AXA WF-US Short Dur.H.Y.Bonds F USD/  LU1319657885  /

The Sub-Fund seeks to achieve primarily high attractive income and secondly capital growth by investing in US high yield debt securities over a medium term period. The Sub-Fund is actively managed without reference to any benchmark in order to capture opportunities in US high yield debt market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market: - issuer selection - sector allocation - credit curve positioning (the credit curve illustrates the relationship between the investment term and the credit yield) The Sub-Fund invests in high yield fixed or floating rate bonds primarily issued by corporates domiciled primarily in the US and with an expected life term or redemption inferior to 3 years on the basis of the asset manager anticipations. Such high return bonds have a rating lower than BBB- according to Standard & Poor's or equivalent (Moody's or other rating agencies) or are not rated.

The Sub-Fund seeks to achieve primarily high attractive income and secondly capital growth by investing in US high yield debt securities over a medium term period.