AXA ROSENBERG EQUITY ALPHA TRUST ______

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2009

(An umbrella type open-ended Unit Trust authorised in Ireland by the Financial Regulator pursuant to the provisions of the Regulations)

AXA ROSENBERG EQUITY ALPHA TRUST

TABLE OF CONTENTS

Page

Directory 2

Statement of Manager’s Responsibilities 3

Investment Manager’s Report 4

Trustee’s Report 16

Independent Auditor’s Report 17

Schedule of Investments 18

Primary Statements: 164 Profit and Loss Account Balance Sheet Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units

Notes to the Financial Statements 187

Other Information (unaudited) 242

Total Expense Ratios (unaudited) 244

Portfolio Turnover Rates (unaudited) 245

Statement of Portfolio Changes (unaudited) 246

AXA ROSENBERG EQUITY ALPHA TRUST

DIRECTORY

Manager Directors of the Manager Trustee

AXA Rosenberg Management The Directors of the Manager, whose State Street Custodial Services Ireland Limited Business address is that of the (Ireland) Limited Guild House Manager are as follows: Guild House Guild Street Guild Street International Financial Catherine Adibi International Financial Services Centre David Cooke* Services Centre Dublin 1 Jean-Benoit Naudin Dublin 1 Ireland Vincent Ordonneau Ireland Jennifer Paterson David Shubotham* Gideon Smith Mark Summerbell Simon Vanstone William Wiebe

Investment Manager Administrator, Registrar and Listing Sponsor Transfer Agent

AXA Rosenberg Investment State Street Fund Services J&E Davy Management Limited (Ireland) Limited Davy House 9A Devonshire Square Guild House 49 Dawson Street London, EC2M 4YY Guild Street Dublin 2 United Kingdom International Financial Ireland Services Centre Sub-Investment Managers Dublin 1 Independent Auditors Ireland AXA Rosenberg Investment PricewaterhouseCoopers Management LLC Sub-Administrator One Spencer Dock 4 Orinda Way, Bldg E North Wall Quay Orinda, CA 94563 HSBC Institutional Trust Services Dublin 1 United States (Asia) Limited Ireland 1 Queen’s Road Central, AXA Rosenberg Investment Hong Kong Management Limited (Japan) NBF Platinum Tower 14F Legal Advisers to the Trust Prime Broker** 1-17-3 Shirokane Minato-ku as to Irish Law Morgan Stanley & Co. International Plc Tokyo 108-0072 William Fry 26 Cabot Square Japan Solicitors Canary Wharf Fitzwilton House London E144QA AXA Rosenberg Investment Wilton Place United Kingdom Management Asia Pacific Limited Dublin 2 1 George Street #14-02/03 Ireland Singapore 049145 Singapore as to English Law Stephenson Harwood One St Pauls Churchyard London, EC4M 8SH United Kingdom

* Denotes Irish non-executive (independent) Director. **Morgan Stanley was Prime Broker for the 130/30 Funds which terminated during the period.

2 AXA ROSENBERG EQUITY ALPHA TRUST

STATEMENT OF MANAGER’S RESPONSIBILITIES

AXA Rosenberg Management Ireland Limited (the “Manager”), as Manager of AXA Rosenberg Equity Alpha Trust, (the “Trust”), is responsible for preparing the Annual Report and the financial statements in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Accounting Standards Board and published by the Institute of Chartered Accountants in Ireland.

In preparing these financial statements the Manager is required to:

• Select suitable accounting policies and apply them consistently; • Make judgements and estimates that are reasonable and prudent; • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.

The Manager is responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the Trust and to enable it to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with the provisions of the Trust Deed and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003, (as amended) (the “UCITS Regulations”).

The Manager has appointed State Street Fund Services (Ireland) Ltd for the purpose of maintaining proper books of account. Accordingly, the books of account are kept at State Street Fund Services (Ireland) Ltd, Guild House, Guild Street, IFSC, Dublin 1, Ireland. The Manager is also responsible for safeguarding the assets of the Trust. In this regard it has entrusted the assets of the Trust to State Street Custodial Services (Ireland) Limited for safekeeping in accordance with the Trust Deed. The Manager has general responsibility for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Manager is responsible for the maintenance and integrity of the corporate and financial information included on the Trust’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

3 AXA ROSENBERG EQUITY ALPHA TRUST

INVESTMENT MANAGER’S REPORT

Period covering twelve months to March 31, 2009

1. Market Commentary & Volatility

Global equity markets suffered a significant decline in the 12-months to end March, 2009 with the MSCI World Index down 31.0% in euro terms. Volatility in equity markets increased markedly during the first three quarters of the review period, given a series of extraordinary market events and only marginally eased going into 2009. Risk aversion followed a similar pattern over the period with investors increasingly seeking exposure to defensive areas of the market finishing with another sector rotation out of defensives and in to cyclicals during March, 2009. Smaller companies underperformed their large cap peers and emerging markets underperformed developed regions.

Throughout the early part of the review period industry themes dominated with Energy and Materials leading markets as commodity prices peaked at new highs. Higher producer and consumer prices for food and fuel squeezed household budgets driving fears of a consumer-driven slowdown. This reversed mid-way through the review period with Energy and Materials stocks experiencing some of the largest declines amid falling oil prices and slowing global demand. Earlier concerns about inflation rapidly switched to deflationary fears as investors adjusted to the contracting global economy and the reality that most economies were now firmly in recession, the first synchronized global downturn in some 50 years.

The turmoil in financial markets witnessed since September last year has been extraordinary. Financial institutions recorded losses and write-downs in-excess of a trillion US dollars in the year. Not surprisingly, Financials delivered the weakest performance. The scale and synchronisation of intervention by central banks, regulators and legislators to prevent a wide- scale economic collapse was unprecedented. Nevertheless, the casualty list among Financials was severe including Bear Stearns, AIG, Lehman Brothers, Northern Rock and Royal Bank of Scotland. The uncovering of the Bernard Madoff fraud in December dealt another blow to the troubled sector.

In an unprecedented move, the US Federal Reserve established a target range for interest rates between 0.0% - 0.25% by the end of calendar year 2008 after cutting rates decisively throughout last year in an effort to stimulate economic recovery. The European Central Bank and Bank of England, along with several other central banks globally, also lowered base rates in quick succession; taking UK base rates, for example, to their lowest ever level. The Monetary policy changes late in the year boosted sentiment, but drove significant currency volatility, exacerbating sterling’s decline against major currencies.

Towards the end of the review period, the 2008 earnings season got underway with earnings, globally, down 29% from their peak in 2007. In addition, many firms were issuing pessimistic guidance for 2009 or, in some instances, no guidance at all given the uncertain environment. The emphasis, therefore, remained firmly on companies that could demonstrate a degree of earnings certainty of which investors were prepared to pay an ever increasing premium.

Recognition of the global downturn prompted further rapid and sharp rotations across sectors and swift shifts in sentiment on specific stocks, often in the absence of any price discipline or regard for earnings or fundamentals. Although all sectors delivered negative returns over the 12 months, historically more defensive areas held up better as investors moved rapidly to shed perceived riskier investments. As a result, Health Care held out best over the year (although still down some 17% on local currency terms) with Telecoms and Consumer Staples also outperforming. Unsurprisingly, the Financials sector was hardest hit, falling 54% over the year, with Industrials and Materials also suffering severely in the downturn.

90% M a rke t vo latility (lhs) V aluation dispersion (rhs) 75% 80% d

70% 65%

60% 55%

50% Collapse of Bear Stearns 45% 40% BP Dispersion BP

30% 35%

20%

Std Deviation of daily returns over 20 days - annualise days 20 over returns daily of Deviation Std 25% 10%

0% 15% 99 00 01 02 03 04 05 06 07 08

4 AXA ROSENBERG EQUITY ALPHA TRUST

INVESTMENT MANAGER’S REPORT (continued)

Period covering twelve months to March 31, 2009

1. Market Commentary & Volatility (continued)

The chart on page 4 demonstrates the extreme levels of global market volatility experienced throughout the review period. Current volatility surpassed previous peaks experienced during the Technology Bubble’s rise and fall of the late 1990’s and the beginning of the following decade. Notably, the current extreme volatility has been prevalent across most sectors, with volatility within Banks being exceptional. During the Technology Bubble, it was far more concentrated within Technology, Media and Telecoms. Similar dispersion is evident in earnings forecasts given the fall-out from the financial crisis and the impact of the global recessionary environment.

Initially, such a spike in volatility, both valuation and earnings forecasts presents a challenge to fundamental, stock picking managers such as AXA Rosenberg. However, looking ahead, we believe this market environment of sharply expanding dispersions presents an increasing opportunity set from which to identify attractive investment opportunities and, via our disciplined and systematic investment process, to generate positive alpha across the AXA Rosenberg Equity Alpha Trust range.

2. Performance Summary – Overview (all alpha’s are in Sub-Fund base currency):

Large Cap

• The European Funds, including the AXA Rosenberg UK Equity Alpha Fund, were among the main laggards over the period; their alphas underperformed sharply by between -3.1% to -7.8%; • The AXA Rosenberg Japan Equity Alpha Fund’s alpha was also disappointing, down 5.4%; • The US and Asia-Pacific Funds, both developed and All-Country, faired better, delivering positive active returns of 0.11%, 1.26% and 0.67% respectively; • The performance in Europe and Japan impacted negatively on the Global and Global ex-UK Funds, with alphas of - 2.5% and -3.8% respectively; • The AXA Rosenberg Global Emerging Markets Equity Alpha Fund underperformed by 74 basis points, while the MSCI Global Emerging Markets Index experienced one of the sharpest declines, down 46.9% over the 12-months.

Small Cap

• The Pan-European and Europe ex-UK Funds underperformed, down 4.7% and 2.2% respectively; • The AXA Rosenberg UK Small Cap Alpha Fund, which is closed to subscriptions, delivered a positive alpha of 2.7%; • Both Japan and Pacific ex-Japan Funds lagged their respective benchmarks; • The AXA Rosenberg Global Small Cap Alpha Fund also underperformed, down 3.1%.

Enhanced

• The Enhanced Funds’ alphas were mixed. The European & Japanese Funds were down 1.7% and 42 basis points respectively, while the US Fund outperformed by a healthy 2.1%.

3. Investment Process

The AXA Rosenberg investment process is based upon detailed analysis of fundamental company data. By combining fundamental knowledge with technology, AXA Rosenberg undertakes in-depth analysis of a company’s investment potential. Our systems analyse some 200 balance sheets and profit & loss statement items, for 21,000 stocks, to identify those companies which have the potential to generate superior future earnings in the near term and are currently undervalued relative to their peers. The risk model selects the combination of stocks that provides the highest potential return while closely matching the risk profile of the benchmark in terms of industry, size and other risk factors. This rigorous decision-making process is completely objective and is repeated time after time to remove biases and mental shortcuts.

4. Sub-Fund Performance Reviews

The challenging performance of the Manager’s European strategies in calendar year 2007 has continued through 2008. Positive active returns were generated in second quarter of 2008 and during the turn of the calendar year. However, the strategies underperformance in the third quarter of 2008 including October, along with underperformance in the first quarter of 2009 explains the disappointing active returns over the year. A detailed explanation of the region’s performance,

5 AXA ROSENBERG EQUITY ALPHA TRUST

INVESTMENT MANAGER’S REPORT (continued)

Period covering twelve months to March 31, 2009

4. Sub-Fund Performance Reviews (continued) which, due to our consistent, systematic process, is applicable to all our European Equity Alpha Funds, is provided as an Appendix.

Specific performance comments are provided below for the AXA Rosenberg Japan Equity Alpha Fund, which, along with European Sub-Funds, was a laggard over the period. Attribution comments are also provided on selected outperforming Sub-Funds.

AXA Rosenberg Japan Equity Alpha Fund The Fund underperformed over the 12 months due to residual stock selection and industry exposures. Risk Profile of the Fund was strongly rewarded, in particular the overweight to stocks with attractive book-to-price and the underweight relative strength, which is a measure of price momentum. The overweight earnings-to-price and systematic variability were slight detractors. Within industry, the overweight positions in Liquor & Tobacco, Autos and Trade Companies and the underweight Electrical Utilities were the main detractors. Underweights in Durables and Miscellaneous Finance were rewarded. By stock, the overweight exposure to Toshiba and underweight telecom operators, KDDI and NTTDoCoMo were the main detractors. The overweight in the Nippon Telegraph and Telephone, however, was rewarded.

AXA Rosenberg US Equity Alpha Fund The Fund marginally outperformed over the 12 months to end March, 2009 due to residual stock selection. Contribution from industry exposure was virtually flat, while the Fund’s risk profile detracted from performance. Within risk, the overweight’s to earnings variation, stocks with attractive book-to-price and higher than benchmark systematic variability, or beta, were the main detractors. The slight bias to smaller stocks versus the benchmark was the only notably rewarded risk characteristic. Within industry, the overweight positions in Software and Integrated Oil were rewarded, but these were effectively off-set by the overweight’s to Oil and Chemicals. By stock, the overweight exposure to Bristol Myers Squibb and IBM and the underweight’s in General Electric and AT&T were all top contributors. The overweight Prudential Financial was the main detractor.

AXA Rosenberg US Enhanced Equity Alpha Fund The Fund outperformed over the 12 months to end March, 2009. For this Fund, the Investment Manager uses the same stock selection models as with all other strategies; however, portfolio construction differs, whereby the Enhanced Fund operates with tighter risk controls. Since the market environment over the past 12 months has been so risk averse, the enhanced risk qualities of this Fund explains its outperformance versus the pure active, AXA Rosenberg US Equity Alpha Fund. Over the long-term, we would expect the latter to generate higher alpha. Over the review period, there was an equally positive contribution to alpha from the Fund’s risk profile, industry and residual stock selection.

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund The Fund generated outperformance over the review period. This was driven by residual stock selection. Industry exposure was flat, risk profile was negative. The main negative risk driver was the overweight relative strength, a measure of price momentum, which was heavily unrewarded. Within industry exposure, the reward to overweight Electrical Utilities and underweight REITS was negated by an underweight to Metals and an underweight Miscellaneous Finance. At stock level, the overweight’s in more defensive stocks such as Origin Energy, Hong Kong Electric, Santos and CLP Holdings were the top contributors. The overweight’s Pacific Basin Shipping and Bluescope Steel only partially detracted.

Appendix I

European Funds - Long Term Performance Commentary

The performance derived in the first quarter of 2009 across the European Funds continues to be symptomatic of the challenges facing AXA Rosenberg’s investment style since 2007. Our investment philosophy centres on the belief that earnings matter and, by investing in undervalued stocks with the greatest potential to deliver near-term earnings growth, we can generate long-term outperformance. At the present time, and indeed since second half of 2007, investors have not had this price discipline as macro events have dominated investor behaviour.

The result of our philosophy and process is a demonstrable earnings-yield advantage within our portfolios, both realised and forecast, which results in long-term outperformance.

6 AXA ROSENBERG EQUITY ALPHA TRUST

INVESTMENT MANAGER’S REPORT (continued)

Period covering twelve months to March 31, 2009

Appendix I (continued)

European Funds - Long Term Performance Commentary (continued)

Europe Broad Market Equity Composite Alpha FRF/ EUR Denominated Annualized Returns Since 8% Jan-93 – Feb 09

AXA Rosenberg 7.77% 6% Benchmark 5.97%

Outperformance 1.80% 4%

2%

0%

-2%

-4%

-6% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Since Inception* European Composite Alpha Realised Earnings Yield Advantage

Source: AXA Rosenberg. Alpha Data based on Pan Europe Composite; Earnings Yield Advantage based on the difference between the Realised 1 Year Earnings Yield in a Representative Pan European account managed against the MSCI Europe Standard Index, and the Realised 1 Year Earnings Yield Advantage of the MSCI Europe Standard Index.

The chart above shows our long-term composite alpha overlaid with the realised earnings yield of a representative account managed against the MSCI Europe Standard index. Since 1996, the strategy has only underperformed in three out of the twelve years shown, and throughout this period has had a consistent realised earnings yield advantage; which is inherent to all our Funds in the AXA Rosenberg Equity Alpha Trust.

Prior to 2007 global equity markets underwent a period of sustained strength as economic expansion fuelled record rises in corporate earnings, producing an environment of stable earnings and higher-than-usual analyst accuracy. The corollary of this was a compression in the dispersion of valuation spreads, growth forecasts and stock returns to record lows. Alpha was delivered, but the opportunity set was decreasing.

As we moved through 2008 the credit crisis that erupted in July of that year rapidly changed the investment landscape. From that point investors have witnessed record levels of volatility amid record declines in corporate earnings, massive write downs and sharp increases in the dispersion of valuation spreads, growth forecasts and stock returns. In addition, we have also been seeing some extreme sector rotations, most notably during the third quarter/October of last year. Throughout this period alpha has been very volatile but, encouragingly, the opportunity set has been increasing.

The inflection points experienced over the last eighteen months will present a challenge to a systematic investment process such as ours. However, we strongly believe that the investment case for equities remains unaltered and that, over the long run, share prices will be driven by the ability of a company to grow its earnings and that superior performance can be generated by identifying those companies with a superior earnings yield.

The chart on page 8 shows that the current reward to value, as identified by AXA Rosenberg’s Valuation Model (whereby we divide the European universe of stocks 50/50 between the cheapest or undervalued and the most expensive or overvalued and then measure the 12-months performance of these two portfolios), is well below its historic average:

7 AXA ROSENBERG EQUITY ALPHA TRUST

INVESTMENT MANAGER’S REPORT (continued)

Period covering twelve months to March 31, 2009

Appendix I (continued)

European Funds - Long Term Performance Commentary (continued)

50% Undervalued stocks outperforming 40%

30% s 20%

10% 2 Month Return 2 Month 1 0%

‐10% Overvalued stocks outperforming

Spread in Rolling in Rolling Spread ‐20%

AXAR Fair Value Return Spread ‐30% (average 9.0%)

‐40%

‐50% 1985 1987 1989 19911993 1995 1997 1999 2001 2003 2005 2007 2009

Source: AXA Rosenberg

At AXA Rosenberg we have a stable investment process and an unchanging investment philosophy. Nonetheless, extreme market conditions such as those experienced in recent months can reveal areas for further research. The current focus is on improving earnings forecasts at the extremes of perceived earnings certainty, in addition to improving the valuation of uncertain assets, particularly write downs.

To conclude, we cannot predict when investors will refocus on the price they pay for earnings, but we do believe that the current levels of market volatility present an opportunity to acquire a portfolio of deeply undervalued stocks, which should drive our portfolios to restore and deliver outperformance over the long term.

8 AXA ROSENBERG EQUITY ALPHA TRUST

Performance Summary (unaudited)

Performance summary – Class A Units Fiscal year Fiscal year 3 Years 5 Years Since Inception Inception 2007/2008 2008/2009 Annualised Annualised Annualised Date

Large Cap Funds

AXA Rosenberg US Equity Alpha Fund ($) -5.56% -37.98% -13.42% -4.63% -0.92% S&P 500 -5.08% -38.09% -13.05% -4.76% -3.19% 30-Sep-99 Alpha -0.48% 0.11% -0.37% 0.13% 2.27%

AXA Rosenberg UK Equity Alpha Fund (£) -9.45% -35.60% -14.03% -1.11% -1.45% FTSE All Share -7.74% -29.33% -10.17% 1.40% -0.57% 30-Sep-99 Alpha -1.71% -6.27% -3.86% -2.51% -0.88%

AXA Rosenberg Eurobloc Equity Alpha Fund (€) -15.98% -45.76% -19.05% -3.82% -2.75% MSCI EMU -12.15% -42.63% -16.49% -2.13% -2.76% 30-Sep-99 Alpha -3.83% -3.13% -2.56% -1.69% 0.01%

AXA Rosenberg Europe Ex-UK Equity Alpha Fund (€) -15.49% -45.67% -19.23% -3.77% -2.05% MSCI Europe Ex-UK -12.72% -40.41% -15.66% -1.49% -2.17% 30-Sep-99 Alpha -2.77% -5.26% -3.57% -2.28% 0.12%

AXA Rosenberg Pan-European Equity Alpha Fund (€) -17.87% -47.61% -21.14% -5.83% -3.81% MSCI Europe -15.44% -39.80% -16.45% -2.80% -3.00% 30-Sep-99 Alpha -2.43% -7.81% -4.69% -3.03% -0.81%

AXA Rosenberg Japan Equity Alpha Fund (¥) -29.63% -40.21% -24.69% -8.23% -6.98% TOPIX -28.05% -34.78% -22.20% -6.73% -5.64% 30-Sep-99 Alpha -1.58% -5.43% -2.49% -1.50% -1.34%

AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund ($) 19.58% -43.34% -5.38% - -0.52% MSCI AC Asia Pacific Ex-Japan 14.43% -44.01% -6.51% - 0.14% 28-Feb-05 Alpha 5.15% 0.67% 1.13% - -0.66%

AXA Rosenberg All-Country World Equity Alpha Fund ($) - -31.40% - - - MSCI All Country World - -30.91% - - - 17-Sep-08 Alpha - -0.49% - - -

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund ($) 11.37% -42.69% -6.21% 2.58% 4.87% MSCI Pacific Ex-Japan 6.78% -43.95% -7.02% 3.72% 5.21% 30-Sep-99 Alpha 4.59% 1.26% 0.81% -1.14% -0.34%

AXA Rosenberg Global Equity Alpha Fund ($) -5.06% -44.73% -15.59% -4.34% -1.95% MSCI World -2.77% -42.19% -13.27% -2.99% -2.23% 30-Sep-99 Alpha -2.29% -2.54% -2.32% -1.35% 0.28%

AXA Rosenberg Global Ex-UK Equity Alpha Fund (£) -5.98% -22.42% -9.59% - -0.57% FTSE World Ex-UK -3.30% -18.60% -7.04% - 1.25% 12-Jan-05 Alpha -2.68% -3.82% -2.55% - -1.82%

9 AXA ROSENBERG EQUITY ALPHA TRUST

Performance Summary (unaudited) – continued

Performance summary – Class A Units (continued) Fiscal year Fiscal year 3 Years 5 Years Since Inception Inception 2007/2008 2008/2009 Annualised Annualised Annualised Date

Enhanced Index Funds

AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund (€) -15.70% -41.52% -17.47% -3.62% -1.63% MSCI Europe -15.44% -39.80% -16.45% -2.80% -0.59% 07-Oct-03 Alpha -0.26% -1.72% -1.02% -0.82% -1.04%

AXA Rosenberg US Enhanced Index Equity Alpha Fund ($) -3.54% -35.95% -11.96% -4.00% -2.08% S&P 500 -5.08% -38.09% -13.05% -4.76% -2.79% 07-Oct-03 Alpha 1.54% 2.14% 1.09% 0.76% 0.71%

AXA Rosenberg Japan Enhanced Index Equity Alpha Fund (¥) -28.37% -35.20% -22.64% - -12.14% TOPIX -28.05% -34.78% -22.20% - -11.36% 25-Aug-05 Alpha -0.32% -0.42% -0.44% - -0.78%

Emerging Markets Funds

AXA Rosenberg Global Emerging Markets Equity Alpha Fund ($) 22.89% -47.64% - - -8.80% MSCI Global Emerging Market 21.65% -46.90% - - -7.09% 30-Jun-06 Alpha 1.24% -0.74% - - -1.71%

Small Cap Funds

AXA Rosenberg UK Small Cap Alpha Fund (£) -30.56% -41.95% -23.93% -9.83% 1.25% FTSE Small Cap ex Inv. Trusts -29.00% -44.63% -23.21% -9.00% -3.85% 30-Sep-99 Alpha -1.56% 2.68% -0.72% -0.83% 5.10%

AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund (€) -24.19% -48.03% -21.19% -2.47% 1.43% S&P Europe Ex-UK Small Cap -18.30% -45.79% -18.21% -0.76% 1.29% 30-Sep-99 Alpha -5.89% -2.24% -2.98% -1.71% 0.14%

AXA Rosenberg Pan-European Small Cap Alpha Fund (€) -29.10% -49.55% -24.48% -6.03% 0.02% S&P Europe Small Cap -21.89% -44.87% -19.07% -2.32% 0.56% 30-Sep-99 Alpha -7.21% -4.68% -5.41% -3.71% -0.54%

AXA Rosenberg Japan Small Cap Alpha Fund (¥) -31.08% -30.24% -24.32% -5.67% -0.64% S&P Japan Small Cap -30.56% -29.81% -23.73% -5.67% -0.24% 30-Sep-99 Alpha -0.52% -0.43% -0.59% 0.00% -0.40%

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund ($) 16.08% -55.54% -12.75% 3.78% 10.03% S&P Asia Pacific Ex-Japan Small Cap 6.73% -53.97% -13.63% 2.72% 7.99% 30-Sep-99 Alpha 9.35% -1.57% 0.88% 1.06% 2.04%

AXA Rosenberg Global Small Cap Alpha Fund ($) -10.76% -48.89% -19.72% -4.82% 3.23% S&P Global Small Cap -7.62% -45.79% -16.53% -2.97% 2.50% 30-Sep-99 Alpha -3.14% -3.10% -3.19% -1.85% 0.73%

10 AXA ROSENBERG EQUITY ALPHA TRUST

Performance Summary (unaudited) – continued

Fund performance is shown net of fees and is calculated on a NAV to NAV basis. Benchmark returns are calculated according to relevant Funds' business dates and NAVs. Performance returns for Fund and benchmark are shown in Fund's base currency as indicated.

Data Source: Benchmark prices are obtained from the relevant benchmark provider. NAVs are calculated by the Administrator of the Trust.

Prior 1st June 2004, the benchmark for the UK Small Cap was the FTSE Small Cap Index. Prior 1st October 2004, the benchmarks for the Small Cap Funds, except for the UK Small Cap, were the Nomura Global Small Cap Indices. Effective 1st October 2008, the S&P/Citigroup EMI benchmarks were rebalanced and rebranded to S&P Small Cap by the relevant benchmark provider.

This document is for information purposes only and does not constitute an offer to purchase, sell or subscribe to financial instruments, an offer to sell investments Funds or an offer of financial services and should not be relied upon as the basis of any investment decision. This document is issued and approved by AXA Rosenberg Investment Management Ltd. 9A Devonshire Square, London EC2M 4YY. AXA Rosenberg Investment Management Ltd. is authorised and regulated by the Financial Services Authority (UK). Past performance is not necessarily a guide to the future. The value of investments may fall as well as rise and fluctuations in currency exchange rates may affect their value, you may not get back the amount originally invested.

11 AXA ROSENBERG EQUITY ALPHA TRUST

INVESTMENT MANAGER’S REPORT (continued)

Fund Investment Objectives

AXA Rosenberg US Equity Alpha Fund The investment objective of the AXA Rosenberg US Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the S&P 500 Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in the US. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg US Enhanced Index Equity Alpha Fund The investment objective of the AXA Rosenberg US Enhanced Index Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the S&P 500 Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in the US. It is intended that the US Enhanced Index Equity Fund will be substantially fully invested in such equity securities.

The investment approach of the Manager will attempt to build a portfolio which maintains a level of risk that is similar to that of the S&P 500 Index with the ability to provide an enhanced return through the use of AXA Rosenberg’s proprietary quantitative stock selection models and research, while limiting the relative deviation from the return of the S&P 500 Index.

AXA Rosenberg Global Equity Alpha Fund The investment objective of the AXA Rosenberg Global Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the MSCI World Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities that the Manager has identified as undervalued and that are traded principally on Regulated Markets across the world. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg Global Small Cap Alpha Fund The investment objective of the AXA Rosenberg Global Small Cap Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the S&P Global SmallCap Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities of small capitalisation companies that the Manager has identified as undervalued and that are traded principally on Regulated Markets across the world. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg Global Emerging Markets Equity Alpha Fund The investment objective of the AXA Rosenberg Global Emerging Markets Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the MSCI Emerging Markets Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in countries that comprise the MSCI Emerging Markets Index. It is intended that the Fund will be substantially fully invested in equity securities.

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund The investment objective of the AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the MSCI Pacific Index (excluding Japan) on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in the countries that comprise the MSCI Pacific Index (excluding Japan). Specifically, the Fund will invest in Singapore, Hong Kong, Australia and New Zealand. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund The investment objective of the AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the S&P Asia Pacific Ex-Japan Small Cap Index on a rolling three- year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities of small capitalisation companies traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in the countries of the Pacific region, other than Japan. Specifically, the Fund will invest in Singapore, Hong Kong, Australia and New Zealand. It is intended that the Fund will be substantially fully invested in such equity securities.

12 AXA ROSENBERG EQUITY ALPHA TRUST

INVESTMENT MANAGER’S REPORT (continued)

Fund Investment Objectives (continued)

AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund The investment objective of the AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund is to provide long- term capital appreciation with a total return greater than the return of the MSCI AC Asia Pacific ex-Japan Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in the countries that comprise the MSCI AC Asia Pacific Ex-Japan Index. Specifically, the Fund may invest in securities listed in the following markets:- Australia, China, Hong Kong, Indonesia, Pakistan, India, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand. While it is intended that the Fund will be substantially fully invested in such equity securities, the Fund may also invest in American Depository Receipts and other similar instruments.

AXA Rosenberg All-Country World Equity Alpha Fund The investment objective of the AXA Rosenberg All-Country World Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the MSCI All-Country World Index on a rolling three-year basis. This Sub-Fund will primarily (meaning not less than 75% of its Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in the countries that comprise the MSCI All-Country World Index. During any period when this Fund is registered in Switzerland, it will invest no less than the two-thirds of its total assets in such equity securities.

AXA Rosenberg Pan-European Equity Alpha Fund The investment objective of the AXA Rosenberg Pan-European Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the MSCI Europe Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in Europe. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg Pan-European Small Cap Alpha Fund The investment objective of the Pan-European Small Cap Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the S&P Europe SmallCap Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities of small capitalisation companies traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in European countries, including the UK. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund The investment objective of the AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the MSCI Europe Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in Europe. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg Eurobloc Equity Alpha Fund The investment objective of the AXA Rosenberg Eurobloc Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the MSCI EMU Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in countries that are members of the European Economic and Monetary Union (“EMU”). It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg Europe Ex-UK Equity Alpha Fund The investment objective of the AXA Rosenberg Europe Ex-UK Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the MSCI Europe Index (excluding the UK) on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that

13 AXA ROSENBERG EQUITY ALPHA TRUST

INVESTMENT MANAGER’S REPORT (continued)

Fund Investment Objectives (continued)

AXA Rosenberg Europe Ex-UK Equity Alpha Fund (continued) have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in European countries, excluding the UK. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund The investment objective of the AXA Rosenberg Europe Ex-UK Small Cap Fund is to provide long-term capital appreciation with a total return greater than the return of the S&P Europe Ex-UK Small Cap on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities of small capitalisation companies traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in European countries, excluding the UK. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg Japan Equity Alpha Fund The investment objective of the AXA Rosenberg Japan Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the TOPIX Index on a rolling three-year basis. Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in Japan. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg Japan Small Cap Alpha Fund The investment objective of the AXA Rosenberg Japan Small Cap Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the S&P Japan Small Cap Index Japan on a rolling three-year basis. The Japan Small Cap Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities of small capitalisation companies traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in Japan. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg Japan Enhanced Index Equity Alpha Fund The investment objective of the Japan Enhanced Index Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the TOPIX Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in Japan. It is intended that the Fund will be substantially fully invested in such equity securities.

The investment approach of the Manager will attempt to build a portfolio which maintains a level of risk that is similar to that of the TOPIX Index with the ability to provide an enhanced return through the use of AXA Rosenberg’s proprietary quantitative stock selection models and research, while limiting the relative deviation from the return of the TOPIX Index.

AXA Rosenberg UK Equity Alpha Fund The investment objective of the AXA Rosenberg UK Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the FTSE All Share Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in the UK. It is intended that the Fund will be substantially fully invested in such equity securities.

AXA Rosenberg UK Small Cap Alpha Fund The investment objective of the AXA Rosenberg UK Small Cap Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the FTSE Small Cap Ex-Investment Trust Index on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities of small capitalisation companies (excluding investment trusts) traded principally on Regulated Markets that the Manager has identified as undervalued and that are issued by companies that have their registered office or carry out a predominant portion of their economic activity (meaning not less than 51%) in the UK. It is intended that the Fund will be substantially fully invested in such equity securities. For the purposes of the UK Small Cap Fund, “small capitalisation companies” correspond to the Small Cap band as defined by the FTSE Small Cap Ex-Investment Trust Index.

14 AXA ROSENBERG EQUITY ALPHA TRUST

INVESTMENT MANAGER’S REPORT (continued)

Fund Investment Objectives (continued)

AXA Rosenberg Global Ex-UK Equity Alpha Fund The investment objective of the AXA Rosenberg Global Ex-UK Equity Alpha Fund is to provide long-term capital appreciation with a total return greater than the return of the FTSE All World Developed Index (excluding the United Kingdom) on a rolling three-year basis. The Fund will primarily (meaning not less than 75% of the Net Asset Value) invest in equity securities that the Manager has identified as undervalued and that are traded principally on Regulated Markets across the world, excluding the United Kingdom. It is intended that the Fund will be substantially fully invested in such equity securities.

15 AXA ROSENBERG EQUITY ALPHA TRUST

TRUSTEE’S REPORT TO THE UNITHOLDERS OF AXA ROSENBERG EQUITY ALPHA TRUST

Report of the Trustee to the Unitholders

We have enquired into the conduct of the Manager in respect of AXA Rosenberg Equity Alpha Trust (‘the Trust’) for the year ended March 31, 2009, in our capacity as Trustee to the Trust.

This report including the opinion has been prepared for and solely for the unitholders in the Trust as a body, in accordance with the Financial Regulator’s UCITS Notice 4, and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Responsibilities of the Trustee

Our duties and responsibilities are outlined in the Financial Regulator’s UCITS Notice 4. One of those duties is to enquire into the conduct of the Trust in each annual accounting period and report thereon to the unitholders.

Our report shall state whether, in our opinion, the Trust has been managed in that period in accordance with the provisions of the Trust’s Trust Deed and the UCITS Regulations. It is the overall responsibility of the Manager to comply with these provisions. If the Manager has not so complied, we as Trustee must state why this is the case and outline the steps which we have taken to rectify the situation.

Basis of Trustee Opinion

The Trustee conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in UCITS Notice 4 and to ensure that, in all material respects, the Trust has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Trust’s constitutional documentation and the appropriate regulations.

Opinion

In our opinion, the Trust has been managed during the year, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Manager and the Trustee by the Trust Deed and by the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003, as amended, (‘the Regulations’); and

(ii) otherwise in accordance with the provisions of the Trust Deed and the Regulations.

State Street Custodial Services (Ireland) Limited Guild House Guild Street International Financial Services Centre Dublin 1 Ireland

July 16, 2009

16 AXA ROSENBERG EQUITY ALPHA TRUST

INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF AXA ROSENBERG EQUITY ALPHA TRUST (THE “TRUST”)

We have audited the Trust’s financial statements for the year ended March 31, 2009 which comprise the Balance Sheet, the Profit and Loss Account, the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units, the Schedules of Investments and the related notes. These financial statements have been prepared under the accounting policies set out in Note 2. As further explained in Note 2, the 130/30 Funds of the Trust terminated during the year. Therefore, the financial statements in respect of these Funds have been prepared on a termination basis.

Respective responsibilities of the Manager and the Auditors The Manager’s responsibilities for preparing the Annual Report and the financial statements in accordance with applicable Irish law and the accounting standards issued by the Accounting Standards Board and published by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland) are set out in the Statement of Manager’s Responsibilities.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the Trust’s unitholders as a body and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

We report to you our opinion as to whether the financial statements give a true and fair view in accordance with Generally Accepted Accounting Practice in Ireland, and are properly prepared in accordance with Irish statute comprising the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 (as amended). We state whether we have obtained all the information and explanations we consider necessary for the purposes of our audit, and whether the financial statements are in agreement with the books of account. We also report to you our opinion as to whether proper books of account have been kept by the Manager for the Trust.

We read the other information contained in the Annual Report, and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.

Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Manager in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Trust’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion In our opinion the financial statements

• give a true and fair view in accordance with Generally Accepted Accounting Practice in Ireland, of the state of the Trust’s affairs at March 31, 2009 and of its results for the year then ended; and • have been properly prepared in accordance with the requirements of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 (as amended).

We have obtained all the information and explanations we consider necessary for the purposes of our audit. In our opinion proper books of account have been kept by the Manager for the Trust. The Trust’s financial statements are in agreement with the books of account.

PricewaterhouseCoopers Dublin

July 16, 2009

17 AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG US EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Aerospace and Defense Goodrich Corp 316,400 11,975,740 0.66 L-3 Communications Holdings Inc 255,960 17,328,492 0.95 Rockwell Collins Inc 181,150 5,903,679 0.32 United Technologies Corp 390,966 16,788,080 0.92 51,995,991 2.85 Banks Bank of America Corp 865,940 5,879,732 0.32 BB&T Corp 146,200 2,470,780 0.14 Hudson City Bancorp Inc 338,700 3,945,855 0.22 M&T Bank 12,300 554,238 0.03 New York Community Bancorp Inc 220,200 2,450,826 0.13 PNC Financial Services Group Inc 149,100 4,343,283 0.24 US Bancorp 755,024 11,030,901 0.60 Wells Fargo & Co 1,006,830 14,337,259 0.79 45,012,874 2.47 Beverages Constellation Brands 663,888 7,886,989 0.43 Pepsi Bottling Group 341,398 7,551,724 0.42 15,438,713 0.85 Biotechnology Amgen Inc 714,823 35,269,367 1.93 Biogen Idec Inc 273,841 14,327,361 0.79 Cephalon Inc 150,451 10,244,208 0.56 Gilead Sciences Inc 680,384 31,501,779 1.73 Life Technologies 403,499 13,008,808 0.71 PDL BioPharma Inc 237,210 1,677,075 0.09 106,028,598 5.81 Chemicals Airgas Inc 168,000 5,668,320 0.31 FMC Corp 87,480 3,764,264 0.21 Monsanto Co 14,464 1,201,091 0.07 Olin 19,195 273,529 0.01 PPG Industries Inc 161,509 5,948,376 0.32 16,855,580 0.92 Commercial Services and Supplies Dollar Tree Inc 191,932 8,550,571 0.46 Hewitt Associates Inc 3,850 114,383 0.01 8,664,954 0.47 Communications Equipment Discovery Communications 1,290 20,666 0.00 Harris Corp 336,700 9,733,997 0.53 9,754,663 0.53 Computers and Peripherals Hewlett Packard Co 1,808,591 57,983,428 3.17 International Business Machines Corp 860,630 83,377,834 4.57 141,361,262 7.74 Construction and Engineering URS Corp 186,051 7,497,855 0.41

Diversified Financials American Express Co 192,660 2,625,956 0.14 Goldman Sachs Group Inc 101,800 10,792,836 0.59 JPMorgan Chase & Co 1,301,110 34,531,459 1.89 Morgan Stanley 183,100 4,154,539 0.23 52,104,790 2.85 Diversified Telecommunication AT&T Inc 496,800 12,484,584 0.69 CenturyTel Inc 247,288 6,936,428 0.38

18 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG US EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Diversified Telecommunication (continued) Verizon Communications Inc 1,588,582 47,832,204 2.62 Windstream Corp 435,444 3,509,679 0.19 70,762,895 3.88 Electric Utilities Alliant Energy Corp 8,057 198,927 0.01 American Electric Power Co Inc 831,635 21,007,100 1.15 American Water Works 32,627 624,807 0.04 CMS Energy Corp 579,500 6,843,895 0.38 Consolidated Edison Inc 75,040 2,967,832 0.16 DTE Energy Co 354,819 9,810,745 0.54 Edison International 674,380 19,415,400 1.06 Mirant Corp 396,314 4,510,053 0.25 Northeast Utilities 189,319 4,079,825 0.22 NV Energy 539,740 5,068,159 0.28 Pepco Holdings Inc 497,804 6,197,660 0.34 PG&E Corp 528,612 20,150,689 1.10 Pinnacle West Capital Corp 129,920 3,440,282 0.19 Unisource Energy Corp 78,610 2,216,016 0.12 Wisconsin Energy 71,770 2,954,771 0.16 Xcel Energy 288 5,354 0.00 109,491,515 6.00 Electronic Equipment and Instruments Agilent Technologies Inc 750,336 11,502,651 0.63

Energy Equipment and Services Diamond Offshore Drilling Inc 68,500 4,297,690 0.23 NRG Energy Inc 259,751 4,498,887 0.25 Tidewater Inc 68,335 2,537,279 0.14 11,333,856 0.62 Food and Drug Retailing CVS Caremark Corp 1,086,700 29,808,181 1.63 Safeway Inc 948,117 19,095,076 1.05 48,903,257 2.68 Food Products Archer-Daniels-Midland Co 770,983 21,402,488 1.17 ConAgra Foods Inc 587,128 9,904,849 0.54 Corn Products International Inc 152,516 3,228,764 0.18 Dean Foods Co 360,500 6,507,025 0.36 Del Monte Foods 423,105 3,080,204 0.17 Kellogg Co 442,480 16,190,343 0.89 Kraft Foods Inc 996,990 22,183,028 1.21 Ralcorp Holdings Inc 133,900 7,214,532 0.40 Sara Lee 1,005,754 8,106,377 0.44 Tyson Foods Inc 650,109 6,104,524 0.33 103,922,134 5.69 Gas Utilities Southwest Gas Corp 4,420 93,129 0.01 Southwestern Energy 77,050 2,280,680 0.12 UGI Corp 232,679 5,479,591 0.30 7,853,400 0.43 Health Care Equipment and Supplies Baxter International Inc 139,991 7,164,739 0.39 Beckman Coulter Inc 140,103 7,146,654 0.39 Cooper Cos Inc 31,710 838,095 0.04 Hologic 539,018 7,050,356 0.39 Inverness Medical Innovations 145,260 3,868,274 0.21

19 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG US EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Health Care Equipment and Supplies (continued) Medtronic Inc 257,942 7,596,392 0.42 Zimmer Holdings Inc 8,470 309,155 0.02 33,973,665 1.86

Health Care Providers and Services Amerigroup Corp 116,395 3,199,699 0.18 Cardinal Health Inc 122,150 3,836,731 0.21 Express Scripts Inc 283,701 13,072,942 0.72 Health Net Inc 230,211 3,321,945 0.18 Humana Inc 148,186 3,864,691 0.21 Omnicare 247,600 6,041,440 0.33 33,337,448 1.83 Hotels, Restaurants and Leisure Brinker International Inc 236,397 3,562,503 0.19 Darden Restaurants Inc 104,470 3,576,008 0.20 International Game Technology 51,152 470,598 0.03 McDonald's Corp 499,725 27,235,013 1.49 34,844,122 1.91 Household Products Church & Dwight 138,500 7,232,470 0.40 Clorox 314,523 16,160,192 0.89 Colgate-Palmolive Co 335,161 19,751,038 1.08 Procter And Gamble Co 241,840 11,368,898 0.62 54,512,598 2.99 Industrial Conglomerates 3M Co 18,407 913,171 0.05 General Electric Co 1,990,489 20,123,844 1.10 Reynolds American 21,580 771,485 0.04 21,808,500 1.19 Insurance AON Corp 132,076 5,388,701 0.29 Assurant 198,283 4,312,655 0.24 Chubb Corp 121,070 5,121,261 0.28 Cincinnati Financial 87,956 2,008,915 0.11 Everest Reinsurance Group Ltd 110,697 7,829,599 0.43 HCC Insurance Holdings Inc 9,079 228,064 0.01 PartnerRe Ltd 121,700 7,542,966 0.41 Travelers Cos Inc 758,139 30,810,769 1.69 63,242,930 3.46 Internet and Catalogue Retail priceline.com Inc 68,370 5,384,821 0.30 VeriSign Inc 950 17,917 0.00 5,402,738 0.30 Internet Software and Services IAC/InterActiveCorp 223,762 3,392,232 0.19

IT Consulting and Services Accenture Ltd 768,050 21,113,695 1.15 Computer Sciences 387,269 14,228,263 0.78 Sun Microsystems 617,281 4,537,015 0.25 39,878,973 2.18 Media DISH Network 447,501 4,971,736 0.27 Virgin Media 684,900 3,273,822 0.18 Walt Disney Co 893,589 16,209,704 0.89 Washington Post Co 680 242,189 0.01 24,697,451 1.35

20 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG US EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Metals and Mining Massey Energy Corp 22,822 230,274 0.01

Multi-Utilities AES Corp 1,438,657 8,344,211 0.46 Centerpoint Energy Inc 550,757 5,733,380 0.31 NiSource 685,692 6,712,925 0.37 SCANA Corp 181,856 5,612,076 0.31 26,402,592 1.45 Multiline Retail Big Lots Inc 204,170 4,240,611 0.23 Family Dollar Stores Inc 340,600 11,352,198 0.62 Wal-Mart Stores Inc 907,314 47,180,328 2.59 62,773,137 3.44 Oil and Gas Chevron Corp 809,720 54,283,629 2.97 El Paso 512,880 3,205,500 0.18 Exxon Mobil Corp 913,701 62,031,161 3.40 Marathon Oil Corp 141,963 3,729,368 0.20 Noble 5,608 135,096 0.01 Sunoco Inc 299,800 7,929,710 0.43 Tesoro Corp 4,189 56,426 0.00 131,370,890 7.19 Personal Products Avon Products Inc 758 14,546 0.00 Estee Lauder Cos Inc 275,400 6,788,610 0.37 6,803,156 0.37 Pharmaceuticals Bristol-Myers Squibb Co 2,136,160 46,653,735 2.55 Endo Pharmaceuticals Holdings Inc 7,893 139,469 0.01 Forest Laboratories Inc 731,035 16,038,908 0.88 Hospira Inc 189,650 5,848,806 0.32 Johnson & Johnson 968,972 50,938,858 2.79 King Pharmaceuticals Inc 35,340 249,854 0.01 Merck & Co Inc 1,121,712 29,949,710 1.64 Mylan Inc 718,622 9,600,790 0.53 Pfizer Inc 2,977,360 40,551,643 2.22 Warner Chilcott 41,246 433,083 0.02 Watson Pharmaceuticals Inc 253,140 7,859,997 0.43 Wyeth 386,747 16,606,916 0.91 224,871,769 12.31 Real Estate Public Storage (REIT) 65,400 3,610,080 0.20 Simon Property Group Inc (REIT) 1,050 36,235 0.00 Vornado Realty Trust (REIT) 460 15,254 0.00 3,661,569 0.20 Road and Rail Norfolk Southern Corp 12,234 412,041 0.02 Union Pacific Corp 4 164 0.00 412,205 0.02 Semiconductor Equipment and Products Micron Technology 1,988,672 8,034,235 0.44

Software Amdocs 421,837 7,803,985 0.43 Autodesk 314,814 5,288,875 0.29 BMC Software Inc 419,158 13,815,448 0.76 CA Inc 913,900 16,057,223 0.88 Intuit 757,728 20,451,079 1.12 Microsoft Corp 2,342,227 42,933,021 2.35

21 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG US EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Software (continued) Novell Inc 949,048 4,042,944 0.22 Oracle Corp 1,387,949 25,066,359 1.37 Synopsys Inc 313,339 6,476,717 0.35 TIBCO Software Inc 150,599 884,016 0.05 142,819,667 7.82 Speciality Retail Autozone Inc 106,574 17,327,867 0.95 Barnes & Noble 65,769 1,406,141 0.08 Home Depot Inc 55,217 1,291,526 0.07 RadioShack Corp 174,060 1,491,694 0.08 Rent-A-Center Inc 153,210 2,966,145 0.16 24,483,373 1.34 Tobacco Altria Group Inc 611,036 9,764,355 0.54 Lorillard 52,430 3,231,261 0.18 Philip Morris International 361,838 12,852,486 0.70 25,848,102 1.42 Trading Companies and Distributors WW Grainger Inc 161,452 11,314,557 0.62

Wireless Telecommunication Services NII Holdings Inc 10,100 151,500 0.01 United States Cellular Corp 58,000 1,927,340 0.10 2,078,840 0.11

Total value of Investments excluding Financial Derivative Instruments 1,804,680,011 98.83

Financial Derivative Instruments

Open Forward Foreign Currency Exchange Contracts* Settlement Unrealised % of Currency Sold Currency Bought Date Gain/(Loss) Net Assets

USD 4,175,401 EUR 3,174,180 28 April 2009 38,751 0.00 USD 5,343,363 EUR 4,089,705 28 April 2009 86,274 0.00 USD 6,782 EUR 5,191 28 April 2009 110 0.00 USD 3,895,344 EUR 2,981,419 28 April 2009 62,894 0.00 USD 38,639 EUR 29,252 28 April 2009 198 0.00 USD 373 EUR 286 28 April 2009 6 0.00 USD 32,743 EUR 25,268 28 April 2009 804 0.00 USD 136 EUR 105 28 April 2009 3 0.00 USD 43,574 EUR 33,966 28 April 2009 1,520 0.00 USD 5,692 EUR 4,432 28 April 2009 192 0.00 USD 24,653 EUR 18,922 28 April 2009 469 0.00 USD 1,902 EUR 1,475 28 April 2009 57 0.00 USD 227,179 EUR 177,937 28 April 2009 9,057 0.00 USD 1,011,157 EUR 783,703 28 April 2009 29,315 0.00 USD 9,099 EUR 7,053 28 April 2009 264 0.00 USD 17,041 EUR 13,604 28 April 2009 1,020 0.00 USD 3,687 EUR 2,907 28 April 2009 172 0.00 USD 3,287 EUR 2,607 28 April 2009 174 0.00 USD 8,303 EUR 6,523 28 April 2009 358 0.00 USD 211,501 EUR 166,170 28 April 2009 9,112 0.00 USD 5,398 EUR 4,235 28 April 2009 225 0.00 USD 37,154 EUR 29,151 28 April 2009 1,547 0.00 USD 15,570 EUR 12,399 28 April 2009 891 0.00 USD 2,510,839 EUR 1,999,496 28 April 2009 143,762 0.01 USD 2,569,537 EUR 2,047,916 28 April 2009 149,349 0.01

22 The accompanying notes are an integral part of the financial statements.

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AXA ROSENBERG US EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Open Forward Foreign Currency Exchange Contracts* Settlement Unrealised % of Currency Sold Currency Bought Date Gain/(Loss) Net Assets USD 2,332 EUR 1,829 28 April 2009 96 0.00 USD 671,701 EUR 525,896 28 April 2009 26,498 0.00 USD 3,035 EUR 2,354 28 April 2009 90 0.00 USD 3,874,217 EUR 3,005,086 28 April 2009 115,441 0.01 USD 3,004,829 EUR 2,330,734 28 April 2009 89,536 0.00 USD 25,795 EUR 20,157 28 April 2009 967 0.00 USD 1,702,050 EUR 1,320,407 28 April 2009 50,969 0.00 USD 30,705 EUR 23,626 28 April 2009 662 0.00 USD 3,784 EUR 2,937 28 April 2009 115 0.00 USD 113,656 EUR 88,401 28 April 2009 3,709 0.00 USD 56,911,038 EUR 43,675,253 28 April 2009 1,073,771 0.06 USD 1,215,073 EUR 945,080 28 April 2009 39,649 0.00 USD 8,907,546 EUR 6,882,522 28 April 2009 229,934 0.01 USD 746,052 EUR 583,928 28 April 2009 29,192 0.00 USD 175,080 EUR 133,097 28 April 2009 1,625 0.00 USD 3,948 EUR 3,097 28 April 2009 164 0.00 USD 2,330,606 EUR 1,835,537 28 April 2009 106,317 0.01 USD 3,795 EUR 2,989 28 April 2009 173 0.00 USD 598 EUR 475 28 April 2009 33 0.00 USD 39,454 EUR 31,345 28 April 2009 2,161 0.00 USD 59,172 EUR 47,100 28 April 2009 3,360 0.00 USD 53,213,685 EUR 40,837,792 28 April 2009 1,004,011 0.06 USD 103,018 EUR 79,059 28 April 2009 1,944 0.00 USD 27,240,291 EUR 20,750,855 28 April 2009 309,278 0.02 USD 44,237 EUR 33,949 28 April 2009 834 0.00 USD 112,609 EUR 85,190 28 April 2009 491 0.00 USD 70,489 EUR 51,349 28 April 2009 (2,317) (0.00) USD 4,698,537 EUR 3,474,273 28 April 2009 (85,970) (0.00) USD 4,699 EUR 3,475 28 April 2009 (86) (0.00) USD 6,042,554 EUR 4,468,089 28 April 2009 (110,561) (0.01) USD 26,911 EUR 19,837 28 April 2009 (575) (0.00) USD 21,597 EUR 15,971 28 April 2009 (393) (0.00) USD 3,556,892 EUR 2,630,397 28 April 2009 (64,683) (0.00) USD 14,245,176 EUR 10,521,618 28 April 2009 (276,305) (0.02) EUR 6,590 USD 9,047 28 April 2009 297 0.00 EUR 1,493 USD 2,025 28 April 2009 43 0.00 EUR 11,413 USD 15,480 28 April 2009 328 0.00 EUR 4,164 USD 5,637 28 April 2009 109 0.00 EUR 562 USD 762 28 April 2009 16 0.00 EUR 102,161 USD 138,517 28 April 2009 2,885 0.00 EUR 7,500,545 USD 9,979,775 28 April 2009 21,787 0.00 EUR 4,021 USD 5,350 28 April 2009 12 0.00 EUR 4,527 USD 5,819 28 April 2009 (192) (0.00) EUR 3,049,846 USD 3,920,028 28 April 2009 (129,055) (0.01) EUR 3,671,484 USD 4,719,032 28 April 2009 (155,360) (0.01) EUR 6,705 USD 8,678 28 April 2009 (224) (0.00) EUR 304,704 USD 389,303 28 April 2009 (15,233) (0.00) EUR 25,810 USD 33,850 28 April 2009 (416) (0.00) EUR 47,668 USD 62,963 28 April 2009 (322) (0.00) EUR 77,333 USD 101,024 28 April 2009 (1,646) (0.00) EUR 20,453 USD 26,328 28 April 2009 (826) (0.00) EUR 3,168 USD 4,063 28 April 2009 (143) (0.00) EUR 9,986 USD 12,811 28 April 2009 (447) (0.00) EUR 1,785 USD 2,293 28 April 2009 (77) (0.00) EUR 1,877 USD 2,451 28 April 2009 (41) (0.00) EUR 1,335 USD 1,744 28 April 2009 (29) (0.00) EUR 7,349 USD 9,575 28 April 2009 (182) (0.00) EUR 788,136 USD 1,016,164 28 April 2009 (30,192) (0.00) EUR 5,313,593 USD 6,654,691 28 April 2009 (399,823) (0.02) EUR 4,222,709 USD 5,288,479 28 April 2009 (317,739) (0.02) EUR 33,012 USD 41,498 28 April 2009 (2,330) (0.00) EUR 775,413 USD 974,734 28 April 2009 (54,731) (0.00) EUR 2,535 USD 3,215 28 April 2009 (150) (0.00) EUR 14,884 USD 18,644 28 April 2009 (1,116) (0.00)

23 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Open Forward Foreign Currency Exchange Contracts* Settlement Unrealised % of Currency Sold Currency Bought Date Gain/(Loss) Net Assets EUR 209,950 USD 266,320 28 April 2009 (12,417) (0.00) EUR 1,395 USD 1,760 28 April 2009 (93) (0.00) EUR 2,951,418 USD 3,760,933 28 April 2009 (157,474) (0.01) EUR 2,425 USD 3,090 28 April 2009 (129) (0.00) EUR 2,367,211 USD 3,016,490 28 April 2009 (126,303) (0.01) EUR 4,590 USD 5,825 28 April 2009 (269) (0.00) EUR 6,392 USD 8,112 28 April 2009 (374) (0.00) EUR 41,148 USD 52,451 28 April 2009 (2,178) (0.00) EUR 2,476,558 USD 3,110,631 28 April 2009 (177,335) (0.01) EUR 2,565 USD 3,221 28 April 2009 (184) (0.00) EUR 3,002,116 USD 3,770,747 28 April 2009 (214,968) (0.01) EUR 56,970 USD 71,571 28 April 2009 (4,064) (0.00) EUR 8,899 USD 11,166 28 April 2009 (649) (0.00) EUR 14,352 USD 18,169 28 April 2009 (885) (0.00) EUR 106,849 USD 135,266 28 April 2009 (6,590) (0.00) EUR 4,201 USD 5,309 28 April 2009 (269) (0.00) EUR 283,893 USD 358,747 28 April 2009 (18,160) (0.00) EUR 1,208 USD 1,540 28 April 2009 (63) (0.00) EUR 2,725,283 USD 3,556,222 28 April 2009 (61,960) (0.00) EUR 1,514,071 USD 1,975,711 28 April 2009 (34,423) (0.00) EUR 520 USD 678 28 April 2009 (12) (0.00) EUR 8,707 USD 11,509 28 April 2009 (50) (0.00) EUR 328,691 USD 423,502 28 April 2009 (12,880) (0.00) EUR 91 USD 116 28 April 2009 (4) (0.00) EUR 5,202 USD 6,661 28 April 2009 (246) (0.00) EUR 13,891 USD 17,779 28 April 2009 (664) (0.00) EUR 2,973 USD 3,805 28 April 2009 (142) (0.00) EUR 25,290 USD 32,367 28 April 2009 (1,209) (0.00) EUR 7,617 USD 9,805 28 April 2009 (308) (0.00) EUR 325,280 USD 415,463 28 April 2009 (16,390) (0.00) EUR 2,993 USD 3,830 28 April 2009 (144) (0.00) EUR 18,663 USD 24,254 28 April 2009 (523) (0.00) EUR 72,263 USD 94,729 28 April 2009 (1,210) (0.00) EUR 95,771 USD 125,546 28 April 2009 (1,603) (0.00)

Unrealised gain on open forward foreign currency exchange contracts 3,653,021 0.19 Unrealised loss on open forward foreign currency exchange contracts (2,505,336) (0.13) Net unrealised gain on open forward foreign currency exchange contracts 1,147,685 0.06

Total financial assets at fair value through profit or loss 1,805,827,696 98.89

Net Cash at Bank 33,009,722 1.81

Other Net Liabilities (15,538,826) (0.85)

Adjustment from bid market prices to last traded market prices 2,791,644 0.15

Net Asset attributable to holders of redeemable participating units 1,826,090,236 100.00

* Forward Foreign Currency Exchange Contracts are entered on behalf of the investors in the Class A Hedged €, Class B Hedged €, and Class E Hedged €.

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 95.95 Over the counter financial derivative instruments 0.19 Current Assets 3.86 Total Assets 100.00

Abbreviations used: REIT Real Estate Investment Trust

24 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Aerospace and Defense Boeing Co 14,200 502,964 0.31 Goodrich Corp 8,970 339,514 0.21 Honeywell International Inc 14,000 389,480 0.24 L-3 Communications Holdings Inc 7,000 473,900 0.29 Northrop Grumman Corp 6,300 274,680 0.17 Precision Castparts Corp 2,100 125,412 0.08 Rockwell Collins Inc 14,200 462,778 0.28 Southwest Airlines 29,990 189,537 0.12 United Technologies Corp 18,400 790,096 0.49 3,548,361 2.19 Air Freight and Couriers Expeditors International of Washington Inc 4,000 113,000 0.07 Fedex Corp 9,290 413,312 0.25 Ryder System Inc 6,900 195,339 0.12 United Parcel Service Inc 19,300 948,981 0.59 1,670,632 1.03 Auto Components Johnson Controls Inc 4,800 57,552 0.04

Automobiles SLM 33,760 165,762 0.10

Banks Bank of America Corp 65,900 447,461 0.28 Bank of New York Mellon Corp 35,900 1,013,098 0.62 BB&T Corp 7,000 118,300 0.07 Hudson City Bancorp Inc 31,100 362,315 0.22 Northern Trust 5,580 334,019 0.21 People's United Financial 6,700 120,332 0.07 PNC Financial Services Group Inc 5,900 171,867 0.11 US Bancorp 30,581 446,788 0.28 Wells Fargo & Co 82,700 1,177,648 0.73 4,191,828 2.59 Beverages Coca-Cola Co 39,100 1,718,054 1.06 Constellation Brands 12,200 144,936 0.09 Dr Pepper Snapple Group 14,531 245,138 0.15 Molson Coors Brewing Co 2,900 99,151 0.06 Pepsi Bottling Group 9,200 203,504 0.12 PepsiCo Inc 30,400 1,564,992 0.97 3,975,775 2.45 Biotechnology Amgen Inc 20,700 1,021,338 0.63 Biogen Idec Inc 4,300 224,976 0.14 Celgene Corp 7,400 328,190 0.20 Cephalon Inc 4,300 292,787 0.18 Genzyme Corp 5,200 308,620 0.19 Gilead Sciences Inc 33,100 1,532,530 0.95 Life Technologies 10,900 351,416 0.22 4,059,857 2.51 Chemicals Air Products & Chemicals Inc 3,100 174,065 0.11 CF Industries Holdings Inc 600 42,534 0.03 Dow Chemical Co 54,800 460,868 0.28 Ecolab 3,200 111,072 0.07 EI Du Pont de Nemours & Co 14,800 329,892 0.20 H&R Block 20,500 372,280 0.23 International Flavors & Fragrances Inc 6,600 200,640 0.12 Monsanto Co 10,600 880,224 0.54

25 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Chemicals (continued) PPG Industries Inc 9,900 364,617 0.23 Praxair Inc 14,100 947,097 0.59 3,883,289 2.40 Commercial Services and Supplies Apollo Group Inc 6,300 492,723 0.31 CH Robinson Worldwide 14,730 670,068 0.41 Convergys Group 23,940 192,956 0.12 Dun & Bradstreet Corp 3,300 252,516 0.16 Equifax Inc 8,200 200,080 0.12 Fiserv Inc 9,950 361,285 0.22 Mastercard 4,000 668,080 0.41 Republic Services 6,000 102,900 0.06 Waste Management Inc 7,300 186,588 0.12 3,127,196 1.93 Communications Equipment Cisco Systems Inc 115,400 1,930,642 1.19 Corning Inc 27,300 361,452 0.22 Harris Corp 8,400 242,844 0.15 Juniper Networks Inc 10,000 150,500 0.09 Motorola Inc 11,000 45,980 0.03 Qualcomm Inc 32,300 1,252,917 0.78 Tellabs Inc 57,830 264,283 0.16 4,248,618 2.62 Computers and Peripherals Apple Inc 17,500 1,837,850 1.14 Dell Inc 32,600 308,070 0.19 EMC Corp 33,700 383,506 0.24 Hewlett Packard Co 66,300 2,125,578 1.31 International Business Machines Corp 38,700 3,749,256 2.31 NetApp 6,100 90,097 0.06 Teradata 11,300 182,947 0.11 8,677,304 5.36 Construction and Engineering Fluor 3,500 120,925 0.07

Containers and Packaging Sealed Air Corp 13,400 184,920 0.11

Diversified Financials American Express Co 19,000 258,970 0.16 Capital One Financial Corp 7,200 87,840 0.05 Charles Schwab Corp 18,000 278,640 0.17 CME Group Inc 1,300 320,333 0.20 Franklin Resources Inc 2,800 150,780 0.09 Goldman Sachs Group Inc 6,500 689,130 0.43 IntercontinentalExchange Inc 1,300 96,564 0.06 JPMorgan Chase & Co 73,600 1,953,344 1.21 Morgan Stanley 13,400 304,046 0.19 State Street Corp 6,500 199,615 0.12 T Rowe Price Group Inc 5,000 143,450 0.09 Western Union 10,600 133,242 0.08 4,615,954 2.85 Diversified Telecommunication AT&T Inc 116,030 2,915,834 1.80 CenturyTel Inc 6,900 193,545 0.12 Frontier Communications 24,980 178,857 0.11 Qwest Communications International Inc 9,370 31,951 0.02

26 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Diversified Telecommunication (continued) Verizon Communications Inc 55,800 1,680,138 1.04 Windstream Corp 27,900 224,874 0.14 5,225,199 3.23 Electric Utilities Ameren 4,100 94,833 0.06 American Electric Power Co Inc 7,700 194,502 0.12 CMS Energy Corp 17,000 200,770 0.12 Consolidated Edison Inc 4,060 160,573 0.10 Dominion Resources Inc 11,200 346,752 0.21 Edison International 4,179 120,313 0.07 Entergy Corp 3,600 244,656 0.15 Exelon Corp 12,700 575,691 0.36 FirstEnergy Corp 5,900 227,504 0.14 FPL Group Inc 12,800 648,448 0.40 Pepco Holdings Inc 18,900 235,305 0.14 PG&E Corp 5,300 202,036 0.12 Pinnacle West Capital Corp 6,500 172,120 0.11 PPL Corp 4,900 140,434 0.09 Progress Energy 5,200 188,188 0.12 Public Service Enterprise Group Inc 7,500 220,725 0.14 Southern Co 12,600 385,182 0.24 TECO Energy 16,100 179,193 0.11 Xcel Energy 6,800 126,412 0.08 4,663,637 2.88 Electrical Equipment Emerson Electric Co 12,700 362,712 0.22

Electronic Equipment and Instruments Agilent Technologies Inc 8,800 134,904 0.08 Jabil Circuit 2,100 11,676 0.01 PerkinElmer Inc 12,800 163,072 0.10 Thermo Fisher Scientific Inc 6,200 220,844 0.14 530,496 0.33 Energy Equipment and Services Baker Hughes Inc 4,100 116,768 0.07 Halliburton Co 17,200 265,740 0.17 National Oilwell Varco Inc 5,690 162,962 0.10 Schlumberger Ltd 23,300 944,349 0.58 Smith International Inc 4,000 85,720 0.05 1,575,539 0.97 Food and Drug Retailing CVS Caremark Corp 48,220 1,322,675 0.82 Kroger Co 10,700 226,412 0.14 Safeway Inc 34,700 698,858 0.43 SYSCO Corp 28,600 652,080 0.40 Walgreen Co 53,500 1,386,720 0.86 Whole Foods Market Inc 13,900 233,520 0.14 4,520,265 2.79 Food Products Archer-Daniels-Midland Co 39,070 1,084,583 0.67 Campbell Soup Co 3,900 106,548 0.07 ConAgra Foods Inc 8,600 145,082 0.09 Dean Foods Co 10,000 180,500 0.11 General Mills Inc 11,000 547,580 0.34 Hershey 3,200 110,944 0.07 HJ Heinz Co 23,500 776,205 0.48 JM Smucker Co 7,500 279,000 0.17 Kellogg Co 3,700 135,383 0.08 Kraft Foods Inc 27,700 616,325 0.38

27 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG US ENHANCED INDEX EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Food Products (continued) Sara Lee 13,500 108,810 0.07 Tyson Foods Inc 19,600 184,044 0.11 4,275,004 2.64 Gas Utilities Nicor Inc 5,200 172,380 0.11 Sempra Energy 2,800 129,332 0.08 Southwestern Energy 18,800 556,480 0.34 Spectra Energy Corp 5,900 83,308 0.05 941,500 0.58 Health Care Equipment and Supplies Baxter International Inc 20,700 1,059,426 0.65 Becton Dickinson and Co 16,000 1,073,760 0.66 Boston Scientific Corp 22,300 177,062 0.11 Covidien 7,500 248,925 0.15 CR Bard 1,000 79,620 0.05 Medtronic Inc 21,600 636,120 0.39 Millipore Corp 2,100 120,246 0.08 St Jude Medical Inc 19,100 692,757 0.43 Stryker Corp 3,700 125,689 0.08 Zimmer Holdings Inc 3,500 127,750 0.08 4,341,355 2.68 Health Care Providers and Services Aetna Inc 9,420 229,189 0.14 Cardinal Health Inc 6,900 216,729 0.13 Cigna Corp 5,100 89,658 0.06 Coventry Health Care 11,516 149,017 0.09 DaVita 1,800 78,912 0.05 Express Scripts Inc 18,100 834,048 0.51 Humana Inc 12,440 324,435 0.20 Laboratory Corp of America Holdings 2,100 122,619 0.08 McKesson Corp 18,600 651,000 0.40 Quest Diagnostics 2,000 94,600 0.06 UnitedHealth Group Inc 23,400 489,060 0.30 WellPoint Inc 23,000 872,160 0.54 4,151,427 2.56 Hotels, Restaurants and Leisure Carnival Corp 8,400 181,188 0.11 Darden Restaurants Inc 12,300 421,029 0.26 International Game Technology 18,700 172,040 0.11 McDonald's Corp 34,200 1,863,900 1.15 Starbucks Corp 14,100 156,369 0.10 Yum! Brands Inc 25,100 688,744 0.42 3,483,270 2.15 Household Durables DR Horton Inc 21,600 208,872 0.13 Pulte Homes Inc 16,900 184,210 0.11 393,082 0.24 Household Products Bed Bath & Beyond 5,000 123,550 0.08 Clorox 11,550 593,439 0.37 Colgate-Palmolive Co 21,000 1,237,530 0.76 Kimberly-Clark Corp 23,600 1,086,072 0.67 Procter And Gamble Co 57,600 2,707,776 1.67 5,748,367 3.55 Industrial Conglomerates 3M Co 13,400 664,774 0.41 General Electric Co 261,570 2,644,473 1.63

28 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Industrial Conglomerates (continued) Reynolds American 3,200 114,400 0.07 3,423,647 2.11 Insurance Aflac Inc 6,700 129,176 0.08 Allstate Corp 7,000 134,050 0.08 AON 4,100 167,280 0.10 Assurant 10,500 228,375 0.14 Chubb Corp 8,700 368,010 0.23 Cincinnati Financial 13,000 296,920 0.18 Loew's Corp 5,400 119,286 0.07 Marsh & McLennan Cos Inc 7,600 153,748 0.10 MetLife Inc 11,400 259,578 0.16 Progressive Corp 6,800 91,324 0.06 Prudential Financial Inc 8,100 153,657 0.10 Travelers Cos Inc 24,500 995,680 0.61 3,097,084 1.91 Internet and Catalogue Retail Amazon.Com Inc 13,800 1,013,058 0.63 Expedia Inc 20,400 184,824 0.11 1,197,882 0.74 Internet Software and Services Akamai Technologies 10,700 206,724 0.13 eBay Inc 50,842 636,542 0.39 Google Inc 4,700 1,632,310 1.01 IAC/InterActiveCorp 7,200 109,152 0.07 McAfee Inc 13,400 448,900 0.27 Yahoo! Inc 26,700 341,226 0.21 3,374,854 2.08 IT Consulting and Services Affiliated Computer Services 6,200 294,934 0.18 Automatic Data Processing Inc 22,808 800,105 0.50 Cognizant Technology Solutions Corp 5,500 114,290 0.07 Computer Sciences 13,310 489,009 0.30 Paychex Inc 4,800 123,024 0.08 Sun Microsystems 47,000 345,450 0.21 2,166,812 1.34 Machinery Caterpillar Inc 9,700 270,921 0.17 Cummins Inc 390 9,910 0.01 Danaher Corp 4,700 254,364 0.16 Deere & Co 7,200 236,160 0.14 Dover Corp 15,720 414,694 0.26 Eaton Corp 3,200 117,664 0.07 Illinois Tool Works Inc 6,500 200,200 0.12 ITT 3,400 130,662 0.08 Paccar Inc 7,000 180,180 0.11 Parker Hannifin Corp 3,100 105,121 0.06 Pitney Bowes 13,000 303,030 0.19 2,222,906 1.37 Media Comcast Corp 55,800 760,554 0.47 DIRECTV Group Inc 28,400 646,100 0.40 Interpublic Group of Cos Inc 53,360 218,776 0.14 McGraw-Hill Cos Inc 6,000 137,220 0.08 New York Times 19,755 88,897 0.05 News Corp 44,200 292,162 0.18 Omnicom Group Inc 3,800 88,806 0.05 Time Warner 23,333 450,327 0.28 Time Warner Cable 5,856 145,229 0.09

29 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Media (continued) Viacom Inc 11,800 204,730 0.13 Walt Disney Co 42,580 772,401 0.48 3,805,202 2.35 Metals and Mining Alcoa Inc 1,500 10,950 0.01 Freeport-McMoRan Copper & Gold Inc 7,200 274,032 0.17 Massey Energy Corp 15,310 154,478 0.09 Newmont Mining Corp 28,300 1,264,444 0.78 Nucor Corp 5,790 220,657 0.14 Peabody Energy Corp 5,100 127,704 0.08 2,052,265 1.27 Multi-Utilities AES Corp 11,590 67,222 0.04 Duke Energy Corp 18,900 270,270 0.17 NiSource 17,800 174,262 0.11 Questar Corp 3,300 97,119 0.06 SCANA Corp 7,500 231,450 0.14 840,323 0.52 Multiline Retail Big Lots Inc 10,600 220,162 0.14 Costco Wholesale Corp 7,100 328,730 0.20 Family Dollar Stores Inc 9,000 299,970 0.19 Kohl's Corp 5,800 245,166 0.15 Nordstrom Inc 11,100 185,703 0.11 Target Corp 14,500 498,075 0.31 Wal-Mart Stores Inc 62,900 3,270,800 2.02 5,048,606 3.12 Office Electronics Xerox Corp 70,895 322,572 0.20

Oil and Gas Anadarko Petroleum Corp 7,090 275,163 0.17 Apache Corp 5,600 357,840 0.22 Chesapeake Energy Corp 6,150 104,612 0.06 Chevron Corp 39,800 2,668,192 1.65 ConocoPhillips 29,200 1,143,180 0.70 Devon Energy Corp 8,500 378,930 0.23 EOG Resources Inc 4,130 225,911 0.14 Exxon Mobil Corp 103,250 7,009,642 4.33 Hess Corp 5,500 297,880 0.18 Marathon Oil Corp 13,620 357,797 0.22 Murphy Oil 2,600 116,116 0.07 Noble 5,100 122,859 0.08 Noble Energy 3,200 172,320 0.11 Occidental Petroleum Corp 15,700 873,391 0.54 Range Resources Corp 3,000 123,270 0.08 Sunoco Inc 7,400 195,730 0.12 Tesoro Corp 12,200 164,334 0.10 Valero Energy Corp 7,800 139,620 0.09 Williams Cos Inc 10,100 114,635 0.07 XTO Energy Inc 8,900 271,984 0.17 15,113,406 9.33 Personal Products Avon Products Inc 11,760 225,674 0.14 Estee Lauder Cos Inc 10,700 263,755 0.16 489,429 0.30 Pharmaceuticals Abbott Laboratories 30,500 1,454,850 0.90 Allergan Inc 5,900 281,312 0.17

30 The accompanying notes are an integral part of the financial statements.

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AXA ROSENBERG US ENHANCED INDEX EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Pharmaceuticals (continued) Bristol-Myers Squibb Co 70,100 1,530,984 0.95 Eli Lilly & Co 19,400 646,990 0.40 Forest Laboratories Inc 5,800 127,252 0.08 Hospira Inc 12,803 394,845 0.24 Johnson & Johnson 58,044 3,051,373 1.88 King Pharmaceuticals Inc 25,600 180,992 0.11 Medco Health Solutions Inc 9,600 396,192 0.24 Merck & Co Inc 41,200 1,100,040 0.68 Mylan Inc 19,600 261,856 0.16 Pfizer Inc 130,600 1,778,772 1.10 Schering-Plough Corp 31,400 737,586 0.46 Watson Pharmaceuticals Inc 6,800 211,140 0.13 Wyeth 22,100 948,974 0.59 13,103,158 8.09 Real Estate Public Storage (REIT) 2,300 126,960 0.08 Simon Property Group Inc (REIT) 2,559 88,311 0.05 215,271 0.13 Road and Rail Burlington Northern Santa Fe Corp 5,200 312,780 0.19 CSX Corp 6,100 157,441 0.10 Norfolk Southern Corp 6,900 232,392 0.14 Union Pacific Corp 9,810 402,602 0.25 1,105,215 0.68 Semiconductor Equipment and Products Advanced Micro Devices Inc 54,200 165,310 0.10 Altera 5,500 96,140 0.06 Analog Devices Inc 5,600 107,688 0.07 Applied Materials Inc 25,800 276,834 0.17 Broadcom Corp 8,500 169,405 0.10 Intel Corp 109,100 1,639,773 1.01 Linear Technology 2,400 55,128 0.03 LSI Corp 49,293 148,865 0.09 Micron Technology 45,080 182,123 0.11 Nvidia Corp 9,900 97,317 0.06 QLogic Corp 15,500 172,360 0.11 Teradyne Inc 32,437 140,777 0.09 Texas Instruments Inc 21,400 352,672 0.22 Xilinx Inc 3,090 59,173 0.04 3,663,565 2.26 Software Adobe Systems Inc 10,200 217,668 0.13 Autodesk 20,500 344,400 0.21 BMC Software Inc 11,200 369,152 0.23 CA Inc 23,900 419,923 0.26 Compuware Corp 27,800 183,202 0.11 Electronic Arts Inc 6,100 110,898 0.07 Intuit Inc 19,300 520,907 0.32 Microsoft Corp 147,300 2,700,009 1.67 Novell Inc 51,710 220,285 0.14 Oracle Corp 121,000 2,185,260 1.35 Symantec Corp 12,908 192,587 0.12 7,464,291 4.61 Speciality Retail AutoNation 14,000 193,900 0.12 Autozone Inc 2,300 373,957 0.23 Best Buy Co Inc 5,000 189,350 0.12 GameStop Corp 10,200 285,090 0.18 Home Depot Inc 54,600 1,277,094 0.79

31 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG US ENHANCED INDEX EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Speciality Retail (continued) Lowe's Cos Inc 28,300 514,777 0.32 Ltd Brands Inc 20,700 179,469 0.11 RadioShack Corp 16,800 143,976 0.09 Sherwin Williams Co 6,000 311,340 0.19 Staples Inc 9,400 170,234 0.10 TJX 6,900 176,433 0.11 3,815,620 2.36 Textiles and Apparel Gap 8,600 111,714 0.07 Nike Inc 23,848 1,116,802 0.69 Polo Ralph Lauren 4,300 181,675 0.11 1,410,191 0.87 Tobacco Altria Group Inc 43,700 698,326 0.43 Lorillard 3,200 197,216 0.12 Philip Morris International 51,400 1,825,728 1.13 2,721,270 1.68 Trading Companies and Distributors Fastenal Co 8,200 263,630 0.16 WW Grainger Inc 3,900 273,312 0.17 536,942 0.33 Wireless Telecommunication Services American Tower Corp 7,600 230,736 0.14

Total financial assets at fair value through profit or loss 160,161,073 98.86

Net Cash at Bank 2,355,014 1.45

Other Net Liabilities (774,639) (0.47)

Adjustment from bid market prices to last traded market prices 259,500 0.16

Net Assets attributable to holders of redeemable participating units 162,000,948 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 97.81 Current Assets 2.19 Total Assets 100.00

Abbreviations used: REIT Real Estate Investment Trust

32 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Australia AGL Energy 75,000 779,566 0.08 Amalgamated Holdings Ltd 7,375 19,831 0.00 Australia & New Zealand Banking Group Ltd 175,000 1,913,827 0.20 Bendigo and Adelaide Bank 1,200 6,829 0.00 BHP Billiton Ltd 226,400 5,019,530 0.53 CFS Retail Property Trust (REIT) 114,700 129,901 0.02 Coca-Cola Amatil Ltd 132,179 794,399 0.09 Cochlear Ltd 14,507 503,973 0.05 Commonwealth Bank of Australia 76,400 1,840,909 0.20 Computershare Ltd 12,600 76,864 0.01 Crown 135,871 592,852 0.06 CSL Ltd 55,800 1,259,632 0.13 Dexus Property Group 226,100 115,464 0.01 Foster's Group Ltd 241,300 848,336 0.09 Goodman Group 133,400 30,123 0.00 Iluka Resources 7,200 20,160 0.00 Insurance Australia Group Ltd 152,842 368,495 0.04 JB Hi-Fi Ltd 6,900 55,132 0.01 Lion Nathan 90,112 505,887 0.05 Metcash 81,300 228,208 0.03 National Australia Bank Ltd 147,473 2,059,531 0.22 Newcrest Mining 8,000 181,815 0.02 Nufarm 42,400 332,009 0.04 Origin Energy Ltd 75,500 775,845 0.08 QBE Insurance Group Ltd 78,300 1,048,343 0.11 Santos Ltd 82,800 969,371 0.10 Suncorp-Metway 121,000 501,903 0.05 Tatts Group 272,000 517,821 0.06 Telstra Corp Ltd 439,000 979,105 0.11 Westfield Group 153,200 1,061,240 0.11 Westpac Banking Corp 170,500 2,260,282 0.24 Woodside Petroleum Ltd 15,100 399,621 0.04 Woolworths Ltd 88,808 1,543,212 0.16 27,740,016 2.94 Austria OMV AG 37,910 1,273,428 0.13 Strabag SE 24,800 475,465 0.05 Telekom Austria AG 4,800 71,250 0.01 1,820,143 0.19 Belgium Banque Nationale de Belgique 3 8,592 0.00 Delhaize Group 48,244 3,118,769 0.33 Solvay SA 28,628 2,004,236 0.21 UCB SA 48,043 1,415,427 0.15 Umicore 30,010 553,039 0.06 7,100,063 0.75

Bermuda Accenture Ltd 161,158 4,430,233 0.47 Esprit Holdings Ltd 143,000 728,839 0.08 Everest Reinsurance Group Ltd 34,143 2,414,934 0.26 Guoco Group Ltd 66,313 368,358 0.04 Hiscox 163,000 721,936 0.08 Jardine Matheson Holdings Ltd 26,400 480,480 0.05 Jardine Strategic Holdings Ltd 34,000 336,600 0.03 Noble Group Ltd 346,000 270,846 0.03 Pacific Century Premium Developments Ltd 64,000 11,396 0.00 9,763,622 1.04

33 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Canada Alimentation Couche Tard 41,600 434,136 0.05 Atco 40,700 1,162,626 0.12 Bank of Montreal 71,900 1,878,435 0.20 Bank of Nova Scotia 139,870 3,428,519 0.36 Barrick Gold Corp 101,200 3,281,771 0.35 Biovail Corp 14,500 157,890 0.02 Canadian Natural Resources Ltd 49,160 1,897,397 0.20 Canadian Utilities 62,600 1,828,518 0.19 Canfor 93,700 353,753 0.04 Celestica Inc 50,700 178,920 0.02 CGI Group Inc 108,630 878,952 0.09 Empire Co 28,370 1,185,625 0.13 EnCana Corp 18,800 762,968 0.08 George Weston 44,100 2,050,511 0.22 Goldcorp 37,500 1,254,819 0.13 Imperial Oil 69,400 2,526,344 0.27 Kinross Gold Corp 22,200 404,246 0.04 Metro 64,500 1,934,257 0.20 National Bank of Canada 39,400 1,260,775 0.13 Open Text Corp 20,900 719,120 0.08 Petro-Canada 115,400 3,083,693 0.33 Potash Corp of Saskatchewan 5,260 426,227 0.05 Quebecor 39,700 560,512 0.06 Research In Motion Ltd 3,500 151,584 0.02 Royal Bank of Canada 45,200 1,312,009 0.14 Stantec 2,440 44,217 0.00 Suncor Energy Inc 12,400 276,453 0.03 TELUS Corp 76,390 2,004,239 0.21 Toronto-Dominion Bank 110,300 3,810,069 0.40 West Fraser Timber Co Ltd 32,100 568,954 0.06 39,817,539 4.22 Cayman Islands Hutchison Telecommunications International Ltd 478,000 146,792 0.01 Kingboard Chemical Holdings Ltd 168,000 342,503 0.04 489,295 0.05 Denmark AP Moeller - Maersk A/S 817 3,524,408 0.37 AP Moeller - Maersk A/S (Ser B) 14 61,142 0.01 Carlsberg A/S 34,000 1,383,370 0.15 Danisco A/S 24,400 727,453 0.08 Novozymes A/S 21,200 1,521,075 0.16 7,217,448 0.77 Finland Elisa OYJ 12,262 178,757 0.02 Orion OYJ 42,600 615,373 0.06 Sampo OYJ 120,957 1,779,389 0.19 Stora Enso OYJ 16,849 59,729 0.01 UPM-Kymmene OYJ 230,297 1,330,080 0.14 Wartsila OYJ 40,200 845,971 0.09 4,809,299 0.51 France Air France-KLM 63,869 564,761 0.06 Atos Origin SA 10,160 258,727 0.03 BNP Paribas 40,298 1,665,034 0.18 Bouygues SA 114,400 4,088,850 0.43 Cap Gemini SA 59,700 1,911,048 0.20 Christian Dior SA 28,415 1,556,788 0.17 France Telecom SA 423,600 9,625,713 1.02

34 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

France (continued) M6-Metropole Television 30,642 498,372 0.05 Nexans SA 10,289 389,808 0.04 Nexity 22,200 473,073 0.05 Pernod-Ricard SA 39,657 2,210,093 0.23 Remy Cointreau SA 3,526 83,400 0.01 Sanofi-Aventis 201,211 11,284,328 1.20 Societe Generale 19,447 761,426 0.08 Sodexho Alliance SA 46,800 2,132,520 0.23 Suez Environnement 4,284 62,965 0.01 Teleperformance 891 24,511 0.00 Thales SA 44,400 1,682,430 0.18 Vivendi 154,729 4,093,267 0.43 43,367,114 4.60 Germany Allianz SE 29,400 2,493,907 0.27 Bayer AG 120,113 5,723,524 0.61 Bilfinger Berger AG 9,737 368,184 0.04 Deutsche Bank AG 22,795 921,567 0.10 Deutsche Lufthansa AG 107,200 1,166,390 0.12 Deutsche Telekom AG 401,986 4,987,585 0.53 Fresenius Medical Care AG & Co KGaA 22,897 888,602 0.09 Fresenius SE 8,016 304,598 0.03 Henkel KGaA 72,459 1,819,215 0.19 Hochtief 20,100 757,104 0.08 KSB AG 290 101,291 0.01 Lanxess AG 25,412 433,215 0.05 Linde AG 18,207 1,234,296 0.13 Merck KGaA 30,900 2,724,122 0.29 MTU Aero Engines Holding AG 20,957 490,826 0.05 RWE AG 84,848 5,949,190 0.63 Tognum 38,098 330,811 0.04 30,694,427 3.26 Greece Hellenic Telecommunications Organization SA 50,991 753,510 0.08 OPAP SA 35,382 939,534 0.10 1,693,044 0.18 Guernsey, Channel Islands Amdocs 124,791 2,308,634 0.24

Hong Kong BOC Hong Kong Holdings Ltd 595,000 608,052 0.07 Cheung Kong Holdings Ltd 124,000 1,064,800 0.11 CLP Holdings Ltd 195,000 1,319,710 0.14 Dairy Farm International Holdings Ltd 21,600 95,040 0.01 First Pacific 626,000 214,052 0.02 Hang Seng Bank Ltd 96,900 977,752 0.10 HongKong Electric Holdings 167,000 995,535 0.11 Hopewell Highway Infrastructure 335,000 187,168 0.02 Hutchison Whampoa Ltd 191,000 940,213 0.10 Li & Fung 48,000 112,475 0.01 Link (REIT) 134,000 265,233 0.03 SEA Holdings Ltd 118,000 35,172 0.00 Shui On Construction and Materials 8,000 7,618 0.00 Sun Hung Kai Properties 39,000 347,226 0.04 Transport International Holdings Ltd 25,200 64,187 0.01 Vitasoy International Holdings 54,000 23,133 0.00 Wharf Holdings 220,000 550,142 0.06 Wheelock & Co Ltd 69,000 116,098 0.01 Wheelock Properties Ltd 35,000 11,516 0.00

35 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Hong Kong (continued) Wing On Co International Ltd 73,000 59,248 0.01 Winsor Properties Holdings 3,000 2,245 0.00 Yue Yuen Industrial Holdings Ltd 155,500 351,931 0.04 8,348,546 0.89 Italy ACEA SpA 59,165 701,875 0.07 Banca Popolare di Milano Scarl 75,399 363,139 0.04 Banco Popolare SpA 288,977 1,327,515 0.14 Benetton Group 9,453 61,467 0.01 Buzzi Unicem SpA 75,000 837,447 0.09 Davide Campari-Milano 13,902 86,982 0.01 Enel SpA 861,802 4,127,755 0.44 Finmeccanica SpA 61,968 765,980 0.08 Fondiaria Sai SpA 1,225 14,126 0.00 Intesa Sanpaolo SpA 438,523 1,205,210 0.13 Milano Assicurazioni 14,680 33,641 0.00 Piccolo Credito Valtellinese Scarl 44,000 354,602 0.04 Societa Iniziative Autostradali e Servizi SpA 5,436 27,390 0.00 Telecom Italia SpA 2,923,852 3,736,424 0.39 UniCredito Italiano SpA 453,722 744,575 0.08 Unipol Gruppo Finanziario SpA 509,194 448,564 0.05 14,836,692 1.57 Japan 77 Bank Ltd 103,000 507,857 0.05 Aderans Holdings 3,500 24,734 0.00 Aeon Co Ltd 162,300 1,056,585 0.11 Aichi Bank Ltd 1,700 116,523 0.01 Aida Engineering Ltd 21,000 58,894 0.01 Ajinomoto Co Inc 92,000 644,568 0.07 Akita Bank Ltd 1,000 3,695 0.00 All Nippon Airways Co Ltd 17,000 66,265 0.01 AOC Holdings Inc 14,800 80,166 0.01 AOKI Holdings Inc 8,900 79,115 0.01 Aoyama Trading Co Ltd 25,500 333,563 0.04 Aruze Corp 600 2,946 0.00 Asahi Breweries Ltd 135,000 1,601,903 0.17 Asahi Kasei Corp 45,000 160,828 0.02 Astellas Pharma Inc 89,500 2,736,560 0.29 AT-Group Co Ltd 2,000 15,389 0.00 Bank of Kyoto Ltd 93,000 782,454 0.08 Bank of Nagoya 5,000 20,857 0.00 Belluna Co Ltd 10,500 26,896 0.00 BML Inc 1,100 20,370 0.00 Bridgestone Corp 141,000 2,010,003 0.21 Canon Electronics Inc 1,100 13,041 0.00 Canon Finetech Inc 4,400 45,350 0.01 Cawachi Ltd 4,900 74,614 0.01 Central Japan Railway Co 372 2,086,544 0.22 Century Leasing System Inc 5,600 33,055 0.00 Chiba Bank Ltd 194,000 950,653 0.10 Chiba Kogyo Bank 10,100 98,167 0.01 Chubu Electric Power Co Inc 47,800 1,045,338 0.11 Chuetsu Pulp & Paper 1,000 2,511 0.00 Chuo Mitsui Trust Holdings Inc 260,000 787,081 0.08 Circle K Sunkus 18,100 255,823 0.03 Dai Nippon Printing Co Ltd 130,000 1,179,305 0.13 Daiichi Sankyo Co Ltd 135,700 2,260,064 0.24 Daiichikosho Co Ltd 9,700 79,843 0.01 Daimei Telecom Engineering 6,000 55,401 0.01 Dainippon Sumitomo Pharma Co Ltd 95,000 785,816 0.08

36 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Japan (continued) Daishi Bank Ltd 2,000 7,836 0.00 Dydo Drinco Inc 100 2,546 0.00 Earth Chemical Co Ltd 1,200 30,981 0.00 Edion 8,000 19,682 0.00 Eighteenth Bank Ltd 59,000 199,514 0.02 Eisai Co Ltd 50,800 1,481,259 0.16 Electric Power Development 35,000 1,032,955 0.11 Fancl 1,500 16,857 0.00 Fuji Machine Manufacturing Co Ltd 9,100 73,707 0.01 FUJIFILM Holdings Corp 89,600 1,927,711 0.20 Fujitsu Ltd 411,000 1,518,832 0.16 Fukuda Denshi Co Ltd 2,000 38,777 0.00 Fukuoka Financial Group Inc 213,000 640,488 0.07 Furuno Electric Co Ltd 6,700 33,375 0.00 Fuyo General Lease Co Ltd 6,200 77,335 0.01 Gunma Bank Ltd 14,000 74,982 0.01 Hachijuni Bank Ltd 32,000 184,023 0.02 Heiwado Co Ltd 8,500 105,164 0.01 HI-LEX Corp 2,100 12,119 0.00 Higashi-Nippon Bank 50,000 133,644 0.01 Higo Bank 16,000 92,174 0.01 Hisamitsu Pharmaceutical Co Inc 2,300 70,558 0.01 Hitachi Ltd 637,000 1,702,622 0.18 Hitachi Maxell Ltd 25,300 181,099 0.02 Hitachi Software Engineering 900 11,026 0.00 Hokkaido Electric Power Co Inc 19,200 384,117 0.04 Hokuetsu Bank 8,000 13,283 0.00 Honda Motor Co Ltd 16,100 377,356 0.04 Hosiden 12,700 124,596 0.01 Hyakugo Bank Ltd 95,000 480,915 0.05 Hyakujushi Bank 42,000 196,456 0.02 Idemitsu Kosan Co Ltd 100 7,421 0.00 Inpex Holdings Inc 312 2,154,338 0.23 Itochu Enex 17,100 89,162 0.01 Itoham Foods Inc 5,000 14,225 0.00 J Front Retailing 148,000 507,968 0.05 Japan Airlines Corp 404,000 813,972 0.09 Japan Tobacco Inc 597 1,578,783 0.17 JFE Holdings Inc 97,400 2,110,317 0.22 JFE Shoji Holdings Inc 49,000 128,987 0.01 Juroku Bank Ltd 18,000 59,593 0.01 Kaneka Corp 121,000 592,933 0.06 Kansai Electric Power Co Inc 24,700 533,912 0.06 Kanto Natural Gas Development Ltd 11,000 58,581 0.01 Kao Corp 92,000 1,786,534 0.19 Kasumi Co Ltd 5,000 18,832 0.00 KDDI Corp 588 2,750,390 0.29 Kinden Corp 10,000 80,693 0.01 Kirin Holdings Co Ltd 167,000 1,760,119 0.19 Kohnan Shoji Co Ltd 300 2,564 0.00 Kose Corp 13,400 247,053 0.03 Kurabo Industries Ltd 36,000 48,112 0.01 kyowa Hakko Kirin 123,000 1,028,632 0.11 Kyushu Electric Power 81,900 1,828,384 0.19 Lion Corp 43,000 199,828 0.02 Maeda Corp 38,000 131,578 0.01 Mandom 1,100 18,153 0.00 Marudai Food Co Ltd 28,000 66,052 0.01 Marui Group Co Ltd 77,000 406,166 0.04 Meiji Seika Kaisha 83,000 289,076 0.03 Mie Bank Ltd 9,000 27,610 0.00

