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FINANCIAL

Fund Guide – April 2010

AXA Financial

For Financial Adviser use only. This document has been approved for use by Financial Advisers only and should not be distributed to, or relied upon by retail clients.

1020

a reliable financial partnerFINANCIAL

The AXA Financial proposition consists of over 50 funds, across 18 fund managers and 13 sectors that have been selected by the independent fund selection process. The goal is to provide both choice and conviction within each sector to facilitate the construction of appropriate and flexible investment portfolios for your clients.

Market capitalisation and financial strength rating of parent group. All ratings are from S&P and relate to long term debt where a financial strength rating is unavailable. Market capitalisation and financial strength as at December 4th, 2009.

€bn

35.0

30.0

25.0

20.0

15.0

10.0

5.0

0Irish Life

BBB+

AIBA

Bank ofIreland

A

StandardLife

A+

AVIVAAA–

Great-WestLife Co

AA

AXAZurichAA– AA

Market Capitalisation/Financial Strength

3

Welcome to the updated AXA Financial Fund Guide. This is a step-by-step, reference guide to our Tailored Selection of funds.

The guide provides, in easy to follow sections, details and information on the fund sectors, fund groups and the funds themselves.

In addition, summary charts and tables are provided to aid you in your investment planning with your clients.

This guide is part of an extensive library of aids designed and aimed at helping you, the adviser.

For further information please contact us directly or visit our website www.axafinancial.ie.

AXA Financial provides one tax structure – hundreds of investment choices

Contents

Page

3 Introduction 4 The Way Forward6 Fund Groups Overview7 Funds by Sector7 Asia Pacific ex Japan Equity Sector

8 Eurozone Equity Sector

10 Global Emerging Equity Sector

12 International Equity Sector

15 Irish Equity Sector

15 Japan Equity Sector

16 North American Equity Sector

18 Specialist Equity Sector

20 UK Equity Sector

22 Managed Sector

23 Property Sector

24 Fixed Interest Sector

26 Cash

27 Fund Groups30 Funds Sector Overview31 Fund Index

Introduction

4

AXA Financial offers over 50 funds on a single fund platform (The Tailored Selection). AXA Financial does NOT promote an in-house fund manager. Our entire focus is on the AXA Financial Investment Process. This process distinguishes the AXA Financial fund offering from the typical fund offering available in the Irish market. The process is split into two phases as discussed below.

The AXA Financial Investment ProcessThe AXA Financial Investment Process distinguishes the AXA Financial fund offering from the fund selection available from competitors. The process comprises a quantitative and a qualitative phase.

Quantitative PhaseWe are unique in that we employ a proprietary fund screening tool that exercises sufficient rigour to reduce the universe of funds (excess 30,000) to a number that can be passed through a qualitative screening phase. This filtering ensures that the number of funds passed to the qualitative phase is manageable while ensuring that no funds that exhibit performance consistency (as measured by a range of parameters and not just investment return) are missed.

Measuring a fund by its performance only tells one story. Each fund needs to be measured against a number of other salient parameters. Our analysis uses 10 parameters including investment return, maximum loss, volatility and correlation. Additionally, due to the nature, complexity and volatility of the underlying investments, measuring funds over static 1, 3 and 5 year time periods is inappropriate. The primary objective of the quantitative analysis is to find consistency. Each fund is compared with each other fund within its peer group across 156 different time periods for each parameter. The analysis then weights observations with greater weight given to more recent results.

The quantitative analysis secures that factors such as luck are not inadvertently credited and that emotion does not enter the selection process at any stage. The team of a dozen fund analysts can then be sure that their time is spent on only those funds most likely to succeed from a quantitative perspective.

The existence of a clear audit trail from sourcing to selection of funds is a further compelling recommendation for the Investment Process. This transparency provides comfort to clients and investment advisers alike. The process also eliminates the requirement for extensive and time consuming research by the investment adviser.

The funds emerging from the quantitative phase of the analysis are shaped by qualitative analysis. Our fund analysts rely on their experience, various backgrounds and disciplines to rigorously interview and assess fund managers. The purpose of the interview is to seek an understanding of the processes that fund managers follow and how they can sustain superior performance into the future.

The power of this assessment is the combined inputs from various fund analysts to produce an evaluation of the specific fund. With over 150 years of experience within the fund analyst team, it ensures that each fund is assessed thoroughly.

Qualitative PhaseThe qualitative phase of the Investment Process begins with a high level review of the fund, analysing the fund’s history from a number of aspects. It then moves to examine the constituent holdings of each fund from a number of perspectives including industrial sectors, market capitalisation, geographical allocation and foreign currency exposures. The AXA fund analysts also look for any biases and establish how various underweight and overweight holdings relative to benchmark and sector average have influenced performance and volatility.

Each fund manager is formally interviewed by our analysts. The interviews are important as they grant valuable insight into how fund managers structure and process information that leads to investment decisions. Ultimately, the analysts are looking to assess how any past out-performance will be sustained in the future. The level of interaction between the team of AXA fund analysts and fund groups is extensive and this is illustrated by the fact that there are in excess of 1000 research-based contacts with fund groups annually. This highlights the depth of the knowledge base within the team of analysts.It is important to note, that once a fund secures a place on the Tailored Selection, it is not necessarily there to stay. Each fund is continuously monitored to ensure that the parameters that it satisfied on its initial selection are maintained.

The Way Forward

5

Investment performance is often presented as a snapshot in time with selected funds and selected time periods used to position fund performance in the best light. At AXA Financial, we believe that consistent performance is more important and more valuable for the investor in the long run. Our Investment Process is designed to achieve this consistency. To illustrate the effectiveness of the Investment Process, we

have reviewed the investment performance of the Tailored Selection for the 5 year periods to each of last four quarter ends (31st March 2009, 30th June 2009, 30th September 2009 and 31st December 2009). The percentage of the Tailored Selection funds with a five year performance history that fall in the top two quartiles were 93%, 86%, 89% and 90% for each of these five year periods.

We believe that the consistency of these performance figures is more powerful than any performance snapshot over any specific time period. In volatile investment times, these numbers should give confidence to the professional Investment Adviser.Source – Financial Express Irish fund sectors

Consistently Consistent

AXA Financial – providing choice, conviction and flexibility

Cho

ice Diversification when investing helps to reduce risk by allocating investments

among various financial instruments, industries and other categories. The goal is to maximise return by investing in different areas that would each react differently to the same event.

Con

vict

ion

AXA Financial differs from traditional product providers, who promote in-house fund managers and a limited choice of external funds, by offering access to an unbiased range of external funds. The Fund Selection Process applies a rigorous and uniform research approach to each fund selected.

Flex

ibili

ty

AXA Financial recognises that your needs can change with time, personal experience and necessity, and that your investments should be able to evolve and change with them.

Because the funds and sectors within Evolution are all available through the one tax structure, selections and decisions can be changed at any stage throughout an investment lifecycle.

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Fund Group Website Founded AUMsAUMs as at

Date

No of AXA

Financial Funds

Allianz http://www.allianzglobalinvestors.com/en/Pages/default.aspx 1890 €1.0 trillion 31/12/2009 2

Baillie Gifford http://www.bailliegifford.com/ 1908 £56 billion 31/12/2009 2

Blackrock http://www.blackrock.co.uk/Intermediaries/index.htm 1988 $3.2 trillion 30/09/200910

(incl 7 passive funds)

Fidelity http://www.fil.com/ 1969 $210 billion 30/09/2009 4

First State http://www.firststate.co.uk/HomeEnGB.aspx#2 1911 £70.8 billion 31/07/2009 3

Gartmore http://www.gartmore.com/ 1969 £21 billion 30/09/2009 2

Invesco http://www.invescoperpetual.co.uk/portal/site/splash-uk 1935 $423.1 billion 31/12/2009 1

JPMorgan http://www.jpmorgan.com/pages/jpmorgan 1871 $1.2 trillion 31/12/2009 4

Jupiter http://www.jupiteronline.co.uk/ 1985 €527 million 30/11/2009 2

Legal and General Investments

www.landginvestments.com 1836 £311 billion 30/09/2009 1

M & G http://www.mandg.co.uk/GlobalHome/ 1931 £169 billion 30/09/2009 3

Martin Currie http://www.martincurrie.com/ 1881 £11.8 billion 31/12/2009 2

Merrion http://www.merrion-investments.ie/ 1986 €1.0 billion 31/12/2009 2

Neptune http://www.neptunefunds.com/ 2002 £5.0 billion 31/12/2009 1

Newton http://www.bnymellon.com/ 2007 $1.1 trillion 31/12/2009 1

Schroders http://www.schroders.com/global/home/ 1804 £138.9 billion 30/09/2009 6

Standard Life http://www.standardlifeinvestments.com/ 1998 £150 billion 30/09/2009 1

Threadneedle http://www.threadneedle.com/ 1994 £60 billion 31/12/2009 1

The following table provides a simple one page synopsis of the international fund groups associated with our Tailored Selection of funds. Further information on each of the fund groups can be found on page 27.

Fund Groups Overview

7

Funds by Sector

Asia Pacific ex Japan Equity Sector

AXA Financial BlackRock Pacific Rim Index

Type Fund Group Fund AimFund

Manager(s) Fund Size No of HoldingsStyle Bias Cap Bias

MoneyMate Rating

This fund invests in the shares of companies in the Pacific Rim and aims to achieve a return that is consistent with the return of the FTSE All-World Developed Asia Pacific ex-Japan Index.

BlackRock $862M

31/01/2010

148 Passive N/A HHHHH

Investment Approach Key Points

The vast majority of funds are managed on a ‘fully replicated’ basis, where the fund’s exposure to each security in the index is in line with the weight it has in the underlying index. BlackRock believe this is the most reliable approach to equity indexation for a number of reasons:

• Risk relative to the index is minimised.

• Portfolios automatically rebalance, which minimises turnover and trading costs.

• This fund invests in the shares of companies in the Pacific Rim and aims to achieve a return that is consistent with the return of the FTSE All-World Developed Asia Pacific ex-Japan Index. This index is widely regarded as the benchmark for UK pension fund investment in shares of companies in the Pacific Rim.

AXA Financial Fidelity South East Asia



MoneyMate Rating

To invest principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan.

Allan Liu $5,735M

31/01/2010

150 Growth Multi-Cap HHHHH


• As a growth-orientated investor Allan looks for attractively valued companies that reflect strong growth prospects, with above average earnings growth potential relative to both the sector and the market. Stock selection results from bottom-up, detailed fundamental analysis of company and industry.

• Managed by Allan Liu since 2001. The fund has a growth orientation, it diversifies risk with a long portfolio of 150 stocks plus.

• All cap with a bias away from large cap. It typically has a higher risk and return profile.

• It aims to produce long - term capital growth through investment in a diversified portfolio of stocks across the South East Asia region.

AXA Financial First State Asia Pacific Leaders



MoneyMate Rating

To achieve long term capital growth. The Fund invests in large and mid capitalisation equities in the Asia Pacific region (excluding Japan, including Australasia).

Angus Tulloch

Alistair Thompson

£3,674M

31/01/2010

50 Value Large & Mid Cap


• A long term view fund. The fund invests with a 3-5 year horizon which the manager feels gives the investment a chance for better company relationships. Will top & tail when opportunities arise.

• Fund has an absolute return mindset.

• Bottom up - focused on quality companies.

• Strong valuation disciplines.

• Seeks sustainable and predictable growth.

• Corporate governance is key part of their investment process.

• Tends not to chase momentum.

• Experienced team, disciplined process, long & successful performance history and a long term stewardship of the fund.

• Preservation of capital is key to the fund management team.

• High level of conviction in positions – typically top 10 has approximately 50% of fund.

