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AX A WORL D FUNDS

AUDI TED ANNUAL R EP O RT AS AT 31 DECEMB ER 20 0 9

R.C.S. Luxembourg B-63.116

VAT Number LU 216 82 319

AXA World Funds(the "SICAV")

Société d"Investissement à Capital Variable

Audited Annual Report as at 31 December 2009

1

Audited Annual Report as at 31 December 2009

2AXA World Funds

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 and simplified prospectus

supplemented by the application form, the latest annual report and the latest semi-annual report if published thereafter.

Table of contents

3AXA World Funds

General Information8

Information to Shareholders11

Foreign Distribution12

Directors" Report15

Independent Auditor"s Report24

Financial Statements

Statement of Net Assets26

Statement of Operations and Changes in Net Assets38

Statistics50

AXA World Funds - Framlington Europe Real Estate Securities (note 1) ? Schedule of Investments and Other Net Assets61 ? Industrial Classification62 AXA World Funds - Framlington Global Real Estate Securities (note 1) ? Schedule of Investments and Other Net Assets63 ? Industrial Classification65 AXA World Funds - Framlington Global Environment (note 1) ? Schedule of Investments and Other Net Assets66 ? Industrial Classification68 AXA World Funds - Framlington Europe Emerging (note 1) ? Schedule of Investments and Other Net Assets69 ? Industrial Classification70

AXA World Funds - Framlington Eurozone (note 1)

? Schedule of Investments and Other Net Assets71 ? Industrial Classification72

AXA World Funds - Framlington Europe (note 1)

? Schedule of Investments and Other Net Assets73 ? Industrial Classification75

Table of contents

4AXA World Funds

AXA World Funds - Framlington Euro Relative Value (note 1) ? Schedule of Investments and Other Net Assets76 ? Industrial Classification78 AXA World Funds - Framlington Europe Opportunities (note 1) ? Schedule of Investments and Other Net Assets79 ? Industrial Classification80 AXA World Funds - Framlington Europe Small Cap (note 1) ? Schedule of Investments and Other Net Assets81 ? Industrial Classification83 AXA World Funds - Framlington Europe Dividend (note 1) ? Schedule of Investments and Other Net Assets84 ? Industrial Classification85 AXA World Funds - Framlington Europe Microcap (note 1) ? Schedule of Investments and Other Net Assets86 ? Industrial Classification89 AXA World Funds - Framlington American Growth (note 1) ? Schedule of Investments and Other Net Assets91 ? Industrial Classification92

AXA World Funds - Framlington Emerging Markets

? Schedule of Investments and Other Net Assets93 ? Industrial Classification95

AXA World Funds - Framlington Global Technology

? Schedule of Investments and Other Net Assets96 ? Industrial Classification98

AXA World Funds - Framlington Health

? Schedule of Investments and Other Net Assets99 ? Industrial Classification101

AXA World Funds - Framlington Japan

? Schedule of Investments and Other Net Assets102 ? Industrial Classification103 AXA World Funds - Framlington Human Capital (note 1) ? Schedule of Investments and Other Net Assets104 ? Industrial Classification106 AXA World Funds - Framlington Hybrid Resources (note 1) ? Schedule of Investments and Other Net Assets107 ? Industrial Classification109

Table of contents

5AXA World Funds

AXA World Funds - Framlington Italy (note 1)

? Schedule of Investments and Other Net Assets110 ? Industrial Classification111 AXA World Funds - Framlington Junior Energy (note 1) ? Schedule of Investments and Other Net Assets112 ? Industrial Classification114 AXA World Funds - Framlington Switzerland (note 1) ? Schedule of Investments and Other Net Assets115 ? Industrial Classification116

AXA World Funds - Framlington Talents (note 1)

? Schedule of Investments and Other Net Assets117 ? Industrial Classification119 AXA World Funds - Framlington Emerging Markets Talents (note 1) ? Schedule of Investments and Other Net Assets120 ? Industrial Classification122