37 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Japan (continued) Mikuni Coca-Cola Bottling Co Ltd 9,800 76,896 0.01 Minato Bank 6,000 8,687 0.00 Ministop Co Ltd 3,300 51,286 0.01 Mitsubishi Chemical Holdings Corp 246,500 836,059 0.09 Mitsubishi Tanabe Pharma Corp 85,000 835,628 0.09 Mitsubishi UFJ Financial Group Inc 997,400 4,806,747 0.51 Mitsui Chemicals Inc 228,000 551,706 0.06 Mitsui Sumitomo Insurance Group Holdings 74,100 1,699,266 0.18 Mochida Pharmaceutical Co Ltd 3,000 29,554 0.00 Morinaga Milk Industry Co Ltd 45,000 134,403 0.01 Murata Manufacturing Co Ltd 38,300 1,465,769 0.16 Musashi Seimitsu Industry 6,200 62,709 0.01 Nafco Co Ltd 5,600 51,084 0.01 Nagase & Co Ltd 27,000 207,755 0.02 NE Chemcat 4,000 39,081 0.00 NEC Corp 513,000 1,365,992 0.15 Nikon 100,000 1,118,761 0.12 Nippon Konpo Unyu Soko Co Ltd 13,000 102,400 0.01 Nippon Meat Packers Inc 47,000 487,749 0.05 Nippon Mining Holdings Inc 240,500 944,761 0.10 Nippon Paper Group 9,900 239,557 0.03 Nippon Seiki 12,000 73,626 0.01 Nippon Shinyaku Co Ltd 11,000 97,003 0.01 Nippon Telegraph & Telephone Corp 80,300 3,032,490 0.32 Nippon Yusen KK 197,000 747,950 0.08 Nipponkoa Insurance Co Ltd 140,000 798,016 0.08 Nishi-Nippon City Bank 235,000 502,025 0.05 Nissan Shatai Co Ltd 32,000 184,023 0.02 NTT DoCoMo Inc 2,353 3,185,138 0.34 Okaya & Co Ltd 1,500 13,820 0.00 Okinawa Cellular Telephone Co 2 3,361 0.00 Omron Corp 56,500 661,274 0.07 Ono Pharmaceutical 24,000 1,039,992 0.11 Onward Holdings Co Ltd 9,000 58,226 0.01 ORIX Corp 4,960 159,190 0.02 Osaka Steel Co Ltd 1,800 29,888 0.00 Resorttrust Inc 7,800 71,232 0.01 Ricoh Co Ltd 43,000 504,576 0.05 Ricoh Leasing 1,000 16,452 0.00 Riso Kagaku Corp 1,900 16,967 0.00 Roland Corp 4,500 47,519 0.01 Royal Holdings Co Ltd 100 1,066 0.00 San-In Godo Bank Ltd 35,000 268,249 0.03 Sapporo Hokuyo Holdings Inc 105,600 295,086 0.03 Sazaby League Ltd 3,900 43,434 0.00 Seikagaku Corp 100 982 0.00 Seiko Epson Corp 27,200 366,816 0.04 Seino Holdings Corp 41,000 197,175 0.02 Senshukai Co Ltd 14,100 98,502 0.01 Seven & I Holdings Co Ltd 37,800 824,734 0.09 Shinmaywa Industries Ltd 15,000 31,133 0.00 Shiseido Co Ltd 73,000 1,059,117 0.11 Showa Shell Sekiyu KK 85,500 773,023 0.08 Sompo Japan Insurance Inc 170,000 869,191 0.09 SRI Sports Ltd 57 43,859 0.00 St Marc Holdings 600 14,974 0.00 Sumikin Bussan 31,000 64,341 0.01 Sumitomo Chemical Co Ltd 380,000 1,273,464 0.14 Sumitomo Mitsui Financial Group Inc 32,000 1,101,549 0.12 Sumitomo Trust & Banking Co Ltd 312,000 1,178,253 0.13 Suzuken Co Ltd 25,000 650,501 0.07

38 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Japan (continued) Suzuki Motor 35,900 591,003 0.06 T&D Holdings Inc 41,950 1,000,225 0.11 Taisho Pharmaceutical Co Ltd 40,000 740,306 0.08 Takasago Thermal Engineering 12,000 73,261 0.01 Takashimaya Co Ltd 97,000 552,911 0.06 Takeda Pharmaceutical Co Ltd 96,100 3,308,090 0.35 Takefuji Corp 33,800 157,758 0.02 TDK Corp 32,900 1,215,804 0.13 Teijin Ltd 265,000 571,479 0.06 Temp Holdings 1,800 9,258 0.00 Tochigi Bank 18,000 86,747 0.01 Tohoku Electric Power 25,100 547,641 0.06 Tohokushinsha Film 8,000 56,778 0.01 Tokai Tokyo Securities 18,000 32,075 0.00 Tokyo Electric Power Co Inc 23,300 579,138 0.06 Tokyo Style Co Ltd 11,000 74,841 0.01 Torii Pharmaceutical Co Ltd 4,600 63,246 0.01 Toshiba TEC Corp 75,000 190,594 0.02 Toyo Kohan Co Ltd 21,000 64,210 0.01 Toyota Industries 9,500 201,023 0.02 Toyota Motor Corp 107,000 3,369,140 0.36 Trusco Nakayama Corp 300 3,529 0.00 TV Asahi Corp 194 216,058 0.02 Unipres Corp 1,000 6,986 0.00 UNY Co Ltd 6,000 46,654 0.01 Valor Co Ltd 7,300 52,180 0.01 West Japan Railway Co 391 1,235,112 0.13 Yamaguchi Financial Group Inc 4,000 37,461 0.00 Yamaha Motor Co Ltd 71,400 631,807 0.07 Yonekyu Corp 3,500 35,365 0.00 101,953,481 10.82 Luxembourg Colt Telecom Group SA 88,076 109,832 0.01

Netherlands ING Groep NV 299,972 1,651,240 0.17 James Hardie Industries 87,169 250,739 0.03 Koninklijke Ahold 256,485 2,806,351 0.30 Koninklijke DSM NV 63,536 1,671,529 0.18 Koninklijke Philips Electronics NV 37,100 545,775 0.06 Nutreco Holding 13,800 492,869 0.05 Randstad Holding NV 47,600 806,413 0.09 STMicroelectronics NV 13,865 69,584 0.01 TNT NV 180,413 3,068,436 0.32 Van Lanschot NV 536 27,128 0.00 11,390,064 1.21 New Zealand Vector 111,265 142,885 0.02

Norway StatoilHydro ASA 438,000 7,712,889 0.82

Papua New Guinea Lihir Gold 104,600 237,651 0.02

Portugal Banco BPI 6,255 12,490 0.00 Energias de Portugal SA 875,000 3,030,974 0.32

39 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Portugal (continued) Portugal Telecom SGPS SA 194,198 1,503,188 0.16 REN - Redes Energeticas Nacionais 17,675 73,710 0.01 4,620,362 0.49 Singapore ComfortDelgro Corp Ltd 90,000 79,924 0.01 DBS Group Holdings Ltd 12,000 66,307 0.01 Del Monte Foods 134,991 982,734 0.10 Del Monte Pacific 112,000 26,523 0.00 Fraser and Neave Ltd 166,000 276,266 0.03 Golden Agri-Resources 78,920 14,017 0.00 Haw Par Corp Ltd 1,000 2,289 0.00 Jardine Cycle & Carriage Ltd 48,000 367,531 0.04 NatSteel Ltd 33,000 24,096 0.00 Noble 2,296 55,311 0.01 Oversea-Chinese Banking Corp 226,000 718,050 0.08 SembCorp Industries Ltd 278,000 427,917 0.05 SIA Engineering 129,000 157,835 0.02 Singapore Airlines Ltd 90,000 592,027 0.06 Singapore Telecommunications Ltd 275,000 457,670 0.05 United Overseas Bank Ltd 21,000 134,134 0.01 UOB-Kay Hian Holdings Ltd 255,000 184,515 0.02 Wilmar International Ltd 156,000 324,273 0.03 4,891,419 0.52 Spain Banco Bilbao Vizcaya Argentaria SA 305,876 2,477,281 0.26 Banco Santander SA 445,255 3,068,147 0.33 Gas Natural SDG 23,974 327,215 0.03 Repsol YPF SA 336,700 5,824,888 0.62 Telefonica SA 345,000 6,875,430 0.73 18,572,961 1.97 Sweden Meda AB 107,716 635,823 0.07 Nordea Bank AB 170,658 844,280 0.09 Svenska Cellulosa AB 264,300 1,990,090 0.21 Svenska Cellulosa Series A 5,657 42,424 0.00 Tele2 AB 108,000 904,648 0.10 Telefonaktiebolaget LM Ericsson 937,084 7,639,672 0.81 TeliaSonera AB 502,782 2,402,222 0.25 14,459,159 1.53 Switzerland Baloise Holding AG 8,350 534,244 0.06 Banque Cantonale Vaudoise 3,550 1,173,915 0.12 BKW FMB Energie 7,800 560,793 0.06 Clariant AG 62,000 240,464 0.03 Credit Suisse Group 51,174 1,559,006 0.17 Elektrizitaets-Gesellschaft Laufenburg AG 321 259,725 0.03 Flughafen Zuerich 984 177,406 0.02 Helvetia Holding AG 2,506 530,931 0.06 Novartis AG 195,304 7,354,925 0.78 PSP Swiss Property 2,192 92,534 0.01 St Galler Kantonalbank 24 7,757 0.00 Sulzer AG 13,088 669,910 0.07 Swiss Reinsurance 41,806 685,338 0.07 Swisscom AG 10,608 2,983,077 0.32 Syngenta AG 7,590 1,528,614 0.16 Tyco International 273,040 5,324,280 0.56 UBS AG 147,389 1,386,977 0.15

40 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Switzerland (continued) Vontobel Holding AG 17,440 323,630 0.03 Zurich Financial Services AG 17,496 2,766,616 0.29 28,160,142 2.99 United Kingdom Arriva 5,256 27,912 0.00 AstraZeneca Plc 305,000 10,710,713 1.14 BAE Systems Plc 354,000 1,693,468 0.18 Barclays Plc 308,220 653,845 0.07 BP Plc 774,919 5,237,095 0.56 BT Group Plc 3,912,000 4,384,883 0.46 Cable & Wireless Plc 1,240,000 2,479,410 0.26 Centrica Plc 2,341,944 7,645,173 0.81 Close Brothers Group 40,814 314,149 0.03 Compass Group Plc 319,076 1,458,939 0.15 Firstgroup 162,101 620,949 0.07 GlaxoSmithKline Plc 304,000 4,732,121 0.50 Home Retail Group Plc 394,367 1,267,609 0.13 HSBC Holdings Plc 500,933 2,832,560 0.30 Informa 80,719 302,552 0.03 International Power Plc 33,469 100,623 0.01 Investec Plc 194,000 806,403 0.09 J Sainsbury Plc 32,736 146,397 0.02 Kingfisher Plc 1,096,000 2,351,716 0.25 Legal & General Group Plc 2,687,941 1,656,688 0.18 LogicaCMG Plc 279,001 253,940 0.03 Old Mutual Plc 2,380,259 1,767,284 0.19 QinetiQ Plc 94,541 179,213 0.02 Royal Dutch Shell Plc (A Shares) 403,256 9,059,021 0.96 Royal Dutch Shell Plc (B Shares) 300,369 6,591,477 0.70 RSA Insurance Group 986,817 1,834,548 0.19 SABMiller Plc 43,276 642,628 0.07 Sage Group Plc 613,000 1,483,151 0.16 Spectris Plc 28,561 164,263 0.02 St James's Place Plc 71,647 171,501 0.02 Standard Chartered Plc 93,503 1,161,306 0.12 Tate & Lyle 216,000 805,744 0.09 Thomas Cook Group 232,000 794,764 0.08 Vodafone Group Plc 6,365,000 11,166,891 1.18 WPP 521,000 2,925,494 0.31 88,424,430 9.38 United States AES Corp 217,803 1,263,257 0.13 Agilent Technologies Inc 89,050 1,365,137 0.14 Airgas Inc 9,900 334,026 0.04 Alliant Energy Corp 900 22,221 0.00 Altria Group Inc 126,300 2,018,274 0.21 American Electric Power Co Inc 24,980 630,995 0.07 American Express Co 69,560 948,103 0.10 American Water Works 1,360 26,044 0.00 Amerigroup Corp 38,200 1,050,118 0.11 Amgen Inc 186,461 9,199,986 0.98 Archer-Daniels-Midland Co 257,275 7,141,954 0.76 AT&T Inc 183,450 4,610,099 0.49 Autodesk 85,190 1,431,192 0.15 Autozone Inc 33,942 5,518,630 0.59 Avnet Inc 4,410 77,131 0.01 Bank of America Corp 193,650 1,314,884 0.14 Barnes & Noble 24,200 517,396 0.06 Baxter International Inc 28,269 1,446,807 0.15 BB&T Corp 33,680 569,192 0.06

41 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United States (continued) Beckman Coulter Inc 46,900 2,392,369 0.25 Big Lots Inc 55,000 1,142,350 0.12 Biogen Idec Inc 177,288 9,275,708 0.98 BMC Software Inc 124,329 4,097,884 0.43 Boston Properties (REIT) 13,090 458,543 0.05 Brinker International Inc 66,748 1,005,892 0.11 Bristol-Myers Squibb Co 578,025 12,624,066 1.34 CA Inc 283,644 4,983,625 0.53 Cardinal Health Inc 45,030 1,414,392 0.15 Centerpoint Energy Inc 219,680 2,286,869 0.24 CenturyTel Inc 75,974 2,131,071 0.23 Cephalon Inc 49,300 3,356,837 0.36 CF Industries Holdings Inc 4,550 322,550 0.03 Chevron Corp 146,000 9,787,840 1.04 Chubb Corp 15,530 656,919 0.07 Church & Dwight 43,692 2,281,596 0.24 Cincinnati Financial 45,555 1,040,476 0.11 Clorox 1,680 86,318 0.01 CMS Energy Corp 166,270 1,963,649 0.21 Colgate-Palmolive Co 127,788 7,530,547 0.80 Computer Sciences 127,900 4,699,046 0.50 ConAgra Foods Inc 2,100 35,427 0.00 Constellation Brands 270,280 3,210,926 0.34 Corn Products International Inc 52,800 1,117,776 0.12 CVS Caremark Corp 340,879 9,350,311 0.99 Darden Restaurants Inc 86,420 2,958,157 0.31 Dean Foods Co 100,590 1,815,650 0.19 Diamond Offshore Drilling Inc 15,740 987,528 0.10 DISH Network 153,463 1,704,974 0.18 Dollar Tree Inc 60,024 2,674,069 0.28 DTE Energy Co 54,600 1,509,690 0.16 Edison International 179,548 5,169,187 0.55 Estee Lauder Cos Inc 72,620 1,790,083 0.19 Express Scripts Inc 40,600 1,870,848 0.20 Exxon Mobil Corp 221,700 15,051,213 1.60 Family Dollar Stores Inc 105,800 3,526,314 0.37 FMC Corp 48,150 2,071,895 0.22 Forest Laboratories Inc 215,700 4,732,458 0.50 General Electric Co 220,260 2,226,829 0.24 Gilead Sciences Inc 199,867 9,253,842 0.98 Goldman Sachs Group Inc 26,915 2,853,528 0.30 Goodrich Corp 82,750 3,132,088 0.33 H&R Block 226,740 4,117,598 0.44 Harris Corp 100,600 2,908,346 0.31 Hasbro Inc 9,900 248,193 0.03 HCC Insurance Holdings Inc 63,740 1,601,149 0.17 Health Net Inc 74,730 1,078,354 0.11 Hewitt Associates Inc 1,120 33,275 0.00 Hewlett-Packard Co 491,750 15,765,505 1.67 Hologic 181,233 2,370,528 0.25 Hudson City Bancorp Inc 115,500 1,345,575 0.14 Humana Inc 115,234 3,005,303 0.32 IAC/InterActiveCorp 70,540 1,069,386 0.11 International Business Machines Corp 232,530 22,527,506 2.39 International Game Technology 164,980 1,517,816 0.16 Intuit inc 31,352 846,190 0.09 Inverness Medical Innovations 6,270 166,970 0.02 JM Smucker Co 14,840 552,048 0.06 Johnson & Johnson 257,409 13,531,991 1.44 JPMorgan Chase & Co 304,821 8,089,949 0.86 King Pharmaceuticals Inc 2,284 16,148 0.00

42 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United States (continued) Kraft Foods Inc 346,500 7,709,625 0.82 L-3 Communications Holdings Inc 74,410 5,037,557 0.53 Life Technologies 130,393 4,203,870 0.45 Lorillard 2,210 136,202 0.01 Marathon Oil Corp 340 8,932 0.00 Massey Energy Co 19,970 201,497 0.02 McDonald's Corp 44,386 2,419,037 0.26 Medtronic Inc 43,030 1,267,234 0.13 Merck & Co Inc 256,960 6,860,832 0.73 Micron Technology 329,510 1,331,220 0.14 Microsoft Corp 630,554 11,558,055 1.23 Mirant Corp 136,260 1,550,639 0.16 Morgan Stanley 63,000 1,429,470 0.15 Mylan Inc 200,024 2,672,321 0.28 Newmont Mining Corp 10,410 465,119 0.05 NiSource 205,985 2,016,593 0.21 Northeast Utilities 14,950 322,173 0.03 Novell Inc 260,252 1,108,674 0.12 NRG Energy Inc 107,240 1,857,397 0.20 NV Energy 26,700 250,713 0.03 Omnicare 48,440 1,181,936 0.13 Oracle Corp 346,575 6,259,145 0.66 PartnerRe Ltd 36,570 2,266,609 0.24 PDL BioPharma Inc 77,650 548,986 0.06 Pepco Holdings Inc 154,315 1,921,222 0.20 Pepsi Bottling Group 107,600 2,380,112 0.25 PepsiAmericas 4,960 85,560 0.01 Perot Systems Corp 14,928 191,825 0.02 Pfizer Inc 784,170 10,680,395 1.13 PG&E Corp 249,100 9,495,692 1.01 Philip Morris International 81,790 2,905,181 0.31 Pinnacle West Cap Corp 49,250 1,304,140 0.14 PNC Financial Services Group Inc 47,470 1,382,801 0.15 PPG Industries Inc 96,984 3,571,921 0.38 Procter & Gamble Co 51,810 2,435,588 0.26 Prologis (REIT) 83,800 544,700 0.06 Public Storage (REIT) 9,300 513,360 0.05 Quest Software Inc 43,000 544,380 0.06 Radioshack Corp 91,428 783,538 0.08 Ralcorp Holdings Inc 26,376 1,421,139 0.15 Rent-A-Center Inc 43,590 843,902 0.09 Reynolds American 2,080 74,360 0.01 Rockwell Collins Inc 20,110 655,385 0.07 Safeway Inc 255,300 5,141,742 0.55 SCANA Corp 8,820 272,185 0.03 Simon Property Group Inc (REIT) 30,044 1,036,818 0.11 Southwest Gas Corp 6,380 134,427 0.01 Southwestern Energy 13,510 399,896 0.04 Sun Microsystems 249,820 1,836,177 0.20 Sunoco Inc 82,610 2,185,035 0.23 Synopsys 102,637 2,121,507 0.23 Sysco Corp 4,660 106,248 0.01 TIBCO Software Inc 81,183 476,544 0.05 Tidewater Inc 39,900 1,481,487 0.16 Travelers Cos Inc 213,251 8,666,521 0.92 Tyson Foods Inc 154,873 1,454,257 0.15 UGI Corp 33,077 778,963 0.08 Unisource Energy Corp 22,730 640,759 0.07 United States Cellular Corp 16,910 561,919 0.06 United Technologies Corp 137,190 5,890,939 0.63 URS Corp 57,370 2,312,011 0.25

43 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United States (continued) US Bancorp 173,800 2,539,218 0.27 VeriSign Inc 15,444 291,274 0.03 Verizon Communications Inc 299,710 9,024,268 0.96 Virgin Media 214,922 1,027,327 0.11 Vornado Realty Trust (REIT) 17,600 583,616 0.06 Wal-Mart Stores Inc 227,800 11,845,600 1.26 Walt Disney Company 122,360 2,219,610 0.24 Watson Pharmaceuticals Inc 67,730 2,103,017 0.22 Wells Fargo & Co 203,823 2,902,440 0.31 WW Grainger Inc 14,221 996,608 0.11 Wyeth 102,720 4,410,797 0.47 Yum! Brands Inc 23,200 636,608 0.07 449,335,471 47.67

Total financial assets at fair value through profit or loss 930,016,628 98.66

Net Cash at Bank 12,655,830 1.34

Other Net Liabilities (1,674,926) (0.17)

Adjustment from bid market prices to last traded market prices 1,612,120 0.17

Net Asset attributable to holders of redeemable participating units 942,609,652 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 95.69 Current Assets 4.31 Total Assets 100.00

Abbreviations used: REIT Real Estate Investment Trust

44 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Australia ABB Grain 12,360 51,097 0.03 Amalgamated Holdings Ltd 29,172 78,440 0.04 Ansell 3,000 17,655 0.01 Arana Therapeutics 30,300 28,947 0.02 ARB Corp 2,200 4,479 0.00 Australian Worldwide Exploration Ltd 14,500 24,381 0.01 AWB Ltd 103,000 88,024 0.05 Beach Petroleum 260,500 158,371 0.08 Bunnings Warehouse Property Trust 35,600 38,586 0.02 Caltex Australia Ltd 2,000 12,367 0.01 Campbell Brothers Ltd 10,298 97,309 0.05 Centamin Egypt 6,700 5,749 0.00 Consolidated Media Holdings 16,263 22,430 0.01 Corporate Express Australia 33,892 68,525 0.04 David Jones 17,900 34,699 0.02 Dominion Mining Ltd 24,300 93,535 0.05 Downer EDI 50,900 156,315 0.08 Emeco Holdings 270,700 75,233 0.04 Energy Developments 28,600 25,237 0.01 Extract Resources 1,800 5,653 0.00 Goodman Fielder Ltd 159,800 114,360 0.06 Gunns 78,400 48,480 0.03 Healthscope 69,395 196,720 0.11 IBA Health Group 98,871 41,904 0.02 iiNET 55,800 56,604 0.03 Iluka Resources 23,300 65,241 0.04 ING Office Fund 287,600 84,925 0.05 JB Hi-Fi Ltd 24,700 197,358 0.11 Lion Nathan 30,100 168,981 0.09 Macquarie Office Trust 52,400 6,189 0.00 Navitas 76,800 122,196 0.07 Nufarm 14,320 112,131 0.06 Pan Pacific Petroleum NL 91,800 19,454 0.01 Perpetual 800 14,680 0.01 Primary Health Care Ltd 11,600 36,430 0.02 Ramsay Health Care 15,400 104,752 0.06 Reject Shop 11,180 81,563 0.04 Salmat Ltd 30,700 77,856 0.04 Sigma Pharmaceuticals 311,300 229,269 0.12 Sino Gold Mining 6,900 25,121 0.01 Spark Infrastructure Group 12,300 8,631 0.00 TFS 83,860 49,817 0.03 Tower Australia Group 89,900 144,913 0.08 3,094,607 1.66 Austria Conwert Immobilien Invest SE 7,981 49,909 0.03 Miba AG 464 44,356 0.02 S&T System Integration & Technology Distribution AG 193 2,109 0.00 96,374 0.05 Belgium Banque Nationale de Belgique 56 160,376 0.09 Barco NV 2,447 34,925 0.02 D'ieteren SA 1,299 184,972 0.10 Delhaize Group 9,624 622,151 0.33 Elia System Operator SA/NV 445 14,517 0.01 Integrated Production & Test Engineering 1,720 3,425 0.00 Jensen-Group NV 4,270 25,512 0.01 Omega Pharma 22,191 485,845 0.26 Recticel SA 16,075 46,314 0.02

45 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Belgium (continued) Solvay SA 2,517 176,214 0.09 Tessenderlo Chemie NV 16,393 497,765 0.27 2,252,016 1.20 Bermuda Allied World Assurance Holding Ltd 26,500 1,005,410 0.54 Argo Group International Holdings 14,440 434,788 0.23 Chow Sang Sang Holdings 126,000 72,511 0.04 Endurance Specialty Holdings Ltd 2,080 51,729 0.03 Glorious Sun Enterprises Ltd 78,000 17,613 0.01 Pacific Century Premium Developments Ltd 463,000 82,444 0.04 PYI Corp Ltd (Warrant) 6,000 8 0.00 Tan Chong International Ltd 163,000 25,870 0.01 TBS International 9,094 66,659 0.04 Warner Chilcott 12,420 130,410 0.07 1,887,442 1.01 British Virgin Islands UTi Worldwide 70,100 837,695 0.45

Canada Addax Petroleum 5,820 126,285 0.07 Alimentation Couche Tard 25,400 265,073 0.14 Atco 5,400 154,255 0.08 Biovail Corp 25,600 278,759 0.15 Canadian Utilities 1,300 37,973 0.02 Canfor 33,970 128,250 0.07 Celestica Inc 58,400 206,093 0.11 CGI Group Inc 20,270 164,010 0.09 Cogeco Cable 8,000 200,294 0.11 Corus Entertainment 15,940 171,670 0.09 Emera 9,400 141,730 0.08 Empire 4,000 167,166 0.09 FirstService Corp 18,500 152,335 0.08 FirstService Corp (Preferred Shares) 1,556 22,593 0.01 Fortis Inc 950 16,710 0.01 George Weston 3,100 144,140 0.08 Iamgold 45,600 394,331 0.21 Industrial Alliance Insurance and Financial Services 170 2,648 0.00 Laurentian Bank of Canada 9,100 190,802 0.10 Leon's Furniture Ltd 22,400 164,686 0.09 Manitoba Telecom Services 5,910 149,611 0.08 Maple Leaf Foods 28,200 181,776 0.10 MDS Inc 36,100 169,288 0.09 Metro 20 600 0.00 MI Developments Inc 33,300 200,359 0.11 National Bank of Canada 2,000 63,999 0.03 Open Text Corp 9,300 319,991 0.17 PAN American Silver 200 3,480 0.00 Petro-Canada 4,900 130,937 0.07 Provident Energy Trust 100 373 0.00 Quebecor 14,760 165,634 0.09 Rona Inc 26,600 249,266 0.13 Savanna Energy Services Corp 30,400 121,054 0.06 Sears Canada 1,010 15,212 0.01 Stantec 12,100 219,274 0.12 Telus Corp 300 7,871 0.00 TMX Group 3,700 105,135 0.06 Toromont Industries 6,300 93,767 0.05 TriStar Oil & Gas 21,480 157,581 0.08

46 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Canada (continued) Viterra 4,220 29,449 0.02 West Fraser Timber Co Ltd 10,400 184,334 0.10 5,698,794 3.05 Cayman Islands Truly International Holdings 18,000 9,058 0.00

China American Oriental Bioengineering 40,210 154,808 0.08 AsiaInfo Holdings Inc 10,720 180,525 0.10 Xinao Gas Holdings 4,000 4,026 0.00 339,359 0.18 Denmark Arkil Holding A/S 186 19,927 0.01 Auriga Industries 27,362 473,117 0.25 Dalhoff Larsen & Horneman A/S 9,855 23,716 0.01 DFDS A/S 212 10,525 0.01 Monberg & Thorsen A/S 1,736 51,060 0.03 TK Development 11,270 32,947 0.02 611,292 0.33 Finland Cramo 46,399 308,020 0.17 Finnair OYJ 3,824 18,684 0.01 HKScan 1,143 5,630 0.00 Kemira OYJ 80,720 513,354 0.27 Lannen Tehtaat OYJ 1,528 25,866 0.01 Larox OYJ 4,098 32,700 0.02 Lemminkainen 2,435 51,081 0.03 Orion OYJ 18,170 262,473 0.14 PKC Group OYJ 9,290 33,303 0.02 Scanfil 21,473 55,594 0.03 Sysopendigia Plc 10,187 20,288 0.01 Tietoenator OYJ 55,915 579,802 0.31 1,906,795 1.02 France Acanthe Developpement 40,024 60,048 0.03 Air France-KLM 78,962 698,220 0.37 Altran Technologies 164,448 493,443 0.26 Assystem 18,615 128,766 0.07 Atos Origin SA 21,048 535,993 0.29 Aubay 1,094 3,283 0.00 Ausy 1,123 21,411 0.01 Boiron 3,863 103,553 0.06 Cap Gemini SA 40,800 1,306,043 0.70 Compagnie des Alpes 1,162 32,275 0.02 Compagnie Industrielle et Financiere D'Entreprises 1,129 49,496 0.03 Gascogne 678 21,091 0.01 Gemalto NV 15,170 432,633 0.23 Gevelot SA 513 8,528 0.00 GFI Informatique 30,701 91,306 0.05 Ginger 1,657 21,054 0.01 Groupe Crit 6,508 61,262 0.03 Groupe Guillin 239 10,678 0.01 Groupe Steria 4,201 59,291 0.03 Havas SA 246,548 634,389 0.34 JET Multimedia 4,000 26,023 0.01 Linedata Services 13,718 78,318 0.04 M6-Metropole Television 35,500 577,384 0.31 Nexans SA 2,205 83,538 0.04 Nexity 16,540 352,461 0.19 Norbert Dentressangle 2,705 75,420 0.04

47 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

France (continued) Sequana Capital SA 41,298 211,101 0.11 Societe Internationale de Plantations d'Heveas 825 19,716 0.01 Sodexo SA 1,517 69,125 0.04 Sopra Group 1,548 51,135 0.03 Sucriere de Pithiviers-Le-Vieil 14 9,573 0.01 Teleperformance 9,038 248,635 0.13 Tessi SA 1,239 39,678 0.02 Thales SA 35,975 1,363,185 0.73 Vranken - Pommery Monopole 2,934 72,261 0.04 Zodiac Aerospace 455 11,514 0.01 8,061,830 4.31 Germany Augusta Technologie AG 11,252 119,365 0.06 Bechtle AG 9,737 155,263 0.08 Bertrandt 3,878 67,553 0.04 Bijou Brigitte 31 3,327 0.00 Bilfinger Berger AG 2,677 101,225 0.05 D Logistics AG 52,459 73,132 0.04 Deutsche Lufthansa AG 57,600 626,717 0.34 Dragerwerk AG 1,759 37,343 0.02 Duerr AG 6,837 87,689 0.05 Elmos Semiconductor AG 5,266 12,235 0.01 Euromicron AG 6,604 87,506 0.05 Freenet 7,816 48,462 0.03 Fresenius SE 831 31,577 0.02 Frosta AG 731 13,588 0.01 Gesco AG 2,620 113,054 0.06 Hans Einhell AG 2,553 40,506 0.02 Hornbach Baumarkt AG 7,230 220,111 0.12 Indus Holding 14,328 164,361 0.09 Jungheinrich 6,076 64,940 0.03 Koenig & Bauer AG 7,914 71,976 0.04 KSB AG 176 61,473 0.03 Lanxess AG 55,200 941,032 0.50 MTU Aero Engines Holding AG 8,033 188,138 0.10 Muehlbauer Holding AG & Co KGaA 325 7,120 0.00 Praktiker Bau- und Heimwerkermaerkte 12,340 64,552 0.03 STO AG 8,914 391,743 0.21 Suedzucker AG 54,343 1,044,750 0.56 Tognum AG 27,852 241,843 0.13 5,080,581 2.72 Greece Bank Of Greece 163 9,046 0.00

Hong Kong Allied Group Ltd 58,000 86,214 0.05 Allied Properties HK Ltd 1,041,680 80,646 0.04 Asia Satellite Telecommunications Holdings Ltd 500 516 0.00 Cafe de Coral Holdings 4,000 7,845 0.00 Champion (REIT) 189,000 44,872 0.02 Champion Technology Holdings Ltd 379,200 13,211 0.01 Citic 1616 Holdings 79,000 15,086 0.01 COL Capital (Warrants) 46,600 60 0.00 Dah Sing Banking Group 21,000 11,570 0.01 Dah Sing Financial Holdings 28,800 56,114 0.03 Daphne International Holdings 194,000 41,053 0.02 Dickson Concepts International 91,000 23,836 0.01 Goldlion Holdings Ltd 24,000 3,283 0.00 HKR International 275,200 66,403 0.04 HongKong Chinese Ltd 448,000 32,950 0.02

48 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Hong Kong (continued) Industrial and Commercial Bank of China Asia Ltd 172,000 182,653 0.10 Johnson Electric Holdings 441,500 84,312 0.04 Lippo Ltd 25,000 3,355 0.00 MIN XIN Holdings 126,000 43,246 0.02 Minmetals Resources 52,000 8,857 0.00 Pacific Andes Holdings 341,000 35,890 0.02 Road King Infrastructure 194,000 79,102 0.04 SA International Holdings 190,000 58,839 0.03 Shui On Construction and Materials 58,000 55,231 0.03 Sichuan Expressway Co 113 21 0.00 SmarTone Telecommunications Holding Ltd 113,500 66,782 0.04 Soundwill Holdings Ltd 224,000 52,026 0.03 SRE Group 118,000 9,135 0.00 TAI Sang Land Developement 50,000 14,194 0.01 Texwinca Holdings 186,000 95,760 0.05 Tian An China Investment 275,000 73,097 0.04 Towngas China 282,000 54,945 0.03 Vtech Holdings Ltd 47,000 181,935 0.10 Wheelock Properties Ltd 103,950 34,203 0.02 Wing On Co International Ltd 83,000 67,364 0.04 Yip's Chemical Holdings 18,000 5,481 0.00 1,690,087 0.90 Ireland Abbey Plc 5,366 23,724 0.01 Total Produce Plc 476,305 164,421 0.09 Total Produce (London) 55,682 18,756 0.01 206,901 0.11 Italy ACEA SpA 1,129 13,393 0.01 Astaldi SpA 25,906 106,110 0.06 Autogrill SpA 9,538 54,960 0.03 Autostrada Torino-Milano 2,089 11,864 0.01 Autostrade Meridionali SpA 431 5,207 0.00 Banca Finnat Euramerica 16,955 10,603 0.01 Banca Popolare di Milano Scarl 73 352 0.00 Banco di Sardegna SpA 2,889 34,656 0.02 Benetton Group 1,836 11,938 0.01 Buzzi Unicem SpA 2,857 31,901 0.02 CIR-Compagnie Industriali Riunite SpA 15,200 15,640 0.01 Cofide SpA 508,261 219,316 0.12 Danieli & Co SpA 10,923 94,266 0.05 Davide Campari-Milano 5,540 34,663 0.02 El.en. SpA 1,868 25,149 0.01 Engineering Ingegneria Informatica SpA 282 6,328 0.00 Fastweb 10,200 207,336 0.11 Gefran SpA 19,425 53,451 0.03 Gruppo Ceramiche Ricchetti 14,277 14,169 0.01 Immobiliare Grande Distribuzione 86,121 104,052 0.05 Irce 1,461 2,764 0.00 KME Group SpA 166,242 129,783 0.07 Milano Assicurazioni 7,677 17,593 0.01 Mirato SpA 20,000 114,182 0.06 Piccolo Credito Valtellinese Scarl 4,614 37,185 0.02 Pirelli & Co SpA 1,318,330 307,361 0.16 Premafin Finanziaria 144,057 190,882 0.10 Recordati 13,393 72,595 0.04 Reply SpA 944 17,986 0.01

49 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Italy (continued) Societa Iniziative Autostradali e Servizi SpA 21,601 108,839 0.06 Unipol Gruppo Finanziario SpA 326,930 288,002 0.15 Vianini Lavori SpA 34,283 173,877 0.09 2,516,403 1.35 Japan 77 Bank Ltd 2,000 9,861 0.01 Adeka Corp 22,500 138,959 0.07 Aderans Holdings 19,300 136,392 0.07 Ahresty Corp 8,800 25,125 0.01 Aichi Bank Ltd 5,400 370,133 0.20 Aichi Electric 8,000 12,392 0.01 Aida Engineering Ltd 54,700 153,406 0.08 Aisan Industry Co Ltd 8,400 38,186 0.02 Akita Bank Ltd 1,000 3,695 0.00 Allied Hearts Holdings 3,000 5,680 0.00 Aloka Co Ltd 1,900 13,389 0.01 AOC Holdings Inc 1,400 7,583 0.00 AOI Electronic Co Ltd 400 1,802 0.00 AOKI Holdings Inc 21,000 186,676 0.10 Aoyama Trading Co Ltd 23,400 306,093 0.16 Argo Graphics 100 980 0.00 Aronkasei Co Ltd 19,000 51,362 0.03 Asahi Industries Co Ltd 13 15,623 0.01 AT-Group Co Ltd 14,000 107,725 0.06 Atlus 500 1,853 0.00 Bank of Saga 26,000 84,499 0.05 Belluna Co Ltd 32,000 81,968 0.04 BML Inc 8,100 149,994 0.08 C-Cube Corp 17,700 46,235 0.03 Canon Finetech Inc 100 1,031 0.00 Cawachi Ltd 13,000 197,955 0.11 Centyrt Leasing System Inc 27,700 163,502 0.09 Chiba Kogyo Bank 19,100 185,643 0.10 Chimney 100 1,416 0.00 Chodai Co Ltd 6,500 14,807 0.01 Chubu Steel Plate Co Ltd 22,100 127,091 0.07 Chudenko Corp 16,900 232,702 0.12 Chuetsu Pulp & Paper 43,000 107,968 0.06 Circle K Sunkus 14,700 207,768 0.11 Citizen Holdings 5,900 23,894 0.01 Coca-Cola Central Japan Co Ltd 22,500 299,104 0.16 Computer Engineering & Consulting Ltd 200 1,245 0.00 Corona Corp 5,200 49,331 0.03 Cosmo Oil Co Ltd 1,000 2,946 0.00 Create Medic 2,500 19,819 0.01 Create SD Holdings Co Ltd 1,300 20,006 0.01 CTI Engineering Co Ltd 11,000 65,263 0.04 Cybernet Systems 128 38,878 0.02 Daiichikosho Co Ltd 27,500 226,359 0.12 Daiko Clearing Services Corp 9,600 60,456 0.03 Daimei Telecom Engineering 13,000 120,036 0.06 Dainichiseika Color & Chemicals Manufacturing Co Ltd 20,000 42,928 0.02 Daishi Bank Ltd 11,000 43,100 0.02 Daishinku Corp 33,000 50,785 0.03 Daisyo Corp 4,500 62,418 0.03 DCM Japan Holdings 1,700 8,589 0.00 DOWA Holding Co Ltd (Rights) 75,000 - 0.00 Dydo Drinco Inc 300 7,639 0.00 Earth Chemical Co Ltd 1,000 25,818 0.01 Edion 36,200 89,061 0.05 Eighteenth Bank Ltd 90,000 304,343 0.16

50 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Japan (continued) Eikoh Inc 2,900 8,662 0.00 Fancl 12,700 142,726 0.08 Fuji Machine Manufacturing Co Ltd 28,500 230,839 0.12 Fuji Oozx 3,000 6,135 0.00 Fujistaff Holdings 16 1,756 0.00 Fujitsu Business Systems Ltd 18,500 226,263 0.12 Fujitsu Frontech Ltd 9,600 73,966 0.04 Fukuda Denshi Co Ltd 2,600 50,410 0.03 Furuno Electric Co Ltd 2,000 9,963 0.01 Furusato Industries Ltd 11,300 91,068 0.05 Futaba Corp 10,200 158,210 0.09 Fuyo General Lease Co Ltd 200 2,495 0.00 Hakuto Co Ltd 16,400 98,131 0.05 Haruyama Trading Co Ltd 8,600 29,430 0.02 Heiwado Co Ltd 24,300 300,644 0.16 Hi-Lex Corp 19,400 111,957 0.06 Higashi-Nippon Bank 93,000 248,578 0.13 Higo Bank 44,000 253,478 0.14 Hikari Furniture 10,000 30,475 0.02 Hitachi Capital 9,300 98,301 0.05 Hitachi Information Systems 400 6,549 0.00 Hitachi Maxell Ltd 36,200 259,121 0.14 Hitachi Medical Corp 22,000 165,050 0.09 Hitachi Software Engineering 18,700 229,088 0.12 Hitachi Systems & Services Ltd 11,300 100,335 0.05 Hokkaido Coca-Cola Bottling Co Ltd 14,000 63,926 0.03 Hokuetsu Bank 1,000 1,660 0.00 Hokuriku Gas 5,000 13,314 0.01 Hoshi Iryo-Sanki 100 1,691 0.00 House Foods 800 11,072 0.01 Hurxley Corp 200 1,600 0.00 Hyakugo Bank Ltd 77,000 389,794 0.21 Hyakujushi Bank 54,000 252,587 0.14 I Metal Technology 1,000 1,792 0.00 Ichikawa 9,000 25,514 0.01 Inabata & Co Ltd 32,400 82,009 0.04 Ines Corp 700 4,026 0.00 Information Services International-Dentsu 1,400 7,300 0.00 Innotech Corp/Japan 7,000 15,946 0.01 Iriso Electronics 4,100 19,842 0.01 Isewan Terminal Service Co Ltd 21,000 78,668 0.04 Itochu Enex 37,000 192,923 0.10 Itoham Foods Inc 13,000 36,985 0.02 J Front Retailing 1,000 3,432 0.00 J-Oil Mills 1,000 2,663 0.00 JAFCO Co Ltd 200 3,527 0.00 Japan Pulp & Paper Co Ltd 1,000 2,794 0.00 JFE Shoji Holdings Inc 89,000 234,282 0.13 Juroku Bank Ltd 2,000 6,621 0.00 Kamei Corp 22,000 96,892 0.05 Kanaden Corp 27,000 127,113 0.07 Kaneka Corp 52,000 254,814 0.14 Kanto Natural Gas Development Ltd 28,000 149,114 0.08 Kasumi Co Ltd 10,000 37,663 0.02 Katakura Industries Co Ltd 1,400 10,702 0.01 Kawasaki Kinkai Kisen Kaisha 17,000 48,193 0.03 Kawasaki Kisen Kaisha Ltd 84,000 256,839 0.14 Kawasumi Laboratories 2,000 10,550 0.01 Kikuchi Co Ltd 200 1,458 0.00 Kimura Unity 4,100 29,680 0.02 King Co Ltd 17,000 33,046 0.02

51 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Japan (continued) Kirindo 6,000 28,855 0.02 Kita-Nippon Bank Ltd 2,500 72,390 0.04 Kitagawa Industries Co Ltd 2,500 26,071 0.01 Kitamura 7,800 32,457 0.02 Kohnan Shoji Co Ltd 8,100 69,215 0.04 Kokuyo Co Ltd 4,800 34,990 0.02 Kose Corp 11,700 215,710 0.12 Kowa Spinning Co Ltd 20,000 52,243 0.03 KU Holdings Co Ltd 10,100 21,985 0.01 Kurabo Industries Ltd 124,000 165,718 0.09 Kyowa Leather Cloth 400 1,640 0.00 Lasertec 300 1,552 0.00 Lion Corp 28,000 130,120 0.07 Mac House Co Ltd 2,500 10,833 0.01 Maeda Corp 39,000 135,041 0.07 Mandom Corp 10,700 176,582 0.09 Marudai Food Co Ltd 93,000 219,388 0.12 Marufuji Sheet Piling 23,000 30,505 0.02 Marui Group Co Ltd 1,600 8,440 0.00 Marukyo Corp/Fukuoka 2,000 7,755 0.00 Maruzen Ltd 6,000 20,350 0.01 Maxvalu Nishinihon Co Ltd 500 6,156 0.00 Maxvalu Tokai Co Ltd 400 4,418 0.00 Meiji Seika Kaisha 83,000 289,076 0.16 Mie Bank Ltd 12,000 36,813 0.02 Mikuni Coca-Cola Bottling Co Ltd 29,700 233,041 0.13 Mikuni Corp 8,000 8,667 0.01 Milbon 2,600 54,753 0.03 Minato Bank 25,000 36,195 0.02 Ministop Co Ltd 13,600 211,360 0.11 Miraca Holdings Inc 3,800 76,446 0.04 Mitani Corp 20,100 84,454 0.05 Mitsui Chemicals Inc 39,000 94,371 0.05 Mitsui High-Tec Inc 18,500 118,751 0.06 Mitsui Home 1,000 4,171 0.00 Miyachi 8,500 34,423 0.02 Morinaga Milk Industry Co Ltd 107,000 319,581 0.17 Mory Industries 11,000 23,610 0.01 Murakami 5,000 16,503 0.01 Musashi 1,000 12,757 0.01 Nafco Co Ltd 14,500 132,272 0.07 Nagase & Co Ltd 31,000 238,534 0.13 Nakanishi 100 5,619 0.00 Nakano Refrigerators Co Ltd 200 1,541 0.00 NBC Inc 800 6,075 0.00 NE Chemcat 16,000 156,323 0.08 NEC Fielding Ltd 28,000 280,085 0.15 NIC Corp 9,100 39,157 0.02 Nichireki 19,000 55,401 0.03 Nichiwa Sangyo Co Ltd 13,000 18,427 0.01 Nifty Corp 32 28,899 0.02 Nihon Plast 4,200 7,059 0.00 Nippon Antenna Co Ltd 300 1,579 0.00 Nippon Beet Sugar Manufacturing Co Ltd 7,000 15,592 0.01 Nippon Chemi-Con Corp 67,000 135,669 0.07 Nippon Game Card Corp 25 25,995 0.01 Nippon Hume 1,000 2,622 0.00 Nippon Konpo Unyu Soko Co Ltd 5,000 39,384 0.02 Nippon Seiki 21,000 128,845 0.07 Nippon Shinyaku Co Ltd 29,000 255,736 0.14 Nishi-Nippon City Bank 113,000 241,399 0.13

52 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Japan (continued) Nishio Rent All 400 2,434 0.00 Nissan Shatai Co Ltd 40,000 230,029 0.12 Nisshin Fudosan Co 9,300 16,572 0.01 Nissin Healthcare Food Service 100 962 0.00 Nissin Sugar Manufacturing 32,000 60,909 0.03 Nittan Valve Co Ltd 1,300 3,185 0.00 Nitto FC 9,000 39,638 0.02 Nitto Kogyo Corp 23,100 175,875 0.09 NJK Corp 10,000 26,628 0.01 NS Solutions 1,200 13,377 0.01 Ohmoto Gumi Co Ltd 7,000 17,364 0.01 Okinawa Cellular Telephone Co 111 186,555 0.10 Omron 22,300 260,998 0.14 Onoken 1,700 12,427 0.01 Onward Holdings Co Ltd 19,000 122,922 0.07 Osaka Steel Co Ltd 2,900 48,152 0.03 Piolax Inc 800 9,404 0.01 Pocket Card 700 1,751 0.00 QP Corp 36,100 387,791 0.21 Resorttrust Inc 12,300 112,328 0.06 Rheon Automatic Machinery 4,000 9,031 0.01 Ricoh Leasing 100 1,645 0.00 Riso Kagaku Corp 9,200 82,155 0.04 RKB Mainichi Broadcasting 1,000 7,391 0.00 Rohto Pharmaceutical Co Ltd 1,000 9,031 0.01 Roland Corp 14,700 155,230 0.08 Royal Holdings Co Ltd 4,400 46,909 0.03 Ryoyo Electro Corp 21,700 176,860 0.10 Saison Information Systems 100 568 0.00 Sakai Chemical Industry Co Ltd 68,000 188,640 0.10 Sakura KCS Corp 6,500 36,261 0.02 San-A Co Ltd 900 24,876 0.01 San-In Godo Bank Ltd 49,000 375,549 0.20 Sanei-International Co Ltd 1,200 7,946 0.00 Sanken Electric Co Ltd 1,000 2,551 0.00 Sanko Marketing Foods 1 651 0.00 Sanoh Industrial 100 388 0.00 Sansei Yusoki 1,000 3,544 0.00 Sanshin Electronics 500 3,154 0.00 Sanyo Chemical Industries Ltd 5,000 23,236 0.01 Sapporo Hokuyo Holdings Inc 57,000 159,279 0.09 Satori Electric Co Ltd 400 1,539 0.00 Sazaby League Ltd 12,300 136,985 0.07 Seibu Electric Industry Co Ltd 17,000 64,200 0.03 Seikagaku Corp 13,100 128,652 0.07 Seino Holdings Corp 59,000 283,740 0.15 Senshu Electric Co Ltd 2,500 19,540 0.01 Senshukai Co Ltd 29,000 202,592 0.11 Shichie 5,700 24,065 0.01 Shidax Corp 23,500 75,185 0.04 Shingakukai Co Ltd 11,000 23,610 0.01 Shinmaywa Industries Ltd 77,000 159,816 0.09 Sinanen Co Ltd 1,000 4,283 0.00 Sintokogio Ltd 19,400 115,689 0.06 SK Kaken 10,000 173,129 0.09 SNT Corp 1,400 3,700 0.00 Soft99 Corp 1,800 7,527 0.00 Soken Chemical & Engineering 800 3,580 0.00 Sonton Food Industry Co Ltd 10,000 54,672 0.03 SRI Sports Ltd 104 80,024 0.04 Sugimoto & Co Ltd 800 7,290 0.00

53 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Japan (continued) Sumida 2,200 9,801 0.01 Sumikin Bussan 33,000 68,492 0.04 Sumisho Computer Systems 2,300 26,407 0.01 Sumitomo Seika Chemicals Co Ltd 2,000 5,386 0.00 Suncall Corp 24,000 46,168 0.03 Suruga 100 943 0.00 Suzuken Co Ltd 800 20,816 0.01 T&K Toka Co Ltd 2,600 12,635 0.01 Tachibana Eletech Co Ltd 1,400 9,341 0.01 Tachikawa Corp 6,700 31,272 0.02 Taiko Bank Ltd 1,000 2,055 0.00 Takasago Thermal Engineering 3,000 18,315 0.01 Takashimaya Co Ltd 42,000 239,405 0.13 Takefuji Corp 19,210 89,661 0.05 Takeuchi Manufacturing Co Ltd 10,800 67,794 0.04 Techno Associe Co Ltd 900 4,565 0.00 Teijin Ltd 103,000 222,122 0.12 Ten Arrows Co Ltd 2,600 7,950 0.00 Tigers Polymer Corp 10,800 37,068 0.02 Toagosei Co Ltd 98,000 218,285 0.12 Tochigi Bank 10,000 48,193 0.03 Tohokushinsha Film 7,600 53,939 0.03 Tokan 2,000 25,716 0.01 Tokyo Derica 600 1,768 0.00 Tokyo Style Co Ltd 40,000 272,147 0.15 Torii Pharmaceutical Co Ltd 19,000 261,233 0.14 Toshiba TEC Corp 93,000 236,337 0.13 Toyo Kohan Co Ltd 12,000 36,691 0.02 Trusco Nakayama Corp 20,400 240,000 0.13 TS Tech 4,400 30,916 0.02 Tsuken Corp 14,000 29,483 0.02 Tsurumi Manufacturing Co Ltd 15,000 85,502 0.05 Tsuzuki Denki Co Ltd 15,000 37,360 0.02 TV Asahi Corp 169 188,215 0.10 Uehara Sei Shoji Co Ltd 8,000 26,000 0.01 Unimat Life Corp 100 845 0.00 Unipres Corp 22,100 154,389 0.08 Univance 1,500 2,506 0.00 Universe 2,200 24,368 0.01 UNY Co Ltd 42,000 326,577 0.18 USC Corp 100 827 0.00 Valor Co Ltd 22,000 157,254 0.08 Vital-net Inc 3,700 22,776 0.01 Wakita & Co Ltd 21,000 68,037 0.04 Wesco Inc 10,300 10,428 0.01 Win International 1 386 0.00 With US Corp 6,600 12,095 0.01 Yachiyo Bank 1,700 58,864 0.03 Yachiyo Industry Co Ltd 100 503 0.00 Yamabiko Corp 5,200 60,018 0.03 Yamaha Motor Co Ltd 200 1,770 0.00 Yamanashi Chuo Bank Ltd 53,000 274,739 0.15 Yamato International Inc 1,600 5,605 0.00 Yodogawa Steel Works Ltd 1,000 4,080 0.00 Yondenko Corp 28,000 133,239 0.07 Yonekyu Corp 11,500 116,199 0.06 Yurtec Corp 24,000 126,597 0.07 24,026,870 12.85 Korea Asia Cement Co Ltd 2,240 65,747 0.03 Binggrae 1,090 33,057 0.02

54 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Korea (continued) Dae Han Flour Mills 476 35,272 0.02 Daehan City Gas 870 16,038 0.01 Daesang 12,290 49,311 0.03 Daewoong Co Ltd 940 15,188 0.01 Daishin Securities Co Ltd 860 10,569 0.01 Daou Technology Inc 16,050 74,144 0.04 Dong Ah Tire & Rubber Co Ltd 2,200 11,149 0.01 Dongsuh 1,705 31,678 0.02 Dongwon Industries 810 49,598 0.03 E1 Corp 1,500 74,499 0.04 Fursys 700 10,425 0.01 Global & Yuasa Battery 4,310 70,107 0.04 GS Home Shopping Inc 2,230 82,220 0.04 GwangjuShinsegae 460 32,623 0.02 Halla Climate Control 12,200 68,177 0.04 Handok Pharmaceuticals Co Ltd 3,430 31,988 0.02 Handsome Co Ltd 9,550 57,165 0.03 Hanmi Pharm 70 7,540 0.00 Hanssem 10,850 48,161 0.03 Hanwha Chem Corp 21,790 147,131 0.08 Huchems Fine Chemical 3,660 51,199 0.03 Hyundai Department Store 3,750 193,837 0.10 Hyundai Marine & Fire Insurance 7,860 71,028 0.04 Il Dong Pharmaceutical Co Ltd 2,290 57,778 0.03 Ilsung Pharmaceuticals Co Ltd 1,136 50,179 0.03 Kisco Corp 821 28,964 0.02 Kiswire Ltd 2,850 80,045 0.04 Kolon Industries 380 8,516 0.00 Korea Development Financing Corp 1,500 30,363 0.02 Korean Reinsurance 2,260 17,155 0.01 KP Chemical 14,790 65,864 0.03 Kwang Dong Pharmaceutical 23,760 57,972 0.03 Kyeryong Construction Industrial Co Ltd 4,240 65,290 0.03 KyungDong City Gas Co Ltd 1,110 32,419 0.02 LG Dacom Corp 8,080 101,639 0.05 LIG Insurance 23,170 222,780 0.12 Lotte Chilsung Beverage 250 155,431 0.08 Lotte Confectionery 30 22,274 0.01 Lotte Samkang 530 52,492 0.03 Meritz Fire & Marine Insurance Co Ltd 28,940 80,863 0.04 Moorim Paper 980 5,420 0.00 Namyang Dairy Products Co Ltd 230 74,824 0.04 NCSoft 430 28,662 0.01 Nong Shim Co Ltd 70 10,880 0.01 Ottogi 810 73,490 0.04 Pacific Corp 1,250 78,348 0.04 People & Telecommunication Inc 3,890 25,535 0.01 Samchully Co Ltd 1,446 119,694 0.06 Samyang Corp 330 8,183 0.00 Samyang Genex Co Ltd 609 20,935 0.01 SeAH Holdings 788 34,237 0.02 Sebang Co Ltd 4,890 38,533 0.02 Seoul City Gas Co Ltd 1,423 51,848 0.03 Seoul Semiconductor 210 4,995 0.00 Shinyoung Securities Co Ltd 4,550 119,075 0.06 Silla 3,930 38,071 0.02 Sindo Ricoh Co Ltd 1,096 42,152 0.02 SK Gas Co Ltd 2,324 93,246 0.05 Ssangyong Engineering & Construction 2,270 11,832 0.01 Taekwang Industrial Co Ltd 10 4,598 0.00 TS Corp 1,020 38,418 0.02

55 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Korea (continued) Unid Co Ltd 2,400 70,009 0.04 Yesco Co Ltd 680 12,364 0.01 Young Poong 221 79,884 0.04 Youngone Corp 16,880 105,557 0.06 3,658,665 1.96 Liechtenstein Verwalt & Privat-Bank AG 1,802 105,389 0.06

Luxembourg Colt Telecom Group SA 537,207 669,905 0.36 Oriflame Cosmetics SA 22,672 702,047 0.37 1,371,952 0.73 Netherlands BE Semiconductor Industries NV 16,868 33,370 0.02 Brunel International 11,625 146,474 0.08 CSM NV 10,629 123,481 0.06 Draka Holding 35,000 249,634 0.13 Fornix Biosciences NV 1,980 20,295 0.01 Gamma Holding 8,208 37,161 0.02 Heijmans NV 878 5,048 0.00 Imtech 4,084 56,175 0.03 James Hardie Industries 57,510 165,426 0.09 Koninklijke DSM NV 52,835 1,390,003 0.74 Nutreco Holding 2,657 94,895 0.05 Ordina 8,997 31,595 0.02 Randstad Holding NV 7,346 124,452 0.07 USG People NV 27,196 217,732 0.12 2,695,741 1.44 Netherlands Antilles Orthofix International NV 14,597 269,899 0.14

New Zealand Air New Zealand Ltd 152,400 78,284 0.04 Millennium & Copthorne Hotels New Zealand Ltd 109,648 21,278 0.01 Sanford Ltd 2,500 7,776 0.01 Vector 77,400 99,396 0.05 206,734 0.11 Portugal Banif SGPS 166,444 225,408 0.12 Ibersol SGPS SA 2,949 25,176 0.02 Novabase SGPS SA 16,411 90,424 0.05 REN - Redes Energeticas Nacionais 46,051 192,047 0.10 533,055 0.29 Singapore Cerebos Pacific Ltd 29,000 46,546 0.02 Haw Par Corp Ltd 26,000 59,518 0.03 Hi-P International 156,000 46,691 0.03 Hong Leong Finance 12,000 14,288 0.01 Hotel Plaza Ltd 66,000 38,640 0.02 K1 Ventures Ltd 1,112,000 84,121 0.05 Kim Eng Holdings Ltd 141,000 122,431 0.07 Mapletree Logistics Trust (REIT) 115,000 27,990 0.01 Metro Holdings Ltd 260,000 42,758 0.02 People's Food Holdings Ltd 286,000 92,185 0.05 SBS Transit Ltd 1,000 1,059 0.00 Starhill Global (REIT) 15,000 4,440 0.00 UOB-Kay Hian Holdings Ltd 181,000 130,970 0.07 711,637 0.38

56 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

South Africa Net 1 UEPS Technologies 17,465 265,281 0.14

Spain Abengoa 8,090 107,089 0.06 Befesa Medio Ambiente SA 1,029 19,127 0.01 Campofrio Alimentacion 35,396 341,656 0.18 Ebro Puleva 59,400 694,016 0.37 Ercros 222,176 38,348 0.02 Espanola del Acumulador Tudor SA 335 2,424 0.00 Grupo Catalana Occidente SA 18,770 222,046 0.12 Nicolas Correa 3,565 9,135 0.01 Pescanova 12,192 419,899 0.22 Prosegur Cia de Seguridad SA 28,578 769,105 0.41 Solaria Energia y Medio Ambiente 9,012 18,307 0.01 Telecomunicaciones y Energia 18,702 78,961 0.04 2,720,113 1.45 Sweden Acando 52,524 67,979 0.04 AddTech 3,936 35,588 0.02 AF AB 2,016 25,970 0.01 Biotage 34,215 20,320 0.01 Din Bostad 14,228 30,117 0.02 Industrial & Financial Systems 16,986 91,019 0.05 LBI International 6,135 8,014 0.00 Meda AB 83,803 494,670 0.26 OEM International AB 4,745 23,761 0.01 Pricer 252,794 15,900 0.01 Proffice 13,520 15,781 0.01 Rederi AB Transatlantic 31,936 92,710 0.05 Tele2 AB 93,509 783,266 0.42 1,705,095 0.91 Switzerland Ascom Holding AG 2,340 17,081 0.01 Baloise Holding AG 8,291 530,469 0.28 Banque Cantonale de Geneve 71 12,426 0.01 Banque Cantonale Vaudoise 387 127,973 0.07 Berner Kantonalbank 24 4,996 0.00 Bossard Holding 981 32,095 0.02 Carlo Gavazzi Holding AG 373 26,243 0.01 Clariant AG 96,000 372,332 0.20 Conzzeta Holding AG 215 242,030 0.13 CPH Chemie & Papier Holding AG 17 17,523 0.01 Daetwyler Holding AG 12,700 424,432 0.23 Elektrizitaets-Gesellschaft Laufenburg AG 168 135,931 0.07 Emmi AG 3,194 276,127 0.15 Energiedienst Holding AG 14,210 606,117 0.32 Feintool International Holding AG 770 109,028 0.06 Forbo Holding AG 2,534 365,486 0.20 Helvetia Holding AG 1,840 389,830 0.21 Jungfraubahn Holding AG 6,385 230,232 0.12 Kardex 7,375 182,259 0.10 Kuoni Reisen Holding AG 1,628 393,738 0.21 MCH Messe Schweiz Holding AG 1,664 36,586 0.02 Metraux Services Holding SA 630 40,447 0.02 Pax Anlage AG 46 30,342 0.02 Schweizerische National-Versicherungs-Gesellschaft 693 305,955 0.16 Siegfried Holding AG 2,362 114,044 0.06 Sulzer AG 7,578 387,881 0.21 Valartis Group AG 3,174 40,476 0.02 Valora Holding AG 1,637 207,315 0.11

57 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Switzerland (continued) Vaudoise Assurances Holding SA 2,000 242,733 0.13 Vetropack Holding SA 387 425,443 0.23 Walter Meier AG 1,636 76,617 0.04 6,404,187 3.43 United Kingdom Aegis Group Plc 120,992 143,075 0.08 Anite 624,849 237,341 0.13 Arriva 130,968 695,514 0.37 Balfour Beatty 15,533 72,693 0.04 Bodycote 128,574 228,982 0.12 Braemar Shipping Services Plc 20,099 63,668 0.03 British Polythene Industries 44,757 77,945 0.04 Britvic 155,991 505,313 0.27 BTG 108,929 192,825 0.10 Cable & Wireless Plc 257,578 515,033 0.28 Carr's Milling Industries 827 5,156 0.00 Clarkson Plc 15,534 105,094 0.06 Close Brothers Group 15,569 119,836 0.06 Communisis Plc 126,319 48,886 0.03 Computacenter Plc 133,767 214,743 0.12 Dimension Data Holdings Plc 459,001 268,098 0.14 Drax Group Plc 24,000 177,334 0.10 DS Smith Plc 632,000 452,939 0.24 Elementis Plc 301,996 119,038 0.06 Firstgroup 212,080 812,400 0.43 Galliford Try 330,658 189,580 0.10 Games Workshop Group 14,586 36,587 0.02 Goldshield Group Plc 59,188 260,450 0.14 Hardy Underwriting Bermuda 14,223 52,597 0.03 Home Retail Group Plc 428,237 1,376,477 0.74 Huntsworth 14,493 10,283 0.01 Informa 125,398 470,018 0.25 Intec Telecom Systems Plc 190,873 94,388 0.05 Investec Plc 92,010 382,460 0.20 Jardine Lloyd Thompson Group 52,528 329,963 0.18 John David Group Plc 29,712 129,041 0.07 John Menzies Plc 42,203 35,690 0.02 Keller Group Plc 51,293 361,539 0.19 Logica 924,000 841,004 0.45 Management Consulting Group Plc 196,282 82,996 0.04 McBride Plc 89,024 147,062 0.08 Meggitt Plc 279,851 514,442 0.28 Millennium & Copthorne Hotels Plc 53,982 132,892 0.07 Mondi 46,791 99,261 0.05 MS International Plc 2,129 2,136 0.00 National Express Group 15,591 33,912 0.02 Old Mutual Plc 388,465 288,426 0.15 OPD Group Plc 3,732 2,033 0.00 Oxford Instruments Plc 6,762 10,298 0.01 Phoenix IT Group Ltd 4,080 8,304 0.00 QinetiQ Plc 423,529 802,844 0.43 Restaurant Group 135,508 261,726 0.14 Smart (J) & Co (Contractors) 4,170 17,334 0.01 Spectris Plc 76,852 442,000 0.24 St James's Place Plc 73,701 176,418 0.09 Sthree 49,055 121,466 0.07 T Clarke 84,000 150,502 0.08 Thomas Cook Group 286,644 981,959 0.53 Tribal Group Plc 46,733 65,143 0.04

58 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United Kingdom (continued) Wetherspoon (J.D.) 35,265 213,941 0.11 Whitbread Plc 101,549 1,146,976 0.61 15,328,061 8.20 United States Aaron Rents Inc 17,920 477,568 0.26 Actel 12,706 128,458 0.07 Aecom Technology 17,501 456,426 0.24 Aeropostale 27,674 735,021 0.39 AGL Resources Inc 18,730 496,532 0.27 Air T Inc 1,600 9,152 0.00 Aircastle 36,765 170,590 0.09 Albany International 20,829 188,502 0.10 Albany Molecular Research Inc 18,668 175,853 0.09 Alexion Pharmaceuticals Inc 10,731 403,271 0.22 Alkermes Inc 60,200 729,624 0.39 Alliance Financial Corp 617 11,106 0.01 Alliant Energy Corp 18,115 447,259 0.24 Amcon Distributing 400 10,004 0.01 Amedisys Inc 2,740 75,323 0.04 American Dental Partners 770 5,113 0.00 American National Bankshares Inc 4,500 66,600 0.04 American Physicians Service Group Inc 1,010 19,362 0.01 Amerigroup Corp 39,120 1,075,409 0.58 Andersons 13,900 196,546 0.11 Anika Therapeutics Inc 7,371 33,391 0.02 Ark Restaurants Corp 2,339 21,636 0.01 Arris Group Inc 26,740 197,074 0.11 Artesian Resources Corp 1,640 22,976 0.01 Aspen Insurance Holdings Ltd 45,760 1,025,939 0.55 Astro-Med Inc 4,875 25,106 0.01 B&G Foods 16,890 86,308 0.05 Bally Technologies 8,830 162,649 0.09 Bancfirst Corp 3,775 137,372 0.07 Bank Mutual Corp 23,640 213,942 0.11 Barnes & Noble 29,000 620,020 0.33 Beacon Roofing Supply 30,897 413,711 0.22 Berkshire Hills Bancorp Inc 5,854 134,057 0.07 Big Lots Inc 59,340 1,232,492 0.66 Black Box Corp 13,992 328,952 0.18 Bob Evans Farms Inc 29,347 657,960 0.35 Boston Beer Co Inc 8,511 177,454 0.10 Cabela's Inc 34,208 311,635 0.17 Cal Maine Foods Inc 8,600 191,694 0.10 California First National Bancorp 4,730 34,907 0.02 Cardiac Science Corp 18,390 54,802 0.03 Cash America International 10,760 167,964 0.09 Cato Corp 25,110 458,258 0.25 CDI Corp 11,030 106,770 0.06 CEC Entertainment Inc 6,120 158,386 0.08 Celera 22,510 171,526 0.09 Century Bancorp Inc 1,360 17,775 0.01 CenturyTel Inc 15,750 441,788 0.24 Childrens Place Retail Stores Inc 18,100 395,123 0.21 Ciber Inc 42,677 114,801 0.06 Cirrus Logic Inc 41,500 156,040 0.08 Citizens South Banking Corp 8,000 40,160 0.02 CMS Energy Corp 140,300 1,656,943 0.89 Codorus Valley Bancorp Inc 2,220 18,093 0.01 Coherent Inc 18,598 320,258 0.17 Coinstar 6,906 225,550 0.12 Comfort Systems USA Inc 26,389 273,654 0.15

59 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United States (continued) Comm Bancorp Inc 1,400 49,112 0.03 Community Financial Corp 3,000 11,100 0.01 Computer Task Group Inc 11,300 38,985 0.02 Compuware Corp 75,520 497,677 0.27 Conmed Corp 23,058 332,035 0.18 Consolidated Communications Holdings 13,200 135,300 0.07 Constellation Brands 102,886 1,222,286 0.65 Convergys Group 74,960 604,178 0.32 Cooper Cos Inc 4,470 118,142 0.06 Corn Products International Inc 58,618 1,240,943 0.66 Coventry Health Care 12,360 159,938 0.09 Cracker Barrel Old Country Store 15,530 444,624 0.24 CSG Systems International 10,840 154,578 0.08 Dean Foods Co 75,472 1,362,270 0.73 Delta Natural Gas Inc 777 16,410 0.01 Deluxe Corp 39,800 382,080 0.20 Dollar Tree Inc 24,536 1,093,079 0.58 Dynacq Healthcare 3,560 11,463 0.01 Dynamics Research Corp 6,635 47,507 0.03 Earthlink Inc 84,000 551,880 0.30 Ecology & Environment Inc 2,415 30,188 0.02 El Paso Electric Co 14,040 197,824 0.11 Eletronics For Imaging Inc 21,851 213,921 0.11 Elizabeth Arden Inc 21,400 124,548 0.07 Elmira Savings Bank FSB 1,302 12,655 0.01 Emulex Corp 67,610 340,078 0.18 Endo Pharmaceuticals Holdings Inc 77,900 1,376,493 0.74 ESB Financial Corp 5,082 54,835 0.03 Esterline Technologies Corp 15,260 308,099 0.16 Exide Technologies 12,810 38,302 0.02 Expedia Inc 52,000 471,120 0.25 Fair Isaac Corp 33,150 466,421 0.25 Farmers Capital Bank Corp 1,996 28,203 0.02 Federal Signal 11,460 60,394 0.03 FEI Co 20,330 312,269 0.17 Finish Line Inc 45,200 298,772 0.16 First Citizens BancShares Inc 4,335 568,969 0.30 First Defiance Financial Corp 6,800 40,868 0.02 First Federal Bancshares of Arkansas Inc 1,800 8,136 0.00 First Merchants Corp 13,772 148,049 0.08 First Potomac Realty Trust (REIT) 19,900 145,071 0.08 First United Corp 6,300 50,715 0.03 Flowers Foods Inc 49,981 1,173,054 0.63 Fred's Inc 3,120 35,162 0.02 Friedman Industries 4,300 20,855 0.01 G-III Apparel Group 953 5,242 0.00 Gen-Probe Inc 4,130 188,369 0.10 GeoEye Inc 5,143 101,369 0.05 Glatfelter 8,470 52,853 0.03 Green Bankshares 2 17 0.00 Griffon 28,450 213,375 0.11 GSI Commerce Inc 13,191 172,670 0.09 H&E Equipment Services Inc 9,840 64,452 0.03 Haverty Furniture 5,460 57,494 0.03 Hawthorn Bancshares Inc 939 10,282 0.01 Health Net Inc 10,320 148,918 0.08 Heritage Financial Corp 2,195 22,543 0.01 Hewitt Associates Inc 58,350 1,733,579 0.93 HF Financial Corp 1,750 22,313 0.01 Hickory Tech Corp 4,416 23,758 0.01 Hologic Inc 14,940 195,415 0.10

60 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United States (continued) HopFed Bancorp Inc 2,006 18,455 0.01 Horizon Bancorp 2,300 25,116 0.01 Hornbeck Offshore Services Inc 90 1,370 0.00 HRPT Properties Trust (REIT) 142,042 448,853 0.24 IAC/InterActiveCorp 67,600 1,024,816 0.55 Iconix Brand Group Inc 24,785 219,347 0.12 IDA Corp 958 22,369 0.01 Industrial Services of America Inc 2,646 11,113 0.01 Innospec Inc 9,705 36,491 0.02 Insight Enterprises Inc 37,066 113,422 0.06 Integra Lifesciences Corp 7,910 195,219 0.10 Integrated Device Technology 109,220 498,043 0.27 Inter Parfums 12,046 69,867 0.04 Interline Brands 23,400 196,794 0.11 International Bancshares 6,890 53,673 0.03 International Flavors & Fragrances Inc 6,680 203,072 0.11 Invacare Corp 25,600 410,368 0.22 Inverness Medical Innovations 6,905 183,880 0.10 ITT Educational Services Inc 110 13,332 0.01 Jack in the Box Inc 23,300 542,191 0.29 JDA Software Group Inc 23,420 270,267 0.14 Jo-Ann Stores 17,000 277,610 0.15 John B. Sanfilippo & Son 3,916 20,716 0.01 Jos A Bank Clothiers Inc 14,167 393,843 0.21 KBR Inc 78,400 1,082,704 0.58 Kelly Services Inc 18,600 149,730 0.08 Kewaunee Scientific Corp 2,000 17,780 0.01 Keynote Systems Inc 10,730 84,874 0.05 Kindred Healthcare Inc 21,676 324,056 0.17 Kinetic Concepts 3,540 74,623 0.04 King Pharmaceuticals Inc 141,998 1,003,926 0.54 Lance Inc 19,497 405,343 0.22 Lawson Software Inc 85,734 363,512 0.19 Liberty Bancorp Inc 2,520 16,758 0.01 Life Technologies 8,788 283,325 0.15 Life Time Fitness 12,440 156,246 0.08 Lincare Holdings Inc 410 8,938 0.00 Live Nation Inc 54,281 143,845 0.08 LSI Corp 11,408 34,452 0.02 M.D.C. Holdings Inc 22,603 703,857 0.38 Martek Biosciences 27,600 503,700 0.27 Massey Energy Corp 44,854 452,577 0.24 Maximus Inc 14,190 565,472 0.30 Measurement Specialties 10,200 41,412 0.02 Medcath Corp 862 6,232 0.00 Mediacom Communications Corp 24,150 97,325 0.05 Medifast 7,838 32,449 0.02 Mentor Graphics Corp 68,546 303,659 0.16 Metavante Technologies 19,470 387,064 0.21 Michael Baker Corp 6,000 155,880 0.08 Molina Healthcare Inc 3,780 71,820 0.04 Monro Muffler Inc 921 25,171 0.01 MutualFirst Financial Inc 3,200 15,520 0.01 Mylan Inc 167,360 2,235,930 1.20 Myriad Genetics Inc 27,100 1,229,527 0.66 Nash Finch Co 8,262 231,501 0.12 National Technical SYS Inc 7,800 19,812 0.01 Natural Alternatives 5,100 30,855 0.02 NBT Bancorp Inc 2,829 60,993 0.03 Ness Technologies Inc 29,530 87,114 0.05 NetFlix Inc 25,364 1,088,623 0.58

61 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United States (continued) Netscout Systems Inc 16,400 116,604 0.06 Neurocrine Biosciences 25,100 88,854 0.05 New Hampshire Thrift Bancshares Inc 2,680 19,430 0.01 Newmarket Corp 1,320 58,238 0.03 Northrim BanCorp Inc 4,735 46,214 0.02 NorthWestern Corp 23,563 506,133 0.27 Norwood Financial Corp 943 22,632 0.01 Novell Inc 248,398 1,058,175 0.57 Noven Pharmaceuticals Inc 3,280 30,865 0.02 Nu Skin Enterprises Inc 41,700 437,433 0.23 Nutraceutical International Corp 820 5,494 0.00 NV Energy 118,090 1,108,865 0.59 OceanFirst Financial Corp 6,500 65,260 0.03 OGE Energy 1,380 32,816 0.02 OI Corp 2,000 15,680 0.01 Olin 51,292 730,911 0.39 Omega Protein Corp 9,306 24,289 0.01 OSI Systems Inc 13,798 210,144 0.11 Overhill Farms 5,140 19,172 0.01 Pain Therapeutics 2,000 8,380 0.00 Pantry Inc 6,760 118,841 0.06 Par Pharmaceutical 11,830 112,030 0.06 Parametric Technology Corp 65,800 656,026 0.35 Parexel International Corp 38,500 374,220 0.20 Parkvale Financial Corp 3,070 33,463 0.02 PC Mall Inc 5,914 26,613 0.01 PDL BioPharma Inc 92,628 654,880 0.35 Peoples Bancorp of North Carolina 4,512 24,681 0.01 PEP Boys-Manny Moe & Jack 34,632 152,727 0.08 Perini Corp 3,240 39,852 0.02 PerkinElmer Inc 73,108 931,396 0.50 Perot Systems Corp 55,429 712,263 0.38 Pervasive Software Inc 16,200 62,694 0.03 PMA Capital 21,800 90,688 0.05 Portland General Electric Co 22,250 391,378 0.21 Premiere Global Services Inc 54,710 480,354 0.26 Prestige Brands Holdings 24,302 125,398 0.07 Progess Software Corp 1,489 25,804 0.01 Provident New York Bancorp 18,770 160,296 0.09 QAD Inc 11,630 29,191 0.02 QCR Holdings Inc 1,618 12,717 0.01 QLogic Corp 62,013 689,585 0.37 Quest Software Inc 44,400 562,104 0.30 RadioShack Corp 111,400 954,698 0.51 Ramco Gershenson (REIT) 12,495 80,468 0.04 Regeneron Pharmaceuticals 19,282 266,477 0.14 Regis Corp Minnesota 14,951 215,892 0.12 Renasant 13,515 169,613 0.09 Revlon 22,700 55,388 0.03 Rex Stores Corp 7,240 77,178 0.04 Richardson Electronics Ltd 11,417 40,987 0.02 Rock-Tenn Co 14,850 401,247 0.21 RPM International Inc 82,194 1,043,042 0.56 Rush Enterprises Inc 4,834 42,974 0.02 Ryder System Inc 29,421 832,909 0.45 S1 Corp 29,789 153,115 0.08 Saia Inc 480 5,736 0.00 Schiff Nutrition International Inc 6,080 27,299 0.01 Schulman A Inc 2,477 33,563 0.02 Schweitzer-Mauduit International Inc 13,800 254,748 0.14 Scotts Miracle-Gro 5,908 204,949 0.11

62 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United States (continued) Seaboard Corp Del 65 65,325 0.03 Seacor Holding Inc 11,546 673,247 0.36 Seneca Foods 649 13,635 0.01 Simmons First National Corp 11,733 295,554 0.16 Skywest Inc 12,200 151,646 0.08 Skyworks Solutions Inc 121,352 975,670 0.52 Solera Holdings 23,292 577,176 0.31 Sonic Corp 23,819 238,190 0.13 Sonicwall Inc 36,522 162,888 0.09 SonoSite 11,520 206,093 0.11 Southern Union Co 69,800 1,058,866 0.57 Southwest Bancorp Inc 11,567 108,267 0.06 Southwest Water Co 14,130 60,759 0.03 Span-America Medical Systems Inc 2,300 19,642 0.01 Speedway Motorsports Inc 11,920 140,656 0.08 SPSS Inc 14,191 402,457 0.22 Stage Stores Inc 24,210 244,037 0.13 Steelcase Inc 54,823 274,115 0.15 StellarOne 4,216 50,170 0.03 Sun Bancorp Inc/NJ 958 4,962 0.00 SureWest Communications 2,862 22,123 0.01 Swift Energy Co 23,900 174,470 0.09 Sybase Inc 53,900 1,632,631 0.87 Sykes Enterprises Inc 22,400 372,512 0.20 Symmetry Medical 30,500 191,845 0.10 Synnex Corp 13,500 265,005 0.14 Synopsys Inc 100,900 2,085,603 1.12 Systemax 8,894 114,910 0.06 Tasty Baking Corp 6,266 26,004 0.01 Teche Holding Co 1,220 36,966 0.02 TechTeam Global Inc 8,240 40,294 0.02 Teleflex Inc 31,910 1,246,724 0.67 Tesoro Corp 1,180 15,895 0.01 Tessco Technologies Inc 3,557 27,460 0.01 TF Financial Corp 1,299 22,408 0.01 TIBCO Software Inc 5,510 32,344 0.02 Tidewater Inc 54,460 2,022,100 1.08 Tollgrade Communications Inc 8,700 49,503 0.03 TriQuint Semiconductor Inc 8,072 19,857 0.01 Triumph Group Inc 7,430 283,826 0.15 Unico American Corp 3,406 25,545 0.01 Unisource Energy Corp 8,120 228,903 0.12 United Online Inc 57,108 254,131 0.14 United Stationers 16,500 462,330 0.25 United Western Bancorp Inc 3,950 18,802 0.01 Universal American Financial Corp 33,820 286,455 0.15 Universal Forest Products 4,910 130,508 0.07 URS Corp 8,500 342,550 0.18 USA Mobility Inc 8,129 75,193 0.04 Varian Inc 24,372 578,348 0.31 Viad 9,350 132,022 0.07 Vicon Industries Inc 3,800 20,216 0.01 Volt Information Sciences Inc 4,120 27,398 0.01 Walter Industries 7,460 170,163 0.09 Watson Pharmaceuticals Inc 33,567 1,042,255 0.56 Wayne Savings Bancshares Inc 2,600 15,184 0.01 Websense Inc 12,259 147,108 0.08 Weis Markets Inc 3,690 114,538 0.06 Wesco Financial Corp 970 263,850 0.14 West Marine Inc 11,800 62,658 0.03 WGL Holdings Inc 4,820 158,096 0.08

63 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United States (continued) Willis Lease Financial Corp 6,224 63,734 0.03 Wind River System Inc 54,376 347,463 0.19 Winn-Dixie Stores Inc 35,350 337,239 0.18 Wintrust Financial 170 2,081 0.00 Wright Express Corp 27,200 495,584 0.27 Wright Medical Group 15,300 199,053 0.11 WSFS Financial Corp 4,739 105,490 0.06 Zoll Medical Corp 16,700 238,977 0.13 89,127,736 47.67

Total financial assets at fair value through profit or loss 183,428,695 98.10

Net Cash at Bank 3,924,166 2.10

Other Net Liabilities (1,113,308) (0.60)

Adjustment from bid market prices to last traded market prices 737,367 0.40

Net Assets attributable to holders of redeemable participating units 186,976,920 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 96.54 Current Assets 3.46 Total Assets 100.00

Abbreviations used: REIT Real Estate Investment Trust

64 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EMERGING MARKETS EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Argentina MetroGas SA 5,400 7,668 0.00 Petrobras Energia Participaciones SA 140,800 795,520 0.34 Telecom Argentina SA 68,900 526,396 0.22 1,329,584 0.56 Brazil All America Latina Logistica 18,367 11,727 0.00 Banco Bradesco SA 130,600 1,308,127 0.55 Banco Daycoval 41,300 82,519 0.03 Banco do Brasil SA 216,800 1,588,627 0.67 Brascan Residential Properties 77,800 65,896 0.03 Brasil Telecom SA 196,200 1,099,351 0.46 Camargo Correa Desenvolvimento Imobiliario 51,600 44,826 0.02 Centrais Eletricas Brasileiras SA 159,000 1,712,759 0.72 Centrais Eletricas de Santa Catarina SA 23,700 322,314 0.14 Cia de Gas de Sao Paulo 24,200 314,818 0.13 Cia de Saneamento Basico do Estado de Sao Paulo 117,000 1,292,857 0.54 Cia de Saneamento de Minas Gerais-COPASA 62,000 522,984 0.22 Cia de Transmissao de Energia Eletrica Paulista 1,900 39,985 0.02 Cia Energetica de Minas Gerais 5,110 76,242 0.03 Cia Energetica do Ceara 35,200 348,751 0.15 Cia Paranaense de Energia 123,000 1,287,567 0.54 Cia Vale do Rio Doce 444,400 5,161,584 2.17 Confab Industrial 176,500 305,123 0.13 Construtora Sultepa 4,500 6,841 0.00 EDP - Energias do Brasil 80,300 842,675 0.35 Empresa Metropolitana de Aguas e Energia 1,800 6,341 0.00 Eucatex SA Industria e Comercio 5,000 4,995 0.00 Even Construtora e Incorporadora 43,000 45,760 0.02 Ez Tec Empreendimentos e Participacoes 74,500 79,281 0.03 Ferbasa-Ferro Ligas DA Bahia 47,800 121,252 0.05 Fertilizantes Fosfatados 209,000 1,234,618 0.52 Gerdau 213,800 929,585 0.39 Industrias Romi 100 270 0.00 Inepar SA Industria e Construcoes 2,800 18,243 0.01 Itau Unibanco Banco Multiplo SA 97,500 1,082,039 0.45 Klabin Segall 26,100 15,645 0.01 Mangels Industrial SA 7,000 15,811 0.01 Marfrig Frigorificos e Comercio de Alimentos 97,400 301,222 0.13 Minerva SA/Brazil 39,500 29,339 0.01 Natura Cosmeticos 133,700 1,315,368 0.55 Parana Banco 30,300 59,883 0.02 Petroleo Brasileiro SA 872,800 10,815,934 4.54 Rossi Residencial 91,100 146,409 0.06 Souza Cruz 48,300 917,013 0.39 Tecnisa 25,100 37,068 0.02 Tegma Gestao Logistica 34,000 83,292 0.03 Tekno Industria e Comercio 500 11,971 0.01 Tele Norte Leste Participacoes SA 74,200 1,036,173 0.44 Telecomunicacoes de Sao Paulo 50,600 1,047,495 0.44 Telemar Norte Leste SA 45,900 1,042,706 0.44 Universo Online SA 29,800 84,135 0.04 36,917,421 15.51 Chile Embotelladora Andina SA A Shares 5,700 69,369 0.03 Embotelladora Andina SA B Shares 34,340 485,224 0.20 Enersis SA 105,800 1,596,522 0.67 2,151,115 0.90 China Bank of China 12,459,000 4,131,565 1.74 Bank of Communications 2,212,000 1,535,556 0.64

65 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EMERGING MARKETS EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

China (continued) China BlueChemical 1,074,000 584,810 0.25 China Communications Services 626,000 373,985 0.16 China Construction Bank 5,222,000 2,958,010 1.24 China Life Insurance 375,000 1,241,129 0.52 China Shenhua Energy 1,184,400 2,665,282 1.12 China Shineway Pharmaceutical Group 348,000 198,023 0.08 China Telecom Corp Ltd 5,682,000 2,346,116 0.99 CSG Holding 1,384,672 1,116,671 0.47 Fosun International 344,000 114,519 0.05 Industrial & Commercial Bank of China 8,672,000 4,487,061 1.88 PetroChina Co Ltd 5,280,000 4,189,935 1.76 Shandong Chenming Paper Holdings 1,445,100 790,610 0.33 26,733,272 11.23 Czech Republic CEZ 17,500 617,968 0.26 Philip Morris CR 1,050 289,615 0.12 907,583 0.38 Egypt Egyptian International Pharmaceutical Industrial Co 42,492 181,537 0.08 National Societe Generale Bank 3,746 11,636 0.00 Orascom Telecom Holding SAE 240,000 1,086,688 0.46 Paints & Chemical Industry Co 2,991 12,741 0.01 Suez Cement 9,000 36,997 0.01 Telecom Egypt 336,000 888,605 0.37 2,218,204 0.93 Hong Kong Chaoda Modern Agriculture 1,545,440 921,282 0.39 China Mobile Ltd 994,000 8,670,245 3.64 China Pharmaceutical Group 988,000 395,200 0.17 China Resources Power Holdings 128,000 267,561 0.11 China State Construction International Holdings Ltd 1,584,000 271,835 0.11 CNOOC Ltd 207,500 206,161 0.09 Digital China Holdings Ltd 591,000 244,026 0.10 Dongfeng Motor Group Co 2,304,000 1,186,188 0.50 Guangdong Investment 1,882,000 764,942 0.32 Industrial and Commercial Bank of China Asia Ltd 789,000 837,867 0.35 Shanghai Industrial Holdings Ltd 440,000 1,217,807 0.51 Shenzhou International Group Holdings Ltd 809,000 206,687 0.09 Sinofert Holdings 288,000 126,348 0.05 Yanzhou Coal Mining Co 1,156,000 829,337 0.35 Zhejiang Expressway Co 912,000 667,231 0.28 16,812,717 7.06 Hungary Egis Gyogyszergyar Nyrt 3,200 155,967 0.06 Magyar Telekom Telecommunications Plc 288,000 659,400 0.28 Tisza Chemical Group Plc 5,323 46,619 0.02 861,986 0.36 India Ballarpur Industries 187,726 54,392 0.02 Bank of India 233,440 1,009,495 0.42 Bharat Electronics Ltd 19,604 341,693 0.14 Birla Corp Ltd 27,000 94,461 0.04 Bongaigaon Refinery & Petrochemicals 130,000 105,056 0.04 Colgate Palmolive India 1,612 14,971 0.01 Container of India 10,460 148,215 0.06 Coromandel Fertilisers 44,780 79,480 0.03 Corp Bank 20,370 71,467 0.03 Dena Bank 186,510 117,821 0.05 Federal Bank Ltd 94,760 254,947 0.11 GAIL India Ltd 265,550 1,272,138 0.54

66 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EMERGING MARKETS EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

India (continued) Grasim Industries Ltd 20,936 652,881 0.27 Great Eastern Shipping 70,659 261,690 0.11 Gujarat Alkalies & Chemicals 47,740 55,564 0.02 Gujarat Flourochemicals 75,310 95,742 0.04 Gujarat Narmada Valley Fertilizers Co Ltd 101,190 119,769 0.05 Gujarat State Fertilizers 51,830 89,388 0.04 HCL Technologies Ltd 50,624 101,827 0.04 Hero Honda Motors Ltd 6,420 135,543 0.06 Hindustan Unilever 322,415 1,497,211 0.63 Hindustan Zinc Ltd 8,350 74,251 0.03 Indian Bank 249,100 400,396 0.17 Infosys Technologies 3,120 81,415 0.03 ITC 245,010 892,680 0.38 Jammu & Kashmir Bank 17,550 108,894 0.05 JM Financial 85,227 34,605 0.02 Madras Cements Ltd 56,600 79,710 0.03 National Aluminium Co Ltd 73,450 310,463 0.13 NTPC Ltd 412,830 1,463,437 0.62 Oil & Natural Gas Corp Ltd 117,780 1,811,214 0.76 Reliance Industries 22,630 679,413 0.29 Shipping Of India 275,370 415,212 0.18 Sun Pharmaceutical Industries 44,890 983,404 0.41 Syndicate Bank 110,251 99,962 0.04 Tata Communications 10,000 102,168 0.04 UCO Bank 93,520 44,331 0.02 Wockhardt 71,150 119,694 0.05 14,275,000 6.00 Indonesia Bank Rakyat Indonesia 3,083,000 1,107,265 0.46 Sampoerna TBK PT Hanjaya Mandala 43,500 39,905 0.02 Unilever Indonesia 1,246,000 857,265 0.36 2,004,435 0.84 Israel Bank Leumi Le-Israel BM 290,000 580,069 0.24 Bezeq Israeli Telecommunication Corp Ltd 546,000 874,894 0.37 Discount Investment 22,000 233,137 0.10 Electra Israel 171 13,676 0.01 First International Bank of Israel Ltd 46,000 319,929 0.13 Mizrahi Tefahot Bank 88,000 420,190 0.18 Teva Pharmaceutical Industries Ltd 123,100 5,486,993 2.30 Union Bank of Israel 35,000 61,175 0.03 7,990,063 3.36 Korea Daou Technology Inc 2,210 10,209 0.00 Dongwon Industries 2,190 134,099 0.06 Doosan Corp 5,510 397,939 0.17 GS Home Shopping Inc 4,322 159,351 0.07 Hana Financial Group 5,520 83,005 0.03 Hyundai Department Store 12,890 666,282 0.28 Hyundai Heavy Industries 16,720 2,363,101 0.99 Kangwon Land 86,050 852,257 0.36 Kisco Corp 2,440 86,081 0.04 Korea Development Financing Corp 3,955 80,058 0.03 Korea Electric Power Corp 54,060 994,634 0.42 Korea Gas Corp 19,010 555,217 0.23 Korea Zinc Co Ltd 6,770 553,053 0.23 KT Corp 64,000 1,778,999 0.75 KT Freetel Co Ltd 57,290 1,145,179 0.48 KT&G 42,720 2,350,256 0.99 LG Chem Ltd 26,153 1,699,732 0.71

67 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Korea (continued) LG Corp 47,530 1,690,566 0.71 LG Dacom Corp 33,950 427,059 0.18 LG Household & Health Care 1,130 122,538 0.05 LG Telecom 105,630 640,691 0.27 Lotte Confectionery 580 430,624 0.18 Lotte Shopping 8,020 1,104,508 0.46 LS Corp 13,360 743,698 0.31 Namyang Dairy Products Co Ltd 470 152,901 0.06 Nong Shim Holdings Co Ltd 320 12,677 0.01 Ottogi 2,398 217,567 0.09 Pacific Corp 5,181 324,737 0.14 POSCO 1,140 299,989 0.13 Samsung Electronics Co Ltd 11,940 4,894,256 2.06 Samsung Fire & Marine Insurance 13,690 1,583,517 0.66 Samsung Heavy Industries Co Ltd 1,440 26,650 0.01 SeAH Holdings 2,422 105,232 0.04 Shinhan Financial Group Co Ltd 53,631 953,785 0.40 Shinsegae 4,960 1,541,876 0.65 Shinyoung Securities Co Ltd 4,810 125,879 0.05 SK Energy Co Ltd 16,990 1,085,788 0.46 SK Holdings Co Ltd 6,939 536,760 0.23 Youngone Corp 25,180 157,460 0.07 Yuhan 810 108,039 0.05 31,196,249 13.11 Malaysia Affin Holdings BHD 109,900 40,095 0.02 BIMB Holdings BHD 213,600 45,995 0.02 British American Tobacco Malaysia BHD 91,000 1,135,784 0.48 HAP Seng Consolidated BHD 390,100 200,106 0.08 Hong Leong Bank BHD 252,000 369,826 0.16 Hong Leong Financial Group BHD 210,000 268,441 0.11 JT International BHD 36,100 44,562 0.02 Lion Industries BHD 438,000 73,290 0.03 MMC BHD 497,000 193,592 0.08 Multi-Purpose Holdings BHD 24,100 7,272 0.00 Petronas Dagangan BHD 211,000 439,885 0.18 Petronas Gas BHD 383,000 1,013,839 0.43 PPB Group BHD 379,000 1,018,845 0.43 Sarawak Energy BHD 163,000 76,459 0.03 Tanjong 142,000 537,539 0.23 Tenaga Nasional BHD 835,000 1,397,202 0.59 Titan Chemicals 239,700 31,561 0.01 6,894,293 2.90 Mexico America Movil SAB de CV 2,718,650 3,678,071 1.54 Coca-Cola Femsa SAB de CV 320,300 1,022,017 0.43 Consorcio ARA SAB de CV 675,300 177,647 0.07 Cydsa SAB de CV 73,800 40,817 0.02 Gruma SAB de CV 173,800 66,548 0.03 Grupe SAB de CV 22,800 32,253 0.01 Grupo Aeroportuario del Pacifico SAB de CV 130,700 238,639 0.10 Grupo Bimbo SAB de CV 172,400 641,778 0.27 Grupo Continental SAB de CV 272,300 424,775 0.18 Grupo Famsa SAB de CV 150,700 83,989 0.04 Grupo Financiero Banorte SAB de CV 563,600 748,909 0.31 Grupo Mexico SAB de CV 2,012,929 1,464,415 0.62 Grupo Modelo SAB de CV 268,300 815,763 0.34

68 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Mexico (continued) Industrias Bachoco SAB de CV 209,000 204,510 0.09 Wal-Mart de Mexico SAB de CV 175,700 411,873 0.17 10,052,004 4.22

