AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

Each Class may, as more fully described for each Sub-Fund in the relevant Appendices, (i) have a different currency
of denomination, (ii) be targeted to different types of investors, i.e. retail investors and Institutional Investors, (iii) have
different minimum investment and holding requirements, (iv) have a different fee structure, (v) have a different
distribution policy, (vi) have a different distribution channel, (vii) have additional underlying investment objectives or
(viii) have such other features as may be determined by the Directors from time to time
Hedged Classes of Shares
For hedged Classes of Shares, which are denominated in a different currency from the Reference Currency of the
relevant Sub-Fund, the Shares will be hedged at least at 95 % against the currency exchange risk related to the
Reference Currency of such Sub-Fund.
Minimum Subscription and Holding
The minimum initial investment requirements are set out for each Sub-Fund or Class of Shares in the relevant
Appendix.
Subsequent subscriptions, other than through reinvestment of dividends, must ordinarily equal or exceed the
minimum initial investment amount of the relevant Sub-Fund or Class of Shares in the manner set out for each Sub-
Fund or Class of Shares in the relevant Appendix.
The minimum holding per Class requirements per Class applying both at the level of a given Sub-Fund and of the
Company are set out in the relevant Appendices.
Dealing Price of Shares
Unless otherwise provided for in the Appendices, all transactions are effected at the Dealing Price plus respectively
less any applicable subscription, redemption or conversion fees as mentioned in the relevant Appendix.
The Net Asset Value in respect of each Class of Shares of each Sub-Fund shall be expressed in the currency in
which the Shares of such Class are denominated and shall be calculated as of any Valuation Day by dividing the net
assets of each Class of Shares and/or Sub-Fund (being the value of the portion of assets less the portion of liabilities
attributable to such Class of Shares and/or Sub-Fund on any such Valuation Day) by the total number of Shares in
the relevant Class of Shares and/or Sub-Fund then outstanding. The Net Asset Value per Share may be rounded up
or down to the nearest unit or sub-unit, e.g. to the nearest cent if calculated in euro.
Details of the valuation methods are outlined hereafter.
Under certain circumstances, the valuation of Shares and, hence, dealing in them, may be suspended; details are
outlined under the heading “Suspension of the Calculation of the Net Asset Value and the Offering, Redemption and
Conversion of Shares”.
Valuation of the Shares
The Net Asset Value per Shares of each Class in each Sub-Fund is determined in the Reference Currency of the
relevant Class within the relevant Sub-Fund on each applicable Valuation Day as disclosed in the Appendices.
If the Valuation Date indicated in said Appendices is not a Business Day, the net asset valuation shall take place on
the next following Business Day. In such event, the Net Asset Value shall be calculated on the basis of the closing
prices of the day preceding the concerned closed Business Day or the last available closing prices on this same day.
The assets of the Company will be valued as follows:
a) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid
expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be
the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the
value thereof is arrived at after making such discount as may be considered appropriate in such case to
reflect the true value thereof;
b) Transferable securities listed or traded on any Regulated Market, stock exchange in an Other State or Other
Regulated Market will be valued at the closing price on such markets. If a security is listed or traded on
several markets, the closing price at the market which constitutes the main market for such securities, will be
determining;
c) Transferable Securities not listed or traded on any Regulated Market, stock exchange in an Other State or
Other Regulated Market will be valued at their last available market price;
d) Transferable Securities for which no price quotation is available or for which the price referred to in (a) and/or
(c) is not representative of the fair market value, will be valued prudently, and in good faith on the basis of
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