Docstoc

Investment Bond Fund Guide

Document Sample
Investment Bond Fund Guide Powered By Docstoc
					             Investment Bond Guide YOUR INVESTMENT OPTIONS




Investment Bond Fund Guide




                                                             
    Investment Bond Fund Guide




              We understand the decision on where to invest your money is an important one. To help you make
              the right investment choices to suit your goals and priorities we have designed this guide.
              This guide tells you about:
              •   The funds which are available under your Bond and where to go for more information.
              •   Our risk categories and how they relate to your funds.
              •   The special risks and additional fund charges that may apply to the funds available to you.
              In addition to the information provided in this guide, we have online support available at
              www.axa.co.uk.




                  This guide is not designed to provide you with advice on the suitability of any
                  investment funds as this will depend on your personal circumstances and
                  approach to risk. Your financial adviser can give you more information on our
                  funds and their suitability for you, the tax treatment of your plan, the minimum
                  investment amount and any charges that will apply to your Investment Bond.

                  You should also read:

                  • the Key Features of the Investment Bond
                  • your personal illustration provided by your financial adviser
                  • the Investment Bond Guide





                               Investment Bond Fund Guide CONTENTS




Contents

•	 Your	fund	choices		                             4
•	 Your	guide	to	risk		                            6
•	 Our	investment	funds		                          9
•	 ‘Income’	producing	funds	                      18
•	 Further	information		                          25




                                                                     
    YOUR INVESTMENT OPTIONS Investment Bond Guide




           Your fund choices



             Through your Investment Bond, you have the freedom to invest in one or up to 30 investment funds. These
             funds will form your investment portfolio. Your portfolio will reflect your attitude to risk and your investment
             aims after discussions with your financial adviser. We offer an extensive selection of funds. Some funds are
             managed by our own global investment managers and others by fund management companies from
             outside the AXA Group.
             Spreading your Investment
             We offer a wide range of funds to choose from so that you can match your investment aims with your
             approach to risk. Please note, fund charges may vary depending on the funds selected.

             Our range of investment funds invest in different types of assets, which fall broadly into four main categories:


                              MONEY MARKET - refers to money that is invested in banks, building societies and
                              other organisations to produce interest. Also refers to what are known as ‘near cash’
                              instruments such as Certificate of Deposit, Floating Rate Notes and Treasury Bills. Unlike
                              money on deposit these assets can fall in value, possibly below the amount invested.



                              FIXED INTEREST - refers to money that is invested in bonds that pay interest at regular
                              intervals for a set period until they mature at which point an amount which could be more
                              or less than the initial investment sum is paid back.




                              PROPERTY – refers to money that is invested in commercial property such as office,
                              retail, leisure and industrial developments.




                              SHARES – are also known as equities. This asset class refers to money that is invested
                              in shares in a company.



             Spreading your money across different asset classes could offer you the best opportunity to meet your
             financial objectives while helping to spread your risk. This philosophy is at the heart of the funds we have
             selected for our products. But remember, the value of investments can go down as well as up and is not
             guaranteed. This means that you could get back less than you invest.





                                                    Investment Bond Fund Guide YOUR FUND CHOICES




Our range of investment funds
AXA Core funds
Central to AXA’s fund offering is a wide range of investments covering the major asset classes. Managed by
AXA Investment Managers in the UK, these are referred to as the AXA Core range.

AXA Global Family funds
To gain access to the expertise of our fund managers around the world, an additional selection of funds,
the AXA Global Family range, is available. The global AXA Group brings together a broad range of
investment disciplines to provide a variety of funds that can be combined to suit most investment needs.

AXA External Partner funds
We believe in offering you choice and recognise that some of you may wish to have access to the
investment capability of fund managers outside of the AXA Group. The AXA External Partner funds have
been specially selected to complement the AXA Core and AXA Global Family fund ranges.

If you invest in AXA Global Family or External Partner funds, you are not investing directly in the fund
managed by the external company. Instead you will invest in a ‘mirror’ fund which will then invest in the
external fund, which we call the ‘underlying fund’. So the AXA fund would be called, for example ‘AXA
Newton Managed’ to reflect the underlying fund.




                                                                                                             
    YOUR GUIDE TO RISK Investment Bond Fund Guide




              Your guide to risk
              This section covers our definition of risk. Please make sure that you understand it.
              Information on the risks associated with the individual funds is shown later in this guide.

              What do I need to think about when it comes to risk?
              Before choosing the fund(s) you wish to invest in, consider your personal financial situation and what you
              want to get out of your investment. Make sure that the fund(s) is right for you and you are comfortable
              with the level of risk you select.

              Your financial adviser will help you assess your financial situation, needs and attitude to risk.
              How do AXA categorise the risks involved?
              There are various ways to measure risk, but we have chosen to categorise our funds risks by taking into
              account the ‘volatility’ of each asset class. This means the ups and downs in the returns of an investment in
              relation to its value over a fixed period. Volatility is used as a guide to help you understand the potential risks
              and rewards involved with our funds and the types of assets they hold. Each increase in risk level represents
              an increase in the potential for your money to grow. But it also means an increase in the likelihood of the
              value of your plan fluctuating dramatically, or falling and you losing all or part of your money.
              How accurate are the risk categories?
              They are simply a guide. Fund values will normally fall and rise in line with movements on the investment
              markets. Over time a fund manager may change the assets they invest in. This may mean that funds move
              from one risk category to another. You should review your fund choices as they need to be reviewed
              together with your objectives. The risk categories may not prove to be accurate.

              Please note that funds have been assigned a risk category based on our methodology for assessing risk,
              which is described above. It is important that you look up the risk category for each fund and do not rely
              on the fund name as this may contain the same words as one of our defined risk categories. Two funds
              investing in the same asset classes may perform differently as the actual assets in the individual funds will
              be different.





                                                       Investment Bond Fund Guide YOUR GUIDE TO RISK




Our investment risk categories
We grade our investment funds on a scale of Very Cautious to Very Adventurous, with Very Cautious being
the lowest and Very Adventurous being the highest level of risk. The risk category assigned to each fund
will match one of the defined categories, or investment approaches below:


  Very Cautious
  You are not willing to accept any risk to your investment in the short term and wish typically to invest
  wholly in cash assets. You understand that the potential for growth is small and that over the long
  term inflation will reduce the buying power of cash assets. As you typically wish to invest wholly in
  cash assets, an investment product is likely to be unsuitable for you as investments in such products
  will fluctuate in value. Product charges could exceed any growth and you could get back less than
  you invest.


  Cautious Managed
  These funds will hold investment in shares and other non-cash investments so there may be potential
  risk to the amount you invest. You are looking for an investment where the return over the long term
  is expected to be an improvement on that available from high street deposit accounts. You are willing
  to take some risk in order to seek some growth potential. You understand that this will increase the
  amount by which your investment will fall and rise in value. However, under normal circumstances,
  you would feel uncomfortable if your investments fell and rose sharply in value. You could get back
  less than you invest. Typically, you would consider investing in Cash, Gilts, Bonds, Property and also
  in Equities.


  Balanced Managed
  You are looking for a balance of risk and reward with the aim that, in the long term, higher returns may
  result than those available from more cautious investments. You are willing to accept that the value of
  your investment will fall and rise in value. You could get back less than you invest. Typically, you would
  consider investing in a wide variety of assets, such as Equities, Cash, Fixed Interest and Property. Risk
  will usually be reduced by spreading investment across a variety of sectors and markets and/or limiting
  exposure to overseas markets.


  Adventurous
  You are willing to accept a high level of risk on your investment in order to seek higher growth potential
  in the longer term than is available on less speculative investments. You are prepared to accept that this
  will increase the risk of large fluctuations in the value of your investment and of losing some or possibly
  all of your capital. You could get back less than you invest. Typically, you would consider investing in
  a narrow range of asset classes, primarily in Equities. There may also be exposure to currency risk via
  investment in overseas markets.


