HSBC Investment Funds Trust - HSBC Asian High Yield Bond Fund Share Class AM2USD 31 May Year Risk Measures AM2USD Volatility 4.2% - Volatility

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1 HSBC Investment Funds Trust - HSBC Asian High Yield Bond Fund HK Share Class AM2USD 31 May 2018 AM2USD 31 May 2018 Risk Disclosure The Fund invests mainly in Asian high yield bonds. The Fund is subject to the risk of investing in emerging markets. Non-investment grade bonds and unrated bonds are subject to additional risks and volatility. Because the Fund s base currency, investments and classes may be denominated in different currencies, investors may be affected adversely by exchange controls and exchange rate fluctuations. There is no guarantee that the currency hedging strategy applied to the relevant classes will achieve its desired result. The Fund may pay dividends out of capital or gross of expenses. Dividend is not guaranteed and may result in capital erosion and reduction in net asset value. The Fund may invest in financial derivative instruments for investment purpose which may lead to higher volatility to its net asset value. The Fund s investments may involve substantial credit, currency, volatility, liquidity, interest rate, tax and political risks. Investors may suffer substantial loss of their investments in the Fund. Unit trusts are NOT equivalent to time deposits. Investors should not invest in the Fund solely based on the information provided in this document and should read the offering document of the Fund for details. Fund Objective and Strategy Investment Objective The Fund aims to achieve higher level of income and capital appreciation through investing primarily in a diversified portfolio of higher yielding fixed income securities including investment grade, noninvestment grade and unrated bonds that are primarily denominated in USD, traded or issued by issuers in the Asian markets. Investment Strategy The Fund will normally invest in a broad range of fixed income securities and instruments including government bonds, corporate bonds, convertible bonds and monetary instruments. The Fund will invest in high-yield securities including, but not limited to, investment grade and non-investment grade bonds and other similar securities (rated and unrated). The Fund may also invest in financial derivative instruments for investment and hedging purposes. Financial derivative instruments which may be used for investment purposes are futures, options and warrants. The Fund may also hold cash on deposit pending reinvestment and invests in contingent convertible securities. Performance (%) Share Class Details Fund Benchmark UCITS V Compliant Distribution Type 140 Distribution Frequency Dealing Frequency 110 Min. Initial Investment 100 Max. Initial Charge 90 Management Fee Base Currency Domicile ISIN Performance (%) YTD 1M 3M 1Y 3Y¹ 5Y¹ Inception Date NAV per Share AM2USD Fund Size Bloomberg Ticker Benchmark Calendar Year Performance (%)² AM2USD Benchmark Past performance is not an indicator of future returns. The figures are calculated in the share class base currency, NAV to NAV basis with dividend reinvested, net of fees. If investment performance is not denominated in HKD or USD, HKD or USD based investors are exposed to exchange rate fluctuations. Source: HSBC Global Asset Management, data as at 31 May Benchmark No Distributing Monthly Daily USD 1, % 1.25% USD Hong Kong HK May 2011 USD 9.64 USD 746,643,331 HAHYAMU HK 70% JP Morgan ACI Corporate Non Investment Grade, 20% JP Morgan ACI Sovereign (Indonesia, Mongolia, Pakistan, Philippines, Sri Lanka and Vietnam only), 10% JP Morgan ACI Quasi Sovereign (Indonesia, Mongolia, Pakistan, Philippines, Sri Lanka and Vietnam only) 1 Result is cumulative when calculation period is over one year. 2 The calendar year return of the first year is calculated between share class inception date and calendar year end of first year if the share class has less than 5-year history. Manager Cecilia Chan Alfred Mui Performance Benchmark: 70% JP Morgan ACI Corporate Non Investment Grade, 20% JP Morgan ACI Sovereign (Indonesia, Mongolia, Pakistan, Philippines, Sri Lanka and Vietnam only), 10% JP Morgan ACI Quasi Sovereign (Indonesia, Mongolia, Pakistan, Philippines, Sri Lanka and Vietnam only) since 1 Dec From 1 Jan Nov 2016, the benchmark was 70% JP Morgan ACI Corporate Non Investment Grade, 20% JP Morgan ACI Sovereign Non Investment Grade, 10% JP Morgan ACI Quasi Sovereign Non Investment Grade. Since inception - 31 Dec 2015, there was no benchmark. Fund change that may have material impact on performance: 1 Jul trustee fee reduced. To download the offering documents from cuments/english/amhk_hift.pdf

2 HSBC Investment Funds Trust - HSBC Asian High Yield Bond Fund Share Class AM2USD 31 May Year Risk Measures AM2USD Volatility 4.2% - Volatility 4.8% - Sharpe Ratio Sharpe Ratio Tracking Error - - Tracking Error - - Information Ratio - - Information Ratio - - Number of Holdings ex Cash Average Credit Quality 3 BB/BB- BB/BB- - Maturity Average Portfolio Yield Number of Issuers Average Yield to Maturity Fund Property AAA Industrial AA Sovereign A Cyclical BBB Quasi-sovereign BB Utility B Bank Sub CCC Oil & gas NR Technology years years years China years Indonesia Total India Hong Kong Philippines Sri Lanka Malaysia USD Thailand INR Macau CNH South Korea MYR Others CNY Cash IDR EUR AUD HKD Sorted from largest to smallest per market values of weight. 5-Year Risk Measures AM2USD Benchmark Cash Financial Sorted from highest to lowest rating. Cash is not included in Others any rating. Cash Maturity Breakdown Only top 10 breakdowns are displayed. Other breakdowns are Fund (Effective Duration) Benchmark Relative included in Others. Sorted from shortest to longest per the length of maturity. Benchmark Characteristics Fund Relative Characteristics Fund Benchmark Credit Quality Rating Allocation (%) Benchmark Relative Currency Allocation (%) Fund Benchmark Relative Benchmark Relative Sector Allocation (%) Fund Benchmark Relative Geographical Allocation (%) Fund Benchmark Relative Only top 10 breakdowns are displayed. Other breakdowns are included in Others. 3 Average credit rating uses 'Index rating' which is an average of the vendors: S&P, Fitch, Moody s. The average fund and benchmark rating does not include securities rated NR or NA. Source: HSBC Global Asset Management, data as at 31 May 2018

