015, share classes have been launched in the following Sub-Funds:

AXA World Funds - Global Flexible Property • LU1157401487: Class “A” - Distribution in EUR Hedged (95%)

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Note 1 General (continued)

d) Share Classes List (continued)

AXA World Funds - Framlington Global Real Estate Securities • LU1105446345: Class “A” - Distribution monthly in USD


• LU0645145631: Class “A” - Capitalisation in EUR Hedged (95%) • LU1105447319: Class “A” - Distribution monthly in AUD Hedged (95%) • LU1105447152: Class “A” - Distribution monthly in HKD Hedged (95%) • LU1105447236: Class “A” - Distribution monthly in SGD Hedged (95%) • LU1105447400: Class “A” - Distribution monthly in USD


• LU0994439361: Class “A” - Capitalisation in CHF • LU1215836237: Class “A” - Distribution in EUR


• LU0943664531: Class “I” - Capitalisation in EUR AXA World Funds - Asian Short Duration Bonds (note 1b)

• LU1196530296: Class “A” - Capitalisation in EUR Hedged (95%) • LU1196529876: Class “A” - Capitalisation in USD • LU1196531427: Class “F” - Capitalisation in GBP Hedged (95%) • LU1196530965: Class “F” - Capitalisation in USD • LU1196531930: Class “I” - Capitalisation in EUR Hedged (95%) • LU1196532151: Class “I” - Capitalisation in GBP Hedged (95%) • LU1196532664: Class “I” - Capitalisation in HKD Hedged (95%) • LU1196532409: Class “I” - Capitalisation in SGD Hedged (95%) • LU1196531773: Class “I” - Capitalisation in USD • LU1196536491: Class “M” - Capitalisation in USD


• LU0964939911: Class “I” - Capitalisation in USD Hedged (95%) AXA World Funds - Euro Credit Plus

• LU1220060260: Class “I” - Distribution in EUR AXA World Funds - Euro Credit Total Return (note 1b)

• LU1164219682: Class “A” - Capitalisation in EUR • LU1164220854: Class “E” - Capitalisation in EUR • LU1164221589: Class “F” - Capitalisation in EUR • LU1164224179: Class “I” - Capitalisation in CHF Hedged (95%) • LU1164223015: Class “I” - Capitalisation in EUR • LU1164223528: Class “I” - Capitalisation in GBP Hedged (95%) • LU1164224336: Class “M” - Capitalisation in EUR

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319



AXA World Funds - Euro SmartBeta Credit Bonds (note 1b) • LU1156427582: Class “I” - Capitalisation in EUR


• LU1105446188: Class “A” - Distribution monthly in SGD Hedged (95%) • LU1105446261: Class “A” - Distribution monthly in USD Hedged (95%) • LU0266009017: Class “I” - Distribution in USD Hedged (95%)


• LU1221080234: Class “I” - Distribution quarterly in JPY Hedged 95% AXA World Funds - Global High Yield Bonds

• LU1105448044: Class “A” - Distribution monthly in HKD Hedged (95%) • LU1105448127: Class “A” - Distribution monthly in SGD Hedged (95%) • LU1105448390: Class “A” - Distribution monthly in USD • LU0266009520: Class “I” - Distribution in USD • LU0994439106: Class “M” - Capitalisation in USD


• LU1235302418: Class “M” - Distribution in EUR Hedged (95%) AXA World Funds - US Credit Short Duration IG

• LU0960404316: Class “I” - Distribution in EUR Hedged (95%) AXA World Funds - US High Yield Bonds

• LU1105446774: Class “A” - Distribution monthly in USD

During the period ended 30 June 2015, share classes have been liquidated in the following Sub-Funds:

AXA World Funds - Euro Credit Short Duration • LU1105447582: Class “A” - Distribution quarterly in EUR • LU1105446428: Class “A” - Distribution quarterly in HKD Hedged (95%) • LU1105447822: Class “A” - Distribution quarterly in SGD Hedged (95%) • LU1105447665: Class “A” - Distribution quarterly in USD Hedged (95%)

The share classes presented below correspond to the type of classes that may be available for Sub-Funds of the SICAV. The section “Statistics - Quantity of Shares and Net Asset Value per Share” indicates for each Sub-Fund the available share classes on the reporting date.

Class “A” Shares

Class “A” shares (including A FXO) are for all investors.

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320



Class “AX” Shares

Class “AX” shares are only offered to AXA Group.

Class “BX” Shares

BX share classes of the Sub-Funds AXA World Funds - Global Optimal Income and AXA World Funds - Euro Bonds are dedicated to AXA Luxembourg Fund’s shareholders following the merger effective on 12 December 2014.

Class “E” Shares

Class “E” shares are for all investors. No initial fee will be charged to the Class “E” shares. On top of the annual management fee, an annual distribution fee is charged to E shares accordingly depending on the concerned Sub-Fund (from 0.25% up to 0.75% of the Net Asset Value of class E shares). Shareholders cannot convert Class “E” Shares into another share class in the same or a different Sub-Fund without the prior approval of the Company.

Class “F” Shares

Class “F” Shares (including F FXO) are for all investors. If as a result of a subsequent subscription a shareholder holding Class “A” Shares reaches the minimum level of holding required for Class “F” Shares, such shareholder may apply for Class “F” Shares to be allotted in respect of such subsequent subscription and convert his existing Class “A” Shares into Class “F” Shares. To that end, the investor will make the corresponding request in the application for this subsequent subscription. Conversely, if as a result of a redemption, a shareholder holding Class “F” Shares falls below the level of holding required for Class “F” Shares, such shareholder shall be deemed to have requested the conversion of the balance of his holding into Class “A” Shares. No charge will be levied to the shareholder for conversions between Class “A” Shares and Class “F” Shares. 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.

FX Overlay share class

Such FX Overlay share class (also named “FXO share class”) systematically hedges the various currency exposures at the portfolio level against the currency of the Sub-Fund. Such hedging may not be perfect and could result in a partial hedging of the Sub-Fund’s currency exposures.

Class “HK” Shares

Class “HK” shares are only offered by Hong Kong distributors and to Hong Kong investors.

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321



Class “I” Shares

The Directors reserve the right to issue Class “I” shares (including I FXO) at their sole discretion. Class “I” shares are only offered to institutional investors. No initial fee will be charged to the Class “I” shares. The minimum initial investment is EUR 5,000,000 and the minimum subsequent investment is EUR 1,000,000 except for the Sub-Funds AXA World Funds - Euro 3-5, AXA World Funds - Euro 5-7, AXA World Funds - Euro 7-10 and AXA World Funds - Euro 10 + LT, AXA World Funds - Euro Inflation Bonds, AXA World Funds - Global Inflation Bonds. For these Sub-Funds mentioned before, the minimum initial investment is EUR 100,000 and the minimum subsequent investment is EUR 10,000.

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.

Class “K” Shares

Class “K” shares are only offered by Hong Kong and Singapore distributors and to Hong Kong and Singapore investors.

Class “M” Shares

Class “M” shares are only subscribed and held by AXA 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.

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 “T” Shares

Class “T” shares are only offered by Taiwan distributors and to Taiwan investors.

Class “ZI” Shares

Class “ZI” shares are for larger Institutional Investors.

Capitalisation and Distribution Shares

Share classes can be further divided into 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.

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REDEX (Reduction of Duration Exposure) Classes of Shares

The underlying investment objective of the redex share classes is, as for the other share classes of the Sub-Funds, to achieve the investment objective of the Sub-Fund, while, only in the case of the relevant share class to mitigate the Fund's exposure to an increase or decrease of interest rates curves. Such an overlay strategy will be managed through the tracking of listed derivatives.

To the extent applicable, the Company is allowed, for the purposes of the REDEX Classes of Shares to invest in the following financial instruments traded on regulated or OTC markets:

- Listed or OTC futures,

- Repurchase agreements, and

- Securities lending.

SolEx Class of Shares

The underlying investment objective of the SolEx share classes will be, as for the other share classes of the Sub-Funds, to achieve long-term capital growth by investing in large, medium and small capitalisations domiciled in Eurozone, while, only in the case of the relevant SolEx share class, mitigating partially the impact on the relevant SolEx share class of a sudden and material decrease of European equity indices with respect to the SolEx share class only, portfolio exposure to European equity market will be partially mitigated through the management of an equity index derivatives overlay.

To the extent applicable, the Company is allowed for the purposes of the SolEx Class of Shares to invest in the following financial instruments traded on regulated or OTC markets:

- Listed equity index futures,

- Listed or OTC equity and equity index options, and

- Total return swaps.

Share classes denominated “Hedged”

For hedged share classes, which are denominated in a different currency from the Reference Currency of the relevant Sub-Fund, the shares will be hedged at least at 95% against the currency exchange risk related to the Reference Currency of such Sub-Fund.

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.

e) Seed Money from AXA Group

Shares of a Sub-Fund may be held either by a French fund in which AXA Investment Managers is a majority shareholder (hereinafter the “AXA IM Fund”) or by companies which are part of the AXA group of companies or by investment funds which are managed by investment management companies in which AXA IM group directly or indirectly holds a shareholding (“AXA IM Group Managed Funds”) for the purposes of building a track record or marketing the Sub-Fund.

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323


e) Seed Money from AXA Group (continued)

AXA IM Fund and/or companies of the AXA IM group and/or AXA IM Group Managed Funds may, at any time, choose to redeem their Shares in the Sub-Fund which may result in a material decrease in the total assets of the Sub-Fund and/or a restructuring of the Sub-Fund including but not limited to restructuring causing the winding up of the Sub-Fund or its merger with another fund. Specific rules have been established by the Management Company with a view to preserve a fair treatment between the Shareholders of the Sub-Fund and will be applied in such case.

f) Distribution

Distribution Shares may pay a dividend to their holders. In such case, dividends shall be paid out of the investment income gains and/or realised capital gains, or out of any other funds available for distribution. Nevertheless, no distribution may be made as a result of which the Total Net Assets of the SICAV would fall below the equivalent in the Reference Currency of the SICAV of the minimum amount of the net assets of UCIs as required by Luxembourg Law.

Note 2 Significant Accounting Policies

a) Presentation of the Financial Statements

The financial statements have been prepared in accordance with generally accepted accounting principles in the Grand Duchy of Luxembourg.

At 30 June 2015, the total of cross Sub-Funds' investments amounts to 146,314,733 EUR and therefore total combined NAV at the period ended without cross-investments would amount to 28,908,922,803 EUR.

b) 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 last available rate of exchange at each balance sheet date.

For all AXA World Funds Sub-Funds, the exchange rates applied for the Net Asset Value calculation and to combine all Sub-Funds Net Asset Value at period-end, are as follows:

As at 30/06/2015

1 EUR = 4.0924 AED 1 EUR = 8.63789 HKD 1 EUR = 4.19039 PLN1 EUR = 1.44965 AUD 1 EUR = 315.27 HUF 1 EUR = 4.47797 RON1 EUR = 3.46115 BRL 1 EUR =14,855.07045 IDR 1 EUR = 62.07754 RUB1 EUR = 1.39102 CAD 1 EUR = 4.20321 ILS 1 EUR = 9.24507 SEK1 EUR = 1.04128 CHF 1 EUR = 70.95225 INR 1 EUR = 1.50027 SGD1 EUR = 712.56428 CLP 1 EUR = 136.33907 JPY 1 EUR = 37.63266 THB1 EUR = 6.90915 CNY 1 EUR = 1,242.8343 KRW 1 EUR = 2.98494 TRY

AXA World Funds


324

Note 2 Significant Accounting Policies (continued)

b) Foreign Currency Translation (continued)

As at 30/06/2015

1 EUR = 2,896.47411 COP 1 EUR = 17.48252 MXN 1 EUR = 34.37808 TWD1 EUR = 27.25946 CZK 1 EUR = 8.76597 NOK 1 EUR = 1.1142 USD1 EUR = 7.4599 DKK 1 EUR = 1.64749 NZD 1 EUR = 13.52388 ZAR1 EUR = 0.70846 GBP 1 EUR = 50.23927 PHP

c) Combined Figures

The combined Statement of Net Assets and the combined Statement of Operations and Changes in Net Assets are expressed in EUR and are presented for information purposes only.

d) Valuation of Investments

The assets of the SICAV are valued as follows:

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.

Transferable securities which are admitted to an official exchange listing or dealt on another regulated market are valued at the closing price on such market. If the investments are listed or traded on several markets, the closing price at the market, which constitutes the main market for such investments, will be determining.

Transferable securities not admitted to an official listing nor dealt on another regulated market are valued at the latest available price.

Investments for which no price quotation is available or for which the price referred to second paragraph above 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.

The financial statements are presented on basis of the Net Asset Value calculated on 30 June 2015 with securities valued on 30 June 2015. For the Sub-Fund AXA World Funds – Emerging Short Duration Bonds the Net Asset Value has been calculated on 30 June 2015 with securities valued on 29 June 2015.

Since 18 July 2007, the Board of Directors decided to close for subscriptions of AXA World Funds - US Libor Plus. Moreover, the Board of Directors implemented a “Pricing methodology and Procedures” to address valuation concerns arising from current market and liquidity events relating to such asset classes/debt instruments included in certain Sub-Funds at year-end. Based on this “Pricing methodology and Procedures”, current fair valuation pricing policy allows to price assets on a daily basis, using various pricing sources such as ABX index performance, data vendors and/or brokers prices as well as marked-to-model valuations.

Since 18 September 2009, the “Pricing methodology and Procedures” is partially adjusted extending the use of ABX prices in order to capture the effect of the rating downgrades. ABX Index is replacing Index modelling tool for the valuation of single B+ and lower rated assets, which is based on specific assumptions of yield and specific prepayment and default assumptions based on the historical collateral performance of the deal.

In 2015, the prices received from a large range of brokers, for certain investments of AXA World Funds - US Libor Plus, significantly deviated from usual pricing sources used in the context of the “Pricing methodology and Procedures”, and therefore conducted to reassess the pricing source used to fair value those investments.

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325


d) Valuation of Investments (continued)

As the prices of those investments started slowly to recover for some parts of the market, the use of ABX Index is not more systematic for many securities. Data vendors and brokers prices are now accepted as pricing sources of those investments in addition to the ABX and marked-to-model valuations.

Nevertheless, the Pricing methodology and Procedures remains, and such deviation from pricing sources are done on a case by case basis.

As at 30 June 2015, for AXA World Fund - US Libor Plus, 90.17% of the Net Asset Value of the Sub-Fund has been valued using pricing procedures as described above.

e) Acquisition Cost of Investments

The acquisition cost of investments expressed in currencies other than the reference currency of the Sub-Fund is translated into the reference currency of the Sub-Fund on the basis of the exchange rates prevailing on the purchase date.

f) Realised Gains/(Losses) on Sales of Investments

Realised gains/(losses) on sales of investments are determined on the basis of the average cost of the investments sold.

g) 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.

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) are 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 SICAV, and/or the termination value at the end of the contract.

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.

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326


i) Valuation of Swap Agreements (continued)

The SICAV entered into performance swap agreements pursuant to which the SICAV receives or 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 on a daily basis. The net receivable or payable amount is recorded in the Statement of Net Assets under the headings “Net unrealised appreciation on swap contracts” and “Net unrealised depreciation on swap contracts”.

The different types of Swaps hold by the SICAV and their specifics are as follows:

Credit Default Swaps CDS are bilateral financial contracts in which one counterparty (the protection buyer) pays a periodic fee in return for a contingent payment by the protection seller following a credit event of a reference issuer. The protection buyer acquires the right to sell a particular bond or other designated reference obligations issued by the reference issuer for its par value or the right to receive the difference between par value and market price of the said bond or other designated reference obligations (or some other designated reference or strike price) when a credit event occurs.

A Variance Swap is an OTC derivative instrument which allows investors to gain exposure to the variance (squared volatility) of an underlying asset and, in particular, to trade future realised (or historical) volatility against current implied volatility. A forward variance swap is a variant of the variance swap where the first fixing is set at a forward date instead of the spot date.

A Total Return Swap TRS is an agreement to exchange the total performance of a bond or other underlying asset (share, index, etc.) for a benchmark rate plus a spread. The total performance includes the interest coupons, dividends and profits and losses on the underlying asset over the life of the agreement, depending on the type of underlying concerned. The risk in this type of agreement is linked to the fact that the benefit for each counterparty will depend on how the underlying asset performs over time, which is unknown at the time at which the agreement is entered into.

Interest Rate Swaps are swap agreements whereby parties exchange fixed income (sum of the notional amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa.

j) Dividend Income

Dividends are accounted for on an ex-dividend date basis, net of any irrecoverable withholding tax.

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).

l) Swing Pricing

Subscriptions or redemptions in a Sub-Fund or share class can create dilution of the Sub-Fund’s or the share class’s assets if Shareholders subscribe or redeem at a price that does not necessarily reflect the real dealing and other costs that arise when the Investment Manager buys or sells assets to accommodate net subscription or net redemption. In order to protect the interest of the existing Shareholders of a Sub-Fund or a share class, a swing pricing mechanism may be adopted. If the net subscriptions and redemptions based on the last available Net Asset Value on any Valuation Day exceed a certain threshold of the value of a Sub-Fund or a share class on that Valuation Day, as determined and reviewed on a periodic basis by the Management Company, the asset value may be adjusted respectively upwards or downwards to reflect the dealing and other costs that may be deemed to be incurred in buying or selling assets to satisfy net daily transactions. The Management Company may apply a swing pricing mechanism across any Sub-Fund or Share Class. The extent of the price adjustment will be set by the Management Company to reflect estimated dealing and other costs and will not exceed 2% of the Net Asset Value.

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327


l) Swing Pricing (continued)

One Sub-Fund applies swing pricing at 30 June 2015:

• AXA World Funds - Global Inflation Bonds

m) Capital Gain Tax

Some governments exercise substantial influence over the private economic sector and investments may be affected by political and economic instability. In adverse social and political circumstances, governments have been involved in policies of expropriation, confiscatory taxation, nationalisation, intervention in the securities market and trade settlement and imposition of foreign investment restrictions and exchange controls, and these could be repeated in the future. In addition to withholding taxes on investment income, some emerging markets may impose differential capital gain taxes on foreign investors. The related amounts are accounted as “Other payables” under the Statement of Net Assets.

Note 3 Equalisation on the issue and redemption of shares

Each Sub-Fund may follow the accounting practice of equalisation, to prevent the net undistributed income per share from fluctuating solely by reason of subscriptions and redemptions of shares. This is accomplished by maintaining an equalisation account for the Sub-Fund. The equalisation account is credited with that portion of the proceeds of subscribed shares representing the net undistributed income per share of those shares, and is debited with that portion of any redemption payment representing the net undistributed income per share of the redeemed shares.

Note 4 Taxation

The SICAV is a registered investment fund domiciled in Luxembourg and is, as a result, exempt from tax, except for subscription tax (“Taxe d’Abonnement”). 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 a tax rate equal to 0.05% for assets related to the shares reserved for retail investors. This tax is reduced to 0.01% for assets related to the shares reserved for institutional investors and/or for the cash and money market Sub-Funds.

The "Taxe d'abonnement" is waived for that part of the SICAV invested in units of other undertakings for collective investment that have already paid the "Taxe d'abonnement" in accordance with the statutory provisions of the Luxembourg law.

Note 5 Distribution Fees

The distribution fees are calculated as a percentage of the Net Asset Value per share class. As at 30 June 2015, the maximum distribution fees applied are the following:

Sub-Fund's name Class A

Class E

Class AX

Class BX

Class F

Class J

Class I

Class M

Class S

Class T

Class HK

Class ZI


- 0.75% - - - - - - - - - -


- 0.75% - - - - - - - - - -


- 0.50% - - - - - - - - - -

AXA World Funds


328

Note 5 Distribution Fees (continued)


Class E

Class AX

Class BX

Class F

Class J

Class I

Class M

Class S

Class T

Class HK

Class ZI


- 0.75% - - - - - - - - - -


- 0.75% - - - - - - - - - -


- 0.75% - - - - - - - - - -

AXA World Funds - Framlington Europe - 0.75% - - - - - - - - - -


- 0.75% - - - - - - - - - -


- 0.75% - - - - - - - - - -


- 0.50% - - - - - - - - - -


- - - - - - - - - - - -


- 0.75% - - - - - - - - - -


- 0.75% - - - - - - - - - -

AXA World Funds - Framlington Global - 0.50% - - - - - - - - - -


- 0.75% - - - - - - - - - -


- 0.75% - - - - - - - - - -


- 0.50% - - - - - - - - - -


- 0.50% - - - - - - - - - -

AXA World Funds - Framlington Health - 0.50% - - - - - - - - - -


- 0.50% - - - - - - - - - -


- 0.75% - - - - - - - - - -

AXA World Funds - Framlington Italy - 0.75% - - - - - - - - - -


- 0.50% - - - - - - - - - -


- - - - - - - - - - - -


- 0.75% - - - - - - - - - -

AXA World Funds - Framlington LatAm - 0.75% - - - - - - - - - -


- - - - - - - - - - - -

AXA World Funds - Indian Equity Focus - - - - - - - - - - - -

AXA World Funds


329



Class E

Class AX

Class BX

Class F

Class J

Class I

Class M

Class S

Class T

Class HK

Class ZI


- 0.25% - - - - - - - - - -


- 0.40% - - - - - - - - - -

AXA World Funds - Euro 3-5 - 0.25% - - - - - - - - - -



AXA World Funds - Euro 10 + LT - 0.25% - - - - - - - - - -

AXA World Funds - Euro Bonds - 0.50% - - - - - - - - - -

AXA World Funds - Euro Credit IG - 0.75% - - - - - - - - - -

AXA World Funds - Euro Credit Plus - 1.00% - - - 0.15% - - - - - -


- 0.50% - - - - - - - - - -


- 0.25% - - - - - - - - - -

AXA World Funds - Euro Inflation Bonds - 0.25% - - - - - - - - - -


- - - - - - - - - - - -


- 0.50% - - - - - - - - - -


- 0.50% - - - 0.20% - - - - - -

AXA World Funds - Global Credit Bonds - 0.50% - - - - - - - - - -


- - - - - - - - - - - -


- 1.00% - - - - - - - - - -


- 1.00% - - - - - - - - - -


- 0.65% - - - - - - - - - -


- 0.50% - - - - - - - - - -


- 0.65% - - - - - - - - - -


- 0.40% - - - - - - - - - -


- 0.50% - - - - - - - - - -

AXA World Funds - US High Yield Bonds - 0.50% - - - - - - - - - -

AXA World Funds - US Libor Plus - - - - - - - - - - - -


- 0.25% - - - - - - - - - -

AXA World Funds - Global Flex 50 - 0.50% - - - - - - - - - -

AXA World Funds


330



Class E

Class AX

Class BX

Class F

Class J

Class I

Class M

Class S

Class T

Class HK

Class ZI

AXA World Funds - Global Flex 100 - 0.50% - - - - - - - - - -


- 0.50% - - - - - - - - - -


- 0.50% - - - - - - - - - -

AXA World Funds - Optimal Income - 0.75% - - - - - - - - - -

AXA World Funds - Optimal Absolute - 0.50% - - - - - - - - - -


- 0.50% - - - - - - - - - -

Note 6 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 share class. 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 Prospectuses and in the table presented hereinafter. This fee is calculated and accrued daily. The Management Company will remunerate the Investment Managers out of the management fee in accordance with the contracts signed with the different parties. The management fees are used in part to pay remuneration (trailer fees) for distribution activities concerning the Fund.