  Very Adventurous
  You are willing to accept a very high level of risk on your investment in order to seek very high growth
  potential in the long term. You are willing to accept sharp day-to-day fluctuations in the value of your
  investments and you accept the risk of losing some or all of your capital. Typically, you would consider
  investing in specialist equity markets or sectors, which are expected to be particularly volatile such
  as Emerging Markets. There will be exposure to currency risk via significant investment in overseas
  markets. You could get back less than you invest.




                                                                                                                
    YOUR GUIDE TO RISK Investment Bond Fund Guide




              Special Risk Factors
              Some of our funds carry particular risks because of the type of assets they invest in. Please see the table
              shown from page 9 onwards for details of the funds that carry the following risks.


                Special risk rating           Definition
                A                             Where a fund holds investments in a different currency to the fund,
                Currency Risks                the value of the fund may rise and fall purely because of exchange rate
                                              fluctuations.
                B                             Emerging Market funds may be subject to large fluctuations in value
                Emerging Markets              and in our opinion such funds are high risk. Companies in emerging
                                              markets may not be regulated as strictly and their shares may be
                                              harder to buy and sell than companies in more developed markets.
                                              Such funds can offer the potential for greater returns over the long
                                              term but this tends to be coupled with higher volatility.
                C                             The price fluctuations of funds investing in smaller companies
                Smaller Companies             may be greater than the price fluctuations of funds investing in
                                              larger companies.
                D                             Where a fund is managed mainly to produce an income, part or all of
                Income Funds                  the manager’s yearly management charge may be charged against the
                                              capital of the fund, rather than against the income. Please note that
                                              charging all or part of the yearly management charge to the capital of
                                              the fund might boost income and the quoted yield, but may, therefore,
                                              constrain capital growth and could reduce the value of your
                                              investment.
                E                             Investments in specialist sector funds, such as technology or healthcare,
                Specialist                    are considered to be higher risk due to their concentrated exposure is
                Sector Funds                  concentrated in specific areas and sectors. Such funds can offer the
                                              potential for greater returns over the long term, but this tends to be
                                              coupled with higher volatility.
                F                             The value of property funds or funds investing in properties is generally
                Property                      a matter of a valuer’s opinion and not fact. From time to time
                                              valuations are carried out by independent chartered surveyors.
                                              Switches from funds investing in property may be deferred. This is to
                                              enable property to be sold if necessary.
                G                             An ‘offshore’ fund is one that has been established outside of the UK
                Offshore Investment           mainland (e.g. Luxembourg). Investment in such funds may suffer
                Funds                         higher taxation than investment in an equivalent UK based fund
                                              because income is taxed differently, and will be subject to different
                                              regulatory controls.
                H                             Companies issue corporate bonds in order to raise capital, so effectively
                Bond Funds Risks              investors in corporate bonds are loaning the company money. This
                                              means that the more financially secure a company issuing the bond is,
                                              the more likely it is that it will be able to pay back the loan. Less
                                              financially secure companies have a higher risk of default (on the loan).
                                              This means the capital value of the fund is more likely to be adversely
                                              affected as would the income being generated by the fund.
                I                             Where a fund invests in a unit trust there may be a cost to the
                Unit Trust Funds              fund to cover the buying and selling of underlying assets levied by
                                              the underlying unit trust manager. When this occurs there will be a
                                              negative effect on the performance of the fund.


                                                       Investment Bond Fund Guide OUR INVESTMENT FUNDS




Our investment funds
Creating a balanced and successful portfolio of investments involves working closely with your Financial Adviser
to determine your attitude to risk and then choosing an appropriate spread of investments to match it.
The following table lists the funds that you can invest in through your Investment Bond. For each fund listed we
provide its risk category, any special risk factors (definitions on page 8) that apply and whether there is an
Additional Yearly Fund Charge and/or a One-off Charge. The funds available can change at any time and further
information about the listed funds including their objectives, performance statistics and asset splits can be found
in separate fund factsheets available for each individual fund at https://my.axa.co.uk/pub/fundcentre/

Fund charges explained

Charges are taken to pay for fund management and policy administration.

Additional Yearly Fund Charge
The Additional Yearly Fund Charge shown is in addition to the plan specific charges which are detailed in the
section ‘What are the charges?’ in the Key Features of the Investment Bond and your personal illustration.
The Additional Yearly Fund Charge is a charge we take for investing in a particular fund. This covers the costs
of charges from fund managers, items such as audit fees, depository fees, price publication fees, custody fees
and statutory accounts preparation fees.

One-off Initial Charge
Some funds will have a One-off Initial Charge when you invest in or switch into them. Details can be
found below.

Please be aware that charges may change at any time. You can find more information in Part D of the
Investment and Trustee Bond Plan Booklet.

Please remember the value of investments can go down as well as up and is not guaranteed. This means that
you could get back less than you invest.


                                                                                  One-off           Additional
                                                  Risk           Special risk
               Fund name                                                           Initial         Yearly Fund
                                                Category           factors
                                                                                 charge (%)        charge (%)

  AXA Core Funds
 AXA Cash                                       Very Cautious                        0.00%              0.00%
 AXA Defensive Distribution                   Cautious Managed        C              0.00%              0.07%
 (previously AXA Cautious Managed)

 AXA Index Linked                             Cautious Managed                       0.00%              0.00%
 AXA Fixed Interest                           Cautious Managed                       0.00%              0.00%
 AXA Reserve                                  Cautious Managed        F              0.00%              0.00%
 AXA Deferred Distribution                    Balanced Managed        C              0.00%              0.00%
 AXA Distribution                             Balanced Managed       C,D             0.00%              0.00%
 AXA Ethical Distribution                     Balanced Managed       C,E             0.00%              0.08%
 AXA Global Distribution                      Balanced Managed       A,C             0.00%              0.04%
 AXA High Yield Distribution                  Balanced Managed      C,D,F            0.00%              0.00%
 AXA Managed                                  Balanced Managed       A,C             0.00%              0.00%
 AXA Monthly Distribution                     Balanced Managed       C,D             0.00%              0.00%
 AXA Monthly High Yield Distribution          Balanced Managed      C,D,F            0.00%              0.00%
 AXA Monthly Sterling Corporate Bond          Balanced Managed                       0.00%              0.03%
 (previously AXA Monthly UK Corporate Bond)

 AXA Property                                 Balanced Managed       E,F             0.00%              0.20%
 AXA Sterling Corporate Bond
 (previously UK Corporate Bond)               Balanced Managed                       0.00%              0.03%

                                                                                                                      
     OUR INVESTMENT FUNDS Investment Bond Fund Guide




                                                                                               One-off      Additional
                                                                Risk           Special risk
                                Fund name                                                       Initial    Yearly Fund
                                                              Category           factors
                                                                                              charge (%)   charge (%)
               AXA Global Managed                             Adventurous          A,C          0.00%         0.00%
               AXA Higher Income                              Adventurous           C           0.00%         0.00%
               AXA Rosenberg American (previously AXA         Adventurous          A,C          0.00%         0.05%
               North America)

               AXA Rosenberg European (previously             Adventurous          A,C          0.00%         0.08%
               AXA Europe)

               AXA Rosenberg Global (previously AXA           Adventurous          A,C          0.00%         0.04%
               Global Equity)

               AXA UK Equity                                  Adventurous           C           0.00%         0.00%
               AXA UK Tracker                                 Adventurous           C           0.00%         0.00%
               AXA Rosenberg Asia Pacific Ex Japan          Very Adventurous       A,C          0.00%         0.10%
               (previously AXA Pacific)

               AXA Rosenberg Japan (previously AXA          Very Adventurous       A,C          0.00%         0.09%
               Japan)

