IMPORTANT:

• The Fund's investments in equities could incur significant losses due to higher fluctuation of equity values.
• The Fund’s investments are concentrated in the real estate and infrastructure sectors. This may result in greater volatility than a more diverse portfolio of investments.
• The Fund’s investments in real estate and infrastructure securities may be adversely affected by market, economic, operational and regulatory factors similar to those impacting direct ownership. However, such securities are not the same as direct investments. Their performance may be more sensitive to overall equity market movements than to underlying sector fundamentals.
• The Fund is subject to risks associated with investing in real estate investment trusts (“REITs”), which may be affected by real estate market conditions and changes in the values of the underlying properties. REITs’ performance and value depend on specialised management, may be concentrated by property type or geography. REITs rely heavily on cash flow and capital markets access, may face delays and costs in enforcing rights against defaulting lessees. REIT-level expenses will be borne proportionately by the Fund, and dividend practices of underlying REITs may differ from those of the Fund. Fluctuations in interest rates may increase borrowing costs, affect property market, and impact REIT unit prices. Investments in REITs are also subject to liquidity, regulatory and leveraged risks.
• The Fund's investments in emerging markets may face higher risks, including liquidity, currency, political, economic, legal, taxation, settlement, custody, and regulatory risks, as well as high volatility.
• The Fund is subject to currency risk, foreign investments restrictions risk, small/mid cap companies’ volatility and liquidity risks, risks relating to securities lending transactions, liquidity risk, and currency conversion risk for Renminbi denominated Classes.
• Class 6 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion. Paying dividends gross of expenses may result in more income being available for distribution; however these shares may effectively pay dividends from capital – may amount to a partial return or withdrawal of an investor’s original investment or capital gains. All declared dividends result in an immediate reduction in the NAV price of the share class on the ex-dividend date.
• The Fund may use derivatives for hedging and for investment purposes. Risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and over-the-counter (OTC) transaction risks, and may lead to losses. The Fund's investment in total return swaps involves liquidity, counterparty, and legal risks, with bespoke terms that may affect their sale or liquidation and are traded in less regulated OTC markets lacking protection of organized exchanges.
• The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount of your investment could be lost.
• Investors should not make investment decisions based on this document alone. Investors should refer to the Prospectus and Key Facts Statement for details including risk factors.