# Statement of Operations and Changes in Net Assets for the year ended 31 December 2020
| NET ASSET VALUE AT THE BEGINNING OF THE YEAR | 261,729,768 * | 15,530,484	119,591,535 4,091	1,698,760 -	1,048 -	5,763 4,091	1,705,571 227,550	1,651,617 33,854	71,046 -	367 3,413	24,775 910	6,606 1,820	13,213 2,731	19,819 2,276	16,516 21	- -	45,512 2,731	19,819 7,585	55,054 1,972	14,318 -	7,708 284,863	1,946,370 (280,772)	(240,799) 555,757	2,946,245 (180)	134 (5)	3 555,572	2,946,382 3,995,583	9,854,537 -	- 4,270,383	12,560,120 (909,030)	(8,754,248) 18,891,837	123,397,407 |
| --- | --- | --- |
| INCOME |  |  |
| Dividends (note 2h)	Securities lending income (note 9)	 Other income | 	3,883,078  	857  4,710 |
| Total income | 3,888,645 |
| EXPENSES |  |
| Management fees (note 4) | 	3,485,659  	168,725  	300  	52,285  	13,942  	27,885  	41,828  	34,857  	17  	37,225  	41,828  	116,189  	30,212  	6,300  4,057,252 |
| Transaction fees (note 7) |
| Securities lending expenses (note 9) |
| Accounting fees (note 6) |
| Legal fees |
| Professional fees |
| Publication and printing fees |
| Regulatory fees |
| Withholding tax reclaim fees |
| Taxation (note 3) |
| General administration fees |
| Transfer agent fees (note 5) |
| Registration fees |
| Other expenses |
| Total expenses |
| NET INCOME/(LOSS) FROM INVESTMENTS FOR THE YEAR | (168,607) |
| Net realised gain/(loss) |  |
| - on sales of investments (note 2f) | 	5,181,148  	(4,964)  	(55)  5,176,129 |
| - on spot foreign exchange |
| - on forward foreign exchange contracts (note 2g) |
| Net realised gain for the year |
| Net change in unrealised appreciation/(depreciation) |  |
| - on investments (note 2f) | 6,206,499 |
| - on forward foreign exchange contracts (note 2g) | 	(27)  11,213,994 |
| Net change in net assets for the year resulting from operations |
| Net proceeds from subscriptions/redemptions | 	(28,233,147)  244,710,615 |
| NET ASSET VALUE AT THE END OF THE YEAR |

*The opening balance was combined at the exchange ruling used at Year end. With the exchange rates prevailing as at 31 December 2019, this amount was equal to 272,427,597 EUR. Please refer to note 2b) for more details.
Statement of Operations and Changes in Net Assets for the year ended 31 December 2020
|  | AXA World Funds II European Opportunities Equities |  | AXA World Funds II Asia Select Income (note 1b) |
| --- | --- | --- | --- |
| EUR |  | USD |
|  |  |  |
| NET ASSET VALUE AT THE BEGINNING OF THE YEAR | 142,903,619 |  | 10,268,417 |
| INCOME |  |  |  |
| Dividends (note 2h) | 2,461,436 |  | 36,607 |
| Securities lending income (note 9) | - |  | - |
| Other income | - |  | - |
| Total income | 2,461,436 |  | 36,607 |
| EXPENSES |  |  |  |
| Management fees (note 4) | 1,842,919 |  | 130,816 |
| Transaction fees (note 7) | 55,113 |  | 34,111 |
| Securities lending expenses (note 9) | - |  | - |
| Accounting fees (note 6) | 27,644 |  | 1,962 |
| Legal fees | 7,372 |  | 523 |
| Professional fees | 14,743 |  | 1,047 |
| Publication and printing fees | 22,115 |  | 1,570 |
| Regulatory fees | 18,429 |  | 1,308 |
| Withholding tax reclaim fees | - |  | - |
| Taxation (note 3) | 20 |  | 11 |
| General administration fees | 22,115 |  | 1,570 |
| Transfer agent fees (note 5) | 61,431 |  | 4,360 |
| Registration fees | 15,972 |  | 1,134 |
| Other expenses | - |  | - |
| Total expenses | 2,087,873 |  | 178,412 |
| NET INCOME/(LOSS) FROM INVESTMENTS FOR THE YEAR | 373,563 |  | (141,805) |
| Net realised gain/(loss) |  |  |  |
| - on sales of investments (note 2f) | 823,949 |  | 1,829,275 |
| - on spot foreign exchange | (3,694) |  | (1,508) |
| - on forward foreign exchange contracts (note 2g) | - |  | (65) |
| Net realised gain for the year | 820,255 |  | 1,827,702 |
| Net change in unrealised appreciation/(depreciation) |  |  |  |
| - on investments (note 2f) | (4,385,992) |  | (889,615) |
| - on forward foreign exchange contracts (note 2g) | - |  | (33) |
| Net change in net assets for the year resulting from operations | (3,192,174) |  | 796,249 |
| Net proceeds from subscriptions/redemptions | (11,292,406) |  | (11,064,666) |
| NET ASSET VALUE AT THE END OF THE YEAR | 128,419,039 |  | - |