As at 30 June 2015, the rates are the following:


Class E

Class AX

Class BX

Class F

Class J

ClassI

Class K

Class S

Class T

Class HK

Class ZI


Actual 1.40% 1.40% - - 0.70% - 0.60% - - - - -

Maximum 1.40% 1.40% - - 0.70% - 0.60% - - - - -


Actual 1.50% 1.50% - - 0.75% - 0.60% - - - - -

Maximum 1.50% 1.50% - - 0.75% - 0.60% - - - - -


Actual 1.75% 1.75% - - 0.90% - 0.70% - - - - -

Maximum 2.00% 2.00% - - 1.00% - 0.80% - - - - -


Actual 1.50% 1.50% - - 0.75% - - - - - - -

Maximum 1.50% 1.50% - - 0.75% - - - - - - -


Actual 1.50% 1.50% - - 0.75% - 0.60% - - - - -

Maximum 1.50% 1.50% - - 0.75% - 0.70% - - - - -

AXA World Funds


331

Note 6 Management Fees (continued)


Class E

Class AX

Class BX

Class F

Class J

ClassI

Class K

Class S

Class T

Class HK

Class ZI


Actual 1.50% - - - 0.75% - - - - - - -

Maximum 1.50% - - - 0.75% - - - - - - -


Actual 1.50% 1.50% - - 0.75% - 0.60% - - - - -

Maximum 1.50% 1.50% - - 0.75% - 0.70% - - - - -


Actual 1.50% 1.50% - - 0.75% - - - - - - -

Maximum 1.50% 1.50% - - 0.75% - - - - - - -


Actual 1.50% 1.50% - - 0.75% - - - - - - -

Maximum 1.50% 1.50% - - 0.75% - - - - - - -


Actual 1.75% 1.75% - - 0.90% - 0.70% - - - - -

Maximum 1.75% 1.75% - - 0.90% - 0.70% - - - - -


Actual 2.00% - - - 1.00% - - - - - - -

Maximum 2.40% - - - 1.20% - - - - - - -


Actual 1.50% 1.50% - - 0.75% - 0.60% - - - - -

Maximum 1.70% 1.70% - - 0.85% - 0.70% - - - - -


Actual 1.50% 1.50% - - 0.75% - 0.60% - - - - -

Maximum 1.70% 1.70% - - 0.85% - 0.70% - - - - -


Actual 1.50% 1.50% - - 0.75% - 0.60% - - - - -

Maximum 1.50% 1.50% - - 0.75% - 0.60% - - - - -


Actual 1.50% - - - 0.75% - - - - - - -

Maximum 1.70% - - - 0.85% - - - - - - -


Actual 1.50% 1.50% - - 0.75% - 0.60% - - - - -

Maximum 1.50% 1.50% - - 0.75% - 0.60% - - - - -


Actual 1.20% 1.20% - - 0.60% - 0.45% - - - - -

Maximum 1.50% 1.50% - - 0.75% - 0.50% - - - - -

AXA World Funds


332



Class E

Class AX

Class BX

Class F

Class J

ClassI

Class K

Class S

Class T

Class HK

Class ZI


Actual 1.75% 1.75% - - 0.90% - 0.70% - - - - -

Maximum 1.75% 1.75% - - 0.90% - 0.70% - - - - -


Actual 1.75% 1.75% - - 0.90% - - - - - - -

Maximum 2.00% 2.00% - - 1.00% - - - - - - -


Actual 1.75% 1.75% - - 0.90% - 0.70% - - - - -

Maximum 2.00% 2.00% - - 1.00% - 0.80% - - - - -


Actual 1.50% 1.50% - - 0.75% - 0.60% - - - - -

Maximum 2.50% 2.50% - - 1.50% - 1.50% - - - - -


Actual 1.50% 1.50% - - 0.75% - 0.60% - - - - -

Maximum 1.50% 1.50% - - 0.75% - 0.70% - - - - -


Actual 1.75% 1.75% - - 0.90% - 0.70% - - - - -

Maximum 2.50% 2.50% - - 1.50% - 1.50% - - - - -


Actual 1.50% - - - 0.75% - - - - - - -

Maximum 1.50% - - - 0.75% - - - - - - -


Actual 1.50% 1.50% - - 0.75% - - - 1.75% - - -

Maximum 1.50% 1.50% - - 0.75% - - - 1.75% - - -


Actual 1.50% - - - 0.75% - - - - - - -

Maximum 1.50% - - - 0.75% - - - - - - -


Actual - - - - - - 0.25% - - - - 0.19%

Maximum - - - - - - 0.30% - - - - 0.25%


Actual 1.00% - - - 0.60% - 0.55% - - - - -

Maximum 1.00% - - - 0.60% - 0.55% - - - - -


Actual 0.65% 0.65% - - 0.35% - 0.25% - - - - -

Maximum 0.65% 0.65% - - 0.50% - 0.25% - - - - -

AXA World Funds


333



Class E

Class AX

Class BX

Class F

Class J

ClassI

Class K

Class S

Class T

Class HK

Class ZI


Actual 0.60% 0.60% - - 0.35% - 0.30% - - - - -

Maximum 0.60% 0.60% - - 0.45% - 0.30% - - - - -


Actual 0.60% 0.60% - - 0.35% - 0.30% - - - - -

Maximum 0.60% 0.60% - - 0.45% - 0.30% - - - - -


Actual 0.60% 0.60% - - 0.35% - 0.30% - - - - -

Maximum 0.60% 0.60% - - 0.45% - 0.30% - - - - -


Actual 0.60% 0.60% - - 0.35% - 0.30% - - - - -

Maximum 0.60% 0.60% - - 0.45% - 0.30% - - - - -


Actual 0.75% 0.75% - 0.80% 0.40% - 0.30% - - - - -

Maximum 0.75% 0.75% - 0.80% 0.50% - 0.30% - - - - -


Actual 0.75% 0.75% - - 0.40% - 0.30% - - - - -

Maximum 0.75% 0.75% - - 0.50% - 0.30% - - - - -


Actual 0.90% 0.90% - - 0.50% 0.35% 0.35% - - - - -

Maximum 0.90% 0.90% - - 0.50% 0.35% 0.35% - - - - -


Actual 0.95% 0.95% - - 0.55% - 0.45% - - - - -

Maximum 0.95% 0.95% - - 0.55% - 0.45% - - - - -


Actual 0.50% 0.50% - - 0.30% - 0.20% - - - - -

Maximum 0.50% 0.50% - - 0.30% - 0.20% - - - - -


Actual 0.50% 0.50% - - 0.30% - 0.25% - - - - -

Maximum 0.50% 0.50% - - 0.40% - 0.25% - - - - -


Actual - - - - - - 0.13% - - - - -

Maximum - - - - - - 0.13% - - - - -


Actual 1.20% 1.20% - - - - 0.50% - - - - -

Maximum 1.50% 1.50% - - - - 1.00% - - - - -

AXA World Funds


334



Class E

Class AX

Class BX

Class F

Class J

ClassI

Class K

Class S

Class T

Class HK

Class ZI


Actual 0.75% 0.75% - - 0.45% 0.40% 0.40% - - - - -

Maximum 0.75% 0.75% - - 0.60% 0.40% 0.40% - - - - -


Actual 0.90% 0.90% - - - - 0.45% - - - - -

Maximum 0.90% 0.90% - - - - 0.45% - - - - -


Actual - - - - - - 0.15% - - - - -

Maximum - - - - - - 0.15% - - - - -


Actual 1.25% 1.25% - - 0.75% - 0.70% - - - - -

Maximum 1.25% 1.25% - - 0.85% - 0.70% - - - - -


Actual 1.25% 1.00% - - 0.65% - 0.55% - - - - -

Maximum 1.25% 1.00% - - 0.75% - 0.55% - - - - -


Actual 0.60% 0.60% - - 0.35% - 0.30% - - - - -

Maximum 0.60% 0.60% - - 0.45% - 0.30% - - - - -


Actual 1.00% 1.00% - - 0.55% - 0.50% - - - - -

Maximum 1.00% 1.00% - - 0.75% - 0.50% - - - - -


Actual 0.80% 0.80% - - 0.45% - 0.40% - - - - -

Maximum 0.80% 0.80% - - 0.60% - 0.40% - - - - -


Actual 0.65% 0.65% - - 0.35% - 0.25% - - - - -

Maximum 0.65% 0.65% - - 0.35% - 0.25% - - - - -


Actual 1.30% 1.30% - - 0.70% - 0.60% - - - - -

Maximum 1.30% 1.30% - - 0.70% - 0.60% - - - - -


Actual 1.20% 1.20% - - 0.60% - 0.50% - - 1.20% - -

Maximum 1.50% 1.50% - - 1.00% - 1.00% - - 1.50% - -


Actual - - - - 0.05% - 0.05% - - - - -

Maximum - - - - 1.00% - 1.00% - - - - -


Actual 1.00% 1.00% - - 0.60% - 0.55% - - - - -

Maximum 1.00% 1.00% - - 0.75% - 0.55% - - - -

AXA World Funds


335



Class E

Class AX

Class BX

Class F

Class J

ClassI

Class K

Class S

Class T

Class HK

Class ZI


Actual 1.25% 1.25% - - 0.60% - - - - - - -

Maximum 1.25% 1.25% - - 0.60% - - - - - - -


Actual 1.50% 1.50% - - 0.75% - 0.75% - - - - -

Maximum 1.50% 1.50% - - 0.75% - 0.75% - - - - -


Actual - - - - - - 0.60% - - - - -

Maximum - - - - - - 0.60% - - - - -


Actual 1.20% 1.20% - 1.25% 0.60% - 0.60% - - - - -

Maximum 1.20% 1.20% - 1.25% 0.60% - 0.60% - - - - -


Actual 1.20% 1.20% - - 0.60% - 0.45% - - - - -

Maximum 1.20% 1.20% - - 0.60% - 0.45% - - - - -


Actual 1.25% 1.25% 1.75% - 0.65% - - - - - - -

Maximum 1.50% 1.50% 1.75% - 0.75% - - - - - - -


Actual 1.00% 1.00% - - 0.50% - - - - - - -

Maximum 1.00% 1.00% - - 0.50% - - - - - - -

Retrocession on management fee levied on the assets invested in other UCITS or UCIs 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 UCITS or UCIs. The retrocessions on management fees are disclosed for each Sub-Fund in the Statement of Operations and Changes in Net Assets under the caption ‟Reimbursement of Management Fees”.

As foreseen in the Prospectus, the Sub-Funds will not invest in underlying UCIs which are themselves submitted to a management fee exceeding 3%.

As at 30 June 2015, maximum management fees rates, as charged, at target fund level, are the following: Annual Management Fee

AXA World Funds - Framlington Europe Emerging Fondul Proprietatea SA 0.38% AXA World Funds - Framlington Hybrid Resources AXA IM Court Terme Dollar FCP I 0.20%

AXA World Funds


336


Annual Management Fee

AXA World Funds - Euro Credit Plus AXA World Funds - Euro Credit IG M Cap EUR 0.00% AXA World Funds - Global Aggregate Bonds AXA World Funds - Emerging Markets Short Duration Bonds M Cap 0.00% AXA World Funds - Global Credit Bonds AXA IM Fixed Income Investment Strategies Europe Short Duration High Yield M Cap EUR 0.00% AXA Sterling Corporate Bond H Gross 0.00% AXA World Funds - Emerging Markets Short Duration Bonds M Cap 0.00% AXA World Funds - Global Flex 50 AXA World Funds - Emerging Markets Short Duration Bonds M Cap EUR H (95%) 0.00% AXA World Funds - Euro Credit IG M Cap EUR 0.00% AXA World Funds - Framlington Emerging Markets M Cap EUR 0.00% AXA World Funds - Framlington Europe Opportunities M Cap EUR 0.00% AXA World Funds - Framlington Eurozone M Cap EUR 0.00%

AXA World Funds - Framlington Hybrid Resources M Cap EUR 0.00%

AXA World Funds - Global Aggregate Bonds M Cap EUR 0.00%

AXA World Funds - Global Credit Bonds M Cap EUR H (95%) 0.00%

AXA World Funds - Global Strategic Bonds M Cap EUR H (95%) 0.00%

Lyxor Ucits ETF BOT Ex-Bank of Italy 0.15%

Amundi INV Solutions ETF MSCI Europe EX EMU FCP 0.30%

AXA Rosenberg Equity Alpha Trust - Axa Rosenberg US Index E A 0.35%

Lyxor ETF Commodities CRB 0.35%

Amundi INV Solutions ETF MSCI Japan FCP 0.45%

Ishares MSCI Canada 0.48%

Franklin Templeton Investment Global Total Return H Cap EUR 0.55%

AXA Rosenberg Equity Alpha Trust - Pacific Ex-Japan Equity Alpha Fund A 0.70%

AXA Rosenberg Pan European Equity Alpha Fund A Cap EUR 0.70%

AXA Rosenberg Equity Alpha Trust - Global Emerging Market Equity A 0.75%

Natixis International Funds Du Loomis 0.90%

AXA International Obligations C 1.20%

AXA World Funds - Framlington Europe Microcap F Cap EUR 1.20%


AXA World Funds - Euro Credit IG M Cap EUR 0.00%

AXA World Funds - Euro Credit Short Duration M Cap EUR 0.00%

AXA World Funds - Framlington American Growth M Cap EUR 0.00%

AXA World Funds - Framlington Emerging Markets M Cap EUR 0.00%

AXA World Funds - Framlington Eurozone M Cap EUR 0.00%

AXA World Funds - Global Aggregate Bonds M Cap EUR 0.00%

Amundi INV Solutions ETF MSCI Europe EX EMU FCP 0.30%

AXA Rosenberg Equity Alpha Trust - Axa Rosenberg US Index E A 0.35%

Lyxor ETF Commodities CRB 0.35%

AXA Indice USA 0.40%

Amundi INV Solutions ETF MSCI Japan FCP 0.45%

AXA World Funds


337


Annual Management Fee

AXA World Funds - Global Flex 100 (continued)

Db X-Trackers MSCI Emerging Market TRN Index ETF N.A 0.45%

Ishares MSCI Canada 0.48%

AXA Rosenberg Equity Alpha Trust - Pacific Ex-Japan Equity Alpha Fund A 0.70%

AXA Rosenberg US Equity Alpha A 0.70%

AXA Valeurs Euro AFM 1.15%

AXA World Funds - Framlington Europe Microcap F Cap EUR 1.20%

AXA Rosenberg Equity Alpha Trust - Global Emerging Markets Equity Alpha Fund B Cap 1.50% AXA World Funds - Global Income Generation

AXA World Funds - Emerging Markets Short Duration Bonds M Cap EUR H (95%) 0.00%

AXA World Funds - Euro Credit Plus M Cap EUR 0.00%

AXA World Funds - Framlington Emerging Markets M Cap EUR 0.00%

AXA World Funds - Framlington Global High Income M Cap EUR 0.00%

AXA World Funds - Framlington Global Real Estate Securities M Cap EUR 0.00%

AXA World Funds - Framlington Health M Cap EUR 0.00%

AXA World Funds - Framlington Hybrid Resources M Cap EUR 0.00%


AXA World Funds - Global High Yield Bonds M Cap EUR H (95%) 0.00%

AXA World Funds - Global Inflation Bonds M Cap EUR 0.00%

Amundi Etf MSCI Em Asia Ucits Amundi 0.20%

AXA Rosenberg Equity Alpha Trust - Global Defensive Equity A EUR 0.70%

AXA Rosenberg Equity Alpha Trust - Global Emerging Market Equity A 0.75%

AXA World Funds - Framlington Europe Microcap F Cap EUR 1.20% AXA World Funds - Global Optimal Income


AXA IM Euro Liquidity Cap EUR 0.30%

Lyxor ETF MSCI Korea 0.65%

Riverstone Energy Ltd 1.50%


AXA World Funds - Framlington Global Small Cap M Cap 0.00%

Mirabaud 1.40%

Riverstone Energy Ltd 1.50%

Volta Fin Ltd 1.50% AXA World Funds - Optimal Absolute

AXA IM Paris Euro Fixed Income FCP 0.20%

Solys Cross Asset Volatility 0.20%

AXA IM Euro Liquidity Cap EUR 0.30% AXA World Funds - Optimal Absolute Piano

AXA IM Paris Euro Fixed Income FCP 0.20%

Solys Cross Asset Volatility 0.20%

AXA IM Euro Liquidity Cap EUR 0.30%

AXA World Funds


338

Note 7 Performance Fees

For the below listed Sub-Funds or share classes, 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 April 2015 (supplement to the Prospectus dated August 2014).

The performance fee is calculated in respect of each reference year as described in the Full Prospectus dated April 2015 (supplement to the Prospectus dated August 2014), accrued daily and paid at the end of each accounting year.

As of 30 June 2015, the performance fee rates and the benchmarks are as follows:

Sub-Fund's name Rate Benchmark

AXA World Funds - Framlington Europe Microcap - EUR 20% MSCI Europe MicrocapAXA World Funds - Framlington Global Convertibles - EUR 10% Thomson Reuters Convertible Global Focus

Hedged EURAXA World Funds - Framlington Hybrid Resources - USD 20% 40% S&P GSCI Energy & Metals Capped

Components 35/20 + 60% MSCI AC World Commodity Producers Total Return Net USD

AXA World Funds - Framlington Junior Energy - USD 20% MSCI World Small / Mid EnergyAXA World Funds - Optimal Income - EUR 20% EONIA Cap. + 2.00% grossAXA World Funds - Optimal Absolute - EUR 10% EONIA cap grossAXA World Funds - Optimal Absolute - USD 10% US Federal Funds (Effective) - Middle Rate Capi grossAXA World Funds - Optimal Absolute - AX -EUR 10% EONIA Cap. + 4.00% grossAXA World Funds - Optimal Absolute Piano - EUR 5% EONIA cap grossAXA World Funds - Optimal Absolute Piano - USD 5% US Federal Funds (Effective) - Middle Rate Capi gross

Note 8 Redex and SolEx Fees

The Redex fees are payable to the Investment Manager in charge of the management of the Redex Class and calculated as a percentage of the net assets of the relevant Class.

The maximum annual fees linked to the reduction of the duration exposure of the Redex share classes applied is 0.05%.

The maximum annual fees linked to the partial mitigation of the exposure to European equity market through the management of an equity index derivatives overlay of the SolEx share classes is 0.30%. The SolEx Fees are calculated as percentage of the net assets of the relevant Class and are payable to the Investment Manager in charge of the management of the SolEx Class.

Note 9 Withholding Tax Reclaim Income/Withholding Tax Reclaim Fees

The withholding tax reclaim income and fees are linked to the tax-reclaim processes. These income and fees are disclosed for each Sub-Fund in the Statement of Operations and Changes in Net Assets.

Note 10 Accounting Fees

The Accounting fees disclosed in the Statement of Operations and Changes in Net Assets constitute a service fee charged by the Administrative Agent which comprises fund accounting administration, share class specific administration, compliance services, shareholder tax calculation, regulatory and reporting services.

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Note 11 Commissions of the Custodian, Registrar and Transfer Agent, Domiciliary, Administrative and Paying Agent

The custodian fees are payable monthly and calculated on the basis of the Net Asset Value determined on the last Valuation Day of each month.

The Registrar and Transfer Agent as well as the Domiciliary. Administrative and Paying Agent are entitled to receive out of the net assets of each Sub-Fund a maximum fee of 0.075% per year.

Additionally the above mentioned Custodian fees. Registrar and Transfer Agent as well as the Domiciliary. Administrative and Paying Agent fees are capped for below share classes: AXA World Funds - Euro 3-5. Class “I”, for which a 0.12% maximum annual fee is applied. AXA World Funds - Euro 5-7 Class “I”, for which a 0.12% maximum annual fee is applied. AXA World Funds - Euro 7-10. Class “I”, for which a 0.17% maximum annual fee is applied. AXA World Funds - Euro 10 + LT. Class “I”, for which a 0.20% maximum annual fee is applied.

Note 12 Soft Commissions

AXA IM does not have soft commission arrangements but has signed Commission Sharing Agreements (CSAs) with several Brokers applying to some compartments of the SICAV mainly invested in equity. The CSAs allow non-execution commissions to be allocated to CSA accounts maintained by these brokers which will then be used to fund, at AXA IM’s direction, third-party research and execution services.

Also, regarding some compartments of the SICAV mainly invested in US High Yield. AXA IM may enter into arrangements with an independent, third-party counterparty, in case of cross trade events, in line with AXA IM policies and procedures, as well as regulation. (In such a case, soft dollar arrangement does not involve the payment of any direct commissions to the executing broker. Rather, a predetermined schedule of "commissions" has been documented and approved, which are then built into the prices of the cross trades.)

Note 13 Transaction Fees

The transaction fees are disclosed for each Sub-Fund in the Statement of Operations and Changes in Net Assets under the caption "Transaction fees". Those fees are also detailed in the Additional Unaudited Appendix.

Note 14 Forward Foreign Exchange Contracts

The unrealised appreciation/(depreciation) on forward foreign exchange contracts are disclosed in the Statement of Net Assets under the headings “Unrealised appreciation/(depreciation) on forward foreign exchange contracts”.


Counterparty Amount purchased Amount sold Maturity date Unrealised appreciation/(depreciation) in USD

Hedged share classes State Street EUR 30,071,481 USD 33,827,560 16/09/2015 (286,204)State Street USD 682,807 EUR 612,345 16/09/2015 (200) (286,404)

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Note 14 Forward Foreign Exchange Contracts (continued)

AXA World Funds - Global Flexible Property (continued)


Not allocated to a specific share class BNP Paribas SA USD 857,869 EUR 805,930 10/07/2015 (40,191)Merrill Lynch International USD 480,632 EUR 431,492 10/07/2015 (188)Natixis USD 1,382,136 EUR 1,229,270 03/09/2015 11,293 Credit Agricole CIB USD 660,490 EUR 586,800 03/09/2015 6,109 BNP Paribas SA USD 917,144 EUR 815,513 03/09/2015 7,709 BNP Paribas SA USD 854,784 EUR 765,145 24/07/2015 2,017 (13,251) Total (299,655)


Counterparty Amount purchased Amount sold Maturity date Unrealised appreciation/(depreciation) in EUR

Hedged share classes State Street CHF 167,998 EUR 163,180 06/07/2015 (1,828)State Street EUR 3,873,718 CHF 3,991,026 06/07/2015 40,600 State Street EUR 28,600,822 GBP 20,504,191 06/07/2015 (338,648)State Street EUR 309,251 NOK 2,692,124 06/07/2015 2,185 State Street EUR 4,528,507 SEK 42,358,940 06/07/2015 (53,366)State Street EUR 14,630,447 USD 16,426,427 16/09/2015 (96,634)State Street EUR 58,567 HKD 510,832 16/09/2015 (505)State Street GBP 35,719 EUR 48,996 06/07/2015 1,418 State Street NOK 116,410 EUR 13,379 06/07/2015 (101)State Street SEK 3,701,847 EUR 395,922 06/07/2015 4,499 State Street USD 171,210,725 EUR 152,201,569 16/09/2015 1,297,268 State Street HKD 8,748,728 EUR 1,003,086 16/09/2015 8,623 863,511

Not allocated to a specific share class State Street EUR 98,665 GBP 69,926 03/07/2015 (33) (33) Total 863,478



Hedged share classes State Street EUR 212,082 GBP 154,028 16/09/2015 (4,980)State Street GBP 7,695,879 EUR 10,596,487 16/09/2015 248,838 243,858

Not allocated to a specific share class State Street EUR 41,008 HKD 354,466 07/07/2015 (26) (26) Total 243,832

AXA World Funds


341



Counterparty Amount purchased Amount sold Maturity date Unrealised depreciation in EUR

Not allocated to a specific share class State Street EUR 337,475 GBP 239,220 06/07/2015 (158)State Street EUR 277,959 GBP 196,995 03/07/2015 (95) Total (253)



Not allocated to a specific share class State Street EUR 175,987 GBP 124,725 03/07/2015 (61) Total (61)



Not allocated to a specific share class State Street EUR 15,778 GBP 11,184 06/07/2015 (7)State Street EUR 32,030 GBP 22,700 03/07/2015 (11) Total (18)


Counterparty Amount purchased Amount sold Maturity date Unrealised depreciation in USD

Hedged share classes State Street EUR 18,405,344 USD 20,762,062 16/09/2015 (232,953) Total (232,953)



Hedged share classes State Street EUR 7,904,385 USD 8,890,691 16/09/2015 (74,239)State Street USD 848,961 EUR 752,421 16/09/2015 9,717 Total (64,522)



Hedged share classes State Street EUR 1,045,388 USD 1,175,885 16/09/2015 (9,877)State Street GBP 22,498 USD 34,857 16/09/2015 504 State Street USD 36,017 EUR 32,286 16/09/2015 1 State Street USD 1,002 GBP 638 16/09/2015 (1) (9,373)

AXA World Funds


342


AXA World Funds - Framlington Global (continued)


Not allocated to a specific share class State Street USD 8,099 EUR 7,240 02/07/2015 31 31 Total (9,342)


Counterparty Amount purchased Amount sold Maturity date Unrealised appreciation in USD

Not allocated to a specific share class State Street USD 4,858 EUR 4,343 02/07/2015 19 Total 19



Hedged share classes State Street AUD 73,538 USD 56,484 16/09/2015 (192)State Street EUR 547,533 USD 615,534 16/09/2015 (4,817)State Street USD 1,685 AUD 2,202 16/09/2015 2 State Street USD 17,307 EUR 15,510 16/09/2015 10 State Street USD 1,776 HKD 13,767 16/09/2015 2 State Street USD 1,770 SGD 2,386 16/09/2015 1 State Street SGD 79,940 USD 59,248 16/09/2015 58 State Street HKD 461,619 USD 59,538 16/09/2015 4 (4,932)

