MassMutual Asia Ltd.prdlib.convoy.com.hk/prdportal/File/Product and... · The “Principal Brochure” consists of the respective “Product Key Facts Statement and Product Brochure”

財智之選系列Premier-Choice Series

MassMutual Asia Ltd.Hong Kong Head Office: 12/F MassMutual Tower, 38 Gloucester Road, Wanchai, Hong Kong

Macau Branch Office: Avenida Praia Grande No. 517, Edificio Comercial Nam Tung 16-E2, Macau

Customer Service Hotline: Hong Kong (852) 2919 9797 / Macau (853) 2832 2622

www.massmutualasia.com

Date of Publication: July 2014

MS-

433-

V19

-071

4B(S

FC-8

5-06

1620

14)

Investment Choice Brochure

1 MS-433-V19-0714B(SFC-85-06162014)

The Premier-Choice Series includes Premier-Choice ULife InvestPlan, Premier-Choice Flexi, Premier-Choice Flexi Plus, Premier-Choice InvestPlan and Premier-Choice Plus InvestPlan. However, Premier-Choice InvestPlan and Premier-Choice Plus InvestPlan are not available to new policy application and are not marketed to the public in Hong Kong/Macau.

The “Principal Brochure” consists of the respective “Product Key Facts Statement and Product Brochure” and this “Investment Choice Brochure”. This “Investment Choice Brochure” is issued and should be read in conjunction with the respective “Product Key Facts Statement and Product Brochure” of the above plans (if applicable).

The premiums you pay, after deduction of any applicable fees and charges of your policy, will be invested by the Company in the underlying funds linked to the investment choices you selected and will accordingly go towards accretion of the value of your policy. Your policy value will be calculated by the Company based on the performance of such underlying funds from time to time and the ongoing fees and charges which will continue to be deducted from your policy value. Your investments in the insurance policy will become part of the assets of the Company. You do not have any rights or ownership over any of these assets. Your recourse is against the Company only. The unit allocated to your policy is notional and is solely for the purpose of determining the Policy Value. The return under the policy, subject to the charges of the respective plans, may be lower than the underlying funds.

The risk level, shown in this brochure, is for reference only and subject to regular review. The risk level of each investment choice is determined by the Company according to the historical volatility of the underlying fund, or where appropriates, the historical volatility of a comparable market index. Please refer to the information of individual investment choice under the section “Investment Choice Search” in the Company’s website.

You should consider your own investment objective, your personal financial circumstances and risk tolerance level before making any investment decision. The final decision is yours.

Investment involves risk. Each investment choice is subject to market and exchange-rate fluctuations and to the risks inherent in all investments. The underlying funds of some investment choices may use financial derivative instruments for investment and hedging purposes. The use of financial derivative instruments may involve additional risks of counterparty default, insolvency, volatility, liquidity, leverage, valuation, etc. You may suffer significant losses of your investments.

The price of units in any investment choice may go down as well as up. Past performance and volatility level are not indicative of future performance and yields are not guaranteed. Investment Choices available under the plans can have very different features and risk profiles. Some may be of high risk. For details, please refer to the prospectus of the respective underlying fund.

The general investment and borrowing restrictions of the investment choices (except MassMutual Guaranteed Interest Fund) are in accordance with the corresponding underlying funds. For details, please refer to the prospectus of the respective underlying fund or contact the Company.

The information of investment experts and investment objectives of the respective underlying funds shown in this brochure are provided by the respective investment managers. For details, including risk factors, please refer to the particular prospectus or offering documents of the respective underlying funds, which are made available by the Company.

2MS-433-V19-0714B(SFC-85-06162014)

Investment Choices

To provide greater growth potential to meet your investment objectives, we offer you the option of investing in over 100 investment choices as the investment component of your MassMutual Premier-Choice Series plans.

Investment Choices Serial No. Code Asset Type

Underlying Fund Charge*

(p.a.)

Underlying Fund

Dividend

AllianceBernstein – American Income Portfolio Class “A2” 83 ACAIU Bond Market 1.20% –

AllianceBernstein – Global High Yield Portfolio Class “A2” 84 ACGHU Bond Market 1.80% –

AllianceBernstein – International Health Care Portfolio “A” 107 ACIHU Sector Investment 1.85% –

AllianceBernstein – India Growth Portfolio Class “AX” 46 ACILU Single Country Investment

1.60% –

Aberdeen Global – Asian Local Currency Short Duration Bond Fund “A2” 85 AGABU Bond Market 1.00% –

Aberdeen Global – Asia Pacific Equity Fund “A2” 7 AGAPU Regional Market 1.75% –

Aberdeen Global – Asian Smaller Companies Fund “A2” 8 AGASU Regional Market 1.75% –

Aberdeen Global – Chinese Equity Fund “A2” 47 AGCHU Single Country Investment 1.75% –

Aberdeen Global – Select Emerging Markets Bond Fund “A2” 86 AGEBU Bond Market 1.50% –

Aberdeen Global – Indian Equity Fund “A2” 48 AGINU Single Country Investment 1.75% –

MassMutual Aberdeen Global – Japanese Equity Fund “A2”# 49 AGJAU Single Country

Investment 1.50% –

Aberdeen Global – Technology Equity Fund “A2” 108 AGTEU Sector Investment 1.75% –

Aberdeen Global – World Equity Fund “A2” 1 AGWOU Global Equity Market 1.50% –

Baring Eastern Europe Fund 9 BAEEU Regional Market 1.50%

Baring Emerging Markets Debt Local Currency Fund 87 BAEMU Bond Market 1.25%

MassMutual Baring Europe Select Trust# 10 BAEUU Regional Market 1.50%

MassMutual Baring German Growth Trust Class A USD Acc# 50 BAGGU Single Country


Baring Global Resources Fund 109 BAGRU Sector Investment 1.50%

Baring Hong Kong China Fund 11 BAHCU Regional Market 1.25%

Baring High Yield Bond Fund 88 BAHYU Bond Market 1.00%

Baring International Bond Fund 89 BAIBU Bond Market 0.75%+

Baring Korea Feeder Fund 51 BAKFU Single Country Investment 1.60% –

Baring ASEAN Frontiers Fund 12 BAPAU Regional Market 1.25%

Parvest Convertible Bond Asia “Classic-Capitalisation” 90 BPACU Bond Market 1.20% –

Parvest Equity Brazil “Classic-Capitalisation” 52 BPBEU Single Country Investment 1.75% –

Parvest Bond Best Selection World Emerging “Classic-Capitalisation” 91 BPEMU Bond Market 1.50% –

* Underlying Fund Charge includes the annual fund-management fee, management company fee (if any), maintenance charges (if any) and distribution fee (if any). It is levied by the investment manager of the underlying fund and is directly reflected in the investment unit price. For details of the underlying fund charge, please refer to the particular prospectus of the respective underlying funds.

◊ If the underlying fund is a trust, income instead of fund dividend will be distributed. If there is any dividend or other income received from the underlying fund(s) and your policy is still in-force, they will be used to purchase units of the investment choice of the respective underlying fund(s) at offer price and the units purchased will be credited to the policy value. We reserve the right to determine the distribution method, subject to prior notification, of any dividend or other income of the underlying funds.

# The investment choice is denominated in USD while the underlying fund is denominated in currency other than USD. Therefore the price of the investment choice will be different from that of the underlying fund and the performance of the investment choice is subject to any exchange-rate fluctuation.

+ In case of Baring International Bond Fund, the Managers of the underlying fund also charge 0.125% commission on the transaction amount for each transaction.

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(p.a.)

Underlying Fund

Dividend

Parvest Equity China “Classic-Capitalisation” 53 BPHCU Single Country Investment 1.75% –

MassMutual Parvest Bond World Inflation-Linked “Classic-Capitalisation”# 92 BPIBU Bond Market 0.75% –

MassMutual Parvest Equity Japan “Classic-Capitalisation”# 54 BPJAU Single Country


Parvest Equity Russia “Classic-Capitalisation” 55 BPREU Single Country Investment 1.75% –

Parvest Bond USD Government “Classic-Capitalisation” 93 BPUBU Bond Market 0.75% –

Parvest Equity World Utilities “Classic-Capitalisation” 110 BPUTU Sector Investment 1.50% –

Parvest Equity World Energy “Classic-Capitalisation” 111 BPWEU Sector Investment 1.50% –

Citi Investment Trust (Cayman) II – China Balanced Fund 128 CTCBU Mixed Asset 1.50%

Citi Investment Trust (Cayman) II – China Select Fund 56 CTCSU Single Country Investment 1.80% –

MassMutual Fidelity Australian Dollar Currency Fund# 133 FIADU Money Market 1.00% –

Fidelity Funds – Asia Pacific Dividend Fund “A” Shares 13 FIAPU Regional Market 1.50%

Fidelity Funds – ASEAN Fund “A” Shares 14 FIASU Regional Market 1.50%

MassMutual Fidelity Australia Fund “A” Shares# 57 FIAUU Single Country Investment 1.50%

Fidelity Funds – China Focus Fund “A” Shares 58 FICFU Single Country Investment 1.50%

MassMutual Fidelity Global Consumer Industries Fund “A” Shares# 112 FICIU Sector Investment 1.50%

Fidelity Funds – Emerging Asia Fund “A” Shares 15 FIEAU Regional Market 1.50% –

Fidelity Funds – Emerging Markets Fund “A-acc” 16 FIEFU Regional Market 1.50% –

MassMutual Fidelity European Growth Fund “A” Shares# 17 FIEGU Regional Market 1.50% –

Fidelity Funds – Emerging Europe, Middle East and Africa Fund “A-acc” 18 FIEMU Regional Market 1.50% –

MassMutual Fidelity Global Financial Services Fund “A” Shares# 113 FIFSU Sector Investment 1.50% –

Fidelity Funds – Growth & Income Fund “A” Shares 129 FIGIU Mixed Asset 1.25%

Fidelity Funds – Malaysia Fund “A” Shares 59 FIMAU Single Country Investment 1.50%

Fidelity Funds – Pacific Fund “A” Shares 19 FIPAU Regional Market 1.50%

Fidelity Funds – Global Real Asset Securities Fund “A” Shares 114 FIRAU Sector Investment 1.50% –

MassMutual Fidelity Sterling Bond Fund “A” Shares# 94 FISBU Bond Market 0.75% –

Fidelity Funds – South East Asia Fund “A” Shares 20 FISEU Regional Market 1.50%

Fidelity Funds – Singapore Fund “A” Shares 60 FISIU Single Country Investment 1.50%




4MS-433-V19-0714B(SFC-85-06162014)



(p.a.)

Underlying Fund

Dividend

Fidelity Funds – Taiwan Fund “A” Shares 61 FITAU Single Country Investment 1.50%

First State Asian Equity Plus Fund – Class I(dis) 21 FSAEU Regional Market 1.50%

First State China Growth Fund – Class I 62 FSCHU Single Country Investment 2.00% –

First State Greater China Growth Fund – Class I 22 FSGCU Regional Market 1.50% –

First State Global Listed Infrastructure Fund – Class I(dis) 2 FSGIU Global Equity Market 1.50%

Franklin Templeton Investment Funds – Templeton Asian Growth Fund “A(acc)” Shares 23 FTAGU Regional Market 1.85% –

Franklin Templeton Investment Funds – Templeton Global Balanced Fund “A(Qdis)” Shares 130 FTBAU Mixed Asset 1.30%

Franklin Templeton Investment Funds – Franklin Biotechnology Discovery Fund “A(acc)” Shares 115 FTBDU Sector Investment 1.50% –

Franklin Templeton Investment Funds – Templeton Emerging Markets Bond “A(Qdis)” Shares 95 FTEBU Bond Market 1.50%

MassMutual Franklin Templeton Eastern Europe Fund “A(acc)” Shares# 24 FTEEU Regional Market 2.10% –

Franklin Templeton Investment Funds – Templeton Emerging Markets Fund “A(acc)” Shares 25 FTEMU Regional Market 2.10% –

Franklin Templeton Investment Funds – Templeton Emerging Markets Smaller Companies Fund “A(acc)” Shares

26 FTESU Regional Market 2.10% –

Franklin Templeton Investment Funds – Templeton Global Bond Fund “A(Mdis)” Shares 96 FTGBU Bond Market 1.05%

Franklin Templeton Investment Funds – Templeton Global Fund “A(acc)” Shares 3 FTGLU Global Equity Market 1.50% –

Franklin Templeton Investment Funds – Templeton Global Smaller Companies Fund “A(acc)” Shares 4 FTGSU Global Equity Market 1.50% –

Franklin Templeton Investment Funds – Templeton Global Total Return Fund “A(acc)” Shares 97 FTGTU Bond Market 1.05% –

Franklin Templeton Investment Funds – Franklin Technology Fund “A(acc)” Shares 116 FTTEU Sector Investment 1.50% –

Franklin Templeton Investment Funds – Templeton Thailand Fund “A(acc)” Shares 63 FTTHU Single Country


Franklin Templeton Investment Funds – Franklin U.S. Opportunities Fund “A(acc)” Shares 64 FTUSU Single Country


HSBC Asian Bond Fund Class “AC” 98 HSABU Bond Market 1.00% –

HSBC Global Investment Funds – Chinese Equity Class “AD” 65 HSCHU Single Country

Investment 1.50%

HSBC Global Investment Funds – Global Emerging Markets Equity Class “AD” 27 HSEMU Regional Market 1.50%

HSBC Global Investment Funds – Indian Equity Class “AD” 66 HSINU Single Country

Investment 1.50%




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(p.a.)

Underlying Fund

Dividend

HSBC Global Investment Funds – Korean Equity Class “AD” 67 HSKOU Single Country

Investment 1.50%

Invesco Asia Balanced Fund A (Acc) 131 INABU Mixed Asset 1.25% –

Invesco Asia Infrastructure Fund A (Acc) 28 INAIU Regional Market 1.50% –

Invesco Asia Consumer Demand Fund A (Acc) 29 INCDU Regional Market 1.50% –

Invesco Global Leisure Fund A (Acc) 117 INGLU Sector Investment 1.50% –

MassMutual Invesco Japanese Equity Core Fund A (acc/USD Hgd)# 68 INJAU Single Country


MassMutual Invesco Pan European Equity Fund A (Adis)# 30 INPEU Regional Market 1.50%

JPMorgan Asian Total Return Bond Fund 99 JFABU Bond Market 1.00%

JPMorgan Asia Domestic Opportunities Fund 31 JFADU Regional Market 1.50% –

JPMorgan ASEAN Fund 32 JFASU Regional Market 1.50% –

MassMutual JPMorgan Greater China Smaller Companies Fund# 33 JFCSU Regional Market 1.75% –

JPMorgan Funds – Emerging Europe, Middle East and Africa Equity Fund Class “A” 34 JFEMU Regional Market 1.50%

JPMorgan Asia Resources Fund 118 JFFEU Sector Investment 1.50% –

JPMorgan Indonesia Fund 69 JFINU Single Country Investment 1.50% –

JPMorgan Korea Fund 70 JFKOU Single Country Investment 1.50% –

JPMorgan Malaysia Fund 71 JFMAU Single Country Investment 1.50% –

JPMorgan Funds – Global Natural Resources Fund Class “A” 119 JFNRU Sector Investment 1.50% –

JPMorgan Philippine Fund 72 JFPHU Single Country Investment 1.50% –

JPMorgan Taiwan Fund A 73 JFTAU Single Country Investment 1.50%

JPMorgan Thailand Fund 74 JFTHU Single Country Investment 1.50% –

JPMorgan US Dollar Money Market A (acc) – USD 134 JFUMU Money Market 0.25% –

JPMorgan Vietnam Opportunities Fund 75 JFVOU Single Country Investment 1.50% –

Legg Mason Global Funds Plc – Legg Mason Permal Global Absolute Fund Class A Acc 142 LMPAU Alternative Investments 1.25% –

Legg Mason Global Funds Plc – Legg Mason Western Asset U.S. Adjustable Rate Fund Class A US$ Accumulating

100 LMUAU Bond Market 1.10% –

Legg Mason Global Funds Plc – Legg Mason ClearBridge US Aggressive Growth Fund Class A Acc 76 LMUGU Single Country





6MS-433-V19-0714B(SFC-85-06162014)



(p.a.)

Underlying Fund

Dividend

Legg Mason Global Funds Plc – Legg Mason Royce US Small Cap Opportunity Fund Class A Acc 77 LMUSU Single Country


Man AHL Diversified Futures Limited^ 143 MADFU Alternative Investments 3.00% –

BlackRock Global Funds – Asian Tiger Bond Fund Class “A” 101 MLABU Bond Market 1.00% –

BlackRock Global Funds – Asia Pacific Equity Income Fund Class “A” 35 MLAIU Regional Market 1.50% –

MassMutual – BlackRock Global Funds – Emerging Europe Fund Class “A”# 36 MLEEU Regional Market 1.75% –

MassMutual – BlackRock Global Funds – European Special Situations Fund Class “A”# 37 MLESU Regional Market 1.50% –

BlackRock Global Funds – Global Allocation Fund Class “A” 132 MLGAU Mixed Asset 1.50% –

BlackRock Global Funds – Global SmallCap Fund Class “A” 5 MLGSU Global Equity Market 1.50% –

MassMutual – BlackRock Global Funds – Japan Small & MidCap Opportunities Fund Class “A”# 78 MLJOU Single Country


BlackRock Global Funds – Latin American Fund Class “A” 38 MLLAU Regional Market 1.75% –

BlackRock Global Funds – New Energy Fund Class “A” 120 MLNEU Sector Investment 1.75% –

BlackRock Global Funds – US Dollar Reserve Fund Class “A” 135 MLUDU Money Market 0.45% –

BlackRock Global Funds – US Dollar High Yield Bond Fund Class “A” 102 MLUHU Bond Market 1.25% –

BlackRock Global Funds – World Agriculture Fund Class “A” 121 MLWAU Sector Investment 1.75% –

BlackRock Global Funds – World Energy Fund Class “A” 122 MLWEU Sector Investment 1.75% –

BlackRock Global Funds – World Financials Fund Class “A” 123 MLWFU Sector Investment 1.50% –

BlackRock Global Funds – World Gold Fund Class “A” 124 MLWGU Sector Investment 1.75% –

BlackRock Global Funds – World Healthscience Fund Class “A” 125 MLWHU Sector Investment 1.50% –

BlackRock Global Funds – World Mining Fund Class “A” 126 MLWMU Sector Investment 1.75% –

MassMutual Guaranteed Interest Fund 145 MMGIU Guaranteed Investment Choice – –

Morgan Stanley Investment Funds Asian Property Fund “A” Shares 137 MSAPU Property Market 1.40% –

MassMutual Morgan Stanley Investment Funds Diversified Alpha Plus Fund “AH” Shares# 144 MSDAU Alternative Investments 1.75% –

MassMutual Morgan Stanley Investment Funds European Property Fund “A” Shares# 138 MSEPU Property Market 1.40% –

Morgan Stanley Investment Funds Global Bond Fund “A” Shares 103 MSGBU Bond Market 0.80% –




^ This investment choice will be closed for new subscription with effect from July 25, 2014.

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(p.a.)

