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HSBC Global Investment Funds
HSBC Global Investment Funds 1
Audited report for the year from 1 April 2008 to 31 March 2009
Société d’Investissement à Capital Variable (SICAV), Luxembourg
HSBC Global Investment Funds 2
Information concerning the distribution of shares of HSBC Global Investment Funds in Switzerland or from Switzerland. HSBC Private Bank (Suisse) SA, Quai du Général Guisan 2, case postale 3580 CH-1211 Geneva 3, is the legal representative of the Company in Switzerland and the Company’s paying agent. The prospectus, simplified prospectuses, articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Private Bank (Suisse) S.A. A breakdown of all the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Company’s representative in Switzerland.
Information concerning the distribution of shares of HSBC Global Investment Funds in Germany or from Germany.HSBC Trinkaus & Burkhardt AG, 21-23 Königsallee, D-40212 Düsseldorf, is the legal representative of the Company in Germany and the Company’s paying agent. The prospectus, simplified prospectuses, articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Trinkaus & Burkhardt AG. A breakdown of all the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Company’s representative in Germany.
No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter.
Audited report for the year from 1 April 2008 to 31 March 2009
Table of Contents
HSBC Global Investment Funds 3
Board of Directors 4
Management and Administration 5
Directors’ Report 7
Report of the Réviseur d’Entreprises 17
Statement of Net Assets as at 31 March 2009 18
Key Figures as at 31 March 2009 28
Statement of Operations and Changes in Net Assets 38
Notes to the Financial Statements 49
Comparative Table of Net Assets 85
Portfolio of Investments and Other Net Assets 99
Currency Conversion Table 199
Dealing Days of the Fund 200
Non-Dealing Days of the Fund 201
Board of Directors
HSBC Global Investment Funds 4
BOARD OF DIRECTORS OF THE COMPANY
Didier Deleage (Chairman), Chief Operating Officer, HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.
Thies Clemenz, Chief Operating Officer, HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, D-40212 Düsseldorf, Germany.
Jennifer Foo Chin Hau Kau Fong, Vice President, HSBC Customer Services, Global Business, The HongKong and Shanghai Banking Corporation Limited, Les Cascades, 5th Floor, Edith Cavell Street, Port Louis, Mauritius.
David Dibben, Chief Operating Officer - Global Funds Ranges, HSBC Global Asset Management Limited, 8 Canada Square, London E14 5HQ, United Kingdom.
George Efthimiou, Global Chief Operating Officer, HSBC Global Asset Management Limited, 8 Canada Square, London E14 5HQ, United Kingdom.
David Silvester, Head of Global Product Management, HSBC Global Asset Management Limited, 8 Canada Square, London E14 5HQ, United Kingdom.
Edmund Stokes, Chief Operating Officer, HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building, 1 Queen’s Road Central, Hong Kong.
Sylvie Vigneaux, Head of Regulatory Wealth and Engineering, HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.
* HSBC Investments and HSBC Group Investment Businesses Limited were renamed HSBC Global Asset Management as of 2 June 2008. This report reflects the new names.
Management and Administration
HSBC Global Investment Funds
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Registered Office* 16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. R.C.S. Luxembourg N° B-25087
Management Company* HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.
Custodian, Administration Agent, Transfer Agent and Central Paying Agent RBC Dexia Investor Services Bank S.A. 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.
Investment Advisers Halbis Capital Management (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. Halbis Capital Management (Hong Kong) Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong. Halbis Capital Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Halbis Capital Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. HSBC Bank Brazil SA - Banco Múltiplo, Travessa Oliveira Belo, 11-B, 80020-030 Curitiba, Brazil. HSBC Global Asset Management (Singapore) Limited, 21 Collyer Quay, # 15-02 HSBC Building, Singapore 049320, Singapore. HSBC Global Asset Management (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. HSBC Global Asset Management FCP (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, D-40212 Düsseldorf, Germany. Sinopia Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Sinopia Asset Management, Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. Sinopia Asset Management (Asia Pacific) Limited, Level 22, HSBC Main Building, 1 Queen’s Road Central, Hong Kong (as from 10 July 2008).
Share Distributors Global Distributor HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Austria and Eastern Europe Share Distributor HSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany. Hong Kong Representative and Share Distributor HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong. United Kingdom Representative and Share Distributor HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. * with effect from 30 April 2009, the registered office address of the Company and of the Management Company will change from 40, avenue Monterey, L-2163 Luxembourg to 16, boulevard d'Avranches, L-1160 Luxembourg.
Management and Administration (continued)
HSBC Global Investment Funds 6
Share Distributors (continued)
Republic of Ireland DistributorHSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.
Republic of Ireland RepresentativeHSBC Securities Services (Ireland) Limited, HSBC House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland.
Jersey Representative and Share Distributor HSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel Islands.
Singapore Representative and Share DistributorHSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore.
Swiss Representative and Paying Agent in SwitzerlandHSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.
Korea Representative and Share DistributorHSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.
Distributor for Continental EuropeHSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.
Poland Representative and Paying AgentProService Agent Transferowy Sp. Z o.o., Pulawska 436, 02-801 Warszawa, Poland.
Paying Agent in Hong Kong The Hongkong and Shanghai Banking Corporation Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong.
AuditorKPMG Audit S. à r. l. 9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.
Legal AdviserElvinger, Hoss & Prussen, 2, place Winston Churchill, B.P. 425, L - 2014 Luxembourg, Grand Duchy of Luxembourg.
Directors' Report
HSBC Global Investment Funds 7
Directors Comments The directors present the Audit Annual Report and Accounts for HSBC Global Investment Funds for year ending 31 March 2009 HSBC GIF Funds – Annual Report – 1 April 2008 to 31 March 2009 Investment Manager comments regarding the performance during the period. Reserve Sub-Funds HGIF Euro Reserve For the year ending 31 March 2009, the Fund returned 3.12% (net of fees, share class AC), against a benchmark return of 3.25% (European Overnight Index Average – EONIA). During the first part of 2008, inflation was the main concern for the European Central Bank (ECB) which decided to hike rates from 4% to 4.25%. After that, fears dominated the economic environment. This was even more prevalent after Lehman Brothers’ bankruptcy. As a consequence, confidence diminished and eurozone growth deteriorated, putting pressure on the ECB to cut rates aggressively which it did, down to 1.50%. While activity data releases continued to point to a very sharp contraction in GDP in the coming months, inflation expectations were also on the down side. The ECB will probably continue to cut rates in the coming months. In the above context, the fund manager remained cautious and provided liquidity for shareholders by investing around 75% of the fund in government paper. The remainder of the Fund was mainly invested in the one-month area. HGIF US Dollar Reserve (closed as at 22/12/2008) From 1 April 2008 until its closure on 22 December 2008, the fund returned 0.96% (net of fees share class AC).US employment, manufacturing data, business and consumer confidence fell in 2008. The effects of the credit crisis spread from banks and the housing market as the US fell deep into recession. The US Federal Reserve aggressively cut interest rates – until they were floating at a level of 0.0% to 0.25% - to try to boost economic growth and consumer spending. The share prices of many financial companies suffered considerably and several had to be rescued by the government. US 2009 GDP growth forecast was revised down by 0.5% to -1.8%. Spreads on corporate bonds remained wide for most of 2008. For much of the period, the Fund was positioned in a balanced manner along the yield curve, invested in Treasury bills. Liquidity was a key focus of the manager during such volatile markets. Bond Sub-Funds HGIF Brazil Bond For the year ending 31 March 2009, the Fund returned -10.39% (net of fees share class AC), compared with a benchmark return of -15.46% (Brazilian Interbank Rate). The Brazilian currency performed well against the US dollar until the end of July, on the back of the rise in commodity prices, but the tide changed with the worsening of the financial crisis. On top of the negative perspective for commodity exporters given the global downturn, the Brazilian Real’s devaluation was fuelled by local companies squaring their large short US Dollar exposure. As a consequence, the Brazilian Real depreciated sharply between August 2008 and October 2008. Interest rates were raised from 11.25% to 13.75% between March 2008 and September 2008 on the back of inflation fears. As the local economy began to show signs of a strong deceleration, the basic interest rate was cut back to 11.5%. Yields at the long end of the local bond market widened by 2.0% between March and September, but collapsed by 3.5% subsequently, boosting bond returns. During this period the manager kept the Fund’s duration low, having increased it in March, with the perspective of rate cuts during 2009. HGIF Euro Core Bond For the year ending 31 March 2009, the Fund delivered a return of -0.28% (net of fees, share class AD) compared to the benchmark return of 5.03 %(Barclays Capital Euro-Aggregate Bond Index). For the first six months of the period, the Fund’s performance was in line with that of its benchmark. However the Lehman Brothers’ bankruptcy in September 2008 caused a sudden and sharp increase in the risk premium on subordinated financial bonds and lower-rated corporate bonds. The Fund was slightly overweight in these two sectors even though it was globally slightly underweight on credit. The sharp drop in price of these bonds (between -65% to -80% in just a couple of weeks) had a significantly negative impact on the Fund’s performance in the fourth quarter of 2008.
Directors' Report (continued)
HSBC Global Investment Funds 8
HGIF Euro Core Credit Bond For the year ending 31 March 2009, the Fund delivered a return of -9.76% (net of fees, share class AD) compared to the benchmark return of -4.52 % (100% IBoxx Euro Corporate). For the first six months of the period, the Fund’s performance was in line with that of its benchmark. However the Lehman Brothers’ bankruptcy in September 2008 caused significant volatility in subordinated financial bonds and high yield bonds. Between September 2008 and March 2009 the fund suffered from exposure to these sectors, the impact against the benchmark was, -200 basis points for Tier 1 financials (highly subordinated debt), -175 basis points for Lower Tier2 (subordinated debt) and in high yield the Fiat position was –100 basis points ,even though overall the Fund was only very slightly overweight in these sectors. The fund suffered a 50 basis points capital loss as a result of exposure to Lehman. Based on the Manager’s fundamental approach and with constant review of the portfolio and credit analysis, the manager decided to retain the position, the volatility of credit spread was extreme in the last quarter of 2008 and first quarter of 2009 and the market saw a temporary collapse of specific segments (Tier1 down 55%, Lower Tier 2 down 25%). The spread widening on the credit the fund holds has been excessive on a fundamental point of view .
HGIF Euro High Yield Bond For the year ending 31 March 2009, the Fund delivered a return of -18.47% (net of fees, share class AC) outperforming the benchmark of -21.85% by 3.38% (100% MERRILL LYNCH Euro High Yield Constraint BB-B). The Fund maintained a more prudent asset allocation than the benchmark, overweighting the higher-rated bonds and underweighting the lower-rated ones. The investment ratio was generally above 100% (using credit default swaps) as the manager saw opportunities in a very volatile market. Maintaining a better average credit quality than the benchmark was positive for the relative performance of the Fund, especially when the market collapsed after the Lehman Brothers’ bankruptcy. The Fund’s performance also benefited from a positive performance in security selection with most of the weakest credits being underweight or altogether avoided.
HGIF European Government Bond For the year ending 31 March 2009, the Fund delivered a return of -2.03%, (net of fees, share class AC) underperforming the benchmark return of 8.74% by 10.77% (100% JPM Global Governments Bonds Europe). The Fund had overweight positions in Credit and Eastern European countries’ bonds when the financial crisis intensified in mid-September caused in part by the Lehman Brothers’ failure. During this period, the Fund suffered from large redemptions in a very illiquid environment which had a substantial impact on the Fund’s performance. All the holdings in the Eastern European countries government bonds were redeemed and the credit exposure was largely reduced during the last two quarters of the period.
HGIF Euro Strategic Credit Bond (Closed as at 26/09/2008) From 1 April 2008 until the fund closed on 26 September 2008. The fund returned -3.13% (gross of fees, share class AC) against a benchmark return of - 4.71% (100% LB Euro Aggregate). During the reporting period, global credit markets experienced considerable volatility and saw spreads rise sharply across the board mainly due to the US housing sector crisis and large write-downs of credit exposures by major financial institutions causing concerns about a broad-based cyclical deterioration. In addition, the bankruptcy of broking firm Lehman Brothers in September sent massive shockwaves through the whole financial system. Because of the volatile environment, the manager took a cautious approach. While the Fund increased its underweight position in high yield issuers over the course of the reporting period, due to the worsening outlook, the manager decreased slightly the overweight position in subordinated financial and non-financial investment grade issuers based on their relative value.
HGIF Global Core Plus Bond For the year ending 31 March 2009, the fund returned -11.56% (net of fees share class AC), compared with a benchmark return of -4.6% (Barclays Capital Global Aggregate Bond Index). The Fund materially underperformed the benchmark during the period due to its overweight positions in high yield, emerging market debt and securitised assets. Government bonds continued to benefit from a fall in interest rates, a flight to quality and, near the end of the period, the beginning ofnew flows into Treasuries. In this extremely volatile environment, credit markets fell significantly resulting in significant negative excess returns in all credit sectors.
Directors' Report (continued)
HSBC Global Investment Funds 9
HGIF Global Emerging Markets Bond For the year ending 31 March 2009, the Fund returned -8.72 % (net of fees share class ZC), compared with a benchmark return of -8.49% (J P Morgan Emerging Markets Bond Index Global). During the second and third quarters of 2008, the manager had conservatively positioned the Fund with underweight positions in ‘B’ and ‘BB’ rated sovereign bonds. Following the market sell off in October 2008, the manager increased exposure to higher beta sovereign bonds at attractive levels. Shifts to tactical overweight positions in Indonesia and Venezuela were drivers of positive performance for the Fund at the end 2008 and into early 2009. However, this was offset by negative attribution from security selection in Mexico and exposure to a defaulted Brazilian company. The Fund was approximately 96% invested as of March 31, 2009 and positioned relatively market-weight in terms of duration. Towards period end, despite the recent more positive economic data emerging from Asia, Europe and parts of the US, the manager remained cautious.
HGIF Global Emerging Markets Local Debt For the year ending 31 March 2009, the Fund returned -13.17 % (net of fees share class AC), compared with a benchmark return of -12.26% (J.P. Morgan Emerging Markets Bond Index Global). The Fund’s overweight position in Latin America was increased and the Fund was then positioned in a neutral to slightly underweight position in CEMEA (Central Europe, Middle East and Africa). There was an overall underweight position in Asia, and an overweight holding in Indonesia. On the interest rate side, the manager remained positive on rates in Brazil, Mexico, Turkey and Indonesia, and moved the Fund’s holdings into inflation-linked bonds in certain countries. In local markets, the longer term trend for commodity and currency appreciation vs. the US dollar remained intact as the US monetary policy remained considerably more expansive than the rest of the world. The manager continued to prefer local currency exposure via commodity-related currencies and long rates positions in selected sovereign bonds.
HGIF Global High Yield Bond (closed as at 15/12/2008) From 1st April 2008 until the fund closed on 22 December 2008, the Fund returned -22.57% (net of fees share class AC), against a benchmark return of -31.34% (Merrill Lynch Global High Yield US Master II – TR). Poor economic data relating to both growth and inflation led to increased volatility in 2008 and investors’ risk aversion meant that global high yield bonds were hard hit. The “flight to quality” led to much steeper yield curves, lower yields and illiquidity. The Fund was defensively positioned within the global high yield space, with the focus being on the higher quality bonds and maintaining a neutral yield curve position relative to the benchmark index.
HGIF US Dollar Core Plus Bond For the year ending 31 March 2009, the Fund delivered a return of -2.6% (net of fees, share class AC) versus a benchmark return of 3.1% (Barclays Capital U.S. Aggregate Bond Index). During the early part of the review period, investors’ worries increased as the sub-prime mortgage issues and a global economic slowdown hit financial markets. The bankruptcy of stock broking firm Lehman Brothers increased fears for the strength of the financial system as a whole. The Fund materially underperformed the benchmark in the review period concerned. Government bonds continued to benefit from a fall in interest rates, an investor flight to quality and, near the end of the period concerned, the commencement of purchases of Treasuries. In this extremely volatile environment, credit markets fell significantly resulting in significant negative excess returns in all credit sectors. Specifically for this Fund, overweight positions in highyield, emerging market debt and securitised assets were the cause of the majority of the underperformance.
Equity Sub-Funds
International and Regional Equity Sub-Funds
HGIF Asia ex Japan Equity For the year ending 31 March 2009, the Fund delivered a return of -42.97% (net of fees, share class AC), compared to a benchmark return of -43.26% (MSCI Asia ex-Japan). Ongoing financial turmoil and concerns over global and regional growth had an impact on Asian markets. Stocks hit record lows in October 2008 and retested these in February 2009 as investors became extremely risk-averse. Volatility was high throughout the period. Strong stock selection in China and India contributed to performance, while stock picking in Korea, Taiwan and Indonesia detracted from performance. Overweight allocations to China and India and underweight positions in Singapore and Korea also made positive contributions to the Fund’s performance. At a sector level, stock positions in the IT, telecoms and energy sectors all contributed positively to performance.
Directors' Report (continued)
HSBC Global Investment Funds 10
HGIF Asia ex Japan Equity Smaller Companies For the year ending 31 March 2009, the Fund delivered a return of -48.91% (net of fees, share class AC), compared to a benchmark return of -37.71% (MSCI Asia ex-Japan Small Cap). Ongoing financial turmoil and concerns over global and regional growth had an impact on Asian markets. Stocks hit record lows in October 2008 and retested these in February 2009 as investors became extremely risk-averse. Volatility was high throughout the period. Stock selection had a negative effect on fund performance, with China and Korea particular detractors from performance. Asset allocation had a positive effect on performance for all markets apart from Korea. At a sector level, stock positions in the utilities and energy sectors contributed to performance, while the holdings in the consumer discretionary and financial stocks had a negative effect on the Fund’s performance.
HGIF Asia Pacific ex Japan Equity High Dividend For the year ending 31 March 2009, the Fund delivered a return of -38.55% (net of fees, share class AC), Ongoing financial turmoil and concerns over global and regional growth had an impact on Asian markets. Stocks hit record lows in October and retested these in February as investors became increasingly risk-averse. Volatility was high throughout the period. Stock selection in China, Taiwan and Thailand had a positive effect on the Funds performance, whilst stock selection in Singapore detracted from performance. Asset allocation effects were broadly positive, with the Fund’s overweight position in China and underweight position in India having a positive effect upon the funds performance. At a sector level, stock positions in industrials and consumer staples were positive contributing to the Funds performance.
