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1 Consolidated Offering Document July 2013 Edition

2 MPF_EM_Jul13_V1 Schroder Investment Management (Hong Kong) Limited Level 33, Two Pacific Place, 88 Queensway, Hong Kong Schroder MPF Hotline: Website:

3 Index Offering Document 1 PAGE On-Going Cost Illustrations for Schroder MPF Master Trust 32 Illustrative Example for Schroder MPF Conservative Portfolio of the Schroder MPF Master Trust 33 Notice to Member: Personal Data (Privacy) Ordinance 34

4 If you are in doubt about the meaning or effect of the contents of this document, you should seek independent professional advice. This document contains details of how the Constituent Funds are to be invested in the Schroder MPF Master Trust. It should be noted that investment involves risk. Schroder MPF Master Trust Offering Document Schroder MPF Master Trust offers a number of constituent funds, each of which is distinguished by its investment policy. Key risks: Schroder MPF Conservative Portfolio does not guarantee the repayment of capital. Schroder MPF Capital Guaranteed Portfolio invests solely in an approved pooled investment fund in the form of insurance policy provided by ING Life Insurance Company (Bermuda) Limited ( ING ). The guarantee is also given by ING. Your investments in the Schroder MPF Capital Guaranteed Portfolio, if any, are therefore subject to the credit risk of ING. The guarantee available under the policy is also subject to certain conditions. Please refer to section and section 13.6 of the offering document for details of the credit risk, guarantee features and guarantee conditions. Fees and charges of a MPF conservative fund can be deducted from either (i) the assets of the fund or (ii) members account by way of unit deduction. The Schroder MPF Conservative Portfolio uses method (i) and, therefore, unit prices/nav/fund performance quoted have incorporated the impact of fees and charges. You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection of funds, you are in doubt as to whether a certain fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and choose the fund(s) most suitable for you taking into account your circumstances. Page 1

5 July 2013 CONTENTS Schroder MPF Master Trust Offering Document 1 General 3 2 Operators and Principals 3 3 Introduction 4 4 Membership 4 5 Contributions and Withdrawals 5 6 Mandatory Contributions 5 7 Voluntary Contributions and the Terms Applicable to the Employer s Contributions 5 8 Voluntary Contributions by the Self-Employed 6 9 Portability and Payment of Members Benefits 6 10 Maximum Intervals on Movement of Members Assets 7 11 Investment 7 12 Switching 8 13 Investment Policy of the Constituent Funds: Statement of Investment Policy and Objectives and Investment Risks 9 14 Valuation of the Constituent Funds and Approved Pooled Investment Funds Circumstances in Which Dealing May be Deferred or Suspended Expenses, Fees and Charges Receipt of Goods and Services From a Third Party Derived from The Acquisition or Disposal or Lending of Assets of Schroder MPF Master Trust Stamp Duty Taxation of Provident Funds Reports and Accounts Different Classes of Units Bonus Units 25 Appendix 1 26 Appendix 2 29 PAGE Page 2

6 July 2013 Schroder MPF Master Trust Offering Document 1 General 1.1 The Schroder MPF Master Trust was created by a trust deed dated 31 January 2000, as amended (the Trust Deed ). The Schroder MPF Master Trust has no fixed duration or predetermined termination date. 1.2 This Offering Document relates to the Schroder MPF Master Trust and its Constituent Funds. The Constituent Funds permit a member of the Schroder MPF Master Trust to determine how his contributions and balances within the Schroder MPF Master Trust are invested. 1.3 This document also contains information on the investment policy of the approved pooled investment funds in which the assets of the Constituent Funds are invested. 1.4 The Schroder MPF Master Trust and its Constituent Funds are subject to the investment and borrowing restrictions in Schedule I of the Mandatory Provident Fund Schemes (General) Regulation. 1.5 The Schroder MPF Master Trust together with its Constituent Funds have been registered with and approved by the Mandatory Provident Fund Schemes Authority (the MPFA ). This Offering Document has been authorised by the Securities and Futures Commission (the SFC ). The Schroder MPF Balanced Investment Portfolio, the Schroder MPF Capital Stable Portfolio, the Schroder MPF Growth Portfolio, the Schroder MPF International Portfolio and the Schroder MPF Stable Growth Portfolio will each invest in a single approved pooled investment fund which will be managed as funds of funds investing in other collective investment schemes. The Schroder MPF Asian Portfolio, Schroder MPF HK Dollar Fixed Income Portfolio and the Schroder MPF Hong Kong Portfolio will each invest in a single approved pooled investment fund which is a feeder fund. The Schroder MPF Conservative Portfolio invests directly in investments permitted for a MPF Conservative Fund (as defined in the Trust Deed). The Schroder MPF Capital Guaranteed Portfolio will invest in an approved pooled investment fund managed, issued and guaranteed by ING Life Insurance Company (Bermuda) Limited. 1.6 Registration, authorisation and approval by either the MPFA or the SFC do not imply official recommendation. 1.7 The Schroder MPF Master Trust, its Constituent Funds and the approved pooled investment funds are governed by the law of the Hong Kong Special Administrative Region. 1.8 This Offering Document is dated July 2013, and supersedes any version of the Offering Document previously issued. Schroder Investment Management (Hong Kong) Limited accepts responsibility for information contained in this Offering Document as being accurate at the date of publication. 2 Operators and Principals 2.1 Trustee and Custodian: HSBC Provident Fund Trustee (Hong Kong) Limited 1 Queen s Road Central Hong Kong 2.2 Investment Manager: Schroder Investment Management (Hong Kong) Limited Suite 3301, Level 33 Two Pacific Place 88 Queensway Hong Kong 2.3 Auditors: PricewaterhouseCoopers 22nd Floor, Prince s Building Central Hong Kong 2.4 Administrator, Record Keeper: BestServe Financial Limited 10/F, One Harbourfront 18 Tak Fung Street Hunghom, Kowloon Hong Kong Page 3