Statistics - Total Net Assets
|  | Currency | Total Net Assets as at 31 December 2020 | Total Net Assets as at 31 December 2019 | Total Net Assets as at 31 December 2018 |
| --- | --- | --- | --- | --- |

| AXA World Funds II - Evolving Trends Equities | USD | 18,891,837 | 15,530,484 | 12,510,808 |
| --- | --- | --- | --- | --- |
| AXA World Funds II - North American Equities | USD | 123,397,407 | 119,591,535 | 106,046,413 |
| AXA World Funds II - European Opportunities Equities | EUR | 128,419,039 | 142,903,619 | 121,555,037 |
| AXA World Funds II - Asia Select Income (note 1b) | USD | - | 10,268,417 | 9,036,134 |

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 2020 | currency as at | currency as at | currency as at |
|  | 31 December 2020 | 31 December 2019 | 31 December 2018 |

| AXA World Funds II - Evolving Trends Equities |  |
| --- | --- |
| A Capitalisation USD | 218,998.110 | 10.35 | 7.88 | 5.95 |
| A Distribution USD | 1,460,752.000 | 10.35 | 7.88 | 5.95 |
| I Distribution USD | 144,221.460 | 10.41 | 7.93 | 5.98 |
| AXA World Funds II - North American Equities |  |  |  |  |
| A Capitalisation USD | 83,846.760 | 23.43 | 21.00 | 16.49 |
| A Distribution USD | 4,258,383.570 | 23.41 | 20.99 | 16.48 |
| I Capitalisation USD | 1,356.950 | 23.60 | 21.15 | 16.60 |
| I Distribution USD | 918,735.700 | 23.61 | 21.16 | 16.61 |
| AXA World Funds II - European Opportunities Equities |  |  |  |  |
| A Distribution EUR | 10,397,757.800 | 11.59 | 11.83 | 9.44 |
| I Distribution EUR | 676,374.320 | 11.63 | 11.87 | 9.47 |
| AXA World Funds II - Asia Select Income(note 1b) |  |  |  |  |
| A Capitalisation JPY | - | - | 441.80 | 380.40 |
| A Capitalisation USD | - | - | 4.07 | 3.47 |
| A Distribution JPY | - | - | 441.60 | 380.20 |
| A Distribution USD | - | - | 4.06 | 3.47 |
| I Distribution JPY | - | - | 444.60 | 382.80 |

Schedule of Investments and Other Net Assets as at 31 December 2020 (in USD)
| Description | Quantity/ Nominal Value | Market Value* | % of net assets |
| --- | --- | --- | --- |