3 HSBC Investment Funds Trust - HSBC Asian High Yield Bond Fund Share Class AM2USD 31 May 2018 Monthly Performance Commentary Review Asia dollar credit ended the month almost flat, as credit spread widening was largely offset by the decline in US treasury yields. The benchmark 10Y US treasury yields once hit their highest levels since 2011, breaching 3.1% on 17 May amid signs of US economic strength. However, subsequently, US treasuries rallied as demand for safe haven assets heightened with the Italian political turmoil and renewed worries about trade wars. These sent the 10Y US treasury yield down to 2.86% at the end of the month. Separately, the Fed left policy rates on hold in May and reiterated their symmetric inflation target, suggesting that they could tolerate a modest inflation overshoot. Amid risk-off sentiment, primary activities slowed down in May, while floating-rate notes witnessed continued supply, particularly from financial institutions. Despite the decline in US treasury yields, sovereign bonds retreated with Sri Lanka underperforming amid broad emerging market volatility. Within the investment grade space, Indian names witnessed some selling interest with state-owned oil & gas names hit the most on rising oil prices. Chinese SOEs (state owned enterprises) generally held up well while LGFVs (local government financing vehicles) were under pressure. Singaporean and Korean names were in demand on the back of investors preference for high quality credit. Meanwhile, non investment grade names were weighed on by negative headlines on individual Chinese low quality issuers default cases (both onshore and offshore), which triggered a selloff in China industrial names and weak government-related entities. Within the China high yield property sector, cheap pricing of new issues continued to weigh on the secondary market. Comparatively, Indian and Indonesian high yield corporates were relatively stable but still ended with returns in negative territories. Outlook The broad emerging markets seem to have gone through heightened volatility of late with local currencies weakened against the US dollar across the board. Some emerging market central banks decided to hike local rates (rather drastically for some countries) in order to keep their exchange rates stable. This bout of volatility has extended losses for emerging market assets in May. While Asia is often regarded as one of the regions within the broader emerging market universe, it has remained resilient as investors distinguished markets with solid fundamentals from those with weaker fundamentals at times of market uncertainties. With a solid macro backdrop, Asia has been able to navigate the recent emerging market volatility and demonstrate resilience and outperformance. We believe what really drives the performance of Asian credit over the longer term is the region s underlying fundamentals, which have remained sound despite the recent market volatility. Leveraging trend for both investment grade and non-investment grade bonds is also improving. In addition, after the recent market pull-back, investors are now better rewarded for similar levels of risk when compared to the beginning of the year. Valuations have also become more attractive relative other major credit markets, especially for high yield bonds. Resilient structural demand from Asian investors also have a strong role in keeping this asset class relatively stable. As the region continues to grow its economic influence, demand from outside of Asia is also expected to rise over the longer terms, providing further support to Asian credit markets. Portfolio strategy The fund ended the month lower amid continuous market volatility but managed to outperform its benchmark. Our lack of exposure to individual low-quality Chinese corporate bonds, particularly from the industrial and property sectors added value, as these names were weighed on by negative headlines. Our underweight in Indonesia quasi sovereign issues also contributed to the fund s relative return. On the other hand, non-usd currency exposure continued to detract amid dollar strength. The overall underweight duration in US treasury yields took a toll on the fund s relative performance with the decline in US treasury yields. In terms of portfolio allocation, we retained our overweight in the India and Indonesia corporate sectors. Among the Indian names, key active positions remain commodity-related names given their attractive relative valuations and the improved commodity outlook. Within the Indonesian complex, we continue to favour corporate over sovereign and quasi sovereign issues. However, we trimmed exposure to the Indonesian corporate complex to reflect our cautious view on the rupiah. In particular, we have trimmed exposure to selected names in the Indonesia industrial and property sectors whose credit profiles are more adversely impacted by the recent weakness in the IDR. That said, we are overweight Indonesia property names as we expect the improved macroeconomic factors would provide support for the sector. We are also overweight Indonesia coal mining names, as coal prices are likely to remain supportive of this sector. Other than these two markets, the fund also maintains an overweight position in China on a selective basis. Of note, the fund is overweight Chinese property sector as we continue to find names with solid fundamentals and attractive valuations in this sector. We also favour the Chinese industrials sector on an individual credit selection basis. Separately, non-usd exposure was adjusted in the month. We continued to trim the IDR and the EUR while we added to MYR-denominated Malaysia government bonds as the ringgit is expected to be supported by the country s solid macroeconomic fundamentals. Additionally, although we still favour offshore RMB bonds, we took profit amid continued dollar strength in the month. On the other hand, we remain underweight sectors where we find valuations unattractive. For instance, we are underweight Hong Kong and Philippines. We are also underweight sovereign and quasi sovereign bonds. Meanwhile, the fund maintains a neutral to underweight stance in duration. However, we are managing our duration exposure tactically as we expect the US treasury yields to remain in a range.