£

£

£

Equity

Fixed Interest Property

Cash

Managed

£

£

£

£

£

MoneyMate Star Ratings

MoneyMate Fund Ratings are a simple visual way to evaluate a fund’s historic risk-adjusted performance compared to other funds with a similar risk profile.

The MoneyMate ratings are a quantitative assessment of a fund’s past behaviour over a three-year period, measured from one to five stars. However, before individual funds are rated, they are placed in risk profiles based on their volatility. Funds are then ranked within those risk profiles using a risk-adjusted return measure, with an additional mechanism to promote funds which have a stronger capital preservation record.

MoneyMate will rate funds on a quarterly basis. When the total score for each fund in each of the risk profiles has been calculated, MoneyMate will distribute stars (on a scale of one to five) based on ranking within each risk profile, where the top funds receive the top ratings.

The ratings are intended only for use as a first step in the fund selection process and should be used with extreme care and in combination with other information and analysis to make informed investment decisions.

For further information and a comprehensive overview of MoneyMate Fund Ratings, please visit www.moneymate.ie or contact MoneyMate directly.

Funds that do not have MoneyMate Ratings have not been rated.

8

AXA Financial Martin Currie Global Funds Asia Pacific



MoneyMate Rating

To produce capital growth by investing in all or any of the Indian sub-continent, Australia, New Zealand and the Far East, excluding Japan. The portfolio will be invested principally in equity securities.

Richard Evans

Jason McCay

$257M

31/01/2010

40-60 Growth /Value

Multi-Cap


• The returns are based on stock selection and focus on momentum and change. Martin Currie utilise a numerical screening system – the Dynamic Stock Matrix – which screens and identifies potential stocks.

• They identify change as the central dynamic behind stock price movements. They believe market participants tend to underestimate both the duration and magnitude of change at the stock level. The process is designed to identify and exploit the opportunities this presents.

• The investment managers conduct primary research and make investment decisions. This makes for quicker and more effective decision-making and ensures a combination of strong team culture with individual ownership and accountability.

• They control very strong research resources and as such the fund focuses on a wider Asia Pacific region including Australasia.

• Martin Currie is a strong fund group that has captured the essential aspects of a ‘boutique’ investment house despite it’s long history. Its employee ownership brings stability for investment managers to thrive.

• Martin Currie specialises in equity fund management and has adapted the conventional boutique model to ensure that all equity managers have access to specialist global analysts.

• A proprietary stock ranking tool (Dynamic Stock Matrix) is used to identify company change at an early stage, thus identifying how positive and negative changes impact the direction of stock prices.

• This fund offers an interesting and contrasting core proposition for the Asia Pacific (ex Japan) fund range as it includes Australia and New Zealand within its investment scope believing they are at the centre of the Asia Pacific economic environment.

• The fund has a consistent and strong investment process that has delivered excellent investment performance and is an extension of choice within the new Tailored Selection range.

Eurozone Equity Sector

AXA Financial Allianz RCM Euroland Equity Growth



MoneyMate Rating

The fund primarily invests in Eurozone equity markets. Fund management focuses on securities it considers to have growth potential that is not fully taken into consideration in the price of the security (growth approach). The investment objective is to achieve long-term capital growth

Gerrit Mader

Matthias Born

€129M

31/12/2009

50 to 80 Growth Large Cap HHHH


• A research driven investment process is based primarily on bottom-up stock selection, although this is done within a top-down framework. The top down overlay serves two functions. Firstly, it contributes to idea generation by highlighting countries or sectors that may have attractive growth characteristics. Secondly, it operates as a risk control feature, which ensures that country or sector weighting ranges take full account of the macro consideration. Sector and industry weights are monitored to ensure that deviations are within pre-defined ranges relative to the benchmark.

• The investment process is focused on structural growth (which is less dependent on global GDP growth).

• Portfolio managers draw input from all resources of RCM’s global equity platform. Generating information advantage is one of the cornerstones of the investment process.

• Allianz employs “Grassroots” research to complement fundamental research. It is an investigative research tool which increases conviction on holdings and buy/sells. It also identifies potential new ideas and possible surprises. It uses circa 300 independent researchers around the world to investigate critical issues and marketplace trends.

£

£

9

AXA Financial BGF Euro-Markets



MoneyMate Rating

To maximise total return, the fund invests at least 70% of its total assets in the equity securities of companies domiciled in those EU member states participating in EMU. Other exposure may include, without limitation, investments in those EU member states that, in the opinion of the investment adviser, are likely to join EMU in the foreseeable future and companies based elsewhere that exercise the predominant part of their economic activity in EMU participating countries.

Alice Gaskell

Andrras Zoellinger

€1,815M

31/01/2010

50 N/A Flexible HHHH


The approach is flexible, varying through market and economic cycles to position the portfolio appropriately. Sector and factor exposures are principally the result of stock selection.

BlackRock make sure that at any given time they understand the riskiness of the portfolio relative to the benchmark and, crucially, the sources of risk. The Fund’s portfolio construction adheres to three risk parameters which ensure that risk is diverse, deliberate and appropriately scaled:

• Portfolio typically hold between 30 and 50 stocks.

• Strict control of portfolio construction to combine focus with risk.

• Maximise stock specific risk (aim for >50% of total portfolio risk).

• Minimise unintended risk - no blind spots.

• Have diverse range of exposures (individual stock / factor risk <10%).

• Key aim is to avoid performance being driven by a single stock or ‘factor’.

• Largest positions will reflect risk adjusted upside to price target, level of conviction and visibility of catalysts.

• Sector positions primarily driven by bottom-up input but checked against macro view.

Experienced research team with collaborative culture;

• All 13 investment professionals on the European Equity Style Diversified team are involved in the research process.

• The team includes five senior portfolio managers with an average of over 18 years experience including during recessionary conditions.

• In total the team can draw on over 140 years of investment experience.

• Structured, rigorous investment process with emphasis on risk awareness.

• Idea generation from a vast range of internal and external sources afforded by BlackRock’s global reach.

• Rigorous in-depth fundamental analysis conducted by experienced analysts within a consistent framework and targeted to the best money making ideas.

• A commitment to disciplined portfolio construction and a constant awareness of portfolio risk.

AXA Financial BlackRock Euro Equity Index



MoneyMate Rating

To achieve a return in line with international equity markets.

BlackRock €277M

31/01/2010

357 Passive N/A


The vast majority of funds are managed on a ‘fully replicated’ basis, where the fund’s exposure to each security in the index is in line with the weight it has in the underlying index. BlackRock believe this is the most reliable approach to equity indexation for a number of reasons:• Risk relative to the index is minimised.• Portfolios automatically rebalance, which minimises turnover and trading costs.• It is often easier and more cost effective to trade a broader index basket.

• The investment objective of the fund is to track closely the MSCI EMU Index which is a free floating adjusted market capitalisation weighted index that is designed to measure the equity market performance of countries within the EMU.

• The MSCI EMU Index consists of the following 11 developed market euro zone country indices: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal and Spain.

£

£

10

AXA Financial Fidelity Euro Blue Chip



MoneyMate Rating

To invest principally in blue chip equities in those countries which are members of the Economic Monetary Union (EMU) and primarily denominated in Euro. Currently these are the twelve member countries but if other countries join the EMU in the future then investment in these countries may also be considered for inclusion in the fund.

Alexandra Hartmann

€496M 50 to 100 Growth Large Cap HHH


Portfolio Manager Alexandra Hartmann regards blue chip companies not primarily as large-cap stocks per se, but first and foremost as high-quality businesses with a sustainable business model, a management with a good track record and strong internal - rather than macro- growth drivers that can fuel ‘growth from within’ regardless of market external conditions. The characteristics of growth from within can come in a variety of different shapes and forms, including: a firm with a strong market position, a business that benefits from a good geographical roll-out story, an industry that enjoys high barriers to entry or where there is a demand/supply imbalance.

• The fund is actively managed and follows a disciplined approach to identify companies which can ‘grow from within’.

• The manager draws upon Fidelity’s extensive research resources to identify investment opportunities arising from supply/demand imbalances, unrecognised growth potential, structural growth and restructuring opportunities. The portfolio would typically hold 50-100 with a bias away from mega cap companies. The fund is not constrained by a stock’s weight in the benchmark in portfolio constructing.

AXA Financial Schroder Euro Equity



MoneyMate Rating

To provide capital growth primarily through investment in equity securities of companies in countries participating in the EMU.

Gary Clarke €1,275M

31/01/2010

50 to 60 Growth Multi-Cap HHH


Investment Process;

• Bottom up stock selection drives the investment process.

• Large cap research driven by sector analysts, small and mid cap stocks researched by European Equity fund managers and Pan European Small and Mid Cap Team.

• Strong proprietary stock research database for information sharing, Global Research Investment Database (GRiD).

• Rigorous active risk controls.

• The fund is run on a pragmatic basis seeking growth from a multi-cap stock portfolio.

• The fund has the flexibility to adapt to different market conditions.

• There is no structural bias to any country, sector or market cap tier.

• Typical portfolio of 50-60 stocks with reasonably tight control around its MSCI EMU benchmark weights on a stock and sector level.

• Fund tries to identify simple, demonstrable drivers of superior growth e.g. competitive structure, end market growth, operational and financial leverage.

Global Emerging Equity Sector

AXA Financial Allianz RCM BRIC Stars



MoneyMate Rating

The Fund’s aim is to achieve long-term capital growth by investing predominantly in the equity markets of Brazil, Russia, India and China. Up to one third of the Fund’s assets may be invested outside the BRIC countries including developed countries and/or other emerging markets.

Michael Konstantinov

€181M

31/12/2009

50 to 70 Blend Large Cap


• The fund’s robust investment process is a unique combination of systematic country allocation and bottom-up stock selection, providing a high quality portfolio that drives performance (a third of the performance is expected to come from country allocation with the remainder from stock selection).

• The fund has a weighted benchmark strategy with equal weights to each BRIC country, providing fund managers with a clear focus on allocation.

• A flexible approach means that up to a third of the fund may be invested in non-BRIC countries that will benefit from the BRIC effect.

• The manager is valuation conscious and risk aware. His staring point is systematic country allocation which is based upon macro and market factors.

• Allianz employs “Grassroots” research to complement fundamental research. It is an investigative research tool which increases conviction on holdings and buy/sells. It also identifies potential new ideas and possible surprises. It uses circa 300 independent researchers around the world to investigate critical issues and marketplace trends.

£

£

£

11

AXA Financial First State Global Emerging Markets Leaders



MoneyMate Rating

To achieve long term capital growth through investing in large and mid capitalisation equities in emerging economies, including those companies listed on developed market exchanges whose activities predominantly take place in emerging market countries.

Jonathan Asante

David Gait

£809M

31/01/2010

55 Value Large & Mid Cap



• Bottom up - focused on quality companies. Strong valuation disciplines.

• Seeks sustainable and predictable growth.

• Corporate governance is a key part of their investment process. The team travels extensively when researching and are not constrained by their Edinburgh location.

• The management team is insistent on finding out about company drivers. Due diligence is part of core investment process. They seek to discover how company management really works.

• The style of the fund is long term value. They tend not to chase short term earnings’ growth.

• The portfolio will range in size from 30 to 60 stocks depending on the market cycle.

• The fund tends to perform better in relative terms during adverse market conditions.

• The management team’s extensive research and due diligence gives a level of reassurance that they really understand the companies they are buying into.

AXA Financial Gartmore Emerging Markets



MoneyMate Rating

To achieve a long-term return in excess of the long-term return that is typically achieved from emerging equity market

Chris Palmer $455M

31/01/2010

80 to 90 N/A Large Cap HHHH


• The Team’s investment approach is based upon identifying and exploiting unexpected earnings potential at a stock, industry and country level. Dedicated sector analysts strive to gain an information advantage and exploit it. They achieve this through comprehensive, forward-looking research to identify the best ideas and a risk-controlled portfolio construction process.