OPEN-ENDED INVESTMENT FUNDS
USD Open-Ended Investment Funds
| AXA World Funds - Framlington Evolving Trends M |  |
| --- | --- |
| Capitalisation USD | 86,585 | 18,862,619 | 99.85 |
|  | 18,862,619 | 99.85 |
| TOTAL OPEN-ENDED INVESTMENT FUNDS | 18,862,619 | 99.85 |
| Total Investment in Securities | 18,862,619 | 99.85 |
| Cash and cash equivalent | 73,530 | 0.39 |
| Other Net Liabilities | (44,312) | (0.24) |
| TOTAL NET ASSETS | 18,891,837 | 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, 2020-12-31):
# Etat des opérations et des variations des actifs nets pour l'exercice clôturé au 31 décembre 2020
| VALEUR NETTE D'INVENTAIRE EN DEBUT D'EXERCICE | 261,729,768 * | 15,530,484	119,591,535 4,091	1,698,760 -	1,048 -	5,763 4,091	1,705,571 227,550	1,651,617 33,854	71,046 -	367 3,413	24,775 910	6,606 1,820	13,213 2,731	19,819 2,276	16,516 21	- -	45,512 2,731	19,819 7,585	55,054 1,972	14,318 -	7,708 284,863	1,946,370 (280,772)	(240,799) 555,757	2,946,245 (180)	134 (5)	3 555,572	2,946,382 3,995,583	9,854,537 -	- 4,270,383	12,560,120 (909,030)	(8,754,248) 18,891,837	123,397,407 |
| --- | --- | --- |
| REVENUS |  |  |
| Dividendes (note 2h)	Revenus provenant d’opérations de prêt de titres (note 9)	 Autres revenus | 3,883,078  857  4,710 |
| Total des revenus | 3,888,645 |
| CHARGES |  |
| Commissions de gestion (note 4) | 3,485,659  168,725  300  52,285  13,942  27,885  41,828  34,857  17  37,225  41,828  116,189  30,212  6,300  4,057,252 |
| Frais de transaction (note 7) |
| Commissions d’opérations de prêt de titres (note 9) |
| Frais comptables (note 6) |
| Frais légaux |
| Frais professionnels |
| Frais d'impressions |
| Frais réglementaires |
| Frais liés à la récupération des impôts retenus à la source |
| Fiscalité (note 3) |
| Frais administratifs |
| Commissions d’agent de registre et de transfert (note 5) |
| Frais d’enregistrement |
| Autres charges |
| Total des charges |
| PLUS/(MOINS)-VALUE NETTE RESULTANT DES INVESTISSEMENTS DE L'EXERCICE | (168,607) |
| Plus/(moins)-value nette réalisée |  |
| - sur cessions de titres (note 2f) | 5,181,148  (4,964) (55) 5,176,129 |
| - sur contrats de change au comptant |
| - sur contrats de change à terme (note 2g) |
| Plus-value nette réalisée au cours de l'exercice |
| Variation nette de la plus/(moins)-value non réalisée |  |
| - sur investissements (note 2f) | 6,206,499 |
| - sur contrats de change à terme (note 2g) | (27) 11,213,994 |
| Variation nette des actifs nets pendant l'année résultant des opérations |
| Produits nets des souscriptions/rachats | (28,233,147) 244,710,615 |
| VALEUR NETTE D'INVENTAIRE EN FIN D'EXERCICE |

*Le solde d'ouverture a été calculé au taux de change en vigueur au 31 décembre 2020. En appliquant les taux de change en vigueur au 31 décembre 2019, ce montant était égal à 272,427,597 EUR. Voir note 2b) pour plus d'information.
Etat des opérations et des variations des actifs nets pour l'exercice clôturé au 31 décembre 2020
|  | AXA World Funds II European Opportunities Equities |  | AXA World Funds II Asia Select Income (note 1b) |
| --- | --- | --- | --- |
| EUR |  | USD |
|  |  |  |
| VALEUR NETTE D'INVENTAIRE EN DEBUT D'EXERCICE | 142,903,619 |  | 10,268,417 |
| REVENUS |  |  |  |
| Dividendes (note 2h) | 2,461,436 |  | 36,607 |
| Revenus provenant d’opérations de prêt de titres (note 9) | - |  | - |
| Autres revenus | - |  | - |
| Total des revenus | 2,461,436 |  | 36,607 |
| CHARGES |  |  |  |
| Commissions de gestion (note 4) | 1,842,919 |  | 130,816 |
| Frais de transaction (note 7) | 55,113 |  | 34,111 |
| Commissions d’opérations de prêt de titres (note 9) | - |  | - |
| Frais comptables (note 6) | 27,644 |  | 1,962 |
| Frais légaux | 7,372 |  | 523 |
| Frais professionnels | 14,743 |  | 1,047 |
| Frais d'impressions | 22,115 |  | 1,570 |
| Frais réglementaires | 18,429 |  | 1,308 |
| Frais liés à la récupération des impôts retenus à la source | - |  | - |
| Fiscalité (note 3) | 20 |  | 11 |
| Frais administratifs | 22,115 |  | 1,570 |
| Commissions d’agent de registre et de transfert (note 5) | 61,431 |  | 4,360 |
| Frais d’enregistrement | 15,972 |  | 1,134 |
| Autres charges | - |  | - |
| Total des charges | 2,087,873 |  | 178,412 |
| PLUS/(MOINS)-VALUE NETTE RESULTANT DES INVESTISSEMENTS DE L'EXERCICE | 373,563 |  | (141,805) |
| Plus/(moins)-value nette réalisée |  |  |  |
| - sur cessions de titres (note 2f) | 823,949 |  | 1,829,275 |
| - sur contrats de change au comptant | (3,694) |  | (1,508) |
| - sur contrats de change à terme (note 2g) | - |  | (65) |
| Plus-value nette réalisée au cours de l'exercice | 820,255 |  | 1,827,702 |
| Variation nette de la plus/(moins)-value non réalisée |  |  |  |
| - sur investissements (note 2f) | (4,385,992) |  | (889,615) |
| - sur contrats de change à terme (note 2g) | - |  | (33) |
| Variation nette des actifs nets pendant l'année résultant des opérations | (3,192,174) |  | 796,249 |
| Produits nets des souscriptions/rachats | (11,292,406) |  | (11,064,666) |
| VALEUR NETTE D'INVENTAIRE EN FIN D'EXERCICE | 128,419,039 |  | - |