Philippines First Metro Investment Corp 69,800 42,609 0.02 Globe Telecom Inc 28,000 475,116 0.20 Pilipino Telephone 5,996,000 1,029,836 0.43 1,547,561 0.65 Poland Bank Handlowy W Warszawie SA 26,600 271,964 0.11 Grupa Lotos SA 36,000 168,700 0.07 Polski Koncern Naftowy Orlen 156,000 1,062,876 0.45 Przedsiebiorstwo Eksportu i Importu Kopex 30,000 102,753 0.04 Sygnity 8,000 40,761 0.02 Telekomunikacja Polska SA 240,377 1,284,132 0.54 Zaklady Azotowe Pulawy SA 4,400 87,474 0.04 3,018,660 1.27 Russia Comstar United Telesystems 111,300 372,855 0.16 Gazprom OAO 403,100 5,986,035 2.51 Lukoil 99,100 3,701,385 1.55 Mobile Telesystems OJSC 24,068 720,114 0.30 Sberbank 9,598 1,013,090 0.43 Surgutneftegaz 115,400 708,556 0.30 Tatneft 27,300 1,257,165 0.53 13,759,200 5.78 South Africa ABSA Group 124,000 1,254,343 0.53 AngloGold Ashanti Ltd 21,849 789,183 0.33 Assore Ltd 9,500 439,587 0.18 Aveng 172,000 471,146 0.20 Cipla Medpro South Africa Ltd 140,443 50,211 0.02 Combined Motor Holdings 34,451 17,026 0.01 DataTec Ltd 108,000 166,940 0.07 Foschini 115,797 535,029 0.22 Freeworld Coatings 87,000 44,369 0.02 Gold Fields 148,000 1,626,288 0.68 Grindrod 154,181 194,874 0.08 Harmony Gold Mining Co Ltd 153,000 1,615,429 0.68 Hosken Consolidated Investments 10,198 40,964 0.02 Impala Platinum Holdings Ltd 8,000 133,123 0.06 Imperial Holdings 88,000 490,709 0.21 Lewis Group 40,285 180,414 0.08 Medi-Clinic 204,000 454,549 0.19 Metropolitan Holdings Ltd 170,060 186,333 0.08 MTN Group Ltd 82,000 902,345 0.38 Nedbank Group 100,000 890,642 0.37 Omnia Holdings 20,000 106,204 0.04 Palabora Mining Co Ltd 19,089 90,728 0.04 Sanlam 715,000 1,251,814 0.53 Sasol Ltd 123,000 3,556,782 1.49 Standard Bank Group Ltd 276,000 2,285,779 0.96 Steinhoff International Holdings 368,000 390,444 0.16 Telkom SA Ltd 116,000 1,280,757 0.54 Wilson Bayly Holmes-Ovcon 8,000 71,579 0.03 19,517,591 8.20 Taiwan Acer Inc 467,124 702,504 0.30 Asia Optical 165,000 196,811 0.08

69 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Taiwan (continued) Asustek Computer Inc 1,586,836 1,668,162 0.70 Chang Hwa Commercial Bank 227,000 76,309 0.03 Chi Mei Optoelectronics Corp 1,231,950 492,242 0.21 China Development Financial Holding Corp 5,123,616 1,015,295 0.43 China Manmade Fibers 956,000 136,724 0.06 Chunghwa Telecom Co Ltd 1,688,079 3,081,272 1.29 Compal Electronics Inc 1,996,268 1,430,447 0.60 CTCI Corp 414,184 287,017 0.12 Far Eastern Textile 1,843,000 1,429,314 0.60 Far EasTone Telecommunications Co Ltd 1,085,000 1,113,411 0.47 Formosa Plastics Corp 698,000 1,051,775 0.44 Fubon Financial Holding 2,129,000 1,280,715 0.54 Gigabyte Technology Co Ltd 409,000 225,534 0.09 HON HAI Precision Industry 212,000 478,863 0.20 Lite-On Technology Corp 1,557,404 1,047,087 0.44 Macronix International 2,344,000 884,737 0.37 Mega Financial Holding 2,083,000 743,227 0.31 Micro-Star International 642,915 315,656 0.13 POU Chen 1,672,000 917,056 0.39 Powertech Technology 177,000 319,427 0.13 President Chain Store 141,000 323,063 0.14 Quanta Computer Inc 1,245,420 1,573,669 0.66 Shih Wei Navigation Co Ltd 77,000 93,207 0.04 Synnex Technology International 724,000 913,753 0.38 Taiwan Cooperative Bank 2,313,800 1,071,204 0.45 Taiwan Mobile 947,000 1,371,128 0.58 Taiwan Semiconductor Manufacturing Co Ltd 1,616,221 2,449,686 1.03 United Microelectronics 3,233,000 1,053,452 0.44 Yageo 1,690,000 300,504 0.13 28,043,251 11.78 Thailand Bangkok Bank PCL 681,000 1,430,551 0.60 Electricity Generating PCL 335,000 623,432 0.26 PTT PCL 313,000 1,345,904 0.56 Ratchaburi Electricity Generating Holding PCL 279,200 303,093 0.13 Thai Rayon PCL 25,800 16,877 0.01 Vinythai PCL 379,000 41,038 0.02 3,760,895 1.58 Turkey Aksa Akrilik Kimya Sanayii 57,000 59,962 0.03 Anadolu Sigorta 141,900 77,182 0.03 Bossa Ticaret Sanayi Isletme 51,000 69,806 0.03 EIS Eczacibasi Ilac ve Sinai 232,000 138,669 0.06 Gubre Fabrikalari TAS 35,000 107,737 0.05 Izmir Demir Celik Sanayi 63,000 57,237 0.02 KOC Holding AS 483,000 672,658 0.28 Trakya Cam Sanayi 204,000 110,959 0.05 Turk Hava Yollari 108,000 419,593 0.18 Turk Sise ve Cam Fabrikalari AS 486,477 287,865 0.12 Turkcell Iletisim Hizmet 76,000 367,952 0.15 2,369,620 1.00

Total financial assets at fair value through profit or loss 232,360,704 97.62

Net Cash at Bank 2,915,147 1.22

Other Net Assets 2,039,415 0.86

70 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EMERGING MARKETS EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Fair Value % of USD Net Assets

Adjustment from bid market prices to last traded market prices 709,631 0.30

Net Assets attributable to holders of redeemable participating units 238,024,897 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 97.59 Current Assets 2.41 Total Assets 100.00

71 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Australia AGL Energy 697,300 7,247,882 1.71 Amalgamated Holdings Ltd 165,975 446,286 0.11 Australia & New Zealand Banking Group Ltd 1,507,300 16,484,063 3.88 Bendigo and Adelaide Bank 205,500 1,169,380 0.28 BHP Billiton Ltd 1,734,200 38,449,069 9.06 Caltex Australia Ltd 225,733 1,395,870 0.33 CFS Retail Property Trust (REIT) 952,000 1,078,163 0.25 Coca-Cola Amatil Ltd 1,075,400 6,463,176 1.52 Cochlear Ltd 141,900 4,929,606 1.16 Commonwealth Bank of Australia 855,200 20,606,613 4.85 Computershare Ltd 702,032 4,282,637 1.01 Crown 1,277,600 5,574,609 1.31 CSL Ltd 500,800 11,305,086 2.66 Dexus Property Group 1,975,000 1,008,589 0.24 Energy Resources of Australia Ltd 55,324 802,609 0.19 Foster's Group Ltd 2,101,900 7,389,625 1.74 Goodman Group 1,107,500 250,085 0.06 Iluka Resources 524,255 1,467,937 0.35 Insurance Australia Group Ltd 1,973,900 4,758,986 1.12 James Hardie Industries 633,524 1,822,314 0.43 JB Hi-Fi Ltd 246,700 1,971,182 0.46 Lion Nathan 696,900 3,912,386 0.92 Metcash 1,642,300 4,609,923 1.09 National Australia Bank Ltd 1,321,400 18,453,987 4.35 Newcrest Mining 68,300 1,552,248 0.37 Nufarm 481,822 3,772,857 0.89 Origin Energy Ltd 625,300 6,425,641 1.51 QBE Insurance Group Ltd 907,800 12,154,350 2.86 Ramsay Health Care 6,600 44,894 0.01 Rio Tinto Ltd 62,700 2,462,235 0.58 Santos Ltd 475,000 5,561,006 1.31 Sino Gold Mining 31,800 115,776 0.03 Suncorp-Metway 926,824 3,844,425 0.91 Tatts Group 2,392,583 4,554,885 1.07 Telstra Corp Ltd 4,555,900 10,161,061 2.39 Washington H Soul Pattinson & Co Ltd 8,019 55,716 0.01 Westfield Group 1,251,200 8,667,258 2.04 Westpac Banking Corp 1,724,100 22,856,023 5.39 Woodside Petroleum Ltd 142,700 3,776,546 0.89 Woolworths Ltd 583,300 10,135,974 2.39 262,020,958 61.73 Hong Kong Allied Properties HK Ltd 2,268,000 175,587 0.04 BOC Hong Kong Holdings Ltd 3,981,000 4,068,325 0.96 Cafe de Coral Holdings 16,000 31,381 0.01 Cheung Kong Holdings Ltd 1,287,000 11,051,594 2.60 Cheung Kong Infrastructure Holdings 11,000 43,929 0.01 CLP Holdings Ltd 1,738,000 11,762,335 2.77 Esprit Holdings Ltd 1,275,000 6,498,387 1.53 First Pacific 862,000 294,748 0.07 Guoco Group Ltd 575,000 3,194,032 0.75 Hang Seng Bank Ltd 777,400 7,844,217 1.85 HKR International 536,800 129,525 0.03 Hong Kong Aircraft Engineerg 91,600 790,715 0.19 Hong Kong Exchanges and Clearing 188,000 1,765,987 0.42 HongKong Chinese Ltd 6,982,000 513,515 0.12 HongKong Electric Holdings 1,466,000 8,739,252 2.06 Hopewell Highway Infrastructure 2,044,000 1,142,003 0.27 Hutchison Telecommunications International Ltd 872,000 267,788 0.06 Hutchison Whampoa Ltd 2,082,000 10,248,813 2.41 Kingboard Chemical Holdings Ltd 1,419,500 2,893,948 0.68

72 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG PACIFIC EX-JAPAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Hong Kong (continued) Li & Fung 408,000 956,036 0.22 Link (REIT) 1,070,500 2,118,899 0.50 Miramar Hotel & Investment 39,000 25,212 0.01 Pacific Century Premium Developments Ltd 1,174,000 209,048 0.05 Road King Infrastructure 165,000 67,277 0.02 SEA Holdings Ltd 76,000 22,653 0.01 Shui On Construction and Materials 222,000 211,401 0.05 Sun Hung Kai Properties 390,000 3,472,258 0.82 Wharf Holdings 2,549,000 6,374,145 1.50 Wheelock Properties Ltd 565,000 185,903 0.04 Wing On Co International Ltd 595,000 482,910 0.11 Winsor Properties Holdings 6,000 4,490 0.00 Yue Yuen Industrial Holdings Ltd 692,500 1,567,284 0.37 87,153,597 20.53 New Zealand Vector 1,825,700 2,344,541 0.55

Papua New Guinea Lihir Gold 1,922,100 4,367,004 1.03

Singapore Cerebos Pacific Ltd 18,000 28,891 0.01 ComfortDelgro Corp Ltd 2,551,000 2,265,393 0.53 Dairy Farm International Holdings Ltd 256,500 1,128,600 0.27 DBS Group Holdings Ltd 267,000 1,475,332 0.35 Del Monte Pacific 38,000 8,999 0.00 Fraser and Neave Ltd 1,438,000 2,393,198 0.56 Golden Agri-Resources 453,240 80,499 0.02 Jardine Cycle & Carriage Ltd 555,000 4,249,572 1.00 Jardine Matheson Holdings Ltd 180,800 3,290,560 0.77 Jardine Strategic Holdings 453,000 4,484,700 1.06 NatSteel Ltd 218,000 159,176 0.04 Noble Group Ltd 4,158,000 3,254,848 0.77 Oversea-Chinese Banking Corp 1,608,000 5,108,959 1.20 SembCorp Industries Ltd 2,633,000 4,052,901 0.95 SIA Engineering 1,131,000 1,383,805 0.33 Singapore Airlines Ltd 697,000 4,584,923 1.08 Singapore Telecommunications Ltd 2,335,000 3,886,035 0.92 SMRT 83,000 83,535 0.02 STATS ChipPAC 105,000 21,412 0.01 United Overseas Bank Ltd 831,000 5,307,861 1.25 UOB-Kay Hian Holdings Ltd 181,000 130,970 0.03 Wilmar International Ltd 2,477,000 5,148,875 1.21 52,529,044 12.38

Total financial assets at fair value through profit or loss 408,415,144 96.22

Net Cash at Bank 9,836,879 2.32

Other Net Assets 5,432,140 1.28

Adjustment from bid market prices to last traded market prices 764,644 0.18

Net Assets attributable to holders of redeemable participating units 424,448,807 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 88.55 Current Assets 11.45 Total Assets 100.00

Abbreviations used: REIT Real Estate Investment Trust

73 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG PACIFIC EX-JAPAN SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Australia ABB Grain 130,425 539,185 0.29 Amalgamated Holdings Ltd 687,931 1,849,761 1.00 Ansell 65,800 387,230 0.21 Arana Therapeutics 1,094,857 1,045,972 0.56 Austal 120,321 144,626 0.08 Australian Worldwide Exploration Ltd 227,800 383,027 0.21 AWB Ltd 1,119,733 956,928 0.52 Bank of Queensland Ltd 200 1,173 0.00 Beach Petroleum 5,104,200 3,103,099 1.67 Bunnings Warehouse Property Trust 354,228 383,944 0.21 Campbell Brothers Ltd 63,568 600,672 0.32 Centamin Egypt 79,012 67,798 0.04 Consolidated Media Holdings 307,271 423,781 0.23 Corporate Express Australia 586,697 1,186,224 0.64 Crane Group Ltd 19,647 113,438 0.06 Crown 672,739 2,935,392 1.58 David Jones 596,900 1,157,086 0.62 Dominion Mining Ltd 442,684 1,703,976 0.92 Downer EDI 1,022,747 3,140,873 1.69 Eastern Star Gas 829,854 464,149 0.25 Emeco Holdings 6,893,879 1,915,947 1.03 Energy Developments 862,987 761,496 0.41 Extract Resources 31,663 99,438 0.05 Goodman Fielder Ltd 7,002,694 5,011,436 2.70 Great Southern Ltd 460,412 39,987 0.02 Gunns 1,474,742 911,939 0.49 Healthscope 1,477,178 4,187,481 2.26 IBA Health Group 1,403,139 594,690 0.32 iiNET 1,071,033 1,086,465 0.59 Iluka Resources 250,400 701,131 0.38 ING Office Fund 5,552,451 1,639,583 0.89 Iress Market Technology Ltd 100,000 384,224 0.21 James Hardie Industries 619,070 1,780,738 0.96 JB Hi-Fi Ltd 493,122 3,940,144 2.13 Lion Nathan 600,700 3,372,320 1.82 Macquarie Office Trust 1,002,746 118,440 0.06 Navitas 1,813,890 2,886,066 1.56 Pan Pacific Petroleum NL 2,127,200 450,784 0.24 Perpetual 12,000 220,196 0.12 Primary Health Care Ltd 278,400 874,314 0.47 Ramsay Health Care 14,400 97,950 0.05 Realestate.com.au Ltd 29,306 86,538 0.05 Reject Shop 227,210 1,657,588 0.89 Ruralco Holdings 4,153 5,771 0.00 Salmat Ltd 132,531 336,101 0.18 Sigma Pharmaceuticals 6,196,523 4,563,665 2.46 Sino Gold Mining 117,398 427,417 0.23 Spark Infrastructure Group 118,600 83,227 0.05 TFS 1,409,746 837,465 0.45 Tower Australia Group 47,401 76,407 0.04 United Group 158,500 1,004,347 0.54 60,741,629 32.75 China China Shineway Pharmaceutical Group 34,000 19,347 0.01

Hong Kong Aeon Stores Hong Kong 54,000 66,054 0.04 Allied Group Ltd 507,840 754,880 0.41 Allied Properties HK Ltd 17,865,800 1,383,159 0.75 Asia Financial Holdings Ltd 2,718,000 676,870 0.36 Asia Satellite Telecommunications Holdings Ltd 15,000 15,484 0.01

74 The accompanying notes are an integral part of the financial statements.

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AXA ROSENBERG PACIFIC EX-JAPAN SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Hong Kong (continued) Cafe de Coral Holdings 12,000 23,536 0.01 Champion (REIT) 3,095,000 734,813 0.40 Champion Technology Holdings Ltd 22,973,844 800,379 0.43 Champion Technology Holdings Ltd (Rights) 3,992,563 5,152 0.00 Chow Sang Sang Holdings 1,858,000 1,069,249 0.58 Citic 1616 Holdings 497,000 94,911 0.05 COL Capital (Warrants) 355,800 459 0.00 Dah Sing Banking Group 1,200 661 0.00 Dah Sing Financial Holdings 80,000 155,871 0.08 Daphne International Holdings 30,000 6,348 0.00 Dickson Concepts International 1,160,500 303,976 0.16 Digital China Holdings Ltd 400,000 165,161 0.09 Glorious Sun Enterprises Ltd 588,000 132,774 0.07 Goldlion Holdings Ltd 198,000 27,081 0.01 Harbour Centre Development Ltd 834,000 591,871 0.32 HKR International 4,052,800 977,901 0.53 HongKong Chinese Ltd 1,798,000 132,240 0.07 Industrial and Commercial Bank of China Asia Ltd 117,000 124,246 0.07 Johnson Electric Holdings 4,185,000 799,200 0.43 Keck Seng Investments 414,000 128,206 0.07 Lippo Ltd 1,355,000 181,832 0.10 Lung Kee Holdings 984,000 252,666 0.14 MIN XIN Holdings 370,000 126,994 0.07 Minmetals Resources 1,004,000 171,004 0.09 Nanyang Holdings 48,000 45,832 0.02 Pacific Andes Holdings 4,217,000 443,836 0.24 Pacific Century Premium Developments Ltd 6,822,000 1,214,756 0.65 Pokfulam Development 40,000 16,310 0.01 Public Financial Holdings 2,000 596 0.00 Road King Infrastructure 3,195,000 1,302,736 0.70 SA International Holdings 590,000 182,710 0.10 SEA Holdings Ltd 78,000 23,249 0.01 Shui On Construction and Materials 946,000 900,836 0.49 Sichuan Expressway Co 21,156,130 3,958,244 2.13 SmarTone Telecommunications Holding Ltd 2,981,400 1,754,217 0.95 Soundwill Holdings Ltd 1,090,000 253,161 0.14 SRE Group 16,922,000 1,310,090 0.71 Star Cruises 4,297,000 288,315 0.16 TAI Cheung Holdings 888,702 293,558 0.16 TAI Sang Land Developement 223,000 63,303 0.03 Tan Chong International Ltd 2,442,430 387,637 0.21 Texwinca Holdings 3,614,000 1,860,627 1.00 Tian An China Investment 327,000 86,919 0.05 Towngas China 4,396,000 856,511 0.46 Transport International Holdings Ltd 1,948,152 4,962,132 2.67 Truly International Holdings 1,638,499 824,535 0.44 USI Holdings Ltd 572,775 76,124 0.04 Vitasoy International Holdings 100,000 42,839 0.02 Vtech Holdings Ltd 789,000 3,054,194 1.65 Wheelock Properties Ltd 2,234,167 735,113 0.40 Wing On Co International Ltd 859,000 697,176 0.38 Yip's Chemical Holdings 310,000 94,400 0.05 35,632,934 19.21 Korea Asia Cement Co Ltd 54,779 1,607,828 0.87 AtlasBX 22,532 296,463 0.16 Binggrae 41,200 1,249,478 0.67 Chong Kun Dang Pharm 880 11,451 0.01 CJ CGV 25,000 303,633 0.16 Dae Han Flour Mills 11,339 840,230 0.45 Daehan City Gas 1,940 35,764 0.02

75 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG PACIFIC EX-JAPAN SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Korea (continued) Daekyo Co Ltd 201,580 652,138 0.35 Daesang 222,510 892,775 0.48 Daewoong Co Ltd 70,398 1,137,463 0.61 Daishin Securities Co Ltd 37,900 465,787 0.25 Daou Technology Inc 246,240 1,137,519 0.61 Dong Ah Tire & Rubber Co Ltd 31,720 160,750 0.09 Dong-Il Corp 9,472 321,154 0.17 Dongsuh 7,946 147,632 0.08 Dongwon Industries 21,513 1,317,297 0.71 E1 Corp 25,144 1,248,793 0.67 Fursys 23,970 356,972 0.19 Global & Yuasa Battery 101,090 1,644,334 0.89 Green Cross Holdings Corp 13,637 585,605 0.32 GS Home Shopping Inc 36,498 1,345,670 0.73 GwangjuShinsegae 2,518 178,576 0.10 Halla Climate Control 297,047 1,659,984 0.90 Handok Pharmaceuticals Co Ltd 6,650 62,017 0.03 Handsome Co Ltd 237,330 1,420,634 0.77 Hanmi Pharm 1,250 134,647 0.07 Hanssem 199,660 886,255 0.48 Hanwha Chem Corp 37,620 254,018 0.14 Huchems Fine Chemical 51,250 716,926 0.39 Hyundai Department Store 69,860 3,611,054 1.95 Hyundai H&S 3,090 129,341 0.07 Hyundai Marine & Fire Insurance 91,260 824,688 0.45 Il Dong Pharmaceutical Co Ltd 66,280 1,672,273 0.90 Ilsung Pharmaceuticals Co Ltd 16,049 708,906 0.38 Intelligent Digital Integrated Security 1,840 22,480 0.01 INTOPS 19,291 253,122 0.14 KCC Engineering & Constuction Co Ltd 33,944 668,696 0.36 Kisco Corp 29,425 1,038,091 0.56 Kiswire Ltd 49,118 1,379,530 0.74 Korea Development Financing Corp 3,973 80,422 0.04 Korea Electric Terminal 770 9,463 0.01 Korean Reinsurance 45,810 347,735 0.19 KP Chemical 413,890 1,843,168 0.99 Kwang Dong Pharmaceutical 568,410 1,386,867 0.75 Kyeryong Construction Industrial Co Ltd 79,240 1,220,179 0.66 KyungDong City Gas Co Ltd 3,196 93,344 0.05 LG Dacom Corp 115,780 1,456,405 0.79 LIG Insurance 439,350 4,224,367 2.28 Lotte Chilsung Beverage 1,404 872,901 0.47 Lotte Confectionery 231 171,507 0.09 Lotte Samkang 13,060 1,293,490 0.70 Moorim Paper 140,910 779,296 0.42 Motonic 219,880 842,483 0.45 Namyang Dairy Products Co Ltd 5,668 1,843,918 0.99 NCSoft 7,020 467,915 0.25 Nong Shim Co Ltd 2,070 321,742 0.17 Nong Shim Holdings Co Ltd 1,809 71,667 0.04 Ottogi 18,444 1,673,394 0.90 Pacific Corp 31,202 1,955,694 1.05 People & Telecommunication Inc 73,568 482,919 0.26 Samchully Co Ltd 28,010 2,318,558 1.25 Samwhan Corp 70,280 647,800 0.35 Samyang Corp 31,183 773,235 0.42 SeAH Holdings 7,643 332,076 0.18 Sebang Co Ltd 53,410 420,870 0.23 Seoul City Gas Co Ltd 37,397 1,362,595 0.74 Shinyoung Securities Co Ltd 4,627 121,090 0.07 Silla 41,640 403,380 0.22

76 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG PACIFIC EX-JAPAN SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Korea (continued) Sindo Ricoh Co Ltd 14,929 574,172 0.31 SK Gas Co Ltd 30,340 1,217,329 0.66 Ssangyong Engineering & Construction 50,029 260,769 0.14 Taekwang Industrial Co Ltd 986 453,350 0.24 TS Corp 26,763 1,008,026 0.54 Unid Co Ltd 53,440 1,558,868 0.84 Yesco Co Ltd 1,130 20,545 0.01 Young Poong 4,380 1,583,228 0.85 Youngone Corp 348,360 2,178,431 1.17 68,053,172 36.70 New Zealand Air New Zealand Ltd 3,083,054 1,583,687 0.85 Millennium & Copthorne Hotels New Zealand Ltd 1,958,232 380,005 0.21 Vector 2,042,522 2,622,981 1.41 4,586,673 2.47 Singapore Asia Food & Properties Ltd 4,128,777 407,391 0.22 Cerebos Pacific Ltd 78,000 125,194 0.07 Del Monte Pacific 605,000 143,271 0.08 Elec & Eltek International Co Ltd 3,000 2,835 0.00 GK Goh Holdings Ltd 153,136 43,819 0.02 Guthrie GTS 26,000 3,763 0.00 Haw Par Corp Ltd 500,000 1,144,586 0.62 Hi-P International 1,624,000 486,068 0.26 Hong Leong Finance 309,000 367,906 0.20 Hotel Plaza Ltd 1,877,950 1,099,444 0.59 K1 Ventures Ltd 20,268,000 1,533,232 0.83 Kim Eng Holdings Ltd 2,615,035 2,270,653 1.23 Mandarin Oriental International Ltd 1,018,000 809,310 0.44 Mapletree Logistics Trust (REIT) 2,203,000 536,186 0.29 Metro Holdings Ltd 2,116,000 347,981 0.19 MobileOne Ltd 83,000 81,351 0.04 People's Food Holdings Ltd 6,002,000 1,934,601 1.04 SBS Transit Ltd 5,000 5,295 0.00 Starhill Global (REIT) 286,000 84,660 0.05 UOB-Kay Hian Holdings Ltd 2,879,973 2,083,917 1.12 13,511,463 7.29

Total financial assets at fair value through profit or loss 182,545,218 98.43

Net Cash at Bank 5,141,561 2.77

Other Net Liabilities (3,301,222) (1.78)

Adjustment from bid market prices to last traded market prices 1,077,559 0.58

Net Assets attributable to holders of redeemable participating units 185,463,116 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 95.68 Current Assets 4.32 Total Assets 100.00

Abbreviations used: REIT Real Estate Investment Trust

77 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Australia AGL Energy 69,000 717,200 0.92 Amalgamated Holdings Ltd 25,021 67,278 0.09 Australia & New Zealand Banking Group Ltd 60,700 663,824 0.85 Bendigo and Adelaide Bank 900 5,121 0.01 BHP Billiton Ltd 138,100 3,061,825 3.93 CFS Retail Property Trust (REIT) 113,500 128,541 0.16 Coca-Cola Amatil Ltd 107,100 643,673 0.82 Cochlear Ltd 11,600 402,984 0.52 Commonwealth Bank of Australia 54,400 1,310,804 1.68 Crown 117,700 513,566 0.66 CSL Ltd 66,300 1,496,660 1.92 Dexus Property Group 242,100 123,635 0.16 Foster's Group Ltd 374,200 1,315,571 1.69 Goodman Group 189,900 42,881 0.05 Iluka Resources 2,200 6,160 0.01 Insurance Australia Group Ltd 19,700 47,496 0.06 James Hardie Industries 40,300 115,922 0.15 Lion Nathan 103,200 579,363 0.74 National Australia Bank Ltd 119,350 1,666,780 2.14 Newcrest Mining 3,400 77,272 0.10 Origin Energy Ltd 120,100 1,234,159 1.58 QBE Insurance Group Ltd 33,600 449,864 0.58 Rio Tinto Ltd 2,700 106,029 0.14 Suncorp-Metway 150,600 624,682 0.80 Telstra Corp Ltd 615,000 1,371,640 1.76 Westfield Group 136,600 946,250 1.21 Westpac Banking Corp 105,400 1,397,265 1.79 Woodside Petroleum Ltd 9,400 248,770 0.32 Woolworths Ltd 75,593 1,313,576 1.68 20,678,791 26.52 China Bank of China 5,273,000 1,748,595 2.24 Bank of Communications 671,000 465,804 0.60 Baoye Group 1,000 208 0.00 China BlueChemical 731,000 398,041 0.51 China Communications Services 367,000 219,253 0.28 China Construction Bank 1,570,000 889,329 1.14 China Life Insurance 209,000 691,722 0.89 China Petrolium & Chemical Corp 118,000 75,368 0.10 China Shineway Pharmaceutical Group 18,000 10,243 0.01 China Telecom Corp Ltd 734,000 303,071 0.39 CSG Holding 411,200 331,613 0.42 Great Wall Technology Co Ltd 204,000 21,321 0.03 Hangzhou Steam Turbine 34,476 35,588 0.05 Industrial & Commercial Bank of China 3,167,000 1,638,667 2.10 PetroChina Co Ltd 2,534,000 2,010,852 2.58 Shandong Chenming Paper Holdings 399,400 218,510 0.28 Tong Ren Tang Technologies Co 34,000 39,089 0.05 9,097,274 11.67 Hong Kong Allied Properties HK Ltd 1,022,000 79,123 0.10 Asia Financial Holdings Ltd 194,000 48,312 0.06 BOC Hong Kong Holdings Ltd 29,500 30,147 0.04 Chaoda Modern Agriculture 558,400 332,878 0.43 Cheung Kong Holdings Ltd 19,000 163,155 0.21 China Agri-Industries Holdings 223,000 106,177 0.14 China Mobile Ltd 267,000 2,328,929 2.99 China Pharmaceutical Group 290,000 116,000 0.15 China Resources Power Holdings 172,000 359,535 0.46 China State Construction International Holdings Ltd 457,000 78,427 0.10

78 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Hong Kong (continued) CLP Holdings Ltd 143,770 972,998 1.25 CNOOC Ltd 350,000 347,742 0.45 Digital China Holdings Ltd 236,000 97,445 0.12 Dongfeng Motor Group Co 1,198,000 616,777 0.79 Esprit Holdings Ltd 82,000 417,935 0.54 First Pacific 18,000 6,155 0.01 Guoco Group Ltd 24,000 133,316 0.17 GZI Transportation Ltd 205,000 61,632 0.08 Hengan International Group 94,000 374,787 0.48 Hong Kong Exchanges and Clearing 4,000 37,574 0.05 HongKong Electric Holdings 212,500 1,266,774 1.62 Hopewell Highway Infrastructure 605,000 338,019 0.43 Huabao International Holdings 367,000 293,600 0.38 Hutchison Telecommunications International Ltd 953,000 292,663 0.37 Hutchison Whampoa Ltd 182,000 895,910 1.15 Industrial and Commercial Bank of China Asia Ltd 250,000 265,484 0.34 Pacific Andes Holdings 68,000 7,157 0.01 Road King Infrastructure 12,000 4,893 0.01 SEA Holdings Ltd 40,000 11,923 0.01 Shanghai Industrial Holdings Ltd 173,000 478,819 0.61 Shenzhou International Group Holdings Ltd 241,000 61,572 0.08 Shui On Construction and Materials 6,000 5,714 0.01 Sichuan Expressway Co 608,000 113,755 0.14 SRE Group 792,000 61,316 0.08 Sun Hung Kai Properties 25,000 222,581 0.28 Television Broadcasts Ltd 31,000 97,800 0.12 Tingyi Cayman Islands Holding Corp 72,000 83,241 0.11 Transport International Holdings Ltd 11,632 29,628 0.04 Vitasoy International Holdings 12,000 5,141 0.01 Wheelock Properties Ltd 125,000 41,129 0.05 Wing On Co International Ltd 68,000 55,190 0.07 Yue Yuen Industrial Holdings Ltd 88,500 200,295 0.26 Zhejiang Expressway Co 690,000 504,813 0.65 12,046,461 15.45 India Bank of India 107,880 466,520 0.60 Bank Of Maharashtra 75,086 30,635 0.04 Bharat Electronics Ltd 10,400 181,270 0.23 Birla Corp Ltd 14,430 50,484 0.06 CESC Ltd 19,070 77,806 0.10 Coromandel Fertilisers 1,210 2,148 0.00 Dena Bank 58,890 37,202 0.05 Grasim Industries Ltd 5,240 163,407 0.21 Great Eastern Shipping 11,566 42,835 0.05 Gujarat Narmada Valley Fertilizers Co Ltd 30,190 35,733 0.04 Gujarat State Fertilizers 30,729 52,997 0.07 HCL Technologies Ltd 23,330 46,927 0.06 Hindustan Unilever 26,370 122,455 0.16 Indian Bank 85,318 137,138 0.18 Infosys Technologies 7,960 207,712 0.27 Jindal Stainless 16,324 12,452 0.02 JM Financial 137,975 56,022 0.07 Madras Cements Ltd 8,200 11,548 0.01 National Aluminium Co Ltd 20,346 86,000 0.11 NTPC Ltd 149,162 528,763 0.68 Oil & Natural Gas Corp Ltd 117,200 1,802,295 2.31 Reliance Industries 8 240 0.00 Shipping Of India 78,918 118,995 0.15 Syndicate Bank 162,830 147,633 0.19 UCO Bank 63,260 29,987 0.04

79 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

India (continued) Ultra Tech Cement Ltd 15,131 162,688 0.21 Wockhardt 27,589 46,412 0.06 4,658,304 5.97 Indonesia Astra Otoparts TBK PT 68,500 16,895 0.02 Bank Rakyat Indonesia 1,609,000 577,876 0.74 Sampoerna TBK PT Hanjaya Mandala 64,500 59,169 0.08 Unilever Indonesia 497,000 341,943 0.44 995,883 1.28 Korea Daou Technology Inc 7,390 34,139 0.04 Dongwon Industries 690 42,250 0.05 GS Home Shopping Inc 1,190 43,875 0.06 Hana Financial Group 5,480 82,403 0.11 Hyundai Department Store 5,590 288,946 0.37 Hyundai Heavy Industries 5,360 757,549 0.97 Kangwon Land 35,230 348,925 0.45 Korea Development Financing Corp 1,188 24,048 0.03 Korea Electric Power Corp 11,900 218,945 0.28 Korea Zinc Co Ltd 3,750 306,344 0.39 KT Corp 35,310 981,507 1.26 KT Freetel Co Ltd 25,790 515,520 0.66 KT&G 21,027 1,156,808 1.48 Kyeryong Construction Industrial Co Ltd 2,300 35,417 0.05 LG Chem Ltd 11,642 756,635 0.97 LG Corp 19,690 700,342 0.90 LG Dacom Corp 17,860 224,662 0.29 LG Telecom 66,870 405,595 0.52 LIG Insurance 10,100 97,112 0.12 Lotte Shopping 4,150 571,534 0.73 LS Corp 6,460 359,602 0.46 Namyang Dairy Products Co Ltd 160 52,051 0.07 Nong Shim Holdings Co Ltd 140 5,546 0.01 Ottogi 700 63,510 0.08 Pacific Corp 1,775 111,254 0.14 POSCO 1,420 373,671 0.48 Samsung Electronics Co Ltd 4,700 1,926,550 2.47 SeAH Holdings 77 3,346 0.00 Shinsegae 460 142,997 0.18 Shinyoung Securities Co Ltd 310 8,113 0.01 SK Energy Co Ltd 7,632 487,742 0.63 SK Gas Co Ltd 1,280 51,357 0.07 SK Holdings Co Ltd 3,117 241,113 0.31 Youngone Corp 4,800 30,016 0.04 11,449,424 14.68 Malaysia HAP Seng Consolidated BHD 77,000 39,498 0.05 Hong Leong Bank BHD 66,000 96,859 0.12 Hong Leong Financial Group BHD 58,000 74,141 0.10 Hong Leong Industries BHD 52,400 43,409 0.06 Lion Industries BHD 148,200 24,798 0.03 Tanjong 87,000 329,338 0.42 Tenaga Nasional BHD 220,000 368,125 0.47 Titan Chemicals 27,000 3,555 0.01 979,723 1.26 New Zealand Vector 203,400 261,204 0.33

80 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Papua New Guinea Lihir Gold 4,200 9,542 0.01

Philippines Globe Telecom Inc 8,090 137,275 0.18 Pilipino Telephone 2,229,000 382,839 0.49 520,114 0.67 Singapore Asia Food & Properties Ltd 8,000 789 0.00 Cerebos Pacific Ltd 60,000 96,303 0.12 ComfortDelgro Corp Ltd 203,000 180,272 0.23 Dairy Farm International Holdings Ltd 123,600 543,840 0.70 DBS Group Holdings Ltd 10,000 55,256 0.07 Fraser and Neave Ltd 67,000 111,505 0.14 Haw Par Corp Ltd 34,000 77,832 0.10 Hi-P International 9,000 2,694 0.00 Jardine Cycle & Carriage Ltd 50,000 382,844 0.49 Jardine Matheson Holdings Ltd 25,600 465,920 0.60 Jardine Strategic Holdings 47,000 465,300 0.60 K1 Ventures Ltd 560,000 42,363 0.05 Kim Eng Holdings Ltd 57,838 50,221 0.07 Metro Holdings Ltd 82,000 13,485 0.02 Oversea-Chinese Banking Corp 160,000 508,354 0.65 People's Food Holdings Ltd 195,000 62,854 0.08 SembCorp Industries Ltd 274,000 421,760 0.54 Singapore Airlines Ltd 12,000 78,937 0.10 Singapore Telecommunications Ltd 179,000 297,902 0.38 STATS ChipPAC 142,000 28,957 0.04 United Overseas Bank Ltd 17,000 108,584 0.14 UOB-Kay Hian Holdings Ltd 190,000 137,482 0.18 Wilmar International Ltd 157,000 326,352 0.42 4,459,806 5.72 Taiwan Acer Inc 674 1,014 0.00 Asia Optical 56,000 66,796 0.09 Chang Hwa Commercial Bank 1,115,000 374,823 0.48 China Manmade Fibers 280,000 40,045 0.05 Chunghwa Telecom Co Ltd 567,425 1,035,728 1.33 Compal Electronics Inc 933,619 668,994 0.86 CTCI Corp 139,489 96,662 0.12 Far Eastern Textile 687,000 532,794 0.68 Far EasTone Telecommunications Co Ltd 444,385 456,021 0.59 Fubon Financial Holding 1,041,000 626,221 0.80 Gigabyte Technology Co Ltd 128,000 70,583 0.09 HON HAI Precision Industry 87,000 196,514 0.25 Lite-On Technology Corp 532,589 358,075 0.46 Macronix International 578,000 218,165 0.28 Mega Financial Holding 1,524,000 543,772 0.70 Micro-Star International 181,000 88,867 0.11 POU Chen 515,000 282,466 0.36 Quanta Computer Inc 485,367 613,292 0.79 Shih Wei Navigation Co Ltd 69,000 83,524 0.11 Shin Kong Financial Holding 1,232,000 354,211 0.46 Taichung Commercial Bank 267,208 48,853 0.06 Taiwan Cooperative Bank 1,269,150 587,569 0.75 Taiwan Glass Industrial 444,000 235,669 0.30 Taiwan Mobile 380,000 550,189 0.71 Taiwan Semiconductor Manufacturing Co Ltd 695,823 1,054,650 1.35 Teco Electric and Machinery Co Ltd 548,000 176,946 0.23 UPC Technology 154,000 47,228 0.06 9,409,671 12.07

81 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Thailand Bangkok Bank PCL 283,000 594,488 0.76 Electricity Generating PCL 55,000 102,354 0.13 Krung Thai Bank NVDR 370,000 47,156 0.06 Ratchaburi Electricity Generating Holding PCL 81,500 88,475 0.12 Thai Beverage 1,134,000 126,812 0.16 Thai Union Frozen Products PCL 160,000 91,132 0.12 1,050,417 1.35

Collective Investment Schemes Indian Index Fund Ltd 118,280 3,743 0.01

Total financial assets at fair value through profit or loss 75,620,357 96.99

Net Cash at Bank 1,816,337 2.33

Other Net Assets 349,046 0.45

Adjustment from bid market prices to last traded market prices 182,435 0.23

Net Assets attributable to holders of redeemable participating units 77,968,175 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 97.13 Collective Investment Schemes 0.01 Current Assets 2.86 Total Assets 100.00

Abbreviations used: REIT Real Estate Investment Trust

82 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG ALL-COUNTRY WORLD EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Australia AGL Energy 8,300 86,272 0.07 Australia & New Zealand Banking Group Ltd 18,400 201,225 0.16 BHP Billiton Ltd 24,200 536,540 0.43 CFS Retail Property Trust (REIT) 8,800 9,966 0.01 Coca-Cola Amatil Ltd 13,000 78,130 0.06 Cochlear Ltd 1,700 59,058 0.05 Commonwealth Bank of Australia 9,800 236,138 0.19 Computershare Ltd 7,400 45,143 0.04 Crown 15,800 68,941 0.06 CSL Ltd 6,200 139,959 0.11 Dexus Property Group 19,900 10,163 0.01 Energy Resources of Australia Ltd 800 11,606 0.01 Foster's Group Ltd 25,000 87,892 0.07 Goodman Group 10,200 2,303 0.00 Iluka Resources 3,700 10,360 0.01 Insurance Australia Group Ltd 26,300 63,408 0.05 JB Hi-Fi Ltd 1,600 12,784 0.01 Lion Nathan 9,600 53,894 0.04 Metcash 17,400 48,842 0.04 National Australia Bank Ltd 16,900 236,017 0.19 Newcrest Mining 2,500 56,817 0.05 Nufarm 5,700 44,633 0.04 Origin Energy Ltd 3,500 35,966 0.03 QBE Insurance Group Ltd 8,600 115,144 0.09 Santos Ltd 8,100 94,830 0.08 Suncorp-Metway 18,400 76,322 0.06 Tatts Group 19,900 37,885 0.03 Telstra Corp Ltd 52,100 116,199 0.09 Westfield Group 16,800 116,376 0.09 Westpac Banking Corp 22,284 295,414 0.24 Woodside Petroleum Ltd 2,600 68,809 0.06 Woolworths Ltd 11,000 191,147 0.16 3,248,183 2.63 Austria OMV AG 4,116 138,260 0.11 Strabag SE 2,147 41,162 0.03 Telekom Austria AG 9,600 142,499 0.12 321,921 0.26 Belgium Solvay SA 3,600 252,035 0.20 UCB SA 5,852 172,410 0.14 Umicore 6,313 116,339 0.10 540,784 0.44 Bermuda Accenture Ltd 35,600 978,644 0.79 Everest Reinsurance Group Ltd 790 55,877 0.05 Hiscox ltd 18,000 79,723 0.06 Noble Group Ltd 43,000 33,660 0.03 Yue Yuen Industrial Holdings Ltd 23,500 53,186 0.04 1,201,090 0.97 Canada Addax Petroleum 240 5,208 0.00 Alimentation Couche Tard 4,020 41,953 0.03 Atco Ltd 3,600 112,923 0.09 Bank of Montreal 7,240 189,150 0.15 Bank of Nova Scotia 15,500 379,939 0.31 Barrick Gold Corp 8,210 266,238 0.22 Biovail Corp 5,000 54,445 0.04 Canadian National Railway 1,180 41,820 0.03

83 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG ALL-COUNTRY WORLD EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Canada (continued) Canadian Natural Resources Ltd 1,500 57,894 0.05 Canadian Utilities Ltd 6,200 180,755 0.15 Canfor 10,800 40,774 0.03 Celestica Inc 3,300 11,646 0.01 CGI Group Inc 8,120 65,701 0.05 Cogeco Cable 300 7,511 0.01 Empire 3,330 139,166 0.11 Enbridge 8,100 234,022 0.19 EnCana Corp 2,470 100,241 0.08 George Weston 4,900 227,834 0.18 Goldcorp 6,120 204,786 0.17 Imperial Oil 6,400 232,977 0.19 Industrial Alliance Insurance and Financial Services 250 3,895 0.00 Kinross Gold Corp 2,560 46,616 0.04 Laurentian Bank of Canada 200 4,193 0.00 Maple Leaf Foods 10 64 0.00 Metro 6,000 179,931 0.15 National Bank of Canada 3,210 102,718 0.08 Open Text Corp 200 6,882 0.01 Petro-Canada 12,700 339,367 0.28 Potash Corp of Saskatchewan 600 48,619 0.04 Quebecor 2,500 35,297 0.03 Research In Motion Ltd 500 21,655 0.02 Royal Bank of Canada 4,800 139,328 0.11 Shoppers Drug Mart 1,710 58,905 0.05 Stantec 700 12,685 0.01 Suncor Energy Inc 1,580 35,226 0.03 Telus Corp 8,660 227,212 0.18 Toronto-Dominion Bank 12,190 421,076 0.34 West Fraser Timber Co Ltd 3,100 54,946 0.05 4,333,598 3.51 Cayman Islands Hutchison Telecommunications International Ltd 42,000 12,898 0.01 Kingboard Chemical Holdings Ltd 22,000 44,852 0.04 57,750 0.05 Denmark AP Moller-Maersk A/S 87 375,304 0.30 Danisco A/S 3,200 95,404 0.08 FLSmidth & Co A/S 323 8,176 0.01 Novozymes A/S 2,321 166,529 0.13 645,413 0.52 Finland Elisa OYJ 3,462 50,470 0.04 Orion OYJ 4,069 58,778 0.05 Pohjola Bank 5,379 31,709 0.02 Pohjola Bank (Rights) 5,379 7,299 0.01 Sampo OYJ 12,600 185,358 0.15 Stora Enso OYJ 12,692 44,993 0.04 UPM-Kymmene OYJ 26,400 152,473 0.12 Wartsila OYJ 5,200 109,429 0.09 640,509 0.52 France Air France-KLM 7,880 69,679 0.06 BNP Paribas 2,414 99,742 0.08 Bouygues SA 7,555 270,028 0.22 Christian Dior SA 3,162 173,238 0.14 CNP Assurances 190 11,982 0.01 Eutelsat Communications 947 20,092 0.02 France Telecom SA 50,000 1,136,180 0.92 M6-Metropole Television 3,795 61,723 0.05

84 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG ALL-COUNTRY WORLD EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

France (continued) Nexans SA 1,400 53,040 0.04 Pernod-Ricard SA 6,344 353,553 0.28 Remy Cointreau SA 895 21,169 0.02 Sanofi-Aventis SA 21,738 1,219,112 0.99 Societe Generale 2,250 88,096 0.07 Sodexo 5,320 242,415 0.19 Teleperformance 542 14,910 0.01 Thales SA 5,100 193,252 0.16 Vivendi 25,195 666,519 0.54 4,694,730 3.80 Germany Allianz SE 7,248 614,824 0.50 Bayer AG 8,000 381,209 0.31 Bayerische Motoren Werke AG 1,006 29,024 0.02 Deutsche Bank AG 2,282 92,258 0.07 Deutsche Lufthansa AG 13,000 141,447 0.11 Deutsche Post AG 37,661 405,770 0.33 Deutsche Telekom AG 54,000 669,997 0.54 Fresenius Medical Care AG & Co KGaA 1,500 58,213 0.05 Henkel AG & Co KGaA 15,138 380,067 0.31 Hochtief 401 15,104 0.01 Lanxess AG 3,612 61,576 0.05 Linde AG 564 38,235 0.03 Merck KGaA 3,671 323,633 0.26 MTU Aero Engines Holding AG 2,300 53,867 0.04 RWE AG 4,600 322,533 0.26 Software 283 20,143 0.02 Suedzucker 5,000 96,126 0.08 Tognum AG 6,420 55,746 0.05 3,759,772 3.04 Greece Hellenic Telecommunications Organisation SA 10,589 156,477 0.12 OPAP SA 836 22,199 0.02 178,676 0.14 Hong Kong BOC Hong Kong Holdings Ltd 41,500 42,410 0.03 Cafe de Coral Holdings 6,000 11,768 0.01 Cheung Kong Holdings Ltd 13,000 111,632 0.09 CLP Holdings Ltd 12,000 81,213 0.07 Esprit Holdings Ltd 15,500 79,000 0.06 First Pacific 100,000 34,193 0.03 Guoco Group Ltd 5,000 27,774 0.02 Hang Lung Properties Ltd 3,000 6,890 0.01 Hang Seng Bank Ltd 5,800 58,524 0.05 Henderson Land Development Co Ltd 2,000 7,639 0.01 HKR International 38,400 9,265 0.01 HongKong Electric Holdings 14,000 83,458 0.07 Hopewell Highway Infrastructure 43,500 24,304 0.02 Hutchison Whampoa Ltd 24,000 118,142 0.09 Li & Fung 26,000 60,924 0.05 Link (REIT) 16,000 31,670 0.02 MTR Corp 5,500 13,271 0.01 Road King Infrastructure 9,000 3,670 0.00 Shui On Construction and Materials 12,000 11,427 0.01 Sun Hung Kai & Co Ltd 3,000 1,707 0.00 Sun Hung Kai Properties 7,000 62,323 0.05 Swire Pacific Ltd 2,000 13,355 0.01

85 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG ALL-COUNTRY WORLD EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Hong Kong (continued) Television Broadcasts Ltd 2,000 6,310 0.01 Wharf Holdings 15,000 37,510 0.03 Wing On Co International Ltd 4,000 3,246 0.00 941,625 0.76 Italy ACEA SpA 6,000 71,178 0.06 Banca Carige SpA 2,285 7,258 0.01 Banca Popolare di Milano Scarl 13,624 65,616 0.05 Banco Popolare SpA 38,523 176,969 0.14 Benetton Group 4,683 30,451 0.02 Buzzi Unicem SpA 4,242 47,366 0.04 Davide Campari-Milano 1,359 8,503 0.01 Edison SpA 6,552 7,033 0.01 Enel SpA 100,000 478,968 0.39 Finmeccanica SpA 19,451 240,432 0.19 Intesa Sanpaolo SpA 64,102 176,174 0.14 Piccolo Credito Valtellinese Scarl 2,655 21,397 0.02 Societa Iniziative Autostradali e Servizi SpA 1,476 7,437 0.01 Telecom Italia SpA 108,000 138,014 0.11 UniCredit SpA 50,707 83,212 0.06 1,560,008 1.26 Japan 77 Bank Ltd 12,000 59,168 0.05 Aderans Holdings 900 6,360 0.01 Aeon Co Ltd 18,300 119,134 0.10 Aisan Industry Co Ltd 700 3,182 0.00 Ajinomoto Co Inc 8,000 56,049 0.05 All Nippon Airways Co Ltd 16,000 62,367 0.05 AOC Holdings Inc 1,800 9,750 0.01 Asahi Breweries Ltd 9,800 116,286 0.09 Asahi Kasei Corp 34,000 121,515 0.10 Astellas Pharma Inc 10,500 321,049 0.26 Bank of Kyoto Ltd 11,000 92,548 0.07 BML Inc 500 9,259 0.01 Bridgestone Corp 15,000 213,830 0.17 Canon Electronics Inc 300 3,557 0.00 Canon Finetech Inc 300 3,092 0.00 Cawachi Ltd 600 9,136 0.01 Central Japan Railway Co 40 224,360 0.18 Century Leasing System Inc 100 590 0.00 Chiba Bank Ltd 13,000 63,704 0.05 Chiba Kogyo Bank 1,100 10,692 0.01 Chubu Electric Power Co Inc 2,600 56,859 0.05 Chudenko Corp 1,200 16,523 0.01 Chuo Mitsui Trust Holdings Inc 29,000 87,790 0.07 Circle K Sunkus 2,000 28,268 0.02 Dai Nippon Printing Co Ltd 15,000 136,074 0.11 Daiichi Sankyo Co Ltd 15,700 261,481 0.21 Daiichikosho Co Ltd 1,600 13,170 0.01 Daimei Telecom Engineering 1,000 9,234 0.01 Dainippon Sumitomo Pharma Co Ltd 10,000 82,717 0.07 Daiwa House Industry Co Ltd 13,000 103,452 0.08 Dydo Drinco Inc 100 2,546 0.00 Earth Chemical Co Ltd 100 2,582 0.00 Edion 500 1,230 0.00 Eighteenth Bank Ltd 3,000 10,145 0.01 Eisai Co Ltd 5,700 166,204 0.13 Electric Power Development 4,000 118,052 0.10 Fuji Heavy Industries Ltd 1,000 3,260 0.00 Fujifilm Holdings Corp 11,300 243,115 0.20

86 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG ALL-COUNTRY WORLD EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Japan (continued) Fujitsu Ltd 43,000 158,905 0.13 Fukuoka Financial Group Inc 27,000 81,189 0.07 Furuno Electric Co Ltd 700 3,487 0.00 Fuyo General Lease Co Ltd 700 8,731 0.01 H2O Retailing 4,000 22,800 0.02 Heiwado Co Ltd 1,300 16,084 0.01 Hitachi Ltd 75,000 200,466 0.16 Hitachi Maxell Ltd 2,400 17,179 0.01 Hitachi Software Engineering 600 7,350 0.01 Hitachi Systems & Services Ltd 500 4,440 0.00 Honda Motor Co Ltd 1,700 39,845 0.03 Hosiden 1,600 15,697 0.01 Hyakugo Bank Ltd 4,000 20,249 0.02 INPEX Corp 38 262,387 0.21 Itochu Enex 2,100 10,950 0.01 J Front Retailing 17,000 58,348 0.05 Japan Airlines Corp 47,000 94,695 0.08 Japan Tobacco Inc 65 171,894 0.14 JFE Holdings Inc 11,300 244,831 0.20 JFE Shoji Holdings Inc 6,000 15,794 0.01 Kaneka Corp 12,000 58,803 0.05 Kanto Natural Gas Development Ltd 2,000 10,651 0.01 Kao Corp 12,000 233,026 0.19 Kasumi Co Ltd 2,000 7,533 0.01 Kawasaki Kisen Kaisha Ltd 15,000 45,864 0.04 KDDI Corp 71 332,105 0.27 Kikkoman Corp 6,000 49,873 0.04 Kirin Holdings Co Ltd 21,000 221,332 0.18 Kohnan Shoji Co Ltd 300 2,564 0.00 Kose Corp 800 14,749 0.01 Kyowa Hakko Kirin 12,000 100,354 0.08 Kyushu Electric Power 9,600 214,316 0.17 Lion Corp 6,000 27,883 0.02 Maeda Corp 3,000 10,388 0.01 Makino Milling Machine 3,000 7,988 0.01 Mandom Corp 200 3,301 0.00 Marudai Food Co Ltd 3,000 7,077 0.01 Marui Group Co Ltd 9,400 49,584 0.04 Maxvalu Nishinihon Co Ltd 600 7,387 0.01 Meiji Seika Kaisha 9,000 31,346 0.03 Mitsubishi Chemical Holdings Corp 34,000 115,318 0.09 Mitsubishi Tanabe Pharma Corp 10,000 98,309 0.08 Mitsubishi UFJ Financial Group Inc 112,000 539,759 0.44 Mitsui High-Tec Inc 300 1,926 0.00 Mitsui Sumitomo Insurance Group Holdings 8,200 188,043 0.15 Mizuho Financial Group Inc 146,000 276,420 0.22 Morinaga Milk Industry Co Ltd 4,000 11,947 0.01 Murata Manufacturing Co Ltd 4,600 176,045 0.14 Musashi Seimitsu Industry 800 8,092 0.01 Nagase & Co Ltd 4,000 30,779 0.02 NEC Corp 51,000 135,800 0.11 Nikon 11,000 123,064 0.10 Nippon Meat Packers Inc 7,000 72,644 0.06 Nippon Mining Holdings Inc 24,500 96,244 0.08 Nippon Paper Group 300 7,259 0.01 Nippon Seiki 2,000 12,271 0.01 Nippon Shinyaku Co Ltd 2,000 17,637 0.01 Nippon Telegraph & Telephone Corp 7,700 290,787 0.23 Nippon Yusen KK 21,000 79,731 0.06 Nipponkoa Insurance Co Ltd 20,000 114,002 0.09 Nishi-Nippon City Bank 26,000 55,543 0.04

87 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Japan (continued) Nissan Shatai Co Ltd 4,000 23,003 0.02 Nitto Denko 5,100 103,270 0.08 Nomura Research Institute Ltd 1,100 17,017 0.01 NTT DoCoMo Inc 171 231,474 0.19 Okinawa Cellular Telephone Co 7 11,765 0.01 Omron 7,400 86,609 0.07 Ono Pharmaceutical 300 13,000 0.01 Onward Holdings Co Ltd 3,000 19,409 0.02 ORIX Corp 1,280 41,081 0.03 Osaka Steel Co Ltd 100 1,660 0.00 Resorttrust Inc 900 8,219 0.01 Ricoh Co Ltd 4,000 46,937 0.04 San-In Godo Bank Ltd 4,000 30,657 0.02 Sanken Electric Co Ltd 3,000 7,654 0.01 Sapporo Hokuyo Holdings Inc 13,000 36,327 0.03 Seiko Epson Corp 3,600 48,549 0.04 Seino Holdings Corp 5,000 24,046 0.02 Senshukai Co Ltd 100 699 0.00 Seven & I Holdings Co Ltd 6,200 135,274 0.11 Shiseido Co Ltd 9,000 130,576 0.11 Showa Shell Sekiyu KK 9,900 89,508 0.07 Sompo Japan Insurance Inc 13,000 66,468 0.05 Sumikin Bussan 4,000 8,302 0.01 Sumitomo Chemical Co Ltd 44,000 147,454 0.12 Sumitomo Mitsui Financial Group Inc 3,700 127,367 0.10 Sumitomo Trust & Banking Co Ltd 35,000 132,176 0.11 Suzuken Co Ltd 2,900 75,458 0.06 Suzuki Motor 500 8,231 0.01 T&D Holdings Inc 4,600 109,679 0.09 Taisho Pharmaceutical Co Ltd 6,000 111,046 0.09 Takasago Thermal Engineering 2,000 12,210 0.01 Takashimaya Co Ltd 10,000 57,001 0.05 Takata 400 3,252 0.00 Takeda Pharmaceutical Co Ltd 11,900 409,639 0.33 TDK Corp 3,800 140,427 0.11 Teijin Ltd 32,000 69,009 0.06 Tochigi Bank 2,000 9,639 0.01 Tohoku Electric Power 4,400 96,001 0.08 Tokyo Electric Power Co Inc 900 22,370 0.02 Tokyo Style Co Ltd 3,000 20,411 0.02 Toppan Printing Co Ltd 19,000 128,308 0.10 Toshiba TEC Corp 7,000 17,789 0.01 Toyota Industries 1,100 23,276 0.02 Toyota Motor Corp 12,300 387,294 0.31 Unipres Corp 100 699 0.00 Valor Co Ltd 1,200 8,578 0.01 West Japan Railway Co 40 126,354 0.10 Yamaha Motor Co Ltd 8,300 73,445 0.06 Yonekyu Corp 1,000 10,104 0.01 11,700,116 9.47 Netherlands Aegon NV 1,883 7,310 0.01 Imtech NV 1,783 24,525 0.02 ING Groep NV 17,907 98,572 0.08 James Hardie Industries 9,200 26,464 0.02 Koninklijke Ahold 42,376 463,660 0.37 Koninklijke DSM NV 7,800 205,205 0.17 Koninklijke Philips Electronics NV 3,576 52,606 0.04 Nutreco Holding 431 15,393 0.01 Randstad Holding NV 6,300 106,731 0.09

88 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Netherlands (continued) STMicroelectronics NV 63 314 0.00 TNT NV 18,887 321,227 0.26 Van Lanschot NV 293 14,829 0.01 1,336,836 1.08 New Zealand Vector 31,000 39,810 0.04

Norway StatoilHydro ASA 39,600 697,330 0.56

Papua New Guinea Lihir Gold 4,500 10,224 0.01

Portugal Banco Comercial Portugues SA 104,458 85,432 0.07 Energias de Portugal SA 100,000 346,397 0.28 Portugal Telecom SGPS SA 5,163 39,964 0.03 REN - Redes Energeticas Nacionais SA 11,421 47,629 0.04 519,422 0.42 Singapore ComfortDelgro Corp Ltd 29,000 25,753 0.02 Dairy Farm International Holdings Ltd 9,900 43,560 0.03 DBS Group Holdings Ltd 6,000 33,154 0.03 Del Monte Pacific 20,000 4,736 0.00 Fraser and Neave Ltd 5,000 8,321 0.01 Golden Agri-Resources 200 36 0.00 Jardine Cycle & Carriage Ltd 6,000 45,941 0.04 Jardine Matheson Holdings Ltd 2,800 50,960 0.04 Keppel Corp Ltd 2,000 6,591 0.01 Oversea-Chinese Banking Corp 26,000 82,608 0.07 SembCorp Industries Ltd 32,000 49,257 0.04 SIA Engineering 13,000 15,906 0.01 Singapore Airlines Ltd 11,000 72,359 0.06 Singapore Technologies Engineering Ltd 15,000 24,174 0.02 Singapore Telecommunications Ltd 45,000 74,891 0.06 United Overseas Bank Ltd 8,000 51,099 0.04 Wilmar International Ltd 15,000 31,180 0.02 620,526 0.50 Spain Abengoa 1,146 15,170 0.01 Banco Bilbao Vizcaya Argentaria SA 60,968 493,778 0.40 Banco Santander SA 50,237 346,171 0.28 Gas Natural SDG 2,692 36,742 0.03 Grupo Catalana Occidente SA 4,559 53,932 0.04 Repsol YPF SA 39,654 686,012 0.56 Telefonica SA 37,105 739,457 0.60 2,371,262 1.92 Sweden Meda AB 12,115 71,512 0.06 Nordea Bank AB 17,079 84,493 0.07 Securitas 18,000 130,091 0.10 Svenska Cellulosa 20,016 150,714 0.12 Svenska Cellulosa (Class A Shares) 912 6,839 0.01 Telefonaktiebolaget LM Ericsson 120,000 978,312 0.79 TeliaSonera AB 70,659 337,599 0.27 1,759,560 1.42 Switzerland Banque Cantonale Vaudoise 420 138,886 0.11 BKW FMB Energie 233 16,752 0.01

89 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG ALL-COUNTRY WORLD EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

Switzerland (continued) Credit Suisse Group 6,007 183,002 0.15 Elektrizitaets-Gesellschaft Laufenburg AG 24 19,419 0.02 EMS-Chemie Holding AG 196 13,937 0.01 Flughafen Zuerich 288 51,924 0.04 Novartis AG 27,701 1,043,188 0.84 PSP Swiss Property 609 25,709 0.02 St Galler Kantonalbank 23 7,434 0.01 Sulzer AG 2,000 102,370 0.08 Swiss Reinsurance 4,334 71,049 0.06 Swisscom AG 1,350 379,634 0.31 Syngenta AG 575 115,804 0.09 Synthes Inc 1,437 159,870 0.13 Tyco International 34,920 680,940 0.55 UBS AG 15,287 143,856 0.12 Vontobel Holding AG 1,182 21,934 0.02 Zurich Financial Services AG 2,036 321,950 0.26 3,497,658 2.83 United Kingdom AstraZeneca Plc 35,566 1,248,974 1.01 Aviva Plc 8,383 25,984 0.02 BAE Systems Plc 140,703 673,096 0.55 Barclays Plc 28,697 60,877 0.05 BP Plc 93,891 634,539 0.51 BT Group Plc 424,000 475,253 0.38 Cable & Wireless Plc 141,000 281,933 0.23 Centrica Plc 255,644 834,539 0.68 Compass Group Plc 71,501 326,930 0.26 Firstgroup 26,375 101,033 0.08 GlaxoSmithKline Plc 41,608 647,678 0.52 Home Retail Group Plc 27,000 86,786 0.07 HSBC Holdings Plc 58,573 331,205 0.27 Informa 6,217 23,303 0.02 International Power Plc 8,177 24,584 0.02 Investec Plc 6,758 28,091 0.02 J Sainsbury Plc 28,925 129,354 0.11 Jardine Lloyd Thompson Group 6,441 40,460 0.03 Kingfisher Plc 131,541 282,251 0.23 Legal & General Group Plc 304,000 187,368 0.15 Old Mutual Plc 280,000 207,893 0.17 Royal Dutch Shell Plc 47,700 1,071,566 0.87 Royal Dutch Shell Plc (Class B Shares) 38,500 844,867 0.68 RSA Insurance Group 107,028 198,971 0.16 SABMiller Plc 4,477 66,481 0.05 Sage Group Plc 73,947 178,914 0.15 Standard Chartered Plc 8,871 110,178 0.09 Standard Life Plc 22,691 54,023 0.04 Tate & Lyle 26,000 96,988 0.08 Thomas Cook Group 26,997 92,484 0.08 Vodafone Group Plc 358,144 628,335 0.51 WPP 56,000 314,448 0.25 10,309,386 8.34 United States AES Corp 35,350 205,030 0.17 Affiliated Computer Services 4,500 214,065 0.17 Agilent Technologies Inc 26,680 409,004 0.33 Airgas Inc 610 20,581 0.02 Altria Group Inc 14,900 238,102 0.19 Amdocs 15,640 289,340 0.23 American Electric Power Co Inc 4,280 108,113 0.09 American Express Co 8,100 110,403 0.09

90 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG ALL-COUNTRY WORLD EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United States (continued) Amerigroup Corp 4,300 118,207 0.10 Amgen Inc 25,800 1,272,972 1.03 AON Corp 12,500 510,000 0.41 Apollo Group Inc 6,400 500,544 0.41 Archer-Daniels-Midland Co 33,610 933,014 0.75 Assurant 9,000 195,750 0.16 AT&T Inc 26,060 654,888 0.53 Autodesk 5,840 98,112 0.08 Autozone Inc 3,300 536,547 0.43 Bank of America Corp 23,440 159,158 0.13 Barnes & Noble 2,990 63,926 0.05 Baxter International Inc 11,200 573,216 0.46 BB&T Corp 4,500 76,050 0.06 Beckman Coulter Inc 5,630 287,186 0.23 Big Lots Inc 7,100 147,467 0.12 Biogen Idec Inc 19,300 1,009,776 0.82 BMC Software Inc 16,540 545,158 0.44 Brinker International Inc 8,700 131,109 0.11 Bristol-Myers Squibb Co 49,900 1,089,816 0.88 CA Inc 33,900 595,623 0.48 Cardinal Health Inc 1,900 59,679 0.05 Centerpoint Energy Inc 29,400 306,054 0.25 CenturyTel Inc 9,070 254,414 0.21 Cephalon Inc 2,680 182,481 0.15 CF Industries Holdings Inc 590 41,825 0.03 Chevron Corp 20,810 1,395,102 1.13 Chubb Corp 5,410 228,843 0.19 Church & Dwight 2,900 151,438 0.12 Clorox 6,400 328,832 0.27 CMS Energy Corp 15,560 183,764 0.15 Colgate-Palmolive Co 10,100 595,193 0.48 Computer Sciences 12,830 471,374 0.38 ConAgra Foods Inc 850 14,340 0.01 Cooper Cos Inc 1,180 31,187 0.03 Corn Products International Inc 6,300 133,371 0.11 Coventry Health Care 370 4,788 0.00 CVS Caremark Corp 36,160 991,869 0.80 Dean Foods Co 12,560 226,708 0.18 Del Monte Foods 15,960 116,189 0.09 Discovery Communications 370 5,927 0.00 DISH Network 18,850 209,424 0.17 Dollar Tree Inc 6,700 298,485 0.24 Dover Corp 698 18,413 0.01 DTE Energy Co 1,740 48,111 0.04 Edison International 24,700 711,113 0.58 Endo Pharmaceuticals Holdings Inc 240 4,241 0.00 Estee Lauder Cos Inc 4,900 120,785 0.10 Express Scripts Inc 8,600 396,288 0.32 Exxon Mobil Corp 27,660 1,877,837 1.52 Family Dollar Stores Inc 5,910 196,980 0.16 FMC Corp 3,060 131,672 0.11 Forest Laboratories Inc 24,080 528,315 0.43 General Electric Co 24,180 244,460 0.20 Gilead Sciences Inc 25,312 1,171,946 0.95 Goldman Sachs Group Inc 3,400 360,468 0.29 Goodrich Corp 10,990 415,972 0.34 Harris Corp 11,200 323,792 0.26 HCC Insurance Holdings Inc 360 9,043 0.01 Health Net Inc 10,300 148,629 0.12 Hewlett Packard Co 59,380 1,903,723 1.54 Hologic Inc 23,340 305,287 0.25

91 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG ALL-COUNTRY WORLD EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United States (continued) Hudson City Bancorp Inc 13,900 161,935 0.13 Humana Inc 10,070 262,626 0.21 IAC/InterActiveCorp 7,700 116,732 0.09 International Business Machines Corp 29,310 2,839,553 2.30 International Game Technology 26,550 244,260 0.20 Inverness Medical Innovations 6,691 178,181 0.14 JM Smucker Co 2,430 90,396 0.07 Johnson & Johnson 30,790 1,618,630 1.31 JPMorgan Chase & Co 37,870 1,005,070 0.81 Kellogg Co 17,300 633,007 0.51 King Pharmaceuticals Inc 750 5,303 0.00 Kraft Foods Inc 36,860 820,135 0.66 L-3 Communications Holdings Inc 9,530 645,181 0.52 Life Technologies 9,930 320,143 0.26 Lorillard 2,180 134,353 0.11 Marathon Oil Corp 190 4,991 0.00 Massey Energy Corp 1,600 16,144 0.01 McDonald's Corp 8,840 481,780 0.39 Medtronic Inc 940 27,683 0.02 Merck & Co Inc 27,700 739,590 0.60 Micron Technology 58,910 237,996 0.19 Microsoft Corp 71,583 1,312,116 1.06 Mirant Corp 16,060 182,763 0.15 Morgan Stanley 8,100 183,789 0.15 Mylan Inc 24,180 323,045 0.26 NII Holdings Inc 2,060 30,900 0.03 Nike Inc 14,200 664,986 0.54 NiSource 25,310 247,785 0.20 Norfolk Southern Corp 5,150 173,452 0.14 Northeast Utilities 13,000 280,150 0.23 Novell Inc 29,230 124,520 0.10 NRG Energy Inc 12,070 209,052 0.17 NV Energy 20,170 189,396 0.15 Omnicare 9,370 228,628 0.18 Oracle Corp 35,280 637,157 0.52 PartnerRe Ltd 5,100 316,098 0.26 PDL BioPharma Inc 10,000 70,700 0.06 Pepco Holdings Inc 14,290 177,911 0.14 Pepsi Bottling Group 12,357 273,337 0.22 PepsiAmericas 730 12,593 0.01 Perot Systems Corp 2,102 27,011 0.02 Pfizer Inc 98,570 1,342,523 1.09 PG&E Corp 13,460 513,095 0.42 Philip Morris International 7,470 265,334 0.21 Pinnacle West Capital Corp 2,190 57,991 0.05 PNC Financial Services Group Inc 5,880 171,284 0.14 PPG Industries Inc 7,400 272,542 0.22 priceline.com Inc 440 34,654 0.03 Procter And Gamble Co 6,460 303,685 0.25 Quest Software Inc 3,970 50,260 0.04 RadioShack Corp 7,230 61,961 0.05 Ralcorp Holdings Inc 1,950 105,066 0.09 Rent-A-Center Inc 5,800 112,288 0.09 Reynolds American 690 24,668 0.02 Safeway Inc 34,900 702,886 0.57 Sara Lee 6,769 54,558 0.04 Southwest Gas Corp 2,010 42,351 0.03 Southwestern Energy 10,000 296,000 0.24 Sun Microsystems 37,100 272,685 0.22 Sunoco Inc 9,820 259,739 0.21 Synopsys Inc 13,110 270,984 0.22

92 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST ______

AXA ROSENBERG ALL-COUNTRY WORLD EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares USD Net Assets

Equities

United States (continued) TIBCO Software Inc 6,100 35,807 0.03 Travelers Cos Inc 26,850 1,091,184 0.88 Tyson Foods Inc 14,730 138,315 0.11 UGI Corp 6,850 161,318 0.13 Unisource Energy Corp 2,950 83,161 0.07 United States Cellular Corp 2,100 69,783 0.06 United Technologies Corp 18,156 779,619 0.63 URS Corp 7,290 293,787 0.24 US Bancorp 21,900 319,959 0.26 VeriSign Inc 6,250 117,875 0.10 Verizon Communications Inc 34,300 1,032,773 0.84 Virgin Media 27,500 131,450 0.11 Wal-Mart Stores Inc 42,500 2,210,000 1.79 Walt Disney Co 47,950 869,813 0.70 Watson Pharmaceuticals Inc 8,100 251,505 0.20 Wells Fargo & Co 26,810 381,774 0.31 Wyeth 12,966 556,759 0.45 56,230,033 45.50

Collective Investment Schemes AXA Rosenberg Global Emerging Markets Equity Alpha Fund 1,411,606 11,268,847 9.12

Total financial assets at fair value through profit or loss 122,485,069 99.11

Net Cash at Bank 1,432,252 1.16

Other Net Liabilities (517,763) (0.42)

Adjustment from bid market prices to last traded market prices 187,738 0.15

Net Assets attributable to holders of redeemable participating units 123,587,296 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 88.58 Collective Investment Schemes 8.97 Current Assets 2.45 Total Assets 100.00

Abbreviations used: REIT Real Estate Investment Trust

93 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG PAN-EUROPEAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Austria OMV AG 6,044 152,913 0.05 Strabag SE 1,723 24,880 0.01 Telekom Austria AG 34,329 383,798 0.13 561,591 0.19 Belgium Banque Nationale de Belgique 7 15,099 0.01 Delhaize Group 77,690 3,782,726 1.28 Solvay SA 48,685 2,567,160 0.86 UCB SA 71,400 1,584,366 0.53 Umicore 20,896 290,036 0.10 8,239,387 2.78 Denmark AP Moller-Maersk A/S 1,311 4,259,580 1.44 Danisco A/S 34,400 772,455 0.26 H Lundbeck A/S 497 6,372 0.00 Novozymes A/S 16,457 889,335 0.30 5,927,742 2.00 Finland Elisa OYJ 861 9,454 0.00 Orion OYJ 59,898 651,690 0.22 Pohjola Bank 27,314 121,274 0.04 Pohjola Bank (Rights) 27,314 27,915 0.01 Sampo OYJ 172,561 1,911,976 0.65 UPM-Kymmene OYJ 354,572 1,542,388 0.52 Wartsila OYJ 71,493 1,133,164 0.38 5,397,861 1.82 France Atos Origin SA 53,488 1,025,900 0.35 BNP Paribas 75,914 2,362,444 0.80 Bouygues SA 10,478 282,068 0.10 Cap Gemini SA 120,500 2,905,255 0.98 Christian Dior SA 39,000 1,609,335 0.54 CNP Assurances 10,914 518,415 0.17 France Telecom SA 549,977 9,412,856 3.18 Gemalto 24,458 525,358 0.18 M6-Metropole Television 44,800 548,800 0.19 Nexans SA 13,373 381,599 0.13 Pernod-Ricard SA 62,308 2,615,378 0.88 Sanofi-Aventis SA 259,679 10,968,841 3.70 Societe Generale 27,652 815,457 0.27 Sodexo 65,700 2,254,824 0.76 Teleperformance 29,306 607,220 0.20 Thales SA 77,293 2,205,942 0.74 Vivendi 282,552 5,629,849 1.90 44,669,541 15.07 Germany Allianz SE 46,000 2,938,940 0.99 Bayer AG 153,000 5,491,170 1.85 Bilfinger Berger AG 24,200 689,216 0.23 Deutsche Bank AG 47,329 1,441,168 0.49 Deutsche Lufthansa AG 155,136 1,271,340 0.43 Deutsche Post AG 558,600 4,533,039 1.53 Deutsche Telekom AG 329,310 3,077,402 1.04 Fresenius Medical Care AG & Co KGaA 13,866 405,303 0.14 Fresenius SE 91,527 2,619,503 0.88 Henkel AG & Co KGaA 31,571 597,008 0.20 Lanxess AG 3,234 41,525 0.02 Merck KGaA 44,300 2,941,520 0.99 MTU Aero Engines Holding AG 15,241 268,851 0.09

94 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG PAN-EUROPEAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Germany (continued) RWE AG 144,200 7,615,202 2.57 Tognum AG 78,701 514,705 0.17 34,445,892 11.62 Greece Hellenic Telecommunications Organisation SA 30,909 344,017 0.11 OPAP SA 82,600 1,652,000 0.56 1,996,017 0.67 Italy ACEA SpA 9,869 88,180 0.03 Banca Popolare di Milano Scarl 16,066 58,279 0.02 Banco Popolare SpA 447,000 1,546,620 0.52 Benetton Group 2,735 13,395 0.00 Beni Stabili 141,361 58,665 0.02 Buzzi Unicem SpA 2,098 17,644 0.01 Davide Campari-Milano 136,636 643,897 0.22 Enel SpA 2,058,000 7,424,235 2.50 Fastweb 3,437 52,620 0.02 Fondiaria Sai SpA 10,982 95,379 0.03 Intesa Sanpaolo SpA 972,985 2,014,079 0.68 Piccolo Credito Valtellinese Scarl 5,366 32,572 0.01 Pirelli & Co SpA 1,436,152 252,188 0.08 Societa Iniziative Autostradali e Servizi SpA 4,510 17,115 0.01 Telecom Italia SpA 2,740,256 2,637,496 0.89 UniCredit SpA 733,742 906,905 0.31 Unipol Gruppo Finanziario SpA 113,209 75,114 0.03 15,934,383 5.38 Luxembourg Oriflame Cosmetics SA 10,435 243,371 0.08

Netherlands European Aeronautic Defence and Space Co NV 147,495 1,292,056 0.44 Imtech NV 19,560 202,642 0.07 ING Groep NV 581,922 2,412,649 0.81 Koninklijke Ahold 628,620 5,180,457 1.75 Koninklijke DSM NV 124,800 2,472,912 0.83 Koninklijke Philips Electronics NV 26,080 288,966 0.10 Nutreco Holding 4,554 122,503 0.04 STMicroelectronics NV 942 3,533 0.00 TNT NV 24,734 316,843 0.11 Van Lanschot NV 251 9,568 0.00 12,302,129 4.15 Norway StatoilHydro ASA 606,000 8,037,399 2.71

Portugal Banco Comercial Portugues SA 56,350 34,712 0.01 Energias de Portugal SA 1,388,595 3,622,844 1.22 Portugal Telecom SGPS SA 148,000 862,840 0.29 REN - Redes Energeticas Nacionais SA 51,191 160,791 0.06 4,681,187 1.58 Spain Banco Bilbao Vizcaya Argentaria SA 329,887 2,012,311 0.68 Banco Santander SA 602,724 3,128,138 1.06 Gas Natural SDG 80,800 830,624 0.28 Grupo Catalana Occidente SA 1,456 12,973 0.00 Mapfre SA 5,365 8,799 0.00 Prosegur Cia de Seguridad SA 10,107 204,869 0.07

95 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Spain (continued) Repsol YPF SA 529,900 6,904,597 2.33 Telefonica SA 482,210 7,237,972 2.44 20,340,283 6.86 Sweden Meda AB 162,234 721,270 0.24 Nordea Bank AB 196,863 733,540 0.25 Securitas 208,000 1,132,237 0.38 Svenska Cellulosa 174,216 988,015 0.34 Svenska Cellulosa (Class A Shares) 11,784 66,561 0.02 Tele2 AB 226,000 1,425,819 0.48 Telefonaktiebolaget LM Ericsson 1,047,989 6,435,064 2.17 TeliaSonera AB 986,654 3,550,571 1.20 15,053,077 5.08 Switzerland Adecco SA 77,951 1,836,132 0.62 Baloise Holding AG 39,435 1,900,357 0.64 Banque Cantonale Vaudoise 1,199 298,626 0.10 Credit Suisse Group 75,367 1,729,336 0.58 Helvetia Holding AG 2,751 438,983 0.15 Nestle SA 98,579 2,512,695 0.85 Novartis AG 347,146 9,846,439 3.32 Sulzer AG 18,900 728,627 0.25 Swiss Reinsurance 45,550 562,412 0.19 Swisscom AG 17,474 3,701,036 1.25 Syngenta AG 1,077 163,370 0.05 UBS AG 240,671 1,705,799 0.58 Zurich Financial Services AG 24,988 2,976,059 1.00 28,399,871 9.58 United Kingdom AstraZeneca Plc 392,600 10,384,097 3.50 Aviva Plc 48,865 114,079 0.04 BAE Systems Plc 1,662,388 5,989,713 2.02 Barclays Plc 451,742 721,780 0.24 BP Plc 1,773,636 9,028,146 3.05 BT Group Plc 5,952,451 5,025,219 1.69 Cable & Wireless Plc 1,807,123 2,721,537 0.92 Centrica Plc 2,858,595 7,028,512 2.37 Compass Group Plc 634,821 2,186,222 0.74 Firstgroup 22,973 66,281 0.02 GlaxoSmithKline Plc 464,235 5,442,771 1.84 Hiscox ltd 219,000 730,558 0.25 Home Retail Group Plc 662,000 1,602,665 0.54 HSBC Holdings Plc 760,869 3,240,479 1.09 Informa 8,072 22,788 0.01 International Power Plc 11,042 25,004 0.01 Investec Plc 21,199 66,369 0.02 J Sainsbury Plc 462,983 1,559,452 0.53 Jardine Lloyd Thompson Group 122,547 579,798 0.20 Kingfisher Plc 1,900,000 3,070,632 1.04 Legal & General Group Plc 3,753,040 1,742,224 0.59 Mondi 10,439 16,679 0.01 Old Mutual Plc 3,139,677 1,755,768 0.59 QinetiQ Plc 257,467 367,595 0.12 Royal Dutch Shell Plc 551,919 9,338,469 3.15 Royal Dutch Shell Plc (Class B Shares) 423,211 6,994,948 2.36 RSA Insurance Group 1,414,800 1,981,013 0.67 Sage Group Plc 833,914 1,519,659 0.51 Spectris Plc 55,874 242,034 0.08 St James's Place Plc 181,606 327,415 0.11

96 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

United Kingdom (continued) Standard Chartered Plc 152,852 1,429,855 0.48 Standard Life Plc 71,627 128,440 0.04 Tate & Lyle 113,546 319,018 0.11 Thomas Cook Group 303,739 783,702 0.26 Vodafone Group Plc 5,609,082 7,411,833 2.50 WPP 818,000 3,459,512 1.18 97,424,266 32.88

Total value of investments excluding Financial Derivative Instruments 303,653,997 102.45

Financial Derivative Instruments Open Forward Foreign Currency Exchange Contracts* Settlement Unrealised % of Currency Sold Currency Bought Date Gain/(Loss) Net Assets

EUR 198,367 CHF 301,492 28 April 2009 1,459 0.00 EUR 220,206 CHF 324,420 28 April 2009 (5,182) (0.00) EUR 234,832 CHF 352,159 28 April 2009 (1,424) (0.00) EUR 209,875 CHF 314,908 28 April 2009 (1,156) (0.00) EUR 294,544 CHF 434,768 28 April 2009 (6,383) (0.00) EUR 299,476 CHF 444,725 28 April 2009 (4,716) (0.00) EUR 259,163 CHF 382,684 28 April 2009 (5,523) (0.00) EUR 171,869 CHF 252,203 28 April 2009 (4,710) (0.00) EUR 242,637 CHF 359,803 28 April 2009 (4,162) (0.00) EUR 391,857 GBP 354,146 28 April 2009 (9,490) (0.00) EUR 376,234 GBP 337,849 28 April 2009 (11,461) (0.00) EUR 385,046 GBP 341,254 28 April 2009 (16,597) (0.01) EUR 490,288 GBP 436,258 28 April 2009 (19,264) (0.01) EUR 53,658 NOK 484,242 28 April 2009 297 0.00 EUR 52,435 NOK 476,401 28 April 2009 646 0.00 EUR 87,534 NOK 764,196 28 April 2009 (2,385) (0.00) EUR 54,865 NOK 478,232 28 April 2009 (1,580) (0.00) EUR 55,388 NOK 494,476 28 April 2009 (292) (0.00) EUR 74,862 NOK 661,702 28 April 2009 (1,133) (0.00) EUR 111,148 SEK 1,196,892 28 April 2009 (2,122) (0.00) EUR 37,971 USD 51,497 28 April 2009 817 0.00 EUR 12,437 USD 16,435 28 April 2009 (58) (0.00) CHF 5,487,790 EUR 3,745,676 28 April 2009 108,410 0.04 CHF 495,902 EUR 333,897 28 April 2009 5,217 0.00 CHF 494,947 EUR 331,110 28 April 2009 3,063 0.00 CHF 319,898 EUR 216,362 28 April 2009 4,336 0.00 CHF 225,488 EUR 147,254 28 April 2009 (2,198) (0.00) CHF 233,137 EUR 152,807 28 April 2009 (1,715) (0.00) GBP 7,357,822 EUR 8,209,930 28 April 2009 265,761 0.09 GBP 341,342 EUR 371,673 28 April 2009 3,130 0.00 GBP 327,133 EUR 354,543 28 April 2009 1,341 0.00 NOK 514,947 EUR 59,242 28 April 2009 1,865 0.00 NOK 409,694 EUR 47,585 28 April 2009 1,936 0.00 NOK 381,106 EUR 43,094 28 April 2009 630 0.00 NOK 549,370 EUR 62,017 28 April 2009 805 0.00 NOK 6,882,380 EUR 725,745 28 April 2009 (41,110) (0.01) NOK 772,236 EUR 83,840 28 April 2009 (2,204) (0.00) NOK 458,872 EUR 51,125 28 April 2009 (4) (0.00) SEK 6,561,217 EUR 598,258 28 April 2009 592 0.00 SEK 368,385 EUR 34,041 28 April 2009 484 0.00 SEK 392,249 EUR 37,168 28 April 2009 1,438 0.00 SEK 431,526 EUR 40,592 28 April 2009 1,284 0.00 SEK 313,981 EUR 29,301 28 April 2009 701 0.00 SEK 1,341,972 EUR 122,787 28 April 2009 545 0.00 SEK 1,818,023 EUR 166,426 28 April 2009 821 0.00

97 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG PAN-EUROPEAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Financial Derivative Instruments Open Forward Foreign Currency Exchange Contracts* Settlement Unrealised % of Currency Sold Currency Bought Date Gain/(Loss) Net Assets

SEK 435,891 EUR 39,935 28 April 2009 229 0.00 SEK 409,195 EUR 37,161 28 April 2009 (113) (0.00) SEK 653,774 EUR 59,226 28 April 2009 (327) (0.00) SEK 679,449 EUR 60,740 28 April 2009 (1,152) (0.00) SEK 1,894,936 EUR 168,682 28 April 2009 (3,929) (0.00) SEK 726,618 EUR 66,111 28 April 2009 (77) (0.00) USD 17,605 EUR 13,511 28 April 2009 250 0.00 USD 51,514 EUR 39,292 28 April 2009 490 0.00

Unrealised gain on open forward foreign currency exchange contracts 406,547 0.13 Unrealised loss on open forward foreign currency exchange contracts (150,467) (0.03) Net unrealised gain on open forward foreign currency exchange contracts 256,080 0.10

Total financial assets at fair value through profit or loss 303,910,077 102.55

Net Cash at Bank 3,344,791 1.13

Other Net Liabilities (11,261,120) (3.81)

Adjustment from bid market prices to last traded market prices 392,503 0.13

Net Asset attributable to holders of redeemable participating units 296,386,251 100.00

* Forward Foreign Currency Exchange Contracts are entered on behalf of the investors in the Class A Hedged €.

