AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

e kept in the specific account opened for each co-managed entity outside the co-management arrangement and
through which subscriptions and redemptions must pass. The possibility to allocate substantial subscriptions and
redemptions to these specific accounts together with the possibility for the Company or its appointed agents to
decide at any time to terminate the co-management arrangement permit the Company to avoid the readjustments of
the assets of its Sub-Funds, if these readjustments are likely to affect the interest of the Company or the Sub-Funds
and of their Shareholders.
If a modification of the composition of the Company or one or several Sub-Fund’s assets resulting from redemptions
or payments of charges and expenses peculiar to another co-managed entity (i.e. not attributable to the Company or
the Sub-Fund concerned) is likely to result in a breach of the applicable investment restrictions, the relevant assets
shall be excluded from the co-management arrangement before the implementation of the modification in order for it
not to be affected by the ensuing adjustments.
Co-managed Assets shall only be co-managed with assets intended to be invested pursuant to investment objectives
identical to those applicable to the co-managed Assets in order to assure that investment decisions are fully
compatible with the investment policy of the Sub-Funds. Co-managed Assets shall only be co-managed with assets
for which the Custodian is also acting as custodian in order to ensure that the Custodian is able, with respect to the
Company or its Sub-Funds, to fully carry out its functions and responsibilities pursuant to the Law of 2010. The
Custodian shall at all times keep the Company's assets segregated from the assets of other of co-managed entities
and shall therefore be able at all time to identify the assets of the Company and of each Sub-Fund. Since comanaged
entities may have investment policies which are not strictly identical to the investment policy of a Sub-Fund,
it is possible that, as a result, the common policy implemented may be more restrictive than that of that Sub-Fund.
The Company may decide at any time and without notice to terminate the co-management arrangement.
Shareholders may at all times contact the registered office of the Company to be informed of the percentage of
assets which are co-managed and of the entities with which there is such a co-management arrangement at the time
of their request. Annual and semi-annual reports shall state the co-managed Assets' composition and percentages.
IX – SHARES
The minimum share capital of the Company is EUR 1,250,000. The share capital of the Company varies
automatically with the issue and redemption of Shares.
Shares are issued without par value. All Shares are issued as fully paid Shares and have equal rights and privileges,
in particular to participate in the profits and results of the Company. Fractions of registered Shares will be issued to
one thousandth of a Share. Each whole Share entitles the holder thereof to one vote in any meeting of Shareholders
of the Company, irrespective of the Net Asset Value of the Share.
Shares carry no preferential subscription, conversion or exchange rights. Shares are freely transferable except that
the Directors of the Company may in accordance with the Articles restrict the ownership of Shares by certain
persons.
At present no application has been made for the Shares to be listed on the Luxembourg Stock Exchange. However
the Directors of the Company reserve the right to list later on Shares of any Class on the Luxembourg or other Stock
Exchange.
Form of Shares
Shares of the Company are issued in registered form only and are usually issued in non-certificated form.
The ownership of non-certificated Shares is evidenced by an entry in the register of Shareholders. Following an initial
application, each Shareholder will be advised of a Personal Account Number. This number should be quoted in all
further communication.
Non-certificated Shares enable Shareholders to request conversions or redemptions on any Business Day without
delay and consequently the Company recommends investors to maintain their Shares in uncertified form.
Title to certificated Shares is recorded by an entry on the register of Shareholders and in addition is evidenced by the
issue of Share certificates. However, Share certificates are only available upon request at the time of application.
Classes of Shares
The Directors are authorised without limitation to issue Shares of any Class at any time within each Sub-Fund. Upon
creation of new Classes, the Prospectus will be updated accordingly.
There are currently 10 categories of Classes of Shares available in the Company:
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