Underlying Fund

Dividend

Invesco Global Equity Income Fund A (Acc) 6 MSGVU Global Equity Market 1.40% –

Morgan Stanley Investment Funds Latin American Equity Fund “A” Shares 39 MSLAU Regional Market 1.60% –

Morgan Stanley Investment FundsUS Advantage Fund “A” Shares 79 MSUAU Single Country


Morgan Stanley Investment Funds US Property Fund “A” Shares 139 MSUPU Property Market 1.40% –

Schroder International Selection Fund – Asian Bond Absolute Return “A1” Shares 104 SCABU Bond Market 1.75% –

Schroder International Selection Fund – Asia Pacific Property Securities “A1” Shares 140 SCAPU Property Market 2.00% –

Schroder International Selection Fund – BRIC (Brazil, Russia, India, China) – “A1” Shares 40 SCBRU Regional Market 2.00% –

MassMutual Schroder ISF EURO Bond “A1” Shares# 105 SCEBU Bond Market 1.25% –

MassMutual Schroder EURO Equity Fund “A1” Shares# 41 SCEEU Regional Market 2.00% –

Schroder International Selection Fund – Greater China “A1” Shares 42 SCGCU Regional Market 2.00% –

Schroder AS Gold & Precious Metals A^ 127 SCGMU Sector Investment 1.50% –

Schroder International Selection Fund – Global Property Securities “A1” Shares 141 SCGPU Property Market 2.00% –

MassMutual Schroder Hong Kong Dollar Bond Fund “A1” Accumulation Shares# 106 SCHBU Bond Market 1.25% –

MassMutual Schroder HK Money Market Fund# 136 SCHDU Money Market 0.25% –

MassMutual Schroder Hong Kong Equity Fund “A1” Shares# 80 SCHEU Single Country


Schroder International Selection Fund – Middle East “A1” Shares 43 SCMEU Regional Market 2.00% –

Value Partners China Convergence Fund 81 VPBHU Single Country Investment 1.25% –

Value Partners Classic Fund – “C” Unit 44 VPCFU Regional Market 1.25% –

Value Partners High-Dividend Stocks Fund – Class A1 45 VPHDU Regional Market 1.25%

Value Partners Chinese Mainland Focus Fund 82 VPMFU Single Country Investment 1.25% –





8MS-433-V19-0714B(SFC-85-06162014)

Investment Experts

Aberdeen International Fund Managers Limited

Aberdeen International Fund Managers Limited is the Hong Kong subsidiary of Aberdeen Asset Management PLC. (The Group), managing assets for both institutional and retail clients. It is also the global distributor and investment manager for the Aberdeen Global Fund range, domiciled in Luxembourg, which is the principal umbrella product in Hong Kong. A total of 32 sub-funds of this range are currently being offered in the territory.

The Group is a global investment management group, managing assets for both institutional and retail clients from offices around the world. It operates independently and only manages assets for third parties, allowing them to focus solely on their needs, without conflicts of interest. Current assets under management are US$317.9 bn (as at June 2013).

Their clients access their investment expertise in equities, fixed income, property and alternatives, via segregated and pooled products. They invest worldwide and follow a predominantly long-only approach, based on fundamentally sound investments. Their mission is to deliver strong fund performance across diverse asset classes in which they believe they have a sustainable competitive edge.

Founded in 1983, Aberdeen has expanded both organically and via acquisition, first in the UK, then internationally. Their strategy is simple: to manage money as close as practicable to where they invest, and to market their expertise to local investors. Today, Aberdeen Asset Management has 31 offices around the world, with key investment centres in London, Philadelphia, Singapore and Sydney. The Group is a public company, listed on the London Stock Exchange since 1991 and is a FTSE 100 company.

AllianceBernstein Hong Kong Limited

AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional clients, individuals and private clients in major markets around the world. AllianceBernstein employs more than 440 investment professionals (as of June 30, 2013) with expertise in equities, fixed income securities, multi-asset strategies, alternative investments, and wealth management strategies through its subsidiaries and joint ventures, operates in more than 20 countries. AllianceBernstein’s research disciplines include fundamental research, quantitative research, economic research and currency forecasting capabilities. Through its integrated global platform, AllianceBernstein is well-positioned to tailor investment solutions for its clients.

Baring Asset Management

Baring Asset Management is a global investment management firm with offices, clients and business lines spanning the world’s major markets. They provide asset management services in developed and emerging equity and bond markets on behalf of institutional, retail and private clients worldwide, and have US$57.6 billion of assets under management.1

Since the foundation of Barings in 1762, the common thread linking their past to their present has been their ability to help clients benefit from changes in the markets. This tradition continues today as they invest client assets across global markets using the proprietary insights generated by a team of 121 investment professionals.2

Their main business focus in Asia is to manage asset locally and to distribute their range of institutional products and managed funds. Within the region, they manage assets for clients including central banks, pension funds and distribute their retail funds via intermediaries.

1. Source: Baring Asset Management, as of August 31, 20132. Investment Professionals as at September 1, 2013

BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At June 30, 2013, BlackRock’s AUM was $3.857 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of June 30, 2013, the firm has approximately 10,700 employees in 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.

BNP Paribas Investment Partners

BNP Paribas Investment Partners is the dedicated asset management business line of the BNP Paribas Group. BNP Paribas Investment Partners offers a full range of investment management services to institutional and retail clients around the world. Central to the way they work is the concept of partnership, both in terms of how they behave as a family of companies and their relationships with clients. More than 800 investment professionals work across their network of some 60 investment centres, each of which is a specialist in a particular asset class or type of product. With total assets under management of EUR 478 billion as of June 30, 2013, BNP Paribas Investment Partners is the sixth-largest asset manager in Europe.

Citigroup First Investment Management Limited

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Citigroup First Investment Management Limited (“CFIM”) is a global asset management business established within Citigroup Global Markets. CFIM is a wholly owned subsidiary of Citigroup Global Markets Hong Kong Holdings Limited, and Citigroup Inc. is its ultimate parent company. Incorporated in Hong Kong, CFIM is regulated by the Hong Kong Securities and Futures Commission (SFC). CFIM manufactures investment funds that leverage Citi’s institutional expertise in research, trading, structuring and risk management. CFIM funds are tailored to institutional, retail and wealth management clients and individual investors.

FIL Investment Management (Hong Kong) Limited

FIL Investment Management (Hong Kong) Limited was established in Hong Kong in 1981 and currently offers more than 200 Fidelity-managed fund choices to investors through over 100 distributors in Hong Kong, including retail banks and insurance companies.

FIL Investment Management (Hong Kong) Limited is a subsidiary of FIL Limited. FIL Limited was established in 1969, serving major world markets by providing investment products and services to individuals and institutional investors outside the U.S. The FIL Limited organisation manages billions of assets1 and it has offices in 24 countries including the UK, Germany, Japan, Hong Kong and India.

Fidelity has been rewarded with numerous renowned industry accolades both locally and regionally. They have been recognized as the “Best Overall Fund Management Firm Asia” every year since 20062. In return their clients are rewarded with consistent long-term performance.

1 Source: Fidelity, as at 2013 Q22 Thomson Reuters Extel Asia Pacific Survey – 2010, 2009, 2008, 2007, 2006.

First State Investments

First State Investments is the international operation of Colonial First State Global Asset Management (‘CFSGAM’), the specialist asset management business of the Commonwealth Bank of Australia. CFSGAM is one of the largest Australian-based investment managers with offices in Sydney, Melbourne, Auckland, London, Edinburgh, Paris, Frankfurt, New York, Hong Kong, Singapore, Jakarta and Tokyo.

First State Investments offers a range of product solutions to institutional and retail investors globally across a diverse range of asset classes, including Australian equities, global equities, Asia Pacific and global emerging markets, global resources, global property securities, global listed infrastructure securities, global fixed interest and credit, emerging market debt, short term investments, direct property and infrastructure investments.

Their approach to investment is driven by a commitment to providing the best possible outcomes over the long term for their investors. To achieve this, they ensure their interests are aligned with investors and uphold a culture of always acting in clients’ best interests.

Franklin Templeton Investments (Asia) Limited

Franklin Templeton Investments is a global investment management organization. At the core of their business are multiple world-class investment management groups — Franklin, Templeton, Mutual Series and Franklin Templeton Fixed Income, each operating autonomously and offering clients their unique perspectives. Together, they are firmly committed to bringing investors the expertise of many with the strength of one.

9 MS-433-V19-0714B(SFC-85-06162014)

The separate management groups at Franklin, Templeton, Mutual Series and Franklin Templeton Fixed Income each started over 50 years ago. Each offers specialized, time-tested expertise, with distinct investment focuses from fixed income assets to core equity to global investing. Because of their management groups work independently and adhere to distinctly different investment approaches, Franklin, Templeton, Mutual Series and Franklin Templeton Fixed Income funds typically have a low overlap of securities.

Franklin Templeton Investments seek to consistently provide investors with exceptional risk adjusted returns over the long term, as well as the reliable, accurate and personal service that has helped Franklin Templeton Investments become one of the most trusted names in financial services.

HSBC Global Asset Management

HSBC Global Asset Management, the investment management business of the HSBC Group, serves HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions invested in both segregated accounts and pooled funds. HSBC Global Asset Management fulfils its purpose of connecting HSBC’s clients with investment opportunities around the world through an international network of offices in approximately 30 countries, delivering global capabilities with local market insight. As at June 30, 2013, HSBC Global Asset Management manages assets totalling US$413bn on behalf of its clients.

Invesco Ltd.

Invesco Ltd. (“Invesco”) is a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of their distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to their clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ.

Invesco is one of the most experienced global investment managers in Asia. They have investment capabilities in domestic and specialist Asian products, available to local investors as well as investors worldwide, satisfying individual and institutional needs. They manage assets for institutions ranging from public funds to institutional working capital.

Today, Invesco has a comprehensive coverage in the Asia Pacific region with offices in Hong Kong, Singapore, Taiwan, China, Japan, South Korea, India and Australia. Their presence in Hong Kong has spanned four decades. Over 60 retail funds encompassing equity, bond, balanced and money market vehicles are made available to investors in Hong Kong. Another focus is their pension business, serving the retirement needs of Hong Kong institutions since 1977. Invesco also has presence in Mainland China and India via joint ventures. Their confidence and long-term commitment to the China market is further elaborated with their opening of the first mainland representative office in Beijing in March 2007.

J.P. Morgan Asset Management

J.P. Morgan Asset Management is the asset management division of JPMorgan Chase & Co. and is one of the world’s largest asset managers. With a heritage of more than two centuries, a broad range of core and alternative strategies, and investment professionals operating in every major world market, they offer investment experience and insight that few other firms can match.

They have a global network of 777 investment professionals located worldwide and assets under management of almost US$1.47 trillion (as of June 30, 2013). This enormous global investment capability is based on a strong local market presence across three regions – Asia Pacific, Europe and the US — and brings together an incredible pool of specialist investment knowledge and expertise which further enhances their capabilities to provide clients with the very best products.

Legg Mason Global Asset Management

Legg Mason Asset Management Hong Kong Limited is licensed by the SFC to conduct regulated activities of, among others, asset management. It is a wholly-owned subsidiary of Legg Mason, Inc. (“Legg Mason”).

Legg Mason is one of the largest asset managers in the world and is dedicated to money management. With roots dating back to 1899, Legg Mason provides asset management capabilities to individuals and institutional investors and has on-the-ground investment operations on every major continent. Legg Mason is headquartered in Baltimore, Maryland, USA. As at August 31, 2013, Legg Mason has approximately US$644.5 billion in assets under management.

Legg Mason houses a family of prestigious investment managers, each focusing on a distinct segment of the market and operates autonomously. These managers include Batterymarch Financial Management, Brandywine Global Investment Management, ClearBridge Investments, Legg Mason Capital Management, Legg Mason Global Asset Allocation, The Permal Group, Royce & Associates and Western Asset Management.

Source: Legg Mason Asset Management Hong Kong Limited, as of September 2013.

Man

Man is a world-leading alternative investment management business. It has expertise in a wide range of liquid investment styles including managed futures, equity, credit and convertibles, emerging markets, global macro and multi-manager, combined with powerful product structuring, distribution and client service capabilities. At June 30, 2013, Man managed USD52.0 billion.

The original business was founded in 1783. Today, Man Group plc is listed on the London Stock Exchange and is a member of the FTSE 250 Index with a market capitalisation of around £1.5 billion. Man is a signatory to the United Nations Principles for Responsible Investment (PRI). Man also supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes.

Morgan Stanley Investment Management Limited

Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments: Institutional Securities, Global Wealth Management and Investment Management. The company, through its subsidiaries and affiliates, provides its products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals.

The firm’s investment management division, with more than $347 billion in assets under management, is a client-centric organization dedicated to providing investment and risk-management solutions to a wide range of investors and institutions including corporations, pension plans, intermediaries, sovereign wealth funds, central banks, endowments and foundations, governments and consultant partners worldwide. The Morgan Stanley Investment Funds family of funds was launched in 1989, and assets of US$36 billion are actively managed by dedicated teams located in Europe, Asia, Japan and the US, as of June 30, 2013.

Schroders

Schroders is a world-renowned independent international asset management company with a history of over 200 years and more than US$388 billion in assets under management (as of June 30, 2013). Schroders is one of the largest asset managers listed on the London Exchange. With one of the largest networks of offices of any dedicated asset management company, and over 380 portfolio managers and analysts covering the world’s investment markets, they offer clients a comprehensive range of products and services.

Schroders’ investment capabilities have been recognized by experts across the world and their range of funds has won numerous awards worldwide over the past years. Schroders is highly committed to excellence in risk management. They have a stringent research and investment process which provides security and confidence in their ability to produce consistent performance for clients.

In Hong Kong, Schroders has built a strong local presence since 1971. This is evidenced by its extensive list of clients comprising reputable listed companies, pension funds, government bodies, charities, corporations and individual investors throughout the world.

Value Partners Limited

Value Partners is one of Asia’s largest asset management firms – with assets under management of US$8.8 billion as of July 31, 2013 (unaudited Group AUM). Since their establishment in 1993, Value Partners have been dedicated value investors for almost 20 years, with a focus on the Greater China region. In November 2007, Value Partners Group Limited became the first asset management firm listed on the Hong Kong Stock Exchange (Stock code: 806 HK). They manage absolute return long-biased funds, long-short hedge funds, exchange-traded funds, quantitative funds, as well as fixed income and credit funds for institutional and individual clients in Asia Pacific, Europe and the United States.

Throughout their history, Value Partners has offered investors unique insight into Greater China, one of the world’s fastest growing markets. With their unparalleled on-the-ground research capabilities and disciplined value investing approach, Value Partners is perfectly placed to identify opportunities in the region’s rapidly changing economy. Their track record of consistent performance and long investing history make them stand out as the investment manager of choice for their clients.

Investing through discipline helps them stand the test of time.

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Investment Choices

Global Equity Market

1. Aberdeen Global – World Equity Fund “A2” (Code: AGWOU)

Currency: USD Risk Level: Low High

Valuation Day: Every business day

Underlying Fund: Aberdeen Global – World Equity Fund

Investment Objective and Strategy – The underlying fund aims to achieve long-term total return by investing mainly in equities and equity-related securities.

Investment Manager of underlying fund: Aberdeen International Fund Managers Limited

2. First State Global Listed Infrastructure Fund – (Code: FSGIU)

Class I (dis)



Underlying Fund: First State Global Umbrella Fund plc – First State Global Listed Infrastructure Fund

Investment Objective and Strategy – The underlying fund invests primarily in a diversified portfolio of listed infrastructure and infrastructure-related securities of issuers listed, traded or dealt in on regulated markets worldwide. The infrastructure sector includes, but is not limited to, utilities (e.g. water and electricity), highways and railways, airports services, marine ports and services, and oil and gas storage and transportation.

While normally at least 70% of the underlying fund’s non-cash assets will be invested in such securities to reflect its investment objective in relation to a particular sector, geographic region or market, the investment manager may invest in securities outside such sectors or markets when the investment manager considers appropriate for up to 30% of its non-cash assets.

The underlying fund may only use financial derivative instruments (“FDIs”) for purposes of hedging and efficient portfolio management. It will not invest extensively or primarily in FDIs to achieve its investment objective. It is not intended that the underlying fund will avail of the opportunity to invest in FDIs for investment purposes. The major types of FDIs that may be used include futures, currency forwards and warrants.

Remarks: The use of FDIs may involve additional risks. Please refer to page 1 for details.

Investment Manager of underlying fund: First State Investments (Hong Kong) Limited

3. Franklin Templeton Investment Funds – (Code: FTGLU)

Templeton Global Fund “A(acc)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Templeton Global Fund

Investment Objective and Strategy – The underlying fund investment objective is long-term capital growth. It seeks to achieve by investing in equity and debt obligations of companies and governments of any nation.

Investment Management Company of underlying fund: Franklin Templeton Investments

4. Franklin Templeton Investment Funds – (Code: FTGSU)

Templeton Global Smaller Companies Fund “A(acc)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Templeton Global Smaller Companies Fund

Investment Objective and Strategy – The underlying fund aims to achieve long-term capital appreciation by investing in equity and debt obligations of smaller companies throughout the world, including emerging markets. The underlying fund invests principally in common stocks.


5. BlackRock Global Funds – (Code: MLGSU)

Global SmallCap Fund Class “A”



Underlying Fund: BlackRock Global Funds – Global SmallCap Fund

Investment Objective and Strategy – To maximise total return by investing at least 70% of the underlying fund’s assets in stocks of companies which form the bottom 20% by market capitalisation of primarily developed stock markets globally.

The underlying fund may also invest in emerging markets (such as Brazil, South Africa and South Korea).

Subject to applicable regulatory restrictions and internal guidelines, the remaining 30% may be invested in financial instruments of companies or issuers of any size in any sector of the economy globally such as equity securities consistent with its objective and cash.

The underlying fund may use derivatives to hedge market, interest rate and currency risk and for efficient portfolio management. However, derivatives will not be extensively or primarily used for investment purposes.

Remarks: The use of financial derivative instruments may involve additional risks. Please refer to page 1 for details.

Investment Manager of underlying fund: BlackRock (Luxembourg) S.A.

6. Invesco Global Equity Income Fund A (Acc) (Code: MSGVU)



Underlying Fund: Invesco Funds – Invesco Global Equity Income Fund

Investment Objective and Strategy – The underlying fund aims to generate a rising level of income, together with long-term capital growth, investing primarily in global equities. In pursuing this objective, the investment adviser may include investments that they consider appropriate which include transferable securities, money market instruments, warrants, undertakings for collective investment, deposits and other permitted investments.

Investment Manager of underlying fund: Invesco Asset Management Limited

Regional Market

7. Aberdeen Global – Asia Pacific Equity (Code: AGAPU)

Fund “A2”



Underlying Fund: Aberdeen Global – Asia Pacific Equity Fund

Investment Objective and Strategy – To achieve long-term total return by investing at least two-thirds of the underlying fund’s assets in equities and equity-related securities of:–

1) companies with their registered office in Asia Pacific countries (excluding Japan); and/or

2) companies which have the preponderance of their business activities in the Asia Pacific countries (excluding Japan); and/or

3) holding companies that have the preponderance of their assets in companies with their registered office in Asia Pacific countries (excluding Japan).

The underlying fund may use derivatives for the purpose for hedging or efficient portfolio management but will not use financial derivative instruments extensively for investment purposes.

Remarks: In adverse situation, the underlying fund’s use of financial derivative instruments may become ineffective and it may suffer significant losses.


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8. Aberdeen Global – Asian Smaller Companies (Code: AGASU)

Fund “A2”



Underlying Fund: Aberdeen Global – Asian Smaller Companies Fund

Investment Objective and Strategy – Long-term total return to be achieved by investing at least two-thirds of the underlying fund’s assets in equities and equity-related securities of smaller companies with their registered office in an Asia Pacific (excluding Japan) country; and/or, of smaller companies which have the preponderance of their business activities in an Asia Pacific country (excluding Japan); and/or, of holding companies that have the preponderance of their assets in smaller companies with their registered office in an Asia Pacific country (excluding Japan).

For the purpose of the underlying fund, smaller companies are defined as companies with a market capitalisation in the base currency of the underlying fund, as at the date of initial investment, of under US$2.5 billion and a maximum market capitalisation of US$5 billion.#

# Capitalisation of under US$2.5 billion refers to capitalisation at the time of initial investment. The maximum market capitalisation of US$5 billion refers to capitalisation at any time subsequent.


9. Baring Eastern Europe Fund (Code: BAEEU)



Underlying Fund: Baring Global Umbrella Fund – Baring Eastern Europe Fund

Investment Objective and Strategy – The underlying fund aims to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe. Investors should be aware of the additional risks associated with the underlying fund which invest in emerging and developing markets.