Not allocated to a specific share class State Street USD 5,495 HKD 42,624 03/07/2015 (2) (2) Total (4,934)



Hedged share classes State Street CHF 5,571,996 EUR 5,309,981 16/09/2015 51,179 State Street EUR 498,709 USD 562,840 16/09/2015 (5,902)State Street USD 7,717,213 EUR 6,863,041 16/09/2015 55,824 101,101

Not allocated to a specific share class Société Générale EUR 15,728,494 GBP 11,600,000 10/07/2015 (642,359)State Street London EUR 661,571 HUF 207,000,000 10/07/2015 5,175 HSBC EUR 46,523,280 JPY 6,500,000,000 10/07/2015 (1,151,380)State Street London EUR 12,327,929 SEK 115,500,000 10/07/2015 (165,732)JP Morgan Chase Bank, N.A. EUR 1,467,251 USD 1,650,000 10/07/2015 (13,479)Citibank N.A. EUR 12,621,088 USD 14,100,000 10/07/2015 (32,431)Credit Agricole CIB EUR 201,634,017 USD 227,200,000 10/07/2015 (2,258,184)State Street London EUR 17,753,953 HKD 155,000,000 10/07/2015 (188,562) (4,446,952) Total (4,345,851)

AXA World Funds


343



Counterparty Amount purchased Amount sold Maturity date Unrealised depreciation in USD

Not allocated to a specific share class State Street USD 7,596 GBP 4,832 03/07/2015 (2) Total (2)



Not allocated to a specific share class State Street EUR 132,099 GBP 94,050 02/07/2015 (654) Total (654)


Counterparty Amount purchased Amount sold Maturity date Unrealised appreciation in USD

Not allocated to a specific share class State Street USD 5,957 EUR 5,344 06/07/2015 3 Total 3



Hedged share classes State Street EUR 625,389 USD 703,503 16/09/2015 (5,951)State Street USD 35,337 EUR 31,419 16/09/2015 292 (5,659)

Not allocated to a specific share class State Street EUR 10,192 USD 11,369 06/07/2015 (13)State Street EUR 34,127 USD 38,040 07/07/2015 (13)State Street USD 8,379 EUR 7,517 06/07/2015 3 State Street USD 85,101 GBP 54,150 02/07/2015 (60) (83) Total (5,742)



Not allocated to a specific share class State Street EUR 28,524 GBP 20,219 06/07/2015 (13)State Street EUR 2,258 USD 2,529 02/07/2015 (12) Total (25)

AXA World Funds


344




Hedged share classes State Street GBP 15,933 USD 24,696 16/09/2015 346 State Street USD 815 GBP 519 16/09/2015 (1) Total 345



Hedged share classes State Street CHF 84,837,344 USD 90,966,976 16/09/2015 78,973 78,973

Not allocated to a specific share class State Street USD 6,341 AUD 8,256 01/07/2015 (4)State Street USD 1,806 CAD 2,232 02/07/2015 19 State Street USD 5,101 EUR 4,560 02/07/2015 20 State Street USD 4,015 GBP 2,552 06/07/2015 2 State Street USD 3,288 GBP 2,092 03/07/2015 (1)State Street USD 2,886 GBP 1,838 01/07/2015 (3) 33 Total 79,006



Hedged share classes State Street EUR 39,952 USD 44,942 16/09/2015 (384)State Street GBP 28,482 USD 44,115 16/09/2015 650 State Street USD 4 HKD 30 16/09/2015 (1)State Street SGD 28,492 USD 21,117 16/09/2015 18 State Street HKD 161,706 USD 20,856 16/09/2015 - Total 283



Hedged share classes State Street CHF 4,217,162 EUR 4,018,856 16/09/2015 38,733 State Street EUR 3,014 CHF 3,142 16/09/2015 (9)State Street EUR 39,011 USD 43,884 16/09/2015 (333)State Street USD 1,045,214 EUR 929,158 16/09/2015 7,928 Total 46,319

AXA World Funds


345




Hedged share classes State Street CHF 20,756 EUR 19,780 16/09/2015 190 State Street EUR 633 CHF 664 16/09/2015 (8)State Street EUR 414 GBP 297 16/09/2015 (5)State Street GBP 14,412 EUR 19,844 16/09/2015 464 641

Not allocated to a specific share class BNP Paribas SA EUR 4,832,343 GBP 3,469,000 06/07/2015 (63,781)Natixis EUR 4,872,636 GBP 3,469,000 05/08/2015 (20,586)BNP Paribas SA EUR 5,388,857 USD 5,932,000 06/07/2015 65,128 Natixis EUR 3,959,462 USD 4,432,000 05/08/2015 (16,523)Natixis GBP 26,000 EUR 36,525 05/08/2015 148 BNP Paribas SA USD 1,500,000 EUR 1,330,933 06/07/2015 15,255 Natixis USD 37,000 EUR 32,993 05/08/2015 199 (20,160) Total (19,519)



Not allocated to a specific share class Natixis EUR 25,790 GBP 18,550 06/07/2015 (392)BNP Paribas SA EUR 2,780,288 GBP 2,000,000 06/07/2015 (42,498)Natixis EUR 2,821,396 GBP 2,000,000 05/08/2015 282 BNP Paribas SA EUR 5,238,607 USD 5,757,077 06/07/2015 71,866 BNP Paribas SA EUR 5,386,978 USD 6,000,000 05/08/2015 4,328 Merrill Lynch International GBP 30,000 EUR 42,090 06/07/2015 252 BNP Paribas SA USD 40,000 EUR 35,563 06/07/2015 336 BNP Paribas SA USD 41,326 EUR 37,113 05/08/2015 (39) Total 34,135



Hedged share classes State Street EUR 488,311 GBP 352,065 16/09/2015 (7,832)State Street GBP 29,157,550 EUR 40,150,761 16/09/2015 939,167 931,335

Not allocated to a specific share class Barclays Bank Plc Wholesale EUR 364,701 CHF 380,000 30/09/2015 (1,051)Credit Suisse International EUR 8,515,450 GBP 6,100,000 31/07/2015 (89,830)BNP Paribas SA EUR 6,406,529 GBP 4,550,000 28/08/2015 (8,247)Barclays Bank Plc Wholesale EUR 3,806,892 GBP 2,710,000 30/09/2015 (10,932)Credit Suisse International EUR 100,575 USD 110,000 31/07/2015 1,886 BNP Paribas SA EUR 320,136 USD 350,000 28/08/2015 6,254 (101,920) Total 829,415

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346




Hedged share classes State Street EUR 2,257 JPY 313,704 16/09/2015 (41)State Street EUR 1,358,457 USD 1,529,528 16/09/2015 (12,811)State Street EUR 1,653 SGD 2,506 16/09/2015 (12)State Street USD 24,424,069 EUR 21,704,440 16/09/2015 192,962 State Street JPY 3,320,364 EUR 23,895 16/09/2015 458 State Street SGD 76,902 EUR 50,668 16/09/2015 482 Total 181,038



Hedged share classes State Street CHF 26,784,567 USD 28,720,062 16/09/2015 24,668 State Street EUR 32,964,035 USD 37,081,401 16/09/2015 (313,706)State Street USD 13,372 CHF 12,474 16/09/2015 (14)State Street USD 486,560 EUR 435,782 16/09/2015 497 (288,555)

Not allocated to a specific share class Credit Agricole CIB GBP 580,000 USD 885,312 06/07/2015 26,829 HSBC USD 22,912 AUD 30,000 06/07/2015 (140)JP Morgan Chase Bank, N.A. USD 46,166 AUD 60,000 05/08/2015 136 State Street London USD 1,749,422 CAD 2,185,000 06/07/2015 (643)Citibank N.A. USD 1,754,763 CAD 2,185,000 05/08/2015 5,374 Credit Agricole CIB USD 27,394,507 EUR 24,900,000 06/07/2015 (350,493)HSBC USD 27,309,416 EUR 24,350,000 05/08/2015 166,653 JP Morgan Chase Bank, N.A. USD 9,806,587 GBP 6,415,000 06/07/2015 (281,992)Société Générale USD 9,051,453 GBP 5,745,000 05/08/2015 18,378 (415,898) Total (704,453)



Hedged share classes State Street AUD 35,317 USD 27,126 16/09/2015 (95)State Street CHF 82,688,449 USD 88,642,381 16/09/2015 97,411 State Street EUR 22,393 USD 25,190 16/09/2015 (215)State Street GBP 1,500,906 USD 2,324,739 16/09/2015 34,455 State Street USD 5,644 CHF 5,260 16/09/2015 (2)State Street USD 267,451 JPY 33,037,543 16/09/2015 (2,806)State Street JPY 1,061,128,360 USD 8,590,227 16/09/2015 90,061 218,809

Not allocated to a specific share class State Street London EUR 200,000 USD 226,351 06/07/2015 (3,501)Credit Agricole CIB EUR 312,899 USD 348,610 05/08/2015 175 Société Générale GBP 103,690 USD 163,003 05/08/2015 32 Credit Agricole CIB USD 20,997,273 EUR 19,115,000 06/07/2015 (301,752)State Street London USD 159,534 EUR 145,270 06/07/2015 (2,335)Credit Agricole CIB USD 21,277,343 EUR 19,100,000 05/08/2015 (13,286)BNP Paribas SA USD 11,688,091 GBP 7,650,000 06/07/2015 (342,719)

AXA World Funds


347


AXA World Funds - Global SmartBeta Credit Bonds (continued)


Not allocated to a specific share class (continued) State Street London USD 17,542 GBP 11,484 06/07/2015 (519)Credit Agricole CIB USD 11,942,169 GBP 7,600,000 05/08/2015 (7,594) (671,499) Total (452,690)



Hedged share classes State Street EUR 57,295,149 USD 64,451,616 16/09/2015 (545,329)State Street USD 3,799,828 EUR 3,380,200 16/09/2015 29,568 (515,761)

Not allocated to a specific share class Merrill Lynch International EUR 805,000 USD 900,537 09/09/2015 (2,746)Natixis USD 914,882 EUR 805,000 09/09/2015 17,089 14,343 Total (501,418)



Hedged share classes State Street CHF 24,442,302 USD 26,207,313 16/09/2015 23,743 State Street EUR 1,008,028,960 USD 1,146,265,745 16/09/2015 (21,922,431)State Street GBP 6,769,105 USD 10,484,809 16/09/2015 155,191 State Street USD 660,048 CHF 616,703 16/09/2015 (1,783)State Street USD 269,331,892 EUR 239,373,004 16/09/2015 2,338,191 State Street USD 258 HKD 2,000 16/09/2015 1 State Street USD 256 SGD 345 16/09/2015 1 State Street SGD 77,319 USD 57,305 16/09/2015 56 State Street HKD 445,692 USD 57,484 16/09/2015 4 (19,407,027)

Not allocated to a specific share class Barclays Bank Plc Wholesale USD 1,229,594 CHF 1,142,000 30/09/2015 3,321 Credit Suisse International USD 59,619,022 EUR 54,500,000 31/07/2015 (1,127,588)JP Morgan Chase Bank, N.A. USD 80,352,493 EUR 73,500,000 28/08/2015 (1,605,020)Barclays Bank Plc Wholesale USD 53,296,872 EUR 47,500,000 30/09/2015 304,642 Credit Suisse International USD 28,565,035 GBP 18,700,000 31/07/2015 (838,687)JP Morgan Chase Bank, N.A. USD 37,809,545 GBP 24,561,000 28/08/2015 (802,035)Barclays Bank Plc Wholesale USD 18,597,965 GBP 11,800,000 30/09/2015 52,097 (4,013,270) Total (23,420,297)

AXA World Funds


348




Hedged share classes State Street CHF 194,205,029 EUR 185,095,453 16/09/2015 1,761,012 State Street EUR 2,856,247 CHF 2,993,282 16/09/2015 (23,801)State Street EUR 1,299,023 GBP 942,794 16/09/2015 (29,613)State Street EUR 26,251,822 USD 29,533,876 16/09/2015 (226,781)State Street GBP 34,731,290 EUR 47,823,190 16/09/2015 1,121,453 State Street USD 386,338,934 EUR 343,437,297 16/09/2015 2,934,486 5,536,756

Not allocated to a specific share class Citibank N.A. EUR 30,760,870 AUD 44,150,000 07/07/2015 315,942 HSBC EUR 55,504,668 CAD 76,000,000 07/07/2015 874,667 Citibank N.A. EUR 661,109,534 GBP 474,000,000 07/07/2015 (7,877,353)Société Générale EUR 5,993,440 GBP 4,400,000 07/07/2015 (216,566)State Street London EUR 16,029,796 GBP 11,500,000 07/07/2015 (200,900)JP Morgan Chase Bank, N.A. EUR 24,805,774 JPY 3,365,000,000 07/07/2015 124,860 HSBC EUR 19,146,922 SEK 179,000,000 07/07/2015 (215,217)BNP Paribas SA EUR 996,637,496 USD 1,086,000,000 07/07/2015 22,009,545 State Street London EUR 60,109,201 USD 67,000,000 07/07/2015 (19,780)State Street London GBP 48,700,000 EUR 67,112,799 07/07/2015 1,620,663 16,415,861 Total 21,952,617



Hedged share classes State Street EUR 353,981,899 USD 400,944,236 16/09/2015 (6,117,124)State Street GBP 37,398,514 USD 57,928,275 16/09/2015 856,471 State Street USD 3,929,068 EUR 3,492,901 16/09/2015 33,131 State Street USD 388,553 GBP 248,857 16/09/2015 (2,612) (5,230,134)

Not allocated to a specific share class Goldman Sachs International AUD 3,000,000 EUR 2,046,722 06/07/2015 22,161 Natixis CHF 3,000,000 EUR 2,848,732 07/07/2015 32,627 HSBC EUR 6,207,655 AUD 8,900,000 06/07/2015 69,967 HSBC EUR 4,046,122 AUD 5,900,000 06/08/2015 (14,287)HSBC EUR 18,851,537 CAD 25,700,000 06/07/2015 377,459 JP Morgan Chase Bank, N.A. EUR 18,536,327 CAD 25,700,000 06/08/2015 77,357 JP Morgan Chase Bank, N.A. EUR 2,865,780 CHF 3,000,000 07/07/2015 (15,580)Société Générale EUR 1,636,575 CZK 44,600,000 07/08/2015 364 Credit Agricole CIB EUR 1,626,478 CZK 44,600,000 07/07/2015 (9,616)HSBC EUR 49,303,707 GBP 35,300,000 06/07/2015 (518,469)Natixis EUR 49,648,033 GBP 35,300,000 06/08/2015 (143,519)JP Morgan Chase Bank, N.A. EUR 6,856,223 GBP 5,000,000 07/07/2015 (200,601)Barclays Bank Plc Wholesale EUR 18,220,008 JPY 2,470,000,000 06/07/2015 103,529 Credit Agricole CIB EUR 10,783,561 JPY 1,470,000,000 06/08/2015 2,170 Credit Agricole CIB EUR 7,332,604 JPY 1,000,000,000 07/08/2015 (1,649)Natixis EUR 3,561,254 JPY 500,000,000 07/07/2015 (106,044)Goldman Sachs International EUR 3,606,208 JPY 500,000,000 07/07/2015 (61,090)HSBC EUR 5,566,668 MXN 93,700,000 06/07/2015 208,817 Credit Agricole CIB EUR 5,330,849 MXN 93,700,000 06/08/2015 (12,781)Natixis EUR 908,917 NOK 7,800,000 06/07/2015 19,237

AXA World Funds


349


AXA World Funds - Global Strategic Bonds (continued)


Not allocated to a specific share class (continued) Natixis EUR 884,877 NOK 7,800,000 06/08/2015 (3,808)JP Morgan Chase Bank, N.A. EUR 4,567,409 NOK 40,000,000 07/07/2015 5,110 Goldman Sachs International EUR 4,591,603 NOK 40,000,000 07/07/2015 29,303 HSBC EUR 519,571 NZD 800,000 06/07/2015 34,182 JP Morgan Chase Bank, N.A. EUR 485,608 NZD 800,000 06/08/2015 1,722 HSBC EUR 5,796,217 PLN 24,000,000 06/07/2015 69,631 Credit Agricole CIB EUR 952,927 PLN 4,000,000 06/08/2015 (329)JP Morgan Chase Bank, N.A. EUR 7,221,323 SEK 67,000,000 06/07/2015 (25,923)Natixis EUR 7,274,277 SEK 67,000,000 06/08/2015 25,436 HSBC EUR 263,568,189 USD 288,500,000 06/07/2015 4,651,275 Natixis EUR 2,685,823 USD 3,000,000 06/08/2015 (5,462)Credit Agricole CIB EUR 252,003,495 USD 281,500,000 06/08/2015 (528,798)Société Générale EUR 3,557,970 USD 4,000,000 07/07/2015 (31,820)Société Générale EUR 10,000,000 USD 11,425,047 11/09/2015 (272,018)HSBC GBP 5,000,000 EUR 6,786,600 07/07/2015 270,223 Natixis NOK 10,000,000 EUR 1,134,281 07/08/2015 5,015 JP Morgan Chase Bank, N.A. NOK 60,000,000 EUR 6,847,731 07/07/2015 (4,282)Natixis NOK 30,000,000 EUR 3,398,039 07/07/2015 23,686 Société Générale USD 7,000,000 EUR 6,214,525 06/07/2015 67,688 Morgan Stanley and Co. International

USD 5,000,000 EUR 4,475,921 07/08/2015 9,489

Credit Agricole CIB USD 4,000,000 EUR 3,645,384 07/07/2015 (55,594)Société Générale USD 5,000,000 EUR 4,452,002 07/07/2015 35,235 Credit Agricole CIB USD 94,562,433 EUR 83,800,000 11/09/2015 1,100,052 Credit Agricole CIB USD 142,395,132 GBP 93,100,000 11/09/2015 (3,949,262)Goldman Sachs International JPY 1,000,000,000 EUR 7,169,661 06/07/2015 164,946 Société Générale PLN 20,000,000 EUR 4,799,182 06/07/2015 (27,027)JP Morgan Chase Bank, N.A. DKK 38,000,000 EUR 5,096,672 06/07/2015 (2,499)JP Morgan Chase Bank, N.A. DKK 38,000,000 EUR 5,095,889 06/08/2015 606 1,416,829 Total (3,813,305)



Hedged share classes State Street CHF 18,158,851 USD 19,466,368 16/09/2015 21,400 State Street EUR 23,793,535 USD 26,767,994 16/09/2015 (228,961)State Street GBP 1,804,891 USD 2,796,103 16/09/2015 40,913 State Street USD 1,003,902 EUR 892,428 16/09/2015 8,500 State Street USD 60,729 KRW 67,904,496 16/09/2015 (41)State Street USD 145,911 MXN 2,270,001 17/09/2015 2,021 State Street USD 22,720 ZAR 286,082 16/09/2015 (540)State Street USD 49,932 TRY 139,130 16/09/2015 (882)State Street USD 34,215 THB 1,160,225 16/09/2015 (51)State Street USD 8,549 COP 21,734,949 16/09/2015 260 State Street USD 423 SGD 571 16/09/2015 1 State Street SGD 75,902 USD 56,256 16/09/2015 55 Total (157,325)

AXA World Funds


350




Hedged share classes State Street CHF 17,791,463 USD 19,072,278 16/09/2015 21,202 State Street EUR 57,496,914 USD 64,670,903 16/09/2015 (539,555)State Street USD 15,403 CHF 14,369 16/09/2015 (18)State Street USD 144,191 EUR 128,170 16/09/2015 1,225 Total (517,146)



Hedged share classes State Street CHF 24,950 USD 26,747 16/09/2015 30 State Street EUR 63,436 USD 71,359 16/09/2015 (604)State Street USD 8 EUR 7 16/09/2015 - Total (574)



Hedged share classes State Street CHF 443,726,230 USD 483,291,026 16/09/2015 (7,091,840)State Street EUR 1,506,992,467 USD 1,712,960,195 16/09/2015 (32,079,138)State Street GBP 26,191,142 USD 40,569,950 16/09/2015 598,511 State Street USD 4,178,914 CHF 3,876,009 16/09/2015 19,244 State Street USD 30,412,312 EUR 27,069,924 16/09/2015 218,814 State Street USD 92,206 GBP 59,021 16/09/2015 (578) Total (38,334,987)



Hedged share classes State Street EUR 7,232 USD 8,130 16/09/2015 (65)State Street USD 749 EUR 664 16/09/2015 8 Total (57)



Hedged share classes State Street CHF 44,702,039 USD 47,922,089 16/09/2015 51,339 State Street EUR 701,640,083 USD 796,116,613 16/09/2015 (13,515,833)State Street GBP 65,985,480 USD 104,236,141 16/09/2015 (517,078)State Street USD 2,033,494 CHF 1,895,002 16/09/2015 (203)State Street USD 26,871,153 EUR 23,931,539 16/09/2015 178,151 State Street USD 1,917,820 GBP 1,229,210 16/09/2015 (14,323)State Street USD 596 HKD 4,617 16/09/2015 (1)State Street USD 7,910 SGD 10,671 16/09/2015 (8)State Street SGD 1,131,889 USD 838,908 16/09/2015 796

AXA World Funds


351


AXA World Funds - Emerging Markets Short Duration Bonds (continued)


Hedged share classes (continued) State Street HKD 465,057 USD 59,981 16/09/2015 - (13,817,160)

Not allocated to a specific share class Natixis USD 52,242,936 EUR 46,000,000 09/09/2015 940,567 Morgan Stanley and Co. International

USD 22,271,715 IDR 300,000,000,000

31/07/2015 (103,230)

837,337 Total (12,979,823)


Counterparty Amount purchased Amount sold Maturity date Unrealised appreciation in EUR

Not allocated to a specific share class Natixis CHF 25,600 EUR 24,526 31/07/2015 77 Total 77



Hedged share classes State Street London EUR 3,845,384 JPY 534,362,650 31/07/2015 (73,836) (73,836)

Not allocated to a specific share class Goldman Sachs International EUR 288,353 AUD 420,287 31/07/2015 (1,006)Société Générale EUR 504,846 CAD 700,689 31/07/2015 1,498 Natixis EUR 118,826 CHF 124,041 31/07/2015 (382)BNP Paribas SA EUR 756,413 DKK 5,636,896 16/09/2015 (80)BNP Paribas SA EUR 81,450 DKK 607,442 31/07/2015 (11)Natixis EUR 1,547,466 GBP 1,102,771 31/07/2015 (8,213)Natixis EUR 102,691 SEK 945,588 31/07/2015 392 Société Générale EUR 23,634,202 USD 26,618,452 16/09/2015 (230,546)BNP Paribas SA EUR 9,646,006 USD 10,847,947 31/07/2015 (86,439) (324,787) Total (398,623)



Not allocated to a specific share class Société Générale EUR 40,992,411 CHF 42,800,881 16/09/2015 (188,922)Société Générale EUR 37,636,262 GBP 27,319,071 16/09/2015 (862,811)JP Morgan Chase Bank, N.A. EUR 23,430,195 SEK 215,777,283 16/09/2015 78,504 Société Générale EUR 6,847,189 USD 7,711,772 16/09/2015 (66,793) Total (1,040,022)

AXA World Funds


352




Hedged share classes State Street EUR 21,901 USD 24,636 16/09/2015 (188)State Street USD 225,344 EUR 200,323 16/09/2015 1,708 1,520

Not allocated to a specific share class Société Générale EUR 386,557 CHF 403,826 16/09/2015 (1,990)Société Générale EUR 649,964 DKK 4,843,464 16/09/2015 (49)Société Générale EUR 17,745,479 USD 19,962,526 16/09/2015 (151,906) (153,945) Total (152,425)



Hedged share classes State Street EUR 3,302 USD 3,714 16/09/2015 (26)State Street USD 75,948 EUR 67,515 16/09/2015 578 552

Not allocated to a specific share class Société Générale EUR 94,969 CHF 99,212 16/09/2015 (488)Goldman Sachs International EUR 915,343 USD 998,897 16/09/2015 19,784 Société Générale EUR 10,704,049 USD 11,979,967 16/09/2015 (36,577) (17,281) Total (16,729)

Note 15 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”.