HGIF BRIC Markets For the year ending 31 March 2009, the Fund returned -50.31% (net of fees, share class YC) in US dollar terms compared with the benchmark return of -51.99% (MSCI BRIC). Risk aversion and recession in developed economies dominated global equity markets and a sharp fall in commodity prices and emerging market currencies provided strong headwinds against the BRIC markets. China proved to be the best relative performer as its growth prospects proved supportive for the market – the government forecasts GDP to grow by 8% in 2009, thanks to domestic consumption and a stimulus package (US$ 585 bn) for infrastructure projects. Due to expanding investment and financial systemic risks and weak commodity prices, Russia’s market performed the worst. The Fund experienced significant turnover due to a continuous process of reducing equity exposure.
HGIF BRIC Markets Equity For the year ending 31 March 2009, the Fund returned -48.48% (net of fees, share class AC) compared with the benchmark return of -49.0% (MSCI BRIC, net total return USD). Risk aversion and recession in developed economies dominated markets and the fall in commodity prices and emerging market currencies hurt BRICs. Following Sinopia’s quantitative valuation model, the Fund has been overweight in Chinese equities since June 2008. This was positive for performance as Chinese growth prospects were supportive – the government forecasts GDP to grow by 8% in 2009, thanks to domestic consumption and a stimulus package (US$ 585 bn) for infrastructure projects. Due to expanding investment risks and weak commodity prices, Russia’s market performed the worst. Russian economic growth is expected to be flat in 2009 and is the weakest of the BRICs. The fund manager maintained a cautious neutral position on the Russian market.
HGIF Climate Change For the year ending 31 March 2009, the Fund returned -50.57% (net of fees, share class AC) compared with the benchmark return of -46.38% (HSBC Global Climate Change Index). Over the period, the credit crisis and gloomy economic prospects were both negative influences for the climate change-related stocks held in the fund, which faced financing issues and lower demand prospects. The main contributors to the Fund’s underperformance were holdings in the solar sector such as JA Solar, Trina Solar and Suntech Power. In the coming months, the fund manager will maintain the current investment policy which primarily consists of selecting climate change-related stocks based upon a multi-criteria strategy.
HGIF Emerging Europe Equity For the year ending 31 March 2009, the Fund returned -56.32% in Euro terms (net of fees, share class AC), outperforming the benchmark return of -57.50% (MSCI Emerging Europe 10/40). Out performance was mainly reached by an underweight position in the Russian market which performed poorly in the second quarter of 2008. Towards the end of the period, the manager added to positions in Poland and Hungary to bring them up to a neutral level versus the benchmark. On a sector level, the Fund was mainly underweight in financial stocks which also made a positive contribution to performance. The Fund’s performance was also supported by stock picking as the manager focused on high quality names with good liquidity avoiding the erosion of value of second tier companies.
Directors' Report (continued)
HSBC Global Investment Funds 11
HGIF Emerging Wealth For the year ending 31 March 2009, HGIF Emerging Wealth Equity returned -42.71% (net of fees, share class AC) in US dollar terms compared with the benchmark, which returned -45.7 %(50% MSCI World/50% MSCI Emerging Markets). The financial crisis led to a major recession in developed countries. Risk aversion increased as shown by the volatility indices and the lack of liquidity impacted all equity markets and emerging equity markets in particular. Asia counts numerous countries where GDP growth is still expected to be positive in 2009 including Australia, China, India, Indonesia and Thailand. In recent months, this was reflected in return terms as emerging Asia started to recover. The Fund outperformed its benchmark with the main contribution coming from sector allocation. The underweight in financials, especially Asian property, had a positive impact in relative terms. The Fund’s overexposure to utilities and consumer goods was also positive. Equity exposure management was also profitable, as the fund manager maintained a Fund level of market exposure around 95% until June, and then remained exposed at 100% until March 2009.
HGIF Euroland Equity For the year ending 31 March 2009, the Fund returned -43.0% (net of fees, share class AC) while its benchmark returned -42.9% (100% MSCI EMU (EUR) NR). The sub-prime US financial crisis became one of the deepest global economic recessions. Most economically-sensitive sectors fell by about 50%. Meanwhile, financial companies suffered from their exposure to underperforming assets and several companies had to be supported by their governments. This led to the sector performing extremely poorly. The Fund performed in line with the market. Key contributors to Fund performance were found in pharmaceutical and telecoms. Key detractors were found in the financial sector or in cyclical segments of the market. Subsequently, the fund manager continued to select stocks based on their relative under-valuation when taking into account their future profitability, increasing positions in financials or in cyclical sectors. This was achieved atthe expense of positions in high profitability companies. The Fund remained overexposed to companies in healthcare, telecoms, media and insurance and under-exposed to companies in consumer goods and utilities.
HGIF Euroland Equity Smaller Companies For the year ending 31 March 2009 the Fund returned -43.52% (net of fees, share class AC) against the benchmark return -46.69 % (100% MSCI EMU (EUR) NR) In the first half of 2008, the Fund’s growth and pro-cyclical stance particularly with emerging markets exposure led to out performance. However, when markets started to plunge in September 2008, the larger more liquid stocks that had performed well, fell to a greater extent. The Fund’s greater concentration in energy was detrimental due to the huge drop in the oil price. On the other hand, positions in pharmaceuticals, media, software and transportation stocks were beneficial to performance. Strong stock selection in Germany and France and underweight positions in Greece and Ireland were beneficial while positions in Finland, the Netherlands and Denmark were the most detrimental to performance. In the last quarter, the Fund’s focus on mid cap defensive stocks with better than average visibility performed well. The most successful recent theme was companies benefiting from government-financed infrastructure projects and services. The fund manager will continue to focus on companies with solid balance sheets, limited leverage and with an ample cushion to meet their short-term financing requirements.
HGIF Euroland Growth For the year ending 31 March 2009, the Fund returned -40.67% (net of fees, share class M1D) while its benchmark returned -43.56% (100% MSCI EMU (EUR) NR). Relative performance was positive over the year. The Fund largely benefited from its growth bias, as it stayed away from cyclical, highly-leveraged sectors and was overweight in pure uncyclical, growth companies and more defensive sectors. Turnover was very modest for most of the year, as the strategy focuses on long-term rising fundamentals. Towards the end of the period, profit was taken from outperforming stocks where valuations appear stretched in relative terms. On the other hand, weightings were increased in growth stocks that have a stronger cyclical component, as leading economic indicators have seemed to be bottoming out and economic policies are starting to have a positive impact.
HGIF European Equity For the year ending 31 March 2009, the Fund returned -40.45% (net of fees, share class AD) while the benchmark returned -39.7% (FTSE World Europe (EUR)). This period has been an unprecedented time for equities with a massive financial crisis causing huge dislocations in markets and a related collapse in economic activity. The investment approach of identifying companies with sustainable cash flows (even through a protracted downturn), balance sheets that are appropriate to their business models and valuations that provide a margin of safely has led to significant volatility in relative performance as the equity market has tried to discount the outlook for individual companies. Over the period, the weaker investments were generally in cyclical areas where demand for products has slowed. This has varied from Carphone Warehouse, and demand for mobile phone services, to Fenner and Nexans which supply conveyor belting and infrastructure wiring. The basic materials stocks were also weak with many commodity prices falling as global growth slowed. Within financials, the fund benefited from not owning, or being underweight, the main banking stocks HSBC, Royal Bank of Scotland, Lloyds (HBOS) and Barclays. The Fund’s holdings in insurance also outperformed. The utility holdings performed well with low exposure to falling power prices.
Directors' Report (continued)
HSBC Global Investment Funds 12
HGIF European Equity High Dividend For the year ending 31 March 2009, the Fund returned -44.94% (net of fees, share class AC) while the benchmark returned -40.2% (100% MSCI EMU (EUR) NR). Equity markets have been through a global crisis, triggered by the US subprime issue. The dividend theme has not been resilient in these market conditions. The Fund has underperformed the market. All industry sectors with higher dividend yields underperformed except for telecoms. The financials sector fared the worst. The underperformance of the Fund was due to underexposure to defensive sectors which had neither dividend growth nor yield (food & staples, non cyclical durables, utilities). However, after a rebalancing of the Fund focusing on new high dividend stocks and a balanced portfolio of early cyclicals and defensives, the Fund saw an improvement in its relative performance in the first three months of 2009. HGIF Global Equity For the year ending 31 March 2009, the Fund returned -42.99% (net of fees, share class AC) while the benchmark returned -42.20% (MSCI World). Global equity markets plummeted to 13-year lows on ongoing gloomy economic prospects and renewed concerns over financing issues faced by banks and car manufacturers. Markets bounced back at the end of the first quarter of 2009, supported by some positive data regarding both the financial system and the global economy. Towards the end of the period the Fund benefited from favourable country allocation, although stock selection generated losses. The overweight positions in France and Germany generated positive returns. Conversely, the overweight allocation to the UK market yielded disappointing results. The underweight position in the Japanese market generated gains. These were offset by the underweight in Australian stocks, which had a negative effect. The manager remained cautious as a result of accelerating downside revisions on corporate earnings. HGIF Global Emerging Markets Equity For the year ending 31 March 2009, the Fund returned -52.31% (net of fees, share class AC) compared with the benchmark return of -47.1% (MSCI Emerging Markets). The year was characterised by the onset of the liquidity crisis and the deterioration in the global economy, resulting in the selling by investors of risky assets. The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. In the last month or so of the period, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data has begun to indicate stabilisation in certain economies. Overweight positions in India and Turkey were detractors to the Fund’s performance during the period. The Fund’s performance benefited from an underweight position in Poland and an overweight position in Taiwan. At the stock level, overweight positions in Indian holdings such as Larsen & Toubro and Reliance Capital were detractors to Fund performance. HGIF Global Emerging Markets Elite For the year ending 31 March 2009, the Fund returned -55.59% (net of fees, share class AC) compared with the benchmark return of -47.34% (MSCI Emerging Markets). The year was characterised by the onset of the liquidity crisis and the deterioration in the global economy, resulting in the selling by investors of risky assets. The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. In the last month or so, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data has begun to indicate stabilisation in certain economies. Overweight positions in India and Turkey were detractors to the Fund’s performance during the period. The Fund’s performance benefited from an underweight position in Poland and an overweight position in Taiwan. At the stock level, overweight positions in Indian holdings such as Larsen & Toubro and Reliance Capital were detractors to Fund performance. HGIF Global Sustainable Equity (formerly HGIF Global Equity SRI) For the year ending 31 March 2009, the Fund returned -42.46% (net of fees, share class AC), compared to a return of -42.58% (MSCI World Index). Stock selection in the oil & gas and insurance sectors contributed positively to Fund performance, while selection in the Metals & Mining and Diversified Financials sectors was a negative. The Fund’s performance was helped by underweight positions in commercial banks and diversified financial stocks, which were heavily affected by the global financial crisis. Overweight positions in the consumer finance and marine sectors hurt performance. At the country level, the Fund’s performance benefited from an overweight position in Japan and an underweight in the US. The manager continues to favour companies which have good valuation and momentum signals in his stock-scoring system.
Directors' Report (continued)
HSBC Global Investment Funds 13
Market Specific Equity Sub-Funds
HGIF Brazil Equity For the year ending 31 March 2009, the Fund returned -60.83% (net of fees, share class AC) versus -47.5% for the benchmark (MSCI Brazil 10/40). The equity market fell during the period as a consequence of the financial crisis in the US and its impact on the global economy. The markets experienced two very different periods during the year. April and May 2008 were very positive with a good inflow of money because of the upgrade of Brazil to Investment Grade by the S&P agency. There were worries about inflation and rising interest rates. Following the Lehman Brothers’ bankruptcy, there was high risk aversion and a strong unwinding of positions especially by hedge funds. The good fundamentals in Brazil compared to the past and the sound financial system helped cushion the impact of this but the equity market suffered anyway. The Fund underperformed the MSCI 10/40 mainly due to a high exposure to domestic orientated names (which tend to be more in the mid and small caps universe) in a market where liquidity and risk aversion were the main drivers. This positioning is a consequence of the bottom up process used to manage the portfolio.
HGIF Chinese Equity For the year ending 31 March 2009, the Fund returned -36.51% (net of fees, share class AC) compared to a benchmark return of -33.80 %(MSCI China). Ongoing financial turmoil and concerns over global demand and its effect on China’s export-driven growth dominated investor sentiment. Stocks hit their lowest level in October 2008 but stabilised in the first months of 2009 on government stimulus measures. Stock selection in the consumer staples, IT and financials’ sectors all contributed positively to relative Fund performance. These were offset by stock holdings in the telecoms and materials sectors. Allocation effects detracted overall, with the Fund’s underweight allocations to materials and financials hurting Fund performance.
HGIF Hong Kong Equity For the year ending 31 March 2009, the Fund returned -37.42%, (net of fees, share class AC) compared with the benchmark return of -38.1% (Hang Seng (RI) USD). In line with regional markets, Hong Kong stocks fell as the financial crisis played out and global growth collapsed. The manager adopted a defensive strategy during the period which protected the Fund from some of the market volatility. Positive stock selection in financials, energy holding and consumer staples also added value. Consumer discretionary holdings were negative for Fund’s performance. Looking ahead, the local equity market is likely to be range-bound until there are clear signs of the global economic recession bottoming out. The manager continues to adopt a defensive strategy with the investment focus on stocks with deep value.
HGIF Indian Equity For the year ending 31 March 2009, the Fund returned -60.89% (net of fees, share class AC), compared to a benchmark return of -51.03 % (IFCI INDIA). The Indian market was one of the worst performers in 2008, falling by around 65% in US dollar terms. The collapse of the Rupee against the US dollar, slowing GDP and corporate earnings growth, rising inflation, high current and fiscal account deficits, and the financial crisis in the US all played a part. The Fund recorded a strong first half to 2008 but suffered in the second half of the year. Most of the Fund’s underperformance came in September and October, when markets fell sharply. Performance improved in December and the first quarter of 2009, as the market rallied due to improving economic data and government initiatives to boost the Indian economy. Overall, stock selection was negative for the period, with industrials, IT and financial holdings hurting the Fund’s performance the most.
HGIF Japanese Equity For the year to 31 March 2009, the Fund returned -41.01% (net of fees, share class AC) versus the benchmark return of -34.3% (TOKYO (SE) TOPIX). After a first half year when investors’ worries grew due to sub-prime issues and a global economic slowdown, the financial crisis burst with Lehman Brothers’ bankruptcy. Rising risk aversion led to yen volatility and triggered an historical fall in the Japanese equity market as exporters’ prospects deteriorated. At the end of the Japanese fiscal year, half of the Japanese automakers were posting earnings losses. Exporters, cyclical stocks and banks’ performances were badly hit whereas defensive stocks benefited from a flight to quality. As risk aversion prevailed, investors paid little attention to valuation criteria, affecting the results of the sector allocation process. Liquidstocks underwent sharpest drops, a phenomenon that significantly hit the Fund's stock selection efficiency. The manager controlled relative risk by reducing the active positions on the three performance drivers. Risk induced by stock selection could not be reduced to zero due to liquidity issues. Small cap under-weightings could not be completely neutralised as volumes dropped. Market exposure management results were neutral, negative in quarter four 2008 and positive in the first three months of 2009. The fund manager is focusing on efficient relative risk monitoring.
Directors' Report (continued)
HSBC Global Investment Funds 14
HGIF Korean Equity For the year ending 31 March 2009, the Fund returned -51.94% (net of fees, share class AC) Korean markets were hit by the collapse in global demand and concerns over foreign debt in the banking system, while the weakening currency also affected US dollar returns. The market rebounded sharply in the final weeks of the period, early cyclicals benefiting from the recovery in investor confidence and US dollar returns from the currency appreciation. Stock selection was negative over the period, with consumer staples and utilities adding value, while consumer discretionary, financials and IT holdings detracted from the Fund’s performance. At an allocation level, the Fund’s underweight in IT and overweight in Telecoms also hurt performance.
HGIF Russia EquityFor the year ending 31 March 2009, the Fund returned -67.5% (net of fees, share class AC) versus a benchmark return of -65.9% (MSCI Russia 10/40). Performance over the year started strongly and the Fund’s performance was ahead of the benchmark until September. Most relative underperformance was in September and October when the financial markets’ crisis peaked and Russian equity markets were hit hard due to the large energy sector. The Fund's bias to more liquid stocks worked against it as mid and small caps did not move as much as they simply did not trade. Relative performance improved from November to the end of March. Overall, there was a strong contribution to Fund performance from stock selection in the energy, materials and financial sectors, which was unfortunately more than offset by negative contributions at the sector level in utilities and consumer names plus an adverse effect from the Fund's underweight position in Polyus Gold.
HGIF Singapore Equity For the year ending 31 March 2009, the Fund returned -67.72% (net of fees, share class AC), versus the benchmark return of -48.25% (MSCI Singapore (RI)). In line with regional markets, Singapore stocks fell to lows in October 2008, as the global financial turmoil and collapsing external demand weighed on investor confidence. The market was still weak in the first month of 2009, retesting lows in February before rallying in the final weeks of the period. Stock selection damaged the Fund’s performance considerably as markets fell, with financials, industrials and consumer discretionary holdings being the main detractors as well as smaller property developers. Allocation effects were broadly positive, with the Fund’s underweight position in consumer staples and overweight position in financials helping the Fund’s performance. A favourable allocation to the technology and a weighting in cash in a falling market were positives.
HGIF Taiwan Equity Between launch on the 31 July 2008 and the period ending 31 March 2009, the Fund returned -17.30% (net of fees share class AC), compared to a benchmark return of -17.47% (MSCI Taiwan). In line with regional markets, Taiwanese stocks fell to lows in October 2008, as the global financial turmoil and concerns over global growth weighed on investor confidence. Taiwan’s exposure to external demand made it particularly vulnerable in the sell-off, although the market did rally towards the end of the period. Stock selection was positive for the Fund, with materials the strongest contributor, while financial holdings detracted. Allocation effects were negative. The Fund’s underweight positions in telecoms helped performance, but this was offset by overweight positions in consumer staples and industrials and an underweight in IT which dragged on performance.
HGIF Thai EquityFor the year ending 31 March 2009, the Fund returned -59.08% (net of fees, share class AC), compared to a benchmark return of -50.67% (Thailand SET). In line with regional markets Thai stocks fell to lows in October 2008, as the financial turmoil slowing global growth weighed on investor confidence. Political uncertainty also weighed heavily on the market. Favourable allocations to utilities, a weighting in cash in a falling market, and underweight holdings in laggard refiners and cement were positives for Fund performance. However, these were more than offset by adverse allocations, particularly in tourism, chemicals, property developers and non-bank financials. Performance improved markedly in the last months of the period.