7 July 2013 Schroder MPF Master Trust Offering Document 3 Introduction 3.1 Schroder Investment Management (Hong Kong) Limited has created the Schroder MPF Master Trust to meet the needs of employers and the self-employed to offer a flexible, easy to manage MPF plan for the workforce. 3.2 The Trustee of the Schroder MPF Master Trust and its Constituent Funds is HSBC Provident Fund Trustee (Hong Kong) Limited. BestServe Financial Limited is responsible for record keeping and administration. Schroder Investment Management (Hong Kong) Limited acts as investment manager and is also responsible for client servicing and members investor education. 3.3 The Schroder MPF Master Trust was established under a Trust Deed dated 31 January 2000, as amended. The operation of the Schroder MPF Master Trust is governed by the Trust Deed and the rules of the Schroder MPF Master Trust (the Master Trust Scheme Rules ), as supplemented by this Offering Document. Whilst every effort has been made to ensure the accuracy of the facts and matters stated in this Offering Document, participants and prospective participants in the Schroder MPF Master Trust are advised to consult the Trust Deed and Master Trust Scheme Rules for further details on the relevant provisions. The Trust Deed and the Master Trust Scheme Rules can be amended (with the approval of the MPFA and the SFC) by a deed executed between the Trustee and Schroder Investment Management (Hong Kong) Limited. Members and employers will be given such notice of any amendments as may be required by the SFC and the MPFA. Copies of all these documents (and the investment management agreement between the Trustee and Schroder Investment Management (Hong Kong) Limited) and this Offering Document are available for inspection at the office of Schroder Investment Management (Hong Kong) Limited during normal business hours. 3.4 Any reorganisation of the Schroder MPF Master Trust which involves a change in the Operators and Principals, the merger or division of the Schroder MPF Master Trust or the merger, division or termination of its Constituent Funds will only be carried out if at least three months notice was given to members, unless circumstances made it impractical to give such a period of notice. 3.5 Participants and prospective participants in the Schroder MPF Master Trust may enquire on the telephone hotline It should be noted that the investment of contributions to and accrued benefits of the Schroder MPF Master Trust involves risk. Reference should be made to the Statements of Investment Policy and Objectives set out in this document, which are subject to change over time, and the comments on risk. The Investment Manager will give three months notice or such shorter period of notice as agreed with the SFC and the MPFA to participants before any such change. The value of any of the Constituent Funds offered by the Schroder MPF Master Trust may rise and fall; no predictions as to a return may be taken as definitive over any period of time other than the circumstances where a guarantee applies through investment in the Schroder MPF Capital Guaranteed Portfolio. 4 Membership 4.1 In accordance with the Trust Deed and Master Trust Scheme Rules, membership of the Schroder MPF Master Trust is open to eligible employees of employers who have joined the Schroder MPF Master Trust, and to self-employed persons, for both mandatory contributions and voluntary contributions. This can include employees who are not obliged to make mandatory contributions to an MPF scheme. Membership as a Personal Account Member is also open to persons who wish to transfer their accrued benefits from other schemes but who do not wish to make mandatory contributions to the Schroder MPF Master Trust (and are not required to do so). This includes an employee who wishes to transfer to the Schroder MPF Master Trust, his accrued benefits attributable to (i) the mandatory contributions made by him in respect of his current employment; or (ii) the mandatory contributions paid by or in respect of such employee that are attributable to his former employments or former self-employments; or (iii) all or any one or more of his personal accounts with another scheme. An employed member who transfers his accrued benefits in his contribution account(s) within the Schroder MPF Master Trust that are attributable to his mandatory contributions in respect of his current employment and/or accrued benefits derived from mandatory contributions in respect of former employment or former self-employment to his personal account within the Schroder MPF Master Trust becomes a Personal Account Member in respect of the accrued benefits so transferred. 4.2 Employers may join the Scheme by completing an Employer s Application Form. Employees of employers who have joined the Scheme may become members by completing an Employee s Application Form. An employer is required to provide details of those employees where he will be making contributions, specifying in the case of the employer s voluntary contributions any terms and conditions that apply to those contributions. 4.3 Self-employed persons may become members of the Scheme by completing a Self-Employed Person s Application Form. Page 4

8 July 2013 Schroder MPF Master Trust Offering Document 4.4 Persons who wish to transfer accrued benefits from other schemes may become members by completing a Personal Account Member s Application Form. 5 Contributions and Withdrawals 5.1 Contributions to the Schroder MPF Master Trust may either be categorised as mandatory or voluntary or where applicable, special contributions. 5.2 Withdrawals of benefits from mandatory contributions and special contributions may only be made in accordance with the Mandatory Provident Fund legislation. 5.3 Withdrawals of benefits derived from voluntary contributions can be made in accordance with the Master Trust Scheme Rules. 6 Mandatory Contributions 6.1 Under the mandatory provident fund system, an employer is required by law (except in the case of employees in respect of whom an exemption or exclusion applies) to contribute 5% of each employee s monthly relevant income and the employee contributes 5% of his monthly relevant income. Self-employed persons are required to contribute 5% of their relevant income. 6.2 "Relevant income" for in the case of employees includes all wages, salary, leave pay, fees, commissions, bonuses, gratuities, perquisites or allowances expressed in monetary terms. Relevant income in the case of self-employed persons is determined in accordance with the Mandatory Provident Fund legislation. Mandatory contributions are not required on relevant income in excess of a statutory maximum level. Employees and self employed persons who earn less than a statutory minimum level are not required to make contributions but can choose to make voluntary contributions. Employers of employees earning less than the minimum level must, however, make mandatory contributions, even if the employee chooses not to. 6.3 In addition, employers, employees and self-employed persons are all permitted to make voluntary contributions to the Scheme. In addition, employers are able to specify special rules which will apply to voluntary contributions made by them in respect of their own employees. 6.4 Mandatory contributions must be paid to the Trustee within such times as are required by the Mandatory Provident Fund legislation. 6.5 Self-employed persons may elect for any scheme year to pay mandatory contributions on a specified day in a month or on an annual basis. Self-employed persons who elect to pay mandatory contributions on a monthly basis should pay their mandatory contributions for that month to the Trustee before the specified day in the month. Self-employed persons who elect to pay mandatory contributions on a yearly basis should pay their mandatory contributions for that year to the Trustee before the end of the scheme year. 6.6 Contributions (mandatory or voluntary) must only be paid to the Trustee. 6.7 Pursuant to the Mandatory Provident Fund Schemes (General) Regulation, a contribution surcharge may be imposed by the MPFA on an employer or self-employed person who fails to make a Mandatory Contribution. Such contribution surcharge will be as specified in the notice from the MPFA. 6.8 Voluntary contributions should be made at the same time and in the same manner as mandatory contributions, unless otherwise agreed with the Trustee. If an employer fails to pay any voluntary contribution within 6 months after the date on which it is due, the employee is legally permitted to request payment of any benefits derived from voluntary contributions by the employer. 7 Voluntary Contributions and the Terms Applicable to the Employer s Contributions 7.1 Voluntary contributions through employment are normally established through a contract of employment or through agreement between the employer and employee. 7.2 Under the Master Trust Scheme Rules, an employer may specify the basis on which he makes Employer s Voluntary Contributions; in particular he may specify in respect of these Employer Voluntary Contributions: Any vesting provisions, the scale that would apply, the period they should apply and when they might begin A retirement age whereby contributions may no longer be made and the benefits paid out. Page 5

