1. The expected risk and expected return of hybrid funds are higher than those of bond funds and money market funds, but lower than those of stock funds.

2. Jiang Xiaoli, the proposed fund manager, has not been engaged in securities for a long time.

3. Tianhong Fund was established in November 2004 with a registered capital of 180 million yuan. As of December 31, 2013, the company managed 194.362 billion yuan in public fund assets (excluding linked funds), ranking second among 78 fund companies.

Based on the above analysis, Tianhong Tongli is mixed as a "medium and high risk" fund variety.