Investment Manager of underlying fund: Baring Asset Management Limited

10. MassMutual Baring Europe Select Trust (Code: BAEUU)



Underlying Fund: Baring Europe Select Trust

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Baring Europe Select Trust”. The underlying fund aims to achieve long-term capital growth by investing in European securities. The current investment policy is to seek growth predominantly through investment in securities of small to medium capitalization companies, quoted on the principal European Stock Markets whilst retaining the flexibility to invest in larger growth companies or special situations.

The underlying fund is denominated in Sterling.


11. Baring Hong Kong China Fund (Code: BAHCU)



Underlying Fund: Baring International Umbrella Fund – Baring Hong Kong China Fund

Investment Objective and Strategy – The underlying fund aims to achieve long-term capital growth through investment in Hong Kong and China. The Managers may also invest in companies incorporated in Taiwan or quoted on the Taiwan Stock Exchange or in companies that have a significant proportion of their assets or other interests in Taiwan.


12. Baring ASEAN Frontiers Fund (Code: BAPAU)



Underlying Fund: Baring International Umbrella Fund – Baring ASEAN Frontiers Fund

Investment Objective and Strategy – The underlying fund aims to achieve long-term capital growth in the value of assets by investing in companies in Asia which the Managers believe will benefit from the economic growth and development of the region. The policy of the Managers is to invest primarily in equities of companies quoted or traded and incorporated in the stock exchanges of countries which are members of the Association of South-East Asian Nations (ASEAN), or which have a significant proportion of their assets or other interests in those countries. The members of ASEAN include Singapore, Thailand, the Philippines, Malaysia, Indonesia and Vietnam.


13. Fidelity Funds – Asia Pacific Dividend (Code: FIAPU)

Fund “A” Shares



Underlying Fund: Fidelity Funds – Asia Pacific Dividend Fund

Investment Objective and Strategy – The underlying fund aims to achieve income and long-term capital growth principally through investments in income producing equity securities of companies that have their head office or exercise a predominant part of their activity in the Asia Pacific region. The investment manager will select investments which it believes offer attractive dividend yields in addition to price appreciation.

The investment manager has a value-oriented approach with a strong focus on the long-term attractiveness of a stock. In security evaluation, particular attention is paid to free cash flow, management’s track record, strength of the balance sheet and the attractiveness of the business model. Conservative in his stock selection, the manager typically favours blue-chip stocks, but consideration is also given to smaller companies that offer relatively high dividend yields.

Investment Manager of underlying fund: FIL Fund Management Limited

14. Fidelity Funds – ASEAN Fund “A” Shares (Code: FIASU)


Valuation Date: Every business day

Underlying Fund: Fidelity Funds – ASEAN Fund

Investment Objective and Strategy – The underlying fund invests principally in equity securities quoted on stock exchanges in Singapore, Malaysia, Thailand, Philippines and Indonesia.

The investment manager employs a fundamental, bottom-up approach to investment management with stock selection analysis playing an important role in the investment process. Stock selection is primarily based on Fidelity’s independent, proprietary research platform. Whilst bottom-up stock selection is key, the manager also takes into consideration the macro drivers of each country within the Association of Southeast Asian Nations (ASEAN) region. In addition, the manager believes company visits are crucial to the investment process as they enable the manager to understand the quality of a management team and their business model, as well as industry dynamics and developments.


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15. Fidelity Funds – Emerging Asia Fund (Code: FIEAU)

“A” Shares



Underlying Fund: Fidelity Funds – Emerging Asia Fund

Investment Objective and Strategy – The underlying fund is an equity fund and aims to provide long-term capital growth with the level of income expected to be low.

At least 70% of its net asset value (and normally 75%) will be invested in securities of companies that have their head office or main activities in the less developed countries of Asia. The countries are emerging markets according to the MSCI Emerging Markets Asia Index. The underlying fund may invest its net assets directly in China A and B Shares.

For the remaining assets, the investment manager has the freedom to invest outside the underlying fund’s principal geographies, market sectors, industries or asset classes.

In selecting securities for the underlying fund, several factors are considered in the investment process; for example, consideration may include, but is not limited to, a company’s financials, including revenue and profit growth, return on capital, cash flows and other financial measures. In addition, company management, industry and economic environment, and other factors may be considered in the investment process.

The underlying fund may use financial derivative instruments provided (a) they are economically appropriate in that they are realised in a cost-effective way, (b) they are entered into for one or more of (i) reduction of risk, (ii) reduction of cost and (iii) generation of additional capital or income for the underlying fund with a level of risk which is consistent with its risk profile and the risk diversification rules laid down in underlying fund’s prospectus, and (c) their risks are adequately captured by the risk management process of the underlying fund. Financial derivative instruments may include over-the-counter and/or exchange traded options, equity index and single stock futures, contracts for difference, forward contracts or a combination thereof. The underlying fund will not make extensive use of financial derivative instruments for investment purposes or use complex derivative instruments or strategies to meet the investment objectives of the underlying fund.

The underlying fund will not invest more than 10% of their net asset value in securities issued by or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade.



16. Fidelity Funds – Emerging Markets Fund (Code: FIEFU)

“A-acc”



Underlying Fund: Fidelity Funds – Emerging Markets Fund

Investment Objective and Strategy – The underlying fund is an equity fund and aims to provide long-term capital growth with the level of income expected to be low.

At least 70% of the underlying fund’s net asset value (and normally 75%) will be invested in equity securities of areas experiencing rapid economic growth including countries in Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. The underlying fund may invest its net assets directly in China A and B Shares.

For the remaining assets, the investment manager has the freedom to invest outside the underlying fund’s principal geographies, market sectors, industries or asset classes.

In selecting securities for the underlying fund, several factors are considered in the investment process; for example, consideration may include, but is not limited to, a company’s financials, including revenue and profit growth, return on capital, cash flows and other financial measures. In addition, company management, industry and economic environment, and other factors may be considered in the investment process.

The underlying fund may use financial derivative instruments provided (a) they are economically appropriate in that they are realised in a cost-effective way, (b) they are entered into for one or more of (i) reduction of risk, (ii) reduction of cost and (iii) generation of additional capital or income for the underlying fund with a level of risk which is consistent with its risk profile and the risk diversification rules laid down in underlying fund’s prospectus, and (c) their risks are adequately captured by the risk management process of the underlying fund. Financial derivative instruments may include over-the-counter and/or exchange traded options, equity index and single stock futures, contracts for difference, forward contracts or a combination thereof. The underlying fund will not make extensive use of financial derivative instruments for investment purposes or use complex derivative instruments or strategies to meet the investment objectives of the underlying fund.

The underlying fund will not invest more than 10% of their net asset value in securities issued by or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade.



17. MassMutual Fidelity European Growth Fund (Code: FIEGU)

“A” Shares



Underlying Fund: Fidelity Funds – European Growth Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Fidelity Funds – European Growth Fund”. The underlying fund invests principally in equity securities quoted on European stock exchanges.

The investment manager is a “bottom-up” stockpicker. He seeks to identify attractive stocks using a variety of valuation techniques and therefore his approach may show a “blend” of investment styles. He makes extensive use of Fidelity’s global research network, drawing on the expertise of the analysts to research companies. This analysis may cover a company’s suppliers, distributors, competitors and even companies involved in alternative technologies which may be potential competitors. The investment manager invests with an unrestricted investment mandate and therefore sector and country weights are built through stock selection.

The underlying fund is denominated in Euro.


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18. Fidelity Funds – Emerging Europe, (Code: FIEMU)

Middle East and Africa Fund “A-acc”



Underlying Fund: Fidelity Funds – Emerging Europe, Middle East and Africa Fund

Investment Objective and Strategy – The underlying fund aims to generate long-term capital growth through investing primarily in securities of companies having their head office or exercising a predominant part of their activity in less developed countries of Central, Eastern and Southern Europe (including Russia), Middle East and Africa including those that are considered as emerging markets according to the MSCI EM Europe, Middle East and Africa Index.

Remarks: The underlying fund may use financial derivative instruments, including over-the-counter and/or exchange traded options, equity index and single stock futures, contracts for difference, forward contracts or a combination thereof. Although the underlying fund will not make extensive use of financial derivative instruments for investment purposes or use complex derivative instruments or strategies to meet the investment objectives of the underlying fund, the use of financial derivative instruments may give rise to leverage, liquidity, counterparty and valuations risks at times. In adverse situations, the underlying fund’s use of derivative instruments may become ineffective and it may suffer significant losses.


19. Fidelity Funds – Pacific Fund “A” Shares (Code: FIPAU)



Underlying Fund: Fidelity Funds – Pacific Fund

Investment Objective and Strategy – The underlying fund invests principally in an actively managed portfolio of equities in countries having a Pacific sea coast, primarily Japan, South East Asia and the United States of America.

The investment manager adopts a bottom-up stock selection methodology with an emphasis on first-hand research. Favoring companies with sustainable earnings growth prospects, selling at attractive share valuations and shareholder oriented management. When assessing a company, the key criteria are its long-term track record, profitability, management’s treatment of minority shareholders, and management’s ownership of shares in the company. The manager focuses on large companies and shares that are easily tradable though investment in smaller companies still favours, if their long-term prospects are promising.


20. Fidelity Funds – South East Asia Fund (Code: FISEU)

“A” Shares



Underlying Fund: Fidelity Funds – South East Asia Fund

Investment Objective and Strategy – The underlying fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan. The underlying fund may invest up to 10% of its net assets directly in China A and B Shares (with aggregate exposure including direct and indirect investments up to 30% of its assets).

The manager employs a bottom-up stock selection approach with a focus on in-depth fundamental analysis. Given his growth-oriented style, he looks for stocks with above average earnings growth potential relative to both the sector and market at attractive valuations. He invests across a wide market capitalisation spectrum, including large- and medium-sized companies as they tend to offer longer track records of corporate profit growth, management capability and trustworthiness. Small cap companies which are well managed and have promising long-term prospects may also be included. When examining the valuation of a company, the manager tends to assess cash flow and earnings growth prospects rather than asset or book value, believing that earnings and cash flow are better determinants of a company’s long-term growth prospects.


21. First State Asian Equity Plus Fund – Class I (dis) (Code: FSAEU)



Underlying Fund: First State Global Umbrella Fund plc – First State Asian Equity Plus Fund

Investment Objective and Strategy – The underlying fund invests primarily in securities in the Asia Pacific region (excluding Japan). Such companies will be selected on the basis of their high dividend yields and their potential for long term capital appreciation.


22. First State Greater China Growth Fund – Class I (Code: FSGCU)



Underlying Fund: First State Global Umbrella Fund plc – First State Greater China Growth Fund

Investment Objective and Strategy – The underlying fund invests primarily in securities issued by companies with either assets in, or revenues derived from, the People’s Republic of China, Hong Kong, and Taiwan and which are listed, traded or dealt in on Regulated Markets in the People’s Republic of China, Hong Kong, Taiwan, the U.S., Singapore, Korea, Thailand and Malaysia or in a member state of the OECD.


23. Franklin Templeton Investment Funds – (Code: FTAGU)

Templeton Asian Growth Fund “A(acc)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Templeton Asian Growth Fund

Investment Objective and Strategy – The underlying fund investment objective is long-term capital appreciation. It seeks to achieve by investing in equity and equity related securities of entities which derive a significant proportion of their profits or have their area of primary activity in Asian countries, excluding Australia, New Zealand and Japan.


24. MassMutual Franklin Templeton (Code: FTEEU)

Eastern Europe Fund “A (acc)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Templeton Eastern Europe Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Franklin Templeton Investment Funds – Templeton Eastern Europe Fund”. The underlying fund’s investment objective is long-term capital appreciation. It seeks to achieve by primarily investing in securities of companies listed on stock exchanges within the countries of Eastern Europe and the New Independent States of the former Soviet Union.



25. Franklin Templeton Investment Funds – (Code: FTEMU)

Templeton Emerging Markets Fund “A(acc)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Templeton Emerging Markets Fund

Investment Objective and Strategy – The underlying fund investment objective is long-term capital growth. It seeks to achieve by investing in equity securities and debt obligations issued by corporations and governments of developing or emerging nations.


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26. Franklin Templeton Investment Funds – (Code: FTESU)

Templeton Emerging Markets Smaller Companies Fund “A(acc)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Templeton Emerging Markets Smaller Companies Fund

Investment Objective and Strategy – The underlying fund aims to increase the value of its investments over the medium to long term.

The underlying fund invests primarily in:

• equitysecuritiesissuedbysmallercompanies(underUS$2billionin market capitalisation) located in, or doing significant business in, emerging markets

The underlying fund can invest to a lesser extent in:

• equity and debt securities (including lower-quality securities)issued by companies of any size located in any country

• debt securities (including lower-quality securities) issued bygovernments in any country

The investment team uses global research expertise with a focus on identifying companies in emerging markets that it believes to be overlooked by other investors and to offer an opportunity for increased value over the long term.

The underlying fund does not intend to invest extensively or primarily in financial derivative instruments for investment purposes.


27. HSBC Global Investment Funds – (Code: HSEMU)

Global Emerging Markets Equity Class “AD”



Underlying Fund: HSBC Global Investment Funds – Global Emerging Markets Equity

Investment Objective and Strategy – The underlying fund seeks long-term capital growth by investing primarily in equity and equity equivalent securities issued by companies registered in, and with an official listing in, an emerging market, as well as those with significant operations in emerging markets. It will seek to invest primarily in securities listed on a regulated market, but may also invest up to 10% of its net assets in securities listed on markets that are not regulated markets. Investment in interest bearing securities is also permitted either for short-term cash surpluses or in response to unfavourable equity market conditions and this is limited to one third of the total assets of the underlying fund. Whilst there are no capitalization restrictions, it is anticipated that the underlying fund will invest primarily in larger, established companies.

Remarks: This investment choice is not applicable to Canadian residents.

Investment Management Company of underlying fund: HSBC Investment Funds (Luxembourg) S.A.

28. Invesco Asia Infrastructure Fund A (Acc) (Code: INAIU)



Underlying Fund: Invesco Funds – Invesco Asia Infrastructure Fund

Investment Objective and Strategy – The underlying fund aims to achieve long-term capital growth from investments in a diversified portfolio of Asian securities of issuers which are predominantly engaged in infrastructure activities. At least 70% of the total assets of the underlying fund (without taking into account ancillary liquid assets) shall be invested in equity and debt securities denominated in any convertible currency issued by Asian companies predominantly active in the infrastructure sector. “Asian companies” shall mean companies listed in an Asian stock market and having their registered office in an Asian country or established in other countries but carrying out their business activities predominantly in Asia or holding companies investing predominantly in equity of companies having their registered office in an Asian country.

Up to 30% of the total assets of the underlying fund may be invested in aggregate in cash and cash equivalents, money market instruments, equity and equity related instruments or debt securities (including convertible debt) issued by companies or other entities not meeting the above requirement.

Investment Manager of underlying fund: Invesco Hong Kong Limited

29. Invesco Asia Consumer Demand Fund A (Acc) (Code: INCDU)



Underlying Fund: Invesco Funds – Invesco Asia Consumer Demand Fund

Investment Objective and Strategy – The objective of the underlying fund is to achieve long-term capital appreciation by investing at least 70% of the total assets of the underlying fund (without taking into account ancillary liquid assets) in equity securities of Asian companies whose business is likely to benefit from, or is related to growth in domestic consumption in Asian economies, excluding Japan. For the present purposes, “Asian companies” shall mean (i) companies having their registered office in an Asian country (ii) companies established or located in countries outside of Asia but carrying out their business activities predominantly in Asia, or (iii) holding companies the interests of which are predominantly invested in equity of companies having their registered office in an Asian country.

Asian companies whose business will benefit from, or is related to growth in domestic consumption include (but is not limited to):

– companies predominantly engaged in the production, distribution, marketing or retail sale of consumer non-durables or durables, such as food, beverages, household products, apparel, cosmetics, tobacco, consumer electronics and electrical appliances, automobiles and companies in the information technology sector which are considered to benefit from the trend of rising domestic consumption.

– companies primarily engaged in the development and management of properties (including (but not limited to) residential properties, hotels, resorts and shopping malls). The underlying fund may invest directly in closed ended listed REITs.

– companies which benefit from growing disposable income and increasing demand for consumer related services such as travel, media, healthcare, utilities and telecommunications as well as insurance companies and financial services related companies.

Up to 30% of the total assets of the underlying fund may be invested in cash and cash equivalents, money market instruments, equity and equity related instruments issued by companies or other entities not meeting the above requirement or debt securities (including convertible debt) of issuers worldwide.


30. MassMutual Invesco Pan European (Code: INPEU)

Equity Fund A (Adis)



Underlying Fund: Invesco Funds – Invesco Pan European Equity Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Invesco Funds – Invesco Pan European Equity Fund”.

The underlying fund aims to provide long-term capital growth by investing in a portfolio of equity or equity related instruments of European companies with an emphasis on larger companies. At least 70% of its total assets (without taking into account ancillary liquid assets) shall be invested in equity or equity related instruments of companies with their registered office in a European country or with their registered office outside of Europe but carrying out their business activities predominantly in Europe or holding companies, the interests of which are predominantly invested in companies with their registered office in a European country. There is no predetermined geographical distribution and a flexible policy will be adopted on weighting driven predominantly by views on individual companies as well as overall economic or business considerations.

Up to 30% of the total assets of the underlying fund may be invested in aggregate in cash and cash equivalents, money market instruments, equity and equity related instruments issued by companies or other entities not meeting the above requirement or debt securities (including convertible debt) of issuers worldwide.

The underlying fund may use derivatives (including but not limited to futures, forwards, non-deliverable forwards, swaps and complex options structures) extensively for hedging and efficient portfolio management purposes. Such derivatives may also incorporate derivatives on derivatives (i.e. forward dated swaps, swap options). However, financial derivative instruments will not be extensively used for investment purposes (i.e. entering into financial derivative instruments to achieve the investment objectives).



Investment Manager of underlying fund: Invesco Management S.A.

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31. JPMorgan Asia Domestic Opportunities Fund (Code: JFADU)



Underlying Fund: JPMorgan Asia Domestic Opportunities Fund

Investment Objective and Strategy – To provide investors with long-term capital appreciation by investing primarily in securities of companies whose predominant business will benefit from, or is related to, the domestic growth in Asian economies excluding Japan but including Australia and New Zealand.

Investment Manager of underlying fund: JF Asset Management Limited

32. JPMorgan ASEAN Fund (Code: JFASU)



Underlying Fund: JPMorgan ASEAN Fund

Investment Objective and Strategy – To enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in, or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations.


33. MassMutual JPMorgan Greater China (Code: JFCSU)

Smaller Companies Fund



Underlying Fund: JPMorgan Greater China Smaller Companies Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “JPMorgan Greater China Smaller Companies Fund”. The underlying fund aims to provide investors with long-term capital growth by investing primarily in the securities of small to medium-sized companies in the People’s Republic of China, Hong Kong and Taiwan (“Greater China”).

The underlying fund will primarily invest in the securities of small to medium sized companies in the Greater China region, with the flexibility to invest in derivatives such as forward contracts, options, warrants and futures for investment purpose and may, under limited circumstances as considered appropriate by the Manager and the Investment Manager, hold substantial amounts of its portfolio in cash and cash based instruments.

The underlying fund is denominated in HK Dollar.


34. JPMorgan Funds – Emerging Europe, Middle (Code: JFEMU)

East and Africa Equity Fund Class “A”



Underlying Fund: JPMorgan Funds – Emerging Europe, Middle East and Africa Equity Fund

Investment Objective and Strategy – To provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle East or Africa.

