# Statement of Operations and Changes in Net Assets for the year ended 31 December 2021
AXA World Funds II European Opportunities
Equities
EUR
NET ASSET VALUE AT THE BEGINNING OF THE YEAR	128,419,039
INCOME
Dividends (note 2h)	-
Securities lending income (note 9)	-
Other income	1,167
Total income	1,167
EXPENSES
Management fees (note 4)	2,113,834
Transaction fees (note 7)	17,374
Securities lending expenses (note 9)	-
Accounting fees (note 6)	31,708
Legal fees	12,683
Professional fees	21,138
Publication and printing fees	35,231
Regulatory fees	21,138
Withholding tax reclaim fees	-
Taxation (note 3)	-
Depositary fees (note 6)	-
General administration fees	25,366
Transfer agent fees (note 5)	91,599
Registration fees	18,320
Other expenses	-
Total expenses	2,388,391
NET LOSS FROM INVESTMENTS FOR THE YEAR	(2,387,224)
Net realised gain/(loss)
- on sales of investments (note 2f)	38,805,106
- on spot foreign exchange	(3,177)Net realised gain for the year	38,801,929Net change in unrealised appreciation/(depreciation)
- on investments (note 2f)	(5,108,721)Net change in net assets for the year resulting from operations	31,305,984Net proceeds from subscriptions/redemptions	(8,338,873)NET ASSET VALUE AT THE END OF THE YEAR	151,386,150Statistics - Total Net Assets

|  | Currency | Total Net Assets as at 31 December 2021 | Total Net Assets as at 31 December 2020 | Total Net Assets as at 31 December 2019 |
| --- | --- | --- | --- | --- |

| AXA World Funds II - Evolving Trends Equities | USD | 19,330,512 | 18,891,837 | 15,530,484 |
| --- | --- | --- | --- | --- |
| AXA World Funds II - North American Equities | USD | 150,402,496 | 123,397,407 | 119,591,535 |
| AXA World Funds II - European Opportunities Equities | EUR | 151,386,150 | 128,419,039 | 142,903,619 |

Statistics - Quantity of Shares and Net Asset Value per Share
|  | Quantity of shares | Net Asset Value | Net Asset Value | Net Asset Value |
| --- | --- | --- | --- | --- |
| as at | per Share in class | per Share in class | per Share in class |
| 31 December 2021 | currency as at | currency as at | currency as at |
|  | 31 December 2021 | 31 December 2020 | 31 December 2019 |

| AXA World Funds II - Evolving Trends Equities A Capitalisation USD | 182,358.530 | 11.10 | 10.35 | 7.88 |
| --- | --- | --- | --- | --- |
| A Distribution USD | 1,419,480.680 | 11.10 | 10.35 | 7.88 |
| I Distribution USD | 138,146.760 | 11.17 | 10.41 | 7.93 |
| AXA World Funds II - North American Equities A Capitalisation USD | 84,374.610 | 29.75 | 23.43 | 21.00 |
| A Distribution USD | 4,078,294.150 | 29.74 | 23.41 | 20.99 |
| I Capitalisation USD | 1,356.950 | 29.99 | 23.60 | 21.15 |
| I Distribution USD | 885,193.730 | 30.01 | 23.61 | 21.16 |
| AXA World Funds II - European Opportunities Equities A Distribution EUR | 9,761,888.250 | 14.53 | 11.59 | 11.83 |
| I Distribution EUR | 653,387.840 | 14.58 | 11.63 | 11.87 |

Schedule of Investments and Other Net Assets as at 31 December 2021 (in USD)
| Description | Quantity/ Nominal Value | Market Value* | % of net assets |
| --- | --- | --- | --- |

| OPEN-ENDED INVESTMENT FUNDS |  |
| --- | --- |
| OPEN-ENDED INVESTMENT FUNDS |
| Luxembourg |
| AXA World Funds - Framlington Evolving Trends M Capitalisation USD	81,047 | 19,265,603 | 99.66 |
|  | 19,265,603 | 99.66 |
| TOTAL OPEN-ENDED INVESTMENT FUNDS | 19,265,603 | 99.66 |
| TOTAL OPEN-ENDED INVESTMENT FUNDS | 19,265,603 | 99.66 |
| Total Investment in Securities | 19,265,603 | 99.66 |
| Cash and cash equivalent | 104,408 | 0.54 |
| Other Net Liabilities | (39,499) | (0.20) |
| TOTAL NET ASSETS | 19,330,512 | 100.00 |

