AXA Framlington UK Growth Fund

Interim Long Report and Unaudited Financial Statements Six Months ended 15 November 2021

AXA Framlington UK Sustainable Equity Fund


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Issued by AXA Investment Managers UK Ltd authorised and regulated by the Financial Conduct Authority

Contents Page Fund Objective and Invesment Policy* ...................................................................................................................................... 3

Investment Review* .................................................................................................................................................................... 4

Portfolio Changes* ...................................................................................................................................................................... 6

Managing Risks* .......................................................................................................................................................................... 7

Fund Information ......................................................................................................................................................................... 9

Comparative Tables ...................................................................................................................................................................10

Portfolio Statement* .................................................................................................................................................................11

Statement of Total Return ........................................................................................................................................................16

Statement of Change in Net Assets Attributable to Unitholders ............................................................................................16

Balance Sheet ............................................................................................................................................................................17

Notes to the Financial Statements ...........................................................................................................................................18

Further Information* ................................................................................................................................................................20

Directory* ..................................................................................................................................................................................21

* These collectively comprise the Authorised Fund Manager's ("the Manager's") Report for the Trust. More detailed information about AXA Investment Managers’ UK funds is available on the Fund Centre of our website where you can find the Prospectus, Key Investor Information Document (KIID), annual reports and monthly fund factsheets at https://retail.axa-im.co.uk/fund-centre


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Fund Objective and Investment Policy The aim of AXA Framlington UK Sustainable Equity Fund (“the Fund”) is to provide long-term capital growth over a period of 5 years or more. The Fund has at least 70% of its investments in shares of companies domiciled, incorporated or having significant business in the UK which the Manager believes will provide above-average returns. The Fund invests principally (meaning at least 80% of its assets) in large and medium-sized companies. The Manager aims to select companies that it deems will create a net positive contribution to society. These companies will either demonstrate leadership on sustainability issues through strong environmental, social and governance (ESG) practices (leaders) or that have shown a clear commitment to improve their ESG practices (companies in transition). The majority of the Fund's investments (50% or more) will be in “leaders”. The Manager will actively engage on sustainability issues with a particular focus on "companies in transition". The Manager will also analyse a company's financial status, quality of its management, expected profitability and prospects for growth when selecting shares. To avoid investing in issuers which present excessive degrees of ESG risk, the Manager applies AXA IM Group's sector specific investment guidelines relating to responsible investment to the Fund. Such guidelines exclude investment in (or exposure to) certain companies based on their involvement in specific sectors (such as soft commodity derivatives, palm oil, controversial weapons and climate risks). The Manager also applies the AXA Investment Managers' ESG Standards policy. This policy excludes investment in companies based on: their contribution to climate change; tobacco production; manufacture of controversial weapons; human rights; anti-corruption and other environmental, social and governance (ESG) factors. Further, in selecting investments, the Manager will, in addition to the application of the above policies, take into account the issuer's ESG score (using an internal ESG scoring system as detailed in the AXA Investment Managers' ESG Standards policy). The Manager will use the ESG score as one factor within its broader analysis of the issuer to make selections which are expected to generate sustained growth and returns over time. It is, however, just one component of the Manager's investment process and ESG scores are not the principal driver of investment decision making. If an investment no longer meets the criteria above, the Manager will disinvest in accordance with its best execution policy. The Manager has full discretion to select investments for the Fund in line with the above investment policy and in doing so may take into consideration the FTSE All Share index. The FTSE All Share index is designed to measure the performance of all eligible companies listed on the London Stock Exchange. This index best represents the types of companies in which the Fund predominantly invests. This Fund is actively managed in reference to the FTSE All Share index, which may be used by investors to compare the Fund's performance.