HGIF Turkey Equity (formerly HGIF Turkish Convergence) For the year ending 31 March 2009, the Fund returned -40.10 % (net of fees, share class AC) compared to a benchmark performance of -42.17% (MSCI Turkey). The fund under performed during the market sell-off in the first half of the year. Heavy redemptions in a sharply falling illiquid market during the transition period of converting the Fund into a pure equity fund also had a negative effect on performance. The legal case brought against the leading ruling Justice and Development Party (AKP) at the Supreme Court, added political turmoil to the unfavourable liquidity and credit conditions in global markets. Additionally The Turkish central bank changed the monetary policy to "tightening" in response to the increasing inflationary pressures resulting in sharp increases in interest rates which had a negative effect on equities.
Directors' Report (continued)
HSBC Global Investment Funds 15
HGIF Turkey Equity (formerly HGIF Turkish Convergence) (continued) A favourable outcome of the legal case saw an improvement but this picture quickly reversed after the announcement of worse than expected second quarter Gross Domestic Product (GDP) and the pressure of significantly worsening global financial markets. Following the conversion of the HGIF Turkish Convergence Fund to HGIF Turkey Equity Fund on 10 July 2008 and the market-friendly outcome of the closure of the ruling Justice and Development Party (AKP), the Turkish markets corrected with falling energy prices creating a supportive and stable the political and economic environment for Turkish equities. Turkey, being seriously dependent on external funding in its balance of payments, suffered overall from adverse liquidity conditions. However, towards the end of the period a recovery in global financial markets and the expectation of an International Monetary Fund (IMF) stand-by agreement, assisted Turkish equities in recovering from their lows resulting in the out performance of the fund against the benchmark. HGIF UK Equity For the year ending 31 March 2009, the Fund returned -33.16%, (net of fees, share AC) compared with -29.3% for the benchmark (FTSE All Share (TR)). This period included significant global financial problems and a downturn in global economic growth late in 2008. Over the period, the Fund was positioned more defensively. This caused some underperformance late in this period as there was a sharp equity rally led by banking and cyclical shares. The weaker investments were generally in cyclical consumer areas where demand for products has slowed. This has varied from Carphone Warehouse, and demand for mobile phone services, to SIG which supplies building insulation materials. The basic materials stocks were also weak with many commodity prices falling as global growth slowed. Within financials, the Fund’s performance benefited from not owning, or being underweight, the main banks, HSBC, Royal Bank of Scotland, Lloyds (HBOS) and Barclays. HGIF US Equity For the year ending 31 March 2009, the Fund returned -38.07% (net of fees, share AC) in US dollar terms compared with the benchmark return of –38.5% (S&P 500 COMPOSITE (RI)). Equity markets plummeted to 13-year lows on ongoing gloomy economic prospects and renewed concerns over financing issues faced by banks and car manufacturers. Markets then bounced back sharply at the end of the first quarter of 2009, supported by some improving data regarding both the financial system and the economy. The Fund benefited from profitable stock selection within the sectors experiencing strong earnings momentum, which generated significant gains, while the sector allocation yielded disappointed results. The gains coming from the Fund’s underweight in the financial sector were more than offset by the penalising overweight holdings in energy and industrial stocks. In terms of equity market exposure, the manager remained cautious over the period as a result of accelerating downside revisions on corporate earnings. HGIF US Index For the year ending 31 March 2009, the Fund returned -39.56% (net of fees, share class AC) in US dollar terms compared with the benchmark return of -40.23 %(S&P 500 COMPOSITE (RI)). The US equity market had its worst performance in 2008 since the Great Depression driven by the crisis in financial markets and a slowing global economy. In September 2008, the government placed Fannie Mae and Freddie Mac into conservatorship, while Lehman Brothers and Washington Mutual filed for bankruptcy and AIG required unprecedented government intervention. Central banks around the world pumped billions of dollars into the financial system to provide liquidity. There was a coordinated interest rate cut in October and multi-billion dollar financial rescue plans and direct government investments into major financial institutions too. Financials were the weakest sector, falling 60.21%. Industrials and materials also suffered, due to the recession and the collapse in commodity prices, falling 50.5% and 45.1% respectively. Healthcare was the most defensive sector, falling by 19.7% Freestyle Sub-Funds HGIF Asia Ex Japan Freestyle (formerly HGIF Asia Freestyle) For the year ending 31 March 2009, the Fund returned -47.38% (net of fees, share class AC).Ongoing financial turmoil and concerns over global and regional growth impacted Asian markets. Stocks hit record lows in October and retested these in February as investors became increasingly risk-averse. Volatility was high throughout the period. Stock selection in Taiwan and Malaysia contributed to absolute performance, while holdings in India and Indonesia detracted from returns. At a sector level, the performance of consumer staples and telecoms contributed positively to absolute performance. Industrial and consumer discretionary holdings performed the worst. HGIF BRIC Freestyle For the year ending 31 March 2009, the Fund returned -55.36% (net of fees, share class M1C). The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. Recently, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data has begun to indicate stabilisation in certain economies. In China in particular, the macro data has actually started to improve. Chinese industrial production rose by 11% year-on-year in February, as compared to a rise of 5.7% year-on-year in the previous month. Retail sales rose by 15.2% year-on-year, as domestic consumption remained stable despite the economic slowdown. These combined factors drove the March rally.
Directors' Report (continued)
HSBC Global Investment Funds 16
HGIF BRIC Freestyle (continued) At the country level, Brazil and Russia were the largest positive contributors to return over the period while India was the largest detractor from Fund performance. Overweight positions in energy and material names also proved to be beneficial for the Fund.
HGIF Global Emerging Markets Equity Freestyle For the year ending 31 March 2009, the Fund returned -52.49% (net of fees, share class M1C). The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. In the last month or so, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data had begun to indicate stabilisation in certain economies. At the country level, large positions in Brazil, Taiwan and China proved to be beneficial for the Fund’s performance. The biggest detractor to absolute performance over the period as a whole was India, followed by Mexico. At the stock level, Brazilian names such as Petrobras and CVRD contributed positively to the Fund’s absolute performance.
HGIF Latin American Freestyle For the year ending 31 March 2009, the fund delivered a return of -55.57% (net of fees, share class M1C). Latin American Markets had a strong negative performance over the period due to the financials crisis in the US and its consequence on the global economy. The best-performing markets were Chile and Colombia. The strong fundamentals in Chile and a well-developed local financial market provided some stability. Colombia’s positive domestic economy prevented a further drop in the equity market. The worst performing markets were Argentina and Mexico; the former had unsuccessful economic policies such as the nationalisation of pension funds. Mexico suffered due to its dependence on the US economy. Brazil was in the middle in terms of performance. Overall, the region is in good shape due to good monetary and fiscal policies and a fairly robust financial system. The main reason for Fund underperformance over the period was exposure to mid and small caps in a market driven by liquidity and risk aversion and not by fundamentals. The high exposure to Peru and Brazil and low exposure to Chile did not help either.
Other Sub-Funds
HGIF Global Discount Structures (formerly HGIF Global Discount Certificates) For the year ending 31 March 2009, the Fund returned -20.29% (net of fees, share class AC). From April to September 2008 the performance was stable. Losses of equity-related discount certificates were compensated by commodity based discount certificates. After the Lehman Brothers’ failure when volatility went up and almost all equity markets fell heavily, the Fund lost ground. Since the beginning of November 2008 the performance has been stable while major equity indices lost again, as the fund manager has benefited from high volatility. Since November 2008 the Fund’s performance has benefited from high volatility and opportunities this has offered. The effect of falling equity markets have been compensated for by the high time values which are induced by the high volatilities and the short maturities the fund manager is investing in. Due to the financial crisis and macro risks, equity markets should remain volatile. This is a beneficial environment for equity related discount structures, because new investments can be made on a very attractive volatility level.
HGIF Halbis Global Macro For the year ending 31 March 2009 the Fund returned 11.54% (net of fees, share class LC). Over this period, which was marked by an intensification of the financial crisis, the S&P 500 fell sharply. The Fund benefited from productive timing decisions on equity markets. Indeed, the Fund was positioned to be “short” in the January and June, but went “long” at the end of February. The currency allocation provided performance as the Fund was positively exposed to the Japanese Yen, which appreciated strongly in the crisis. It was also negative on sterling, which suffered from the domestic difficulties in the UK. These positions were predicated on the idea that the banking crisis was going to have a lasting impact on countries which had experienced large housing bubbles. On the fixed income side, the fund manager took long positions in the UK and the US at critical points in time, hedged by a short position on Japanese bonds. Bond yields outside Japan fell heavily as investors recognised that short-term rates would be held at very low levels for a long period of time.
HGIF New World Income For the year ending 31 March 2009, the Fund returned -8.88% (net of fees, share class M1D) compared with a return of 0.4% for the benchmark (3 Month USD Libor Constant Maturity). The negative return was largely driven by equities and exposure to a defaulted Brazilian company. In the second half of March 2009, emerging market debt and equity markets rallied. The Fund sold nearly 66% of the long sovereign bond exposure via protection on those investment grade names considered expensive. The Fund sold calls against most of the long equity exposure to take advantage of the expensive volatility that still prevails in the market. As of March 31, 2009, the Fund was long 115% (50% in sovereigns/quasi-sovereign bond and 28% in local currency) and short 34% (primarily sovereign protection).
Report of the Réviseur d’Entreprises
HSBC Global Investment Funds 17
To the Shareholders of HSBC Global Investment Funds 16, Boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg
REPORT OF THE REVISEUR D'ENTREPRISES Following our appointment by the Annual General Meeting of the shareholders dated 25 July 2008, we have audited the accompanying financial statements of HSBC Global Investment Funds (“the Company”) and each of its sub-funds, which comprise the statement of net assets and the portfolio of investments and other net assets as at 31 March 2009 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Board of Director’s responsibility for the financial statements The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Responsibility of the Réviseur d'Entreprises Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the Institut des Réviseurs d'Entreprises. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d'Entreprises, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d'Entreprises considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of HSBC Global Investment Funds and each of its sub-funds as of 31 March 2009, and of the results of its operations and changes in net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, 25 June 2009 KPMG Audit S.à r.l. Réviseurs d'Entreprises R. Beegun
18HSBC Global Investment Funds
Statement of Net Assets as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
Portfolio at CostUnrealised Appreciation/(Depreciation)
Portfolio at Market Value
Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities
Total Net Assets
CONSOLIDATEDUSD
14,593,703,567 (4,730,060,255)
9,863,643,312
480,348,154 (3,560,817)
126,796,946 (71,729,205)53,363,972
(75,615,553)80,450,753
(70,086,948)
10,383,610,614
USDAsia ex Japan Equity
356,887,081 (46,799,414)
310,087,667
11,222,330 -
2,433,271 (3,336,243)
518,969 (3,184,556)1,047,149 (567,722)
318,220,865
International andRegional Equity Sub-
Funds
USD
Asia ex Japan EquitySmaller Companies
23,037,060 (4,890,173)
18,146,887
330,659 -
262,317 (58,046)
4,143 (79,825)62,784
(28,308)
18,640,611
USD
Asia Pacific ex JapanEquity High Dividend
84,218,547 (14,697,961)
69,520,586
953,091 -
1,008,678 (517,284)103,223
(737,397)492,486
(115,212)
70,708,171
19HSBC Global Investment Funds
Statement of Net Assets as at 31 March 2009
USDBRIC Markets
37,054,688 (8,608,814)
28,445,874
44,738 (2,304)
---
(31,803)427,447 (29,733)
28,854,219
USDBRIC Markets Equity
444,325,461 (148,170,442)
296,155,019
30,035,245 ---
3,032,747 (748,806)943,160
(1,059,848)
328,357,517
USDClimate Change
44,487,520 (18,093,729)
26,393,791
1,416,004 (40,132)
--
103,141 (7,242)
190,235 (43,013)
28,012,784
EUR
Emerging EuropeEquity
9,050,330 (4,713,694)
4,336,636
112,493 -
98,176 -
35,733 (51,601)
980(7,529)
4,524,888
USDEmerging Wealth
36,393,579 (13,039,435)
23,354,144
796,605 (368,031)
--
30,537 (21,976)136,962
(137,304)
23,790,937
EUREuroland Equity
1,034,198,048 (476,380,961)
557,817,087
16,945,430 ---
1,408,060 (3,362,537)
820,205 (806,943)
572,821,302
20HSBC Global Investment Funds
Statement of Net Assets as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
Portfolio at CostUnrealised Appreciation/(Depreciation)
Portfolio at Market Value
Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities
Total Net Assets
EUR
Euroland EquitySmaller Companies
36,231,586 (6,507,867)
29,723,719
832,912 --
(492,889)41,037
(65,751)101,610 (40,563)
30,100,075
EUREuroland Growth
152,990,258 (68,026,895)
84,963,363
7,788,751 ----
(3,952)50,413
(142,545)
92,656,030
EUREuropean Equity
140,084,790 (48,889,562)
91,195,228
2,440,084 -
45,154 (142,784)232,815
(149,367)332,594 (94,644)
93,859,080
EUR
European EquityHigh Dividend
7,142,872 (2,480,459)
4,662,413
276,067 -
55,145 (66,778)
21-
62,192 (7,698)
4,981,362
21HSBC Global Investment Funds
Statement of Net Assets as at 31 March 2009
USD
Global EmergingMarkets Elite
10,532,502 (2,758,215)
7,774,287
137,279 (3)
101,271 (34,057)
--
28,855 (8,331)
7,999,301
USD
Global EmergingMarkets Equity
218,534,081 (53,906,397)
164,627,684
2,580,142 -
3,002,899 (368,253)184,068
(905,607)656,422
(168,216)
169,609,139
USDGlobal Equity
71,993,122 (8,001,743)
63,991,379
9,420,318 (444,441)
--
13,189 (298,457)496,680 (37,504)
73,141,164
USD
Global SustainableEquity (formerly
Global Equity SRI)
8,210,334 (2,974,177)
5,236,157
244,343 ---
17,872 -
34,288 (6,602)
5,526,058
USDBrazil Equity
780,230,204 (362,881,587)
417,348,617
8,137,740 -
14,634,724 (11,759,490)
6,684,990 (17,292,517)
1,975,874 (1,515,897)
418,214,041
Market SpecificEquity Sub-Funds
USDChinese Equity
2,297,822,878 (117,563,885)
2,180,258,993
25,858,560 -
14,750,837 (5,788,344)9,790,950
(12,095,329)301,803
(3,229,206)
2,209,848,264
22HSBC Global Investment Funds
Statement of Net Assets as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
Portfolio at CostUnrealised Appreciation/(Depreciation)
Portfolio at Market Value
Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities
Total Net Assets
USDHong Kong Equity
360,048,447 (77,646,616)
282,401,831
9,318,580 -
360,879 (153,191)
1,244,586 (2,974,095)
787,650 (292,207)
290,694,033
USDIndian Equity
4,120,564,137 (2,061,169,939)
2,059,394,198
148,908,924 -
42,299,142 (3,642,087)6,918,658
(7,641,139)27,292,427
(31,866,107)
2,241,664,016
JPYJapanese Equity
13,285,974,001 (3,623,339,891)
9,662,634,110
341,818,761 --
(1)179,997,024
(302,466,717)225,360,216 (11,572,256)
10,095,771,137
USDKorean Equity
99,036,674 (18,589,548)
80,447,126
258,140 ---
2,516,270 (332,339)906,355
(111,784)
83,683,768
23HSBC Global Investment Funds
Statement of Net Assets as at 31 March 2009
USDRussia Equity
43,257,796 (24,061,278)
19,196,518
-(9,824)
330,469 (44,927)623,201 (37,164)14,550
(26,548)
20,046,275
USDSingapore Equity
65,928,612 (22,632,248)
43,296,364
2,265,115 -
990,242 (2,434,011)
62,290 (216,119)
325(56,508)
43,907,698
USDTaiwan Equity
5,432,723 (1,057,430)
4,375,293
48,582 -
72,588 (70,868)
2,129 --
(6,736)
4,420,988
USDThai Equity
141,223,414 (70,034,487)
71,188,927
872,004 ---
133,586 (477,098)
1,071,055 (103,633)
72,684,841
EUR
Turkey Equity(formerly Turkish
Convergence)
7,964,853 (2,119,637)
5,845,216
448,198 -
151,603 -
31,161 (492)
18,197 (11,497)
6,482,386
GBPUK Equity
53,900,636 (8,945,723)
44,954,913
2,185,380 -
53,413 -
58,634 (151,964)222,932 (71,698)
47,251,610
24HSBC Global Investment Funds
Statement of Net Assets as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
Portfolio at CostUnrealised Appreciation/(Depreciation)
Portfolio at Market Value
Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities
Total Net Assets
USDUS Equity
145,407,613 (28,268,079)
117,139,534
14,817,752 (2,599,710)8,032,470
(7,217,698)3,219,829
(1,034,397)619,490
(142,016)
132,835,254
USDUS Index
27,533,643 (8,075,358)
19,458,285
3,448,682 (76,688)243,496 (22,437)11,850
(298,044)144,100
(154,450)
22,754,794
USD
Asia ex JapanFreestyle (formerly
Asia Freestyle)
104,436,817 (16,858,401)
87,578,416
1,794,903 -
5,474,425 (2,908,587)2,164,964 (282,989)388,643
(182,843)
94,026,932
Freestyle Sub-Funds
USDBRIC Freestyle
1,288,608,952 (479,823,717)
808,785,235
21,576,563 -
8,166,829 (2,102,112)1,126,722
(5,983,978)1,028,059
(2,624,013)
829,973,305
25HSBC Global Investment Funds
Statement of Net Assets as at 31 March 2009
USD
Global EmergingMarkets Equity
Freestyle
342,601,861 (85,103,263)
257,498,598
4,232,581 -
6,931,877 (7,121,813)
948,071 (833,131)
1,400,834 (1,665,071)
261,391,946
USD
Latin AmericanFreestyle
100,554,681 (35,740,679)
64,814,002
1,040,454 (2)
-(2,412,285)2,643,032 (315,080)516,467 (68,126)
66,218,462
USDBrazil Bond
14,935,083 (2,835,602)
12,099,481
674,097 (1,228)
--
2,307 (8,238)66,566
(115,175)
12,717,810
Bond Sub-Funds
EUREuro Core Bond
45,586,053 (3,403,719)
42,182,334
3,494,116 -
2,570,805 (2,379,422)
9,067 (30,526)794,920
(168,271)
46,473,023
EUR
Euro Core CreditBond
216,393,220 (31,361,495)
185,031,725
3,677,111 -
5,546,368 (5,584,721)
62,414 (214,992)
5,093,150 (1,276,366)
192,334,689
EUREuro High Yield Bond
97,168,442 (22,451,922)
74,716,520
1,664,911 -
835,405 (1,268,722)
341,882 (248,529)
3,190,243 (1,006,157)
78,225,553
26HSBC Global Investment Funds
Statement of Net Assets as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
Portfolio at CostUnrealised Appreciation/(Depreciation)
Portfolio at Market Value
Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities
Total Net Assets
EUR
EuropeanGovernment Bond
6,360,054 (445,622)
5,914,432
1,493,674 ---
36,012 (800,649)105,263
(7,364)
6,741,368
USD
Global Core PlusBond
74,721,751 (5,742,252)
68,979,499
7,681,708 -
1,041,738 -
170,396 (197,725)
9,748,308 (8,647,240)
78,776,684
USD
Global EmergingMarkets Bond
258,063,830 (29,669,847)
228,393,983
2,115,563 -
2,156,376 (2,163,776)2,943,471
(4,006,995)5,525,615 (449,251)
234,514,986
USD
Global EmergingMarkets Local Debt
47,159,632 (7,150,078)
40,009,554
6,645,715 -
576,602 -
2,070,397 (4,005,014)1,057,468
(1,796,665)
44,558,057
27HSBC Global Investment Funds
Statement of Net Assets as at 31 March 2009
USD
US Dollar Core PlusBond
68,530,247 (6,235,727)
62,294,520
16,049,645 -
49,014 -
57,074 (200,242)808,049 (24,584)
79,033,476
EUREuro Reserve
57,843,248 147,738
57,990,986
88,343 --
(797,038)2,754
(892,016)599
(21,991)
56,371,637
Reserve Sub-Funds
EUR
Global DiscountStructures (formerly
Global DiscountCertificates)
6,066,291 112,232
6,178,523
522,618 -----
601(2,156)
6,699,586
Other Sub-Funds
EURHalbis Global Macro
41,525,240 200,797
41,726,037
7,777,929 (13,943)129,739
(889,786)889,786
(259,478)1,107,769 (489,457)
49,978,596
USDNew World Income
199,672,476 (15,388,646)
184,283,830
77,868,078 -
1,316,284 (4,191,209)
13,377 (23,283)
4,209,388 (9,182,542)
254,293,923
28HSBC Global Investment Funds
Class ACNumber of Shares OutstandingNet Asset Value per ShareClass ACHNumber of Shares OutstandingNet Asset Value per ShareClass ADNumber of Shares OutstandingNet Asset Value per ShareClass ADHNumber of Shares OutstandingNet Asset Value per ShareClass ECNumber of Shares OutstandingNet Asset Value per ShareClass EDNumber of Shares OutstandingNet Asset Value per ShareClass ICNumber of Shares OutstandingNet Asset Value per ShareClass IDNumber of Shares OutstandingNet Asset Value per ShareClass J1CNumber of Shares OutstandingNet Asset Value per ShareClass L1CNumber of Shares OutstandingNet Asset Value per ShareClass L1DNumber of Shares OutstandingNet Asset Value per ShareClass M1CNumber of Shares OutstandingNet Asset Value per ShareClass M1DNumber of Shares OutstandingNet Asset Value per ShareClass M2CNumber of Shares OutstandingNet Asset Value per ShareClass M2DNumber of Shares OutstandingNet Asset Value per ShareClass PCNumber of Shares OutstandingNet Asset Value per ShareClass PDNumber of Shares OutstandingNet Asset Value per ShareClass S1DNumber of Shares OutstandingNet Asset Value per ShareClass WCNumber of Shares OutstandingNet Asset Value per ShareClass WDNumber of Shares OutstandingNet Asset Value per ShareClass YCNumber of Shares OutstandingNet Asset Value per ShareClass ZCNumber of Shares OutstandingNet Asset Value per ShareClass ZDNumber of Shares OutstandingNet Asset Value per Share
2,446,541.261 28.89
446,092.293 12.84
4,123,795.884 27.23
80,135.601 12.74
25,133.979 26.84
4,564.451 26.85
1,993,987.203 28.49
500.000 27.98
10,153,277.609 6.00
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
359,277.109 27.79
USDAsia ex Japan Equity
International andRegional Equity
Sub-Funds
114,404.825 15.45
N/AN/A
1,118,580.105 15.01
N/AN/A
5,304.717 15.31
121.000 14.90
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USD
Asia ex Japan EquitySmaller Companies
1,821,574.220 10.32
N/AN/A
5,321,570.693 8.99
N/AN/A
1,605.741 10.26
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
444,483.577 9.13
USD
Asia Pacific ex JapanEquity High Dividend
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
675.000 14.26
1,999,307.000 14.43
N/AN/A
USDBRIC Markets
Key Figures as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
29HSBC Global Investment Funds
11,232,287.430 8.56
N/AN/A
9,741,000.020 8.56
N/AN/A
1,148,846.763 8.44
11,169.310 8.44
823,031.497 8.74
N/AN/A
15,000,027.705 8.79
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
3,425.000 8.64
N/AN/A
USDBRIC Markets Equity
2,031,221.434 4.35
N/AN/A
3,050,696.125 4.35
N/AN/A
935,037.300 4.33
N/AN/A
419,384.665 4.41
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USDClimate Change
443,784.137 5.96
N/AN/A
223,730.327 5.95
N/AN/A
10,522.251 5.90
N/AN/A
N/AN/A
80,000.000 6.10
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
EUR
Emerging EuropeEquity
496,499.004 4.82
N/AN/A
4,433,925.672 4.82
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
6,508.000 4.87
N/AN/A
USDEmerging Wealth
16,359,157.031 16.75
N/AN/A
8,875,209.385 16.54
N/AN/A
11,961.438 16.56
7,581.547 16.37
8,668,376.895 17.08
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
10,875.000 18.46
186,616.976 18.29
EUREuroland Equity
Key Figures as at 31 March 2009
30HSBC Global Investment Funds
Class ACNumber of Shares OutstandingNet Asset Value per ShareClass ACHNumber of Shares OutstandingNet Asset Value per ShareClass ADNumber of Shares OutstandingNet Asset Value per ShareClass ADHNumber of Shares OutstandingNet Asset Value per ShareClass ECNumber of Shares OutstandingNet Asset Value per ShareClass EDNumber of Shares OutstandingNet Asset Value per ShareClass ICNumber of Shares OutstandingNet Asset Value per ShareClass IDNumber of Shares OutstandingNet Asset Value per ShareClass J1CNumber of Shares OutstandingNet Asset Value per ShareClass L1CNumber of Shares OutstandingNet Asset Value per ShareClass L1DNumber of Shares OutstandingNet Asset Value per ShareClass M1CNumber of Shares OutstandingNet Asset Value per ShareClass M1DNumber of Shares OutstandingNet Asset Value per ShareClass M2CNumber of Shares OutstandingNet Asset Value per ShareClass M2DNumber of Shares OutstandingNet Asset Value per ShareClass PCNumber of Shares OutstandingNet Asset Value per ShareClass PDNumber of Shares OutstandingNet Asset Value per ShareClass S1DNumber of Shares OutstandingNet Asset Value per ShareClass WCNumber of Shares OutstandingNet Asset Value per ShareClass WDNumber of Shares OutstandingNet Asset Value per ShareClass YCNumber of Shares OutstandingNet Asset Value per ShareClass ZCNumber of Shares OutstandingNet Asset Value per ShareClass ZDNumber of Shares OutstandingNet Asset Value per Share
960,536.200 21.96
N/AN/A
61,897.002 21.81
N/AN/A
2,000.464 21.72
N/AN/A
279,218.512 22.46
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
55,793.510 24.13
N/AN/A
EUR
Euroland EquitySmaller Companies
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
12,487,713.981 7.31
184,828.506 7.25
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
EUREuroland Growth
269,529.854 19.67
N/AN/A
39,001.073 19.02
N/AN/A
N/AN/A
93,921.971 18.73
75,064.000 19.85
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
8,388.000 20.28
3,701,337.714 18.82
N/AN/A
N/AN/A
761,585.250 11.50
N/AN/A
N/AN/A
309,668.899 19.36
EUREuropean Equity
453,620.157 6.90
N/AN/A
147,276.287 6.70
N/AN/A
735.225 6.89
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
116,126.000 7.42
N/AN/A
EUR
European EquityHigh Dividend
Key Figures as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
31HSBC Global Investment Funds
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
500.000 6.04
1,353,151.398 5.91
N/AN/A
USD
Global EmergingMarkets Elite
1,774,348.799 9.85
N/AN/A
4,959,686.755 9.71
N/AN/A
357,627.768 9.40
27,502.276 9.36
1,484,349.984 9.97
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
3,353,571.305 4.76
N/AN/A
6,983,229.192 9.76
N/AN/A
N/AN/A
146,494.887 9.94
USD
Global EmergingMarkets Equity
37,681.287 14.95
N/AN/A
1,124,047.031 14.89
N/AN/A
840.424 14.94
N/AN/A
12,082.349 15.21
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
3,431,676.746 16.22
USDGlobal Equity
71,689.685 8.41
N/AN/A
5,793.393 8.41
N/AN/A
100.215 8.37
N/AN/A
406,722.000 8.55
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
153,206.609 9.11
N/AN/A
N/AN/A
400.000 8.84
N/AN/A
USD
Global SustainableEquity (formerly
Global Equity SRI)
19,015,901.548 14.71
N/AN/A
6,324,117.941 14.64
N/AN/A
980,582.618 14.48
1,900.770 14.48
2,053,718.712 15.15
40,530.425 15.10
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
1,926.505 15.99
N/AN/A
USDBrazil Equity
Market SpecificEquity Sub-Funds
8,961,276.017 50.72
N/AN/A
32,550,539.185 49.84
N/AN/A
367,518.013 49.70
4,013.540 49.70
397,548.439 52.34
120,465.408 51.40
153,880.207 51.63
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
1,532,633.056 51.88
USDChinese Equity
Key Figures as at 31 March 2009
32HSBC Global Investment Funds
Class ACNumber of Shares OutstandingNet Asset Value per ShareClass ACHNumber of Shares OutstandingNet Asset Value per ShareClass ADNumber of Shares OutstandingNet Asset Value per ShareClass ADHNumber of Shares OutstandingNet Asset Value per ShareClass ECNumber of Shares OutstandingNet Asset Value per ShareClass EDNumber of Shares OutstandingNet Asset Value per ShareClass ICNumber of Shares OutstandingNet Asset Value per ShareClass IDNumber of Shares OutstandingNet Asset Value per ShareClass J1CNumber of Shares OutstandingNet Asset Value per ShareClass L1CNumber of Shares OutstandingNet Asset Value per ShareClass L1DNumber of Shares OutstandingNet Asset Value per ShareClass M1CNumber of Shares OutstandingNet Asset Value per ShareClass M1DNumber of Shares OutstandingNet Asset Value per ShareClass M2CNumber of Shares OutstandingNet Asset Value per ShareClass M2DNumber of Shares OutstandingNet Asset Value per ShareClass PCNumber of Shares OutstandingNet Asset Value per ShareClass PDNumber of Shares OutstandingNet Asset Value per ShareClass S1DNumber of Shares OutstandingNet Asset Value per ShareClass WCNumber of Shares OutstandingNet Asset Value per ShareClass WDNumber of Shares OutstandingNet Asset Value per ShareClass YCNumber of Shares OutstandingNet Asset Value per ShareClass ZCNumber of Shares OutstandingNet Asset Value per ShareClass ZDNumber of Shares OutstandingNet Asset Value per Share
450,152.504 69.58
N/AN/A
37,964.408 66.52
N/AN/A
13,758.364 68.92
N/AN/A
367,491.419 70.61
N/AN/A
850,000.000 4.61
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
2,963,489.246 65.65
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
452,642.657 69.60
USDHong Kong Equity
7,253,282.228 73.27
N/AN/A
21,689,889.398 73.03
N/AN/A
269,540.398 71.11
1,996.733 71.11
1,173,422.794 77.15
149,431.745 75.77
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
67,470.253 75.16
USDIndian Equity
1,017,240.172 4,099.60
N/AN/A
135,916.480 611.49
N/AN/A
48,447.143 591.15
4,936.080 591.03
471,242.952 4,199.03
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
2,878.249 4,135.96
4,554,028.805 630.23
N/AN/A
N/AN/A
60,884.510 5,682.94
N/AN/A
115,000.000 4,325.35
172,116.837 619.63
JPYJapanese Equity
1,730,855.631 8.27
N/AN/A
6,455,778.010 8.27
N/AN/A
145,674.500 8.19
2,690.980 8.19
1,740,620.203 8.50
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USDKorean Equity
Key Figures as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
33HSBC Global Investment Funds
2,112,018.206 3.10
N/AN/A
1,392,139.330 3.10
N/AN/A
176,547.727 3.09
N/AN/A
2,752,751.000 3.14
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USDRussia Equity
378,775.294 18.06
N/AN/A
1,024,941.657 16.42
N/AN/A
28,246.779 17.85
N/AN/A
378,487.407 18.18
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
781,685.909 16.44
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USDSingapore Equity
816.439 6.65
N/AN/A
664,037.731 6.65
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USDTaiwan Equity
644,392.345 5.32
N/AN/A
10,449,423.526 5.05
N/AN/A
42,011.774 5.26
N/AN/A
918,972.302 5.47
N/AN/A
2,603,597.759 4.13
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
95,875.217 5.23
USDThai Equity
521,637.339 8.11
N/AN/A
243,911.787 6.33
N/AN/A
80,574.278 8.04
N/AN/A
7,361.964 8.17
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
EUR
Turkey Equity(formerly Turkish
Convergence)
892,728.034 17.56
N/AN/A
1,895,204.891 16.06
N/AN/A
128.573 17.56
N/AN/A
1,015.027 17.69
61,136.000 17.69
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
1,500.000 18.56
N/AN/A
GBPUK Equity
Key Figures as at 31 March 2009
34HSBC Global Investment Funds
Class ACNumber of Shares OutstandingNet Asset Value per ShareClass ACHNumber of Shares OutstandingNet Asset Value per ShareClass ADNumber of Shares OutstandingNet Asset Value per ShareClass ADHNumber of Shares OutstandingNet Asset Value per ShareClass ECNumber of Shares OutstandingNet Asset Value per ShareClass EDNumber of Shares OutstandingNet Asset Value per ShareClass ICNumber of Shares OutstandingNet Asset Value per ShareClass IDNumber of Shares OutstandingNet Asset Value per ShareClass J1CNumber of Shares OutstandingNet Asset Value per ShareClass L1CNumber of Shares OutstandingNet Asset Value per ShareClass L1DNumber of Shares OutstandingNet Asset Value per ShareClass M1CNumber of Shares OutstandingNet Asset Value per ShareClass M1DNumber of Shares OutstandingNet Asset Value per ShareClass M2CNumber of Shares OutstandingNet Asset Value per ShareClass M2DNumber of Shares OutstandingNet Asset Value per ShareClass PCNumber of Shares OutstandingNet Asset Value per ShareClass PDNumber of Shares OutstandingNet Asset Value per ShareClass S1DNumber of Shares OutstandingNet Asset Value per ShareClass WCNumber of Shares OutstandingNet Asset Value per ShareClass WDNumber of Shares OutstandingNet Asset Value per ShareClass YCNumber of Shares OutstandingNet Asset Value per ShareClass ZCNumber of Shares OutstandingNet Asset Value per ShareClass ZDNumber of Shares OutstandingNet Asset Value per Share
1,243,368.456 13.46
1,154,784.419 15.49
248,905.851 15.07
25,220.726 15.99
39,119.524 13.31
138,416.157 14.79
1,210,791.150 13.55
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
806,241.325 15.35
N/AN/A
N/AN/A
278,569.238 88.01
N/AN/A
2,240,000.000 14.22
416,595.182 15.23
USDUS Equity
1,265,676.068 5.77
N/AN/A
46,462.799 5.52
N/AN/A
16,375.324 5.74
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
2,791,053.322 5.41
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USDUS Index
2,776,729.609 9.73
25,845.565 10.35
6,628,673.333 9.59
12,021.718 10.39
259,260.593 9.49
2,057.110 9.49
56,105.979 10.16
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USD
Asia ex JapanFreestyle (formerly
Asia Freestyle)
Freestyle Sub-Funds
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
25,309,967.624 8.52
N/AN/A
N/AN/A
2,408,786.797 12.03
N/AN/A
41,324,127.465 11.57
9,263,238.238 11.60
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USDBRIC Freestyle
Key Figures as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
35HSBC Global Investment Funds
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
37,267,726.416 6.55
2,572,597.403 6.66
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USD
Global EmergingMarkets Equity
Freestyle
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
4,387,193.023 8.19
3,682,562.216 8.23
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USD
Latin AmericanFreestyle
513,789.990 12.63
N/AN/A
294,857.178 10.59
N/AN/A
113,190.712 12.54
N/AN/A
4,740.000 12.71
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
125,000.000 13.01
N/AN/A
USDBrazil Bond
Bond Sub-Funds
144,593.980 17.10
N/AN/A
16,217.739 15.46
N/AN/A
13,431.494 16.99
N/AN/A
2,473,657.366 17.59
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
EUREuro Core Bond
5,364,209.239 14.99
N/AN/A
25,604.462 12.48
N/AN/A
457.713 14.89
N/AN/A
7,123,947.635 15.54
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
64,502.175 14.01
EUR
Euro Core CreditBond
2,019,338.299 15.90
N/AN/A
24,822.571 12.76
N/AN/A
6,384.212 15.79
873.650 15.06
2,732,592.102 16.58
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
23,491.336 16.80
N/AN/A
EUREuro High Yield Bond
Key Figures as at 31 March 2009
36HSBC Global Investment Funds
Class ACNumber of Shares OutstandingNet Asset Value per ShareClass ACHNumber of Shares OutstandingNet Asset Value per ShareClass ADNumber of Shares OutstandingNet Asset Value per ShareClass ADHNumber of Shares OutstandingNet Asset Value per ShareClass ECNumber of Shares OutstandingNet Asset Value per ShareClass EDNumber of Shares OutstandingNet Asset Value per ShareClass ICNumber of Shares OutstandingNet Asset Value per ShareClass IDNumber of Shares OutstandingNet Asset Value per ShareClass J1CNumber of Shares OutstandingNet Asset Value per ShareClass L1CNumber of Shares OutstandingNet Asset Value per ShareClass L1DNumber of Shares OutstandingNet Asset Value per ShareClass M1CNumber of Shares OutstandingNet Asset Value per ShareClass M1DNumber of Shares OutstandingNet Asset Value per ShareClass M2CNumber of Shares OutstandingNet Asset Value per ShareClass M2DNumber of Shares OutstandingNet Asset Value per ShareClass PCNumber of Shares OutstandingNet Asset Value per ShareClass PDNumber of Shares OutstandingNet Asset Value per ShareClass S1DNumber of Shares OutstandingNet Asset Value per ShareClass WCNumber of Shares OutstandingNet Asset Value per ShareClass WDNumber of Shares OutstandingNet Asset Value per ShareClass YCNumber of Shares OutstandingNet Asset Value per ShareClass ZCNumber of Shares OutstandingNet Asset Value per ShareClass ZDNumber of Shares OutstandingNet Asset Value per Share