                AXA Global Family Funds
               AXA Architas Liquidity                         Very Cautious                     0.00%         0.00%
               AXA Architas Multi-Manager Cautious
               Income (previously AXA Framlington           Cautious Managed     A,B,D,F,H      0.00%         0.40%
               Multimanager Cautious Income)

               AXA Architas Reserve (previously AXA         Cautious Managed     A,B,C,F,H      0.00%         0.95%
               Architas Multi-Manager Reserve)

               AXA Sterling Long Gilt                       Cautious Managed                    0.00%         0.16%
               AXA Architas Adventurous Multi Asset
                                                            Balanced Managed     A,B,C,F,H      0.00%         0.35%
               Passive
               AXA Architas Balanced Multi Asset Passive    Balanced Managed     A,B,C,F,H      0.00%         0.35%
               AXA Architas Cautious Multi Asset Passive    Balanced Managed     A,B,C,F,H      0.00%         0.35%
               AXA Architas Multi-Manager Balanced
               (previously AXA Framlington Multimanager     Balanced Managed     A,B,C,F,H      0.00%         1.25%
               Balanced)

               AXA Architas Multi-Manager Income
               (previously AXA Framlington Multimanager     Balanced Managed     A,B,C,D,H      0.00%         0.40%
               Income)

               AXA Global High Income                       Balanced Managed      A,B,C,H       0.00%         0.37%
               AXA Pan European High Yield Bond             Balanced Managed      A,B,H,I       0.00%         0.46%
               (previously AXA Framlington Pan Euro Bond)

               AXA Sterling Long Corporate Bond             Balanced Managed                    0.00%         0.16%
               (previously AXA UK Long Corporate Bond)

               AXA Sterling Strategic Bond (previously      Balanced Managed                    0.00%         0.26%
               AXA UK Strategic Bond)

               AXA Architas Multi-Manager Dynamic
               (previously AXA Framlington Multimanager       Adventurous        A,B,C,F,H      0.00%         0.50%
               Dynamic)

               AXA Architas Multi-Manager Growth
               (previously AXA Framlington Multimanager       Adventurous         A,B,C,H       0.00%         0.40%
               Growth)

               AXA Framlington American Growth                Adventurous         A,B,C,I       0.00%         0.71%
               AXA Framlington Biotech                        Adventurous        A,B,C,E,I      0.00%         0.75%
               AXA Framlington Equity Income                  Adventurous         A,C,D         0.00%         0.67%
               AXA Framlington European                       Adventurous          A,C,I        0.00%         0.68%




0
                                                               Investment Bond Fund Guide OUR INVESTMENT FUNDS




                                                                                          One-off      Additional
                                                          Risk           Special risk
              Fund name                                                                    Initial    Yearly Fund
                                                        Category           factors
                                                                                         charge (%)   charge (%)
AXA Framlington Financial                               Adventurous        A,B,C,E,I       0.00%         0.67%
AXA Framlington Global Technology                       Adventurous        A,B,C,E,I       0.00%         0.79%
AXA Framlington Health                                  Adventurous        A,B,C,E,I       0.00%         0.99%
AXA Framlington Managed Balanced                        Adventurous         A,B,C,I        0.00%         0.26%
AXA Framlington Managed Income                          Adventurous        A,C,D,H,I       0.00%         0.32%
AXA Framlington Monthly Income                          Adventurous        A,C,D,H,I       0.00%         0.52%
AXA Framlington UK Growth                               Adventurous           A,C,I        0.00%         0.73%
AXA Framlington UK Select
                                                        Adventurous           A,C,I        0.00%         0.62%
Opportunities
AXA Framlington UK Smaller
                                                        Adventurous           A,C,I        0.00%         0.67%
Companies
AXA Framlington Japan                                 Very Adventurous      A.,B,C,I       0.00%         0.62%
AXA Framlington Japan
                                                      Very Adventurous      A,B,C,I        0.00%         0.55%
Smaller Companies
AXA Framlington Emerging Markets                      Very Adventurous      A,B,C,I        0.00%         0.78%

 External Partner Funds
AXA Henderson Liquid Assets                             Very Cautious                      0.00%         0.04%
AXA JP Morgan Sterling Liquidity                        Very Cautious                      0.00%         0.05%
AXA EFA Elevation Cautious Managed                    Cautious Managed      A,B,C,H        0.80%         2.69%
(previously AXA Way EFA Elevation Cautious Managed)

AXA Fidelity Sterling Bond                            Cautious Managed      A,B,D,H        0.00%         0.40%
AXA IFSL Sinfonia Diversified Target
                                                      Cautious Managed         A           0.50%         1.35%
Return Portfolio
AXA JP Morgan Cautious Total Return                   Cautious Managed      A,B,C,H        0.00%         0.55%
AXA JP Morgan Global (ex UK) Bond                     Cautious Managed                     0.00%         0.30%
AXA M&G Gilt & Fixed Interest                         Cautious Managed        A,D          0.00%         0.45%
AXA Newton International Bond                         Cautious Managed       A,B,H         0.00%         0.42%
AXA Schroder Corporate Bond                           Cautious Managed       A,H,I         0.00%         0.35%
AXA Schroder Gilt & Fixed Interest                    Cautious Managed        D,I          0.00%         0.30%
AXA Schroder Strategic Bond                           Cautious Managed       B,H,I         0.00%         0.50%
AXA Standard Life UK Gilt                             Cautious Managed         D           0.00%         0.32%
AXA Threadneedle UK Money Securities                  Cautious Managed                     0.00%         0.19%
AXA Aberdeen Multi-Manager Cautious
Managed Portfolio (previously AXA Credit              Balanced Managed        B,C,I        0.00%         1.34%
Suisse Multi-Manager Cautious Managed Portfolio)

AXA Artemis Strategic Bond                            Balanced Managed        H,I          0.00%         0.36%
AXA Aviva Investors Global Cautious
Income (previously Morley Global Cautious             Balanced Managed       B,C,D         0.00%         0.61%
Income)

AXA Aviva Investors Property Trust                    Balanced Managed        E,F,I        0.00%         0.75%
(previously AXA Morley (Norwich) Property)

AXA Cazenove Multimanager Diversity                   Balanced Managed     A,B,C,F,H,I     0.00%         1.01%




                                                                                                                    
     OUR INVESTMENT FUNDS Investment Bond Fund Guide




                                                                                            One-off      Additional
                                                             Risk           Special risk
                             Fund name                                                       Initial    Yearly Fund
                                                           Category           factors
                                                                                           charge (%)   charge (%)
               AXA Cazenove UK Corporate Bond            Balanced Managed     A,B,D,H        0.00%         0.35%
               AXA CF Danske Cautious Managed            Balanced Managed      A,B,C,G       0.00%         0.82%
               AXA CF Danske Income                      Balanced Managed     A,B,C,D,G      0.00%         1.16%
               AXA CF Midas Balanced Income              Balanced Managed     A,B,C,D,H      0.50%         0.59%
               AXA CF Miton Cautious Income              Balanced Managed     A,B,C,D,H      0.00%         1.62%
               (previously AXA CF Miton Extra Income)

               AXA CF Miton Strategic Portfolio          Balanced Managed      A,B,C,H       0.00%         1.67%
               (previously AXA CF Miton Strategic)

               AXA CF OPM Fixed Interest (previously     Balanced Managed     A,B,C,D,H      0.00%         1.29%
               AXA CF SPPM Balanced Managed)

               AXA EFA Clarion Portfolio 3 (previously   Balanced Managed       C,F,H        0.00%         1.44%
               AXA Way EFA Clarion Portfolio 3)

               AXA EFA Clarion Portfolio 5 (previously   Balanced Managed       C,F,H        0.00%         1.51%
               AXA Way EFA Clarion Portfolio 5)