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Investment Review This is the first interim report in my role as Fund Manager of this strategy and the first with the updated fund name. I would, however, like to reassure investors that the philosophy and process of this fund remains the same, to invest in high-quality growth companies that can reinvest and compound their returns over time. The name of the fund was changed in order to more formally reflect the sharper focus on the areas of structural growth where I believe we will see the best opportunities, categorised in our People, Planet & Progress themes. These 3 P’s seek to capture the secular growth associated with changes arising from ageing demographics and social change, the critical need to limit temperature rises from carbon emissions, and the relentless move towards increased digitalisation. It also reflects the importance placed in analysing Environmental, Social & Governance (ESG) factors within the investment process. Companies that disregard their environmental impact, treat their employees poorly and don’t pay due regard to the communities in which they operate in will lose their social licence to exist or be regulated / taxed out of the market. As long-term investors we need to be very conscious that these drivers of change are powerful and immediate and businesses that are not set up for this new world will not provide the desired returns to investors. We view ESG integration as part of expressing our conviction as long-term responsible investors, avoiding negative issues that can damage portfolio returns but also influencing management to take the right steps towards enhancing their sustainability profile and practices. During the period in question equities have performed strongly as economies continued to recover from the pandemic enabled by strong vaccination uptake which has allowed governments to ease their COVID restrictions. Despite the UK consumer holding up well and GDP recovering, growth rates have been held back by supply chain issues as production started to ramp back up. This is both a global issue, as US consumer demand for goods has led to global production bottlenecks especially around the availability of semiconductors and shipping containers, and a UK one, as it works through its Brexit challenges. The period has also been characterised by a sharp rise in commodity prices, most notable in the oil price, as economies reopen for business. This has led to rising levels of inflation and subsequent interest rate expectations which has helped the banking sector to a period of strong performance. The fund has always maintained a limited exposure to these industries due to their cyclical nature, preferring to concentrate our efforts on identifying and investing in a focused list of quality, compounding UK companies that can embrace enduring secular trends. However, despite the aforementioned headwinds, it has been a good period for quality growth stocks as the fund benefited from overweight positions in the Technology, Industrial and Healthcare sectors. In terms of portfolio holdings, Croda has performed very well on the back of accelerating consumer trends for sustainable cosmetics and the demand for mRNA vaccines which require their expertise. Other notable performers have been Safestore following strong demand for their flexible storage solutions, Experian as their consumer credit data is increasingly required as transactions move online and Dechra as the demand for their animal medicine has increased. New holdings to the fund have also added significantly to performance such as Kin & Carta, Bytes and Kainos which have seen an accelerating demand for their digitalisation services.

Top Ten Holdings as at 15 November 2021 %

AstraZeneca 4.81

Health Care

Diageo 4.12

Consumer Staples

Experian 3.57

Industrials

GlaxoSmithKline 3.45

Health Care

Prudential 3.30

Financials

Legal & General 3.27

Financials

Croda International 3.03

Basic Materials

Rentokil Initial 2.94

Industrials

Reckitt Benckiser 2.85

Consumer Staples

SSE 2.67

Utilities


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Investment Review (Continued)

New listings to the UK stock market have also been a feature of this period and the fund has benefited from strong performances in Auction Technology Group (software provider to the global auction industry) and Oxford Nanopore (DNA sequencing), whilst Moonpig (online card and gift provider) has been less successful so far in terms of share price appreciation. The fund has also benefited from M&A activity with both Vectura and Sanne receiving takeover bids. The main detractors from performance were Trainline following the Williams Shapps Review to create a rival ticket selling platform called Great British Railways. In addition to this, Just Group has given back some of its gains from earlier in the year on fears around the housing market in 2022 and Hargreaves Lansdown reported results that disappointed. In addition to our regular meetings with management we also held 16 dedicated ESG engagement meetings on areas such as carbon emission reduction targets and employee engagement and diversity policies and practices. These meetings took place with companies that are considered to be both ESG leaders and those that are ‘in transition’. Examples included Marshalls, Persimmon, Intermediate Capital & Ashtead.

