A Letter to Holders of the Huitianfu Stable Income Fund – Hong Kong Dollar Shares: Achieving Stable Returns through Long-term Holding

Dear Investors, Hello!

We sincerely thank you for your continued trust and support in the Huitianfu Stable Income Fund (the "Fund"). Since its inception on January 20, 2025, the Fund has consistently aimed to provide investors with stable and sustainable medium- to long-term returns. As of August 29, 2025, the cumulative return of the Fund’s Class A Hong Kong dollar units reached 4.47%*, while the Class A U.S. dollar units achieved a cumulative return of 4.32%*. These figures reflect the effectiveness of our investment strategy and the resilience of the Fund’s underlying U.S. dollar assets.

Recently, fluctuations in the Hong Kong dollar against the U.S. dollar have caused confusion among holders of the Fund’s Hong Kong dollar share class. We fully understand these concerns. However, we would like to inform you that the fluctuations in the Hong Kong dollar share class are primarily driven by exchange rate factors, while the actual performance of the Fund’s underlying U.S. dollar assets remains stable. Short-term exchange rate volatility is common, and maintaining a long-term investment horizon is key to smoothing out such fluctuations and achieving stable returns.

We would like to take this opportunity to reiterate the characteristics and risk-return profile of the Fund’s Hong Kong dollar share class to help you navigate market changes with confidence.

1. Characteristics of this share class: It allows investors to subscribe directly in Hong Kong dollars, while the fund's assets are primarily invested in global short- to medium-term U.S. dollar debt instruments.

2. Limited exchange rate volatility: The fund's underlying assets are denominated in US dollars, and the net asset value of Hong Kong dollar shares will fluctuate with the USD/HKD exchange rate but within a clearly defined boundary.

Under the linked exchange rate mechanism, the Hong Kong dollar to US dollar exchange rate is constrained within a range of 7.75 to 7.85. This means that, theoretically, the boundaries of exchange rate gains or losses during the holding period are well-defined.

Maximum exchange rate loss: When an investor buys at the weakest point of the Hong Kong dollar (USD/HKD = 7.85) and sells at the strongest point (7.75), the loss is approximately (7.75 - 7.85) / 7.85 ≈ -1.27% (rounded to the nearest two decimal places).

Maximum exchange rate gain: When an investor buys at the strongest point of the Hong Kong dollar (USD/HKD = 7.75) and sells at the weakest point (7.85), the gain is approximately (7.85 - 7.75) / 7.75 ≈ +1.29% (rounded to the nearest two decimal places).

Long-term holding of fund shares can effectively smooth out the impact of exchange rate fluctuations, bringing the final returns closer to the actual performance of the underlying assets.

3. Stable return performance

Based on scenario assumptions**, if an investor holds the fund shares continuously for one year and the annualized return of the underlying US dollar assets is 6%, the return range for Hong Kong dollar shares would be approximately 4.73% to 7.29% (excluding any related fees). Even in the most unfavorable exchange rate scenario, positive returns are still expected.

In the past month, Huitianfu Stable Income Fund Class A USD shares still achieved a positive return of 0.66%* in August, demonstrating the continued strong performance of the underlying assets.

Our recommendation:Maintain confidence and focus on the long term.

Historical experience shows that exchange rate forecasts are difficult to predict in the short term, butthe impact of short-term exchange rate fluctuations on long-term returns tends to be smoothed out over time. Redeeming funds due to short-term volatility may result in missed opportunities for subsequent stable coupon income and potential capital gains (if any).

Currently, the global interest rate environment continues to offer favorable allocation value for high-quality bonds. We will continue to adhere to prudent operational principles, strictly controlling credit risk and duration exposure, aiming to provide you with a "steady yet progressive" investment experience in volatile markets. We encourage you to remain patient, extend your trust, and allow us to jointly embrace the returns that long-term investing can bring.

$CUAM Stable Income Fund MDis (HK0001095360.MF)$

$CUAM Stable Income Fund MDis (HK0001095352.MF)$

Note*: The performance of the fund is calculated based on the net asset value on the last trading day of the relevant year or period, assuming that dividends (if any) are reinvested. Investment returns are calculated in the currency units of the relevant unit class of this fund. If the relevant unit class is not denominated in US dollars/Hong Kong dollars, US dollar/Hong Kong dollar investors will bear the risk of exchange rate fluctuations. The issuance date for Class A Hong Kong dollar units and Class A US dollar units is January 20, 2025.

Note**: Investors are advised to note that the return scenarios are based on multiple assumptions and conditions, and there is no guarantee that the related returns can be achieved, nor is there a guarantee that the principal investment will be repaid.

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