225,879.306 16.38
N/AN/A
62,003.625 12.23
N/AN/A
14,443.565 16.26
N/AN/A
109,326.133 16.85
15,512.000 13.33
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
EUR
EuropeanGovernment Bond
22,364.141 13.61
N/AN/A
2,806,807.240 12.50
N/AN/A
1,298.847 10.57
N/AN/A
113,893.971 13.75
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
827,899.936 10.21
N/AN/A
N/AN/A
18,983.878 172.31
N/AN/A
N/AN/A
2,332,012.410 12.90
USD
Global Core PlusBond
464,715.814 18.95
N/AN/A
3,784,844.716 14.49
N/AN/A
35,907.757 18.82
7,340.390 18.02
7,150,775.486 19.30
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
846,274.178 19.81
791,178.153 19.29
USD
Global EmergingMarkets Bond
22,173.000 9.50
N/AN/A
641.867 9.30
N/AN/A
143.492 9.50
N/AN/A
1,196,252.755 9.61
99,773.267 9.31
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
3,435,502.180 9.29
USD
Global EmergingMarkets Local Debt
Key Figures as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
37HSBC Global Investment Funds
104,054.181 12.17
N/AN/A
825,531.965 9.61
N/AN/A
9,942.842 12.08
N/AN/A
4,100.377 12.17
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
2,164,990.190 9.64
N/AN/A
83,238.568 14.28
2,559,254.585 9.69
N/AN/A
393,896.996 12.56
1,755,585.875 10.17
USD
US Dollar Core PlusBond
1,977,561.950 17.18
N/AN/A
205,192.066 15.64
N/AN/A
N/AN/A
N/AN/A
1,116,058.000 17.19
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
EUREuro Reserve
Reserve Sub-Funds
50.000 7.95
N/AN/A
100.000 7.93
N/AN/A
N/AN/A
N/AN/A
25,575.068 7.98
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
803,061.420 8.09
N/AN/A
EUR
Global DiscountStructures (formerly
Global DiscountCertificates)
Other Sub-Funds
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
350,415.999 112.37
N/AN/A
94,521.746 111.37
679.178 111.32
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
EURHalbis Global Macro
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
6,426,328.040 9.46
366,800.000 9.43
434,711.984 9.54
18,769,275.401 9.24
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
1,323,531.937 9.44
USDNew World Income
Key Figures as at 31 March 2009
38HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
CONSOLIDATEDUSD
Net Assets at the Beginning of the Year 24,064,273,852
INCOMEInvestment Income 420,265,610 Bank Interest 9,311,757 Other Income (note 15) 19,193,494
Total Income 448,770,861
EXPENSESManagement Fees (note 4.2) 205,234,784 Performance Fees (note 4.3) 4,936,345 Operating, Administrative and Servicing Fees(note 4.4) 59,737,789 Interest Paid 8,362,696
Total Expenses 278,271,614
Net Investment Profit/(Loss) 170,499,247 Realised Profit/(Loss) on Sale of Investments (3,508,508,914)
Realised Profit/(Loss) for the year beforeForeign Currency Movement (3,338,009,667)
Profit/(Loss) on Foreign Currency (83,017,988)Change in unrealisedappreciation/(depreciation) of Investments,futures, forward foreign exchange contractsand swaps (7,278,086,384)
Change in Total Net Assets as a Result of Operations (10,699,114,039)
Proceeds on Issue of Shares 7,444,589,387 Payments on Redemption of Shares (9,834,600,608)Dividends Paid (note 11) (69,842,735)Currency Translation (521,695,243)
Net Assets as at 31 March 2009 10,383,610,614
USDAsia ex Japan Equity
694,218,209
14,890,857 167,778 459,563
15,518,198
5,336,690 -
1,424,091 1,168
6,761,949
8,756,249 (83,981,357)
(75,225,108)
(2,282,711)
(190,534,751)
(268,042,570)
128,180,724 (235,066,084)
(1,069,414)-
318,220,865
International andRegional Equity
Sub-Funds
USD
Asia ex Japan EquitySmaller Companies
67,815,655
1,409,758 11,916 43,669
1,465,343
557,985 -
130,763 48
688,796
776,547 (19,309,579)
(18,533,032)
(226,993)
(6,983,007)
(25,743,032)
1,728,506 (25,098,569)
(61,949)-
18,640,611
USD
Asia Pacific ex JapanEquity High Dividend
131,437,129
4,899,173 18,035
165,331
5,082,539
1,353,136 -
329,751 214
1,683,101
3,399,438 (13,294,448)
(9,895,010)
(490,561)
(36,965,159)
(47,350,730)
18,748,710 (29,828,473)
(2,298,465)-
70,708,171
39HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets as at 31 March 2009
USDBRIC Markets
483,222,414
6,573,245 10,404
491,456
7,075,105
2,487,611 -
622,997 97,766
3,208,374
3,866,731 (81,205,376)
(77,338,645)
(821,784)
(82,613,747)
(160,774,176)
302,707,076 (596,301,095)
--
28,854,219
USDBRIC Markets Equity
565,309,958
7,549,151 1,048,791
137,557
8,735,499
4,936,129 -
1,360,522 5,021
6,301,672
2,433,827 (47,325,350)
(44,891,523)
(543,296)
(244,186,093)
(289,620,912)
221,759,620 (169,091,149)
--
328,357,517
USDClimate Change
59,583,311
1,125,606 71,199 21,017
1,217,822
733,470 -
178,927 8,361
920,758
297,064 (26,540,364)
(26,243,300)
(416,823)
(12,941,314)
(39,601,437)
49,459,788 (41,428,878)
--
28,012,784
EUR
Emerging EuropeEquity
20,247,254
310,945 6,921
12,775
330,641
179,709 -
43,690 1,387
224,786
105,855 (3,704,486)
(3,598,631)
(96,807)
(4,238,584)
(7,934,022)
1,411,185 (9,194,867)
(4,662)-
4,524,888
USDEmerging Wealth
42,528,879
851,355 32,892 26,573
910,820
535,663 -
143,289 5,862
684,814
226,006 (13,225,962)
(12,999,956)
(163,934)
(7,369,137)
(20,533,027)
12,174,790 (10,379,705)
--
23,790,937
EUREuroland Equity
890,006,808
24,669,650 609,328
2,519,723
27,798,701
10,820,586 -
2,653,707 18,709
13,493,002
14,305,699 (56,552,111)
(42,246,412)
(231,165)
(376,842,571)
(419,320,148)
596,204,277 (491,211,663)
(2,857,972)-
572,821,302
40HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
EUR
Euroland EquitySmaller Companies
Net Assets at the Beginning of the Year 60,792,863
INCOMEInvestment Income 1,334,949 Bank Interest 119,617 Other Income (note 15) 126,657
Total Income 1,581,223
EXPENSESManagement Fees (note 4.2) 629,132 Performance Fees (note 4.3) -Operating, Administrative and Servicing Fees(note 4.4) 157,463 Interest Paid 2
Total Expenses 786,597
Net Investment Profit/(Loss) 794,626 Realised Profit/(Loss) on Sale of Investments (21,414,704)
Realised Profit/(Loss) for the year beforeForeign Currency Movement (20,620,078)
Profit/(Loss) on Foreign Currency (1,436)Change in unrealisedappreciation/(depreciation) of Investments,futures, forward foreign exchange contractsand swaps (6,388,154)
Change in Total Net Assets as a Result of Operations (27,009,668)
Proceeds on Issue of Shares 16,700,027 Payments on Redemption of Shares (20,368,851)Dividends Paid (note 11) (14,296)Currency Translation -
Net Assets as at 31 March 2009 30,100,075
EUREuroland Growth
172,516,988
4,554,263 454,671 260,735
5,269,669
1,715,466 -
483,416 280
2,199,162
3,070,507 (17,910,228)
(14,839,721)
(8,916)
(51,055,504)
(65,904,141)
4,012,935 (17,944,084)
(25,668)-
92,656,030
EUREuropean Equity
227,727,194
6,048,604 65,719
1,086,412
7,200,735
1,460,227 -
497,983 1,281
1,959,491
5,241,244 (51,424,036)
(46,182,792)
(197,759)
(25,377,463)
(71,758,014)
37,997,589 (96,871,801)
(3,235,888)-
93,859,080
EUR
European EquityHigh Dividend
30,640,138
584,597 50,713
194,641
829,951
256,503 -
63,050 1,578
321,131
508,820 (14,223,934)
(13,715,114)
(111,288)
3,923,526
(9,902,876)
3,797,645 (19,519,924)
(33,621)-
4,981,362
41HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets as at 31 March 2009
USD
Global EmergingMarkets Elite
18,603,627
300,918 2,883 4,113
307,914
122,323 -
30,592 306
153,221
154,693 (5,851,775)
(5,697,082)
(39,179)
(2,868,065)
(8,604,326)
-(2,000,000)
--
7,999,301
USD
Global EmergingMarkets Equity
335,694,322
6,614,512 56,071
250,391
6,920,974
3,598,621 -
987,755 15,041
4,601,417
2,319,557 (137,615,384)
(135,295,827)
(1,291,764)
(68,090,391)
(204,677,982)
201,404,420 (162,376,037)
(435,584)-
169,609,139
USDGlobal Equity
136,539,772
2,190,849 35,535
398,725
2,625,109
427,322 -
290,514 10,397
728,233
1,896,876 (37,540,481)
(35,643,605)
(353,747)
(17,803,805)
(53,801,157)
14,869,259 (22,854,840)
(1,611,870)-
73,141,164
USD
Global SustainableEquity (formerly
Global Equity SRI)
22,933,662
532,692 5,159
-
537,851
141,334 -
44,288 448
186,070
351,781 (9,165,621)
(8,813,840)
30,771
(1,441,103)
(10,224,172)
12,712,132 (19,895,564)
--
5,526,058
EUR
SustainabilityLeaders (merged intoEuroland Equity as at
19 December 2008)
28,092,014
540,643 37,403
-
578,046
169,692 -
41,281 100
211,073
366,973 (12,150,814)
(11,783,841)
(50,747)
6,251,473
(5,583,115)
6,119,523 (28,510,916)
(117,506)-
-
USDBrazil Equity
1,640,242,424
20,349,674 56,140 35,516
20,441,330
17,558,277 -
4,212,095 760,350
22,530,722
(2,089,392)(276,643,854)
(278,733,246)
(16,090,215)
(479,814,743)
(774,638,204)
662,401,978 (1,109,789,630)
(2,527)-
418,214,041
Market SpecificEquity Sub-Funds
42HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
USDChinese Equity
Net Assets at the Beginning of the Year 3,906,152,473
INCOMEInvestment Income 72,101,830 Bank Interest 1,393,677 Other Income (note 15) 2,608,635
Total Income 76,104,142
EXPENSESManagement Fees (note 4.2) 41,286,093 Performance Fees (note 4.3) -Operating, Administrative and Servicing Fees(note 4.4) 11,448,903 Interest Paid 306
Total Expenses 52,735,302
Net Investment Profit/(Loss) 23,368,840 Realised Profit/(Loss) on Sale of Investments (806,025,598)
Realised Profit/(Loss) for the year beforeForeign Currency Movement (782,656,758)
Profit/(Loss) on Foreign Currency (12,149,505)Change in unrealisedappreciation/(depreciation) of Investments,futures, forward foreign exchange contractsand swaps (603,339,184)
Change in Total Net Assets as a Result of Operations (1,398,145,447)
Proceeds on Issue of Shares 958,119,345 Payments on Redemption of Shares (1,253,219,507)Dividends Paid (note 11) (3,058,600)Currency Translation -
Net Assets as at 31 March 2009 2,209,848,264
USDHong Kong Equity
475,798,740
12,468,638 230,773 447,959
13,147,370
3,519,241 -
1,243,859 -
4,763,100
8,384,270 (89,025,767)
(80,641,497)
(1,349,489)
(89,373,869)
(171,364,855)
185,453,271 (194,778,528)
(4,414,595)-
290,694,033
USDIndian Equity
6,372,330,775
63,656,307 450,919 402,248
64,509,474
60,119,368 -
16,265,843 54,072
76,439,283
(11,929,809)(433,733,058)
(445,662,867)
(33,298,524)
(3,429,641,988)
(3,908,603,379)
1,610,067,530 (1,819,128,338)
(13,002,572)-
2,241,664,016
JPYJapanese Equity
26,505,602,664
362,231,268 10,287,782 18,032,930
390,551,980
217,376,154 -
62,796,286 2,970,966
283,143,406
107,408,574 (11,508,892,488)
(11,401,483,914)
(104,067,074)
2,845,130,733
(8,660,420,255)
10,688,627,260 (18,411,608,667)
(26,429,865)-
10,095,771,137
43HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets as at 31 March 2009
USDKorean Equity
387,851,271
1,611,043 85,234
276,748
1,973,025
2,152,508 -
646,595 214
2,799,317
(826,292)(82,323,843)
(83,150,135)
(1,133,795)
(39,655,987)
(123,939,917)
78,065,348 (258,022,950)
(269,984)-
83,683,768
USDRussia Equity
9,124,672
314,945 5,003 6,502
326,450
346,504 -
97,843 3,624
447,971
(121,521)(24,838,811)
(24,960,332)
10,282
(23,835,328)
(48,785,378)
80,050,537 (20,343,556)
--
20,046,275
USDSingapore Equity
133,238,659
4,084,814 59,956 19,046
4,163,816
984,751 -
307,078 386
1,292,215
2,871,601 (68,567,853)
(65,696,252)
(559,135)
8,879,013
(57,376,374)
53,846,805 (84,126,719)
(1,674,673)-
43,907,698
USDTaiwan Equity
-
70,157 2,440
-
72,597
50,600 -
13,498 20
64,118
8,479 (1,605,321)
(1,596,842)
(56,657)
(1,057,430)
(2,710,929)
8,475,954 (1,344,037)
--
4,420,988
USDThai Equity
349,075,277
7,948,993 75,122
462,266
8,486,381
2,191,146 -
564,174 9,356
2,764,676
5,721,705 (56,491,179)
(50,769,474)
(397,651)
(109,255,536)
(160,422,661)
115,434,069 (229,843,925)
(1,557,919)-
72,684,841
EUR
Turkey Equity(formerly Turkish
Convergence)
37,525,128
1,173,497 128,962
4,951
1,307,410
270,240 -
65,477 -
335,717
971,693 (10,641,277)
(9,669,584)
(169,860)
7,338,645
(2,500,799)
11,423,384 (39,593,747)
(371,580)-
6,482,386
44HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
GBPUK Equity
Net Assets at the Beginning of the Year 62,297,262
INCOMEInvestment Income 2,219,350 Bank Interest 49,357 Other Income (note 15) 34,598
Total Income 2,303,305
EXPENSESManagement Fees (note 4.2) 853,317 Performance Fees (note 4.3) -Operating, Administrative and Servicing Fees(note 4.4) 177,729 Interest Paid 4,698
Total Expenses 1,035,744
Net Investment Profit/(Loss) 1,267,561 Realised Profit/(Loss) on Sale of Investments (16,843,762)
Realised Profit/(Loss) for the year beforeForeign Currency Movement (15,576,201)
Profit/(Loss) on Foreign Currency (15,541)Change in unrealisedappreciation/(depreciation) of Investments,futures, forward foreign exchange contractsand swaps (6,400,291)
Change in Total Net Assets as a Result of Operations (21,992,033)
Proceeds on Issue of Shares 26,491,003 Payments on Redemption of Shares (18,752,316)Dividends Paid (note 11) (792,306)Currency Translation -
Net Assets as at 31 March 2009 47,251,610
USDUS Equity
176,483,049
2,154,501 227,697 382,680
2,764,878
1,204,421 -
429,186 7,345
1,640,952
1,123,926 (51,876,172)
(50,752,246)
(205,933)
(34,506,031)
(85,464,210)
124,675,169 (82,204,785)
(653,969)-
132,835,254
USDUS Index
38,271,765
531,607 8,727
335,075
875,409
126,068 -
76,406 935
203,409
672,000 (6,701,178)
(6,029,178)
(256,650)
(10,079,770)
(16,365,598)
44,900,023 (43,520,767)
(530,629)-
22,754,794
USD
Asia ex JapanFreestyle (formerly
Asia Freestyle)
258,475,337
5,167,844 49,235
270,083
5,487,162
2,761,260 -
639,406 561
3,401,227
2,085,935 (69,073,363)
(66,987,428)
(1,069,933)
(41,083,532)
(109,140,893)
24,682,467 (79,787,635)
(202,344)-
94,026,932
Freestyle Sub-Funds
45HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets as at 31 March 2009
USDBRIC Freestyle
2,442,202,478
28,965,820 423,519 327,452
29,716,791
14,194,539 4,153,840
5,897,451 8,073
24,253,903
5,462,888 (284,039,801)
(278,576,913)
(4,433,727)
(916,525,659)
(1,199,536,299)
180,821,665 (593,514,539)
--
829,973,305
USD
Global EmergingMarkets Equity
Freestyle
654,007,923
11,278,650 109,406
5,741,058
17,129,114
4,523,574 -
1,818,317 5,892
6,347,783
10,781,331 (239,012,541)
(228,231,210)
(1,343,278)
(99,207,674)
(328,782,162)
89,589,730 (153,423,545)
--
261,391,946
USD
Latin AmericanFreestyle
241,573,437
3,253,341 79,058
4,840
3,337,239
1,522,808 235,708
610,378 16,695
2,385,589
951,650 (63,034,586)
(62,082,936)
(2,828,631)
(43,867,860)
(108,779,427)
148,755,877 (215,331,425)
--
66,218,462
USDBrazil Bond
14,115,502
317,371 36,829
-
354,200
124,941 -
52,021 1,660,135
1,837,097
(1,482,897)(818,823)
(2,301,720)
1,276,398
(1,774,194)
(2,799,516)
18,468,257 (16,723,432)
(343,001)-
12,717,810
Bond Sub-Funds
EUREuro Core Bond
124,216,902
3,046,725 36,752
2,751
3,086,228
309,982 -
117,930 33,723
461,635
2,624,593 (3,442,592)
(817,999)
(2,453)
(273,357)
(1,093,809)
30,500,656 (107,138,620)
(12,106)-
46,473,023
EUR
Euro Core CreditBond
127,986,610
9,573,422 138,081
9,790
9,721,293
1,075,036 -
461,144 103,417
1,639,597
8,081,696 629,821
8,711,517
(7,843)
(25,050,770)
(16,347,096)
126,458,147 (45,699,107)
(63,865)-
192,334,689
46HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
EUREuro High Yield Bond
Net Assets at the Beginning of the Year 50,046,935
INCOMEInvestment Income 5,731,155 Bank Interest 83,307 Other Income (note 15) 27,066
Total Income 5,841,528
EXPENSESManagement Fees (note 4.2) 535,080 Performance Fees (note 4.3) -Operating, Administrative and Servicing Fees(note 4.4) 192,024 Interest Paid 3,227
Total Expenses 730,331
Net Investment Profit/(Loss) 5,111,197 Realised Profit/(Loss) on Sale of Investments (3,879,977)
Realised Profit/(Loss) for the year beforeForeign Currency Movement 1,231,220
Profit/(Loss) on Foreign Currency (11,613)Change in unrealisedappreciation/(depreciation) of Investments,futures, forward foreign exchange contractsand swaps (16,500,802)
Change in Total Net Assets as a Result of Operations (15,281,195)
Proceeds on Issue of Shares 90,231,103 Payments on Redemption of Shares (46,751,648)Dividends Paid (note 11) (19,642)Currency Translation -
Net Assets as at 31 March 2009 78,225,553
EUR
Euro Strategic CreditBond (liquidated as
at 26 September2008)
42,913,028
571,212 118,127
-
689,339
147,374 -
52,034 -
199,408
489,931 (3,541,619)
(3,051,688)
170
2,736,417
(315,101)
38,511 (40,847,526)
(1,788,912)-
-
EUR
EuropeanGovernment Bond
31,099,983
770,784 16,396
2,032
789,212
114,708 -
39,090 1,171
154,969
634,243 (1,752,984)
(1,118,741)
(35,446)
717,489
(436,698)
27,070,933 (50,705,922)
(286,928)-
6,741,368
USD
Global Core PlusBond
154,254,904
3,967,869 129,377
6,283
4,103,529
424,222 -
208,471 15,263
647,956
3,455,573 (1,694,133)
1,761,440
(18,957)
(14,226,761)
(12,484,278)
16,418,626 (75,561,155)
(3,851,413)-
78,776,684
47HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets as at 31 March 2009
USD
Global EmergingMarkets Bond
444,188,082
26,330,173 92,524
-
26,422,697
1,960,374 -
953,479 555,551
3,469,404
22,953,293 (46,563,329)
(23,610,036)
(669,402)
(25,575,469)
(49,854,907)
125,942,410 (277,341,975)
(8,418,624)-
234,514,986
USD
Global EmergingMarkets Local Debt
45,464,527
3,258,829 532,217
7,020
3,798,066
125,460 -
180,245 300,843
606,548
3,191,518 (12,496,190)
(9,304,672)
(375,409)
(9,167,447)
(18,847,528)
120,880,732 (100,969,727)
(1,969,947)-
44,558,057
USD
Global High YieldBond (liquidated as
at 15 December2008)
5,853,443
680,103 15,862
-
695,965
2,521 -
23,349 21
25,891
670,074 (4,999,399)
(4,329,325)
39,849
439,682
(3,849,794)
10,259,919 (12,249,577)
(13,991)-
-
USD
US Dollar Core PlusBond
83,750,456
3,499,157 144,141
6,776
3,650,074
150,084 -
102,678 4,687
257,449
3,392,625 (1,282,051)
2,110,574
33,760
(4,369,504)
(2,225,170)
38,627,886 (37,875,743)
(3,243,953)-
79,033,476
EUREuro Reserve
43,463,578
896,028 38,880
-
934,908
191,853 -
50,925 -
242,778
692,130 294,392
986,522
(2,604)
132,429
1,116,347
60,347,139 (48,486,645)
(68,782)-
56,371,637
Reserve Sub-Funds
USD
US Dollar Reserve(liquidated as at 22
December 2008)
28,435,119
382,169 109,352
-
491,521
111,686 -
52,457 29,618
193,761
297,760 61,659
359,419
131,633
333,466
824,518
85,460,900 (113,760,907)
(959,630)-
-
48HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets as at 31 March 2009
The accompanying notes form an integral part of these financial statements.