• The fund typically holds between 80 and 90 stocks in its portfolio.

• The fund’s cap bias reflects where the team identifies greatest potential for adding value. Investment decisions are based on a balance of the upside implied in the target price against the risk involved in the inclusion of a stock in the portfolio.

• At the heart of the Gartmore investment philosophy is a team-based approach to detailed research and discovery of the unexpected, coupled with hands-on company interaction and monitoring.

AXA Financial JPM Emerging Markets Equity



MoneyMate Rating

To provide long-term capital growth by investing primarily in emerging markets equities.

Austin Forey $6,567M

31/12/2009

65 Growth N/A HHHHH


The investment approach is concentrated upon two core principles; understand what we own and value what we understand. JPM look to take advantage of the high relative volatility of emerging markets by investing for the long-term, beyond the investment horizon of the average investor. The investment process aims to achieve superior returns by combining ideas from JPM’s well-resourced and experienced team in an appropriate way according to each client’s or Fund’s risk profile and performance requirements. Portfolio managers are active participants in the process of idea generation, not simply passive recipients of the analysts’ ideas.

• Managed by Austin Forey for almost 15 years, he operates in one of the best resourced Emerging Market equity teams available, with significant resources on a global basis as well as a specialist regional team generating research led best ideas.

• The fund has a growth bias seeking growing companies at a reasonable price that can be held for the longer term.

• The fund has a very low turnover for an equity fund, particularly an Emerging Market one, and this underlines the emphasis on a longer-term investment horizon both for portfolio construction and for the research process.

• The fund is willing to take large active positions principally through stock selection, but balances this across a 60–75 stock portfolio.

• This is a complementary core-growth offering within the expanded Global Emerging Markets sector available on the Tailored Selection. It is more suited towards investors with a longer-term investment horizon.

£

£

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12

International Equity Sector

AXA Financial Baillie Gifford International



MoneyMate Rating

To achieve capital growth by investing principally in companies worldwide, excluding the United Kingdom.

Charles Plowden

Malcolm MacColl

Spencer Adair

£187M

10/03/2010

88 Growth Multi-Cap HHHH


•Baillie Gifford are active managers and are prepared to back their judgement in the composition of portfolios and their management. They seek to invest in well-managed businesses where they can see sustainable competitive advantages.

• The fund has a growth bias orientated towards the long term. Investment is principally in equities of companies worldwide, excluding the UK.

• Baillie Gifford has a distinctive investment approach that focuses on quality, longer term investment opportunities to companies who can grow sustainably.

• Baillie Gifford is focused primarily on the analysis of businesses rather than economic data and seeks companies that have a combination of above average earnings and cash flow growth together with sustainable returns.

• This fund seeks to capture the best investment ideas from across all Baillie Gifford equity teams and to incorporate them into a global equity best ideas portfolio that offers broad diversification within a genuinely global context.

• The fund offers exposures to this established investment process and diversification with a Global ex UK mandate.

AXA Financial Gartmore Global Focus



MoneyMate Rating

To achieve a long-term return, in excess of the long-term return that is typically achieved from global equity markets, by investing in a concentrated portfolio of companies in global markets.

Neil Rogan $774M

31/01/2010

30 to 40 Growth Large Cap HHH


• The investment process seeks to combine an eclectic mix of investment ideas for the fund. These themes are then thoroughly researched by a small but boutique-like equity team for potential inclusion in the portfolios.

• Portfolio construction follows a core and satellite approach. Core stocks represent strategic holdings with long-term growth characteristics. Satellite stocks represent tactical opportunities with a shorter-term investment horizon with well defined exit points.

• The Gartmore Global Focus Fund is an unconstrained best-ideas fund, with typically 30-40 stocks, aiming to outperform in all market conditions. This investment strategy is in direct contrast to a typical diversified investment fund that generally holds over 75. Fewer holdings mean each stock position has a significant weighting and this concentration can amplify the effect of an outperforming stock holding.

• It has large cap growth bias – it seeks unexpected earnings.

• Managed by global high alpha specialist Neil Rogan since 2004. Neil is supported by a highly experienced Global Equity Team who between them have over 100 years’ combined experience.

• The manager operates a strong sell discipline with stocks sold dispassionately on achieving predetermined price targets or an expectation of lower than anticipated earnings growth.

• This is a concentrated global best ideas fund which seeks to exploit unexpected earnings growth.

• The addition of this fund to the Tailored Selection provides access to an established investment process among Global equity funds with a strong performance record that Winterthur’s Investment Team believes has the potential to be replicated in the future.

£

£

13

AXA Financial Jupiter Global Financials



MoneyMate Rating

To achieve long-term capital growth, principally through investment in equities of financial sector companies on an International basis.

Philip Gibbs €78M

31/12/2009

40 to 60 Value Large Cap HH


• The fund manager, Philip Gibbs, uses a combined top-down and bottom-up investment approach. After an initial idea generation phase, Philip takes a macro view of the economy and identifies themes which have the most potential.

• He then looks for reasonably priced companies through which to play out his best ideas on these themes. Through detailed quantitative and qualitative analysis, he reduces the investment universe to a list of potential companies which combine the optimal mix of growth, financial strength and undervaluation. He is not afraid to back strong convictions about a company with a sizeable weighting.

• To deliver returns, Philip concentrates the strategy’s assets on his very best ideas, and he is willing to back strong convictions about a company with a sizeable weighting in the portfolio. He is less concerned about index weightings but looks for absolute returns, and spreads risk through exposure to different types of companies.

• Valuation is a key measure of risk control. A tendency to buy when valuations are particularly low (for a given growth rate) builds in a margin of safety at purchase. Philip has a tendency to sell when valuation gaps have closed.

• Philip has strict guidelines on the price he is prepared to pay for shares. Usually he finds the best returns can be secured by seeking out lowly-rated companies with strong underlying growth where the wider market has simply not recognised this. Once a stock has realised its potential he will, more than likely, remove it completely from the portfolio.

Please note: Under UCITS III regulation, Philip may employ a range of strategies, including the use of derivatives, for investment purposes, hedging and efficient portfolio management. This means he can take a flexible approach to managing the fund and can seek to profit in a variety of market conditions.

• A large cap value orientated fund.

• Managed by Philip Gibbs, he initially takes a macro view of the economy and aims to identify themes that have the most potential. He then looks for reasonably priced companies through which to play out his best ideas on these themes. He is not afraid to back strong convictions about a company with a sizeable weighting in the fund. In order to deliver returns, he believes it is sensible to concentrate the fund’s assets only on his very best ideas.

• He looks for strongly incentivised and committed management before investing. He also has strict guidelines on the price he is prepared to pay for shares. Usually, he finds the best returns can be secured by seeking out lowly-rated companies with strong underlying growth where the wider market has simply not recognised this.

AXA Financial M&G Global Leaders



MoneyMate Rating

To maximise long term total return (the combination of income and growth of capital) by investing in a wide range of global equities that the fund manager considers to be leading in their field.

Aled Smith (Deputy Stuart

Rhodes)

£959M

31/01/2010

65 Value Large Cap HHH


• The M&G Global Leaders Fund is a global equity fund with a clear investment strategy – to invest in companies which are undertaking positive internal changes that have not yet been recognised by the wider market. The fund manager follows a clearly defined active investment approach, consisting of systematic bespoke screening of the global equities universe followed by rigorous company specific fundamental analysis. He tends to avoid imposing top-down views on sector, country or currency selections but will take into account macroeconomic factors where they impact on a particular stock. There is no reference to a benchmark in the stock selection process. The key test is the fund manager’s conviction over each company’s prospects of long-term success. His judgement is based on two key factors: the company’s valuation and the ability of its management to deliver the appropriate corporate strategy. After making his selections, the fund manager employs a risk management process to ensure that the portfolio is properly diversified.

• The fund aims to generate long-term growth from a diversified portfolio of global equities that the fund manager considers to be leading in their field.

• A value fund with a large cap orientation.

• The portfolio will typically hold around 65 stocks which are selected without reference to benchmark weights or top down factors and are determined primarily on the level of conviction in the stock. The process is supported by a well-resourced team of analysts and fund managers.

• The fund’s valuation bias is a key feature of the investment approach.

• This Fund provides an extension of choice on Tailored Selection for investors seeking exposure at a global level to companies which it is believed will benefit from undergoing internal change.

£

£

14

AXA Financial Neptune Global Equity



MoneyMate Rating

To generate capital growth from a concentrated portfolio of global securities, selected from across world equity markets, with a view to attaining top quartile performance within the appropriate peer group.

Robin Geffen (Fund Manager)

Douglas Turnbull (Assistant Fund

Manager)

Ewan Thompson (Assistant Fund

Manager)

£1,006M

29/01/2010

50 Growth Large Cap HHHH


•The Manager adopts a very active approach to stock selection uninhibited by benchmark weights. Benchmarks are considered to be a reflection of past performance with benchmark awareness likely to deliver exposure to growth below that of the market.

• It is a concentrated and high-conviction portfolio investing in Neptune’s favourite stock ideas from around the world.

• They apply a rigorous process that identifies those global investment sectors with the best opportunities for growth. The manager, Robin Geffen, selects the best companies in those sectors, regardless of where they are based.

• Driven by a top down sector selection, it has a large cap growth bias with approximately 50 stocks in its portfolio. It focuses on holding its stocks over the long term.

• Neptune, with its boutique approach to investing, is an exciting investment house. Neptune’s house approach is focused on top-down analysis of global industry sectors combined with bottom-up stock selection.

• The fund benefits from internal fundamental research which seeks to identify companies which are likely to benefit most from Neptune’s global view on industries and sectors and where growth is unappreciated by markets.

• The active stock selection process focuses on catalysts for change in earnings growth profiles. Deterioration in company fundamentals acts as the key catalyst in realising value from portfolio holdings.

• The relatively concentrated nature of the portfolio, together with a high level of exposure to growth characteristics, means this fund may at times experience performance at variance to its peer group. This provides a complementary portfolio to the existing Global Equity funds available through the Tailored Selection.

AXA Financial Threadneedle Global Select



MoneyMate Rating

To achieve above average capital growth through investment in equities issued by companies worldwide. The portfolio may be concentrated geographically or with respect to stock and sector positions, which may lead to increased levels of volatility. If desirable, it may further invest in other securities (including fixed interest securities, other equities and money market securities).

Jeremy Podger £587M

31/01/2010



• The first step is to create a pool of ideas from which to pick suitable stocks to build the portfolio. Threadneedle seek to identify multiple sources of alpha during the stock selection process. The best stock ideas are then discussed and considered by the Global Equity Team within a global context.

• The approach is to consider the way in which a company creates value and compare this to its share price. Threadneedle look at how a particular business operates, talk to its management, and examine how it competes in the market place. They typically run global portfolios with around 120 stocks. This gives a well-diversified portfolio, while at the same time creating the potential to meet the objective of outperforming the benchmark. Price targets and timelines are agreed along with recommended portfolio weights. Stocks are only added to the core holdings if the Global Equity Team unanimously agrees. Threadneedle then hold global research meetings every week to review individual companies, as well as a separate meeting to review the existing portfolio. Threadneedle also adopt a strict sales discipline, reviewing the stock as soon as the set target has been met.

• Large cap growth biased fund with a diversified portfolio of 90-140 stocks.

• The fund is bottom-up driven with stock selection regarded as the main source of alpha, with a top-down check.