Future type Description Currency Quantity CommitmentUnrealised

appreciation/(depreciation) in USD

Not allocated to a specific share class Fixed Income US 2YR NOTE (CBT) 30/09/2015 USD (1) (218,938) (375) US 5YR NOTE (CBT) 30/09/2015 USD (25) (2,981,445) (1,141) EURO-BUND FUTURE 08/09/2015 USD (8) (1,354,867) 557 US 10YR NOTE (CBT) 21/09/2015 USD (64) (8,075,000) 56,000 EURO-BOBL FUTURE 08/09/2015 USD (14) (2,021,292) (256)

Total 54,785

AXA World Funds


353

Note 15 Futures (continued)



appreciation/(depreciation) in EUR

Not allocated to a specific share class Currency EURO FX CURR FUT 14/09/2015 EUR 28 3,504,398 (44,112) EURO/GBP FUTURE 14/09/2015 EUR 55 6,884,579 (251,094)

Total (295,206)




Not allocated to a specific share class Fixed Income EURO-BOBL FUTURE 08/09/2015 EUR (100) (12,958,000) 1,000 EURO-SCHATZ FUTURE 08/09/2015 EUR (352) (39,168,800) (38,720)

Total (37,720)




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR (199) (30,248,000) (563,170) EURO-BOBL FUTURE 08/09/2015 EUR 139 18,011,620 47,350 EURO-BTP FUTURE 08/09/2015 EUR (144) (18,750,240) (73,440)

Total (589,260)




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR (486) (73,872,000) (1,053,420) EURO-BOBL FUTURE 08/09/2015 EUR 1,163 150,701,540 730,490 EURO-BTP FUTURE 08/09/2015 EUR (343) (44,662,030) (174,930) EURO-OAT FUTURE 08/09/2015 EUR 381 55,805,070 401,320

Total (96,540)




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR 143 21,736,000 136,210 EURO-BOBL FUTURE 08/09/2015 EUR 31 4,016,980 10,850 EURO-BTP FUTURE 08/09/2015 EUR (73) (9,505,330) (37,230) EURO-OAT FUTURE 08/09/2015 EUR 150 21,970,500 109,350

Total 219,180

AXA World Funds


354





Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR (62) (9,424,000) (132,260) EURO-BOBL FUTURE 08/09/2015 EUR (15) (1,943,700) (3,600) EURO BUXL 30Y BND 08/09/2015 EUR 114 16,944,960 97,220 EURO-BTP FUTURE 08/09/2015 EUR (23) (2,994,830) (11,730) EURO-OAT FUTURE 08/09/2015 EUR 30 4,394,100 16,480

Total (33,890)




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR (23) (3,496,000) (20,470) EURO-BOBL FUTURE 08/09/2015 EUR (53) (6,867,740) (52,120) EURO-SCHATZ FUT 08/09/2015 EUR 5 556,375 275 EURO BUXL 30Y BND 08/09/2015 EUR 30 4,459,200 52,140 EURO-BTP FUTURE 08/09/2015 EUR (47) (6,119,870) (23,970) EURO-OAT FUTURE 08/09/2015 EUR 39 5,712,330 37,440

Total (6,705)




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR (180) (27,360,000) (149,180) EURO-BOBL FUTURE 08/09/2015 EUR 58 7,515,640 (8,120)

Total (157,300)




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR (430) (65,360,000) (252,030) EURO-BOBL FUTURE 08/09/2015 EUR 421 54,553,180 116,400

(135,630)Redex share classes Fixed Income EURO-BOBL FUTURE 08/09/2015 EUR (145) (18,789,100) (32,550)

(32,550)Total (168,180)

AXA World Funds


355





Not allocated to a specific share class Fixed Income US 5YR NOTE (CBT) 30/09/2015 EUR (13) (1,391,448) (442) US 10YR NOTE (CBT) 21/09/2015 EUR (11) (1,245,639) (3,744) LONG GILT FUTURE 28/09/2015 EUR (8) (1,306,829) (4,432) EURO BUXL 30Y BND 08/09/2015 EUR (2) (297,280) (760)

Total (9,378)




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR 94 14,288,000 192,840 EURO-BOBL FUTURE 08/09/2015 EUR (47) (6,090,260) (46,530) EURO-SCHATZ FUT 08/09/2015 EUR (139) (15,467,225) (15,985) EURO-BTP FUTURE 08/09/2015 EUR (37) (4,817,770) (28,170)

Total 102,155




Redex share classes Fixed Income EURO-BUND FUTURE 08/09/2015 EUR (109) (16,568,000) (105,510)

Total (105,510)




Not allocated to a specific share class Fixed Income US 2YR NOTE (CBT) 30/09/2015 EUR (3) (589,493) (463) US 5YR NOTE (CBT) 30/09/2015 EUR (4) (428,138) 245 EURO-BUND FUTURE 08/09/2015 EUR 29 4,408,000 45,240 US 10YR NOTE (CBT) 21/09/2015 EUR (32) (3,623,676) 29,169 LONG GILT FUTURE 28/09/2015 EUR (10) (1,633,536) 11,575 EURO-BOBL FUTURE 08/09/2015 EUR 4 518,320 2,520

Total 88,286




Not allocated to a specific share class Fixed Income US 2YR NOTE (CBT) 30/09/2015 EUR (1,549) (304,374,629) (623,735) AUST 10Y BOND FUT 15/09/2015 EUR 72 6,221,385 9,732 CAN 10YR BOND FUT 21/09/2015 EUR (10) (1,006,454) (9,130) US 5YR NOTE (CBT) 30/09/2015 EUR 450 48,165,518 127,889 EURO-BUND FUTURE 08/09/2015 EUR 433 67,488,000 339,260

AXA World Funds


356


AXA World Funds - Global Aggregate Bonds (continued)



Not allocated to a specific share class (continued) US 10YR NOTE (CBT) 21/09/2015 EUR 42 4,756,075 (2,356) LONG GILT FUTURE 28/09/2015 EUR (30) (4,900,609) (12,816) EURO-BOBL FUTURE 08/09/2015 EUR (693) (89,798,940) (566,070) EURO-SCHATZ FUT 08/09/2015 EUR 984 109,494,600 92,840 EURO BUXL 30Y BND 08/09/2015 EUR 60 8,918,400 (30,500) EURO-BTP FUTURE 08/09/2015 EUR (104) (13,541,840) (43,280) EURO-OAT FUTURE 08/09/2015 EUR (3) (439,410) (2,880) US LONG BOND (CBT) 21/09/2015 EUR (123) (16,652,111) 462,388 JPN 10Y BOND (OSE) 10/09/2015 EUR 51 54,976,683 42,981

Total (215,677)




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 USD (5) (846,792) 1,727 US 10YR NOTE (CBT) 21/09/2015 USD (10) (1,261,719) (10,156) LONG GILT FUTURE 28/09/2015 USD (15) (2,730,129) 25,116

16,687Redex share classes Fixed Income US 10YR NOTE (CBT) 21/09/2015 USD (23) (2,901,953) 18,187 LONG GILT FUTURE 28/09/2015 GBP (1) (182,009) 2,029 EURO-BOBL FUTURE 08/09/2015 EUR (8) (1,155,024) (624)

19,592Total 36,279




Not allocated to a specific share class Fixed Income CAN 10YR BOND FUT 21/09/2015 USD 26 2,915,615 17,286 US 10YR NOTE (CBT) 21/09/2015 USD (12) (1,514,063) (2,719)

Total 14,567

AXA World Funds - Global Inflation Bonds Future type Description Currency Quantity Commitment Unrealised appreciation

in EUR

Redex share classes Fixed Income EURO-BUND FUTURE 08/09/2015 EUR (1,064) (161,728,000) 273,045 US 10YR NOTE (CBT) 21/09/2015 USD (4,476) (506,861,742) 2,583,253 LONG GILT FUTURE 28/09/2015 GBP (4,627) (755,837,329) 7,129,082

Total 9,985,380

AXA World Funds


357


AXA World Funds - Global Strategic Bonds Future type Description Currency Quantity Commitment Unrealised appreciation

in USD

Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 USD (50) (8,467,919) 12,813 US 10YR NOTE (CBT) 21/09/2015 USD (238) (30,028,906) 107,844 LONG GILT FUTURE 28/09/2015 USD (144) (26,209,242) 242,321 US LONG BOND (CBT) 21/09/2015 USD (47) (7,089,656) 95,469 US ULTRA BOND (CBT 21/09/2015 USD (45) (6,932,813) 86,252

Total 544,699




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR 143 21,736,000 145,410 US 10YR NOTE (CBT) 21/09/2015 EUR (69) (7,813,552) (968) LONG GILT FUTURE 28/09/2015 EUR 20 3,267,073 4,799 EURO-BTP FUTURE 08/09/2015 EUR 34 4,427,140 (63,830)Currency EURO FX CURR FUT 14/09/2015 EUR (100) (12,515,707) 195,768 EURO/JPY FUTURE 14/09/2015 EUR (13) (1,625,011) 29,857 Index EURO STOXX 50 18/09/2015 EUR 105 3,607,800 (106,158) NIKKEI 225 (CME) 10/09/2015 EUR 52 4,726,531 (19,835) S+P500 EMINI FUT 18/09/2015 EUR 81 7,467,529 (77,060) DJIA MINI E-CBOT 18/09/2015 EUR (31) (2,437,682) 26,153 NIKKEI 225 (OSE) 10/09/2015 EUR 14 2,077,321 (58,531) FTSE 100 IDX FUT 18/09/2015 EUR (19) (1,741,601) 42,642

Total 118,247




Not allocated to a specific share class Fixed Income US 2YR NOTE (CBT) 30/09/2015 EUR (27) (5,305,433) (7,194) EURO-BUND FUTURE 08/09/2015 EUR 57 8,664,000 59,310 LONG GILT FUTURE 28/09/2015 EUR 6 980,122 (16,345)Currency EURO FX CURR FUT 14/09/2015 EUR (43) (5,381,754) 74,403 EURO/GBP FUTURE 14/09/2015 EUR (27) (3,379,702) 23,025 EURO/JPY FUTURE 14/09/2015 EUR (22) (2,750,019) (31,667) EURO/CHF FUTURE 14/09/2015 EUR (7) (874,348) 9,790 Index NASDAQ 100 E-MINI 18/09/2015 EUR 49 3,861,466 (38,577) EURO STOXX 50 18/09/2015 EUR 52 1,786,720 (80,600) RUSSELL 2000 MINI 18/09/2015 EUR 6 673,344 (2,477) NIKKEI 225 (CME) 10/09/2015 EUR 49 4,453,846 (18,691) FTSE/MIB IDX FUT 18/09/2015 EUR 49 5,530,385 81,585

Total 52,562

AXA World Funds


358





Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR 2 304,000 660 US 10YR NOTE (CBT) 21/09/2015 EUR (4) (452,960) (56) LONG GILT FUTURE 28/09/2015 EUR 1 163,354 240 EURO-BTP FUTURE 08/09/2015 EUR 2 260,420 (3,761)Currency EURO FX CURR FUT 14/09/2015 EUR (1) (125,157) 1,958 Index EURO STOXX 50 18/09/2015 EUR 11 377,960 (5,040) NIKKEI 225 (CME) 10/09/2015 EUR 1 90,895 (381) S+P500 EMINI FUT 18/09/2015 EUR (1) (92,192) 949 DJIA MINI E-CBOT 18/09/2015 EUR (3) (235,905) 2,531

Total (2,900)




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR 53 8,056,000 (10,420) EURO-BTP FUTURE 08/09/2015 EUR 10 1,302,100 (10,890) EURO-OAT FUTURE 08/09/2015 EUR (3) (439,410) (2,160)Index CBOE VIX FUTURE 22/07/2015 EUR (38) (590,872) (92,937) EURO STOXX 50 18/09/2015 EUR (218) (7,490,480) (31,950) JPNK400 INDEX FUT 10/09/2015 EUR 660 7,123,343 (98,981) VSTOXX MINI FUTURE 22/07/2015 EUR 215 565,450 99,975

Total (147,363)




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR 267 40,584,000 49,110 EURO-BOBL FUTURE 08/09/2015 EUR (50) (6,479,000) (30,420) EURO-BTP FUTURE 08/09/2015 EUR 70 9,114,700 (75,910) EURO-OAT FUTURE 08/09/2015 EUR (95) (13,914,650) (68,400)Index CBOE VIX FUTURE 22/07/2015 EUR (238) (3,700,727) (582,077) EURO STOXX 50 18/09/2015 EUR (1,242) (42,675,120) (212,940) JPNK400 INDEX FUT 10/09/2015 EUR 568 6,130,392 (85,100) VSTOXX MINI FUTURE 22/07/2015 EUR 1,345 3,537,350 625,424

Total (380,313)




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR (30) (4,560,000) (97,200) US 10YR NOTE (CBT) 21/09/2015 EUR 45 5,095,795 (44,805) US LONG BOND (CBT) 21/09/2015 EUR (16) (2,166,128) 52,841

AXA World Funds


359


AXA World Funds - Optimal Absolute (continued)



Not allocated to a specific share class (continued) OGBL PUT 148 24/07/2015 EUR (80) (21,600) 14,400 OGBL PUT 149.5 24/07/2015 EUR (70) (37,800) 15,940 Index CBOE VIX FUTURE 22/07/2015 EUR (20) (310,985) (808) EURO STOXX 50 18/09/2015 EUR (52) (1,786,720) 62,480 S+P500 EMINI FUT 18/09/2015 EUR 10 921,962 1,795 VSTOXX MINI FUTURE 22/07/2015 EUR 100 263,000 54,365

Total 59,008




Not allocated to a specific share class Fixed Income EURO-BUND FUTURE 08/09/2015 EUR (5) (760,000) (16,200) US 10YR NOTE (CBT) 21/09/2015 EUR 9 1,019,159 (8,961) US LONG BOND (CBT) 21/09/2015 EUR (3) (406,149) 10,602 OGBL PUT 148 24/07/2015 EUR (20) (5,400) 3,600 OGBL PUT 149.5 24/07/2015 EUR (18) (9,720) 4,100 Index CBOE VIX FUTURE 22/07/2015 EUR (5) (77,746) (202) EURO STOXX 50 18/09/2015 EUR (12) (412,320) 15,879 S+P500 EMINI FUT 18/09/2015 EUR 1 92,196 180 VSTOXX MINI FUTURE 22/07/2015 EUR 25 65,750 13,595

Total 22,593

List of counterparties

The sole counterparty for the Futures transactions as at 30 June 2015 is Goldman Sachs International with the following collateral per Sub-Fund:

Sub-Fund's name Currency Type of collateral (Cash/Securities)

Total collateral

AXA World Funds - Global Flexible Property USD Cash 802,138

AXA World Funds - Framlington Europe Opportunities EUR Cash 3,192,773

AXA World Funds - Euro Credit Short Duration EUR Cash 1,692,938

AXA World Funds - Euro 3-5 EUR Cash 5,363,179



AXA World Funds - Euro 10 + LT EUR Cash 1,434,234

AXA World Funds - Euro Bonds EUR Cash 722,985

AXA World Funds - Euro Credit IG EUR Cash 3,537,346

AXA World Funds - Euro Credit Plus EUR Cash 6,055,630

AXA World Funds - Euro Credit Total Return (note 1b) EUR Cash 291,433

AXA World Funds - Euro Government Bonds EUR Cash 323,046

AXA World Funds - Euro Inflation Bonds EUR Cash 638,793

AXA World Funds


360


List of counterparties (continued)

Sub-Fund's name Currency Type of collateral (Cash/Securities)

Total collateral

AXA World Funds - Euro SmartBeta Credit Bonds (note 1b) EUR

Cash 120,926

AXA World Funds - Global Aggregate Bonds EUR Cash 232,118,519

AXA World Funds - Global Credit Bonds USD Cash 433,926

AXA World Funds - Global SmartBeta Credit Bonds USD Cash 108,738

AXA World Funds - Global Emerging Markets Bonds USD Cash 105,632

AXA World Funds - Global Inflation Bonds EUR Cash 44,549,116

AXA World Funds - Global Strategic Bonds USD Cash 170,609

AXA World Funds - US Credit Short Duration IG USD Cash 206,760

AXA World Funds - Global Flex 50 EUR Cash 25,968,450

AXA World Funds - Global Flex 100 EUR Cash 9,253,455

AXA World Funds - Global Income Generation EUR Cash 77,363

AXA World Funds - Global Optimal Income EUR Cash 127,278,630

AXA World Funds - Optimal Income EUR Cash 137,685,105

AXA World Funds - Optimal Income EUR 6,000,000 Securities: EK8323264 FRENCH REPUBLIC 07/01/2015 5,340,000

AXA World Funds - Optimal Income EUR 3,000,000 Securities: EK7288906 FRENCH REPUBLIC 07/08/2015 2,670,111

AXA World Funds - Optimal Absolute EUR Cash 3,902,113

AXA World Funds - Optimal Absolute Piano EUR Cash 2,818,784

Note 16 Swaps

For return enhancement and assets liquidity purposes, Sub-Funds may use total return swaps and/or interest rate swap contracts in order to get a global equity exposure. This strategy implies that some money market instruments may be present 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.

The following Sub-Funds have the following swap contracts outstanding as at 30 June 2015:

Credit Default Equity Swaps and Interest Rate Swaps

AXA World Funds - Euro Credit Short Duration Counterparty Nominal Value Currency Rate payable

(quarterly) Rate receivable (at maturity) Maturity Date Unrealised depreciation

in EUR

BNP London (20,000,000) EUR Fixed Rate 0.25%

Credit Event Volkswagen AG

20/03/2016 (3,961)

Société Générale Paris

(10,000,000) EUR Fixed Rate 0.25%

Credit Event Airbus Group SE

20/03/2016 (754)

(4,714)

AXA World Funds


361

Note 16 Swaps (continued)

AXA World Funds - Global Aggregate Bonds Counterparty Nominal Value Currency Rate payable


in EUR

BNP London 70,000,000 USD Fixed Rate 1.00%

CDX NA IG 24 Index 20/06/2020 (880,855)

(880,855)

AXA World Funds - Global Credit Bonds Counterparty Nominal Value Currency Rate payable

(quarterly) Rate receivable (at maturity) Maturity Date Unrealised appreciation

in USD

JP Morgan Securities Plc

(8,500,000) USD Fixed Rate 1.00%

CDX NA IG 23 Index 20/12/2019 111,297

111,297

AXA World Funds - Global Strategic Bonds Counterparty Nominal Value Currency Rate payable


in USD

BNP London 10,000,000 EUR Fixed Rate 5.00%

ITRX EUR XOVER 20/12/2019 (784,761)

BNP London 20,000,000 EUR Fixed Rate 5.00%

ITRX EUR XOVER 20/06/2020 (1,679,314)

(2,464,075)

AXA World Funds - US Credit Short Duration IG Counterparty Nominal Value Currency Rate payable

(quarterly) Rate receivable (at maturity) Maturity Date Unrealised appreciation/

(depreciation) in USD

Barclays Bank Plc

1,000,000 USD Fixed Rate 1.00%

Credit Event Pitney Bowes Inc

20/09/2017 (14,904)

Goldman Sachs International London

500,000 USD Fixed Rate 5.00%

Credit Event Computer Sciences Corp

20/12/2017 (58,090)


(1,000,000) USD Fixed Rate 1.00%

Credit Event Enbridge Inc

20/03/2017 4,495

(68,499)

AXA World Funds - US Dynamic High Yield Bonds Counterparty Nominal Value Currency Rate payable



Barclays Bank Plc

(2,000,000) USD Fixed Rate 5.00%

Credit Event Kate Spade & CO

20/12/2019 306,725

Barclays Bank Plc

(2,000,000) USD Fixed Rate 5.00%

Credit Event International Lease Finance Corp

20/09/2019 277,328

Barclays Bank Plc

(2,000,000) USD Fixed Rate 5.00%

Credit Event Altice SA

20/06/2019 76,931

Barclays Bank Plc

(2,000,000) USD Fixed Rate 5.00%

Credit Event Advanced Micro Devices Inc

20/06/2018 (19,534)

AXA World Funds


362


AXA World Funds - US Dynamic High Yield Bonds (continued) Counterparty Nominal Value Currency Rate payable



Barclays Bank Plc

(3,000,000) USD Fixed Rate 5.00%

Credit Event Realogy Group LLC

20/09/2020 308,541


(1,000,000) USD Fixed Rate 5.00%

Credit Event Sprint Comms Inc

20/12/2019 39,640


(1,000,000) USD Fixed Rate 5.00%

Credit Event Advanced Micro Devices Inc

20/12/2017 11,977


(1,000,000) USD Fixed Rate 5.00%

Credit Event Sprint Comms Inc

20/06/2020 26,580


(3,000,000) USD Fixed Rate 5.00%

Credit Event Calpine Corp

20/03/2020 229,137

1,257,326

AXA World Funds - Emerging Markets Short Duration Bonds Counterparty Nominal Value Currency Rate payable


in USD

JP Morgan Chase Bank NA London

20,000,000 USD Fixed Rate 1.00%

Credit Event Republic of Turkey

20/12/2019 861,057

861,057

Inflation linked Swaps

AXA World Funds - Euro Inflation Bonds Counterparty Nominal Value Currency Rate payable

(quarterly) Rate receivable (at maturity)

Maturity Date

Unrealised appreciation/ (depreciation) in EUR

BNP Paribas Paris

3,200,000 GBP RPI Infla Index 3% 15/06/2020 (3,370)

(3,370)

AXA World Funds - Global Inflation Bonds Counterparty Nominal Value Currency Rate payable


Maturity Date

Unrealised appreciation/ (depreciation) in EUR

BNP Paribas Paris


(39,066)

AXA World Funds - Universal Inflation Bonds Counterparty Nominal Value Currency Rate payable


Maturity Date

Unrealised appreciation/ (depreciation) in USD

BNP Paribas Paris


(2,581)

AXA World Funds


363


Variance Swaps

AXA World Funds - Framlington Hybrid Resources Counterparty Nominal Value Currency Rate payable


in USD

UBS Limited 22,000,000 USD Fixed Rate 0.27%

S&P GSCI Index 30/06/2015 256,413

256,413

Note 17 Options

The following Sub-Fund has an unlisted option outstanding as at 30 June 2015:

AXA World Funds - Framlington Eurozone Denomination Strike price Contract size Broker Underlying Currency Maturity Date Market Value

in EUR

Solex share class

Euro Stoxx 50 Index Dec 16 2775 PUT

2775 7034 Société Générale

Stoxx50E EUR 16/12/2016 932,146

Note 18 Collaterals on OTC Derivatives products

As at 30 June 2015, the Sub-Funds of the SICAV received and paid the following collaterals for all derivative products, except for Futures, which is disclosed under note 15:

Sub-Fund's name Counterparty Currency Type of collateral (Securities) Description

Total collateral

AXA World Funds - Framlington Eurozone Société Générale Paris EUR Collateral received 1,049,000 Securities FR0010216481

1,059,594.90

AXA World Funds - Framlington Global Convertibles State Street EUR

Collateral given 333,000 Securities FR0122945910

(333,203.13)

AXA World Funds - Framlington Hybrid Resources UBS Limited USD

Collateral received 1,212,000 Securities FR0122945845

1,212,084.84

AXA World Funds - Euro Credit Plus Goldman Sachs International London EUR

Collateral received 1,219,000 Securities DE0001030500

1,227,756.08

AXA World Funds - Global Aggregate Bonds Barclays Capital Securities Limited EUR

Collateral received 402,000 Securities FR0010371401

549,554.10

AXA World Funds - Global Aggregate Bonds BNP Paribas Paris EUR Collateral given 740,000 Securities US912810QQ40

(910,951.57)

AXA World Funds - Global Aggregate Bonds Credit Agricole CIB Paris EUR Collateral received 140,000 Securities FR0010466938

177,597.00

AXA World Funds


364

Note 18 Collaterals on OTC Derivatives products (continued)

Sub-Fund's name Counterparty Currency Type of collateral (Securities) Description

Total collateral

AXA World Funds - Global Aggregate Bonds HSBC LN EUR Collateral received 1,361,000 Securities FR0010235176

1,424,184.43

AXA World Funds - Global Aggregate Bonds HSBC LN EUR Collateral received 4,414,000 Securities FR0119105791

4,488,375.90

AXA World Funds - Global Inflation Bonds BNP Paribas Paris EUR Collateral received 23,447,000 Securities FR0010604983

26,128,164.45

AXA World Funds - Global Inflation Bonds BNP Paribas Paris EUR Collateral received 570,000 Securities FR0120473253

588,069.00

AXA World Funds - Global Inflation Bonds JP Morgan Chase Bank NA London EUR

Collateral received 504,000 Securities DE0001135069

776,286.00

AXA World Funds - Global Inflation Bonds State Street EUR Collateral received 336,000 Securities US912828RC60

339,806.21

AXA World Funds - Global Inflation Bonds State Street EUR Collateral received 1,076,000 Securities US912828VW78

1,082,304.28

AXA World Funds - Global Inflation Bonds Citibank N.A. EUR Collateral given 4,790,000 Securities FR0011237643

(4,985,312.25)

AXA World Funds - Global Strategic Bonds BNP Paribas Paris USD Collateral given 2,539,000 Securities DE0001030534

(2,646,907.50)

AXA World Funds - Global Strategic Bonds Credit Agricole CIB Paris USD Collateral given 2,667,000 Securities GB00B7F9S958

(2,682,735.30)


Barclays Capital Securities Limited EUR

Collateral received 1,194,000 Securities US912810RJ97

1,163,030.63


Barclays Capital Securities Limited EUR

Collateral received 310,000 Securities US912828WU04

302,213.67


Goldman Sachs International London EUR

Collateral received 330,000 Securities US912828D317

330,082.50


JP Morgan Chase Bank NA London USD

Collateral received 340,000 Securities DE0001135069

523,685.00

AXA World Funds - Optimal Income JP Morgan Chase Bank NA London EUR

Collateral given 88,000 Securities FR0122945845

(88,006.16)

AXA World Funds


365

Note 19 Changes in the Investment Portfolio

Changes in the Investment Portfolio during the reporting year are available free of charge to the shareholders at the address of the Custodian.