Investment Manager of underlying fund: JPMorgan Asset Management (UK) Limited

35. BlackRock Global Funds – Asia Pacific Equity (Code: MLAIU)

Income Fund Class “A”



Underlying Fund: BlackRock Global Funds – Asia Pacific Equity Income Fund

Investment Objective and Strategy – The underlying fund seeks an above average income from its equity investments without sacrificing long term capital growth. It invests at least 70% of its total assets in equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, the Asia Pacific region excluding Japan. The underlying fund distributes income gross of expenses.


36. MassMutual – BlackRock Global Funds – (Code: MLEEU)

Emerging Europe Fund Class “A”



Underlying Fund: BlackRock Global Funds – Emerging Europe Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “BlackRock Global Funds – Emerging Europe Fund”. The underlying fund seeks to maximise total return. The underlying fund invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, emerging European countries. It may also invest in companies domiciled in and around, or exercising the predominant part of their economic activity in and around, the Mediterranean region.



37. MassMutual – BlackRock Global Funds – (Code: MLESU)

European Special Situations Fund Class “A”



Underlying Fund: BlackRock Global Funds – European Special Situations Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “BlackRock Global Funds – European Special Situations Fund”.

The underlying fund seeks to maximise total return. It invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activities in, Europe. The underlying fund places particular emphasis on “special situations” companies that, in the opinion of the investment adviser, are companies with potential for improvement that the market has failed to appreciate. Such companies generally take the form of small, mid or large capitalisation companies that are undervalued and exhibit growth investment characteristics, such as above-average growth rates in earnings or sales and high or improving returns on capital. In some cases such companies can also benefit from changes in corporate strategy and business restructuring. In normal market conditions the underlying fund invests at least 50% of its total assets in small and mid-capitalisation companies. Small and mid-capitalisation companies are considered companies which, at the time of purchase, form the bottom 30% by market capitalisation of European stock markets.



38. BlackRock Global Funds – Latin American (Code: MLLAU)

Fund Class “A”



Underlying Fund: BlackRock Global Funds – Latin American Fund

Investment Objective and Strategy – The underlying fund seeks to maximise total return. It invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, Latin America.


39. Morgan Stanley Investment Funds Latin (Code: MSLAU)

American Equity Fund “A” Shares



Underlying Fund: Morgan Stanley Investment Funds Latin American Equity Fund

Investment Objective and Strategy – The underlying fund aims to seek to maximize total return, measured in US dollars, through investment in companies incorporated in Latin American countries. It may also invest in debt securities convertible into common shares, preference shares and other equity linked instruments.

Investment Manager of underlying fund: Morgan Stanley Investment Management Ltd.

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40. Schroder International Selection Fund – (Code: SCBRU)

BRIC (Brazil, Russia, India, China) – “A1” Shares



Underlying Fund: Schroder International Selection Fund – BRIC (Brazil, Russia, India, China)

Investment Objective and Strategy – The underlying fund aims to provide capital growth primarily through investment in equity and equity related securities of Brazilian, Russian, Indian and Chinese companies.

Investment Manager of underlying fund: Schroder Investment Management Limited

41. MassMutual Schroder EURO Equity Fund (Code: SCEEU)

“A1” Shares



Underlying Fund: Schroder International Selection Fund – EURO Equity

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Schroder International Selection Fund – EURO Equity”. The underlying fund provides capital growth primarily through investment in equity securities of companies in countries participating in the EMU.



42. Schroder International Selection Fund – (Code: SCGCU)

Greater China “A1” Shares



Underlying Fund: Schroder International Selection Fund – Greater China

Investment Objective and Strategy – The underlying fund aims to provide capital growth primarily through investment in equity and equity related securities of the People’s Republic of China, Hong Kong SAR and Taiwan companies.

Investment Manager of underlying fund: Schroder Investment Management (Hong Kong) Limited

43. Schroder International Selection Fund – (Code: SCMEU)

Middle East “A1” Shares



Underlying Fund: Schroder International Selection Fund – Middle East

Investment Objective and Strategy – The underlying fund aims to provide capital growth primarily through investment in equity and equity related securities of Middle Eastern companies including companies in emerging Mediterranean markets. The portfolio may also, to a limited extent, seek exposure to the markets of Northern Africa.


44. Value Partners Classic Fund – “C” Unit (Code: VPCFU)



Underlying Fund: Value Partners Classic Fund

Performance charge: 15% p.a. of profit, high-on-high

Investment Objective and Strategy – The investment objective of the underlying fund is to achieve consistent superior returns through an investment discipline that places emphasis on the fundamental value of potential investments. The manager seeks to select stocks which it believes are being traded at deep discounts to their intrinsic values.

The underlying fund will concentrate on investing in the markets of the Asia Pacific region. There are no fixed geographical or sector weightings in the allocation of assets in the underlying fund. The manager does not attempt to follow benchmark indices in determining the geographical or sectoral weighting of the underlying fund. The manager may make large investments in a relatively small number of stocks.

The manager may also place a substantial portion of the portfolio in cash or cash equivalents, and may invest in any collective investment schemes (including those managed or offered by the manager or its Connected Persons (as defined in the section headed “Conflicts of Interest” of the underlying fund explanatory memorandum)). The underlying fund may also invest in commodities, futures, options, warrants, equity-linked notes and other financial instruments.

It may indirectly invest in A shares (subject to a maximum exposure of 30 per cent. of its total net asset value (“NAV”)) through:

– China A Shares Access Products (“CAAPs”) (such as participatory notes, being listed or unlisted derivative instruments issued by a third party (“CAAP Issuer”) which represents an obligation of the CAAP Issuer to pay to the underlying fund an economic return equivalent to holding the underlying A shares); and/or

– Collective investment schemes directly investing in A shares through qualified foreign institutional investors (“QFIIs”) or Renminbi qualified foreign institutional investors (“RQFIIs”)(“A Shares CIS”).

A shares are shares listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange and traded in Renminbi. The maximum exposure stated above may be changed from time to time; investors will be notified if the limit is to be changed.

The underlying fund does not currently have direct access to A shares through QFIIs or RQFIIs.

The value of the underlying fund’s holding of securities issued by any single issuer will not exceed 10 per cent. of the total NAV of the underlying fund. It will not use securitized and structured finance instruments such as collateralised debt obligations, mortgage backed securities, asset-backed securities and credit default swaps.

Remarks:

1. There are risks of investing in other collective investment schemes, risks associated with CAAPs and A Shares CIS. For details of the risks and the performance charge, please refer to the explanatory memorandum of the respective underlying fund, which is made available by the Company.

2. This investment choice is not applicable to Cayman Islands residents.

Investment Manager of underlying fund: Value Partners Limited

45. Value Partners High-Dividend Stocks Fund – (Code: VPHDU)

Class A1



Underlying Fund: Value Partners High-Dividend Stocks Fund


Investment Objective and Strategy – The underlying fund aims to provide capital appreciation to unitholders by investing primarily in a portfolio of relatively higher yielding debt and equity securities in Asian region.

Remarks:

1. For details about performance charge, please refer to the explanatory memorandum of the respective underlying fund, which is made available by the Company.

2. This investment choice is not applicable to Cayman Islands residents.


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Single Country Investment

46. AllianceBernstein – India Growth Portfolio Class (Code: ACILU)

“AX”


Valuation Day: Every Business Day

Underlying Fund: ACMBernstein SICAV – India Growth Portfolio

Investment Objective and Strategy – To achieve long-term capital appreciation through investment primarily in a portfolio of equity and/or equity-related securities of Indian companies, which the underlying fund believes are best positioned to benefit from accelerating growth in the rapidly deregulating Indian economy and have demonstrated ability to adapt and compete in the new environment.

Investment Manager of underlying fund: AllianceBernstein L.P.

47. Aberdeen Global – Chinese Equity Fund “A2” (Code: AGCHU)



Underlying Fund: Aberdeen Global – Chinese Equity Fund

Investment Objective and Strategy – To achieve long-term total return by investing mainly in equities and equity-related securities of companies with registered office in or conducting the preponderance of their business activities in China.


48. Aberdeen Global – Indian Equity Fund “A2” (Code:AGINU)



Underlying Fund: Aberdeen Global – Indian Equity Fund

Investment Objective and Strategy – Long-term total return to be achieved by investing at least two-thirds of the underlying fund’s assets in equities and equity-related securities of companies with their registered office in India; and/ or, of companies which have the preponderance of their business activities in India; and/or, of holding companies that have the preponderance of their assets in companies with their registered office in India.


49. MassMutual Aberdeen Global – Japanese (Code: AGJAU)

Equity Fund “A2”



Underlying Fund: Aberdeen Global – Japanese Equity Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Aberdeen Global – Japanese Equity Fund”. The underlying fund aims to achieve long-term total return by investing mainly in equities and equity-related securities of companies with registered office in or conducting the preponderance of their business activities in Japan.

The underlying fund is denominated in Japanese Yen.


50. MassMutual Baring German Growth Trust (Code: BAGGU)

Class A USD Acc



Underlying Fund: Baring German Growth Trust

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Baring German Growth Trust”.

To achieve long-term capital growth through investment in the German markets.

The underlying fund invests not less than 75% of its assets in companies listed in German securities markets, which are either incorporated in Germany or realise the preponderant part of their commercial activity in Germany. The underlying fund may also invest in bonds, convertible securities or warrants where appropriate.

It may use derivatives including futures, options, warrants and forward contracts for efficient management of the portfolio (including hedging) however the use of derivatives for investment purposes will not be extensive.


Remarks: In adverse situations, the underlying fund’s use of derivatives for efficient portfolio management may become ineffective and it may suffer significant losses.


51. Baring Korea Feeder Fund (Code:BAKFU)



Underlying Fund: Baring Korea Feeder Fund

Investment Objective and Strategy – The underlying fund is a feeder fund for the Baring Korea Trust, a UK authorized unit trust. The investment objective since November 1992 has been to achieve long-term growth in the value of assets by investing in units of the Baring Korea Trust, an authorized unit trust constituted in the United Kingdom.


52. Parvest Equity Brazil “Classic-Capitalisation” (Code: BPBEU)



Underlying Fund: Parvest Equity Brazil

Investment Objective and Strategy – To increase the value of its assets over the medium term.

The underlying fund invests at least two-thirds of its assets in equities and/or securities treated as equivalent to equities issued by companies that have their registered office in, or conduct a significant proportion of their business in, Brazil, and also in derivatives on this type of asset.

The remainder, namely one-third of its assets maximum, may be invested in any other transferable securities, money market instruments, derivatives or cash, and also, within a limit of 15% of the assets, in debt securities of any kind and, within a limit of 10% of the assets, in UCITS or UCIs.

Investment Management Company of underlying fund: BNP Paribas Investment Partners Luxembourg

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53. Parvest Equity China “Classic – Capitalisation” (Code: BPHCU)



Underlying Fund: Parvest Equity China

Investment Objective and Strategy – Increase the value of its assets over the medium term.

The underlying fund invests at least 2/3 of its assets in shares or other similar securities of companies that have their registered offices or conduct the majority of their business activities in China, Hong Kong or Taiwan and in financial derivative instruments on this type of asset.

The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money market instruments, financial derivative instruments or cash, provided that investments in debt securities of any kind do not exceed 15% of its assets, and up to 10% of its assets may be invested in UCITS or UCI.

The underlying fund’s overall exposure (via both direct and indirect investments) to Mainland China equity and debt securities will not exceed 30% of its assets.



54. MassMutual Parvest Equity Japan (Code: BPJAU)

“Classic-Capitalisation”


Valuation Day: Every business day. Dealing Day of application for subscription and redemption of units of the investment choice approved on any one day will be the second valuation day after the approval of the application.

Underlying Fund: Parvest Equity Japan

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Parvest Equity Japan”. The underlying fund invests at least two-thirds of its assets in equities and/or securities treated as equivalent to equities issued by companies that have their registered office in and/or conduct a significant proportion of their business in, Japan, and also in derivatives on this type of asset.

The remainder, namely one-third of its assets maximum, may be invested in any other transferable securities, money market instruments, derivatives, or cash, and also, within a limit of 15% of the assets, in debt securities of any kind and, within a limit of 10% of the assets, in UCITS or UCIs.


Investment Management Company of underlying fund:BNP Paribas Investment Partners Luxembourg

55. Parvest Equity Russia “Classic-Capitalisation” (Code: BPREU)



Underlying Fund: Parvest Equity Russia


The underlying fund invests at least 2/3 of its assets in shares or other similar securities of companies that have their registered offices or conduct the majority of their business activities in Russia.

The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money market instrumentsor cash, provided that investments in debt securities of any kind do not exceed 15% of its assets, and up to 10% of its assets may be invested in UCITS or UCI.

The underlying fund may also use financial derivative instruments for hedging purpose only.

Remarks: The use of financial derivative instruments may involve additional risks, for example counterparty default risk or insolvency, volatility risk, liquidity risk, leverage risk and valuation risk, and may expose the underlying fund to significant losses.


56. Citi Investment Trust (Cayman) II – (Code: CTCSU)

China Select Fund



Underlying Fund: Citi Investment Trust (Cayman) II – China Select Fund

Performance Fee: 10% of appreciation in the NAV per unit during a performance period above the high watermark of the relevant class of units

Investment Objective and Strategy – The investment objective of the underlying fund is to provide investors with long term capital growth through exposure to China-related companies by investing in their equities and equity related instruments traded both onshore and offshore China.

It is expected that approximately 70% to 100% of the underlying fund’s portfolio will be invested directly and indirectly in equity securities issued by companies which are listed or being offered in an initial public offer on official stock markets in Hong Kong, China (A Share and B Share markets), the United States, Taiwan, Singapore, and other countries.

The underlying fund will gain exposure to the A Share market by investing in access products. An access product is a form of financial derivative instrument, in respect of which the issuer is obliged to pay to the underlying fund an economic return equivalent to holding the underlying A Shares, without providing any equitable entitlement or interest in the relevant A Shares.

Remarks:

1. For details of the performance fee, please refer to the explanatory memorandum of the respective underlying fund, which is made available by the Company.

2. Investing in access products is subject to credit risk, cost of access products risk, limited liquidity, limitations posed by QFII (qualified foreign institutional investor) restrictions and repatriation risk. The underlying fund may also use financial derivative instruments (including index futures, index options and index and currency swaps) to hedge market and currency risk only.

For details, please refer to the explanatory memorandum of the respective underlying fund, which is made available by the Company.

3. This investment choice is not applicable to Cayman Islands residents, holders of an identity card or a resident card issued by the People’s Republic of China, and a corporation/partnership incorporated or established in the mainland of the People’s Republic of China.

Investment Management Company of underlying fund: Citigroup First Investment Management Limited

57. MassMutual Fidelity Australia Fund (Code: FIAUU)

“A” Shares



Underlying Fund: Fidelity Funds – Australia Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Fidelity Funds – Australia Fund”. The underlying fund invests principally in Australian equity securities.

The investment manager’s bottom-up stock picking approach drives the portfolio construction process. Large and medium-sized companies are preferred as they tend to have better track records, management and creditworthiness. However, smaller companies that meet the investment criteria are also considered. The manager invests in companies whose earnings potential is unrecognised by the broad investment community, and favours those with superior management, a competitive edge, strong brand name or technological advantage, sound balance sheet, strong free cash flow and low gearing.

The underlying fund is denominated in Australian Dollar.


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58. Fidelity Funds – China Focus Fund “A” Shares (Code: FICFU)



Underlying Fund: Fidelity Funds – China Focus Fund

Investment Objective and Strategy – The underlying fund will primarily focus on China through investment in securities of Chinese companies listed in China and Hong Kong, as well as securities in non-Chinese companies which have a significant portion of their activities in China. The underlying fund may invest up to 10% of its net assets directly in China A and B Shares (with aggregate exposure including direct and indirect investments up to 30% of its assets).

The investment manager invests in companies that offer growth at reasonable valuations with particular interest in mispriced securities that represent attractive investment prospects. The investment manager pays high attention to the quality of business model, company’s franchise, management and financials.


59. Fidelity Funds – Malaysia Fund “A” Shares (Code: FIMAU)



Underlying Fund: Fidelity Funds – Malaysia Fund

Investment Objective and Strategy – The underlying fund invests principally in Malaysian equity securities.

The manager employs a fundamental, bottom-up approach to investment management with stock selection and industry analysis playing a key role in the investment process. Emphasis is placed on understanding the development stage of the individual country as this will drive the longer term stock’s earnings growth and multiples. The manager particularly favours companies with above average sustainable earnings growth relative to their sector or the wider market, consequently the portfolio is likely to contain a slight growth bias. Other important considerations include scalability of business model, strong free cash flow generation, good management track record in enhancing shareholder value, and good corporate governance. The manager may also invest in turnaround or restructuring stocks whose risk/reward characteristics are favourable.


60. Fidelity Funds – Singapore Fund “A” Shares (Code: FISIU)



Underlying Fund: Fidelity Funds – Singapore Fund

Investment Objective and Strategy – The underlying fund invests principally in equity securities quoted on the stock exchange in Singapore.

The manager employs a fundamental, bottom-up approach to investment management with stock selection and industry analysis playing a key role in the investment process. Emphasis is placed on understanding the development stage of the individual country as this will drive the longer term stock’s earnings growth and multiples. The manager particularly favours companies with above average sustainable earnings growth relative to their sector or the wider market, consequently the portfolio is likely to contain a slight growth bias. Other important considerations include scalability of business model, strong free cash flow generation, good management track record in enhancing shareholder value, and good corporate governance. The manager may also invest in turnaround or restructuring stocks whose risk/reward characteristics are favourable.


61. Fidelity Funds – Taiwan Fund “A” Shares (Code: FITAU)



Underlying Fund: Fidelity Funds – Taiwan Fund

Investment Objective and Strategy – The underlying fund invests principally in Taiwanese equities.

The manager employs a bottom-up stock selection approach with a focus on in-depth fundamental analysis. Given the manager growth-oriented style, the manager looks for stocks with above average earnings growth potential relative to both the sector and market at attractive valuations. The manager invests across a wide market capitalisation spectrum, including large- and medium-sized companies as they tend to offer longer track records of corporate profit growth, management capability and trustworthiness. Small cap companies which are well managed and have promising long-term prospects may also be included. When examining the valuation of a company, the manager tends to assess cash flow and earnings growth prospects rather than asset or book value, believing that earnings and cash flow are better determinants of a company’s long-term growth prospects. The resulting asset allocation in terms of sector, country and market capitalisation is primarily the result of bottom-up stock selection.


62. First State China Growth Fund – Class I (Code: FSCHU)



Underlying Fund: First State Global Umbrella Fund plc – First State China Growth Fund

Investment Objective and Strategy – The underlying fund invests primarily in securities issued by companies with either assets in, or revenues derived from the People’s Republic of China that are listed, traded or dealt in on Regulated Markets in China, Hong Kong, Taiwan, the U.S. or in a member state of the OECD.


63. Franklin Templeton Investment Funds – (Code: FTTHU)

Templeton Thailand Fund “A(acc)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Templeton Thailand Fund

Investment Objective and Strategy – The underlying fund investment objective is long-term capital appreciation. It seeks to achieve by primarily investing in equity securities of issuers incorporated in Thailand or into other companies having significant assets, earnings, profits or business activities in Thailand.

Investment Management Company of underlying fund:Franklin Templeton Investments

64. Franklin Templeton Investment Funds – (Code: FTUSU)

Franklin U.S. Opportunities Fund “A(acc)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Franklin U.S. Opportunities Fund

Investment Objective and Strategy – The underlying fund aims to increase the value of its investments over the medium to long term.

It invests mainly in equity securities issued by companies of any size located in, or doing significant business in the U.S.

The investment team focuses on high-quality companies that it believes have exceptional potential for fast and sustainable growth.


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65. HSBC Global Investment Funds – (Code: HSCHU) Chinese Equity Class “AD”



Underlying Fund: HSBC Global Investment Funds – Chinese Equity

Investment Objective and Strategy – The underlying fund seeks long-term capital growth by investing primarily in a well-diversified portfolio of investments in equity and equity equivalent securities of companies registered in, and with an official listing on a major stock exchange or other regulated market of the People’s Republic of China (“China”), including Hong Kong SAR, as well as those with significant operations in China. There are no capitalization restrictions, and it is anticipated that the underlying fund will seek to invest across a range of capitalizations.



