AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...
AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ... AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...
Tax information This Sub-Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please speak to an adviser. Sub-Fund's Depositary Sub-Fund's Auditor State Street Bank Luxembourg S.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg PricewaterhouseCoopers Sàrl 400, Route d’Esch L-1471 Luxembourg Other The AXA WORLD FUNDS – GLOBAL AGGREGATE BONDS is a Sub-Fund of AXA WORLD FUNDS. Other Sub-Funds exist for this umbrella and the assets of this Sub-Fund are independent from those of other Sub-Funds. Information about them can be found online at www.axa-im-international.com Date of publication August 2012 For this Sub-Fund, a Business Day shall be understood as a day on which banks are open all day for business in Luxembourg and in the United States of America. The value of this Sub-Fund is calculated and published daily. It is available online at www.axa-im-international.com Subscription and redemption of units in this Sub-Fund can be arranged through your adviser or distributor, in which case different subscription, redemption and conversion procedures and time limits may apply. Direct orders can also be sent to your national representative listed on our website at www.axa-im-international.com You can obtain copies of a more comprehensive document on this Sub-Fund in English (the Key Investor Information Document), as well as annual and half-yearly financial reports at any time, free of charge, by contacting us online at www.axa-im-international.com You can find other information about this Sub-Fund at www.axa-iminternational.com 238 Regulatory Authority Commission de Surveillance du Secteur Financier
Appendix 42: AXA WORLD FUNDS – GLOBAL CREDIT BONDS Name of the Sub-Fund AXA WORLD FUNDS – GLOBAL CREDIT BONDS Management Company AXA Funds Management S.A. (Luxembourg) Investment Manager AXA Investment Managers Paris Sub-delegation AXA Investment Managers Inc. for the investment management duties regarding the American non-government fixed income securities Promoted by AXA Investment Managers Objectives and Investment Policy Investment objective: The objective of the Sub-Fund is to achieve a mix of income and capital growth by investing in fixed and floating rate securities. Typical investors would seek a mix of income and capital growth measured in USD. Investment policy: The Investment Manager will seek to achieve the objectives of the Sub-Fund by investing in a diversified portfolio of transferable debt securities denominated in any freely convertible currencies issued by OECD or non OECD governments and other investment grade corporations or institutions and mortgages and asset backed securities, that are located anywhere in the world. The Sub-Fund may invest up to 15% of its assets in sub-investment grade securities (ie: rated lower than BBB- by Standard and Poor’s or lower than Baa3 by Moody’s or if unrated then deemed to be so by the Investment Manager). The Sub-Fund will invest permanently at least two thirds of its total assets in bonds from issuers located anywhere in the world. The Sub-Fund may invest not more than one third of its assets in Money Market Instruments. The Sub-Fund will invest not more than 10% of its net assets in units of UCITS and/or other UCIs � . For efficient portfolio management purposes, this Sub-Fund may also expose itself to such assets through the use of derivative instruments within the limits set forth in the section “Investment Restrictions”. The Reference Currency of the Sub-Fund is USD. Use of Derivatives: In order to achieve its management objectives, the Sub-Fund may in particular engage in the credit derivatives market by entering, i.a., into credit default swaps in order to sell or buy protection. A credit default swap “CDS” is a bilateral financial contract in which one counterparty (the protection buyer) pays a periodic fee in return for a contingent payment by the protection seller following a credit event of a reference issuer. The protection buyer acquires the right to sell a particular bond or other designated reference obligations issued by the reference issuer for its par value or the right to receive the difference between par value and market price of the said bond or other designated reference obligations (or some other designated reference or strike price) when a credit event occurs. A credit event is commonly defined as bankruptcy, insolvency, receivership, material adverse restructuring of debt, or failure to meet payment obligations when due. The International Swap and Derivatives Association (ISDA) has produced standardised documentation for these derivatives transactions under the umbrella of its ISDA Master Agreement. The Sub-Fund may use credit derivatives in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection. In addition, the Sub-Fund may, provided it is in its exclusive interest, buy protection under credit derivatives without holding the underlying assets. Provided it is in its exclusive interest, the Sub-Fund may also sell protection under credit derivatives in order to acquire a specific credit exposure. The Sub-Fund will only enter into OTC credit derivatives transactions with highly rated financial institutions specialised in this type of transaction and only in accordance with � Such paragraph shall take effect as from 1 st October 2012. 239