Note 20 Dividend Distribution

During the Annual General Meeting held on 18 May 2015, the Shareholders resolved, on the recommendations of the Board of Directors, to approve a dividend payment for the following Sub-Funds:

Sub-Fund's name Ccy Class A Dis

Class ADis

Hedged

Class F Dis

Class F Dis

Hedged

Class IDis

Class I Dis

Hedged

Class M Dis

Ex-date Payment date


EUR 2.14 - 3.64 - - - - 08/06/2015 10/06/2015


GBP - - - - - 2.65 - 08/06/2015 10/06/2015


EUR 2.73 - - - - - - 08/06/2015 10/06/2015


EUR 1.17 - 1.99 - - - - 08/06/2015 10/06/2015


EUR - - - - - - 2.89 08/06/2015 10/06/2015


EUR 0.49 - - - - - - 08/06/2015 10/06/2015


EUR - - - - - - 2.42 08/06/2015 10/06/2015


EUR - - - - - - 1.78 08/06/2015 10/06/2015


EUR - - - - 2.79 - - 08/06/2015 10/06/2015


EUR - - 1.78 - - - - 08/06/2015 10/06/2015


EUR 0.45 - - - - - - 08/06/2015 10/06/2015


CHF 0.53 - 0.61 - - - - 08/06/2015 10/06/2015


EUR 2.83 - - - 3.37 - - 08/06/2015 10/06/2015

AXA World Funds - Euro 3-5 EUR 3.06 - - - 3.33 - 3.61 08/06/2015 10/06/2015

AXA World Funds - Euro 5-7 EUR 3.49 - - - 3.54 - - 08/06/2015 10/06/2015

AXA World Funds - Euro 7-10 EUR 3.71 - - - 3.74 - 3.78 08/06/2015 10/06/2015

AXA World Funds - Euro 10 + LT EUR 4.32 - - - 4.19 - - 08/06/2015 10/06/2015

AXA World Funds - Euro Bonds EUR 0.82 - - - - - - 08/06/2015 10/06/2015


EUR 2.86 - - - 3.49 - 1.42 08/06/2015 10/06/2015


EUR 0.30 - 0.38 - - - - 08/06/2015 10/06/2015


EUR 2.40 - - - 2.60 - - 08/06/2015 10/06/2015

AXA World Funds


366

Note 20 Dividend Distribution (continued)


Class ADis

Hedged

Class F Dis

Class F Dis

Hedged

Class IDis

Class I Dis

Hedged

Class M Dis



USD - 0.55 - - - - - 08/06/2015 10/06/2015


EUR - 5.87 - 6.14 - - - 08/06/2015 10/06/2015


USD - - 10.33 - - - - 08/06/2015 10/06/2015


EUR - 2.13 - 2.95 - 7.66 - 08/06/2015 10/06/2015


USD 4.74 - 5.99 - - - - 08/06/2015 10/06/2015


EUR 4.83 - 4.81 - 5.18 - - 08/06/2015 10/06/2015

AXA World Funds - Global Inflation Bonds (REDEX)

EUR - - 5.27 - - - - 08/06/2015 10/06/2015


USD - - - - - 4.69 - 08/06/2015 10/06/2015


USD 2.14 - - - - - - 08/06/2015 10/06/2015


CHF - 1.79 - - - - - 08/06/2015 10/06/2015


EUR - 7.49 - - - 9.41 - 08/06/2015 10/06/2015


GBP - - - - - 7.63 - 08/06/2015 10/06/2015


USD 5.08 - - - 7.62 - - 08/06/2015 10/06/2015


CHF - 6.77 - - - - - 08/06/2015 10/06/2015


EUR - 5.00 - 5.42 - 5.54 - 08/06/2015 10/06/2015


USD 4.64 - 5.07 - 5.56 - - 08/06/2015 10/06/2015


EUR 0.80 - - - - - - 08/06/2015 10/06/2015


EUR - - - - 5.45 - - 08/06/2015 10/06/2015


EUR 1.09 - 1.72 - - - - 08/06/2015 10/06/2015


EUR 2.51 - 2.16 - - - - 08/06/2015 10/06/2015

AXA World Funds


367


For the Sub-Funds AXA World Funds - US High Yield Bonds & AXA World Funds - European High Yield Bonds, the Board of Directors approved by a Board resolution on 16 January 2015 a monthly dividend distribution:

Sub-Fund's name Ccy Class T Dis Ex-date Payment dateAXA World Funds - US High Yield Bonds USD 0.47 30/01/2015 04/02/2015AXA World Funds - US High Yield Bonds USD 0.47 27/02/2015 04/03/2015AXA World Funds - US High Yield Bonds USD 0.47 31/03/2015 03/04/2015AXA World Funds - US High Yield Bonds USD 0.47 30/04/2015 06/05/2015AXA World Funds - US High Yield Bonds USD 0.47 29/05/2015 03/06/2015AXA World Funds - US High Yield Bonds USD 0.47 30/06/2015 03/07/2015

Sub-Fund's name Ccy Class I Dis Ex-date Payment dateAXA World Funds - European High Yield Bonds GBP 0.40 30/01/2015 04/02/2015AXA World Funds - European High Yield Bonds GBP 0.40 27/02/2015 04/03/2015AXA World Funds - European High Yield Bonds GBP 0.40 31/03/2015 03/04/2015AXA World Funds - European High Yield Bonds GBP 0.40 30/04/2015 06/05/2015AXA World Funds - European High Yield Bonds GBP 0.40 29/05/2015 03/06/2015AXA World Funds - European High Yield Bonds GBP 0.40 30/06/2015 03/07/2015

For the other Sub-Funds below, the Board of Directors approved by a Board resolution on 17 February 2015 a monthly dividend distribution:

Sub-Fund's name Ccy Class A Dis Ex-date Payment dateAXA World Funds - Framlington Global Real Estate Securities USD 0.25 27/02/2015 04/03/2015AXA World Funds - Framlington Global Real Estate Securities USD 0.25 31/03/2015 03/04/2015AXA World Funds - Framlington Global Real Estate Securities USD 0.25 30/04/2015 06/05/2015AXA World Funds - Framlington Global Real Estate Securities USD 0.25 29/05/2015 03/06/2015AXA World Funds - Framlington Global Real Estate Securities USD 0.25 30/06/2015 03/07/2015

Sub-Fund's name Ccy Class A Dis Hedged


AXA World Funds - Framlington Global High Income HKD 0.35 27/02/2015 04/03/2015AXA World Funds - Framlington Global High Income HKD 0.35 31/03/2015 03/04/2015AXA World Funds - Framlington Global High Income HKD 0.35 30/04/2015 06/05/2015AXA World Funds - Framlington Global High Income HKD 0.35 29/05/2015 03/06/2015AXA World Funds - Framlington Global High Income HKD 0.35 30/06/2015 03/07/2015



AXA World Funds - Framlington Global High Income SGD 0.35 27/02/2015 04/03/2015AXA World Funds - Framlington Global High Income SGD 0.35 31/03/2015 03/04/2015AXA World Funds - Framlington Global High Income SGD 0.35 30/04/2015 06/05/2015AXA World Funds - Framlington Global High Income SGD 0.35 29/05/2015 03/06/2015AXA World Funds - Framlington Global High Income SGD 0.35 30/06/2015 03/07/2015

AXA World Funds


368




AXA World Funds - Framlington Global High Income AUD 0.35 27/02/2015 04/03/2015AXA World Funds - Framlington Global High Income AUD 0.35 31/03/2015 03/04/2015AXA World Funds - Framlington Global High Income AUD 0.35 30/04/2015 06/05/2015AXA World Funds - Framlington Global High Income AUD 0.35 29/05/2015 03/06/2015AXA World Funds - Framlington Global High Income AUD 0.35 30/06/2015 03/07/2015

Sub-Fund's name Ccy Class A Dis Ex-date Payment dateAXA World Funds - Framlington Global High Income USD 0.35 27/02/2015 04/03/2015AXA World Funds - Framlington Global High Income USD 0.35 31/03/2015 03/04/2015AXA World Funds - Framlington Global High Income USD 0.35 30/04/2015 06/05/2015AXA World Funds - Framlington Global High Income USD 0.35 29/05/2015 03/06/2015AXA World Funds - Framlington Global High Income USD 0.35 30/06/2015 03/07/2015



AXA World Funds - Global Aggregate Bonds SGD 0.33 27/02/2015 04/03/2015AXA World Funds - Global Aggregate Bonds SGD 0.33 31/03/2015 03/04/2015AXA World Funds - Global Aggregate Bonds SGD 0.33 30/04/2015 06/05/2015AXA World Funds - Global Aggregate Bonds SGD 0.33 29/05/2015 03/06/2015AXA World Funds - Global Aggregate Bonds SGD 0.33 30/06/2015 03/07/2015



AXA World Funds - Global Aggregate Bonds USD 0.33 27/02/2015 04/03/2015AXA World Funds - Global Aggregate Bonds USD 0.33 31/03/2015 03/04/2015AXA World Funds - Global Aggregate Bonds USD 0.33 30/04/2015 06/05/2015AXA World Funds - Global Aggregate Bonds USD 0.33 29/05/2015 03/06/2015AXA World Funds - Global Aggregate Bonds USD 0.33 30/06/2015 03/07/2015



AXA World Funds - Global High Yield Bonds HKD 0.45 27/02/2015 04/03/2015AXA World Funds - Global High Yield Bonds HKD 0.45 31/03/2015 03/04/2015AXA World Funds - Global High Yield Bonds HKD 0.45 30/04/2015 06/05/2015AXA World Funds - Global High Yield Bonds HKD 0.45 29/05/2015 03/06/2015AXA World Funds - Global High Yield Bonds HKD 0.45 30/06/2015 03/07/2015

AXA World Funds


369




AXA World Funds - Global High Yield Bonds SGD 0.45 27/02/2015 04/03/2015AXA World Funds - Global High Yield Bonds SGD 0.45 31/03/2015 03/04/2015AXA World Funds - Global High Yield Bonds SGD 0.45 30/04/2015 06/05/2015AXA World Funds - Global High Yield Bonds SGD 0.45 29/05/2015 03/06/2015AXA World Funds - Global High Yield Bonds SGD 0.45 30/06/2015 03/07/2015

Sub-Fund's name Ccy Class A Dis Ex-date Payment dateAXA World Funds - Global High Yield Bonds USD 0.45 27/02/2015 04/03/2015AXA World Funds - Global High Yield Bonds USD 0.45 31/03/2015 03/04/2015AXA World Funds - Global High Yield Bonds USD 0.45 30/04/2015 06/05/2015AXA World Funds - Global High Yield Bonds USD 0.45 29/05/2015 03/06/2015AXA World Funds - Global High Yield Bonds USD 0.45 30/06/2015 03/07/2015

Sub-Fund's name Ccy Class A Dis Ex-date Payment dateAXA World Funds - US High Yield Bonds USD 0.49 27/02/2015 04/03/2015AXA World Funds - US High Yield Bonds USD 0.49 31/03/2015 03/04/2015AXA World Funds - US High Yield Bonds USD 0.49 30/04/2015 06/05/2015AXA World Funds - US High Yield Bonds USD 0.49 29/05/2015 03/06/2015AXA World Funds - US High Yield Bonds USD 0.49 30/06/2015 03/07/2015

For the below Sub-Fund AXA World Funds the Board of Directors approved quarterly dividend distribution:


quarterly

Class A Dis

quarterly Hedged

Class E Dis

quarterly Hedged

Class F Dis

quarterly

Class F Dis

quarterlyHedged

Class I Dis

quarterly

Class I Dis

quarterly Hedged

Ex-date Paymentdate


HKD - 0.95 - - - - - 16/03/2015 18/03/2015


USD - 0.95 - - - - - 16/03/2015 18/03/2015


EUR 1.17 - - 1.53 - - - 16/03/2015 18/03/2015


EUR - - 1.09 - - - - 16/03/2015 18/03/2015


EUR - - 1.32 - - - - 16/03/2015 18/03/2015


GBP - - - - - - 0.25 16/03/2015 18/03/2015


EUR - 0.79 0.76 - - - 0.74 16/03/2015 18/03/2015


GBP - 0.78 - - 0.75 - 0.78 16/03/2015 18/03/2015

AXA World Funds


370



quarterly

Class A Dis

quarterly Hedged

Class E Dis

quarterly Hedged

Class F Dis

quarterly

Class F Dis

quarterly Hedged

Class I Dis

quarterly

Class I Dis

quarterly Hedged

Ex-date Paymentdate


EUR - - 0.69 - - - - 16/03/2015 18/03/2015


SGD - 0.72 - - - - - 16/03/2015 18/03/2015


USD 0.72 - - - - - - 16/03/2015 18/03/2015


EUR - - - - - - 1.42 16/03/2015 18/03/2015


GBP - - - - 1.43 - - 16/03/2015 18/03/2015


EUR - - - - 0.49 - 0.49 16/03/2015 18/03/2015


USD - - - 0.49 - 0.50 - 16/03/2015 18/03/2015


EUR - - 0.95 - - - - 16/03/2015 18/03/2015


GBP - 0.59 - - 0.62 - 0.57 16/03/2015 18/03/2015


HKD - 0.96 - - - - - 16/03/2015 18/03/2015


SGD - 0.95 - - - - - 16/03/2015 18/03/2015


USD 0.96 - - - - - - 16/03/2015 18/03/2015


HKD - 0.95 - - - - - 15/06/2015 22/06/2015


USD - 0.95 - - - - - 15/06/2015 22/06/2015


EUR 1.17 - - 1.53 - - - 15/06/2015 22/06/2015


EUR - - 1.09 - - - - 15/06/2015 22/06/2015


EUR - - 1.32 - - - - 15/06/2015 22/06/2015


GBP - - - - - - 0.25 15/06/2015 22/06/2015


EUR - 0.79 0.76 - - - 0.74 15/06/2015 22/06/2015


GBP - 0.78 - - 0.75 - 0.78 15/06/2015 22/06/2015


EUR - - 0.69 - - - - 15/06/2015 22/06/2015


SGD - 0.72 - - - - - 15/06/2015 22/06/2015

AXA World Funds


371



quarterly

Class A Dis

quarterly Hedged

Class E Dis

quarterly Hedged

Class F Dis

quarterly

Class F Dis

quarterly Hedged

Class I Dis

quarterly

Class I Dis

quarterly Hedged

Ex-date Paymentdate


USD 0.72 - - - - - - 15/06/2015 22/06/2015


EUR - - - - - - 1.42 15/06/2015 22/06/2015


GBP - - - - 1.43 - - 15/06/2015 22/06/2015


EUR - - - - 1.11 - 1.12 15/06/2015 22/06/2015


USD - - - 1.13 - 1.14 - 15/06/2015 22/06/2015


EUR - - 0.95 - - - - 15/06/2015 22/06/2015


GBP - 0.59 - - 0.62 - 0.57 15/06/2015 22/06/2015


HKD - 0.96 - - - - - 15/06/2015 22/06/2015


SGD - 0.95 - - - - - 15/06/2015 22/06/2015


USD 0.96 - - - - - - 15/06/2015 22/06/2015

Note 21 Stock Lending

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.

The Management Company did not receive any commissions on securities lending transactions.

As at 30 June 2015, the market value of the securities on loans open in EUR is as follows:

Sub-Fund's name Currency % of investments

Amount lent in EUR

Amount of collateral received securities in EUR

Amount of collateral received

cash in EUR

Total collateral


EUR 1.81% 11,546,070 14,947,137 - 14,947,137

AXA World Funds - Framlington Europe Emerging EUR 1.78% 347,974 461,617 - 461,617 AXA World Funds - Framlington Eurozone EUR 2.29% 21,919,936 24,271,236 - 24,271,236 AXA World Funds - Framlington Euro Relative Value EUR 6.90% 51,380,147 62,723,828 - 62,723,828 AXA World Funds - Framlington Europe Opportunities EUR 1.37% 4,591,387 6,090,857 - 6,090,857 AXA World Funds - Framlington Global Convertibles EUR 17.25% 79,283,246 87,547,611 - 87,547,611 AXA World Funds - Framlington Hybrid Resources USD 2.45% 967,197 1,063,917 - 1,063,917 AXA World Funds - Framlington Italy EUR 1.07% 5,711,280 6,042,802 - 6,042,802 AXA World Funds - Framlington Junior Energy USD 2.98% 3,443,812 3,725,694 - 3,725,694 AXA World Funds - Framlington Switzerland CHF 5.71% 6,877,492 8,048,642 - 8,048,642 AXA World Funds - Euro Credit Short Duration EUR 2.83% 63,176,427 67,198,530 - 67,198,530 AXA World Funds - Euro 3-5 EUR 17.62% 101,714,550 108,542,571 - 108,542,571

AXA World Funds


372

Note 21 Stock Lending (continued)

Sub-Fund's name Currency % of investments

Amount lent in EUR

Amount of collateral received securities in EUR

Amount of collateral received

cash in EUR

Total collateral

AXA World Funds - Euro 5-7 EUR 24.96% 347,053,825 366,787,634 - 366,787,634 AXA World Funds - Euro 7-10 EUR 6.43% 18,945,490 20,645,447 - 20,645,447 AXA World Funds - Euro 10 + LT EUR 4.25% 3,876,993 3,963,978 - 3,963,978 AXA World Funds - Euro Bonds EUR 6.71% 14,176,431 14,941,933 - 14,941,933 AXA World Funds - Euro Credit IG EUR 6.24% 24,911,525 25,887,418 - 25,887,418 AXA World Funds - Euro Credit Plus EUR 8.36% 75,929,566 79,485,122 - 79,485,122 AXA World Funds - Euro Government Bonds EUR 21.57% 80,025,738 85,156,338 - 85,156,338 AXA World Funds - Euro Inflation Bonds EUR 3.39% 7,208,110 8,128,896 - 8,128,896 AXA World Funds - European High Yield Bonds EUR 1.99% 1,096,595 1,195,546 - 1,195,546 AXA World Funds - Global Aggregate Bonds EUR 7.69% 39,670,547 42,441,413 - 42,441,413 AXA World Funds - Global Credit Bonds USD 2.37% 2,247,002 2,448,531 - 2,448,531 AXA World Funds - Global SmartBeta Credit Bonds USD 0.52% 470,448 481,314 - 481,314 AXA World Funds - Global Emerging Markets Bonds USD 13.71% 8,730,321 17,923,770 - 17,923,770 AXA World Funds - Global High Yield Bonds USD 1.11% 14,866,274 15,802,179 - 15,802,179 AXA World Funds - Global Inflation Bonds EUR 32.66% 742,659,604 823,304,483 - 823,304,483 AXA World Funds - Global Strategic Bonds USD 8.63% 35,551,099 39,615,190 - 39,615,190 AXA World Funds - US Dynamic High Yield Bonds USD 0.19% 168,908 192,016 - 192,016 AXA World Funds - US High Yield Bonds USD 1.83% 108,584,606 116,453,292 - 116,453,292 AXA World Funds - Emerging Markets Short Duration Bonds

USD 13.90% 156,465,585 171,105,229 - 171,105,229

AXA World Funds - Global Optimal Income EUR 1.76% 1,546,583 1,731,258 - 1,731,258 AXA World Funds - Optimal Income EUR 7.26% 42,285,901 47,424,310 - 47,424,310 AXA World Funds - Optimal Absolute Piano EUR 0.23% 82,144 90,359 - 90,359

The counterparties for the securities lending transactions listed above are:

Barclays Bank, Citigroup Global Markets Ltd London, Credit Suisse London, Goldman Sachs International, Lloyds Bank Plc Fix, Nomura Holdings Inc., Züricher Kantonalbank, ING Bank Amsterdam, Commerzbank AG Frankfurt, Morgan Stanley & Co International Ldn, Societe Generale Paris, Abbey National London, Deutsche Bank AG London, BNP Paribas, Abn Amro Group Nethlands, JP Morgan Chase & Co, Natixis Paris, UBS AG, Bank of America Merrill Lynch, Royal Bank of Scotland Plc, ING Bank London, HSBC Investment Bank

As at 30 June 2015, the securities lending income generated by the Fund is as follows:

Sub-Fund's name Currency Gross income

of Securities Lending

Direct and indirect Costs

and Fees of Securities

Lending

Net income of Securities

Lending

Framlington Europe Real Estate Securities EUR 26,780 9,373 17,407 Framlington Global Real Estate Securities EUR 2,629 920 1,709 Framlington Europe Emerging EUR 358 125 233 Framlington Eurozone EUR 519,522 181,833 337,689 Framlington Europe EUR 49,069 17,174 31,895 Framlington Euro Relative Value EUR 269,843 94,445 175,398 Framlington Europe Opportunities EUR 11,162 3,907 7,255 Framlington Europe Microcap EUR 4,572 1,600 2,972 Framlington Emerging Markets USD 47,842 16,745 31,097 Framlington Global USD 2,262 792 1,470 Framlington Global Convertibles EUR 503,657 176,280 327,377 Framlington Hybrid Resources USD 6,692 2,342 4,350 Framlington Italy EUR 188,595 66,008 122,587 Framlington Junior Energy USD 28,537 9,988 18,549

AXA World Funds


373

Note 21 Stock Lending (continued)

Sub-Fund's name Currency Gross income

of Securities Lending

Direct and indirect Costs

and Fees of Securities

Lending

Net income of Securities

Lending

Framlington Switzerland CHF 24,532 8,586 15,946 Framlington Talents Global EUR 24,097 8,434 15,663 Euro Credit Short Duration EUR 91,309 31,958 59,351 Euro 3-5 EUR 46,588 16,306 30,282 Euro 5-7 EUR 186,746 65,361 121,385 Euro 7-10 EUR 24,743 8,660 16,083 Euro 10 + LT EUR 5,231 1,831 3,400 Euro Bonds EUR 12,768 4,469 8,299 Euro Credit IG EUR 45,428 15,900 29,528 Euro Credit Plus EUR 114,580 40,103 74,477 Euro Government Bonds EUR 26,438 9,253 17,185 Euro Inflation Bonds EUR 10,620 3,717 6,903 European High Yield Bonds EUR 6,357 2,225 4,132 Global Aggregate Bonds EUR 43,365 15,178 28,187 Global Credit Bonds USD 2,740 959 1,781 Global SmartBeta Credit Bonds USD 848 297 551 Global Emerging Markets Bonds USD 71,531 25,036 46,495 Global High Yield Bonds EUR 190,529 66,685 123,844 Global Inflation Bonds USD 436,574 152,801 283,773 Global Strategic Bonds USD 51,012 17,854 33,158 US Dynamic High Yield Bonds USD 755 264 491 US High Yield Bonds USD 1,333,094 466,583 866,511 Emerging Markets Short Duration Bonds EUR 565,208 197,823 367,385 Global Optimal Income EUR 14,051 4,918 9,133 Optimal Income EUR 208,589 73,006 135,583 Optimal Absolute EUR 1,915 670 1,245 Optimal Absolute Piano EUR 218 76 142

Note 22 Cross Investments

The value of the cross-investments of the AXA World Funds Sub-Funds has not to be taken into consideration for the calculation of the total net assets of the Company.