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 94.61 Over the counter financial derivative instruments 0.13 Current Assets 5.26 Total Assets 100.00

98 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG PAN-EUROPEAN SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Austria Agrana Beteiligungs 127 6,222 0.01 Conwert Immobilien Invest SE 45,182 212,807 0.20 Linz Textil Holding 195 18,525 0.02 Miba AG 734 52,848 0.05 S&T System Integration & Technology Distribution AG 188 1,547 0.00 291,949 0.28 Belgium Banque Nationale de Belgique 79 170,403 0.17 Barco NV 1,093 11,750 0.01 Compagnie Immobiliere de Belgique SA 3,701 41,488 0.04 D'ieteren SA 1,747 187,366 0.18 Delhaize Group 52,764 2,569,079 2.49 Econocom Group 77,803 410,022 0.40 Elia System Operator SA/NV 512 12,580 0.01 Integrated Production & Test Engineering 6,051 9,077 0.01 Omega Pharma 29,579 487,758 0.47 Recticel SA 20,953 45,468 0.05 SABCA (SA Belge Constructions Aeronautiques) 290 3,741 0.00 Solvay SA 4,511 237,865 0.23 Tessenderlo Chemie NV 74,863 1,712,117 1.66 5,898,714 5.72 Denmark Arkil Holding A/S 1,727 139,353 0.13 Auriga Industries 55,757 726,139 0.70 Brodrene Hartmann A/S 721 6,679 0.01 Dalhoff Larsen & Horneman A/S 32,501 58,909 0.06 Gyldendalske Boghandel Series B 1,181 95,137 0.09 Monberg & Thorsen A/S 4,655 103,122 0.10 Ostjydsk Bank A/S 250 10,070 0.01 Solar 1,838 39,854 0.04 TK Development 3,703 8,154 0.01 Vestjysk Bank 21 144 0.00 1,187,561 1.15 Finland Cramo 89,948 449,740 0.44 Finnair OYJ 40,422 148,753 0.14 HKScan 1,866 6,923 0.01 Lannen Tehtaat OYJ 19,486 248,447 0.24 Larox OYJ 17,741 106,623 0.10 Lemminkainen 1,806 28,535 0.03 Okmetic OYJ 49,695 99,887 0.10 Orion OYJ 39,705 431,990 0.42 Raute 1,366 9,630 0.01 Scanfil 60,051 117,099 0.11 Sysopendigia Plc 16,103 24,155 0.02 Tietoenator OYJ 193,456 1,510,891 1.46 3,182,673 3.08 France Acanthe Developpement 53,157 60,067 0.06 Air France-KLM 209,851 1,397,608 1.35 Altran Technologies 253,788 573,561 0.56 Assystem 42,692 222,425 0.22 Atos Origin SA 86,563 1,660,278 1.61 Aubay 9,754 22,044 0.02 Ausy 2,932 42,104 0.04 Boiron 11,425 230,671 0.22 Bonduelle - Rights 423 - 0.00 Bonduelle S.C.A. 423 22,064 0.02 Cap Gemini SA 11,772 283,823 0.27 Chargeurs SA 11,428 53,826 0.05

99 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG PAN-EUROPEAN SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

France (continued) CNP Assurances 114 5,415 0.01 Compagnie Industrielle et Financiere D'Entreprises 1,476 48,738 0.05 Gascogne 4,000 93,720 0.09 Gemalto 46,943 1,008,336 0.98 Gevelot SA 2,730 34,180 0.03 GFI Informatique 19,617 43,942 0.04 Groupe Crit 13,881 98,416 0.10 Groupe Steria 50,000 531,500 0.51 Havas SA 800,526 1,551,419 1.50 HF Co 6,208 36,441 0.04 JET Multimedia 13,000 63,700 0.06 Linedata Services 8,922 38,365 0.04 M6-Metropole Television 103,721 1,270,582 1.23 Nexans SA 11,230 320,448 0.31 Nexity 46,448 745,490 0.72 Norbert Dentressangle 6,356 133,476 0.13 Pierre & Vacances 148 5,762 0.01 Rougier SA 1,269 26,586 0.03 Sequana Capital SA 106,931 411,684 0.40 Societe Internationale de Plantations d'Heveas 3,050 54,900 0.05 Sodexo 572 19,631 0.02 Sopra Group 3,304 82,204 0.08 Teleperformance 42,526 881,139 0.85 Thales SA 88,500 2,525,790 2.45 Viel et Compagnie 861 2,023 0.00 Vranken - Pommery Monopole 4,586 85,070 0.08 Zodiac Aerospace 926 17,650 0.02 14,705,078 14.25 Germany Adcapital AG 5,797 28,695 0.03 Augusta Technologie AG 5,465 43,665 0.04 Bechtle AG 32,149 386,109 0.37 Bertrandt 7,775 102,008 0.10 Beta Systems Software 134 256 0.00 Bijou Brigitte 921 74,444 0.07 Boewe Systec AG 20,000 73,800 0.07 D Logistics AG 179,190 188,150 0.18 Deutsche Lufthansa AG 230,304 1,887,341 1.83 Dialog Semiconductor Plc 5,569 6,015 0.01 Dragerwerk AG 586 9,370 0.01 Duerr AG 41,558 401,450 0.39 Elmos Semiconductor AG 20,585 36,024 0.03 Euromicron AG 6,606 65,928 0.06 Fresenius SE 13,513 386,742 0.37 Frosta AG 4,074 57,036 0.06 Funkwerk AG 19,864 79,456 0.08 Gesco AG 6,839 222,268 0.22 Hans Einhell AG 4,400 52,580 0.05 Hornbach Baumarkt AG 7,539 172,869 0.17 Indus Holding 33,382 288,420 0.28 Integralis 7,944 21,767 0.02 Jenoptik AG 71,113 250,318 0.24 Jungheinrich 4,733 38,101 0.04 Koenig & Bauer AG 3,143 21,530 0.02 KSB AG 630 165,734 0.16 Lanxess AG 155,637 1,998,379 1.94 MTU Aero Engines Holding AG 37,002 652,715 0.63 Realtech AG 8,761 48,098 0.05 Ruecker AG 18,000 99,000 0.10 Sektkellerei Schloss Wachenheim AG 8,123 31,680 0.03

100 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG PAN-EUROPEAN SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Germany (continued) Software 1,094 58,649 0.06 STO AG 13,768 455,721 0.44 Suedzucker 16,847 243,945 0.24 Syzygy AG 49,648 134,050 0.13 Tognum AG 135,697 887,458 0.86 Westag & Getalit AG 4,248 34,111 0.03 9,703,882 9.41 Greece Bank Of Greece 117 4,891 0.00

Ireland Abbey Plc 13,961 46,490 0.04 Donegal Creameries 7,125 10,901 0.01 Total Produce Plc 1,452,022 377,526 0.37 434,917 0.42 Italy ACEA SpA 6,460 57,720 0.06 Astaldi SpA 122,093 376,657 0.36 Autogrill SpA 7,212 31,300 0.03 Autostrada Torino-Milano 21,125 90,362 0.09 Autostrade Meridionali SpA 242 2,202 0.00 Banca Finnat Euramerica 64,851 30,545 0.03 Banca Popolare dell'Emilia Romagna 120 901 0.00 Banca Popolare di Milano Scarl 414 1,502 0.00 Banco di Sardegna SpA 23,668 213,840 0.21 Buzzi Unicem SpA 30,779 258,851 0.25 Cementir SpA 17,336 35,842 0.03 CIR-Compagnie Industriali Riunite SpA 892,845 691,955 0.67 Cofide SpA 558,974 181,667 0.18 Danieli & Co SpA 42,257 274,671 0.27 Davide Campari-Milano 24,000 113,100 0.11 El.En. SpA 4,843 49,108 0.05 Engineering Ingegneria Informatica SpA 27,881 471,189 0.46 Fastweb 13,337 204,189 0.20 Gefran SpA 42,991 89,099 0.09 Gruppo Ceramiche Ricchetti 43,381 32,427 0.03 I Grandi Viaggi SpA 115,132 102,525 0.10 Immobiliare Grande Distribuzione 50,234 45,713 0.04 Irce 8,335 11,877 0.01 KME Group SpA 168,140 98,866 0.10 Milano Assicurazioni 6,320 10,908 0.01 Mirato SpA 19,194 82,534 0.08 Piccolo Credito Valtellinese Scarl 16,000 97,120 0.09 Pirelli & Co SpA 2,782,610 488,626 0.47 Premafin Finanziaria 640,775 639,493 0.62 Realty Vailog 3,500 5,635 0.01 Recordati 10,345 42,233 0.04 Reply SpA 18,320 262,892 0.25 Societa Iniziative Autostradali e Servizi SpA 3,438 13,047 0.01 Unipol Gruppo Finanziario SpA 776,138 514,968 0.50 Vianini Lavori SpA 70,265 268,412 0.26 5,891,976 5.71 Liechtenstein Verwalt & Privat-Bank AG 3,209 141,355 0.16

Luxembourg Colt Telecom Group SA 558,000 524,090 0.51 Oriflame Cosmetics SA 22,221 518,251 0.50 1,042,341 1.01

101 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG PAN-EUROPEAN SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Netherlands BE Semiconductor Industries NV 87,873 130,931 0.13 CSM NV 49,544 433,510 0.42 Docdata NV 8,054 45,505 0.04 Draka Holding 70,189 377,055 0.37 Fornix Biosciences NV 15,941 123,065 0.12 Gamma Holding 7,127 24,303 0.02 Koninklijke DSM NV 134,000 2,655,210 2.57 Koninklijke Wessanen 7,631 19,429 0.02 Nutreco Holding 37,536 1,009,718 0.98 Randstad Holding NV 22,956 292,919 0.28 USG People NV 90,156 543,641 0.53 5,655,286 5.48 Norway Bonheur 10,018 127,393 0.12

Portugal Banif SGPS 415,923 424,241 0.41 Ibersol SGPS SA 1,681 10,809 0.01 Novabase SGPS SA 30,038 124,658 0.12 REN - Redes Energeticas Nacionais SA 133,393 418,987 0.41 978,695 0.95 Spain Abengoa 27,569 274,863 0.27 Campofrio Alimentacion 101,270 736,233 0.71 Ebro Puleva 144,000 1,267,200 1.23 Ercros SA 1,249,780 162,471 0.16 Espanola del Acumulador Tudor SA 892 4,861 0.00 Grupo Catalana Occidente SA 64,301 572,922 0.56 Nicolas Correa 22,873 44,145 0.04 Pescanova 14,225 368,997 0.36 Prosegur Cia de Seguridad SA 33,216 673,288 0.65 Solaria Energia y Medio Ambiente 28,345 43,368 0.04 Telecomunicaciones y Energia 36,666 116,598 0.11 4,264,946 4.13 Sweden Acando 51,592 50,292 0.05 AF AB 2,640 25,615 0.03 Biotage 56,809 25,412 0.02 Connecta 37,942 158,661 0.15 Consilium 1,797 4,600 0.00 Meda AB 224,203 996,776 0.97 Pricer 2,204,021 104,413 0.10 Proact IT Group 3,200 12,011 0.01 Rederi AB Transatlantic 74,082 161,980 0.16 Tele2 AB 424,300 2,676,881 2.60 4,216,641 4.09 Switzerland Also Holding AG 3,691 61,123 0.06 Ascom Holding AG 12,911 70,984 0.07 Baloise Holding AG 21,496 1,035,884 1.00 Banque Cantonale Vaudoise 1,021 254,293 0.25 Berner Kantonalbank 326 51,114 0.05 Bossard Holding 2,838 69,932 0.07 Carlo Gavazzi Holding AG 805 42,659 0.04 Clariant AG 239,364 699,226 0.68 Conzzeta Holding AG 666 564,683 0.55 Daetwyler Holding AG 37,426 942,057 0.91 Dufry Group 907 10,334 0.01 Elektrizitaets-Gesellschaft Laufenburg AG 648 394,896 0.38

102 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG PAN-EUROPEAN SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Switzerland (continued) Emmi AG 6,834 444,989 0.43 Energiedienst Holding AG 7,350 236,129 0.23 Feintool International Holding AG 2,160 230,356 0.22 Forbo Holding AG 6,210 674,615 0.65 Helvetia Holding AG 4,771 761,319 0.74 Inficon Holding 5,466 294,723 0.29 Jungfraubahn Holding AG 9,206 250,020 0.24 Kardex 19,108 355,666 0.34 Kuoni Reisen Holding AG 3,166 576,719 0.56 LO Holding Lausanne-Ouchy SA 97 64,253 0.06 MCH Messe Schweiz Holding AG 4,368 72,334 0.07 Metraux Services Holding SA 2,909 140,665 0.14 Phoenix Mecano 9 1,434 0.00 Schweizerische National-Versicherungs-Gesellschaft 1,745 580,256 0.56 Siegfried Holding AG 3,468 126,116 0.12 Sulzer AG 17,067 657,962 0.64 Swisslog Holding 82,651 29,016 0.03 Tornos SA 22,857 74,945 0.07 UMS Schweizerische Metallwerke Holding AG 9,984 43,582 0.04 Valartis Group AG 5,077 48,764 0.05 Valora Holding AG 10,456 997,352 0.97 Vaudoise Assurances Holding SA 4,390 401,295 0.39 Vetropack Holding SA 1,060 877,680 0.85 Walter Meier AG 2,917 102,891 0.10 12,240,266 11.86 United Kingdom 4imprint Group 78,746 93,513 0.09 Aegis Group Plc 114,742 102,195 0.10 Arriva 277,600 1,110,350 1.08 Balfour Beatty 89,870 316,775 0.31 Bodycote Plc 72,496 97,244 0.09 Braemar Shipping Services Plc 113,463 270,707 0.26 British Polythene Industries 53,282 69,889 0.07 Britvic Plc 387,132 944,539 0.91 BTG Plc 233,098 310,783 0.30 Cable & Wireless Plc 566,459 853,090 0.83 Carr's Milling Industries Plc 39,000 183,150 0.18 Chime Communications 200,809 149,584 0.14 Clarkson Plc 24,200 123,313 0.12 Close Brothers Group 88,824 514,940 0.50 Communisis Plc 499,225 145,517 0.14 Computacenter Plc 621,323 751,256 0.73 Dialight Plc 1,865 2,255 0.00 Dimension Data Holdings Plc 1,246,766 548,485 0.53 Drax Group Plc 165,015 918,342 0.89 Elementis Plc 1,326,716 393,879 0.38 Fiberweb Plc 726,000 266,482 0.26 Firstgroup 487,215 1,405,694 1.36 Galliford Try Plc 1,005,030 434,002 0.42 Goldshield Group Plc 164,265 544,422 0.53 Hampson Industries Plc 112,067 109,491 0.11 Hardy Underwriting Bermuda Ltd 1,140 3,175 0.00 Home Retail Group Plc 1,324,943 3,207,613 3.11 Informa 188,303 531,596 0.51 Intec Telecom Systems Plc 1,048,835 390,642 0.38 Investec Plc 215,970 676,151 0.65 Jardine Lloyd Thompson Group 122,021 577,310 0.56 John David Group Plc 73,613 240,796 0.23 John Menzies Plc 97,697 62,228 0.06 Keller Group Plc 101,394 538,281 0.52

103 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG PAN-EUROPEAN SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

United Kingdom (continued) Logica Plc 2,144,000 1,469,775 1.42 Macfarlane Group Plc 123,737 22,709 0.02 Management Consulting Group Plc 928,579 295,729 0.29 McBride Plc 187,686 233,521 0.23 Meggitt Plc 699,796 968,905 0.94 Millennium & Copthorne Hotels Plc 243,377 451,262 0.44 Mondi 440,320 703,530 0.68 MS International Plc 6,899 5,214 0.01 National Express Group 66,911 109,617 0.11 Old Mutual Plc 1,068,933 597,768 0.58 OPD Group Plc 43,059 17,664 0.02 Oxford Instruments Plc 67,207 77,090 0.07 Phoenix IT Group Ltd 221,533 339,609 0.33 Psion Plc 184,811 103,250 0.10 PZ Cussons 44,231 74,133 0.07 QinetiQ Plc 996,504 1,422,745 1.38 Spectris Plc 164,252 711,505 0.69 St James's Place Plc 198,757 358,337 0.35 Thomas Cook Group 801,035 2,066,816 2.00 Tribal Group Plc 236,859 248,675 0.24 Trifast Plc 270,463 24,819 0.02 Vislink Plc 22,417 5,324 0.01 Waterman Group Plc 16,583 5,550 0.01 Wetherspoon (J.D.) Plc 80,780 369,108 0.36 Whitbread Plc 262,731 2,235,064 2.17 Woolworths Group Plc 1,218,125 1 0.00 29,805,409 28.89

Total financial assets at fair value through profit or loss 99,773,973 96.71

Net Cash at Bank 170,496 0.17

Other Net Assets 2,657,423 2.57

Adjustment from bid market prices to last traded market prices 569,479 0.55

Net assets attributable to redeemable participating unitholders at last traded market prices 103,171,371 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 96.33 Current Assets 3.67 Total Assets 100.00

104 The accompanying notes are an integral part of the financial statements.

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AXA ROSENBERG PAN-EUROPEAN ENHANCED INDEX EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Austria OMV AG 13,018 329,355 0.37 Strabag SE 6,400 92,416 0.10 Telekom Austria AG 21,600 241,488 0.27 663,259 0.74 Belgium Belgacom SA 2,500 58,825 0.07 Colruyt SA 270 46,621 0.05 Delhaize Group 1,800 87,642 0.10 Fortis (Rights) 29,600 - 0.00 Groupe Bruxelles Lambert SA 1,598 81,418 0.09 InBev NV 2,700 55,998 0.06 Mobistar SA 1,570 74,622 0.08 Solvay SA 4,500 237,285 0.27 UCB SA 9,600 213,024 0.24 855,435 0.96 Denmark AP Moller-Maersk A/S 86 279,423 0.31 AP Moller-Maersk A/S (Class B Shares) 16 52,630 0.06 Carlsberg A/S 6,505 199,346 0.22 Danisco A/S 5,200 116,766 0.13 Danske Bank A/S 7,448 46,199 0.05 Novo Nordisk A/S 15,000 539,728 0.60 Novozymes A/S 4,000 216,160 0.24 Vestas Wind Systems A/S 2,600 85,524 0.10 1,535,776 1.71 Finland Elisa OYJ 14,400 158,112 0.18 Fortum OYJ 9,600 137,760 0.15 Nokia OYJ 121,705 1,080,740 1.21 Orion OYJ 9,560 104,013 0.12 Pohjola Bank Plc 11,679 51,855 0.06 Pohjola Bank Plc (Rights) 11,679 11,936 0.01 Sampo OYJ 25,739 285,188 0.32 Stora Enso OYJ 44,000 117,480 0.13 UPM-Kymmene OYJ 8,914 38,776 0.04 Wartsila OYJ 8,500 134,725 0.15 2,120,585 2.37 France Accor SA 3,400 89,131 0.10 Air France-KLM 15,000 99,900 0.11 Air Liquide SA 5,000 306,225 0.34 Alcatel Lucent 48,000 68,064 0.08 Atos Origin SA 6,000 115,080 0.13 AXA SA 26,600 240,730 0.27 BNP Paribas 13,800 429,456 0.48 Bouygues SA 13,800 371,496 0.41 Cap Gemini SA 7,500 180,825 0.20 Carrefour SA 13,600 399,704 0.45 Casino Guichard Perrachon SA 3,800 185,364 0.21 Christian Dior SA 4,889 201,745 0.22 Cie de St Gobain 7,800 164,034 0.18 Cie Generale d'Optique Essilor International SA 5,157 149,450 0.17 Compagnie Generale des Etablissements Michelin 2,100 58,569 0.07 Credit Agricole SA 18,000 149,616 0.17 Dassault Systemes SA 6,300 183,141 0.20 EDF SA 3,900 115,187 0.13 Eutelsat Communications 9,000 143,820 0.16 France Telecom SA 76,500 1,309,298 1.46 GDF Suez 22,400 579,040 0.65 Groupe Danone 8,600 315,233 0.35

105 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

France (continued) Hermes International 900 78,633 0.09 L'Oreal SA 4,400 226,908 0.25 Lafarge SA 2,200 74,536 0.08 LVMH Moet Hennessy Louis Vuitton SA 5,200 245,908 0.27 M6-Metropole Television 8,000 98,000 0.11 Pernod-Ricard SA 8,307 348,686 0.39 PPR 6,000 289,290 0.32 Renault SA 3,600 55,746 0.06 Sanofi-Aventis SA 39,606 1,672,957 1.87 Schneider Electric SA 4,400 220,440 0.25 Societe Generale 17,400 513,126 0.57 Sodexo 7,500 257,400 0.29 Suez Environnement SA 3,850 42,620 0.05 Technip SA 2,000 53,080 0.06 Thales SA 1,800 51,372 0.06 Total SA 46,500 1,740,263 1.94 Unibail-Rodamco 1,190 126,640 0.14 Vallourec SA 888 61,991 0.07 Veolia Environnement 8,500 133,620 0.15 Vinci SA 9,000 251,595 0.28 Vivendi 38,500 767,113 0.86 13,165,032 14.70 Germany Adidas AG 3,244 81,295 0.09 Allianz SE 14,323 915,096 1.02 BASF SE 29,009 661,405 0.74 Bayer AG 25,600 918,784 1.03 Bayerische Motoren Werke AG 8,341 181,250 0.20 Beiersdorf AG 6,600 222,816 0.25 Celesio AG 9,000 124,470 0.14 Commerzbank AG 16,000 64,000 0.07 DaimlerChrysler AG 17,200 329,724 0.37 Deutsche Bank AG 11,200 341,040 0.38 Deutsche Boerse AG 3,400 154,156 0.17 Deutsche Post AG 38,445 311,981 0.35 Deutsche Telekom AG 126,900 1,185,881 1.32 E.ON AG 39,600 830,016 0.93 Fresenius Medical Care AG & Co KGaA 10,800 315,684 0.35 Henkel AG & Co KGaA 16,289 308,025 0.34 Hochtief AG 4,500 127,665 0.14 K&S AG 3,000 104,310 0.12 Linde AG 7,200 367,632 0.41 Man AG 1,600 52,432 0.06 Merck KGaA 4,800 318,720 0.36 Metro AG 8,800 218,064 0.24 Muenchener Ruckvers AG 2,800 256,788 0.29 Porsche AG 1,260 44,453 0.05 RWE AG 16,600 876,646 0.98 SAP AG 27,900 744,930 0.83 Siemens AG 18,000 772,020 0.86 Suedzucker AG 7,800 112,944 0.13 ThyssenKrupp AG 7,500 98,475 0.11 TUI AG 23,000 92,000 0.10 Volkswagen AG 2,120 489,148 0.55 11,621,850 12.98 Greece Coca Cola Hellenic Bottling Co SA 17,337 186,373 0.21 Hellenic Petroleum SA 3,982 28,272 0.03 Hellenic Telecommunications Organisation SA 19,903 221,520 0.25 National Bank of Greece SA 10,000 114,000 0.12

106 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Greece (continued) OPAP SA 16,100 322,000 0.36 872,165 0.97 Ireland CRH Plc (Dublin) 14,400 234,720 0.26 Kerry Group Plc 4,000 60,840 0.07 Kerry Group Plc Series A 9,000 137,070 0.15 432,630 0.48 Italy ACEA SpA 12,000 107,220 0.12 Assicurazioni Generali SpA 21,000 267,540 0.30 Atlantia SpA 5,000 56,550 0.06 Autogrill SpA 16,000 69,440 0.08 Banca Carige SpA 16,288 38,969 0.04 Banca Monte dei Paschi di Siena SpA 50,000 51,900 0.06 Banca Popolare di Milano Scarl 44,000 159,610 0.18 Banco Popolare SpA 60,000 207,600 0.23 Enel SpA 158,210 570,743 0.64 ENI SpA 55,621 808,173 0.90 Fiat SpA 15,000 78,975 0.09 Finmeccanica SpA 8,000 74,480 0.08 Fondiaria Sai SpA 6,500 56,453 0.06 Intesa Sanpaolo SpA 294,000 608,580 0.68 Lottomatica Spa 7,200 89,064 0.10 Mediobanca SpA 10,000 63,000 0.07 Pirelli & Co SpA 231,283 40,613 0.05 Saipem SpA 2,698 35,991 0.04 Snam Rete Gas SpA 15,000 60,000 0.07 Telecom Italia SpA 562,066 540,989 0.61 Terna Rete Elettrica Nazionale 20,000 46,600 0.05 UniCredit SpA 464,000 573,504 0.64 Unione di Banche Italiane ScpA 36,000 297,720 0.33 Unipol Gruppo Finanziario SpA 96,000 63,696 0.07 4,967,410 5.55 Jersey, Channel Islands Experian Plc 14,000 65,859 0.08

Luxembourg ArcelorMittal (Netherlands) 17,023 259,941 0.29

Netherlands Aegon NV 60,000 175,440 0.20 Akzo Nobel NV 10,500 298,935 0.33 ASML Holding NV 8,000 106,640 0.12 European Aeronautic Defence and Space Co NV 7,000 61,320 0.07 Heineken NV 16,000 340,400 0.38 ING Groep NV 39,000 161,694 0.18 Koninklijke Ahold NV 57,000 469,737 0.53 Koninklijke DSM NV 10,200 202,113 0.23 Koninklijke KPN NV 36,000 362,160 0.40 Koninklijke Philips Electronics NV 32,276 357,618 0.40 Randstad Holding NV 9,100 116,116 0.13 Reed Elsevier NV 13,000 104,780 0.12 STMicroelectronics NV 22,314 83,678 0.09 STMicroelectronics NV (France) 7,686 29,053 0.03 TNT NV 20,093 257,391 0.29 Unilever NV 34,069 504,903 0.56 Wolters Kluwer NV 5,249 64,038 0.07 3,696,016 4.13

107 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Norway DnB NOR ASA 10,400 35,093 0.04 Orkla ASA 16,000 82,456 0.09 StatoilHydro ASA 63,000 835,571 0.93 Telenor ASA 60,000 257,675 0.29 Yara International ASA 3,200 52,561 0.06 1,263,356 1.41 Portugal Energias de Portugal SA 125,000 326,125 0.36 Portugal Telecom SGPS SA 50,000 291,500 0.33 617,625 0.69 Spain Abertis Infraestructuras SA 3,500 41,195 0.05 Acciona SA 2,500 193,500 0.22 ACS Actividades de Construccion y Servicios SA 3,900 121,836 0.14 Banco Bilbao Vizcaya Argentaria SA 75,000 457,500 0.51 Banco de Sabadell SA 16,000 60,000 0.07 Banco Popular Espanol SA 15,000 71,550 0.08 Banco Santander SA 178,000 923,820 1.03 Enagas 16,575 176,690 0.20 Gas Natural SDG SA 4,678 48,090 0.05 Iberdrola SA 122,000 640,500 0.71 Inditex SA 3,300 96,723 0.11 Indra Sistemas SA 10,500 151,725 0.17 Red Electrica Corp SA 2,100 61,425 0.07 Repsol YPF SA 35,000 456,050 0.51 Telefonica SA 141,600 2,125,416 2.37 Union Fenosa SA 5,250 94,448 0.10 5,720,468 6.39 Sweden Assa Abloy AB 26,000 181,798 0.20 Atlas Copco AB 16,652 93,299 0.10 Getinge AB 10,476 76,114 0.09 Hennes & Mauritz AB 7,500 210,791 0.24 Nordea Bank AB 68,000 253,378 0.28 Sandvik AB 17,000 72,792 0.08 Securitas AB 33,000 179,634 0.20 Svenska Cellulosa AB 42,000 238,191 0.27 Svenska Handelsbanken AB 27,000 286,567 0.32 Swedish Match AB 20,000 216,371 0.24 Tele2 AB 30,000 189,268 0.21 Telefonaktiebolaget LM Ericsson 90,000 552,635 0.62 TeliaSonera AB 115,125 414,289 0.46 Volvo AB 32,000 127,399 0.14 3,092,526 3.45 Switzerland ABB Ltd 44,000 461,666 0.52 Actelion Ltd 1,200 41,254 0.05 Adecco SA 3,896 91,770 0.10 BKW FMB Energie AG 1,800 97,472 0.11 Compagnie Financiere Richemont SA 10,800 127,125 0.14 Credit Suisse Group AG 23,500 539,220 0.60 EFG International AG 7,587 42,316 0.05 Geberit AG 600 40,658 0.04 Givaudan SA 100 39,082 0.04 Holcim Ltd 3,000 80,402 0.09 Julius Baer Holding AG 3,600 66,722 0.07 Lonza Group 800 59,510 0.07 Nestle SA 83,600 2,130,893 2.38 Novartis AG 80,800 2,291,808 2.56 Roche Holdings AG 15,300 1,582,030 1.77

108 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Switzerland (continued) SGS SA 80 62,954 0.07 Sulzer AG 3,059 117,930 0.13 Swatch Group AG 770 70,132 0.08 Swiss Reinsurance 7,000 86,430 0.10 Swisscom AG 1,600 338,884 0.38 Syngenta AG 3,570 541,532 0.60 Synthes Inc 3,044 255,068 0.28 UBS AG 58,000 411,085 0.46 Zurich Financial Services AG 5,200 619,317 0.69 10,195,260 11.38 United Kingdom Anglo American Plc 26,000 332,617 0.37 Associated British Foods Plc 29,600 204,195 0.23 AstraZeneca Plc 50,800 1,343,638 1.50 Autonomy Plc 13,600 191,309 0.21 Aviva Plc 110,000 256,804 0.29 BAE Systems Plc 74,000 266,628 0.30 Barclays Plc 175,000 279,610 0.31 BG Group Plc 70,500 802,199 0.90 BHP Billiton Plc 46,356 693,120 0.77 BP Plc 438,292 2,230,991 2.49 British American Tobacco Plc 37,800 658,232 0.73 British Sky Broadcasting Group Plc 21,600 100,970 0.11 BT Group Plc 427,000 360,485 0.40 Cable & Wireless Plc 200,000 301,201 0.34 Cadbury Plc 28,000 159,151 0.18 Cairn Energy Plc 2,700 63,398 0.07 Capita Group Plc 11,200 82,039 0.09 Centrica Plc 188,000 462,241 0.52 Compass Group Plc 92,707 319,268 0.36 Diageo Plc 50,400 427,667 0.48 Drax Group Plc 32,000 178,087 0.20 Firstgroup Plc 44,263 127,706 0.14 Friends Provident Plc 240,000 179,037 0.20 G4S Plc 21,000 43,937 0.05 GlaxoSmithKline Plc 169,000 1,981,386 2.21 Home Retail Group Plc 62,000 150,099 0.17 HSBC Holdings Plc 247,000 1,051,953 1.17 Imperial Tobacco Group Plc 37,200 629,310 0.70 International Power Plc 97,812 221,486 0.25 Investec Plc 4,657 14,580 0.02 J Sainsbury Plc 84,000 282,935 0.32 Kingfisher Plc 188,000 303,831 0.34 Legal & General Group Plc 360,000 167,118 0.19 Lloyds Banking Group Plc 192,000 146,546 0.16 Logica Plc 48,000 32,905 0.04 Man Group Plc 24,300 57,321 0.06 Marks & Spencer Group Plc 22,000 70,302 0.08 National Grid Plc 48,600 280,438 0.31 Next Plc 16,000 228,524 0.26 Old Mutual Plc 308,077 172,283 0.19 Old Mutual Plc (Sweden) 32,923 18,296 0.02 Pearson Plc 12,000 90,814 0.10 Prudential Plc 53,227 193,649 0.22 Reckitt Benckiser Group Plc 12,000 338,900 0.38 Reed Elsevier Plc 19,696 106,529 0.12 Rio Tinto Plc 21,800 553,066 0.62 Rolls-Royce Group Plc (Class A Shares) 24,000 76,110 0.08 Royal Dutch Shell Plc 102,300 1,730,916 1.93 Royal Dutch Shell Plc (Class B Shares) 78,300 1,294,165 1.45

109 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

United Kingdom (continued) RSA Insurance Group Plc 232,000 324,848 0.36 SABMiller Plc 42,500 475,337 0.53 Sage Group Plc 107,000 194,988 0.22 Scottish & Southern Energy Plc 21,666 258,694 0.29 Shire 12,030 112,080 0.13 Smith & Nephew Plc 13,000 60,594 0.07 Smiths Group Plc 6,000 43,205 0.05 Standard Chartered Plc 36,400 340,504 0.38 Standard Life Plc 40,888 73,319 0.08 Tate & Lyle Plc 47,519 133,509 0.15 Tesco Plc 262,000 942,734 1.05 Thomas Cook Group Plc 51,000 131,589 0.15 Unilever Plc 25,500 362,559 0.40 United Utilities Group Plc 14,000 73,076 0.08 Vodafone Group Plc 1,705,000 2,252,985 2.52 Whitbread Plc 18,200 154,828 0.17 WM Morrison Supermarkets Plc 114,000 314,448 0.35 WPP Plc 43,200 182,703 0.20 Xstrata Plc 40,000 201,552 0.22 26,891,544 30.03

Total financial assets at fair value through profit or loss 88,036,737 98.31

Net Cash at Bank 727,281 0.81

Other Net Assets 655,341 0.73

Adjustment from bid market prices to last traded market prices 130,965 0.15

Net Assets attributable to holders of redeemable participating units 89,550,324 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 96.13 Current Assets 3.87 Total Assets 100.00

110 The accompanying notes are an integral part of the financial statements.

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AXA ROSENBERG EUROBLOC EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Austria Andritz AG 13,583 307,247 0.04 Austrian Airlines AG 224 824 0.00 OMV AG 129,907 3,286,647 0.43 Strabag SE 65,343 943,553 0.13 Telekom Austria AG 69,213 773,801 0.10 5,312,072 0.70 Belgium Banque Nationale de Belgique 10 21,570 0.00 Delhaize Group 339,255 16,518,326 2.16 Elia System Operator SA/NV 3,733 91,720 0.01 Solvay SA 178,500 9,412,305 1.23 UCB SA 315,000 6,989,850 0.92 Umicore 91,109 1,264,593 0.17 34,298,364 4.49 Finland Elisa OYJ 352,668 3,872,295 0.51 Nokia OYJ 23,002 204,258 0.03 Orion OYJ 204,673 2,226,842 0.29 Pohjola Bank Plc 330,575 1,467,753 0.19 Pohjola Bank Plc (Rights) 330,575 337,848 0.05 Sampo OYJ 580,899 6,436,361 0.84 UPM-Kymmene OYJ 1,638,826 7,128,893 0.93 Wartsila OYJ 295,871 4,689,555 0.61 26,363,805 3.45 France Air France-KLM 395,733 2,635,582 0.35 Atos Origin SA 200,100 3,837,918 0.50 BNP Paribas 334,781 10,418,385 1.36 Bouygues SA 152,240 4,098,301 0.54 Cap Gemini SA 396,800 9,566,848 1.25 Christian Dior SA 161,167 6,650,556 0.87 Cie Generale de Geophysique-Veritas 234,636 2,050,719 0.27 CNP Assurances 64,076 3,043,610 0.40 Credit Agricole SA 413,170 3,434,269 0.45 Fonciere des Murs 911 8,864 0.00 France Telecom SA 2,099,400 35,931,231 4.70 GDF Suez 10,273 265,557 0.03 Gemalto NV 238,985 5,133,398 0.67 M6-Metropole Television 192,270 2,355,308 0.31 Nexans SA 59,928 1,710,045 0.22 Pernod-Ricard SA 320,721 13,462,264 1.76 PPR 7,815 376,800 0.05 Sanofi-Aventis SA 991,000 41,859,840 5.48 SCOR SE 52,392 806,837 0.11 SEB SA 2,604 53,043 0.01 Societe Generale 189,234 5,580,511 0.73 Sodexo 273,679 9,392,663 1.23 Suez Environnement SA 235,940 2,611,856 0.34 Teleperformance 85,292 1,767,250 0.23 Thales SA 317,285 9,055,314 1.19 Total SA 487,800 18,255,915 2.39 Vivendi 1,505,324 29,993,581 3.93 Zodiac Aerospace 91,019 1,734,822 0.23 226,091,287 29.60 Germany Allianz SE 275,116 17,577,161 2.30 Bayer AG 885,459 31,779,124 4.16 Bayerische Motoren Werke AG 5,233 113,713 0.01 Bilfinger Berger AG 94,200 2,682,816 0.35 Deutsche Bank AG 222,852 6,785,843 0.89

111 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Germany (continued) Deutsche Lufthansa AG 702,400 5,756,168 0.75 Deutsche Post AG 1,826,469 14,821,796 1.94 Deutsche Telekom AG 1,966,578 18,377,671 2.41 Douglas Holding 27,230 811,182 0.11 Fresenius Medical Care AG & Co KGaA 356,955 10,433,795 1.37 Fresenius SE 54,732 1,566,430 0.20 Generali Deutschland Holding AG 44,139 2,475,315 0.32 Hannover Rueckversicherung AG 53,444 1,280,518 0.17 Henkel AG & Co KGaA 508,294 9,611,840 1.26 Hochtief AG 61,147 1,734,740 0.23 Linde AG 146,155 7,462,674 0.98 Merck KGaA 171,869 11,412,102 1.49 MTU Aero Engines Holding AG 113,181 1,996,513 0.26 Muenchener Ruckvers AG 54,500 4,998,195 0.65 RWE AG 637,553 33,669,174 4.41 Siemens AG 23,023 987,456 0.13 Software 57,998 3,109,273 0.41 Suedzucker 137,294 1,988,017 0.26 Tognum AG 358,453 2,344,283 0.31 193,775,799 25.37 Greece Bank Of Greece 11,060 462,308 0.06 Hellenic Telecommunications Organisation SA 65,354 727,390 0.09 National Bank of Greece SA 218,594 2,491,972 0.33 OPAP SA 210,700 4,214,000 0.55 7,895,670 1.03 Ireland Kerry Group Plc 24,951 379,505 0.05

Italy Autogrill SpA 4,838 20,997 0.00 Banco Popolare SpA 1,833,486 6,343,862 0.83 Benetton Group 28,368 138,932 0.02 Buzzi Unicem SpA 154,327 1,297,890 0.17 Davide Campari-Milano 1,397 6,583 0.00 Enel SpA 7,770,016 28,030,333 3.67 Finmeccanica SpA 569,012 5,297,502 0.69 Fondiaria Sai SpA 219,000 1,902,015 0.25 Intesa Sanpaolo SpA 2,982,873 6,174,547 0.81 Milano Assicurazioni SpA 1,155,000 1,993,530 0.26 Piccolo Credito Valtellinese Scarl 4,537 27,540 0.00 Pirelli & Co SpA 6,981,312 1,225,918 0.16 Recordati 26,607 108,623 0.02 Telecom Italia SpA 27,877,916 26,832,494 3.51 UniCredit SpA 4,199,816 5,190,973 0.68 Unione di Banche Italiane ScpA 286,881 2,372,506 0.31 Unipol Gruppo Finanziario SpA 2,366,321 1,570,054 0.21 Vianini Lavori SpA 5,813 22,206 0.00 88,556,505 11.59 Netherlands Aegon NV 1,022,251 2,989,062 0.39 European Aeronautic Defence and Space Co NV 602,565 5,278,469 0.69 Imtech NV 191,700 1,986,012 0.26 ING Groep NV 1,955,089 8,105,799 1.06 Koninklijke Ahold NV 2,291,481 18,884,095 2.47 Koninklijke DSM NV 314,362 6,229,083 0.82 Koninklijke Philips Electronics NV 9,570 106,036 0.01 Nutreco Holding NV 17,622 474,032 0.06 Randstad Holding NV 310,800 3,965,808 0.52 STMicroelectronics NV 151,154 566,828 0.07

112 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Netherlands (continued) STMicroelectronics NV (France) 557,456 2,107,184 0.28 TNT NV 1,027,242 13,158,970 1.72 Van Lanschot NV 908 34,613 0.01 63,885,991 8.36 Portugal Banco BPI 74,396 111,892 0.02 Banco Comercial Portugues SA 211,583 130,335 0.02 Energias de Portugal SA 5,864,861 15,301,422 2.00 Portugal Telecom SGPS SA 513,593 2,994,247 0.39 REN - Redes Energeticas Nacionais SA 416,797 1,309,159 0.17 19,847,055 2.60 Spain Abengoa SA 8,733 87,068 0.01 Banco Bilbao Vizcaya Argentaria SA 1,645,957 10,040,338 1.31 Banco Santander SA 3,780,896 19,622,850 2.57 Befesa Medio Ambiente SA 6,254 87,556 0.01 Ebro Puleva 162,000 1,425,600 0.19 Gas Natural SDG 399,500 4,106,860 0.54 Grupo Catalana Occidente SA 229,234 2,042,475 0.27 Iberdrola 249,754 1,311,209 0.17 Mapfre SA 333,016 546,146 0.07 Pescanova 5,734 148,740 0.02 Prosegur Cia de Seguridad SA 42,369 858,820 0.11 Repsol YPF SA 1,502,200 19,573,666 2.56 Telefonica SA 2,467,336 37,034,713 4.85 96,886,041 12.68

Total financial assets at fair value through profit or loss 763,292,094 99.92

Net Cash at Bank (931,535) (0.12)

Other Net Assets 483,666 0.06

Adjustment from bid market prices to last traded market prices 1,077,573 0.14

Net Assets attributable to holders of redeemable participating units 763,921,798 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 96.47 Current Assets 3.53 Total Assets 100.00

113 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG EUROPE EX-UK EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Austria OMV AG 22,233 562,495 0.40 Strabag SE 7,615 109,961 0.08 Telekom Austria AG 48,952 547,283 0.39 1,219,739 0.87 Belgium Banque Nationale de Belgique 4 8,628 0.01 Delhaize Group 43,600 2,122,884 1.51 Solvay SA 28,600 1,508,078 1.07 UCB SA 37,800 838,782 0.59 Umicore 1,756 24,373 0.02 4,502,745 3.20 Denmark AP Moller-Maersk A/S 620 2,014,446 1.43 Danisco A/S 17,673 396,849 0.28 FLSmidth & Co A/S 6,047 115,286 0.08 Novozymes A/S 14,771 798,223 0.57 3,324,804 2.36 Finland Elisa OYJ 36,800 404,064 0.29 Orion OYJ 19,038 207,133 0.15 Pohjola Bank Plc 44,000 195,360 0.14 Pohjola Bank Plc (Rights) 44,000 44,968 0.03 Sampo OYJ 89,891 995,992 0.71 UPM-Kymmene OYJ 176,618 768,288 0.54 Wartsila OYJ 39,746 629,974 0.45 3,245,779 2.31 France Air France-KLM 51,000 339,660 0.24 Atos Origin SA 26,400 506,352 0.36 BNP Paribas 52,291 1,627,296 1.16 Bouygues SA 1,120 30,150 0.02 Cap Gemini SA 51,600 1,244,076 0.89 Christian Dior SA 26,005 1,073,096 0.76 Cie de St Gobain 829 17,434 0.01 CNP Assurances 13,948 662,530 0.47 Credit Agricole SA 41,759 347,101 0.25 France Telecom SA 336,000 5,750,640 4.09 GDF Suez 705 18,224 0.01 Gemalto NV 27,714 595,297 0.42 M6-Metropole Television 13,053 159,899 0.11 Nexans SA 7,136 203,626 0.15 Pernod-Ricard SA 35,471 1,488,895 1.06 PPR 782 37,704 0.03 Sanofi-Aventis SA 155,524 6,569,334 4.67 Societe Generale 22,764 671,310 0.48 Sodexo 35,591 1,221,483 0.87 Suez Environnement SA 33,262 368,210 0.26 Teleperformance 2,230 46,206 0.03 Thales SA 37,200 1,061,688 0.76 Total SA 27,300 1,021,703 0.73 Vivendi 165,616 3,299,899 2.35 Zodiac Aerospace 12,147 231,522 0.16 28,593,335 20.34 Germany Allianz SE 38,654 2,469,604 1.76 Bayer AG 106,548 3,824,008 2.72 Bilfinger Berger AG 12,300 350,304 0.25 Deutsche Bank AG 26,096 794,623 0.56 Deutsche Lufthansa AG 94,000 770,330 0.55

114 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG EUROPE EX-UK EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Germany (continued) Deutsche Post AG 218,853 1,775,992 1.26 Deutsche Telekom AG 140,600 1,313,907 0.93 Fresenius Medical Care AG & Co KGaA 56,317 1,646,146 1.17 Fresenius SE 23,400 669,708 0.48 Generali Deutschland Holding AG 2,502 140,312 0.10 Hannover Rueckversicherung 2,462 58,990 0.04 Henkel AG & Co KGaA 51,003 964,467 0.69 K&S AG 10,600 368,562 0.26 Lanxess AG 28,200 362,088 0.26 Linde AG 44,400 2,267,064 1.61 Merck KGaA 22,220 1,475,408 1.05 MTU Aero Engines Holding AG 15,671 276,436 0.20 Muenchener Ruckvers AG 7,414 679,938 0.48 RWE AG 61,863 3,266,985 2.32 Software 3,420 183,346 0.13 Suedzucker AG 14,700 212,856 0.15 Tognum AG 44,598 291,671 0.21 24,162,745 17.18 Greece Hellenic Telecommunications Organisation SA 45,000 500,850 0.36 National Bank of Greece SA 18,136 206,750 0.15 OPAP SA 38,397 767,940 0.54 1,475,540 1.05 Ireland Kerry Group Plc 922 14,024 0.01

Italy ACEA SpA 41,000 366,335 0.26 Banco Popolare SpA 262,955 909,824 0.65 Enel SpA 1,235,788 4,458,105 3.17 Finmeccanica SpA 98,604 918,003 0.65 Fondiaria Sai SpA 31,500 273,578 0.19 Intesa Sanpaolo SpA 394,359 816,323 0.58 KME Group SpA 40,944 24,075 0.02 Milano Assicurazioni SpA 128,055 221,023 0.16 Pirelli & Co SpA 789,238 138,590 0.10 Telecom Italia SpA 4,742,528 4,564,683 3.25 UniCredit SpA 507,241 626,950 0.44 Unipol Gruppo Finanziario SpA 437,130 290,036 0.21 13,607,525 9.68 Luxembourg Oriflame Cosmetics SA 5,598 130,560 0.09

Netherlands Akzo Nobel NV 341 9,708 0.01 European Aeronautic Defence and Space Co NV 31,820 278,743 0.20 Imtech NV 24,186 250,567 0.18 ING Groep NV 294,575 1,221,308 0.87 Koninklijke Ahold NV 264,467 2,179,473 1.55 Koninklijke DSM NV 66,206 1,311,872 0.93 Koninklijke Philips Electronics NV 27,280 302,262 0.21 Nutreco Holding 2,401 64,587 0.05 Randstad Holding NV 35,779 456,540 0.32 STMicroelectronics NV 60,766 227,873 0.16 STMicroelectronics NV (France) 177,748 671,887 0.48 TNT NV 105,333 1,349,316 0.96 Van Lanschot NV 147 5,604 0.00 8,329,740 5.92

115 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG EUROPE EX-UK EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Norway StatoilHydro ASA 323,000 4,283,961 3.05

Portugal Banco Comercial Portugues SA 54,777 33,743 0.03 Energias de Portugal SA 710,000 1,852,390 1.32 Portugal Telecom SGPS SA 77,946 454,425 0.32 REN - Redes Energeticas Nacionais SA 23,179 72,805 0.05 2,413,363 1.72 Spain Abengoa SA 1,471 14,666 0.01 Banco Bilbao Vizcaya Argentaria SA 158,324 965,776 0.69 Banco Santander SA 455,966 2,366,464 1.68 Ebro Puleva SA 623 5,482 0.00 Gas Natural SDG SA 42,662 438,565 0.31 Grupo Catalana Occidente SA 30,068 267,906 0.19 Mapfre SA 82,809 135,807 0.10 Prosegur Cia de Seguridad SA 1,864 37,783 0.03 Repsol YPF SA 220,200 2,869,206 2.04 Telefonica SA 377,565 5,667,251 4.03 12,768,906 9.08 Sweden Meda AB 90,000 400,128 0.28 Nordea Bank AB 168,376 627,393 0.45 Securitas AB 117,891 641,734 0.46 Svenska Cellulosa AB 161,035 913,263 0.65 Svenska Cellulosa (Class A Shares) 10,979 62,014 0.04 Tele2 AB 124,000 782,308 0.56 Telefonaktiebolaget LM Ericsson 595,717 3,657,936 2.60 TeliaSonera AB 544,287 1,958,670 1.39 9,043,446 6.43 Switzerland Adecco SA 51,289 1,208,109 0.86 Baloise Holding AG 16,800 809,585 0.58 Banque Cantonale Vaudoise 2,520 627,637 0.45 Clariant AG 84,000 245,379 0.17 Credit Suisse Group AG 51,771 1,187,913 0.85 EFG International AG 15,193 84,738 0.06 Elektrizitaets-Gesellschaft Laufenburg AG 426 259,608 0.19 Flughafen Zuerich AG 720 97,770 0.07 Helvetia Holding AG 3,100 494,674 0.35 Nestle SA 101,500 2,587,149 1.84 Novartis AG 277,761 7,878,403 5.60 Roche Holdings AG 3,700 382,582 0.27 Siegfried Holding AG 1,278 46,475 0.03 Sulzer AG 10,341 398,663 0.28 Swiss Reinsurance 40,086 494,947 0.35 Swisscom AG 7,597 1,609,063 1.14 Synthes Inc 19,248 1,612,859 1.15 UBS AG 143,662 1,018,230 0.72 Vontobel Holding AG 819 11,447 0.01 Zurich Financial Services AG 14,603 1,739,212 1.24 22,794,443 16.21

Total financial assets at fair value through profit or loss 139,910,655 99.50

Net Cash at Bank 2,261,237 1.61

Other Net Liabilities (1,829,417) (1.30)

116 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG EUROPE EX-UK EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Fair Value % of EUR Net Assets

Adjustment from bid market prices to last traded market prices 264,459 0.19

Net Assets attributable to holders of redeemable participating units 140,606,934 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 97.62 Current Assets 2.38 Total Assets 100.00

117 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG EUROPE EX-UK SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Austria Agrana Beteiligungs 598 29,296 0.47 Conwert Immobilien Invest SE 1,457 6,862 0.11 EVN AG 493 5,315 0.08 Miba AG 196 14,112 0.23 Wiener Privatbank SE 473 5,818 0.09 61,403 0.98 Belgium Banque Nationale de Belgique 8 17,256 0.28 D'ieteren SA 255 27,349 0.44 Delhaize Group 2,663 129,661 2.07 Omega Pharma 2,428 40,038 0.64 Recticel SA 4,293 9,316 0.15 Rosier 45 12,153 0.19 Tessenderlo Chemie NV 4,200 96,054 1.53 331,827 5.30 Denmark Auriga Industries 4,498 58,579 0.94 Danisco A/S 3,388 76,078 1.21 DFDS A/S 726 27,146 0.43 Monberg & Thorsen A/S 900 19,938 0.32 181,741 2.90 Finland Finnair OYJ 12,239 45,040 0.72 Kemira OYJ 17,115 81,981 1.31 Orion OYJ 3,651 39,723 0.63 Sampo OYJ 2,400 26,592 0.43 Scanfil OYJ 2,615 5,099 0.08 Tietoenator OYJ 813 6,350 0.10 Wartsila OYJ 5,000 79,250 1.27 284,035 4.54 France Air France-KLM 12,202 81,265 1.30 Altran Technologies 18,550 41,923 0.67 Arkema 4,759 56,632 0.90 Assystem 3,321 17,302 0.28 Atos Origin SA 6,000 115,080 1.84 Boiron 4,000 80,760 1.29 Cap Gemini SA 7,600 183,236 2.93 Christian Dior SA 2,100 86,657 1.38 Compagnie des Alpes 1,512 31,631 0.50 Credit Industriel et Commercial 596 57,520 0.92 Eutelsat Communications 1,974 31,545 0.50 Gascogne 602 14,105 0.23 Gemalto NV 2,122 45,581 0.73 GFI Informatique 2,675 5,992 0.10 Groupe Crit 2,003 14,201 0.23 Groupe Steria 4,410 46,878 0.75 Havas SA 31,416 60,884 0.97 Linedata Services 1,924 8,273 0.13 M6-Metropole Television 5,600 68,600 1.10 Nexans SA 2,247 64,118 1.02 Nexity 1,879 30,158 0.48 Pierre & Vacances 2,197 85,529 1.37 Sodexo 242 8,305 0.13 Teleperformance 6,300 130,536 2.08 Thales SA 3,000 85,620 1.37 1,452,331 23.20 Germany Augusta Technologie AG 2,700 21,573 0.35 Bechtle AG 4,500 54,045 0.86

118 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG EUROPE EX-UK SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Germany (continued) Bertrandt 442 5,799 0.09 Carl Zeiss Meditec 1,000 10,220 0.16 D Logistics AG 21,705 22,790 0.36 Deutsche Lufthansa AG 16,000 131,120 2.09 Dragerwerk AG 1,600 25,584 0.41 Fresenius SE 179 5,123 0.08 Gesco AG 614 19,955 0.32 Hans Einhell AG 897 10,719 0.17 Hochtief AG 283 8,029 0.13 Hornbach Holding AG 600 22,620 0.36 Indus Holding 2,343 20,244 0.32 Jenoptik AG 12,000 42,240 0.68 Jungheinrich 5,078 40,878 0.65 Koenig & Bauer AG 4,500 30,825 0.49 Lanxess AG 9,200 118,128 1.89 MTU Aero Engines Holding AG 3,698 65,233 1.04 Schuler 3,938 8,664 0.14 Software AG 1,400 75,054 1.20 STO AG 822 27,208 0.44 Suedzucker AG 7,200 104,256 1.67 Tognum AG 1,976 12,923 0.21 883,230 14.11 Greece Bank Of Greece 237 9,907 0.16

Ireland Total Produce Plc 35,188 9,149 0.15

Italy ACEA SpA 3,000 26,805 0.43 Banca Carige SpA 41,255 98,703 1.58 Banco di Sardegna SpA 428 3,867 0.06 Banco Popolare SpA 28,000 96,880 1.55 CIR-Compagnie Industriali Riunite SpA 96,558 74,832 1.19 Davide Campari-Milano 1,421 6,696 0.11 El.En. SpA 2,164 21,943 0.35 Fastweb 3,500 53,585 0.86 Finmeccanica SpA 6,117 56,949 0.91 Fondiaria Sai SpA 2,254 19,576 0.31 Gefran SpA 8,117 16,822 0.27 Gruppo Ceramiche Ricchetti 7,485 5,595 0.09 Irce 2,100 2,993 0.05 KME Group SpA 10,048 5,908 0.09 Mirato SpA 2,603 11,193 0.18 Piccolo Credito Valtellinese Scarl 2,022 12,274 0.20 Pirelli & Co SpA 177,760 31,215 0.50 Recordati 1,428 5,830 0.09 Reply SpA 789 11,322 0.18 Unipol Gruppo Finanziario SpA 43,732 29,016 0.46 Vianini Lavori SpA 11,368 43,426 0.69 635,430 10.15 Luxembourg GAGFAH SA 6,000 22,200 0.36 Oriflame Cosmetics SA 3,230 75,332 1.20 97,532 1.56 Netherlands Akzo Nobel NV 1280.00 BE Semiconductor Industries NV 9,071 13,516 0.21 CSM NV 9,000 78,750 1.26 Koninklijke DSM NV 4,000 79,260 1.27

119 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG EUROPE EX-UK SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Netherlands (continued) Koninklijke Wessanen 7,295 18,573 0.30 Nutreco Holding NV 2,677 72,011 1.15 Randstad Holding NV 7,000 89,320 1.43 STMicroelectronics NV 1,321 4,954 0.08 TNT NV 3,739 47,897 0.76 USG People NV 8,387 50,574 0.81 454,883 7.27 Portugal Banif SGPS 9,655 9,848 0.16 Portugal Telecom SGPS SA 2,278 13,281 0.21 REN - Redes Energeticas Nacionais SA 8,689 27,292 0.44 50,421 0.81 Spain Abengoa SA 3,404 33,938 0.54 Acciona SA 443 34,288 0.55 Befesa Medio Ambiente SA 4,645 65,030 1.04 Campofrio Food SA 11,367 82,638 1.32 Ebro Puleva SA 12,000 105,600 1.68 Ercros SA 85,841 11,159 0.18 Grupo Catalana Occidente SA 2,654 23,647 0.38 Nicolas Correa 5,999 11,578 0.18 Pescanova 1,392 36,108 0.58 Prosegur Cia de Seguridad SA 2,504 50,756 0.81 454,742 7.26 Sweden Acando 9,966 9,715 0.16 Biotage 7,315 3,272 0.05 Din Bostad 3,782 6,030 0.10 Meda AB 20,878 92,821 1.48 Pricer 118,399 5,609 0.09 Rederi AB Transatlantic 10,852 23,728 0.38 Svenska Cellulosa AB 3,449 19,560 0.31 Svenska Cellulosa AB (Class A Shares) 912 5,151 0.08 Tele2 AB 14,000 88,325 1.41 254,211 4.06 Switzerland Ascom Holding AG 3,101 17,049 0.27 Baloise Holding AG 1,374 66,213 1.06 Banque Cantonale Vaudoise 141 35,118 0.56 Bossard Holding 413 10,177 0.16 BVZ Holding 44 11,666 0.19 Carlo Gavazzi Holding AG 434 22,999 0.37 Clariant AG 24,000 70,108 1.12 Daetwyler Holding AG 2,265 57,013 0.91 Elektrizitaets-Gesellschaft Laufenburg AG 64 39,002 0.62 Emmi AG 1,200 78,137 1.25 Energiedienst Holding AG 3,000 96,379 1.54 Feintool International Holding AG 211 22,502 0.36 Flughafen Zuerich AG 148 20,097 0.32 Forbo Holding AG 397 43,128 0.69 Helvetia Holding AG 309 49,308 0.79 Jungfraubahn Holding AG 1,500 40,738 0.65 Kardex 1,579 29,391 0.47 Kuoni Reisen Holding AG 421 76,689 1.22 MCH Messe Schweiz Holding AG 990 16,394 0.26 Metraux Services Holding SA 271 13,104 0.21 Pax Anlage AG 44 21,859 0.35 Schweizerische National-Versicherungs-Gesellschaft 114 37,908 0.60 Siegfried Holding AG 710 25,820 0.41 Sulzer AG 583 22,476 0.36

120 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG EUROPE EX-UK SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares EUR Net Assets

Equities

Switzerland (continued) Valora Holding AG 551 52,557 0.84 Vaudoise Assurances Holding SA 333 30,440 0.49 Vontobel Holding AG 892 12,467 0.20 Walter Meier AG 500 17,633 0.27 1,036,372 16.54

Total financial assets at fair value through profit or loss 6,197,214 98.99

Net Cash at Bank 39,690 0.63

Other Net Liabilities (17,649) (0.28)

Adjustment from bid market prices to last traded market prices 41,133 0.66

Net Assets attributable to holders of redeemable participating units 6,260,388 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 98.21 Current Assets 1.79 Total Assets 100.00

121 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG JAPAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Auto Components Ahresty Corp 93,500 26,367,000 0.03 Aisan Industry Co Ltd 182,000 81,718,000 0.09 Alpha Corp/Japan 55,100 30,745,800 0.03 Bridgestone Corp 1,371,600 1,931,212,800 2.01 FuKoKu 25,300 11,638,000 0.01 H-One 47,600 16,755,200 0.02 Hi-Lex Corp 121,400 69,198,000 0.07 Kikuchi Co Ltd 41,100 29,592,000 0.03 Murakami 66,000 21,516,000 0.02 Musashi Seimitsu Industry 28,200 28,171,800 0.03 Nihon Plast 26,900 4,465,400 0.00 Nippon Seiki 182,000 110,292,000 0.12 Nishikawa Rubber 76,000 33,288,000 0.03 Nissan Shatai Co Ltd 618,000 351,024,000 0.37 Nittan Valve Co Ltd 122,500 29,645,000 0.03 Pacific Industrial Co Ltd 41,000 10,496,000 0.01 Piolax Inc 69,400 80,573,400 0.08 Sanoh Industrial 32,900 12,600,700 0.01 Showa Corp 244,400 84,806,800 0.09 Soft99 Corp 106,500 43,984,500 0.05 Suncall Corp 154,000 29,260,000 0.03 Tanaka Seimitsu Kogyo 18,800 7,745,600 0.01 Tigers Polymer Corp 18,100 6,135,900 0.01 Toyo Tire & Rubber 97,000 12,028,000 0.01 Unipres Corp 121,400 83,766,000 0.09 Univance 9,800 1,617,000 0.00 Yorozu Corp 81,600 67,238,400 0.07 Yutaka Giken Co Ltd 700 462,000 0.00 3,216,343,300 3.35 Automobiles Fuji Heavy Industries Ltd 2,288,000 736,736,000 0.77 Nissan Motor Co Ltd 2,426,800 849,380,000 0.88 Toyota Motor Corp 735,500 2,287,405,000 2.38 Yachiyo Industry Co Ltd 96,800 48,109,600 0.05 Yamaha Motor Co Ltd 434,600 379,840,400 0.39 4,301,471,000 4.47 Banks 77 Bank Ltd 1,214,000 591,218,000 0.61 Aichi Bank Ltd 34,900 236,273,000 0.25 Akita Bank Ltd 48,000 17,520,000 0.02 Bank of Kyoto Ltd 995,000 826,845,000 0.86 Bank of Saga 143,000 45,903,000 0.05 Bank of the Ryukyus 152,100 123,048,900 0.13 Biwako Bank Ltd 263,000 26,826,000 0.03 Chiba Kogyo Bank 189,500 181,920,000 0.19 Daishi Bank Ltd 282,000 109,134,000 0.11 Eighteenth Bank Ltd 758,000 253,172,000 0.26 Fukuoka Financial Group Inc 2,584,000 767,448,000 0.80 Gunma Bank Ltd 173,000 91,517,000 0.10 Higashi-Nippon Bank 774,000 204,336,000 0.21 Hokuetsu Bank 623,000 102,172,000 0.11 Hyakugo Bank Ltd 1,025,000 512,500,000 0.53 Hyakujushi Bank 105,000 48,510,000 0.05 Kagawa Bank 182,000 75,166,000 0.08 Kita-Nippon Bank Ltd 39,700 113,542,000 0.12 Mie Bank Ltd 274,000 83,022,000 0.09 Minato Bank 1,000 143,000 0.00 Mitsubishi UFJ Financial Group Inc 8,651,600 4,118,161,600 4.28 Nishi-Nippon City Bank 3,118,000 657,898,000 0.68 San-In Godo Bank Ltd 711,000 538,227,000 0.56

122 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG JAPAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Banks (continued) Sapporo Hokuyo Holdings Inc 1,432,000 395,232,000 0.41 Sumitomo Mitsui Financial Group Inc 218,000 741,200,000 0.77 Taiko Bank Ltd 211,000 42,833,000 0.04 Tochigi Bank 510,000 242,760,000 0.25 Yamanashi Chuo Bank Ltd 115,000 58,880,000 0.06 11,205,407,500 11.65 Beverages Asahi Breweries Ltd 1,189,200 1,393,742,400 1.45 Coca-Cola Central Japan Co Ltd 112,500 147,712,500 0.16 Hokkaido Coca-Cola Bottling Co Ltd 1,000 451,000 0.00 Kirin Holdings Co Ltd 1,951,000 2,030,991,000 2.11 Mercian Corp 189,000 31,941,000 0.03 Mikuni Coca-Cola Bottling Co Ltd 187,300 145,157,500 0.15 3,749,995,400 3.90 Building Products Toli 155,000 26,350,000 0.03

Chemicals Adeka Corp 442,700 270,047,000 0.28 Arakawa Chemical Industries Ltd 20,700 12,896,100 0.01 Aronkasei Co Ltd 226,000 60,342,000 0.06 Asahi Kasei Corp 1,496,000 528,088,000 0.55 Dainichiseika Color & Chemicals Manufacturing Co Ltd 45,000 9,540,000 0.01 Fujikura Kasei Co Ltd 132,100 48,216,500 0.05 Fuso Chemical 5,400 3,375,000 0.00 Kaneka Corp 1,278,000 618,552,000 0.64 Kitagawa Industries Co Ltd 53,500 55,105,000 0.06 Mitsubishi Chemical Holdings Corp 2,571,500 861,452,500 0.89 Mitsui Chemicals Inc 2,316,000 553,524,000 0.57 NE Chemcat 76,000 73,340,000 0.08 Nihon Kagaku Sangyo Co Ltd 63,000 28,035,000 0.03 Nippon Pillar Packing 54,000 16,416,000 0.02 Nitto FC 105,000 45,675,000 0.05 Osaka Organic Chemical Industry 16,800 5,796,000 0.01 Sakai Chemical Industry Co Ltd 443,000 121,382,000 0.13 Sakata INX Corp 176,000 46,640,000 0.05 Sanyo Chemical Industries Ltd 18,000 8,262,000 0.01 SK Kaken 10,000 17,100,000 0.02 Soken Chemical & Engineering 9,200 4,066,400 0.00 Sumitomo Chemical Co Ltd 4,064,000 1,345,184,000 1.40 Sumitomo Seika Chemicals Co Ltd 225,000 59,850,000 0.06 T&K Toka Co Ltd 56,000 26,880,000 0.03 Taiyo Kagaku Co Ltd 104,600 53,973,600 0.06 Teijin Ltd 2,780,000 592,140,000 0.61 Toagosei Co Ltd 206,000 45,320,000 0.05 Toyo Ink Manufacturing Co Ltd 49,000 9,751,000 0.01 5,520,949,100 5.74 Commercial Services and Supplies Ines Corp 76,300 43,338,400 0.04 Itoki 220,300 53,973,500 0.06 Kanamoto 5,000 1,655,000 0.00 Kimura Unity 11,100 7,936,500 0.01 Kitamura 44,000 18,084,000 0.02 Kosaido 79,400 14,768,400 0.01 Musashi 30,000 37,800,000 0.04 Nichiban 13,000 3,497,000 0.00 Nifty Corp 750 66,900,000 0.07 Nishio Rent All 88,900 53,428,900 0.06 Shingakukai Co Ltd 119,800 25,397,600 0.03 Temp Holdings 18,100 9,194,800 0.01

123 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG JAPAN EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Commercial Services and Supplies (continued) Teraoka Seisakusho 16,100 6,037,500 0.01 Tokan 25,000 31,750,000 0.03 Universe 55,900 61,154,600 0.06 434,916,200 0.45 Communications Equipment NEC Fielding Ltd 55,500 54,834,000 0.06 Nippon Antenna Co Ltd 500 260,000 0.00 Toshiba TEC Corp 972,000 243,972,000 0.25 299,066,000 0.31 Computers and Peripherals Fujitsu Frontech Ltd 31,400 23,895,400 0.03 Fujitsu Ltd 5,090,000 1,857,850,000 1.93 NEC Corp 5,196,000 1,366,548,000 1.42 3,248,293,400 3.38 Construction and Engineering Chudenko Corp 244,600 332,656,000 0.35 Commuture 10,000 5,960,000 0.01 Daiichi Kensetsu Corp 81,000 51,030,000 0.05 Daimei Telecom Engineering 52,000 47,424,000 0.05 Maeda Corp 733,000 250,686,000 0.26 Nisshin Fudosan Co 134,700 23,707,200 0.02 Ohmoto Gumi Co Ltd 73,000 17,885,000 0.02 Seibu Electric Industry Co Ltd 25,000 9,325,000 0.01 Taisei Rotec Corp 31,000 4,185,000 0.00 Yondenko Corp 142,000 66,740,000 0.07 Yurtec Corp 294,000 153,174,000 0.16 962,772,200 1.00 Construction Materials Mitani Sekisan 46,800 19,188,000 0.02

Distributors Hikari Furniture 24,000 7,224,000 0.01 Takata 79,400 63,758,200 0.06 Yagi & Co Ltd 42,400 41,297,600 0.04 Yamae Hisano Co Ltd 9,700 7,381,700 0.01 Yamato International Inc 56,200 19,445,200 0.02 139,106,700 0.14 Diversified Financials Century Tokyo Leasing Corp 163,800 95,495,400 0.10 Chuo Mitsui Trust Holdings Inc 2,884,000 862,316,000 0.90 Daiko Clearing Services Corp 96,100 59,774,200 0.06 Fuyo General Lease Co Ltd 69,300 85,377,600 0.09 Kyokuto Securities 67,800 20,950,200 0.02 ORIX Corp 38,140 120,903,800 0.13 Pocket Card 167,100 41,273,700 0.04 Raysum 79 1,079,140 0.00 Sumitomo Trust & Banking Co Ltd 4,349,000 1,622,177,000 1.69 Takefuji Corp 511,070 235,603,270 0.25 Yamaguchi Financial Group Inc 108,000 99,900,000 0.10 3,244,850,310 3.38 Diversified Telecommunication Nippon Telegraph & Telephone Corp 838,300 3,126,859,000 3.25 SEC Carbon Ltd 65,000 20,930,000 0.02 3,147,789,000 3.27 Electric Utilities Chubu Electric Power Co Inc 493,300 1,065,528,000 1.11 Electric Power Development 357,500 1,042,112,500 1.08 Kyushu Electric Power 253,900 559,849,500 0.58 2,667,490,000 2.77

124 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Electrical Equipment Aichi Electric 31,000 4,743,000 0.01 Futaba Corp 64,100 98,201,200 0.10 Nitto Kogyo Corp 27,500 20,680,000 0.02 Sanyo Denki Co Ltd 35,000 6,720,000 0.01 130,344,200 0.14 Electronic Equipment and Instruments Canon Electronics Inc 20,200 23,654,200 0.02 Daishinku Corp 187,000 28,424,000 0.03 ESPEC Corp 99,200 44,640,000 0.05 Excel 1,100 959,200 0.00 Faith Inc 6,744 47,410,320 0.05 Furuno Electric Co Ltd 116,500 57,318,000 0.06 Hakuto Co Ltd 123,500 72,988,500 0.07 Hitachi Ltd 6,288,000 1,660,032,000 1.73 Hosiden 146,100 141,570,900 0.15 Murata Manufacturing Co Ltd 517,900 1,957,662,000 2.04 Omron 808,900 935,088,400 0.97 Riken Keiki 37,000 19,277,000 0.02 Ryoden Trading Co Ltd 172,000 72,240,000 0.07 Ryoyo Electro Corp 127,200 102,396,000 0.11 Satori Electric Co Ltd 93,100 35,378,000 0.04 Senshu Electric Co Ltd 40,600 31,343,200 0.03 Shinko Shoji Co Ltd 105,300 66,654,900 0.07 Tachibana Eletech Co Ltd 68,600 45,207,400 0.05 TDK Corp 318,700 1,163,255,000 1.21 6,505,499,020 6.77 Food and Drug Retailing Cawachi Ltd 95,500 143,632,000 0.15 Cocokara Fine Holdings 9,800 8,643,600 0.01 Kasumi Co Ltd 146,000 54,312,000 0.06 KRS Corp 22,400 20,339,200 0.02 Maxvalu Nishinihon Co Ltd 12,000 14,592,000 0.01 Ministop Co Ltd 79,300 121,725,500 0.13 S Foods Inc 16,500 12,771,000 0.01 Valor Co Ltd 204,200 144,165,200 0.15 Yamazawa 900 1,143,900 0.00 521,324,400 0.54 Food Products Dydo Drinco Inc 15,900 39,988,500 0.04 Itoham Foods Inc 96,000 26,976,000 0.03 Marudai Food Co Ltd 198,000 46,134,000 0.05 Morinaga Milk Industry Co Ltd 1,011,000 298,245,000 0.31 Nissin Sugar Manufacturing 251,000 47,188,000 0.05 Nitto Fuji Flour Milling 12,000 3,444,000 0.00 Oriental Yeast Co Ltd 118,000 50,740,000 0.05 Sonton Food Industry Co Ltd 43,000 23,220,000 0.02 Yonekyu Corp 16,000 15,968,000 0.02 Yutaka Foods 5,400 6,172,200 0.01 558,075,700 0.58 Gas Utilities Hokkaido Gas 72,000 18,360,000 0.02 Hokuriku Gas 45,000 11,835,000 0.01 Keiyo Gas Co Ltd 57,000 19,779,000 0.02 Otaki Gas Co Ltd 1,000 576,000 0.00 50,550,000 0.05 Health Care Equipment and Supplies Aloka Co Ltd 96,000 66,816,000 0.07 Fukuda Denshi Co Ltd 9,000 17,235,000 0.02 Hitachi Medical Corp 174,000 128,934,000 0.13

125 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Health Care Equipment and Supplies (continued) Kawasumi Laboratories 112,000 58,352,000 0.06 Medikit Co Ltd 2,470 36,827,700 0.04 308,164,700 0.32 Health Care Providers and Services BML Inc 3,600 6,584,400 0.01 NIC Corp 79,700 33,872,500 0.04 Suzuken Co Ltd 233,700 600,609,000 0.62 641,065,900 0.67 Hotels, Restaurants and Leisure Chimney 6,700 9,373,300 0.01 Hurxley Corp 59,600 47,084,000 0.05 Royal Holdings Co Ltd 86,500 91,084,500 0.09 Shidax Corp 186,400 58,902,400 0.06 206,444,200 0.21 Household Durables Corona Corp 55,200 51,722,400 0.06 DCM Japan Holdings 65,200 32,534,800 0.03 ES-Con Japan 477 2,862,000 0.00 Hitachi Maxell Ltd 340,400 240,662,800 0.25 Nagawa Co Ltd 80,900 45,304,000 0.05 373,086,000 0.39 Household Products Kao Corp 1,052,000 2,017,736,000 2.10 Sumikin Bussan 503,000 103,115,000 0.11 2,120,851,000 2.21 Industrial Conglomerates Asahi Industries Co Ltd 224 26,588,800 0.03

Insurance Mitsui Sumitomo Insurance Group Holdings 922,900 2,090,368,500 2.17 Sompo Japan Insurance Inc 35,000 17,675,000 0.02 T&D Holdings Inc 539,100 1,269,580,500 1.32 3,377,624,000 3.51 Internet and Catalogue Retail Belluna Co Ltd 200,100 50,625,300 0.05 Felissimo Corp 52,000 87,776,000 0.09 Senshukai Co Ltd 25,700 17,733,000 0.02 156,134,300 0.16 IT Consulting and Services Argo Graphics 11,300 10,938,400 0.01 CAC 42,900 23,852,400 0.03 Hitachi Systems & Services Ltd 51,000 44,727,000 0.05 Information Services International-Dentsu 155,500 80,082,500 0.08 159,600,300 0.17 Leisure Equipment and Products Araya Industrial 113,000 13,899,000 0.01 Aruze Corp 13,000 6,305,000 0.01 Fujifilm Holdings Corp 99,100 210,587,500 0.22 Nippon Game Card Corp 518 53,198,600 0.05 Roland Corp 101,500 105,864,500 0.11 SRI Sports Ltd 1,119 85,044,000 0.09 474,898,600 0.49 Machinery Aida Engineering Ltd 348,000 96,396,000 0.10 Fuji Machine Manufacturing Co Ltd 147,500 118,000,000 0.12 Hirata 9,200 3,689,200 0.00 Ishikawajima Transport Machinery Co Ltd 21,000 6,132,000 0.01 Koike Sanso Kogyo 5,000 1,050,000 0.00

126 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Machinery (continued) Kyokuto Kaihatsu Kogyo Co Ltd 4,700 1,569,800 0.00 Makino Milling Machine 425,000 111,775,000 0.12 Miyachi 61,300 24,520,000 0.03 Nissei Plastic Industrial Co Ltd 120,500 28,920,000 0.03 Pegasus Sewing Machine Manufacturing 81,600 12,240,000 0.01 Shinmaywa Industries Ltd 499,000 102,295,000 0.11 Takeuchi Manufacturing Co Ltd 54,500 33,790,000 0.03 Trinity Industrial 30,000 7,920,000 0.01 Tsurumi Manufacturing Co Ltd 65,000 36,595,000 0.04 Yamabiko Corp 32,100 36,594,000 0.04 621,486,000 0.65 Marine Kawasaki Kinkai Kisen Kaisha 110,000 30,800,000 0.03 Kawasaki Kisen Kaisha Ltd 1,793,000 541,486,000 0.57 572,286,000 0.60 Media Chubu-Nippon Broadcasting Co Ltd 116,800 85,731,200 0.09 Daiichikosho Co Ltd 219,200 178,209,600 0.18 TV Asahi Corp 1,807 198,770,000 0.21 462,710,800 0.48 Metals and Mining Chubu Steel Plate Co Ltd 115,500 65,604,000 0.07 DOWA Holding Co Ltd (Rights) 1,568,000 2 0.00 JFE Holdings Inc 773,800 1,655,932,000 1.72 Mory Industries 169,000 35,828,000 0.04 Nichia Steel Works Ltd 135,000 34,020,000 0.03 Sumitomo Pipe & Tube Co Ltd 113,900 56,266,600 0.06 Toyo Kohan Co Ltd 54,000 16,308,000 0.02 Yodogawa Steel Works Ltd 476,000 191,828,000 0.20 2,055,786,602 2.14 Multiline Retail Aeon Co Ltd 1,940,200 1,247,548,600 1.30 Circle K Sunkus 239,000 333,644,000 0.35 Edion 292,200 71,004,600 0.07 Heiwado Co Ltd 90,900 111,079,800 0.12 Hokuyaku Takeyama Holdings Inc 5,500 2,640,000 0.00 ITEC Corp 26,800 21,681,200 0.02 J Front Retailing 1,003,000 340,017,000 0.35 Marui Group Co Ltd 895,400 466,503,400 0.49 Maxvalu Tokai Co Ltd 2,700 2,945,700 0.00 Takashimaya Co Ltd 898,000 505,574,000 0.53 UNY Co Ltd 737,000 566,016,000 0.59 3,668,654,300 3.82 Office Electronics Canon Finetech Inc 79,700 81,134,600 0.08 Katsuragawa Electric 77,000 19,250,000 0.02 Riso Kagaku Corp 124,900 110,161,800 0.12 210,546,400 0.22 Oil and Gas AOC Holdings Inc 282,000 150,870,000 0.16 Cosmo Oil Co Ltd 120,000 34,920,000 0.04 Hiroshima Gas 1,000 218,000 0.00 INPEX Corp 2,946 2,009,172,000 2.09 Itochu Enex 159,100 81,936,500 0.08 Kanto Natural Gas Development Ltd 187,000 98,362,000 0.10 Nippon Mining Holdings Inc 388,000 150,544,000 0.16 San-Ai Oil 244,000 91,988,000 0.09 Showa Shell Sekiyu KK 803,300 717,346,900 0.75

127 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Oil and Gas (continued) Sinanen Co Ltd 182,000 76,986,000 0.08 3,412,343,400 3.55 Personal Products Aderans Holdings 129,600 90,460,800 0.09 Kose Corp 184,300 335,610,300 0.35 Mandom Corp 21,200 34,556,000 0.04 Shiseido Co Ltd 733,000 1,050,389,000 1.09 1,511,016,100 1.57 Pharmaceuticals ASKA Pharmaceutical Co Ltd 118,000 100,418,000 0.10 Astellas Pharma Inc 764,400 2,308,488,000 2.40 Daiichi Sankyo Co Ltd 1,236,200 2,033,549,000 2.11 Dainippon Sumitomo Pharma Co Ltd 926,000 756,542,000 0.79 Eisai Co Ltd 227,900 656,352,000 0.68 JCR Pharmaceuticals 11,000 3,366,000 0.00 Kyowa Hakko Kirin 868,000 716,968,000 0.75 Meiji Seika Kaisha 1,612,000 554,528,000 0.58 Mitsubishi Tanabe Pharma Corp 940,000 912,740,000 0.95 Nippon Shinyaku Co Ltd 274,000 238,654,000 0.25 Takeda Pharmaceutical Co Ltd 544,900 1,852,660,000 1.93 Torii Pharmaceutical Co Ltd 128,100 173,959,800 0.18 10,308,224,800 10.72 Real Estate JFE Shoji Holdings Inc 850,000 221,000,000 0.23 Relo Holdings 42,400 30,570,400 0.03 251,570,400 0.26 Retail Allied Hearts Holdings 201,000 37,587,000 0.04

Road and Rail Alps Logistics Co Ltd 47,600 35,462,000 0.04 Central Japan Railway Co 3,522 1,951,188,000 2.03 Maruzen Showa Unyu Co Ltd 138,000 36,846,000 0.04 Nippon Konpo Unyu Soko Co Ltd 41,000 31,898,000 0.03 Seino Holdings Corp 720,000 342,000,000 0.36 West Japan Railway Co 4,911 1,532,232,000 1.59 3,929,626,000 4.09 Semiconductor Equipment and Products AOI Electronic Co Ltd 69,400 30,883,000 0.03 Lasertec 27,500 14,052,500 0.02 Nikon 985,000 1,088,425,000 1.13 Seiko Epson Corp 565,000 752,580,000 0.78 USC Corp 58,400 47,712,800 0.05 1,933,653,300 2.01 Software Computer Engineering & Consulting Ltd 76,400 46,986,000 0.05 Cybernet Systems 368 11,040,000 0.01 Jastec 75,900 36,507,900 0.04 SRA Holdings 1,300 894,400 0.00 95,428,300 0.10 Speciality Retail AOKI Holdings Inc 62,900 55,226,200 0.06 Aoyama Trading Co Ltd 267,400 345,480,800 0.36 AT-Group Co Ltd 5,000 3,800,000 0.00 Fujitsu Business Systems Ltd 108,600 131,188,800 0.14 Haruyama Trading Co Ltd 97,000 32,786,000 0.03 Honeys Co Ltd 109,150 58,941,000 0.06 Kohnan Shoji Co Ltd 107,400 90,645,600 0.09 Konaka Co Ltd 109,200 25,116,000 0.03

128 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Speciality Retail (continued) Mac House Co Ltd 85,200 36,465,600 0.04 Nafco Co Ltd 106,100 95,596,100 0.10 Otsuka Kagu 69,700 44,189,800 0.04 Sazaby League Ltd 61,000 67,100,000 0.07 Unimat Life Corp 32,100 26,803,500 0.03 Yellow Hat Ltd 17,700 6,867,600 0.01 1,020,207,000 1.06 Textiles and Apparel Kowa Spinning Co Ltd 108,000 27,864,000 0.03 Kurabo Industries Ltd 1,043,000 137,676,000 0.14 Kyowa Leather Cloth 9,100 3,685,500 0.01 NBC Inc 2,500 1,875,000 0.00 Onward Holdings Co Ltd 407,000 260,073,000 0.27 Sanei-International Co Ltd 76,300 49,900,200 0.05 Ten Arrows Co Ltd 5,600 1,691,200 0.00 Tokyo Style Co Ltd 389,000 261,408,000 0.27 744,172,900 0.77 Tobacco Japan Tobacco Inc 5,787 1,511,564,400 1.57

Trading Companies and Distributors Daiichi Jitsugyo 255,000 60,435,000 0.06 Fujistaff Holdings 1,481 16,054,040 0.02 Furusato Industries Ltd 89,400 71,162,400 0.07 Inabata & Co Ltd 359,300 89,825,000 0.09 Kamei Corp 188,000 81,780,000 0.09 Kanaden Corp 96,000 44,640,000 0.05 Kuroda Electric Co Ltd 108,200 58,428,000 0.06 Mitani Corp 1,800 747,000 0.00 Nagase & Co Ltd 509,000 386,840,000 0.40 NEC Capital Solutions 81,800 54,724,200 0.06 Okaya & Co Ltd 3,500 3,185,000 0.00 Onoken 90,100 65,052,200 0.07 Sato Shoji 19,300 10,325,500 0.01 Sugimoto & Co Ltd 9,600 8,640,000 0.01 Techno Associe Co Ltd 52,100 26,102,100 0.03 Trusco Nakayama Corp 125,400 145,714,800 0.15 Tsuzuki Denki Co Ltd 13,000 3,198,000 0.00 Uehara Sei Shoji Co Ltd 69,000 22,149,000 0.02 Wakita & Co Ltd 239,000 76,480,000 0.08 1,225,482,240 1.27 Transportation Infrastructure Isewan Terminal Service Co Ltd 104,000 38,480,000 0.04 Meiko Trans Co Ltd 61,000 38,430,000 0.04 76,910,000 0.08 Wireless Telecommunication Services KDDI Corp 5,245 2,423,190,000 2.52 NTT DoCoMo Inc 11,950 1,597,715,000 1.66 Okinawa Cellular Telephone Co 257 42,662,000 0.05 4,063,567,000 4.23

Total financial assets at fair value through profit or loss 95,507,062,172 99.33

Net Cash at Bank 261,293,872 0.27

Other Net Assets 135,924,414 0.14

129 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Fair Value % of JPY Net Assets

Adjustment from bid market prices to last traded market prices 245,513,180 0.26

Net Assets attributable to holders of redeemable participating units 96,149,793,638 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 96.52 Current Assets 3.48 Total Assets 100.00

130 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Auto Components Ahresty Corp 70,400 19,852,800 0.03 Aichi Machine Industry Co Ltd 198,000 22,374,000 0.04 Aisan Industry Co Ltd 317,200 142,422,800 0.22 Central Automotive Products 59,000 16,461,000 0.03 Fuji Oozx 35,000 7,070,000 0.01 FuKoKu 168,500 77,510,000 0.12 H-One 3,200 1,126,400 0.00 Hi-Lex Corp 419,600 239,172,000 0.37 Kikuchi Co Ltd 8,200 5,904,000 0.01 Mitsuba Corp 245,000 60,515,000 0.09 Murakami 24,000 7,824,000 0.01 Nihon Plast 39,900 6,623,400 0.01 Nippon Seiki 217,000 131,502,000 0.21 Nishikawa Rubber 17,000 7,446,000 0.01 Nissan Shatai Co Ltd 580,000 329,440,000 0.52 Pacific Industrial Co Ltd 18,000 4,608,000 0.01 Piolax Inc 63,900 74,187,900 0.12 Showa Corp 531,400 184,395,800 0.29 Soft99 Corp 389,900 161,028,700 0.25 Suncall Corp 366,000 69,540,000 0.11 Tachi-S 49,600 21,427,200 0.03 Tanaka Seimitsu Kogyo 4,500 1,854,000 0.00 Tigers Polymer Corp 9,200 3,118,800 0.01 Topre Corp 68,900 46,989,800 0.07 Unipres Corp 571,100 394,059,000 0.62 Univance 3,900 643,500 0.00 2,037,096,100 3.19 Banks 77 Bank Ltd 760,000 370,120,000 0.58 Aichi Bank Ltd 146,700 993,159,000 1.56 Akita Bank Ltd 1,455,000 531,075,000 0.83 Bank of Nagoya 113,000 46,556,000 0.07 Bank of the Ryukyus 2,700 2,184,300 0.00 Chiba Kogyo Bank 231,600 222,336,000 0.35 Daishi Bank Ltd 192,000 74,304,000 0.12 Eighteenth Bank Ltd 1,544,000 515,696,000 0.81 Higashi-Nippon Bank 791,000 208,824,000 0.33 Higo Bank 42,000 23,898,000 0.04 Hokuetsu Bank 245,000 40,180,000 0.06 Hyakugo Bank Ltd 2,051,000 1,025,500,000 1.61 Hyakujushi Bank 836,000 386,232,000 0.60 Kagawa Bank 227,000 93,751,000 0.15 Kita-Nippon Bank Ltd 23,800 68,068,000 0.11 Mie Bank Ltd 2,220,000 672,660,000 1.05 Minato Bank 337,000 48,191,000 0.08 Nishi-Nippon City Bank 3,141,000 662,751,000 1.04 San-In Godo Bank Ltd 1,284,000 971,988,000 1.52 Sapporo Hokuyo Holdings Inc 1,672,600 461,637,600 0.72 Taiko Bank Ltd 39,000 7,917,000 0.01 Tochigi Bank 782,000 372,232,000 0.58 Yamanashi Chuo Bank Ltd 107,000 54,784,000 0.09 7,854,043,900 12.31 Beverages Coca-Cola Central Japan Co Ltd 669,500 879,053,500 1.38 Mercian Corp 1,780,000 300,820,000 0.47 Mikuni Coca-Cola Bottling Co Ltd 451,400 349,835,000 0.55 1,529,708,500 2.40 Building Products Nichireki 153,000 44,064,000 0.07

131 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Chemicals Adeka Corp 1,647,600 1,005,036,000 1.58 Arakawa Chemical Industries Ltd 91,100 56,755,300 0.09 Fukuvi Chemical Industry 8,000 1,680,000 0.00 Kaneka Corp 1,503,000 727,452,000 1.14 Kitagawa Industries Co Ltd 23,800 24,514,000 0.04 Koei Chemical 2,000 504,000 0.00 Mitsui Chemicals Inc 3,430,000 819,770,000 1.29 NE Chemcat 111,000 107,115,000 0.17 Nihon Kagaku Sangyo Co Ltd 41,000 18,245,000 0.03 Nitto FC 19,000 8,265,000 0.01 Osaka Organic Chemical Industry 39,300 13,558,500 0.02 Sakai Chemical Industry Co Ltd 1,476,000 404,424,000 0.63 Sakata INX Corp 118,000 31,270,000 0.05 Sanyo Chemical Industries Ltd 154,000 70,686,000 0.11 SK Kaken 19,000 32,490,000 0.05 Soken Chemical & Engineering 124,000 54,808,000 0.09 Sumitomo Seika Chemicals Co Ltd 1,305,000 347,130,000 0.54 T&K Toka Co Ltd 121,000 58,080,000 0.09 Teijin Ltd 4,265,000 908,445,000 1.42 Toagosei Co Ltd 741,000 163,020,000 0.26 Tokyo Printing Ink Manufacturing Co Ltd 21,000 2,919,000 0.00 Toyo Ink Manufacturing Co Ltd 2,661,000 529,539,000 0.83 5,385,705,800 8.44 Commercial Services and Supplies Eikoh Inc 402,400 118,708,000 0.19 Itoki 16,600 4,067,000 0.01 Kimura Unity 2,100 1,501,500 0.00 Kitamura 12,600 5,178,600 0.01 Kokuyo Co Ltd 78,600 56,592,000 0.09 Nifty Corp 1,187 105,880,400 0.16 Nishio Rent All 11,700 7,031,700 0.01 Shingakukai Co Ltd 319,500 67,734,000 0.11 Temp Holdings 51,500 26,162,000 0.04 Uchida Yoko Co Ltd 330,000 100,980,000 0.16 Universe 6,900 7,548,600 0.01 Wesco Inc 326,100 32,610,000 0.05 With US Corp 214,200 38,770,200 0.06 572,764,000 0.90 Communications Equipment NEC Fielding Ltd 7,900 7,805,200 0.01 Nippon Antenna Co Ltd 172,000 89,440,000 0.14 Toshiba TEC Corp 2,553,000 640,803,000 1.01 738,048,200 1.16 Computers and Peripherals Fujitsu Frontech Ltd 203,400 154,787,400 0.24 Japan Digital Laboratory Co Ltd 81,400 66,259,600 0.11 221,047,000 0.35 Construction and Engineering C-Cube Corp 511,100 131,863,800 0.21 Chodai Co Ltd 119,000 26,775,000 0.04 Chudenko Corp 357,700 486,472,000 0.76 Commuture 2,000 1,192,000 0.00 CTI Engineering Co Ltd 296,900 173,983,400 0.27 Daiichi Kensetsu Corp 56,000 35,280,000 0.05 Daimei Telecom Engineering 62,000 56,544,000 0.09 Fukuda Corp 131,000 17,685,000 0.03 Kaneshita Construction Co Ltd 34,000 7,242,000 0.01 Maeda Corp 736,000 251,712,000 0.39 Maeda Road Construction Co Ltd 606,000 524,796,000 0.82 Nippon Koei Co Ltd 18,000 3,906,000 0.01

132 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Construction and Engineering (continued) Nisshin Fudosan Co 459,700 80,907,200 0.13 Ohmoto Gumi Co Ltd 72,000 17,640,000 0.03 Sanki Engineering Co Ltd 8,000 4,272,000 0.01 Sanyo Engineering & Construction 50,000 13,500,000 0.02 Seibu Electric Industry Co Ltd 476,000 177,548,000 0.28 Taisei Rotec Corp 1,731,000 233,685,000 0.37 Techno Ryowa 110 56,760 0.00 Yondenko Corp 335,000 157,450,000 0.25 Yurtec Corp 838,000 436,598,000 0.68 2,839,108,160 4.45 Construction Materials Mitani Sekisan 700 287,000 0.00

Containers and Packaging Hokkan Holdings Ltd 168,000 37,296,000 0.06

Distributors Kato Sangyo Co Ltd 232,800 334,533,600 0.52 King Co Ltd 497,700 95,558,400 0.15 Nice Holdings 21,000 3,255,000 0.01 Tachikawa Corp 309,900 142,863,900 0.22 Yamato International Inc 218,700 75,670,200 0.12 Yuasa Funashoku Co Ltd 285,000 50,730,000 0.08 702,611,100 1.10 Diversified Financials Aizawa Securities Co Ltd 43,800 6,832,800 0.01 Century Tokyo Leasing Corp 94,000 54,802,000 0.08 Daiko Clearing Services Corp 268,000 166,696,000 0.26 Fuyo General Lease Co Ltd 29,400 36,220,800 0.06 Ricoh Leasing 2,300 3,737,500 0.01 Takefuji Corp 471,630 217,421,430 0.34 TBK Co Ltd 34,000 3,740,000 0.01 489,450,530 0.77 Diversified Telecommunication SEC Carbon Ltd 19,000 6,118,000 0.01

Electrical Equipment Aichi Electric 28,000 4,284,000 0.01 Futaba Corp 135,100 206,973,200 0.32 Hagiwara Electric 109,500 49,275,000 0.08 Iriso Electronics 160,200 76,575,600 0.12 Nitto Kogyo Corp 203,300 152,881,600 0.24 Sumida 31,500 13,860,000 0.02 Sumisho Computer Systems 4,600 5,216,400 0.01 Takasago Thermal Engineering 26,000 15,678,000 0.02 524,743,800 0.82 Electronic Equipment and Instruments A&D 35,600 9,006,800 0.02 Canon Electronics Inc 81,000 94,851,000 0.15 Daishinku Corp 953,000 144,856,000 0.23 Daito Electron 3,900 1,638,000 0.00 Enomoto 43,000 6,493,000 0.01 Furuno Electric Co Ltd 106,200 52,250,400 0.08 Hakuto Co Ltd 139,000 82,149,000 0.13 Innotech Corp/Japan 232,900 52,402,500 0.08 Mitsui High-Tec Inc 53,000 33,602,000 0.05 Nippon Chemi-Con Corp 648,000 129,600,000 0.20 Omron 238,700 275,937,200 0.43 Ryoden Trading Co Ltd 926,000 388,920,000 0.61

133 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Electronic Equipment and Instruments (continued) Ryoyo Electro Corp 115,600 93,058,000 0.15 Satori Electric Co Ltd 136,900 52,022,000 0.08 Senshu Electric Co Ltd 146,400 113,020,800 0.18 Shinko Shoji Co Ltd 39,700 25,130,100 0.04 Tachibana Eletech Co Ltd 269,400 177,534,600 0.28 Teikoku Tsushin Kogyo Co Ltd 523,000 96,755,000 0.15 1,829,226,400 2.87 Entertainment Tohokushinsha Film 12,300 8,622,300 0.01

Food and Drug Retailing Cawachi Ltd 317,900 478,121,600 0.75 Kasumi Co Ltd 1,059,000 393,948,000 0.62 Kenko Mayonnaise Co Ltd 38,000 13,946,000 0.02 Marukyo Corp/Fukuoka 10,000 3,830,000 0.01 Maxvalu Nishinihon Co Ltd 19,800 24,076,800 0.04 Ministop Co Ltd 364,400 559,354,000 0.88 Okuwa Co Ltd 159,000 219,579,000 0.34 Poplar Co Ltd 184,700 114,698,700 0.18 S Foods Inc 11,500 8,901,000 0.01 Shoei Foods Corp 32,000 13,728,000 0.02 Valor Co Ltd 316,600 223,519,600 0.35 2,053,702,700 3.22 Food Products Dydo Drinco Inc 78,100 196,421,500 0.31 Fuji Foods 2,000 706,000 0.00 Itoham Foods Inc 2,319,000 651,639,000 1.02 Marudai Food Co Ltd 694,000 161,702,000 0.25 Morinaga Milk Industry Co Ltd 2,628,000 775,260,000 1.22 Nichiwa Sangyo Co Ltd 138,000 19,320,000 0.03 Nippon Beet Sugar Manufacturing Co Ltd 2,055,000 452,100,000 0.71 Nippon Flour Mills Co Ltd 1,624,000 649,600,000 1.02 Nissin Sugar Manufacturing 166,000 31,208,000 0.05 Sanko Marketing Foods 32 2,057,600 0.00 Sonton Food Industry Co Ltd 63,000 34,020,000 0.05 Yonekyu Corp 576,000 574,848,000 0.90 3,548,882,100 5.56 Gas Utilities Hokuriku Gas 36,000 9,468,000 0.02 Otaki Gas Co Ltd 81,000 46,656,000 0.07 56,124,000 0.09 Health Care Equipment and Supplies Aloka Co Ltd 87,200 60,691,200 0.09 Fukuda Denshi Co Ltd 13,400 25,661,000 0.04 Hitachi Medical Corp 832,000 616,512,000 0.97 Kawasumi Laboratories 38,000 19,798,000 0.03 Nakanishi 4,200 23,310,000 0.04 745,972,200 1.17 Health Care Providers and Services BML Inc 180,700 330,500,300 0.52 NIC Corp 210,300 89,377,500 0.14 Suzuken Co Ltd 107,800 277,046,000 0.43 696,923,800 1.09 Hotels, Restaurants and Leisure Chimney 600 839,400 0.00 Daisyo Corp 170,500 233,585,000 0.37 Hurxley Corp 6,100 4,819,000 0.01 Karakami Kankoh Co Ltd 146,000 73,730,000 0.12 Marche Corp 137,300 92,265,600 0.14

134 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Hotels, Restaurants and Leisure (continued) Nissin Healthcare Food Service 100 95,000 0.00 Resorttrust Inc 16,700 15,063,400 0.02 Royal Holdings Co Ltd 648,700 683,081,100 1.07 Shidax Corp 550,700 174,021,200 0.27 1,277,499,700 2.00 Household Durables Corona Corp 11,500 10,775,500 0.02 Hitachi Maxell Ltd 968,900 685,012,300 1.07 Maruzen Ltd 1,000 335,000 0.00 Mitsui Home 15,000 6,180,000 0.01 Nagawa Co Ltd 22,400 12,544,000 0.02 Noritake Co Ltd 959,000 258,930,000 0.41 Zojirushi Corp 350,000 47,950,000 0.07 1,021,726,800 1.60 Household Products Lion Corp 765,000 351,135,000 0.55 Sumikin Bussan 195,000 39,975,000 0.06 391,110,000 0.61 Industrial Conglomerates Asahi Industries Co Ltd 159 18,873,300 0.03

Insurance Nissay Dowa General Insurance Co Ltd 949,000 356,824,000 0.56

Internet and Catalogue Retail Belluna Co Ltd 514,750 130,231,750 0.20 Felissimo Corp 54,700 92,333,600 0.15 Senshukai Co Ltd 673,000 464,370,000 0.73 686,935,350 1.08 IT Consulting and Services Argo Graphics 7,200 6,969,600 0.01 CAC 28,700 15,957,200 0.02 Hitachi Information Systems 600 970,200 0.00 Hitachi Systems & Services Ltd 135,500 118,833,500 0.19 Information Services International-Dentsu 407,200 209,708,000 0.33 JFE Systems 1 73,200 0.00 Ryomo Systems Co Ltd 51,000 24,021,000 0.04 376,532,700 0.59 Leisure Equipment and Products Nippon Game Card Corp 410 42,107,000 0.07 Roland Corp 189,300 197,439,900 0.31 SRI Sports Ltd 1,133 86,108,000 0.13 325,654,900 0.51 Machinery Aida Engineering Ltd 1,575,100 436,302,700 0.68 Fuji Machine Manufacturing Co Ltd 815,900 652,720,000 1.02 Fuji Seiko 347,000 58,643,000 0.09 Fujitec Co Ltd 298,000 98,936,000 0.16 Fukushima Industries Corp 81,500 49,226,000 0.08 Ishikawajima Transport Machinery Co Ltd 184,000 53,728,000 0.08 Komori Corp 542,200 436,471,000 0.68 Makino Milling Machine 136,000 35,768,000 0.06 Miyachi 220,300 88,120,000 0.14 Nireco Corp 16,500 10,246,500 0.02 Sansei Yusoki 2,000 700,000 0.00 Seibu Electric & Machinery 78,000 17,160,000 0.03 Shinmaywa Industries Ltd 2,361,000 484,005,000 0.76 Sintokogio Ltd 465,400 274,120,600 0.43 Takeuchi Manufacturing Co Ltd 129,800 80,476,000 0.13

135 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Machinery (continued) Trinity Industrial 11,000 2,904,000 0.00 Tsurumi Manufacturing Co Ltd 51,000 28,713,000 0.04 Yamabiko Corp 106,200 121,068,000 0.19 2,929,307,800 4.59 Marine Kawasaki Kinkai Kisen Kaisha 26,000 7,280,000 0.01 Kawasaki Kisen Kaisha Ltd 2,578,000 778,556,000 1.22 785,836,000 1.23 Media Daiichikosho Co Ltd 717,500 583,327,500 0.91

