AXA ROSENBERG EQUITY ALPHA TRUST UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED September 30, 2020 (A UCITS umbrella open-ended Unit Trust authorised by the Central Bank of Ireland pursuant to the provisions of the UCITS Regulations) AXA ROSENBERG EQUITY ALPHA TRUST Contents Directory 1 FundProfile,InvestmentManager’sReport,PerformanceSummaryandPrimaryStatements AXARosenbergAll-CountryAsiaPacificEx-JapanEquityAlphaFund 2 AXARosenbergAllCountryAsiaPacificEx-JapanSmallCapAlphaFund 8 AXARosenbergEuroblocEquityAlphaFund 14 AXARosenbergGlobalEmergingMarketsEquityAlphaFund 20 AXARosenbergGlobalEquityAlphaFund 27 AXARosenbergGlobalSmallCapAlphaFund 34 AXARosenbergJapanEnhancedIndexEquityAlphaFund 41 AXARosenbergJapanEquityAlphaFund 47 AXARosenbergJapanSmallCapAlphaFund 53 AXARosenbergPacificEx-JapanEquityAlphaFund 59 AXARosenbergPan-EuropeanEnhancedIndexEquityAlphaFund 65 AXARosenbergPan-EuropeanEquityAlphaFund 71 AXARosenbergUSEnhancedIndexEquityAlphaFund 77 AXARosenbergUSEquityAlphaFund 84 NotestotheFinancialStatements 90 ScheduleofInvestments AXARosenbergAll-CountryAsiaPacificEx-JapanEquityAlphaFund 116 AXARosenbergAllCountryAsiaPacificEx-JapanSmallCapAlphaFund 119 AXARosenbergEuroblocEquityAlphaFund 124 AXARosenbergGlobalEmergingMarketsEquityAlphaFund 126 AXARosenbergGlobalEquityAlphaFund 130 AXARosenbergGlobalSmallCapAlphaFund 134 AXARosenbergJapanEnhancedIndexEquityAlphaFund 139 AXARosenbergJapanEquityAlphaFund 143 AXARosenbergJapanSmallCapAlphaFund 147 AXARosenbergPacificEx-JapanEquityAlphaFund 151 AXARosenbergPan-EuropeanEnhancedIndexEquityAlphaFund 154 AXARosenbergPan-EuropeanEquityAlphaFund 157 AXARosenbergUSEnhancedIndexEquityAlphaFund 160 AXARosenbergUSEquityAlphaFund 166 StatementofMajorPortfolioChanges 171 OtherInformation 185 SecuritiesFinancingTransactionsRegulationDisclosure 188 AXA ROSENBERG EQUITY ALPHA TRUST Directory Manager DirectorsoftheManager Trustee AXARosenbergManagement TheDirectorsoftheManagerareas StateStreetCustodialServices IrelandLimited follows: (Ireland)Limited 78SirJohnRogerson’sQuay 78SirJohnRogerson’sQuay Dublin2 DavidCooke(Ireland) Dublin2 Ireland KevinO’Brien(Ireland)* Ireland GideonSmith(UK) JosephineTubbs(UK) Jean-LouisLaforge(France) PeterWarner(UK) AllDirectorsare non-executiveDirectors InvestmentManager Administrator,RegistrarandTransferAgent IndependentAuditors AXAInvestmentManagers StateStreetFundServices PricewaterhouseCoopers UKLimited (Ireland)Limited CharteredAccountantsand 155Bishopsgate 78SirJohnRogerson’sQuay RegisteredAuditors LondonEC2M3XJ Dublin2 LeggettsrathBusinessPark UnitedKingdom Ireland DublinRoad Kilkenny Ireland Sub-InvestmentManagers LegalAdviserstotheTrust Secretary AXARosenbergInvestment WilliamFry TudorTrustLimited ManagementLLC 2GrandCanalSquare 33SirJohnRogerson’sQuay 4OrindaWayBldgE Dublin2 Dublin2 OrindaCA94563 Ireland Ireland UnitedStates AXAInvestmentManagersAsia (Singapore)Ltd. 1GeorgeStreet#14-02/03 Singapore049145 Singapore *DenotesIndependentDirector. 1 AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND Fund Profile As at September 30, 2020 PortfolioCharacteristics TenLargestHoldings(%oftotalPortfolio) Portfolio Benchmark Portfolio Benchmark % % Price/Earnings 15.46 22.88 Price/Earnings(Forecast) 11.55 15.84 AlibabaGroupHoldingLtd-ADR 9.29 7.93 Price/Book 1.23 1.73 TencentHoldingsLtd 6.46 5.69 Yield(%) 2.84 2.39 TaiwanSemiconductorManufacturingCo 4.88 5.54 WeightedAverageMarketCap($mil) 164,756.44 165,963.77 Ltd TotalNumberofStocks 185 1,187 SamsungElectronicsCoLtd 2.62 4.11 HongKongExchanges&ClearingLtd 2.16 0.85 The data contained in the