HSBC GIF Global Emerging Markets Local Debt AD

The fund invests for total return primarily in a diversified portfolio of Investment Grade and Non-Investment Grade rated bonds and other similar securities as well as currency forwards and non-deliverable forwards. These Instruments are linked to the currency of securities issued or guaranteed by governments government agencies quasi-government entities state sponsored enterprises local or regional governments (including state provincial and municipal governments and governmental entities) or supranational bodies of Emerging Markets or companies which have their registered office in Emerging Markets and will be primarily denominated in local currency.