               AXA F&C Lifestyle Cautious                Balanced Managed     A,B,C,F,H      0.00%         1.24%
               AXA F&C Lifestyle Defensive               Balanced Managed      A,C,F,H       0.00%         1.24%
               AXA F&C Multimanager Cautious             Balanced Managed      A,C,F,H       0.00%         1.12%
               AXA Fidelity Extra Income                 Balanced Managed       D,H          0.00%         0.49%
               AXA Fidelity Moneybuilder Income          Balanced Managed     A,B,D,H        0.00%         0.24%
               AXA Gartmore Cautious Managed             Balanced Managed     A,B,C,D,H      0.00%         0.61%
               AXA HSBC Open Global Distribution         Balanced Managed      A,C,H         0.00%         1.20%
               AXA HSBC Open Global Property             Balanced Managed        A,F         0.00%         1.33%
               AXA HSBC Open Global Return               Balanced Managed      A,B,C,H       0.00%         1.43%
               AXA IFSL Sinfonia Balanced
                                                         Balanced Managed        A           0.00%         1.35%
               Managed Portfolio
               AXA IFSL Sinfonia Cautious
                                                         Balanced Managed        A           0.00%         1.35%
               Managed Portfolio
               AXA IFSL Sinfonia Income &
                                                         Balanced Managed        A           0.00%         1.35%
               Growth Portfolio
               AXA IFSL Sinfonia Income Portfolio        Balanced Managed                    0.00%         1.35%
               AXA Ignis Corporate Bond (previously      Balanced Managed      A,D,H,I       0.00%         0.38%
               AXA Resolution Corporate Bond)

               AXA Insight Diversified Target Return     Balanced Managed      A,C,F,H       0.00%         1.08%
               AXA Invesco Perpetual Corporate Bond      Balanced Managed        H           0.00%         0.56%
               AXA Invesco Perpetual Distribution        Balanced Managed      A,D,H         0.00%         0.63%
               AXA Invesco Perpetual Global Bond         Balanced Managed       A,H          0.00%         0.57%
               AXA Invesco Perpetual Monthly
                                                         Balanced Managed     A,C,D,H        0.00%         0.60%
               Income Plus
               AXA Investec Cautious Managed             Balanced Managed       A,C          0.00%         0.44%
               AXA Investec Managed Distribution         Balanced Managed       C,H          0.00%         0.44%
               AXA Jupiter Corporate Bond                Balanced Managed    A,B,C,D,H,I     0.00%         0.48%
               AXA Jupiter Distribution                  Balanced Managed    A,B,C,D,H,I     0.00%         0.47%





                                                              Investment Bond Fund Guide OUR INVESTMENT FUNDS




                                                                                        One-off      Additional
                                                         Risk           Special risk
              Fund name                                                                  Initial    Yearly Fund
                                                       Category           factors
                                                                                       charge (%)   charge (%)
AXA M&G Property Portfolio                           Balanced Managed       E,F,I        0.00%         0.80%
AXA Margetts Providence Strategy                     Balanced Managed      B,C,H,I       1.00%         0.95%
AXA New Star Cautious Portfolio                      Balanced Managed     A,B,D,F,I      0.00%         1.10%
AXA New Star High Yield Bond                         Balanced Managed      A,D,H         0.00%         0.45%
AXA New Star International Property                  Balanced Managed     A,B,C,E,F      0.00%         0.83%
AXA New Star Managed Distribution                    Balanced Managed      A,B,C,H       0.00%         0.53%
AXA New Star Sterling Bond                           Balanced Managed       D,H,I        0.00%         0.39%
AXA New Star UK Property                             Balanced Managed       E,F,I        0.00%         0.64%
(previously AXA New Star Property)

AXA Newton Phoenix Multi Asset                       Balanced Managed      A,B,C,H       0.00%         0.63%
AXA Old Mutual Corporate Bond                        Balanced Managed      A,B,H,I       0.00%         0.39%
AXA Standard Life Corporate Bond                     Balanced Managed        D           0.00%         0.31%
AXA Aberdeen Multi Manager
Constellation Portfolio (previously AXA                Adventurous          B,C,I        0.00%         1.58%
Credit Suisse Multi-Manager Constellation)

AXA Artemis Capital                                    Adventurous          A,C,I        0.00%         0.69%
AXA Artemis European Growth                            Adventurous           A,I         0.00%         0.51%
AXA Artemis Global Growth                              Adventurous          A,B,I        0.00%         0.65%
AXA Artemis Income                                     Adventurous         A,C,D,I       0.00%         0.60%
AXA Artemis UK Growth                                  Adventurous          A,C,I        0.00%         0.68%
AXA Artemis UK Smaller Companies                       Adventurous          A,C,I        0.00%         0.69%
AXA Artemis UK Special Situations                      Adventurous         A,C,E,I       0.00%         0.63%
AXA Baillie Gifford American                           Adventurous          A,C          0.00%         0.42%
AXA Baillie Gifford British 350                        Adventurous           C           0.00%         0.31%
AXA Baillie Gifford Managed                            Adventurous         A,B,C,H       0.00%         0.34%
AXA BlackRock European Dynamic
(previously AXA BlackRock Merrill Lynch UK             Adventurous          A,C,I        0.00%         0.72%
Dynamic)

AXA BlackRock UK Dynamic
(previously AXA BlackRock Merrill Lynch UK             Adventurous           C           0.00%         0.74%
Dynamic)

AXA BlackRock UK Smaller Companies
(previously AXA BlackRock Merrill Lynch UK Smaller     Adventurous           C,I         0.00%         0.75%
Companies)

AXA BlackRock UK Special Situations
(previously AXA BlackRock Merrill Lynch UK Special     Adventurous          C,E          0.00%         0.76%
Situations)

AXA Cazenove European                                  Adventurous          A,B,C        0.00%         0.57%
AXA Cazenove UK Dynamic                                Adventurous          B,C          0.00%         0.72%
AXA Cazenove UK Growth & Income                        Adventurous           C           0.00%         0.66%
AXA Cazenove UK Opportunities                          Adventurous           C           0.00%         0.85%




                                                                                                                  
     OUR INVESTMENT FUNDS Investment Bond Fund Guide




                                                                                                  One-off      Additional
                                                                      Risk        Special risk
                             Fund name                                                             Initial    Yearly Fund
                                                                    Category        factors
                                                                                                 charge (%)   charge (%)
               AXA CF Danske Active Growth                          Adventurous      A,B,C,G       0.00%         1.17%
               AXA CF Danske Balanced                               Adventurous      A,B,C,G       0.00%         1.35%
               AXA CF Midas Balanced Growth                         Adventurous      A,B,C,H       0.50%         0.75%
               AXA CF Miton Global                                  Adventurous      A,B,C,H       0.00%         1.89%
               AXA CF Miton Special Situations                      Adventurous      A,B,C,H       0.00%         1.32%
               AXA CF OPM Balanced Managed                          Adventurous     A,B,C,D,H      0.00%         1.73%
               AXA EFA Clarion Portfolio 7                          Adventurous       C,F,H        0.00%         1.84%
               (previously AXA Way EFA Clarion Portfolio 7)

               AXA EFA Elevation Balanced Growth                    Adventurous      A,B,C,H       0.80%         1.05%
               (previously AXA WAY EFA Elevation Balanced Growth)