66. HSBC Global Investment Funds – (Code: HSINU) Indian Equity Class “AD”



Underlying Fund: HSBC Global Investment Funds – Indian Equity

Investment Objective and Strategy – The underlying fund seeks long-term capital growth by investing primarily in a diversified portfolio of investments in equity and equity equivalent securities of companies registered in, and with an official listing on a major stock exchange or other regulated market of India, as well as those with significant operations in India. Whilst there are no capitalization restrictions, it is anticipated that the underlying fund will seek to invest across a range of market capitalizations with a bias to medium and large companies.



67. HSBC Global Investment Funds – (Code: HSKOU)

Korean Equity Class “AD”



Underlying Fund: HSBC Global Investment Funds – Korean Equity

Investment Objective and Strategy – The underlying fund seeks long-term capital growth by investing primarily in a diversified portfolio of investments in equity and equity equivalent securities of companies registered in, and with an official listing on a major stock exchange or other regulated market of Korea, as well as those with significant operations in Korea. There are no capitalization restrictions and it is anticipated that the underlying fund will seek to invest across a range of capitalizations.



68. MassMutual Invesco Japanese Equity (Code: INJAU)

Core Fund A (acc/USD Hgd)



Underlying Fund: Invesco Funds Series – Invesco Japanese Equity Core Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Invesco Funds Series – Invesco Japanese Equity Core Fund”.

The underlying fund is invested to achieve capital growth in Japan. It will invest mainly in shares of companies organised under the laws of Japan, although it may include shares of companies organized elsewhere which derive revenues from or have substantial interests in Japan as the manager of the underlying fund considers appropriate. The underlying fund will invest in securities listed or traded on recognised markets.



Remarks: Should the investment adviser’s expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective, the underlying fund may suffer a substantial loss having an adverse effect on the net asset value of the shares. Since financial derivative instruments may be geared instruments, their use may result in greater fluctuations of the net asset value of the underlying fund.

Investment Manager of underlying fund: Invesco Global Asset Management Ltd

69. JPMorgan Indonesia Fund (Code: JFINU)



Underlying Fund: JPMorgan Indonesia Fund

Investment Objective and Strategy – To provide investors with long-term capital appreciation through a portfolio consisting primarily of securities linked to the Indonesia economy. These include, but are not restricted to, securities traded on the stock exchanges of Indonesia.


70. JPMorgan Korea Fund (Code: JFKOU)



Underlying Fund: JPMorgan Korea Fund

Investment Objective and Strategy – To provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market.


71. JPMorgan Malaysia Fund (Code: JFMAU)



Underlying Fund: JPMorgan Malaysia Fund

Investment Objective and Strategy – To provide long-term capital growth by investing primarily in securities linked to the Malaysian economy. These include, but are not restricted to, securities listed on the Kuala Lumpur Stock Exchange.


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72. JPMorgan Philippine Fund (Code: JFPHU)



Underlying Fund: JPMorgan Philippine Fund

Investment Objective and Strategy – To provide long-term capital growth through investment primarily in the securities of companies based or operating in the Philippines.


73. JPMorgan Taiwan Fund A (Code: JFTAU)



Underlying Fund: JPMorgan Funds – Taiwan Fund

Investment Objective and Strategy – To provide long-term capital growth by investing primarily in Taiwanese companies.


74. JPMorgan Thailand Fund (Code: JFTHU)



Underlying Fund: JPMorgan Thailand Fund

Investment Objective and Strategy – To provide long-term capital appreciation through a portfolio consisting primarily of securities of companies based, or operating principally, in Thailand.


75. JPMorgan Vietnam Opportunities Fund (Code: JFVOU)



Underlying Fund: JPMorgan Vietnam Opportunities Fund

Investment Objective and Strategy – The investment objective of the underlying fund is to provide investors with long-term capital growth by investing primarily in securities of companies either (i) domiciled or listed on a stock exchange in Vietnam, or (ii) with actual or prospective operations, assets or investments, direct or indirect, in Vietnam in an aggregate amount of not less than either US$50 million or 10% of the gross assets of the investing company (albeit such operations, assets or investments may at the time of investment be immaterial to the financial results of such company). The underlying fund may also invest in derivatives such as forward contracts, options, warrants and futures for investment purposes and may under limited circumstances as considered appropriate by the manager, the investment manager and/or the sub-manager, hold substantial amounts of its portfolio in cash and cash based instruments.

Remarks: Although the portfolio is well diversified in terms of the number of holdings, investors should be aware that the underlying fund is likely to be more volatile than a broad-based fund, such as a global or regional equity fund.


76. Legg Mason Global Funds Plc – (Code: LMUGU)

Legg Mason ClearBridge US Aggressive Growth Fund Class A Acc



Underlying Fund: Legg Mason Global Funds Plc – Legg Mason ClearBridge US Aggressive Growth Fund

Investment Objective and Strategy – The underlying fund seeks to generate long-term capital appreciation.

It invests at least 70% of its net asset value in common stocks of US companies which are listed or traded on regulated markets in the United States and that the sub-investment manager believes are experiencing, or have potential to experience, growth of earnings and/or cash flow that exceed the average earnings and/or cash flow growth rate of companies having securities included in the S&P 500 Index. The underlying fund may invest in securities of small, medium, and large companies offering prospects of long-term earnings growth and/or cash flow without a specific target weighting for company size.

The underlying fund may also invest in convertible securities, preferred stocks, warrants and Rule 144A securities, money market instruments and mortgage backed or asset backed securities, securities of non-US issuers or non-US companies (including depositary receipts) and collective investment schemes.

The underlying fund does not intend to use financial derivative instruments extensively or primarily for investment or non-hedging purposes. Financial derivative instruments may be used for hedging purposes.


Investment Manager of underlying fund: Legg Mason Investments (Europe) Limited;

Sub-Investment Manager of underlying fund: ClearBridge Investments, LLC

77. Legg Mason Global Funds Plc – (Code: LMUSU)

Legg Mason Royce US Small Cap Opportunity Fund Class A Acc



Underlying Fund: Legg Mason Global Funds Plc – Legg Mason Royce US Small Cap Opportunity Fund

Investment Objective and Strategy – The underlying fund seeks to achieve long-term capital appreciation.

The underlying fund invests at least 70 per cent of its net asset value in a diversified portfolio of equity securities issued by small-cap US companies (i.e., US companies with market capitalisations of less than US$2.5 billion) that are listed or traded on regulated markets in the United States.

The sub-investment manager invests the underlying fund’s assets in these companies in an attempt to take advantage of what it believes are opportunistic situations for undervalued securities. Such opportunistic situations may include turnarounds, emerging growth companies with interrupted earnings patterns, companies with unrecognised asset values or undervalued growth companies. It may also invest in other collective investment schemes.

The sub-investment manager uses a value method in managing the underlying fund’s assets. In selecting securities for the underlying fund, the sub-investment manager evaluates the company’s balance sheet, the level of its cash flows and various measures of the company’s profitability. The sub-investment manager then uses these factors to assess the company’s current worth, basing this assessment on either what it believes a knowledgeable buyer might pay to acquire the entire company or what it thinks the value of the company should be in the stock market. The sub-investment manager invests in securities of companies that are trading significantly below its estimate of the issuer’s current worth.

The underlying fund does not intend to use financial derivative instruments for any purpose (other than in relation to any Hedged Share Classes in the underlying fund, for which financial derivative instruments may be used for hedging purposes only).


Sub-Investment Manager of underlying fund: Royce & Associates

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78. MassMutual – BlackRock Global Funds – (Code: MLJOU)

Japan Small & MidCap Opportunities Fund Class “A”



Underlying Fund: BlackRock Global Funds – Japan Small & MidCap Opportunities Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “BlackRock Global Funds – Japan Small & MidCap Opportunities Fund”. The underlying fund seeks to maximise total return. It invests at least 70% of its total assets in the equity securities of small and mid capitalisation companies domiciled in, or exercising the predominant part of their economic activity in, Japan. Small and mid capitalisation companies are considered companies which, at the time of purchase, form the bottom 30% by market capitalisation of Japanese stock markets.



79. Morgan Stanley Investment Funds (Code: MSUAU)

US Advantage Fund “A” Shares



Underlying Fund: Morgan Stanley Investment Funds US Advantage Fund

Investment Objective and Strategy – The underlying fund seeks long term capital appreciation, measured in US Dollars, by investing primarily in securities issued by US companies and on an ancillary basis in securities issued by companies that are not from the US.

The underlying fund may make use of exchange traded and over-the-counter options, futures and other derivatives for investment or efficient portfolio management (including hedging) purposes.

Remarks: The use of derivatives involves different types of risk (including market, liquidity, counterparty, valuation, and leverage risk), and, in certain cases, this is greater than the risks presented by more traditional investment instruments.


80. MassMutual Schroder Hong Kong Equity Fund (Code: SCHEU)

“A1” Shares



Underlying Fund: Schroder International Selection Fund – Hong Kong Equity

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Schroder International Selection Fund – Hong Kong Equity”. The underlying fund provides capital growth primarily through investment in equity securities of Hong Kong SAR companies.



81. Value Partners China Convergence Fund (Code: VPBHU)



Underlying Fund: Value Partners Intelligent Funds – China Convergence Fund


Investment Objective and Strategy – The underlying fund aims to provide investors with long-term capital appreciation by investing primarily in A and B shares listed on the stock exchanges of Shanghai and Shenzhen as well as in H shares listed in Hong Kong.

The investment in A shares is subject to a maximum exposure of 45% of the underlying fund’s latest available net asset value and between 0% and 35% of its latest net asset value will be invested in B shares.

The manager may also invest (to a lesser extent) in shares of China-related companies listed on the stock exchanges in Hong Kong or on recognised stock exchanges in other jurisdictions and in China-related fixed income securities.

Remarks:

1. On inception in July 2000, the underlying fund’s objective was to invest primarily in B shares. In July 2001, the mandate was extended to include H shares. In March 2005, the mandate was further extended to include China A shares. The Securities & Futures Commission authorized the underlying fund in October 2001; such authorization does not imply official approval or recommendation.


3. This investment choice is not applicable to Cayman Islands residents, Chinese nationals with permanent residence in the mainland of the People’s Republic of China, and a corporation/partnership incorporated or established in the mainland of the People’s Republic of China.


82. Value Partners Chinese Mainland Focus Fund (Code: VPMFU)



Underlying Fund: Value Partners Intelligent Funds – Chinese Mainland Focus Fund


Investment Objective and Strategy – The underlying fund aims to achieve medium to long-term capital appreciation by investing primarily in investments which are related to the Mainland of the People’s Republic of China (“PRC”) and investments whose value the manager believes would be boosted by a Renminbi (“RMB”) appreciation. The manager will also invest in investments whose value the manager believes would increase even if the RMB exchange rate remains unchanged.

It is the manager’s intention that between 0% and 45% of the underlying fund’s latest available Net Asset Value will be invested in A Shares, between 0% and 35% in B shares and between 0% and 40% in H Shares although this may change subsequently from time to time.

Remarks:


2. This investment choice is not applicable to Cayman Islands residents, Chinese nationals with permanent residence in the mainland of the PRC, and a corporation/partnership incorporated or established in the mainland of the PRC.


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Bond Market

83. AllianceBernstein – (Code: ACAIU)

American Income Portfolio Class “A2”



Underlying Fund: ACMBernstein – American Income Portfolio

Investment Objective and Strategy – The underlying fund seeks to provide a high level of current income with the potential for capital appreciation by investing in a diversified portfolio of U.S. dollar-denominated fixed income securities. It invests solely in U.S. dollar denominated fixed income securities, including investment grade and high yield securities of issuers domiciled within and outside the U.S. Under normal market conditions, a minimum of 50% of the Portfolio assets will be invested in investment grade securities. At least 65% of the assets must be issued by issuers domiciled within the United States.

The underlying fund may use financial derivative instruments for hedging, risk management, efficient portfolio management and as an alternative to investing directly in the underlying securities.

Remarks: The use of financial derivative instruments (although not extensively for investment purposes) may involve additional risks. Please refer to page 1 for details.


84. AllianceBernstein – (Code: ACGHU)

Global High Yield Portfolio Class “A2”



Underlying Fund: ACMBernstein – Global High Yield Portfolio

Investment Objective and Strategy – The underlying fund seeks to produce high current income as well as overall total return by investing primarily in a portfolio of high yield debt securities of issuers located throughout the world, including the U.S. and emerging countries. It invests in both U.S. dollar and non-U.S. dollar denominated securities. The Investment Manager utilizes the investment research of both its global fixed income and high yield teams.

The underlying fund may use financial derivative instruments for hedging, risk management, efficient portfolio management and as an alternative to investing directly in the underlying securities.

Remarks: The use of financial derivative instruments (although not extensively for investment purposes) may involve additional risks. Please refer to page 1 for details.


85. Aberdeen Global – Asian Local Currency (Code: AGABU)

Short Duration Bond Fund “A2”



Underlying Fund: Aberdeen Global – Asian Local Currency Short Duration Bond Fund

Investment Objective and Strategy – To achieve long-term total return by investing mainly in short duration local Asian currency denominated debt and debt-related securities issued by governments, supranational institutions or government related bodies domiciled in Asia. For the purpose of the underlying fund, short duration shall mean maturity of three years or less. It may utilise techniques and instruments for hedging and/or investment purposes, efficient portfolio management and/or to manage foreign exchange risks. In general, these techniques and instruments include, but are not limited to, securities lending and reverse repurchase transactions and forward foreign currency contracts.


86. Aberdeen Global – Select Emerging (Code: AGEBU)

Markets Bond Fund “A2”



Underlying Fund: Aberdeen Global – Select Emerging Markets Bond Fund

Investment Objective and Strategy – Long-term total return to be achieved by investing at least two-thirds of the underlying fund’s assets in fixed interest securities which are issued by corporations with their registered office in, and/or government related bodies domiciled in an emerging market country.


87. Baring Emerging Markets (Code: BAEMU)

Debt Local Currency Fund



Underlying Fund: Baring Investment Funds Plc. – Baring Emerging Markets Debt Local Currency Fund

Investment Objective and Strategy – The objective of the underlying fund is to maximize total return by investing in local currency-denominated emerging market debt securities.


88. Baring High Yield Bond Fund (Code: BAHYU)



Underlying Fund: Baring Global Umbrella Fund – Baring High Yield Bond Fund

Investment Objective and Strategy – The underlying fund aims to achieve a high yield, both in terms of total return and current yield, by investing in a prudently diversified portfolio of emerging markets (developing country) and US corporate bonds. The vast majority of such bonds do not carry investment-grade ratings and investors are therefore warned that investment in the underlying fund carries a higher risk than that associated with traditional bond funds.


89. Baring International Bond Fund (Code: BAIBU)



Underlying Fund: Baring International Umbrella Fund – Baring International Bond Fund

Investment Objective and Strategy – The underlying fund aims to achieve an attractive level of income together with potential long-term growth in the value of assets. The policy of the Managers is to hold an internationally diversified portfolio of fixed interest securities.


90. Parvest Convertible Bond Asia (Code: BPACU) “Classic-Capitalisation”



Underlying Fund: Parvest Convertible Bond Asia

Investment Objective and Strategy – The underlying fund invests at least two-thirds of its assets in convertible bonds and/or in securities treated as equivalent whose underlying assets are issued by companies that have their registered office and/or main place of business in, or conduct a significant proportion of their business in, Asia, and also in derivatives on this type of asset.

The remainder, namely one-third of its assets maximum, may be invested in any other transferable securities, money market instruments, derivatives or cash, and also, within a limit of 10% of the assets, in UCITS or UCIs.

The underlying fund’s overall exposure (via both direct and indirect investments) to Mainland China equity and debt securities will not exceed 30% of its assets.



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91. Parvest Bond Best Selection World Emerging (Code: BPEMU) “Classic-Capitalisation”



Underlying Fund: Parvest Bond Best Selection World Emerging

Investment Objective and Strategy – The underlying fund aims to increase the value of its assets over the medium term.

The underlying fund invests at least 2/3 of its assets in a limited number of bonds and debt securities or other similar securities issued by emerging countries defined as non OECD countries prior to January 1, 1994 together with Turkey or by companies characterised by a strong financial structure and/or potential for profitable growth that have their registered offices or conduct a majority of their business activities in these countries, as well as in financial derivative instruments on this type of asset.

The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money market instruments, financial derivative instruments or cash, and up to 10% of its assets may be invested in UCITS or UCI.



92. MassMutual Parvest Bond (Code: BPIBU)

World Inflation-Linked “Classic-Capitalisation”



Underlying Fund: Parvest Bond World Inflation-Linked

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Parvest Bond World Inflation-Linked”. To increase the value of its assets over the medium term.

The underlying fund invests at least two-thirds of its assets in bonds indexed to inflation rates and/or securities treated as equivalent that are issued or guaranteed by a member state of the Organisation for Economic Cooperation and Development, denominated in any currency, and also in derivatives on this type of asset.

The remainder, namely one-third of its assets maximum, may be invested in any other securities, derivatives, money market instruments or cash, and also, within a limit of 10% of the assets, in collective investment schemes.

It may use financial derivative instruments extensively for investment purpose.

After hedging, the underlying fund’s exposure to currencies other than EUR may not exceed 5%.


Remarks:

1. The underlying fund may invest in derivatives (up to 100% of the assets). These types of investments can involve material additional risks, for example counterparty default risk or insolvency, volatility risk, liquidity risk, leverage risk and valuation risk, and may expose the underlying fund to significant losses.

2. The underlying fund has significant exposure to emerging markets and is likely to be subject to a higher than average volatility. Emerging markets may have higher economic, regulatory and political risks.


93. Parvest Bond USD Government (Code: BPUBU)




Underlying Fund: Parvest Bond USD Government

Investment Objective and Strategy – The underlying fund invests at least two-thirds of its assets in bonds and/or securities treated as equivalent to bonds denominated in USD and issued and/or guaranteed by the US federal government, and also in derivatives on this type of asset.

The remainder, namely one-third of its assets maximum, may be invested in any other transferable securities, money market instruments, derivatives or cash, and also, within a limit of 10% of the assets, in UCITS or UCIs.



94. MassMutual Fidelity Sterling Bond Fund (Code: FISBU)

“A” Shares



Underlying Fund: Fidelity Funds – Sterling Bond Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Fidelity Funds – Sterling Bond Fund”. The underlying fund invests principally in Sterling denominated debt securities.

The manager uses a process that aims to produce consistently higher returns with lower volatility than the benchmark index. Although, Fidelity does take duration positions, these are kept at the margins and will not dominate the risk profile of the underlying fund. Bonds of different maturities are held but no attempt is made to time movements in and out of long- or short-term bonds. Value is added through a multi-strategy approach and involves assessing the relative attractiveness of corporate and government bonds. In-house teams of credit and quantitative research professionals assist the manager to identify corporate and government bonds that may offer attractive yields with the opportunity for capital growth.



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95. Franklin Templeton Investment Funds – (Code: FTEBU) Templeton Emerging Markets Bond “A(Qdis)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Templeton Emerging Markets Bond Fund

Investment Objective and Strategy – The underlying fund aims to maximise total investment return by achieving an increase in the value of its investments, earning income and realising currency gains over the medium to long term.

The underlying fund invests principally in:

— debt securities of any quality (including non-investment grade debt securities)issued by governments, government-related entities and corporations located in developing or emerging markets

The underlying fund may also invest in:

— debt securities from outside of developing or emerging markets that may be affected by financial or economic developments in developing or emerging markets (limited to 33% of assets)

— debt securities of supranational entities organized or supported by several national governments, such as the European investment bank

— mortgage- and asset-backed securities

— structured products

— securities in default

The underlying fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes to manage the risks of the portfolio and gain exposure to certain asset classes, currencies, or position on the yield curve (long maturities vs. short maturities), or to exchange fixed rate obligations with floating rate obligations. The financial derivative instruments in which the underlying fund may invest include swaps (such as interest rate swaps, credit default swaps or total return swaps), futures contracts, and foreign currency forward contracts, including cross currency forwards where one currency is hedged into another through an intermediate third currency or where one currency is used as a proxy for hedging another currency (e.g. using the Canadian dollar as a proxy for the U.S. dollar).