The total value of those cross-investments as at 30 June 2015 amounted to:

AXA World Funds - Euro Credit Short Duration Sub-Fund's name Currency Market Value in EURAXA World Funds - Euro Credit Total Return M Capitalisation EUR (note 1b) EUR 14,796,000

Total 14,796,000

AXA World Funds - Euro Credit Plus Sub-Fund's name Currency Market Value in EURAXA World Funds - Euro Credit Total Return M Capitalisation EUR (note 1b) EUR 14,796,000

Total 14,796,000

AXA World Funds - Emerging Markets Short Duration Bonds Sub-Fund's name Currency Market Value in EURAXA World Funds - Asian Short Duration Bonds M Capitalisation USD (note 1b) USD 13,707,593

Total 13,707,593

AXA World Funds


374

Note 22 Cross Investments (continued)

AXA World Funds - Global Flex 50 Sub-Fund's name Currency Market Value in EURAXA World Funds - Framlington Europe Microcap F Capitalisation EUR EUR 2,473,935 AXA World Funds - Global Credit Bonds M Capitalisation EUR Hedged (95%) EUR 2,379,326 AXA World Funds - Euro Credit IG M Capitalisation EUR EUR 2,485,140 AXA World Funds - Framlington Eurozone M Capitalisation EUR EUR 2,445,998 AXA World Funds - Global Aggregate Bonds M Capitalisation EUR EUR 21,065,692 AXA World Funds - Global Strategic Bonds M Capitalisation EUR Hedged (95%) EUR 22,686,402 AXA World Funds - Framlington Europe Opportunities M Capitalisation EUR EUR 5,299,417 AXA World Funds - Global Inflation Bonds I Capitalisation EUR Redex EUR 1,996,060 AXA World Funds - US High Yield Bonds I Capitalisation EUR Hedged (95%) EUR 3,760,362

Total 64,592,332

AXA World Funds - Global Flex 100 Sub-Fund's name Currency Market Value in EURAXA World Funds - Framlington Europe Microcap F Capitalisation EUR EUR 2,206,160 AXA World Funds - Framlington Eurozone M Capitalisation EUR EUR 3,539,749 AXA World Funds - Global Aggregate Bonds M Capitalisation EUR EUR 878,700 AXA World Funds - Framlington American Growth M Capitalisation EUR EUR 1,344,586 AXA World Funds - Global High Yield Bonds M Capitalisation EUR Hedged (95%) EUR 3,669,327 AXA World Funds - Global Inflation Bonds I Capitalisation EUR Redex EUR 4,309,675

Total 15,948,197

AXA World Funds - Global Income Generation Sub-Fund's name Currency Market Value in EURAXA World Funds - Framlington Europe Microcap F Capitalisation EUR EUR 107,272 AXA World Funds - Global Credit Bonds M Capitalisation EUR Hedged (95%) EUR 2,038,817 AXA World Funds - Framlington Emerging Markets M Capitalisation EUR EUR 123,312 AXA World Funds - Framlington Hybrid Resources M Capitalisation EUR EUR 208,595 AXA World Funds - Framlington Health M Capitalisation EUR EUR 720,519 AXA World Funds - Global Inflation Bonds M Capitalisation EUR EUR 562,350 AXA World Funds - Framlington Global Real Estate Securities M Capitalisation EUR EUR 822,264 AXA World Funds - Emerging Markets Short Duration Bonds M Capitalisation EUR Hedged (95%)

EUR 1,152,281

AXA World Funds - Global High Yield Bonds M Capitalisation EUR Hedged (95%) EUR 1,702,436 AXA World Funds - Framlington Global High Income M Capitalisation EUR EUR 140,781 AXA World Funds - Euro Credit Plus M Capitalisation EUR EUR 1,414,456

Total 8,993,083

AXA World Funds - Global Optimal Income Sub-Fund's name Currency Market Value in EURAXA World Funds - Global Credit Bonds M Capitalisation EUR Hedged (95%) EUR 3,958,701 AXA World Funds - Framlington Global Small Cap M Capitalisation USD EUR 1,120,879

Total 5,079,580

AXA World Funds - Optimal Income Sub-Fund's name Currency Market Value in EURAXA World Funds - Framlington Global Small Cap M Capitalisation USD EUR 6,836,541

Total 6,836,541

AXA World Funds


375

Note 23 Sub-Funds Offered for Sale in Hong Kong

The following AXA World Funds Sub-Funds are offered for sale in Hong Kong:

AXA World Funds - Framlington Europe Real Estate Securities AXA World Funds - Framlington Global Real Estate Securities AXA World Funds - Framlington Euro Relative Value AXA World Funds - Framlington Europe Opportunities AXA World Funds - Framlington American Growth AXA World Funds - Framlington Emerging Markets AXA World Funds - Framlington Global Convertibles AXA World Funds - Framlington Health AXA World Funds - Global Inflation Bonds AXA World Funds - Universal Inflation Bonds AXA World Funds - US High Yield Bonds

Authorisation in Hong Kong does not imply official approval or recommendation by the Hong Kong Securities and Futures Commission.

Note 24 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 25 Connected Party Transactions

Other than investment management functions and securities lending activity described below as defined for Hong Kong purposes, the SICAV did not enter into connected party transactions.

As at 30 June 2015, the following Sub-Funds, which are authorised for distribution by Securities and Futures Commission in Hong Kong, enter into securities lending, whereas AXA Investment Managers GS Limited is the connected party:

AXA World Funds - Framlington Europe Real Estate Securities AXA World Funds - Framlington Global Real Estate Securities AXA World Funds - Framlington Euro Relative Value AXA World Funds - Framlington Europe Opportunities AXA World Funds - Framlington Emerging Markets AXA World Funds - Framlington Global Convertibles AXA World Funds - Global Inflation Bonds AXA World Funds - US High Yield Bonds

As at 30 June 2015, the following Sub-Funds, which are authorised for distribution by Securities and Futures Commission in Hong Kong, enter into purchase and sale, whereas Sanford Berstein is the connected party:

AXA World Funds - Framlington Europe Real Estate Securities AXA World Funds - Euro Relative Value AXA World Funds - Framlington Europe Opportunities AXA World Funds - Framlington Emerging Markets

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Additional Appendix

376

TER (Total Expense Ratio)

Share Class CalculatedTER (1)

TheoreticalTER (2)

Ongoing charges (3)

Difference between Ongoing charges

and TER (4)

AXA World Funds - Global Flexible Property A Capitalisation EUR Hedged (95%) 1.57% 1.56% 1.63% 0.07% A Capitalisation USD 1.54% 1.54% 1.60% 0.06% A Distribution EUR Hedged (95%) 1.54% 1.56% 1.63% 0.07% E Capitalisation EUR Hedged (95%) 2.32% 2.32% 2.38% 0.06% F Capitalisation EUR Hedged (95%) 0.87% 0.87% 0.93% 0.06% F Capitalisation USD 0.83% 0.83% 0.90% 0.07% I Capitalisation EUR Hedged (95%) 0.75% 0.74% 0.79% 0.05% I Capitalisation USD 0.71% 0.71% 0.76% 0.05% I Distribution EUR Hedged (95%) 0.74% 0.74% 0.79% 0.05%

AXA World Funds - Framlington Europe Real Estate Securities A Capitalisation EUR 1.62% 1.63% 1.65% 0.02% A Capitalisation USD Hedged (95%) 1.65% 1.66% 1.68% 0.02% A Distribution EUR 1.62% 1.63% 1.65% 0.02% A Distribution quarterly HKD Hedged (95%) 1.66% 1.66% 1.68% 0.02% A Distribution quarterly USD Hedged (95%) 1.66% 1.66% 1.68% 0.02% E Capitalisation EUR 2.37% 2.38% 2.40% 0.02% F Capitalisation EUR 0.87% 0.87% 0.90% 0.03% F Capitalisation USD Hedged (95%) 0.90% 0.92% 0.93% 0.01% F Distribution EUR 0.87% 0.87% 0.90% 0.03% I Capitalisation EUR 0.70% 0.70% 0.71% 0.01% I Capitalisation EUR Hedged (95%) 0.73% 0.73% 0.74% 0.01%

AXA World Funds - Framlington Global Real Estate Securities A Capitalisation EUR 1.87% 1.87% 1.91% 0.04% A Capitalisation USD 1.87% 1.87% 1.91% 0.04% A Distribution EUR 1.87% 1.87% 1.91% 0.04% A Distribution monthly USD 1.86% 1.87% 1.91% 0.04% E Capitalisation EUR 2.36% 2.37% 2.41% 0.04% F Capitalisation EUR 1.02% 1.02% 1.06% 0.04% F Capitalisation USD 1.02% 1.02% 1.06% 0.04% I Capitalisation EUR 0.79% 0.80% 0.82% 0.02% I Distribution GBP Hedged (95%) 0.83% 0.83% 0.85% 0.02% M Capitalisation EUR 0.10% 0.10% 0.12% 0.02%

AXA World Funds - Framlington Europe Emerging A Capitalisation EUR 1.81% 1.81% 1.96% 0.15% A Distribution EUR 1.81% 1.81% 1.96% 0.15% E Capitalisation EUR 2.56% 2.56% 2.71% 0.15% F Capitalisation EUR 1.06% 1.06% 1.21% 0.15% F Distribution EUR 1.05% 1.06% 1.21% 0.15%

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377

TER (Total Expense Ratio) (continued)


TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Framlington Eurozone A Capitalisation EUR 1.62% 1.62% 1.67% 0.05% A Distribution EUR 1.62% 1.62% 1.67% 0.05% E Capitalisation EUR 2.37% 2.37% 2.42% 0.05% F Capitalisation EUR 0.87% 0.87% 0.92% 0.05% F Distribution EUR 0.87% 0.87% 0.92% 0.05% I Capitalisation EUR 0.70% 0.70% 0.73% 0.03% I Capitalisation EUR SolEx 1.00% 1.00% 1.03% 0.03% I Distribution EUR 0.70% 0.70% 0.73% 0.03% M Capitalisation EUR 0.10% 0.10% 0.13% 0.03%

AXA World Funds - Framlington Eurozone RI A Capitalisation EUR 1.62% 1.62% 1.65% 0.03% F Capitalisation EUR 0.87% 0.87% 0.90% 0.03%

AXA World Funds - Framlington Europe A Capitalisation EUR 1.62% 1.62% 1.64% 0.02% A Distribution EUR 1.62% 1.62% 1.64% 0.02% E Capitalisation EUR 2.37% 2.37% 2.39% 0.02% F Capitalisation EUR 0.87% 0.86% 0.89% 0.03% I Capitalisation EUR 0.70% 0.70% 0.70% 0.00% I Distribution EUR 0.69% 0.70% 0.70% 0.00% M Capitalisation EUR 0.10% 0.10% 0.10% 0.00% M Distribution EUR 0.10% 0.10% 0.10% 0.00%

AXA World Funds - Framlington Euro Relative Value A Capitalisation EUR 1.66% 1.62% 1.67% 0.05% A Distribution EUR 1.67% 1.62% 1.67% 0.05% E Capitalisation EUR 2.42% 2.37% 2.42% 0.05% F Capitalisation EUR 0.89% 0.87% 0.92% 0.05% F Distribution EUR 0.89% 0.87% 0.92% 0.05% M Capitalisation EUR 0.10% 0.10% 0.13% 0.03%

AXA World Funds - Framlington Europe Opportunities A Capitalisation EUR 1.61% 1.62% 1.66% 0.04% A Distribution EUR 1.61% 1.62% 1.66% 0.04% E Capitalisation EUR 2.36% 2.37% 2.41% 0.04% F Capitalisation EUR 0.87% 0.87% 0.91% 0.04% M Capitalisation EUR 0.10% 0.10% 0.12% 0.02% M Distribution EUR 0.10% 0.10% 0.12% 0.02%

AXA World Funds - Framlington Europe Small Cap A Capitalisation EUR 1.86% 1.87% 1.90% 0.03% A Distribution EUR 1.86% 1.87% 1.90% 0.03% E Capitalisation EUR 2.36% 2.37% 2.40% 0.03% F Capitalisation EUR 1.02% 1.02% 1.05% 0.03% F Distribution EUR 1.01% 1.02% 1.05% 0.03% I Capitalisation EUR 0.79% 0.80% 0.81% 0.01% M Capitalisation EUR 0.10% 0.10% 0.11% 0.01% M Distribution EUR 0.10% 0.10% 0.11% 0.01%

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Additional Appendix

378



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Framlington Europe Microcap F Capitalisation EUR 1.12% 1.12% 1.22% 0.10%

AXA World Funds - Framlington American Growth A Capitalisation EUR 1.61% 1.61% 1.64% 0.03% A Capitalisation EUR Hedged (95%) 1.84% 1.83% 1.67% (0.16%)A Capitalisation GBP 1.63% 1.61% 1.64% 0.03% A Capitalisation USD 1.61% 1.61% 1.64% 0.03% E Capitalisation EUR 2.36% 2.36% 2.39% 0.03% E Capitalisation EUR Hedged (95%) 2.38% 2.38% 2.42% 0.04% F Capitalisation EUR 0.86% 0.86% 0.89% 0.03% F Capitalisation USD 0.86% 0.86% 0.89% 0.03% I Capitalisation EUR Hedged (95%) 0.72% 0.71% 0.73% 0.02% I Capitalisation USD 0.69% 0.69% 0.70% 0.01% M Capitalisation EUR 0.09% 0.09% 0.10% 0.01% M Capitalisation USD 0.08% 0.09% 0.10% 0.01%

AXA World Funds - Framlington Emerging Markets A Capitalisation EUR 1.72% 1.72% 1.78% 0.06% A Capitalisation GBP 1.72% 1.72% 1.78% 0.06% A Capitalisation USD 1.72% 1.72% 1.78% 0.06% E Capitalisation EUR 2.47% 2.47% 2.53% 0.06% F Capitalisation EUR 0.97% 0.97% 1.03% 0.06% F Capitalisation USD 0.98% 0.97% 1.03% 0.06% I Capitalisation EUR Hedged (95%) 0.83% 0.83% 0.87% 0.04% I Capitalisation USD 0.80% 0.80% 0.84% 0.04% M Capitalisation EUR 0.20% 0.20% 0.24% 0.04% M Capitalisation USD 0.20% 0.20% 0.24% 0.04%

AXA World Funds - Framlington Global A Capitalisation EUR 1.67% 1.68% 1.72% 0.04% A Capitalisation USD 1.67% 1.68% 1.72% 0.04% E Capitalisation EUR 2.17% 2.17% 2.22% 0.05% F Capitalisation EUR 0.92% 0.92% 0.97% 0.05% F Capitalisation USD 0.92% 0.92% 0.97% 0.05% I Capitalisation EUR 0.75% 0.75% 0.78% 0.03% I Capitalisation USD 0.73% 0.75% 0.78% 0.03% I Distribution EUR Hedged (95%) 0.78% 0.78% 0.81% 0.03% I Distribution GBP Hedged (95%) 0.78% 0.78% 0.81% 0.03%

AXA World Funds - Framlington Global Opportunities A Capitalisation EUR 1.62% 1.62% 1.69% 0.07% A Capitalisation GBP 1.61% 1.62% 1.69% 0.07% F Capitalisation USD 0.87% 0.87% 0.94% 0.07% F Distribution AUD 0.86% 0.87% 0.94% 0.07%

AXA World Funds

Additional Appendix

379



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Framlington Global High Income A Capitalisation EUR 1.64% 1.64% 1.73% 0.09% A Capitalisation EUR Hedged (95%) 1.66% 1.65% 1.76% 0.11% A Capitalisation USD 1.65% 1.64% 1.73% 0.09% A Distribution monthly AUD Hedged (95%) 1.66% 1.66% 1.76% 0.10% A Distribution monthly HKD Hedged (95%) 1.66% 1.66% 1.76% 0.10% A Distribution monthly SGD Hedged (95%) 1.66% 1.66% 1.76% 0.10% A Distribution monthly USD 1.66% 1.66% 1.73% 0.07% A Distribution quarterly EUR 1.63% 1.64% 1.73% 0.09% E Capitalisation EUR Hedged (95%) 2.41% 2.42% 2.51% 0.09% F Capitalisation USD 0.89% 0.88% 0.98% 0.10% F Distribution quarterly EUR 0.88% 0.88% 0.98% 0.10% I Capitalisation EUR 0.71% 0.72% 0.79% 0.07% I Capitalisation USD 0.72% 0.72% 0.79% 0.07% M Capitalisation EUR 0.12% 0.12% 0.19% 0.07% M Capitalisation USD 0.11% 0.12% 0.19% 0.07%

AXA World Funds - Framlington Global Small Cap A Capitalisation EUR 1.84% 1.88% 1.96% 0.08% A Capitalisation USD 1.87% 1.88% 1.96% 0.08% E Capitalisation EUR 2.36% 2.36% 2.46% 0.10% F Capitalisation EUR 1.01% 1.02% 1.11% 0.09% F Capitalisation USD 1.02% 1.02% 1.11% 0.09% I Capitalisation EUR 0.80% 0.80% 0.87% 0.07% I Capitalisation GBP 0.80% 0.80% 0.87% 0.07% I Capitalisation USD 0.80% 0.80% 0.87% 0.07% M Capitalisation USD 0.10% 0.10% 0.17% 0.07%

AXA World Funds - Framlington Health A Capitalisation EUR 1.87% 1.87% 1.93% 0.06% A Capitalisation SGD 1.87% 1.87% 1.93% 0.06% A Capitalisation USD 1.87% 1.87% 1.93% 0.06% E Capitalisation EUR 2.37% 2.37% 2.43% 0.06% F Capitalisation EUR 1.02% 1.02% 1.08% 0.06% F Capitalisation USD 1.02% 1.02% 1.08% 0.06% M Capitalisation EUR 0.09% 0.09% 0.14% 0.05% M Capitalisation USD 0.08% 0.09% 0.14% 0.05%

AXA World Funds - Framlington Human Capital A Capitalisation CHF 1.87% 1.87% 1.90% 0.03% A Capitalisation EUR 1.86% 1.87% 1.90% 0.03% A Distribution EUR 1.87% 1.87% 1.90% 0.03% E Capitalisation EUR 2.36% 2.37% 2.40% 0.03% F Capitalisation EUR 1.02% 1.02% 1.05% 0.03% F Distribution EUR 1.02% 1.02% 1.05% 0.03% I Capitalisation EUR 0.80% 0.80% 0.81% 0.01% I Distribution EUR 0.80% 0.80% 0.81% 0.01%

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Additional Appendix

380



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Framlington Hybrid Resources A Capitalisation EUR 1.65% 1.61% 1.70% 0.09% E Capitalisation EUR 2.41% 2.36% 2.45% 0.09% F Capitalisation EUR 0.88% 0.86% 0.95% 0.09% F Capitalisation USD 0.87% 0.86% 0.95% 0.09% I Capitalisation EUR 0.70% 0.69% 0.76% 0.07% I Capitalisation USD 0.71% 0.69% 0.76% 0.07% M Capitalisation EUR 0.10% 0.10% 0.16% 0.06% M Capitalisation USD 0.10% 0.10% 0.16% 0.06%

AXA World Funds - Framlington Italy A Capitalisation EUR 1.63% 1.63% 1.68% 0.05% A Distribution EUR 1.62% 1.63% 1.68% 0.05% E Capitalisation EUR 2.37% 2.39% 2.43% 0.04% F Capitalisation EUR 0.88% 0.88% 0.93% 0.05% F Distribution EUR 0.87% 0.88% 0.93% 0.05% I Capitalisation EUR 0.71% 0.71% 0.74% 0.03% M Capitalisation EUR 0.11% 0.11% 0.14% 0.03%

AXA World Funds - Framlington Junior Energy A Capitalisation EUR Hedged (95%) 1.95% 1.90% 1.97% 0.07% I Capitalisation EUR Hedged (95%) 0.84% 0.82% 0.88% 0.06%

AXA World Funds - Framlington Switzerland A Capitalisation CHF 1.61% 1.61% 1.65% 0.04% A Capitalisation EUR 1.61% 1.61% 1.65% 0.04% A Distribution CHF 1.61% 1.61% 1.65% 0.04% A Distribution EUR 1.61% 1.61% 1.65% 0.04% F Capitalisation CHF 0.86% 0.86% 0.90% 0.04% F Distribution CHF 0.86% 0.86% 0.90% 0.04% M Capitalisation CHF 0.09% 0.09% 0.11% 0.02%

AXA World Funds - Framlington Talents Global A Capitalisation EUR 1.63% 1.63% 1.68% 0.05% A Capitalisation USD 1.63% 1.63% 1.68% 0.05% E Capitalisation EUR 2.38% 2.38% 2.43% 0.05% F Capitalisation EUR 0.88% 0.88% 0.93% 0.05% F Capitalisation USD 0.88% 0.88% 0.93% 0.05% M Capitalisation EUR 0.11% 0.11% 0.14% 0.03% S Capitalisation USD 1.88% 1.88% 1.93% 0.05%

AXA World Funds - Framlington LatAm A Capitalisation EUR 1.77% 1.78% 2.19% 0.41% A Capitalisation USD 1.78% 1.78% 2.19% 0.41% F Capitalisation EUR 1.03% 1.03% 1.44% 0.41% F Capitalisation USD 1.03% 1.03% 1.44% 0.41% F Distribution GBP Hedged (95%) 1.06% 1.06% 1.47% 0.41%

AXA World Funds

Additional Appendix

381



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Global SmartBeta Equity I Capitalisation EUR 0.34% 0.34% 0.41% 0.07% I Capitalisation USD 0.34% 0.34% 0.41% 0.07% M Capitalisation USD 0.09% 0.09% 0.16% 0.07% ZI Capitalisation CHF Hedged (95%) 0.31% 0.31% 0.38% 0.07% ZI Capitalisation EUR 0.28% 0.28% 0.35% 0.07% ZI Capitalisation GBP 0.28% 0.28% 0.35% 0.07% ZI Capitalisation USD 0.28% 0.28% 0.35% 0.07%

AXA World Funds - Asian Short Duration Bonds (note 1b) A Capitalisation EUR Hedged (95%) 1.16% 1.14% 1.24% 0.10% A Capitalisation USD 1.13% 1.12% 1.21% 0.09% F Capitalisation GBP Hedged (95%) 0.75% 0.75% 0.84% 0.09% F Capitalisation USD 0.72% 0.72% 0.81% 0.09% I Capitalisation EUR Hedged (95%) 0.69% 0.69% 0.75% 0.06% I Capitalisation GBP Hedged (95%) 0.69% 0.69% 0.75% 0.06% I Capitalisation HKD Hedged (95%) 0.70% 0.69% 0.75% 0.06% I Capitalisation SGD Hedged (95%) 0.70% 0.69% 0.75% 0.06% I Capitalisation USD 0.67% 0.66% 0.72% 0.06% M Capitalisation USD 0.12% 0.12% 0.17% 0.05%

AXA World Funds - Euro Credit Short Duration A Capitalisation CHF Hedged (95%) 0.80% 0.80% 0.82% 0.02% A Capitalisation EUR 0.76% 0.76% 0.79% 0.03% A Distribution EUR 0.76% 0.76% 0.79% 0.03% E Capitalisation EUR 1.16% 1.16% 1.19% 0.03% F Capitalisation EUR 0.47% 0.47% 0.49% 0.02% I Capitalisation EUR 0.34% 0.34% 0.35% 0.01% I Capitalisation USD Hedged (95%) 0.38% 0.38% 0.38% 0.00% I Distribution EUR 0.34% 0.34% 0.35% 0.01% M Capitalisation EUR 0.09% 0.09% 0.10% 0.01%

AXA World Funds - Euro 3-5 A Capitalisation EUR 0.71% 0.71% 0.75% 0.04% A Distribution EUR 0.71% 0.71% 0.75% 0.04% E Capitalisation EUR 0.96% 0.96% 1.00% 0.04% F Capitalisation EUR 0.46% 0.46% 0.50% 0.04% I Capitalisation EUR 0.39% 0.39% 0.41% 0.02% I Distribution EUR 0.39% 0.39% 0.41% 0.02% M Capitalisation EUR 0.09% 0.09% 0.11% 0.02% M Distribution EUR 0.09% 0.09% 0.11% 0.02%

AXA World Funds - Euro 5-7 A Capitalisation EUR 0.71% 0.71% 0.75% 0.04% A Distribution EUR 0.71% 0.71% 0.75% 0.04% E Capitalisation EUR 0.96% 0.96% 1.00% 0.04% F Capitalisation EUR 0.47% 0.47% 0.50% 0.03% I Capitalisation EUR 0.39% 0.39% 0.41% 0.02% I Distribution EUR 0.39% 0.39% 0.41% 0.02% M Capitalisation EUR 0.09% 0.09% 0.11% 0.02%