chart above has been compiled or InfosysLtd 2.09 0.71 arrived at by an investment management company, AXA SKHynixInc 1.97 0.59 Investment Managers UK Limited (the “Investment Manager”) WesfarmersLtd 1.80 0.54 fromsourceshonestlybelievedbysuchinvestmentmanagement HyundaiMotorCo 1.79 0.41 companytobereliableandingoodfaith.Thedataisprovidedfor HonHaiPrecisionIndustryCoLtd 1.75 0.50 informationpurposesonlyandcannotberegardedasawarranty as to performance or profitability of the Portfolio under TotalExpenseRatios management by the investment management company. You shouldrememberthatthevalueofinvestmentscangodownas UnitClass ISIN % wellasupandisnotguaranteed. A$ IE00B03Z0P68 1.07 MarketDiversification(%ofPortfolio) A€ IE00BD007M18 1.08 B€ IE00B03Z0R82 1.61 E€ IE00B03Z0S99 2.48 Portfolio Benchmark Weight% Weight% M$ IE00B3DJ2Z39 0.38 Australia 11.47 13.62 Methodology China 40.06 39.66 HongKong 5.40 6.83 TheTotalExpenseRatios((cid:2)TER(cid:2))iscalculatedonanex-postbasis India 10.92 8.00 (i.e.basedontheactualcostscharged),byreferencetothefiscal Indonesia 0.76 1.19 year. Malaysia 0.95 1.65 NewZealand 0.04 0.64 The TER is equal to the ratio of the total operating costs to the Philippines 0.63 0.72 average Net Asset Value ((cid:2)NAV(cid:2)). Total operating costs are Singapore 1.19 2.18 expensesdeductedfromtheassetsfortherelevantfiscalperiod. SouthKorea 12.8 11.59 TheaverageNAViscalculatedusingtheNAVasateachvaluation Taiwan 14.08 12.21 point. Thailand 1.70 1.71 OngoingCharges SectorDiversification(%ofPortfolio) UnitClass ISIN % Portfolio Benchmark A$ IE00B03Z0P68 1.04 % % A€ IE00BD007M18 1.04 CommunicationServices 13.54 11.25 B€ IE00B03Z0R82 1.70 ConsumerDiscretionary 21.62 18.46 E€ IE00B03Z0S99 2.45 ConsumerStaples 2.97 5.38 M$ IE00B3DJ2Z39 0.39 Energy 1.04 3.30 Financials 12.82 19.13 Methodology HealthCare 6.75 6.17 Theongoingchargesfigure((cid:2)OCF(cid:2))isbasedonexpensesforthe Industrials 6.06 5.45 twelve month period ending August, 2020. This figure may vary InformationTechnology 25.94 17.97 from year to year. As per the UCITS Directive, it includes Materials 5.57 5.93 stocklendingfeesandexcludesportfoliotransactioncosts,except RealEstate 1.40 4.70 inthecaseofanentry/exitchargepaidbytheFundwhenbuying Utilities 2.29 2.26 orsellingunitsinanothercollectiveinvestmentundertaking. 2 AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND Investment Manager’s Report TheMSCIACAsiaexJapanindexrose29.8%inUSdollartermsoverthereviewperiod.TheFundoutperformedthebenchmarkindexover the period, net of fees and expenses applicable to the A USD share class. Stock selection and industry positioning provided positive contributionstorelativereturnswhiletheFund’sfocusonbuyingattractivelyvaluedstocksbasedonearningsandassetsdraggedonreturns. Theunderweightexposuretothebankingindustryprovidedapositivecontributionasthefinancialssectorfailedtoparticipateinthemarket recovery,laggingbysomemargin.Strongstockpickscamefromwithinthetechnologysector,whichledthemarketoverthisperiod.Above- benchmarkpositionsin,HCLTechnologies,UnitedMicroelectronicsandLGelectronicsallfeaturedamongthelargestcontributorstorelative returns. Performance Summary Cumulativeperformance:September30,2020 Performancesummary–ClassAUnits 6Monthsto 3Years 5Years Inception September30,2020 Annualised Annualised Date AXARosenbergAll-CountryAsiaPacificEx-JapanEquityAlphaFund($) 30.56% 1.22% 8.32% 28-Feb-05 MSCIACAsiaPacificex-Japan 29.61% 4.38% 10.13% Alpha 0.95% (3.16%) (1.81%) FundperformanceiscalculatedonaNAVtoNAVbasis. AllBenchmarkperformanceisquotednetoftax. PerformancereturnsfortheFundandbenchmarkareshownintheFund’sbasecurrencyasindicated. Data