               AXA F&C Lifestyle Balanced                           Adventurous     A,B,C,F,H      0.00%         1.24%
               AXA F&C Lifestyle Growth                             Adventurous     A,B,C,F,H      0.00%         1.24%
               AXA F&C Multimanager Distribution                    Adventurous     A,C,D,H        0.00%         1.01%
               AXA F&C Stewardship Growth                           Adventurous        C           0.00%         0.60%
               AXA Fidelity American                                Adventurous      A,C,D         0.00%         0.70%
               AXA Fidelity European                                Adventurous       A,B,C        0.00%         0.83%
               AXA Fidelity European Opportunities                  Adventurous       A,B,C        0.00%         0.88%
               AXA Fidelity Global Property                         Adventurous      A,B,C,E       0.00%         1.02%
               AXA Fidelity Portfolio                               Adventurous       B,C          0.00%         1.05%
               AXA Fidelity Special Situations                      Adventurous       A,C,E        0.00%         0.72%
               AXA Fidelity Wealthbuilder                           Adventurous       B,C          0.00%         0.97%
               AXA Franklin Mutual Shares                           Adventurous     A,B,C,E,H      0.00%         0.63%
               AXA Franklin US Equity                               Adventurous       A,B,C        0.00%         0.59%
               AXA Gartmore European Selected
                                                                    Adventurous      A,B,C,H       0.00%         0.60%
               Opportunities
               AXA Gartmore US Opportunities                        Adventurous      A,B,C,H       0.00%         0.70%
               AXA Hargreaves Lansdown
                                                                    Adventurous     A,B,C,H,I      0.00%         1.32%
               Multimanager Balanced Managed
               AXA Hargreaves Lansdown
               Multimanager Balanced Income                         Adventurous    A,B,C,D,H,I     0.00%         1.32%
               & Growth
               AXA Hargreaves Lansdown
                                                                    Adventurous     A,B,C,H,I      0.00%         1.61%
               Multimanager Special Situations
               AXA IFSL Sinfonia Active
                                                                    Adventurous        A           0.00%         1.35%
               Managed Portfolio
               AXA Insight Diversified Dynamic Return               Adventurous      A,C,F,H       0.00%         0.97%
               AXA INSYNERGY Odey                                   Adventurous       A,C          0.25%         1.39%
               AXA INSYNERGY UK Shariah Growth                      Adventurous        C,E         0.25%         1.23%
               AXA Invesco Perpetual High Income                    Adventurous       C,D          0.00%         0.73%





                                                Investment Bond Fund Guide OUR INVESTMENT FUNDS




                                                                          One-off      Additional
                                            Risk        Special risk
              Fund name                                                    Initial    Yearly Fund
                                          Category        factors
                                                                         charge (%)   charge (%)
AXA Invesco Perpetual Income              Adventurous        C,D           0.00%         0.72%
AXA Invesco Perpetual Income
                                          Adventurous        C,D           0.00%         0.89%
& Growth
AXA Invesco Perpetual UK Aggressive       Adventurous         C            0.00%         0.74%
AXA Investec American                     Adventurous        A,C           0.00%         0.64%
AXA Investec Global Free Enterprise       Adventurous       A,B,E          0.00%         0.60%
AXA Investec UK Blue Chip                 Adventurous         E            0.00%         0.70%
AXA Investec UK Special Situations        Adventurous        C,E           0.00%         0.66%
AXA JP Morgan Global                      Adventurous       A,B,C          0.00%         0.85%
AXA JP Morgan Premier Equity Growth       Adventurous         C            0.00%         0.74%
AXA JP Morgan UK Active 350               Adventurous         C            0.00%         0.56%
AXA Jupiter Ecology                       Adventurous      A,B,C,E,I       0.00%         0.88%
AXA Jupiter European                      Adventurous       A,B,C,I        0.00%         1.10%
AXA Jupiter European Special Situations   Adventurous       A,B,C,I        0.00%         0.99%
AXA Jupiter Financial Opportunities       Adventurous      A,B,C,E,I       0.00%         0.85%
AXA Jupiter High Income                   Adventurous    A,B,C,D,H,I       0.00%         0.91%
AXA Jupiter Income Trust                  Adventurous    A,B,C,D,H,I       0.00%         0.95%
(previously AXA Jupiter Income)

AXA Jupiter Merlin Growth Portfolio       Adventurous     A,B,C,F,H,I      0.00%         2.24%
AXA Jupiter Merlin Income Portfolio       Adventurous    A,B,C,D,F,H,I     0.00%         2.10%
AXA Jupiter UK Growth                     Adventurous       C,D,I          0.00%         0.85%
AXA Legg Mason US Equity                  Adventurous        A,C           0.00%         0.76%
AXA Legg Mason US
                                          Adventurous        A,C           0.00%         0.75%
Smaller Companies
AXA M&G Global Basics                     Adventurous       A,B,E          0.00%         0.73%
AXA M&G Recovery                          Adventurous        C,E           0.00%         0.74%
AXA M&G UK Select                         Adventurous         C            0.00%         0.75%
AXA Margetts Greystone
                                          Adventurous      A,B,C,H         0.90%         0.80%
International Equity
AXA Margetts Greystone UK Equity          Adventurous       B,C,H          0.90%         0.78%
AXA Margetts Select Strategy              Adventurous      B,C,H,I         1.00%         0.96%
AXA Neptune Income                        Adventurous       A,B,C          0.00%         0.67%
AXA New Star Balanced Portfolio           Adventurous       A,B,F          0.00%         1.23%
AXA New Star European Growth              Adventurous        A,C           0.00%         0.66%
AXA New Star Higher Income                Adventurous        C,D           0.00%         0.63%
AXA New Star UK Alpha                     Adventurous         C            0.00%         0.83%
AXA New Star UK Growth                    Adventurous         C            0.00%         0.83%
AXA Newton Continental European           Adventurous       A,B,C          0.00%         0.49%
AXA Newton Higher Income                  Adventurous        C,D           0.00%         0.32%




                                                                                                    
     OUR INVESTMENT FUNDS Investment Bond Fund Guide




                                                                                                    One-off      Additional
                                                                    Risk           Special risk
                              Fund name                                                              Initial    Yearly Fund
                                                                  Category           factors
                                                                                                   charge (%)   charge (%)
               AXA Newton Income                                  Adventurous          A,C,D         0.00%         0.68%
               AXA Newton International Growth                    Adventurous          A,B,C         0.00%         0.62%
               AXA Newton Managed                                 Adventurous          A,B,C         0.00%         0.50%
               AXA Psigma American Growth                         Adventurous          A,C,I         0.00%         0.73%
               AXA Psigma European Income                         Adventurous          A,C,I         0.00%         0.74%
               AXA Psigma Income                                  Adventurous            C,I         0.00%         0.80%
               AXA Psigma UK Growth                               Adventurous            C,I         0.00%         0.99%
               AXA Schroder European Alpha Plus                   Adventurous         A,B,C,I        0.00%         0.72%
               AXA Schroder Global Property Securities            Adventurous        A,B,C,E,F,I     0.00%         0.72%
               AXA Schroder Income                                Adventurous          C,D,I         0.00%         0.81%
               AXA Schroder Income Maximiser                      Adventurous          C,D,I         0.00%         0.67%
               AXA Schroder UK Alpha plus                         Adventurous            C,I         0.00%         0.84%
               AXA Schroder UK Mid 250                            Adventurous            C,I         0.00%         0.85%
               AXA Schroder UK Smaller Companies                  Adventurous            C,I         0.00%         0.85%
               AXA Schroder US Small & Mid Cap                    Adventurous          A,C,I         0.00%         0.69%
               AXA Schroder US Smaller Companies                  Adventurous          A,C,I         0.00%         0.75%
               AXA Standard Life UK Equity Growth                 Adventurous            C           0.00%         0.68%
               AXA Templeton Growth                               Adventurous          A,B,C         0.00%         0.52%
               (previously AXA Franklin Growth)