OUTLOOK The main driver of equity markets is still the action in the world’s bond markets, as yields have rallied sharply in response to rising inflationary concerns. Central banks look set to increase interest rates, but the pace and size of the increases are uncertain with many of the inflationary pressures still felt to be transitory. Increasing rates at a time when consumers are also set to grapple with higher energy bills and increased taxation could cause growth to slow down. However, it is also important not to let inflation expectations get out of control. It is this tricky balance that central bankers will have to deal with in 2022. While the outlook for equities in 2022 may be finely balanced, our approach remains centred on owning good quality businesses that can reinvest and compound their returns over time. We continue to believe that understanding longer term structural trends and identifying responsible, reliable and ultimately sustainable companies, in a targeted, focused and active approach, remains the key to longer-term success. Nigel Yates 15 November 2021 Source of all performance data: AXA Investment Managers, Morningstar to 15 November 2021. Past performance is not a guide to future performance. All performance figures calculated as follows: Single Priced NAV (Net Asset Value) with net income reinvested, net of fees in GBP, gross of tax. Performance is representative of Z Acc Class.


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Portfolio Changes

For the six months ended 15 November 2021

Major Purchases Cost (£'000) Major Sales Proceeds (£'000)

accesso Technology 1,735 Sanne 3,289

DiscoverIE 835 Vectura 2,049

Auction Technology 810 TP ICAP 1,665

Trainline 677 BP 1,212

NCC 667 AstraZeneca 654

Reckitt Benckiser 590 Croda International 606

XP Power 493 Safestore 500

Oxford Nanopore Technologies 460 Darktrace 432

Bytes Technology 394 Experian 418

Kainos 269 Sage 306

Other purchases 1,323 Other sales 1,282

Total purchases for the period 8,253 Total sales for the period 12,413


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Managing Risks Past performance is not a guide to future performance. The price of units and the revenue from them can go down as well as up and investors may not get back the amount originally invested. An initial charge is usually made when you purchase units. Changes in exchange rates will affect the value of Fund investments overseas. Investment in smaller companies and newer markets offers the possibility of higher returns but may also involve a higher degree of risk. The Fund is managed in accordance with the objective set out on page 3. By investing in financial markets there are associated risks and the following explains the Manager’s approach to managing those risks.

RISK PROFILE The Fund invests principally in listed equities of UK large and medium capitalised companies. The value of investments and the revenue from them is not guaranteed and can go down as well as up.

EQUITY RISK The value of shares in which the Fund invests fluctuate pursuant to market expectations. The value of such shares will go up and down and equity markets have historically been more volatile than fixed interest markets. Should the price of shares in which the Fund has invested fall, the Net Asset Value of the Fund will also fall. Funds investing in shares are generally more volatile than funds investing in bonds or a combination of shares and bonds, but may also achieve greater returns. Internal investment guidelines are set, if necessary, to ensure equity risk is maintained within a range deemed suitable based on the Fund’s investment objectives and investment policy.

ESG RISK Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and therefore some market opportunities available to funds that do not use ESG or sustainability criteria may be unavailable for the Fund, and the Fund's performance may at times be better or worse than the performance of relatable funds that do not use ESG or sustainability criteria. The selection of assets may in part rely on a proprietary ESG scoring process or ban lists that rely partially on third party data. The lack of common or harmonised definitions and labels integrating ESG and sustainability criteria at EU level may result in different approaches by managers when setting ESG objectives and determining that these objectives have been met by the funds they manage. This also means that it may be difficult to compare strategies integrating ESG and sustainability criteria to the extent that the selection and weightings applied to select investments may to a certain extent be subjective or based on metrics that may share the same name but have different underlying meanings. Investors should note that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the fund manager’s methodology. The lack of harmonised definitions may also potentially result in certain investments not benefitting from preferential tax treatments or credits because ESG criteria are assessed differently than initially thought. ESG risk as defined, is an inherant risk to following a strategy which incorporates ESG factors. For data quality and consistency aspects, exposure is managed where possible by the use of carefully selected data providers.


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RISK AND REWARD PROFILE

The risk category is calculated using historical performance data and may not be a reliable indicator of the Fund's future risk profile. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free. There has been no change from prior year.

WHY IS THIS FUND IN THIS CATEGORY?

The capital of the Fund is not guaranteed. The Fund is invested in financial markets and uses techniques and instruments which may be subject to sudden and significant variation, which may result in substantial gains or losses.