The expected level of leverage for the underlying fund is 130% of the net asset value of the underlying fund. The expected level of leverage is an estimate only and may be subject to higher leverage levels when cross currency positions or negative positions, which may be held to hedge against market risk or eliminate or reduce undesired investment risk in the portfolio, are a larger portion of the portfolios. The leverage calculation method used is the commitment approach which is a methodology used to calculate the underlying fund’s global exposure taking into account factors such as the current value of the underlying assets.

Remarks: A small outlay to purchase a derivative may relate to material market exposure, exposing the underlying fund to the potential for significant losses. The risk of loss to the underlying fund for a swap transaction on a net basis may equal the entire amount that the underlying fund is entitled to receive if the counterparty that owes that amount defaults or is otherwise unwilling or unable to make the payment that is owed to the underlying fund. The underlying fund does set aside cash or assets to meet future obligations related to derivatives. Performance and value of derivative instrument depend, at least in part, on the performance or value of the underlying asset. Derivative instruments involve cost, may be volatile, and may involve a small investment relative to the risk assumed (leveraged effect). Risks include delivery failure, default by other party or the inability to close out a position because the trading market becomes illiquid.


96. Franklin Templeton Investment Funds – (Code: FTGBU)

Templeton Global Bond Fund “A(Mdis)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Templeton Global Bond Fund

Investment Objective and Strategy – The underlying fund investment objective is to maximize total investment return consisting of a combination of interest income, capital appreciation and currency gain. It seeks to achieve by primarily investing in a portfolio of fixed or floating rate debt securities and debt obligations of government and government-related or corporate issuers worldwide.

The underlying fund may also utilise financial derivative instruments for hedging, efficient portfolio management and/or investment purposes. These financial derivative instruments may be dealt either in regulated markets or over-the-counter, and may include, inter alia, swaps (such as credit default swaps or fixed income related total return swaps), forwards and cross forwards, futures contracts (including those on government securities), as well as options.



97. Franklin Templeton Investment Funds – (Code: FTGTU)

Templeton Global Total Return Fund “A(acc)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Templeton Global Total Return Fund

Investment Objective and Strategy – The underlying fund aims to maximise total investment return consisting of a combination of interest income, capital appreciation, and currency gains by investing principally in a portfolio of fixed and/or floating rate debt securities and debt obligations issued by government and government-related issuers or corporate entities worldwide as well as certain financial instruments for investment purposes. The underlying fund may also purchase mortgage- and asset-backed securities, convertible bonds and debt obligations issued by supranational entities organized or supported by several national governments.

The underlying fund may also utilise financial derivative instruments for hedging, efficient portfolio management and/or investment purposes. These financial derivative instruments may be dealt either in regulated markets or over-the-counter, and may include, inter alia, swaps (such as credit default swaps or fixed income related total return swaps), forward and cross forwards, futures contracts (including those on government securities), as well as options.



98. HSBC Asian Bond Fund Class “AC” (Code: HSABU)



Underlying Fund: HSBC Investment Funds Trust – HSBC Asian Bond Fund

Investment Objective and Strategy – The underlying fund seeks a reasonably high income whilst maintaining a prudent policy of capital conservation through investing in fixed interest securities within the Asian region.

It invests primarily in Asian bonds, including both government and corporate bond, and also investment grade, non-investment grade and non-rated bond.


Investment Management Company of underlying fund: HSBC Investment Funds (Hong Kong) Limited

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99. JPMorgan Asian Total Return Bond Fund (Code: JFABU)



Underlying Fund: JPMorgan Asian Total Return Bond Fund

Investment Objective and Strategy – To achieve a competitive total return, consisting of capital growth and regular dividend income, through an actively managed portfolio investing primarily in Asian bonds and other debt securities

Investment Manager of underlying fund: JF Asset Management Ltd.

100. Legg Mason Global Funds Plc – (Code: LMUAU)

Legg Mason Western Asset U.S. Adjustable Rate Fund Class A US$ Accumulating



Underlying Fund: Legg Mason Global Funds Plc – Legg Mason Western Asset US Adjustable Rate Fund

Investment Objective and Strategy – The underlying fund seeks to provide high current income and to limit the degree of fluctuation of its net asset value resulting from movements in interest rates.

The underlying fund seeks to achieve its investment objective by investing at all times at least 80% of its net asset value in various types of adjustable rate debt securities issued by US issuers (including variable rate securities, floating rate securities and adjustable rate mortgage-backed and asset-backed securities that are structured as debt securities) and listed or traded on regulated markets. It may also invest in fixed rate debt securities and money market instruments.

The debt securities in which the underlying fund may invest include: debt securities issued or guaranteed by the US government; debt securities issued by other national governments; debt securities of supranational organisations; corporate debt securities; convertible and non-convertible notes; commercial paper, certificates of deposits, and bankers acceptances; mortgage-backed and asset-backed securities structured as debt securities; warrants; other collective investment schemes; and other investments.

The underlying fund invests in US government securities and securities rated at the time of purchase in the two highest long-term rating categories by a nationally recognized statistical rating organization. It may also invest in debt securities that are unrated but determined to be of a quality equivalent to such two highest categories by the sub-investment manager.

It is expected that the underlying fund will maintain average portfolio duration of between 0 and 1 year. However, it may invest in individual securities of any duration.

The underlying fund may use financial derivative instruments (FDIs) (including, but not limited to, options, futures and options on futures, swaps and forward currency exchange contracts) extensively for investment and other non-hedging purposes. It may also use FDIs for hedging purposes. The underlying fund may be leveraged to up to 100% of its net asset value (calculated using the commitment approach) as a result of its use of FDIs. The commitment approach calculates leverage by measuring the market value of the underlying exposures of derivatives relative to its net asset value.

The underlying fund does not employ any specific strategy in relation to the use of FDIs.



Sub-Investment Manager of underlying fund: Western Asset Management

101. BlackRock Global Funds – (Code: MLABU)

Asian Tiger Bond Fund Class “A”



Underlying Fund: BlackRock Global Funds – Asian Tiger Bond Fund

Investment Objective and Strategy – The underlying fund seeks to maximise total return. It invests at least 70% of its total assets in the fixed income transferable securities of issuers domiciled in, or exercising the predominant part of their economic activity in, Asian Tiger countries. The underlying fund may invest in the full spectrum of available securities, including non-investment grade. The currency exposure of the underlying fund is flexibly managed.


102. BlackRock Global Funds – (Code: MLUHU)

US Dollar High Yield Bond Fund Class “A”



Underlying Fund: BlackRock Global Funds – US Dollar High Yield Bond Fund

Investment Objective and Strategy – The underlying fund seeks to maximise total return. It invests at least 70% of its total assets in high yield fixed income transferable securities denominated in US dollars. It may invest in the full spectrum of available fixed income transferable securities, including non-investment grade. Currency exposure is flexibly managed.


103. Morgan Stanley Investment Funds (Code: MSGBU)

Global Bond Fund “A” Shares



Underlying Fund: Morgan Stanley Investment Funds Global Bond Fund

Investment Objective and Strategy – The underlying fund aims to provide an attractive rate of return, measured in US dollar, through investment in domestic, international and Euromarket fixed income securities of investment grade quality (BBB– or better) and of varying maturities, denominated in US dollar or other currencies, issued by governments, agencies and corporations. It suits the investment needs of moderate investors.


104. Schroder International Selection Fund – (Code: SCABU)

Asian Bond Absolute Return “A1” Shares



Underlying Fund: Schroder International Selection Fund – Asian Bond Absolute Return

Investment Objective and Strategy – The underlying fund provides an absolute return of capital growth and income primarily through investment in a portfolio of bonds and other fixed and floating rate securities issued by governments, government agencies, supra-national and corporate issuers in Asia excluding Japan. As part of its primary objective, the underlying fund also has the flexibility to implement long and short active currency positions either via currency forwards or via the above instruments.

Investment Manager of underlying fund: Schroder Investment Management (Singapore) Limited

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105. MassMutual Schroder ISF EURO Bond (Code: SCEBU)

“A1” Shares



Underlying Fund: Schroder International Selection Fund – EURO Bond

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in the “Schroder International Selection Fund – EURO Bond”. The underlying fund provides a return of capital growth and income primarily through investment in a portfolio of bonds and other fixed and floating rate securities denominated in Euro and issued by governments, government agencies, supra-national and corporate issuers worldwide. The underlying fund also has the flexibility to implement long and short active currency positions either via currency forwards or via the above instruments.



106. MassMutual Schroder Hong Kong Dollar Bond (Code: SCHBU)

Fund “A1” Accumulation Shares



Underlying Fund: Schroder International Selection Fund – Hong Kong Dollar Bond

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in the “Schroder International Selection Fund – Hong Kong Dollar Bond”. The underlying fund provides a return of capital growth and income primarily through investment in a portfolio of bonds and other fixed and floating rate securities denominated in HK dollars and issued by governments, government agencies, supra-national and corporate issuers worldwide.



Sector Investment

107. AllianceBernstein – (Code: ACIHU)

International Health Care Portfolio “A”



Underlying Fund: ACMBernstein SICAV – International Health Care Portfolio

Investment Objective and Strategy – The underlying fund seeks capital appreciation through investments on a worldwide basis in equity securities of companies that are engaged in health care and health science industries. It invests in a global portfolio of securities of companies selected for their capital appreciation opportunities. Through a bottom-up selection process, the team attempts to determine market leaders with superior research, financial controls and marketing capabilities.


108. Aberdeen Global – Technology (Code: AGTEU)

Equity Fund “A2”



Underlying Fund: Aberdeen Global – Technology Equity Fund

Investment Objective and Strategy – To achieve long-term total return by investing mainly in the equities and equity-related securities of companies involved in high technology industries.


109. Baring Global Resources Fund (Code: BAGRU)



Underlying Fund: Baring Global Umbrella Fund – Baring Global Resources Fund

Investment Objective and Strategy – The underlying fund aims to achieve long-term capital appreciation through investment in a diversified portfolio of the securities of commodity producers, being companies engaged in the extraction, production, processing and/or trading of commodities such as oil, gold, aluminum, coffee and sugar.


110. Parvest Equity World Utilities (Code: BPUTU)




Underlying Fund: Parvest Equity World Utilities


The underlying fund invests at least 2/3 of its assets in shares or other securities of companies that conduct the majority of their business activities in the local authorities services sector and in related or connected sectors and in derivative financial instruments on this type of asset.

The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money market instruments, derivative financial instruments or cash, provided that the investments in debt securities of any kind do not exceed 15% of its assets and up to 10% of its assets in UCITs or UCIs.


111. Parvest Equity World Energy (Code: BPWEU)




Underlying Fund: Parvest Equity World Energy


The underlying fund invests at least 2/3 of its assets in shares or other similar securities of companies that conduct the majority of their business activities in the energy sector and in related or connected sectors, as well as in derivative financial instruments on this type of asset.

The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money market instruments, derivative financial instruments or cash, provided that investments in debt securities of any kind do not exceed 15% of its assets, and up to 10% of its assets may be invested in UCITS or UCI.


112. MassMutual Fidelity Global Consumer (Code: FICIU)

Industries Fund “A” Shares



Underlying Fund: Fidelity Funds – Global Consumer Industries Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Fidelity Funds – Global Consumer Industries Fund”. The underlying fund aims to provide investors with long-term capital growth, principally through investment in the equity securities of companies throughout the world which are involved in the manufacture and distribution of goods to consumers.



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113. MassMutual Fidelity Global Financial Services (Code: FIFSU)

Fund “A” Shares



Underlying Fund: Fidelity Funds – Global Financial Services Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Fidelity Funds – Global Financial Services Fund”. The underlying fund aims to provide investors with long-term capital growth, principally through investment in the equity securities of companies throughout the world which are involved in providing financial services to consumers and industries.

The investment manager considers the macroeconomic environment to which a company is exposed vitally important in determining where the manager focuses his research. The manager believes that it is necessary to have at least 40 stocks in the portfolio, is not tied to any market style and market cap bias and industry and geographical weights in the portfolio will be a function of the manager’s bottom up stock picking approach. The manager will use quantitative techniques to assist in the timing of investment decisions. The manager will only invest in a company where the manager expects a double digit target return over his holding period. The size of any position is determined by the potential upside identified and the degree of conviction that this value will be realised within a 12 month time horizon.



114. Fidelity Funds – Global Real Asset Securities (Code: FIRAU)

Fund “A” Shares



Underlying Fund: Fidelity Funds – Global Real Asset Securities Fund

Investment Objective and Strategy – The underlying fund aims to achieve long-term capital growth from a portfolio primarily invested in equity securities of companies across the world that provide exposure to commodities, property, industrials, utilities, energy, materials and infrastructure. Up to 20% of the portfolio can consist of investments in Exchange Traded Funds (“ETFs”), Exchange Traded Commodities qualifying as transferable securities (“ETCs”), bonds, warrants and convertibles. The manager is free to select any company regardless of size, industry or location, and will concentrate its investment in a more limited number of companies, and therefore the resulting portfolio will be less diversified.


115. Franklin Templeton Investment Funds – (Code: FTBDU)

Franklin Biotechnology Discovery Fund “A(acc)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Franklin Biotechnology Discovery Fund

Investment Objective and Strategy – The underlying fund investment objective is to seek capital appreciation. It seeks to achieve by primarily investing in equity securities of biotechnology companies and discovery research firms located in the U.S. and other countries and to a lesser extent in debt securities of any type of foreign or U.S. issuers.


116. Franklin Templeton Investment Funds – (Code: FTTEU)

Franklin Technology Fund “A(acc)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Franklin Technology Fund

Investment Objective and Strategy – The underlying fund investment objective is capital appreciation. It seeks to achieve by investing in equity securities of companies expected to benefit from the development, advancement and use of technology.


117. Invesco Global Leisure Fund A (Acc) (Code: INGLU)



Underlying Fund: Invesco Funds – Invesco Global Leisure Fund

Investment Objective and Strategy – The underlying fund aims to achieve long-term capital growth from an international portfolio of investments in companies predominantly engaged in the design, production or distribution of products and services related to the leisure time activities of individuals, which can include automobile, household construction and durables, media and internet companies and other companies engaged in meeting the demands of consumers^.

At least 70% of its total assets will be invested in the equity securities of such companies. Up to 30% of the underlying fund’s total assets may be held as cash and cash equivalents, money market securities or invested in debt (including convertible debt) or equity securities issued by companies not meeting the above requirements outside the leisure industries sector^.



Investment Manager of underlying fund: Invesco Management S.A.

^ With effect from September 8, 2014, the above underlined wording will be added and the wording that is struck-though will be deleted.

118. JPMorgan Asia Resources Fund (Code: JFFEU)



Underlying Fund: JPMorgan Asia Resources Fund

Investment Objective and Strategy – To provide investors with long-term capital growth by investing primarily in securities of companies in natural resources and commodities sectors in Asia (including Australia and New Zealand).

Investment Manager of underlying fund: JF Asset Management Ltd.

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119. JPMorgan Funds – (Code: JFNRU)

Global Natural Resources Fund Class “A”



Underlying Fund: JPMorgan Funds – Global Natural Resources Fund

Investment Objective and Strategy – The underlying fund aims to provide long-term capital growth by investing primarily in the securities of companies engaged in the exploration for and the development, refinement, production and marketing of natural resources and their secondary products throughout the world.

The underlying fund will invest primarily in small and medium-sized companies that exhibit attractive characteristics and which are believed to be undervalued within the current market. Also, the underlying fund will hold a highly diversified portfolio across stocks and lowly correlated sub-sectors within natural resources which reduces the risk of the portfolio on the downside.

Investment Manager of underlying fund: JPMorgan Asset Management (UK) Limited

120. BlackRock Global Funds – (Code: MLNEU)

New Energy Fund Class “A”



Underlying Fund: BlackRock Global Funds – New Energy Fund

Investment Objective and Strategy – The underlying fund seeks to maximise total return. It invests globally at least 70% of its total assets in the equity securities of new energy companies. New energy companies are those which are engaged in alternative energy and energy technologies including: renewable energy technology; renewable energy developers; alternative fuels; energy efficiency; enabling energy and infrastructure.


121. BlackRock Global Funds – (Code: MLWAU)

World Agriculture Fund Class “A”



Underlying Fund: BlackRock Global Funds – World Agriculture Fund

Investment Objective and Strategy – The underlying fund seeks to maximize total return. It invests globally at least 70% of its total assets in the equity securities of agricultural companies. Agricultural companies are those which are engaged in agriculture, agricultural chemicals, equipment and infrastructure, agricultural commodities and food, bio-fuels, crop sciences, farm land and forestry.


122. BlackRock Global Funds – (Code: MLWEU)

World Energy Fund Class “A”



Underlying Fund: BlackRock Global Funds – World Energy Fund

Investment Objective and Strategy – The underlying fund seeks to maximise total return. It invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is in the exploration, development, production and distribution of energy.


123. BlackRock Global Funds – (Code: MLWFU)

World Financials Fund Class “A”



Underlying Fund: BlackRock Global Funds – World Financials Fund

Investment Objective and Strategy – To maximise total return by investing at least 70% of the underlying fund’s assets in stocks of companies worldwide with the majority of their business in financial services.


Subject to applicable regulatory restrictions and internal guidelines, the remaining 30% may be invested in financial instruments of companies or issuers of any size in any sector of the economy globally such as equity securities consistent with the underlying fund’s objective and cash.

The underlying fund may use derivatives to hedge market, interest rate and currency risk and for efficient portfolio management. However, derivatives will not be extensively or primarily used for investment purposes.



124. BlackRock Global Funds – (Code: MLWGU)

World Gold Fund Class “A”



Underlying Fund: BlackRock Global Funds – World Gold Fund

Investment Objective and Strategy – The underlying fund seeks to maximise total return. It invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is gold-mining. It may also invest in the equity securities of companies whose predominant economic activity is other precious metal or mineral and base metal or mineral mining. It does not hold physical gold or metal.


125. BlackRock Global Funds – (Code: MLWHU)

World Healthscience Fund Class “A”



Underlying Fund: BlackRock Global Funds – World Healthscience Fund

Investment Objective and Strategy – To maximise total return by investing at least 70% of the underlying fund’s assets in stocks of companies worldwide with the majority of their business in healthcare, pharmaceuticals, medical technology and supplies and the development of biotechnology.


Subject to applicable regulatory restrictions and internal guidelines, the remaining 30% may be invested in financial instruments of companies or issuers of any size in any sector of the economy globally.

The underlying fund may use derivatives to hedge market and currency risk and for efficient portfolio management. However, derivatives will not be extensively or primarily used for investment purposes.

Remarks: In an adverse situation, if the use of derivatives for hedging and efficient portfolio management becomes ineffective, it may suffer significant losses.


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126. BlackRock Global Funds – (Code: MLWMU)

World Mining Fund Class “A”



Underlying Fund: BlackRock Global Funds – World Mining Fund

Investment Objective and Strategy – The underlying fund seeks to maximise total return. It invests globally at least 70% of its total assets in the equity securities of mining and metals companies whose predominant economic activity is the production of base metals and industrial minerals such as iron ore and coal. It may also hold the equity securities of companies whose predominant economic activity is in gold or other precious metal or mineral mining. It does not hold physical gold or metal.


127. Schroder AS Gold & Precious Metals A^ (Code: SCGMU)



Underlying Fund: Schroder Alternative Solutions – Gold & Precious Metals Fund

Investment Objective and Strategy – The underlying fund’s investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments, as well as the equities of those companies involved in precious metal related industries globally.