AXA World Funds - Responsible Development Bonds

? Schedule of Investments and Other Net Assets123 ? Industrial Classification124 AXA World Funds - Euro Credit Short Duration (note 1) ? Schedule of Investments and Other Net Assets125 ? Industrial Classification128

AXA World Funds - Euro 3-5

? Schedule of Investments and Other Net Assets129 ? Industrial Classification131

AXA World Funds - Euro 5-7

? Schedule of Investments and Other Net Assets132 ? Industrial Classification134

AXA World Funds - Euro 7-10

? Schedule of Investments and Other Net Assets135 ? Industrial Classification137

AXA World Funds - Euro 10 + LT

? Schedule of Investments and Other Net Assets138 ? Industrial Classification140

AXA World Funds - Euro Bonds

? Schedule of Investments and Other Net Assets141 ? Industrial Classification143

Table of contents

6AXA World Funds

AXA World Funds - Euro Credit IG

? Schedule of Investments and Other Net Assets144 ? Industrial Classification147

AXA World Funds - Euro Credit Plus

? Schedule of Investments and Other Net Assets148 ? Industrial Classification151

AXA World Funds - Euro Inflation Bonds

? Schedule of Investments and Other Net Assets152 ? Industrial Classification153

AXA World Funds - Global Aggregate Bonds

? Schedule of Investments and Other Net Assets154 ? Industrial Classification162

AXA World Funds - Global Emerging Markets Bonds

? Schedule of Investments and Other Net Assets164 ? Industrial Classification166

AXA World Funds - Global High Yield Bonds

? Schedule of Investments and Other Net Assets167 ? Industrial Classification172

AXA World Funds - Global Inflation Bonds

? Schedule of Investments and Other Net Assets174 ? Industrial Classification176

AXA World Funds - US High Yield Bonds

? Schedule of Investments and Other Net Assets177 ? Industrial Classification181

AXA World Funds - US Libor Plus

? Schedule of Investments and Other Net Assets183 ? Industrial Classification187

AXA World Funds - Force 3

? Schedule of Investments and Other Net Assets188 ? Industrial Classification189

AXA World Funds - Force 5

? Schedule of Investments and Other Net Assets190 ? Industrial Classification191

Table of contents

7AXA World Funds

AXA World Funds - Force 8

? Schedule of Investments and Other Net Assets192 ? Industrial Classification193 AXA World Funds - Framlington Optimal Income (note 1) ? Schedule of Investments and Other Net Assets194 ? Industrial Classification197

AXA World Funds - Portable Alpha Absolute

? Schedule of Investments and Other Net Assets198 ? Industrial Classification199

AXA World Funds - Money Market Euro (note 1)

? Schedule of Investments and Other Net Assets200 ? Industrial Classification201

Notes to the Financial Statements202

Additional unaudited appendix - TER (Total Expense Ratio) and PTR (Portfolio Turnover Ratio) 231

General Information

8AXA World Funds

Registered Office of the SICAV

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

Board of Directors

Chairman

Mrs Nathalie Boullefort-Fulconis, Global Head of Sales, Marketing & Client Services, AXA Investment

Managers Paris, residing in Paris, France (resigned on 19 May 2009)

Mr Joseph Pinto, Director South Europe and Middle East, AXA Investment Managers Paris, residing in Paris,

France (appointed on 19 May 2009)

Members

Ms Catherine Adibi, Global Head of Funds Range Management, AXA Investment Managers Paris,

residing in Paris, France

Mr Dominique Forget, Global Head of Marketing, AXA Investment Managers Paris, residing in Paris, France

Mr Martin Hall, Head of AXA Investment Managers UK & Scandinavia, residing in London, United Kingdom

Mr Jean-Pierre Léoni, Global Head of Product Specialists, AXA Investment Managers Paris, residing in Paris,

France

Mrs Frédérique Moy, Product Engineering, AXA France, residing in Paris, France (resigned on 9 November 2009) Mr Denis Cohen Bengio, Head of Product Engineering, AXA France, residing in Paris, France (appointed on 9 November 2009)