ADDITIONAL RISKS Liquidity risk: Under certain market conditions, it may be difficult to buy or sell investments for a Fund. For example, smaller company shares may trade infrequently and in small volumes and corporate and emerging market bonds may be affected by the demand in the market for such securities carrying credit risk, particularly in times of significant market stress. As a result, it may not be possible to buy or sell such investments at a preferred time, close to the last market price quoted or in the volume desired. The Manager may be forced to buy or sell such investments as a consequence of unitholders buying or selling units in the Fund. Depending on market conditions at the time, this could lead to a significant drop in the Fund’s value. Monthly monitoring is conducted, using an in-house liquidity tool, to ensure a high degree of confidence that Fund liquidity will meet the Fund’s expected liquidity requirements. Any concerns indicated by the tool are analysed by the Manager’s risk team who may also discuss the results with portfolio management staff, or other senior professionals within the firm, as needed, to ensure an appropriate scrutiny. Based on the analysis, the Manager believes that the liquidity profile of the Fund is appropriate. Further explanation of the risks associated with an investment in this Fund can be found in the prospectus.

Lower Risk Higher Risk

Potentially lower reward Potentially higher reward

1 2 3 4 5 6 7


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Fund Information

FIVE YEAR PERFORMANCE In the five years to 15 November 2021, the price of Z Accumulation units, with net income reinvested, rose by +54.04%. The FTSE All-Share Index (Total Return) increased by +36.08% over the same time period. During the same period, the price of Z Income units, with zero income reinvested, rose by +40.07%. (Source: AXA Investment Managers and Morningstar) (Prices in GBP).

FIVE YEAR DISCRETE PERFORMANCE (DISCRETE YEARS TO LATEST REPORTING DATE)

Source: AXA Investment Managers & Morningstar, Basis: Single Price NAV with net income reinvested, gross of tax, net of fees in GBP. Past performance is not a guide to future performance.

YIELD

CHARGES Initial Charge Annual Management Charge R Nil 1.50% Z Nil 0.75%

ONGOING CHARGES* R Inc 1.59% R Acc 1.59% Z Inc 0.84% Z Acc 0.84% * For more information on AXA’s fund charges and costs please use the following link https://retail.axa-im.co.uk/fund-charges-and-costs

UNIT TRUST INDIVIDUAL SAVINGS ACCOUNTS The AXA Framlington UK Sustainable Equity Fund is available as a Stocks and Shares ISA through the AXA Investment Managers Stocks and Shares ISA.

Date AXA Framlington UK Sustainable Equity

Z Acc FTSE All Share-TR

15 Nov 2016 - 15 Nov 2017 +10.90% +13.38%

15 Nov 2017 - 15 Nov 2018 -1.42% -0.74%

15 Nov 2018 - 15 Nov 2019 +16.34% +9.10%

15 Nov 2019 - 15 Nov 2020 -0.26% -9.02%

15 Nov 2020 - 15 Nov 2021 +21.43% +21.82%

R Inc 0.41% R Acc 0.41% Z Inc 1.04% Z Acc 1.03%


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Comparative Tables R Inc R Acc

15/11/2021 15/05/2021 15/05/2020 15/11/2021 15/05/2021 15/05/2020

Closing net asset value per unit (p)† 267.25 245.03 196.72 405.74 372.01 297.43

Closing net asset value† (£’000) 9,570 9,226 8,149 52,997 50,218 42,633

Closing number of units 3,581,201 3,765,139 4,142,426 13,061,872 13,499,181 14,333,743

Operating charges^ 1.59% 1.59% 1.59% 1.59% 1.59% 1.59%

Z Inc Z Acc

15/11/2021 15/05/2021 15/05/2020 15/11/2021 15/05/2021 15/05/2020

Closing net asset value per unit (p)† 191.01 174.47 139.95 234.32 214.03 169.85

Closing net asset value† (£’000) 9,375 11,837 10,604 66,734 59,952 76,802

Closing number of units 4,908,121 6,784,259 7,577,113 28,479,644 28,011,721 45,218,389

Operating charges^ 0.84% 0.84% 0.84% 0.84% 0.84% 0.84%

† Valued at bid-market prices. ^ Operating charges include indirect costs incurred in the maintenance and running of the Fund, as disclosed in expenses within the Statement of Total Return. The figures used within the table have been calculated against the average Net Asset Value for the accounting period.


