Invest in the fast-growing bond market

2. The Fund intends to invest at least 70% of its net assets in non-investment grade bonds (i.e. assigned with a rating of below BBB- by Standard & Poor’s or Fitch Ratings or below Baa3 by Moody’s) or bonds which are unrated. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated debt securities.

3. The Fund’s investments in emerging markets, e.g. PRC, may involve a greater risk than developed markets including sharp price movements, liquidity risk and currency risk. The Fund’s investment in a single market may be subject to higher level of risks comparing to a fund investing in a more diversified portfolio/strategy. Under extreme market circumstances, the Fund may suffer substantial loss.

4. The Fund may use financial derivative instruments (”FDI”) for hedging and investment purposes. Although FDI will not be used extensively for investment purposes, the use of derivatives may involve additional risks, e.g. leverage, liquidity, counterparty risks.

5. Specifically for the A-mdist unit class(es), the Fund may at the discretion of the Manager make distributions out of capital or out of gross income while charging/paying all or part of the Fund’s fees and expenses to/out of capital of the Fund, resulting in an increase in the payment of dividends by the Fund. Payment of dividends out of capital or on a gross-of-fee basis may result in an immediate reduction of the net asset value per unit. Any distributions out of 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.

6. Investors should not invest in the Fund solely based on this document and should read the relevant offering document.