4 HSBC Investment Funds Trust - HSBC Asian High Yield Bond Fund Share Class AM2USD 31 May 2018 Index Disclaimer Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2018, J.P. Morgan Chase & Co. All rights reserved. Important Information This document is prepared for general information purposes only and does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any views and opinions expressed are subject to change without notice. This document does not constitute an offering document and should not be construed as a recommendation, an offer to sell or the solicitation of an offer to purchase or subscribe to any investment. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (Hong Kong) Limited ( AMHK ) accepts no liability for any failure to meet such forecast, projection or target. AMHK has based this document on information obtained from sources it reasonably believes to be reliable. However, AMHK does not warrant, guarantee or represent, expressly or by implication, the accuracy, validity or completeness of such information. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. This document has not been reviewed by the Securities and Futures Commission. Copyright HSBC Global Asset Management (Hong Kong) Limited All rights reserved. This document is issued by HSBC Global Asset Management (Hong Kong) Limited. Terms of Glossary Convertible bond, is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. Corporate bond, is bond issued by a company in order to raise financing. Coupon, the annual interest rate paid on a bond, expressed as a percentage of the face value. Credit quality, one of the principal criteria for judging the investment quality of a bond or bond mutual fund. Developed markets, countries that are most developed in terms of its economy and capital markets. Duration, a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Emerging markets (EM), nations' economies in the process of fast economic growth. Investments in emerging markets are generally considered to be with higher risk. Government bond or Gilt, a loan to a national government in return for regular payments (known as the coupon) and a promise that the original investment (principal) is paid back at a specified date. Gilts are loans to the UK government. High yield bond, is fixed income security with a low credit rating from a recognised credit rating agency. They are considered to be at higher risk of default, but have the potential for higher rewards. Information ratio, is a ratio of portfolio returns above/under the returns of a benchmark to the volatility of those returns. Investment grade bond, is considered investment grade or IG if its credit rating is BBB- or higher by Standard & Poor's or Baa3 or higher by Moody's. Maturity, the period of time for which a financial instrument remains outstanding. Effective Duration, is a duration value based on the probability of early redemption call by the bond issuer. Sharpe ratio, a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such calculations. Tracking error, a measure of how closely a portfolio follows the index to which it is benchmarked. Volatility, a measure of how much a fund's price goes up or down as a percentage of its average performance. Yield to maturity, the total return anticipated on a bond if the bond is held until the end of its lifetime. Portfolio Yield, the lowest potential yield that can be received on a bond without the issuer actually defaulting.

5 HSBC Investment Funds Trust - HSBC Asian High Yield Bond Fund Supplement Information Sheet 31 May 2018 Share Class Base Currency Distribution Frequency Dividend ex-date Dividend Amount Annualised Yield (Distribution is not guaranteed and may be paid out of capital) Monthly 31 May % Monthly 30 Apr % Monthly 29 Mar % Monthly 28 Feb % Monthly 31 Jan % Monthly 29 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 29 Sep % Monthly 31 Aug % Monthly 31 Jul % Monthly 30 Jun % ACHKD HKD ACUSD USD Monthly 31 May % Monthly 30 Apr % Monthly 29 Mar % Monthly 28 Feb % Monthly 31 Jan % Monthly 29 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 29 Sep % Monthly 31 Aug % Monthly 31 Jul % Monthly 30 Jun % Monthly 31 May % Monthly 30 Apr % Monthly 29 Mar % Monthly 28 Feb % Monthly 31 Jan % Monthly 29 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 29 Sep % Monthly 31 Aug % Monthly 31 Jul % Monthly 30 Jun % Monthly 31 May % Monthly 30 Apr % Monthly 29 Mar % Monthly 28 Feb % Monthly 31 Jan % Monthly 29 Dec % Monthly 30 Nov % Monthly 31 Oct % Monthly 29 Sep % Monthly 31 Aug % Monthly 31 Jul % Monthly 30 Jun % The above table cites the last dividend paid within the last 12 months only. Dividend is not guaranteed and may be paid out of capital, which will result in capital erosion and reduction in net asset value. A positive distribution yield does not imply a positive return. Past payout yields and payments do not represent future payout yields and payments. Historical payments may be comprised of both distributed income and capital. The calculation method of annualised yield: (dividend value / NAV per share or unit as of ex-dividend date) x n, n depends on the distributing frequency. Annually distribution is 1; semi-annually distribution is 2; quarterly distribution is 4; monthly distribution is 12. The annualised dividend yield is calculated based on the dividend distribution on the relevant date with dividend reinvested, and may be higher or lower than the actual annual dividend yield.

