## Administration: I USD
Legal form	SICAV
UCITS Compliant	Yes
AIF Compliant	No
Legal country	Luxembourg
1st NAV date	23/03/2011
Fund currency	USD
Shareclass currency	USD
Valuation	Daily
Share type	Accumulation
ISIN code	LU0447313635
Ongoing charges	0.63%
Performance fee : none
Management company	AXA Funds Management S.A.
(Sub) Financial delegation	AXA IM Paris
microeconomic analysis of the market:- sector allocation- geographical allocation- credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield)- issuer selection- instrument selection.The Sub-Fund invests:- at least two thirds of its total asset in corporate or government bonds issued worldwide- not more than one third of its assets in money market instrumentsThe Sub-Fund invests in securities rated, at the date of purchase, between AAA and BBB- according to Standard & Poor's (or equivalent rating according to Moody's or any other rating agency or if unrated then deemed to be so by the Investment Manager), and may invest not more than 15% of its total assets in securities rated between BB+ and B- by Standard & Poor's (or equivalent rating according to Moody's or any other rating agency) or unrated.In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager, securities will be sold within 6 months. If two different ratings of rating agencies exist, the lower rating will be considered, if more than two different ratings of rating agencies exist, the second highest rating will be considered.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 selection of credit instruments is not exclusively and mechanically based on their publicly available credit ratings but also
Delegation of account administration
State Street Bank International GmbH (Luxembourg Branch)
on an internal credit or market risk analysis. The decision to buy or sell assets is also based on other analysis criteria of the Investment
Custodian	State Street Bank International GmbH (Luxembourg Branch)
As disclosed in the most recent Annual Report, the ongoing charges calculation excludes performance fees, but includes management and applied services fees. The effective Applied Service Fee is accrued at each calculation of the Net Asset Value and included in the ongoing charges of each Share Class.

Translation (ENFR, 2021-12-30):
## Administration: I USD
Forme juridique	SICAV
Conforme Directive UCITS	Oui
Conforme Directive AIF	Non
Nationalité	Luxembourg
Date de la 1ère Valeur Liquidative	23/03/2011
Devise du fonds	USD
Devise du portefeuille	USD
Valorisation	Quotidienne
Type de part	Capitalisation
Code ISIN	LU0447313635
Frais estimés courants	0.63%
Commission de performance : Aucune
Société de gestion	AXA Funds Management S.A.
(Sous) Délégation fin.	AXA IM Paris
Délégation comptable
State Street Bank International GmbH (Luxembourg Branch)
Dépositaire	State Street Bank International GmbH (Luxembourg Branch)
Comme indiqué dans le dernier rapport annuel, le calcul des frais courants n’inclut pas la commission de performance, mais comprend les frais de gestion et la commission de service appliquée. La commission de service appliquée effective est provisionnée à chaque calcul de la VL et incluse dans les frais courants de chaque Classe d’Actions.