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

Translation (ENFR, 2021-12-31):
# Etat des opérations et des variations des actifs nets pour l'exercice clôturé au 31 décembre 2021
AXA World Funds II European Opportunities
Equities
EUR
VALEUR NETTE D'INVENTAIRE EN DEBUT D'EXERCICE	128,419,039
REVENUS
Dividendes (note 2h)	-
Revenus provenant d’opérations de prêt de titres (note 9)		- Autres revenus	1,167
Total des revenus	1,167
CHARGES
Commissions de gestion (note 4)	2,113,834
Frais de transaction (note 7)	17,374
Commissions d’opérations de prêt de titres (note 9)	-
Frais comptables (note 6)	31,708
Frais légaux	12,683
Frais professionnels	21,138
Frais d'impressions	35,231
Frais réglementaires	21,138
Frais liés à la récupération des impôts retenus à la source	-
Fiscalité (note 3)	-
Commissions de dépôt (note 6)	-
Frais administratifs	25,366
Commissions d’agent de registre et de transfert (note 5)	91,599
Frais d’enregistrement	18,320
Autres charges	-
Total des charges	2,388,391
MOINS-VALUE NETTE RESULTANT DES INVESTISSEMENTS DE L'EXERCICE	(2,387,224)
Plus/(moins)-value nette réalisée
- sur cessions de titres (note 2f)	38,805,106
- sur contrats de change au comptant	(3,177)Plus-value nette réalisée au cours de l'exercice	38,801,929Variation nette de la plus/(moins)-value non réalisée
- sur investissements (note 2f)	(5,108,721)Variation nette des actifs nets pendant l'année résultant des opérations	31,305,984Produits nets des souscriptions/rachats	(8,338,873)VALEUR NETTE D'INVENTAIRE EN FIN D'EXERCICE	151,386,150Statistiques - Total des actifs nets

|  | Devise | Total des actifs nets au 31 décembre 2021 | Total des actifs nets au 31 décembre 2020 | Total des actifs nets au 31 décembre 2019 |
| --- | --- | --- | --- | --- |

| AXA World Funds II - Evolving Trends Equities | USD | 19,330,512 | 18,891,837 | 15,530,484 |
| --- | --- | --- | --- | --- |
| AXA World Funds II - North American Equities | USD | 150,402,496 | 123,397,407 | 119,591,535 |
| AXA World Funds II - European Opportunities Equities | EUR | 151,386,150 | 128,419,039 | 142,903,619 |

Statistiques - Nombre d’actions et Valeur nette d’inventaire par action
|  | Nombre d’actions au | Valeur nette | Valeur nette | Valeur nette |
| --- | --- | --- | --- | --- |
| 31 décembre 2021 | d’inventaire en devise | d’inventaire en devise | d’inventaire en devise |
|  | locale par action | locale par action | locale par action |
|  | 31 décembre 2021 | 31 décembre 2020 | 31 décembre 2019 |

| AXA World Funds II - Evolving Trends Equities A Capitalisation USD | 182,358.530 | 11.10 | 10.35 | 7.88 |
| --- | --- | --- | --- | --- |
| A Distribution USD | 1,419,480.680 | 11.10 | 10.35 | 7.88 |
| I Distribution USD | 138,146.760 | 11.17 | 10.41 | 7.93 |
| AXA World Funds II - North American Equities A Capitalisation USD | 84,374.610 | 29.75 | 23.43 | 21.00 |
| A Distribution USD | 4,078,294.150 | 29.74 | 23.41 | 20.99 |
| I Capitalisation USD | 1,356.950 | 29.99 | 23.60 | 21.15 |
| I Distribution USD | 885,193.730 | 30.01 | 23.61 | 21.16 |
| AXA World Funds II - European Opportunities Equities A Distribution EUR | 9,761,888.250 | 14.53 | 11.59 | 11.83 |
| I Distribution EUR | 653,387.840 | 14.58 | 11.63 | 11.87 |

Etat des investissements et autres actifs nets au 31 décembre 2021 (en USD)
| Description | Quantité/ Valeur nominale | Valeur de marché* | % des actifs nets |
| --- | --- | --- | --- |

FONDS DE PLACEMENT DE TYPE OUVERT
FONDS DE PLACEMENT DE TYPE OUVERT
Luxembourg
| AXA World Funds - Framlington Evolving Trends M |  |
| --- | --- |
| Capitalisation USD | 81,047 | 19,265,603 | 99.66 |
|  |  | 19,265,603 | 99.66 |
| TOTAL DES FONDS DE PLACEMENT DE | TYPE | 19,265,603 | 99.66 |
| OUVERT |  |  |  |
| TOTAL DES FONDS DE PLACEMENT OUVERT | DE TYPE | 19,265,603 | 99.66 |
| Total du portefeuille-titres |  | 19,265,603 | 99.66 |
| Liquidités et instruments assimilés |  | 104,408 | 0.54 |
| Autres éléments de passif, nets |  | (39,499) | (0.20) |
| TOTAL DES ACTIFS NETS |  | 19,330,512 | 100.00 |

Les notes annexées font partie intégrante des présents états financiers.
*Voir note 2d) pour plus d'information sur l'évaluation du portefeuille-titres.
AXA World Funds II - Evolving Trends Equities