• Fundamental company analysis is undertaken using primary information sources. Sources of alpha are sought from valuation anomalies, misguided consensus forecasts, corporate change and under-researched stocks within the context of Threadneedle’s thematic and economic views.

• They have access to and rely on “best ideas” from across the group.

• The initial global universe of about 25,000 stocks is filtered down to about 6,000 by rejecting all those with a market cap of <$1bn. Of these, about 1,800 are held on watch lists by Threadneedle regional teams (UK, Europe, US, Asia, Japan & GEM). About 300 are then held in the core list for each region. These core lists provide the Global team with their biggest source of high conviction ideas and are a major input into the final portfolio of 90-140 stocks.

• This fund is managed by a dedicated global equity fund desk that is both long established and well resourced.

• Threadneedle, as an investment house, has a well defined and strong equity investment process that spans all equity regions and global equity sectors.

• The global equity team seeks to capture and optimise the best ideas from all Threadneedle’s equity desks.

• The portfolio is then constructed on a truly global basis.

• This fund offers investors genuine diversification with a global mandate.

£

£

15

Irish Equity Sector

AXA Financial Merrion Irish Opportunities



MoneyMate Rating

To invest in equities domiciled in or having substantial business interests in Ireland. The companies may be listed on the Irish Stock Exchange or another international exchange.

Merrion Investment

Managers Ltd

€3M

28/01/2010

N/A N/A HH


• Merrion follow a pragmatic investment approach which combines top down sector selection with fundamental bottom up security selection.

• The top down thematic focus in the investment process looks at industry (or regional) restructuring; long term capital investment trends; demographics and social or technological developments to identify factors which would be favourable to an industry; region or company.

• This top down framework forms an important context for stock selection which is based on fundamental company analysis.

• The Merrion Irish Opportunities Fund follows the investment process detailed which is unconstrained by benchmark with regards to minimum sector or stock allocations. Up to 25% of the fund can be invested in non Irish listed stocks, but this component is expected to be comprised of companies with significant linkages to the Irish market.

Japan Equity Sector

AXA Financial Baillie Gifford Japanese



MoneyMate Rating

To achieve capital growth through investment in Japan in any economic sector.

Sarah Whitley

Matthew Brett

£148M

10/03/2010

59 Growth Multi-Cap HH


• Baillie Gifford are active managers and are prepared to back their judgement in the composition of portfolios and their management. They seek to invest in well-managed businesses where they can see sustainable competitive advantages.

• A growth biased fund managed by a team that is widely regarded as one of the best resourced teams in this sector. Baillie Gifford have a long and successful history investing in Japan and have been investing in Japanese equities since 1966. The team consists of sector specialists who make stock recommendations across the cap-range and all holdings are regularly debated within the team. Company contact is a key element with over 450 companies visited each year.

• Baillie Gifford is focused primarily on the analysis of businesses rather than economic data and seeks companies that have a combination of above average earnings and cash flow growth together with sustainable returns.

AXA Financial BlackRock Japan Index



MoneyMate Rating

To provide a total return, taking into account both capital and income returns, which reflects the total return of the equity market in Japan.

BlackRock $1,716M

31/01/2010

345 Passive N/A HH





• It is often easier and more cost effective to trade a broader index basket.

• The investment objective of the fund is to provide a total return, taking into account both capital and income returns, which reflects the total return of the equity market in Japan. The fund invests in the shares of Japanese companies and aims to achieve a return that is consistent with the return of the FTSE All-World Japan Index.

£

£

£

16

AXA Financial Schroder Tokyo



MoneyMate Rating

To achieve capital growth by investing in Japanese equities. The fund manager focuses on companies with a proven track record and solid profits growth prospects which are not fully reflected in the current share price relative to other companies. These valuation discrepancies are caused by short term sentiment, and tend to narrow in the long term as other investors take advantage of good value share prices among good quality companies.

Andrew Rose £542M

31/01/2010

60 to 70 Value Large Cap HHH


• Schroders investment style is based on identifying mispriced opportunities through fundamental research. This research means that they can identify both price-based and earnings-driven opportunities relative to their fair value P/E ratio. The advantage of this strategy is that it can be applied in all stages of the economic cycle.

• In Japan, this style translates into looking for companies with strong potential earnings growth and earnings visibility over the long term. These tend to be companies with a sustainable competitive advantage, for example a technological edge, patents or a dominant market share.

• Schroders do not target any specific style bias or apply a style overlay. Any style biases are a by-product of a portfolio construction process that relies on fund manager experience to combine the strongest, highest conviction ideas that emerge from the stock selection process within an appropriate risk budget. Essentially the process seeks to build portfolios of stocks where the long-term growth prospects are, based on research, undervalued. Given that markets frequently over-value strong growth, historically the style balance between growth and value in the portfolios has tended towards value. The investment style of the fund manager, Andrew Rose, makes it likely that this mild value bias will be more pronounced for the Tokyo Fund and continue going forward, though of course this will depend on market conditions at any given time.

• At the same time, Schroders will tend to have greater confidence in their assessment of undervalued situations if they perceive that the risk of a company failing to deliver the predicted level of growth is low. In aggregate, Schroders has a stock selection bias in favour of higher than average quality companies (financially sound, proven management, with a focus on shareholder returns, etc). This bias fluctuates depending on the valuation of ‘quality’, but it has been a relatively consistent feature of the Japanese equity portfolios over time.

• A large cap value fund with a portfolio of approximately 70 stocks.

• A global research resource with a standardised approach to valuation and rating.

• The strength of the investment resources means the funds can carry out highly-detailed company research and get access to the best investment opportunities. Characteristics they look for when conducting company research include the ability to deliver sustainable profits growth, attractive valuations and management teams focused on improving efficiency.

North American Equity Sector

AXA Financial BlackRock US Index



MoneyMate Rating

The investment objective of the fund is to provide a total return, taking into account both capital and income returns, which reflects the total return of the FTSE All-World USA Index.

BlackRock $617M

31/01/2010

S&P futures Passive N/A HHH





• It is often easier and more cost effective to trade a broader index basket.

• The investment objective of the fund is to provide a total return, taking into account both capital and income returns, which reflects the total return of the FTSE All-World USA Index.

£

£

17

AXA Financial Fidelity American



MoneyMate Rating

To achieve long - term capital growth through a portfolio composed primarily of US equities. The fund is suitable for investors seeking exposure to actively managed US stocks.

Aris Vatis £1,116m

31/01/2010



• Aris has a “go-anywhere” unconstrained approach to stock picking, and proprietary research with a global perspective underpins his own company analysis, which focuses on finding companies with an improvement in fundamentals that is not reflected in the share price.

• A large cap growth orientated fund whose objective is to use informational advantage to add value.

• Tends to have a large number (100-120) of portfolio holdings.

• Fidelity have extensive local market coverage, proprietary research, analysts manage industry funds, equity and credit teams work closely together. This equates to a significant knowledge advantage.

AXA Financial M&G American



MoneyMate Rating

To aim for long term capital growth through investment wholly or mainly in securities of North American (including Canadian) issuers. When not wholly invested as above, it may only invest in companies which are listed, registered, or trading within North America.

Aled Smith (Deputy Stuart

Rhodes)

£1,323M

31/01/2010

63 Value N/A HHH


• The fund manager aims to outperform the benchmark S&P 500 Composite Index over the long run and deliver competitive returns in the North American peer group. Stock selection is designed to be the key driver of fund performance.

• It is the core belief of the fund manager that value creation for shareholders – a company’s return in excess of the cost of capital – drives share prices over the long run. Consequently, investment decisions are determined by the fundamental analysis of individual companies. There is no reference to a benchmark in the stock selection process. Valuation is a key element of the fund’s investment approach and the fund manager’s skill lies in identifying companies that are better than the stockmarket realises. The fund manager does not take top-down views to determine sector exposures.

• Risk management is an integral part of the investment process and the fund aims to add value through efficient portfolio construction. The fund usually holds between 50 and 70 stocks, with a typical holding period of three years.

• The portfolio will typically hold around 65 stocks which are selected without reference to benchmark weights or top down factors and are determined primarily on the level of conviction in the stock. This process is supported by a well-resourced team of analysts and fund managers and implemented using a coherent risk management framework.

• This is an actively managed core US equity fund which aims to generate long-term growth through a diversified portfolio.

• This fund provides additional choice amongst core North American funds on the Tailored Selection.

AXA Financial Martin Currie Global Funds North American



MoneyMate Rating

To produce capital growth by investing in the USA and Canada. This fund will invest a minimum of two thirds of its total assets (after deduction of ancillary liquid assets) in equities of companies domiciled in or exercising the predominant part of their economic activity in the US or in Canada.

David Forsyth

Tom Walker

€75M

31/01/2010

40 Blend Large


A flexible and pragmatic approach:

• Returns driven by stock selection;

• No bias to value or growth;

• Focus on factors that have a proven impact on share price momentum - quality, value, growth and positive change; and

• Fully-integrated investment process, employing fundamental company and sector research, with numerical screening.

Bottom-up process (75%) drives portfolio construction:

• Fundamental research – identifying and quantifying change factors; and

• Priority rankings – an assessment of change factors.

• Macro/ sector/ industry themes (25%) from portfolio managers, sector managers and global perspective.

• Martin Currie specialises in equity fund management and has adapted the conventional boutique model to ensure that all equity managers have access to specialist global analysts.

• A proprietary stock ranking tool (Dynamic Stock Matrix) is used to identify company change at an early stage, thus identifying how positive and negative changes impact the direction of stock prices.

• This core fund is an actively managed US equity fund with a relatively concentrated portfolio of 40 stocks, with no structural bias to value or growth. It is also unconstrained by benchmark sector weights. The portfolio will typically be invested in large cap stocks with selected mid cap opportunities.

• The fund is style agnostic through the investment cycle – they expect to be style neutral.

• The fund’s investment process consistently challenges market consensus and emphasises four factors: quality, value, growth and change.

• Martin Currie is a strong fund group that has captured the essential aspects of a ‘boutique’ investment house despite is long history. Its employee ownership brings stability for investment managers to thrive.

£

£

£

18

Specialist Equity SectorAXA Financial BlackRock Gold & General



MoneyMate Rating

To achieve long-term capital growth by investing in gold, mining and precious metal related shares. It tends to be volatile and is particularly suitable for diversification in a larger portfolio.

Evy Hambro £2,008M

31/01/2010

65 Value Multi-Cap HHHHH


• The team believes that they can add value through portfolio construction because of their detailed knowledge of resource companies and a valuation approach that is suited for this sector which allows them to identify value. They do not use optimisation tools but instead try to understand the risks and rewards of each stock in the portfolio which they believe is a better method. For example, placing a premium on longer mine life differs from the traditional methods of valuing companies that discount future income streams. In addition, the manager will look to add smaller companies and companies in less developed markets, where the pricing inefficiencies should be greater than core companies that have key ‘super’ company characteristics.

• An all cap (limited exposure towards smaller cap) value orientated fund with a portfolio between 50 – 80 stocks.

• It is particularly suitable for diversification in a larger portfolio.

• The fund allows investors access to gold mining and precious metal related shares. The fund could be an ideal addition to a larger portfolio as these types of shares are widely recognised as offering important diversification benefits as gold tends to be uncorrelated to the wider stockmarket.

• The investment team use an extensive in-house global mining database to enable them to construct detailed models of prospective holdings so they can choose those companies with the most positive outlook to produce returns for investors.

• Historically investing in gold securities has been useful when seeking a long term hedge against inflation.

• Gold tends to be a safe haven asset, and during periods of capital market volatility or political uncertainty its physical attributes become more highly valued.

AXA Financial First State Global Listed Infrastructure



MoneyMate Rating

To deliver capital growth and inflation - protected income by investing in a globally diversified portfolio of listed infrastructure and infrastructure related securities.