AXA World Funds

Additional Appendix

382



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Euro 7-10 A Capitalisation EUR 0.71% 0.71% 0.75% 0.04% A Distribution EUR 0.71% 0.71% 0.75% 0.04% E Capitalisation EUR 0.96% 0.96% 1.00% 0.04% F Capitalisation EUR 0.46% 0.46% 0.50% 0.04% I Capitalisation EUR 0.39% 0.39% 0.41% 0.02% I Distribution EUR 0.39% 0.39% 0.41% 0.02% M Capitalisation EUR 0.09% 0.09% 0.11% 0.02% M Distribution EUR 0.09% 0.09% 0.11% 0.02%

AXA World Funds - Euro 10 + LT A Capitalisation EUR 0.71% 0.71% 0.77% 0.06% A Distribution EUR 0.71% 0.71% 0.77% 0.06% E Capitalisation EUR 0.96% 0.96% 1.02% 0.06% F Capitalisation EUR 0.43% 0.43% 0.52% 0.09% I Capitalisation EUR 0.39% 0.39% 0.43% 0.04% I Distribution EUR 0.39% 0.39% 0.43% 0.04% M Capitalisation EUR 0.09% 0.09% 0.13% 0.04%

AXA World Funds - Euro Bonds A Capitalisation EUR 0.86% 0.86% 0.90% 0.04% A Distribution EUR 0.86% 0.86% 0.90% 0.04% BX Capitalisation EUR 0.91% 0.91% 0.95% 0.04% BX Distribution EUR 0.91% 0.91% 0.95% 0.04% E Capitalisation EUR 1.36% 1.36% 1.40% 0.04% F Capitalisation EUR 0.51% 0.51% 0.55% 0.04% I Capitalisation EUR 0.39% 0.39% 0.41% 0.02% M Capitalisation EUR 0.09% 0.09% 0.11% 0.02%

AXA World Funds - Euro Credit IG A Capitalisation EUR 0.86% 0.86% 0.90% 0.04% A Distribution EUR 0.86% 0.86% 0.90% 0.04% E Capitalisation EUR 1.61% 1.61% 1.65% 0.04% F Capitalisation EUR 0.51% 0.51% 0.55% 0.04% I Capitalisation EUR 0.39% 0.39% 0.41% 0.02% I Distribution EUR 0.39% 0.39% 0.41% 0.02% M Capitalisation EUR 0.09% 0.09% 0.11% 0.02% M Distribution EUR 0.09% 0.09% 0.11% 0.02%

AXA World Funds

Additional Appendix

383



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Euro Credit Plus A Capitalisation EUR 1.01% 1.01% 1.05% 0.04% A Distribution EUR 1.01% 1.01% 1.05% 0.04% E Capitalisation EUR 2.01% 2.01% 2.05% 0.04% E Distribution quarterly EUR 2.01% 2.01% 2.05% 0.04% F Capitalisation EUR 0.61% 0.61% 0.65% 0.04% F Distribution EUR 0.61% 0.61% 0.65% 0.04% I Capitalisation EUR 0.44% 0.44% 0.46% 0.02% I Capitalisation EUR Redex 0.49% 0.49% 0.51% 0.02% I Distribution EUR 0.43% 0.44% 0.46% 0.02% J Capitalisation EUR 0.58% 0.58% 0.61% 0.03% J Capitalisation JPY 0.59% 0.58% 0.61% 0.03% M Capitalisation EUR 0.09% 0.09% 0.11% 0.02%

AXA World Funds - Euro Credit Total Return (note 1b) A Capitalisation EUR 1.08% 1.07% 1.12% 0.05% E Capitalisation EUR 1.57% 1.56% 1.62% 0.06% F Capitalisation EUR 0.67% 0.67% 0.72% 0.05% I Capitalisation CHF Hedged (95%) 0.59% 0.59% 0.61% 0.02% I Capitalisation EUR 0.56% 0.56% 0.58% 0.02% I Capitalisation GBP Hedged (95%) 0.60% 0.59% 0.61% 0.02% M Capitalisation EUR 0.10% 0.10% 0.13% 0.03%

AXA World Funds - Euro Government Bonds A Capitalisation EUR 0.62% 0.62% 0.65% 0.03% E Capitalisation EUR 0.87% 0.87% 0.90% 0.03% F Capitalisation EUR 0.41% 0.41% 0.45% 0.04% I Capitalisation EUR 0.29% 0.30% 0.31% 0.01% M Capitalisation EUR 0.11% 0.11% 0.11% 0.00%

AXA World Funds - Euro Inflation Bonds A Capitalisation EUR 0.62% 0.62% 0.65% 0.03% A Distribution EUR 0.61% 0.62% 0.65% 0.03% E Capitalisation EUR 0.86% 0.86% 0.90% 0.04% F Capitalisation EUR 0.43% 0.43% 0.45% 0.02% F Distribution EUR 0.40% 0.43% 0.45% 0.02% I Capitalisation EUR 0.34% 0.34% 0.36% 0.02% I Capitalisation EUR Redex 0.39% 0.40% 0.41% 0.01% I Distribution EUR 0.34% 0.34% 0.36% 0.02% M Capitalisation EUR 0.09% 0.09% 0.11% 0.02%

AXA World Funds - Euro SmartBeta Credit Bonds (note 1b) I Capitalisation EUR 0.23% 0.23% 0.26% 0.03%

AXA World Funds - European High Yield Bonds A Capitalisation EUR 1.32% 1.32% 1.37% 0.05% E Capitalisation EUR 1.81% 1.82% 1.87% 0.05% I Capitalisation EUR 0.59% 0.59% 0.63% 0.04% I Distribution monthly GBP Hedged (95%) 0.62% 0.62% 0.65% 0.03% M Capitalisation GBP Hedged (95%) 0.12% 0.12% 0.15% 0.03%

AXA World Funds

Additional Appendix

384



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Global Aggregate Bonds A Capitalisation EUR 0.86% 0.87% 0.89% 0.02% A Capitalisation USD Hedged (95%) 0.89% 0.89% 0.92% 0.03% A Distribution EUR 0.85% 0.87% 0.89% 0.02% A Distribution monthly SGD Hedged (95%) 0.88% 0.89% 0.92% 0.03% A Distribution monthly USD Hedged (95%) 0.88% 0.89% 0.92% 0.03% A Distribution USD Hedged (95%) 0.89% 0.89% 0.92% 0.03% E Capitalisation EUR 1.36% 1.36% 1.39% 0.03% E Capitalisation USD Hedged (95%) 1.39% 1.39% 1.42% 0.03% F Capitalisation EUR 0.56% 0.56% 0.59% 0.03% F Capitalisation USD Hedged (95%) 0.58% 0.58% 0.62% 0.04% F Distribution USD Hedged (95%) 0.59% 0.58% 0.62% 0.04% I Capitalisation EUR 0.49% 0.49% 0.50% 0.01% I Capitalisation USD Hedged (95%) 0.52% 0.52% 0.53% 0.01% I Distribution USD Hedged (95%) 0.52% 0.52% 0.53% 0.01% J Capitalisation EUR 0.70% 0.70% 0.70% 0.00% J Capitalisation JPY Hedged (95%) 0.73% 0.73% 0.73% 0.00% M Capitalisation EUR 0.09% 0.09% 0.10% 0.01% M Capitalisation USD Hedged (95%) 0.11% 0.11% 0.13% 0.02%

AXA World Funds - Global Credit Bonds A Capitalisation USD 1.02% 1.00% 1.07% 0.07% E Capitalisation EUR Hedged (95%) 1.57% 1.53% 1.60% 0.07% I Capitalisation CHF Hedged (95%) 0.58% 0.57% 0.61% 0.04% I Capitalisation EUR Hedged (95%) 0.58% 0.57% 0.61% 0.04% I Capitalisation EUR Hedged (95%) Redex 0.63% 0.62% 0.66% 0.04% I Capitalisation USD 0.55% 0.54% 0.58% 0.04% M Capitalisation EUR Hedged (95%) 0.12% 0.12% 0.16% 0.04%

AXA World Funds - Global SmartBeta Credit Bonds I Capitalisation AUD Hedged (95%) 0.27% 0.27% 0.29% 0.02% I Capitalisation CHF Hedged (95%) 0.28% 0.27% 0.29% 0.02% I Capitalisation EUR Hedged (95%) 0.28% 0.27% 0.29% 0.02% I Capitalisation GBP Hedged (95%) 0.27% 0.27% 0.29% 0.02% I Capitalisation JPY Hedged (95%) 0.28% 0.27% 0.29% 0.02% I Capitalisation USD 0.25% 0.24% 0.26% 0.02% I Distribution quarterly JPY Hedged (95%) 0.27% 0.27% 0.29% 0.02% M Capitalisation USD 0.09% 0.09% 0.11% 0.02%

AXA World Funds

Additional Appendix

385



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Global Emerging Markets Bonds A Capitalisation EUR Hedged (95%) 1.40% 1.40% 1.46% 0.06% A Capitalisation USD 1.37% 1.36% 1.44% 0.08% A Distribution EUR Hedged (95%) 1.40% 1.40% 1.46% 0.06% E Capitalisation EUR Hedged (95%) 2.40% 2.39% 2.46% 0.07% E Distribution quarterly EUR Hedged (95%) 2.40% 2.39% 2.46% 0.07% F Capitalisation EUR Hedged (95%) 0.90% 0.90% 0.96% 0.06% F Capitalisation USD 0.85% 0.85% 0.94% 0.09% F Distribution EUR Hedged (95%) 0.89% 0.90% 0.96% 0.06% F Distribution USD 0.84% 0.85% 0.94% 0.09% I Capitalisation EUR Hedged (95%) 0.83% 0.82% 0.87% 0.05% I Capitalisation USD 0.81% 0.80% 0.85% 0.05% M Capitalisation EUR Hedged (95%) 0.13% 0.13% 0.15% 0.02%

AXA World Funds - Global High Yield Bonds A Capitalisation CHF Hedged (95%) 1.39% 1.39% 1.42% 0.03% A Capitalisation EUR Hedged (95%) 1.39% 1.39% 1.42% 0.03% A Capitalisation USD 1.36% 1.36% 1.39% 0.03% A Distribution EUR Hedged (95%) 1.39% 1.39% 1.42% 0.03% A Distribution monthly HKD Hedged (95%) 1.39% 1.39% 1.42% 0.03% A Distribution monthly SGD Hedged (95%) 1.38% 1.39% 1.42% 0.03% A Distribution monthly USD 1.36% 1.36% 1.39% 0.03% A Distribution USD 1.36% 1.36% 1.39% 0.03% E Capitalisation EUR Hedged (95%) 2.14% 2.14% 2.17% 0.03% E Distribution quarterly EUR Hedged (95%) 2.14% 2.14% 2.17% 0.03% F Capitalisation EUR Hedged (95%) 0.80% 0.78% 0.82% 0.04% F Capitalisation USD 0.76% 0.77% 0.79% 0.02% F Distribution EUR Hedged (95%) 0.79% 0.78% 0.82% 0.04% F Distribution USD 0.76% 0.77% 0.79% 0.02% I Capitalisation CHF Hedged (95%) 0.67% 0.67% 0.68% 0.01% I Capitalisation EUR Hedged (95%) 0.66% 0.67% 0.68% 0.01% I Capitalisation GBP Hedged (95%) 0.67% 0.67% 0.68% 0.01% I Capitalisation USD 0.64% 0.64% 0.65% 0.01% I Distribution EUR Hedged (95%) 0.67% 0.67% 0.68% 0.01% I Distribution USD 0.64% 0.64% 0.65% 0.01% M Capitalisation EUR Hedged (95%) 0.12% 0.12% 0.13% 0.01% M Capitalisation USD 0.09% 0.09% 0.10% 0.01%

AXA World Funds

Additional Appendix

386



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Global Inflation Bonds A Capitalisation CHF Hedged (95%) 0.74% 0.74% 0.77% 0.03% A Capitalisation CHF Hedged (95%) Redex 0.79% 0.78% 0.82% 0.04% A Capitalisation EUR 0.71% 0.71% 0.75% 0.04% A Capitalisation EUR Redex 0.76% 0.76% 0.80% 0.04% A Capitalisation GBP Hedged (95%) 0.74% 0.74% 0.77% 0.03% A Capitalisation USD Hedged (95%) 0.74% 0.74% 0.77% 0.03% A Capitalisation USD Hedged (95%) Redex 0.78% 0.78% 0.82% 0.04% A Distribution EUR 0.71% 0.71% 0.75% 0.04% E Capitalisation EUR 1.36% 1.36% 1.40% 0.04% E Capitalisation EUR Redex 1.41% 1.41% 1.45% 0.04% F Capitalisation EUR 0.47% 0.47% 0.50% 0.03% F Capitalisation EUR Redex 0.51% 0.51% 0.55% 0.04% F Capitalisation GBP Hedged (95%) 0.49% 0.49% 0.52% 0.03% F Capitalisation USD Hedged (95%) 0.49% 0.49% 0.52% 0.03% F Distribution EUR 0.46% 0.47% 0.50% 0.03% F Distribution EUR Redex 0.51% 0.51% 0.55% 0.04% I Capitalisation CHF Hedged (95%) 0.42% 0.42% 0.43% 0.01% I Capitalisation CHF Hedged (95%) Redex 0.47% 0.47% 0.48% 0.01% I Capitalisation EUR 0.39% 0.39% 0.41% 0.02% I Capitalisation EUR Redex 0.44% 0.44% 0.46% 0.02% I Capitalisation GBP Hedged (95%) 0.42% 0.42% 0.43% 0.01% I Capitalisation GBP Hedged (95%) Redex 0.47% 0.47% 0.48% 0.01% I Capitalisation USD Hedged (95%) 0.42% 0.42% 0.43% 0.01% I Capitalisation USD Hedged (95%) Redex 0.47% 0.47% 0.48% 0.01% I Distribution EUR 0.39% 0.39% 0.41% 0.02% I Distribution quarterly GBP Hedged (95%) 0.42% 0.42% 0.43% 0.01% I Distribution USD Hedged (95%) 0.42% 0.42% 0.43% 0.01% M Capitalisation EUR 0.09% 0.09% 0.11% 0.02%

AXA World Funds

Additional Appendix

387



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Global Strategic Bonds A Capitalisation EUR Hedged (95%) 1.14% 1.14% 1.18% 0.04% A Capitalisation GBP Hedged (95%) 1.13% 1.14% 1.18% 0.04% A Capitalisation USD 1.11% 1.11% 1.16% 0.05% A Distribution quarterly EUR Hedged (95%) 1.14% 1.14% 1.18% 0.04% A Distribution quarterly GBP Hedged (95%) 1.14% 1.14% 1.18% 0.04% A Distribution USD 1.11% 1.11% 1.16% 0.05% E Capitalisation EUR Hedged (95%) 1.64% 1.64% 1.68% 0.04% E Distribution quarterly EUR Hedged (95%) 1.64% 1.64% 1.68% 0.04% F Capitalisation EUR Hedged (95%) 0.69% 0.68% 0.73% 0.05% F Capitalisation GBP Hedged (95%) 0.69% 0.68% 0.73% 0.05% F Capitalisation USD 0.65% 0.65% 0.71% 0.06% F Distribution quarterly GBP Hedged (95%) 0.68% 0.68% 0.73% 0.05% I Capitalisation EUR Hedged (95%) 0.62% 0.62% 0.64% 0.02% I Capitalisation USD 0.59% 0.59% 0.62% 0.03% I Distribution quarterly EUR Hedged (95%) 0.62% 0.62% 0.64% 0.02% I Distribution quarterly GBP Hedged (95%) 0.62% 0.62% 0.64% 0.02% M Capitalisation EUR Hedged (95%) 0.12% 0.12% 0.14% 0.02% M Distribution EUR Hedged (95%) 0.10% 0.12% 0.14% 0.02%

AXA World Funds - Universal Inflation Bonds A Capitalisation CHF Hedged (95%) 0.97% 0.97% 1.01% 0.04% A Capitalisation EUR Hedged (95%) 0.98% 0.97% 1.01% 0.04% A Capitalisation USD 0.95% 0.95% 0.98% 0.03% A Distribution CHF Hedged (95%) 0.98% 0.97% 1.01% 0.04% A Distribution quarterly SGD Hedged (95%) 0.97% 0.97% 1.01% 0.04% A Distribution quarterly USD 0.97% 0.95% 0.98% 0.03% E Capitalisation EUR Hedged (95%) 1.63% 1.63% 1.66% 0.03% E Distribution quarterly EUR Hedged (95%) 1.63% 1.63% 1.66% 0.03% F Capitalisation CHF Hedged (95%) 0.63% 0.63% 0.66% 0.03% F Capitalisation USD 0.60% 0.60% 0.63% 0.03% I Capitalisation CHF Hedged (95%) 0.56% 0.55% 0.57% 0.02% I Capitalisation EUR Hedged (95%) 0.56% 0.55% 0.57% 0.02% I Capitalisation EUR Hedged FXO 0.56% 0.55% 0.57% 0.02% I Capitalisation GBP Hedged (95%) 0.56% 0.55% 0.57% 0.02% I Capitalisation USD 0.53% 0.53% 0.54% 0.01%

AXA World Funds - US Credit Short Duration IG A Capitalisation CHF Hedged (95%) 0.79% 0.79% 0.83% 0.04% A Capitalisation EUR Hedged (95%) 0.78% 0.79% 0.83% 0.04% A Capitalisation USD 0.76% 0.76% 0.80% 0.04% E Capitalisation EUR Hedged (95%) 1.16% 1.18% 1.23% 0.05% F Capitalisation EUR Hedged (95%) 0.50% 0.50% 0.53% 0.03% F Capitalisation USD 0.45% 0.45% 0.50% 0.05% I Capitalisation CHF Hedged (95%) 0.37% 0.37% 0.39% 0.02% I Capitalisation EUR Hedged (95%) 0.37% 0.37% 0.39% 0.02% I Capitalisation USD 0.34% 0.34% 0.36% 0.02% I Distribution EUR Hedged (95%) 0.37% 0.37% 0.39% 0.02%

AXA World Funds

Additional Appendix

388



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - US Dynamic High Yield Bonds A Capitalisation EUR Hedged (95%) 1.44% 1.44% 1.48% 0.04% A Capitalisation USD 1.40% 1.40% 1.46% 0.06% E Capitalisation EUR Hedged (95%) 1.94% 1.94% 1.98% 0.04% F Capitalisation EUR Hedged (95%) 0.84% 0.84% 0.88% 0.04% F Capitalisation USD 0.80% 0.80% 0.86% 0.06% I Capitalisation CHF Hedged (95%) 0.71% 0.72% 0.74% 0.02% I Capitalisation EUR Hedged (95%) 0.72% 0.72% 0.74% 0.02% I Capitalisation USD 0.69% 0.69% 0.72% 0.03%

AXA World Funds - US High Yield Bonds A Capitalisation CHF Hedged (95%) 1.34% 1.34% 1.37% 0.03% A Capitalisation EUR Hedged (95%) 1.34% 1.34% 1.37% 0.03% A Capitalisation USD 1.31% 1.31% 1.34% 0.03% A Distribution CHF Hedged (95%) 1.34% 1.34% 1.37% 0.03% A Distribution EUR Hedged (95%) 1.34% 1.34% 1.37% 0.03% A Distribution monthly USD 1.31% 1.31% 1.34% 0.03% A Distribution USD 1.32% 1.31% 1.34% 0.03% E Capitalisation EUR Hedged (95%) 1.84% 1.83% 1.87% 0.04% F Capitalisation CHF Hedged 0.75% 0.74% 0.77% 0.03% F Capitalisation EUR Hedged (95%) 0.74% 0.74% 0.77% 0.03% F Capitalisation USD 0.71% 0.71% 0.74% 0.03% F Distribution quarterly GBP Hedged (95%) 0.75% 0.74% 0.77% 0.03% I Capitalisation CHF Hedged 0.62% 0.62% 0.63% 0.01% I Capitalisation EUR Hedged (95%) 0.62% 0.62% 0.63% 0.01% I Capitalisation GBP Hedged (95%) 0.62% 0.62% 0.63% 0.01% I Capitalisation USD 0.59% 0.59% 0.60% 0.01% I Distribution EUR Hedged (95%) 0.62% 0.62% 0.63% 0.01% I Distribution GBP Hedged (95%) 0.61% 0.62% 0.63% 0.01% I Distribution quarterly EUR Hedged (95%) 0.62% 0.62% 0.63% 0.01% I Distribution USD 0.59% 0.59% 0.60% 0.01% M Capitalisation EUR Hedged (95%) 0.12% 0.12% 0.13% 0.01% T Distribution monthly USD 1.31% 1.31% 1.34% 0.03%

AXA World Funds - US Libor Plus F Distribution EUR Hedged (95%) 0.19% 0.13% 0.22% 0.09% F Distribution USD 0.16% 0.16% 0.19% 0.03% I Distribution EUR Hedged (95%) 0.00% 0.00% 0.18% 0.18% I Distribution USD 0.14% 0.14% 0.15% 0.01%

AXA World Funds

Additional Appendix

389



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Emerging Markets Short Duration Bonds A Capitalisation CHF Hedged (95%) 1.15% 1.14% 1.18% 0.04% A Capitalisation EUR Hedged (95%) 1.15% 1.14% 1.18% 0.04% A Capitalisation SGD Hedged (95%) 1.14% 1.14% 1.18% 0.04% A Capitalisation USD 1.12% 1.12% 1.15% 0.03% A Distribution EUR Hedged (95%) 1.15% 1.14% 1.18% 0.04% A Distribution quarterly GBP Hedged (95%) 1.15% 1.14% 1.18% 0.04% A Distribution quarterly HKD Hedged (95%) 1.14% 1.14% 1.18% 0.04% A Distribution quarterly SGD Hedged (95%) 1.16% 1.14% 1.18% 0.04% A Distribution quarterly USD 1.11% 1.12% 1.15% 0.03% A Distribution USD 1.12% 1.12% 1.15% 0.03% E Capitalisation EUR Hedged (95%) 1.40% 1.39% 1.43% 0.04% E Distribution quarterly EUR Hedged (95%) 1.40% 1.39% 1.43% 0.04% F Capitalisation CHF Hedged (95%) 0.74% 0.74% 0.78% 0.04% F Capitalisation EUR Hedged (95%) 0.74% 0.74% 0.78% 0.04% F Capitalisation GBP Hedged (95%) 0.74% 0.74% 0.78% 0.04% F Capitalisation USD 0.72% 0.71% 0.75% 0.04% F Distribution EUR Hedged (95%) 0.75% 0.74% 0.78% 0.04% F Distribution GBP Hedged (95%) 0.75% 0.74% 0.78% 0.04% F Distribution USD 0.71% 0.71% 0.75% 0.04% I Capitalisation CHF Hedged (95%) 0.68% 0.68% 0.69% 0.01% I Capitalisation EUR Hedged (95%) 0.68% 0.68% 0.69% 0.01% I Capitalisation GBP Hedged (95%) 0.68% 0.68% 0.69% 0.01% I Capitalisation USD 0.65% 0.65% 0.66% 0.01% I Distribution EUR Hedged (95%) 0.68% 0.68% 0.69% 0.01% I Distribution quarterly GBP Hedged (95%) 0.68% 0.68% 0.69% 0.01% I Distribution USD 0.65% 0.65% 0.66% 0.01% M Capitalisation EUR Hedged (95%) 0.13% 0.13% 0.14% 0.01% M Capitalisation USD 0.09% 0.09% 0.11% 0.02%

AXA World Funds - Global Flex 50 A Capitalisation CHF Hedged (95%) 1.36% 1.60% 1.59% (0.01%)A Capitalisation EUR 1.34% 1.60% 1.59% (0.01%)A Distribution EUR 1.35% 1.60% 1.59% (0.01%)E Capitalisation EUR 1.84% 2.11% 2.09% (0.02%)F Capitalisation EUR 0.69% 0.95% 0.94% (0.01%)

AXA World Funds - Global Flex 100 A Capitalisation EUR 1.60% 1.74% 1.80% 0.06% A Distribution EUR 1.60% 1.74% 1.80% 0.06% E Capitalisation EUR 2.09% 2.23% 2.30% 0.07% F Capitalisation EUR 0.85% 0.99% 1.05% 0.06% I Capitalisation EUR 0.84% 0.97% 1.02% 0.05%

AXA World Funds - Global Income Generation I Capitalisation EUR 0.68% 0.80% 0.79% (0.01%)I Distribution EUR 0.68% 0.80% 0.79% (0.01%)