EUR
Global DiscountStructures (formerly
Global DiscountCertificates)
Net Assets at the Beginning of the Year 20,746,328
INCOMEInvestment Income -Bank Interest 23,130 Other Income (note 15) -
Total Income 23,130
EXPENSESManagement Fees (note 4.2) 59,809 Performance Fees (note 4.3) -Operating, Administrative and Servicing Fees(note 4.4) 41,546 Interest Paid 4,919
Total Expenses 106,274
Net Investment Profit/(Loss) (83,144)Realised Profit/(Loss) on Sale of Investments (4,033,106)
Realised Profit/(Loss) for the year beforeForeign Currency Movement (4,116,250)
Profit/(Loss) on Foreign Currency 11,165 Change in unrealisedappreciation/(depreciation) of Investments,futures, forward foreign exchange contractsand swaps 621,045
Change in Total Net Assets as a Result of Operations (3,484,040)
Proceeds on Issue of Shares 14,499,136 Payments on Redemption of Shares (25,061,838)Dividends Paid (note 11) -Currency Translation -
Net Assets as at 31 March 2009 6,699,586
Other Sub-Funds
EURHalbis Global Macro
15,122,422
490,474 84,601
-
575,075
303,695 406,600
70,813 49,978
831,086
(256,011)2,603,864
2,347,853
55,130
442,532
2,845,515
38,963,766 (6,953,107)
--
49,978,596
USDNew World Income
219,477,266
14,268,714 694,828
-
14,963,542
1,990,974 8,640
797,591 4,456,265
7,253,470
7,710,072 (5,161,684)
2,548,388
549,423
(19,404,216)
(16,306,405)
142,134,563 (83,996,531)
(7,014,970)-
254,293,923
Notes to the Financial Statements
HSBC Global Investment Funds 49 42
1. Basis of presentation
HSBC Global Investment Funds (the “Company”) is incorporated under the laws of the Grand Duchy of Luxembourg as an investment company (Société d’Investissement à Capital Variable or “SICAV”). The capital comprises various classes of shares each relating to a separate portfolio (a “sub-fund”) consisting of securities, cash and other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities of the individual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fund are expressed in the currency designated in the prospectus for that particular sub-fund and the financial statements of the Company are expressed in United States Dollars (USD). The financial statements have been prepared in accordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.
The Company is an officially registered investment fund under part I of the law of 20 December 2002 and has been certified as a UCITS fund under the directive 85/611/CEE of the Council of Europe.
Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission under Section 104 of the “Securities and Futures Ordinance”.
In the prospectus and in the reports, the short names of the sub-funds are used. The complete name of each sub-fund consists of “HSBC Global Investment Funds” plus the short name of the sub-fund.
From 1 April 2008 to 31 March 2009, the Company has proceeded to:
1) The opening of the following sub-fund: • on 31 July 2008, Taiwan Equity
2) Change in name for the following sub-funds: • on 10 July 2008, Turkish Convergence changed its name to Turkey Equity • on 10 July 2008, Asia Freestyle changed its name to Asia ex Japan Freestyle • on 2 January 2009, Global Discount Certificates changed its name to Global Discount Structures • on 23 January 2009, Global Equity SRI changed its name to Global Sustainable Equity.
3) The liquidation of the following sub-funds: • on 26 September 2008, Euro Strategic Credit Bond • on 15 December 2008, Global High Yield Bond • on 22 December 2008, US Dollar Reserve
4) The merging of the following sub-funds: • on 19 December 2008, Sustainability Leaders class L1C merged into Euroland Equity class IC (exchange ratio 0.328054) • on 19 December 2008, Sustainability Leaders class M1C merged into Euroland Equity class AC (exchange ratio 0.329879) • on 19 December 2008, Sustainability Leaders class M1D merged into Euroland Equity class AD (exchange ratio 0.320424)
5) On 2 June 2008, change of the name of the Investment Advisers Former Investment Advisers Names New Investment Advisers Names HSBC Investments (USA) Inc. HSBC Global Asset Management (USA) Inc. HSBC Investments Deutschland GmbH HSBC Global Asset Management (Deutschland) GmbH HSBC Investments FCP (France) HSBC Global Asset Management FCP (France) HSBC Investments (Singapore) Limited HSBC Global Asset Management (Singapore) Limited HSBC Investments (Hong Kong) Limited HSBC Global Asset Management (Hong Kong) Limited (*) HSBC Investments (UK) Limited HSBC Global Asset Management (UK) Limited
(*) removed from the list of Investment Advisers since August 2008.
6) Change of Investment Adviser: • on 10 July 2008, the Investment Advisor for the Japanese Equity changed from Sinopia Asset Management to Sinopia Asset Management (Asia Pacific) Limited. • on 1 December 2008, the Investment Advisor for the Global Core Plus Bond changed from Halbis Capital Management (USA) Inc. to Halbis Capital Management (UK) Limited. • on 15 December 2008, the Investment Advisor for the US Dollar Core Plus Bond changed from Halbis Capital Management (USA) Inc. to Halbis Capital Management (UK) Limited. • on the 15 December 2008, the Investment Advisor for the Global Equity changed from Halbis Capital Management (UK) Limited to Sinopia Asset Management.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 50 42
1. Basis of presentation
7) Impact of liquidity issues in the market during the year
The Company has been impacted by the financial crisis as in the same way as most investment funds i.e. as a result of a drop in prices. The fall in the Fund Assets under Management through 2008 is principally due to the fall in the global markets. The funds are mainly equity based and are heavily invested in emerging markets. Foreign Exchange fluctuations between the currency of the assets and the valuation currency also slightly lead to a decrease of the assets, but this too would be somewhat immaterial when compared to the fall in the value of global markets. Regarding liquidity within the funds over the period, there has been no instances where the fund has been unable to pay redemptions proceeds on the day of settlement.
The Management Company has performed an assessment of the liquidity issues and provided confirmation that the recent volatility and reduced liquidity on some asset classes that has been witnessed in the financial markets during the reporting period has not had a significant or unusual impact on the Company's financial accounts during the year. No additional disclosures or adjustments to these financial statements were required.
2. Accounting Policies
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company’s financial statements.
a) Accounting convention The financial statements have been prepared under the historical cost convention modified by the revaluation of investments.
b) Assets and portfolio securities valuation
Portfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued at the last available price on the principal market on which such securities are traded. Securities traded on other organised markets are valued at the last available price or yield equivalents obtained from one or more dealers in such organised markets at the time of valuation. If such prices are not representative of their fair value, all such securities and all other permitted assets will be valued at their fair value at which it is expected they may be resold as determined in good faith by or under the direction of the Directors.
The assets of each Class within each subfund are valued using prices available at different times during the day of 31 March 2009. If the Company had calculated the net asset values solely with a view to publication, the market prices used to value the net assets would have been the closing prices on 31 March 2009. However, these net asset values would not have been significantly different from those shown in these financial statements, except for the following subfunds, for which the following variations would have been observed:
Subfund CCY % difference (in NAV %) HSBC GIF EMERGING EUROPE EQUITY EUR -1.545% HSBC GIF EUROLAND EQUITY EUR 1.741% HSBC GIF EUROLAND EQUITY SMALLER COMPANIES EUR 1.101% HSBC GIF EUROLAND GROWTH EUR 1.934% HSBC GIF EUROPEAN EQUITY EUR 1.817% HSBC GIF EUROPEAN EQUITY HIGH DIVIDEND EUR 1.794% HSBC GIF GLOBAL EQUITY USD 1.168% HSBC GIF GLOBAL SUSTAINABLE EQUITY USD 1.231% HSBC GIF RUSSIA EQUITY USD -2.264% HSBC GIF TURKEY EQUITY EUR 1.502% HSBC GIF UK EQUITY GBP 1.975% HSBC GIF US INDEX USD 1.078%
The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market will be valued in accordance with market practice. Shares or units in underlying open-ended investment sub-funds shall be valued at their last available net asset value reduced by any applicable charges.
The Fund uses the amortized cost method of valuation in valuing its portfolio of financial instruments (such as commercial papers, certificate of deposit, treasury bills,…)
c) Income and Expenses
Interest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
51 42
1. Basis of presentation (continued)
d) Foreign Exchange
The cost of investments, income and expenses in currencies other than the fund relevant reporting currency have been recorded at the rate of exchange ruling at the time of the transaction. The market value of the investments and other assets and liabilities in currencies other than the relevant reporting currency have been converted at the rates of exchange ruling at 31 March 2009.
e) Realised Profit/(Loss) on Sale of Investments
Realised profit/(loss) on sale of investments is the difference between the historical average cost of the investment and the sale proceeds.
f) Segregated Liability
The Company has segregated liability between its sub-funds; meaning, the assets of a sub-fund are exclusively available to satisfy the rights of shareholders in relation to that sub-fund and the rights of creditors whose claims have arisen in connection with the creation, operation and liquidation of that sub-fund.
3. Share capital The Company has issued either A, E, I, J, L, M, P, R, S, W, X, Y, YP, Z and ZP Shares to investors in one or several sub-funds as detailed below. Within each Share Class of a sub-fund, the Company is entitled to create different sub-classes distinguished by their distribution policy (Capital-Accumulation (C) and Distribution (D) Shares), their hedging activity (H) and/or by any other criterion to be stipulated by the Directors. All Share Classes are available as both Capital Accumulation and Distribution Shares. Shares in existence before 2 October 2000 have been designated Class A Shares and are available to all investors. On 25 November 2002, all Shares in issue in Class A of the sub-funds European Equity, Hong Kong Equity, Japanese Equity, Singapore Equity, US Index, US Dollar Core Plus Bond and US Dollar Reserve were renamed Class P shares.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
52 43
3. Share capital (continued) Description Minimum Initial
Investment Minimum Holding
Class A A Shares are available to all investors.
USD 5,000
Class E E Shares will be available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Share Distributor. E Shares will incur annual management fees equivalent to that of the Class A Shares plus 0.3% to 0.5% per annum of the Net Asset Value of Class E Shares, which may be payable to specific distributors in certain countries.
USD 5,000
Class I I Shares are available through specific distributors selected by the Distributor.
USD 1,000,000
Class J J Shares are available for investment by fund of fund ranges managed by the HSBC Group only.
USD 100,000
Class L L Shares are available through specific distributors selected by the Distributor, provided that the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law.
USD 1,000,000
Class M M Shares are available to all investors.
USD 5,000
Class P P Shares are available for subscription in certain jurisdictions or through certain distributors selected by the Distributor.
USD 50,000
Class R R Shares are available in certain jurisdictions, through specific distributors selected by the Distributor. R Shares will incur additional fees between 0.3% to 0.5% of the Net Asset Value of Class R Shares, which may be payable to specific distributors in certain countries.
USD 5,000
Class S1 S1 Shares are available in certain jurisdictions or through certain distributors selected by the Distributor provided that the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law.
USD 100,000
Class W W Shares are available through specific distributors that will also be members or affiliated entities of the HSBC Group as selected by the Distributor provided that the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law. No Operating, Administrative and Servicing Expenses will be charged to Class W Shares. All the fees and charges allocated to this Class will be paid directly by members or affiliated entities of the HSBC Group.
USD 100,000
Class X X Shares are available through specific distributors selected by the Distributor provided that the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law and fall into one of the following categories: companies or company pension funds, insurance companies or registered charities company.
USD 10,000,000 Unless otherwise
provided in the Sub-Fund characteristics
of the prospectus
Class Y Y shares are available in certain jurisdictions through specific distributors appointed by the Distributor .
USD 1,000
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
53 44
3. Share capital (continued) Class YP YP Shares are available in certain jurisdictions through specific
distributors appointed by the Distributor.
USD 1,000
Class Z Z Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Distributor provided that such investors qualify as institutional investors within the meaning of article 129 of the 2002 law.
USD 1,000,000
Class ZP ZP Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Distributor provided that such investors qualify as institutional investors within the meaning of article 129 of the 2002 Law.
USD 1,000,000
The Board of Directors of the Company has authority to issue different Classes of Shares in the one or several sub-funds. Details of the characteristics of such Share Classes offered by one or several sub-funds will be determined by the Board of Directors. In case of the creation of additional Classes of Shares, the Prospectus will be updated. The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio of investments. All Shares of the same Class have equal rights and privileges. Each Share is, upon issue, entitled to participate equally in assets of the relevant Class of the sub-fund to which it relates on liquidation and in dividends and other distributions as declared for such sub-fund. The Shares will carry no preferential or pre-emptive rights and each whole Share will be entitled to one vote at all meetings of Shareholders. The minimum initial investment amount may be reduced at the discretion of the Company. Share Class Denominations and Successive Classes: The Share Classes issued in the different sub-funds are designated by their class name, followed by their distribution characteristics and, if applicable, their specific hedging policy and the currency into which the Base Currency is hedged. This means that for example Shares issued in Class A which are distributing income and applying a hedging policy to Euro, as defined above, would be identified as ADHEUR whereas Class I Shares accumulating income would be identified as IC. Successive Classes J, L, M, R, YP and ZP in a given sub-fund are numbered 1, 2, 3… and will be referred to as J1, J2, J3, (…), L1, L2, L3 (…), M1, M2, M3 (…) etc. Successive Classes S Shares will be issued in different sub-funds, and numbered 1, 2, 3 etc. and will be referred to as S1, S2, S3, etc. for the S Class launched in the first sub-fund, S Class launched in the second sub-fund and S Class launched in the third sub-fund, respectively and as disclosed in the relevant sub-fund characteristics (see Section 3.2. of the Prospectus). Within each share class of a sub-fund, separate currency hedged classes may be issued (suffixed by “H” and the currency into which the Base Currency is hedged e.g. “HEUR” or “HGBP”). Any fees of the Administrator relating to the execution of the currency hedging policy will be borne by the relevant currency hedged class. These fees are in addition to the operating, administrative and servicing expenses detailed below. Any gains or losses shall also accrue to the relevant currency hedged class.