Peter Meany £147M

31/01/2010

30 to 50 N/A Multi-Cap



• Bottom up stock selection balancing value and quality.

• High conviction portfolio with sensible diversification.

• Aims to exploit market inefficiencies.

• Assets should have sustainable growth, high barries to entry, strong pricing power and predictable cash flow.

• It offers indirect exposure to infrastructure. It typically has a portfolio of between 30 and 50 stocks invested in inflation linked opportunities, e.g water, toll roads.

• It balances infrastructure opportunities in both developed and emerging markets and targets integrated energy companies with stable cash flows.

• The fund offers a credible diversification opportunity, albeit with the risk that, over the short term, the performance of company shares may be at variance with the underlying fundamentals of infrastructure assets. The volatility of the fund may therefore not always reflect an investor’s view of an infrastructure asset class.

• It also offers the potential for a high and growing yield given the high yielding nature of infrastructure shares and the current growth rates in global infrastructure. It therefore offers attractive fund characteristics for a wide range of investors, including those with retirement portfolios.

• The fund invests in the listed equity securities of companies whose primary focus is the provision and construction of key infrastructure assets. It invests on a global basis and has a good diversification of investments with no undue concentration.

• It seeks to capture the underlying returns of long-term cash flows, which it is believed offer a predictable investment return with some aspect of inflation proofing.

• The fund offers an excellent opportunity for asset class diversification, albeit through indirect exposure. It is managed by a team with extensive experience in infrastructure investment, and in the Investment Team’s opinion, is an exciting addition to the Tailored Selection.

£

£

19

AXA Financial JPM Global Natural Resources



MoneyMate Rating

To provide long term capital growth by investing primarily in natural resources companies, many of which are in the early stages of exploration

Ian Henderson €2M

28/02/2010

250 to 300 Growth Mid-Cap


• The fund will include investments in companies from discovery/preproduction stage to reserve definition with an emphasis on the upside from developing world class bodies. In addition, the manager will also seek to uncover stocks with valuation anomalies that he believes go far beyond the anomalies that come from extrapolating political risks and considers transborder/crossborder valuations very relevant in the stock selection process. A raft of valuation methods is used including DCF analysis to value a company. In general the manager’s investment style will be influenced by a number of factors: his view on where markets and sectors are in the economic cycle; the price conclusions he draws from productive capacity and demand forecasts; the opportunities to exploit market inefficiencies as they appear and the value that can be added from investing in small and mid-cap names.

• A holistic understanding of risk is taken to portfolio construction. Volatility is reduced as the fund invests in a number of commodity sectors and stock specific risk is reduced by holding 250-300 stocks in the portfolio. The fund’s neutral position will be 30% invested in energy, 30% gold & precious metals, 30% base metals and 10% in other resource/commodity related areas. In practice, the fund can deviate significantly from these percentages, though the manager will never hold more than 50% in any one sector; he aims to change the portfolio mixture to reflect current global conditions and his perception of investment opportunities.

• The portfolio offers exposure to gold and other mining, and oil and gas investments at an early stage of development, and also seeks to capture gains from the commodity cycles.

AXA Financial Jupiter Climate Change Solutions



MoneyMate Rating

To generate long-term capital growth from investment worldwide in companies that are responding positively to the challenge of environmental sustainability and climate change.

Charlie Thomas

Emma Howard Boyd

€12M

31/12/2009

60 to 80 Growth Mid-Cap HH


• This is a stock picking fund first and foremost, with the portfolio strongly biased towards identifying emerging growth trends, on a global basis. While there is a thematic overlay (based on the SRI team’s six green investment themes), every stock within the portfolio is there on its own fundamental merits, based on the fund manager, Charlie Thomas’ view of the growth potential for its products, its profitability and valuation. Given this focus on emerging growth, the portfolio tends to be significantly skewed towards small and mid caps, as these are the natural hunting ground for this kind of fund. Though a global fund, there is no asset allocation within the portfolio – the geographical spread at any one time is largely a function of bottom-up stock picking.

• Typically, Charlie invests across a long time horizon. He aims to hold stocks for three to five years, in order to give companies a chance to build a successful business. The portfolio is predominantly biased towards the smaller end of the market cap spectrum, and given the smaller company focus, stock specific risk within the portfolio tends to be fairly high. The investment objective of the fund is to generate long-term capital growth from investment worldwide in companies that are responding positively to the challenge of environmental sustainability and climate change. Prior to making any investment, the manager, supported by the SRI and governance team, conducts research into companies, ensuring that each investment falls within at least one of the six green investment themes, and performs an initial assessment of the investment’s risk/return profile and growth prospects. Detailed due diligence is then carried out on those companies which have been identified in this initial research and screening process. This typically involves consideration of both quantitative and qualitative factors.

• Charlie combines a top down and bottom up selection methodology. Starting with the market drivers around the core green investment themes, a stock universe is created from which stock selection emerges. The Climate Change Solutions Fund’s approach is longer term than most investment horizons used by fund managers. Stock selection is about correlating the long-term environmental drivers with a company’s ability to generate sustainable profits. A large part of Charlie’s analysis is based on talking to companies directly and building close relationships with larger holdings. He has as many as 450 company meetings in a year. In Charlie’s view, there are three long-term drivers of growth within the environmental investment universe. Firstly, the impact of government policy and regulation. This is proving vital in forcing the pace of change and therefore the adoption of new technologies and services. Secondly, adoption of environmentally-friendly practices in the corporate sector is generating opportunities for service and product providers. Finally, the consumer sector is beginning to become increasingly important. Consumer choice could be a key determinant in the drive for further adoption of environmental products and services.

• Climate Change Solutions will typically run between 60-80 stocks, as Charlie tends to run a fairly long tail, as this gives him the chance to remain in touch with a broad range of businesses. This also gives him the chance to support smaller companies if they need to raise new capital. He will typically reduce the number of stocks if he is bullish and increase diversification if more cautious, depending on his current macroeconomic view.

• A mid cap growth orientated fund.

• Jupiter has been running Socially Responsible Investment and green funds for over 20 years. The SRI team researches and manages over €527m (as at 31/03/09) in SRI and green portfolios

• The fund manager, supported by a team of environmental analysts and the SRI & Governance team, applies a rigorous approach to company selection, with environmental, social and financial assessments made separately.

• The fund invests in companies which have a significant focus on environmental and/or climate change solutions that fit into one of their six green investment themes: Clean Energy, Water Management, Green Transport, Environmental Services, Waste Management and Sustainable Living.

• The fund manager is supported by a team of environmental analysts who together ensure that each company meets the strict financial criteria and fits into the overall fund objective.

£

£

20

UK Equity Sector

AXA Financial BlackRock UK Index



MoneyMate Rating

To provide a total return, taking into account both capital and income returns, which reflects the total return of the equity market in the United Kingdom.

Barclays Global Investors

£627M

31/01/2010

104 N/A N/A HHH





• It is often easier and more cost effective to trade a broader index basket

• The investment objective of the fund is to provide a total return, taking into account both capital and income returns, which reflects the total return of the FTSE All- Share Index.

AXA Financial Invesco Perpetual Income



MoneyMate Rating

To achieve a reasonable level of income, together with capital growth. The fund intends to invest primarily in companies listed in the UK, with balance invested internationally. In pursuing this objective the fund managers may include other investments that they consider appropriate which may include units in collective investment schemes, warrants and other permitted investments and transactions.

Neil Woodford £7,854M

29/01/2010

70 to 100 Value Large Cap HH


• At the core of our investment philosophy is a belief in active investment management. Fundamental principles drive a genuinely unconstrained investment approach, which aims to deliver attractive total returns over the long-term.

• Invesco believe that investors’ behavioural biases repeatedly give rise to short-term market inefficiencies. To a large extent, these inefficiencies derive from three interlinked sources:

• Markets often overreact by placing undue focus on near-term issues

• Market expectations are often overly influenced by the extrapolation of current trends

• Markets respond to momentum and other technical drivers as well as to fundamentals

• By exploiting these market inefficiencies through careful fundamental analysis and a strong emphasis on valuation, Invesco aim to deliver consistent, long-term out performance under most market conditions.

• Fund manager, Neil Woodford, has an enviable long-term track record that has delivered significant excess returns over extended periods, that are often based on contrarian investment positions.

• A 70-100 stock portfolio unconstrained with no strongstyle basis – although it has been value orientated through time.

• The manager invests on a long-term basis, and consequently has a low level of turnover, often holding stocks for five or more years.

• The manager is supported in his search for investment ideas by a particularly well resourced and experienced team of analysts and managers around his strategy.

• The manager has strong convictions which are reflected in significant investment positions across industries and sectors where he believes there is considerable long-term value.

• This addition to the Tailored Selection offers an extension of choice for advisers and their client seeking further exposure to this strong UK equity fund manager.

AXA Financial M&G Recovery



MoneyMate Rating

The fund’s sole aim is capital growth by investing predominantly in a diversified range of securities issued by companies which are out of favour, in difficulty or whose future prospects are not fully recognised by the market. There is no particular income yield target,

Tom Dobell (Deputy David

Williams)

£4,699M

31/01/2010

97 N/A Multi-Cap HHHH


• The M&G Recovery Fund focuses on troubled companies where a good management team is making concerted efforts to turn the business around. The fund manager seeks opportunities from across the UK stockmarket and the portfolio aims to contain a wide and interesting mix of companies.

• The fund manager seeks to identify stocks whose share prices have fallen well below their true worth, rendering them good value. He is prepared to take a contrarian view and consider areas that are out of favour among investors. These can include restructuring stories, special situations and the seeking out of hidden value.

• The fund manager takes a flexible and pragmatic approach to stocks and aims to have a holding period of between three and five years, possibly longer where ongoing potential is identified. Company meetings and visits, as well as internal and external research, are used to identify stocks for inclusion in the portfolio. The fund manager considers it most important to meet the management of all the fund’s holdings personally, on a regular basis, ideally at their own premises. He will never invest in a stock without having met the management team first.

• The fund invests in approximately 100 stocks across market capitalisation including large, mid, small and AIM.

• Fundamental company analysis together with constructive engagement with company management are central characteristics of the investment process. These help the manager to identify catalysts for recovery in companies.

• A typical portfolio holding will be going through different stages of recovery, categorised as Unloved; Stabilising; Recovering and Mature. This gives the portfolio structure with different holdings driving performance through time.

• The fund has been operating for 40 years and has only had 3 fund managers in that time.

£

£

£

21

AXA Financial Schroder Income Maximiser



MoneyMate Rating

To generate good returns by investing in the shares of attractively priced companies that pay high, sustainable dividends. These are likely to be mature, well - established organisations such as banks or oil companies. These shares also offer the potential of capital growth, especially if they are currently undervalued by the market. The fund also seeks income from the sale of 'options'.

Thomas See £518M

31/01/2010

30 to 50 N/A Large Cap HHH


• Schroder Income Maximiser is an equity-based fund that aims to generate an income of 7% per annum. In order to achieve this, we follow a two-pronged approach. Firstly, we invest in a portfolio of stocks that we believe have reasonable growth prospects, healthy balance sheets and sustainable profits, but which currently appear to be underpriced by the market. They will also tend to be high yielding stocks – shares that offer a generous dividend payment as well as the ability to grow that dividend over time.

• The income that these stocks generate is then topped up (to reach the 7% target) by selling options on the holdings. These are derivatives that enable us to receive a premium in return for sacrificing some of the potential capital growth on the underlying stocks. By taking this approach investors are still able to gain access to equity markets and the potential for some share price growth, but with the added security of a regular income and lower volatility than a similar fund without the option overlay.