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Appendix 42: <strong>AXA</strong> <strong>WORLD</strong> <strong><strong>FUND</strong>S</strong> – GLOBAL CREDIT BONDS<br />
Name of the Sub-Fund <strong>AXA</strong> <strong>WORLD</strong> <strong><strong>FUND</strong>S</strong> – GLOBAL CREDIT BONDS<br />
Management Company <strong>AXA</strong> Funds Management S.A. (Luxembourg)<br />
Investment Manager <strong>AXA</strong> Investment Managers Paris<br />
Sub-delegation <strong>AXA</strong> Investment Managers Inc. for the investment management duties<br />
regarding the American non-government fixed income securities<br />
Promoted by <strong>AXA</strong> Investment Managers<br />
Objectives and Investment Policy<br />
Investment objective:<br />
The objective of the Sub-Fund is to achieve a mix of income and capital growth by investing in fixed and<br />
floating rate securities.<br />
Typical investors would seek a mix of income and capital growth measured in USD.<br />
Investment policy:<br />
The Investment Manager will seek to achieve the objectives of the Sub-Fund by investing in a diversified<br />
portfolio of transferable debt securities denominated in any freely convertible currencies issued by OECD<br />
or non OECD governments and other investment grade corporations or institutions and mortgages and<br />
asset backed securities, that are located anywhere in the world. The Sub-Fund may invest up to 15% of<br />
its assets in sub-investment grade securities (ie: rated lower than BBB- by Standard and Poor’s or lower<br />
than Baa3 by Moody’s or if unrated then deemed to be so by the Investment Manager).<br />
The Sub-Fund will invest permanently at least two thirds of its total assets in bonds from issuers located<br />
anywhere in the world. The Sub-Fund may invest not more than one third of its assets in Money Market<br />
Instruments.<br />
The Sub-Fund will invest not more than 10% of its net assets in units of UCITS and/or other UCIs � .<br />
For efficient portfolio management purposes, this Sub-Fund may also expose itself to such assets<br />
through the use of derivative instruments within the limits set forth in the section “Investment<br />
Restrictions”.<br />
The Reference Currency of the Sub-Fund is USD.<br />
Use of Derivatives:<br />
In order to achieve its management objectives, the Sub-Fund may in particular engage in the credit<br />
derivatives market by entering, i.a., into credit default swaps in order to sell or buy protection. A credit<br />
default swap “CDS” is a bilateral financial contract in which one counterparty (the protection buyer) pays<br />
a periodic fee in return for a contingent payment by the protection seller following a credit event of a<br />
reference issuer. The protection buyer acquires the right to sell a particular bond or other designated<br />
reference obligations issued by the reference issuer for its par value or the right to receive the difference<br />
between par value and market price of the said bond or other designated reference obligations (or some<br />
other designated reference or strike price) when a credit event occurs. A credit event is commonly<br />
defined as bankruptcy, insolvency, receivership, material adverse restructuring of debt, or failure to meet<br />
payment obligations when due. The International Swap and Derivatives Association (ISDA) has produced<br />
standardised documentation for these derivatives transactions under the umbrella of its ISDA Master<br />
Agreement. The Sub-Fund may use credit derivatives in order to hedge the specific credit risk of some of<br />
the issuers in its portfolio by buying protection. In addition, the Sub-Fund may, provided it is in its<br />
exclusive interest, buy protection under credit derivatives without holding the underlying assets. Provided<br />
it is in its exclusive interest, the Sub-Fund may also sell protection under credit derivatives in order to<br />
acquire a specific credit exposure. The Sub-Fund will only enter into OTC credit derivatives transactions<br />
with highly rated financial institutions specialised in this type of transaction and only in accordance with<br />
� Such paragraph shall take effect as from 1 st October 2012.<br />
239