The Sub-Fund invests for total return primarily in a diversified portfolio of Investment and Non-Investment Grade, as well as unrated fixed income securities (including but not limited to bonds and notes), cash, deposits (including certificate of deposits) and structured products with effective underlying currency exposure in RMB. The RMB bond market is new and still developing and the opportunities to invest in RMB bonds are limited. Therefore, until the RMB bond market has fully developed, the Sub-Fund may at times invest substantially in cash, deposits and other short term instruments. The Sub-Fund may invest in non-RMB denominated securities and achieve RMB exposure using financial derivative instruments. The Sub-Fund may invest up to 10% of its net assets in contingent convertible securities, however this is not expected to exceed 5%. The Sub-Fund may also invest in financial derivative instruments such as futures, forwards (including non-deliverable forwards), swaps (including, but not limited to, credit default swaps and Total Return Swaps), options, as well as other structured products or instruments. The Sub-Fund intends to use such financial derivative instruments for, inter alia, return enhancement, hedging, tax-advantage access to instruments and whenever the Investment Adviser believes the investment in financial derivative instruments will assist the Sub-Fund in achieving its investment objectives.