6 PRODUCT KEY FACTS 產品資料概要 HSBC Investment Funds Trust - HSBC Asian High Yield Bond Fund 滙豐投資信託基金 - 滙豐亞洲高收益債券基金 April 年 4 月 This statement provides you with key information about the HSBC Asian High Yield Bond Fund 本概要提供有關滙豐亞洲高收益債券基金的重要資料 This statement is part of the offering document 本概要是銷售文件的一部分 You should not invest in this product based on this statement alone 投資者切勿單憑本概要作投資決定 Quick facts 基本資料 Fund manager 基金經理 HSBC Investment Funds (Hong Kong) Limited / 滙豐投資基金 ( 香港 ) 有限公司 Investment adviser 投資顧問 HSBC Global Asset Management (Hong Kong) Limited (Internal delegation, HK) / 滙豐環球投資管理 ( 香港 ) 有限公司 ( 內部委託, 香港 ) Trustee 受託人 HSBC Institutional Trust Services (Asia) Limited/ 滙豐機構信託服務 ( 亞洲 ) 有限公司 Ongoing charges over a year Class AC USD/ AC 類 美元 1.36%^ 全年經常性開支比率 Class AC HKD / AC 類 港元 1.36%^ Class AC SGD / AC 類 坡元 1.36%^ Class AM2 USD / AM2 類 美元 1.36%^ Class AM2 HKD / AM2 類 港元 1.36%^ Class AM2 SGD / AM2 類 坡元 1.36%^^ Class AM3H AUD / AM3H 類 澳元 1.36%^ Class AM3H EUR / AM3H 類 歐元 1.36%^ Class AM3H RMB / AM3H 類 人民幣 1.36%^^ Dealing frequency 進行交易 Daily on every dealing day / 每一個交易日 Base currency 基本貨幣 USD / 美元 Dividend policy 股息政策 Class AC USD / AC HKD / AC SGD No dividend will be declared and paid. Class AM2 USD / AM2 HKD / AM2 SGD / AM3H AUD / AM3H EUR / AM3H RMB Declared monthly on a discretionary basis, and if declared, dividends will be paid monthly. Dividends may be paid out of the capital or effectively out of capital^^^ of the relevant class. Payment of dividends out of capital or effectively out of capital may result in an immediate reduction of the net asset value of the relevant class. AC 類 美元 / AC 類 港元 / AC 類 坡元 將不宣佈及分派股息 AM2 類 美元 / AM2 類 港元 / AM2 類 坡元 / AM3H 類 澳元 / AM3H 類 歐元 / AM3H 類 人民幣 - 按酌情基準每月宣佈, 如獲宣佈, 將會每月派發股息 股息可從相關類別的資本中支付或實際上從資本中支付 ^^^ 從資本中支付或實際上從資本中支付可能導致相關類別的資產淨值即時下跌 Financial year end 財政年度終結日 31 July / 7 月 31 日 Minimum investment 最低認購額 Class A - US$1,000 or HK$10,000 or AUD1,500 or EUR850 or SGD1,000 or RMB10,000 A 類 - 1,000 美元或 10,000 港元或 1,500 澳元或 850 歐元或 1,000 坡元或人民幣 10,000 元 ^ The figure is based on the annualized ongoing expenses chargeable to the class in accordance with the interim financial statement for the 6-month period ended 31 January 2018 and is expressed as a percentage of the average net asset value of such class over the same period. This figure may vary from year to year. 此數字乃根據截至 2018 年 1 月 31 日止六個月的中期財務報表可向類別收取的年率化經常性開支, 並以佔該類別同期的平均資產淨值的百分比表示 此數字每年均可能有所變動 ^^ The figure is an estimate only (as the class has not been launched) and represents the sum of the estimated ongoing expenses chargeable to the class expressed as a percentage of the class's estimated average net asset value. This figure may vary from year to year. The actual figure may be different from the estimated figure. 此僅為估計數字 ( 因為類別未成立 ), 指可向類別收取的估計經常性開支, 並以佔類別的估計平均資產淨值的百分比表示 此數字每年均可能有所變動 實際數字可能有別於估計數字 ^^^ The Manager may at its discretion pay dividend out of gross income while charging/ paying all or part of the Fund s fees and expenses to/ out of the capital of the Fund (resulting in an increase in distributable income for the payment of dividends by the Fund), and thereby effectively pay distributions out of capital of the Fund. 經理人亦可酌情決定從本基金的總收入撥付股息, 同時從本基金的資本中扣除 / 支付本基金的全部或部分費用及支出 ( 導致可供本基金支付股息的可分派收入增加 ), 因此實際上從本基金的資本中支付股息

7 What is this product? 本基金是甚麼產品? This is a sub-fund (the Fund ) of an umbrella fund, HSBC Investment Funds Trust, constituted in the form of a unit trust. With effect on and from 29 August 2017, the domicile of HSBC Investment Funds Trust was removed from the jurisdiction of the Cayman Islands to the jurisdiction of the Hong Kong Special Administrative Region ( Hong Kong ). 本子基金 ( 基金 ) 所屬的傘子基金 滙豐投資信託基金以單位信託形式組成 由 2017 年 8 月 29 日起, 滙豐投資信託基金的註冊地將從開曼群島司法管轄區改為香港特別行政區 ( 香港 ) 司法管轄區 Objectives and Investment Strategy 目標及投資策略 Objective 目標 : The Fund aims to achieve a higher level of income and capital appreciation through investing primarily in a diversified portfolio of higher yielding fixed income securities including investment grade, non-investment grade and unrated bonds that are primarily denominated in USD, traded or issued by issuers in the Asian markets. 本基金旨在透過主要投資於由收益較高的固定收益證券 ( 包括主要以美元計值, 並由亞洲市場的發行人買賣或發行的投資級別 非投資級別及未獲評級的債券 ) 組成的多元化投資組合, 達致高水平的回報及資本增值 Strategy 策略 : The Fund will normally invest in a broad range of fixed income securities and instruments including government bonds, corporate bonds, convertible bonds and monetary instruments. 本基金一般將廣泛投資於固定收益證券及工具, 包括政府債券 公司債券 可轉換債券及金融票據 The Fund may have limited RMB denominated underlying investments. 