9 July 2013 Schroder MPF Master Trust Offering Document Any provisions relating to the benefits from death, total incapacity or other circumstances Any restrictions on benefits through dismissal with cause Whether any amounts forfeited through the application of vesting may be offset against an employer s future contributions or be paid to the employer. 7.3 The accrued benefits from voluntary contributions are normally withdrawn at the termination of that particular employment; if they are withdrawn earlier there are potential salaries tax liabilities. The Master Trust Scheme Rules make no restriction on when such balances can be withdrawn. 8 Voluntary Contributions by the Self-Employed 8.1 A self-employed person who is a member of the Schroder MPF Master Trust may make and withdraw voluntary contributions as he wishes, save that he may make only one withdrawal or partial withdrawal of voluntary contributions per calendar month. 9 Portability and Payment of Members Benefits 9.1 The Schroder MPF Master Trust does not impose any restrictions on the ability of an employer, self-employed person or member with a personal account to cease to make contributions to the Schroder MPF Master Trust. No exit fees or penalties are charged, and no advance notice period is required. 9.2 If a member ceases to be employed by his employer, he will be given the opportunity to transfer his benefit derived from mandatory contributions to another account with the Schroder MPF Master Trust, transfer to another MPF Scheme or make a withdrawal, if he is eligible to do so, in accordance with the provisions of the legislation. The member s benefit from voluntary contributions may be dealt with in the same manner as the benefit from mandatory contributions or (subject to any applicable conditions imposed by the employer in relation to voluntary contributions) in any other manner consistent with the legislation. 9.3 Where a member who is eligible to do so wishes to transfer balances, he must complete the appropriate transfer form which will specify his options and require him to give certain detail. The MPF legislation has provisions for those who do not make such decisions within specified periods. 9.4 If the member fails to make an election within three months after the date on which the Trustee has received notice that the member has left the employer s service, the member shall be deemed to have made an election to transfer his accrued benefits to a separate Personal Account within the Schroder MPF Master Trust. 9.5 If an employer wishes to cease to contribute to the Schroder MPF Master Trust, the employer must still participate in an MPF Scheme in order to comply with the obligations under the legislation. The accrued benefits of such an employer s employees must be transferred to the new MPF Scheme. 9.6 An employed member may, at any time, but not more than once in each calendar year, elect to have all his accrued benefits attributable to the mandatory contributions made by him in respect of his current employment transferred to a personal account within the Schroder MPF Master Trust, or a personal account within another MPF scheme, which is a master trust scheme or an industry scheme, nominated by the employed member. 9.7 An employed member may, at any time, elect to have all his accrued benefits derived from the mandatory contributions paid by or in respect of him that are attributable to his former employments or former self-employments and held in the Schroder MPF Master Trust transferred to another contribution account or a personal account within the Schroder MPF Master Trust, or a contribution account of the employed member within another MPF scheme nominated by the employed member, or a personal account within another MPF scheme, which is a master trust scheme or an industry scheme, nominated by the employed member. 9.8 A self-employed member may give notice to cease making contributions by completing the appropriate form. The self-employed member will be given the opportunity to make a withdrawal, if he is eligible to do so, or transfer his benefit derived from mandatory contributions to another account with the Schroder MPF Master Trust or transfer to another MPF Scheme, in accordance with the provisions of the legislation. The self-employed member s benefit from voluntary contributions may be dealt with in the same manner as the benefit from mandatory contributions or in any other manner consistent with the legislation. Page 6

10 July 2013 Schroder MPF Master Trust Offering Document 9.9 A member may at any time elect to transfer all his accrued benefits held in his personal account to another account within the Schroder MPF Master Trust, or a contribution account of the member within another MPF scheme nominated by the member, or a personal account within another MPF scheme, which is a master trust scheme or an industry scheme, nominated by the member The transfer of accrued benefits under this section 9 shall be made in the manner permitted under the Mandatory Provident Fund Schemes (General) Regulation and the Trust Deed No fees shall be charged and no financial penalties shall be imposed for transferring accrued benefits (i) from an MPF scheme to another MPF scheme; (ii) from an account within the Schroder MPF Master Trust to another account within the Schroder MPF Master Trust; (iii) in the same account within the Schroder MPF Master Trust, from a Constituent Fund to another Constituent Fund, other than an amount representing the necessary transaction costs that are incurred, or reasonably likely to be incurred, by the Trustee in selling or purchasing investments in order to give effect to the transfer and are payable to a party other than the Trustee. Such necessary transaction costs would include, but are not limited to brokerage commissions, fiscal charges and levies, government charges, bank charges, exchange fees, costs and commissions, registration fees and charges, collection fees and expenses and shall be used to reimburse the relevant Constituent Fund. 10 Maximum Intervals on Movement of Members Assets 10.1 In accordance with the Mandatory Provident Fund legislation, for the Schroder MPF Master Trust the maximum intervals for each of the following will be thirty days: A request for redemption and the actual payment of accrued benefits (whether from mandatory or voluntary contributions) A request by the Trustee of the Schroder MPF Master Trust for redemption and the actual payment to the Trustee of the Schroder MPF Master Trust of redemption proceeds of the underlying approved pooled investment funds of any Constituent Fund The Trustee upon being notified of an election to transfer accrued benefits (i) from the Schroder MPF Master Trust to other MPF schemes or (ii) from an account within the Schroder MPF Master Trust to another account within the Schroder MPF Master Trust, in each case in accordance with the Mandatory Provident Fund legislation, will take all practicable steps to ensure that all the accrued benefits concerned will be transferred in accordance with the election within 30 days after being notified of such election (or such other period as may be prescribed by the Mandatory Provident Fund legislation) or if an election is made by an employed member who ceases to be employed by his employer, within 30 days (or such other period as may be prescribed by the Mandatory Provident Fund legislation) after the last contribution day in respect of the employment that has ceased, whichever is the later and in such manner as set out in the Trust Deed and in accordance with the Mandatory Provident Fund legislation Members and employers should note that, although requests for payment of benefits or transfers will be processed as soon as reasonably practicable, payment will not be made on the same day as the day on which the request is received. 11 Investment 11.1 Contributions made by an employer, self-employed person and a member of the Schroder MPF Master Trust into the scheme will be verified in accordance with the MPF legislation. When verification is complete and where cheques have been cleared or other payment methods have been verified by 5 p.m. Hong Kong time on any business day and the information necessary to ensure that the amount is credited to the correct account has been received, the amounts shall be invested in accordance with the choice, if received, from the member as to which Constituent Funds his contributions will be invested, see paragraph 11.3 below. Such investment will be implemented as soon as reasonably practicable (generally on the next dealing day as set out in paragraph 14.1) but members should note that the day on which contributions are received will not be the same as the day on which they are invested. As noted in paragraph 11.6 below, if no directive has been received the Default Option will be applied Contributions will be used to acquire units in the Constituent Funds of the member s choice at the unit price for such funds prevailing on the day when cleared funds have been received by the Trustee and allocated to the correct accounts The Schroder MPF Master Trust offers members a choice of ten Constituent Funds. Each Constituent Fund is established under the Trust Deed and is unitised. Page 7