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Portfolio Statement

The AXA Framlington UK Sustainable Equity Fund portfolio as at 15 November 2021 consisted of the following investments, which are ordinary shares unless otherwise stated.

Holding Market value Total net

£'000 assets (%)

UNITED KINGDOM: 93.42%

(15/05/2021: 90.97%)

BASIC MATERIALS: 5.09% (15/05/2021: 4.27%)

Chemicals: 3.03% (15/05/2021: 2.46%)

42,612 Croda International 4,200 3.03

4,200 3.03

Industrial Metals & Mining: 2.06%

(15/05/2021: 1.81%)

156,235 Hill & Smith 2,859 2.06

2,859 2.06

CONSUMER DISCRETIONARY: 9.83%

(15/05/2021: 11.10%)

Automobiles & Parts: 0.73%

(15/05/2021: 0.89%)

408,879 TI Fluid Systems 1,016 0.73

1,016 0.73

Consumer Services: 1.10%

(15/05/2021: 1.42%)

177,903 HomeServe 1,520 1.10

1,520 1.10

Household Goods & Home Construction: 1.78%

(15/05/2021: 2.20%)

91,821 Persimmon 2,469 1.78

2,469 1.78

Retailers: 3.31%

(15/05/2021: 3.39%)

265,514 Moonpig 895 0.65

399,670 Pets at Home 1,871 1.35

109,053 WH Smith 1,823 1.31

4,589 3.31


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Portfolio Statement (Continued)


£'000 assets (%)

Travel & Leisure: 2.91% (15/05/2021: 3.20%)

668,142 Hollywood Bowl 1,560 1.13

603,250 Restaurant 490 0.35

661,482 Trainline 1,986 1.43

4,036 2.91

CONSUMER STAPLES: 6.97% (15/05/2021: 6.47%)

Beverages: 4.12% (15/05/2021: 3.85%)

150,489 Diageo 5,706 4.12

5,706 4.12

Personal Care, Drug & Grocery: 2.85% (15/05/2021: 2.62%)

64,000 Reckitt Benckiser 3,954 2.85

3,954 2.85

ENERGY: 3.71% (15/05/2021: 4.36%)

Alternative Energy: 1.52% (15/05/2021: 1.30%)

181,000 Ceres Power 2,105 1.52

2,105 1.52

Oil, Gas & Coal: 2.19% (15/05/2021: 3.06%)

891,665 BP 3,042 2.19

3,042 2.19

FINANCIALS: 15.56% (15/05/2021: 16.82%)

Finance & Credit Services: 2.49%

(15/05/2021: 2.59%) 49,086 London Stock Exchange 3,449 2.49

3,449 2.49

Investment Banking & Brokerage: 4.96%

(15/05/2021: 5.41%) 145,128 Hargreaves Lansdown 2,217 1.60 204,145 IG 1,611 1.16 129,610 Intermediate Capital 3,044 2.20

6,872 4.96


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Holding Market value Total net £'000 assets (%)

Life Insurance: 8.11% (15/05/2021: 8.82%)

2,422,940 Just 2,141 1.54 1,540,424 Legal & General 4,529 3.27

304,979 Prudential 4,576 3.30

11,246 8.11

HEALTH CARE: 15.05% (15/05/2021: 16.19%)

Medical Equipment & Services: 3.73% (15/05/2021: 4.31%)

1,144,407 ConvaTec 2,500 1.80 203,616 Smith & Nephew 2,679 1.93

5,179 3.73

Pharmaceuticals & Biotechnology: 11.32% (15/05/2021: 11.88%)

73,931 AstraZeneca 6,677 4.81 132,490 Clinigen 794 0.57

55,337 Dechra Pharmaceuticals 2,866 2.07 301,060 GlaxoSmithKline 4,778 3.45

98,782 Oxford Nanopore Technologies 587 0.42

15,702 11.32

INDUSTRIALS: 13.56% (15/05/2021: 12.86%*)