本基金可能持有少量人民幣計值之相關投資 In order to achieve its investment objective, the Fund will invest in high-yield securities including, but not limited to, investment grade and non-investment grade bonds and other similar securities (rated and unrated). The Fund may also invest in financial derivative instruments for investment and hedging purposes, subject to the investment restrictions of the Fund. Financial derivative instruments which may be used for investment purposes are futures, options and warrants. The Fund may also hold cash on deposit pending reinvestment. 為了達致其投資目標, 本基金將投資於高收益證券 ( 包括但不限於投資級別及非投資級別債券 ) 及其他類似證券 ( 已獲評級及未獲評級 ) 本基金亦可為投資及對沖目的投資於金融衍生工具, 惟須受本基金的投資限制所限 可用作投資用途的金融衍生工具為期貨 期權及認股權證 本基金亦可持有現金存款以伺候投資機會 The Fund may invest up to 10% of its net assets in contingent convertible securities; however, such investment is not expected to exceed 5%. 本基金可將其淨資產最多百分之十投資於或有可轉換證券 ; 惟該投資預期不會超過百分之五 2

8 What are the Key Risks? 本基金有哪些主要風險? Investments involve risks. Please refer to the offering document for details including risk factors. 投資附帶風險 請參閱銷售文件以便獲取其他資料, 包括風險因素 Investment risk 投資風險 The Fund is an investment fund. There is no guarantee of the repayment of principal. 本基金為投資基金, 並不保證償付投資本金 The Fund s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Fund may suffer losses. 本基金的投資組合價值可能因下列任何主要風險因素而下跌, 故閣下於本基金的投資亦可能蒙受虧損 Concentration risk 集中性風險 The Fund s investments are concentrated in the Asian market. The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of investments. 本基金集中投資於亞洲市場 相比具有更多元化投資組合的基金, 本基金的價值可能會較為波動 The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Asian market. 本基金的價值可能較容易受到影響亞洲市場的不利經濟 政治 政策 外匯 流動性 稅務 法律或監管事件的影響 Emerging markets risk 新興市場風險 Many of the Asian markets are emerging markets, including but not limited to Indonesia, China, India and Philippines. Investing in emerging markets involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity, settlement, custodial, market volatility (such as interest rate and price volatility), legal and regulatory risks. 亞洲市場多為新興市場 ( 包括但不限於印尼 中國 印度及菲律賓 ) 相對已發展市場, 投資於新興市場須承受較高損失的風險, 原因是涉及 ( 其中包括 ) 較高的政治 稅務 經濟 外匯 流動性 結算 託管 市場波動 ( 如利率及價格波動 ) 法律及監管風險 Interest rate risk 利率風險 The Fund s investments in fixed income instruments may fall in value if interest rates change. Generally, the price of fixed income instruments decreases when interest rates rise, whilst their prices increase when interest rates fall. 本基金投資於固定收益工具, 一旦利率變動, 其價值可能會隨之下跌 一般而言, 利率上升時, 固定收益工具的價格會下跌, 而利率下跌時, 其價格則會上升 Credit risk 信貸風險 The Fund s exposure to bonds is subject to the credit risk of the issuers of the bonds. When the issuer of a bond defaults, the Fund may suffer a loss amounting to the value of such investment. 本基金的債券投資須承受債券發行人的信貸風險 當債券的發行人違約, 本基金可能須承受相等於該投資價值的損失 Volatility and liquidity risk 波動性及流動性風險 The Fund s investments in fixed income securities in the Asian markets may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large, so the Fund may incur significant trading costs and may suffer losses accordingly. 本基金投資於亞洲市場的固定收益證券, 可能涉及相比已發展市場較高的波動性及較低的流動性 在該等市場進行交易的證券價格可能出現波動 該等證券的買賣差價可能大, 因此本基金可能產生重大的交易成本, 並可能因而蒙受虧損 Downgrading risk 評級調低風險 Fixed income securities may be subject to the risk of being downgraded (i.e. lowering of credit rating assigned to the securities). In the event of downgrading in the credit ratings of a security or an issuer relating to a security, the Fund s investment value in such security may be adversely affected. The Manager may or may not be able to dispose of the securities that are being downgraded. 固定收益證券可能須承受被調低級別的風險 ( 即證券被給予較低的信貸評級 ) 倘若某證券或有關某證券的發行人之信貸評級被調低, 則本基金於該證券的投資價值可能受到不利影響 經理人不一定能夠出售評級被調低的證券 Non-investment grade and unrated bond risk 非投資級別及未獲評級債券風險 The Fund may invest in fixed income securities that are rated below investment grade or unrated. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated fixed income securities. 本基金可能投資於低於投資級別或未獲評級的固定收益證券 相比較高評級的固定收益證券, 該等證券一般具有較低流動性及較高波動性, 而本利損失的風險較大 Sovereign debt risk 主權風險 The Fund s investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Fund to participate in restructuring such debts. The Fund may suffer significant losses when there is a default of sovereign debt issuers. 本基金投資於由政府所發行或保證的證券, 可能涉及政治 社會及經濟風險 在不利情況下, 主權發行人可能無法或不願意償還到期本金及 / 或利息, 或可能要求本基金參與該項債務之重組 倘主權債務發行人發生違約, 本基金可能蒙受重大損失 Valuation risk 估值風險 Valuation of the Fund s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the net asset value of the Fund. 本基金的投資估值或會涉及不明朗因素及判定性的決定 如證實該等估值不正確, 本基金的資產淨值可能會受到不利影響 3