               AXA Threadneedle Global
                                                                  Adventurous          A,B,C         0.00%         0.84%
               Select Growth
               AXA UBS UK Smaller Companies                       Adventurous           A,C          0.00%         0.51%
               AXA Allianz RCM BRIC Stars                       Very Adventurous      A,B,C,E        0.00%         0.73%
               AXA BlackRock Gold & General
               (previously AXA BlackRock Merrill Lynch Gold &   Very Adventurous     A,B,C,E,I       0.00%         0.80%
               General)

               AXA EFA Elevation International Equity
               (previously AXA WAY EFA Elevation                Very Adventurous      A,B,C,H        0.80%         3.49%
               International Equity)

               AXA Fidelity Emerging EMEA                       Very Adventurous       A,B,C         0.00%         0.85%
               AXA Fidelity Japan Smaller Companies             Very Adventurous      A,B,C,E        0.00%         0.88%
               AXA First State Asia Pacific Leaders             Very Adventurous        A,B          0.00%         0.70%
               AXA First State Global Emerging
                                                                Very Adventurous        A,B          0.00%         0.72%
               Markets Leaders
               AXA First State Global Resources                 Very Adventurous      A,B,C,E        0.00%         0.76%
               AXA Gartmore China Opportunities                 Very Adventurous      A,B,C,H        0.00%         0.61%
               AXA Gartmore Emerging Market
                                                                Very Adventurous      A,B,C,H        0.00%         0.69%
               Opportunities
               AXA Invesco Perpetual Asian                      Very Adventurous       A,B,C         0.00%         0.63%
               AXA Invesco Perpetual Japan                      Very Adventurous        A,C          0.00%         0.72%
               AXA JP Morgan Asia                               Very Adventurous       A,B,C         0.00%         0.66%





                                                  Investment Bond Fund Guide OUR INVESTMENT FUNDS




                                                                                 One-off           Additional
                                             Risk            Special risk
           Fund name                                                              Initial         Yearly Fund
                                           Category            factors
                                                                                charge (%)        charge (%)
 AXA JP Morgan Emerging Markets         Very Adventurous          A,B,C             0.00%             0.60%
 AXA JP Morgan Japan                    Very Adventurous           A,C              0.00%             0.74%
 AXA JP Morgan Natural Resources        Very Adventurous         A,B,C,E            0.00%             0.79%
 AXA JP Morgan New Europe               Very Adventurous          A,B,C             0.00%             0.60%
 AXA Jupiter Emerging European
                                        Very Adventurous          A,B,C,I           0.00%             1.23%
 Opportunities
 AXA Margetts Venture Strategy          Very Adventurous         B,C,H,I            1.00%             1.03%
 AXA Neptune Global Equity              Very Adventurous          A,B,C             0.00%             0.81%
 AXA Newton Oriental                    Very Adventurous          A,B,C             0.00%             0.45%
 AXA Schroder Global Emerging Markets   Very Adventurous          A,B,C,I           0.00%             0.65%
 AXA Schroder Tokyo                     Very Adventurous           A,C,I            0.00%             0.68%


Important information about our fund ranges
Securities lending may take place on the unit linked funds that are managed by us. Securities lending aims
to generate additional income for the funds involved. It is a common practice in financial markets whereby
securities are temporarily lent by one financial institution (on behalf of the ultimate owner of the securities),
to another financial institution for a fee. The borrowing financial institution provides acceptable collateral
(e.g. gilts, other securities) equal to the market value of securities borrowed plus a margin to cover any drop
in the value of collateral provided relative to the securities borrowed. Checks on collateral are made daily
and further collateral demanded if required. This occurs until the securities are returned. In extreme
situations the fund may experience a loss if the borrower breaches its agreement with the lender and the
collateral held, when sold, is insufficient to cover the cost of purchasing the securities lent. Securities
lending will not affect any transactions you wish to make on your plan.

AXA Global Family and External Partner fund ranges
Please remember that if you invest in this range of funds, you are not investing directly into the fund managed
by the external company. Instead you will invest in the AXA ‘mirror’ fund which will then invest in the external
fund, which we call the ‘underlying fund’.

The performance and unit price of the AXA fund will differ from the underlying fund. This is because the AXA
fund may not be wholly invested in the underlying fund. In particular, the AXA fund may hold a greater
amount of money market assets for certain periods of time. So, if the underlying external fund has experienced
a period of good growth, and the AXA fund is not wholly invested in the underlying fund, the AXA fund may
not experience the same level of growth. In addition the unit price will not be the same because of the time
taken to buy or sell holdings in such investment funds which are managed externally to AXA. At the same time,
if the external fund falls in value, the AXA fund may not experience the same level of reduction in value.

Investment into the AXA fund will be subject to charges associated with the AXA fund, as well as the
underlying funds.

The underlying funds will be managed and operated in accordance with their published fund objectives
and the regulations applicable to that type of investment. You can ask your financial adviser for full details
of the underlying funds.




                                                                                                                    
     INCOME PRODUCING FUNDS Investment Bond Fund Guide




              ‘Income’ producing funds

              We offer a number of funds that have been designed to provide income in the form of regular withdrawals.
              These funds typically invest in assets that have the capacity to earn dividends or interest payments. They
              can then use some of this income to provide payments to investors on a regular basis. The level of the
              payments will fluctuate depending on the income that is received by the fund.
              It is important to note that withdrawals from the funds as well as capital value can fall as well as rise and is
              not guaranteed. For more information please see the section ‘Important information about taking
              withdrawals out of your bond’ on the next page.
              Our income producing funds are:
              •     AXA Distribution Fund
              •     AXA High Yield Distribution Fund
              •     AXA Sterling Corporate Bond Fund
              •     AXA Monthly Distribution Fund
              •     AXA Monthly High Yield Distribution Fund
              •     AXA Monthly Sterling Corporate Bond Fund
              These funds provide distributions or payments at different regular intervals. The table below gives more
              detail on these funds.

                  Fund Name                                  Distribution Timing          Payment Date
                  AXA Distribution Fund                      Half Yearly                  17 May and 17 November

                                                                                          18 February and
                  AXA High Yield Distribution Fund           Half Yearly
                                                                                          18 August

                                                                                          31 March, 30 June,
                  AXA Sterling Corporate Bond Fund           Quarterly                    30 September and
                                                                                          31 December

                  If you choose to take the payments we will send you a statement every quarter.

                  Fund Name                                  Distribution Timing          Payment Date
                                                                                          One sixth of the distribution amount
                                                                                          will be paid to you straight away.
                  AXA Monthly Distribution Monthly Fund      Monthly                      The remaining five amounts will be
                                                                                          paid to you shortly after the 17th of
                                                                                          each month.

                                                                                          One sixth of the distribution amount
                                                                                          will be paid to you straight away.
                  AXA Monthly High Yield Distribution Fund   Monthly                      The remaining five amounts will be
                                                                                          paid to you shortly after the 18th of
                                                                                          each month.

                                                                                          One third of the quarterly payment
                                                                                          amount from the underlying Sterling
                                                                                          Corporate Bond Fund will be paid to
                  AXA Monthly Sterling Corporate Bond Fund   Monthly
                                                                                          you straight away. The remaining two
                                                                                          amounts will be paid to you shortly
                                                                                          after the last day of each month.