Construction & Materials: 3.22% (15/05/2021: 3.22%)

367,333 Genuit 2,344 1.69 287,804 Marshalls 2,128 1.53

4,472 3.22

Electronic & Electrical Equipment: 1.45% (15/05/2021: 1.30%*)

550,000 Rotork 2,005 1.45

2,005 1.45

General Industrials: 0.89% (15/05/2021: 0.99%)

724,057 Melrose Industries 1,235 0.89

1,235 0.89

Industrial Engineering: 1.92% (15/05/2021: 2.14%)

148,586 Weir 2,665 1.92

2,665 1.92


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Holding Market value Total net £'000 assets (%)

Industrial Support Services: 4.37% (15/05/2021: 3.78%)

648,310 Rentokil Initial 4,079 2.94 326,666 RWS 1,980 1.43

6,059 4.37

Industrial Transportation: 1.71% (15/05/2021: 1.43%)

37,500 Ashtead 2,374 1.71

2,374 1.71

REAL ESTATE: 5.28% (15/05/2021: 4.79%)

Real Estate Investment & Services: 3.15% (15/05/2021: 2.83%)

632,162 Grainger 1,972 1.42 331,249 Rightmove 2,403 1.73

4,375 3.15

Real Estate Investment Trusts: 2.13% (15/05/2021: 1.96%)

235,419 Safestore 2,950 2.13

2,950 2.13

TECHNOLOGY: 14.14% (15/05/2021: 9.84%*)

Software & Computer Services: 12.83% (15/05/2021: 9.26%)

180,000 accesso Technology 1,674 1.21

132,118 Auction Technology 1,747 1.26

71,633 AVEVA 2,353 1.70

500,000 Blancco Technology 1,375 0.99

290,000 Bytes Technology 1,608 1.16

290,703 GB 2,503 1.81

111,756 Kainos 2,108 1.52

569,879 Kin & Carta 1,915 1.38

423,328 NCC 1,043 0.75

194,537 Sage 1,459 1.05

17,785 12.83

Technology Hardware & Equipment: 1.31% (15/05/2021: 0.58%*)

185,000 DiscoverIE 1,817 1.31

1,817 1.31


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£'000 assets (%)

TELECOMMUNICATIONS: 1.56% (15/05/2021: 1.62%)

Telecommunications Service Providers: 1.56% (15/05/2021: 1.62%)

117,831 Gamma Communications 2,159 1.56

2,159 1.56

UTILITIES: 2.67% (15/05/2021: 2.65%)

Electricity: 2.67% (15/05/2021: 2.65%)

226,511 SSE 3,706 2.67

3,706 2.67

ASIA: 1.40% (15/05/2021: 1.02%)

Singapore: 1.40% (15/05/2021: 1.02%)

37,050 XP Power 1,938 1.40

1,938 1.40

EUROPE (excluding UK): 3.57% (15/05/2021: 6.57%)

Jersey: 3.57% (15/05/2021: 6.57%)

143,034 Experian 4,956 3.57

4,956 3.57

Investments as shown in the balance sheet 136,440 98.39

Net current assets 2,236 1.61

Total net assets 138,676 100.00

* Since the previous report industry classifications have been updated. Comparative figures have been updated where appropriate.


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Statement of Total Return

For the six months ended 15 November

2021 2020

£'000 £'000 £'000 £'000

Income

Net capital gains 11,377 16,365

Revenue 1,442 1,269

Expenses (811) (753)

Interest payable and similar charges - -

Net revenue before taxation 631 516 Taxation - (1)

Net revenue after taxation 631 515

Total return before equalisation 12,008 16,880

Equalisation (11) (40)

Change in net assets attributable to unitholders from investment activities 11,997 16,840

Statement of Change in Net Assets Attributable to Unitholders

For the six months ended 15 November

2021 2020

£'000 £'000 £'000 £'000

Opening net assets attributable to unitholders 131,233 138,188

Amounts receivable on creation of units 3,307 4,040

Amounts payable on cancellation of units (7,866) (37,204)

(4,559) (33,164)

Change in net assets attributable to unitholders from investment activities 11,997 16,840

Unclaimed distribution 5 4

Closing net assets attributable to unitholders 138,676 121,868

The above statement shows the comparative closing net assets at 15 November 2020 whereas the current accounting period commenced 16 May 2021.