9 Credit rating risk 信貸評級風險 Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times. 評級機構給予的信貸評級涉及限制, 並不保證證券及 / 或發行人在所有時候的信用程度 Convertible bonds risk 可轉換債券風險 Convertible bonds are a hybrid between debt and equity which give an investor an option to exchange the bond for a pre-determined number of shares at a given price and a specified future date. As such, convertibles will be exposed to equity movement and greater volatility than straight bond investments. 可轉換債券是債券及股票之混合證券, 賦予投資者一項可於指定未來日期按某指定價格將債券交換為預定股份數目的期權 因此, 相比傳統債券投資, 可轉換債券將承受股票變動及更大的波動性 Convertible bonds are subject to risks which typically apply to bonds including interest rate risk, credit risk, liquidity risk and prepayment risk associated with comparable straight bond investments. 可轉換債券須承受債券一般適用的風險, 包括與可比較傳統債券投資有關的利率風險 信貸風險 流動性風險及提前償還風險 Currency conversion risk for RMB denominated Classes 人民幣類別的貨幣兌換風險 RMB is currently not freely convertible and is subject to exchange controls and restrictions. The Fund offers RMB denominated classes of units. Subscriptions and redemptions for the Fund may involve conversion of currency. Currency conversion will be conducted at the applicable exchange rate and subject to the applicable spread. 人民幣現時不可自由兌換, 並須受外匯管制及限制之規限 本基金提供人民幣計值的單位類別 認購及贖回本基金可能涉及貨幣兌換 貨幣兌換將按適用的匯率及在適用的差價規限下進行 Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors base currency will not depreciate. Any depreciation of RMB could adversely affect the value of investors investment in the RMB denominated classes of units. 非以人民幣為基礎的投資者須承受外匯風險, 且概不保證人民幣相對投資者的基本貨幣之價值不會貶值 人民幣出現任何貶值可能對投資者於人民幣計值的單位類別的投資價值造成不利影響 Depending on the exchange rate movements of RMB relative to the base currency of the Fund and/or other currency(ies) of the non-rmbdenominated underlying investments, an investor (i) may still suffer losses even if there are gains or no losses in the value of the non-rmbdenominated underlying investments; or (ii) may suffer additional losses if the non-rmb-denominated underlying investments of the Fund fall in value. 視乎人民幣相對於本基金的基本貨幣及 或非人民幣計值相關投資的其他貨幣的匯率走勢而定: (i) 即使非人民幣計值的相關投資在價值上錄得收益或並無虧損, 投資者仍可能蒙受損失 ; 或 (ii) 倘若本基金的非人民幣計值相關投資的價值下跌, 投資者可能蒙受額外損失 Currency conversion is also subject to the Fund s ability to convert the proceeds into RMB which may also affect the Fund s ability to meet redemption requests from unitholders in RMB denominated classes of units or to make distributions, and may delay the payment of redemption proceeds or dividends. As RMB is not freely convertible and is subject to exchange controls and restrictions, currency conversion is subject to availability of RMB at the relevant time. The Fund may not have sufficient RMB for its investments. 貨幣兌換亦須受制於本基金將款項兌換為人民幣的能力, 而這可能影響本基金應付人民幣計值單位類別的單位持有人的贖回要求或作出分派的能力, 以及可能延遲支付贖回款項或股息 由於人民幣不可自由兌換, 並須受外匯管制及限制之規限, 故貨幣兌換亦須受人民幣在相關時間內的供應量所限 本基金可能沒有足夠的人民幣供其投資 When calculating the net asset value of units of a RMB denominated class, the Manager will apply the exchange rate for offshore RMB market in Hong Kong, i.e. the CNH exchange rate, which may be at a premium or discount to the exchange rate for onshore RMB market in the mainland China, i.e. the CNY exchange rate. Consequently, there may be significant trading costs incurred and investors investing in classes of units denominated in RMB may suffer losses. Although CNH and CNY represent the same currency, they do not necessarily have the same exchange rate and their movement may not be in the same direction. Any divergence between CNH and CNY may adversely impact investors. 當計算以人民幣計值類別單位的資產淨值時, 經理人將採用香港離岸人民幣市場的匯率 ( 即 CNH 匯率 ) 該匯率可能較中國內地人民幣市場的匯率 ( 即 CNY 匯率 ) 有所溢價或折讓 因此, 這可能產生重大交易成本, 而投資於以人民幣計值單位類別的投資者可能蒙受損失 雖然 CNH 及 CNY 均為相同貨幣, 但其不一定具有相同的匯率, 其走勢也不一定呈現相同方向 CNH 與 CNY 之間有任何偏差, 可能對投資者構成不利影響 Risks relating to hedging and the currency hedged classes 有關對沖及貨幣對沖類別的風險 The Fund is permitted to use hedging techniques to attempt to offset market and currency risks, including hedging the currencies in which the underlying assets of the Fund are denominated against the Fund s base currency or the currency of the assets that the Fund primarily invested in. The costs of hedging transactions which are conducted at the Fund level and hedging at the Fund level will preclude investors from benefitting from appreciation of the non-usd currencies (in which the underlying investments of the Fund may be denominated) against the base currency of the Fund. In respect of currency hedged classes, it aims to hedge (i) the base currency of the Fund or (ii) the currency of the assets in which the Fund primarily invests back to the currency of denomination of the currency hedged classes. There is no guarantee that the desired hedging instruments will be available or hedging techniques will achieve their desired result. There can be no assurance that any currency hedging strategy will fully and effectively eliminate the currency exposure of the Fund. 本基金獲准運用對沖技巧嘗試抵銷市場及貨幣風險, 包括將本基金相關資產計值貨幣與本基金的基本貨幣或本基金主要投資的資產的計值貨幣對沖 於本基金層面進行的對沖交易的成本及於本基金層面進行的對沖將會阻礙投資者從非美元貨幣 ( 本基金的相關投資可能以該貨幣計值 ) 相對本基金的基本貨幣之升值中受惠 就貨幣對沖類別而言, 本基金旨在將 本基金的基本貨幣或 本基金主要投資的資產的計值貨幣與貨幣對沖類別的計值貨幣對沖 概不保證能夠獲得預期的對沖工具或對沖技巧將達致預期效果 概不保證任何貨幣對沖策略將可全面及有效地消除本基金的貨幣風險 4