              For all of the above income producing funds you can choose to either take the payments/distributions or
            re-invest them.
                                                Investment Bond Fund Guide INCOME PRODUCING FUNDS




Important information about taking withdrawals out of your Bond
If you take regular withdrawals to provide an income from your Bond, it’s important to know that the potential
for capital growth is reduced, and the value of your investment could fall below its original level, especially at
times when investment growth is low or when you take out more than your investment is growing by. In
addition, the more you take out, the more the potential for future growth will be reduced.
Any withdrawal you take from your Bond is considered as a withdrawal of capital and is subject to special
income tax rules for calculating and assessing the amount of any income tax liability that may arise on a
chargeable gain (taxable profit).
You can withdraw up to 5% per year of the original value of each investment you’ve made into your Bond,
for a period of up to 20 years, without having to pay tax. Such withdrawals are taken into account on final
encashment of the Bond to calculate what tax (if any) should be paid.
If you do not take the full 5% tax deferred entitlement in any Plan year, the unused amount is carried
forward for use in future years.
Tax is deferred until you cash-in your Bond and, depending on the circumstances at the time, this could
give rise to a tax liability. If you withdraw more than the 5% entitlement in any Plan year you may have an
immediate tax liability.
This will only apply if at the time of withdrawal you are a higher rate tax payer, or if these withdrawals cause
you to go over the higher rate income tax limit. In this case you would be liable to pay tax at the difference
between the higher and basic rates of income tax (currently 20%). This will be payable only on the
withdrawals above the 5% entitlement which also cause you to exceed the higher rate income tax limit.
Please note that the 2009 Budget announced that a new 50% income tax rate will be introduced from 6
April 2010. This will apply to those with taxable income above £150,000. If you fall into this category when
you take money from your Bond, the tax charge would be limited to 30% (the difference between the new
50% higher rate tax and basic rate tax credit for the 2010/11 tax year).
All withdrawals are free from capital gains tax and the basic rate of income tax. Please bear in mind that
any age related allowance(s) could be affected if you withdraw more than the 5% entitlement or if you
make a gain (profit) when you cash in your Bond. Any child tax credits or working tax credits could also be
reduced. Please note also that the 2009 Budget announced that from 6 April 2010, the personal income
tax allowance may no longer be available for those with total income above £100,000 - please speak to
your Financial Adviser for more information.
The value of your Bond on final encashment will be subject to the calculation of chargeable (average) gains
(which means any taxable profit). This may result in an income tax liability if your taxable income from all
sources, including the average gain, would make you liable to pay income tax at the higher rate(s). It may
also result in a reduction in the value of any tax allowances and credits that you may be entitled to. Please
speak to your Financial Adviser for information on how a chargeable gain is calculated.
The tax information is based on our understanding of current tax legislation. Tax treatment is subject to
change and individual circumstances. For more information about Tax and Withdrawals please see the
section ‘Tax and your Investment Bond’ in the Investment Bond Guide.
Our AXA Distribution Fund, AXA Monthly High Yield Distribution Fund and AXA Monthly Sterling Corporate
Bond Fund invest in the underlying units of the AXA Distribution, AXA High Yield Distribution and AXA
Sterling Corporate Bond funds respectively. These monthly funds are specially designed to pay you a
monthly amount based on the half-yearly distribution or quarterly payments of the underlying funds.
Taking monthly withdrawals will mean the amounts could vary from one month to the next. This means
the total of the amounts could be less than the equivalent half-yearly or quarterly distributions. This is
because the AXA Cash fund, in which the distribution is invested, is subject to fund management charges
which can reduce its value.
If you take income from one of our monthly distribution funds immediately after the investment is made that
part of the investment will provide the monthly income until the first half/quarter yearly distribution is made.
This is likely to reduce the value of your Bond below the amount you originally invested in the early stages.
When the fund declares its half-yearly or quarterly distribution, a 1/6th or 1/3rd of this will be paid to you straight
away. The remainder will be held in the AXA Cash Fund and will provide the subsequent monthly payments.
Withdrawals of more than 7.5% per annum of the value of the Bond may attract early cash-in charges. For
more information about taking withdrawals from your bond, please see the section ‘Taking withdrawals’ in
the Investment Bond Guide.



                                                                                                                          
     INCOME PRODUCING FUNDS Investment Bond Fund Guide




              What do I need to know if I choose to take distributions from AXA Distribution Fund
              and/or AXA High Yield Distribution Fund?
              If you chose to take half-yearly distributions or monthly withdrawals, this will reduce the underlying value
              of your Investment Bond. Your personal illustration does not reflect this.

              To give you an indication of how the underlying value of your Investment Bond could be affected please
              see the below examples. Tables 1 to 8 illustrate £10,000 invested in AXA Distribution Fund, AXA High Yield
              Distribution Fund, AXA Monthly Distribution Fund, or AXA Monthly High Yield Distribution Fund. They are
              based on the youngest life insured being below 65 years.

              Table 1 – AXA Distribution Fund
                  At             4% per year       growth the cash value would be          £9,320

                  At             6% per year       growth the cash value would be          £11,200

                  At             8% per year       growth the cash value would be          £13,500


              Table 2 – AXA Distribution Fund
                                               Total paid in          Distributions   Effect of deductions   What you might
                 At end of year                  to date                                     to date           get back
                                                    (£)                    (£)                 (£)                 (£)

                            1                     10,000                   315               1,330               8,930

                            2                     10,000                   632               1,400               9,150

                            3                     10,000                   949               1,470               9,370

                            4                     10,000                  1,260              1,340               9,830

                            5                     10,000                  1,590              1,200               10,300

                            10                    10,000                  3,290              2,110               11,200

               The effect of deductions over the term shown would be equivalent to bringing the investment growth
               rate used down from 6% to 4.4% each year.


              Table 3 – AXA Monthly Distribution Fund
                       At          4% per year       growth the cash value would be          £9,340

                       At          6% per year       growth the cash value would be          £11,300

                       At          8% per year       growth the cash value would be          £13,600


              Table 4 – AXA Monthly Distribution Fund
                                               Total paid in         Distributions    Effect of deductions   What you might
                 At end of year                  to date                                     to date           get back
                                                    (£)                    (£)                 (£)                 (£)

                            1                     10,000                   316               1,330               8,930

                            2                     10,000                   632               1,400               9,150

                            3                     10,000                   950               1,480               9,380

                            4                     10,000                  1,270              1,340               9,840

                            5                     10,000                  1,590              1,210               10,300

                            10                    10,000                  3,310              2,130               11,300

               The effect of deductions over the term shown would be equivalent to bringing the investment growth
               rate used down from 6% to 4.4% each year.




0
                                                      Investment Bond Fund Guide INCOME PRODUCING FUNDS




 Important Notes
 We have assumed that you are taking full distributions. The distributions have been estimated to be 3.19%
 and the figures are based on the net yield at 17 November 2009 for the Distribution Fund and Monthly
 Distribution Fund. These amounts are not guaranteed and could fluctuate in the future, depending on
 market conditions. The distributions will be paid in two instalments for the Distribution Fund and twelve
 monthly amounts, based on the half-yearly distributions, for the Monthly Distribution Fund.
 The illustration assumes the tiered allocation charging structure applies and that full commission has
 been paid to your financial adviser.
 Distributions are made on May 17 and November 17 each year for the Distribution Fund. For the
 Monthly Distribution Fund, monthly amounts, based on the half-yearly distributions, are declared on
 the 17th of each month. However, for the purposes of these illustrations, we have assumed that the
 next distribution will happen straight away.


Table 5 – AXA High Yield Distribution Fund
    At             4% per year       growth the cash value would be          £7,820

    At             6% per year       growth the cash value would be          £9,470

    At             8% per year       growth the cash value would be          £11,400


Table 6 - AXA High Yield Distribution Fund
                                 Total paid in          Distributions   Effect of deductions   What you might
  At end of year                   to date                                     to date           get back
                                      (£)                    (£)                 (£)                 (£)

              1                     10,000                   483               1,310               8,770

              2                     10,000                   959               1,360               8,840

              3                     10,000                  1,420              1,420               8,890

              4                     10,000                  1,890              1,280               9,170

              5                     10,000                  2,350              1,160               9,440

              10                    10,000                  4,660              2,000               9,470

The effect of deductions over the term shown would be equivalent to bringing the investment growth
rate used down from 6% to 4.4% each year.