• Seeks income from UK large and medium-sized companies

• Fund writes covered calls to add to income generated

• The fund uses covered call options, which are derivatives, as part of its income strategy. Purchasing covered call options limits the upside potential of the fund to an extent but does not increase the risk of loss.

• A value orientated fund with a contrarian view

• The fund invests in the shares of attractively priced companies that pay high, sustainable dividends. These are likely to be mature, well established organisations such as banks or oil companies. These shares also offer the potential of capital growth, especially if they are currently undervalued by the market.

AXA Financial Schroder UK Alpha Plus



MoneyMate Rating

To provide capital growth through investment in UK and other companies. In order to achieve the objective the manager will invest in a focused portfolio of securities. The emphasis of the fund will be investment in UK companies. The fund may also invest in companies headquartered or quoted outside the UK where those companies have material or critical operations within, or derive significant business from, the UK. Fixed interest securities may be included in the portfolio. Investment will be in directly held transferable securities. The fund may also invest in collective investment schemes, warrants and money market instruments.

Richard Buxton £1,845M

31/01/2010

30 to 35 Growth Large Cap HHHH


The fund has no predetermined style bias – i.e. there is no exclusive focus on ‘growth’, ‘value’ or ‘earnings momentum’, but on each individual company’s ability to create value for shareholders and its degree of undervaluation. The fund manager looks to add value through individual stock-picking as well as through thematic positioning and market timing. Stocks are selected from the large and mid cap areas of the market and the fund has the flexibility to hold up to 20% of its value in cash and cash equivalents.

• Aims for market-beating returns in any environment

• Absolute return focus – index neutral approach

• Managed by Richard Buxton, it is a large cap fund which blends both growth and value strategies

• The fund invests in a relatively small number of stocks, around 30, seeking to identify those which will provide superior returns

• Only those stocks in which the fund manager has the highest level of conviction will be included in the portfolio, making this a truly “best ideas” investment

• The flexible nature of the fund means that the fund manager is able to shift in and out of investment themes and sectors, aiming to capture the best investment opportunities in the UK market.

£

£

22

Managed Sector

AXA Financial Fidelity Euro Balanced



MoneyMate Rating

To invest primarily in equities and bonds denominated in Euro. The fund will invest at least 30% and a maximum of 60% of the total assets in equities. The remainder (minimum 40%, maximum 70%) will be invested in bonds.

Alexander Scurlock

Alexandra Hartmann

David Simner

€579M

31/01/2010

425 N/A N/A HHHH


• The fund invests in one equity and four bond funds from Fidelity. All are Euro denominated. • Equities and bonds show a negative correlation over different time horizons and this diversified fund offers the chance to reduce the overall volatility while participating in the expected long-term returns of equities.

• Fund is overseen by Richard Skelt, Chief Investment Officer of Fidelity’s Investment Solutions Group.

AXA Financial JP Morgan Global Capital Appreciation



MoneyMate Rating

To achieve capital appreciation in excess of its cash benchmark by investing primarily in securities, globally.

Talib Sheikh

Neill Nuttall

€104M

31/12/2009

268 Total Return

N/A HHHHH


The investment process leverages JPM’s core investment thinking and builds on their strong investment track record a wide range of asset classes. Compared to a more traditional approach, the investment process aims to deliver more added value (alpha) from asset allocation - a source of return uncorrelated to benchmarks - thus providing a better balance with the alpha derived from security selection.

JPMorgan’s investment process is based around the following inputs;

• Tactical asset allocation model;

• Bottom-up research from locally based equity research teams;

• Analysis from fixed income teams; and

• Convertibles research and analysis from dedicated convertibles team.

• The fund is part of a family of multi asset funds that is managed by the Global Multi-Asset Group at JP Morgan. Its position allows it to leverage the best stock and macro economic ideas across JP Morgan whilst retaining its independence.

• The Capital Appreciation fund aims to deliver a return over the medium term, 2 to 3 years, of 5% over cash (after fees). Moreover the funds have a strong regard to safeguarding capital. Capital preservation underpins the absolute return approach to investing. The benchmark of the fund is cash and the culture of the Global Multi-Asset Group is to invest only when positive returns above cash are anticipated.

• Managing for absolute and not relative return requires an independent culture. AXA Financial’s Investment Team believes the Multi Asset Group can sustain this investing culture.

AXA Financial JP Morgan Global Capital Preservation



MoneyMate Rating

To achieve, over a medium term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally.

Talib Sheikh

Neill Nuttall

€1,995M

31/12/2009

141 Total Return

N/A HH


The investment process leverages JPM’s core investment thinking and builds on their strong investment track record a wide range of asset classes. Compared to a more traditional approach, the investment process aims to deliver more added value (alpha) from asset allocation - a source of return uncorrelated to benchmarks - thus providing a better balance with the alpha derived from security selection.

JPMorgan’s investment process is based around the following inputs;

• Tactical asset allocation model;

• Bottom-up research from locally based equity research teams;

• Analysis from fixed income teams; and

• Convertibles research and analysis from dedicated convertibles team.

• The Fund is part of a family of multi asset funds that is managed by the Global Multi-Asset Group at JP Morgan. Its position allows it to leverage the best stock and macro economic ideas across JP Morgan whilst retaining its independence.

• The Capital Preservation Fund aims to deliver a return over the medium term, 2 to 3 years, of 3% over cash (after fees). Moreover the funds have a strong regard to safeguarding capital. Capital preservation underpins the absolute return approach to investing. The benchmark of the fund is cash and the culture of the Global Multi-Asset Group is to invest only when positive returns above cash are anticipated..

£

£

£

23

AXA Financial Merrion Balanced



MoneyMate Rating

To provide the potential for long term growth by investing in a diverse portfolio of UK commercial properties

Merrion Investment

Managers Ltd

€30M

28/01/2010

N/A N/A HHHH


• Merrion follow a pragmatic investment approach which combines top down sector selection with fundamental bottom up security selection.

• The top down thematic focus in the investment process looks at industry (or regional) restructuring; long term capital investment trends; demographics and social or technological developments to identify factors which would be favourable to an industry; region or company.

• This top down framework forms an important context for stock selection which is based on fundamental company analysis.

• The Merrion Balanced Fund would typically have 60-80% in global equities with fixed income fixed deposits and cash constituting the rest.

• The Merrion Irish Opportunities Fund follows an investment process which is unconstrained by benchmark with regards to minimum sector or stock allocations. Up to 25% of the fund can be invested in non-Irish listed stocks, but this component is expected to be comprised of companies with significant linkages to the Irish market.

Property SectorAXA Financial L & G UK Property



MoneyMate Rating

To provide the potential for long term growth by investing in a diverse portfolio of UK commercial properties

Michael Barrie £314M

31/01/2010

47 Growth N/A


• The investment style combines both a topdown and bottomup approach. The topdown element focuses on creating the sector strategy which contributes about one third of the total returns available.

• The bottomup element, which contributes about two thirds of the available returns, is focused on property selection and the identification of added value initiatives.

• The overall criteria for this fund is to maintain a broadly balanced portfolio which is representative of the market as a whole

AXA Financial Schroder Global Property Securities



MoneyMate Rating

To provide a total return primarily through investment in equity and debt securities of property companies worldwide.

Jim Rehlaender £358M

29/01/2010

45 to 70 N/A Mid-Cap HHHHH


• The investment universe for the Global Property Securities product incorporates all listed property stocks globally. Schroders look to incorporate all the stocks identified by the major real estate securities indices as well as other stocks not yet discovered by the index within appropriate investment controls and parameters.

• The fund invests in property securities, such as real estate investment trusts (REITs) and listed property companies, rather than investing in ‘bricks and mortar.’ This approach allows flexible access to commercial property markets in many countries, where it may be difficult and costly to benefit through buying property directly.

• The global presence enables Schroders to take advantage of the world’s varying property cycles rather than just relying on the real estate trends in one region. Therefore, the fund does not follow a benchmark, which allows Schroders to target opportunities as and when they arise, the fund has a total return focus.

• This approach is very different to many property funds, whose global allocation is more aligned to the benchmark, which is biased towards certain markets like the US.

• Invests in a diverse range of property opportunities – residential, hotels, offices, leisure and retail complexes.

• Overcomes accessibility and liquidity issues associated with direct property.

£

£

£

24

Fixed Interest SectorAXA Financial BGF Euro Bond



MoneyMate Rating

To maximise total return. The fund invests at least 80% of its total net assets in investment grade fixed income transferable securities. At least 70% of total net assets will be invested in fixed income transferable securities denominated in euro. Currency exposure is flexibly managed.

Michael Krautzberger

€830M

31/01/2010

332 N/A N/A HHHH


Within European fixed income the following securities are considered:

• government and agency obligations,

• obligations of supranational organisations,

• mortgage-backed securities,

• corporate bonds,

• asset-backed securities,

• inflation-linked bonds; and

• money market instruments.

There are three key steps to the decision-making process for European bond portfolios, the focal point of which is the Investment Strategy Group (ISG) meeting. The other 2 steps involve Global Pre-ISG Meetings and Euro Post-ISG Team Meeting. Following the ISG meeting, the Euro Post-ISG meeting includes senior local currency portfolio managers. This forum addresses how the outcome of the ISG meeting will apply to non-dollar portfolios.

BlackRock’s sustainable long-term competitive advantages as a fixed income manager include:

• Experience, depth and stability of professional fixed income resources. Since the firm’s inception, BlackRock has focused on using a cross-disciplinary team approach, which enables clients to benefit from the pooled expertise of the firm’s resources: its investment and risk management professionals, and its highly sophisticated, integrated, proprietary analytical tools. BlackRock’s founders remain affiliated with the firm, and the investment team has worked together for many years.

• A risk management culture and discipline that allows for no surprises for clients. BlackRock’s strong risk management orientation and the substantial investment made in proprietary analytical systems strongly differentiate the firm. BlackRock’s investment technology includes an integrated, on-line automated transaction processing and risk management analytics system. Transaction processing components facilitate operating efficiency, linking together trade information, security data, account compliance and portfolio operations. The analytics provide valuable information to portfolio managers for their use in making investment decisions and calibrating risk positions.

AXA Financial BlackRock Euro Corporate Bond Index



MoneyMate Rating

To closely track the returns of the Citigroup Non - EGBI EuroBIG Index; an index designed to reflect the performance of the euro -denominated non - government bond market.

BlackRock €1,077M

31/12/2009

1,469 Passive N/A HHHHH


BlackRock aim to fully replicate the benchmark in markets where it is practical to do so. In other markets, where issues can be illiquid or expensive to buy, a stratified sampling approach would be applied. This, while exposing the fund to some degree of sampling error, will ultimately reduce trading costs within the portfolio. The process subdivides the benchmark index by currency, maturity, country, credit rating, liquidity and issuer to form three dimentional cells. Although a cell may contain numerous bonds, it may be impractical, and unnecessary, to invest in all of them. Therefore, the portfolio manager will create a sampled cell with the same characteristics as the overall cell. The cells are put back together into the overall bond portfolio. This sampled portfolio must be stress tested against different moves in interest rates, to ensure that it will react in the same proportion as the index itself.

• The BlackRock Euro Corporate Bond Index Fund aims to closely track the returns of the Citigroup Non-EGBI EuroBIG Index; an index designed to reflect the performance of the Euro denominated non-government bond market.

• Diversified portfolio of securities tracking the credit, sector, duration and yield curve exposure of the benchmark index.

• Minimises transaction costs through crossing and by leveraging their trading expertise and experience.

• Reduces tracking error to the benchmark index through rigorous risk control.

AXA Financial BlackRock Euro Government Bond Index



MoneyMate Rating

To closely track the returns of the Citigroup Euro Government Bond Index (EGBI); an index designed to reflect the performance of the euro - denominated EMU government bond market.