4. Charges and Expenses
1. Explanation of the Charging Structure Investment in the Company is generally offered via charging structures, as represented by the A, E, I, J, L, M, P, R, S1, W, X, Y, YP, Z and ZP Classes of Shares. The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover all investment management, investment advisory and distribution services provided in relation to the relevant class (see paragraph (2) headed “Management Fee” below).
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
54 45
4. Charges and Expenses (continued) In addition, the Company pays to the Management Company a fee to cover operating, administrative and servicing expenses. To preserve Shareholders from fluctuations in a sub-fund’s operating, administrative and servicing expenses, the Company has agreed with the Management Company that the fee charged to cover such operating, administrative and servicing expenses is fixed at an annual rate. The potential excess of such expenses above such annual rate will be borne directly by the Management Company (see paragraph (4) headed “Operating, Administrative and Servicing Expenses” below). 2. Management Fee The Company pays to the Management Company an annual management fee calculated as a percentage of the Net Asset Value of each sub-fund or Share Class (“Management Fee”). The Management Fee is accrued daily and payable monthly in arrears at the rates specified in the table page 76.
The maximum rate for Class E, I, J, L and M Shares is 3.5%. The maximum rate for Class A, P, R, S1, X, Y, YP, Z and ZP Shares is as stated in the Prospectus. No Management Fee is currently charged for Class W Shares.
The Management Fee covers management and distribution services provided in relation to the relevant sub-fund of the Company by the Management Company, the Investment Advisers and the Share Distributors. The Management Company is responsible for discharging, out of such fee, the fees of the Investment Advisers and the Share Distributors and may pay part of such fee to recognised intermediaries or such other person as the Management Company may determine, at its discretion. The Management Company may instruct the Company to pay a portion of the Management Fee directly out of the assets of the Company to any of such service providers. 3. Performance Fee Unless otherwise provided in the Prospectus, for sub-funds issuing Classes J Shares, L Shares, M Shares, R Shares, XP Shares, YP Shares and ZP Shares, the Management Company is also entitled to a Performance Fee, payable annually in arrears after the end of each twelve month period.
Each Dealing Day, the Performance Fee accrual will be calculated as 20% (10% in the case of Global Equity Freestyle) of the difference between the change in the Net Asset Value per share of the relevant Class of the sub-fund since the previous Dealing Day (net of all other fees and expenses and excluding the effect of subscriptions and redemptions) and the simple daily equivalent of the percentage defined below for the relevant sub-funds (hereafter the "Percentage") provided that on such Dealing Day the Net Asset Value per Share of the relevant Class of the sub-fund is higher than the Low Tide Mark (as defined below). On the first issue of the relevant Class of Shares in a sub-fund, the Low Tide Mark will equal the initial offer price of the relevant Class of Shares of the sub-fund. The Low Tide Mark will not be set at a level below the initial offer price of the relevant Class of Shares of the sub-fund. The cumulative Performance Fee accruals from the beginning of the twelve months period will be included in the calculation of the Net Asset Value per Share. In the event of any change in the Net Asset Value of the relevant Class of the sub-fund being less than the simple daily equivalent of the Percentage, the daily Performance Fee accrual will be negative and will reduce the cumulative Performance Fee accrual until the accrual reaches a minimum level of zero. If the cumulative Performance Fee accrual reaches zero, the Net Asset Value per Share on the previous day will be set as the ‘Low Tide Mark’. No further daily Performance Fee accruals will be made until the Net Asset Value per Share exceeds the Low Tide Mark. At the end of the twelve months period, the positive balance (if any) of the Performance Fee accrual will become payable to the Management Company and the Performance Fee accrual in the Net Asset Value per share of the relevant Class of Shares will be reset to zero and the Net Asset Value per Share on that day will be set as the Low Tide Mark. When there is a positive Performance Fee accrual during a period of significant new subscriptions into a sub-fund with the relevant Class of Shares, followed by a period of negative performance, all Shareholders will participate (in proportion with their Shareholding) in the reduction in the cumulative Performance Fee accrual, regardless of their actual contribution to the cumulative Performance Fee accrual. Also, if the Net Asset Value per Share is rising but is still below the Low Tide Mark, the Management Company will not benefit from any Performance Fee accruals on any relevant Class of Shares of the sub-fund, including Shares that are newly issued and which only experience positive performance. The detailed Performance Fee information can be found in the prospectus dated December 2008.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
55 46
4. Charges and Expenses (continued)
If there is a positive balance of the Performance Fee, it will become payable to the Management Company and will be included in the “performance fees” balance from the statement of operations. If there was a positive balance of the Performance Fees accrued as at 31 March 2008 but no performance fees paid during the year ended March 31, 2009 or payable as at March 31, 2009, the 31 March 2008 accrual reversal is included in the “other income” balance from the statement of operations.
4. Operating, Administrative and Servicing Expenses / Operating Currency Hedging Fees
The Company pays to the Management Company a fee to cover certain Operating, Administrative and Servicing Expenses. The Management Company is responsible for discharging out of this fee, the expenses described below, inter alia, payable to the Custodian, the Administration Agent and the Transfer Agent.
This fee is set, for each sub-fund and/or class, at a fixed percentage of the Net Asset Value of the relevant sub-fund or class specified in the Company’s prospectus (as specified in the table page 75). Such fee is accrued daily and payable monthly in arrears.
No Operating, Administrative and Servicing Expenses will be charged to Class W Shares. All the fees and charges allocated to such Class of Shares will be paid directly by a member or an affiliated entity of HSBC Group.
The maximum rate for class A, E, I, J, L, M, P, R, S1, X, Y, YP, Z and ZP Shares is 1.0% (but not including the fees of the Administration Agent relating to the execution of the currency hedging for the currency hedged share classes). However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative and Servicing Expenses applicable to each Class of shares. In the event of an increase of such expenses, the concerned shareholders will be given at least three months prior notice of such increase. During this three months notice, such Shareholders may request the redemption of their shares, free of charge.
Operating, Administrative and Servicing Expenses cover the ongoing custody fees and safekeeping charges payable to the Custodian and its correspondent banks, fees for fund accounting and administration services (including domiciliary services) payable to the Administrative Agent and transfer agency fees for registrar and transfer agency services payable to the Transfer Agent.
Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; the costs of the Subsidiaries (see below); the Luxembourg asset-based taxe d’abonnement, at the rate referred to under Section “Taxation” of the Company’s prospectus; attendance fees and reasonable out-of-pocket expenses incurred by the Board of Directors; legal, auditing fees and expenses; ongoing registration and listing fees, including translation expenses; the costs and expenses of preparing, printing, and distributing the Company’s Prospectus, simplified prospectuses, financial reports, statements and other documents made available directly or through intermediaries to its shareholders.
The Company pays to the Management Company a fee to cover the fees of the Administration Agent relating to the execution of the currency hedging policy for the hedged share classes, launched after 1 December 2008.
The Management Company may instruct the Company to pay a portion of the aforesaid fees directly out of the assets of the Company to any of the aforementioned service providers. In such case the fee due to the Management Company is reduced accordingly.
5. Transaction expenses and extraordinary expenses
The transaction expenses linked to security dealing are written off against the realised profit/loss from the sale of investments.
Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments, brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. These transaction fees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the sub-fund to which they are attributable. Transaction fees are allocated across each sub-fund’s Share Classes.
The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.
6. Indian Equity and Global Emerging Markets Equity
The Company wholly owns subsidiaries in Mauritius, namely HSBC Global Investment Funds Mauritius Limited (“HSBC Mauritius”) and HSCB GIF Mauritius No. 2 Limited (“HSBC Mauritius No. 2”), both located at 10, Frère Félix de Valois Street, Port Louis, Mauritius. HSBC Mauritius manages the Indian Equity sub-fund’s investments in India, and HSBC Mauritius No. 2 manages the Global Emerging Markets Equity sub-fund’s investments in India.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
56 47
6. Indian Equity and Global Emerging Markets Equity (continued) HSBC Mauritius is a company incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity subfund and the HSBC Mauritius have been consolidated.
HSBC Mauritius No. 2 is company incorporated in Mauritius on 21 November 2007. The accounts of the Global Emerging Markets Equity sub-fund and HSBC Mauritius No. 2 have been consolidated. Both subsidiaries have appointed Multi Consult Limited, 10 Frère Félix de Valois Street, Port Louis, Mauritius (until 29 March 2009), Rogers House, 5, President John Kennedy Street, PO Box 60, Port Louis, Mauritius from March 30, 2009, to provide administrative services to the Subsidiary in Mauritius, including maintenance of its accounts, books and records.
Both subsidiaries have appointed KPMG Mauritius located at KPMG Centre, 30 St George Street, Port Louis, Mauritius, as auditors of the Subsidiary in Mauritius to perform the auditor’s duties required by Mauritius law.
7. Taxation of the Company
The following summary is based on the Company’s understanding of the law and practice currently in force in the Grand Duchy of Luxembourg and in other jurisdictions and is subject to changes therein.
Belgium
The Belgian government has enacted a law which charges an annual net asset value tax on foreign investment funds registered with the Belgian Banking and Finance Commission. An annual tax of 0.08% is charged on the net outstanding amounts of sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure is not substantially documented, the tax authorities may calculate the tax on the total asset of those sub-funds.
To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out of the Operating, Administrative and Servicing Expenses it receives. However, should the cost become substantial or long term the Management Company may require the sub-funds concerned to bear that tax charge for future periods.
India
On the basis that it is a Mauritian tax resident, the Subsidiary will benefit from the tax advantages available to it under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiary will file, through its Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which it invests. Capital gains resulting from the purchase and sale by the Subsidiary of stocks on the Indian stock exchanges will be exempt from tax on the basis that the Subsidiary is able to benefit from the provisions of the India-Mauritius double taxation treaty.
Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exempt from income tax. The sale and purchase of stocks and securities is exempt from Indian sales tax.
The above-stated tax treatment under the India-Mauritius tax treaty will be available provided that the Subsidiary does not have a permanent establishment or its effective management and control in India. No guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the Indian Equity sub-fund in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European Union.
The Indian Central Board of Direct Taxes has confirmed the availability of the treaty benefits to companies holding a certificate of Mauritian tax residence. The Supreme Court of India confirmed on 7 October 2003 the validity of this position.
Luxembourg
The Company is not liable to any Luxembourg tax on profits or income. The Company is, however, liable in Luxembourg to a tax of 0.05% per annum of its net asset value, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01% per annum for the Euro Reserve sub-funds and Classes J Share, L Share, S1 Share, W Share, X Share, Z Share and ZP Share in the relevant sub-funds. No stamp duty or other tax is payable in Luxembourg on the issue of Shares.
The Classes/sub-funds may be exempted from this 0.01% tax if they comply with the requirements of the Luxembourg law of 19 December 2003 which are the following: (i) the Shares of the Class/sub-fund must be reserved to institutional investors in the meaning of article 129 of the 2002 Law; (ii) the exclusive object of the Class/sub-fund’s portfolio must be the investment in money market instruments and/or deposits with credit
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
57 48
7. Taxation of the Company (continued) institutions; (iii) the remaining average maturity of the Class/sub-fund’s portfolio must be less than 90 days and (iv) the Class/sub-fund must benefit from the highest possible rating of a recognized rating agency. No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company.
The Company paid a tax of EUR 1,239.46 on its incorporation.
Mauritius
The Subsidiaries are registered with the Mauritius Offshore Business Activities Authority as offshore companies. As a result they are subject to a reduced rate of Mauritian income tax on their income. In addition, no Mauritian capital gains tax will be payable in respect of the Subsidiaries investments in India and any dividends and redemption proceeds paid by the Subsidiaries to the Indian Equity or Global Emerging Markets Equity sub-funds will be exempt from Mauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiaries by the Commissioner of Income Tax in Mauritius Revenue Authority. On the basis that they are Mauritian tax residents, the Subsidiaries will qualify for certain reliefs from Indian tax as set out in the Indian tax paragraph above.
Thailand
Where possible Thai stocks of the Thai Equity sub-fund are held through custody arrangements in London which enables the Company to benefit from the United Kingdom-Thailand double tax treaty and therefore gains realised by the sub-fund are currently not liable to tax in Thailand. Although the Company will seek to maintain this favourable position, no guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the sub-fund in future periods. Should the sub-fund become subject to Thai tax on its gains this will have an adverse effect on investment returns and a possible impact on the net asset value.
United Kingdom
It is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become resident in the United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes it should not be subject to United Kingdom corporation tax on its income and capital gains.
The Company has received certification as a distributing fund under Schedule 27 of the Income and Corporation Taxes Act 1988.
General
Dividends and interest received by the Company on its investments are generally subject to non-recoverable withholding taxes in the countries of origin. For the purpose of eligibility requirements of Article L-221-31 of the French Monetary and Financial Code, the following sub-funds have invested in excess of 75% of Equity of Equity equivalent securities, which have their registered office in a country which is a member of the EU or the European Economic Area. Euroland Equity; Euroland Equity Smaller Companies; European Equity; European Equity High Dividend; UK Equity.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
58 49
8. Public and bank holidays in Hong Kong HSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and Share Distributor in Hong Kong. There will be no dealing for the Shares of the Company in Hong Kong on a day which is a public or bank holiday in Hong Kong.
9. Forward foreign exchange contracts
As at 31 March 2009, the Company had entered into various forward foreign currency contracts for the purpose of hedging the portfolio which obliges the Company to deliver currencies at specified future dates. Open contracts are as follows: Contracts with a settlement date of 31 March 2009 still appear because they were open at the time of the preparation and publication of the net asset value of 31 March 2009.