Table 7 – AXA Monthly High Yield Distribution Fund
         At          4% per year       growth the cash value would be          £7,860

         At          6% per year       growth the cash value would be          £9,520

         At          8% per year       growth the cash value would be          £11,400




                                                                                                                
     INCOME PRODUCING FUNDS Investment Bond Fund Guide




              Table 8 – AXA Monthly High Yield Distribution Fund
                                        Total paid in         Distributions        Effect of deductions      What you might
                 At end of year           to date                                         to date              get back
                                             (£)                    (£)                     (£)                    (£)

                          1                 10,000                 481                     1,310                   8,780

                          2                 10,000                 956                     1,360                   8,850

                          3                 10,000                 1,420                   1,430                   8,910

                          4                 10,000                 1,880                   1,300                   9,190

                          5                 10,000                 2,350                   1,170                   9,460

                          10                10,000                 4,660                   2,020                   9,520

               The effect of deductions over the term shown would be equivalent to bringing the investment growth
               rate used down from 6% to 4.4% each year.


                Important Notes
                We have assumed that you are taking full distributions. The distributions have been estimated to be 4.90%
                and the figures are based on the net yield at 18 August 2009 for the High Yield Distribution Fund and Monthly
                High Yield Distribution Fund. The monthly amounts assumed for the Monthly High Yield Distribution Fund
                are based on the estimated half-yearly distributions from the High Yield Distribution Fund. These amounts
                are not guaranteed and could fluctuate in the future, depending on market conditions. The distributions will
                be paid in two instalments for the High Yield Distribution Fund and twelve monthly amounts, based on the
                half-yearly distributions, for the Monthly High Yield Distribution Fund.
                The illustration assumes the tiered allocation charging structure applies and that full commission has
                been paid to your financial adviser.
                Distributions are made on February 18 and August 18 for the High Yield Distribution Fund. For
                the Monthly High Yield Distribution Fund, monthly amounts, based on the half-yearly distributions,
                are declared on the 17th of each month. However, for the purposes of these illustrations, we have
                assumed that the next distribution will happen straight away.


              Important information for taking distributions from AXA Distribution Fund and/or
              AXA High Yield Distribution Fund
              If you take income from one of our monthly distribution funds (AXA Distribution Fund or AXA High Yield
              Distribution Fund) immediately after your investment is made, part of your investment will provide the
              monthly income until the first half/quarter yearly distribution is made. This will reduce the growth potential
              and underlying value of your Bond below the amount you originally invested.

              When the underlying fund declares its half-yearly or quarterly distribution, a sixth or a third of this will be paid
              to you straight away.

              You will be sent a statement each month informing you of the amount of the monthly distribution. These
              amounts will vary from one month to the next. The total of the amounts could be less than the equivalent
              half-yearly or quarterly distributions. This is because the AXA Cash Fund, in which the distribution is invested,
              is subject to fund management charges which can reduce its value.





                                                         Investment Bond Fund Guide INCOME PRODUCING FUNDS




What if I choose to taking payments from the AXA Sterling Corporate Bond funds?
If you chose to take payments from the AXA Sterling Corporate Bond Fund or AXA Monthly Sterling
Corporate Bond Fund, this will affect the underlying value of your Investment Bond. Your personal
illustration does not reflect this.

If you take regular withdrawals from the AXA Monthly Sterling Corporate Bond Fund, part of your initial
investment will be used to provide the monthly withdrawals. This will continue until the first quarterly payment
is received. This is likely to reduce the growth potential and underlying value of your Investment Bond below
the amount you originally invested.

To give you an indication of how the underlying value of your Investment Bond could be affected please
see the below examples. Tables 9 to 12 illustrate £10,000 invested in the AXA Sterling Corporate Bond Fund
and the AXA Monthly Sterling Corporate Bond Fund Distribution Fund. They are based on the youngest
life insured being below 65 years.

Table 9 – AXA Sterling Corporate Bond Fund
       At             4% per year       growth the cash value would be          £8,450

       At             6% per year       growth the cash value would be          £10,200

       At             8% per year       growth the cash value would be          £12,300

Table 10 – AXA Sterling Corporate Bond Fund
                                    Total paid in          Distributions   Effect of deductions   What you might
      At end of year                  to date                                     to date           get back
                                         (£)                    (£)                 (£)                 (£)

                 1                     10,000                   408               1,320               8,840

                 2                     10,000                   814               1,380               8,970

                 3                     10,000                  1,210              1,460               9,100

                 4                     10,000                  1,610              1,320               9,450

                 5                     10,000                  2,020              1,200               9,810

                 10                    10,000                  4,080              2,100               10,200

    The effect of deductions over the term shown would be equivalent to bringing the investment growth
    rate used down from 6% to 4.4% each year.

Table 11 – AXA Monthly Sterling Corporate Bond Fund
w




            At          4% per year       growth the cash value would be          £8,460

            At          6% per year       growth the cash value would be          £10,200

            At          8% per year       growth the cash value would be          £12,300


Table 12 – AXA Monthly Sterling Corporate Bond Fund
                                    Total paid in         Distributions    Effect of deductions   What you might
      At end of year                  to date                                     to date           get back
                                         (£)                    (£)                 (£)                 (£)

                 1                     10,000                   408               1,330               8,840

                 2                     10,000                   813               1,380               8,980

                 3                     10,000                  1,210              1,460               9,110

                 4                     10,000                  1,610              1,330               6,460

                 5                     10,000                  2,020              1,200               9,810

                 10                    10,000                  4,080              2,100               10,200

    The effect of deductions over the term shown would be equivalent to bringing the investment growth
    rate used down from 6% to 4.4% each year.
                                                                                                                   
     INCOME PRODUCING FUNDS Investment Bond Fund Guide




                Important Notes
                We have assumed that you are taking full payments. The payments have been estimated to be 4.14%
                and the figures are based on the net yield at 31 December 2009 for the UK Corporate Bond Fund
                and Monthly UK Corporate Bond Fund. These amounts are not guaranteed and could fluctuate in
                the future, depending on market conditions. The payments will be paid in four instalments for the UK
                Corporate Bond Fund and twelve monthly amounts, based on the quarterly payments, for the Monthly
                UK Corporate Bond Fund.
                The illustration assumes the tiered allocation charging structure applies and that full commission has
                been paid to your financial adviser.
                Payments are made at the end of each calendar quarter for the UK Corporate Bond Fund. For the
                Monthly UK Corporate Bond Fund, monthly amounts, based on the quarterly payments, are declared
                at the end of each month. However, for the purposes of these illustrations, we have assumed that the
                next payment will happen straight away.





                                                Investment Bond Fund Guide FURTHER INFORMATION




Further information
The ‘My AXA’ website can provide you with information. Go to www.axa.co.uk to access more information
about our funds and products;

Alternatively you can contact us by calling 0845 300 0479; or write to us at:

AXA
PO Box 1810
Bristol
BS99 5SN
United Kingdom

As part of our commitment to quality service, telephone calls may be recorded.




                                                                                                        


                                                                                                               www.axa.co.uk




                                                                                                                                           AIBFG	/0/0	()




 The	address	for	written	communication	is	AXA,	PO	Box	0,	Bristol,	BS	SN.	The	telephone	number	of	AXA	is	0		000.		
   AXA	is	a	worldwide	insurance	group.	In	the	UK,	one	of	the	AXA	companies	is	AXA	Sun	Life	Services	plc	which	distributes	and		
administers	financial	products	and	services.	AXA	Sun	Life	Services	plc	is	authorised	and	regulated	by	the	Financial	Services	Authority		
 and	is	a	company	limited	by	shares,	registered	in	England	No.	0,	registered	office:		Old	Broad	Street,	London,	ECN	AD.		
                            As	part	of	our	commitment	to	quality	service,	telephone	calls	may	be	recorded.

				
DOCUMENT INFO