Mixed Asset

128. Citi Investment Trust (Cayman) II – (Code: CTCBU)

China Balanced Fund



Underlying Fund: Citi Investment Trust (Cayman) II – China Balanced Fund

Investment Objective and Strategy – The investment objective of the underlying fund is to provide investors with moderate long term capital appreciation and potential income stream by primarily investing in equity and fixed income securities that are available both onshore and offshore China, and are related to the growth or development of the Chinese economy.

The underlying fund will invest:

— approximately 40% to 70% of its net asset value in equity securities, including: (i) A Shares (primarily by investing in A Share access products); and (ii) H Shares and other China-related listed shares;

— approximately 30% to 60% of its net asset value in fixed income securities, including offshore RMB bonds, funds that provide at least 80% exposure to onshore RMB bonds and other debt securities (which may include synthetic RMB bonds, which are bonds denominated in RMB but settled in a different currency); and

— up to 30% of its net asset value may be allocated to cash.

The underlying fund will gain exposure to the A Share market primarily by investing in A Share access products. An A Share access product is a form of financial derivative instrument, in respect of which the issuer is obliged to pay to the underlying fund an economic return equivalent to holding the underlying A Shares or basket of A Shares (net of fees, charges and indirect costs), without providing any equitable entitlement or interest in the relevant A Shares.

Remarks:

1. Investing in access products is subject to counterparty risk, risks associated with credit support/collateral, limited liquidity, valuation risk, volatility risk, cost of access products risk, limitations posed by QFII (qualified foreign institutional investor) restrictions, repatriation risk and contagion risk.

For details, please refer to the explanatory memorandum of the respective underlying fund, which is made available by the Company.

2. This investment choice is not applicable to Cayman Islands residents, holders of an identity card or a resident card issued by the People’s Republic of China, and a corporation/ partnership incorporated or established in the mainland of the People’s Republic of China.

Investment Management Company of underlying fund: Citigroup First Investment Management Limited

129. Fidelity Funds – (Code: FIGIU)

Growth & Income Fund “A” Shares



Underlying Fund: Fidelity Funds – Growth & Income Fund

Investment Objective and Strategy – The underlying fund will be managed with a more conservative approach towards seeking high current income and capital growth primarily through investment in a combination of equities and bonds. The underlying fund will appeal to investors seeking regular income and moderate capital growth but who prefer a lower level of risk than that normally associated with equity investment only.

The investment manager will seek to add value through applying an asset allocation overlay to the process of selecting underlying sub-investment managers. This will make an additional contribution to portfolio returns to supplement that created by harnessing the skills of the underlying sub-investment managers in a blend of uncorrelated portfolios.


130. Franklin Templeton Investment Funds – (Code: FTBAU)

Templeton Global Balanced Fund “A(Qdis)” Shares



Underlying Fund: Franklin Templeton Investment Funds – Templeton Global Balanced Fund

Investment Objective and Strategy – The underlying fund investment objective is to seek capital appreciation and current income. It seeks to achieve by investing in equity and corporate debt securities and, to a lesser extent, government securities issued by entitles throughout the world.


131. Invesco Asia Balanced Fund A (Acc) (Code: INABU)



Underlying Fund: Invesco Funds – Invesco Asia Balanced Fund

Investment Objective and Strategy – The primary objective of the underlying fund is to generate income from investment in Asia-Pacific equities and debt securities (excluding Japan). The underlying fund will also aim to provide long term capital appreciation.

The underlying fund will invest at least 70% of total assets (after deducting ancillary liquid assets) in a diversified portfolio of equities and debt securities in the Asia-Pacific region (excluding Japan). The allocation mix between equities and debt securities may vary according to the Investment Adviser’s discretion and market conditions. Included in this category are listed real estate investment trusts (“REITs”) in Asia-Pacific ex Japan.

Up to 30% of the total assets of the underlying fund may be invested in aggregate in cash and cash equivalents, money market instruments, equity, equity related and debt securities issued by companies or other entities not meeting the above requirements.

The underlying fund will have a flexible approach to country allocation covering investments in the Asia-Pacific region including the Indian subcontinent and Australasia but excluding Japan.


132. BlackRock Global Funds – (Code: MLGAU)

Global Allocation Fund Class “A”



Underlying Fund: BlackRock Global Funds – Global Allocation Fund

Investment Objective and Strategy – The underlying fund seeks to maximise total return. It invests globally in equity, debt and short-term securities, of both corporate and governmental issuers, with no prescribed limits. In normal market conditions, it will invest at least 70% of its total assets in the securities of corporate and governmental issuers. It generally will seek to invest in securities that are, in the opinion of the Investment Adviser, undervalued. It may also invest in the equity securities of small and emerging growth companies. It may also invest a portion of its debt portfolio in high yield fixed income transferable securities. Currency exposure is flexibly managed.


31 MS-433-V19-0714B(SFC-85-06162014)

Money Market

133. MassMutual Fidelity (Code: FIADU)

Australian Dollar Currency Fund



Underlying Fund: Fidelity Funds II – Australian Dollar Currency Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Fidelity Funds II – Australian Dollar Currency Fund”. The underlying fund invests primarily in Australian Dollar denominated debt securities and other permitted assets.

The underlying fund is denominated in Australian Dollar.


134. JPMorgan US Dollar (Code: JFUMU)

Money Market A (acc) – USD



Underlying Fund: JPMorgan Funds – US Dollar Money Market Fund

Investment Objective and Strategy – The underlying fund seeks to achieve a return in the reference currency (USD) in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity by investing in USD denominated short-term debt securities.

It will invest all of its assets, excluding cash and cash equivalents, in USD denominated short-term debt securities.

The underlying fund may have exposure to zero or negative yielding securities in adverse market conditions.

The weighted average maturity of the underlying fund’s investments will not exceed 60 days and the initial or remaining maturity of each debt security will not exceed 397 days at the time of purchase.

Debt securities with a long-term rating will be rated at least A and debt securities with a short-term rating will be rated at least A-1 by Standard & Poor’s or otherwise similarly rated by another independent rating agency.

The underlying fund may also invest in unrated debt securities of comparable credit quality to those specified above.

The underlying fund may at any time enter into repurchase agreements, including reverse repurchase agreements, with highly rated financial institutions specialised in this type of transaction. It will not typically invest more than 30% of its assets in repurchase agreements including reverse repurchase agreements. The collateral underlying the repurchase agreements including reverse repurchase agreements will also comply with the above credit quality restrictions, although no maturity constraints will apply.

The underlying fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade.

The underlying fund qualifies as a “Short-Term Money Market Fund” in accordance with ESMA guidelines reference CESR/10-049. It does not have a constant NAV. The management company has no obligation to redeem shares at the offer value.

Investment Manager of underlying fund: JPMorgan Asset Management (UK) Ltd

135. BlackRock Global Funds – (Code: MLUDU)

US Dollar Reserve Fund Class “A”



Underlying Fund: BlackRock Global Funds – US Dollar Reserve Fund

Investment Objective and Strategy – To maximise current income consistent with preservation of capital and liquidity by investing at least 90% of the underlying fund’s assets in investment grade (a BBB– rating or better by at least one recognised rating agency at the time of purchase) bonds denominated in US dollars and US dollar cash.

The underlying fund will invest only in securities with a residual maturity until the legal redemption date of less than or equal to 397 days and it will maintain a weighted average maturity of no more than 60 days and a weighted average life of no more than 120 days.

The remaining 10% may be invested in accordance with the applicable regulatory restrictions and internal guidelines.

The underlying fund (i) may invest in derivatives for hedging purposes only; (ii) may enter into repurchase transactions for efficient portfolio management purposes only; (iii) does not engage in stock lending transactions; and (iv) does not invest in any synthetic asset backed securities (which are securities whose income is derived from financial derivative instruments on a pool of reference assets).

Remarks: In an adverse situation, if the use of derivatives for hedging and efficient portfolio management becomes ineffective, it may suffer significant losses.


136. MassMutual Schroder (Code: SCHDU)

HK Money Market Fund


Valuation Day: Every business day. Dealing Day of application for subscription and redemption of units of the investment choice approved on any one day will be the third valuation day after the approval of the application.

Underlying Fund: Schroder Hong Kong Money Market Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Schroder Hong Kong Money Market Fund”. The underlying fund aims to provide an investment medium for investors to enjoy the higher rates available from a managed portfolio of short-term money market investments. It invests in a range of Hong Kong dollar deposits and Hong Kong dollar denominated money market instruments with less than twelve months maturity.



Property Market

137. Morgan Stanley Investment Funds (Code: MSAPU)

Asian Property Fund “A” Shares



Underlying Fund: Morgan Stanley Investment Funds Asian Property Fund

Investment Objective and Strategy – The underlying fund seeks long-term capital appreciation, measured in US dollars, through investment in the equity securities of companies in the Asian real estate industry.


32MS-433-V19-0714B(SFC-85-06162014)

138. MassMutual Morgan Stanley Investment Funds (Code: MSEPU)

European Property Fund “A” SharesCurrency: USD Risk Level: Low HighValuation Day: Every business dayUnderlying Fund: Morgan Stanley Investment Funds European Property FundInvestment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Morgan Stanley Investment Funds European Property Fund”. The underlying fund aims to seek long term capital appreciation through investment in the equity securities of companies in the European property industry in Euro. The underlying fund will invest in the securities of European companies, and it may also invest in preference shares, debt securities convertible into common shares and other equity linked instruments.The underlying fund is denominated in Euro.


139. Morgan Stanley Investment Funds (Code: MSUPU)

US Property Fund “A” SharesCurrency: USD Risk Level: Low HighValuation Day: Every business dayUnderlying Fund: Morgan Stanley Investment Funds US Property FundInvestment Objective and Strategy – The underlying fund seeks to provide long term capital appreciation, measured in U.S. dollars, by investing in equity securities of companies in the U.S. real estate industry.


140. Schroder International Selection Fund – (Code: SCAPU)

Asia Pacific Property Securities “A1” SharesCurrency: USD Risk Level: Low HighValuation Day: Every business dayUnderlying Fund: Schroder International Selection Fund – Asia Pacific Property SecuritiesInvestment Objective and Strategy – To provide a total return primarily through investment in equity securities of Asia Pacific property companies including Japan and Australasia.The underlying fund may seek to achieve its investment objective through investment in China A-Shares, China B-Shares, China H-Shares and/or securities linked to any of these. The underlying fund may have significant exposure to China A-Shares and China B-Shares, however such exposure will not exceed 30% of the total net asset value of the underlying fund. It will not invest directly in China A-Shares, however indirect exposure to China A-Shares may be sought for the underlying fund through investment in financial instruments such as China market access products.Remarks:The underlying fund may employ financial derivative instruments (“FDI”) for hedging and investment purposes. FDI can be used for instance to create market exposure. Such FDI include equity, currency, volatility or index related FDI and over-the-counter and/or exchange traded options, futures, contracts for difference, warrants, swaps, forward contracts and/or a combination of the above.The underlying fund may use FDI extensively to meet its specific investment objective. However, it does not intend to use FDI extensively for investment purposes.FDI exposure may lead to a high risk of significant capital loss. Risks associated with FDI include credit risk and counterparty risk, liquidity risk, valuation risk, volatility risk, over-the-counter transaction risks and hedging risk. There is no guarantee that the desired hedging instruments will be available or hedging techniques will achieve their desired result. In adverse situations, the use of hedging instruments may become ineffective in hedging and the underlying fund may suffer significant losses.


141. Schroder International Selection Fund – (Code: SCGPU)

Global Property Securities “A1” SharesCurrency: USD Risk Level: Low HighValuation Day: Every business dayUnderlying Fund: Schroder International Selection Fund – Global Property SecuritiesInvestment Objective and Strategy – The underlying fund seeks to provide a total return primarily through investment in equity securities of property companies worldwide.

Investment Manager of underlying fund: European Investors Inc.

Alternative Investments

142. Legg Mason Global Funds Plc – (Code: LMPAU)

Legg Mason Permal Global Absolute Fund Class A Acc



Underlying Fund: Legg Mason Global Funds Plc – Legg Mason Permal Global Absolute Fund

Investment Objective and Strategy – The underlying fund seeks to generate absolute returns over the medium-term through a macro style investment process.

The underlying fund will invest primarily in other open-ended collective investment schemes, transferable securities listed or traded on regulated markets (including closed-ended funds, real estate investment trusts (“REITs”), debt securities, equity securities and equity-related securities (such as depositary receipts, notes and certificates that are tied to the performance of a single equity, a basket of equities or equity indices) and financial derivative instruments. Permal Investment Management Services Limited incorporates a three-stage, ongoing investment process, combining top-down and bottom-up views with quantitative and qualitative practices.

Debt securities include government and corporate debt securities, certain types of structured products (such as equity-linked notes and index and participation notes), and mortgage backed and asset backed securities, which may be rated below investment grade or unrated. The underlying fund may invest in securities listed or traded on regulated markets anywhere in the world, including emerging market countries. It may have exposure to China “A” shares indirectly via investments in other collective investment schemes, structured notes, participation notes, equity linked notes and similar financial instruments.

The underlying fund may use financial derivative instruments (FDIs) (including options, futures and options on futures, swaps, and forward currency exchange contracts) extensively for investment and other non-hedging purposes. It may also use FDIs for hedging purposes. The underlying fund may be leveraged to up to 100% of its net asset value (calculated using the commitment approach) as a result of its use of FDIs. The commitment approach calculates leverage by measuring market value of the underlying exposures of derivatives relative to its net asset value. It does not employ any specific strategy in relation to the use of FDIs.

The underlying fund’s assets may be denominated in currencies other than the base currency of the underlying fund.



Sub-Investment Manager of underlying fund: Permal and Legg Mason Global Asset Allocation

143. Man AHL Diversified Futures Limited^ (Code: MADFU)



Underlying Fund: Man AHL Diversified Futures Ltd

Incentive Fees: 20% p.a. of profit, high on high1

Investment Objective and Strategy – The underlying fund seeks to achieve substantial medium-term capital growth while aiming to restrict the associated risk. The underlying investment programme, the AHL Diversified Programme, seeks to capitalise primarily on upward and downward price trends in a diversified range of global stock index, bond, currency, short-term interest rate and commodity futures markets.

Remarks:

1. For details about Incentive Fees, other fees and charges, please refer to the respective underlying fund prospectus, which is made available by the Company.

2. Investments involve risk. Please refer to the prospectus for further details including the risk factors. The underlying fund may invest extensively in financial derivative instruments.

Investment Manager of underlying fund: Man Investments Ltd


33 MS-433-V19-0714B(SFC-85-06162014)

144. MassMutual Morgan Stanley Investment Funds (Code: MSDAU)

Diversified Alpha Plus Fund “AH” Shares



Underlying Fund: Morgan Stanley Investment Funds Diversified Alpha Plus Fund

Investment Objective and Strategy – Other than a small cash holding, this investment choice will be invested in “Morgan Stanley Investment Funds Diversified Alpha Plus Fund”.

The underlying fund’s investment objective is to provide an absolute return while actively managing total portfolio risk. The investment adviser of the underlying fund seeks to manage downside risks and targets below market volatility.

The investment adviser of the underlying fund’s approach to asset allocation decisions will include a top-down investment approach that focuses on asset class, sector, region and country selection, as opposed to individual stock selection, and will make such allocation decisions without regard to any particular limit as to geographical location, sector, credit rating, maturity, currency denomination or market capitalisation. The allocation will be the result of directional views taken by the investment adviser taking into account results of its fundamental market research and recommendations supported by its quantitative models, screens and indicators. The underlying fund may also invest in market neutral, paired trades in order to seek to contribute to its absolute return investment objective regardless of market conditions.

The underlying fund will implement its strategy by making both directional asset allocation decisions as well as market neutral paired trades using equity baskets, bonds, ETFs, and derivatives. It may take both long and short positions, either directly or through the use of derivatives, in a diversified range of equity and equity related securities of any market capitalisation, fixed income securities, currencies and eligible structured products such as commodity-linked notes.

The underlying fund may make extensive use of derivatives, including exchange traded and over-the-counter options, futures, forwards and swaps, for investment purposes. Derivatives are used to both hedge positions and as part of the active strategy. Derivatives are used as a hedge when adjusting currency exposure and when implementing hedged or paired trades. Derivatives are as part of the active strategy to establish an asset-class exposure (equities, bonds, commodities, and currencies) and to execute a change in the overall asset allocation strategy of the portfolio. The use of derivatives may involve increasing exposure to a market (long exposure) or decreasing exposure to a market (short exposure). In considering which instruments to use for implementation of their allocations, the investment adviser considers a variety of criteria, including investment guidelines, performance, volatility contribution, liquidity measures, implementation costs, and suitability of the instruments in the portfolio. Commodities exposure will be achieved either through commodity-linked notes, the underlying of which are commodity indices and/or sub-indices linked to the value or movement of the returns of a commodity or basket of commodities, or commodity derivatives contracts.

The risk level of the underlying fund is monitored daily. The expected leverage of the underlying fund, calculated as the net exposure (using the “commitment approach”) arising from the underlying fund’s use of standard or embedded derivative instruments, is expected to be 150% of the underlying fund’s net asset value. The expected leverage disclosure is given as indicative information only and there may be occasions when the realized leverage is higher than the expected leverage.

For the purpose of cash management, the underlying fund may hold cash and/or invest in cash equivalents such as money market instruments or money market funds, including those managed by the investment adviser, sub adviser or advisers affiliated either to the investment adviser or the sub adviser.


Remarks: The use of derivatives involves different types of risk (including market, liquidity, counterparty, valuation, and leverage risk), and, in certain cases, this is greater than the risks presented by more traditional investment instruments. The use of derivatives may result in significant losses of your investment.

Investment Manager of underlying fund: Morgan Stanley Investment Management Limited

Guaranteed Investment Choice

145. MassMutual Guaranteed Interest Fund (Code: MMGIU)



Investment Objective and Strategy – This is a risk-diversified vehicle designed to secure steady capital growth over the medium to long term. This investment choice is an internal fund and does not have any corresponding underlying fund. It is capital guaranteed and the assets1 are solely owned by the Company. The Company, at its sole discretion, has the right to retain investment income from the investment choice in excess of that required to be set aside to meet the guaranteed benefits under the investment choice2. The Company is a guarantor and this investment choice is subject to its credit risk. The Company will credit interest to the investment choice on a daily basis at an interest rate determined by the Company at the Company’s sole discretion from time to time. The interest rate may fall as well as rise but is guaranteed to be not less than 2% p.a. The interest is reflected in the daily unit price, which is made available by the Company. Assuming the current unit price of MassMutual Guaranteed Interest Fund is $100, the unit price one day later is guaranteed to be not less than $100 x (1.02)^ (1/365), i.e., $100.0054.

In addition, an “Extra Bonus Interest” will normally be credited to the account of the investment choice at the 15th policy anniversary and every 5 years thereafter. The first “Extra Bonus Interest” to be credited is calculated by multiplying the declared bonus interest rate at the credit date by the investment choice’s aggregate annual value3 of the MassMutual Guaranteed Interest Fund from the effective date of the policy to the credit date. Each subsequent “Extra Bonus Interest” is calculated by multiplying the declared bonus interest rate by the investment choice’s aggregate annual value3 of the MassMutual Guaranteed Interest Fund for the period between the last “Extra Bonus Interest” credit date and the following credit date. The current declared bonus interest rate of “Extra Bonus Interest” is 1%, and it is not guaranteed. The Company has sole discretion to determine the declared interest rate to be credited to the investment choice and the “Extra Bonus Interest” from time to time.

In determining the above two interest rates, the Company will take into consideration such factors, including but not limited to, investment income earned by this investment choice, realized and unrealized capital gains/losses, and economic and market conditions. The Company may retain any investment income in excess of the amount credited to the MassMutual Guaranteed Interest Fund.

