AXA WF US Enh. High Yield Bonds I $

Investment Objective The Sub-Fund's objective is to seek high income, in USD, mainly through exposure to short duration securities of US domiciled companies. Investment Policy The Sub-Fund is actively managed without reference to a benchmark.The following investment decisions are taken after 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 implementation of leverage is a core element of the Sub-Fund's investment strategy. Leverage may be used by the Sub-Fund through total return swaps (TRS) referencing single securities (transactions the purpose of which is to transfer to a counterparty, or receive from such counterparty, the total return from a broad type of single assets on short duration corporate bonds). The TRS will be dynamically managed to gain exposure to underlying single-name short duration corporate high yield bonds primarily issued by US companies. Leverage may vary over time depending on the market conditions.The Sub-Fund is exposed to high yield corporate bonds and floating rate debt securities with short duration issued by US companies. Specifically, the Sub-Fund mainly invests in or is exposed through derivatives to high yield corporate bonds and floating rate debt securities that are issued primarily by companies domiciled in the US. Such high yield securities may be, to a significant extent, rated CCC or below by Standard & Poor's or equivalent rating by Moody's. If securities are unrated, they must be judged equivalent to those levels by the Investment Manager.The Sub-Fund may, up to 10%, hold distressed and defaulted securities as a result of their rating downgrade, if they are considered to be consistent with the Sub-Fund's objective. These securities are expected to be sold within 6 months unless specific events prevent the Investment Manager from sourcing their liquidity.The

PIR compliant

No

PEA compliant

No

PEA-PME compliant

No