The Sub-Fund seeks to achieve its objective by investing primarily (at least 70% of its Net Asset Value) in a portfolio of mainly USD, EUR and HKD denominated investment grade debt securities issued or traded in the global debt securities markets. The Sub-Fund’s aggregate investments in below investment grade debt securities and unrated debt securities will be limited to 30% of its Net Asset Value.

The Sub-Fund will invest in a broadly diversified portfolio of debt securities with no fixed duration, term structure, geographical limits (save for the investment limit on onshore Mainland China debt securities stated below) or industry sector weightings. The Sub-Fund may invest globally without geographical restrictions and may invest in emerging markets. There is no restriction as to the type of issuers of such debt securities. The issuers may include governments, international bodies, public or local authorities, quasi-governmental organizations, state-owned organizations, banks or financial institutions, private enterprises and multinational corporations.

The debt securities in which the Sub-Fund may invest shall include, but are not limited to, listed and unlisted bonds, government bonds, convertible and non-convertible bonds, fixed and floating rate bonds, certificates of deposits, medium term notes (MTNs) and high-yield bonds.