One switch-out transaction is allowed in each policy year, of which the maximum amount should not exceed US$10,000 or 25% of the account value of the investment choice on each occasion, whichever is higher. The maximum amount is not applicable to the cash withdrawal of this investment choice.

Remarks:

1. The invested assets are mainly composed of fixed-incomesecurities and equities; some cash and money-marketinstruments will be held for liquidity of the investment choice. TheCompany has sole discretion in determining investment strategyfrom time to time.

2. The investment choice will follow the investment and borrowingrestrictions of the Company, the investment and borrowingrestrictions on which are governed by the Insurance CompaniesOrdinance of Hong Kong. Apart from that, this investment choiceis empowered with borrowing rights without restrictions.

3. The investment choice’s annual value is the aggregate value atthe end of each policy month during the respective policy yeardivided by twelve.

4. For switch-in or premium allocation, the maximum amountshould not exceed US$250,000 per policy year.

5. Investment charge and dividend are not applicable to thisinvestment choice.

6. The investment choice is internally managed by the Company ona discretionary basis not authorized by the SFC under the Codeon Unit Trusts and Mutual Funds.

7. For details of the current and previous declared interest rates,please refer to the section “Note to Investors”.

34MS-433-V19-0714B(SFC-85-06162014)

Note to Investors

Valuation

Currently, all the investment choices are valued on a daily basis on any day which is both a local business day (except Saturday) and a business day in the country where the underlying fund is set up. Please refer to Valuation Day specified in the description of individual investment choice for details. The Company reserves the right to suspend or defer valuation of any investment choices at its sole discretion under circumstances beyond our control (including but not limited to typhoon, black rainstorm warning, breakdown of means of communication and military events) which suspension or deferment is necessary.

Dealing Day

For most of the investment choices, Dealing Day of application for subscription and redemption of units of the investment choices in any one day will be the next local business day (except Saturday) or the next business day of the country in which the underlying fund is set up following approval of the application. For other investment choices, please refer to the dealing day specified in the description of individual investment choice. The Company reserves the right to suspend or defer dealing of any approved subscription or redemption of units of any investment choices at its sole discretion under circumstances beyond our control (including but not limited to typhoon, black rainstorm warning, breakdown of means of communication and military events) which suspension or deferment is necessary.

Charges

The annual underlying fund charge is in the range 0.25% to 3% p.a. of the net asset value of the respective underlying funds. For details of annual underlying fund charge and other charges, please refer to the prospectus of the respective underlying funds, which are made available by the Company.

No Switching Charge and Bid-Offer Spread are levied currently. The Company reserves the right to vary this charge with prior notice in compliance with the relevant requirements. For details of the notice period, please refer to the section on “What are the fees and charges?” of Product Key Facts Statement of the respective plans.

Declared Interest Rate

With effect from July 8, 2012, the declared interest rate credited to MassMutual Guaranteed Interest Fund is 3.75% p.a.Before July 8, 2012, the interest rate declared is 4% p.a.

Identity and Citizenship

If the policyowner’s citizenship has changed, the Company reserves the right, according to the policy provisions, to redeem units from the investment choices and pay the balance, less any surrender charges as specified in the Summary of Current Charges, to the policyowner. For details, please refer to the Product Brochures of the respective plans.

Important information

All consultants of MassMutual Asia Ltd are prohibited from providing customers or potential customers with investment advice of any kind, including but not limited to investment choice selection and allocation. Customers should make investment decisions and bear the risks independently.

This Investment Choice Brochure is issued by MassMutual Asia Ltd.For any enquiries and complaints in relation to the respective products, please contact our Customer Service Hotline

or email: [email protected].

財智之選系列Premier-Choice Series

MassMutual Asia Ltd.Hong Kong Head Office: 12/F MassMutual Tower, 38 Gloucester Road, Wanchai, Hong Kong

Macau Branch Office: Avenida Praia Grande No. 517, Edificio Comercial Nam Tung 16-E2, Macau

Customer Service Hotline: Hong Kong (852) 2919 9797 / Macau (853) 2832 2622

www.massmutualasia.com

Date of Publication: July 2014

MS-

433-

V19

-071

4B(S

FC-8

5-06

1620

14)

Investment Choice Brochure

This addendum is issued and should be read in conjunction with the Premier-Choice Series Investment Choice Brochure (published in

July, 2014).

Please note that the following changes apply to the current Premier-Choice Series – Investment Choice Brochure:

A. Change of Investment Objective and Strategy – JFASU, VPBHU, VPMFU and FIPAU

i. The Investment Objective and Strategy of the following investment choices have been replaced as set out below:

JPMorgan ASEAN Fund (JFASU) – on page 15

Investment Objective and Strategy –

The investment policy of the underlying fund is to enable investors to participate in a managed portfolio consisting primarily of

securities with significant assets in, or significant earnings derived from one or more of the countries comprising the Association

of South East Asian Nations. The manager will aim to achieve capital growth in US dollar terms. The underlying fund’s

aggregate exposure (direct and indirect) to China A-Shares and B-Shares may not exceed 10% of its net assets.

The underlying fund may also invest in derivatives such as options, warrants and futures for investment purposes and may under

limited circumstances as considered appropriate by the manager and the investment manager, hold substantial amounts of its

portfolio in cash and cash based instruments.

The underlying fund will have limited Renminbi (RMB) denominated underlying investments.

Remarks: The use of derivatives may involve additional risks. Please refer to page 1 for details.

Value Partners China Convergence Fund (VPBHU) – on page 22


The underlying fund aims to provide investors with long-term capital appreciation by investing primarily in A and B shares listed

on the stock exchanges of Shanghai and Shenzhen as well as in H shares listed in Hong Kong.

The investment in A shares is subject to a maximum exposure of 45% of the underlying fund’s latest available net asset value and

between 0% and 35% of its latest net asset value will be invested in B shares.

The manager may also invest (to a lesser extent) in shares of China-related companies listed on the stock exchanges in Hong

Kong or on recognised stock exchanges in other jurisdictions and in China-related fixed income securities.

The underlying fund will not invest more than 10% of its latest available net asset value in each of (i) urban investment bonds, (ii)

bonds which are rated BB+/Ba1 or below (in the case where the credit rating is designated/ assigned by an internationally

recognized credit rating agency) or rated BB+ or below (in the case where the credit rating is designated/ assigned by a PRC

credit rating agency) or unrated bonds or (iii) asset backed securities (including asset backed commercial papers).

Remarks:

1. For details about performance charge, please refer to the explanatory memorandum of the respective underlying fund, which

is made available by the Company.

2. This investment choice is not applicable to Cayman Islands residents, Chinese nationals with permanent residence in the

mainland of the People’s Republic of China, and a corporation/ partnership incorporated or established in the mainland of the

People’s Republic of China.

Value Partners Chinese Mainland Focus Fund (VPMFU) – on page 22


The underlying fund aims to achieve medium to long-term capital appreciation by investing primarily in investments which are

related to the Mainland of the People’s Republic of China (“PRC”) and investments whose value the manager believes would be

boosted by a Renminbi (“RMB”) appreciation. The manager will also invest in investments whose value the manager believes

would increase even if the RMB exchange rate remains unchanged.

It is the manager’s intention that between 0% and 45% of the underlying fund’s latest available net asset value will be invested in

A Shares, between 0% and 35% in B shares and between 0% and 40% in H Shares although this may change subsequently from

time to time.

The underlying fund will not invest more than 10% of its latest available net asset value in each of (i) urban investment bonds, (ii)

bonds which are rated BB+/Ba1 or below (in the case where the credit rating is designated/ assigned by an internationally

recognized credit rating agency) or rated BB+ or below (in the case where the credit rating is designated/ assigned by a PRC

credit rating agency) or unrated bonds or (iii) asset backed securities (including asset backed commercial papers).

Remarks:

1. For details about performance charge, please refer to the explanatory memorandum of the respective underlying fund, which

is made available by the Company.

2. This investment choice is not applicable to Cayman Islands residents, Chinese nationals with permanent residence in the

mainland of the PRC, and a corporation/ partnership incorporated or established in the mainland of the PRC.

Page 1 of 2 (201408)

Premier-Choice Series – Investment Choice Brochure – ADDENDUM I Attached to Premier-Choice Series – Investment Choice Brochure (MS-433-V19-0714B (SFC-85-06162014))

ii. With effect from September 29, 2014, the Investment Objective and Strategy of the following investment choice will be replaced

as set out below:

Fidelity Funds – Pacific Fund “A” Shares (FIPAU) - on page 13


The underlying fund is an equity fund and aims to provide long-term capital growth with the level of income expected to be low.

At least 70% of the underlying fund's net asset value (and normally 75%) will be invested in equities in the Asia Pacific region.

The Asia Pacific region comprises countries including, but not limited to, Japan, Australia, China, Hong Kong, India, Indonesia,

Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand.

For the remaining assets, the investment manager has the freedom to invest outside the underlying fund’s principal geographies,

market sectors, industries or asset classes.

In selecting securities for the underlying fund, several factors are considered in the investment process; for example,

consideration may include, but is not limited to, a company’s financials, including revenue and profit growth, return on capital,

cash flows and other financial measures. In addition, company management, industry and economic environment, and other

factors may be considered in the investment process.

The underlying fund may use financial derivative instruments provided (a) they are economically appropriate in that they are

realised in a cost-effective way, (b) they are entered into for one or more of (i) reduction of risk, (ii) reduction of cost and (iii)

generation of additional capital or income for the underlying fund with a level of risk which is consistent with its risk profile and

the risk diversification rules laid down in underlying fund’s prospectus, and (c) their risks are adequately captured by the risk

management process of the underlying fund. Financial derivative instruments may include over-the-counter and/or exchange

traded options, equity index and single stock futures, contracts for difference, forward contracts or a combination thereof. The

underlying fund will not make extensive use of financial derivative instruments for investment purposes or use complex

derivative instruments or strategies to meet the investment objectives of the underlying fund.

The underlying fund will not invest more than 10% of their net asset value in securities issued by or guaranteed by any single

country (including its government, a public or local authority of that country) with a credit rating below investment grade.


B. Change of Investment Manager of the Underlying Funds – MADFU and SCGPU

i. With effect from July 22, 2014, the Investment Manager of the underlying fund of the following investment choice will be

replaced as set out below:

Man AHL Diversified Futures Limited (MADFU) – on page 32

Investment Manager of underlying fund –

AHL Partners LLP

ii. With effect from August 15, 2014, the Investment Manager of the underlying fund of the following investment choice will be

replaced as set out below:

Schroder International Selection Fund – Global Property Securities "A1" Shares (SCGPU) – on page 32

Investment Manager of underlying fund –

Schroder Investment Management Limited

C. Termination and Withdrawal of Authorization of Investment Choice – LMPAU

With effect from August 29, 2014, the following investment choice will be terminated and the authorization will be withdrawn

under our schemes - Premier-Choice ULife InvestPlan, Premier-Choice Flexi, Premier-Choice Flexi Plus, Premier-Choice

InvestPlan and Premier-Choice Plus InvestPlan:

Investment Choice Code Legg Mason Global Funds Plc - Legg Mason Permal Global Absolute Fund Class A Acc LMPAU

As such, the existing investment choice as mentioned above, with Serial No. 142, will be removed in the current Premier-Choice

Series – Investment Choice Brochure accordingly. Therefore, the relevant information of the investment choice on page 5 and 32

shall be deleted accordingly.

Please note that the above investment choice is no longer to be marketed to the public in Hong Kong/ Macau with

immediate effect.

Page 2 of 2 (201408)

This addendum is issued and should be read in conjunction with the Premier-Choice Series Investment Choice Brochure (published in July, 2014) and Addendum I (published in August, 2014). Please note that the following changes apply to the current Premier-Choice Series – Investment Choice Brochure: A. Change/Clarification of Investment Objective and Strategy – VPHDU With effect from October 12, 2014, the Investment Objective and Strategy of the following investment choice will be replaced as set

out below:

Value Partners High-Dividend Stocks Fund – Class A1(VPHDU) – on page 16 Investment Objective and Strategy – The underlying fund aims to provide capital appreciation to investors by investing primarily in a portfolio of relatively higher yielding debt and equity securities in the Asian region. The underlying fund will concentrate on investing in interest-bearing or dividend-distributing debt and equity securities of companies or issuers in the Asian markets. There are no fixed geographical or sectoral weightings in the allocation of assets and the manager does not intend to follow benchmark indices in determining the geographical or sectoral weightings of the underlying fund. The manager may invest in debt and equity securities that are below investment grade and investors should be aware of the greater risks which may be involved in investing in these securities. The manager may invest not more than 30% of the underlying fund’s latest available net asset value (“NAV”) in debt securities that are below investment grade. In addition, the underlying fund’s assets may from time to time include cash, deposits, short-term papers, such as treasury bills, certificates of deposit, banker’s acceptances, short-term commercial paper and other fixed income instruments. The manager may also place a substantial portion of the portfolio in cash or cash equivalents. The underlying fund does not currently have any direct exposure to China A Shares. However, the underlying fund may seek indirect exposure to China A Shares in the People’s Republic of China through China A Shares Access Products (“CAAPs”), such as participatory notes, being listed or unlisted derivative instruments issued by a third party (“CAAP Issuer”) which represents an obligation of the CAAP Issuer to pay to the underlying fund an economic return equivalent to holding the underlying China A Shares. The investment in CAAPs is subject to a maximum exposure of 10% of the underlying fund’s latest available NAV and not more than 10% of the underlying fund’s latest available NAV may be invested in CAAPs issued by any single CAAP Issuer. The underlying fund intends to invest between 0% and 35% of the underlying fund’s latest available NAV in China B Shares. The underlying fund will not invest in any asset backed securities (including asset backed commercial papers) for hedging or non-hedging purposes. Remarks: 1. For details about performance charge, please refer to the explanatory memorandum of the respective underlying fund, which

is made available by the Company. 2. This investment choice is not applicable to Cayman Islands residents. 3. The use of financial derivative instruments may involve additional risks. Please refer to page 1 for details.

B. Termination and Withdrawal of Authorization of Investment Choice – JFFEU

With effect from December 19, 2014, the following investment choice will be terminated and the authorization will be withdrawn under our schemes - Premier-Choice ULife InvestPlan, Premier-Choice Flexi, Premier-Choice Flexi Plus, Premier-Choice InvestPlan and Premier-Choice Plus InvestPlan:

Investment Choice Code JPMorgan Asia Resources Fund JFFEU

As such, the existing investment choice as mentioned above, with Serial No. 118, will be removed in the current Premier-Choice Series – Investment Choice Brochure accordingly. Therefore, the relevant information of the investment choice on page 5 and 28 shall be deleted accordingly. Please note that the above investment choice is no longer to be marketed to the public in Hong Kong/ Macau with immediate effect.

Page 1 of 1 (201409)

Premier-Choice Series – Investment Choice Brochure – ADDENDUM II Attached to Premier-Choice Series – Investment Choice Brochure (MS-433-V19-0714B (SFC-85-06162014))

This addendum is issued and should be read in conjunction with the Premier-Choice Series Investment Choice Brochure (published in July, 2014), Addendum I (published in August, 2014) and Addendum II (published in September, 2014). Please note that the following changes apply to the current Premier-Choice Series – Investment Choice Brochure: Change of Investment Objective and Strategy – VPHDU With effect from the later of (a) November 6, 2014; and (b) the date on which the Shanghai-Hong Kong Stock Connect is officially

launched to the public in Hong Kong, the Investment Objective and Strategy of the following investment choice will be replaced as set out below:

Value Partners High-Dividend Stocks Fund – Class A1(VPHDU) – on page 16 Investment Objective and Strategy – The underlying fund aims to provide capital appreciation to investors by investing primarily in a portfolio of relatively higher yielding debt and equity securities in the Asian region. The underlying fund will concentrate on investing in interest-bearing or dividend-distributing debt and equity securities of companies or issuers in the Asian markets. There are no fixed geographical or sectoral weightings in the allocation of assets and the manager does not intend to follow benchmark indices in determining the geographical or sectoral weightings of the underlying fund. The manager may invest in debt and equity securities that are below investment grade and investors should be aware of the greater risks which may be involved in investing in these securities. The manager may invest not more than 30% of the underlying fund’s latest available net asset value (“NAV”) in debt securities that are below investment grade. In addition, the underlying fund’s assets may from time to time include cash, deposits, short-term papers, such as treasury bills, certificates of deposit, banker’s acceptances, short-term commercial paper and other fixed income instruments. The manager may also place a substantial portion of the portfolio in cash or cash equivalents. The underlying fund may have direct exposure to certain eligible China A Shares via the Shanghai-Hong Kong Stock Connect (“Stock Connect”). The Stock Connect is a securities trading and clearing links programme with an aim to achieve mutual stock market access between the People’s Republic of China (“PRC”) and Hong Kong. In the initial phase, the Shanghai Stock Exchange (“SSE”)-listed China A Shares eligible for trading by Hong Kong and overseas investors under the Stock Connect include all the constituent stocks from time to time of the SSE 180 Index and SSE 380 Index, and all the SSE-listed China A Shares that are not included as constituent stocks of the relevant indices but which have corresponding H-Shares listed on The Stock Exchange of Hong Kong Limited (“SEHK”), except the following: (a) SSE-listed shares which are not traded in RMB; and (b) SSE-listed shares which are included in the “risk alert board”. The underlying fund may also seek indirect exposure to China A Shares in the PRC through China A Shares Access Products (“CAAPs”), such as participatory notes, being listed or unlisted derivative instruments issued by a third party (“CAAP Issuer”) which represents an obligation of the CAAP Issuer to pay to the underlying fund an economic return equivalent to holding the underlying China A Shares. The investment in China A Shares through the Stock Connect and CAAPs is subject to a maximum exposure of 10% of the underlying fund’s latest available NAV and not more than 10% of the underlying fund’s latest available NAV may be invested in CAAPs issued by any single CAAP Issuer. The underlying fund intends to invest between 0% and 35% of the underlying fund’s latest available NAV in China B Shares. The underlying fund will not invest in any asset backed securities (including asset backed commercial papers) for hedging or non-hedging purposes. Remarks: 1. For details about performance charge, please refer to the explanatory memorandum of the respective underlying fund, which

is made available by the Company. 2. This investment choice is not applicable to Cayman Islands residents. 3. The use of financial derivative instruments may involve additional risks. Please refer to page 1 for details.

Page 1 of 1 (201411)

Premier-Choice Series – Investment Choice Brochure – ADDENDUM III Attached to Premier-Choice Series – Investment Choice Brochure (MS-433-V19-0714B (SFC-85-06162014))

This addendum is issued and should be read in conjunction with the Premier-Choice Series Investment Choice Brochure (published in

July, 2014), Addendum I (published in August, 2014), Addendum II (published in September, 2014) and Addendum III (published in

November, 2014) .

Please note that the following changes apply to the current Premier-Choice Series – Investment Choice Brochure:

Closure of New Subscription – MMGIU

With effect from January 2, 2015, the following investment choice will be closed for new subscription under our schemes - Premier-

Choice ULife InvestPlan, Premier-Choice Flexi, Premier-Choice Flexi Plus, Premier-Choice InvestPlan and Premier-Choice Plus

InvestPlan:

Investment Choice Code MassMutual Guaranteed Interest Fund MMGIU

As such, the existing investment choice as mentioned above, with Serial No. 145, will be removed in the current Premier-Choice

Series – Investment Choice Brochure accordingly. Therefore, the relevant information of the investment choice on pages 6 and 33

and the section “Declared Interest Rate” on page 34 shall be deleted accordingly.

Page 1 of 1 (201412)

Premier-Choice Series – Investment Choice Brochure – ADDENDUM IV Attached to Premier-Choice Series – Investment Choice Brochure (MS-433-V19-0714B (SFC-85-06162014))

Documents

MassMutual Asia Ltd.prdlib.convoy.com.hk/prdportal/File/Product and... · The “Principal Brochure” consists of the respective “Product Key Facts Statement and Product Brochure”