10 Investment in currency hedged classes which do not hedge underlying portfolio currency exposures back to the investor s own currency may result in the investor taking speculative currency positions which may be volatile and may have a material impact on investors returns. 投資於並不將其相關投資組合的貨幣風險與投資者本身貨幣之貨幣對沖的貨幣對沖類別, 可能導致投資者持有投機性貨幣倉盤, 此等倉盤可能波動, 並可能對投資者的回報產生重大影響 Investment in currency hedged classes may preclude investors from benefiting from an increase in the value of the Fund s base currency and/or other currencies of non-usd-denominated underlying investments of the Fund relative to the class currency of the currency hedged classes. 投資於貨幣對沖類別可能會阻礙投資者從本基金基本貨幣及 / 或本基金的非美元貨幣計值相關投資的其他貨幣相對貨幣對沖類別的類別貨幣之升值中受惠 The costs of the hedging transactions will be reflected in the net asset values of the relevant classes. Any costs and expenses arising from such hedging transactions, which may be significant depending on prevailing market conditions, will be borne by the relevant classes. This may adversely affect the returns of investors of such classes. 對沖交易的成本將反映於相關類別的資產淨值 從該等對沖交易產生的任何成本及開支視乎當時的市況而定, 可能金額重大, 將會由相關類別承擔 此可能對該等類別的投資者所得之回報產生不利影響 The distribution amount and the net asset value of the currency hedged classes may be adversely affected by differences in the interest rates of the class currency of the currency hedged classes and the Fund s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged classes. 貨幣對沖類別的分派金額及資產淨值可能受到貨幣對沖類別的類別貨幣的利率與本基金的基本貨幣的利率有所差異的不利影響, 導致從資本撥付的分派金額增加, 進而令資本被侵蝕的程度高於其他非對沖類別 Derivatives risk 衍生工具風險 The Fund may use financial derivative instruments which may involve embedded leverage, for investment purpose. 本基金可投資於金融衍生工具作投資用途, 而該等產品可能含有槓桿效應 Risks associated with financial derivative instruments include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a financial derivative instrument can result in a loss significantly greater than the amount invested in the financial derivative instrument by the Fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the Fund. 與金融衍生工具相關的風險包括對手方 / 信貸風險 流動性風險 估值風險 波動性風險及場外交易風險 金融衍生工具包含的槓桿元素 / 部分或會導致本基金產生大為高於金融衍生工具投資金額之損失 投資於金融衍生工具可能導致本基金承受產生重大虧損的高風險 Early termination risk 提早結束風險 The Fund may be liquidated on the occurrence of certain events specified in the offering document. Upon liquidation, all the assets of the Fund will be realized and the net proceeds thereof which are available for distribution will be distributed to its holders in proportion to their holdings. Investors should note that the amount distributed to them may be less than the amount of their initial investment. 如出現在銷售文件中所述的某些情況, 本基金可能會被終止 當本基金被終止, 所有本基金的資產會被出售及會按持有人持有本基金的比例就可供分派的淨收入作出分派 投資者須注意獲分派的金額或會少於最初投資額 Risks associated with distribution out of capital 與從資本中作出分派相關的風險 Distribution may be paid from income and / or capital as determined by the Manager. If there is a change to this policy, prior approval will be sought from the SFC and affected investors will receive at least one month s prior written notification. 股息可按經理人的決定從收入及 / 或資本中支付 倘若此項政策有更改, 將會事先尋求證監會的批准, 而受影響的投資者將會收到最少一個月的事先書面通知 Investors should note that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value of relevant units of the Fund. 投資者應注意, 從資本中或實際上從資本中撥付股息即代表投資者從當初投資基金之款項中獲付還或提取部分金額或從原本投資應佔的任何資本收益中獲付還或提取金額 該等分派可能導致本基金相關單位的資產淨值即時減少 5

11 How has the Fund performed? 本基金過往的業績表現如何? HSBC Investment Funds Trust - HSBC Asian High Yield Bond Fund (AM2-USD) 滙豐投資信託基金 - 滙豐亞洲高收益債券基金 (AM2 美元 ) % Fund 基金 Benchmark 基準 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. 過去完業績並不代表將來的表現 投資者可能不能取回全部投資金額 The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested. 業績表現以曆年末的資產淨值作為比較基礎, 股息會滾存再作投資 These figures show by how much the unit class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. 