BlackRock €2,055M

31/12/2009

233 Passive N/A HHHHH


• BlackRock aim to fully replicate the benchmark in markets where it is practical to do so. In other markets, where issues can be illiquid or expensive to buy, a stratified sampling approach would be applied. This, while exposing the fund to some degree of sampling error, will ultimately reducing trading costs within the portfolio. BlackRock fully replicate the over 10 year maturity sector of the index, but use sampling in shorter maturities where there is less investment risk of doing so. In addition, it is not economical to hold Portuguese bonds (as investors suffer withholding tax on income) and therefore they hold Italian bonds as a proxy.

• The fund aims to closely track the returns of the Citigroup Euro Government Bond Index (EGBI); an index designed to reflect the performance of the Euro denominated EMU government bond market.

• Diversified portfolio of securities tracking the country, duration and yield curve exposure of the benchmark index.

• Reduces transaction costs through crossing and by leveraging Blackrock’s trading expertise and experience.

£

£

£

25

£

£

AXA Financial Newton BNY Mellon Global Bond



MoneyMate Rating

To maximise total returns from income and capital growth through investment primarily in a portfolio of international sovereign, government, agency, corporate, bank and asset backed debt and debt related securities and in derivatives.

Paul Brain $701M

31/01/2010

N/A N/A HHH


• To maximise total returns from income and capital growth through investment primarily in a portfolio of international sovereign, government, agency, corporate, bank and asset backed debt and debt related securities and in derivatives.

• It researches fixed interest with currency expectations as its starting point and exposure to high quality international fixed interest asset class that offers diversification.

• It focuses on high credit quality – principally 90% government (i.e. new government – world bank, government backed companies, European investment bank) and 10% emerging markets government debt.

AXA Financial Schroder Euro Corporate Bond



MoneyMate Rating

To provide a return of capital growth and income primarily through investment in a portfolio of bonds and other fixed and floating rate securities denominated in Euro issued by governments, government agencies, supra-national and corporate issuers. A minimum of 80% of the net assets of the fund will be held in non - sovereign securities.

Adam Cordery €5,555M

29/01/2010

N/A N/A HHHH


• The investment process combines traditional economic and company analysis to make top-down and bottom-up investment decisions in a disciplined and risk-focused manner, with risk budget spent on asset allocation; Stock selection and interest rates.

• The fund is an actively managed Euro corporate bond fund which aims to consistently add value across market cycles. It also aims to be in the 1st or 2nd quartile with lower volatility.

• The manager draws upon Schroder’s in-house team of credit analysts and government market specialists.

• The focus of this fund is primarily investment grade credit, although the fund has the ability to invest in high yield securities, emerging markets debt and convertible bonds (totalling <20%).

• Additionally, with no minimum limitations on sectors or ratings, the fund’s structure provides the manager the opportunity to add value from active credit selection.

AXA Financial Standard Life Investments Euro Inflation Linked Bond



MoneyMate Rating

To provide a real return in Euro over longer time periods. It will do this by investing primarily in euro denominated sovereign issued and corporate inflation - linked debt. The fund may also invest in conventional government bonds, investment grade corporate entities, and other interest bearing securities. On an ancillary basis, the fund may hold cash and invest in other forms of transferable securities, in collective investment schemes, short term debt instruments, regularly traded money market instruments the residual maturity of which does not exceed 12 months.

Jonathan Gibbs €49M

31/01/2010

22 N/A N/A HHHH


• Standard Life’s approach is based on fundamental analysis, combined with proprietary quantitative models to provide greater clarity in decision making. They put their success down to a close-knit team of bond experts with strong leadership, harnessed by a distinctive investment process. The team is structured to encourage rapid and responsive decision-making, supported by the best and latest technology. Standard Life have developed a range of quantitative models that ensure they continue to focus research on key drivers of change. At Standard Life Investments, they have a strong risk-management process, placing great emphasis on internal processes and controls. This fosters a consistent internal culture of high professional standards and integrity.

• Invests primarily in euro-denominated sovereign-issued and corporate inflation linked debt.

• Designed to protect against the impact of market instability and limit the effect of inflation on investments over the longer term.

• It can also invest in conventional government bonds, investment grade corporate entities, and other interest bearing securities.

£

£

£

26

Cash

AXA Financial Money Dollar Fund

Type Fund AimMoneyMate

Rating

To invest in short and medium term cash deposits. This fund is designed to protect capital over the short term. HHHHH

AXA Financial Money Euro Fund


Rating

To invest in short and medium term cash deposits. This fund is designed to protect capital over the short term. HHHH

AXA Financial Money Sterling Fund


Rating

To invest in short and medium term cash deposits. This fund is designed to protect capital over the short term. HHHH

£

£

£

27

With about one trillion Euros of assets under management, Allianz Global Investors is one of the top five asset management companies worldwide - with access to approximately 75 million clients around the globe. Allianz Global Investors employ a staff of more than 5,000, with more than 1,000 investment professionals among them.

Allianz Global Investors offers excellent products, covering all major equity and fixed-income investment styles and providing balanced products as well as alternative investment solutions. Allianz Global Investors has organised its business into two global lines: Fixed Income and Equities, with PIMCO serving as the global investment platform for Fixed Income and RCM for Equities. Nicholas-Applegate, Oppenheimer Capital, and NFJ Investment Group serve as specialist managers.

Baillie Gifford is an independent investment management firm based in Edinburgh, Scotland. The firm has built its success around the stability of its partnership structure which provides reassurance for clients and motivation for employees. As at 31 December 2009 the firm managed more than £56 billion (US$90 billion) in active equity and bond portfolios for clients in the UK and throughout the world, combining experience, enthusiasm and sound judgement.

BlackRock is one of the world’s preeminent asset management firms and a premier provider of global investment management, risk management and advisory services to institutional, intermediary and individual investors around the world. BlackRock offers a range of solutions — from rigorous fundamental and quantitative active management approaches aimed at maximising outperformance to highly efficient indexing strategies designed to gain broad exposure to the world’s capital markets.

Blackrock’s clients can access its investment solutions through a variety of product structures, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares® ETFs.

BlackRock is a truly global firm that combines the benefits of worldwide reach with local service and relationships. The firm manage assets for clients in North and South America, Europe, Asia, Australia and the Middle East, employs more than 8,500 talented professionals and maintains offices in 24 countries around the world.

The foundation of BlackRock’s business is its belief that the clients’ needs are of paramount importance. The firm’s commitment to investment excellence is anchored in a shared culture that always places a client’s interests first, from individual investors to the world’s largest institutions. Blackrock act always as a fiduciary for clients, never trading as a principal on its own behalf.

As of September 30, 2009, BlackRock’s assets under management totaled approximately US$3.2 trillion* across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. Through BlackRock Solutions®, it offers risk management, strategic advisory and enterprise investment system services to a broad base of clients with portfolios totaling over US$8 trillion.*

* Data is as of September 30, 2009, is subject to change, and is based on a pro forma estimate of assets under management at BlackRock, Inc. and Barclays Global Investors.

Established nearly 40 years ago, Fidelity International is committed to delivering superior returns for clients by finding the best global investment opportunities in any prevailing market environment. Its success in understanding what investors want and delivering superior products is reflected in its remarkable growth - Fidelity International has become one of the UK’s largest mutual fund managers and the European leader in pan-European equities with assets under management of $210.1 billion*.

Fidelity International attributes the main reason for success as being its approach to investment, encouraging fund managers to develop their individual flair, while basing every investment choice on rigorous research, the cornerstone of its global investment process. The independence it enjoys as a privately-owned company enables Fidelity International to take the longer-term view and concentrate on developing innovative products while delivering the highest levels of customer service.

* Assets as at as at 30/09/2009 are those of FIL Limited.

First State Investments is a specialist asset management business focused on developing and managing innovative investment products which seek to outperform clients’ objectives.

The firm offer a range of product structures across categories including Asia Pacific and global emerging markets, global resources and global equities, property securities and infrastructure.

First State forms part of the consolidated asset management business of the Commonwealth Bank of Australia, managing £70.8 billion* on behalf of investors worldwide. This association gives the strength of capital required to bring innovative products to market.

First State investment teams are structured so managers and analysts are given a strong sense of portfolio ownership by way of team-focused incentives. The firm believes this promotes commitment and intellectual engagement, aligning its interests and success with those of its clients.

The firm manages segregated mandates for clients globally and have pooled funds registered in the following countries: UK, Ireland, Germany, Austria, France, Italy, Sweden, Switzerland, Singapore, Hong Kong, Taiwan, Macau, Australia and New Zealand.

*as at 31 July 2009

Gartmore only do one thing, fund management, and they do it from its offices in London, Tokyo, Boston, Madrid and Frankfurt. Gartmore has more than £21 billion* invested and continue to focus on delivering investment performance on behalf of its clients.

Many of Gartmore’s senior fund managers and executives own part of the company. That’s why they’re committed to the long term success of their individual funds, their teams, their clients, and Gartmore as a whole. And because its managers’ rewards are linked to their performance, their interests match those of the clients.

During 2007 and 2008 Gartmore won more than 20 industry awards. In both years they won a Gold Standard Award, recognising a high level of service, fair value for clients and financial stability.

*Source: Gartmore as at 30 September 2009.

Fund Groups – An Overview

28

Invesco Perpetual is one of the largest independent investment managers in the UK, currently managing assets on behalf of consumers, institutional clients and investment professionals through a broad product range, which includes ICVCs, investment trusts, ISAs, pension products, offshore funds and other specialist mandates.

With $423.1 billion in assets under management (as of December 31, 2009), Invesco is a leading independent global investment management company, dedicated to helping people worldwide build their financial security. By delivering the combined power of its distinctive worldwide investment management capabilities, Invesco provides a comprehensive array of enduring investment solutions for retail, institutional and high net worth clients around the world. Operating in 20 countries, the company is listed on the New York Stock Exchange (NYSE) under the symbol IVZ.

With 4,908 employees in 55 offices worldwide, Invesco has a significant presence in the institutional and retail markets across North America, Europe and Asia-Pacific. Invesco’s extensive global footprint, high level of diversification and full range of investment capabilities enable Invesco to quickly and effectively meet the diverse needs of its clients, wherever they reside. The firm’s single focus on asset management means that the investment and marketing professionals are dedicated to achieving the strongest, most consistent investment performance over the long term.

J.P. Morgan is a leader in financial services, offering innovative and intelligent solutions to clients in more than 100 countries with one of the most comprehensive global product platforms available.

J.P. Morgan have been helping clients to do business and manage their wealth for more than 200 years and keep their interests foremost in their minds at all times. This combination of product strength, intellectual capital and character sets J.P. Morgan apart as an industry leader.

J.P. Morgan Asset Management is a leading asset manager for institutions, individuals and financial intermediaries, worldwide and its investment professionals are located around the world providing strategies that span the full spectrum of asset classes including equity, fixed income, cash liquidity, currency, real estate, infrastructure, hedge funds and private equity.

J.P. Morgan is part of JPMorgan Chase & Co. (NYSE: JPM), a global financial services firm with assets of $2.0 trillion.

Jupiter Investment Management Group Limited launched in 1985 as a specialist boutique, Jupiter has grown to be one of the UK’s most successful and respected investment management groups. The firm currently manage assets spread across a range of UK and offshore mutual funds, multi-manager products, hedge funds, institutional mandates and investment companies. For more than 20 years, Jupiter has gained a reputation for achieving outperformance across a broad variety of portfolios specialising in different markets, including UK equities, Europe, global financials and emerging Europe.