Statistiques - Total des actifs nets
|  | Devise | Total des actifs nets au 31 décembre 2020 | Total des actifs nets au 31 décembre 2019 | Total des actifs nets au 31 décembre 2018 |
| --- | --- | --- | --- | --- |

| AXA World Funds II - Evolving Trends Equities | USD | 18,891,837 | 15,530,484 | 12,510,808 |
| --- | --- | --- | --- | --- |
| AXA World Funds II - North American Equities | USD | 123,397,407 | 119,591,535 | 106,046,413 |
| AXA World Funds II - European Opportunities Equities | EUR | 128,419,039 | 142,903,619 | 121,555,037 |
| AXA World Funds II - Asia Select Income (note 1b) | USD | - | 10,268,417 | 9,036,134 |

Statistiques - Nombre d’actions et Valeur nette d’inventaire par action
|  | Nombre d’actions au | Valeur nette | Valeur nette | Valeur nette |
| --- | --- | --- | --- | --- |
| 31 décembre 2020 | d’inventaire en devise | d’inventaire en devise | d’inventaire en devise |
|  | locale par action | locale par action | locale par action |
|  | 31 décembre 2020 | 31 décembre 2019 | 31 décembre 2018 |

| AXA World Funds II - Evolving Trends Equities |  |
| --- | --- |
| A Capitalisation USD | 218,998.110 | 10.35 | 7.88 | 5.95 |
| A Distribution USD | 1,460,752.000 | 10.35 | 7.88 | 5.95 |
| I Distribution USD | 144,221.460 | 10.41 | 7.93 | 5.98 |
| AXA World Funds II - North American Equities |  |  |  |  |
| A Capitalisation USD | 83,846.760 | 23.43 | 21.00 | 16.49 |
| A Distribution USD | 4,258,383.570 | 23.41 | 20.99 | 16.48 |
| I Capitalisation USD | 1,356.950 | 23.60 | 21.15 | 16.60 |
| I Distribution USD | 918,735.700 | 23.61 | 21.16 | 16.61 |
| AXA World Funds II - European Opportunities Equities |  |  |  |  |
| A Distribution EUR | 10,397,757.800 | 11.59 | 11.83 | 9.44 |
| I Distribution EUR | 676,374.320 | 11.63 | 11.87 | 9.47 |
| AXA World Funds II - Asia Select Income(note 1b) |  |  |  |  |
| A Capitalisation JPY | - | - | 441.80 | 380.40 |
| A Capitalisation USD | - | - | 4.07 | 3.47 |
| A Distribution JPY | - | - | 441.60 | 380.20 |
| A Distribution USD | - | - | 4.06 | 3.47 |
| I Distribution JPY | - | - | 444.60 | 382.80 |

Etat des investissements et autres actifs nets au 31 décembre 2020 (en USD)
| Description | Quantité/ Valeur nominale | Valeur de marché* | % des actifs nets |
| --- | --- | --- | --- |

FONDS DE PLACEMENT DE TYPE OUVERT
Fonds de placement de type ouvert en USD
| AXA World Funds - Framlington Evolving Trends M |  |
| --- | --- |
| Capitalisation USD | 86,585 | 18,862,619 | 99.85 |
|  |  | 18,862,619 | 99.85 |
| TOTAL DES FONDS DE PLACEMENT OUVERT | DE TYPE | 18,862,619 | 99.85 |
| Total du portefeuille-titres |  | 18,862,619 | 99.85 |
| Liquidités et instruments assimilés |  | 73,530 | 0.39 |
| Autres éléments de passif, nets |  | (44,312) | (0.24) |
| TOTAL DES ACTIFS NETS |  | 18,891,837 | 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.