Metals and Mining Chubu Steel Plate Co Ltd 437,900 248,727,200 0.39 DOWA Holding Co Ltd (Rights) 1,771,000 2 0.00 Kanefusa 300 141,300 0.00 Nichia Steel Works Ltd 505,000 127,260,000 0.20 Osaka Steel Co Ltd 434,000 711,760,000 1.11 Sumitomo Pipe & Tube Co Ltd 369,700 182,631,800 0.29 Topy Industries Ltd 1,499,000 214,357,000 0.34 Toyo Kohan Co Ltd 13,000 3,926,000 0.01 Yodogawa Steel Works Ltd 2,289,000 922,467,000 1.44 2,411,270,302 3.78 Multiline Retail Circle K Sunkus 457,500 638,670,000 1.00 Edion 196,700 47,798,100 0.07 Heiwado Co Ltd 316,700 387,007,400 0.61 J Front Retailing 701,000 237,639,000 0.37 Kirindo 88,300 41,942,500 0.07 Marui Group Co Ltd 533,100 277,745,100 0.44 Maxvalu Tokai Co Ltd 20,200 22,038,200 0.03 Takashimaya Co Ltd 1,120,000 630,560,000 0.99 UNY Co Ltd 1,505,000 1,155,840,000 1.81 3,439,240,300 5.39 Office Electronics Canon Finetech Inc 99,600 101,392,800 0.16 Riso Kagaku Corp 429,900 379,171,800 0.59 480,564,600 0.75 Oil and Gas AOC Holdings Inc 24,600 13,161,000 0.02 Itochu Enex 333,800 171,907,000 0.27 Kanto Natural Gas Development Ltd 414,000 217,764,000 0.34 Mitsuuroko Co Ltd 175,400 98,224,000 0.15 San-Ai Oil 28,000 10,556,000 0.02 Sinanen Co Ltd 1,475,000 623,925,000 0.98 1,135,537,000 1.78 Paper and Forest Products Chuetsu Pulp & Paper 18,000 4,464,000 0.01 Daio Paper 19,000 16,530,000 0.02 Nippon Kodoshi 16,000 7,200,000 0.01 28,194,000 0.04 Personal Products Aderans Holdings 383,200 267,473,600 0.42 Fancl 111,000 123,210,000 0.19 Kose Corp 368,400 670,856,400 1.05 Mandom Corp 287,600 468,788,000 0.74 Milbon 119,800 249,184,000 0.39 1,779,512,000 2.79

136 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Pharmaceuticals Kaken Pharmaceutical Co Ltd 844,000 697,144,000 1.09 Meiji Seika Kaisha 2,301,000 791,544,000 1.24 Nippon Shinyaku Co Ltd 886,000 771,706,000 1.21 Seikagaku Corp 50,500 48,985,000 0.08 Torii Pharmaceutical Co Ltd 559,600 759,936,800 1.19 3,069,315,800 4.81 Real Estate Asax 26 1,326,000 0.00 JFE Shoji Holdings Inc 1,409,000 366,340,000 0.57 Pressance 5 540,500 0.00 Relo Holdings 65,700 47,369,700 0.08 415,576,200 0.65 Retail Allied Hearts Holdings 82,000 15,334,000 0.02

Road and Rail Alps Logistics Co Ltd 70,300 52,373,500 0.08 Nippon Konpo Unyu Soko Co Ltd 458,000 356,324,000 0.56 Seino Holdings Corp 1,813,000 861,175,000 1.35 1,269,872,500 1.99 Semiconductor Equipment and Products AOI Electronic Co Ltd 147,800 65,771,000 0.10 Lasertec 100,800 51,508,800 0.08 Sun-Wa Technos 24,200 10,527,000 0.02 USC Corp 1,500 1,225,500 0.00 129,032,300 0.20 Software Atlus 5,400 1,976,400 0.00 Computer Engineering & Consulting Ltd 59,200 36,408,000 0.06 Cybernet Systems 211 6,330,000 0.01 Hitachi Software Engineering 416,700 504,207,000 0.79 Jastec 91,800 44,155,800 0.07 593,077,200 0.93 Speciality Retail AOKI Holdings Inc 640,700 562,534,600 0.88 Aoyama Trading Co Ltd 745,900 963,702,800 1.51 AT-Group Co Ltd 171,000 129,960,000 0.20 Earth Chemical Co Ltd 11,700 29,835,000 0.05 Fujitsu Business Systems Ltd 525,800 635,166,400 1.00 Haruyama Trading Co Ltd 329,000 111,202,000 0.18 Kohnan Shoji Co Ltd 44,900 37,895,600 0.06 KU Holdings Co Ltd 278,400 59,856,000 0.10 Mac House Co Ltd 136,300 58,336,400 0.09 Nafco Co Ltd 177,800 160,197,800 0.25 Sazaby League Ltd 63,000 69,300,000 0.11 Shichie 157,200 65,552,400 0.10 Tokyo Derica 25,900 7,536,900 0.01 Unimat Life Corp 2,700 2,254,500 0.00 Yellow Hat Ltd 102,700 39,847,600 0.06 2,933,178,000 4.60 Technology Hardware & Equipment Hutech Norin 400 178,000 0.00

Textiles and Apparel Charle Co Ltd 54,800 16,549,600 0.03 Descente 4,000 1,456,000 0.00 Ichikawa 110,000 30,800,000 0.05 Kowa Spinning Co Ltd 647,000 166,926,000 0.26 Kurabo Industries Ltd 5,073,000 669,636,000 1.05

137 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Textiles and Apparel (continued) Kyowa Leather Cloth 22,200 8,991,000 0.01 Sanei-International Co Ltd 121,400 79,395,600 0.13 Tokyo Style Co Ltd 1,390,000 934,080,000 1.46 1,907,834,200 2.99 Trading Companies and Distributors Daiichi Jitsugyo 7,000 1,659,000 0.00 Denkyosha Co Ltd 77,000 36,652,000 0.06 Fujistaff Holdings 388 4,205,920 0.01 Furusato Industries Ltd 78,200 62,247,200 0.10 Inabata & Co Ltd 1,370,000 342,500,000 0.54 Japan Pulp & Paper Co Ltd 444,000 122,544,000 0.19 Kamei Corp 664,000 288,840,000 0.45 Kanaden Corp 518,000 240,870,000 0.38 Kuroda Electric Co Ltd 53,600 28,944,000 0.05 Marufuji Sheet Piling 12,000 1,572,000 0.00 Mitani Corp 167,000 69,305,000 0.11 Nagase & Co Ltd 953,000 724,280,000 1.13 NEC Capital Solutions 109,700 73,389,300 0.12 Onoken 115,300 83,246,600 0.13 Techno Associe Co Ltd 1,500 751,500 0.00 Trusco Nakayama Corp 425,200 494,082,400 0.77 Tsuzuki Denki Co Ltd 254,000 62,484,000 0.10 Uehara Sei Shoji Co Ltd 264,000 84,744,000 0.13 Wakita & Co Ltd 477,000 152,640,000 0.24 2,874,956,920 4.51 Transportation Infrastructure Isewan Terminal Service Co Ltd 143,000 52,910,000 0.08 Meiko Trans Co Ltd 161,000 101,430,000 0.16 154,340,000 0.24 Wireless Telecommunication Services Okinawa Cellular Telephone Co 954 158,364,000 0.25

Total financial assets at fair value through profit and loss 63,470,550,962 99.47

Net Cash at Bank 11,377,515 0.02

Other Net Liabilities (6,705,088) (0.01)

Adjustment from bid market prices to last traded market prices 336,394,820 0.52

Net Asset attributable to holders of redeemable participating units 63,811,618,209 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 98.09 Current Assets 1.91 Total Assets 100.00

138 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Airlines All Nippon Airways Co Ltd 97,000 37,345,000 0.81

Auto Components Aichi Machine Industry Co Ltd 24,000 2,712,000 0.06 Aisan Industry Co Ltd 10,100 4,534,900 0.10 Alpha Corp/Japan 3,700 2,064,600 0.05 Bridgestone Corp 13,500 19,008,000 0.41 Denso Corp 7,700 14,991,900 0.32 Fujikura Rubber 7,000 2,044,000 0.04 FuKoKu 4,900 2,254,000 0.05 Musashi Seimitsu Industry 1,100 1,098,900 0.02 Nissan Shatai Co Ltd 2,000 1,136,000 0.02 Piolax Inc 4,200 4,876,200 0.11 Sanoh Industrial 4,100 1,570,300 0.03 Showa Corp 16,100 5,586,700 0.12 SNT Corp 6,900 1,800,900 0.04 T RAD 28,000 3,584,000 0.08 Tachi-S 11,300 4,881,600 0.11 Teikoku Piston Ring 8,900 2,447,500 0.05 Tigers Polymer Corp 5,100 1,728,900 0.04 Toyota Industries 500 1,045,000 0.02 U-Shin Ltd 8,900 2,269,500 0.05 Yorozu Corp 4,400 3,625,600 0.08 83,260,500 1.80 Automobiles Fuji Heavy Industries Ltd 56,000 18,032,000 0.39 Honda Motor Co Ltd 35,500 82,182,500 1.77 Nissan Motor Co Ltd 48,100 16,835,000 0.36 Suzuki Motor 7,600 12,357,600 0.27 Toyota Motor Corp 59,500 185,045,000 4.00 Yamaha Motor Co Ltd 12,200 10,662,800 0.23 325,114,900 7.02 Banks 77 Bank Ltd 30,000 14,610,000 0.32 Aichi Bank Ltd 1,800 12,186,000 0.26 Akita Bank Ltd 3,000 1,095,000 0.02 Bank of Kyoto Ltd 24,000 19,944,000 0.43 Bank of Nagoya 36,000 14,832,000 0.32 Chiba Kogyo Bank 11,400 10,944,000 0.24 Daishi Bank Ltd 17,000 6,579,000 0.14 Eighteenth Bank Ltd 42,000 14,028,000 0.30 Fukuoka Financial Group Inc 59,000 17,523,000 0.38 Gunma Bank Ltd 38,000 20,102,000 0.44 Hachijuni Bank Ltd 32,000 18,176,000 0.39 Higashi-Nippon Bank 17,000 4,488,000 0.10 Higo Bank 33,000 18,777,000 0.41 Hyakugo Bank Ltd 35,000 17,500,000 0.38 Juroku Bank Ltd 49,000 16,023,000 0.35 Kita-Nippon Bank Ltd 1,000 2,860,000 0.06 Michinoku Bank Ltd 4,000 980,000 0.02 Mie Bank Ltd 28,000 8,484,000 0.18 Mitsubishi UFJ Financial Group Inc 390,800 186,020,800 4.02 Mizuho Financial Group Inc 297,900 55,707,300 1.20 Nishi-Nippon City Bank 74,000 15,614,000 0.34 Resona Holdings Inc 12,100 15,851,000 0.34 San-In Godo Bank Ltd 25,000 18,925,000 0.41 Sapporo Hokuyo Holdings Inc 39,000 10,764,000 0.23 Sumitomo Mitsui Financial Group Inc 18,000 61,200,000 1.32

139 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Banks (continued) Tochigi Bank 23,000 10,948,000 0.24 Yamanashi Chuo Bank Ltd 2,000 1,024,000 0.02 595,185,100 12.86 Beverages Asahi Breweries Ltd 26,300 30,823,600 0.67 Coca-Cola Central Japan Co Ltd 7,000 9,191,000 0.20 Kirin Holdings Co Ltd 37,000 38,517,000 0.83 Mikuni Coca-Cola Bottling Co Ltd 11,400 8,835,000 0.19 87,366,600 1.89 Building Products Nippon Hume 8,000 2,072,000 0.04

Chemicals Adeka Corp 16,400 10,004,000 0.22 Aronkasei Co Ltd 6,000 1,602,000 0.03 Asahi Kasei Corp 11,000 3,883,000 0.08 Fujikura Kasei Co Ltd 11,100 4,051,500 0.09 Kaneka Corp 37,000 17,908,000 0.39 Mitsubishi Chemical Holdings Corp 9,500 3,182,500 0.07 Mitsui Chemicals Inc 48,000 11,472,000 0.25 Nippon Fine Chemical Co Ltd 7,600 3,838,000 0.08 Nippon Pillar Packing 12,000 3,648,000 0.08 Riken Technos Corp 1,000 160,000 0.00 Sakai Chemical Industry Co Ltd 18,000 4,932,000 0.11 Sanyo Chemical Industries Ltd 21,000 9,639,000 0.21 Shin-Etsu Chemical Co Ltd 6,700 31,892,000 0.69 Sumitomo Chemical Co Ltd 76,000 25,156,000 0.54 Sumitomo Seika Chemicals Co Ltd 15,000 3,990,000 0.09 Tayca 16,000 3,808,000 0.08 Teijin Ltd 70,000 14,910,000 0.32 154,076,000 3.33 Commercial Services and Supplies Ines Corp 3,000 1,704,000 0.04 Itoki 18,800 4,606,000 0.10 Kanamoto 7,000 2,317,000 0.05 Kimura Unity 2,300 1,644,500 0.04 Kokuyo Co Ltd 2,100 1,512,000 0.03 Nichiban 10,000 2,690,000 0.06 Shingakukai Co Ltd 3,700 784,400 0.02 Temp Holdings 6,700 3,403,600 0.07 Trans Cosmos Inc/Japan 5,900 2,879,200 0.06 Uchida Yoko Co Ltd 2,000 612,000 0.01 22,152,700 0.48 Communications Equipment NEC Fielding Ltd 7,100 7,014,800 0.15 NEC Mobiling Ltd 2,400 3,655,200 0.08 Toshiba TEC Corp 38,000 9,538,000 0.21 20,208,000 0.44 Computers and Peripherals Fujitsu Ltd 91,000 33,215,000 0.72 Japan Digital Laboratory Co Ltd 3,200 2,604,800 0.06 NEC Corp 112,000 29,456,000 0.63 Toshiba Corp 58,000 14,674,000 0.32 79,949,800 1.73 Construction and Engineering Commuture 9,000 5,364,000 0.12 CTI Engineering Co Ltd 4,200 2,461,200 0.05 Daimei Telecom Engineering 6,000 5,472,000 0.12 Nisshin Fudosan Co 6,300 1,108,800 0.02

140 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Construction and Engineering (continued) Seibu Electric Industry Co Ltd 9,000 3,357,000 0.07 Yurtec Corp 13,000 6,773,000 0.15 24,536,000 0.53 Construction Materials Shinagawa Refractories Co Ltd 26,000 3,978,000 0.09

Containers and Packaging Tomoku Co Ltd 20,000 3,540,000 0.08

Distributors Yamato International Inc 6,800 2,352,800 0.05

Diversified Financials Century Tokyo Leasing Corp 6,100 3,556,300 0.08 Chuo Mitsui Trust Holdings Inc 55,000 16,445,000 0.35 Daiko Clearing Services Corp 600 373,200 0.01 Fuyo General Lease Co Ltd 5,600 6,899,200 0.15 Hokuhoku Financial Group Inc 106,000 18,868,000 0.41 JAFCO Co Ltd 100 174,200 0.00 Kyokuto Securities 800 247,200 0.01 Nomura Holdings Inc 84,200 41,426,400 0.89 ORIX Corp 3,860 12,236,200 0.26 Pocket Card 9,300 2,297,100 0.05 Sumitomo Trust & Banking Co Ltd 72,000 26,856,000 0.58 TBK Co Ltd 10,000 1,100,000 0.02 Toyo Securities Co Ltd 35,000 5,425,000 0.12 Yamaguchi Financial Group Inc 17,000 15,725,000 0.34 151,628,800 3.27 Diversified Telecommunication Nippon Telegraph & Telephone Corp 20,700 77,211,000 1.67

Electric Utilities Chubu Electric Power Co Inc 27,100 58,536,000 1.26 Electric Power Development 7,300 21,279,500 0.46 Kansai Electric Power Co Inc 17,300 36,935,500 0.80 Kyushu Electric Power 18,700 41,233,500 0.89 Tohoku Electric Power 20,000 43,100,000 0.93 Toko Electric 7,000 1,456,000 0.03 Tokyo Electric Power Co Inc 36,200 88,871,000 1.92 291,411,500 6.29 Electrical Equipment Fanuc Ltd 4,000 26,440,000 0.57 Mitsubishi Electric Corp 38,000 16,682,000 0.36 Sumida 5,100 2,244,000 0.05 45,366,000 0.98 Electronic Equipment and Instruments A&D 8,500 2,150,500 0.05 Alps Electric Co Ltd 30,400 10,214,400 0.22 Canon Electronics Inc 5,300 6,206,300 0.13 Citizen Holdings 12,100 4,840,000 0.10 CMK 13,800 4,291,800 0.09 Daito Electron 4,200 1,764,000 0.04 Excel 1,800 1,569,600 0.03 Hakuto Co Ltd 4,500 2,659,500 0.06 Hitachi Ltd 134,000 35,376,000 0.76 Hosiden 9,000 8,721,000 0.19 Hoya Corp 8,800 16,940,000 0.37 JBCC Holdings 100 57,400 0.00 Keyence Corp 870 16,008,000 0.35

141 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG JAPAN ENHANCED INDEX EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Electronic Equipment and Instruments (continued) Kyocera Corp 3,600 23,256,000 0.50 Macnica Inc 2,700 3,034,800 0.07 Maruwa Co Ltd 2,300 2,233,300 0.05 Murata Manufacturing Co Ltd 10,700 40,446,000 0.87 Omron 15,000 17,340,000 0.37 Ryoden Trading Co Ltd 11,000 4,620,000 0.10 Ryoyo Electro Corp 8,700 7,003,500 0.15 Sanshin Electronics 900 560,700 0.01 Satori Electric Co Ltd 7,300 2,774,000 0.06 Shinko Shoji Co Ltd 9,200 5,823,600 0.13 Soshin Electric 3,600 1,036,800 0.02 Sunx 6,600 1,729,200 0.04 Tachibana Eletech Co Ltd 400 263,600 0.01 TDK Corp 6,000 21,900,000 0.47 Zuken Inc 4,600 2,737,000 0.06 245,557,000 5.30 Energy Equipment and Services Kaga Electronics 100 80,000 0.00

Food and Drug Retailing Cawachi Ltd 4,900 7,369,600 0.16 Kasumi Co Ltd 18,000 6,696,000 0.14 Ministop Co Ltd 5,400 8,289,000 0.18 S Foods Inc 6,000 4,644,000 0.10 Seven & I Holdings Co Ltd 16,700 35,988,500 0.78 Valor Co Ltd 12,500 8,825,000 0.19 Yamazawa 2,500 3,177,500 0.07 74,989,600 1.62 Food Products Ajinomoto Co Inc 31,000 21,452,000 0.46 Dydo Drinco Inc 4,400 11,066,000 0.24 House Foods 600 820,200 0.02 Itoham Foods Inc 4,000 1,124,000 0.03 Kikkoman Corp 17,000 13,957,000 0.30 Marudai Food Co Ltd 39,000 9,087,000 0.20 Meiji Dairies Corp 8,000 3,232,000 0.07 Morinaga Milk Industry Co Ltd 49,000 14,455,000 0.31 Nippon Meat Packers Inc 14,000 14,350,000 0.31 Nissin Food Products Co Ltd 4,200 12,180,000 0.26 Nitto Fuji Flour Milling 10,000 2,870,000 0.06 Yamazaki Baking Co Ltd 10,000 10,530,000 0.23 115,123,200 2.49 Gas Utilities Hokkaido Gas 4,000 1,020,000 0.02 Osaka Gas 44,000 13,508,000 0.29 Shizuoka Gas 500 277,000 0.01 Tokyo Gas Co Ltd 53,000 18,285,000 0.39 33,090,000 0.71 Health Care Equipment and Supplies Aloka Co Ltd 6,100 4,245,600 0.09 Create Medic 2,900 2,270,700 0.05 6,516,300 0.14 Health Care Providers and Services BML Inc 4,200 7,681,800 0.16 Suzuken Co Ltd 7,000 17,990,000 0.39 25,671,800 0.55

142 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG JAPAN ENHANCED INDEX EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Hotels, Restaurants and Leisure Hurxley Corp 2,700 2,133,000 0.05 Resorttrust Inc 1,700 1,533,400 0.03 Royal Holdings Co Ltd 2,000 2,106,000 0.04 5,772,400 0.12 Household Durables Cleanup Corp 11,800 5,144,800 0.11 Hitachi Maxell Ltd 8,100 5,726,700 0.12 Matsushita Electric Industrial Co Ltd 42,000 44,856,000 0.97 Sharp Corp 19,000 14,744,000 0.32 Sony Corp 20,900 41,758,200 0.90 112,229,700 2.42 Household Products Kao Corp 24,000 46,032,000 0.99 Lion Corp 38,000 17,442,000 0.38 Sumikin Bussan 24,000 4,920,000 0.11 68,394,000 1.48 Industrial Conglomerates Subaru Enterprise 8,000 2,272,000 0.05

Insurance Mitsui Sumitomo Insurance Group Holdings 18,400 41,676,000 0.90 Nipponkoa Insurance Co Ltd 38,000 21,394,000 0.46 T&D Holdings Inc 10,400 24,492,000 0.53 Tokio Marine Holdings Inc 16,800 40,152,000 0.87 127,714,000 2.76 Internet and Catalogue Retail Belluna Co Ltd 7,150 1,808,950 0.04 Felissimo Corp 2,400 4,051,200 0.09 Senshukai Co Ltd 12,700 8,763,000 0.19 14,623,150 0.32 Internet Software and Services Softbank Corp 16,700 20,975,200 0.45

Iron & Steel Suruga 1,600 1,489,600 0.03

IT Consulting and Services Argo Graphics 3,700 3,581,600 0.08 CAC 4,000 2,224,000 0.05 Information Services International-Dentsu 6,500 3,347,500 0.07 Nomura Research Institute Ltd 400 611,200 0.01 NTT Data Corp 49 13,092,800 0.28 22,857,100 0.49 Leisure Equipment and Products Fujifilm Holdings Corp 14,500 30,812,500 0.66 Roland Corp 4,300 4,484,900 0.10 SRI Sports Ltd 40 3,040,000 0.07 38,337,400 0.83 Machinery Aida Engineering Ltd 16,000 4,432,000 0.10 Komatsu Ltd 19,200 20,544,000 0.44 Makino Milling Machine 26,000 6,838,000 0.15 Mitsubishi Heavy Industries Ltd 74,000 22,052,000 0.48 Miyachi 3,300 1,320,000 0.03 Nissei Plastic Industrial Co Ltd 2,800 672,000 0.01 Pegasus Sewing Machine Manufacturing 700 105,000 0.00 Shinmaywa Industries Ltd 24,000 4,920,000 0.11 Toyo Machinery & Metal 5,400 626,400 0.01

143 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG JAPAN ENHANCED INDEX EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Machinery (continued) Tsurumi Manufacturing Co Ltd 5,000 2,815,000 0.06 Yamabiko Corp 600 684,000 0.01 65,008,400 1.40 Marine Kawasaki Kisen Kaisha Ltd 41,000 12,382,000 0.27 Nissin 26,000 5,538,000 0.12 17,920,000 0.39 Media TV Asahi Corp 110 12,100,000 0.26

Metals and Mining DOWA Holding Co Ltd (Rights) 36,000 - 0.00 JFE Holdings Inc 16,000 34,240,000 0.74 Nippon Steel Corp 105,000 27,615,000 0.60 Sumitomo Metal Industries Ltd 68,000 13,396,000 0.29 75,251,000 1.63 Multiline Retail Aeon Co Ltd 35,100 22,569,300 0.49 Circle K Sunkus 9,400 13,122,400 0.28 Edion 21,600 5,248,800 0.11 Heiwado Co Ltd 9,400 11,486,800 0.25 J Front Retailing 43,000 14,577,000 0.32 Kirindo 4,200 1,995,000 0.04 Marui Group Co Ltd 24,300 12,660,300 0.28 Takashimaya Co Ltd 24,000 13,512,000 0.29 UNY Co Ltd 2,000 1,536,000 0.03 96,707,600 2.09 Office Electronics Canon Finetech Inc 6,600 6,718,800 0.15 Canon Inc 23,900 67,278,500 1.45 Ricoh Co Ltd 12,000 13,908,000 0.30 Riso Kagaku Corp 3,300 2,910,600 0.06 90,815,900 1.96 Oil and Gas AOC Holdings Inc 9,900 5,296,500 0.11 INPEX Corp 51 34,782,000 0.75 Itochu Enex 12,500 6,437,500 0.14 Kanto Natural Gas Development Ltd 12,000 6,312,000 0.14 Nippon Mining Holdings Inc 36,500 14,162,000 0.31 Nippon Oil 27,000 13,041,000 0.28 Showa Shell Sekiyu KK 6,100 5,447,300 0.12 Sinanen Co Ltd 1,000 423,000 0.01 85,901,300 1.86 Paper and Forest Products Chuetsu Pulp & Paper 4,000 992,000 0.02 Nippon Paper Group 5,500 13,145,000 0.29 14,137,000 0.31 Personal Products Aderans Holdings 9,400 6,561,200 0.14 Fancl 3,900 4,329,000 0.09 Kose Corp 7,600 13,839,600 0.30 Mandom Corp 5,400 8,802,000 0.19 Shiseido Co Ltd 19,000 27,227,000 0.59 60,758,800 1.31 Pharmaceuticals ASKA Pharmaceutical Co Ltd 11,000 9,361,000 0.20 Astellas Pharma Inc 18,600 56,172,000 1.21 Daiichi Sankyo Co Ltd 26,400 43,428,000 0.94 Dainippon Sumitomo Pharma Co Ltd 26,000 21,242,000 0.46

144 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG JAPAN ENHANCED INDEX EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Pharmaceuticals (continued) Eisai Co Ltd 10,000 28,800,000 0.62 Hisamitsu Pharmaceutical Co Inc 3,600 10,908,000 0.24 Kyowa Hakko Kirin 22,000 18,172,000 0.39 Meiji Seika Kaisha 38,000 13,072,000 0.28 Mitsubishi Tanabe Pharma Corp 16,000 15,536,000 0.34 Mochida Pharmaceutical Co Ltd 1,000 973,000 0.02 Nippon Shinyaku Co Ltd 13,000 11,323,000 0.25 Ono Pharmaceutical 5,500 23,540,000 0.51 Santen Pharmaceutical 1,600 4,368,000 0.10 Seikagaku Corp 200 194,000 0.00 Taisho Pharmaceutical Co Ltd 13,000 23,764,000 0.51 Takeda Pharmaceutical Co Ltd 16,800 57,120,000 1.23 Torii Pharmaceutical Co Ltd 3,100 4,209,800 0.09 342,182,800 7.39 Real Estate Asax 9 459,000 0.01 JFE Shoji Holdings Inc 37,000 9,620,000 0.21 Mitsubishi Estate Co Ltd 27,000 29,511,000 0.64 Mitsui Fudosan Co Ltd 18,000 19,098,000 0.41 58,688,000 1.27 Retail Aeon Hokkaido 6,000 1,860,000 0.04

Road and Rail Central Japan Railway Co 73 40,442,000 0.88 East Japan Railway Co 7,500 38,475,000 0.83 Maruzen Showa Unyu Co Ltd 11,000 2,937,000 0.06 Nippon Konpo Unyu Soko Co Ltd 9,000 7,002,000 0.15 Seino Holdings Corp 37,000 17,575,000 0.38 West Japan Railway Co 85 26,520,000 0.57 132,951,000 2.87 Semiconductor Equipment and Products Japan Electronic Materials 3,000 1,482,000 0.03 NEC Electronics Corp 10,900 6,507,300 0.14 Nikon 18,000 19,890,000 0.43 Rohm Co Ltd 3,800 18,582,000 0.40 Sanken Electric Co Ltd 25,000 6,300,000 0.14 Seiko Epson Corp 12,500 16,650,000 0.36 Sun-Wa Technos 4,900 2,131,500 0.05 Tomen Devices 1,200 1,082,400 0.02 USC Corp 3,700 3,022,900 0.06 75,648,100 1.63 Shipping Japan Oil Transportation 8,000 1,376,000 0.03

Software Computer Engineering & Consulting Ltd 3,400 2,091,000 0.05 Cybernet Systems 39 1,170,000 0.03 DTS 6,200 3,906,000 0.08 Hitachi Software Engineering 500 605,000 0.01 Jastec 4,900 2,356,900 0.05 Konami 5,800 8,549,200 0.18 Nintendo Co Ltd 2,200 62,590,000 1.35 SRA Holdings 1,100 756,800 0.02 82,024,900 1.77 Speciality Retail AOKI Holdings Inc 5,500 4,829,000 0.10 Aoyama Trading Co Ltd 8,200 10,594,400 0.23 Fujitsu Business Systems Ltd 2,800 3,382,400 0.07

145 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG JAPAN ENHANCED INDEX EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares JPY Net Assets

Equities

Speciality Retail (continued) Haruyama Trading Co Ltd 3,100 1,047,800 0.02 Honeys Co Ltd 5,460 2,948,400 0.06 House of Rose 900 1,192,500 0.03 Jeans Mate Corp 1,000 492,000 0.01 Kohnan Shoji Co Ltd 5,900 4,979,600 0.11 Komatsu Wall Industry 100 105,300 0.00 Shichie 2,800 1,167,600 0.03 Unimat Life Corp 3,800 3,173,000 0.07 Yamada Denki Co Ltd 3,460 13,355,600 0.29 47,267,600 1.02 Textiles and Apparel Ichikawa 5,000 1,400,000 0.03 Kurabo Industries Ltd 2,000 264,000 0.01 Nippon Felt 100 41,600 0.00 Onward Holdings Co Ltd 24,000 15,336,000 0.33 Sanei-International Co Ltd 4,100 2,681,400 0.06 Tokyo Style Co Ltd 18,000 12,096,000 0.26 31,819,000 0.69 Tobacco Japan Tobacco Inc 199 51,978,800 1.12

Trading Companies and Distributors Daiichi Jitsugyo 22,000 5,214,000 0.11 Furusato Industries Ltd 5,600 4,457,600 0.10 Inabata & Co Ltd 19,600 4,900,000 0.11 Itochu Corp 24,000 11,472,000 0.25 Kamei Corp 8,000 3,480,000 0.07 Kanaden Corp 9,000 4,185,000 0.09 Mitsubishi Corp 28,600 36,636,600 0.79 Mitsui & Co Ltd 35,000 34,440,000 0.74 Nagase & Co Ltd 20,000 15,200,000 0.33 NEC Capital Solutions 3,200 2,140,800 0.05 Onoken 7,000 5,054,000 0.11 Sato Shoji 8,200 4,387,000 0.09 Sugimoto & Co Ltd 5,200 4,680,000 0.10 Sumitomo Corp 24,000 20,208,000 0.44 Tokyo Sangyo 9,500 2,280,000 0.05 Trusco Nakayama Corp 5,100 5,926,200 0.13 164,661,200 3.56 Wireless Telecommunication Services KDDI Corp 129 59,598,000 1.29 NTT DoCoMo Inc 544 72,732,800 1.57 132,330,800 2.86

Total financial assets at fair value through profit or loss 4,563,835,350 98.58

Net Cash at Bank 8,101,647 0.17

Other Net Assets 45,838,025 0.99

Adjustment from bid market prices to last traded market prices 12,033,260 0.26

Net Assets attributable to holders of redeemable participating units 4,629,808,282 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 97.75 Current Assets 2.25 Total Assets 100.00

146 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG UK EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Aerospace and Defense BAE Systems Plc 1,246,743 4,161,005 3.57 Meggitt Plc 12,672 16,252 0.01 QinetiQ Plc 507,000 670,507 0.57 4,847,764 4.15 Agriculture British American Tobacco Plc 55,200 890,376 0.76

Banks Barclays Plc 611,557 905,104 0.78 HSBC Holdings Plc 1,064,000 4,197,480 3.60 Lloyds Banking Group Plc 698,834 494,076 0.42 Standard Chartered Plc 13,625 118,061 0.10 5,714,721 4.90 Beverages Britvic Plc 250,000 565,000 0.48 Diageo Plc 513,235 4,034,027 3.46 SABMiller Plc 445,200 4,612,272 3.95 9,211,299 7.89 Chemicals Elementis Plc 273,738 75,278 0.07

Commercial Services and Supplies BTG Plc 429,000 529,815 0.45 Clarkson Plc 24,831 117,202 0.10 Phoenix IT Group Ltd 213,000 302,460 0.26 949,477 0.81 Construction and Engineering Galliford Try Plc 74,835 29,934 0.03 Keller Group Plc 66,742 328,204 0.28 WSP Group Plc 99,633 237,874 0.20 596,012 0.51 Containers and Packaging DS Smith Plc 173,944 86,972 0.08 Mondi Plc 3,000 4,440 0.00 Rexam Plc 179,497 481,501 0.41 572,913 0.49 Distributors John Menzies Plc 39,161 23,105 0.02

Diversified Financials Investec Plc 25,810 74,849 0.06

Electric Utilities International Power Plc 47,653 99,952 0.09

Electronic Equipment and Instruments Oxford Instruments Plc 3,740 3,974 0.01 Spectris Plc 91,000 365,137 0.31 369,111 0.32 Entertainment Cineworld Group Plc 7,314 9,216 0.01

Food and Drug Retailing Tesco Plc 542,000 1,806,486 1.55

Food Products Associated British Foods Plc 258,300 1,650,537 1.41 Cranswick 2,086 11,974 0.01

147 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG UK EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Food Products (continued) Dairy Crest Group Plc 211,812 553,888 0.47 Greggs Plc 509 17,545 0.02 J Sainsbury Plc 809,245 2,524,844 2.16 Robert Wiseman Dairies Plc 101,564 338,208 0.29 Tate & Lyle Plc 347,503 904,377 0.78 6,001,373 5.14 Gas Utilities Centrica Plc 1,807,112 4,115,698 3.53

Hotels, Restaurants and Leisure Compass Group Plc 1,168,000 3,725,920 3.19 Millennium & Copthorne Hotels Plc 1,001 1,719 0.00 Restaurant Group Plc 8,045 10,841 0.01 Thomas Cook Group Plc 399,138 953,940 0.82 Wetherspoon (J.D.) Plc 35,890 151,904 0.13 Whitbread Plc 14,807 116,679 0.10 4,961,003 4.25 Household Products McBride Plc 172,771 199,119 0.17

Industrial Conglomerates Tribal Group Plc 176,512 171,658 0.15

Insurance Aviva Plc 317,958 687,584 0.59 Brit Insurance Holdings Plc 277,746 501,331 0.43 Friends Provident Plc 888,000 613,608 0.52 Legal & General Group Plc 1,208,785 519,778 0.44 Old Mutual Plc 1,145,213 593,220 0.51 RSA Insurance Group Plc 790,734 1,025,582 0.88 St James's Place Plc 242,077 404,269 0.35 4,345,372 3.72 IT Consulting and Services Colt Telecom Group SA 398,626 346,805 0.30 Computacenter Plc 413,333 462,933 0.40 Logica Plc 962,156 610,969 0.52 1,420,707 1.22 Media Bloomsbury Publishing Plc 156,013 176,295 0.15 Informa 46,248 120,939 0.10 Pearson Plc 40,000 280,400 0.24 WPP Plc 762,358 2,986,537 2.56 3,564,171 3.05 Metals and Mining Severfield-Rowen Plc 27,796 41,277 0.04

Multiline Retail Home Retail Group Plc 675,804 1,515,490 1.30 Woolworths Group Plc 1,834,908 2 0.00 1,515,492 1.30 Oil and Gas BG Group Plc 33,000 347,820 0.30 BP Plc 2,296,000 10,825,640 9.27 Royal Dutch Shell Plc (Class A Shares) 391,535 6,135,353 5.26 Royal Dutch Shell Plc (Class B Shares) 288,299 4,413,858 3.78 21,722,671 18.61

148 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG UK EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Pharmaceuticals AstraZeneca Plc 250,400 6,134,800 5.26 GlaxoSmithKline Plc 807,500 8,769,450 7.51 14,904,250 12.77 Real Estate Hiscox ltd 290,000 896,100 0.77

Retail Kingfisher Plc 1,761,676 2,637,229 2.26

Road and Rail Arriva Plc 189,600 702,468 0.60 Firstgroup Plc 376,000 1,004,860 0.86 1,707,328 1.46 Semiconductor Equipment and Products Bodycote Plc 38,554 47,903 0.04

Software Psion Plc 201,680 104,369 0.09 Sage Group Plc 967,569 1,633,257 1.40 1,737,626 1.49 Telecommunications BT Group Plc 4,662,000 3,645,684 3.12 Cable & Wireless Plc 1,753,976 2,446,796 2.10 Telecom Plus Plc 165,806 494,931 0.42 6,587,411 5.64 Tobacco Imperial Tobacco Group Plc 305,480 4,786,872 4.10

Wireless Telecommunication Services Vodafone Group Plc 6,995,000 8,561,880 7.34

Total financial assets at fair value through profit or loss 115,165,699 98.68

Net Cash at Bank 1,188,013 1.02

Other Net Assets 184,588 0.16

Adjustment from bid market prices to last traded market prices 167,754 0.14

Net Assets attributable to holders of redeemable participating units 116,706,054 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 98.25 Current Assets 1.75 Total Assets 100.00

149 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG UK SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Aerospace and Defense Hampson Industries Plc 48,000 43,440 1.30

Banks Close Brothers Group 11,954 64,193 1.93 European Islamic Investment Bank Plc 50,000 1,375 0.04 65,568 1.97 Beverages Britvic Plc 40,000 90,400 2.71

Chemicals Elementis Plc 184,619 50,770 1.52

Commercial Services and Supplies BTG Plc 23,574 29,114 0.87 Clarkson Plc 14,000 66,080 1.98 Communisis Plc 113,287 30,588 0.92 Management Consulting Group Plc 251,564 74,211 2.23 Phoenix IT Group Plc 57,000 80,940 2.43 Robert Walters Plc 25,618 19,662 0.59 Spring Group Plc 111,498 41,254 1.24 Sthree Plc 59,637 103,023 3.09 444,872 13.35 Construction and Engineering Galliford Try Plc 228,357 91,343 2.74 Keller Group Plc 10,693 52,583 1.58 Pochins Plc 12,000 7,800 0.23 Scott Wilson Group 21,900 9,636 0.29 Smart (J) & Co (Contractors) 5,400 15,660 0.47 T Clarke Plc 36,000 45,000 1.35 WSP Group Plc 39,694 94,769 2.85 316,791 9.51 Containers and Packaging British Polythene Industries 23,016 27,964 0.84 DS Smith Plc 32,143 16,072 0.48 RPC Group Plc 43,187 49,665 1.49 93,701 2.81 Distribution & Wholesale Brammer Plc 12,667 9,627 0.29 Games Workshop Group Plc 18,000 31,500 0.94 41,127 1.23 Distributors John Menzies Plc 20,707 12,217 0.37

Diversified Financials Charles Stanley Group Plc 19,000 30,020 0.90 Collins Stewart Plc 63,653 43,284 1.30 Hogg Robinson Group Plc 31,497 4,725 0.14 Shore Capital Group Plc 156,000 21,450 0.65 99,479 2.99 Electrical Equipment Laird Plc 21,299 20,873 0.63 Vitec Group Plc 36,000 56,160 1.68 Vp Plc 31,687 45,946 1.38 122,979 3.69 Electronic Equipment and Instruments Dialight Plc 649 727 0.02 Oxford Instruments Plc 23,858 25,349 0.76

150 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG UK SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Electronic Equipment and Instruments (continued) Spectris Plc 18,973 76,129 2.29 TT Electronics Plc 30,759 6,152 0.18 108,357 3.25 Entertainment Cineworld Group Plc 71,837 90,515 2.72

Food Products Carr's Milling Industries Plc 5,000 21,750 0.65 Dairy Crest Group Plc 11,616 30,376 0.91 Greggs Plc 42 1,448 0.05 Robert Wiseman Dairies Plc 28,000 93,240 2.80 146,814 4.41 Health Care Services Primary Health Properties Plc (REIT) 2,746 6,371 0.19

Healthcare Products Mothercare Plc 14,308 55,122 1.65

Home Furnishings Dunelm Group Plc 45,783 98,777 2.97

Hotels, Restaurants and Leisure Millennium & Copthorne Hotels Plc 1,101 1,891 0.06 Restaurant Group Plc 70,863 95,488 2.87 Sportech Plc 40,800 29,784 0.89 Wetherspoon (J.D.) Plc 3,811 16,130 0.48 143,293 4.30 Household Products McBride Plc 72,000 82,980 2.49

Industrial Conglomerates Tribal Group Plc 60,000 58,350 1.75

Insurance Brit Insurance Holdings Plc 5,948 10,736 0.32 Charles Taylor Consulting Plc 17,467 32,838 0.99 Hardy Underwriting Bermuda Ltd 16,715 43,125 1.29 86,699 2.60 IT Consulting and Services Anite Plc 266,666 70,666 2.12 Computacenter Plc 78,399 87,807 2.64 Dimension Data Holdings Plc 118,500 48,289 1.45 206,762 6.21 Marine Braemar Shipping Services Plc 20,000 44,200 1.33

Media Bloomsbury Publishing Plc 58,465 66,066 1.98 Future Plc Plc 170,075 21,259 0.64 Huntsworth Plc 120,000 59,400 1.78 146,725 4.40 Metals and Mining Hill & Smith Holdings Plc 36,636 57,152 1.72 Severfield-Rowen Plc 34,621 51,412 1.54 108,564 3.26 Oil and Gas Shanks Group Plc 10,000 5,575 0.17

151 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG UK SMALL CAP ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Pharmaceuticals Goldshield Group Plc 30,000 92,100 2.76

Real Estate CLS Holdings Plc 5,597 13,153 0.40

Semiconductor Equipment and Products Bodycote Plc 11,374 14,132 0.42 Dialog Semiconductor Plc 5,569 5,571 0.17 19,703 0.59 Software Intec Telecom Systems Plc 87,775 30,282 0.91 Psion Plc 70,021 36,236 1.09 66,518 2.00 Speciality Retail John David Group Plc 32,000 96,960 2.91 WH Smith Plc 25,396 90,283 2.71 187,243 5.62 Technology hardware & Equipment Wolfson Microelectronics Plc 40,772 42,811 1.29

Telecommunications Telecom Plus Plc 24,929 74,411 2.22

Textiles and Apparel Fiberweb Plc 15,268 5,191 0.16

Collective Investment Schemes Energy Capital Investments 19,470 0 0.00

Total financial assets at fair value through profit or loss 3,271,578 98.19

Net Cash at Bank 79,230 2.38

Other Net Liabilities (48,049) (1.44)

Adjustment from bid market prices to last traded market prices 28,869 0.87

Net Assets attributable to holders of redeemable participating units 3,331,628 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 93.18 Collective Investment Scheme 0.00 Current Assets 6.82 Total Assets 100.00

Abbreviations used: REIT Real Estate Investment Trust

152 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EX-UK EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Australia AGL Energy 6,200 44,960 0.14 Amalgamated Holdings Ltd 2,911 5,461 0.02 Australia & New Zealand Banking Group Ltd 6,700 51,119 0.16 BHP Billiton Ltd 10,800 167,054 0.52 Caltex Australia Ltd 3,200 13,805 0.04 CFS Retail Property Trust (REIT) 6,600 5,215 0.02 Coca-Cola Amatil Ltd 9,000 37,737 0.12 Cochlear Ltd 1,000 24,237 0.07 Commonwealth Bank of Australia 3,500 58,838 0.18 Computershare Ltd 1,800 7,661 0.02 Crown 8,800 26,789 0.08 CSL Ltd 3,800 59,847 0.19 Dexus Property Group 12,500 4,453 0.01 Energy Resources of Australia Ltd 1,200 12,146 0.04 Foster's Group Ltd 19,800 48,565 0.15 Goodman Group 7,400 1,166 0.00 JB Hi-Fi Ltd 700 3,902 0.01 Lion Nathan 6,500 25,458 0.08 National Australia Bank Ltd 9,900 96,458 0.30 Newcrest Mining 300 4,757 0.01 Nufarm 2,988 16,323 0.05 Origin Energy Ltd 4,800 34,413 0.11 QBE Insurance Group Ltd 3,300 30,825 0.10 Rio Tinto Ltd 300 8,219 0.03 Santos Ltd 3,800 31,038 0.10 Suncorp-Metway 9,360 27,087 0.08 Telstra Corp Ltd 32,100 49,948 0.15 Westfield Group 9,200 44,462 0.14 Westpac Banking Corp 9,300 86,014 0.27 Woodside Petroleum Ltd 700 12,925 0.04 Woolworths Ltd 3,600 43,644 0.13 1,084,526 3.36 Austria OMV AG 1,125 26,365 0.08 Strabag SE 390 5,217 0.02 Telekom Austria AG 2,277 23,580 0.07 55,162 0.17 Belgium Banque Nationale de Belgique 3 5,994 0.02 Delhaize Group 2,353 106,123 0.33 Solvay SA 1,336 65,255 0.20 UCB SA 2,934 60,307 0.19 237,679 0.74 Bermuda Accenture Ltd 5,100 97,812 0.30 Everest Reinsurance Group Ltd 1,800 88,823 0.27 Noble Group Ltd 1,000 546 0.00 PYI Corp Ltd (Warrant) 333 - 0.00 Tyco International 12,981 176,600 0.55 363,781 1.12 British Virgin Islands UTi Worldwide 5,400 45,020 0.14

Canada Bank of Montreal 14,400 261,608 0.81 Bank of Nova Scotia 18,100 309,127 0.96 Barrick Gold Corp 7,460 168,473 0.52 EnCana Corp 8,900 251,722 0.78 Kinross Gold 5,790 72,186 0.22 Royal Bank of Canada 3,940 79,495 0.25

153 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Canada (continued) Toronto-Dominion Bank 15,100 363,660 1.12 1,506,271 4.66 Cayman Islands Hutchinson Telecommunications International Ltd 41,000 8,784 0.03 Tingyi Cayman Islands Holding Corp 6,000 4,840 0.01 13,624 0.04 Denmark AP Moller-Maersk A/S 19 57,183 0.18 AP Moller-Maersk A/S (Class B Shares) 14 42,657 0.13 Danisco A/S 1,555 32,344 0.10 Danske Bank A/S 1,827 10,497 0.03 FLSmidth & Co A/S 852 15,046 0.05 Novozymes A/S 995 49,806 0.15 207,533 0.64 Finland Orion OYJ 923 9,302 0.03 Pohjola Bank 1,693 6,963 0.02 Pohjola Bank (Rights) 1,693 1,603 0.01 Sampo OYJ 5,766 59,178 0.18 Stora Enso OYJ 2,441 6,037 0.02 UPM-Kymmene OYJ 9,789 39,443 0.12 Wartsila OYJ 2,400 35,236 0.11 157,762 0.49 France Air France-KLM 3,418 21,086 0.07 Atos Origin SA 335 5,952 0.02 BNP Paribas 2,600 74,948 0.23 Bouygues SA 1,102 27,479 0.08 Cap Gemini SA 2,100 46,899 0.15 Christian Dior SA 1,400 53,513 0.17 CNP Assurances 894 39,335 0.12 Credit Agricole SA 2,354 18,124 0.06 Eutelsat Communications 1,836 27,177 0.08 France Telecom SA 19,200 304,387 0.94 Gemalto 1,500 29,845 0.09 M6-Metropole Television 1,121 12,720 0.04 Nexans SA 403 10,652 0.03 Pernod-Ricard SA 1,860 72,319 0.22 PPR 114 5,091 0.02 Sanofi-Aventis SA 8,465 331,206 1.03 Societe Generale 1,667 45,536 0.14 Sodexo 2,272 72,228 0.22 Suez Environnement 663 6,798 0.02 Thales SA 1,955 51,683 0.16 Total SA 3,676 127,434 0.39 Vivendi 13,301 245,488 0.76 Zodiac Aerospace 860 15,183 0.05 1,645,083 5.09 Germany Allianz SE 2,200 130,198 0.40 Bayer AG 5,600 186,170 0.58 Bilfinger Berger AG 688 18,150 0.06 Deutsche Bank AG 1,642 46,314 0.14 Deutsche Lufthansa AG 5,600 42,509 0.13 Deutsche Post AG 13,369 100,493 0.31 Deutsche Telekom AG 28,800 249,298 0.77 Fresenius Medical Care AG & Co KGaA 788 21,335 0.07 Fresenius SE 1,000 26,510 0.08 Generali Deutschland Holding AG 172 8,935 0.03 Hannover Rueckversicherung 216 4,794 0.01

154 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Germany (continued) Henkel AG & Co KGaA 3,565 62,445 0.19 Lanxess AG 2,104 25,024 0.08 Linde AG 2,023 95,681 0.30 Merck KGaA 1,284 78,973 0.24 MTU Aero Engines Holding AG 856 13,987 0.04 Muenchener Ruckvers AG 97 8,240 0.03 RWE AG 2,900 141,861 0.44 Tognum AG 1,959 11,868 0.04 1,272,785 3.94 Greece National Bank of Greece SA 1,221 12,893 0.04 OPAP SA 4,000 74,103 0.23 86,996 0.27 Guernsey, Channel Islands Amdocs 7,430 95,898 0.30

Hong Kong Allied Properties HK Ltd 78,000 4,213 0.01 BOC Hong Kong Holdings Ltd 43,500 31,014 0.10 Chaoda Modern Agriculture 45,760 19,032 0.06 Cheung Kong Holdings Ltd 11,000 65,900 0.20 China Agri-Industries Holdings 48,000 15,945 0.05 China Mobile Ltd 21,500 130,837 0.41 China Resources Power Holdings 8,000 11,667 0.04 China Unicom Ltd 42,000 31,306 0.10 CLP Holdings Ltd 13,500 63,742 0.20 CNOOC Ltd 15,000 10,397 0.03 Dah Sing Financial Holdings 5,200 7,068 0.02 Digital China Holdings Ltd 26,000 7,490 0.02 Esprit Holdings Ltd 11,000 39,114 0.12 First Pacific 30,000 7,157 0.02 Goldlion Holdings Ltd 15,000 1,431 0.00 Guangdong Investment 18,000 5,104 0.02 Guoco Group Ltd 5,000 19,377 0.06 Hang Seng Bank Ltd 6,900 48,574 0.15 HKR International 20,000 3,367 0.01 HongKong Electric Holdings 13,000 54,067 0.17 Huabao International Holdings 8,000 4,465 0.01 Hutchison Whampoa Ltd 18,000 61,818 0.19 Industrial and Commercial Bank of China Asia Ltd 22,000 16,299 0.05 Johnson Electric Holdings 24,500 3,264 0.01 Link (REIT) 6,000 8,286 0.03 MTR Corp 16,500 27,776 0.09 Road King Infrastructure 25,000 7,112 0.02 Shanghai Industrial Holdings Ltd 14,000 27,033 0.08 Shui On Construction and Materials 12,000 7,972 0.02 Sun Hung Kai Properties 3,000 18,634 0.06 Tian An China Investment 20,000 3,709 0.01 Wharf Holdings 16,000 27,914 0.09 Wheelock & Co Ltd 9,000 10,565 0.03 Wheelock Properties Ltd 14,500 3,329 0.01 Wing On Co International Ltd 10,000 5,662 0.02 810,640 2.51 Israel Bezeq Israeli Telecommunication Corp Ltd 39,000 43,599 0.14 Mizrahi Tefahot Bank 8,000 26,650 0.08 70,249 0.22 Italy ACEA SpA 2,612 21,618 0.07 Banco Popolare SpA 12,374 39,658 0.12

155 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Italy (continued) Buzzi Unicem SpA 669 5,212 0.02 Davide Campari-Milano 1,426 6,225 0.02 Enel SpA 53,469 178,672 0.55 Finmeccanica SpA 7,079 61,048 0.19 Fondiaria Sai SpA 1,600 12,872 0.04 Intesa Sanpaolo SpA 32,403 62,130 0.19 Milano Assicurazioni 4,913 7,855 0.02 Piccolo Credito Valtellinese Scarl 892 5,015 0.01 Telecom Italia SpA 199,897 178,219 0.55 UniCredit SpA 35,436 40,571 0.13 Unipol Gruppo Finanziario SpA 30,030 18,456 0.06 637,551 1.97 Japan 77 Bank Ltd 6,000 20,640 0.06 Adeka Corp 200 862 0.00 Aderans Holdings 400 1,972 0.01 Aeon Co Ltd 7,300 33,156 0.10 Aida Engineering Ltd 1,000 1,957 0.01 Aisan Industry Co Ltd 100 317 0.00 Ajinomoto Co Inc 5,000 24,440 0.08 Akita Bank Ltd 1,000 2,578 0.01 AOC Holdings Inc 1,100 4,157 0.01 AOKI Holdings Inc 500 3,101 0.01 Aoyama Trading Co Ltd 1,000 9,126 0.03 Asahi Breweries Ltd 5,500 45,532 0.14 Asahi Kasei Corp 11,000 27,428 0.09 Astellas Pharma Inc 4,100 87,461 0.27 AT-Group Co Ltd 2,000 10,737 0.03 Bank of Kyoto Ltd 5,000 29,349 0.09 Belluna Co Ltd 700 1,251 0.00 BML Inc 200 2,584 0.01 Bridgestone Corp 7,300 72,602 0.22 Canon Finetech Inc 100 719 0.00 Canon Inc 800 15,907 0.05 Cawachi Ltd 400 4,249 0.01 Central Japan Railway Co 18 70,438 0.22 Chiba Bank Ltd 8,000 27,350 0.08 Chiba Kogyo Bank 700 4,747 0.01 Chudenko Corp 900 8,646 0.03 Chuo Mitsui Trust Holdings Inc 13,000 27,456 0.09 Circle K Sunkus 1,300 12,819 0.04 Daiichi Sankyo Co Ltd 6,400 74,365 0.23 Daiichikosho Co Ltd 400 2,297 0.01 Dainippon Sumitomo Pharma Co Ltd 5,000 28,855 0.09 Eisai Co Ltd 700 14,240 0.04 Electric Power Development 1,700 35,003 0.11 Fuji Heavy Industries Ltd 5,000 11,372 0.04 Fuji Machine Manufacturing Co Ltd 600 3,390 0.01 Fujifilm Holdings Corp 3,900 58,539 0.18 Fujitsu Business Systems Ltd 300 2,560 0.01 Fujitsu Ltd 25,000 64,455 0.20 Fukuda Denshi Co Ltd 300 4,058 0.01 Fukuoka Financial Group Inc 12,000 25,174 0.08 Fuyo General Lease Co Ltd 200 1,740 0.01 Gunma Bank Ltd 4,000 14,946 0.05 Haruyama Trading Co Ltd 400 955 0.00 Heiwado Co Ltd 500 4,316 0.01 Hi-Lex Corp 200 805 0.00 Higashi-Nippon Bank 2,000 3,730 0.01 Higo Bank 1,000 4,019 0.01 Hitachi Ltd 27,000 50,349 0.16

156 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Japan (continued) Hitachi Maxell Ltd 1,400 6,991 0.02 Hitachi Medical Corp 2,000 10,468 0.03 Hitachi Systems & Services Ltd 200 1,239 0.00 Hokkaido Electric Power Co Inc 1,400 19,541 0.06 Hokuetsu Bank 1,000 1,158 0.00 Hosiden 900 6,160 0.02 Hyakugo Bank Ltd 5,000 17,659 0.05 Hyakujushi Bank 3,000 9,790 0.03 INPEX Corp 16 77,077 0.24 Itochu Enex 700 2,546 0.01 J Front Retailing 8,000 19,156 0.06 Japan Airlines Corp 20,000 28,113 0.09 Japan Tobacco Inc 29 53,505 0.17 JFE Holdings Inc 4,600 69,533 0.22 JFE Shoji Holdings Inc 4,000 7,346 0.02 Juroku Bank Ltd 1,000 2,310 0.01 Kanaden Corp 2,000 6,569 0.02 Kaneka Corp 6,000 20,513 0.06 Kansai Electric Power Co Inc 600 9,048 0.03 Kao Corp 6,000 81,287 0.25 Kasumi Co Ltd 2,000 5,255 0.02 Kawasaki Kisen Kaisha Ltd 1,000 2,133 0.01 KDDI Corp 31 101,164 0.31 Kirin Holdings Co Ltd 9,000 66,178 0.21 Kohnan Shoji Co Ltd 200 1,192 0.00 Kose Corp 900 11,576 0.04 Kurabo Industries Ltd 4,000 3,730 0.01 Kyowa Hakko Kirin 5,000 29,172 0.09 Kyushu Electric Power 3,500 54,513 0.17 Lion Corp 5,000 16,211 0.05 Maeda Corp 3,000 7,247 0.02 Mandom Corp 200 2,303 0.01 Marudai Food Co Ltd 1,000 1,646 0.01 Marui Group Co Ltd 4,200 15,456 0.05 Meiji Seika Kaisha 6,000 14,579 0.05 Mie Bank Ltd 2,000 4,281 0.01 Mikuni Coca-Cola Bottling Co Ltd 500 2,737 0.01 Ministop Co Ltd 100 1,084 0.00 Mitsubishi Chemical Holdings Corp 12,500 29,579 0.09 Mitsubishi Tanabe Pharma Corp 5,000 34,293 0.11 Mitsubishi UFJ Financial Group Inc 51,600 173,492 0.54 Mitsui Chemicals Inc 11,000 18,570 0.06 Mitsui Sumitomo Insurance Group Holdings 3,600 57,596 0.18 Morinaga Milk Industry Co Ltd 2,000 4,167 0.01 Murata Manufacturing Co Ltd 2,200 58,740 0.18 Musashi Seimitsu Industry 200 1,411 0.00 Nafco Co Ltd 200 1,273 0.00 Nagase & Co Ltd 3,000 16,105 0.05 NE Chemcat 2,000 13,633 0.04 NEC Corp 23,000 42,727 0.13 Nikon 5,000 39,026 0.12 Nippon Meat Packers Inc 1,000 7,240 0.02 Nippon Mining Holdings Inc 9,500 26,036 0.08 Nippon Paper Group 800 13,505 0.04 Nippon Seiki 2,000 8,561 0.03 Nippon Shinyaku Co Ltd 1,000 6,152 0.02 Nippon Telegraph & Telephone Corp 3,400 89,580 0.28 Nippon Yusen KK 9,000 23,839 0.07 Nipponkoa Insurance Co Ltd 9,000 35,791 0.11 Nishi-Nippon City Bank 12,000 17,885 0.06 Nissan Shatai Co Ltd 2,000 8,024 0.03

157 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Japan (continued) NTT DoCoMo Inc 123 116,161 0.36 Omron 2,200 17,964 0.06 Ono Pharmaceutical 300 9,070 0.03 Onward Holdings Co Ltd 2,000 9,027 0.03 ORIX Corp 170 3,807 0.01 Osaka Gas 3,000 6,506 0.02 Osaka Steel Co Ltd 200 2,317 0.01 Resorttrust Inc 500 3,186 0.01 Ricoh Co Ltd 4,000 32,747 0.10 Riso Kagaku Corp 400 2,492 0.01 Roland Corp 200 1,473 0.00 Sakai Chemical Industry Co Ltd 2,000 3,871 0.01 San-In Godo Bank Ltd 3,000 16,041 0.05 Sapporo Hokuyo Holdings Inc 7,000 13,647 0.04 Sazaby League Ltd 200 1,554 0.00 Seiko Epson Corp 1,100 10,350 0.03 Seino Holdings Corp 4,000 13,421 0.04 Senshukai Co Ltd 700 3,412 0.01 Shinmaywa Industries Ltd 3,000 4,344 0.01 Shiseido Co Ltd 4,000 40,488 0.13 Showa Shell Sekiyu KK 3,700 23,339 0.07 Sompo Japan Insurance Inc 9,000 32,104 0.10 SRI Sports Ltd 1 537 0.00 Sumikin Bussan 3,000 4,344 0.01 Sumitomo Chemical Co Ltd 18,000 42,085 0.13 Sumitomo Mitsui Financial Group Inc 1,600 38,426 0.12 Sumitomo Trust & Banking Co Ltd 14,000 36,886 0.11 Suzuken Co Ltd 1,200 21,784 0.07 T&D Holdings Inc 2,200 36,596 0.11 Taisho Pharmaceutical Co Ltd 2,000 25,824 0.08 Takashimaya Co Ltd 5,000 19,884 0.06 Takeda Pharmaceutical Co Ltd 3,800 91,261 0.28 Takefuji Corp 1,900 6,187 0.02 Takeuchi Manufacturing Co Ltd 300 1,314 0.00 TDK Corp 1,500 38,673 0.12 Teijin Ltd 14,000 21,063 0.07 Tohoku Electric Power 1,300 19,789 0.06 Tohokushinsha Film 400 1,981 0.01 Tokyo Electric Power Co Inc 4,600 79,769 0.25 Tokyo Style Co Ltd 1,000 4,747 0.01 Torii Pharmaceutical Co Ltd 500 4,796 0.02 Toshiba TEC Corp 5,000 8,865 0.03 Toyota Industries 1,200 17,715 0.06 Toyota Motor Corp 5,000 109,838 0.34 Trusco Nakayama Corp 300 2,462 0.01 TV Asahi Corp 13 10,101 0.03 Unipres Corp 200 975 0.00 UNY Co Ltd 4,000 21,699 0.07 Valor Co Ltd 300 1,496 0.00 West Japan Railway Co 18 39,669 0.12 Yamaguchi Financial Group Inc 1,000 6,534 0.02 Yamaha Motor Co Ltd 2,700 16,669 0.05 3,573,730 11.06 Netherlands Aegon NV 10,684 28,937 0.09 Akzo Nobel NV 617 16,271 0.05 European Aeronautic Defence and Space Co NV 2,802 22,736 0.07 Imtech NV 483 4,635 0.01 ING Groep NV 13,956 53,597 0.17 James Hardie Industries 8,500 17,058 0.05 Koninklijke Ahold 17,758 135,557 0.42

158 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Netherlands (continued) Koninklijke DSM NV 3,500 64,241 0.20 Koninklijke Philips Electronics NV 1,052 10,797 0.03 Nutreco Holding 689 17,168 0.05 Randstad Holding NV 2,400 28,367 0.09 STMicroelectronics NV 3,212 11,157 0.04 STMicroelectronics NV (France) 6,183 21,649 0.07 TNT NV 6,880 81,637 0.25 513,807 1.59 New Zealand Vector 9,500 8,511 0.03

Norway StatoilHydro ASA 19,000 233,423 0.72

Portugal Energias de Portugal SA 48,000 116,001 0.36 Portugal Telecom SGPS SA 4,866 26,278 0.08 REN - Redes Energeticas Nacionais SA 4,244 12,348 0.04 154,627 0.48 Singapore Dairy Farm International Holdings Ltd 1,800 5,526 0.02 Haw Par Corp Ltd 1,000 1,597 0.00 Jardine Cycle & Carriage Ltd 3,000 16,026 0.05 Jardine Matheson Holdings Ltd 3,200 40,632 0.13 K1 Ventures Ltd 136,000 7,178 0.02 Oversea-Chinese Banking Corp 17,000 37,683 0.12 People's Food Holdings Ltd 17,000 3,823 0.01 SembCorp Industries Ltd 16,000 17,182 0.05 SIA Engineering 4,000 3,414 0.01 Singapore Airlines Ltd 4,600 21,111 0.07 Singapore Telecommunications Ltd 11,000 12,772 0.04 United Overseas Bank Ltd 4,000 17,825 0.05 UOB-Kay Hian Holdings Ltd 4,000 2,019 0.01 Wilmar International Ltd 20,000 29,004 0.09 215,792 0.67 Spain Abengoa 583 5,384 0.02 Banco Bilbao Vizcaya Argentaria SA 19,375 109,476 0.34 Banco Santander SA 24,013 115,441 0.36 Gas Natural SDG 3,500 33,328 0.10 Grupo Catalana Occidente SA 1,556 12,842 0.04 Iberdrola 13,503 65,665 0.20 Mapfre SA 10,366 15,747 0.05 Repsol YPF SA 13,640 164,629 0.51 Telefonica SA 13,495 187,630 0.58 710,142 2.20 Sweden Meda AB 7,032 28,959 0.09 Nordea Bank AB 13,178 45,484 0.14 Securitas 3,495 17,623 0.05 Svenska Cellulosa 9,924 52,133 0.16 Svenska Cellulosa (Class A Shares) 912 4,772 0.02 Tele2 AB 5,000 29,220 0.09 Telefonaktiebolaget LM Ericsson 33,299 189,398 0.59 TeliaSonera AB 31,133 103,777 0.32 471,366 1.46 Switzerland Adecco SA 2,394 52,234 0.16 Baloise Holding AG 1,000 44,638 0.14

159 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

Switzerland (continued) Banque Cantonale Vaudoise 152 35,067 0.11 Clariant AG 6,000 16,235 0.05 Credit Suisse Group 3,246 68,991 0.21 EFG International 446 2,304 0.01 Flughafen Zuerich 74 9,308 0.03 Helvetia Holding AG 167 24,684 0.08 Nestle SA 7,836 185,011 0.57 Novartis AG 16,000 420,373 1.30 Sulzer AG 689 24,604 0.08 Swiss Reinsurance 2,348 26,854 0.08 Swisscom AG 478 93,779 0.29 Synthes Inc 1,100 85,379 0.26 UBS AG 8,578 56,317 0.17 Vontobel Holding AG 413 5,347 0.02 Zurich Financial Services AG 873 96,310 0.30 1,247,435 3.86 United States 3M Co 160 5,538 0.02 Abbott Laboratories 4,300 143,098 0.44 Advanced Micro Devices Inc 5,620 11,959 0.04 Agilent Technologies Inc 6,280 67,166 0.21 Altria Group Inc 5,900 65,777 0.20 American Express Co 4,140 39,368 0.12 American Water Works 610 8,150 0.03 Amerigroup Corp 2,390 45,837 0.14 Amgen Inc 10,500 361,440 1.12 AON Corp 9,000 256,183 0.79 Archer-Daniels-Midland Co 7,680 148,740 0.46 Assurant 4,400 66,767 0.21 AT&T Inc 14,100 247,206 0.77 Autodesk 8,500 99,627 0.31 Autozone Inc 1,900 215,524 0.67 Bank of America Corp 8,530 40,408 0.13 Barnes & Noble 1,490 22,225 0.07 Baxter International Inc 6,100 217,810 0.67 Beckman Coulter Inc 2,290 81,496 0.25 Big Lots Inc 3,300 47,819 0.15 Biogen Idec Inc 350 12,776 0.04 Boston Properties Inc (REIT) 600 14,664 0.05 Brinker International Inc 5,500 57,826 0.18 Bristol-Myers Squibb Co 27,090 412,771 1.28 CA Inc 9,550 117,064 0.36 CACI International Inc 1,300 33,050 0.10 Cardinal Health Inc 760 16,654 0.05 Centerpoint Energy Inc 9,310 67,616 0.21 CenturyTel Inc 4,000 78,278 0.24 Cephalon Inc 700 33,253 0.10 Chevron Corp 7,310 341,900 1.06 Church & Dwight 2,200 80,151 0.25 Cincinnati Financial 2,200 35,056 0.11 Clorox 200 7,169 0.02 CMS Energy Corp 10,040 82,724 0.26 Colgate-Palmolive Co 600 24,668 0.08 Computer Sciences 6,600 169,173 0.52 ConAgra Foods Inc 14,590 171,719 0.53 Constellation Brands 14,000 116,036 0.36 Coventry Health Care 370 3,340 0.01 CVS Caremark Corp 13,900 266,004 0.82 Darden Restaurants Inc 500 11,941 0.04 Dean Foods Co 5,400 68,002 0.21 Del Monte Foods 8,500 43,172 0.13

160 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

United States (continued) Diamond Offshore Drilling Inc 1,200 52,526 0.16 Discovery Communications 880 9,835 0.03 DISH Network 7,995 61,970 0.19 Dollar Tree Inc 3,260 101,324 0.31 Dover Corp 6,700 123,310 0.38 DTE Energy Co 830 16,011 0.05 Endo Pharmaceuticals Holdings Inc 4,200 51,777 0.16 Estee Lauder Cos Inc 4,530 77,905 0.24 Express Scripts Inc 990 31,827 0.10 Exxon Mobil Corp 11,010 521,484 1.61 Family Dollar Stores Inc 4,850 112,778 0.35 Fedex Corp 2,200 68,286 0.21 FMC Corp 2,500 75,051 0.23 General Electric Co 24,710 174,290 0.54 Genzyme Corp 1,700 70,391 0.22 Gilead Sciences Inc 11,740 379,225 1.17 Goldman Sachs Group Inc 1,420 105,033 0.33 Goodrich Corp 4,500 118,830 0.37 H&R Block 2,710 34,335 0.11 Harris Corp 5,000 100,848 0.31 HCC Insurance Holdings Inc 490 8,587 0.03 Health Net Inc 5,100 51,343 0.16 Hewlett Packard Co 22,302 498,833 1.54 Hologic Inc 8,471 77,302 0.24 Humana Inc 5,339 97,144 0.30 IAC/InterActiveCorp 5,345 56,532 0.17 International Business Machines Corp 12,240 827,300 2.56 International Game Technology 2,340 15,019 0.05 International Speedway Corp 480 7,367 0.02 Intuit Inc 11,190 210,708 0.65 Inverness Medical Innovations 1,300 24,153 0.07 Jack in the Box Inc 2,600 42,210 0.13 JM Smucker Co 60 1,557 0.00 Johnson & Johnson 16,860 618,362 1.91 Kellogg Co 4,100 104,663 0.32 Kimberly-Clark Corp 2,200 70,635 0.22 King Pharmaceuticals Inc 370 1,825 0.01 Kraft Foods Inc 13,600 211,114 0.65 L-3 Communications Holdings Inc 4,100 193,651 0.60 Life Technologies 4,700 105,716 0.33 Lorillard 430 18,489 0.06 Marathon Oil Corp 1,200 21,993 0.07 Mattel 9,304 74,842 0.23 McDonald's Corp 7,956 302,509 0.94 Medtronic Inc 1,240 25,477 0.08 Merck & Co Inc 16,500 307,357 0.95 Micron Technology 28,200 79,484 0.25 Microsoft Corp 27,380 350,141 1.08 Mirant Corp 1,240 9,845 0.03 Molson Coors Brewing Co 1,075 25,642 0.08 Morgan Stanley 3,970 62,845 0.19 Mylan Inc 11,280 105,139 0.33 NBTY Inc 2,500 24,506 0.08 New York Community Bancorp Inc 1,300 10,095 0.03 Newmont Mining Corp 100 3,117 0.01 Nexen Inc 3,480 41,177 0.13 NII Holdings Inc 3,000 31,395 0.10 Nike Inc 880 28,751 0.09 NiSource 11,260 76,907 0.24 Norfolk Southern Corp 1,890 44,410 0.14 Northeast Utilities 2,910 43,751 0.14

161 The accompanying notes are an integral part of the financial statements.

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Schedule of Investments as of March 31, 2009

Number of Fair Value % of Financial assets at fair value through profit or loss Shares GBP Net Assets

Equities

United States (continued) Novell Inc 23,360 69,427 0.21 NRG Energy Inc 7,290 88,089 0.27 OGE Energy 2,100 34,840 0.11 Omnicare 900 15,321 0.05 Oracle Corp 3,530 44,477 0.14 PartnerRe Ltd 1,930 83,456 0.26 PDL BioPharma Inc 5,440 26,833 0.08 Pepco Holdings Inc 6,510 56,545 0.18 Pepsi Bottling Group 3,790 58,489 0.18 PepsiAmericas 640 7,702 0.02 Perot Systems Corp 3,800 34,067 0.11 Pfizer Inc 45,330 430,735 1.33 PG&E Corp 11,700 311,162 0.96 Philip Morris International 3,600 89,212 0.28 Pitney Bowes 2,100 34,151 0.11 PPG Industries Inc 5,590 143,635 0.44 Procter And Gamble Co 2,170 71,170 0.22 Prologis (REIT) 3,600 16,325 0.05 Public Storage (REIT) 500 19,256 0.06 Quest Software Inc 2,750 24,289 0.08 RadioShack Corp 6,240 37,309 0.12 Ralcorp Holdings Inc 340 12,781 0.04 Rent-A-Center Inc 2,710 36,603 0.11 RPM International Inc 2,311 20,460 0.06 Safeway Inc 6,150 86,414 0.27 Sara Lee 17,800 100,093 0.31 SCANA Corp 650 13,994 0.04 Scotts Miracle-Gro 200 4,840 0.01 Simon Property Group Inc (REIT) 1,593 38,354 0.12 Southwest Airlines 200 882 0.00 Southwest Gas Corp 200 2,940 0.01 Southwestern Energy 9,480 195,771 0.61 Sun Microsystems 20,870 107,018 0.33 Sunoco Inc 4,130 76,212 0.24 Synopsys Inc 5,490 79,170 0.25 TIBCO Software Inc 990 4,054 0.01 Tidewater Inc 2,300 59,580 0.18 TJX 1,820 32,468 0.10 Travelers Cos Inc 5,320 150,839 0.47 Tyson Foods Inc 11,850 77,630 0.24 Union Pacific Corp 4,220 120,828 0.37 Unisource Energy Corp 1,670 32,844 0.10 United States Cellular Corp 150 3,478 0.01 United Technologies Corp 3,070 91,970 0.28 URS Corp 2,770 77,881 0.24 VeriSign Inc 5,836 76,790 0.24 Verizon Communications Inc 15,763 331,129 1.03 Virgin Media 13,600 45,354 0.14 Vornado Realty Trust (REIT) 991 22,926 0.07 Wal-Mart Stores Inc 15,740 571,026 1.77 Walt Disney Co 14,820 187,557 0.58 Washington Post Co 210 52,181 0.16 Watson Pharmaceuticals Inc 4,020 87,083 0.27 Wells Fargo & Co 11,200 111,269 0.34 Windstream Corp 12,120 68,153 0.21 WW Grainger Inc 2,640 129,076 0.40 Wyeth 1,820 54,523 0.17 Xcel Energy 2,010 26,069 0.08 Xerox Corp 8,340 26,474 0.08 Zimmer Holdings Inc 570 14,515 0.04 16,583,793 51.33

162 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST______

AXA ROSENBERG GLOBAL EX-UK EQUITY ALPHA FUND

Schedule of Investments as of March 31, 2009

Fair Value % of GBP Net Assets

Total financial assets at fair value through profit and loss 32,003,186 99.06

Net Cash at Bank 481,355 1.49

Other Net Liabilities (229,504) (0.71)

Adjustment from bid market prices to last traded market prices 51,685 0.16

Net Asset attributable to holders of redeemable participating units 32,306,722 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange or traded on a regulated market 97.38 Current Assets 2.62 Total Assets 100.00

Abbreviations used: REIT Real Estate Investment Trust

163 The accompanying notes are an integral part of the financial statements.

AXA ROSENBERG EQUITY ALPHA TRUST

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2009

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg US Equity US Enhanced Index Equity Global Equity Global Small Cap Global Emerging Markets Alpha Fund Alpha Fund Alpha Fund Alpha Fund Equity Alpha Fund USD USD USD USD USD March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 Income Interest income 201,845 8,563 143,267 47,017 22,134 Dividend income 56,654,590 3,487,905 43,512,024 8,471,923 12,326,162 Securities lending income (Note 2) 1,310,589 45,884 1,823,417 389,665 - Other income 49,264 - 2,461 10,386 3,109 Total Operating Income 58,216,288 3,542,352 45,481,169 8,918,991 12,351,405

Net loss on investments and foreign currency (Note 5) (1,076,954,926) (75,018,519) (786,508,325) (214,385,603) (218,675,110)

Total Net Loss (1,018,738,638) (71,476,167) (741,027,156) (205,466,612) (206,323,705)

Expenses Management fees (20,696,616) (486,622) (11,001,669) (3,259,880) (497,041) Custody fees (90,827) (21,400) (350,638) (231,010) (492,753) Administration fees (302,602) (41,898) (205,930) (88,385) (82,915) Audit fees (38,386) (1,552) (23,228) (6,144) (5,848) Trustee fees (229,592) (13,998) (134,218) (34,146) (31,275) Legal and Professional fees (52,433) (2,067) (31,011) (9,063) (7,753) Other expenses (794,147) (60,117) (556,024) (209,750) (104,028) Operating expenses (22,204,603) (627,654) (12,302,718) (3,838,378) (1,221,613)

Operating Loss (1,040,943,241) (72,103,821) (753,329,874) (209,304,990) (207,545,318)

Finance Costs Distribution to redeemable participating unitholders (33) - - - - (33) - - - -

Loss for the financial year before tax (1,040,943,274) (72,103,821) (753,329,874) (209,304,990) (207,545,318)

Withholding tax on dividends and other investment income (16,209,406) (1,017,339) (8,184,767) (1,401,744) (1,385,356) Movement in adjustment from bid market prices to last traded market prices (208,741) 156,188 (756,319) (565,282) (749,068) Net decrease in net assets from operations attributable to holders of redeemable participating units (1,057,361,421) (72,964,972) (762,270,960) (211,272,016) (209,679,742)

All amounts arose solely from continuing operations. Approved on behalf of the Manager by: There were no recognised gains or losses other than those dealt with in the profit and loss account. ______Director Director Date: July 16, 2009 Date: July 16, 2009

164 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2009 (continued)

AXA Rosenberg AXA Rosenberg AXA Rosenberg All-Country Asia Pacific AXA Rosenberg AXA Rosenberg Pacific Ex-Japan Pacific Ex-Japan Ex-Japan Equity All-Country World Equity Pan-European Equity Alpha Fund Small Cap Alpha Fund Alpha Fund Alpha Fund* Equity Alpha Fund USD USD USD USD EUR March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 Income Interest income 126,311 174,515 17,059 14,088 59,919 Dividend income 23,862,369 17,301,672 4,574,629 1,701,412 28,689,315 Securities lending income (Note 2) 173,080 246,932 18,675 - 1,965,311 Other income 4,556 290 - - 88,720 Total Operating Income 24,166,316 17,723,409 4,610,363 1,715,500 30,803,265

Net loss on investments and foreign currency (Note 5) (287,450,315) (370,752,120) (68,071,737) (34,419,473) (337,276,628)

Total Net Loss (263,283,999) (353,028,711) (63,461,374) (32,703,973) (306,473,363)

Expenses Management fees (4,724,852) (5,530,625) (643,194) (331,192) (4,964,496) Custody fees (141,674) (366,484) (166,486) (62,895) (208,141) Administration fees (117,046) (109,336) (36,069) (18,347) (105,254) Audit fees (9,481) (9,064) (2,105) (2,000) (8,889) Trustee fees (53,063) (47,164) (11,266) (6,058) (56,768) Legal and Professional fees (14,775) (13,019) (2,813) - (14,981) Other expenses (304,519) (461,087) (42,091) (16,455) (265,515) Operating expenses (5,365,410) (6,536,779) (904,024) (436,947) (5,624,044)

Operating Loss (268,649,409) (359,565,490) (64,365,398) (33,140,920) (312,097,407)

Finance Costs Distribution to redeemable participating unitholders (193) (245,601) - - - (193) (245,601) - - -

Loss for the financial year before tax (268,649,602) (359,811,091) (64,365,398) (33,140,920) (312,097,407)

Withholding tax on dividends and other investment income (308,192) (845,699) (377,871) (320,843) (4,512,803) Movement in adjustment from bid market prices to last traded market prices (1,176,596) (3,040,418) (291,337) 187,738 (766,828) Net decrease in net assets from operations attributable to holders of redeemable participating units (270,134,390) (363,697,208) (65,034,606) (33,274,025) (317,377,038) All amounts arose solely from continuing operations. Approved on behalf of the Manager by: There were no recognised gains or losses other than those dealt with in the profit and loss account. ______* For the period from September 17, 2008 to March 31, 2009. Director Director Date: July 16, 2009 Date: July 16, 2009

165 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2009 (continued)

AXA Rosenberg AXA Rosenberg Pan-European AXA Rosenberg AXA Rosenberg AXA Rosenberg Pan-European Small Cap Enhanced Index Eurobloc Equity Europe Ex-UK Europe Ex-UK Small Cap Alpha Fund Equity Alpha Fund Alpha Fund Equity Alpha Fund Alpha Fund EUR EUR EUR EUR EUR March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 Income Interest income 28,156 11,585 185,537 32,279 1,522 Dividend income 6,219,433 4,366,630 79,145,942 13,504,830 377,416 Securities lending income (Note 2) 432,710 246,628 6,161,744 1,064,059 24,689 Other income 147,519 53,902 48,214 54,489 19,183 Total Operating Income 6,827,818 4,678,745 85,541,437 14,655,657 422,810

Net loss on investments and foreign currency (Note 5) (106,969,332) (44,089,509) (839,267,909) (161,579,314) (6,502,743)

Total Net Loss (100,141,514) (39,410,764) (753,726,472) (146,923,657) (6,079,933)

Expenses Management fees (1,423,966) (318,356) (11,411,053) (1,733,102) (110,423) Custody fees (79,364) (51,730) (538,682) (114,753) (25,701) Administration fees (45,646) (29,672) (191,616) (64,219) (3,183) Audit fees (2,129) (1,238) (25,025) (4,559) (163) Trustee fees (16,528) (9,374) (139,932) (25,852) (1,055) Legal and Professional fees (4,141) (2,040) (35,527) (7,119) (308) Other expenses (74,023) (28,805) (674,993) (86,771) (14,574) Operating expenses (1,645,797) (441,215) (13,016,828) (2,036,375) (155,407)

Operating Loss (101,787,311) (39,851,979) (766,743,300) (148,960,032) (6,235,340)

Finance Costs Distribution to redeemable participating unitholders - - - (163) (259) - - - (163) (259)

Loss for the financial year before tax (101,787,311) (39,851,979) (766,743,300) (148,960,195) (6,235,599)

Withholding tax on dividends and other investment income (890,231) (637,479) (12,640,542) (2,551,339) (73,068) Movement in adjustment from bid market prices to last traded market prices (49,222) (43,396) (2,111,505) (304,539) (4,268)

Net decrease in net assets from operations attributable to holders of redeemable participating units (102,726,764) (40,532,854) (781,495,347) (151,816,073) (6,312,935) All amounts arose solely from continuing operations. Approved on behalf of the Manager by: There were no recognised gains or losses other than those dealt with in the profit and loss account. ______Director Director Date: July 16, 2009 Date: July 16, 2009

166 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2009 (continued)

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Japan Equity Japan Small Cap Japan Enhanced Index UK Equity UK Small Cap Alpha Fund Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund JPY JPY JPY GBP GBP March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 Income Interest income 393,186 309,430 21,834 33,322 1,576 Dividend income 3,145,926,222 2,159,871,765 156,612,543 6,399,010 305,759 Securities lending income (Note 2) 40,798,964 32,405,335 1,152,442 14,760 - Other income - - 15 3,232 - Total Operating Income 3,187,118,372 2,192,586,530 157,786,834 6,450,324 307,335

Net loss on investments and foreign currency (Note 5) (81,280,888,182) (40,261,912,222) (3,519,596,535) (67,492,816) (2,648,163)

Total Net Loss (78,093,769,810) (38,069,325,692) (3,361,809,701) (61,042,492) (2,340,828)

Expenses Management fees (1,558,119,618) (1,236,509,098) (24,658,534) (940,849) (43,387) Custody fees (37,819,514) (24,507,171) (9,912,248) (18,653) (2,657) Administration fees (24,044,812) (17,938,015) (2,125,188) (41,231) (1,458) Audit fees (2,667,198) (1,543,241) (115,531) (2,144) (57) Trustee fees (16,777,834) (10,771,822) (704,539) (14,889) (483) Legal and Professional fees (4,375,689) (2,687,808) (165,388) (3,353) (124) Other expenses (94,241,157) (68,290,969) (2,700,135) (39,599) (7,428) Operating expenses (1,738,045,822) (1,362,248,124) (40,381,563) (1,060,718) (55,594)

Operating Loss (79,831,815,632) (39,431,573,816) (3,402,191,264) (62,103,210) (2,396,422)

Finance Costs Distribution to redeemable participating unitholders (76,264) (1,289,398) - (57) - (76,264) (1,289,398) - (57) -

Loss for the financial year before tax (79,831,891,896) (39,432,863,214) (3,402,191,264) (62,103,267) (2,396,422)

Withholding tax on dividends and other investment income (219,982,845) (150,671,305) (10,962,888) (95,168) (654) Movement in adjustment from bid market prices to last traded market prices (619,858,090) (279,965,080) (17,824,940) (14,007) (28,613) Net decrease in net assets from operations attributable to holders of redeemable participating units (80,671,732,831) (39,863,499,599) (3,430,979,092) (62,212,442) (2,425,689)

All amounts arose solely from continuing operations. Approved on behalf of the Manager by: There were no recognised gains or losses other than those dealt with in the profit and loss account. ______Director Director Date: July 16, 2009 Date: July 16, 2009

167 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2009 (contienud)

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Global Ex-UK Equity US 130/30 Equity Alpha Pacific Ex-Japan 130/30 Europe 130/30 Equity Japan 130/30 Equity Alpha Alpha Fund Fund* Equity Alpha Fund** Alpha Fund*** Fund**** GBP USD USD EUR JPY March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 Income Interest income 4,403 - 8,369 7,081 - Dividend income 1,187,445 491,100 339,050 679,389 17,796,200 Securities lending income (Note 2) 36,664 - - - - Other income 12 - - - 139,687 Total Operating Income 1,228,524 491,100 347,419 686,470 17,935,887

Net loss on investments and foreign currency (Note 5) (9,853,257) (11,011,396) (4,269,740) (5,819,296) (253,925,534)

Total Net Loss (8,624,733) (10,520,296) (3,922,321) (5,132,826) (235,989,647)

Expenses Dividends on securities sold, not yet purchased - (63,261) (50,406) (117,640) (1,972,642) Management fees (224,367) (187,853) (64,172) (106,324) (5,861,814) Custody fees (61,886) (688) (838) (297) (15,482) Administration fees (11,226) (26,323) (9,023) (14,823) (820,965) Audit fees (552) (12,066) (11,796) (9,507) (1,120,731) Trustee fees (3,720) (1,879) (639) (1,062) (58,592) Legal and Professional fees (764) (269) (89) (175) (9,481) Other expenses (19,280) (19,761) (11,751) (14,923) (1,619,907) Operating expenses (321,795) (312,100) (148,714) (264,751) (11,479,614)

Operating Loss (8,946,528) (10,832,396) (4,071,035) (5,397,577) (247,469,261) Finance Costs Distribution to redeemable participating unitholders (40) - - - - (40) - - - -

Loss for the financial year before tax (8,946,568) (10,832,396) (4,071,035) (5,397,577) (247,469,261) Withholding tax on dividends and other investment income (240,757) (144,114) (2,583) (113,989) (1,245,761) Movement in adjustment from bid market prices to last traded market prices (15,809) - - - - Net decrease in net assets from operations attributable to holders of redeemable participating units (9,203,134) (10,976,510) (4,073,618) (5,511,566) (248,715,022) All amounts arose solely from continuing operations except for the 130/30 Funds which ceased operations as Approved on behalf of the Manager by: detailed below. There were no recognised gains or losses other than those dealt with in the profit and loss account. ______*Period from March 18, 2008 to December 16, 2008 Director Director ** Period from March 18, 2008 to December 18, 2008 Date: July 16, 2009 Date: July 16, 2009 *** Period from March 18, 2008 to December 17, 2008 **** Period from March 18, 2008 to December 15, 2008

168 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2008

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg US Equity US Enhanced Index Equity Global Equity Global Small Cap Global Emerging Markets Alpha Fund Alpha Fund Alpha Fund Alpha Fund Equity Alpha Fund USD USD USD USD USD March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 Income Interest income 606,612 8,153 247,829 111,210 76,677 Dividend income 49,546,517 1,457,905 35,184,271 13,592,508 9,647,258 Securities lending income (Note 2) 4,768,114 79,887 2,155,289 718,918 - Other income - 403 3,270 4,744 - Total Operating Income 54,921,243 1,546,348 37,590,659 14,427,380 9,723,935

Net gain/(loss) on investments and foreign currency (Note 5) (155,495,384) (5,116,540) (129,313,475) (70,033,165) 53,810,055

Total Net (Loss)/Income (100,574,141) (3,570,192) (91,722,816) (55,605,785) 63,533,990

Expenses Management fees (27,001,835) (278,539) (12,395,452) (6,481,925) (835,822) Custody fees (92,674) (10,794) (239,619) (258,679) (514,988) Administration fees (356,675) (23,899) (225,589) (134,053) (92,105) Audit fees (94,787) (2,746) (53,588) (22,779) (12,138) Trustee fees (280,358) (7,842) (155,445) (64,044) (36,043) Legal and Professional fees (40,949) (1,143) (22,075) (9,923) (4,602) Other expenses (850,134) (19,086) (268,969) (290,738) (133,194) Operating expenses (28,717,412) (344,049) (13,360,737) (7,262,141) (1,628,892)

Operating Profit/(Loss) (129,291,553) (3,914,241) (105,083,553) (62,867,926) 61,905,098

Finance Costs Distribution to redeemable participating unitholders - - - (7) - - - - (7) -

Profit/(Loss) for the financial year before tax (129,291,553) (3,914,241) (105,083,553) (62,867,933) 61,905,098

Withholding tax on dividends and other investment income (14,102,159) (427,755) (6,416,333) (2,188,634) (1,129,243) Capital gains tax - - - - (171,958) Movement in adjustment from bid market prices to last traded market prices 1,080,563 60,199 1,277,245 (159,539) 874,185

Net increase/(decrease) in net assets from operations attributable to holders of redeemable participating units (142,313,149) (4,281,797) (110,222,641) (65,216,106) 61,478,082

All amounts arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the profit and loss account.

169 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2008 (continued)

AXA Rosenberg AXA Rosenberg AXA Rosenberg All-Country Asia Pacific AXA Rosenberg AXA Rosenberg Pacific Ex-Japan Pacific Ex-Japan Ex-Japan Equity Pan-European Pan-European Small Cap Equity Alpha Fund Small Cap Alpha Fund Alpha Fund Equity Alpha Fund Alpha Fund USD USD USD EUR EUR March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 Income Interest income 237,616 270,954 41,918 189,000 25,693 Dividend income 23,227,220 24,578,536 4,178,885 53,436,526 16,907,239 Securities lending income (Note 2) 234,438 402,436 52,783 3,812,099 1,323,442 Other income - - - 11,133 3,833 Total Operating Income 23,699,274 25,251,926 4,273,586 57,448,758 18,260,207

Net gain/(loss) on investments and foreign currency (Note 5) 39,692,979 84,378,402 15,262,314 (280,446,709) (127,662,635)

Total Net Income/(Loss) 63,392,253 109,630,328 19,535,900 (222,997,951) (109,402,428)

Expenses Management fees (6,646,718) (9,059,046) (694,293) (14,385,901) (4,185,288) Custody fees (153,783) (513,232) (186,513) (193,152) (78,658) Administration fees (135,843) (137,791) (36,893) (207,151) (89,101) Audit fees (23,619) (26,943) (4,658) (60,780) (16,261) Trustee fees (66,131) (71,855) (13,055) (157,272) (42,598) Legal and Professional fees (9,902) (11,309) (1,890) (25,830) (7,583) Other expenses (381,434) (406,064) (51,682) (638,224) (162,394) Operating expenses (7,417,430) (10,226,240) (988,984) (15,668,310) (4,581,883)

Operating Profit/(Loss) 55,974,823 99,404,088 18,546,916 (238,666,261) (113,984,311)

Finance Costs Distribution to redeemable participating unitholders (313) (163,076) - (439,364) - (313) (163,076) - (439,364) -

Profit/(Loss) for the financial year before tax 55,974,510 99,241,012 18,546,916 (239,105,625) (113,984,311)

Withholding tax on dividends and other investment income (639,040) (1,368,213) (397,860) (7,493,923) (2,548,666) Capital gains tax - - (10,795) - - Movement in adjustment from bid market prices to last traded market prices 1,307,895 1,328,094 275,819 822,664 (580,862) Net increase/(decrease) in net assets from operations attributable to holders of redeemable participating units 56,643,365 99,200,893 18,414,080 (245,776,884) (117,113,839)

All amounts arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the profit and loss account.

170 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2008 (continued)

AXA Rosenberg Pan-European AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Enhanced Index Eurobloc Equity Europe Ex-UK Europe Ex-UK Small Cap Japan Equity Equity Alpha Fund Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund EUR EUR EUR EUR JPY March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 Income Interest income 25,922 324,704 53,279 1,275 862,489 Dividend income 8,068,303 95,750,745 12,538,345 1,194,342 4,904,841,007 Securities lending income (Note 2) 427,028 7,479,163 1,204,141 115,158 58,591,555 Other income 4,961 35,938 4,700 691 - Total Operating Income 8,526,214 103,590,550 13,800,465 1,311,466 4,964,295,051

Net loss on investments and foreign currency (Note 5) (31,980,192) (524,360,903) (64,826,707) (8,596,312) (103,594,361,387)

Total Net Loss (23,453,978) (420,770,353) (51,026,242) (7,284,846) (98,630,066,336)

Expenses Management fees (764,863) (26,013,952) (2,604,468) (388,077) (3,452,068,422) Custody fees (41,126) (421,289) (74,239) (22,091) (57,043,790) Administration fees (55,553) (327,136) (86,592) (10,169) (42,093,146) Audit fees (8,352) (98,714) (13,434) (1,284) (11,840,034) Trustee fees (21,586) (277,930) (37,359) (3,390) (34,043,355) Legal and Professional fees (3,711) (40,974) (6,813) (4,451) (5,455,685) Other expenses (45,025) (786,125) (90,562) (63,785) (134,104,606) Operating expenses (940,216) (27,966,120) (2,913,467) (493,247) (3,736,649,038)

Operating Loss (24,394,194) (448,736,473) (53,939,709) (7,778,093) (102,366,715,374)

Finance Costs Distribution to redeemable participating unitholders - - (109) (209) - - - (109) (209)

Loss for the financial year before tax (24,394,194) (448,736,473) (53,939,818) (7,778,302) (102,366,715,374)

Withholding tax on dividends and other investment income (1,060,718) (15,358,032) (2,411,537) (233,401) (343,338,888) Movement in adjustment from bid market prices to last traded market prices 119,687 2,153,886 525,387 (41,185) 358,862,890

Net decrease in net assets from operations attributable to holders of redeemable participating units (25,335,225) (461,940,619) (55,825,968) (8,052,888) (102,351,191,372)

All amounts arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the profit and loss account.