It’s this consistency which has earned a series of awards, including the Citywire Team All Stars Award for 2007*. In addition Jupiter is the only fund management group to have achieved the Investment Week Global Group of the Year for three years in succession - 2004, 2005 and 2006**. Jupiter is the only fund management group to have achieved this record in the 11 years since these prestigious awards have been in existence.

* Awarded to Jupiter Asset Management in July 2007

** Awarded to Jupiter Unit Trust Managers in July 2006

Legal & General Investment Management (LGIM) is one of the leading fund management groups in the UK, offering a full range of funds and services from index and active equities to fixed income, property and cash through to transition management and cash flow matching. LGIM offer dedicated client relationship teams to meet the needs of different institutional clients ranging from multi-billion pound pension schemes to small charities.

In total, LGIM manage £311 billion* of assets, and are responsible for around 5% of the UK stock market on behalf of their clients. LGIM’s success has been driven by a clear focus on delivering investment solutions to meet the needs of clients and their advisors.

Legal & General Investment Management Holdings Ltd, is a subsidiary of Legal & General Group plc.

*source: LGIM 30 September 2009

M & G have been investing money on their clients’ behalf for nearly 80 years. As a company driven by performance, M & G are passionate about generating the best possible results for its customers. This is why M & G have a solid history and reputation for industry-leading innovation and for continually providing new investment products and initiativeslook after investments for more than 346,000 investors, with almost £169 billion under management invested in equities, fixed income and property*.

M & G manage assets on behalf of a wide variety of investors across UK, Europe, Asia, the Americas and South Africa.

*As at 30 September 2009

Martin Currie invest in international equities for clients worldwide. From their office in Edinburgh, Martin Currie manage £11.8 (US$19.1)* billion for financial institutions, charities, foundations, pension funds and investment trusts. Martin Currie collective funds include an Oeic, Sicav and range of hedge funds.

Martin Currie describe themselves as ‘The Big Boutique’. In practice, this means having the solidity, professionalism of execution and robustness of process of a large company, combined with the distinctiveness, client focus and sense of personal ownership of a small company.

*As at 31 December 2009

Fund groups

29

Fund groups

Established in 1986, Merrion Investment Managers is Ireland’s leading independent and top performing investment manager. Merrion Investment Managers approach to investment has been extremely rewarding for their clients, with funds consistently outperforming both the underlying markets and the returns of competitors. At Merrion, the investment approach is to construct portfolios with reference to the sectors in the global equity market, rather than the average regional split of competitors. This approach enables Merrion to capture the global themes that are driving market returns.

Merrion received the Best Pension Fund Manager title at the 2005 Moneymate/Investor Magazine awards.

Merrion Investment Managers is a subsidiary of Merrion Capital Group.

Neptune was formed in May 2002 as an independent and privately owned company, built upon principles of teamwork and partnership. Neptune identified a space in the market for a new, dynamic investment management firm that concentrated on long-only fund management powered by high quality, internally produced research. The firm’s focus has always been on delivering excellence in investment management, whatever the economic conditions, using a rigorous and unique investment process.

This same process has been in place since inception. Founder Robin Geffen transferred to Neptune four funds that he had managed for his previous employer, maintaining his own investment style. Robin has gone on to build a strong and committed investment team, which manages a varied fund range designed to suit the needs of most investors.

Neptune remains privately owned, with employees and directors owning approximately three-quarters of the Company. This ensures that staff and client interests are aligned.

Established in 2007 from the merger of Mellon Financial Corporation and The Bank of New York Company, Inc., BNY Mellon is a leading asset management and securities services company, uniquely focused to help clients manage and move their financial assets and succeed in the rapidly changing global marketplace. Headquartered in New York, BNY Mellon has $22.3 trillion in assets under custody or administration and $1.1 trillion under management (as at December 2009). The multi-boutique asset management model encompasses the skills of a number of world class specialist investment managers including Newton, Standish and Walter Scott. In the UK, Newton which is perhaps thes best known of BNY Mellon Asset Management’s specialist managers, has built its reputation on the integrity of its team-based, global thematic investment approach.

Schroders is a global asset management company. Asset management is Schroders only business and its goals are completely aligned with that of their clients’ - the creation of long-term value.

Schroders manage £138.9 billion (€152 billion / $222.2 billion) under management (as at 30 September 2009) on behalf of institutional and retail investors, financial institutions and high net worth clients from around the world, invested in a broad range of asset classes across equities, fixed income and alternatives.

Schroders employ 2,614 talented people worldwide operating from 32 offices in 25 different countries (as at 30 September 2009) across Europe, the Americas, Asia and the Middle East, close to the markets in which they invest and close to the clients.

Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing the business.

Based in Edinburgh, Standard Life Investments have a number of offices worldwide including Boston, Dublin, London, Montreal, Hong Kong and Sydney. They also have representative offices in Beijing and Seoul and a joint venture in India. Worldwide, over five million clients have entrusted Standard Life Investments to look after assets of £150 billion*, based on its ability to meet their needs.

* as at 30/09/2009

Threadneedle is an award-winning provider of investment solutions to institutional and retail clients across the globe. Founded in 1994, Threadneedle is fully-owned by Ameriprise Financial, a publicly quoted investment company that is listed on the NYSE.

Threadneedle’s reputation has been built on strong and consistent long-term performance, superb customer service and a broad and complementary range of products. With a team of more than 130 talented investment professionals, its expertise extends to equities, bonds, property and alternative investments.

Threadneedle manage more than £60 billion (as at 31.12.2009) of assets for investors that include central banks, financial institutions, pension schemes, corporations, public bodies, intermediaries and private investors.

As a truly international asset manager, the firm has customers in over 80 countries and distribution reaches across four continents. Threadneedle offer clients expertise spanning all major asset classes from equities and bonds to property and alternative investments.

30

Fund Sector Fund Sector Overview

Cash Funds which invest a minimum of 85% of their assets in Money Market Instruments

Fixed Interest Funds which invest a minimum of 85% of their assets (after deducting any cash in the fund) in Global Fixed Interest Securities. These will include government bonds, corporate bonds, index-linked bonds, and supranational bonds

Asia Pacific ex Japan Equity Funds which invest at least 80% of their funds in Asia Pacific equities and exclude Japanese securities

Eurozone Equity Funds which invest a minimum of 85% of their assets (after deducting any cash in the fund) in equities within Greater Europe. This also includes the UK, but excludes funds that would fall into the UK equity sector

Global Emerging Equity Funds which invest 80% or more of their assets directly or indirectly in emerging markets as defined by the World Bank, without geographical restriction.

International Equity Funds which invest a minimum of 85% of their assets (after deducting any cash in the fund) in global equities excluding Ireland

Irish Equity Funds which invest at least 85% of their assets (after deducting any cash in the fund) in equities in Ireland

Japan Equity Funds which invest at least 85% of their assets (after deducting any cash in the fund) in equities in Japan

North American Equity Funds which invest at least 85% of their assets (after deducting any cash in the fund) in equities from the USA, Canada, Greenland & Caribbean Islands

Specialist Equity Funds that have a particular specialist objective or invest at least 85% of their assets in securities from a particular sector

UK Equity Funds which invest at least 85% of their assets (after deducting any cash in the fund) in equities in the UK

Managed Funds which invest a maximum of 60% of assets within equities, with a minimum holding of 40% equities and a minimum of 15% in a combination of fixed interest securities, property, hedge funds and structured products

Property Funds which invest a minimum of 85% of their assets (after deducting any cash in the fund) in property

AXA Financial offers access to a large selection of internationally recognised fund sectors. Details about the fund sectors can be found in this section (sector overview provided by Financial Express).

Fund Sectors

31

Fund Index

Fund Page

AXA Financial Allianz RCM BRIC Stars 10

AXA Financial Allianz RCM Euroland Equity Growth 8

AXA Financial Baillie Gifford International 12

AXA Financial Baillie Gifford Japanese 15

AXA Financial BGF Euro Bond 24

AXA Financial BGF Euro-Markets 9

AXA Financial BlackRock Euro Corporate Bond Index 24

AXA Financial BlackRock Euro Equity Index 9

AXA Financial BlackRock Euro Government Bond Index 24

AXA Financial BlackRock Gold & General 18

AXA Financial BlackRock Japan Index 15

AXA Financial BlackRock Pacific Rim Index 7

AXA Financial BlackRock UK Index 20

AXA Financial BlackRock US Index 16

AXA Financial Fidelity American 17

AXA Financial Fidelity Euro Balanced 22

AXA Financial Fidelity Euro Blue Chip 10

AXA Financial Fidelity South East Asia 7

AXA Financial First State Asia Pacific Leaders 7

AXA Financial First State Global Emerging Markets Leaders 11

AXA Financial First State Global Listed Infrastructure 18

AXA Financial Gartmore Emerging Markets 11

AXA Financial Gartmore Global Focus 12

AXA Financial Invesco Perpetual Income 20

AXA Financial JP Morgan Global Capital Appreciation 22

AXA Financial JP Morgan Global Capital Preservation 22

AXA Financial JPM Emerging Markets Equity 11

AXA Financial JPM Global Natural Resources 19

AXA Financial Jupiter Climate Change Solutions 19

AXA Financial Jupiter Global Financials 13

AXA Financial L & G UK Property 23

AXA Financial M&G American 17

AXA Financial M&G Global Leaders 13

AXA Financial M&G Recovery 20

AXA Financial Martin Currie Global Funds Asia Pacific 8

AXA Financial Martin Currie Global Funds North American 17

AXA Financial Merrion Balanced 23

AXA Financial Merrion Irish Opportunities 15

AXA Financial Money Dollar Fund 26

AXA Financial Money Euro Fund 26

AXA Financial Money Sterling Fund 26

AXA Financial Neptune Global Equity 14

AXA Financial Newton BNY Mellon Global Bond 25

AXA Financial Schroder Euro Corporate Bond 25

AXA Financial Schroder Euro Equity 10

AXA Financial Schroder Global Property Securities 23

AXA Financial Schroder Income Maximiser 21

AXA Financial Schroder Tokyo 16

AXA Financial Schroder UK Alpha Plus 21

AXA Financial Standard Life Investments Euro Inflation Linked Bond 25

AXA Financial Threadneedle Global Select 14

AXA Financial Limited, trading as AXA Financial, is regulated by the Financial Regulator. AXA Financial

Limited is a private company limited by shares, registered in Ireland number 160083. Registered Office:

Wolfe Tone House, Wolfe Tone Street, Dublin 1, Ireland.

AXA Financial Limited Wolfe Tone House Wolfe Tone Street Dublin 1, Ireland

Ph: +353 1 471 1310 Fax +353 1 471 1888

Email: [email protected] Web: www.axafinancial.ie

01 471 1310www.axafinancial.ie

AFEI

B1

5_0

4/1

0

FINANCIAL

Material contained in this Fund Guide is for information purposes only and does not constitute investment advice. The material is current only as of the relevant dates stated. The fund material has been provided by the respective Fund Groups and is used with their permission in this Guide. No part of this Fund Guide may be copied, reproduced, distributed, stored or adapted in any form or by any means without AXA Financial’s prior written consent. AXA Financial does not accept any responsibility or liability arising from the incomplete nature of, or any inaccuracy in, the material, or from use of or reliance upon, such information by a financial adviser or any investor.

The underlying investment funds described in this Fund Guide may be accessed through the Evolution product range, which is underwritten by AXA Life Europe Limited. Investors should be aware that the value of investments may go down as well as up and are not guaranteed. Past performance is not a guide to future performance. The value of funds may be affected by changes in currency exchange rates. There is no guarantee of the value of any investment and the amount that an investor gets back may be less than the amount that he invests; for instance, whilst the aim of the JPM Capital Preservation Fund is to preserve capital, there is no guarantee that this aim will be met.

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