11 July 2013 Schroder MPF Master Trust Offering Document 11.4 Each member of the Schroder MPF Master Trust will have the opportunity to invest his accrued benefits and contributions into one or more of the ten Constituent Funds. All ten Constituent Funds are available to all members On becoming a member, a member should complete an application form to indicate how the member wishes his contributions and accumulated balances should be invested. Such a choice will remain unchanged until the member submits an appropriate form, which is available from the Administrator, to amend the same Default Option: If the member does not provide an investment instruction to indicate the Constituent Funds and in what proportion his contributions are invested, or chooses the Default Option as his investment instruction, the member s contributions and accumulated balances will be invested as follows, determined on the basis of the age of the member: - Age of member Below 50 From 50 to 55 From 56 to 61 Constituent Fund Selected Schroder MPF Balanced Investment Portfolio Schroder MPF Stable Growth Portfolio Schroder MPF Capital Stable Portfolio 62 or over Schroder MPF Conservative Portfolio The member s balances and contributions will be switched automatically when he reaches the next age band as specified above from time to time. The member may choose not to adopt the Default Option at any time if he so wishes by completing an appropriate form available from the Administrator The Default Option will also be applied if a member does not complete an appropriate form in respect of any amounts which are invested in a Constituent Fund which is terminated The Trustee and the investment manager will have no responsibility for any investment losses sustained by any member as a result of the Default Option applied. 12 Switching 12.1 A member may switch the investment of his accrued benefits and contributions by and in respect of him between the Constituent Funds without limit (except in the case of switches involving the Schroder MPF Capital Guaranteed Portfolio, where switches may be made only once in a calendar year). There is no administration charge for switching. An appropriate form, available from the Administrator, should be completed by the member Members should note that, although switches will be implemented as soon as reasonably practicable, this may not be on the day on which the switching instructions are received. The maximum period between the receipt of properly documented switching instructions (see 12.1 above) and the implementation of the switch will be 15 business days There are no limits on how much may be invested in each of the ten Constituent Funds and no minimum amounts for initial investment, subsequent holdings, switching or redemption. Each of the Schroder MPF Balanced Investment Portfolio, the Schroder MPF Capital Stable Portfolio, the Schroder MPF Growth Portfolio, the Schroder MPF International Portfolio and the Schroder MPF Stable Growth Portfolio will invest in a single approved investment fund which will operate as a fund of funds investing in at least two underlying collective investment schemes. The Schroder MPF HK Dollar Fixed Income Portfolio and the Schroder MPF Hong Kong Portfolio will each invest in a single approved pooled investment fund which is a feeder fund. Each of the other Constituent Funds other than the Schroder MPF Conservative Portfolio will invest its assets in a single approved pooled investment fund. The Schroder MPF Conservative Portfolio will invest directly in permitted investments. Each Constituent Fund may in addition hold cash Risk and related factors: Each of these investments involves risks. Members of the Schroder MPF Master Trust should appreciate Constituent Fund choices have different levels of risk and that those at the higher risk end of the spectrum are likely to be more volatile in terms of short term performance, a concept often described as investment risk. Page 8

12 July 2013 Schroder MPF Master Trust Offering Document 13 Investment Policy of the Constituent Funds: Statement of Investment Policy and Objectives and Investment Risks 13.1 Each of the ten Constituent Funds has a different investment policy, achieved through investing its assets into an approved pooled investment fund (except for the Schroder MPF Conservative Portfolio, which invests directly in permitted investments). These policies are outlined below in the Statement of Investment Policy and Objectives for each Constituent Fund and in the common policies The Investment Manager will give Participants in the Schroder MPF Master Trust three months notice or such shorter period of notice as agreed with the SFC and the MPFA before changes are made to the Statement of Investment Policy and Objectives Common policies on investment which apply to each Constituent Fund: There are certain common policies of the Constituent Funds as follows which form part of the Statement of Investment Policy and Objectives, Each Constituent Fund (other than the Schroder MPF Conservative Portfolio) will invest its assets in a single pooled investment fund but may also hold cash from time to time, up to a maximum of 5% of each fund None of the Constituent Funds (other than the Schroder MPF Conservative Portfolio) will have direct holdings of equities or bonds, its interest in such investments being achieved through an approved pooled investment fund None of the Constituent Funds will trade in futures or options, but may enter into currency forward contracts for the purposes of currency hedging. Their approved pooled investment funds may acquire futures and options for the purposes of investment or hedging subject to the restrictions in Schedule 1 of the Mandatory Provident Fund Schemes (General) Regulation None of the Constituent Funds or their approved pooled investment funds will lend securities Each Constituent Fund is subject to the investment and borrowing restrictions in Schedule 1 of the Mandatory Provident Fund Schemes (General) Regulation The intention is that the Constituent Funds (other than the Schroder MPF Conservative Portfolio) only invest in underlying approved pooled investment funds which have no less than 30% in Hong Kong dollar investments. However the Constituent Funds may hedge currency from time to time. The Schroder MPF Conservative Portfolio will invest directly in permitted investments (and will at all times have an effective Hong Kong currency exposure of 100%) Investments may, however, only be acquired for the Constituent Funds in those countries or markets where the Trustee is satisfied that suitable arrangements can be made for their custody A number of funds shown below have references as being suitable for Lifecycle Products. Such a description refers to products that generally reflect an attitude to risk influenced by age and years to retirement. See also paragraph 11.6 in this regard The Statement of Investment Policy and Objectives which considers each fund s investment objectives, the types of intended investments and their relative proportion in each portfolio, the balance between different types of securities and other assets, the risk inherent in implementing the investment policy and the return expected to result from giving effect to the policy, for each of the Constituent Funds is as follows: Schroder MPF Capital Guaranteed Portfolio (i) (ii) (iii) The objective of the Schroder MPF Capital Guaranteed Portfolio is to achieve a positive return, after expenses, for as long as the investor remains invested in the Schroder MPF Capital Guaranteed Portfolio. The Schroder MPF Capital Guaranteed Portfolio invests in an insurance policy which includes a guarantee. The insurance policy (the Insurance Policy ) is an approved pooled investment fund and is issued by the insurer, ING Life Insurance Company (Bermuda) Limited ( ING ). Investments in the Insurance Policy are held as the assets of ING. In the event where ING is liquidated, you may not have access to your investment temporarily, or their value may be reduced. Page 9

