As announced in our newsletter Q4/2010, the Communiqué on Principles regarding Investment Funds (Serial: VII, No: 10) of the Capital Markets Board (the “CMB”) was amended on 1 April 2011 and a new fund entitled “short-term bonds and bills fund” introduced. Further to the amendment, it is stipulated that at least 51% of the said fund portfolio shall be invested in public or private debt instruments. The average term period for the funds shall be between 45 and 90 days.