Source: Benchmark prices are obtained from the relevant benchmark provider. NAVs are calculated by State Street Fund Services (Ireland)Limited(the(cid:2)Administrator(cid:2))ofAXARosenbergEquityAlphaTrust(the“Trust”). AXAInvestmentManagersUKLimited Date:November18,2020 3 AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND Statement of Comprehensive Income For the period ended September 30, 2020 Notes Periodended Periodended September30,2020 September30,2019 USD USD Income Dividendincome 400,484 531,754 Securitieslendingincome 8 - 130 Otherincome 27 497 Netgain/(loss)oninvestmentsandforeigncurrency 4 4,270,583 (2,012,538) TotalNetIncome/(Loss) 4,671,094 (1,480,157) Expenses Managementfees 5 (27,372) (43,120) Custodyfees 5 (21,043) (28,904) Administrationfees 5 (4,544) (6,588) Auditfees (482) (348) Trusteefees 5 (483) (1,057) Legalandprofessionalfees (298) (145) Otherexpenses (12,440) (8,208) TotalOperatingExpenses (66,662) (88,370) OperatingProfit/(Loss) 4,604,432 (1,568,527) FinanceCost Interestpaid (303) (520) (303) (520) Profit/(Loss)forthefinancialperiodbeforetax 4,604,129 (1,569,047) Withholdingtaxondividendsandotherinvestmentincome (41,851) (54,088) Capitalgainstax 24,999 (21,039) Netmovementinnetassetsfromoperationsattributabletoholdersof redeemableparticipatingunits 4,587,277 (1,644,174) Allamountsarosesolelyfromcontinuingoperations. TherewerenorecognisedgainsorlossesotherthanthosedealtwithintheStatementofComprehensiveIncome. Theaccompanyingnotesareanintegralpartofthefinancialstatements. 4 AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND Statement of Financial Position As at September 30, 2020 Asat Asat September30,2020 March31,2020 USD USD Assets Financialassetsatfairvaluethroughprofitorloss: Investmentsatfairvalue 16,289,541 14,972,574 Unrealisedgainonforwardforeigncurrencyexchangecontracts - 7 Cashatbank 53,973 - Duefrombrokers 67 436,137 Subscriptionsreceivable 19,337 338 Dividendsreceivable 40,089 54,289 TotalAssets 16,403,007 15,463,345 Liabilities Financialliabilitiesatfairvaluethroughprofitorloss: Unrealisedlossonforwardforeigncurrencyexchangecontracts - (49) Bankoverdraft - (4,764) Redemptionspayable - (387,640) Accruedexpenses (14,255) (36,110) TotalLiabilities(excludingnetassetsattributabletoholdersof redeemableparticipatingunits) (14,255) (428,563) Netassetsattributabletoholdersofredeemableparticipatingunits 16,388,752 15,034,782 Theaccompanyingnotesareanintegralpartofthefinancialstatements. 5 AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND Net Asset Value* table As at September 30, 2020 September30,2020 March31,2020 September30,2019 ClassAUSD NAVofUnitClass $9,846 $1,508,869 $2,803,333 NumberofUnitsOutstanding 367 73,417 118,588 NAVperUnit $26.83 $20.55 $23.64 ClassAEUR NAVofUnitClass €3,367,818 €2,759,629 €3,194,595 NumberofUnitsOutstanding 231,057 231,057 231,057 NAVperUnit €14.58 €11.94 €13.83 ClassAHedgedEUR** NAVofUnitClass - €1,747 €2,046 NumberofUnitsOutstanding - 200 200 NAVperUnit - €8.74 €10.23 ClassBUSD*** NAVofUnitClass - - $19,785 NumberofUnitsOutstanding - - 1,489 NAVperUnit - - $13.29 ClassBEUR NAVofUnitClass €716,701 €606,568 €1,158,320 NumberofUnitsOutstanding 33,643 34,636 56,925 NAVperUnit €21.30 €17.51 €20.35 ClassEEUR NAVofUnitClass €648,364 €829,888 €1,225,319 NumberofUnitsOutstanding 35,601 55,223 69,938 NAVperUnit €18.21 €15.03 €17.52 ClassMUSD NAVofUnitClass $10,828,889 $8,919,840 $11,013,483 NumberofUnitsOutstanding 363,548 391,936 422,228 NAVperUnit $29.79 $22.76 $26.08 *dealingNAV. **ThisshareclassterminatedasofMay12,2020. ***ThisshareclassterminatedasofMarch24,2020. Theaccompanyingnotesareanintegralpartofthefinancialstatements. 