13 July 2013 Schroder MPF Master Trust Offering Document (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) Before you invest in the Schroder MPF Capital Guaranteed Portfolio, you should consider the risk posed by the insurer (referred to as credit risk ) under the circumstances set out above and, if necessary, seek additional information or advice. The overall returns of the Schroder MPF Capital Guaranteed Portfolio will be those achieved from the Insurance Policy less expenses, charges and fees at the Constituent Fund Level. The Insurance Policy is a Class G Insurance Policy and is managed, issued and guaranteed by ING. An investment in the Schroder MPF Capital Guaranteed Portfolio is not guaranteed at the Constituent Fund level, but the Insurance Policy in which the assets of the Portfolio will be invested is a guaranteed insurance policy. The Insurance Policy invests into an underlying approved pooled investment fund and the investments of which will include global bonds, equities and cash with the current proposed asset allocation of a range of 67% to 95%, 0% to 33%, and 0% to 33% of the asset value respectively. The underlying approved pooled investment fund is globally diversified but with a bias towards Hong Kong and it will hold a minimum of 67% of its asset value in Hong Kong dollar investments at all times through direct holdings in equities, bonds and cash and/or currency hedging. The Schroder MPF Capital Guaranteed Portfolio is low risk and, as such is appropriate for those who wish to ensure that their benefits are not substantially less than their contributions at the end of a five year period or at aged 65. The guarantee structure results in a dilution in performance. Terms of the guarantee The guarantee is only a feature of in the Schroder MPF Capital Guaranteed Portfolio and does not apply to any other Portfolio. Furthermore, ING will only guarantee the amount that is invested in the Insurance Policy. Because of fees and expenses (as detailed in this Offering Document) and the necessity to have a certain amount of cash and deposits in the Constituent Fund, this amount will be less than the amount invested in the Schroder MPF Capital Guaranteed Portfolio. As such the amount guaranteed will reflect these fees, expenses and such cash (see (xiii) below and Appendix 1). The amount of cash to be retained is estimated to be around 1% of assets, and will not exceed 5% of assets. (xii) To qualify for the guarantee, a member of the Schroder MPF Master Trust must hold a beneficial interest in the Schroder MPF Capital Guaranteed Portfolio at all times in the five year period, referred to as continuous investment. A member ( transferring member ) who elects to transfer his accrued benefits invested in the Schroder MPF Capital Guaranteed Portfolio (A) held in one account within the Schroder MPF Master Trust ( existing account ) to another account within the Schroder MPF Master Trust ( new account ); or (B) to another Constituent Fund(s) within the Schroder MPF Master Trust; or (C) to another MPF scheme, in accordance with section 9. Portability and Payment of Members Benefits will cease to have a continuous investment in the Schroder MPF Capital Guaranteed Portfolio in respect of the accrued benefits so transferred. A transferring member will also cease to have a continuous investment in the Schroder MPF Capital Guaranteed Portfolio if he elects to transfer between accounts within the Schroder MPF Master Trust (as described in (A) in the preceding paragraph), even If there is no change in his investment choice i.e. the accrued benefits will be invested in the Schroder MPF Capital Guaranteed Portfolio after the transfer from the existing account to the new account. The timing at which an election to transfer is made may have impact on the guarantee entitlement of the transferring member: (a) if the election to transfer is made at the end of a five year period of continuous investment or at a time when the other guarantee condition as set out in paragraph (xiii) below is met, there will be no impact on the guarantee amounts credited or to be credited to the existing account of the transferring member at or prior to the time of such transfer; Page 10