Mr Jean-Benoît Naudin, Global Head of Operational Support & Service Management, AXA Investment

Managers Paris, residing in Paris, France

Mr Christian Rabeau, Chief Investment Officer, AXA Investment Managers Paris, residing in Paris, France

Mr Xavier Thomin, General Counsel, AXA Investment Managers, residing in Paris, France

Mr Stephan Heitz, Head of AXA Investment Managers Northern Europe, AXA Investment Managers

Deutschland, residing in Frankfurt, Germany (appointed on 18 May 2009)

General Information

9AXA World Funds

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 Jean-Benoît Naudin, Global Head of Operational Support and Service Management, AXA Investment

Managers Paris, residing in Paris, France

Members

Mr Guy Dauger de Caulaincourt, Oversight and SLA Manager and General Manager, AXA Funds Management S.A., residing in Luxembourg, Grand Duchy of Luxembourg

Mr Bruno Durieux, Chief Financial Officer, AXA Luxembourg S.A., residing in Luxembourg, Grand Duchy of

Luxembourg

Mr Kirk Hotte, Head of Global Distributors Coordination, AXA Investment Managers Paris, residing in Paris,

France

Mr Christian Rabeau, Chief Investment Officer, AXA Investment Managers Paris, residing in Paris, France

Mr Pierre Goffin, AXA Luxembourg S.A., residing in Luxembourg, Grand Duchy of Luxembourg (until 31 March 2009)

Mr Paul de Cooman, Chief Executive Officer, AXA Luxembourg S.A., residing in Luxembourg, Grand Duchy of

Luxembourg (from 31 March 2009)

Mr Christof Jansen, Oversight and SLA Manager and General Manager, AXA Funds Management S.A., residing

in Luxembourg, Grand Duchy of Luxembourg

Investment Managers

AXA Investment Managers Deutschland GmbH, Bleichstrasse 2-4, D-60313 Frankfurt am Main, Germany

(until 2 June 2009)

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

AXA Framlington Investment Management Limited, 155 Bishopsgate, London EC2M3XJ, United Kingdom

(until 31 May 2009) AXA Investment Managers Inc., One Fawcett Place, Greenwich, CT 06830, United States of America

AXA Rosenberg Investment Management Ltd (Tokyo), 5 F Tohtate International Building, 2-12-19

Shibuya-ku,Tokyo 150-0002, Japan (until 25 September 2009)

AXA Rosenberg Investment Management Asia Pacific Limited, 1 George Street, # 14-02/03, 15th floor, 04 9145

Singapore (since 25 September 2009)

General Information

10AXA World Funds

Agent to carry out Stock Lending and Repurchase Agreements Activities AXA Investment Managers GS Limited, 7 Newgate Street, London EC1A 7NX, United Kingdom Custodian, Paying Agent, Domiciliary and Administrative Agent and Registrar and

Transfer Agent

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

Luxembourg

Promotor

AXA Investment Managers S.A., Coeur Défense, Tour B, La Défense 4, 100, Esplanade du Général de Gaulle,

F-92400 Courbevoie, France

Independent Auditor

PricewaterhouseCoopers S.à r.l., Réviseur d"entreprises, 400, Route d"Esch, L-1471 Luxembourg,

Grand Duchy of Luxembourg

Legal Advisor

Arendt & Medernach, 14, rue Erasme, B.P. 39, L-2082 Luxembourg, Grand Duchy of Luxembourg

Information to Shareholders

11AXA World Funds

The Full and Simplified Prospectus and the Articles of Association and any other information published are

available at the registered office of the SICAV, the Custodian, the Registrar and Transfer Agent. The semi-

annual and the annual reports can be obtained at the address of the Custodian. Information on the issue and

redemption prices is given by the Custodian.

The net asset value of the SICAV is determined on a daily basis except for AXA World Funds - Responsible

Development Bonds whose net asset value is calculated every Monday. The financial year of the SICAV ends

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