AXA WF Global High Yield Bonds

Important Note to Hong Kong Investors:

• This is a sub-fund of AXA World Funds which is a Luxembourg based open-ended investment company with several separate sub-funds (individually the "Sub-Fund" and collectively the "Sub-Funds") each with different investment objectives and risks profile.
• The Sub-Fund seeks high income, in USD, from an actively managed bond portfolio.  Capital growth is a secondary objective.  Some of the high yield securities held in the portfolio may involve increased credit and market risk. 
• The Sub-Fund invests in securities issued or listed in different countries which may expose to movements of foreign exchange rates, changes in relevant laws or restrictions, changes in exchange control regulations or price volatility.
• The Sub-Fund may focus investing in certain companies, groups of companies, sectors of the economy, countries or geographical regions, or ratings which may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory risks and also to Eurozone political, regulatory, economic and convertibility risk.
• The Sub-Fund may subject to interest rate, credit, counterparty, rating downgrade, valuation, reliability of credit ratings, contingent convertible bonds (Cocos), foreign exchange and currency, 144A securities and ESG risks.
• This Sub-Fund may use derivative instruments and may subject the investor to additional risks including counterparty/credit, volatility, valuation, leverage, liquidity, and over-the-counter transaction risks.
• For the Distribution Shares, investors should be aware that dividends may be paid directly or effectively out of the Sub-Funds’ capital at the Management Company's discretion. This may result in an immediate decrease in the net asset value per share of the Distribution Shares. Payment of distribution out of the Sub-Funds’ capital amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investment, which may further decrease the net asset value per share and may also reduce the capital available for the Sub-Funds for future investment and capital growth.
• Investors should not make investment decision on the basis of this document alone. The offering documents of the Fund should be read for further details including risk factors.