14 July 2013 Schroder MPF Master Trust Offering Document (b) if the election to transfer is made at any time prior to the end of a five year period of continuous investment and the other guarantee condition as set out in paragraph (xiii) below is not met, the transferring member will not qualify for the guarantee but only to the extent of the accrued benefits being so transferred and of which he has less than five year period of continuous investment in the Schroder MPF Capital Guaranteed Portfolio. In the case of an election to transfer between accounts within the Schroder MPF Master Trust and there is no change in the investment choice of the transferring member (i.e. the accrued benefits so transferred will be invested in the Schroder MPF Capital Guaranteed Portfolio after the transfer from the existing account to the new account), a new investment period will begin from the date the accrued benefits transferred to the new account are invested in the Schroder MPF Capital Guaranteed Portfolio and as long as the accrued benefits held in the new account remain invested in the Schroder MPF Capital Guaranteed Portfolio and the conditions for the guarantee entitlements are met, the guarantee will apply. (xiii) The guarantee will become effective: at the end of each five year period of continuous investment; and over a lesser period of continuous investment if the member reaches the age of 65. The guarantee will not apply in any other circumstances where members are fully exposed to fluctuations in the value of the assets of the Schroder MPF Capital Guaranteed Portfolio. After each five year period of continuous investment has occurred, a new period will begin as long as the member remains invested in the Schroder MPF Capital Guaranteed Portfolio. (xiv) Subject to the guarantee terms described above, the guarantor will guarantee 100% of the capital value of that amount invested in the Insurance Policy which is attributable to each member who participates in the Schroder MPF Capital Guaranteed Portfolio. This capital amount will be the value of the member s accrued benefits in the Schroder MPF Capital Guaranteed Portfolio at the beginning of the continuous investment, plus that member s contributions to the Schroder MPF Capital Guaranteed Portfolio during the continuous investment (net of expenses, cash not invested in the insurance policy and any redemptions). Any amount credited to the member s account under the guarantee will be invested in the Schroder MPF Capital Guaranteed Portfolio (subject to the member s right to make a switch to another Portfolio). The guarantee will cease to apply to any amount so switched or transferred. Please refer to paragraph (xii) above for further details. (xv) (xvi) Thus the amount that will be credited by ING to the member s account at the end of five years of continuous investment will for each member be the decline if any in the value of the member s holding in the Schroder MPF Capital Guaranteed Portfolio adjusted for fees and expenses which are levied at the Constituent Fund level, redemptions and cash not invested in the Insurance Policy; the amount is to be calculated according to the formula set out in Appendix 1. Duration of the guarantee The guarantee will continue for as long as the Schroder MPF Capital Guaranteed Portfolio invests in the Insurance Policy which is a Class G policy issued by ING which provides for a guarantee on the terms described in this Offering Document. (xvii) (xviii) ING may change the terms of the guarantee described in this Offering Document. Should there be any changes, members of the Schroder MPF Master Trust who will be affected by the change will be informed as soon as practical and in any event within 30 days after Schroder Investment Management (Hong Kong) Limited is notified of the change. Members should be aware that if the investment policy of the Schroder MPF Capital Guaranteed Portfolio changes from that described in the paragraph above, then the guarantee may not apply. Neither the Trustee nor Schroder Investment Management (Hong Kong) Limited accept any liability for any parts of the guarantee which is provided solely by ING. The long term return is expected to be in line with Hong Kong price inflation (as measured by the Consumer Price Index Type A). (xix) Examples of the manner in which the guarantee works are given in Appendix 1. Page 11

15 July 2013 Schroder MPF Master Trust Offering Document Schroder MPF Conservative Portfolio (i) (ii) The objective of the Schroder MPF Conservative Portfolio is to provide a return, after expenses, which matches or exceeds the Hong Kong dollar savings rate. The Schroder MPF Conservative Portfolio s investments will be limited by the investment restrictions for a MPF conservative fund as defined in the MPF legislation and guidelines. In summary these are as follows: (a) Deposits, less than 12 months maturity with banks meeting specific requirements. (b) Debt securities, with a maturity of 2 years or less issued by or guaranteed by the Government of the Hong Kong Special Administrative Region, the Exchange Fund, a company wholly owned by the Hong Kong Government; or a foreign government or multi-lateral agency (such as the World Bank) with the highest credit rating. (c) Debt securities, with a maturity of 1 year or less with a credit rating level set by the MPFA. (d) The average maturity of all securities must not exceed ninety days. (e) The fund must be wholly invested in Hong Kong dollar currency investments. (iii) The Schroder MPF Conservative Portfolio will hold a minimum of 100% in Hong Kong dollar investments at all times through direct holdings in the restricted investments shown above. (iv) The Schroder MPF Conservative Portfolio is low risk and, as such, is suitable for investors with less than 3 years before retirement. (v) (vi) It should be noted that an investment in the Schroder MPF Conservative Portfolio is not the same as placing funds on deposit with a bank or deposit-taking company and that there is no obligation to redeem the investment at the offer value. It should also be noted that the Schroder MPF Conservative Portfolio is not subject to the supervision of the Hong Kong Monetary Authority. The long term return is expected to be in line with deposit rates on Hong Kong dollars Schroder MPF HK Dollar Fixed Income Portfolio (i) (ii) The objective of the Schroder MPF HK Dollar Fixed Income Portfolio is to provide a steady long term return through income and some capital appreciation, although the latter will be affected by the trend of Hong Kong interest rates. The Schroder MPF HK Dollar Fixed Income Portfolio will invest in a single approved pooled investment fund which invests in an underlying fund. The fund s non-cash investments primarily include Hong Kong dollar denominated bonds, certificates of deposit (CDs), bonds, notes and commercial paper. For indicative purposes, current proposed allocation of the assets is set out below. Investors should note that the actual allocation may at times be varied from that shown below as market, economic and other conditions change. Bonds and CDs - Hong Kong Dollar 70% to 100% Other currencies 0% to 30% Cash or cash equivalents 0% to 30% (iii) (iv) (v) The approved pooled investment fund will hold a minimum of 30% in Hong Kong dollar investments at all times. The Schroder MPF HK Dollar Fixed Income Portfolio is low risk and, as such, is suitable for investors with between 3 and 5 years before retirement. The long term return is expected to be in line with Hong Kong price inflation (as measured by the Consumer Price Index Type A). Page 12

16 July 2013 Schroder MPF Master Trust Offering Document Schroder MPF Capital Stable Portfolio (i) (ii) The objective of the Schroder MPF Capital Stable Portfolio is to achieve a long term return in-line with Hong Kong price inflation. The Schroder MPF Capital Stable Portfolio will invest in a single approved pooled investment fund which is a fund of funds investing in other Schroder managed funds. The underlying investments of the portfolio will primarily include quoted securities, government and corporate bonds and cash deposits worldwide. The portfolio is thus globally diversified but is biased towards Hong Kong. For indicative purposes, current proposed allocation of the assets is set out below. Investors should note that the actual allocation may at times be varied from that shown below as market, economic and other conditions change. Bonds 40% to 70% US Dollar 5% to 60% Global currencies ex US Dollar ex Hong Kong Dollar 5% to 40% Hong Kong Dollar 0% to 50% Equities 15% to 40% Hong Kong 0% to 20% Asia Ex Hong Kong Ex Japan 0% to 15% United States 0% to 15% Japan 0% to 10% Europe 0% to 10% Others 0% to 5% Cash or cash equivalents 0% to 30% (iii) (iv) (v) (vi) The Schroder MPF Capital Stable Portfolio is suitable for inclusion in a lifecycle range of products. The approved pooled investment fund will hold a minimum of 30% in Hong Kong dollar investments at all times. The Schroder MPF Capital Stable Portfolio is medium risk and, as such, is suitable for investors with between 5 and 10 years before retirement. The long term return is expected to be in line with Hong Kong price inflation (as measured by the Consumer Price Index Type A) Schroder MPF Stable Growth Portfolio (i) (ii) The objective of the Schroder MPF Stable Growth Portfolio is to achieve a long term return in excess of Hong Kong price inflation. The Schroder MPF Stable Growth Portfolio will invest in a single approved pooled investment fund which is a fund of funds investing in other Schroder managed funds. The underlying investments of the portfolio will primarily include quoted securities, government and corporate bonds and cash deposits worldwide. The portfolio is thus globally diversified but is biased towards Hong Kong. For indicative purposes, current proposed allocation of the assets is set out below. Investors should note that the actual allocation may at times be varied from that shown below as market, economic and other conditions change. Bonds 20% to 60% US Dollar 5% to 55% Global currencies ex US Dollar ex Hong Kong Dollar 5% to 60% Hong Kong Dollar 0% to 30% Equities 30% to 60% Hong Kong 5% to 30% Asia ex Hong Kong ex Japan 0% to 15% United States 0% to 25% Japan 0% to 15% Europe 0% to 15% Others 0% to 5% Cash or cash equivalents 0% to 20% Page 13