171 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2008 (continued)

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Japan Small Cap Japan Enhanced Index UK Equity UK Small Cap Global Ex-UK Equity Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund Alpha Fund JPY JPY GBP GBP GBP March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 Income Interest income - 45,634 62,668 3,085 4,906 Dividend income 3,221,880,440 148,663,128 8,387,635 333,690 917,615 Securities lending income (Note 2) 117,138,571 672,233 10,850 1,048 44,908 Other income - - - - 161 Total Operating Income 3,339,019,011 149,380,995 8,461,153 337,823 967,590

Net loss on investments and foreign currency (Note 5) (75,969,686,473) (3,108,278,647) (35,313,013) (3,804,031) (3,011,102)

Total Net Loss (72,630,667,462) (2,958,897,652) (26,851,860) (3,466,208) (2,043,512)

Expenses Management fees (2,513,853,028) (32,436,717) (1,756,819) (98,666) (261,094) Custody fees (44,873,182) (5,259,191) (8,412) (2,812) (33,054) Administration fees (29,170,774) (2,775,376) (59,651) (3,209) (12,384) Audit fees (7,835,451) (326,320) (9,652) (410) (1,468) Trustee fees (20,966,066) (925,126) (26,131) (1,070) (4,128) Legal and Professional fees (3,426,318) (555,728) (4,224) (3,025) (631) Other expenses (92,297,132) (2,117,625) (101,079) (12,178) (8,640) Operating expenses (2,712,421,951) (44,396,083) (1,965,968) (121,370) (321,399)

Operating Loss (75,343,089,413) (3,003,293,735) (28,817,828) (3,587,578) (2,364,911)

Finance Costs Withholding tax on dividends and other investment income - - (34) - (3) - - (34) - (3)

Loss for the financial year before tax (75,343,089,413) (3,003,293,735) (28,817,862) (3,587,578) (2,364,914)

Withholding tax on dividends and other investment income (225,531,638) (10,406,437) (97,263) - (186,536) Movement in adjustment from bid market prices to last traded market prices 15,017,610 19,353,080 (68,829) (43,063) 42,843 Net decrease in net assets from operations attributable to holders of redeemable participating units (75,553,603,441) (2,994,347,092) (28,983,954) (3,630,641) (2,508,607)

All amounts arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in the profit and loss account.

172 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

BALANCE SHEET AS AT MARCH 31, 2009

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg US Equity US Enhanced Index Global Equity Global Small Cap Global Emerging Markets Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund Equity Alpha Fund USD USD USD USD USD March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 Assets Financial assets at fair value through profit or loss: Investments at fair value 1,804,680,011 160,161,073 930,016,628 183,428,695 232,360,704 Unrealised gain on forward foreign currency exchange contracts 3,653,021 - - - -

Cash at bank 33,009,722 2,355,014 12,655,830 3,924,166 2,994,169 Due from Brokers 14,301,282 575,508 13,036,695 1,735,082 1,558,708 Subscriptions Receivable 22,542,142 423,732 13,479,828 68,891 216,000 Dividends Receivable 1,991,506 227,188 2,576,365 802,296 961,325 Securities Lending Receivable 608,213 11,140 147,817 47,281 - Other Assets - - - - 4,525

Total Assets 1,880,785,897 163,753,655 971,913,163 190,006,411 238,095,431

Liabilities Financial Liabilities at fair value through profit or loss: Unrealised loss on forward foreign currency exchange contracts (2,505,336) - - - -

Bank Overdraft - - - - (79,022) Due to Brokers (40,316,002) (1,859,350) (29,634,338) (3,437,649) (376,016) Redemptions Payable (13,074,751) (85,203) (477,389) (109,197) (217,646) Interest Payable - - - - (671) Accrued Expenses (1,591,216) (67,654) (803,904) (220,012) (106,810) Total Liabilities (excluding net assets attributable to holders of redeemable participating units) (57,487,305) (2,012,207) (30,915,631) (3,766,858) (780,165)

Net Assets attributable to holders of redeemable participating units at bid prices 1,823,298,592 161,741,448 940,997,532 186,239,553 237,315,266

Adjustment from bid market prices to last traded market prices 2,791,644 259,500 1,612,120 737,367 709,631

Net Assets attributable to holders of redeemable participating units at last traded prices 1,826,090,236 162,000,948 942,609,652 186,976,920 238,024,897

Approved on behalf of the Manager by:

______Director Director Date: July 16, 2009 Date: July 16, 2009

173 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

BALANCE SHEET AS AT MARCH 31, 2009 (continued)

AXA Rosenberg AXA Rosenberg AXA Rosenberg All-Country Asia Pacific AXA Rosenberg AXA Rosenberg Pacific Ex-Japan Pacific Ex-Japan Ex-Japan Equity All-Country World Pan-European Equity Equity Alpha Fund Small Cap Alpha Fund Alpha Fund Equity Alpha Fund Alpha Fund USD USD USD USD EUR March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 Assets Financial assets at fair value through profit or loss: Investments at fair value 408,415,144 182,545,218 75,620,357 122,485,069 303,653,997 Unrealised gain on forward foreign currency exchange contracts - - - - 406,547

Cash at bank 9,836,879 5,141,561 1,816,337 1,432,252 3,344,791 Due from Brokers 291,283 794,380 - 1,332,602 1,345,528 Subscriptions Receivable 40,805,694 176,493 1,639 308,079 11,165,159 Dividends Receivable 1,862,622 2,073,023 383,724 - 986,996 Securities Lending Receivable 32,223 53,008 36,525 - 46,639 Other Assets - 2,468 12,684 - Total Assets 461,243,845 190,783,683 77,861,050 125,570,686 320,949,657

Liabilities Financial Liabilities at fair value through profit or loss: Unrealised loss on forward foreign currency exchange contracts - - - - (150,467)

Due to Brokers (34,543,321) (4,281,399) - (2,095,358) (12,054,492) Redemptions Payable (2,649,478) (1,835,301) (209) - (12,326,058) Accrued Expenses (366,883) (281,426) (75,101) (75,770) (424,892) Total Liabilities (excluding net assets attributable to holders of redeemable participating units) (37,559,682) (6,398,126) (75,310) (2,171,128) (24,955,909)

Net Assets attributable to holders of redeemable participating units at bid prices 423,684,163 184,385,557 77,785,740 123,399,558 295,993,748

Adjustment from bid market prices to last traded market prices 764,644 1,077,559 182,435 187,738 392,503

Net Assets attributable to holders of redeemable participating units at last traded prices 424,448,807 185,463,116 77,968,175 123,587,296 296,386,251

Approved on behalf of the Manager by:

______Director Director Date: July 16, 2009 Date: July 16, 2009

174 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

BALANCE SHEET AS AT MARCH 31, 2009 (continued)

AXA Rosenberg AXA Rosenberg Pan-European Enhanced AXA Rosenberg AXA Rosenberg AXA Rosenberg Pan-European Small Cap Index Equity Alpha Eurobloc Equity Europe Ex-UK Equity Europe Ex-UK Small Alpha Fund Fund Alpha Fund Alpha Fund Cap Alpha Fund EUR EUR EUR EUR EUR March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 Assets Financial assets at fair value through profit or loss: Investments at fair value 99,773,973 88,036,737 763,292,094 139,910,655 6,197,214 Unrealised gain on forward foreign currency exchange contracts - - - - -

Cash at bank 170,496 727,281 110,388 2,261,237 39,690 Due from Brokers 760,238 125,125 25,397,588 729,670 32,238 Subscriptions Receivable 2,201,920 2,378,000 21,218 - - Dividends Receivable 637,912 296,933 2,289,986 374,739 40,168 Securities Lending Receivable 29,507 6,211 242,022 46,016 1,231 Other Assets - 10,520 - - - Total Assets 103,574,046 91,580,807 791,353,296 143,322,317 6,310,541

Liabilities Financial Liabilities at fair value through profit or loss: Unrealised loss on forward foreign currency exchange contracts - - - -

Bank Overdraft - - (1,041,923) - - Due to Brokers (782,312) (2,106,321) (2,424,383) (2,860,234) (80,803) Redemptions Payable (57,845) (55,127) (24,212,425) (556) - Accrued Expenses (131,997) - (830,340) (119,052) (10,483) Total Liabilities (excluding net assets attributable to holders of redeemable participating units) (972,154) (2,161,448) (28,509,071) (2,979,842) (91,286)

Net Assets attributable to holders of redeemable participating units at bid prices 102,601,892 89,419,359 762,844,225 140,342,475 6,219,255

Adjustment from bid market prices to last traded market prices 569,479 130,965 1,077,573 264,459 41,133

Net Assets attributable to holders of redeemable participating units at last traded prices 103,171,371 89,550,324 763,921,798 140,606,934 6,260,388

Approved on behalf of the Manager by:

______Director Director Date: July 16, 2009 Date: July 16, 2009

175 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

BALANCE SHEET AS AT MARCH 31, 2009 (continued)

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Japan Equity Japan Small Cap Japan Enhanced Index UK Equity UK Small Cap Alpha Fund Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund JPY JPY JPY GBP GBP March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 Assets Financial assets at fair value through profit or loss: Investments at fair value 95,507,062,172 63,470,550,962 4,563,835,350 115,165,699 3,271,578 Unrealised gain on forward foreign currency exchange contracts - - - - -

Cash at bank 261,293,872 11,377,515 8,101,647 1,188,013 79,230 Due from Brokers 1,417,486,085 313,364,655 46,601,631 309,832 151,821 Subscriptions Receivable 685,328,231 49,254,486 - - - Dividends Receivable 1,067,182,690 844,603,163 49,851,287 553,032 7,084 Securities Lending Receivable 13,382,538 18,552,271 346,871 3,843 1,267 Total Assets 98,951,735,588 64,707,703,052 4,668,736,786 117,220,419 3,510,980

Liabilities Financial Liabilities at fair value through profit or loss: Unrealised loss on forward foreign currency exchange contracts - - - - -

Due to Brokers (123,793,376) (67,203,180) (47,360,068) (591,736) (101,957) Redemptions Payable (2,797,892,087) (1,067,487,988) - (220) (97,752) Accrued Expenses (125,769,667) (97,788,495) (3,601,696) (90,163) (8,512) Total Liabilities (excluding net assets attributable to holders of redeemable participating units) (3,047,455,130) (1,232,479,663) (50,961,764) (682,119) (208,221)

Net Assets attributable to holders of redeemable participating units at bid prices 95,904,280,458 63,475,223,389 4,617,775,022 116,538,300 3,302,759

Adjustment from bid market prices to last traded market prices 245,513,180 336,394,820 12,033,260 167,754 28,869

Net Assets attributable to holders of redeemable participating units at last traded prices 96,149,793,638 63,811,618,209 4,629,808,282 116,706,054 3,331,628

Approved on behalf of the Manager by:

______Director Director Date: July 16, 2009 Date: July 16, 2009

176 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

BALANCE SHEET AS AT MARCH 31, 2009 (continued)

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Global Ex-UK Equity US 130/30 Equity Alpha Pacific Ex-Japan 130/30 Europe 130/30 Equity Japan 130/30 Equity Alpha Fund Fund Equity Alpha Fund Alpha Fund Alpha Fund GBP USD USD EUR JPY March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 Assets Financial assets at fair value through profit or loss: Investments at fair value 32,003,186 - - - - Unrealised gain on forward foreign currency exchange contracts - - - - -

Cash at bank 481,355 11,208 9,010 53,644 1,467,025 Due from Brokers 278,903 - - - - Subscriptions Receivable - - - - - Dividends Receivable 97,524 - - - - Securities Lending Receivable 2,071 - - - - Other Assets 1,127 - - - - Total Assets 32,864,166 11,208 9,010 53,644 1,467,025

Liabilities Financial Liabilities at fair value through profit or loss: Unrealised loss on forward foreign currency exchange contracts - - - - -

Due to Brokers (574,141) - - - - Accrued Expenses (34,988) (11,208) (9,010) (53,644) (1,467,025) Total Liabilities (excluding net assets attributable to holders of redeemable participating units) (609,129) (11,208) (9,010) (53,644) (1,467,025)

Net Assets attributable to holders of redeemable participating units at bid prices 32,255,037 - - - -

Adjustment from bid market prices to last traded market prices 51,685 - - - -

Net Assets attributable to holders of redeemable participating units at last traded prices 32,306,722 - - - -

Approved on behalf of the Manager by:

______Director Director Date: July 16, 2009 Date: July 16, 2009

177 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

BALANCE SHEET AS AT MARCH 31, 2008

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg US Equity US Enhanced Index Global Equity Global Small Cap Global Emerging Markets Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund Equity Alpha Fund USD USD USD USD USD March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 Assets Financial assets at fair value through profit or loss: Investments at fair value 2,767,794,756 89,237,111 1,560,082,735 480,800,978 401,940,212 Unrealised gain on forward foreign currency exchange contracts 17,892,861 - - - -

Cash at bank 33,488,406 808,125 18,691,980 2,582,308 3,848,872 Due from Brokers 5,761,743 291,517 15,046,160 9,806,521 2,018,480 Subscriptions Receivable 43,080,019 394,575 11,918,258 435,519 731,445 Dividends Receivable 2,689,234 80,379 3,549,181 1,209,958 1,237,920 Securities Lending Receivable 912,797 15,379 284,784 71,664 - Other Assets - 1,296 172,566 95,594 25,806

Total Assets 2,871,619,816 90,828,382 1,609,745,664 495,002,542 409,802,735

Liabilities Financial Liabilities at fair value through profit or loss: Unrealised loss on forward foreign currency exchange contracts (1,081,889) - - - -

Bank Overdraft - - - - (1,265,591) Due to Brokers (29,292,352) (695,066) (25,307,903) (6,287,812) (195,329) Redemptions Payable (4,613,157) (830,017) (5,297,573) (3,104,500) Accrued Expenses (2,618,403) (41,552) (1,306,839) (517,731) (142,596) Total Liabilities (excluding net assets attributable to holders of redeemable participating units) (37,605,801) (736,618) (27,444,759) (12,103,116) (4,708,016)

Net Assets attributable to holders of redeemable participating units at bid prices 2,834,014,015 90,091,764 1,582,300,905 482,899,426 405,094,719

Adjustment from bid market prices to last traded market prices 3,000,385 103,312 2,368,439 1,302,649 1,458,698

Net Assets attributable to holders of redeemable participating units at last traded prices 2,837,014,400 90,195,076 1,584,669,344 484,202,075 406,553,417

178 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

BALANCE SHEET AS AT MARCH 31, 2008 (continued)

AXA Rosenberg AXA Rosenberg AXA Rosenberg All-Country AXA Rosenberg AXA Rosenberg Pacific Ex-Japan Pacific Ex-Japan Asia Pacific Ex-Japan Pan-European Equity Pan-European Small Cap Equity Alpha Fund Small Cap Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund USD USD USD EUR EUR March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 Assets Financial assets at fair value through profit or loss: Investments at fair value 631,226,118 653,057,273 135,084,848 908,733,237 212,640,520 Unrealised gain on forward foreign currency exchange contracts - - - 916,079 -

Cash at bank 5,801,055 8,090,567 751,077 3,832,696 2,831,976 Due from Brokers 4,222,713 4,961,100 774,293 18,343,319 6,672,643 Subscriptions Receivable 633,550 1,278,039 556,019 3,583,185 648 Dividends Receivable 3,763,710 3,771,028 486,900 2,219,690 473,301 Securities Lending Receivable 43,703 70,741 37,865 166,027 49,307 Other Assets - - 5,052 447,416 219,775 Total Assets 645,690,849 671,228,748 137,696,054 938,241,649 222,888,170

Liabilities Financial Liabilities at fair value through profit or loss: Unrealised loss on forward foreign currency exchange contracts - - - (238,873) -

Bank Overdraft - - - (11,737,034) (123,156) Due to Brokers (2,859,231) (1,534,984) (197,727) (5,227,427) (2,482,277) Redemptions Payable (2,745,851) (1,958,379) (487,189) (10,858,169) (2,059,598) Accrued Expenses (644,060) (858,431) (115,506) (1,039,113) (246,002) Total Liabilities (excluding net assets attributable to holders of redeemable participating units) (6,249,142) (4,351,794) (800,422) (29,100,616) (4,911,033)

Net Assets attributable to holders of redeemable participating units at bid prices 639,441,707 666,876,954 136,895,632 909,141,033 217,977,137

Adjustment from bid market prices to last traded market prices 1,941,239 4,117,977 473,772 1,159,331 618,701

Net Assets attributable to holders of redeemable participating units at last traded prices 641,382,946 670,994,931 137,369,404 910,300,364 218,595,838

179 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

BALANCE SHEET AS AT MARCH 31, 2008 (continued)

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Pan-European Enhanced Eurobloc Equity Europe Ex-UK Equity Europe Ex-UK Small Cap Japan Equity Index Equity Alpha Fund Alpha Fund Alpha Fund Alpha Fund Alpha Fund EUR EUR EUR EUR JPY March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 Assets Financial assets at fair value through profit or loss: Investments at fair value 123,408,958 1,945,489,146 313,808,875 14,575,474 191,555,018,812 Unrealised gain on forward foreign currency exchange contracts - - - - -

Cash at bank 2,936,889 18,533,054 2,912,674 178,447 56,842,382 Due from Brokers 1,197,563 37,645,233 6,885,326 206,522 1,643,482,680 Subscriptions Receivable 375,000 50,513,130 24,154,300 17,620 3,068,782,332 Dividends Receivable 482,567 2,693,774 246,784 9,721 1,835,825,388 Securities Lending Receivable 20,540 387,988 106,289 3,352 15,234,668 Other Assets 113,601 1,483,271 194,414 25,128 - Total Assets 128,535,118 2,056,745,596 348,308,662 15,016,264 198,175,186,262

Liabilities Financial Liabilities at fair value through profit or loss: Unrealised loss on forward foreign currency exchange contracts - - - - -

Bank Overdraft (24,628) - (1,003,559) - - Due to Brokers (313,115) (15,525,791) (6,529,105) (179,134) (2,437,546,757) Redemptions Payable (3,000,000) (43,818,881) (11,644) (55,646) (1,339,219,095) Accrued Expenses (76,794) (1,990,110) (235,784) (22,194) (222,527,442) Total Liabilities (excluding net assets attributable to holders of redeemable participating units) (3,414,537) (61,334,782) (7,780,092) (256,974) (3,999,293,294)

Net Assets attributable to holders of redeemable participating units at bid prices 125,120,581 1,995,410,814 340,528,570 14,759,290 194,175,892,968

Adjustment from bid market prices to last traded market prices 174,361 3,189,078 568,999 45,402 865,371,270

Net Assets attributable to holders of redeemable participating units at last traded prices 125,294,942 1,998,599,892 341,097,569 14,804,692 195,041,264,238

180 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

BALANCE SHEET AS AT MARCH 31, 2008 (continued)

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Japan Small Cap Japan Enhanced Index UK Equity UK Small Cap Global Ex-UK Equity Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund Alpha Fund JPY JPY GBP GBP GBP March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 Assets Financial assets at fair value through profit or loss: Investments at fair value 124,764,454,272 7,147,603,510 171,078,108 5,899,074 39,802,791 Unrealised gain on forward foreign currency exchange contracts - - - - -

Cash at bank 163,734 59,635,860 138,241 113,788 513,762 Due from Brokers 292,792,107 170,071,856 3,535,789 170,408 389,364 Subscriptions Receivable 876,480,816 10,239,449 - - - Dividends Receivable 1,547,583,098 67,408,431 1,257,970 19,866 81,328 Securities Lending Receivable 24,064,031 352,176 3,361 1,267 4,172 Other Assets - - - - 11,656 Total Assets 127,505,538,058 7,455,311,282 176,013,469 6,204,403 40,803,073

Liabilities Financial Liabilities at fair value through profit or loss: Unrealised loss on forward foreign currency exchange contracts - - - - -

Bank Overdraft (55,415,291) - - - - Due to Brokers - (228,391,846) (1,367,985) (146,960) (555,420) Redemptions Payable (965,522,358) - - - - Accrued Expenses (165,034,956) (3,890,419) (132,523) (6,702) (31,050) Total Liabilities (excluding net assets attributable to participating holders of redeemable participating units) (1,185,972,605) (232,282,265) (1,500,508) (153,662) (586,470)

Net Assets attributable to holders of redeemable participating units at bid prices 126,319,565,453 7,223,029,017 174,512,961 6,050,741 40,216,603

Adjustment from bid market prices to last traded market prices 616,359,900 29,858,200 181,760 57,482 67,494

Net Assets attributable to holders of redeemable participating units at last traded prices 126,935,925,353 7,252,887,217 174,694,721 6,108,223 40,284,097

181 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS FOR THE YEAR ENDED MARCH 31, 2009 AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg US Equity US Enhanced Index Global Equity Global Small Cap Global Emerging Markets Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund Equity Alpha Fund USD USD USD USD USD March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009

Balance at beginning of year 2,837,014,400 90,195,076 1,584,669,344 484,202,075 406,553,417 Decrease in net assets from operations attributable to holders of redeemable participating units (1,057,361,421) (72,964,972) (762,270,960) (211,272,016) (209,679,742) Issue of redeemable units during the year 1,557,373,980 242,217,382 457,296,685 27,882,546 142,762,646 Redemption of redeemable units during the year (1,510,936,723) (97,446,538) (337,085,417) (113,835,685) (102,149,809) Anti – dilution levy - - - - 538,385

Balance at end of year 1,826,090,236 162,000,948 942,609,652 186,976,920 238,024,897

AXA Rosenberg AXA Rosenberg AXA Rosenberg All-Country Asia Pacific AXA Rosenberg All- AXA Rosenberg Pacific Ex-Japan Pacific Ex-Japan Ex-Japan Equity Country World Equity Pan-European Equity Equity Alpha Fund Small Cap Alpha Fund Alpha Fund Alpha Fund* Alpha Fund USD USD USD USD EUR March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009

Balance at beginning of year 641,382,946 670,994,931 137,369,404 - 910,300,364 Decrease in net assets from operations attributable to holders of redeemable participating units (270,134,390) (363,697,208) (65,034,606) (33,274,025) (317,377,038) Issue of redeemable units during the year 424,714,009 148,182,222 26,601,612 157,036,321 233,482,472 Redemption of redeemable units during the year (371,513,758) (270,016,829) (20,968,235) (175,000) (530,019,547)

Balance at end of year 424,448,807 185,463,116 77,968,175 123,587,296 296,386,251

* For the period from September 17, 2008 to March 31, 2009.

182 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS FOR THE YEAR ENDED MARCH 31, 2009 (continued) AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Pan-European Small Cap Pan-European Enhanced Eurobloc Equity Europe Ex-UK Equity Europe Ex-UK Small Cap Alpha Fund Index Equity Alpha Fund Alpha Fund Alpha Fund Alpha Fund EUR EUR EUR EUR EUR March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009

Balance at beginning of year 218,595,838 125,294,942 1,998,599,892 341,097,569 14,804,692 Decrease in net assets from operations attributable to holders of redeemable participating units (102,726,764) (40,532,854) (781,495,347) (151,816,073) (6,312,935) Issue of redeemable units during the year 10,245,721 43,648,361 791,529,960 104,009,116 994,635 Redemption of redeemable units during the year (22,943,424) (38,860,125) (1,244,712,707) (152,683,678) (3,226,004)

Balance at end of year 103,171,371 89,550,324 763,921,798 140,606,934 6,260,388

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Japan Equity Japan Small Cap Japan Enhanced Index UK Equity UK Small Cap Alpha Fund Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund JPY JPY JPY GBP GBP March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009

Balance at beginning of year 195,041,264,238 126,935,925,353 7,252,887,217 174,694,721 6,108,223 Decrease in net assets from operations attributable to holders of redeemable participating units (80,671,732,831) (39,863,499,599) (3,430,979,092) (62,212,442) (2,425,689) Issue of redeemable units during the year 99,225,667,242 66,323,304,087 4,056,798,096 11,989,296 35,643 Redemption of redeemable units during the year (117,445,405,011) (89,584,111,632) (3,248,897,939) (7,765,521) (386,549)

Balance at end of year 96,149,793,638 63,811,618,209 4,629,808,282 116,706,054 3,331,628

183 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS FOR THE YEAR ENDED MARCH 31, 2009 (continued) AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Global Ex-UK Equity US 130/30 Equity Alpha Pacific Ex-Japan 130/30 Europe 130/30 Equity Japan 130/30 Equity Alpha Fund Fund* Equity Alpha Fund** Alpha Fund*** Alpha Fund**** GBP USD USD EUR JPY March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009 March 31, 2009

Balance at beginning of year 40,284,097 - - - - Decrease in net assets from operations attributable to holders of redeemable participating units (9,203,134) (10,976,510) (4,073,618) (5,511,566) (248,715,022) Issue of redeemable units during the year 1,525,991 35,747,525 11,386,105 15,946,247 782,889,680 Redemption of redeemable units during the year (300,232) (24,771,015) (7,312,487) (10,434,681) (534,174,658)

Balance at end of year 32,306,722 - - - -

*Period from March 18, 2008 to December 16, 2008 **Period from March 18, 2008 to December 18, 2008 ***Period from March 18, 2008 to December 17, 2008 ****Period from March 18, 2008 to December 15, 2008

184 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS FOR THE YEAR ENDED MARCH 31, 2008 AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg US Equity US Enhanced Index Global Equity Global Small Cap Global Emerging Markets Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund Equity Alpha Fund USD USD USD USD USD March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008

Balance at beginning of year 2,724,297,355 60,772,216 1,270,398,116 683,493,047 187,283,432 Increase/(Decrease) in net assets from operations attributable to holders of redeemable participating units (142,313,149) (4,281,797) (110,222,641) (65,216,106) 61,478,082 Issue of redeemable units during the year 2,261,496,458 72,841,863 1,047,357,147 99,242,387 265,824,224 Redemption of redeemable units during the year (2,006,466,264) (39,137,206) (622,863,278) (233,317,253) (108,605,000) Anti – dilution levy - - - - 572,679

Balance at end of year 2,837,014,400 90,195,076 1,584,669,344 484,202,075 406,553,417

AXA Rosenberg AXA Rosenberg AXA Rosenberg All-Country Asia Pacific AXA Rosenberg AXA Rosenberg Pacific Ex-Japan Pacific Ex-Japan Ex-Japan Equity Pan-European Equity Pan-European Small Cap Equity Alpha Fund Small Cap Alpha Fund Alpha Fund Alpha Fund Alpha Fund USD USD USD EUR EUR March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008

Balance at beginning of year 457,517,327 656,776,944 101,314,760 1,643,511,302 601,196,735 Increase/(Decrease) in net assets from operations attributable to holders of redeemable participating units 56,643,365 99,200,893 18,414,080 (245,776,884) (117,113,839) Issue of redeemable units during the year 656,181,119 329,334,062 27,843,249 743,002,723 19,840,413 Redemption of redeemable units during the year (528,958,865) (414,316,968) (10,202,685) (1,230,436,777) (285,327,471)

Balance at end of year 641,382,946 670,994,931 137,369,404 910,300,364 218,595,838

185 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS FOR THE YEAR ENDED MARCH 31, 2008 (continued) AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Pan-European Enhanced Eurobloc Equity Europe Ex-UK Equity Europe Ex-UK Small Cap Japan Equity Index Equity Alpha Fund Alpha Fund Alpha Fund Alpha Fund Alpha Fund EUR EUR EUR EUR JPY March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008

Balance at beginning of year 263,910,102 2,388,686,315 380,206,943 47,797,563 442,958,652,249 Decrease in net assets from operations attributable to holders of redeemable participating units (25,335,225) (461,940,619) (55,825,968) (8,052,888) (102,351,191,372) Issue of redeemable units during the year 31,484,093 2,818,971,474 103,301,353 863,090 176,727,197,278 Redemption of redeemable units during the year (144,764,028) (2,747,117,278) (86,584,759) (25,803,073) (322,293,393,917)

Balance at end of year 125,294,942 1,998,599,892 341,097,569 14,804,692 195,041,264,238

AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg AXA Rosenberg Japan Small Cap Japan Enhanced Index UK Equity UK Small Cap Global Ex-UK Equity Alpha Fund Equity Alpha Fund Alpha Fund Alpha Fund Alpha Fund JPY JPY GBP GBP GBP March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008 March 31, 2008

Balance at beginning of year 245,747,420,407 9,214,422,607 287,813,297 13,607,511 41,382,301 Decrease in net assets from operations attributable to holders of redeemable participating units (75,553,603,441) (2,994,347,092) (28,983,954) (3,630,641) (2,508,607) Issue of redeemable units during the year 127,177,176,381 3,719,977,563 16,289,061 83,008 6,195,649 Redemption of redeemable units during the year (170,435,067,994) (2,687,165,861) (100,423,683) (3,951,655) (4,785,246)

Balance at end of year 126,935,925,353 7,252,887,217 174,694,721 6,108,223 40,284,097

186 The accompanying notes are an integral part of the financial statements

AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements

1. Organisation

AXA Rosenberg Equity Alpha Trust (the “Trust”) was created on September 17, 1999 as an open-ended umbrella structure Unit Trust under a Deed of Trust. The following Sub-Funds (“Fund” or “Funds”) were trading during the year ended March 31, 2009.

AXA Rosenberg US Equity Alpha Fund AXA Rosenberg US Enhanced Index Equity Alpha Fund AXA Rosenberg Global Equity Alpha Fund AXA Rosenberg Global Small Cap Alpha Fund AXA Rosenberg Global Emerging Markets Equity Alpha Fund AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund AXA Rosenberg All-Country World Equity Alpha Fund** AXA Rosenberg Pan-European Equity Alpha Fund AXA Rosenberg Pan-European Small Cap Alpha Fund AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund AXA Rosenberg Eurobloc Equity Alpha Fund AXA Rosenberg Europe Ex-UK Equity Alpha Fund AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund AXA Rosenberg Japan Equity Alpha Fund AXA Rosenberg Japan Small Cap Alpha Fund AXA Rosenberg Japan Enhanced Index Equity Alpha Fund AXA Rosenberg UK Equity Alpha Fund AXA Rosenberg UK Small Cap Alpha Fund AXA Rosenberg Global Ex-UK Equity Alpha Fund AXA Rosenberg US 130/30 Equity Alpha Fund* AXA Rosenberg Pacific Ex-Japan 130/30 Equity Alpha Fund* AXA Rosenberg Europe 130/30 Equity Alpha Fund* AXA Rosenberg Japan 130/30 Equity Alpha Fund*

*These Funds launched on March 18, 2008 and ceased operations in December 2008. **This Fund launched on September 17, 2008.

AXA Rosenberg Global Long-Term Equity Alpha Fund, AXA Rosenberg Pan-European Long-Term Equity Alpha Fund, AXA Rosenberg Japan Long-Term Equity Alpha Fund, AXA Rosenberg US Long-Term Equity Alpha Fund, AXA Rosenberg Eurobloc Long-Term Equity Alpha Fund, AXA Rosenberg Eurobloc Enhanced Index Equity Alpha Fund, AXA Rosenberg Emerging Markets Europe Equity Alpha Fund, AXA Rosenberg Emerging Markets Asia Equity Alpha Fund, AXA Rosenberg Emerging Markets Latin America Equity Alpha Fund are authorised by the Financial Regulator but have not yet commenced operations.

2. Accounting Policies

The principal accounting policies and estimation techniques applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated in the following text.

Accounting Period The accounting year end is March 31 each year. These financial statements cover the twelve month period to March 31, 2009.

Basis of Preparation The financial statements have been prepared on the basis of the going concern concept except for AXA Rosenberg US 130/30 Equity Alpha Fund, AXA Rosenberg Pacific Ex-Japan 130/30 Equity Alpha Fund, AXA Rosenberg Europe 130/30 Equity Alpha Fund and AXA Rosenberg Japan 130/30 Equity Alpha Fund. These Funds ceased operations in December 2008, see page 240 for details. The financial statements of these Funds have been prepared under the termination basis of accounting at March 31, 2009.

The financial statements have been prepared in accordance with accounting standards generally accepted in Ireland and Irish statute comprising the Unit Trusts Act, 1990 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulation, 2003 (as amended). Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Accounting Standards Board. 187 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

2. Accounting Policies (continued)

Basis of Preparation (continued)

The Trust has availed of the exemption available to open-ended investment Funds under FRS 1 not to prepare a cash flow statement. The information required by Financial Reporting Standard No. 3 “Reporting Financial Performance” to be included in a Statement of Total Recognised Gains and Losses and Reconciliation of Movements in Unitholders’ Funds, is in the opinion of the Manager, contained in the Statement of Operations and the Statement of Changes in Net Assets attributable to the holders of redeemable units.

Historical Cost Convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities (including derivative financial instruments) at fair value through profit or loss.

Financial Instruments (i) Classification The Trust classifies its investments in equity securities and related derivatives, as financial assets or financial liabilities at fair value through profit or loss. The Trust made short sales in which a borrowed security was sold in anticipation of a decline in the market value of that security. Short sales were classified as financial liabilities at fair value through profit or loss.

These financial assets and financial liabilities are designated by the board of Directors of the Manager at fair value through profit or loss at inception. Financial assets and financial liabilities designated at fair value through profit or loss at inception are those that are managed and their performance evaluated on a fair value basis in accordance with the Trust’s documented investment strategy. The Trust’s policy is for the Investment Manager and the Directors of the Manager to evaluate the information about these financial assets on a fair value basis together with other related financial information.

(ii) Recognition/Derecognition The Trust recognises financial assets and financial liabilities on the date it becomes a party to the contractual provisions of the instrument. A regular purchase of financial assets is recognised using trade date accounting. From this date any gains and losses arising from changes in fair value of the financial assets or financial liabilities are recorded.

Financial instruments are derecognised when the rights to receive cash flows from the investments have expired or the Trust has transferred substantially all risks and rewards of ownership.

(iii) Measurement Financial assets and financial liabilities at fair value through profit and loss are measured initially at fair value (transaction price). Transaction costs on financial assets and financial liabilities at fair value through profit and loss are expensed in the Profit and Loss Account in the period in which they arise. Subsequent to initial recognition, all financial assets and financial liabilities classified at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the Profit and Loss Account.

Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss category are presented in the Profit and Loss Account in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognised in the Profit and Loss Account within dividend income when the Trust’s right to receive payments is established.

(iv) Fair value estimation The fair value of financial instruments traded in active markets (such as publicly traded derivatives and trading securities) is based on quoted market prices at the Balance Sheet date. The quoted market price used for financial assets held by the Trust is the current bid price; the appropriate quoted market price for financial liabilities is the current asking price. When the Trust holds derivatives with offsetting market risks, it uses the mid-market prices as a basis for establishing fair values for the offsetting risk positions and applies this bid or asking price to the net open position, as appropriate.

Investments in open-ended collective investment schemes are estimated at fair value at the latest available unaudited net asset value for the units obtained from the relevant administrator. The change in the net asset value of these units is recognised as net gain/(loss) on investment activities at fair value through profit or loss.

(v) Forward foreign currency exchange contracts AXA Rosenberg US Equity Alpha Fund and AXA Rosenberg Pan-European Equity Alpha Fund enter forward foreign currency exchange contracts for hedging purposes at class level and employ this strategy to hedge against foreign currency risks. A Forward Currency Contract is a commitment between the Trust and a counterparty to make or take delivery of a

188 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

2. Accounting Policies (continued)

Financial Instruments (continued)

(v) Forward foreign currency exchange contracts (continued) fixed amount of a specified foreign currency at a predetermined future date at a specific price. At each valuation, the difference between the contract price and the current forward rate for contracts of the same maturity is used to calculate the unrealised gain or loss of the Trust’s forward currency contracts. The counterparty for forward contracts is State Street Bank and Trust Company.

(vi) Critical Accounting Estimates and Assumptions Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are outlined below.

Fair value of financial instruments

The Sub-Funds may, from time to time, hold financial instruments that are not quoted, listed or normally dealt in on a Regulated Market such as over-the-counter derivatives. Fair values of such instruments are determined by using valuation techniques estimated by a competent person, firm or association making a market in such investments (approved for the purpose by the Trustee) and/or any other competent person, in the opinion of the Manager (who have also been approved by the Trustee).

Foreign exchange translation (a) Functional and presentation currency The functional and presentation currency of each Fund is the currency noted in the prospectus and is relevant to the stated investment strategy and profit of the Fund. Items included in the Funds’ financial statements are measured using the currency of the primary economic environment in which it operates (the “functional currency”). The functional currency for each Fund is listed in the table below.

Functional Fund Currency AXA Rosenberg US Equity Alpha Fund USD AXA Rosenberg US Enhanced Index Equity Alpha Fund USD AXA Rosenberg Global Equity Alpha Fund USD AXA Rosenberg Global Small Cap Alpha Fund USD AXA Rosenberg Global Emerging Markets Equity Alpha Fund USD AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund USD AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund USD AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund USD AXA Rosenberg All-Country World Equity Alpha Fund USD AXA Rosenberg Pan-European Equity Alpha Fund EUR AXA Rosenberg Pan-European Small Cap Alpha Fund EUR AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund EUR AXA Rosenberg Eurobloc Equity Alpha Fund EUR AXA Rosenberg Europe Ex-UK Equity Alpha Fund EUR AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund EUR AXA Rosenberg Japan Equity Alpha Fund JPY AXA Rosenberg Japan Small Cap Alpha Fund JPY AXA Rosenberg Japan Enhanced Index Equity Alpha Fund JPY AXA Rosenberg UK Equity Alpha Fund GBP AXA Rosenberg UK Small Cap Alpha Fund GBP AXA Rosenberg Global Ex-UK Equity Alpha Fund GBP AXA Rosenberg US 130/30 Equity Alpha Fund USD AXA Rosenberg Pacific Ex-Japan 130/30 Equity Alpha Fund USD AXA Rosenberg Europe 130/30 Equity Alpha Fund EUR AXA Rosenberg Japan 130/30 Equity Alpha Fund JPY

189 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

2. Accounting Policies (continued)

Foreign exchange translation (continued) (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.

Proceeds from subscriptions and amounts paid on redemption of redeemable participating preference units are translated at actual rates.

Cash at bank Cash at bank comprises current deposits with banks. The counterparty for cash & deposits, including overnight deposits is State Street Custodial Services (Ireland) Limited. The prime broker for the 130/30 Funds was Morgan Stanley & Co. International Plc. All cash moved to State Street Custodial Services (Ireland) Limited when the Funds terminated during the year.

Redeemable participating units The Net Asset Value per unit of each Sub-Fund is determined by dividing the Net Asset Value of the relevant class of units in the relevant Sub-Fund by the total number of units outstanding in the relevant class of units of the relevant Sub-Fund in issue.

Redeemable participating units are redeemable at the Unitholder’s option and are classified as financial liabilities. The redeemable participating unit can be put back to the Trust at any time for cash equal to a proportionate share of the Trust’s Net Asset Value. The redeemable participating unit is carried at the redemption amount that is payable at the Balance Sheet date if the Unitholder exercises the right to put the unit back to the Trust.

Redeemable participating units are issued and redeemed at the holder’s option at prices based on the Trust’s Net Asset Value per unit at the time of issue or redemption. The Trust’s Net Asset Value per unit is calculated by dividing the net assets attributable to the holders of redeemable participating units with the total number of outstanding redeemable units. In accordance with the provisions of the Trust’s regulations, investment positions are valued based on the last traded market price for the purpose of determining the Net Asset Value per unit for subscriptions and redemptions.

All issued redeemable units are fully paid and some unit classes have been admitted to the official listing of the Irish Stock Exchange. The Trust’s capital is represented by these redeemable units with no par value and each carrying one vote. They are entitled to dividends and to payment of proportionate share based on the Trust’s Net Asset Value per unit on the redemption date. The relevant movements are shown on the statement of changes in net assets attributable to participating unitholder.

Under FRS 26, equity investments are valued using bid prices while the dealing NAV valuation is based on last traded prices. Due to the difference in the valuation policies, a reconciliation is performed on the Balance Sheet which is referred to as "adjustment from bid market prices to last traded market prices". The NAV per unit at which unitholders may subscribe to or redeem from each Sub-Fund is the Net Assets attributable to redeemable participating unitholders at last traded market prices.

Dividend Income and Interest Income Dividend income arising from investments are credited to the Profit and Loss Account on an ex-dividend basis. Interest income is accrued on an effective yield basis. Dividend income is shown gross of any non-recoverable withholding taxes, which are disclosed separately in the Profit and Loss Account and net of any tax credits. Interest on bank overdrafts is reflected as an expense.

Securities Lending Income The Funds may utilise stock lending agreements. In such a transaction the Funds may temporarily transfer its securities to a borrower, with agreement by the borrower to return equivalent securities to the Funds. In entering into such a transaction the Funds will be endeavouring to increase the returns of its portfolio of securities by receiving a fee for lending its securities to the borrower, while retaining the securities potential for capital appreciation.

190 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

2. Accounting Policies (continued)

Securities Lending Income (continued) The Manager on behalf of the Funds has appointed AXA Investment Managers GS Ltd to act as its agent for the purpose of lending securities to brokers, dealers and other financial institutions.

Securities Lending Income is received net of a 20% securities lending agent’s fee as shown in the Profit and Loss Account on pages 164 to 172. Income receivable on securities lending activities is accounted for on an accruals basis.

Loaned securities were delivered versus receipt of collateral, which was principally in the form of securities (further information can be found on page 238). The collateral was maintained at a minimum margin of 105% for the Funds of the value of the security on loan and marked to market daily.

As of March 31, 2009 the value of outstanding securities on loan and the value of collateral recorded by the Funds were as follows:

Value of Fund Securities Outstanding Base Lending Securities on Value of Fund Currency Income Loan Collateral AXA Rosenberg US Equity Alpha Fund USD 1,310,589 - - AXA Rosenberg US Enhanced Index Equity Alpha Fund USD 45,884 - - AXA Rosenberg Global Equity Alpha Fund USD 1,823,417 46,638,250 52,656,488 AXA Rosenberg Global Small Cap Alpha Fund USD 389,665 7,975,453 9,070,109 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund USD 173,080 3,764,115 4,121,149 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund USD 246,932 834,390 903,293 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund USD 18,675 374,552 396,371 AXA Rosenberg Pan-European Equity Alpha Fund EUR 1,965,311 46,012,916 50,957,750 AXA Rosenberg Pan-European Small Cap Alpha Fund EUR 432,710 14,590,978 16,294,465 AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund EUR 246,628 6,146,277 6,812,569 AXA Rosenberg Eurobloc Equity Alpha Fund EUR 6,161,744 223,760,967 246,474,762 AXA Rosenberg Europe Ex-UK Equity Alpha Fund EUR 1,064,059 27,498,565 31,153,540 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund EUR 24,689 114,803 129,917 AXA Rosenberg Japan Equity Alpha Fund JPY 40,798,964 3,727,867,285 4,104,985,421 AXA Rosenberg Japan Small Cap Alpha Fund JPY 32,405,335 2,719,236,315 2,976,229,717 AXA Rosenberg Japan Enhanced Index Equity Alpha Fund JPY 1,152,442 168,415,460 186,495,673 AXA Rosenberg UK Equity Alpha Fund GBP 14,760 - - AXA Rosenberg Global Ex-UK Equity Alpha Fund GBP 36,664 386,657 429,959

As of March 31, 2008 the value of outstanding securities on loan and the value of collateral recorded by the Funds were as follows:

Value of Fund Securities Outstanding Base Lending Securities on Value of Fund Currency Income Loan Collateral

AXA Rosenberg US Equity Alpha Fund USD 4,768,114 249,838,024 333,425,013 AXA Rosenberg US Enhanced Index Equity Alpha Fund USD 79,887 3,210,076 4,292,106 AXA Rosenberg Global Equity Alpha Fund USD 2,155,289 160,701,198 186,534,859 AXA Rosenberg Global Small Cap Alpha Fund USD 718,918 29,367,907 34,404,595 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund USD 234,438 78,762,377 85,157,376 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund USD 402,436 64,369,948 70,817,320 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund USD 52,783 4,578,412 4,892,084 AXA Rosenberg Pan-European Equity Alpha Fund EUR 3,812,099 131,551,693 143,676,636 AXA Rosenberg Pan-European Small Cap Alpha Fund EUR 1,323,442 26,279,719 28,692,659 AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund EUR 427,028 4,835,282 5,128,773 AXA Rosenberg Eurobloc Equity Alpha Fund EUR 7,479,163 240,560,920 258,322,734 AXA Rosenberg Europe Ex-UK Equity Alpha Fund EUR 1,204,141 38,695,417 43,854,639 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund EUR 115,158 1,142,325 1,206,508 AXA Rosenberg Japan Equity Alpha Fund JPY 58,591,555 33,178,127,032 35,562,600,288 AXA Rosenberg Japan Small Cap Alpha Fund JPY 117,138,571 11,261,103,718 12,058,025,024 191 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

2. Accounting Policies (continued)

Securities Lending Income (continued)

Value of Fund Securities Outstanding Base Lending Securities on Value of Fund Currency Income Loan Collateral AXA Rosenberg Japan Enhanced Index Equity Alpha Fund JPY 672,233 1,051,230,951 1,127,851,632 AXA Rosenberg UK Equity Alpha Fund GBP 10,850 - - AXA Rosenberg UK Small Cap Alpha Fund GBP 1,048 - - AXA Rosenberg Global Ex-UK Equity Alpha Fund GBP 44,908 1,714,637 2,021,619

3. Net Asset Value

FUND March 31, 2009 March 31, 2008 March 31, 2007

AXA Rosenberg US Equity Alpha Fund Class A USD Total Net Asset Value $1,072,212,440 $1,528,191,817 $1,432,520,864 Number of Units Outstanding 117,015,675 103,445,354 91,572,429 Net Asset Value per Unit $9.16 $14.77 $15.64

AXA Rosenberg US Equity Alpha Fund Class B USD Total Net Asset Value $361,607,171 $625,827,282 $683,477,654 Number of Units Outstanding 50,867,935 54,249,598 55,587,802 Net Asset Value per Unit $7.11 $11.54 $12.30

AXA Rosenberg US Equity Alpha Fund Class M USD Total Net Asset Value $31,104,666 $36,092,939 $27,858,235 Number of Units Outstanding 3,313,688 2,402,010 1,762,923 Net Asset Value per Unit $9.39 $15.03 $15.80

AXA Rosenberg US Equity Alpha Fund Class B EUR Total Net Asset Value €107,051,090 €169,918,882 €243,277,096 Number of Units Outstanding 20,107,509 23,432,868 26,419,464 Net Asset Value per Unit €5.32 €7.25 €9.21

AXA Rosenberg US Equity Alpha Fund Class A Hedged EUR Total Net Asset Value €65,562,897 €103,500,970 €84,421,096 Number of Units Outstanding 10,268,563 10,011,287 7,677,698 Net Asset Value per Unit €6.38 €10.34 €11.00

AXA Rosenberg US Equity Alpha Fund Class B Hedged EUR Total Net Asset Value €50,360,620 €69,452,789 €106,982,978 Number of Units Outstanding 9,962,861 8,414,824 11,875,176 Net Asset Value per Unit €5.05 €8.25 €9.01

AXA Rosenberg US Equity Alpha Fund Class E Hedged EUR Total Net Asset Value €48,038 €2,933 €1,077 Number of Units Outstanding 5,977 221 115 Net Asset Value per Unit €8.04 €13.28 €9.37

AXA Rosenberg US Equity Alpha Fund Class A GBP Total Net Asset Value £45,347,568 £52,076,396 £872,257 Number of Units Outstanding 7,120,237 7,032,194 109,679 Net Asset Value per Unit £6.37 £7.41 £7.95

AXA Rosenberg US Equity Alpha Fund Class R GBP Total Net Asset Value £41,686 £48,858 £52,220 Number of Units Outstanding 8,354 8,350 8,251 Net Asset Value per Unit £4.99 £5.85 £6.33

AXA Rosenberg US Enhanced Index Equity Alpha Fund Class A USD Total Net Asset Value $161,996,124 $90,192,043 $60,769,083 Number of Units Outstanding 18,190,461 6,486,255 4,214,105 Net Asset Value per Unit $8.91 $13.91 $14.42

192 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

3. Net Asset Value (continued)

FUND March 31, 2009 March 31, 2008 March 31, 2007

AXA Rosenberg US Enhanced Index Equity Alpha Fund Class B USD Total Net Asset Value $2,873 - - Number of Units Outstanding 300 - - Net Asset Value per Unit $9.58 - -

AXA Rosenberg US Enhanced Index Equity Alpha Fund Class M USD Total Net Asset Value $1,950 $3,033 $3,133 Number of Units Outstanding 216 216 216 Net Asset Value per Unit $9.02 $14.03 $14.50

AXA Rosenberg Global Equity Alpha Fund Class A USD Total Net Asset Value $318,626,867 $541,808,672 $897,474,787 Number of Units Outstanding 38,427,383 36,110,869 56,804,923 Net Asset Value per Unit $8.29 $15.00 $15.80

AXA Rosenberg Global Equity Alpha Fund Class B USD Total Net Asset Value $28,790,100 $92,628,204 $25,969,824 Number of Units Outstanding 4,029,219 7,118,706 1,882,354 Net Asset Value per Unit $7.15 $13.01 $13.80

AXA Rosenberg Global Equity Alpha Fund Class A EUR €171,922,225 €290,591,307 - Total Net Asset Value 27,515,481 30,684,178 - Number of Units Outstanding €6.25 €9.47 - Net Asset Value per Unit

AXA Rosenberg Global Equity Alpha Fund Class B EUR €107,977,141 €139,097,459 €55,162,583 Total Net Asset Value 20,094,210 16,962,470 5,324,544 Number of Units Outstanding €5.37 €8.20 €10.36 Net Asset Value per Unit

AXA Rosenberg Global Equity Alpha Fund Class E EUR €7,256,106 €2,334,661 €1,945,307 Total Net Asset Value 1,408,925 294,833 193,208 Number of Units Outstanding €5.15 €7.92 €10.07 Net Asset Value per Unit

AXA Rosenberg Global Equity Alpha Fund Class M EUR Total Net Asset Value €16,099,034 €23,198,033 €2,535 Number of Units Outstanding 2,517,511 2,409,412 211 Net Asset Value per Unit €6.39 €9.63 €12.01

AXA Rosenberg Global Equity Alpha Fund Class A GBP Total Net Asset Value £111,864,584 £98,313,161 £118,577,814 Number of Units Outstanding 19,358,464 13,030,007 14,724,782 Net Asset Value per Unit £5.78 £7.55 £8.05

AXA Rosenberg Global Equity Alpha Fund Class B GBP Total Net Asset Value £22,479,079 £16,862,416 £19,557,144 Number of Units Outstanding 4,505,118 2,576,541 2,780,653 Net Asset Value per Unit £4.99 £6.54 £7.03

AXA Rosenberg Global Small Cap Alpha Fund Class A USD Total Net Asset Value $153,050,769 $369,947,104 $445,778,685 Number of Units Outstanding 11,310,675 13,978,725 15,030,020 Net Asset Value per Unit $13.53 $26.47 $29.66

AXA Rosenberg Global Small Cap Alpha Fund Class B USD Total Net Asset Value $17,088,382 $65,213,925 $99,308,209 Number of Units Outstanding 1,473,474 2,855,565 3,853,134 Net Asset Value per Unit $11.60 $22.84 $25.77

AXA Rosenberg Global Small Cap Alpha Fund Class M USD Total Net Asset Value $1,637 $3,175 $3,528 Number of Units Outstanding 118 118 118 Net Asset Value per Unit $13.94 $27.02 $29.90

193 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

3. Net Asset Value (continued)

FUND March 31, 2009 March 31, 2008 March 31, 2007

AXA Rosenberg Global Small Cap Alpha Fund Class B EUR Total Net Asset Value €12,016,249 €30,066,940 €100,260,068 Number of Units Outstanding 1,377,266 2,088,200 5,181,083 Net Asset Value per Unit €8.72 €14.40 €19.35

AXA Rosenberg Global Small Cap Alpha Fund Class E EUR Total Net Asset Value €419,860 €876,416 €3,706,557 Number of Units Outstanding 49,773 62,596 195,004 Net Asset Value per Unit €8.44 €14.00 €19.01

AXA Rosenberg Global Small Cap Alpha Fund Class R GBP Total Net Asset Value £226,536 £3,309 £3,786 Number of Units Outstanding 28,130 288 288 Net Asset Value per Unit £8.05 £11.48 £13.15

AXA Rosenberg Global Emerging Markets Equity Alpha Fund Class A USD Total Net Asset Value $12,890,915 $44,153,999 $2,230 Number of Units Outstanding 1,661,444 2,980,069 185 Net Asset Value per Unit $7.76 $14.82 $12.05

AXA Rosenberg Global Emerging Markets Equity Alpha Fund Class B USD Total Net Asset Value $3,655,046 $1,030,325 $2,218 Number of Units Outstanding 483,808 70,447 185 Net Asset Value per Unit $7.55 $14.63 $11.99

AXA Rosenberg Global Emerging Markets Equity Alpha Fund Class M USD Total Net Asset Value $115,835,497 $217,097,104 $65,096,708 Number of Units Outstanding 14,509,696 14,355,619 5,350,817 Net Asset Value per Unit $7.98 $15.12 $12.17

AXA Rosenberg Global Emerging Markets Equity Alpha Fund Class B EUR Total Net Asset Value €2,899,806 €4,910,502 €3,506,849 Number of Units Outstanding 398,339 415,890 304,082 Net Asset Value per Unit €7.28 €11.81 €11.53

AXA Rosenberg Global Emerging Markets Equity Alpha Fund Class A GBP Total Net Asset Value £186,329 £257,753 £1,137 Number of Units Outstanding 18,682 18,862 100 Net Asset Value per Unit £9.97 £13.80 £11.37

AXA Rosenberg Global Emerging Markets Equity Alpha Fund Class M GBP Total Net Asset Value £70,831,442 £68,417,038 £59,913,798 Number of Units Outstanding 6,882,870 4,867,176 5,227,006 Net Asset Value per Unit £10.29 £14.06 £11.46

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund Class A USD Total Net Asset Value $266,007,711 $216,724,334 $185,509,582 Number of Units Outstanding 16,926,126 7,901,478 7,530,598 Net Asset Value per Unit $15.72 $27.43 $24.63

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund Class B USD Total Net Asset Value $92,491,485 $290,982,999 $166,810,840 Number of Units Outstanding 5,635,189 10,092,555 6,400,297 Net Asset Value per Unit $16.41 $28.83 $26.06

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund Class M USD Total Net Asset Value $41,952,335 $77,398,958 $46,636,222 Number of Units Outstanding 2,605,016 2,772,927 1,873,519 Net Asset Value per Unit $16.10 $27.91 $24.89

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund Class B EUR Total Net Asset Value €17,074,248 €32,054,503 € 40,009,409 Number of Units Outstanding 1,382,694 1,765,880 2,046,439 Net Asset Value per Unit €12.35 €18.15 € 19.55

194 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

3. Net Asset Value (continued)

FUND March 31, 2009 March 31, 2008 March 31, 2007

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund Class E EUR Total Net Asset Value €998,444 €3,448,109 €3,980,497 Number of Units Outstanding 83,451 194,147 206,651 Net Asset Value per Unit €11.96 €17.76 €19.26

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund Class R GBP Total Net Asset Value £1,504 £10,562 £1,788 Number of Units Outstanding 147 752 137 Net Asset Value per Unit £10.22 £14.04 £13.05

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class A USD Total Net Asset Value $55,988,916 $282,098,314 $236,846,394 Number of Units Outstanding 2,256,551 5,055,563 4,927,195 Net Asset Value per Unit $24.81 $55.80 $48.07

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class B USD Total Net Asset Value $56,232,860 $184,636,811 $183,989,202 Number of Units Outstanding 1,966,482 2,851,487 3,275,397 Net Asset Value per Unit $28.60 $64.75 $56.17

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class M USD Total Net Asset Value $2,089 $4,656 $3,977 Number of Units Outstanding 82 82 82 Net Asset Value per Unit $25.56 $56.98 $48.50

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class B EUR Total Net Asset Value €48,489,446 €110,056,293 €157,628,436 Number of Units Outstanding 2,253,954 2,696,236 3,736,653 Net Asset Value per Unit €21.51 €40.82 €42.18

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class E EUR Total Net Asset Value €2,891,822 €10,205,983 €11,044,139 Number of Units Outstanding 138,997 256,545 266,740 Net Asset Value per Unit €20.80 €39.78 €41.40

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund Class R GBP Total Net Asset Value £3,502,509 £6,889,847 £5,816,827 Number of Units Outstanding 224,640 259,894 246,975 Net Asset Value per Unit £15.59 £26.51 £23.55

AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund Class A USD Total Net Asset Value $50,580,112 $90,229,321 $66,511,024 Number of Units Outstanding 5,164,616 5,220,148 4,602,726 Net Asset Value per Unit $9.79 $17.28 $14.45

AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund Class B USD Total Net Asset Value $1,768 - - Number of Units Outstanding 300 - - Net Asset Value per Unit $5.89 - -

AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund Class M USD Total Net Asset Value $21,476,681 $35,720,202 $32,241,571 Number of Units Outstanding 2,138,772 2,029,617 2,206,737 Net Asset Value per Unit $10.04 $17.60 $14.61

AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund Class B EUR Total Net Asset Value €4,448,938 €7,207,018 €1,924,776 Number of Units Outstanding 596,684 649,628 172,984 Net Asset Value per Unit €7.46 €11.09 €11.13

AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund Class E EUR Total Net Asset Value €2,077 - - Number of Units Outstanding 300 - - Net Asset Value per Unit €6.92 - -

195 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

3. Net Asset Value (continued)

FUND March 31, 2009 March 31, 2008 March 31, 2007

AXA Rosenberg All-Country World Equity Alpha Fund Class A USD Total Net Asset Value $66,589,379 - - Number of Units Outstanding 9,712,353 - - Net Asset Value per Unit $6.86 - -

AXA Rosenberg All-Country World Equity Alpha Fund Class M USD Total Net Asset Value $56,997,917 - - Number of Units Outstanding 7,375,631 - - Net Asset Value per Unit $7.73 - -

AXA Rosenberg Pan-European Equity Alpha Fund Class A EUR Total Net Asset Value €184,376,972 €586,723,805 €1,049,287,582 Number of Units Outstanding 26,681,966 44,487,038 65,321,732 Net Asset Value per Unit €6.91 €13.19 €16.06

AXA Rosenberg Pan-European Equity Alpha Fund Class A EUR Hedged Total Net Asset Value €26,191,900 €47,938,155 - Number of Units Outstanding 4,863,799 4,863,799 - Net Asset Value per Unit €5.39 €9.86 -

AXA Rosenberg Pan-European Equity Alpha Fund Class B EUR Total Net Asset Value €76,082,342 €253,220,768 €557,675,392 Number of Units Outstanding 14,446,992 25,030,502 44,967,825 Net Asset Value per Unit €5.27 €10.12 €12.40

AXA Rosenberg Pan-European Equity Alpha Fund Class B Distributing EUR Total Net Asset Value - €11,481,141 €28,588,901 Number of Units Outstanding - 1,213,164 2,426,422 Net Asset Value per Unit - €9.46 €11.78

AXA Rosenberg Pan-European Equity Alpha Fund Class E EUR Total Net Asset Value €327,632 €1,201,311 €4,778,591 Number of Units Outstanding 64,208 121,640 392,169 Net Asset Value per Unit €5.10 €9.88 €12.19

AXA Rosenberg Pan-European Equity Alpha Fund Class M EUR Total Net Asset Value €8,905,212 €9,735,183 €3,180,836 Number of Units Outstanding 1,256,605 724,689 195,767 Net Asset Value per Unit €7.09 €13.43 €16.25

AXA Rosenberg Pan-European Equity Alpha Fund Class A USD Total Net Asset Value $665,657 - - Number of Units Outstanding 72,686 - - Net Asset Value per Unit $9.16 - -

AXA Rosenberg Pan-European Small Cap Alpha Fund Class A EUR Total Net Asset Value €96,083,746 €195,357,341 €389,522,507 Number of Units Outstanding 9,587,975 9,837,264 13,909,012 Net Asset Value per Unit €10.02 €19.86 €28.01

AXA Rosenberg Pan-European Small Cap Alpha Fund Class B EUR Total Net Asset Value €6,806,308 €21,875,287 €204,605,725 Number of Units Outstanding 921,469 1,484,128 9,775,134 Net Asset Value per Unit €7.39 €14.74 €20.93

AXA Rosenberg Pan-European Small Cap Alpha Fund Class E EUR Total Net Asset Value €280,139 €1,360,895 €7,065,265 Number of Units Outstanding 39,162 94,666 343,483 Net Asset Value per Unit €7.15 €14.38 €20.57

AXA Rosenberg Pan-European Small Cap Alpha Fund Class M EUR Total Net Asset Value €1,177 €2,315 €3,238 Number of Units Outstanding 114 114 114 Net Asset Value per Unit €10.31 €20.27 €28.40

196 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

3. Net Asset Value (continued)

FUND March 31, 2009 March 31, 2008 March 31, 2007

AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund Class A EUR Total Net Asset Value €89,546,550 €125,292,525 €263,907,247 Number of Units Outstanding 9,796,489 8,017,437 14,233,188 Net Asset Value per Unit €9.14 €15.63 €18.54

AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund Class B EUR Total Net Asset Value €2,354 - - Number of Units Outstanding 250 - - Net Asset Value per Unit €9.42 - -

AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund Class M EUR Total Net Asset Value €1,420 €2,417 €2,855 Number of Units Outstanding 153 153 153 Net Asset Value per Unit €9.27 €15.78 €18.66

AXA Rosenberg Eurobloc Equity Alpha Fund Class A EUR Total Net Asset Value €645,355,404 €1,524,249,981 €1,662,219,517 Number of Units Outstanding 84,091,011 107,804,127 98,760,162 Net Asset Value per Unit €7.67 €14.14 €16.83

AXA Rosenberg Eurobloc Equity Alpha Fund Class B EUR Total Net Asset Value €113,468,304 €446,995,153 €717,908,142 Number of Units Outstanding 21,521,037 45,720,684 61,290,592 Net Asset Value per Unit €5.27 €9.78 €11.71

AXA Rosenberg Eurobloc Equity Alpha Fund Class E EUR Total Net Asset Value €5,096,705 €27,352,225 €8,555,662 Number of Units Outstanding 996,021 2,864,333 742,411 Net Asset Value per Unit €5.12 €9.55 €11.52

AXA Rosenberg Eurobloc Equity Alpha Fund Class M EUR Total Net Asset Value €1,384 €2,533 €2,994 Number of Units Outstanding 176 176 176 Net Asset Value per Unit €7.86 €14.39 €17.01

AXA Rosenberg Europe Ex-UK Equity Alpha Fund Class A EUR Total Net Asset Value €94,128,558 €258,136,138 €255,127,747 Number of Units Outstanding 11,462,797 17,083,136 14,271,010 Net Asset Value per Unit €8.21 €15.11 €17.88

AXA Rosenberg Europe Ex-UK Equity Alpha Fund Class B EUR Total Net Asset Value €18,511,425 €35,081,853 €68,702,065 Number of Units Outstanding 3,392,990 3,472,254 5,711,730 Net Asset Value per Unit €5.46 €10.10 €12.03

AXA Rosenberg Europe Ex-UK Equity Alpha Fund Class E EUR Total Net Asset Value €336,977 €799,480 €638,822 Number of Units Outstanding 64,287 81,740 54,446 Net Asset Value per Unit €5.24 €9.78 €11.73

AXA Rosenberg Europe Ex-UK Equity Alpha Fund Class M EUR Total Net Asset Value €27,625,855 €47,072,194 €55,735,436 Number of Units Outstanding 3,281,891 3,060,472 3,084,496 Net Asset Value per Unit €8.42 €15.38 €18.07

AXA Rosenberg Europe Ex-UK Equity Alpha Fund Class R GBP Total Net Asset Value £3,816 £6,302 £1,951 Number of Units Outstanding 800 800 241 Net Asset Value per Unit £4.77 £7.88 £8.10

AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund Class A EUR Total Net Asset Value €4,185,209 €9,251,776 €20,795,179 Number of Units Outstanding 365,457 419,961 715,555 Net Asset Value per Unit €11.45 €22.03 €29.06

197 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

3. Net Asset Value (continued)

FUND March 31, 2009 March 31, 2008 March 31, 2007

AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund Class B EUR Total Net Asset Value €1,761,572 €4,686,567 €20,436,935 Number of Units Outstanding 211,698 290,754 954,407 Net Asset Value per Unit €8.32 €16.12 €21.41

AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund Class E EUR Total Net Asset Value €297,922 €839,858 €6,538,393 Number of Units Outstanding 36,982 53,422 310,777 Net Asset Value per Unit €8.06 €15.72 €21.04

AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund Class R GBP Total Net Asset Value £14,529 £21,120 £18,362 Number of Units Outstanding 1,928 1,656 1,264 Net Asset Value per Unit £7.54 £12.76 £14.53

AXA Rosenberg Japan Equity Alpha Fund Class A JPY Total Net Asset Value ¥53,451,574,268 ¥96,987,105,627 ¥190,955,474,136 Number of Units Outstanding 106,362,806 115,400,268 159,876,665 Net Asset Value per Unit ¥502.54 ¥840.44 ¥1,194.39

AXA Rosenberg Japan Equity Alpha Fund Class B JPY Total Net Asset Value ¥16,390,457,601 ¥54,301,838,026 ¥163,969,339,554 Number of Units Outstanding 31,373,504 61,750,171 130,351,978 Net Asset Value per Unit ¥522.43 ¥879.38 ¥1,257.90

AXA Rosenberg Japan Equity Alpha Fund Class M JPY Total Net Asset Value ¥5,975,271,530 ¥10,823,110,783 ¥9,456,004,235 Number of Units Outstanding 11,665,199 12,722,769 7,876,697 Net Asset Value per Unit ¥512.23 ¥850.69 ¥1,200.50

AXA Rosenberg Japan Equity Alpha Fund Class B EUR Total Net Asset Value €153,127,246 €202,174,207 €461,011,664 Number of Units Outstanding 38,573,816 36,395,228 58,350,370 Net Asset Value per Unit €3.97 €5.55 €7.90

AXA Rosenberg Japan Equity Alpha Fund Class E EUR Total Net Asset Value €1,280,798 €6,607,951 €33,667,569 Number of Units Outstanding 333,281 1,215,807 4,325,644 Net Asset Value per Unit €3.84 €5.44 €7.78

AXA Rosenberg Japan Equity Alpha Fund Class R GBP Total Net Asset Value £599,807 £2,361 £1,549 Number of Units Outstanding 163,568 533 286 Net Asset Value per Unit £3.67 £4.43 £5.42

AXA Rosenberg Japan Small Cap Alpha Fund Class A JPY Total Net Asset Value ¥30,073,675,564 ¥62,551,549,003 ¥99,933,561,873 Number of Units Outstanding 31,981,371 46,404,161 51,093,954 Net Asset Value per Unit ¥ 940.35 ¥1,347.97 ¥1,955.88

AXA Rosenberg Japan Small Cap Alpha Fund Class B JPY Total Net Asset Value ¥16,483,586,292 ¥33,848,556,642 ¥93,701,304,632 Number of Units Outstanding 15,693,948 22,325,352 42,295,701 Net Asset Value per Unit ¥1,050.31 ¥1,516.15 ¥2,215.39

AXA Rosenberg Japan Small Cap Alpha Fund Class M JPY Total Net Asset Value ¥160,069 ¥227,632 ¥327,649 Number of Units Outstanding 165 165 165 Net Asset Value per Unit ¥967.68 ¥1,376.09 ¥1,985.75

AXA Rosenberg Japan Small Cap Alpha Fund Class B EUR Total Net Asset Value €125,543,182 €191,629,897 €316,362,047 Number of Units Outstanding 15,702,956 19,930,346 22,683,136 Net Asset Value per Unit €7.99 €9.61 €13.95

198 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

3. Net Asset Value (continued)

FUND March 31, 2009 March 31, 2008 March 31, 2007

AXA Rosenberg Japan Small Cap Alpha Fund Class E EUR Total Net Asset Value €1,631,360 €1,967,544 €11,690,788 Number of Units Outstanding 210,281 210,127 853,589 Net Asset Value per Unit €7.76 €9.36 €13.70

AXA Rosenberg Japan Small Cap Alpha Fund Class R GBP Total Net Asset Value £4,081,260 £8,873 £11,108 Number of Units Outstanding 552,302 1,161 1,163 Net Asset Value per Unit £7.39 £7.65 £9.55

AXA Rosenberg Japan Enhanced Index Equity Alpha Fund Class A JPY Total Net Asset Value ¥4,629,245,507 ¥7,252,625,654 ¥9,214,058,706 Number of Units Outstanding 7,376,944 7,489,031 6,814,741 Net Asset Value per Unit ¥ 627.53 ¥968.43 ¥1,352.08

AXA Rosenberg Japan Enhanced Index Equity Alpha Fund Class B JPY Total Net Asset Value ¥392,692 - - Number of Units Outstanding 405 - - Net Asset Value per Unit ¥969.61 - -

AXA Rosenberg Japan Enhanced Index Equity Alpha Fund Class M JPY Total Net Asset Value ¥170,082 ¥261,564 ¥363,901 Number of Units Outstanding 268 268 268 Net Asset Value per Unit ¥634.91 ¥976.39 ¥1,357.84

AXA Rosenberg UK Equity Alpha Fund Class A GBP Total Net Asset Value £91,205,184 £134,228,443 £242,819,408 Number of Units Outstanding 10,482,650 9,933,367 16,275,507 Net Asset Value per Unit £8.70 £13.51 £14.92

AXA Rosenberg UK Equity Alpha Fund Class B GBP Total Net Asset Value £376,669 £1,001,163 £2,270,179 Number of Units Outstanding 47,540 80,844 164,922 Net Asset Value per Unit £7.92 £12.38 £13.77

AXA Rosenberg UK Equity Alpha Fund Class M GBP Total Net Asset Value £18,908,877 £27,752,069 £21,276,676 Number of Units Outstanding 2,118,754 2,016,289 1,409,930 Net Asset Value per Unit £8.92 £13.76 £15.09

AXA Rosenberg UK Equity Alpha Fund Class R GBP Total Net Asset Value £1,364 £3,037 £1,800 Number of Units Outstanding 184 253 133 Net Asset Value per Unit £7.39 £11.99 £13.43

AXA Rosenberg UK Equity Alpha Fund Class B EUR Total Net Asset Value €6,707,776 €14,686,652 €31,581,459 Number of Units Outstanding 784,318 945,271 1,557,143 Net Asset Value per Unit €8.55 €15.54 €20.28

AXA Rosenberg UK Equity Alpha Fund Class E EUR Total Net Asset Value €653 €1,194 €16,475 Number of Units Outstanding 80 80 832 Net Asset Value per Unit €8.21 €15.00 €19.80

AXA Rosenberg UK Small Cap Alpha Fund Class A GBP Total Net Asset Value £2,976,631 £5,083,772 £10,910,675 Number of Units Outstanding 264,603 264,334 390,959 Net Asset Value per Unit £11.25 £19.23 £27.91

AXA Rosenberg UK Small Cap Alpha Fund Class B GBP Total Net Asset Value £164,757 £467,446 £1,217,035 Number of Units Outstanding 16,516 27,218 48,497 Net Asset Value per Unit £9.98 £17.17 £25.10

199 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

3. Net Asset Value (continued)

FUND March 31, 2009 March 31, 2008 March 31, 2007

AXA Rosenberg UK Small Cap Alpha Fund Class B EUR Total Net Asset Value €202,866 €693,586 €2,112,402 Number of Units Outstanding 18,870 32,247 57,198 Net Asset Value per Unit €10.75 €21.51 €36.93

AXA Rosenberg UK Small Cap Alpha Fund Class E EUR Total Net Asset Value €2,513 €5,064 €67,971 Number of Units Outstanding 242 242 1,878 Net Asset Value per Unit €10.40 €20.96 €36.19

AXA Rosenberg Global Ex-UK Equity Alpha Fund Class A GBP Total Net Asset Value £28,184,637 £34,583,620 £41,378,928 Number of Units Outstanding 2,887,514 2,750,109 3,092,683 Net Asset Value per Unit £9.76 £12.58 £13.38

AXA Rosenberg Global Ex-UK Equity Alpha Fund Class M GBP Total Net Asset Value £4,117,549 £5,694,542 £1,704 Number of Units Outstanding 280,909 303,671 86 Net Asset Value per Unit £14.66 £18.75 £19.81

AXA Rosenberg Global Ex-UK Equity Alpha Fund Class R GBP Total Net Asset Value £4,535 £5,934 £1,669 Number of Units Outstanding 482 482 126 Net Asset Value per Unit £9.42 £12.32 £13.25

4. Management

The Manager of the Trust is AXA Rosenberg Management Ireland Limited (the “Manager”). Under the Management Agreement the Manager is entitled to fees, details of which are contained in Note 6.

The Manager has delegated the performance of the investment management functions of the Trust to the Investment Manager, AXA Rosenberg Investment Management Limited who in turn has delegated this function to AXA Rosenberg Investment Management LLC, AXA Rosenberg Investment Management Limited (Japan) and AXA Rosenberg Investment Management Asia Pacific Limited.

The fees for the Investment Manager are borne by the Manager.

5. Gains/(Losses) on Investments and Foreign Currency

For the year ended March 31, 2009

Unrealised Gain/(Loss) Realised Loss on Net Losses on investments & investments & foreign on investments & Base foreign currency currency March 31, foreign currency Fund Currency March 31, 2009 2009 March 31, 2009 AXA Rosenberg US Equity Alpha Fund USD (384,322,573) (692,632,353) (1,076,954,926) AXA Rosenberg US Enhanced Index Equity Alpha Fund USD (38,287,260) (36,731,259) (75,018,519) AXA Rosenberg Global Equity Alpha Fund USD (278,891,156) (507,617,169) (786,508,325) AXA Rosenberg Global Small Cap Alpha Fund USD (84,583,800) (129,801,803) (214,385,603) AXA Rosenberg Global Emerging Markets Equity Alpha Fund USD (119,763,398) (98,911,712) (218,675,110) AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund USD (155,205,130) (132,245,185) (287,450,315) AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund USD (198,422,160) (172,329,960) (370,752,120) AXA Rosenberg All-Country Asia Pacific Ex- Japan Equity Alpha Fund USD (35,977,808) (32,093,929) (68,071,737) AXA Rosenberg All-Country World Equity Alpha Fund USD (16,997,230) (17,422,243) (34,419,473)

200 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

5. Gains/(Losses) on Investments and Foreign Currency (continued)

For the year ended March 31, 2009

Unrealised Gain/(Loss) Realised Loss on Net Losses on investments & investments & foreign on investments & Base foreign currency currency March 31, foreign currency Fund Currency March 31, 2009 2009 March 31, 2009 AXA Rosenberg Pan-European Equity Alpha Fund EUR (84,245,471) (253,031,157) (337,276,628) AXA Rosenberg Pan-European Small Cap Alpha Fund EUR (32,854,571) (74,114,761) (106,969,332) AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund EUR (21,996,651) (22,092,858) (44,089,509) AXA Rosenberg Eurobloc Equity Alpha Fund EUR (269,803,847) (569,464,062) (839,267,909) AXA Rosenberg Europe Ex-UK Equity Alpha Fund EUR (62,456,937) (99,122,377) (161,579,314) AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund EUR (1,734,272) (4,768,471) (6,502,743) AXA Rosenberg Japan Equity Alpha Fund JPY (13,335,566,255) (67,945,321,927) (81,280,888,182) AXA Rosenberg Japan Small Cap Alpha Fund JPY 6,500,422,382 (46,762,334,604) (40,261,912,222) AXA Rosenberg Japan Enhanced Index Equity Alpha Fund JPY (1,041,956,162) (2,477,640,373) (3,519,596,535) AXA Rosenberg UK Equity Alpha Fund GBP (27,739,618) (39,753,198) (67,492,816) AXA Rosenberg UK Small Cap Alpha Fund GBP 207,447 (2,855,610) (2,648,163) AXA Rosenberg Global Ex-UK Equity Alpha Fund GBP (3,116,801) (6,736,456) (9,853,257) AXA Rosenberg US 130/30 Equity Alpha Fund USD - (11,011,396) (11,011,396) AXA Rosenberg Pacific Ex-Japan 130/30 Equity Alpha Fund USD - (4,269,740) (4,269,740) AXA Rosenberg Europe 130/30 Equity Alpha Fund EUR - (5,819,296) (5,819,296) AXA Rosenberg Japan 130/30 Equity Alpha Fund JPY - (253,925,534) (253,925,534)

For the year ended March 31, 2008

Unrealised Gain/(Loss) Realised Gain/(Loss) Net Gain/(Loss) on on investments & on investments & investments & Base foreign currency foreign currency foreign currency Fund Currency March 31, 2008 March 31, 2008 March 31, 2008 AXA Rosenberg US Equity Alpha Fund USD (253,864,951) 98,369,567 (155,495,384) AXA Rosenberg US Enhanced Index Equity Alpha Fund USD (7,488,706) 2,372,166 (5,116,540) AXA Rosenberg Global Equity Alpha Fund USD (128,707,091) (606,384) (129,313,475) AXA Rosenberg Global Small Cap Alpha Fund USD (103,054,227) 33,021,062 (70,033,165) AXA Rosenberg Global Emerging Markets Equity Alpha Fund USD 23,268,618 30,541,437 53,810,055 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund USD (33,748,245) 73,441,224 39,692,979 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund USD (37,634,016) 122,012,418 84,378,402 AXA Rosenberg All-Country Asia Pacific Ex- Japan Equity Alpha Fund USD 3,612,843 11,649,471 15,262,314 AXA Rosenberg Pan-European Equity Alpha Fund EUR (287,113,556) 6,666,847 (280,446,709) AXA Rosenberg Pan-European Small Cap Alpha Fund EUR (146,811,409) 19,148,774 (127,662,635) AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund EUR (46,770,702) 14,790,510 (31,980,192) AXA Rosenberg Eurobloc Equity Alpha Fund EUR (489,375,674) (34,985,229) (524,360,903) AXA Rosenberg Europe Ex-UK Equity Alpha Fund EUR (65,875,604) 1,048,897 (64,826,707)

201 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

5. Gains/(Losses) on Investments and Foreign Currency (continued)

For the year ended March 31, 2008

Unrealised Gain/(Loss) Realised Gain/(Loss) Net Gain/(Loss) on on investments & on investments & investments & Base foreign currency foreign currency foreign currency Fund Currency March 31, 2008 March 31, 2008 March 31, 2008 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund EUR (12,232,617) 3,636,305 (8,596,312) AXA Rosenberg Japan Equity Alpha Fund JPY (106,398,459,846) 2,804,098,459 (103,594,361,387) AXA Rosenberg Japan Small Cap Alpha Fund JPY (61,317,895,063) (14,651,791,410) (75,969,686,473) AXA Rosenberg Japan Enhanced Index Equity Alpha Fund JPY (2,769,782,481) (338,496,166) (3,108,278,647) AXA Rosenberg UK Equity Alpha Fund GBP (31,128,678) (4,184,335) (35,313,013) AXA Rosenberg UK Small Cap Alpha Fund GBP (2,874,624) (929,407) (3,804,031) AXA Rosenberg Global Ex-UK Equity Alpha Fund GBP (3,457,039) 445,937 (3,011,102)

6. Fees and Expenses

The Manager has entered into a Management Agreement with the AXA Rosenberg Equity Alpha Trust (the “Equity Alpha Trust”). Under this agreement, the Manager is entitled to a fee expressed as a percentage of the average Net Asset Value, of each respective class, on the following Funds, calculated and payable monthly in arrears. The rates below apply to the years ended March 31, 2009 and March 31, 2008 (except for the unit classes launched/closed during the period, see page 241 for further details).

A € B € E € R £ Fund A B B € B Dist. E € Hedge Hedge Hedge M A £ Dist AXA Rosenberg US Equity Alpha Fund 0.70% 1.35% 1.35% - - 0.75% 1.40% 1.40% 0.00% 0.70% 1.50% AXA Rosenberg US Enhanced Index Equity Alpha Fund 0.35% 0.80% ------0.00% - - AXA Rosenberg Global Equity Alpha Fund 0.70% 1.35% 1.35% - 1.35% - - - 0.00% 0.70% - AXA Rosenberg Global Small Cap Alpha Fund 0.80% 1.50% 1.50% - 1.50% - - - 0.00% - 1.50% AXA Rosenberg Global Emerging Markets Equity Alpha Fund 1.25% 2.00% 2.00% - - - - - 0.00% 1.25% - AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund 0.70% 1.35% 1.35% - 1.35% - - - 0.00% - 1.50% AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund 0.80% 1.50% 1.50% - 1.50% - - - 0.00% - 1.50% AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund 0.70% 1.35% 1.35% - 1.35% - - - 0.00% - - AXA Rosenberg All-Country World Equity Alpha Fund 0.85% ------0.00% - - AXA Rosenberg Pan-European Equity Alpha Fund 0.70% - 1.35% 1.35% 1.35% 0.75% - - 0.00% - - AXA Rosenberg Pan-European Small Cap Alpha Fund 0.80% 1.50% - - 1.50% - - - 0.00% - - AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund 0.35% - 0.80% - - - - - 0.00% - - AXA Rosenberg Eurobloc Equity Alpha Fund 0.70% 1.35% - - 1.35% - - - 0.00% - - AXA Rosenberg Europe Ex-UK Equity Alpha Fund 0.70% - 1.35% - 1.35% - - - 0.00% - 1.50% AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund 0.80% - 1.50% - 1.50% - - - - - 1.50% AXA Rosenberg Japan Equity Alpha Fund 0.70% 1.35% 1.35% - 1.35% - - - 0.00% - 1.50% AXA Rosenberg Japan Small Cap Alpha Fund 0.80% 1.50% 1.50% - 1.50% - - - 0.00% - 1.50% AXA Rosenberg Japan Enhanced Index Equity Alpha Fund 0.35% 0.80% ------0.00% - - AXA Rosenberg UK Equity Alpha Fund 0.70% 1.35% 1.35% - 1.35% - - - 0.00% - 1.50% AXA Rosenberg UK Small Cap Alpha Fund 0.80% 1.50% 1.50% - 1.50% ------AXA Rosenberg Global Ex-UK Equity Alpha Fund 0.70% ------0.00% - 1.50% AXA Rosenberg US 130/30 Equity Alpha Fund 1.00% - 2.00% - 2.00% ------AXA Rosenberg Pacific Ex-Japan 130/30 Equity Alpha Fund 1.00% - 2.00% - 2.00% ------AXA Rosenberg Europe 130/30 Equity Alpha Fund 1.00% - 2.00% - 2.00% ------AXA Rosenberg Japan 130/30 Equity Alpha Fund 1.00% - 2.00% - 2.00% ------

The Manager earned US $104,403,214 (2008: US $204,465,322) for the year ended March 31, 2009, of which US $5,390,904 (2008: US $12,460,234) was payable at year end.

202 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

6. Fees and Expenses (continued)

Administration Fees The Administrator shall be entitled to a fee calculated as a percentage per annum of the Net Asset Value of each Sub-Fund paid out of the assets of the applicable Sub-Fund. The fee will be calculated based upon each Sub-Funds average net assets per annum and payable monthly in arrears in an amount of 0.03% on the first US$200 million of average net assets per annum, 0.02% on the next US$300 million of average net assets per annum and 0.01% of average net assets per annum above US$500 million with the exception of the AXA Rosenberg 130/30 Equity Alpha Funds where the fee will not exceed 0.25%.

The Administrator shall also be entitled to receive a transfer agency fee of US$10 for each automated, or US$25 for each manual, transfer agency transaction including each subscription, redemption, transfer, conversion and distribution.

The Administrator shall also be entitled to be reimbursed for all properly vouched reasonable expenses (including Unitholders expenses) incurred by the Administrator on behalf of the Trust.

The prime broker for the 130/30 Funds was Morgan Stanley & Co. International Plc until the Funds terminated during the year. During such period, the prime broker received fees as agreed with the Trust from time to time. The prime broker received prime brokerage fees at normal commercial rates, which were based upon a combination of transaction charges and interest costs. The prime broker charged interest on debit balances at rates agreed with the Trustee. The prime broker did not receive a separate fee for its sub-custodial services. As security for the payment and discharge of all liabilities of the Trust to the prime broker all investments and cash held by the prime broker were charged by the Trust in their favour and therefore constituted collateral for the purposes of the UK FSA rules. Investments and cash also deposited by the Trust with the prime broker as margin constituted collateral for the purposes of the UK FSA rules.

Sub-Administrator Fees The Sub-Administrator, HSBC Hong Kong, shall be entitled to a fixed fee of US$2,500 per annum plus US$500 per annum per Sub-Fund that is registered in Hong Kong. It is also entitled to receive transaction fees at a rate of US$25 on the completion of each subscription, redemption, transfer or conversion request. The fees shall be payable out of the assets of the applicable Sub-Fund and shall be payable quarterly in arrears.

In addition to the above, as Hong Kong Representative to the Fund, HSBC shall also be entitled to a fixed fee of US$2,500 per annum plus US$500 per annum per Sub-Fund that is registered in Hong Kong. The fees shall be payable out of the assets of the applicable Sub-Fund and shall be payable quarterly in arrears.

Trustee Fees The Trustee shall be entitled to fees calculated as a percentage per annum of the Net Asset Value of each Sub-Fund payable out of the assets of each Sub-Fund based on the average Net Asset Value of each Sub-Fund of 0.01% of average net assets per annum.

The Trustee shall be entitled to be reimbursed for all agreed sub-custodian fees, expenses and transaction charges (which will be charged at normal commercial rates), together with reasonable and properly vouched out-of-pocket expenses incurred by the Trustee in the performance of its duties under the Trust Deed out of the assets of each Sub-Fund.

Distribution Fees A Distribution fee is payable on Class E Euro and Class E Euro Hedged at a rate of 0.75% of Total Net Assets of the unit class per annum for long only Funds. For AXA Rosenberg US 130/30 Equity Alpha Fund, AXA Rosenberg Europe 130/30 Equity Alpha Fund, AXA Rosenberg Japan 130/30 Equity Alpha Fund and AXA Rosenberg Pacific Ex-Japan 130/30 Equity Alpha Fund classes E, the distribution fee is 0.25%, note these Funds all terminated during the period.

7. Distributions

The Manager is empowered to declare dividends on any Class of Units in respect of any Sub-Fund. Generally, it is intended that the Classes of Units shall be accumulating Classes and, therefore, it is not intended to distribute dividends to Unitholders in these Classes. In the absence of such a declaration, the net revenue from these Classes will be accumulated and reinvested on behalf of Unitholders.

However, the Manager may create Classes of Units that are distributing Units. In respect of these Units, dividends will be paid out of the net revenue of a Fund (i.e. all interest, dividend and other income less the Fund’s expenses). Any Classes of distributing Units created shall bear the designation “Distributing”. Any dividend which is unclaimed for six years or more from the date of its declaration shall, at the discretion of the Manager, be forfeited and shall become the property of the relevant Sub-Fund.

203 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

7. Distributions (continued)

The Directors have resolved that Class B (Distributing) Units should be distributing Units and that, in respect of Class B (Distributing) Units only, distributions should be paid out of the interest and dividends earned by the AXA Rosenberg Pan- European Equity Alpha Fund that are attributable to Class B (Distributing) Units. This Class closed on April 10, 2008.

The Directors have also resolved that Class R (Distributing) Units should be distributing Units and that, in respect of Class R (Distributing) Units only, distributions should be paid out of the interest and dividends earned by the AXA Rosenberg US Equity Alpha Fund, AXA Rosenberg Global Small Cap Alpha Fund, AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund, AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund, AXA Rosenberg Europe Ex-UK Equity Alpha Fund, AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund, AXA Rosenberg Japan Equity Alpha Fund, AXA Rosenberg Japan Small Cap Alpha Fund, AXA Rosenberg UK Equity Alpha Fund and AXA Rosenberg Global Ex-UK Equity Alpha Fund that are attributable to Class R (Distributing) Units. It is intended that dividends declared on Class R (Distributing) will be declared annually on the last business day of December and will be paid within 30 business days thereof.

The table below shows the Distribution amounts charged and payable at March 31, 2009 and March 31, 2008.

March 31, 2009 March 31, 2008 Fund Name Currency Distribution Distribution Distribution Distribution Distribution Distribution Amount Rate per Payable at Amount Rate per payable at unit March 31, unit March 31, 2009 2008 AXA Rosenberg US Equity Alpha Fund (Class R) USD 33 0.003996 - - - - AXA Rosenberg Global Small Cap Alpha Fund (Class R) USD - - - 7 0.024499 - AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund (Class R) USD 193 1.308984 - 313 0.416582 - AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund (Class R) USD 245,601 0.965166 - 163,076 0.614141 - AXA Rosenberg Pan-European Equity Alpha Fund (Class B) EUR - - - 439,364 0.362164 10,769 AXA Rosenberg Europe Ex-UK Equity Alpha Fund (Class R) EUR 163 0.203417 - 109 0.135966 - AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund (Class R) EUR 259 0.136472 - 209 0.127263 - AXA Rosenberg Japan Equity Alpha Fund (Class R) JPY 76,264 1.286471 - - - - AXA Rosenberg Japan Small Cap Alpha Fund (Class R) JPY 1,289,398 1.561132 - - - - AXA Rosenberg UK Equity Alpha Fund (Class R) GBP 57 0.310915 - 34 0.134988 - AXA Rosenberg Global Ex-UK Equity Alpha Fund (Class R) GBP 40 0.082359 - 3 0.004896 -

Income Equalisation Income equalisation arrangements are applied in the case of subscriptions to and redemptions from a Sub-Fund. The NAV per redeemable participating Unit as calculated on each Dealing Day has an income element and a capital element. In relation to any subscription or redemption, the monies received or paid are allocated proportionately to or from income and capital in a Sub-Fund. These arrangements are intended to ensure that the income per redeemable participating Unit which is distributed in respect of any distribution period for which a distribution is made is not affected by the changes in the number of redeemable participating units in issue during that period. The calculation of equalisation is based on net income plus net realised and unrealised capital gains.

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund had equalisation in operation for the year ended March 31, 2009.

March 31, 2009 March 31, 2008 Final dividend per Unit 0.965166 0.614141 Add: Income deducted on redemption of Units 0.145073 0.002157 Deduct: Income received on issued of Units (0.182504) -

Net distribution for the period 0.927735 0.616298

8. Soft Commissions

During the twelve month period ended March 31, 2009, the Trust has not entered into any soft commission arrangements. In previous periods and in relation to US securities only, the relevant Sub-Investment Manager entered into soft commission arrangements with brokers in respect of which certain goods and services, used to support decision-making, were received. Direct payment was not made for those services but an agreed amount of business was transacted with the brokers on behalf of the Trust and commission was paid on these transactions. The goods and services utilised by the Trust included computer hardware and software and data services.

204 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

9. Exchange Rates

The following exchange rates were used to translate assets and liabilities into US Dollars at March 31, 2009.

Currency Rate Currency Rate Australian Dollar 1.4393 Malaysian Ringitt 3.6455 Brazilian Real 2.3023 Mexican Peso 14.1030 British Pound 0.6977 New Zealand Dollar 1.7521 Canadian Dollar 1.2582 Norwegian Krone 6.7521 China Renminbi 6.8336 Philippines Peso 48.3250 Czech Koruna 20.6726 Polish Zloty 3.5211 Danish Krone 5.6099 Singapore Dollar 1.5202 Egyptian Pound 5.6340 South African Rand 9.5100 Euro 0.7532 South Korean Won 1,383.2500 Hong Kong Dollar 7.7500 Swedish Krona 8.2673 Hungarian Forint 232.3568 Swiss Franc 1.1371 Indian Rupee 50.7350 Taiwan Dollar 33.9120 Indonesian Rupiah 11,555.0000 Thailand Baht 35.4650 Israeli Shekel 4.2200 Turkish Lira 1.6731 Japanese Yen 98.7700

The following exchange rates were used to translate assets and liabilities into Euro at March 31, 2009.

Currency Rate Currency Rate British Pound 0.9263 Swedish Krona 10.9765 Danish Krone 7.4482 Swiss Franc 1.5097 Norwegian Krone 8.9648 US Dollar 1.3277

The following exchange rates were used to translate assets and liabilities into British Pound at March 31, 2009.

Currency Rate Currency Rate Australian Dollar 2.0630 Norwegian Krone 9.6781 Canadian Dollar 1.8034 New Zealand Dollar 2.5113 Danish Krone 8.0409 Singapore Dollar 2.1790 Euro 1.0796 Swedish Krona 11.8499 Hong Kong Dollar 11.1085 Swiss Franc 1.6298 Israeli Shekel 6.0487 US Dollar 1.4334 Japanese Yen 141.5720

The following exchange rates were used to translate assets and liabilities into Japanese Yen at March 31, 2009.

Currency Rate Currency Rate British Pound 0.0071 US Dollar 0.0101 Euro 0.0076

The following exchange rates were used to translate assets and liabilities into US Dollars at March 31, 2008.

Currency Rate Currency Rate Australian Dollar 1.0955 Malaysian Ringitt 3.1985 Brazilian Real 1.7485 Mexican Peso 10.6666 British Pound 0.5031 New Zealand Dollar 1.2719 Canadian Dollar 1.0261 Norwegian Krone 5.0818 China Renminbi 7.0120 Philippines Peso 41.7700 Czech Koruna 15.9096 Polish Zloty 2.2190 Danish Krone 4.7063 Singapore Dollar 1.3782 Egyptian Pound 5.4483 South African Rand 8.1265 Euro 0.6311 South Korean Won 990.3500 Hong Kong Dollar 7.7829 Swedish Krona 5.9300 Hungarian Forint 164.0877 Swiss Franc 0.9891 Indian Rupee 40.12 Taiwan Dollar 30.3795 205 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

9. Exchange Rates (continued)

Currency Rate Currency Rate Indonesian Rupiah 9,205.0000 Thailand Baht 31.4850 Israeli Shekel 3.5317 Turkish Lira 1.3360 Japanese Yen 99.5350

The following exchange rates were used to translate assets and liabilities into Euro at March 31, 2008.

Currency Rate Currency Rate British Pound 0.7973 Swedish Krona 9.3963 Danish Krone 7.4573 Swiss Franc 1,5672 Norwegian Krone 8.0523 US Dollar 1.5846

The following exchange rates were used to translate assets and liabilities into British Pound at March 31, 2008.

Currency Rate Currency Rate Australian Dollar 2.1772 New Zealand Dollar 2.5280 Canadian Dollar 2.0393 Norwegian Krone 10.1000 Danish Krone 9.3537 Singapore Dollar 2.7391 Euro 1.2543 Swedish Krona 11.7858 Hong Kong Dollar 15.4684 Swiss Franc 1.9657 Japanese Yen 197.8257 US Dollar 1.9875

The following exchange rates were used to translate assets and liabilities into Japanese Yen at March 31, 2008.

Currency Rate Currency Rate British Pound 0.0051 US Dollar 0.0100 Euro 0.0063

10. Taxation

Under current law and practice, the Trust qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to Unitholders or any encashment, redemption or transfer of units.

No Irish tax will arise on the Trust in respect of chargeable events in respect of:

(i) a Unitholder who is neither an Irish resident nor ordinarily a resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the Trust; and

(ii) certain exempted Irish tax resident Unitholders who have provided the Trust with the necessary signed statutory declarations.

Dividends, interest and capital gains (if any) received on investments made by the Trust may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Trust or its Unitholders.

11. Accessibility to Information

Portfolio listings for any requested date are available to any Unitholder 30 days after that date.

