AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

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Appendix 44: AXA WORLD FUNDS – GLOBAL HIGH YIELD BONDS Name of the Sub-Fund AXA WORLD FUNDS – GLOBAL HIGH YIELD BONDS Management Company AXA Funds Management S.A. (Luxembourg) Investment Manager AXA Investment Managers UK Limited (London) Sub-delegation AXA Investment Managers Inc. for the investment management duties regarding the American fixed income securities Promoted by AXA Investment Managers Objectives and Investment Policy Investment objective: The objective of this Sub-Fund is to achieve a high income by investing in fixed and floating rate securities, with capital growth being a secondary consideration. Typical investors would seek a high income measured in USD. Investment policy: The Investment Manager will seek to achieve the objective of the Sub-Fund by investing the assets of the Sub-Fund in a broadly diversified portfolio of international fixed income transferable debt securities issued mainly by American and European corporations. These securities will primarily be sub-investment grade (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). There is no formal restriction on the proportion of the Sub-Fund’s assets that can be invested in and/or exposed to any one geographical market segment. Notwithstanding the limits set forth in the section "Investment Restrictions" of the Prospectus, the Sub- Fund may not invest more than 5% of its net assets in UCITS and/or other UCI. 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 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 provided that the maximum limit in terms of inherent commitment to CDS not used for hedging purpose does not exceed 20% of its net assets. 252
Risk Profile This Sub-Fund is mainly invested in fixed income related assets for which there is risk of invested capital loss. Special Risk Consideration Derivatives Risk and Leverage: The Sub-Fund may use both listed and OTC derivatives for investment or hedging purposes, but also repurchase or securities lending agreement. These instruments are volatile and may be subject to various types of risks, including but not limited to market risk, liquidity risk, credit risk, counterparty risk, legal risk and operations risks. In addition, the use of derivatives can involve significant economic leverage and may, in some cases, involve significant risks of loss. Furthermore, Investments in OTC derivatives may have limited secondary markets liquidity and it may be difficult to assess the value of such a position and its exposure to risk. For these reasons, there can be no guarantee that strategies using derivatives instruments will meet their expected target. Risks of Global Investments: Investments in securities issued or listed in different countries may imply the application of different standards and regulations (accounting, auditing and financial reporting standards, clearance and settlement procedures, taxes on dividends…). Investments may be affected by movements of foreign exchange rates, changes in laws or restrictions applicable to such investments, changes in exchange control regulations or price volatility. Risk linked to high yield debt securities: Some of the high yield securities held in the portfolio may involve increased credit and market risk; such securities are subject to the risk of an issuer’s inability to meet principal and interest payments on its obligations (credit risk) and may also be subject to price volatility due to such factors as interest rate movements, market perception of the creditworthiness of the issuer and general market liquidity. Investment Horizon This Sub-Fund is appropriate for investors who do not withdraw their money for seven years. For more details about risks, please refer to general part of the Prospectus, sections entitled “General Risk Considerations” and “Special Risk Considerations”. 253
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VISA 2012/87115-1979-0-PC L'apposit
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APPENDIX 46: AXA WORLD FUNDS - UNIV
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GLOSSARY Administrative Expenses -
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DIRECTORY Board of Directors: Mr Jo
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PART I APPENDICES RELATING TO SUB-F
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Hong Kong The Company is authorised
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Appendix 1: AXA WORLD FUNDS - FRAML
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One-off charges (3) Ongoing charges
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Date of creation of the Sub-Fund Sh
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Sub-Fund's Auditor PricewaterhouseC
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Risks of global investments: Invest
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(6) They do not include transaction
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counterparty receives the underlyin
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Tax information This Sub-Fund might
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Minimum subscriptions and maximum c
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Name of the Sub-Fund Appendix 7: AX
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Ongoing charges (6) Maximum annual
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Date of publication August 2012 Sub
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Date of publication August 2012 thr
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Investment Horizon This Sub-Fund is
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Appendix 11: AXA WORLD FUNDS - FRAM
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Date of publication August 2012 and
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Investment Horizon This Sub-Fund is
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(6) Calculated on assets in custody
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Date of publication August 2012 int
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Risks of global investments: Invest
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(3) The one-off charges shown are t
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Holders of Shares held in Euroclear
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This Sub-Fund is appropriate for in
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Date of publication August 2012 The
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All these instruments may be used a
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Minimum initial subscription Minimu
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(1) Subscriptions in USD or the equ
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(7) Calculated on assets in custody
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Name of the Sub-Fund Appendix 22: A
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Liquidity risks linked to investmen
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divided by the total Net Asset Valu
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Subscription, redemption, and conve
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Other The AXA WORLD FUNDS - FRAMLIN
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and may be subject to various types
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(4) Conversion charges: None, excep
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underlying assets. Provided it is i
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(4) Conversion charges: None, excep
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Appendix 30: AXA WORLD FUNDS - EURO
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(1) (2) Subscriptions and Holding M
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contract note. Holders of Shares he
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(or some other designated reference
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(5) Although no management fee will
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(or some other designated reference
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(5) Although no management fee will
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Minimum initial subscription Minimu
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- The Shareholder converts its Shar
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Appendix 52: AXA WORLD FUNDS - FORC
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Sub-Fund's Depositary Sub-Fund's Au
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and market price of the said bond o
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Date of publication August 2012 abo
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Use of Derivatives: In order to ach
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In order to achieve its management
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Unless otherwise specifically reque
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interest, the Sub-Fund may also sel
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Appendix 57: AXA WORLD FUNDS - OPTI
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Risk Profile This Sub-Fund is inves
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annually, after the end of the rele
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documentation for these derivatives
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Date of publication August 2012 thr
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AXA I - GENERAL INFORMATION AXA is
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(ii) AXA Investment Management Inc.
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The Equity Sub-Funds: their objecti
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Furthermore, there may be an imperf
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securities dealers and listed and u
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9. Risks linked to investments in s
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eserves amount to at least ten mill
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(b) Limitations on Control (15) No
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Furthermore, the Company may resort
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VIII - POOLING OF ASSETS For the pu
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- Class “A” Shares are for all
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their reasonably foreseeable sales
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distributor information about the s
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Instructions for redemptions may be
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Institutional Investors as well as
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- the "Liquidity" Sub-Funds (the po
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c) Rights of the Shareholders and c
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� the cost of preparing and filin
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