17 July 2013 Schroder MPF Master Trust Offering Document (iii) (iv) (v) (vi) The Schroder MPF Stable Growth Portfolio is suitable for inclusion in a lifecycle range of products. The approved pooled investment fund will hold a minimum of 30% in Hong Kong dollar investments at all times. The Schroder MPF Stable Growth Portfolio is medium risk and, as such, is suitable for investors with between 5 and 10 years before retirement. The long term return is expected to be in line with Hong Kong price inflation (as measured by the Consumer Price Index Type A) Schroder MPF Balanced Investment Portfolio (i) (ii) The objective of the Schroder MPF Balanced Investment Portfolio is to achieve a long term return in excess of salary inflation in Hong Kong. The Schroder MPF Balanced Investment Portfolio will invest in a single approved pooled investment fund which is a fund of funds investing in other Schroder managed funds. The underlying investments of the portfolio will primarily include quoted securities, government and corporate bonds and cash deposits worldwide. The portfolio is thus globally diversified but is biased towards Hong Kong. For indicative purposes, current proposed allocation of the assets is set out below. Investors should note that the actual allocation may at times be varied from that shown below as market, economic and other conditions change. Bonds 0% to 40% US Dollar 0% to 25% Global currencies ex US Dollar ex Hong Kong Dollar 0% to 40% Hong Kong Dollar 0% to 20% Equities 45% to 85% Hong Kong 10% to 40% Asia ex Hong Kong ex Japan 0% to 25% United States 5% to 30% Japan 0% to 20% Europe 0% to 25% Others 0% to 10% Cash or cash equivalents 0% to 20% (iii) (iv) (v) (vi) The Schroder MPF Balanced Investment Portfolio is suitable for inclusion in a lifecycle range of products. The approved pooled investment fund will hold a minimum of 30% in Hong Kong dollar investments at all times. The risk profile of the Schroder MPF Balanced Investment Portfolio is relatively high and, as such, is suitable for investors with more than ten years before retirement. The long term return is expected to be modestly in excess of salary inflation in Hong Kong (as indicated by the Hong Kong Monthly Digest of Statistics as published by the Census and Statistics Department of the Government of Hong Kong Special Administrative Region) Schroder MPF Growth Portfolio (i) (ii) The objective of the Schroder MPF Growth Portfolio is to achieve a long term return in excess of salary inflation in Hong Kong. The Schroder MPF Growth Portfolio will invest in a single approved pooled investment fund which is a fund of funds investing in other Schroder managed funds. The underlying investments of the portfolio will primarily include quoted securities, government and corporate bonds and cash deposits worldwide. The portfolio is thus globally diversified but is biased towards Hong Kong. For indicative purposes, current proposed allocation of the assets is set out below. Investors should note that the actual allocation may at times be varied from that shown below as market, economic and other conditions change. Page 14

18 July 2013 Schroder MPF Master Trust Offering Document Bonds 0% to 20% US Dollar 0% to 15% Global currencies ex US Dollar ex Hong Kong Dollar 0% to 20% Hong Kong Dollar 0% to 10% Equities 60% to 100% Hong Kong 0% to 50% Asia ex Hong Kong ex Japan 0% to 30% United States 0% to 40% Japan 0% to 20% Europe 0% to 30% Others 0% to 5% Cash or cash equivalents 0% to 30% (iii) (iv) (v) (vi) The Schroder MPF Growth Portfolio is suitable for inclusion in a lifecycle range of products. The approved pooled investment fund will hold a minimum of 30% in Hong Kong dollar investments at all times. The risk profile of the Schroder MPF Growth Portfolio is relatively high and, as such, is suitable for investors with more than 10 years before retirement. The long term return is expected to be modestly in excess of salary inflation in Hong Kong (as indicated by the Hong Kong Monthly Digest of Statistics as published by the Census and Statistics Department of the Government of Hong Kong Special Administrative Region) The Schroder MPF International Portfolio (i) (ii) The objective of the Schroder MPF International Portfolio is to achieve long term capital growth. The Schroder MPF International Portfolio will invest in a single approved pooled investment fund which is a fund of funds investing in other Schroder managed funds. The underlying investments of the portfolio will primarily include quoted securities and cash deposits worldwide. The portfolio is globally diversified. For indicative purposes, current proposed allocation of the assets is set out below. Investors should note that the actual allocation may at times be varied from that shown below as market, economic and other conditions change. Equities 60% to 100% Pacific excluding Japan 0% to 20% United States 10% to 70% Japan 0% to 25% Europe 10% to 50% Others 0% to 20% Cash or cash equivalents 0% to 40% (iii) (iv) (v) It will hold a minimum of 30% in Hong Kong dollar investments at all times. The risk profile of the Schroder MPF International Portfolio is relatively high and, as such, is suitable for investors seeking long term capital appreciation. The long term return is expected to be modestly in excess of Hong Kong price inflation (as measured by the Consumer Price Index Type A) Schroder MPF Asian Portfolio (i) (ii) The objective of the Schroder MPF Asian Portfolio is to achieve long term capital growth. The Schroder MPF Asian Portfolio will invest in a single approved pooled investment fund the non-cash investments of which primarily invest in Asian (ex-japan) equities. The fund may hold cash, bank deposits or cash equivalents for ancillary purposes. For indicative purposes, current proposed allocation of the assets is set out below. Investors should note that the actual allocation may at times be varied from that shown below as market, economic and other conditions change. Page 15