12. Transactions with Connected/Related Parties a) During the year AXA Rosenberg All-Country World Equity Alpha Fund invested into AXA Rosenberg Global Emerging Markets Equity Alpha Fund Class M USD Units. Total units invested into during the year were 1,411,606 units with a year end market value of $11,268,847. There were no other investment transactions with connected parties during the year. b) The Manager earned US $104,403,214 (2008: US $204,465,322) for the year ended March 31, 2009, of which US $5,390,904 (2008: US $12,460,234) was payable at year-end. c) Unitholdings held by related companies of the Manager at March 31, 2009 were as follows:

206 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons

Class A Class A Class A Class A Class B Class B Class B Class E Class E Class M Class M Class R EUR GBP USD Hedging EUR USD Hedging EUR Hedging EUR USD GBP AXA Rosenberg US Equity Alpha Fund AXA Assicurazioni SpA - - - - 31,167 ------AXA Bank AG Koln - - - - 22,708 - 7,699,056 - - - - - AXA Bank Belgium - - - - 27,266 ------AXA China Region Insurance Company (Bermuda) Limited - - - - - 2,196 ------AXA Interlife SpA - - - - 2,528 ------AXA Investicni Spolecnost, a.s. A/c AXA Selection Global Equity - - - - - 187,350 ------AXA Isle of Man Limited A/c EBO3004 - - - - - 16,794 ------AXA Middle East Sal - - - - - 1,116 ------AXA MPS Financial Limited - 1038 - - 297,557 - 65,936 1,751,115 ------AXA MPS Financial Limited - 3506 - - - - 32,151 - 7,381 - - - - - AXA Rosenberg Investment Management Ltd - 1139 - 134 ------115 - 201 350 AXA Rosenberg Investment Management Ltd - 1154 ------106 - - - BGL A/c AXA L Fund - - - - - 587 ------BNP Paribas Securities Services Luxembourg A/c AXA Active Protection Primavera - - 42,600 ------BP2S A/c AXA Life Europe/Best Mix - - - - - 302,215 ------BP2S A/c AXA Life Europe/Best Performance - - - - - 264,016 ------BP2S A/c AXA Life Europe/Best Save - - - - - 44,298 ------BPSS Madrid / AXA Ibercapital - - - - 695 ------BPSS Paris A/c AXA - - - 576,263 4,589,196 - 5,133 - - - - - BPSS Paris A/c AXA RE ------CBL Limited A/c AXA Belgium SA - - - - 10,634 ------CBL Limited A/c AxA Belgium SA/AXA LifeInvest - - - - - 214,549 ------Fortis Global Custody Services NV A/c AXA - - - - 24,050 ------Fundsettle EOC Nominees Ltd A/c LAB/AXA PM 12539 - - - - 2,083 ------SSBL A/c AXA NL Model Fund I AN59 - - 62,040 ------SSBL A/c AXA NL Model Fund II AN60 - - 227,120 ------SSBL A/c AXA NL Model Fund III AN61 - - 300,385 ------SSBL A/c AXA NL Model Fund IV AN62 - - 397,430 ------SSBL Re: AXA NL Model Fund V AN63 - - 719,510 ------State Street Banque SA A/c AXA Swiss IFDynamic Floor - - 276,000 ------

AXA Rosenberg US Enhanced Index Equity Alpha Fund AXA Rosenberg Investment Management Ltd - - - - - 300 - - - - 216 -

207 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Class A Class A Class A Class A Class B Class B Class B Class E Class E Class M Class M Class R EUR GBP USD Hedging EUR USD Hedging EUR Hedging EUR USD GBP AXA Rosenberg Global Equity Alpha Fund AXA Bank AG Koln - - - - 237,642 ------AXA Bank Belgium - - - - 56,054 ------AXA China Region Insurance Company (Bermuda) Limited - - - - - 432,629 ------AXA Insurance SA 529,399 ------AXA Investicni Spolecnost, a.s. A/c AXASelection Global Equity 125,000 - - - 89,000 ------AXA Middle East Sal - - - - - 11,794 ------AXA Rosenberg Investment Management Ltd ------139 - 211 - - AXA Zivotni Pojistovna, a.s - - - - 7,550 ------BPSS Madrid / AXA Ibercapital - - - - 6,468 - - 5,489 - - - - BPSS Paris A/c AXA - - - - 29,935 ------CBL Limited A/c AXA Belgium SA - - - - 11,469 ------CBL Limited A/c AXA Belgium SA/AXA LifeInvest - - - - - 449,090 ------Fundsettle EOC Nominees Ltd A/c FS/Citi 6111420747/Penso EDP/AXA (14179) 4,721,030 ------Fundsettle EOC Nominees Ltd A/c LAB/AXA PM 12539 - - 1,290 - 11,402 ------SSBL A/c AXA NL Aandelen InternationaalAn54 - - 5,580,328 ------SSBL A/c AXA NL Model Fund I AN59 136,808 ------SSBL A/c AXA NL Model Fund II AN60 333,893 ------SSBL A/c AXA NL Model Fund III AN61 207,000 ------SSBL A/c AXA NL Model Fund IV AN62 278,855 ------SSBL A/c AXA NL Mondiaal Beheer AN58 - - 788,556 ------SSBL Re: AXA NL Model Fund V AN63 566,659 ------

AXA Rosenberg Global Small Cap Alpha Fund AXA Aurora Vida - - - - 6,025 ------AXA Bank Ag Koln - - - - 30,957 ------AXA Bank Belgium - - - - 30,359 ------AXA Isle of Man Limited A/c EZC0469 - - - - - 769 ------AXA Middle East Sal - - - - - 2,265 ------AXA Portfolio Services Ltd ------156 AXA Rosenberg Investment Management Ltd - - - - 10 - - 84 - - 118 133 BPSS Madrid / AXA Ibercapital - - - - 20,520 - - 41,290 - - - - Fundsettle EOC Nominees Ltd A/c LAB/AXA PM 12539 - - 715 - 2,870 ------

208 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Class A Class A Class A Class A Class B Class B Class B Class E Class E Class M Class M Class R EUR GBP USD Hedging EUR USD Hedging EUR Hedging EUR USD GBP AXA Rosenberg Global Emerging Markets Equity Alpha Fund AXA Bank AG Koln - - - - 9,092 ------AXA Bank Belgium - - - - 7,965 ------AXA Investicni Spolecnost, a.s. A/c AXA Selection Emerging Equity - - - - 46,161 ------AXA Investment Managers Switzerland Limited ------1,919,714 - AXA MPS Vita A/c Unit Double Engine Aggressivo - - 62,442 ------AXA MPS Vita A/c Unit Double Engine Defensivo - - 146,090 ------AXA MPS Vita A/c Unit Double Engine Equilibrato - - 50,500 ------AXA Rosenberg Investment Management Ltd - 100 185 - - 185 ------AXA Zivtni Pojistovna, a.s - - - - 6,090 ------SSCSIL A/c AXA Rosenberg All Country World Equity Fund ------1,411,606 -

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund AXA Assicurazioni SPA - - - - 5,212 ------AXA Bank Ag Koln - - - - 14,804 ------AXA Bank Belgium - - - - 121,908 ------AXA Interlife SPA - - - - 1,136 ------AXA Middle East Sal - - - - - 711 - - - - - AXA MPS Financial Limited - - - - 6,894 ------AXA MPS Vita A/c Unit Double Engine Aggressivo - - 84,433 ------AXA MPS Vita A/c Unit Double Engine Defensivo - - 381,513 ------AXA MPS Vita A/c Unit Double Engine Equilibrato - - 123,071 ------AXA Rosenberg Investment Management Ltd ------147 BNP Paribas Securities Services A/c FP BNL AXA IM - - 463,909 ------BNP Paribas Securities Services Luxembourg A/c AXA Assurance Vie Lux FDS 954 - - - - 13,670 ------BPSS Madrid / AXA Ibercapital - - - - 33,816 - - 45,674 - - - - BPSS Paris A/c AXA - - 37,100 - 1,882 ------CBL Limited A/c AXA Belgium SA/AXA LifeInvest - - - - - 158,882 ------Fortis Global Custody Services NV A/c AXA - - - - 32,092 ------

209 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Class A Class A Class A Class A Class B Class B Class B Class E Class E Class M Class M Class R EUR GBP USD Hedging EUR USD Hedging EUR Hedging EUR USD GBP AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund AXA Aurora Vida - - - - 8,253 ------AXA Bank Ag Koln - - - - 27,929 ------AXA Bank Belgium - - - - 60,160 ------AXA Middle East Sal - - - - - 11 ------AXA MPS Financial Limited - - - - 13,357 ------AXA Portfolio Services Ltd ------98,199 AXA Rosenberg Investment Management Ltd ------82 - BPSS Madrid / AXA Ibercapital - - - - 61,178 - - 117,290 - - - - Fortis Banque Luxembourg SA A/c AXA L Fund - - - - 523 ------

AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund AXA Bank AG Koln - - - - 15,087 ------AXA Investicni Spolecnost, a.s. A/c AXA Selection Emerging Equity - - - - 47,483 ------AXA Investicni Spolecnost, a.s. A/c AXA Selection Global Equity - - - - 43,600 ------AXA Rosenberg Investment Management Ltd - - - - 100 300 - 300 - - 257 - BPSS Madrid / AXA Ibercapital - - - - 49,875 ------BPSS Paris A/c AXA - - - - 70,000 ------

AXA Rosenberg All- Country World Equity Alpha Fund AXA Rosenberg Investment Management Ltd ------114 -

AXA Rosenberg Pan European Equity Alpha Fund AXA Bank AG Koln - - - - 73,577 ------AXA Bank Belgium - - - - 43,926 ------AXA Isle Of Man Limited A/C EBD7267 - - - - 2,328 ------AXA MPS Financial Limited 1,770,479 - - - 310,300 ------AXA Rosenberg Investment Management Ltd - - 48 ------178 - - BP2S A/c AXA Life Europe/Best Mix - - - - 162,499 ------BP2S A/c AXA Life Europe/Best Performance - - - - 142,626 ------BPSS Madrid / AXA Ibercapital - - - - 20,277 - - 12,796 - - - - BPSS Paris A/c AXA 12,000 ------Fortis Global Custody Services NV A/c AXA - - - - 6,904 ------SSBL A/c AXA NL Model Fund IV AN62 535,255 ------SSBL Re: AXA NL Model Fund V AN63 1,015,174 ------

210 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Class A Class A Class A Class A Class B Class B Class B Class E Class E Class M Class M Class R EUR GBP USD Hedging EUR GBP JPY EUR Hedging EUR USD GBP AXA Rosenberg Pan-European Small Cap Alpha Fund AXA Bank Ag Koln - - - - 29,205 ------AXA Bank Belgium - - - - 38,435 ------AXA Rosenberg Investment Management Ltd ------114 - - BPSS Madrid / AXA Ibercapital - - - - 69,380 - - 34,772 - - - -

AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund AXA Rosenberg Investment Management Ltd - - - - 250 - - - - 153 - -

AXA Rosenberg Eurobloc Equity Alpha Fund AXA Bank AG Koln - - - - 7,024,721 ------AXA Bank Belgium - - - - 112,420 ------AXA Interlife SpA - - - - 5,790 ------AXA Rosenberg Investment Management Ltd ------176 - - AXA Investment Managers UK Ltd 3,138,002 ------AXA Life Europe Limited A/c Sucursal enPortugal ------792,328 - - - - AXA MPS Vita A/c Unit Double Engine Aggressivo 56,338 ------BNP Paribas Securities Services Luxembourg A/c AXA Assurance Vie Lux FDS 937 916 ------BNP Paribas Securities Services Luxembourg A/c AXA Assurance Vie Lux FDS 954 51,378 ------BPSS Madrid / AXA Ibercapital - - - - 71,971 - - 123,130 - - - BPSS Paris A/c AXA 450,713 - - - 1,267,363 ------Fundsettle EOC Nominees Limited A/c FS/Citi AXA PRIV SEL GMX AGG 14189 346,000 ------State Street Banque SA A/c AXA Swiss IFDynamic Floor 215,000 ------

AXA Rosenberg Europe Ex-UK Equity Alpha Fund AXA Bank Ag Koln - - - - 8,784 ------AXA Bank Belgium - - - - 59,838 ------AXA Isle of Man Limited A/c EBD5110 - - - - 810 ------AXA Rosenberg Investment Management Ltd ------143 164 - 800 BPSS Madrid / AXA Ibercapital - - - - 1,967 - - 60,213 - - - - CBL Limited A/c AXA Belgium SA - - - - 44,669 ------

211 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Class A Class A Class A Class A Class B Class B Class B Class E Class E Class M Class M Class R EUR JPY GBP Hedging EUR GBP JPY EUR Hedging EUR JPY GBP AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund AXA Bank Ag Koln - - - - 10,523 ------AXA Bank Belgium - - - - 16,552 ------AXA Isle of Man Limited A/c EZC0469 - - - - 452 ------AXA Portfolio Services Ltd ------1,619 AXA Rosenberg Investment Management Ltd ------104 - - - 309 BPSS Madrid / AXA Ibercapital - - - - 5,395 - - 35,636 - - - -

AXA Rosenberg Japan Equity Alpha Fund ------AXA Assicurazioni SPA - - - - 25,761 ------AXA Bank Ag Koln - - - - 2,269,633 ------AXA Bank Belgium - - - - 183,550 - 1,300 - - - AXA Belgium S.A. - - - - 377,119 ------AXA Middle East Sal - - - - 3,411 ------AXA MPS Financial Limited - - - - 274,900 ------AXA Rosenberg Investment Management Ltd - 1139 ------386 AXA Rosenberg Investment Management Ltd - 1154 ------147 BGL A/c AXA L Fund ------104 - - - - - BNP Paribas Securities Services A/c BNL AXA IM - 2,813,795 ------BP2S A/c AXA ASS DANNI - - - - 650,000 ------BPSS Madrid / AXA Ibercapital - - - - 3,502 - - 14,893 - - - - BPSS Paris A/c AXA - 254,000 - - 2,429,142 ------CBL Limited A/c AXA Belgium SA - - - - 24,633 ------CBL Limited A/c AxA Belgium SA/AXA LifeInvest ------535,902 - - - - Fortis Global Custody Services NV A/c AXA - - - - 41,918 ------Fundsettle EOC Nominees Ltd A/c LAB/AXA PM 12539 ------

AXA Rosenberg Japan Small Cap Alpha Fund AXA Aurora Vida - - - - 7,323 ------AXA Bank AG Koln - - - - 19,998 ------AXA Bank Belgium - - - - 115,195 ------AXA Middle East Sal - - - - 4,901 ------AXA Portfolio Services Ltd ------551,936 AXA Rosenberg Investment Management Ltd - 1139 ------374 - - - 165 246 AXA Rosenberg Investment Management Ltd - 1154 - - - - - 376 - - - - 120 BGL A/c AXA L Fund - 750 - - 13,533 ------BPSS Madrid / AXA Ibercapital - - - - 2,994 - - 20,504 - - - - 212 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Class A Class A Class A Class A Class B Class B Class B Class E Class E Class M Class M Class R EUR JPY USD Hedging EUR GBP JPY EUR Hedging GBP JPY GBP AXA Rosenberg Japan Enhanced Index Equity Alpha Fund AXA Rosenberg Investment Management Ltd ------405 - - - 268 -

AXA Rosenberg UK Equity Alpha Fund AXA Bank AG Koln - - - - 287 ------AXA Bank Belgium - - - - 2,842 ------AXA Isle of Man Limited A/c EBD0077 - - - - - 906 ------AXA Isle of Man Limited A/c EBD5110 - - - - 752 ------AXA Rosenberg Investment Management Ltd ------80 - 124 - 184 BPSS Paris A/c AXA - - - - 3,111 ------

AXA Rosenberg UK Small Cap Alpha Fund AXA Aurora Vida - - - - 398 ------AXA Bank Ag Koln - - - - 888 ------AXA Bank Belgium - - - - 929 ------AXA Rosenberg Investment Management Ltd - - - - - 50 - 39 - - - - BPSS Madrid / AXA Ibercapital - - - - 3,776 - - 203 - - - -

AXA Rosenberg Global Ex-UK Equity Alpha Fund AXA Rosenberg Investment Management Ltd - 1139 ------86 - 225 AXA Rosenberg Investment Management Ltd - 1154 ------98

213 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Unitholdings held by related companies of the Manager at March 31, 2008 were as follows:

Class A Class A Class A Class A Class B Class B Class B Class E Class E Class M Class M Class R EUR GBP USD Hedging EUR USD Hedging EUR Hedging EUR USD GBP AXA Rosenberg US Equity Alpha Fund AXA Assicurazioni SpA - - - - 31,167 ------AXA Bank AG Koln - - - - 18,247 - 2,020,209 - - - - - AXA Bank Belgium - - - - 23,518 ------AXA China Region Insurance Company (Bermuda) Limited - - - - - 2,243 ------AXA Interlife SpA - - - - 2,528 ------AXA Investicni Spolecnost, a.s. A/C AXA Selection Global Equity - - - - - 342,350 ------AXA Isle Of Man Limited A/C EBO3004 - - - - - 16,794 ------AXA Middle East Sal - - - - - 246 ------AXA Rosenberg Investment Management Ltd - 134 - - - - 385 - 221 - 201 350 BPSS Madrid / AXA Ibercapital - - - - 1,828 ------BPSS Paris A/C AXA - - 2,869,985 2,667,404 4,609,399 - 10,392 - - - - - BPSS Paris A/C AXA RE - - - 4 ------Fortis Banque Luxembourg SA A/C AXA L Fund - - - - - 587 ------Fortis Global Custody Services NV A/C AXA - - - - 24,550 ------KBL Limited A/C AXA Belgium SA - - - - 2,935 ------KBL Limited A/C AXA Belgium SA/AXA LifeInvest - - - - - 215,688 ------State Street Banque SA A/C AXA Swiss IF Dynamic Floor - - 576,000 ------AXA Rosenberg US Enhanced Index Equity Alpha Fund AXA MPS Vita A/C Unit Double Engine Equilibrato - - 4,298 ------AXA MPS Vita A/C Unit Double Engine Defensivo - - 5,860 ------AXA MPS Vita A/C Unit Double Engine Aggressivo - - 7,578 ------AXA Rosenberg Investment Management Ltd ------216 - AXA Rosenberg Global Equity Alpha Fund AXA Bank AG Koln - - - - 129,047 ------AXA Bank Belgium - - - - 63,277 ------AXA Investicni Spolecnost, a.s. A/C AXA Selection Global Equity - - - - 318,000 ------AXA Middle East Sal - - - - - 5,728 ------AXA Rosenberg Investment Management Ltd 187 ------139 - 211 - - BPSS Madrid / AXA Ibercapital - - - - 6,468 - - 5,907 - - - - Fundsettle EOC Nominees Ltd A/C Lab/AXA Pm 12539 - - 1,290 - 24,718 ------KBL Limited A/C AXA Belgium SA - - - - 6,087 ------KBL Limited A/C AXA Belgium SA/AXA LifeInvest - - - - - 482,800 ------SSBL A/C AXA NL Aandelen InternationalAn54 - - 5,686,979 ------

214 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Class A Class A Class A Class A Class B Class B Class B Class E Class E Class M Class M Class R EUR GBP USD Hedging EUR USD Hedging EUR Hedging EUR USD GBP AXA Rosenberg Global Equity Alpha Fund (continued) SSBL A/C AXA NL Model Fund III AN61 - - - - 282,056 ------SSBL Re: AXA NL Model Fund IV AN62 - - - - 257,231 ------SSBL Re: AXA NL Mondiaal Beheer AN58 - - 638,704 ------SSBL Re: AXA NL Model Fund V AN63 - - - - 115,503 ------

AXA Rosenberg Global Small Cap Alpha Fund AXA Aurora Vida - - - - 7,415 ------AXA Bank AG Koln - - - - 39,549 ------AXA Bank Belgium - - - - 30,969 ------AXA Isle Of Man Limited A/C EZC0469 - - - - - 769 ------AXA Middle East Sal - - - - - 2,265 ------AXA Portfolio Services Ltd ------156 AXA Rosenberg Investment Management Ltd ------84 - - 118 133 BPSS Madrid / AXA Ibercapital - - - - 24,020 - - 53,037 - - - - Fundsettle EOC Nominees Ltd A/C Lab/AXA PM 12539 - - 715 - 4,899 ------

AXA Rosenberg Global Emerging Markets Equity Alpha Fund AXA Bank AG Koln - - - - 9,149 ------AXA Bank Belgium - - - - 3,375 ------AXA Investicni Spolecnost, a.s. A/C AXA Selection Emerging Equity - - - - 29,661 ------AXA Investment Managers Switzerland Limited ------802,932 - AXA MPS Vita A/C Unit Double Engine Aggresivo - - 10,542 ------AXA MPS Vita A/C Unit Double Engine Defensivo - - 8,065 ------AXA MPS Vita A/C Unit Double Engine Equilibrato - - 7,415 ------AXA Rosenberg Investment Management Ltd - 100 185 - 145 185 - - - - 185 -

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund AXA Assicurazioni SpA - - - - 5,212 ------AXA Bank AG Koln - - - - 13,045 ------AXA Bank Belgium - - - - 135,481 ------AXA Interlife SpA - - - - 1,136 ------AXA Middle East Sal - - - - - 301 ------AXA MPS Vita A/C Unit Double Engine Aggresivo - - 35,892 ------AXA MPS Vita A/C Unit Double Engine Defensivo - - 134,952 ------AXA MPS Vita A/C Unit Double Engine Equilibrato - - 43,405 ------AXA Rosenberg Investment Management Ltd ------148 752 BNP Paribas Securities Services A/C FP BNL AXA IM - - 386,745 ------

215 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Class A Class A Class A Class A Class B Class B Class D Class E Class E Class M Class M Class R EUR GBP USD Hedging EUR USD GBP EUR Hedging EUR USD GBP AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund (continued) BPSS Madrid / AXA Ibercapital - - - - 155,779 - - 78,410 - - - - BPSS Paris A/C AXA - - 37,100 - 53,632 ------Fortis Banque Luxembourg SA A/C AXA L Fund - - 31,825 ------Fortis Global Custody Services NV A/C AXA - - - - 33,392 ------KBL Limited A/C AXA Belgium SA/AXA LifeInvest - - - - - 178,146 ------

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund AXA Aurora Vida - - - - 15,239 ------AXA Bank AG Koln - - - - 29,129 ------AXA Bank Belgium - - - - 76,076 ------AXA Isle Of Man Limited A/C ACB0023 - - - - - 122 ------AXA Portfolio Services Ltd ------97,366 - - - - - AXA Rosenberg Investment Management Ltd ------82 - BPSS Madrid / AXA Ibercapital - - - - 77,291 - - 213,439 - - - - Fortis Banque Luxembourg Sa A/C AXA L Fund - - - - 523 ------

AXA Rosenberg All-Country Asia Pacific Ex- Japan Equity Alpha Fund AXA Bank AG Koln - - - - 13,094 ------AXA Investicni Spolecnost, a.s. AXA Selection Emerging Equity - - - - 31,683 ------AXA Investicni Spolecnost, a.s. AXA Selection Global Equity - - - - 225,800 ------AXA Rosenberg Investment Management Ltd - - - - 100 - - - - - 257 - BNP Paribas S.S/ AXA Sim ------

AXA Rosenberg Pan-European Equity Alpha Fund AXA Bank AG Koln - - - - 73,920 ------AXA Bank Belgium - - - - 43,684 ------AXA Isle Of Man Limited A/C EBD7267 - - - - 2,328 ------AXA MPS Financial Limited - - - - 1,021,014 ------AXA Rosenberg Investment Management Ltd ------178 - - - AXA Sim S.P.A. GPF - - - - 281 ------BP2S A/C AXA Life Europe / Best Mix - - - - 169,857 ------BP2S A/C AXA Life Europe / Best Performance - - - - 170,238 ------BP2S Madrid / AXA Ibercapital - - - - 71,797 - - 31,071 - - - - Fortis Global Custody Services NV A/C AXA - - - - 13,848 ------

216

AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Class A Class A Class A Class A Class B Class B Class B Class E Class M Class M Class M Class R EUR GBP JPY Hedging EUR GBP JPY EUR EUR GBP JPY GBP

AXA Rosenberg Pan-European Small Cap Alpha Fund AXA Bank AG Koln - - - - 36,044 ------AXA Bank Belgium - - - - 41,340 ------AXA Rosenberg Investment Management Ltd ------114 - - - BPSS Madrid / AXA Ibercapital - - - - 98,095 - - 90,936 - - - -

AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund AXA Rosenberg Investment Management Ltd ------153 - - -

AXA Rosenberg Eurobloc Equity Alpha Fund AXA Assicurazioni SPA ------AXA Bank AG Koln - - - - 2,827,259 ------AXA Bank Belgium - - - - 120,088 ------AXA Interlife SpA - - - - 5,790 ------AXA Investment Managers UK Ltd 2,996,079 ------AXA Life Europe Limited A/C Sucursal enEspana ------2,304,206 - - - - AXA Life Europe Limited A/C Sucursal enPortugal ------28,795 - - - - AXA MPS Financial Limited - - - - 1,340,650 ------AXA MPS Vita A/C Unit Double Engine Aggresivo 11,098 ------AXA MPS Vita A/C Unit Double Engine Defensivo 17,109 ------AXA MPS Vita A/C Unit Double Engine Equilibrato 14,876 ------AXA Rosenberg Investment Management Ltd ------176 - - - BP2S A/C AXA Life Europe / Best Save - - - - 22,172 ------BP2S A/C AXA Life Europe / Best Mix - - - - 160,766 ------BP2S A/C AXA Life Europe / Best Performance - - - - 162,889 ------BPSS Madrid / AXA Ibercapital ------206,340 - - - - BPSS Paris A/C AXA - - - - 1,267,363 ------SSBL A/C AXA NL Model Fund I AN59 - - - - 84,796 ------SSBL A/C AXA NL Model Fund II AN60 - - - - 418,498 ------SSBL A/C AXA NL Model Fund III AN61 - - - - 608,801 ------SSBL A/C AXA NL Model Fund IV AN62 - - - - 555,249 ------SSBL A/C AXA NL Model Fund V AN63 - - - - 265,957 ------State Street Banque SA A/C AXA Swiss IF Dynamic Floor 440,000 ------

AXA Rosenberg Europe Ex-UK Equity Alpha Fund AXA Bank AG Koln - - - - 8,958 ------AXA Bank Belgium - - - - 57,728 ------AXA Isle Of Man Limited A/C EBD5110 - - - - 1,591 ------AXA Rosenberg Investment Management Ltd ------143 164 - - 800 BPSS Madrid / AXA Ibercapital - - - - 5,094 - - 66,792 - - - -

217

AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Class A Class A Class A Class A Class B Class B Class B Class E Class M Class M Class M Class R EUR JPY GBP Hedging EUR GBP JPY EUR EUR GBP JPY GBP AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund AXA Bank AG Koln - - - - 15,041 ------AXA Bank Belgium - - - - 19,080 ------AXA Isle Of Man Limited A/C EZC0469 - - - - 452 ------AXA Portfolio Services Ltd ------1,347 AXA Rosenberg Investment Management Ltd ------104 - - - 309 BPSS Madrid / AXA Ibercapital - - - - 8,604 - - 51,126 - - - -

AXA Rosenberg Japan Equity Alpha Fund AXA Assicurazioni SpA - - - - 25,761 ------AXA Bank AG Koln - - - - 1,005,201 ------AXA Bank Belgium - - - - 207,377 ------AXA Bank Belgium ------1,200 - - - - - AXA Belgium S.A. - - - - 433,491 ------AXA Isle of Man Administration Limited ------36,937 - - - - - AXA Middle East Sal - - - - 2,034 ------AXA MPS Financial Limited - - - - 319,356 ------AXA Rosenberg Investment Management Ltd ------304 533 BNP Paribas Securities Services A/C FP BNL AXA IM - 2,242,080 ------BP2s A/C AXA ASS DANNI - - - - 650,000 ------BPSS Madrid / AXA Ibercapital - - - - 3,502 ------BPSS Madrid / AXA Ibercapital ------11,394 - - - - BPSS Paris A/C AXA - 1,302,821 ------BPSS Paris A/C AXA - - - - 2,610,884 ------Fortis Banque Luxembourg SA A/c AXA L Fund ------875 - - - - - Fortis Global Custody Services NV A/c AXA - - - - 42,218 ------Fundsettle EOC Nominees Ltd A/C Lab/AXA PM 12539 ------2,157 - - - - - KBL Limited A/C AXA Belgium SA - - - - 45,271 ------KBL Limited A/C AXA Belgium SA/AXA LifeInvest ------626,266 - - - - -

AXA Rosenberg Japan Small Cap Alpha Fund AXA Aurora Vida - - - - 10,443 ------AXA Bank AG Koln - - - - 21,884 ------AXA Bank Belgium - - - - 135,449 ------AXA Middle East Sal - - - - 3,258 ------AXA Portfolio Services Ltd ------795 AXA Rosenberg Investment Management Ltd ------165 366 BPSS Madrid / AXA Ibercapital - - - - 9,187 - - 41,858 - - - - Fortis Banque Luxembourg SA A/C AXA L Fund - - - - 13,533 ------

218

AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

12. Transactions with Connected/Related Persons (continued)

Class A Class A Class A Class A Class B Class B Class B Class E Class M Class M Class M Class R EUR JPY GBP Hedging EUR GBP JPY EUR EUR GBP JPY GBP

AXA Rosenberg Japan Enhanced Index Equity Alpha Fund AXA Rosenberg Investment Management Ltd ------268 -

AXA Rosenberg UK Equity Alpha Fund AXA Bank AG Koln - - - - 416 ------AXA Bank Belgium - - - - 3,242 ------AXA Isle Of Man Limited A/C EBD0077 - - - - - 906 ------AXA Isle Of Man Limited A/C EBD5110 - - - - 752 ------AXA Rosenberg Investment Management Ltd ------80 - 124 - 253 BPSS Paris A/C AXA - - - - 135,886 ------

AXA Rosenberg UK Small Cap Alpha Fund AXA Aurora Vida - - - - 859 ------AXA Bank AG Koln - - - - 889 ------AXA Bank Belgium - - - - 929 ------AXA Rosenberg Investment Management Ltd - - - - 57 50 - 39 - - - - BPSS Madrid / AXA Ibercapital - - - - 3,960 - - 203 - - - -

AXA Rosenberg Global Ex-UK Equity Alpha Fund AXA Rosenberg Investment Management Ltd ------86 - 323

219

AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

13. Unit Transactions

The following unit transactions took place during the year ended March 31, 2009:

March 31, Units Units March 31, 2008 Issued Redeemed 2009

AXA Rosenberg US Equity Alpha Fund – Class A USD 103,445,354 65,463,171 51,892,850 117,015,675 AXA Rosenberg US Equity Alpha Fund – Class B USD 54,249,598 29,061,861 32,443,524 50,867,935 AXA Rosenberg US Equity Alpha Fund – Class M USD 2,402,010 3,148,306 2,236,628 3,313,688 AXA Rosenberg US Equity Alpha Fund – Class B EUR 23,432,868 14,956,250 18,281,609 20,107,509 AXA Rosenberg US Equity Alpha Fund – Class A Hedged EUR 10,011,287 15,279,736 15,022,460 10,268,563 AXA Rosenberg US Equity Alpha Fund – Class B Hedged EUR 8,414,824 10,014,046 8,466,009 9,962,861 AXA Rosenberg US Equity Alpha Fund – Class E Hedged EUR 221 9,887 4,131 5,977 AXA Rosenberg US Equity Alpha Fund – Class A GBP 7,032,194 107,206 19,163 7,120,237 AXA Rosenberg US Equity Alpha Fund – Class R GBP 8,350 4 - 8,354

AXA Rosenberg US Enhanced Index Equity Alpha Fund – Class A USD 6,486,255 20,891,940 9,187,734 18,190,461 AXA Rosenberg US Enhanced Index Equity Alpha Fund – Class B USD - 300 - 300 AXA Rosenberg US Enhanced Index Equity Alpha Fund – Class M USD 216 - - 216

AXA Rosenberg Global Equity Alpha Fund – Class A USD 36,110,869 11,931,192 9,614,678 38,427,383 AXA Rosenberg Global Equity Alpha Fund – Class B USD 7,118,706 4,468,878 7,558,365 4,029,219 AXA Rosenberg Global Equity Alpha Fund – Class A EUR 30,684,178 5,432,353 8,601,050 27,515,481 AXA Rosenberg Global Equity Alpha Fund – Class B EUR 16,962,470 6,630,711 3,498,971 20,094,210 AXA Rosenberg Global Equity Alpha Fund – Class E EUR 294,833 2,495,893 1,381,801 1,408,925 AXA Rosenberg Global Equity Alpha Fund – Class M EUR 2,409,412 178,765 70,666 2,517,511 AXA Rosenberg Global Equity Alpha Fund – Class A GBP 13,030,007 6,510,638 182,181 19,358,464 AXA Rosenberg Global Equity Alpha Fund – Class B GBP 2,576,541 2,266,349 337,772 4,505,118

AXA Rosenberg Global Small Cap Alpha Fund – Class A USD 13,978,725 1,167,960 3,836,010 11,310,675 AXA Rosenberg Global Small Cap Alpha Fund – Class B USD 2,855,565 323,080 1,705,171 1,473,474 AXA Rosenberg Global Small Cap Alpha Fund – Class M USD 118 - - 118 AXA Rosenberg Global Small Cap Alpha Fund – Class B EUR 2,088,200 172,776 883,710 1,377,266 AXA Rosenberg Global Small Cap Alpha Fund – Class E EUR 62,596 527 13,350 49,773 AXA Rosenberg Global Small Cap Alpha Fund – Class R GBP 288 166,078 138,236 28,130

AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class A USD 2,980,069 1,728,244 3,046,869 1,661,444 AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class B USD 70,447 2,198,518 1,785,157 483,808 AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class M USD 14,355,619 4,313,733 4,159,656 14,509,696 AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class B EUR 415,890 763,179 780,730 398,339 AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class A GBP 18,682 - - 18,682 AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class M GBP 4,867,176 2,015,694 - 6,882,870

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund –Class A USD 7,901,478 14,240,676 5,216,028 16,926,126 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund –Class B USD 10,092,555 2,702,708 7,160,074 5,635,189 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund –Class M USD 2,772,927 - 167,911 2,605,016 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund –Class B EUR 1,765,880 1,685,855 2,069,041 1,382,694

220 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

13. Unit Transactions (continued)

March 31, Units Units March 31, 2008 Issued Redeemed 2009

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund –Class E EUR 194,147 36,826 147,522 83,451 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund –Class R GBP 752 - 605 147

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class A USD 5,055,563 888,223 3,687,235 2,256,551 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class B USD 2,851,487 493,466 1,378,471 1,966,482 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class M USD 82 - - 82 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class B EUR 2,696,236 1,259,532 1,701,814 2,253,954 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class E EUR 256,545 24,335 141,883 138,997 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class R GBP 259,894 88,501 123,755 224,640

AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund – Class A USD 5,220,148 1,217,662 1,273,194 5,164,616 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund – Class B USD - 300 - 300 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund – Class M USD 2,029,617 115,608 6,453 2,138,772 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund – Class B EUR 649,628 404,684 457,628 596,684 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund – Class E EUR - 300 - 300

AXA Rosenberg All-Country World Equity Alpha Fund – Class A USD - 9,712,353 - 9,712,353 AXA Rosenberg All-Country World Equity Alpha Fund – Class M USD - 7,398,933 23,302 7,375,631

AXA Rosenberg Pan-European Equity Alpha Fund – Class A EUR 44,487,038 13,813,999 31,619,071 26,681,966 AXA Rosenberg Pan-European Equity Alpha Fund – Class A EUR Hedged 4,863,799 - - 4,863,799 AXA Rosenberg Pan-European Equity Alpha Fund – Class B EUR 25,030,502 9,397,764 19,981,274 14,446,992 AXA Rosenberg Pan-European Equity Alpha Fund – Class B Distributing EUR 1,213,164 - 1,213,164 - AXA Rosenberg Pan-European Equity Alpha Fund – Class E EUR 121,640 31,849 89,281 64,208 AXA Rosenberg Pan-European Equity Alpha Fund – Class M EUR 724,689 1,156,758 624,842 1,256,605 AXA Rosenberg Pan-European Equity Alpha Fund - Class A USD - 79,578 6,892 72,686

AXA Rosenberg Pan-European Small Cap Alpha Fund – Class A EUR 9,837,264 589,394 838,683 9,587,975 AXA Rosenberg Pan-European Small Cap Alpha Fund – Class B EUR 1,484,128 154,247 716,906 921,469 AXA Rosenberg Pan-European Small Cap Alpha Fund – Class E EUR 94,666 2,332 57,836 39,162 AXA Rosenberg Pan-European Small Cap Alpha Fund – Class M EUR 114 - - 114

AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund – Class A EUR 8,017,437 4,205,513 2,426,461 9,796,489 AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund – Class B EUR - 250 - 250 AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund – Class M EUR 153 - - 153

221 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

13. Unit Transactions (continued)

March 31, Units Units March 31, 2008 Issued Redeemed 2009

AXA Rosenberg Eurobloc Equity Alpha Fund – Class A EUR 107,804,127 35,047,861 58,760,977 84,091,011 AXA Rosenberg Eurobloc Equity Alpha Fund – Class B EUR 45,720,684 22,703,574 46,903,221 21,521,037 AXA Rosenberg Eurobloc Equity Alpha Fund – Class E EUR 2,864,333 22,943,643 24,811,955 996,021 AXA Rosenberg Eurobloc Equity Alpha Fund – Class M EUR 176 - - 176

AXA Rosenberg Europe Ex-UK Equity Alpha Fund – Class A EUR 17,083,136 5,762,455 11,382,794 11,462,797 AXA Rosenberg Europe Ex-UK Equity Alpha Fund – Class B EUR 3,472,254 712,014 791,278 3,392,990 AXA Rosenberg Europe Ex-UK Equity Alpha Fund – Class E EUR 81,740 4,342 21,795 64,287 AXA Rosenberg Europe Ex-UK Equity Alpha Fund – Class M EUR 3,060,472 1,016,309 794,890 3,281,891 AXA Rosenberg Europe Ex-UK Equity Alpha Fund – Class R GBP 800 - - 800

AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund – Class A EUR 419,961 37,957 92,461 365,457 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund – Class B EUR 290,754 17,130 96,186 211,698 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund – Class E EUR 53,422 - 16,440 36,982 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund – Class R GBP 1,656 1,397 1,125 1,928

AXA Rosenberg Japan Equity Alpha Fund – Class A JPY 115,400,268 73,979,099 83,016,561 106,362,806 AXA Rosenberg Japan Equity Alpha Fund – Class B JPY 61,750,171 20,175,957 50,552,624 31,373,504 AXA Rosenberg Japan Equity Alpha Fund – Class M JPY 12,722,769 2,003,953 3,061,523 11,665,199 AXA Rosenberg Japan Equity Alpha Fund – Class B EUR 36,395,228 28,314,546 26,135,958 38,573,816 AXA Rosenberg Japan Equity Alpha Fund – Class E EUR 1,215,807 144,394 1,026,920 333,281 AXA Rosenberg Japan Equity Alpha Fund – Class R GBP 533 165,119 2,084 163,568

AXA Rosenberg Japan Small Cap Alpha Fund– Class A JPY 46,404,161 29,636,836 44,059,626 31,981,371 AXA Rosenberg Japan Small Cap Alpha Fund– Class B JPY 22,325,352 6,043,507 12,674,911 15,693,948 AXA Rosenberg Japan Small Cap Alpha Fund– Class M JPY 165 - - 165 AXA Rosenberg Japan Small Cap Alpha Fund– Class B EUR 19,930,346 13,097,927 17,325,317 15,702,956 AXA Rosenberg Japan Small Cap Alpha Fund– Class E EUR 210,127 144,080 143,926 210,281 AXA Rosenberg Japan Small Cap Alpha Fund – Class R GBP 1,161 826,141 275,000 552,302

AXA Rosenberg Japan Enhanced Index Equity Alpha Fund – Class A JPY 7,489,031 4,277,332 4,389,419 7,376,944 AXA Rosenberg Japan Enhanced Index Equity Alpha Fund – Class B JPY - 405 - 405 AXA Rosenberg Japan Enhanced Index Equity Alpha Fund – Class M JPY 268 - - 268

AXA Rosenberg UK Equity Alpha Fund – Class A GBP 9,933,367 768,092 218,809 10,482,650 AXA Rosenberg UK Equity Alpha Fund – Class B GBP 80,844 8,829 42,133 47,540 AXA Rosenberg UK Equity Alpha Fund – Class M GBP 2,016,289 423,884 321,419 2,118,754 AXA Rosenberg UK Equity Alpha Fund – Class R GBP 253 - 69 184 AXA Rosenberg UK Equity Alpha Fund – Class B EUR 945,271 - 160,953 784,318 AXA Rosenberg UK Equity Alpha Fund – Class E EUR 80 - - 80

AXA Rosenberg UK Small Cap Alpha Fund– Class A GBP 264,334 2,045 1,776 264,603 AXA Rosenberg UK Small Cap Alpha Fund– Class B GBP 27,218 - 10,702 16,516 AXA Rosenberg UK Small Cap Alpha Fund– Class B EUR 32,247 822 14,199 18,870 AXA Rosenberg UK Small Cap Alpha Fund– Class E EUR 242 - - 242

222 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

13. Unit Transactions (continued)

March 31, Units Units March 31, 2008 Issued Redeemed 2009

AXA Rosenberg Global Ex-UK Equity Alpha Fund – Class A GBP 2,750,109 137,425 20 2,887,514 AXA Rosenberg Global Ex-UK Equity Alpha Fund – Class M GBP 303,671 - 22,762 280,909 AXA Rosenberg Global Ex-UK Equity Alpha Fund – Class R GBP 482 - - 482

AXA Rosenberg US 130/30 Equity Alpha Fund – Class A USD - 1,396,745 1,396,745 - AXA Rosenberg US 130/30 Equity Alpha Fund – Class A EUR* - 1,500,000 1,500,000 - AXA Rosenberg US 130/30 Equity Alpha Fund – Class B EUR - 8,933 8,933 - AXA Rosenberg US 130/30 Equity Alpha Fund – Class E EUR - 869 869 -

AXA Rosenberg Pacific Ex-Japan 130/30 Equity Alpha Fund – Class A USD - 164,793 164,793 - AXA Rosenberg Pacific Ex-Japan 130/30 Equity Alpha Fund – Class A EUR* - 630,059 630,059 - AXA Rosenberg Pacific Ex-Japan 130/30 Equity Alpha Fund – Class B EUR - 5,035 5,035 - AXA Rosenberg Pacific Ex-Japan 130/30 Equity Alpha Fund – Class E EUR - 183 183 -

AXA Rosenberg Europe 130/30 Equity Alpha Fund – Class A EUR* - 1,594,979 1,594,979 - AXA Rosenberg Europe 130/30 Equity Alpha Fund – Class B EUR - 5,886 5,886 - AXA Rosenberg Europe 130/30 Equity Alpha Fund – Class E EUR - 112 112 -

AXA Rosenberg Japan 130/30 Equity Alpha Fund – Class A JPY - 516 516 - AXA Rosenberg Japan 130/30 Equity Alpha Fund – Class A EUR* - 500,000 500,000 - AXA Rosenberg Japan 130/30 Equity Alpha Fund – Class B EUR - 333 333 - AXA Rosenberg Japan 130/30 Equity Alpha Fund – Class E EUR - 189 189 -

* Class A EUR on the 130/30 Funds launched on March 18, 2008.

The following unit transactions took place during the year ended March 31, 2008:

March 31, Units Units March 31, 2007 Issued Redeemed 2008

AXA Rosenberg US Equity Alpha Fund – Class A USD 91,572,429 48,654,490 36,781,565 103,445,354 AXA Rosenberg US Equity Alpha Fund – Class B USD 55,587,803 47,847,463 49,185,668 54,249,598 AXA Rosenberg US Equity Alpha Fund – Class M USD 1,762,923 1,203,301 564,214 2,402,010 AXA Rosenberg US Equity Alpha Fund – Class B EUR 26,419,464 21,511,300 24,497,896 23,432,868 AXA Rosenberg US Equity Alpha Fund – Class A Hedged EUR 7,677,698 13,314,474 10,980,885 10,011,287 AXA Rosenberg US Equity Alpha Fund – Class B Hedged EUR 11,875,176 18,449,179 21,909,531 8,414,824 AXA Rosenberg US Equity Alpha Fund – Class E Hedged EUR 115 249,616 249,510 221 AXA Rosenberg US Equity Alpha Fund – Class A GBP 109,679 6,940,613 18,098 7,032,194 AXA Rosenberg US Equity Alpha Fund – Class R GBP 8,251 99 - 8,350

AXA Rosenberg US Enhanced Index Equity Alpha Fund – Class A USD 4,214,105 4,857,732 2,585,582 6,486,255 AXA Rosenberg US Enhanced Index Equity Alpha Fund – Class M USD 216 - - 216

AXA Rosenberg Global Equity Alpha Fund – Class A USD 56,804,923 7,046,592 27,740,646 36,110,869 AXA Rosenberg Global Equity Alpha Fund – Class B USD 1,882,354 7,865,049 2,628,697 7,118,706 AXA Rosenberg Global Equity Alpha Fund – Class A EUR - 31,152,005 467,827 30,684,178

223 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

13. Unit Transactions (continued)

March 31, Units Units March 31, 2007 Issued Redeemed 2008

AXA Rosenberg Global Equity Alpha Fund – Class B EUR 5,324,544 14,864,009 3,226,083 16,962,470 AXA Rosenberg Global Equity Alpha Fund – Class E EUR 193,208 155,250 53,625 294,833 AXA Rosenberg Global Equity Alpha Fund – Class M EUR 211 2,438,506 29,305 2,409,412 AXA Rosenberg Global Equity Alpha Fund – Class A GBP 14,724,782 2,655,965 4,350,740 13,030,007 AXA Rosenberg Global Equity Alpha Fund – Class B GBP 2,780,653 121,355 325,467 2,576,541

AXA Rosenberg Global Small Cap Alpha Fund – Class A USD 15,030,020 1,588,637 2,639,932 13,978,725 AXA Rosenberg Global Small Cap Alpha Fund – Class B USD 3,853,134 1,701,093 2,698,662 2,855,565 AXA Rosenberg Global Small Cap Alpha Fund – Class M USD 118 - - 118 AXA Rosenberg Global Small Cap Alpha Fund – Class B EUR 5,181,083 241,263 3,334,146 2,088,200 AXA Rosenberg Global Small Cap Alpha Fund – Class E EUR 195,004 - 132,408 62,596 AXA Rosenberg Global Small Cap Alpha Fund – Class R GBP 288 - - 288

AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class A USD 185 5,156,489 2,176,605 2,980,069 AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class B USD 185 72,893 2,631 70,447 AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class M USD 5,350,817 11,638,753 2,633,951 14,355,619 AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class B EUR 304,082 146,303 34,495 415,890 AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class A GBP 100 18,582 - 18,682 AXA Rosenberg Global Emerging Markets Equity Alpha Fund – Class M GBP 5,227,006 1,105,120 1,464,950 4,867,176

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund –Class A USD 7,530,598 7,091,595 6,720,715 7,901,478 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund – Class B USD 6,400,297 6,921,354 3,229,096 10,092,555 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund –Class M USD 1,873,519 2,224,690 1,325,282 2,772,927 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund –Class B EUR 2,046,439 6,303,545 6,584,104 1,765,880

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund – Class E EUR 206,651 334,703 347,207 194,147 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund –Class R GBP 137 615 - 752

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class A USD 4,927,195 2,712,802 2,584,434 5,055,563 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class B USD 3,275,397 1,179,017 1,602,927 2,851,487 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class M USD 82 - - 82 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class B EUR 3,736,653 856,299 1,896,716 2,696,236 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class E EUR 266,740 141,219 151,414 256,545 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund – Class R GBP 246,975 188,305 175,386 259,894

AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund – Class A USD 4,602,726 617,426 4 5,220,148 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund – Class M USD 2,206,737 - 177,120 2,029,617 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund – Class B EUR 172,984 863,146 386,502 649,628

224 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

13. Unit Transactions (continued)

March 31, Units Units March 31, 2007 Issued Redeemed 2008

AXA Rosenberg Pan-European Equity Alpha Fund – Class A EUR 65,321,732 24,997,668 45,832,362 44,487,038 AXA Rosenberg Pan-European Equity Alpha Fund – Class A EUR Hedged - 4,863,799 - 4,863,799

AXA Rosenberg Pan-European Equity Alpha Fund – Class B EUR 44,967,825 21,815,889 41,753,212 25,030,502 AXA Rosenberg Pan-European Equity Alpha Fund – Class B Distributing EUR 2,426,422 - 1,213,258 1,213,164 AXA Rosenberg Pan-European Equity Alpha Fund – Class E EUR 392,169 189,599 460,128 121,640 AXA Rosenberg Pan-European Equity Alpha Fund – Class M EUR 195,767 570,823 41,901 724,689

AXA Rosenberg Pan-European Small Cap Alpha Fund – Class A EUR 13,909,012 612,700 4,684,448 9,837,264 AXA Rosenberg Pan-European Small Cap Alpha Fund – Class B EUR 9,775,134 139,942 8,430,948 1,484,128 AXA Rosenberg Pan-European Small Cap Alpha Fund –Class E EUR 343,483 - 248,817 94,666 AXA Rosenberg Pan-European Small Cap Alpha Fund –Class M EUR 114 - - 114

AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund – Class A EUR 14,233,188 1,636,496 7,852,247 8,017,437 AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund – Class M EUR 153 - - 153

AXA Rosenberg Eurobloc Equity Alpha Fund – Class A EUR 98,760,162 83,370,402 74,326,437 107,804,127 AXA Rosenberg Eurobloc Equity Alpha Fund – Class B EUR 61,290,592 102,092,283 117,662,191 45,720,684

AXA Rosenberg Eurobloc Equity Alpha Fund – Class E EUR 742,411 20,511,233 18,389,311 2,864,333 AXA Rosenberg Eurobloc Equity Alpha Fund – Class M EUR 176 - - 176

AXA Rosenberg Europe Ex-UK Equity Alpha Fund – Class A EUR 14,271,010 4,235,272 1,423,146 17,083,136 AXA Rosenberg Europe Ex-UK Equity Alpha Fund – Class B EUR 5,711,730 2,264,739 4,504,215 3,472,254 AXA Rosenberg Europe Ex-UK Equity Alpha Fund – Class E EUR 54,446 134,290 106,996 81,740 AXA Rosenberg Europe Ex-UK Equity Alpha Fund – Class M EUR 3,084,496 293,131 317,155 3,060,472 AXA Rosenberg Europe Ex-UK Equity Alpha Fund – Class R GBP 241 559 - 800

AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund – Class A EUR 715,555 1,405 296,999 419,961 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund – Class B EUR 954,407 40,253 703,906 290,754 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund – Class E EUR 310,777 - 257,355 53,422 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund – Class R GBP 1,264 392 - 1,656

AXA Rosenberg Japan Equity Alpha Fund – Class A JPY 159,876,665 59,258,664 103,735,061 115,400,268 AXA Rosenberg Japan Equity Alpha Fund – Class B JPY 130,351,978 50,725,901 119,327,708 61,750,171 AXA Rosenberg Japan Equity Alpha Fund – Class M JPY 7,876,697 9,926,590 5,080,518 12,722,769 AXA Rosenberg Japan Equity Alpha Fund – Class B EUR 58,350,370 35,301,861 57,257,003 36,395,228 AXA Rosenberg Japan Equity Alpha Fund – Class E EUR 4,325,644 1,011,614 4,121,451 1,215,807 AXA Rosenberg Japan Equity Alpha Fund – Class R GBP 286 247 - 533

AXA Rosenberg Japan Small Cap Alpha Fund– Class A JPY 51,093,954 29,632,815 34,322,608 46,404,161 AXA Rosenberg Japan Small Cap Alpha Fund– Class B JPY 42,295,701 18,614,144 38,584,493 22,325,352 AXA Rosenberg Japan Small Cap Alpha Fund– Class M JPY 165 - - 165 AXA Rosenberg Japan Small Cap Alpha Fund– Class B EUR 22,683,136 15,971,796 18,724,586 19,930,346 AXA Rosenberg Japan Small Cap Alpha Fund– Class E EUR 853,589 137,949 781,411 210,127

225 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

13. Unit Transactions (continued)

March 31, Units Units March 31, 2007 Issued Redeemed 2008

AXA Rosenberg Japan Small Cap Alpha Fund – Class R GBP 1,163 417 419 1,161

AXA Rosenberg Japan Enhanced Index Equity Alpha Fund – Class A JPY 6,814,741 2,894,065 2,219,775 7,489,031 AXA Rosenberg Japan Enhanced Index Equity Alpha Fund – Class M JPY 268 - - 268

AXA Rosenberg UK Equity Alpha Fund – Class A GBP 16,275,506 316,190 6,658,329 9,933,367 AXA Rosenberg UK Equity Alpha Fund – Class B GBP 164,922 63,099 147,177 80,844 AXA Rosenberg UK Equity Alpha Fund – Class M GBP 1,409,930 689,591 83,232 2,016,289 AXA Rosenberg UK Equity Alpha Fund – Class R GBP 133 120 - 253 AXA Rosenberg UK Equity Alpha Fund – Class B EUR 1,557,143 21,600 633,472 945,271 AXA Rosenberg UK Equity Alpha Fund – Class E EUR 832 - 752 80

AXA Rosenberg UK Small Cap Alpha Fund– Class A GBP 390,959 3,184 129,809 264,334 AXA Rosenberg UK Small Cap Alpha Fund– Class B GBP 48,497 118 21,397 27,218 AXA Rosenberg UK Small Cap Alpha Fund– Class B EUR 57,198 - 24,951 32,247 AXA Rosenberg UK Small Cap Alpha Fund– Class E EUR 1,878 - 1,636 242

AXA Rosenberg Global Ex-UK Equity Alpha Fund – Class A GBP 3,092,683 9,394 351,968 2,750,109 AXA Rosenberg Global Ex-UK Equity Alpha Fund – Class M GBP 86 303,585 - 303,671 AXA Rosenberg Global Ex-UK Equity Alpha Fund – Class R GBP 126 517 161 482

All units in the Trust carry equal voting rights, except that in matters affecting only a particular Fund or, as the case may be, a class within a Fund only holders of the Units of that Fund or, as the case may be, a class within a Fund will be entitled to vote.

Note that Class R and Class B (Distributing) are distributing classes.

14. Financial Risk Management Process

Oversight and Implementation

The Trust’s risk management process is managed by AXA Rosenberg Investment Management Limited in its capacity as Investment Manager, whose duties are overseen by the Board of Directors of the Manager and the Trustee, State Street Custodial Services (Ireland) Limited.

AXA Rosenberg Investment Management Limited is organised into discrete functional departments, that are clearly defined, and cover both administrative and investment activities. These departments implement the risk management process on a day-to-day basis, supported by extensive use of software driven automated risk management controls and processes. The Investment Manager has developed an in-house proprietary risk model, fully integrated into its portfolio construction system. After stocks have been ranked by expected risk adjusted return, data on the relative rankings are fed into an optimisation program, which constructs the most efficient portfolio to achieve each Fund’s investment objectives. The optimisation process runs in real time during the trading day, considering the predicted returns and risks of all holdings in each Fund and in its investment universe (the Investment Manager conducts in-depth fundamental analysis for 21,000 securities). At any point in time the constructed portfolios represent the optimal return to risk trade-off as identified by AXA Rosenberg’s stock selection and risk models. The result is highly diversified Funds with modest active exposure to risk factors and with an expected future earnings advantage relative to the market.

AXA Rosenberg Investment Management Limited has a number of oversight committees whose mandates include reviewing compliance and performance of the risk management process; and as appropriate, escalating matters to its Board of Directors.

226 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

Investment Committee

The role of the Investment Committee is to review all aspects of AXA Rosenberg’s investment functions relating to the active management of all its strategies – both segregated and pooled. The Committee is chaired by the European Chief Investment Officer (CIO) and is made-up of Team Leaders from the relevant functions including representatives from the Research Centre.

The Trust is represented by the appointed Investment Director. Performance is reviewed with particular attention paid to any those Funds which have a (negative) performance relative to their given benchmark or, in terms of dispersion, relative to the Fund’s strategy. Follow-up research or action is then identified with the relevant colleagues (Strategy Engineers, European CIO, Global CIO and/or Research Centre).

Both the European CIO and the Investment Director are members of the London Management Committee, where performance or risk issues associated with the Trust are escalated. In addition, the Investment Director is also a member of the Pooled Funds Committee.

Pooled Funds Committee

The role of the Pooled Fund Committee is to overview the daily operations of the Funds. This Committee meets monthly and is chaired by the Head of Pooled Funds with representatives from Legal, Compliance, Finance and Sales. In attendance are three Board Directors of the Manager. Representatives from the Investment and the Risk and Compliance Committees escalate any appropriate risks for consideration and discussion. As appropriate, this committee escalates issues to the Board.

Business Audit, Risk Management and Compliance Committee

The Business Audit, Risk Management & Compliance Committee is an internal formal body established to monitor Audit, Risk Management and Compliance activities. This committee main role is to (a) determine priorities for Audit, Risk Management and Compliance (b) approve and coordinate external and internal audits (c) define/determine reporting standards (d) review and discuss issues such as audit findings and risk reports/compliance breach and errors/board audit summaries (e) approve Group policies. The committee meets generally 3 times a year and may schedule additional meetings when circumstances dictate.

The Funds are also required to adhere to the investment and borrowing restrictions laid down by the UCITS directive of 20 December 1985 as amended and implemented in Ireland under the European communities (Undertakings for Collective Investments in Transferable securities) Regulations 2003 (S.I no 211 of 2003) as amended. Among other restrictions, the Funds are restricted to holding a maximum of 10% of the total net asset value of the Fund in any one particular security. In partnership with the Board of Directors of the Manager, the Trustee is responsible for independent restriction monitoring and other responsibilities relating to the oversight of the administration of the Funds. The Trustee carries out an independent review on a monthly basis of the investment, borrowing and efficient portfolio management restrictions according to the UCITS regulations. In addition to the investment and borrowing restrictions the investment objective and policy of each Fund contains specific investment parameters and these are set out in detail in the Prospectus.

Day-to-day issues are notified to the Compliance and Risk functions within the Investment Manager, reported to the Pooled Funds Committee on a monthly basis and reviewed by the Board of Directors of the Manager on a quarterly basis.

There has been no changes in the risk management process since the previous year for the Funds.

Global Credit and Counterparty Committee

The Global Credit and Counterparty Committee is an internal formal body established to monitor Credit and Counterparty exposure and activities. This committee aims to (a) implement and review policies and standards relating to the approval/vetting of investment instruments and of both regular and prime brokers, the quantification of counterparty exposures and the monitoring of the Funds liquidity (b) define/determine reporting standards (c) ensure adherence to the policies. The committee meets on a quarterly basis and may schedule additional meetings when circumstances dictate.

Day-to-day issues are notified to the Legal, Compliance and Risk functions within the Investment Manager, reported to the Pooled Funds Committee on a monthly basis and reviewed by the Board of Directors of the Manager on a quarterly basis.

There have been no changes in the risk management process since the previous period for the Funds.

227 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

Investment Risk The Funds are exposed to market risk credit risk and liquidity risk arising from the instruments held. AXA Rosenberg’s proprietary risk model aims to select the combination of holdings that provides the highest potential risk adjusted return while closely matching the risk profile of the benchmark in terms of industry, size and other risk factors.

(a) Market Risk This is the risk that the fair value of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: other price risk, currency risk and interest rate risk.

(i) Other price risk This is the risk that the fair value of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk and currency risk), whether those changes are caused by factors specific to individual financial instruments or its issuer, or other factors affecting similar financial instruments traded in the market.

The Funds trade in financial instruments, taking positions in traded securities in the equity markets. The investment of the Funds is subject to market fluctuations and there can be no assurance that investments will appreciate in value, therefore presenting a risk of loss of capital. Due to the nature of the Fund’s investment objective, its key component of market risk is other price risk. Each Fund’s investment objectives are provided on pages 12 to 15 of the Investment Manager’s Report. Each Fund’s overall exposure to market price risk at March 31, 2009 is equivalent to the fair value of investments held, as detailed in the Schedule of Investments on pages 18 to 163.

The table below sets out the beta for the Funds as at March 31, 2009 and March 31, 2008 and the monetary impact on the net asset value of each Fund should the market (using the Funds benchmark for illustrative purposes) have moved upwards by 5% assuming all other variables remain constant. Conversely, the Investment Manager assumes the net asset value for each Fund would have been impacted by the same monetary amount should the market have moved downwards by 5%.

Fund (base currency) Benchmark Beta as at Monetary Impact Beta as at Monetary Impact March on NAV as at March on NAV as at 31, 2009 March 31, 2009 31, 2008 March 31, 2008

AXA Rosenberg US Equity Alpha Fund ($) S&P 500 0.983 $89,752,335 0.992 $140,715,914

AXA Rosenberg US Enhanced Index Equity Alpha Fund ($) S&P 500 0.990 $8,019,047 0.995 $4,487,205

AXA Rosenberg Global Equity Alpha Fund ($) MSCI World 0.998 $47,036,222 0.981 $77,728,031

AXA Rosenberg Global Small Cap Alpha Fund ($) S&P Global Small 0.989 $9,246,009 0.991 $23,992,213 Cap AXA Rosenberg Global Emerging Markets Equity MSCI Global 0.914 $10,877,738 0.961 $19,534,892 Alpha Fund ($) Emerging Market AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund MSCI Pacific Ex- 0.956 $20,288,653 0.948 $30,401,552 ($) Japan AXA Rosenberg Pacific Ex-Japan Small Cap Alpha S&P Asia Pacific Ex- 0.865 $8,021,280 0.918 $30,798,667 Fund ($) Japan Small Cap AXA Rosenberg All-Country Asia Pacific Ex-Japan MSCI AC Asia 0.958 $3,734,676 0.944 $6,483,835 Equity Alpha Fund ($) Pacific Ex-Japan AXA Rosenberg All-Country World Equity Alpha MSCI All-Country 0.998 $6,167,006 - - Fund* ($) World

AXA Rosenberg Pan-European Equity Alpha Fund (€) MSCI Europe 0.932 €13,811,599 0.977 €44,468,173

AXA Rosenberg Pan-European Small Cap Alpha S&P Europe Small 0.958 €4,941,909 0.982 €10,733,056 Fund (€) Cap AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund (€) MSCI Europe 0.981 €4,392,443 0.988 €6,189,570

AXA Rosenberg Eurobloc Equity Alpha Fund (€) MSCI EMU 0.959 €36,630,050 0.962 €96,132,655

AXA Rosenberg Europe Ex-UK Equity Alpha Fund (€) MSCI Europe Ex-UK 0.959 €6,742,102 0.989 €16,867,275

228 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

(a) Market Risk (continued)

Fund (base currency) Benchmark Beta as at Monetary Impact Beta as at Monetary Impact March on NAV as at March 31, on NAV as at 31, 2009 March 31, 2009 2008 March 31, 2008

AXA Rosenberg Europe Ex-UK Small Cap Alpha S&P Europe Ex-UK 0.967 €302,690 0.979 €724,610 Fund (€) Small Cap

AXA Rosenberg Japan Equity Alpha Fund (¥) TOPIX 0.980 ¥4,711,339,888 1.000 ¥9,752,063,212

AXA Rosenberg Japan Small Cap Alpha Fund (¥) S&P Japan Small Cap 0.989 ¥3,155,484,520 0.991 ¥6,289,675,101

AXA Rosenberg Japan Enhanced Index Equity Alpha Fund (¥) TOPIX 0.986 ¥228,249,548 1.000 ¥362,644,361

AXA Rosenberg UK Equity Alpha Fund (£) FTSE All Share 0.951 £5,549,373 0.994 £8,682,328

FTSE Small Cap Ex AXA Rosenberg UK Small Cap Alpha Fund (£) 0.843 £140,428 0.961 £293,500 Inv. Trusts

AXA Rosenberg Global Ex-UK Equity Alpha Fund (£) FTSE World Ex-UK 0.988 £1,595,952 0.989 £1,992,049

*AXA Rosenberg All-Country World Equity Alpha Fund launched September 17, 2008.

Some limitations of sensitivity analysis are: • the methodology is based on historical data and cannot take account of the fact that future market price movements, correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to historical patterns; • the market price risk information is a relative estimate of risk rather than a precise and accurate number; • the market price information represents a hypothetical outcome and is not intended to be predictive; and • future market conditions could vary significantly from those experienced in the past.

The Investment Manager manages other price risk through building highly diversified investment portfolios with small portions in hundreds of holdings, in accordance with UCITS III Directives and the Funds investment objectives. Running in real time, AXA Rosenberg’s optimisation program takes into account the risk and return potential for every holding in the selection universe while simultaneously considering each Fund investment restrictions and benchmark profile. In terms of assessing the risk profile, each holding in the selection universe is decomposed, individually and as part of the Fund, into its various risk characteristics – e.g. various industry exposure, capitalization size, country exposure etc. The final input to the optimiser tool is the estimated cost of each trade, which is factored in before making a buy and sell recommendation. This comprehensive automated process enables the risk model to consistently monitor the optimal risk/reward trade off for the Funds on a daily basis.

For each Fund, the Investment Manager monitors the following main deliverables amongst others: • on a monthly basis, Top 10 holdings in terms of total weighting; • on a daily basis, country, industry (using AXA Rosenberg’s proprietary industry classification) and risk active exposures (such as Book-to-Price, Earnings-to-Price against industry benchmarks, exposure to high leverage stocks, exposure to high yield stocks, etc.); returns from benchmarks (ie Beta) where applicable and portfolio compositions.

The Investment Management Committee reviews overall other price risk on a monthly basis, with issues being reported to the Pooled Funds Committee on a monthly basis and to the Board of Directors of the Manager on a quarterly basis.

(ii) Currency risk Currency risk is defined in FRS 29 as the risk that the fair value of a financial instrument will fluctuate because of changes in foreign exchange rates. This risk arises on financial instruments that are denominated in a currency other than the functional currency in which they are measured. For the purposes of FRS 29, currency risk does not arise from financial instruments denominated in the functional currency.

Each Fund holds assets denominated in currencies other than the functional currency. A table listing the functional currency for each Fund is available in note 2 of the Notes to Financial Statements, page 189.

229 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

(a) Market Risk (continued)

The AXA Rosenberg US Enhanced Index Equity Alpha Fund had no Foreign Exchange contracts, monetary assets and non- monetary assets, which were exposed to a currency other than the base currency (USD), as at March 31, 2009 and March 31, 2008. The currency exposure of the remaining Funds as at March 31, 2009 and March 31, 2008 are as follows:

AXA Rosenberg US Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency USD USD USD USD USD USD

Euro 1,158,381 - 155,793,895 - - 295,978,125

AXA Rosenberg Global Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency USD USD USD USD USD USD

Australian Dollar 133,002 28,267,154 - 423,366 42,334,084 - British Pound (3,002,301) 80,284,649 - 960,669 134,575,350 - Canadian Dollar 291,901 39,952,913 - 247,891 64,314,976 - Danish Krone (1,961,470) 7,254,490 - 28,049 11,563,832 - Euro (1,890,716) 147,944,553 - 3,234,023 289,126,695 - Hong Kong Dollar 92,796 9,873,844 - 379,970 17,681,902 - Japanese Yen 1,206,909 102,139,183 - 784,839 158,004,936 - New Zealand Dollar 26,311 144,790 - 46,894 736,290 - Norwegian Krone 7,522 7,712,889 - 290,049 7,339,855 - Singapore Dollar 165,033 4,137,990 - 100,587 10,080,887 - Swedish Krona (265,856) 14,489,899 - 738,879 16,711,742 - Swiss Franc 1,952,946 22,905,903 - 1,325,841 70,836,836 - (3,243,923) 465,108,257 - 8,561,057 823,307,385 -

AXA Rosenberg Global Small Cap Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency USD USD USD USD USD USD

Australian Dollar 4,820 3,279,226 - 15,463 14,787,220 - British Pound 39,895 16,064,246 - 407,238 45,121,389 - Canadian Dollar 73,010 5,769,860 - 48,644 17,916,735 - Danish Krone 11,492 614,870 - 48,165 849,231 - Euro 441,783 26,049,242 - 8,773 88,180,578 - Hong Kong Dollar 11,439 1,879,036 - 346,067 6,019,859 - Japanese Yen 653,825 24,161,575 - 671,094 45,213,074 - New Zealand Dollar 3,528 207,719 - 101,705 894,096 - Norwegian Krone 497 - - 184 1,532,047 - Singapore Dollar 23,538 756,387 - 66,521 3,870,004 - South Korean Won 36,451 3,671,663 - 8,050 10,574,962 - Swedish Krona 6,982 2,416,379 - 8,002 5,601,761 - Swiss Franc 626,748 6,579,596 - 91,832 25,419,632 - 1,934,008 91,449,799 - 1,821,738 265,980,588 -

230 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

(a) Market Risk (continued)

AXA Rosenberg Global Emerging Markets Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency USD USD USD USD USD USD

Brazilian Real 534,829 37,057,880 - 7,815 61,043,791 - Czech Koruna 25 912,070 - 19 5,504,551 - Egyptian Pound 385 2,238,271 - 54,796 1,582,370 - Euro 1,102 1,004,170 - 8,027 2,681,886 - Hong Kong Dollar 29 43,603,914 - 145,359 60,053,507 - Hungarian Forint 2 868,272 - 784 2,672,444 - Indian Rupee 156,012 14,320,455 - 2,145,948 22,346,924 - Indonesian Rupiah - 2,018,529 - - 4,408,558 - Israeli Shekel 26,917 7,978,490 - 25,822 8,701,169 - Malaysian Ringgit 24,606 6,923,364 - 747 3,739,211 - Mexican Peso (543) 10,205,887 - 112 21,396,349 - Philippino Peso 155,500 1,586,123 - - 2,130,538 - Polish Zloty 1,065 3,022,515 - 79,817 9,973,652 - South African Rand 770,735 19,599,641 - 317,917 23,742,240 - South Korean Won 749,401 31,238,303 - 118,363 63,451,259 - Taiwan Dollar 90,564 28,085,256 - 43,601 52,459,410 - Thailand Baht - 3,763,401 - - 5,934,815 - Turkish Lira 10,523 2,383,991 - 837,362 5,853,426 - 2,521,152 216,810,532 - 3,786,489 357,676,100 -

AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency USD USD USD USD USD USD

Australian Dollar (15,689,264) 266,787,675 - 831,617 374,460,446 - Hong Kong Dollar (5,993,267) 87,321,454 - 2,509,666 161,949,615 - New Zealand Dollar (447,529) 2,375,801 - 181,837 5,822,694 - Singapore Dollar (581,486) 43,788,433 - 1,468,174 83,454,082 - (22,711,546) 400,273,363 - 4,991,294 625,686,837 -

AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency USD USD USD USD USD USD

Australian Dollar (1,423,584) 61,138,716 - 1,147,657 261,596,487 - Hong Kong Dollar 2,186,271 35,476,301 - 1,197,923 114,412,708 - New Zealand Dollar 982,288 4,610,469 - 1,076,097 19,564,423 - Singapore Dollar 153,686 13,280,409 - 772,034 68,641,225 - South Korean Won 481,021 68,304,753 - 169,659 197,160,592 - 2,379,682 182,810,648 - 4,363,370 661,375,435 -

231 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

(a) Market Risk (continued)

AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency USD USD USD USD USD USD

Australian Dollar 321,195 20,711,414 - 24,165 29,254,873 - Hong Kong Dollar 229,256 21,196,411 - 28,748 36,220,487 - Indian Rupee - 4,672,189 - 5,126 10,733,415 - Indonesian Rupiah - 1,004,110 - - 2,010,559 - Malaysian Ringgit 1,836 984,737 - 40,670 2,063,036 - New Zealand Dollar 311 264,686 - 23,877 566,879 - Philippino Peso 16,790 531,850 - - 1,213,811 - Singapore Dollar 862,822 3,138,662 - 27,663 9,435,990 - South Korean Won 147,292 11,469,444 - 40,054 22,999,435 - Taiwan Dollar 192,533 9,424,147 - 17,319 18,535,859 - Thailand Baht 3,271 925,104 - - 1,598,085 - 1,775,306 74,322,754 - 207,622 134,632,429 -

AXA Rosenberg All-Country World Equity Alpha Fund*

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency USD USD USD USD USD USD

Australian Dollar 22,452 3,289,540 - - - - British Pound (116,226) 9,326,558 - - - - Canadian Dollar 19,319 4,347,705 - - - - Danish Krone (2,035) 648,312 - - - - Euro (174,507) 16,992,973 - - - - Hong Kong Dollar 33,260 1,054,935 - - - - Japanese Yen 219,567 11,723,156 - - - - New Zealand Dollar 4,425 40,341 - - - - Norwegian Krone 6,693 697,330 - - - - Singapore Dollar 15,816 561,561 - - - - Swedish Krona 10,326 1,763,223 - - - - Swiss Franc 308,530 2,825,851 - - - - 347,620 53,271,485 - - - -

*AXA Rosenberg All-Country World Equity Alpha Fund launched September 17, 2008

AXA Rosenberg Pan-European Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency EUR EUR EUR EUR EUR EUR

British Pound (5,753,375) 88,172,184 (7,079,303) 1,407,243 242,773,812 (9,029,496) Danish Krone (112,391) 5,953,177 - 49,981 18,842,632 - Norwegian Krone 5,681 8,037,399 (736,433) 4,560 8,441,971 (3,485,396) Swedish Krone 243,879 15,331,582 (1,350,905) 2,360,733 27,550,561 (13,151,599) Swiss Franc 2,434,545 28,480,117 (2,710,822) 11,013 120,275,082 (9,803,088) US Dollar 122,415 - (894) 412 598,573 (31) (3,059,246) 145,974,459 (11,878,357) 3,833,942 418,482,631 (35,469,610)

232 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

(a) Market Risk (continued)

AXA Rosenberg Pan-European Small Cap Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency EUR EUR EUR EUR EUR EUR

British Pound 275,344 30,438,007 - 1,071,646 60,794,809 - Danish Krone 65,253 1,214,454 - 39,963 1,211,107 - Norwegian Krone 99,215 127,393 - 817,020 1,631,663 - Swedish Krone 20,501 4,751,364 - 4,577 9,582,936 - Swiss Franc (85,280) 12,520,914 - 895,885 26,099,769 - US Dollar 9 - - 2,885 (146) - 375,042 49,052,132 - 2,831,976 99,320,138 -

AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency EUR EUR EUR EUR EUR EUR

British Pound (689,011) 25,231,659 - 890,341 35,008,290 - Danish Krone 6,588 1,542,721 - 155,406 1,590,403 - Norwegian Krone 23,267 1,263,357 - 74,873 2,629,009 - Swedish Krone (45,279) 3,117,925 - (24,629) 4,518,079 - Swiss Franc (174,925) 10,217,133 - 5,744 13,048,527 - US Dollar 33,439 - - 5,866 70,498 - (845,921) 41,372,795 - 1,107,601 56,864,806 -

AXA Rosenberg Eurobloc Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency EUR EUR EUR EUR EUR EUR

British Pound 53,008 - - 26,124 - - US Dollar 57,381 - - 18,539 - - 110,389 - - 44,663 - -

AXA Rosenberg Europe Ex-UK Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency EUR EUR EUR EUR EUR EUR

British Pound 707 - - 822 - - Danish Krone 35,063 3,339,679 - 17,510 6,983,843 - Norwegian Krone 340 4,283,960 - 104,808 9,166,168 - Swedish Krone (15,812) 9,195,612 - 1,772,891 15,524,794 - Swiss Franc 1,490,508 22,862,578 - 1,002,901 48,191,869 - US Dollar 5,883 - - 13,743 - - 1,516,689 39,681,829 - 2,912,675 79,866,674 -

233 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

(a) Market Risk (continued)

AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency EUR EUR EUR EUR EUR EUR

British Pound 756 - - - - - Danish Krone 14,273 183,011 - 2,284 842,427 - Norwegian Krone 19 - - 10,865 327,842 - Swedish Krone 5,085 330,603 - 4,422 658,685 - Swiss Franc 5,284 1,050,773 - 83,407 2,842,921 - US Dollar 1,294 - - 1,075 - - 26,711 1,564,387 - 102,053 4,671,875 -

AXA Rosenberg Japan Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency JPY JPY JPY JPY JPY JPY

US Dollar 723 - - 90,184 - -

AXA Rosenberg Japan Small Cap Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency JPY JPY JPY JPY JPY JPY

US Dollar 807 - - 163,734 - -

AXA Rosenberg Japan Enhanced Index Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency JPY JPY JPY JPY JPY JPY

US Dollar - - - 1,772 - -

AXA Rosenberg UK Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency GBP GBP GBP GBP GBP GBP

Euro 25,895 - - 3,684 9,137,885 - US Dollar 83,328 - - 13,428 290,956 - 109,223 - - 17,112 9,428,841 -

234 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

(a) Market Risk (continued)

AXA Rosenberg UK Small Cap Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency GBP GBP GBP GBP GBP GBP

Euro (4,458) 5,674 - 46 17,168 - US Dollar 1,808 - - 61 - - (2,650) 5,674 - 107 17,168 -

AXA Rosenberg Global Ex-UK Equity Alpha Fund

March 31, 2009 March 31, 2008

Net Monetary Net Non-Monetary Foreign Exchange Net Monetary Net Non-Monetary Foreign Exchange Assets Assets Contracts Assets Assets Contracts Currency GBP GBP GBP GBP GBP GBP

Australian Dollar 29,050 1,103,128 - 11,451 1,359,558 - Canadian Dollar 72 - - - - - Danish Krone 5,534 208,630 - 3,855 248,842 - Euro 58,532 5,462,204 - 36,156 8,246,858 - Hong Kong Dollar 6,076 825,137 - 21,256 963,014 - Israeli Shekel 5,119 69,271 - - - - Japanese Yen 43,432 3,580,660 - 26,361 4,323,851 - New Zealand Dollar 556 8,625 - 454 10,255 - Norwegian Krone 745 233,423 - 3,604 251,563 - Singapore Dollar 5,989 171,057 - 6,396 343,580 - Swedish Krone 18,715 472,408 - 58,799 508,332 - Swiss Franc (65,540) 1,251,040 - 41,406 1,706,364 - US Dollar 155,019 18,669,283 - 242,161 21,832,572 - 263,299 32,054,866 - 451,899 39,794,789 -

The table below sets out the impact to monetary assets for the Funds as at March 31, 2009 and March 31, 2008 should the exposure to foreign currencies should have moved upwards by 5% assuming all other variables remain constant. Conversely, the Investment Manager assumes the same impact to monetary assets should the exposure to foreign currencies have moved downwards by 5%.

Fund (base currency) Monetary Assets Monetary Assets Monetary Assets Monetary Assets as at March 31, Impact as at as Impact as at 2009 March 31, 2009 at March 31, March 31, 2008 2008

AXA Rosenberg US Equity Alpha Fund ($) $156,952,276 $7,847,614 - -

AXA Rosenberg Global Equity Alpha Fund ($) ($3,243,923) ($162,196) $ 8,561,057 $428,053

AXA Rosenberg Global Small Cap Alpha Fund ($) $1,934,008 $96,700 $1,821,738 $ 91,087 AXA Rosenberg Global Emerging Markets Equity Alpha Fund ($) $2,521,152 $126,058 $3,786,489 $189,324 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund ($) ($22,711,546) ($1,135,577) $4,991,294 $249,565 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund ($) $2,379,682 $118,984 $ 4,363,370 $218,169 AXA Rosenberg All-Country Asia Pacific Ex- Japan Equity Alpha Fund ($) $1,775,306 $88,765 $ 207,622 $10,381

235 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

(a) Market Risk (continued)

Fund (base currency) Monetary Assets Monetary Assets Monetary Assets Monetary Assets as at March 31, Impact as at as Impact as at 2009 March 31, 2009 at March 31, March 31, 2008 2008 AXA Rosenberg All-Country World Equity Alpha Fund* ($) $347,620 $17,381 - - AXA Rosenberg Pan-European Equity Alpha Fund (€) (€14,937,603) (€746,880) € 3,833,942 €191,697 AXA Rosenberg Pan-European Small Cap Alpha Fund (€) €375,042 €18,752 € 2,831,976 €141,599 AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund (€) (€845,921) (€42,296) €1,107,601 €55,380

AXA Rosenberg Eurobloc Equity Alpha Fund (€) €110,389 €5,519 €44,663 €2,233 AXA Rosenberg Europe Ex-UK Equity Alpha Fund (€) €1,516,689 €75,834 €2,912,675 €145,634 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund (€) €26,711 €1,336 €102,053 € 5,103

AXA Rosenberg Japan Equity Alpha Fund (¥) ¥723 ¥36 ¥90,184 ¥4,509

AXA Rosenberg Japan Small Cap Alpha Fund (¥) ¥807 ¥40 ¥163,734 ¥ 8,187 AXA Rosenberg Japan Enhanced Index Equity Alpha Fund (¥) - - ¥1,772 ¥ 89

AXA Rosenberg UK Equity Alpha Fund (£) £109,223 £5,461 £17,112 £856

AXA Rosenberg UK Small Cap Alpha Fund (£) (£2,650) (£133) £107 £5 AXA Rosenberg Global Ex-UK Equity Alpha Fund (£) £263,299 £13,165 £ 451,899 £22,595

*AXA Rosenberg All-Country World Equity Alpha Fund launched September 17, 2008.

None of the Funds enter into forward contracts at portfolio level. The below Funds enter into forward foreign exchange contracts on behalf of the investors in Hedged € classes, as a way of managing foreign exchange risk at a class level and with no further impact to the financial instruments held. These forward foreign exchange contracts as at March 31, 2009 are detailed in the Schedule of Investments on pages 18 to 163.

Funds Classes AXA Rosenberg Pan-European Equity Alpha Fund Class A (€) Hedge AXA Rosenberg US Equity Alpha Fund Class A (€) Hedge, Class B (€) Hedge, Class E (€) Hedge

Currency position is monitored by the Investment Manager on a daily basis, reviewed on a monthly basis by the Investment Management Committee and on a quarterly basis by the Board of Directors of the Manager.

(iii) Interest rate risk This risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The financial assets and financial liabilities of the Funds with exception of cash at bank balances are not exposed to interest rate risk. Any excess of cash and cash equivalents are invested at short-term market interest rates. Details of interest rates applicable to cash balances are detailed in the table below:

236 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

(a) Market Risk (continued)

Account Interest rate on Interest rate on Custodian Currency Debit Balance Credit Balance

State Street Australian Dollar 5.25% 1.60% Brazilian Real 23.00% 0.00% British Pound 2.50% 0.25% Canadian Dollar 2.75% 0.25% Czech Koruna 6.00% 0.10% Danish Krone 5.25% 0.60% Euro 3.50% 0.40% Hong Kong Dollar 3.50% 0.00% Hungarian Forint 14.00% 0.50% Indonesian Rupiah 28.00% 0.00% Israeli Shekel 6.75% 0.05% Japanese Yen 2.10% 0.00% Malaysian Ringgit 13.75% 0.00% Mexican Peso 11.50% 0.65% New Zealand Dollar 6.00% 0.85% Norweigian Krone 5.25% 0.60% Philippines Peso 20.00% 0.00% Polish Zloty 8.00% 0.30% Singapore Dollar 3.25% 0.00% South African Rand 14.00% 0.95% Swedish Krona 4.00% 0.30% Swiss Franc 2.25% 0.05% Thailand Baht 13.75% 0.00% Turkish Lira 23.50% 0.55% US Dollar 2.25% 0.01%

(b) Credit Risk

This is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. This includes counterparty risk and issuer risk.

The Funds are exposed to counterparty risk on parties with whom they trade and may also bear the risk of settlement default. The Funds minimise concentration of counterparty risks by undertaking transactions with counterparties on recognised and reputable exchanges and by trading only a very small percentage of each Fund’s portfolio at any time with any one approved broker. All transactions in listed securities are effected within a clearinghouse framework. Therefore, the risk of default is considered small, as delivery of securities sold are only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker.

In terms of forward contracts for hedging purposes at class level, counterparty risk is minimised by undertaking transactions with the custodian of the Funds, State Street Bank and Trust Company, which is an organisation with a high credit rating as monitored by the Global Credit and Counterparty Committee. A daily quotation of the value of forward contracts is reported to the Investment Manager. The Trustee monitors forwards contracts and counterparty risk on a monthly basis.

Those Funds engaging into securities lending arrangements are also open to counterparty risk. To minimise such risk, collateral is held, exceeding in value the amount of securities on loan. In order to further reduce the risk of collateral default, the Board of Directors of the Manager has decided to receive collateral in the form of government debt and corporate debt, the latter being limited to securities with a governmental guarantee. In accordance with the UCITS notes, collateral accepted for securities lending transactions must be transferred to the Trustee or its agent, and must be immediately available to the Funds, without recourse to the counterparty, in the event of a default by that entity.

237 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

(b) Credit Risk (continued)

Collateral is marked to market daily and as such, it is reported to the Trustee and the Investment Manager on a daily basis. Details of collateral and amount of securities on loan are provided on pages 191 to 192 (note 2 to Financial Statements). The tables below identify the counterparty names and percentage of loan positions exposures as at March 31, 2009 and March 31, 2008.

% of Collateral Counterparties as at March 31, 2009

ABN AMRO London 11.32 Barclays Bank Plc 21.18 Cater Allen London Intl 5.94 Credit Suisse (Europe) 18.94 Deutsche Bank AG 8.31 Dresdner Bank Frankfurt 5.75 HSBC Bank Plc 7.29 ING Bank Plc 6.58 Société Générale 1.16 UBS AG 13.53 Total 100.00

% of Collateral Counterparties as at March 31, 2008

Abbey National 10.89 ABN AMRO 0.80 Barclays 3.83 Credit Suisse 9.38 Deutsche Bank 4.77 Dresdner Bank 6.31 Fortis bank 24.68 Goldman Sachs 12.04 HSBC - CCF 0.64 ING Bank 0.05 Merrill Lynch 2.58 Morgan Stanley 9.24 Société Générale 5.04 UBS 9.76 Total 100.00

Overall counterparty risk exposure is monitored by the Investment Manager on a daily basis, reviewed by the Investment Management Committee on a monthly basis and by the Board of Directors of the Manager on a quarterly basis.

Custody Risk The Funds’ Trustee is State Street Custodial Services (Ireland) Limited (“Trustee”). Substantially all of the assets and cash of the Funds are held within the custodial network of the Trustee. Bankruptcy or insolvency of the Trustee or of its parent company State Street Corporation may cause the Fund’s rights with respect to its investments in debt and equity securities held by the Trustee to be delayed or limited. The maximum exposure to this risk at March 31, 2009 and March 31, 2008 is the Total Value of Investments disclosed in the Schedule of Investments.

238 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

14. Financial Risk Management Process (continued)

(b) Credit Risk (continued)

Custody Risk (continued) In accordance with the requirements of the Trust Deed and the Irish UCITS Notices the Fund’s securities are maintained within the Trustee's custodial network in segregated accounts. The Trustee will ensure that any agents it appoints to assist in safekeeping the assets of the Funds will segregate the assets of the Funds. Thus in the event of insolvency or bankruptcy of the Trustee, the Fund’s assets are segregated and protected and this further reduces counterparty risk. The Fund will, however, be exposed to the risk of the Trustee or certain depositories used by the Trustee, in relation to the Fund’s cash held by the Trustee. In event of the insolvency or bankruptcy of the Trustee, the Fund will be treated as a general creditor of the Trustee in relation to cash holdings of the Funds.

c) Liquidity Risk

Each Fund is exposed to daily cash redemptions of redeemable units. Each Fund therefore invests the majority of its assets in investments that are traded in an active market and can be readily disposed of; it invests only a limited proportion of its assets in investments not actively traded on a stock exchange.

Each Fund’s listed securities are considered readily realisable, as they are listed on a regulated stock exchange (as defined in the investment objectives on pages 12 to 15). The Funds have the ability to borrow in the short term to ensure settlement. No such borrowings have arisen during the year.

In some cases the Investment Manager may make use of access products or Exchange Traded Funds (ETFs) to allow exposure to all required markets whilst maintaining sufficient liquidity. In addition, the provisions in the Funds Prospectus (section Redemption) give discretion to the Directors to defer settlement of redemptions of significant size to facilitate an orderly disposition of securities as is in the interests of the remaining unitholders. In summary, if total redemptions trades received on any dealing day for any of the Funds exceed 10% of the total number of units outstanding in that Fund, then the Manager has discretion to defer to the next dealing day any redemption request, so that the total number of units being redeemed do not exceed 10% of total number of units issued.

Liquidity positions are monitored by the Investment Manager on a daily basis, reviewed by the Investment Management Committee on a monthly basis and by the Board of Directors of the Manager on a quarterly basis.

The Funds financial liabilities due for payment within one month relate in most part, to security purchases awaiting settlements, redemptions of redeemable participating units and payment of expenses and bank overdraft interest. Details of these amounts where relevant, can be found in the Balance Sheet. There are no financial liabilities that fall due over 1 month at March 31, 2009. At March 31, 2008 only AXA Rosenberg US Equity Alpha Fund had financial liabilities that fall due over 1 month.

The table below analyses the Trust’s financial liabilities into relevant maturity groupings based on the remaining period of the Balance Sheet date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.

AXA Rosenberg US Equity Alpha Fund

As at March 31, 2009 As at March 31, 2008 USD USD <1 Month 1-3 months 3-12 months <1 Month 1-3 months 3-12 months Financial Liabilities at fair value through profit or loss 2,505,336 - - - - 1,081,889 Purchases awaiting settlement 40,316,002 - - 29,292,352 - - Redemptions awaiting settlement 13,074,751 - - 4,613,157 - - Accrued Expenses 1,591,216 - - 2,618,403 - - Redeemable Participating Units 1,823,298,592 - - 2,834,014,015 - -

Total Financial Liabilities 1,880,785,897 - - 2,870,537,927 - 1,081,889

239 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

15. Historical NAV Information

March 31, 2009 March 31, 2008 March 31, 2007 AXA Rosenberg US Equity Alpha Fund $1,826,090,236 $2,837,014,400 $2,724,297,355 AXA Rosenberg US Enhanced Index Equity Alpha Fund $162,000,948 $90,195,076 $60,772,216 AXA Rosenberg Global Equity Alpha Fund $942,609,652 $1,584,669,344 $1,270,398,116 AXA Rosenberg Global Small Cap Alpha Fund $186,976,920 $484,202,075 $683,493,047 AXA Rosenberg Global Emerging Markets Equity Alpha Fund $238,024,897 $406,553,417 $187,283,432 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund $424,448,807 $641,382,946 $457,517,327 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund $185,463,116 $670,994,931 $656,776,944 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund $77,968,175 $137,369,404 $101,314,760 AXA Rosenberg All-Country World Equity Alpha Fund $123,587,296 - - AXA Rosenberg Pan-European Equity Alpha Fund €296,386,251 €910,300,364 €1,643,511,302 AXA Rosenberg Pan-European Small Cap Alpha Fund €103,171,371 €218,595,838 €601,196,735 AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund €89,550,324 €125,294,942 €263,910,102 AXA Rosenberg Eurobloc Equity Alpha Fund €763,921,798 €1,998,599,892 €2,388,686,315 AXA Rosenberg Europe Ex-UK Equity Alpha Fund €140,606,934 €341,097,569 €380,206,943 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund €6,260,388 €14,804,692 €47,797,563 AXA Rosenberg Japan Equity Alpha Fund ¥96,149,793,638 ¥195,041,264,238 ¥442,958,652,249 AXA Rosenberg Japan Small Cap Alpha Fund ¥63,811,618,209 ¥126,935,925,353 ¥245,747,420,407 AXA Rosenberg Japan Enhanced Index Equity Alpha Fund ¥4,629,808,282 ¥ 7,252,887,217 ¥9,214,422,607 AXA Rosenberg UK Equity Alpha Fund £116,706,054 £174,694,721 £287,813,297 AXA Rosenberg UK Small Cap Alpha Fund £3,331,628 £6,108,223 £13,607,511 AXA Rosenberg Global Ex-UK Equity Alpha Fund £32,306,722 £40,284,097 £41,382,301

16. Collective Investment Schemes

At March 31, 2009 AXA Rosenberg All-Country World Equity Alpha Fund, AXA Rosenberg All-Country Asia Pacific Ex- Japan Equity Alpha Fund and AXA Rosenberg UK Small Cap Alpha Fund invest in Collective Investment Schemes.

Investment Regulatory Management Performance fee Collective Investment Scheme Manager/Liquidator Jurisdiction fee charged charged AXA Rosenberg Global Emerging Markets AXA Rosenberg Ireland 0.00% N/A Equity Alpha Fund Class M USD Management Ireland Limited Indian Index Fund Limited Chambers* India N/A N/A Energy Capital Investments Grant Thornton UK LLP* United Kingdom N/A N/A

* Chambers and Grant Thornton UK LLP are both liquidators for the Collective Investment Schemes.

17. Significant Events during the year

(i) Rajiv Vyas resigned as a Director of the Manager on April 03, 2008.

(ii) Gideon Smith, Simon Vanstone and Vincent Ordonneau were appointed as Directors of the Manager on April 03, 2008.

(iii) Mark Summerbell was appointed as a Director of the Manager on April 07, 2008.

(iv) Jean-Benoit Naudin was appointed as a Director of the Manager on April 15, 2008.

(v) The following Funds launched on March 18, 2008 and ceased operations during the period:

AXA Rosenberg US 130/30 Equity Alpha Fund (ceased operations December 16, 2008) AXA Rosenberg Pacific Ex-Japan 130/30 Equity Alpha Fund (ceased operations December 18, 2008) AXA Rosenberg Europe 130/30 Equity Alpha Fund (ceased operations December 17, 2008) AXA Rosenberg Japan 130/30 Equity Alpha Fund (ceased operations December 15, 2008)

The Financial Regulator granted derogation to the above Funds from the requirement to produce the first audited financial statements for the period ended March 31, 2008 on the basis that the Funds had recently launched.

240 AXA ROSENBERG EQUITY ALPHA TRUST

Notes to the Financial Statements (continued)

17. Significant Events during the year (continued)

(vi) The following Fund launched on September 17, 2008:

AXA Rosenberg All-Country World Equity Alpha Fund. Class A USD was launched for the Fund on this date.

(vii) The following unit classes launched/closed during the year:

AXA Rosenberg Pan-European Equity Alpha Fund-Class A USD launched June 13, 2008 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund-Class B USD launched July 9, 2008 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund-Class E EUR launched July 9, 2008 AXA Rosenberg All-Country World Equity Alpha Fund-Class A USD launched September 17, 2008 AXA Rosenberg All-Country World Equity Alpha Fund-Class M USD launched October 6, 2008 AXA Rosenberg US Enhanced Index Equity Alpha Fund-Class B USD launched January 21, 2009 AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund-Class B EUR launched January 21, 2009 AXA Rosenberg Japan Enhanced Index Equity Alpha Fund-Class B JPY launched January 21, 2009 AXA Rosenberg Pan-European Equity Alpha Fund Fund-Class B EUR Distributing closed April 10, 2008.