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Balance Sheet

As at

15 November 2021 15 May 2021

£'000 £'000

ASSETS

Fixed assets

Investments 136,440 129,346

Current assets

Debtors 1,203 1,832

Cash and bank balances 1,321 2,681

Total assets 138,964 133,859

LIABILITIES

Creditors

Distribution payable - 176

Other creditors 288 2,450

Total liabilities 288 2,626

Net assets attributable to unitholders 138,676 131,233


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Notes to the Financial Statements

Accounting policies The Financial Statements have been prepared on a historical cost basis, as modified by the revaluation of investments, and in accordance with Financial Reporting Standard 102 ("FRS 102") and the Statement of Recommended Practice for Authorised Funds issued by the Investment Management Association ("IMA") in May 2014, and amended in June 2017. The Financial Statements have been prepared on a going concern basis. The Financial Statements are prepared in accordance with the Trust Deed and the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (“COLL”). The accounting policies applied are consistent with those of the annual financial statements for the year ended 15 May 2021 and are described in those annual financial statements.


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DIRECTORS’ APPROVAL In accordance with the requirements of the Financial Conduct Authority's Collective Investment Schemes Sourcebook ("COLL"), the contents of this report have been approved on behalf of AXA Investment Managers UK Limited by: John Stainsby Amanda Prince Director Director 12th January 2022 12th January 2022


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Further Information

THE SECURITIES FINANCING TRANSACTIONS REGULATION The Securities Financing Transactions Regulation, as published by the European Securities and Markets Authority, aims to improve the transparency of the securities financing markets. Disclosures regarding exposure to Securities Financing Transactions (SFTs) or total return swaps will be required on all reports & accounts published after 13 January 2017. During the period to 15 November 2021 and at the balance sheet date, the Fund did not use SFTs or total return swaps, as such no disclosure is required.

CHANGE OF TRUSTEE Please note that since 24th September 2021, the Trustee of the Framlington Unit Trust range changed from NatWest Trustee & Depositary Services to HSBC Global Trustee & Fiduciary Services (UK).

CHANGE OF NAME The AXA Framlington UK Growth Fund name was changed to the AXA Framlington UK Sustainable Equity Fund on 13 September 2021.


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Directory The Manager AXA Investment Managers UK Limited 22 Bishopsgate London, EC2N 4BQ

Authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No. 01431068. The company is a wholly owned subsidiary of AXA S.A., incorporated in France. Member of the IA.

The Administrator and address for inspection of Register: SS&C Financial Services International Limited and SS&C Financial Services Europe Limited SS&C House St Nicholas Lane Basildon Essex, SS15 5FS Authorised and regulated by the Financial Conduct Authority.

Trustees For the period up to 23rd September 2021 NatWest Trustee and Depositary Services Limited Trustee and Depositary Services House A, Floor 0 Gogarburn 175 Glasgow Road Edinburgh, EH12 1HQ Authorised and regulated by the Financial Conduct Authority.

From 24th September 2021 to 15th November 2021 HSBC Global Trustee & Fiduciary Services (UK) 8 Canada Square, London, E14 5HQ HSBC Bank plc is a subsidiary of HSBC Holdings plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Fund Accounting Administrator State Street Bank & Trust Company 20 Churchill Place London, E14 5HJ Authorised and regulated by the Financial Conduct Authority.

Legal advisers Eversheds LLP One Wood Street London, EC2V 7WS

Auditor Ernst & Young LLP Atria One, 144 Morrison Street Edinburgh, EH3 8EX

Dealing and Correspondence PO Box 10908 Chelmsford, CM99 2UT

Telephone Dealing & Enquiries 0345 777 5511 IFA Dealing & Enquiries 0370 707 0073 If you are calling from outside the UK, please call +44 1268 443976 Our lines are open Monday to Friday between 9am and 5:30pm

Documents

AXA Framlington UK Growth Fund