AXA World Funds

Additional Appendix

390



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

AXA World Funds - Global Optimal Income A Capitalisation EUR 1.35% 1.35% 1.36% 0.01% A Distribution EUR 1.36% 1.35% 1.36% 0.01% BX Capitalisation EUR 1.40% 1.40% 1.41% 0.01% BX Distribution EUR 1.40% 1.40% 1.41% 0.01% E Capitalisation EUR 1.86% 1.87% 1.86% (0.01%)F Capitalisation EUR 0.74% 0.75% 0.76% 0.01% F Distribution EUR 0.75% 0.75% 0.76% 0.01% I Capitalisation EUR 0.70% 0.70% 0.72% 0.02% M Capitalisation EUR 0.14% 0.14% 0.12% (0.02%)

AXA World Funds - Optimal Absolute AX Capitalisation EUR 1.85% 1.85% 1.88% 0.03% E Capitalisation EUR 1.87% 1.87% 1.92% 0.05%

AXA World Funds - Optimal Absolute Piano A Capitalisation EUR 1.11% 1.11% 1.16% 0.05% A Distribution EUR 1.11% 1.11% 1.16% 0.05% E Capitalisation EUR 1.61% 1.61% 1.66% 0.05%

With Performance Commission AXA World Funds - Framlington Europe Microcap A Capitalisation EUR 2.14% 2.15% 2.22% 0.07% M Capitalisation EUR 0.22% 0.22% 0.18% (0.04%)

AXA World Funds - Framlington Global Convertibles A Capitalisation EUR 1.43% 1.43% 1.37% (0.06%)A Capitalisation USD Hedged (95%) 1.43% 1.43% 1.40% (0.03%)E Capitalisation EUR 1.91% 1.91% 1.87% (0.04%)F Capitalisation CHF Hedged (95%) 0.92% 0.90% 0.80% (0.10%)F Capitalisation EUR 0.83% 0.83% 0.77% (0.06%)F Capitalisation USD Hedged (95%) 0.84% 0.90% 0.80% (0.10%)I Capitalisation EUR 0.63% 0.63% 0.58% (0.05%)

AXA World Funds - Framlington Junior Energy A Capitalisation EUR 1.98% 1.94% 1.94% 0.00% A Capitalisation USD 1.96% 1.94% 1.94% 0.00% E Capitalisation EUR 2.48% 2.43% 2.44% 0.01% F Capitalisation EUR 1.08% 1.06% 1.09% 0.03% F Capitalisation USD 1.13% 1.06% 1.09% 0.03% I Capitalisation EUR 1.59% 1.55% 0.85% (0.70%)

AXA World Funds - Optimal Income A Capitalisation EUR 2.93% 2.93% 1.37% (1.56%)A Distribution EUR 2.92% 2.93% 1.37% (1.56%)E Capitalisation EUR 3.61% 3.61% 2.12% (1.49%)F Capitalisation EUR 2.33% 2.35% 0.77% (1.58%)F Distribution EUR 2.38% 2.35% 0.77% (1.58%)I Capitalisation EUR 1.87% 1.87% 0.58% (1.29%)M Capitalisation EUR 1.74% 1.74% 0.13% (1.61%)

AXA World Funds

Additional Appendix

391



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

With Performance Commission (continued) AXA World Funds - Optimal Absolute A Capitalisation EUR 1.44% 1.44% 1.42% (0.02%)A Capitalisation USD Hedged (95%) 1.45% 1.45% 1.45% 0.00% F Capitalisation EUR 0.94% 0.94% 0.82% (0.12%)F Capitalisation USD Hedged (95%) 0.92% 0.92% 0.85% (0.07%)

AXA World Funds - Optimal Absolute Piano A Capitalisation USD Hedged (95%) 1.14% 1.15% 1.18% 0.03% F Capitalisation EUR 0.64% 0.64% 0.66% 0.02% F Capitalisation USD Hedged (95%) 0.68% 0.68% 0.68% 0.00% F Distribution EUR 0.66% 0.64% 0.66% 0.02% M Capitalisation EUR 0.15% 0.15% 0.12% (0.03%)

Without Performance Commission AXA World Funds - Framlington Europe Microcap A Capitalisation EUR 2.12% 2.12% 2.22% 0.10% M Capitalisation EUR 0.10% 0.10% 0.18% 0.08%

AXA World Funds - Framlington Global Convertibles A Capitalisation EUR 1.31% 1.31% 1.37% 0.06% A Capitalisation USD Hedged (95%) 1.34% 1.34% 1.40% 0.06% E Capitalisation EUR 1.81% 1.81% 1.87% 0.06% F Capitalisation CHF Hedged (95%) 0.73% 0.74% 0.80% 0.06% F Capitalisation EUR 0.71% 0.71% 0.77% 0.06% F Capitalisation USD Hedged (95%) 0.74% 0.74% 0.80% 0.06% I Capitalisation EUR 0.54% 0.54% 0.58% 0.04%

AXA World Funds - Framlington Junior Energy A Capitalisation EUR 1.91% 1.87% 1.94% 0.07% A Capitalisation USD 1.88% 1.87% 1.94% 0.07% E Capitalisation EUR 2.42% 2.37% 2.44% 0.07% F Capitalisation EUR 1.04% 1.02% 1.09% 0.07% F Capitalisation USD 1.04% 1.02% 1.09% 0.07% I Capitalisation EUR 0.84% 0.80% 0.85% 0.05%

AXA World Funds - Optimal Income A Capitalisation EUR 1.31% 1.32% 1.37% 0.05% A Distribution EUR 1.31% 1.32% 1.37% 0.05% E Capitalisation EUR 2.06% 2.07% 2.12% 0.05% F Capitalisation EUR 0.71% 0.72% 0.77% 0.05% F Distribution EUR 0.71% 0.72% 0.77% 0.05% I Capitalisation EUR 0.55% 0.55% 0.58% 0.03% M Capitalisation EUR 0.10% 0.10% 0.13% 0.03%

AXA World Funds - Optimal Absolute A Capitalisation EUR 1.36% 1.37% 1.42% 0.05% A Capitalisation USD Hedged (95%) 1.40% 1.40% 1.45% 0.05% F Capitalisation EUR 0.77% 0.77% 0.82% 0.05% F Capitalisation USD Hedged (95%) 0.79% 0.79% 0.85% 0.06%

AXA World Funds

Additional Appendix

392



TheoreticalTER (2)

Ongoing charges (3)


and TER (4)

Without Performance Commission (continued) AXA World Funds - Optimal Absolute Piano A Capitalisation USD Hedged (95%) 1.12% 1.13% 1.18% 0.05% F Capitalisation EUR 0.61% 0.61% 0.66% 0.05% F Capitalisation USD Hedged (95%) 0.64% 0.64% 0.68% 0.04% F Distribution EUR 0.63% 0.61% 0.66% 0.05% M Capitalisation EUR 0.09% 0.09% 0.12% 0.03%

1 2 3 4

(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. (3) The Ongoing charges are based on the expenses for the twelve month period ending in June 2015. This figure is adjusted with implemented budget changes for 2015 and may vary from year to year. The Ongoing charges calculation excludes the Performance fees and the Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.

(4) The difference between Ongoing charges and the theoretical TERs typically reflects expenses linked to stock lending and settlement charges charged by the custodian and anticipated budget changes for 2015.

AXA World Funds

Additional Appendix

393

Synthetic TER (Total Expense Ratio)

Share Class SyntheticTER (1)

Ongoing charges (2)

Difference between Ongoing

charges and TER (3)

AXA World Funds - Framlington Hybrid Resources A Capitalisation EUR 1.66% 1.70% 0.09% E Capitalisation EUR 2.42% 2.45% 0.09% F Capitalisation EUR 0.89% 0.95% 0.09% F Capitalisation USD 0.89% 0.95% 0.09% I Capitalisation EUR 0.72% 0.76% 0.07% I Capitalisation USD 0.72% 0.76% 0.07% M Capitalisation EUR 0.11% 0.16% 0.06% M Capitalisation USD 0.11% 0.16% 0.06% AXA World Funds - Global Flex 50 A Capitalisation CHF Hedged (95%) 1.62% 1.59% (0.01%)A Capitalisation EUR 1.60% 1.59% (0.01%)A Distribution EUR 1.61% 1.59% (0.01%)E Capitalisation EUR 2.11% 2.09% (0.02%)F Capitalisation EUR 0.95% 0.94% (0.01%)AXA World Funds - Global Flex 100 A Capitalisation EUR 1.74% 1.80% 0.06% A Distribution EUR 1.74% 1.80% 0.06% E Capitalisation EUR 2.23% 2.30% 0.07% F Capitalisation EUR 0.99% 1.05% 0.06% I Capitalisation EUR 0.97% 1.02% 0.05% AXA World Funds - Global Income Generation I Capitalisation EUR 0.80% 0.79% (0.01%)I Distribution EUR 0.80% 0.79% (0.01%)

(1) For Sub-Funds which invest more than 10% of the net assets in other funds, a synthetic TER is computed. It represents the sum of the prorated TER of the underlying funds, weighted on the basis of their proportion in the net asset value of the fund at the closing date. (2) The Ongoing charges are based on the expenses for the twelve month period ending in June 2015. This figure is adjusted with implemented budget changes for 2015 and may vary from year to year. The Ongoing charges calculation excludes the Performance fees and the Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking. (3) The difference between Ongoing charges and the theoretical TERs typically reflects expenses linked to stock lending and settlement charges charged by the custodian and anticipated budget changes for 2015.

AXA World Funds

Additional Appendix

394

PTR (Portfolio Turnover Ratio)

Sub-Funds Currency PTR I (1) PTR II (2) PTR III (3) PTR IV (4)

AXA World Funds - Global Flexible Property USD 62.07% 62.11% - - AXA World Funds - Framlington Europe Real Estate Securities EUR (64.27%) (26.20%) 13.44% 13.73% AXA World Funds - Framlington Global Real Estate Securities EUR (22.29%) (10.54%) 30.80% 30.53% AXA World Funds - Framlington Europe Emerging EUR 59.41% 61.58% - 35.84% AXA World Funds - Framlington Eurozone EUR (14.16%) (1.72%) - - AXA World Funds - Framlington Eurozone RI EUR 11.51% 12.56% - - AXA World Funds - Framlington Europe EUR 92.59% 93.42% 55.54% 54.83% AXA World Funds - Framlington Euro Relative Value EUR 36.52% 37.79% 22.08% 21.89% AXA World Funds - Framlington Europe Opportunities EUR 113.32% 118.60% 63.60% - AXA World Funds - Framlington Europe Small Cap EUR 35.25% 40.29% - 45.36% AXA World Funds - Framlington Europe Microcap EUR 70.97% 76.97% - - AXA World Funds - Framlington American Growth USD 23.10% 25.50% 31.13% 29.15% AXA World Funds - Framlington Emerging Markets USD 61.99% 62.71% 39.63% 38.43% AXA World Funds - Framlington Global USD (9.46%) (2.41%) - - AXA World Funds - Framlington Global Opportunities USD 35.67% 35.67% - 17.46% AXA World Funds - Framlington Global High Income USD 82.08% 82.68% - 45.74% AXA World Funds - Framlington Global Convertibles EUR 9.14% 11.86% 28.57% 28.46% AXA World Funds - Framlington Global Small Cap USD 26.11% 26.11% - - AXA World Funds - Framlington Health USD (30.64%) (6.93%) 12.67% 12.59% AXA World Funds - Framlington Human Capital EUR 16.54% 22.41% - 27.83% AXA World Funds - Framlington Hybrid Resources USD 112.62% 112.82% - - AXA World Funds - Framlington Italy EUR (24.80%) (0.64%) - 22.45% AXA World Funds - Framlington Junior Energy USD 126.66% 129.57% - 76.53% AXA World Funds - Framlington Switzerland CHF (13.36%) 0.23% - - AXA World Funds - Framlington Talents Global EUR (1.68%) 3.39% - 48.24% AXA World Funds - Framlington LatAm USD 51.49% 51.49% - - AXA World Funds - Global SmartBeta Equity USD 44.98% 45.10% - - AXA World Funds - Asian Short Duration Bonds (note 1b) USD 47.48% 47.48% - - AXA World Funds - Euro Credit Short Duration EUR 14.91% 38.66% - 47.18% AXA World Funds - Euro 3-5 EUR 13.52% 21.46% - - AXA World Funds - Euro 5-7 EUR 31.36% 36.67% - - AXA World Funds - Euro 7-10 EUR 30.49% 40.15% - - AXA World Funds - Euro 10 + LT EUR (66.64%) (19.62%) - - AXA World Funds - Euro Bonds EUR 36.76% 41.55% - - AXA World Funds - Euro Credit IG EUR 90.28% 94.44% - - AXA World Funds - Euro Credit Plus EUR 143.23% 154.91% - 87.89% AXA World Funds - Euro Credit Total Return (note 1b) EUR 401.69% 401.69% - - AXA World Funds - Euro Government Bonds EUR (5.01%) 2.45% - -

(1) PTR I = (TOTAL PURCHASES + TOTAL SALES) - (TOTAL SUBSCRIPTIONS + TOTAL REDEMPTIONS) x 100 AVERAGE TOTAL NET ASSETS

(2) PTR II = (TOTAL PURCHASES + TOTAL SALES) - SUM OF DAILY IN OR OUTFLOWS x 100 AVERAGE TOTAL NET ASSETS

(3) Calculated based on the lesser of purchases or sales of underlying investments of a scheme expressed as a percentage of daily Average Market Value for Sub-Funds registered in Hong Kong.

(4) Calculated based on the lesser of purchases or sales of underlying investments of a scheme expressed as a percentage of daily Average Net Asset Value for Sub-Funds registered in Singapore.

AXA World Funds

Additional Appendix

395

PTR (Portfolio Turnover Ratio) (continued)

Sub-Funds Currency PTR I (1) PTR II (2) PTR III (3) PTR IV (4)

AXA World Funds - Euro Inflation Bonds EUR 71.49% 76.44% - - AXA World Funds - Euro SmartBeta Credit Bonds (note 1b) EUR 7.73% 7.73% - - AXA World Funds - European High Yield Bonds EUR 0.98% 2.08% - - AXA World Funds - Global Aggregate Bonds EUR 78.34% 79.51% - 41.25% AXA World Funds - Global Credit Bonds USD 48.43% 56.46% - - AXA World Funds - Global SmartBeta Credit Bonds USD (73.52%) (73.17%) - - AXA World Funds - Global Emerging Markets Bonds USD 5.44% 11.45% - 33.10% AXA World Funds - Global High Yield Bonds USD (51.04%) (34.76%) - 27.56% AXA World Funds - Global Inflation Bonds EUR 37.18% 54.38% 60.38% 59.11% AXA World Funds - Global Strategic Bonds USD 37.53% 42.78% - 47.03% AXA World Funds - Universal Inflation Bonds USD 137.91% 143.10% 80.94% 78.24% AXA World Funds - US Credit Short Duration IG USD 12.31% 14.80% - - AXA World Funds - US Dynamic High Yield Bonds USD 104.48% 104.48% - - AXA World Funds - US High Yield Bonds USD 17.21% 29.83% 32.56% 30.58% AXA World Funds - US Libor Plus USD 20.16% 20.16% - - AXA World Funds - Emerging Markets Short Duration Bonds USD (22.10%) (8.93%) - 7.80% AXA World Funds - Global Flex 50 EUR 7.34% 9.55% - - AXA World Funds - Global Flex 100 EUR 56.03% 60.35% - - AXA World Funds - Global Income Generation EUR 18.23% 18.23% - - AXA World Funds - Global Optimal Income EUR (3.01%) 1.67% - 9.49% AXA World Funds - Optimal Income EUR 8.86% 19.68% - - AXA World Funds - Optimal Absolute EUR 76.45% 77.31% - - AXA World Funds - Optimal Absolute Piano EUR 69.59% 69.88% - -

(1) PTR I = (TOTAL PURCHASES + TOTAL SALES) - (TOTAL SUBSCRIPTIONS + TOTAL REDEMPTIONS) x 100 AVERAGE TOTAL NET ASSETS

(2) PTR II = (TOTAL PURCHASES + TOTAL SALES) - SUM OF DAILY IN OR OUTFLOWS x 100 AVERAGE TOTAL NET ASSETS

(3) Calculated based on the lesser of purchases or sales of underlying investments of a scheme expressed as a percentage of daily Average Market Value for Sub-Funds registered in Hong Kong.

(4) Calculated based on the lesser of purchases or sales of underlying investments of a scheme expressed as a percentage of daily Average Net Asset Value for Sub-Funds registered in Singapore.

AXA World Funds

Additional Appendix

396

Transaction fees

The transaction fees presented in the Statement Operations and Changes in Net Assets are the sum of the Custody cash movement Charges, the Fund Administrator Charges on FOREX activity and the Custody Settlement Charges.

Sub-Fund's name Commissions Settlement Fees Tax In the Sub-Funds currency

Broker Com-missions

Broker Ex-ecution

fee

Custody cash

movement Charges∗

Fund Administrator

Charges on FOREX

activity*

Custody Settlement

Charges*Stamp

DutyOther Transaction

Tax

State StreetBank Settle-

mentCharges

waived byswing Total

All other com-ponents of the

Transaction fees∗∗


21,766 1,011 1,916 646 2,217 9,736 12,950 (14,722) 35,520 30,741


360,607 240,252 209 - 5,038 395,852 527,166 (160,101) 1,369,023 1,363,776


134,106 4,013 437 - 5,178 1,962 17,358 (6,550) 156,504 150,889


25,305 134 322 - 3,222 - 235 (1,516) 27,702 24,158


204,709 3,037 1,404 - 6,492 - 66,894 - 282,536 274,640


46,131 (26) 410 - 12,790 22,187 36,979 (10,909) 107,562 94,362


1,549,934 9,709 357 - 4,950 849,301 1,307,290 - 3,721,541 3,716,234


412,710 7 2,051 - 5,516 138,573 279,582 - 838,439 830,872


401,393 48,590 509 - 12,248 374,354 502,355 (17,119) 1,322,330 1,309,573


393,909 166 418 - 9,103 661,983 729,180 (52,639) 1,742,120 1,732,599


166,210 680 715 - 46,653 21,812 23,131 (6,032) 253,169 205,801


283,486 2,072 968 - 5,351 5 136 (47,928) 244,090 237,771


686,077 62,408 4,303 765 20,015 42,196 218,042 (86,795) 947,011 921,928


22,092 1,102 544 103 6,869 4,018 5,701 (5,250) 35,179 27,663


12,981 568 388 43 2,152 1,215 1,789 - 19,136 16,553


33,998 842 841 215 3,418 5,498 8,679 (3) 53,488 49,014


52,123 42 4,318 1,764 2,846 - - (3,858) 57,235 48,307


25,713 1,684 505 - 5,625 8,294 9,661 (9,924) 41,558 35,428

∗ These fees are disclosed under the caption “Transaction fees” in the Statement of Operations and Changes in Net Assets. ∗∗ The “All other components of the Transaction fees” do not form part of the account “Transaction fees” in the Statement of Operations and Changes in Net Assets. They are included in the “Net Change in unrealised appreciation/(depreciation) on investments” and the “Net realised gain/(loss) on sales of investments” in the Statement of Operations and Changes in Net Assets.

AXA World Funds

Additional Appendix

397

Transaction fees (continued)


Broker Com-missions

Broker Ex-ecution

fee

Custody cash

movement Charges∗

Fund Administrator

Charges on FOREX

activity*

Custody Settlement

Charges*Stamp


Tax


mentCharges





36,196 831 2,132 - 30,435 3,287 5,023 (4,254) 73,650 41,083


169,269 108,966 661 - 19,372 111,540 171,583 (24,532) 556,859 536,826


82,633 4,507 14,922 358 15,922 23,147 32,620 - 174,109 142,907


226,445 6,994 401 - 5,222 - 76,099 (10,062) 305,099 299,476


331,870 25,683 395 - 10,036 26,757 41,011 (51,459) 384,293 373,862


34,818 - 952 - 6,031 - - (11,967) 29,834 22,851


115,335 7,283 311 97 9,683 16,878 33,209 (28,352) 154,444 144,353


8,598 64 3,871 - 23,290 - 177 - 36,000 8,839


16,041 349 214 - 11,157 19,365 26,262 (3,751) 69,637 58,266


- - 54 18 171 - - - 243 -


- - 405 - 4,504 - - (523) 4,386 (523)


- - 527 - 2,141 - - (182) 2,486 (182)


- - 1,386 - 4,357 - - (347) 5,396 (347)


- - 233 - 3,308 - - (36) 3,505 (36)


- - 337 - 9,442 - - (1,595) 8,184 (1,595)


- - 389 - 3,975 - - (476) 3,888 (476)


- - 472 - 3,703 - - (93) 4,082 (93)


- - 930 - 6,855 - - - 7,785 -


- - 780 240 2,496 - - - 3,516 -


- - 630 - 2,197 - - (46) 2,781 (46)


- - 871 - 4,148 - - (1,481) 3,538 (1,481)


- - 1,060 440 266 - - - 1,766 -


AXA World Funds

Additional Appendix

398

Transaction fees (continued)


Broker Com-missions

Broker Ex-ecution

fee

Custody cash

movement Charges∗

Fund Administrator

Charges on FOREX

activity*

Custody Settlement

Charges*Stamp


Tax


mentCharges





- - 1,250 381 1,761 - - (170) 3,222 (170)


- - 9,266 2,667 8,733 - - (756) 19,910 (756)


- 19,574 5,468 1,191 6,266 - - (14) 32,485 19,560


- - 3,226 1,245 2,816 - - (42) 7,245 (42)


- - 5,392 1,161 5,349 - - (749) 11,153 (749)


- - 5,762 1,063 9,851 - - (848) 15,828 (848)


- - 7,925 2,662 4,013 - - (529) 14,071 (529)


- - 12,978 1,039 8,877 - - (3,399) 19,495 (3,399)


- 3,575 2,666 491 4,411 - - (616) 10,527 2,959


- - 866 - 1,981 - - (1,756) 1,091 (1,756)


- - 1,081 - 7,353 - - (289) 8,145 (289)


- - 2,313 - 9,342 - - (29) 11,626 (29)


- - 701 - 55 - - - 756 -


- - 4,558 852 8,070 - - (691) 12,789 (691)


3,447 - 10,207 4,225 3,608 - - - 21,487 3,447


11,986 - 826 34 2,195 - - (2,439) 12,602 9,547


67 - 507 21 739 - - - 1,334 67


33,098 1,235 1,460 428 2,887 1 7,343 (2,042) 44,410 39,635


153,516 5,142 1,302 347 7,059 1,608 41,185 (2,964) 207,195 198,487


7,504 1 1,435 300 2,182 - - - 11,422 7,505


1,104 1 2,274 260 1,859 - - (38) 5,460 1,067


AXA World Funds

Additional Appendix

399

Eligibility for the “Plan Epargne en Actions” (PEA)

Owing to their eligibility for French share savings schemes (PEA), the Sub-Funds of the AXA World Funds listed below permanently invest at least 75% of their net assets in shares and rights that are eligible for the PEA and are issued by companies established in France, another Member State of the European Union or in Iceland or Norway and which are subject to corporation tax or an equivalent regime.

The Sub-Fund AXA World Funds - Framlington Europe Microcap is being eligible to the new French savings plan called “PEA-PME”, it has been decided to amend the appendix of the Sub-Fund so as to add a new paragraph under the section “Investment policy” which sets forth that the Sub-Fund is eligible to the French PEA-PME account, meaning that the Sub-Fund is permanently invested for a minimum of 75% in securities or rights eligible to the PEA-PME (for indicative purpose, at the date of the Prospectus, the Sub-Fund shall invest for a minimum of 75% in securities or rights issued by companies having their registered office in the European Economic Area, and complying with criteria indicated in Article L.221-32-2-2° of the French Monetary and Financial Code, of which a minimum of 50% is invested in equities or rights).

Please find below the PEA ratio as at 31 December 2014:

Market Value of European Economic Area securities

Market Value of European Economic Area securities (PME)*

AXA World Funds - Framlington Eurozone 94,67% -

AXA World Funds - Framlington Europe 83,12% -

AXA World Funds - Framlington Europe Opportunities 79,90% -

AXA World Funds - Framlington Europe Small Cap 85,46% -

AXA World Funds - Framlington Europe Microcap 88,53% 83,49%

AXA World Funds - Framlington Human Capital 92,64%

-

AXA World Funds - Framlington Italy 85,20% -

*In addition the Directors have decided to permit investments of the Sub-Fund in equities or rights issued by companies having their registered office in Liechtenstein as well since those investments also permit the Sub-Fund to be eligible to the French PEA and the French PEA-PME accounts.

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AXA World FundsSociété d’Investissement à Capital Variable49, Avenue J.F. Kennedy L-1855 Luxembourg

www.axa-im.com

AXA World Funds

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