AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...
AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ... AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...
the Company will pay dividends. Interim dividends may be paid if and when decided by the Directors in compliance with applicable law. Any dividend payments will be confirmed in writing to the holders of Distribution Shares. Unless otherwise specifically requested on the application form, dividends will be reinvested in further Shares of the same Class within the same Sub-Fund and shareholders will be advised of the details by a contract note. Holders of Shares held in Euroclear or Clearstream are not able to have their dividends reinvested. Dividends will be paid to Euroclear or Clearstream which will account for these amounts to the relevant shareholders. 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 CREDIT 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, in France, in the United Kingdom, in the United States of America and in Japan. 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 244 Regulatory Authority Commission de Surveillance du Secteur Financier
Appendix 43: AXA WORLD FUNDS – GLOBAL EMERGING MARKETS BONDS Name of the Sub-Fund AXA WORLD FUNDS – GLOBAL EMERGING MARKETS BONDS Management Company AXA Funds Management S.A. (Luxembourg) Investment Manager AXA Investment Managers Paris Sub-delegation None Promoted by AXA Investment Managers Objectives and Investment Policy Investment objective: The objective of the Sub-Fund is to seek performance through dynamic exposure mainly to debt securities issued in the emerging debt universe. In addition, the Investment Manager will try to reduce the emerging markets debt exposure of the Sub-Fund by hedging part of the bonds risk through various strategies, including mainly the sale or purchase of protection via credit default swaps. The Sub-Fund aims to get all the potential return of the emerging markets debt while limiting emerging markets debt risk. Investment policy: The Investment Manager will seek to achieve the objectives of the Sub-Fund by investing at all time at least two thirds of its total assets in transferable debt securities issued in the emerging debt universe worldwide. The Sub-Fund will invest in transferable debt securities issued by local emerging countries and public or private companies. The Sub-Fund may invest not more than one third of its assets in Money Market Instruments, not more than one quarter of its assets in convertible securities. The Sub-Fund will not invest in equity and equity related instruments. 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 Investment Manager will also hedge part of the currency risks. In an effort to enhance the portfolio’s risk/reward profile, this Sub-Fund may attempt to hedge the risk exposures that are not expected to contribute to the portfolio’s performance. The Sub-Fund will invest not more than 10% of its net assets in units of UCITS and/or other UCIs � . 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 the standard terms laid down by the ISDA Master Agreement. The maximum exposure of the Sub-Fund may not exceed 100% of its net assets. � Such paragraph shall take effect as from 1 st October 2012. 245
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the Company will pay dividends. Interim dividends may be paid if and when<br />
decided by the Directors in compliance with applicable law. Any dividend<br />
payments will be confirmed in writing to the holders of Distribution Shares.<br />
Unless otherwise specifically requested on the application form,<br />
dividends will be reinvested in further Shares of the same Class within<br />
the same Sub-Fund and shareholders will be advised of the details by a<br />
contract note.<br />
Holders of Shares held in Euroclear or Clearstream are not able to have their<br />
dividends reinvested. Dividends will be paid to Euroclear or Clearstream which<br />
will account for these amounts to the relevant shareholders.<br />
Tax information This Sub-Fund might be subject to specific tax treatment in Luxembourg.<br />
Depending on your own country of residence, this might have an impact on<br />
your investment. For further details, please speak to an adviser.<br />
Sub-Fund's<br />
Depositary<br />
Sub-Fund's<br />
Auditor<br />
State Street Bank Luxembourg S.A.<br />
49, Avenue J.F. Kennedy<br />
L-1855 Luxembourg<br />
PricewaterhouseCoopers Sàrl<br />
400, Route d’Esch<br />
L-1471 Luxembourg<br />
Other The <strong>AXA</strong> <strong>WORLD</strong> <strong><strong>FUND</strong>S</strong> – GLOBAL CREDIT BONDS is a Sub-Fund of <strong>AXA</strong><br />
<strong>WORLD</strong> <strong><strong>FUND</strong>S</strong>. Other Sub-Funds exist for this umbrella and the assets of<br />
this Sub-Fund are independent from those of other Sub-Funds. Information<br />
about them can be found online at www.axa-im-international.com<br />
Date of<br />
publication<br />
August 2012<br />
For this Sub-Fund, a Business Day shall be understood as a day on which<br />
banks are open all day for business in Luxembourg, in France, in the United<br />
Kingdom, in the United States of America and in Japan.<br />
The value of this Sub-Fund is calculated and published daily. It is available<br />
online at www.axa-im-international.com<br />
Subscription and redemption of units in this Sub-Fund can be arranged<br />
through your adviser or distributor, in which case different subscription,<br />
redemption and conversion procedures and time limits may apply. Direct<br />
orders can also be sent to your national representative listed on our website at<br />
www.axa-im-international.com<br />
You can obtain copies of a more comprehensive document on this Sub-Fund<br />
in English (the Key Investor Information Document), as well as annual and<br />
half-yearly financial reports at any time, free of charge, by contacting us online<br />
at www.axa-im-international.com<br />
You can find other information about this Sub-Fund at www.axa-iminternational.com<br />
244<br />
Regulatory Authority<br />
Commission de Surveillance du Secteur<br />
Financier