數據顯示單位類別於上述曆年的價值升跌 業績數據以美元計算, 包括持續性開支但不包括您可能需支付的認購費用及贖回費用 The Fund has formally adopted 70% JP Morgan ACI Corporate Non Investment Grade + 20% JP Morgan ACI Sovereign (Indonesia, Mongolia, Pakistan, Philippines, Sri Lanka and Vietnam only) + 10% JP Morgan ACI Quasi Sovereign (Indonesia, Mongolia, Pakistan, Philippines, Sri Lanka and Vietnam only) as the reference performance benchmark of the Fund with effect from Prior to that the reference performance benchmark of the Fund has been70% JP Morgan ACI Corporate Non Investment Grade + 20% JP Morgan ACI Sovereign Non Investment Grade + 10% JP Morgan ACI Quasi Sovereign Non Investment Grade. The reference performance benchmark is shown for comparison purposes only and the Fund may not be managed to the reference performance benchmark. 本基金已由 2016 年起正式採用 70% 摩根亞洲信貸指數非投資級別企業 (JP Morgan ACI Corporate Non Investment Grade) 20% 摩根亞洲信貸指數主權 (JP Morgan ACI Sovereign)( 僅指印尼 蒙古 巴基斯坦 菲律賓 斯里蘭卡和越南 ) 10% 摩根亞洲信貸指數準主權 (JP Morgan ACI Quasi Sovereign)( 僅指印尼 蒙古 巴基斯坦 菲律賓 斯里蘭卡和越南 ) 作為本基金的參考表現基準 此前的參考表現基準為 70% 摩根亞洲信貸指數非投資級別企業 (JP Morgan ACI Corporate Non Investment Grade) 20% 摩根亞洲信貸指數主權 (JP Morgan ACI Sovereign Non Investment Grade) 10% 摩根亞洲信貸指數準主權 (JP Morgan ACI Quasi Sovereign Non Investment Grade) 所示參考表現基準僅供比較用途, 而本基金不一定依據參考表現基準予以管理 Fund launch date: 20/05/2011 基金成立日期 :20/05/2011 Class AM2 USD launch date: 20/05/2011 AM2 類 美元成立日期 :20/05/2011 Class AM2 USD is a unit open for investment by Hong Kong retail investors and denominated in the Fund s base currency. AM2 類 美元乃開放予香港零售投資者投資及以本基金的基本貨幣計價的單位類別 Is there any guarantee? 本基金有否提供保證? This Fund does not have any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能全數取回投資本金 6

12 What are the fees and charges? 本基金涉及哪些費用? Charges which may be payable by you 認購本基金時閣下或須支付的費用 You may have to pay the following fees when dealing in the Fund. 閣下買賣本基金時可能須要支付以下費用 Fees 費用 What you pay 你須支付 Subscription fee 認購費 Up to 5.25% of the offer price* # 最高達股份賣出價的 5.25%* # Switching fee 轉換費 Up to 1% of the offer price* # 最高達股份賣出價的 1%* # Redemption fee 贖回費 Nil* 無 * Ongoing fees payable by the Fund 本基金持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下收費將從本基金總值中扣除, 閣下的投資回報將會因而減少 Fees 費用 Annual rate (as a % of the Net Asset Value of the Fund) 年率 ( 以本基金資產淨值之 %) Management fee 管理費 1.25% # Trustee fee 受託人費用 0.07% # Administrative fee 行政費 Performance fee 表現費 Not applicable 不適用 Not applicable 不適用 Other fees 其他收費 You may have to pay other fees and charges when dealing in the Fund. 閣下買賣本基金時可能須要支付其他費用 * You may need to bear additional costs under certain situations in order to mitigate any adverse impacts to the Fund caused by the transactions. Please refer to the offering document for detail. 為減輕交易可能對本基金造成的不利影響, 你可能須在某些情況下承擔額外費用 詳情請參閱銷售文件 # The fees and charges may be increased up to maximum level as specified in the offering document by giving at least one month s prior notice to investor. 費用可增至銷售文件所定的最高水平, 但須予最少 1 個月預先通知投資者 Additional information 其他資料 You generally buy and redeem units at the Fund s next-determined subscription price and redemption price with reference to the Net Asset Value (NAV) after the intermediaries receive your request in good order on or before 4:00 pm (HK Time), being the dealing cut-off time. 一般而言, 閣下認購及贖回本基金單位的價格, 是在中介人於香港時間 4 時或之前 ( 即本基金的交易截止時間 ) 收到閣下的完整指示後, 參照本基金資產淨值而釐定的下一個認購及贖回價 Intermediaries who sell the Fund may impose earlier cut-off times for receiving instructions for subscriptions, redemptions or switching. Investors should pay attention to the arrangements of the intermediary concerned. 銷售本基金的中介人可能就接受認購 贖回或轉換指示實施較早的截止時間 投資者須注意有關中介人的安排 Investors may obtain the past performance information of other unit classes offered to Hong Kong investors at (the website has not been reviewed by the SFC). 投資者可瀏覽 網頁並未經證監會批閱 ) 以取得向香港投資者發售的其他單位類別的往績表現資料 Investors may obtain information on the intermediaries online at (the website has not been reviewed by the SFC). 投資者可瀏覽 以獲取中介人的資料 ( 網頁並未經證監會批閱 ) The net asset value of the Fund is calculated and the price of the Fund published on each dealing day. The Fund prices are available online at (the website has not been reviewed by the SFC). 本基金的資產淨值及價格均於每個交易日計算及刊登 本基金價格刊登於 網頁並未經證監會批閱 ) The composition of the latest dividends (i.e. the relative amounts paid out of (i) net distributable income and (ii) capital) (if any) for the last 12 months is available from the Manager on request and on the website (the website has not been reviewed by the SFC). 過去 12 個月的最近期股息之構成 ( 即是有關從 (i) 可供分派淨收入及 (ii) 資本撥付的款項 )( 如有 ) 資料可向經理人索取, 並載於網站 網頁並未經證監會批閱 ) Important 重要資料 If you are in doubt, you should seek professional advice. 閣下如有疑問, 請應諮詢專業意見 The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 證監會對本概要的內容並不承擔任何責任, 對其準確性或完整性亦不作出任何陳述 Issued by HSBC Global Asset Management (Hong Kong) Limited 由滙豐環球投資管理 ( 香港 ) 有限公司刊發 7