(viii) An updated prospectus was approved by the Financial Regulator on January 7, 2009.

18. Significant Events after the year end

There were no significant events after the year end.

19. Approval of Financial Statements

The financial statements were approved by the Manager on July 16, 2009.

241 AXA ROSENBERG EQUITY ALPHA TRUST

Other Information (unaudited)

Additional Regulatory Disclosure

Paying Agents, Information Agents, Representatives and Financial Services Agents

Austria Paying Agent: Erste Bank der oesterreichischen Sparkassen AG Habsburgergasse 2, Mezzanin, 1010 Wien Austria

Belgium Paying Agent: AXA Bank Europe S.A. Boulevard du Souverain 25 B 1170 Bruxelles Belgium

Chile and Peru Placement Agent: Columbus Affiliates Limited P.O Box 3099 Road Town Tortola British Virgin Islands

France Paying Agent: BNP Paribas Securities Services Rue d’Antin 75002 Paris France

Investors should note that the Funds AXA Rosenberg Eurobloc Equity Alpha Fund, AXA Rosenberg Pan-European Equity Alpha Fund, AXA Rosenberg Pan-European Small Cap Alpha Fund, AXA Rosenberg Europe ex-UK Equity Alpha Fund and AXA Rosenberg Europe ex-UK Small Cap Alpha Fund may be eligible to “Plan d’Epargne en Actions” (PEA), as per the Funds investment objectives detailed on pages 12 to 15. Please also refer to relevant underlying portfolio details by country in the section Schedule of Investments (pages 18 to 163).

Germany Information and Paying Agent: Marcard, Stein & Co AG Ballindamm 36, 20095 Hamburg Germany

The management regulations, the Prospectus, the simplified Prospectus, the semi-annual reports, the audited annual reports as well as a copy listing the changes in the portfolio during the period under review can be obtained free of charge from the German Information and Paying Agent.

Investors should note that for the purposes of calculating the annual German tax data the Manager has applied equalisation accounting.

Hong Kong Sub-Administrator & Hong Kong Representative: HSBC Institutional Trust Services (Asia) Limited 1 Queen’s Road Central, Hong Kong

For the Funds authorised by SFC in Hong Kong, the information as required under the SFC Code on Unit Trusts and Mutual Funds (Appendix E) relating to the total investment stated at cost under the section of “Investment Portfolio” can be obtained upon request at the address of the Trustee.

242 AXA ROSENBERG EQUITY ALPHA TRUST

Other Information (unaudited)

Additional Regulatory Disclosure

Paying Agents, Information Agents, Representatives and Financial Services Agents (continued)

Investors should note that AXA Rosenberg UK Small Cap Alpha Fund, AXA Rosenberg Global Ex-UK Equity Alpha Fund, AXA Rosenberg US Enhanced Index Equity Alpha Fund, AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund, AXA Rosenberg Japan Enhanced Index Equity Alpha Fund, AXA Rosenberg Eurobloc Enhanced Index Equity Alpha Fund, AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund, AXA Rosenberg All-Country World Equity Alpha Fund, AXA Rosenberg Global Emerging Markets Equity Alpha Fund, AXA Rosenberg Emerging Markets Asia Equity Alpha Fund, AXA Rosenberg Emerging Markets Europe Equity Alpha Fund, AXA Rosenberg Emerging Markets Latin America Equity Alpha Fund, have not been authorised by Securities and Futures Commission in Hong Kong and are not available to Hong Kong Residents.

Italy Paying Agent: BNP Paribas Securities Services Milan Via Ansperto 5 20123 Milano Italy

Netherlands Legal Representative: Fastnet Netherlands N.V. De Ruyterkade 6, 1013 AA Amsterdam Netherlands

Spain Paying Agent: BNP Paribas Securities Services Madrid C/ Ribera del Loira 28, 3rd Floor 28042 Madrid Spain

Switzerland Swiss Paying Agent: Credit Suisse Uetlibergstrasse 231 CH-8070 Zurich Schweiz

Swiss Representative: First Independent Fund Services Klausstrasse 33, CH-8008 Zurich, Switzerland

The management regulations, the Prospectus, the simplified Prospectus, the semi-annual report, the audited annual reports as well as a copy listing the changes in the portfolio during the period under review can be obtained free of charge from the Swiss representative. Please note that the management fee may be used in part to pay remunerations (trailer fees) for distribution activities concerning the AXA Rosenberg Equity Alpha Trust. In addition, reimbursements may be made to institutional investors which, from a commercial perspective, hold units of the AXA Rosenberg Equity Alpha Trust for third parties.

Taiwan Master Agent: Cathay Securities Investment Consulting Company Ltd. 16F, #296, Jen Ai Road, Sec.4, Taipei, Taiwan, Republic of China

243 AXA ROSENBERG EQUITY ALPHA TRUST

Total Expense Ratios as at March 31, 2009 (unaudited)

The Manager is reporting TER for the year ended March 31, 2009 in accordance with the Guidance note 1/05 “Undertakings for Collective Investment in Transferable Securities (UCITS) Publication of a Simplified Prospectus” issued by the Financial Regulator.

Unit Class A € B € E € R £ Fund A $ A € A £ A ¥ Hedge B $ B € B £ B ¥ Hedge E € Hedge M $ M € M £ M ¥ Dist AXA Rosenberg US Equity Alpha Fund 0.77% - 0.76% - 0.81% 1.41% 1.41% - - 1.47% - 2.22% 0.07% - - - 1.56% AXA Rosenberg US Enhanced Index Equity Alpha Fund 0.45% - - - - 0.16% ------0.04% - - - - AXA Rosenberg Global Equity Alpha Fund 0.78% 0.78% 0.78% - - 1.42% 1.42% 1.44% - - 2.17% - - 0.09% - - - AXA Rosenberg Global Small Cap Alpha Fund 0.96% - - - - 1.64% 1.65% - - - 2.48% - 0.10% - - - 1.67% AXA Rosenberg Global Emerging Markets Equity Alpha Fund 1.46% - 1.48% - - 2.23% 2.23% - - - - - 0.23% - 0.26% - - AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund 0.82% - - - - 1.48% 1.46% - - - 2.23% - 0.12% - - - 1.65% AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund 1.01% - - - - 1.71% 1.71% - - - 2.47% - 0.14% - - - 1.72% AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund 0.94% - - - - 1.10% 1.58% - - - 1.66% - 0.24% - - - - AXA Rosenberg All-Country World Equity Alpha Fund 0.54% ------0.09% - - - - AXA Rosenberg Pan-European Equity Alpha Fund 0.66% 0.82% - - 0.87% - 1.46% - - - 2.19% - - 0.12% - - - AXA Rosenberg Pan-European Small Cap Alpha Fund - 0.93% - - - - 1.63% - - - 2.39% - - 0.16% - - - AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund - 0.49% - - - - 0.17% ------0.05% - - - AXA Rosenberg Eurobloc Equity Alpha Fund - 0.80% - - - - 1.43% - - - 2.21% - - 0.12% - - - AXA Rosenberg Europe Ex-UK Equity Alpha Fund - 0.81% - - - - 1.47% - - - 2.22% - - 0.12% - - 1.61% AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund - 1.19% - - - - 1.88% - - - 2.63% - - - - - 1.91% AXA Rosenberg Japan Equity Alpha Fund - - - 0.80% - - 1.44% - 1.43% - 2.17% - - - - 0.16% 1.63% AXA Rosenberg Japan Small Cap Alpha Fund - - - 0.90% - - 1.61% - 1.60% - 2.35% - - - - 0.12% 1.65% AXA Rosenberg Japan Enhanced Index Equity Alpha Fund - - - 0.57% - - - - 0.18% ------0.22% - AXA Rosenberg UK Equity Alpha Fund - - 0.78% - - - 1.42% 1.43% - - 2.31% - - - 0.08% - 1.57% AXA Rosenberg UK Small Cap Alpha Fund - - 1.05% - - - 1.73% 1.74% - - 2.53% ------AXA Rosenberg Global Ex-UK Equity Alpha Fund - - 0.96% ------0.26% - 1.76%

Methodology advised in the Guidance Note 1/05

The TER should be calculated on an ex-post basis (i.e. based on the actual costs charged), by reference to the fiscal year. A separate TER must be produced for each Sub-Fund and for any unit class with different fee structures.

The TER is equal to the ratio of the AXA Rosenberg Equity Alpha Trust’s total operating costs to the average net asset value. Total operating costs are expenses deducted from the assets for the relevant fiscal period. The average net asset value is calculated using the net asset value as at each valuation point.

244 AXA ROSENBERG EQUITY ALPHA TRUST

Portfolio Turnover Rate as at March 31, 2009 (unaudited)

The Manager is reporting PTR for the year ended March 31, 2009 in accordance with the Guidance Note 1/05 "Undertakings for Collective Investment in Transferable Securities (UCITS) Publication of a Simplified Prospectus" issued by the Financial Regulator.

Fund PTR AXA Rosenberg US Equity Alpha Fund 93.22 AXA Rosenberg US Enhanced Index Equity Alpha Fund 88.44 AXA Rosenberg Global Equity Alpha Fund 221.06 AXA Rosenberg Global Small Cap Alpha Fund 211.86 AXA Rosenberg Global Emerging Markets Equity Alpha Fund 117.75 AXA Rosenberg Pacific Ex-Japan Equity Alpha Fund 91.65 AXA Rosenberg Pacific Ex-Japan Small Cap Alpha Fund 82.41 AXA Rosenberg All-Country Asia Pacific Ex-Japan Equity Alpha Fund 140.17 AXA Rosenberg All-Country World Equity Alpha Fund 114.19 AXA Rosenberg Pan-European Equity Alpha Fund 161.63 AXA Rosenberg Pan-European Small Cap Alpha Fund 193.13 AXA Rosenberg Pan-European Enhanced Index Equity Alpha Fund 151.13 AXA Rosenberg Eurobloc Equity Alpha Fund 145.37 AXA Rosenberg Europe Ex-UK Equity Alpha Fund 241.00 AXA Rosenberg Europe Ex-UK Small Cap Alpha Fund 237.91 AXA Rosenberg Japan Equity Alpha Fund 64.35 AXA Rosenberg Japan Small Cap Alpha Fund (11.78) AXA Rosenberg Japan Enhanced Index Equity Alpha Fund 153.85 AXA Rosenberg UK Equity Alpha Fund 288.81 AXA Rosenberg UK Small Cap Alpha Fund 291.39 AXA Rosenberg Global Ex-UK Equity Alpha Fund 282.95

Methodology advised in the Guidance Note 1/05

The PTR provides an indication of the level of transactions carried out during the relevant period. Portfolio Management techniques (e.g. stock lending and repurchase agreements) are not included as a purchase or sale of securities for the purposes of calculation:

[(Total 1 – Total 2) / M] * 100

Where

Total 1 = Purchase of securities + Sale of securities Total 2 = Subscriptions of Units + Redemptions of Units M = Monthly average of total net assets (i.e. average of daily net assets value)

245 AXA ROSENBERG EQUITY ALPHA TRUST

AXA ROSENBERG US EQUITY ALPHA FUND

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost USD AT&T Inc 3,216,536 97,694,485 Hewlett-Packard Co 2,395,756 83,374,924 JPMorgan Chase & Co 1,497,502 64,864,354 Microsoft Corp 2,727,158 62,310,512 Johnson & Johnson 958,997 53,365,844 Wal-Mart Stores Inc 928,744 49,751,510 Amgen Inc 714,823 40,444,430 Northrop Grumman Corp 565,240 38,693,953 Murphy Oil Corp 390,207 35,732,049 Verizon Communications Inc 1,130,440 34,155,935 Mosaic Co 271,718 31,538,610 Marathon Oil Corp 1,133,103 30,428,939 Bristol-Myers Squibb Co 1,441,742 30,206,294 Merck & Co Inc 1,121,712 30,076,490 Travelers Cos Inc 758,139 29,844,119 CVS Caremark Corp 830,072 28,077,977 Accenture Ltd 674,424 27,851,655 AON Corp 585,410 27,729,200 United Technologies Corp 605,076 26,885,008 Kraft Foods Inc 996,990 26,869,019

Major Sales Shares Proceeds USD AT&T Inc 3,328,841 92,784,665 ConocoPhillips 1,208,103 65,136,632 Apple Inc 487,336 60,006,273 3M Co 879,579 58,891,074 Schlumberger Ltd 655,813 58,672,409 Coca-Cola Co 1,147,051 58,113,641 Wyeth 1,285,584 56,477,885 Verizon Communications Inc 1,611,158 50,444,401 Baxter International Inc 795,911 48,697,759 Union Pacific Corp 772,002 46,287,485 Chevron Corp 563,340 40,977,341 McDonald's Corp 633,200 38,790,884 DIRECTV Group Inc 1,444,180 38,545,646 Devon Energy Corp 449,167 37,443,808 Loews Corp 867,507 37,439,890 Exxon Mobil Corp 481,426 35,827,359 Occidental Petroleum Corp 599,552 32,794,561 Lockheed Martin Corp 314,444 32,776,549 Freeport-McMoRan Copper & Gold Inc 404,130 32,071,317 Hewlett-Packard Co 812,808 31,547,463 MEMC Electronic Materials Inc 476,747 31,258,317 Amazon.com Inc 424,542 30,995,559 MetLife Inc 698,837 30,916,090 Deere & Co 451,965 29,188,525

246 AXA ROSENBERG EQUITY ALPHA TRUST

AXA ROSENBERG US ENHANCED INDEX EQUITY ALPHA FUND

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost USD Exxon Mobil Corp 85,310 6,594,333 Johnson & Johnson 79,594 4,974,462 General Electric Co 247,800 4,797,605 Microsoft Corp 206,700 4,761,690 JPMorgan Chase & Co 114,740 4,545,757 Procter & Gamble Co 65,793 4,231,130 AT&T Inc 125,700 3,855,976 International Business Machines Corp 33,200 3,406,869 Wal-Mart Stores Inc 61,280 3,373,652 Bank of America Corp 162,575 3,192,611 Chevron Corp 40,550 3,069,798 Burlington Northern Santa Fe Corp 33,600 2,912,094 Pfizer Inc 161,300 2,875,459 Hewlett-Packard Co 69,990 2,788,946 Apple Inc 18,550 2,564,526 Norfolk Southern Corp 43,700 2,350,765 Citigroup Inc 136,910 2,265,344 Union Pacific Corp 38,060 2,247,024 Amgen Inc 36,700 2,184,761 Cisco Systems Inc 106,970 2,153,295

Major Sales Shares Proceeds USD Burlington Northern Santa Fe Corp 29,800 2,272,461 Johnson & Johnson 38,550 2,263,397 Microsoft Corp 108,800 2,150,716 JPMorgan Chase & Co 60,260 2,092,254 Exxon Mobil Corp 27,360 2,045,441 Union Pacific Corp 38,190 1,841,825 Pfizer Inc 102,900 1,803,906 Northrop Grumman Corp 33,600 1,611,316 Norfolk Southern Corp 38,400 1,591,557 Procter & Gamble Co 26,628 1,561,834 Marathon Oil Corp 51,670 1,560,809 Biogen Idec Inc 31,310 1,548,522 Chevron Corp 21,450 1,525,242 Bank of America Corp 122,645 1,493,832 Travelers Cos Inc 34,774 1,464,741 Sysco Corp 54,030 1,405,905 AT&T Inc 46,770 1,362,102 Amazon.com Inc 19,243 1,350,520 EOG Resources Inc 16,070 1,322,799 Hewlett-Packard Co 29,511 1,311,795

247 AXA ROSENBERG EQUITY ALPHA TRUST

AXA ROSENBERG GLOBAL EQUITY ALPHA FUND

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost USD Vodafone Group Plc 13,212,412 30,248,444 Microsoft Corp 1,076,451 24,460,335 AT&T Inc 808,452 24,217,239 Banco Santander SA 1,050,399 19,617,664 Sanofi-Aventis SA 241,935 17,276,243 AstraZeneca Plc 394,600 17,210,531 JPMorgan Chase & Co 385,243 16,482,501 Hewlett-Packard Co 498,702 16,022,090 Johnson & Johnson 258,919 14,349,581 United Technologies Corp 311,895 14,294,177 ING Groep NV 414,949 13,689,988 Mosaic Co 105,400 12,502,413 Akzo Nobel NV 171,637 12,490,487 HSBC Holdings Plc 716,653 12,442,698 France Telecom SA 322,627 12,352,326 France Telecom SA 378,287 12,270,899 Telefonica SA 514,586 12,220,138 Syngenta AG 44,170 12,027,232 Wal-Mart Stores Inc 227,800 11,802,013 Northrop Grumman Corp 179,008 11,582,567

Major Sales Shares Proceeds USD Vodafone Group Plc 14,370,428 35,843,926 Nestle SA 770,277 30,146,120 AT&T Inc 734,723 20,305,916 3M Co 291,539 18,955,461 Verizon Communications Inc 565,085 17,766,321 United Technologies Corp 286,260 16,521,841 Apple Inc 131,893 16,309,781 Coca-Cola Co 312,534 16,026,312 Wyeth 365,607 15,909,280 Siemens AG 132,700 15,393,542 Akzo Nobel NV 259,637 14,917,782 Total SA 288,255 14,495,446 Chevron Corp 210,092 14,477,966 ConocoPhillips 269,825 13,724,369 Union Pacific Corp 251,605 13,566,681 Anglo American Plc 343,640 13,362,476 Devon Energy Corp 144,111 12,425,412 Exxon Mobil Corp 166,581 12,394,708 Schlumberger Ltd 145,614 11,685,523 Microsoft Corp 589,392 11,363,603

248 AXA ROSENBERG EQUITY ALPHA TRUST

AXA ROSENBERG GLOBAL SMALL CAP ALPHA FUND

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost USD First Solar Inc 16,138 4,359,172 Constellation Brands Inc 179,586 3,713,915 Everest Re Group Ltd 43,465 3,603,214 Eastman Chemical Co 48,735 3,318,601 Amphenol Corp 60,627 3,077,775 Thales SA 48,000 2,851,782 CMS Energy Corp 198,784 2,755,483 K&S AG 25,367 2,683,256 Liberty International Plc 138,761 2,545,407 Health Net Inc 105,875 2,414,883 Hammerson Plc 124,800 2,376,237 Unipol Gruppo Finanziario SpA 896,000 2,347,514 Umicore 59,707 2,298,276 Nalco Holding Co 87,640 2,075,638 Massey Energy Co 39,619 2,072,286 Tullow Oil Plc 114,600 2,035,546 JM Smucker Co 45,951 2,019,488 Navistar International Corp 38,830 1,999,785 FLIR Systems Inc 53,883 1,997,728 Logica Plc 849,479 1,996,086

Major Sales Shares Proceeds USD ENSCO International Inc 87,380 6,359,453 Union Fenosa SA 203,082 5,325,391 British Energy 362,090 5,296,170 SPX Corp 37,825 5,067,848 Eramet 3,787 3,741,764 Avnet Inc 139,325 3,476,791 Pride International Inc 123,604 3,368,367 AMEC Plc 218,810 3,231,881 Johnson Matthey Plc 112,894 3,136,380 Helmerich & Payne Inc 48,663 3,071,243 MEMC Electronic Materials Inc 44,170 3,003,278 PartnerRe Ltd 39,070 2,917,332 Celanese Corp 76,370 2,863,025 Everest Re Group Ltd 43,465 2,826,822 Shaw Group Inc 78,570 2,687,970 Cimarex Energy Co 52,442 2,677,182 MDU Resources Group Inc 140,136 2,622,831 Compagnie Generale des Etablissements Michelin 38,500 2,571,592 RenaissanceRe Holdings Ltd 49,395 2,537,028 Superior Energy Services Inc 49,800 2,410,719

249 AXA ROSENBERG EQUITY ALPHA TRUST

AXA ROSENBERG GLOBAL EMERGING MARKETS EQUITY ALPHA FUND

Statement of Major Portfolio Changes for the Accounting Year March 31, 2009 (unaudited)

Major Purchases Shares Cost USD China Mobile Ltd 891,000 8,464,270 ICICI Bank Ltd 291,110 5,966,891 China Shenhua Energy Co Ltd 1,427,900 5,635,090 Bank of China Ltd 14,259,000 5,412,260 CNOOC Ltd 2,914,500 4,823,970 CEZ AS 61,600 4,595,957 Gazprom OAO 173,400 4,027,354 Israel Chemicals Ltd 198,000 3,954,328 Petroleo Brasileiro SA 281,800 3,868,383 Teva Pharmaceutical Industries Ltd 90,400 3,810,354 Cia Vale do Rio Doce 168,500 3,769,017 Banco Bradesco SA 240,300 3,715,740 Enersis SA 232,100 3,685,533 Gold Fields Ltd 299,000 3,536,599 NovaTek OAO 40,900 3,476,069 Fertilizantes Fosfatados SA 246,600 3,313,985 Telkom SA Ltd 237,000 3,282,576 Shinhan Financial Group Co Ltd 70,480 3,045,625 Banco do Brasil SA 216,800 3,027,645 Sanlam Ltd 1,285,000 3,027,325

Major Sales Shares Proceeds USD China Mobile Ltd 920,000 11,708,501 POSCO 16,755 6,983,402 CEZ AS 97,100 5,558,290 Samsung Electronics Co Ltd 14,480 5,086,360 China Petroleum & Chemical Corp 5,348,000 4,979,551 MMC Norilsk Nickel 292,600 4,752,290 Banco Bradesco SA 330,050 4,685,400 Itau Unibanco Banco Multiplo SA 299,025 4,629,502 CNOOC Ltd 4,023,000 3,772,758 Gazprom OAO 120,800 3,149,946 Industrial & Commercial Bank of China 5,191,000 2,940,017 Korea Electric Power Corp 98,660 2,895,788 Formosa Plastics Corp 1,861,000 2,825,007 Delta Electronics Inc 1,187,600 2,823,529 Impala Platinum Holdings Ltd 134,345 2,777,997 Unibanco-Uniao De Bancos 189,200 2,716,067 Grupo Carso SAB de CV 713,700 2,650,917 Enersis SA 173,900 2,606,131 LG Electronics Inc 38,450 2,529,749 Bank of China Ltd 5,587,000 2,529,154

250 AXA ROSENBERG EQUITY ALPHA TRUST

AXA ROSENBERG PACIFIC EX-JAPAN EQUITY ALPHA FUND

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost USD Woolworths Ltd 2,150,400 54,123,612 Commonwealth Bank of Australia 935,559 31,671,719 Westpac Banking Corp 1,724,100 29,244,410 National Australia Bank Ltd 1,411,600 26,588,969 Esprit Holdings Ltd 2,380,300 26,026,102 Rio Tinto Ltd 265,500 23,321,561 Australia & New Zealand Banking Group Ltd 1,650,800 22,866,731 Foster's Group Ltd 3,520,144 16,306,906 BHP Billiton Ltd 706,400 15,988,853 QBE Insurance Group Ltd 915,441 15,924,334 United Overseas Bank Ltd 979,000 14,494,306 Cheung Kong Holdings Ltd 1,422,000 13,819,667 Wharf Holdings Ltd 4,044,000 13,608,386 CSL Ltd 604,000 12,884,987 Telstra Corp Ltd 3,164,500 11,882,646 Oversea-Chinese Banking Corp Ltd 2,058,000 11,518,810 Pacific Basin Shipping Ltd 6,251,000 10,825,665 Hutchison Whampoa Ltd 2,071,000 10,812,897 Oil Search Ltd 1,775,900 9,258,301 OneSteel Ltd 1,471,800 8,871,435 Westfield Group 715,800 8,828,926 Coca-Cola Amatil Ltd 1,320,200 8,540,481 AGL Energy Ltd 818,399 8,270,529 Orica Ltd 404,926 7,499,417 Fletcher Building Ltd 1,216,800 7,343,218 SembCorp Industries Ltd 2,151,000 7,109,800

Major Sales Shares Proceeds USD Rio Tinto Ltd 508,900 35,674,741 Woolworths Ltd 1,567,100 35,104,102 Cheung Kong Holdings Ltd 1,965,000 25,856,578 Foster's Group Ltd 5,374,444 24,472,757 Woodside Petroleum Ltd 626,195 23,425,122 DBS Group Holdings Ltd 1,616,000 21,340,262 Origin Energy Ltd 1,259,500 18,432,954 BOC Hong Kong Holdings Ltd 6,511,000 17,106,725 BHP Billiton Ltd 643,700 15,588,930 Telstra Corp Ltd 4,515,200 15,074,267 Santos Ltd 873,044 14,579,968 OneSteel Ltd 2,056,809 12,829,271 National Australia Bank Ltd 530,400 12,306,181 Coca-Cola Amatil Ltd 1,686,800 12,235,608 Sims Metal Management Ltd 341,100 11,714,010 CSL Ltd 365,100 11,322,056 United Overseas Bank Ltd 1,293,000 11,268,995 New World Development Ltd 4,961,000 10,812,583 Hang Seng Bank Ltd 655,400 10,486,827 Fortescue Metals Group Ltd 2,656,500 10,417,771 HongKong Electric Holdings 1,859,500 10,252,304 Singapore Technologies Engineering Ltd 5,055,000 10,114,112 Commonwealth Bank of Australia 271,959 9,667,270 Hopewell Holdings 2,671,000 9,529,646 MacArthur Coal Ltd 658,537 9,430,754 Orica Ltd 989,517 9,272,997 Oil Search Ltd 2,165,900 8,539,211 Esprit Holdings Ltd 1,184,600 8,104,263 CLP Holdings Ltd 994,500 6,986,576 Toll Holdings Ltd 843,094 6,866,971 Wharf Holdings Ltd 1,495,000 6,391,641 Fletcher Building Ltd 1,392,500 6,375,550

251 AXA ROSENBERG EQUITY ALPHA TRUST

AXA ROSENBERG PACIFIC EX-JAPAN EQUITY ALPHA FUND (continued)

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited) (continued)

Major Purchases Shares Cost USD Seven Network Ltd 787,662 6,075,114 BlueScope Steel Ltd 1,731,700 6,027,224 Keppel Corp Ltd 2,148,000 6,010,232

252 AXA ROSENBERG EQUITY ALPHA TRUST

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost USD Downer EDI Ltd 2,554,122 15,153,489 Nufarm Ltd 766,000 12,359,351 Straits Resources Ltd 1,459,853 9,447,362 JB Hi-Fi Ltd 1,100,121 9,284,015 Bradken Ltd 987,688 8,724,575 Lion Nathan Ltd 1,038,800 8,386,009 Campbell Brothers Ltd 330,824 7,950,664 Sigma Pharmaceuticals Ltd 8,045,900 7,545,786 Pacific Brands Ltd 6,336,200 6,569,182 Vector Ltd 4,160,864 6,499,291 Oil Search Ltd 1,265,525 5,971,341 Haw Par Corp Ltd 1,102,000 5,365,246 ABB Grain Ltd 956,325 5,032,795 ING Office Fund 5,703,851 4,874,691 Hyundai Department Store Co Ltd 87,372 4,769,196 Western Areas NL 508,800 4,575,469 OM Holdings Ltd 2,720,198 4,461,340 Global & Yuasa Battery Co Ltd 373,520 4,453,938 Healthscope Ltd 1,477,178 4,051,592 Emeco Holdings Ltd 7,209,307 4,012,148 LG Chem Ltd 40,260 3,991,126 Flight Centre Ltd 266,602 3,915,402 KPX Fine Chemical Co Ltd 44,642 3,638,079 Tower Australia Group Ltd 2,123,576 3,456,549 Goodman Fielder Ltd 2,875,294 3,447,856 Futuris Corp Ltd 4,838,014 3,414,736 Youngone Corp 393,400 3,231,680

Major Sales Shares Proceeds USD Sims Metal Management Ltd 689,722 19,234,067 Incitec Pivot Ltd 3,764,800 13,005,803 Cheil Industries Inc 334,500 12,096,437 OneSteel Ltd 2,357,659 10,942,608 Felix Resources Ltd 1,104,343 10,438,072 Centennial Coal Co Ltd 3,080,687 9,754,380 Australian Worldwide Exploration Ltd 3,633,200 8,223,214 MacArthur Coal Ltd 911,800 8,072,330 Santos Ltd 434,600 7,632,337 New Hope Corp Ltd 2,570,830 7,147,789 Pacific Brands Ltd 9,006,693 6,550,233 Flight Centre Ltd 684,253 6,401,109 Doosan Corp 101,706 6,236,691 Jardine Cycle & Carriage Ltd 888,000 6,076,441 Adelaide Brighton Ltd 1,769,400 6,067,996 Seven Network Ltd 759,800 6,019,324 Fortescue Metals Group Ltd 630,000 5,967,154 Macmahon Holdings Ltd 6,849,302 5,648,570 Oil Search Ltd 2,229,825 5,543,430 Industrial and Commercial Bank of China Asia Ltd 4,894,000 5,481,288 Hopewell Holdings 1,595,000 5,415,288 Independence Group NL 1,438,827 5,300,321 JB Hi-Fi Ltd 835,319 5,235,503 Mincor Resources NL 2,341,400 5,129,213 Nufarm Ltd 792,600 5,078,949 Downer EDI Ltd 1,531,375 4,909,157 Guoco Group Ltd 808,000 4,859,430 Lion Nathan Ltd 861,700 4,839,765 Daekyo Co Ltd 845,164 4,556,020 Crane Group Ltd 467,541 4,334,874

253 AXA ROSENBERG EQUITY ALPHA TRUST

AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost USD ICICI Bank Ltd 136,578 2,534,795 Telstra Corp Ltd 685,097 2,501,557 HongKong Electric Holdings 365,000 2,189,079 Foster's Group Ltd 512,400 2,130,337 Westpac Banking Corp 105,400 2,123,583 China Mobile Ltd 214,000 2,055,996 Bank of China Ltd 5,404,000 1,908,114 Samsung Electronics Co Ltd 5,230 1,786,614 Westfield Group 136,600 1,771,372 China Construction Bank Corp 2,331,000 1,738,219 CSL Ltd/Australia 66,300 1,703,994 National Australia Bank Ltd 119,350 1,690,409 Industrial & Commercial Bank of China 2,396,000 1,673,012 KT&G Corp 18,897 1,629,315 Bank Rakyat Indonesia 2,602,000 1,613,785 Australia & New Zealand Banking Group Ltd 97,000 1,573,422 Woolworths Ltd 81,393 1,564,401 LG Chem Ltd 16,730 1,536,401 PetroChina Co Ltd 1,658,000 1,419,288 QBE Insurance Group Ltd 83,500 1,385,925 BHP Billiton Ltd 31,500 1,269,779 LG Corp 20,810 1,247,500 Commonwealth Bank of Australia 54,400 1,203,621 Oil Search Ltd 200,500 1,120,074 SembCorp Industries Ltd 333,000 1,089,015

Major Sales Shares Proceeds USD China Petroleum & Chemical Corp 3,080,000 2,875,740 BHP Billiton Ltd 119,500 2,529,706 Industrial & Commercial Bank of China 4,858,000 2,224,086 DBS Group Holdings Ltd 158,000 2,010,134 Rio Tinto Ltd 40,800 1,946,057 United Overseas Bank Ltd 134,000 1,894,002 Cheung Kong Holdings Ltd 129,000 1,862,207 Foster's Group Ltd 374,000 1,845,951 Woodside Petroleum Ltd 72,100 1,785,121 China Mobile Ltd 185,500 1,718,065 Telstra Corp Ltd 541,297 1,677,149 Korea Electric Power Corp 49,850 1,483,623 Santos Ltd 178,800 1,446,339 POSCO 5,520 1,424,947 Singapore Airlines Ltd 152,800 1,352,595 National Australia Bank Ltd 40,700 1,224,093 Woolworths Ltd 45,300 1,172,980 Keppel Corp Ltd 274,000 1,169,588 Coca-Cola Amatil Ltd 167,800 1,157,096 SK Telecom Co Ltd 5,990 1,128,151 Samsung Electronics Co Ltd 2,850 1,127,835 ICICI Bank Ltd 136,578 1,076,913 Fortescue Metals Group Ltd 284,000 1,070,850 Nan Ya Plastics Corp 712,370 1,023,791 BOC Hong Kong Holdings Ltd 739,500 984,366 Public Bank BHD 296,800 951,869 New World Development Ltd 478,000 946,722

254 AXA ROSENBERG EQUITY ALPHA TRUST

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost USD AXA Rosenberg Global Emerging Markets Equity Alpha Fund 1,506,663 13,845,066 AT&T Inc 103,240 2,984,159 International Business Machines Corp 30,800 2,981,475 Exxon Mobil Corp 37,000 2,778,593 Microsoft Corp 133,923 2,701,189 Pfizer Inc 151,300 2,525,390 Verizon Communications Inc 75,200 2,297,877 Johnson & Johnson 37,120 2,265,256 Wal-Mart Stores Inc 42,500 2,184,949 Vodafone Group Plc 1,112,824 2,169,228 Chevron Corp 28,130 2,068,818 Royal Dutch Shell Plc 75,021 1,999,196 Hewlett-Packard Co 59,380 1,875,236 ConocoPhillips 28,040 1,739,493 AstraZeneca Plc 36,849 1,573,150 Amgen Inc 25,800 1,537,962 United Technologies Corp 33,660 1,531,890 JPMorgan Chase & Co 44,440 1,515,690 Sanofi-Aventis SA 22,400 1,431,332 Time Warner Inc 134,380 1,425,570

Major Sales Shares Proceeds USD AT&T Inc 77,180 2,059,874 Vodafone Group Plc 754,680 1,382,992 ConocoPhillips 28,040 1,347,153 Verizon Communications Inc 40,900 1,279,922 Microsoft Corp 62,340 1,200,211 Nestle SA 34,154 1,094,143 Time Warner Inc 134,380 1,093,389 AXA Rosenberg Global Emerging Markets Equity Alpha Fund 95,057 1,000,000 Total SA 19,800 994,201 ENI SpA 50,203 960,623 E.ON AG 22,033 952,044 Marathon Oil Corp 42,240 907,900 Wyeth 19,334 794,887 Standard Chartered Plc 65,329 783,676 United Technologies Corp 15,504 780,405 Sempra Energy 17,200 772,006 Occidental Petroleum Corp 13,820 768,994 Pfizer Inc 52,730 734,929 Norfolk Southern Corp 15,850 710,938 General Electric Co 63,691 703,163 Royal Dutch Shell Plc 27,321 681,213 Exxon Mobil Corp 9,340 658,459

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost EUR Vodafone Group Plc 20,196,716 32,577,852 Banco Santander SA 2,095,277 26,381,217 Sanofi-Aventis SA 461,174 21,395,241 HSBC Holdings Plc 1,652,126 18,423,631 BP Plc 2,979,502 17,644,590 France Telecom SA 791,962 15,652,874 Centrica Plc 4,124,218 15,000,671 Nestle SA 514,462 14,762,049 Syngenta AG 78,295 14,301,712 AstraZeneca Plc 469,620 14,047,584 ING Groep NV 646,032 13,910,919 Deutsche Post AG 770,000 13,611,450 BG Group Plc 840,317 12,858,903 StatoilHydro ASA 699,000 12,334,066 Royal Dutch Shell Plc 618,066 11,866,378 Novartis AG 347,146 11,024,008 Telefonica SA 661,407 10,734,530 Intesa Sanpaolo SpA 2,579,645 10,528,335 Banco Bilbao Vizcaya Argentaria SA 758,087 10,124,585 Unilever NV 513,342 9,728,905 BT Group Plc 5,952,451 9,624,662 Royal Dutch Shell Plc 495,366 9,324,583 Legal & General Group Plc 6,152,109 9,063,582 Groupe Danone 154,531 8,891,416 Renault SA 129,235 8,443,127 Banco Popolare SC 856,634 8,441,109 Xstrata Plc 181,168 7,892,339 British American Tobacco Plc 350,037 7,856,024 GlaxoSmithKline Plc 594,517 7,646,534 Vivendi 387,739 7,626,861 Nordea Bank AB 685,404 7,527,111 Yara International ASA 147,449 7,515,913 K&S AG 102,451 6,890,000

Major Sales Shares Proceeds EUR Vodafone Group Plc 34,147,634 58,773,965 Nestle SA 1,117,253 31,893,699 Anglo American Plc 859,435 27,911,269 Royal Dutch Shell Plc 1,228,247 25,975,596 ENI SpA 1,381,200 25,619,996 Total SA 618,753 24,195,969 Royal Dutch Shell Plc 965,755 19,859,716 Daimler AG 446,876 18,829,936 Banco Santander SA 1,886,553 17,950,165 Telecom Italia SpA 12,740,000 17,867,069 HSBC Holdings Plc 1,811,057 17,158,977 BP Plc 2,818,866 17,068,415 Volvo AB 1,467,000 15,153,528 Zurich Financial Services AG 100,032 14,450,841 Aviva Plc 1,766,800 13,993,829 Centrica Plc 3,593,825 13,610,503 Cie de Saint-Gobain 256,800 13,570,053 BASF SE 524,652 13,196,817 Intesa Sanpaolo SpA 2,945,474 12,785,111 Holcim Ltd 222,200 11,835,127 Sanofi-Aventis SA 255,295 11,756,552 Xstrata Plc 537,168 11,696,382 BG Group Plc 1,081,238 11,650,758 BHP Billiton Plc 563,911 11,494,012 Syngenta AG 92,128 11,204,821 Akzo Nobel NV 314,703 10,920,758

256 AXA ROSENBERG EQUITY ALPHA TRUST

AXA ROSENBERG PAN-EUROPEAN EQUITY ALPHA FUND (continued)

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited) (continued)

Major Sales Shares Proceeds EUR ArcelorMittal 194,990 10,489,239 France Telecom SA 518,623 10,247,859 Compagnie Generale des Etablissements Michelin 179,400 10,187,933 British Energy 1,088,000 10,137,473

257 AXA ROSENBERG EQUITY ALPHA TRUST

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost EUR AMEC Plc 383,098 4,324,927 Home Retail Group Plc 1,324,943 4,026,853 Thales SA 95,400 3,467,487 Liberty International Plc 288,000 3,313,284 Umicore 126,284 3,286,217 Adecco SA 92,000 2,921,727 Hammerson Plc 231,217 2,855,885 Deutsche Lufthansa AG 230,304 2,830,054 Ebro Puleva SA 237,574 2,690,804 Unipol Gruppo Finanziario SpA 1,601,153 2,672,889 Tate & Lyle Plc 496,955 2,588,461 Union Fenosa SA 61,842 2,475,011 Logica Plc 1,676,061 2,413,633 Havas SA 1,206,825 2,400,430 Bankinter SA 348,000 2,389,929 UK Coal Plc 339,306 2,383,319 Acerinox SA 174,600 2,215,665 CNP Assurances 28,270 2,179,160 Aegis Group Plc 1,785,429 2,149,815 Helvetia Holding AG 8,507 2,146,633 Whitbread Plc 262,731 2,143,813 Air France-KLM 209,851 2,058,600 Tullow Oil Plc 173,356 1,989,572 Hunting Plc 186,427 1,979,697 Tietoenator Oyj 193,456 1,958,658 Mondi Plc 576,000 1,942,486 Imerys SA 39,576 1,921,508 Firstgroup Plc 543,241 1,904,502 Millennium & Copthorne Hotels Plc 606,068 1,846,681 Segro Plc 368,000 1,842,260 Swiss Life Holding AG 9,870 1,775,731 Nutreco Holding NV 37,536 1,771,614 Arkema SA 52,387 1,694,527

Major Sales Shares Proceeds EUR British Energy 727,087 6,837,608 Salzgitter AG 60,480 4,286,950 AMEC Plc 434,898 4,281,414 Natixis 436,000 4,043,916 Johnson Matthey Plc 213,000 4,028,522 K&S AG 94,372 3,954,795 SGL Carbon SE 83,700 3,478,214 Compagnie Generale des Etablissements Michelin 82,600 3,455,716 Ciba Holding AG 109,200 3,300,230 Union Fenosa SA 185,526 3,192,197 Firstgroup Plc 579,026 3,099,372 Tullow Oil Plc 298,800 2,930,341 Altana AG 212,143 2,746,247 Societe Fonciere Financiere et de Participations FFP 38,307 2,728,551 Cookson Group Plc 394,148 2,652,969 Mapfre SA 742,160 2,541,880 Voestalpine AG 95,300 2,307,709 Bankinter SA 348,000 2,258,900 Acerinox SA 174,600 2,225,357 Baloise Holding AG 41,504 2,169,840 Petrofac Ltd 304,172 2,129,193 Eramet 3,322 2,103,842 Umicore 126,284 2,103,278 Dana Petroleum Plc 116,740 2,068,165 Adecco SA 92,000 2,045,265

258 AXA ROSENBERG EQUITY ALPHA TRUST

AXA ROSENBERG PAN-EUROPEAN SMALL CAP ALPHA FUND (continued)

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited) (continued)

Major Purchases Shares Proceeds EUR Obrascon Huarte Lain SA 122,219 2,004,633 Dimension Data Holdings Plc 3,302,293 1,964,079 Bucher Industries AG 20,000 1,826,331 Premier Oil Plc 113,039 1,806,910 UK Coal Plc 339,306 1,805,545 Charter 155,400 1,766,223

259 AXA ROSENBERG EQUITY ALPHA TRUST

AXA ROSENBERG PAN-EUROPEAN ENHANCED INDEX EQUITY ALPHA FUND

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost EUR Vodafone Group Plc 1,970,079 2,761,208 BP Plc 415,601 2,609,542 E.ON AG 90,881 2,350,760 Siemens AG 42,496 2,349,236 Telefonica SA 145,601 2,261,294 Total SA 50,988 2,160,405 Allianz SE 19,780 2,001,263 ING Groep NV 130,354 1,704,890 Novartis AG 49,200 1,695,151 Anglo American Plc 45,676 1,626,216 Telefonaktiebolaget LM Ericsson 188,800 1,566,879 Banco Bilbao Vizcaya Argentaria SA 142,178 1,526,082 Sanofi-Aventis SA 31,702 1,443,661 Banco Santander SA 204,588 1,441,541 Deutsche Telekom AG 122,400 1,332,412 GlaxoSmithKline Plc 95,000 1,276,368 Royal Dutch Shell Plc 59,371 1,210,141 Nestle SA 42,459 1,167,649 AstraZeneca Plc 39,551 1,136,842 Vivendi 47,870 1,063,126

Major Sales Shares Proceeds EUR Vodafone Group Plc 2,073,079 3,627,293 Siemens AG 47,293 2,865,604 E.ON AG 79,901 2,267,455 BP PLC 325,309 2,035,488 Total SA 45,688 1,950,171 ArcelorMittal 27,817 1,772,116 Allianz SE 13,857 1,670,824 Royal Dutch Shell Plc 60,271 1,611,292 Anglo American Plc 43,876 1,579,177 Banco Bilbao Vizcaya Argentaria SA 138,578 1,496,018 Royal Bank of Scotland Group Plc 715,069 1,407,520 Telefonaktiebolaget LM Ericsson 239,155 1,303,027 ING Groep NV 126,829 1,296,626 Telefonica SA 82,001 1,245,962 Intesa Sanpaolo SpA 302,000 1,214,590 ENI SpA 62,934 1,183,904 Royal Dutch Shell Plc 44,117 1,142,232 Banco Santander SA 138,188 960,598 Nestle SA 14,249 921,417 Syngenta AG 6,130 902,404

260 AXA ROSENBERG EQUITY ALPHA TRUST

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost EUR Telefonica SA 5,464,610 91,614,330 ING Groep NV 4,011,585 75,998,919 Sanofi-Aventis SA 1,530,855 69,710,728 Banco Bilbao Vizcaya Argentaria SA 5,291,983 63,957,806 Banco Santander SA 4,877,644 61,472,738 Allianz SE 798,877 57,559,387 Vivendi 2,294,634 55,628,118 Deutsche Telekom AG 4,131,438 45,311,045 Linde AG 543,803 45,304,809 Total SA 841,534 43,227,639 France Telecom SA 2,028,102 42,901,756 Banco Popolare SC 3,495,645 41,775,306 Telecom Italia SpA 30,762,073 37,977,179 Bayer AG 919,954 37,421,789 E.ON AG 406,962 35,892,339 Unilever NV 1,817,644 35,419,276 K&S AG 392,176 27,641,243 LVMH Moet Hennessy Louis Vuitton SA 377,405 27,263,912 ACS Actividades de Construccion y Servicios SA 794,330 27,104,270 Groupe Danone 478,342 25,489,595 Siemens AG 325,619 22,675,410 Koninklijke Ahold NV 2,291,481 20,215,905 Fresenius Medical Care AG & Co KGaA 610,355 19,991,923 UniCredit SpA 5,232,048 18,621,854 KBC Groep NV 265,647 17,665,252

Major Sales Shares Proceeds EUR Telefonica SA 5,829,402 98,398,765 ENI SpA 4,886,974 93,682,966 Total SA 2,067,458 86,401,220 Daimler AG 1,732,583 66,809,890 Siemens AG 881,382 64,688,114 Intesa Sanpaolo SpA 15,600,168 57,877,429 ArcelorMittal 1,063,077 54,283,428 BASF SE 1,889,400 53,368,666 Muenchener Rueckversicherungs AG 417,056 52,547,740 Vivendi 2,114,105 50,473,107 Cie de Saint-Gobain 1,038,685 45,361,932 Telecom Italia SpA 31,423,882 42,187,685 Allianz SE 568,198 40,885,623 Banco Bilbao Vizcaya Argentaria SA 4,061,593 39,589,735 Renault SA 668,260 38,713,870 Lafarge SA 319,572 38,612,241 ING Groep NV 2,386,897 36,768,095 France Telecom SA 1,876,509 36,672,223 Unilever NV 1,817,644 32,177,940 GDF Suez 1,092,607 31,015,740 E.ON AG 939,120 30,985,295 Linde AG 397,648 28,225,527 Banco Santander SA 2,811,748 26,428,038 LVMH Moet Hennessy Louis Vuitton SA 377,405 25,808,763 Schneider Electric SA 547,800 25,712,929 ACS Actividades de Construccion y Servicios SA 794,330 24,256,500 Sanofi-Aventis SA 539,855 24,133,821 Union Fenosa SA 1,398,600 24,082,703 Akzo Nobel NV 795,241 23,588,654 Fiat SpA 2,096,800 23,515,100 Groupe Danone 478,342 22,920,259 Deutsche Telekom AG 2,164,860 22,807,866

261 AXA ROSENBERG EQUITY ALPHA TRUST

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost EUR Total SA 310,152 15,157,386 Telefonica SA 909,412 14,944,086 Sanofi-Aventis SA 321,162 14,558,670 ING Groep NV 612,721 13,451,232 Nestle SA 396,486 12,475,406 Banco Santander SA 954,049 12,281,400 Banco Bilbao Vizcaya Argentaria SA 753,862 9,536,023 Novartis AG 299,262 9,522,863 Groupe Danone 170,547 9,506,059 KBC Groep NV 124,029 9,140,308 Siemens AG 106,096 7,919,412 Vivendi 325,645 7,654,211 E.ON AG 77,771 7,173,614 Deutsche Telekom AG 602,705 6,365,384 Intesa Sanpaolo SpA 1,335,415 5,655,048 StatoilHydro ASA 314,641 5,630,884 Linde AG 58,927 5,523,958 LVMH Moet Hennessy Louis Vuitton SA 78,800 5,519,447 Telecom Italia SpA 4,194,298 5,499,377 France Telecom SA 253,000 5,438,812 Akzo Nobel NV 124,471 5,225,591 Nordea Bank AB 499,242 5,071,071 Swisscom AG 21,517 4,906,334 Unilever NV 251,104 4,847,725 BASF SE 60,500 4,766,783 Bayer AG 107,823 4,653,895 ENI SpA 188,661 4,213,155

Major Sales Shares Proceeds EUR Siemens AG 272,396 19,836,059 Total SA 462,852 18,708,012 Telefonica SA 1,038,205 17,994,410 Nestle SA 524,723 15,003,017 ENI SpA 706,461 13,649,202 BASF SE 318,400 8,916,397 Sanofi-Aventis SA 188,449 8,547,757 Groupe Danone 170,547 8,537,511 ArcelorMittal 153,924 8,280,343 E.ON AG 207,449 8,128,670 ABB Ltd 475,569 8,090,042 Intesa Sanpaolo SpA 2,148,841 7,987,298 Banco Bilbao Vizcaya Argentaria SA 761,138 7,740,343 Akzo Nobel NV 201,730 7,191,739 KBC Groep NV 124,029 6,952,948 Allianz SE 51,186 6,427,872 ING Groep NV 358,646 6,386,333 Banco Santander SA 681,083 6,183,087 Renault SA 111,605 6,139,798 France Telecom SA 319,000 6,060,917 Daimler AG 148,600 5,632,786 LVMH Moet Hennessy Louis Vuitton SA 78,800 5,363,814 Syngenta AG 40,440 5,161,927 Deutsche Telekom AG 462,105 4,860,185 Unilever NV 251,104 4,482,323 Lafarge SA 37,600 4,473,810 Zurich Financial Services AG 35,017 4,287,592 Yara International ASA 97,522 4,211,709

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost EUR Akzo Nobel NV 11,942 560,419 OMV AG 8,009 377,404 Union Fenosa 7,500 312,913 Banco Popolare SC 37,603 282,243 K&S AG 2,019 272,751 Cie Generale de Geophysique-Veritas 4,844 255,414 Umicore 7,500 242,829 Gas Natural SDG SA 11,125 240,978 Thales SA 5,658 213,067 Linde AG 2,255 211,972 Lundin Petroleum AB 20,000 191,216 Deutsche Lufthansa AG 16,000 190,695 Adecco SA 6,000 185,336 Wartsila Oyj 5,292 174,471 Irish Life & Permanent Plc 15,895 170,149 Helvetia Holding AG 651 168,196 Pirelli & C SpA 299,218 163,480 Eramet 371 159,684 Gemalto NV 6,209 157,204 Yara International ASA 3,000 148,940 Bankinter SA 22,000 148,656 Unipol Gruppo Finanziario SpA 88,100 147,462 Metso Oyj 7,808 145,873 Tognum AG 11,365 145,596

Major Sales Shares Proceeds EUR Eramet 1,260 608,460 Akzo Nobel NV 11,941 464,546 Yara International ASA 7,800 422,218 Union Fenosa SA 22,500 387,150 OMV AG 9,909 367,596 Compagnie Generale des Etablissements Michelin 8,300 353,368 Unione di Banche Italiane SCPA 18,200 297,221 Koninklijke DSM NV 9,072 265,267 Ciba Holding AG 9,172 257,746 ASM International NV 12,971 237,712 Mapfre SA 68,000 232,807 Kloeckner & Co SE 6,600 230,841 IFIL - Investments SpA 41,168 218,938 Linde AG 2,255 217,322 Natixis 23,175 215,082 Norddeutsche Affinerie AG 6,400 205,758 MVV Energie AG 6,308 199,552 Nexans SA 3,364 197,833 Cie Generale de Geophysique-Veritas 9,984 194,809 Italcementi SpA 15,305 183,284 K+S AG 4,321 181,078 Gas Natural SDG SA 11,125 175,448 Rheinmetall AG 4,422 173,412 Bankinter SA 22,000 164,529 Georg Fischer AG 575 153,769 Swedbank AB 8,900 152,919

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost JPY Nissan Motor Co Ltd 10,428,100 6,959,692,836 Toshiba Corp 5,922,000 5,222,922,023 Central Japan Railway Co 4,702 4,819,378,713 Panasonic Corp 2,401,000 4,786,055,502 East Japan Railway Co 6,105 4,739,536,235 Mitsubishi UFJ Financial Group Inc 5,028,400 4,460,906,261 Kao Corp 1,274,000 3,999,379,143 Astellas Pharma Inc 919,000 3,602,720,326 JFE Holdings Inc 1,188,300 3,538,130,211 ITOCHU Corp 2,788,000 3,382,770,116 Sumitomo Trust & Banking Co Ltd 4,349,000 3,263,182,270 Marubeni Corp 3,351,000 3,118,074,797 KDDI Corp 5,316 3,014,912,420 Nippon Yusen KK 2,746,000 2,939,315,036 Mitsui Sumitomo Insurance Group Holdings Inc 922,900 2,909,486,315 Japan Tobacco Inc 5,787 2,844,203,016 Daiichi Sankyo Co Ltd 1,444,900 2,687,265,344 West Japan Railway Co 4,911 2,493,324,229 Murata Manufacturing Co Ltd 517,900 2,355,843,040 Shiseido Co Ltd 941,000 2,269,340,168 Sumitomo Chemical Co Ltd 3,311,000 2,255,025,978 Aeon Co Ltd 1,631,100 2,206,950,253 Suzuki Motor Corp 1,063,700 2,034,552,696 Chuo Mitsui Trust Holdings Inc 2,876,000 1,963,681,933 Takeda Pharmaceutical Co Ltd 544,900 1,928,548,900 NTT DoCoMo Inc 11,950 1,922,531,297 Hitachi Construction Machinery Co Ltd 524,700 1,765,138,165

Major Sales Shares Proceeds JPY Panasonic Corp 4,153,000 7,688,632,858 Honda Motor Co Ltd 1,933,100 6,315,206,359 Tokio Marine Holdings Inc 1,356,000 5,964,325,300 Mitsubishi Corp 2,122,300 5,564,418,845 Mitsui & Co Ltd 2,870,000 5,133,375,034 Mitsubishi Heavy Industries Ltd 8,625,000 4,495,107,474 East Japan Railway Co 114,708 4,233,789,521 Nippon Steel Corp 9,452,000 4,096,271,567 FUJIFILM Holdings Corp 1,203,600 4,084,526,294 Mizuho Financial Group Inc 7,157 3,812,668,601 Nintendo Co Ltd 64,700 3,684,372,883 Nissan Motor Co Ltd 8,001,300 3,494,287,529 Sumitomo Corp 2,847,900 3,066,775,786 Takeda Pharmaceutical Co Ltd 492,900 2,755,272,644 ITOCHU Corp 3,762,000 2,670,760,867 Sony Corp 625,800 2,667,714,370 JFE Holdings Inc 1,111,700 2,655,510,016 Marubeni Corp 3,351,000 2,471,212,483 Toshiba Corp 6,565,000 2,408,408,211 Toyota Motor Corp 743,600 2,307,985,004 Mitsubishi UFJ Financial Group Inc 2,708,300 2,305,484,141 Nippon Telegraph & Telephone Corp 130,197 2,105,168,443 Nippon Mining Holdings Inc 3,227,000 2,000,628,155 Sumitomo Electric Industries Ltd 1,986,070 1,955,000,025

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost JPY Mitsui Chemicals Inc 8,327,000 3,237,743,368 Japan Petroleum Exploration Co 436,200 3,112,873,853 Sojitz Corp 5,862,200 1,935,967,605 Mitsubishi Gas Chemical Co Inc 1,916,000 1,465,631,285 Yamaguchi Financial Group Inc 1,142,000 1,460,657,059 Pacific Metals Co Ltd 1,553,000 1,438,063,700 NGK Spark Plug Co Ltd 1,030,000 1,353,185,301 Sapporo Hokuyo Holdings Inc 1,743 1,351,579,142 Teijin Ltd 5,020,000 1,303,931,786 Hitachi Capital Corp 765,200 1,282,670,792 Kawasaki Kisen Kaisha Ltd 2,918,000 1,253,187,164 Amano Corp 1,243,700 1,210,270,873 Hitachi Koki Co Ltd 708,000 1,155,107,464 Seiko Epson Corp 858,900 1,144,152,892 San-In Godo Bank Ltd 1,284,000 1,126,120,325 Meiji Seika Kaisha 2,301,000 1,124,176,731 Nishi-Nippon City Bank Ltd 3,497,000 1,065,340,919 Kose Corp 368,400 1,054,463,010 Kamigumi Co Ltd 1,239,000 1,002,325,778 Keiyo Bank Ltd 1,628,000 848,757,443 Circle K Sunkus Co Ltd 457,500 781,331,358 Hitachi Chemical Co Ltd 840,700 776,787,390 Takefuji Corp 508,950 769,890,945 Takashimaya Co Ltd 1,120,000 730,607,793 Chudenko Corp 385,600 626,571,488

Major Sales Shares Proceeds JPY Yamato Kogyo Co Ltd 617,400 2,491,048,547 Japan Petroleum Exploration Co 436,200 2,317,105,802 Fuji Heavy Industries Ltd 3,728,000 2,192,686,821 Mitsui Chemicals Inc 4,897,000 2,057,735,987 Nippon Meat Packers Inc 1,211,000 1,911,387,635 Yamaguchi Financial Group Inc 1,302,000 1,755,190,335 Sumitomo Rubber Industries Inc 1,969,800 1,628,740,068 Cosmo Oil Co Ltd 4,363,000 1,575,595,556 Nisshin Oillio Group Ltd 3,214,000 1,449,490,775 Dainippon Screen Manufacturing Co Ltd 3,005,000 1,267,056,081 Kureha Corp 2,918,000 1,265,937,702 Kaken Pharmaceutical Co Ltd 1,329,000 1,207,871,346 Nissay Dowa General Insurance Co Ltd 2,374,000 1,205,728,451 Seiko Epson Corp 858,900 1,173,796,389 Bosch Corp 1,919,000 1,147,532,132 Ebara Corp 3,878,000 1,129,578,083 Autobacs Seven Co Ltd 440,600 1,107,722,325 Tosoh Corp 5,212,000 1,065,400,645 Futaba Industrial Co Ltd 647,400 1,064,349,032 Maeda Road Construction Co Ltd 1,298,000 1,049,089,274 Daiei Inc 1,332,700 1,046,668,055 Sojitz Corp 5,862,200 1,023,300,280 Keisei Electric Railway Co Ltd 2,170,000 999,168,113 NGK Spark Plug Co Ltd 1,030,000 949,465,063 Heiwa Corp 925,100 927,755,913 Casio Computer Co Ltd 917,000 914,429,437 Kamigumi Co Ltd 1,239,000 912,713,653 Amano Corp 1,243,700 895,646,379 Hitachi Maxell Ltd 650,500 877,930,103 Pacific Metals Co Ltd 1,553,000 873,291,900

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost JPY Sumitomo Mitsui Financial Group Inc 323 240,970,315 Mitsubishi UFJ Financial Group Inc 196,300 185,708,050 Toyota Motor Corp 32,700 152,856,805 Mitsui OSK Lines Ltd 112,000 145,531,715 Sumitomo Trust & Banking Co Ltd 158,000 114,489,653 Mizuho Financial Group Inc 148,044 102,729,764 Softbank Corp 64,900 95,951,133 Panasonic Corp 42,000 91,298,311 Nikon Corp 33,000 90,676,097 Nippon Telegraph & Telephone Corp 184 88,884,923 Asahi Glass Co Ltd 96,000 78,342,406 Takeda Pharmaceutical Co Ltd 14,200 77,944,322 Tokio Marine Holdings Inc 19,400 73,569,837 JFE Holdings Inc 16,300 72,867,286 Nitto Denko Corp 27,600 70,707,600 Sharp Corp 77,000 68,546,886 Nintendo Co Ltd 1,300 68,171,824 Denso Corp 30,200 66,903,574 Honda Motor Co Ltd 18,900 66,258,451 East Japan Railway Co 77 65,045,200

Major Sales Shares Proceeds JPY Sumitomo Mitsui Financial Group Inc 304 159,696,889 Mitsui OSK Lines Ltd 131,000 153,545,921 Honda Motor Co Ltd 47,400 139,310,514 Toyota Motor Corp 35,000 121,548,351 Takeda Pharmaceutical Co Ltd 22,400 116,896,150 Asahi Glass Co Ltd 132,000 104,134,867 Panasonic Corp 60,000 101,535,722 Softbank Corp 62,200 88,826,973 Nikon Corp 25,000 84,233,612 Sumitomo Trust & Banking Co Ltd 115,000 80,445,268 Nippon Steel Corp 180,000 77,744,988 Nippon Telegraph & Telephone Corp 162 67,448,933 Mitsubishi Corp 30,200 64,235,470 FUJIFILM Holdings Corp 20,000 60,565,209 Sharp Corp 76,000 59,388,133 TDK Corp 8,300 58,855,937 Sumitomo Electric Industries Ltd 48,200 56,174,024 Sekisui House Ltd 57,000 55,278,981 Mizuho Financial Group Inc 90,139 55,093,272 East Japan Railway Co 74 54,614,653

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost GBP GlaxoSmithKline Plc 810,498 9,872,174 British American Tobacco Plc 475,510 8,709,448 Vodafone Group Plc 6,115,594 8,417,664 Barclays Plc 3,088,938 8,320,052 BT Group Plc 5,410,094 8,016,307 AstraZeneca Plc 314,699 7,783,975 Imperial Tobacco Group Plc 358,280 6,160,539 Diageo Plc 636,177 5,742,436 HSBC Holdings Plc 585,366 5,190,069 Legal & General Group Plc 4,397,375 4,908,118 BP Plc 882,735 4,824,563 Standard Chartered Plc 308,550 4,775,318 SABMiller Plc 445,200 4,749,336 Xstrata Plc 123,074 3,997,570 Compass Group Plc 1,168,000 3,917,622 WPP Group Plc 762,358 3,714,107 Eurasian Natural Resources Corp 276,000 3,617,191 Royal Bank of Scotland Group Plc 2,083,023 3,496,185 Shire Plc 362,382 3,481,950 Prudential Plc 644,516 3,215,695 RSA Insurance Group Plc 2,307,111 3,206,275 Centrica Plc 1,218,759 3,181,692 Aviva Plc 858,933 2,873,635 HBOS Plc 535,554 2,854,194 Anglo American Plc 107,604 2,706,622 Kingfisher Plc 2,336,862 2,555,401 Firstgroup Plc 661,377 2,549,346 J Sainsbury Plc 809,245 2,531,954 Cable & Wireless Plc 1,753,976 2,512,586 Associated British Foods Plc 363,656 2,352,733

Major Sales Shares Proceeds GBP Vodafone Group Plc 7,202,594 10,554,384 Prudential Plc 1,386,116 8,343,994 Barclays Plc 2,845,381 8,281,637 British American Tobacco Plc 432,042 7,707,424 Royal Bank of Scotland Group Plc 4,128,101 7,377,031 BHP Billiton Plc 444,298 7,094,132 BG Group Plc 757,000 6,853,218 Anglo American Plc 338,773 5,798,465 Aviva Plc 1,263,675 4,560,616 GlaxoSmithKline Plc 375,974 4,160,909 Imperial Tobacco Group Plc 198,200 3,943,914 HSBC Holdings Plc 525,166 3,921,396 Xstrata Plc 282,649 3,715,430 SABMiller Plc 313,200 3,507,452 Royal Dutch Shell Plc 171,320 3,160,806 Shire Plc 362,382 3,010,257 British Energy 386,100 2,987,218 United Utilities Group Plc 535,803 2,883,487 Centrica Plc 879,278 2,590,282 Legal & General Group Plc 3,188,590 2,508,500 Standard Life Plc 1,114,027 2,501,432 Firstgroup Plc 447,060 2,341,827 Diageo Plc 266,442 2,340,592 Rio Tinto Plc 63,271 2,316,253 Royal Dutch Shell Plc 132,978 2,270,728 Johnson Matthey Plc 168,900 2,206,558 AMEC Plc 262,034 2,127,746 Standard Chartered Plc 294,925 2,092,444 RSA Insurance Group Plc 1,516,377 2,009,737

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost GBP DS Smith Plc 185,110 214,362 Salamander Energy Plc 58,637 193,908 WH Smith Plc 49,397 187,995 Kcom Group Plc 410,000 169,942 JKX Oil & Gas Plc 33,789 167,402 UK Coal Plc 30,248 167,352 John Menzies Plc 42,923 166,412 Carillion Plc 58,000 165,988 Findel Plc 129,931 163,141 Game Group Plc 104,000 143,583 St Ives Group Plc 87,000 143,569 WSP Group Plc 39,694 138,684 Emerald Energy Plc 42,000 132,432 Debenhams Plc 342,440 128,412 Millennium & Copthorne Hotels Plc 40,549 125,149 Robert Wiseman Dairies Plc 29,025 99,642 Hill & Smith Holdings Plc 46,567 99,221 Restaurant Group Plc 85,000 96,306 Greggs Plc 2,792 94,892 Bloomsbury Publishing Plc 58,465 94,216 Cineworld Group Plc 71,837 91,767 Centaur Media Plc 126,000 91,537 Batm Advanced Communications 262,374 91,240 Sthree Plc 59,637 90,163 Anglo Pacific Group Plc 85,000 88,021 Phoenix IT Group Ltd 57,000 87,764 Town Centre Securities Plc 42,000 84,938 Telecom Plus Plc 24,929 81,807 ANITE Plc 300,000 81,313 RM Plc 46,140 79,685 Cookson Group Plc 45,000 79,168 Croda International 11,311 77,057 Davis Service Group Plc 24,000 76,959 Galliford Try Plc 137,600 76,180 Speedy Hire Plc 40,000 75,488 Vitec Group Plc 36,000 74,232 Dunelm Group Plc 45,783 72,158 Goldshield Group Plc 30,000 71,282 Huntsworth Plc 170,000 71,128

Major Sales Shares Proceeds GBP DS Smith Plc 226,776 237,028 Anglo Pacific Group Plc 164,459 224,780 Carillion Plc 58,000 196,471 Debenhams Plc 342,440 184,185 Dimension Data Holdings Plc 320,000 167,532 Salamander Energy Plc 58,637 167,169 Emerald Energy Plc 42,000 160,809 Game Group Plc 104,000 159,510 Croda International 22,979 155,412 WH Smith Plc 43,000 154,224 E2V Technologies Plc 76,475 149,724 Phoenix IT Group Ltd 46,000 145,078 Senior Plc 134,671 140,491 Spirax-Sarco Engineering Plc 15,000 139,976 Findel Plc 129,931 139,447 JKX Oil & Gas Plc 35,000 133,255 Fki Plc 152,000 129,073 Fenner Plc 56,033 128,214 Chaucer Holdings Plc 228,385 126,319

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited) (continued)

Major Sales (continued) Shares Proceeds GBP UK Coal Plc 30,248 124,536 PZ Cussons Plc 92,288 120,319 Yule Catto & Co Plc 99,447 115,886 Venture Production Plc 24,572 115,735 Delta Plc 130,000 104,151 Greggs Plc 2,869 103,681 Umeco Plc 24,300 103,315 AGA Foodservice Group 35,553 101,473 Pace Plc 244,417 101,240 Brit Insurance Holdings Plc 52,472 100,195 Holidaybreak Plc 30,087 91,885 Bodycote Plc 66,000 86,752 RM Plc 48,522 78,567 Millennium & Copthorne Hotels Plc 39,448 78,228 St Ives Group Plc 87,000 76,148 Kier Group Plc 6,858 72,987

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost GBP Hewlett-Packard Co 37,672 820,024 Microsoft Corp 53,269 717,326 JPMorgan Chase & Co 31,664 706,676 Johnson & Johnson 16,860 664,599 AT&T Inc 38,290 660,388 Sanofi-Aventis SA 16,065 594,621 Wal-Mart Stores Inc 15,740 570,423 Telefonica SA 35,270 475,526 Novartis AG 16,900 462,062 ING Groep NV 25,660 427,710 Toronto-Dominion Bank 15,100 425,671 Bank of Nova Scotia 18,100 401,122 Agrium Inc 10,820 390,158 Potash Corp of Saskatchewan Inc 3,300 377,420 AES Corp 57,085 375,294 Total SA 9,597 372,676 Consolidated Edison Inc 16,794 361,409 Nestle SA 15,232 352,504 Amgen Inc 10,500 350,533 Banco Santander SA 35,351 349,424

Major Sales Shares Proceeds GBP JPMorgan Chase & Co 36,664 687,747 Hewlett-Packard Co 26,722 641,883 Oracle Corp 55,130 635,969 Telefonica SA 43,747 603,695 Coca-Cola Co 21,780 598,279 Exxon Mobil Corp 12,800 594,805 Chevron Corp 13,084 576,128 Apple Inc 8,800 561,831 DIRECTV Group Inc 39,139 543,171 Nestle SA 22,746 539,206 AT&T Inc 29,580 522,870 ConocoPhillips 16,073 516,646 Schlumberger Ltd 10,933 489,369 3M Co 12,724 480,800 Total SA 14,345 474,089 Microsoft Corp 36,120 467,957 ENI SpA 27,549 409,085 Baxter International Inc 12,870 407,673 Consolidated Edison Inc 16,794 386,683 Noble Corp 13,998 369,275

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost USD AT&T Inc 38,064 1,215,892 JPMorgan Chase & Co 26,907 1,162,934 Monsanto Co 7,300 830,669 Amgen Inc 12,400 797,035 Deere & Co 10,400 691,062 Apple Inc 3,800 653,587 Hartford Financial Services Group Inc 8,730 562,245 Agilent Technologies Inc 15,760 556,259 MetLife Inc 10,140 533,376 Dominion Resources Inc 11,000 510,812 QUALCOMM Inc 8,800 482,059 Johnson Controls Inc 15,200 476,579 News Corp 31,400 465,445 United States Steel Corp 3,500 465,262 Exxon Mobil Corp 5,800 461,523 Bank of America Corp 18,440 453,480 Schlumberger Ltd 4,800 452,131 AES Corp 27,950 445,988 Amazon.com Inc 5,640 438,663 SunTrust Banks Inc 10,500 430,714 Northern Trust Corp 5,400 421,369 Covidien Ltd 8,500 411,009 AON Corp 8,630 407,530 Allstate Corp 8,500 391,494

Major Sales Shares Proceeds USD AT&T Inc 66,664 2,151,029 Deere & Co 18,300 1,188,039 MetLife Inc 20,240 1,182,508 JPMorgan Chase & Co 29,707 1,037,316 Verizon Communications Inc 31,500 1,035,974 Pfizer Inc 55,600 934,428 Amazon.com Inc 12,240 906,351 Exxon Mobil Corp 10,900 880,615 International Business Machines Corp 10,000 862,770 Bristol-Myers Squibb Co 38,600 831,703 Hewlett-Packard Co 22,800 780,941 McDonald's Corp 12,900 780,684 Chevron Corp 9,610 757,062 CVS Caremark Corp 23,690 743,152 Amgen Inc 12,400 702,182 Honeywell International Inc 16,400 677,171 Coca-Cola Co 14,480 672,744 ConocoPhillips 12,640 664,983 Oracle Corp 37,400 656,789 General Dynamics Corp 7,400 643,832 Caterpillar Inc 8,900 630,953 Apple Inc 6,700 619,056 United Technologies Corp 9,580 611,427 Time Warner Inc 59,600 611,020 L-3 Communications Holdings Inc 6,100 601,105 Union Pacific Corp 7,800 596,391

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited) (continued)

Major Covers Shares Cost USD Citigroup Inc 25,500 585,818 PPL Corp 8,000 341,911 Google Inc 660 295,844 XTO Energy Inc 5,400 288,922 Dell Inc 11,950 280,426 FirstEnergy Corp 3,300 226,537 Genentech Inc 2,501 219,929 Baker Hughes Inc 2,700 218,929 Chesapeake Energy Corp 5,300 218,514 Anadarko Petroleum Corp 3,300 217,528 Cisco Systems Inc 9,000 216,941 Southern Co 5,700 213,230 Adobe Systems Inc 5,200 212,378 Allergan Inc 3,600 210,077 Expeditors International of Washington Inc 4,800 199,117 Automatic Data Processing Inc 4,500 197,502 Home Depot Inc 7,800 186,886 American Tower Corp 4,700 186,245 Sprint Nextel Corp 25,900 184,589 EMC Corp 13,120 170,670 Cognizant Technology Solutions Corp 5,709 166,567 Marsh & McLennan Cos Inc 4,900 166,156 Stryker Corp 2,500 160,355 Peabody Energy Corp 2,600 155,048 Kraft Foods Inc 4,563 154,105 Progressive Corp 8,800 154,007 Consol Energy Inc 2,500 153,310 Starbucks Corp 9,300 149,407

Major Shorts Shares Proceeds USD XTO Energy Inc 5,400 248,101 Chesapeake Energy Corp 5,300 247,480 Cisco Systems Inc 9,000 229,432 EMC Corp 13,120 214,246 Allergan Inc 3,600 206,290 PPL Corp 4,500 198,435 Stryker Corp 2,500 168,051 Consol Energy Inc 2,500 162,843 Nabors Industries Ltd 3,800 159,407 Kraft Foods Inc 4,590 147,590 Citigroup Inc 8,100 139,160 Zimmer Holdings Inc 1,900 136,801 International Game Technology 4,300 135,443 Marsh & McLennan Cos Inc 4,900 132,236 SanDisk Corp 5,700 121,229 White Mountains Insurance Group Ltd 280 120,259 Fiserv Inc 2,300 118,578 Laboratory Corp of America Holdings 1,600 115,850 Exelon Corp 1,473 107,854 Chubb Corp 2,200 107,438 Lorillard Inc 1,530 107,300 FirstEnergy Corp 1,400 105,613 Nvidia Corp 7,800 103,426 Liberty Global Inc 3,200 101,088 Washington Mutual Inc 9,700 96,527 Abbott Laboratories 1,680 94,872 FPL Group Inc 1,600 94,724 Procter & Gamble Co 1,400 91,494 Precision Castparts Corp 900 89,144 Expeditors International of Washington Inc 2,500 88,757

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited) (continued)

Major Shorts Shares Proceeds USD American International Group Inc 3,900 88,538 PepsiCo Inc 1,300 87,642 Kimco Realty Corp 2,500 85,256 HCP Inc 2,400 82,011 DaVita Inc 1,500 80,680 Cognizant Technology Solutions Corp 2,609 80,005

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost USD Woolworths Ltd 37,800 927,077 Commonwealth Bank of Australia 13,700 530,983 United Overseas Bank Ltd 34,000 508,665 Santos Ltd 26,800 465,472 Keppel Corp Ltd 67,000 393,676 BHP Billiton Ltd 12,200 391,380 Leighton Holdings Ltd 8,600 386,432 CSL Ltd 10,500 364,839 Oversea-Chinese Banking Corp Ltd 62,000 361,050 Westpac Banking Corp 18,500 356,472 Australia & New Zealand Banking Group Ltd 19,000 315,527 National Australia Bank Ltd 12,100 295,363 HongKong Electric Holdings 45,000 284,868 Esprit Holdings Ltd 26,500 278,090 Telstra Corp Ltd 62,500 260,527 AGL Energy Ltd 21,900 244,069 Guoco Group Ltd 26,000 241,043 Singapore Airlines Ltd 23,000 237,917 BOC Hong Kong Holdings Ltd 113,500 223,476 Golden Agri-Resources Ltd 373,000 214,741 Coca-Cola Amatil Ltd 29,800 213,575 SembCorp Industries Ltd 60,000 183,877 Westfield Group 14,200 176,273 Lihir Gold Ltd 59,900 176,099 Jardine Strategic Holdings Ltd 10,500 174,056 Downer EDI Ltd 25,600 165,568 Rio Tinto Ltd 1,500 156,956 Lion Nathan Ltd 18,600 152,624 Pacific Basin Shipping Ltd 108,000 152,420 Boart Longyear Group 71,100 149,578 Hang Lung Properties Ltd 74,000 147,501 Chinese Estates Holdings Ltd 116,000 142,362

Major Sales Shares Proceeds USD Woolworths Ltd 37,800 778,006 BHP Billiton Ltd 33,600 749,295 CSL Ltd 14,400 466,520 United Overseas Bank Ltd 34,000 421,377 DBS Group Holdings Ltd 30,000 420,727 Commonwealth Bank of Australia 16,900 410,614 Singapore Airlines Ltd 42,000 393,315 Origin Energy Ltd 29,700 379,292 BOC Hong Kong Holdings Ltd 231,000 375,096 Telstra Corp Ltd 132,900 369,907 Cheung Kong Holdings Ltd 25,000 367,023 Hutchison Whampoa Ltd 36,000 347,105 Santos Ltd 26,800 339,668 Hang Seng Bank Ltd 21,400 330,776 BlueScope Steel Ltd 44,200 313,179 Coca-Cola Amatil Ltd 50,900 310,788 Keppel Corp Ltd 67,000 309,921 Leighton Holdings Ltd 8,600 301,655 Foster's Group Ltd 79,300 300,517 Westpac Banking Corp 22,700 294,325 OneSteel Ltd 48,900 267,560 Lihir Gold Ltd 109,900 262,266 Australia & New Zealand Banking Group Ltd 22,700 261,631 Newcrest Mining Ltd 8,700 259,891 HongKong Electric Holdings 45,000 250,130 Fortescue Metals Group Ltd 47,300 249,168

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AXA ROSENBERG PACIFIC EX JAPAN 130/30 EQUITY ALPHA FUND (continued)

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited) (continued)

Major Sales Shares Proceeds USD Woodside Petroleum Ltd 7,800 245,633 Westfield Group 26,000 236,575 Rio Tinto Ltd 5,100 224,385 AGL Energy Ltd 21,900 224,233 New World Development Ltd 94,000 223,149 MTR Corp 71,500 222,370 Oversea-Chinese Banking Corp Ltd 62,000 219,398 Wharf Holdings Ltd 52,000 216,380 Amcor Ltd 33,500 212,616 National Australia Bank Ltd 16,100 209,139 Oil Search Ltd 47,500 208,788 Sims Metal Management Ltd 6,900 201,829 Orica Ltd 12,500 195,762 Guoco Group Ltd 26,000 194,366

Major Covers Shares Cost USD Henderson Land Development Co Ltd 54,000 313,334 QBE Insurance Group Ltd 14,100 311,729 Swire Pacific Ltd 23,500 247,899 Hong Kong Exchanges and Clearing Ltd 18,000 239,229 City Developments Ltd 33,000 236,014 Bank of East Asia Ltd 46,612 192,562 Hang Lung Properties Ltd 52,000 160,547 Alumina Ltd 43,243 147,105 ASX Ltd 4,300 138,186 Singapore Exchange Ltd 29,000 133,343 AGL Energy Ltd 10,300 129,190 CapitaLand Ltd 43,000 128,047 Suncorp-Metway Ltd 10,100 126,575 CSL Ltd 3,400 122,814 Toll Holdings Ltd 20,100 118,380 Newcrest Mining Ltd 5,800 115,906 Olam International Ltd 75,000 110,975 Westpac Banking Corp 5,800 106,884 Qantas Airways Ltd 30,900 98,083 Aristocrat Leisure Ltd 16,600 97,971 Boart Longyear Group 79,200 95,051 James Hardie Industries NV 22,500 95,051 Telecom Corp of New Zealand Ltd 46,900 91,418 Harvey Norman Holdings Ltd 30,600 89,194 Auckland International Airport Ltd 57,700 79,809 Brambles Ltd 11,100 74,804 AMP Ltd 13,200 70,062 West Australian Newspapers Holdings Ltd 8,700 69,461 Singapore Press Holdings Ltd 24,000 68,857 Citic International Financial Holdings Ltd 94,000 66,054 Fisher & Paykel Healthcare Corp Ltd 30,700 63,944 Caltex Australia Ltd 6,900 62,426 DBS Group Holdings Ltd 5,000 59,207

Major Shorts Shares Proceeds USD Henderson Land Development Co Ltd 345,299 54,000 City Developments Ltd 259,988 33,000 QBE Insurance Group Ltd 242,640 10,100 Hong Kong Exchanges and Clearing Ltd 233,478 14,000 Bank of East Asia Ltd 231,388 46,600 Hang Lung Properties Ltd 155,990 52,000 AGL Energy Ltd 139,469 10,300 Swire Pacific Ltd 132,585 13,000

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Shorts Shares Proceeds USD CSL Ltd 126,881 3,400 Olam International Ltd 120,581 75,000 Toll Holdings Ltd 119,224 20,100 Westpac Banking Corp 117,848 5,800 Brambles Ltd 105,113 11,100 Alumina Ltd 103,053 24,900 Cosco Corp Singapore Ltd 101,127 42,000 Aristocrat Leisure Ltd 99,674 16,600 Newcrest Mining Ltd 96,768 5,800 Auckland International Airport Ltd 94,600 57,700 Boart Longyear Group 91,170 79,200 Caltex Australia Ltd 81,356 6,400 CapitaLand Ltd 76,683 18,000 Keppel Land Ltd 75,612 19,000 Citic International Financial Holdings Ltd 74,683 94,000 DBS Group Holdings Ltd 62,300 5,000 Singapore Exchange Ltd 59,558 12,000 Fisher & Paykel Healthcare Corp Ltd 59,537 30,700 Telecom Corp of New Zealand Ltd 52,779 19,600 Qantas Airways Ltd 52,108 16,800 ASX Ltd 49,340 1,700 Ezra Holdings Ltd 45,762 26,000 Ryman Healthcare Ltd 44,523 34,800 James Hardie Industries NV 44,515 10,000

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost EUR Banco Santander SA 52,800 677,533 HSBC Holdings Plc 66,483 662,504 BP Plc 92,000 645,077 Banco Bilbao Vizcaya Argentaria SA 48,082 597,558 Telefonica SA 33,600 557,616 Sanofi-Aventis SA 11,100 489,129 Daimler AG 9,800 484,434 Nestle SA 13,217 476,433 ING Groep NV 22,500 468,243 AstraZeneca Plc 15,200 463,205 Xstrata Plc 9,800 448,685 Deutsche Telekom AG 41,400 446,646 Vodafone Group Plc 236,000 405,867 Barclays Plc 78,000 337,935 Telecom Italia SpA 275,000 336,238 Centrica Plc 87,080 333,787 LVMH Moet Hennessy Louis Vuitton SA 4,600 332,628 BG Group Plc 19,396 324,063 Legal & General Group Plc 200,000 293,625 Aegon NV 31,000 263,516 Prudential Plc 37,800 259,192 British American Tobacco Plc 10,800 252,664 E On AG 4,750 239,567 Bayer AG 5,200 238,949 Unione di Banche Italiane SCPA 15,200 232,523 Banco Popolare SC 20,000 227,583 Land Securities Group Plc 14,000 226,806 Allied Irish Banks Plc 28,000 224,402 WPP Group 35,000 214,734 ACS Actividades de Construccion y Servicios SA 6,400 201,467 K&S AG 2,600 196,670 Koninklijke DSM NV 4,500 179,605 Adecco SA 4,500 173,128 Nordea Bank AB 16,280 171,160

Major Sales Shares Proceeds EUR Nestle SA 35,200 1,009,826 Vodafone Group Plc 572,000 979,493 Telecom Italia SpA 555,000 699,267 HSBC Holdings Plc 66,483 643,643 Siemens AG 7,600 585,819 BP Plc 92,000 562,005 Telefonica SA 33,600 545,308 BHP Billiton Plc 25,200 538,314 Banco Bilbao Vizcaya Argentaria SA 48,082 528,531 France Telecom SA 25,800 507,735 Sanofi-Aventis SA 11,100 492,647 ABB Ltd 28,000 479,051 Deutsche Telekom AG 41,400 459,436 AstraZeneca Plc 15,200 453,740 Royal Dutch Shell Plc 19,400 449,008 Anglo American Plc 15,060 428,994 ENI SpA 23,500 420,898 Allianz SE 3,600 412,499 Intesa Sanpaolo SpA 118,259 411,888 Total SA 10,058 407,040 Zurich Financial Services AG 2,640 406,597 Imperial Tobacco Group Plc 13,075 400,003 Banco Santander SA 52,800 380,573 SABMiller Plc 26,500 380,042

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited) (continued)

Major Sales Shares Proceeds EUR Daimler AG 9,800 372,227 Diageo Plc 29,400 367,142 Royal Dutch Shell Plc 14,900 340,676 LVMH Moet Hennessy Louis Vuitton SA 4,600 338,159 BG Group Plc 30,896 330,482 Centrica Plc 87,080 317,530 BASF SE 11,200 305,435

Major Covers Shares Cost EUR Volkswagen AG 1,680 463,186 L'Oreal SA 4,800 361,836 Assicurazioni Generali SpA 13,500 334,128 Tesco Plc 59,000 302,213 Vinci SA 7,500 292,069 UBS AG 22,000 280,148 Societe Generale 3,800 243,269 Telefonica SA 13,800 242,337 SAP AG 5,626 223,120 Fortum Oyj 8,400 219,946 Groupe Danone 3,600 207,159 Carrefour SA 5,700 199,760 Lloyds Banking Group Plc 48,000 196,077 Unilever Plc 10,500 191,626 Koninklijke Philips Electronics NV 9,200 187,450 National Grid Plc 20,800 172,123 Koninklijke KPN NV 15,300 170,912 Novo Nordisk A/S 4,200 154,647 Lafarge SA 1,400 121,925 Areva SA 170 120,282 Unibail-Rodamco 770 115,887 Siemens AG 1,600 109,282 EDF SA 2,200 108,199 Lindt & Spruengli AG 5 105,257 Roche Holding AG 900 105,123 Saipem SpA 4,000 101,312 Metro AG 2,263 100,136 Continental AG 1,300 92,231

Major Shorts Shares Proceeds EUR Telefonica SA 13,800 259,950 UBS AG 18,800 246,330 Unilever Plc 10,500 223,276 Societe Generale 3,800 210,739 L'Oreal SA 2,600 192,775 Novo Nordisk A/S 4,200 174,918 Lafarge SA 1,400 141,198 Vinci SA 3,879 137,131 Assicurazioni Generali SpA 5,000 130,622 Areva SA 170 128,484 Fortum Oyj 4,400 119,374 Siemens AG 1,600 115,116 Man Group Plc 14,400 107,796 Lindt & Spruengli AG 5 102,629 Porsche Automobil Holding SE 900 101,909 Metro AG 2,263 98,457 Volvo AB 10,000 95,569 Infineon Technologies AG 14,121 91,123 MAN AG 1,000 90,445

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited) (continued)

Major Shorts Shares Proceeds EUR Continental AG 1,300 88,396 Alstom SA 1,200 85,315 Aegon NV 8,000 83,742 Reed Elsevier Plc 9,600 78,302 Orkla ASA 8,000 76,392 SAP AG 2,026 68,511 Scania AB 6,000 67,038 Roche Holding AG 600 67,003 Dexia SA 5,000 66,836 Saipem SpA 2,500 62,988 ASML Holding NV 4,200 62,513 Societe Des Autoroutes Paris-Rhin-Rhone 800 57,147 Acciona SA 300 55,658 Banca Monte dei Paschi di Siena SpA 28,000 50,802 Sanofi-Aventis SA 1,000 48,152 European Aeronautic Defence and Space Co NV 3,200 48,126 Renewable Energy Corp AS 2,700 47,561

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited)

Major Purchases Shares Cost JPY Mitsubishi UFJ Financial Group Inc 50,000 46,646,429 JFE Holdings Inc 5,800 35,342,235 Panasonic Corp 13,000 27,759,891 Denso Corp 8,400 24,023,455 Sumitomo Mitsui Financial Group Inc 28 23,955,352 Central Japan Railway Co 21 21,218,484 Marubeni Corp 22,000 20,572,528 Kirin Holdings Co Ltd 11,000 18,997,594 Mitsubishi Heavy Industries Ltd 36,000 16,824,886 Sumitomo Metal Mining Co Ltd 9,000 15,529,469 Sumitomo Trust & Banking Co Ltd 20,000 15,366,585 Murata Manufacturing Co Ltd 2,700 12,894,416 Chubu Electric Power Co Inc 5,400 12,832,631 Asahi Breweries Ltd 6,100 12,479,489 Sumitomo Electric Industries Ltd 9,500 12,405,363 Suzuki Motor Corp 5,100 11,517,607 Toyota Industries Corp 3,500 11,385,552 Nisshin Steel Co Ltd 28,000 10,167,191 Sapporo Hokuyo Holdings Inc 12 9,836,384 Sankyo Co Ltd 1,800 9,744,633 Omron Corp 4,500 9,362,243 Teijin Ltd 22,000 8,568,199 Nishi-Nippon City Bank Ltd 26,000 8,553,936 Hachijuni Bank Ltd 12,000 8,174,143 Dainippon Sumitomo Pharma Co Ltd 9,000 7,886,728 Tokai Rika Co Ltd 3,000 7,622,218 Pacific Metals Co Ltd 8,000 7,353,236 Kawasaki Heavy Industries Ltd 27,000 7,139,998 Tohoku Electric Power Co Inc 3,100 7,018,049 Takefuji Corp 4,860 6,977,890 INPEX Corp 6 6,779,710 Toshiba TEC Corp 10,000 6,770,522 Keisei Electric Railway Co Ltd 12,000 6,656,661 Hitachi Koki Co Ltd 3,600 6,551,019 Leopalace21 Corp 5,300 6,550,664 77 Bank Ltd 10,000 6,262,876 Meiji Seika Kaisha 14,000 6,174,346 Kagoshima Bank Ltd 7,000 5,862,820 Sumco Corp 2,300 5,782,078 Hyakugo Bank Ltd 9,000 5,728,289

Major Sales Shares Proceeds JPY Honda Motor Co Ltd 11,500 36,729,857 Takeda Pharmaceutical Co Ltd 6,000 33,179,811 Nippon Telegraph & Telephone Corp 68 31,441,710 Mitsubishi Corp 10,200 29,598,948 Panasonic Corp 13,000 26,840,498 Nippon Steel Corp 57,000 26,463,070 Mitsubishi Electric Corp 23,000 26,217,872 Mitsubishi UFJ Financial Group Inc 50,000 25,637,841 Kansai Electric Power Co Inc 9,600 25,193,919 Mitsui & Co Ltd 13,000 23,099,757 Astellas Pharma Inc 5,300 22,087,522 INPEX Corp 25 19,473,599 FUJIFILM Holdings Corp 5,500 19,022,388 Suzuki Motor Corp 9,900 18,295,639 Mitsubishi Heavy Industries Ltd 36,000 17,440,766 Teijin Ltd 44,000 17,198,058 Central Japan Railway Co 21 16,458,414 Sumitomo Corp 14,600 16,277,415

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Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited) (continued)

Major Sales Shares Proceeds JPY Hitachi Ltd 36,000 15,786,928 JFE Holdings Inc 5,800 15,134,943 Chubu Electric Power Co Inc 5,400 14,656,635 Ricoh Co Ltd 8,000 14,439,979 Marubeni Corp 22,000 14,262,397 Sekisui House Ltd 13,000 13,926,446 77 Bank Ltd 22,000 13,530,192 Keisei Electric Railway Co Ltd 24,000 13,259,598

Major Covers Shares Cost JPY Mitsubishi Estate Co Ltd 7,000 15,389,614 Nomura Holdings Inc 9,300 11,837,149 Mitsui Fudosan Co Ltd 5,000 10,393,117 Hirose Electric Co Ltd 700 7,873,715 Yakult Honsha Co Ltd 2,300 7,305,017 Sumitomo Realty & Development Co Ltd 3,000 7,117,134 ORIX Corp 470 6,471,040 Shionogi & Co Ltd 3,000 6,416,923 Softbank Corp 4,000 6,331,999 Trend Micro Inc 1,500 6,261,876 Yahoo! Japan Corp 163 5,948,232 Bank of Yokohama Ltd 8,000 5,899,165 Eisai Co Ltd 1,400 5,480,642 Fast Retailing Co Ltd 500 5,143,542 JGC Corp 3,000 5,006,500 Kintetsu Corp 13,000 4,987,495 Shizuoka Bank Ltd 4,000 4,872,235 Daikin Industries Ltd 1,300 4,864,457 Odakyu Electric Railway Co Ltd 6,000 4,847,453 Nidec Corp 700 4,755,426 Suruga Bank Ltd 3,000 4,461,289 Chiyoda Corp 6,000 4,410,533 Yamato Holdings Co Ltd 3,000 4,337,733 Japan Steel Works Ltd 3,000 4,327,297 Chugai Pharmaceutical Co Ltd 2,500 4,218,986 Oriental Land Co Ltd 600 4,166,249 Tokyu Corp 8,000 4,155,246 Unicharm Corp 500 4,021,206 Isuzu Motors Ltd 9,000 3,920,349 Mitsubishi Logistics Corp 3,000 3,657,731 Shimizu Corp 7,000 3,614,889 Aeon Mall Co Ltd 1,100 3,605,080 Advantest Corp 1,400 3,553,565 Wacoal Holdings Corp 3,000 3,543,062 Kajima Corp 10,000 3,527,057 Tobu Railway Co Ltd 7,000 3,506,101 Daito Trust Construction Co Ltd 800 3,482,044 TonenGeneral Sekiyu KK 4,000 3,466,039

Major Shorts Shares Proceeds JPY Softbank Corp 4,000 7,497,974 Sumitomo Realty & Development Co Ltd 3,000 6,607,820 Eisai Co Ltd 1,400 5,250,240 Kintetsu Corp 13,000 4,550,427 Wacoal Holdings Corp 3,000 4,228,064 Hirose Electric Co Ltd 400 4,083,549 Chugai Pharmaceutical Co Ltd 2,500 3,855,710 Advantest Corp 1,400 3,432,866 Tokyo Tatemono Co Ltd 4,000 3,409,502

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AXA ROSENBERG JAPAN 130/30 EQUITY ALPHA FUND (continued)

Statement of Major Portfolio Changes for the Accounting Year to March 31, 2009 (unaudited) (continued)

Major Shorts Shares Proceeds JPY Chiyoda Corp 3,000 3,383,969 Yakult Honsha Co Ltd 1,200 3,364,654 Stanley Electric Co Ltd 1,200 3,256,345 Nipponkoa Insurance Co Ltd 3,000 3,169,462 Idemitsu Kosan Co Ltd 300 3,102,092 ABC-Mart Inc 1,200 3,074,499 Tokyu Land Corp 4,000 3,057,572 Dena Co Ltd 4 3,012,579 NHK Spring Co Ltd 3,000 2,824,870 Misubishi UFJ Nicos Co Ltd 8,000 2,769,338 Ushio Inc 1,300 2,676,929 Hisamitsu Pharmaceutical Co Inc 700 2,588,964 NEC Electronics Corp 900 2,333,632 Nomura Real Estate Holdings Inc 1,200 2,300,680 Shinko Securities Co Ltd 7,000 2,213,114 Jafco Co Ltd 500 2,163,698 Sysmex Corp 500 2,113,568 Aeon Credit Service Co Ltd 1,400 2,087,965 Rengo Co Ltd 3,000 2,045,771 Elpida Memory Inc 600 1,894,863 Ono Pharmaceutical Co Ltd 300 1,793,283 Takara Holdings Inc 2,000 1,422,147 Sundrug Co Ltd 500 1,409,436 Nisshinbo Holdings Inc 1,000 1,345,923

282