19 July 2013 Schroder MPF Master Trust Offering Document Equities 60% to 100% Hong Kong 20% to 70% Singapore 0% to 30% Malaysia 0% to 20% Korea 0% to 40% Taiwan 0% to 40% Thailand 0% to 20% Philippines 0% to 10% India 0% to 40% Others 0% to 10% Cash and cash equivalents 0% to 40% (iii) (iv) (v) The approved pooled investment fund will hold a minimum of 30% in Hong Kong dollar investments at all times. The risk profile of the Schroder MPF Asian Portfolio is relatively high and, as such, is suitable for investors seeking long term capital appreciation. The long term return is expected to be modestly in excess of Hong Kong price inflation (as measured by the Consumer Price Index Type A) Schroder MPF Hong Kong Portfolio (i) (ii) The objective of the Schroder MPF Hong Kong Portfolio is to achieve long term capital growth. The Schroder MPF Hong Kong Portfolio will invest in a single approved pooled investment fund which invests in an underlying fund. The fund s non-cash investments primarily invest in Hong Kong equities. The fund may hold cash, bank deposits or cash equivalents for ancillary purposes. For indicative purposes, current proposed allocation of the assets is set out below. Investors should note that the actual allocation may at times be varied from that shown below as market, economic and other conditions change. Equities 90% to 100% Hong Kong 90% to 100% Cash or cash equivalents 0% to 10% (iii) (iv) (v) It will hold a minimum of 30% in Hong Kong dollar investments at all times. The risk profile of the Schroder MPF Hong Kong Portfolio is relatively high and, as such, is suitable for investors with more than ten years before retirement. The long term return is expected to be modestly in excess of Hong Kong price inflation (as measured by the Consumer Price Index Type A) Investment Risks General The prices of units depend on the market values of the Constituent Fund s investments and such prices as well as the income from units can go down as well as up. Past performance of the Constituent Fund does not indicate the future performance. Investment in the Constituent Funds is not capital guaranteed and is only suitable for investors who can leave their capital for medium to long-term investment and are prepared for medium to high level of risk. For the Constituent Fund, the underlying approved pooled investment fund of which is a feeder fund or a fund of funds, the Constituent Fund s performance will be affected by the performance of the underlying fund(s) of the approved pooled investment fund ( the Underlying Funds ) and is subject to all the risks associated with the Underlying Funds investments and cash exposure including, among others, market, interest rate, currency, exchange rate, economic, credit, liquidity, counterparty, foreign securities and political risks. Investors will bear the recurring expenses of the approved pooled investment fund in addition to the expenses of the Underlying Funds, and therefore, the returns that they may obtain may not reflect the returns that they obtained by investing directly in the Underlying Funds. Page 16

20 July 2013 Schroder MPF Master Trust Offering Document Investment objective expresses an intended result but there is no guarantee that such a result will be achieved. Depending on market conditions and macro economic environment, investment objective may become more difficult or even impossible to achieve. There is no express or implied assurance as to the likelihood of achieving the investment objectives for the Constituent Funds. The Schroder MPF Conservative Portfolio does not guarantee capital repayment. A member s rights to benefits in respect of any units held for the account of the member in the Schroder MPF Conservative Portfolio are limited to the redemption price of such units at the relevant time, which may be more or less than the price at which such units were issued. Investment in the Constituent Funds is not in the nature of a deposit in a bank account and is not protected by any government, government agency or other guarantee scheme which may be available to protect the holder of a bank deposit account. Schroder MPF Capital Guaranteed Portfolio invests solely in the Insurance Policy provided by ING. The guarantee is also given by ING. Your investments in the Schroder MPF Capital Guaranteed Portfolio, if any, are therefore subject to the credit risk of ING. Please also refer to section for details of guarantee features and guarantee conditions. Investment decisions of the Underlying Funds are made at the level of such Underlying Funds and it is possible that the managers of such Underlying Funds will take positions or engage in transactions in the same securities or in issues of the same asset class, industry or country or currency at the same time. Consequently there is concentration risk. The approved pooled investment funds of the Constituent Funds (the Approved Pooled Investment Funds ) invest in a number of Underlying Funds, which employ different strategies and objectives and invest in types of securities and markets. Each type of security and market bears certain kinds of risks that may or may not be unique to the type of security and market. There is no assurance that the risks involved in different types of securities and markets are uncorrelated or independent and that investment diversification will remove risks Market risk Investors should be aware that the value of securities in which the Approved Pooled Investment Funds and the Underlying Funds invest, and the return derived from it can fluctuate. The Approved Pooled Investment Funds and the Underlying Funds invest in and actively trade securities utilising strategies and investment techniques with significant risk characteristics, including risks arising from the volatility of the fixed income and equity and the risks associated with foreign securities. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as actions by various governmental agencies and domestic or international economic and political developments, may cause sharp market fluctuations, which could significantly and adversely affect the results of the Constituent Funds, Approved Pooled Investment Funds and the Underlying Funds. In addition, the value of the Approved Pooled Investment Funds may fluctuate as the general level of interest rates fluctuates Currency and Exchange risk Investments of the Approved Pooled Investment Funds and the Underlying Funds may be denominated in a wide range of currencies different from the base currency of the Constituent Funds. This exposes the Constituent Funds to exchange rate fluctuations and currency risk Equity Investment Risk The Approved Pooled Investment Fund s investment in equity securities is subject to the risk that the market value of the stocks may go down as well as up due to numerous factors such as changes in investment sentiment, political environment, economic environment, regional or global economic instability, currency and interest rate fluctuations. If the market value of the stocks go down the net asset value of the Approved Pooled Investment Funds may be adversely affected Debt Securities Investment grade debt securities generally have a high capacity to pay interest and repay principal when compared to lower-rated bonds and notes. However, there are no assurances that losses will not occur with respect to these investments. The principal factors that may affect the value of the Approved Pooled Investment Fund and Underlying Fund s securities holdings include: (i) changes in interest rates, (ii) the credit worthiness of the issuers of securities held by the Approved Pooled Investment Funds and the Underlying Funds, (iii) unanticipated prepayment, and (iv) the decline of the relevant bond market. Page 17

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