AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

2. Payable by the Company
� To the Management Company
The Management Company is entitled to receive out of the net assets of each Sub-Fund an annual management fee
specified in the relevant Appendices as a maximum rate.
The annual management fees are calculated as a percentage of the Net Asset Value of each Class of Shares.
In addition, for specific Classes of Shares, as detailed in the relevant Appendices, a distribution fee is calculated on
top of the annual management fee, as a maximum percentage of the Net Asset Value of each Class of Shares.
These fees are calculated and accrued daily and are payable monthly in arrears.
The Management Company is responsible for the payment of the fees of the Investment Managers. The
Management Company is also entitled to any rounding adjustments.
� To the Custodian, Registrar Agent, Domiciliary, Administrative and Paying Agent
The maximum fees of the Custodian, Registrar Agent, Domiciliary, Administrative and Paying Agent are charged to
the Company and specified in the Appendices. These fees are subject to annual review.
The Company also pays the expenses and disbursements of the Custodian, Registrar Agent, Domiciliary,
Administrative and Paying Agent including the cost of electronic fund transfers.
The Company also pays any fees and expenses agreed from time to time between the Company and any distributors
and representatives.
3. Payable by each Sub-Fund
Each Sub-Fund is charged with its own directly attributable expenses, such as the cost of investment dealing
(including usual banking and brokerage fees due on transactions involving portfolio securities of each Sub-Fund, the
latter to be included in the acquisition price and to be deducted from the selling price) and interest on permitted
borrowings. Other expenses not attributable to any particular Sub-Fund are allocated on an equitable basis as
determined by the Directors (normally pro rata to the respective Net Asset Value of each Sub-Fund). The Directors
will endeavour to ensure that such expenses are fair and reasonable.
A portion of commissions paid to selected brokers for certain portfolio transactions may be repaid to the Sub-Funds
which generated the commissions with these brokers and may be used to offset expenses.
For the Sub-Funds registered in Switzerland, the following restriction applies:
If the Management Company acquires units of other undertakings for collective investment that are managed directly
or indirectly by the Management Company itself or a company to which it is related by virtue of common
management or control or by way of a direct or indirect stake of more than 10% of the capital or votes ("related target
funds"), only a reduced all-in fee of 0,25 %, including retrocession payments, may be charged to the Sub-Fund’s
assets in respect of such investments. Moreover, the Management Company may not charge to the Company any
issuing or redemption commissions of the related target funds.
4. Expenses payable by the Company
All expenses incurred in the formation of the Company have been fully amortised.
The costs, charges and expenses which are payable by the Company include:
� all taxes which may be due on the assets and the income of the Company;
� remuneration of the Management Company, the Custodian, the Registrar Agent, the Domiciliary and
Administrative Agent, any Paying Agent, and of any representatives in jurisdictions where the Shares are
qualified for sale, and of all other agents employed on behalf of the Company; such remuneration may be based
on the net assets of the Company or on a transaction basis or may be a fixed sum;
� the cost of preparing, printing and publishing in such languages as are necessary, and distributing offering
information or documents concerning the Company, annual and semi-annual reports and such other reports or
documents, as may be allowed or required under the applicable laws or regulations of the jurisdictions or the
authorities where the Shares are qualified for sale;
� registrars’ fees;
� the cost of printing certificates and proxies;
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