6 AXA ROSENBERG ALL-COUNTRY ASIA PACIFIC EX-JAPAN EQUITY ALPHA FUND Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units For the period ended September 30, 2020 Periodended Periodended September30,2020 September30,2019 USD USD Balanceatbeginningofperiod 15,034,782 22,355,564 Movementinnetassetsfromoperationsattributabletoholdersof redeemableparticipatingunits 4,587,277 (1,644,174) Issueofredeemableunitsduringtheperiod 1,316,568 466,961 Redemptionofredeemableunitsduringtheperiod (4,549,875) (1,258,130) Balanceatendofperiod 16,388,752 19,920,221 Theaccompanyingnotesareanintegralpartofthefinancialstatements. 7 AXA ROSENBERG ALL COUNTRY ASIA PACIFIC EX-JAPAN SMALL CAP ALPHA FUND Fund Profile As at September 30, 2020 PortfolioCharacteristics TenLargestHoldings(%oftotalPortfolio) Portfolio Benchmark Portfolio Benchmark % % Price/Earnings 11.56 25.21 Price/Earnings(Forecast) 9.81 16.51 AnsellLtd 1.46 0.42 Price/Book 0.87 1.33 OZMineralsLtd 1.44 0.41 Yield(%) 3.39 2.75 JBHi-FiLtd 1.22 0.47 WeightedAverageMarketCap($mil) 1,601.54 1,714.35 PropertyforIndustryLtd 1.07 0.00 TotalNumberofStocks 430 1,438 MineralResourcesLtd 1.05 0.35 WistronCorp 1.04 0.00 The data contained in the chart above has been compiled or CompalElectronicsInc 1.02 0.00 arrived at by an investment management company, the HarveyNormanHoldingsLtd 1.02 0.22 Investment Manager from sources honestly believed by such GreatWallEnterpriseCoLtd 1.02 0.10 investmentmanagementcompanytobereliableandingoodfaith. CJCorp 1.02 0.00 Thedataisprovidedforinformationpurposesonlyandcannotbe regarded as a warranty as to performance or profitability of the TotalExpenseRatios Portfolio under management by the investment management company.Youshouldrememberthatthevalueofinvestmentscan UnitClass ISIN % godownaswellasupandisnotguaranteed. A$ IE0008367009 1.13 MarketDiversification(%ofPortfolio) A€ IE00BD008N99 1.14 A€Hedged IE00BD008P14 1.17 Portfolio Benchmark B$ IE0004334029 1.82 Weight% Weight% B€ IE0031069499 1.81 E€ IE0034277479 2.57 Australia 21.38 24.07 China 10.36 8.89 Methodology HongKong 4.10 6.15 India 12.17 10.42 The TER is calculated on an ex-post basis (i.e. based on the Indonesia 0.39 1.38 actualcostscharged),byreferencetothefiscalyear. Malaysia 3.80 2.66 NewZealand 2.84 2.74 The TER is equal to the ratio of the total operating costs to the Philippines 1.96 0.58 average Net Asset Value ((cid:2)NAV(cid:2)). Total operating costs are Singapore 3.66 5.36 expensesdeductedfromtheassetsfortherelevantfiscalperiod. SouthKorea 14.09 14.95 TheaverageNAViscalculatedusingtheNAVasateachvaluation Taiwan 22.94 20.08 point. Thailand 2.31 2.72 OngoingCharges SectorDiversification(%ofPortfolio) UnitClass ISIN % Portfolio Benchmark A$ IE0008367009 1.08 % % A€ IE00BD008N99 1.06 CommunicationServices 2.83 4.48 A€Hedged IE00BD008P14 1.11 ConsumerDiscretionary 14.64 14.28 B$ IE0004334029 1.77 ConsumerStaples 6.65 4.60 B€ IE0031069499 1.77 Energy 0.96 1.99 E€ IE0034277479 2.52 Financials 9.01 7.34 HealthCare 9.15 9.84 Methodology Industrials 10.12 13.35 InformationTechnology 23.77 17.25 TheOCFisbasedonexpensesforthetwelvemonthperiodending Materials 14.32 12.60 August,2020.Thisfiguremayvaryfromyeartoyear.Asperthe UCITS Directive, it includes stocklending fees and excludes RealEstate 6.49 11.45 portfolio transaction costs, except in the case of an entry/exit Utilities 2.06 2.82 charge paid by the Fund when buying or selling units in another collectiveinvestmentundertaking. 8