Sub-funds Contract
Date In exchange
for Settlement Contract to
deliver Unrealised Gain/(loss)
by Sub-Fund
Asia ex Japan Equity 27/03/2009 EUR 179,000 30/06/2009 USD 242,706 30/03/2009 EUR 111,000 30/06/2009 USD 146,570 26/03/2009 EUR 4,924,000 30/06/2009 USD 6,678,914 USD (167,289)
Global Emerging Markets Equity
25/03/2009 USD 390,551 01/04/2009 ZAR 3,722,762
26/03/2009 USD 86,114 02/04/2009 ZAR 806,251 USD 6,747
Global Emerging Markets Equity Freestyle
25/03/2009 USD 205,166 01/04/2009 ZAR 1,955,661 USD 2,242
US Equity
27/02/2009 USD 780,128 16/04/2009 EUR 615,000
11/03/2009 EUR 225,400 16/04/2009 USD 288,005
12/03/2009 EUR 276,500 16/04/2009 USD 353,713
13/03/2009 EUR 409,000 16/04/2009 USD 527,365
16/03/2009 EUR 2,409,000 16/04/2009 USD 3,133,507
19/03/2009 EUR 818,000 16/04/2009 USD 1,121,355
23/03/2009 EUR 378,000 16/04/2009 USD 512,719
23/02/2009 EUR 307,000 16/04/2009 USD 390,811
25/02/2009 EUR 11,364,000 16/04/2009 USD 14,553,253
26/02/2009 EUR 509,000 16/04/2009 USD 649,993
30/03/2009 USD 1,608,030 16/04/2009 EUR 1,222,000
02/03/2009 USD 769,127 16/04/2009 EUR 611,000
04/03/2009 USD 386,617 16/04/2009 EUR 308,000
24/03/2009 USD 3,115,120 16/04/2009 EUR 2,300,000
10/03/2009 EUR 206,000 16/04/2009 USD 263,107
25/03/2009 EUR 2,000,000 16/04/2009 USD 2,709,720 USD 478,302
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
59 50
9. Forward foreign exchange contracts (continued)
Sub-funds Contract Date In exchange for Settlement
Contract to deliver
Unrealised Gain/(loss) by Sub-Fund
Asia Freestyle
27/03/2009 EUR 7,000 30/06/2009 USD 9,491
26/03/2009 EUR 289,000 30/06/2009 USD 392,000
30/03/2009 EUR 6,000 30/06/2009 USD 7,923 USD (9,707)
Global Core Plus Bond
16/03/2009 EUR 275,000 06/04/2009 USD 358,163
03/03/2009 GBP 382,000 06/04/2009 USD 537,132
24/03/2009 JPY 229,000,000 06/04/2009 USD 2,336,375
18/03/2009 JPY 8,356,000 06/04/2009 USD 84,776
16/03/2009 JPY 29,250,000 06/04/2009 USD 297,992
19/03/2009 JPY 254,000,000 06/04/2009 USD 2,653,019
03/03/2009 MXN 2,740,000 06/04/2009 USD 177,186
19/03/2009 USD 131,957 06/04/2009 CAD 164,000
03/03/2009 USD 307,043 06/04/2009 CAD 397,000
18/03/2009 USD 1,482,394 06/04/2009 EUR 1,130,000
03/03/2009 USD 1,020,016 06/04/2009 EUR 808,000
18/03/2009 USD 301,925 06/04/2009 GBP 216,000
02/03/2009 USD 3,932,145 06/04/2009 JPY 383,000,000
18/03/2009 USD 1,007,247 06/04/2009 JPY 98,679,000
18/03/2009 AUD 590,000 18/05/2009 USD 388,840
12/03/2009 DKK 1,903,000 18/05/2009 USD 326,074
12/03/2009 PLN 670,000 18/05/2009 USD 184,375
12/03/2009 SEK 3,415,000 18/05/2009 USD 387,584
18/03/2009 KRW 930,000,000 22/05/2009 USD 655,853
18/03/2009 TWD 11,214,000 22/05/2009 USD 329,242 USD (6,768)
Global Emerging Markets Bond
26/03/2009 AUD 1,427,042 30/04/2009 USD 1,000,000
14/08/2008 USD 3,857,458 27/07/2009 KWD 1,050,000
21/07/2008 KWD 1,050,000 27/07/2009 USD 4,000,000 USD (164,746) Global Emerging Markets Local Debt
27/02/2009 USD 550,000 02/04/2009 BRL 1,324,125
26/02/2009 BRL 6,961,500 02/04/2009 USD 2,928,692
26/02/2009 USD 1,000,000 02/04/2009 BRL 2,390,000
26/02/2009 PLN 1,840,690 02/04/2009 USD 500,000
26/02/2009 ZAR 10,000,000 02/04/2009 USD 9,988,004
19/03/2009 USD 600,000 03/04/2009 TRY 1,029,480
02/03/2009 USD 650,000 03/04/2009 TRY 1,132,625
19/03/2009 USD 500,000 06/04/2009 PLN 1,674,218
20/03/2009 USD 500,000 07/04/2009 MXN 7,102,000
18/03/2009 AUD 1,789,442 16/04/2009 USD 1,200,000
12/03/2009 AUD 2,300,966 16/04/2009 USD 1,500,000
12/03/2009 CLP 597,000,000 16/04/2009 USD 1,000,000
19/03/2009 CLP 290,250,000 23/04/2009 USD 500,000
24/03/2009 USD 1,000,000 27/04/2009 MYR 3,645,000
24/03/2009 USD 500,000 27/04/2009 SGD 757,400
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
60 51
9. Forward foreign exchange contracts (continued) Sub-funds Contract
Date In
exchange for
Settlement Contract to deliver
Unrealised Gain/(loss)
by Sub-Fund Global Emerging Markets Local Debt (continued) 26/03/2009 CLP 858,500,000 30/04/2009 USD 1,500,000
16/07/2008 RON 3,773,000 20/07/2009 EUR 1,000,000
22/10/2008 EUR 897,265 20/07/2009 RON 3,773,000
21/07/2008 KWD 472,500 27/07/2009 USD 1,800,000
14/08/2008 USD 1,735,856 27/07/2009 KWD 472,500
24/10/2008 USD 2,036,577 06/08/2009 ZAR 25,000,000
04/08/2008 ZAR 39,585,000 06/08/2009 USD 5,000,000
28/08/2008 RON 1,929,760 02/09/2009 EUR 515,703
22/10/2008 EUR 454,596 02/09/2009 RON 1,929,760
13/03/2009 USD 500,000 17/09/2009 ARS 2,090,000 USD (1,591,659)
Halbis Global Macro
10/03/2009 CHF 1,594,800 07/04/2009 GBP 1,000,000
12/02/2009 GBP 600,000 07/04/2009 CHF 990,000
05/02/2009 GBP 400,000 07/04/2009 CHF 682,760
05/01/2009 GBP 746,720 07/04/2009 EUR 800,000
13/01/2009 JPY 94,464,000 07/04/2009 EUR 800,000
23/02/2009 EUR 800,000 07/04/2009 JPY 97,060,400
05/01/2009 NOK 7,608,800 07/04/2009 EUR 800,000
17/03/2009 EUR 1,560,000 19/06/2009 CHF 2,390,388
11/03/2009 EUR 1,000,000 19/06/2009 GBP 921,150
17/03/2009 GBP 1,829,900 19/06/2009 EUR 1,977,095
19/03/2009 EUR 905,000 19/06/2009 JPY 116,360,828
11/03/2009 JPY 124,545,000 19/06/2009 EUR 1,000,000
17/03/2009 JPY 104,385,000 19/06/2009 EUR 818,000
17/03/2009 NOK 19,277,300 19/06/2009 EUR 2,185,635
17/03/2009 EUR 2,585,800 19/06/2009 USD 3,348,352
26/03/2009 USD 1,327,214 19/06/2009 EUR 980,000
26/02/2009 USD 1,000,000 27/05/2009 BRL 2,408,000
25/02/2009 USD 1,000,000 27/05/2009 BRL 2,455,000
12/01/2009 USD 2,000,000 07/04/2009 CNY 13,810,000
26/03/2009 USD 1,260,000 17/06/2009 BRL 2,869,020
20/03/2009 USD 431,000 17/06/2009 BRL 991,731
19/03/2009 USD 830,000 17/06/2009 BRL 1,899,040 EUR (47,937)
New World Income
12/03/2009 AUD 7,669,888 16/04/2009 USD 5,000,000
18/03/2009 AUD 5,666,567 16/04/2009 USD 3,800,000
26/03/2009 AUD 4,709,240 30/04/2009 USD 3,300,000
21/07/2008 KWD 1,575,000 27/07/2009 USD 6,000,000
14/08/2008 USD 5,786,187 27/07/2009 KWD 1,575,000
13/03/2009 USD 4,500,000 17/09/2009 ARS 18,810,000 USD 237,875
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
61 52
10. Futures
As at 31 March 2009, the Company had entered into the following outstanding futures contracts:
Sub-funds Number of
contracts Currency Commitments Maturity date Unrealised gain/(loss)
in sub-fund currency Brazil Equity
BRAZIL BOVESPA STOCK IDX 500 BRL 20,427,500 15/04/2009 0
USD 0
BRIC Markets Equity
HSCEI-HKD CHINA ENT 433 HKD 173,936,100 29/04/2009 (684,676)
USD (684,676) Climate Change
NIKKEI 225 INDICES 7 JPY 56,840,000 11/06/2009 81,373
S&P 500 EMINI INDEX 18 USD 712,800 19/06/2009 39,285
USD 120,658
Emerging Wealth
NIKKEI 225 INDICES 4 JPY 32,480,000 11/06/2009 46,499
S&P 500 EMINI INDEX 1 USD 39,600 19/06/2009 2,182
USD 48,681
Euroland Equity
DOW JONES EURO STOXX 50/PR. IND 1,200 EUR 23,520,000 19/06/2009 (41,380)
EUR (41,380)
Euroland Growth
DOW JONES EURO STOXX 50/PR.IND 450 EUR 8,820,000 19/06/2009 (18,000)
EUR (18,000)
European Equity High Dividend DOW JONES EURO STOXX 50/PR.IND 18 EUR 352,800 19/06/2009 (710)
EUR (710) Global Equity
AEX 11 EUR 470,470 17/04/2009 (14,996)
CAC 40 29 EUR 797,500 17/04/2009 (1,436)
DAX-INDEX 1 EUR 100,988 19/06/2009 (1,886)
FTASE ASE 20 INDEX 80 EUR 321,000 19/06/2009 (23,427)
FTSE 100 INDEX 41 GBP 1,558,205 19/06/2009 (36)
IBEX-35 INDICES BOLSA ESPANOL. 8 EUR 613,280 17/04/2009 5,533
MINI S&P MIB 7 EUR 105,420 19/06/2009 (12,461)
NIKKEI 225 INDICES 6 JPY 48,720,000 11/06/2009 69,748
SMI INDEX/OHNE DIVIDENDENKORR. 15 CHF 717,150 19/06/2009 5,754
S&P / ASX 200 INDEX 8 AUD 713,200 18/06/2009 20,343
S&P 500 EMINI INDEX 115 USD 4,554,000 19/06/2009 250,988
S&P 500 INDICES 9 USD 1,781,325 18/06/2009 (58,577)
S&P CANADA 60 INDEX 8 CAD 828,640 18/06/2009 15,333
USD 254,880
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
62 53
10. Futures (continued)
Sub-funds Number of
contracts Currency Commitments Maturity date Unrealised gain/(loss)
in sub-fund currency Indian Equity DLF LIMITED 1,248 INR 333,665,280 30/04/2009 0
EDUCOMP SOLUTIONS LTD 500 INR 150,502,500 30/04/2009 0
MAHINDRA & MAHINDRA 175 INR 83,417,880 30/04/2009 0
MARUTI SUZUKI INDIA LTD 959 INR 586,908,000 30/04/2009 0
TATA STEEL LTD 112 INR 36,186,707 30/04/2009 0
UNITECH LTD 574 INR 179,001,900 30/04/2009 0
USD 0
Japanese Equity
TOPIX INDEX (TOKYO) 73 JPY 567,210,000 11/06/2009 7,540,000
JPY 7,540,000
US Equity
S&P 500 INDICES 80 USD 15,686,000 18/06/2009 (47,450)
USD (47,450)
US Index
S&P 500 EMINI INDEX 2 USD 78,425 19/06/2009 (3,525)
S&P 500 INDICES 16 USD 3,137,200 18/06/2009 (140,800)
USD (144,325)Brazil Bond IDI INTERBANK DEP RATE INDEX (50) BRL (516,000) 30/12/2010 0
USD 0
Euro Core Bond
EURO BOBL 15 EUR 1,747,050 08/06/2009 1,200
EURO BUND 24 EUR 2,980,560 08/06/2009 16,560
EURO SCHATZ 52 EUR 5,629,780 08/06/2009 705
EUR 18,465
Euro Core Credit Bond
EURO BOBL 15 EUR 1,747,050 08/06/2009 14,625
EURO BUND 99 EUR 12,294,810 08/06/2009 75,870
EURO SCHATZ 318 EUR 34,428,270 08/06/2009 (22,700)
EUR 67,795
European Government Bond
EURO BUND 32 EUR 3,819,680 08/06/2009 4,605
EURO SCHATZ 1 EUR 108,265 08/06/2009 (30)
EURO-BUXL-FUTURES 2 EUR 196,480 08/06/2009 (580)
EUR 3,995
Halbis Global Macro 10Y TREASURY NOTES USA 1 USD 123,563 19/06/2009 1,428
EURO BUND 55 EUR 6,830,450 08/06/2009 53,650
EURO-BUXL-FUTURES 25 EUR 2,456,000 08/06/2009 85,700
FTSE 100 INDEX 23 GBP 874,115 19/06/2009 (248)
JP 10Y MINI GV BDS 80 JPY 1,104,080,000 10/06/2009 43,097
LONG GILT STERLING FUTURES 17 GBP 2,086,240 26/06/2009 37,600
S&P 500 INDICES 10 USD 1,979,250 18/06/2009 (70,266)
EUR 150,961
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
63 54
11. Swaps
Euro Core Bond
As at 31 March 2009, the Company entered into the following CDS swaps:
Unrealised
Eligible securities Currency Maturity Net notional gain (loss)
date amount in EUR
KPN EUR 20/06/2014 1,000,000 10,123
TELEFONICA EMISIONES EUR 20/06/2014 1,000,000 (15,876)
PPR S.A. EUR 20/06/2009 2,000,000 (21,169)
BANCO BILBAO VIZCAYA ARGE. EUR 20/09/2013 1,000,000 49,774
COMZBANK EUR 20/09/2013 1,000,000 (86,350)
DIAGEO PLC EUR 20/03/2014 1,000,000 485
PPR S.A. EUR 20/09/2013 1,000,000 (94,955)
SWISSCOM AG ITTIGE EUR 20/03/2014 1,000,000 23,930
ENEL SOCIETA PER AZ EUR 20/03/2014 1,000,000 (11,397)
(145,435)
Euro Core Credit Bond
As at 31 March 2009, the Company entered into the following CDS swaps:
Unrealised
Eligible securities Currency Maturity Net notional gain (loss)
date amount in EUR
ARCELOR FINANCE EUR 20/03/2013 2,000,000 (481,026)
ITALY (REPUBLIC OF) EUR 20/12/2013 2,000,000 (2,544)
KPN EUR 20/06/2014 2,000,000 20,246
TELEFONICA EMISIONES EUR 20/06/2014 2,000,000 (31,751)
UBS EUR 20/09/2012 1,000,000 (65,933)
E.ON BAYERN AG EUR 20/12/2012 2,000,000 (27,997)
UNICREDITO ITALIANO SPA EUR 20/03/2013 1,000,000 (94,365)
PPR S.A. EUR 20/06/2009 2,000,000 (21,169)
UNICREDITO ITALIANO SPA EUR 20/12/2012 1,000,000 (97,471)
FRANCE TELECOM S.A. EUR 20/06/2013 2,000,000 32,757
BANCO BILBAO VIZCAYA ARGE. EUR 20/09/2013 2,000,000 99,548
COMZBANK EUR 20/09/2013 2,000,000 (172,701)
ITRAXX EUR SR FIN S9 5YR EUR 20/06/2013 3,000,000 (7,583)
DIAGEO PLC EUR 20/03/2014 1,000,000 485
PPR S.A. EUR 20/09/2013 1,000,000 (94,954)
WPP GROUP PLC EUR 20/03/2014 1,000,000 (67,217)
SWISSCOM AG ITTIGE EUR 20/03/2014 2,000,000 47,861
ENEL SOCIETA PER AZ EUR 20/03/2014 2,000,000 (22,795)
BNP PARIBAS EUR 20/09/2012 1,000,000 (24,862)
PPR S.A. EUR 20/06/2013 1,000,000 (98,824)
(1,110,295)
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
64 55
11. Swaps (continued)
Euro High Yield Bond
As at 31 March 2009, the Company entered into the following CDS swaps:
Unrealised
Eligible securities Currency Maturity Net notional gain (loss)
date amount in EUR
INVENSYS PLC EUR 20/09/2012 1,000,000 (38,244)
UNICREDITO ITALIANO SPA EUR 20/03/2013 1,000,000 (94,365)
ITRX SF EUR 20/12/2012 2,000,000 (169,885)
ITRAXX EUR SNR FIN S8 10Y EUR 20/12/2017 2,000,000 (167,461)
ALCATEL EUR 20/03/2010 1,000,000 (89,109)
PPR S.A. EUR 20/06/2013 1,000,000 (104,897)
ALSTOM EUR 20/12/2013 1,000,000 25,422
CR AGR EUR 20/06/2013 1,000,000 (2,868)
HOLCIM FINANCE LUXE EUR 20/03/2014 1,000,000 8,707
ARCELORMITTAL S.A. EUR 20/03/2014 1,000,000 (162,177)
SMURFITT KAPPA FUNDING EUR 20/09/2012 1,000,000 (160,143)
LAFARGE EUR 20/03/2014 1,000,000 23,795
(931,225)
Global Emerging Markets Bond
As at 31 March 2009, the Company entered into the following CDS swaps:
Unrealised
Eligible securities Currency Maturity Net notional gain (loss)
date amount in USD
BRAZIL USD 20/04/2014 2500000 (1,181)
(1,181)
As at 31 March 2009, the Company entered into the following interest rate swaps:
Unrealised
Counterparty Currency Maturity Net notional gain (loss)
date amount in USD
BARCLAYS MXN 13/02/2012 56,000,000 62,500
BARCLAYS MXN 15/03/2012 39,000,000 27,531
90,031
Global Emerging Markets Local Debt
As at 31 March 2009, the Company entered into the following interest rate swaps:
Unrealised
Counterparty Currency Maturity Net notional gain (loss)
date amount in USD
BARCLAYS BRL 04/03/2011 5,189,869 208,499
BARCLAYS MXN 13/02/2012 14,000,000 15,625
BARCLAYS MXN 15/03/2012 20,000,000 14,118
238,242
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
65 56
11. Swaps (continued)
Halbis Global Macro
As at 31 March 2009, the Company entered into the following CDS swaps:
Unrealised
Eligible securities Currency Maturity Net notional gain (loss)
date amount in EUR
ITRX EUROPE S11 5Y EUR 20/06/2014 9,000,000 75,426
75,426
New World Income
As at 31 March 2009, the Company entered into the following CDS swaps:
Unrealised
Eligible securities Currency Maturity Net notional gain (loss)
date amount in USD
MEXICAN UNITED STATES USD 20/02/2014 10,000,000 (141,880) CDX EMERG MARK CDSI S10 USD 20/12/2013 10,000,000 (1,414,868) MEXICAN UNITED STATES USD 20/03/2014 5,000,000 (115,915) BRAZIL USD 20/03/2014 10,000,000 (315,466) REPUBLIC OF INDONESIA USD 20/03/2014 5,000,000 (256,735) CDX EMERG MARK CDSI S11 USD 20/06/2014 15,000,000 (659,111) CDX EMERG MARK CDSI S11 USD 20/06/2014 15,000,000 (659,111) MEXICAN UNITED STATES USD 20/03/2014 10,000,000 (387,755) BRAZIL USD 20/03/2014 10,000,000 (315,466) BRAZIL USD 20/04/2014 6,000,000 (2,835) CDX EMERG MARK CDSI S11 USD 20/06/2014 15,000,000 (659,111) MEXICAN UNITED STATES USD 20/03/2014 10,000,000 (265,450) MEXICAN UNITED STATES USD 20/02/2014 10,000,000 (79,371) MEXICAN UNITED STATES USD 20/03/2014 10,000,000 (391,962) CDX EMERG MARK CDSI S11 USD 20/06/2014 10,000,000 (439,407)
(6,104,443)
As at 31 March 2009, the Company entered into the following interest rate swaps:
Unrealised
Counterparty Currency Maturity Net notional gain (loss)
date amount in USD
Barclays MXN 13/02/2012 168,000,000 187,254
Barclays MXN 15/03/2012 42,000,000 29,610
216,864
As at 31 March 2009, the Company entered into the following funded swaps:
Unrealised
Counterparty Currency Maturity Net notional gain (loss)
date amount in USD
Standard Bank London USD 13/06/2011 2,469,498 153,451
Standard Bank London USD 13/06/2011 2,545,500 160,131
Standard Bank London USD 13/06/2011 654,450 41,422
Standard Bank London USD 13/06/2011 2,873,000 168,708 523,712
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
66 57
12. Options As at 31 March 2009, the Company had entered into the following options contracts:
Quantity Strike Currency Maturity Date Commitment Unrealised gain / (loss)
Halbis Global Macro
CALL S&P 500 INDICES (40) 815.00 USD 18/4/2009 (32,600) 18,521 EUR
(32,600) 18,521 EUR
Global Emerging Markets Local Debt
CALL USD/JPY SPOT CROSS (2,000,000) 100.00 USD 27/5/2009 (200,000,000) (32,542) USD
CALL EUR/USD SPOT (1,785,714) 1.40 EUR 22/6/2009 (2,500,000) (12,462) USD
(202,500,000) (45,004) USD
New World Income
CALL USD/JPY SPOT CROSS (8,000,000) 100.00 USD 27/5/2009 (800,000,000) (49,849) USD
CALL EUR/USD SPOT (5,357,143) 1.40 EUR 22/6/2009 (7,500,000) (97,625) USD
CALL ISHARES/MSCI EMERGING MARKETS
(1,446) 25.00 USD 20/6/2009 (36,150) (70,134) USD
(807,536,150) (217,608) USD
13. Dividends The following dividends were declared out of the profits for the year ended 31 March 2009 for the classes of shares below. In total, these payments should exceed 85% of distributable income requirements and the Company has applied for certification under the Distributor Status requirements of the UK Revenue and Customs for certain share classes. This Status is always granted retrospectively. The Company has been granted this Status every time the Company intended to obtain this status. The Company intends to obtain certification from the Inland Revenue to be a “distributing fund” for certain share classes, for the period ending 31 March 2009.
Sub-Fund Share class Currency Dividend
per share Ex-date Payment
date Number of
shares Total amount
paid
Asia ex Japan Equity
AD USD 0.148474 15/07/2008 31/07/2008 4,259,815 632,472 ADH USD 0.068794 15/07/2008 31/07/2008 82,527 5,677 ID USD 0.597631 15/07/2008 31/07/2008 57,262 34,222 ZD USD 0.978831 15/07/2008 31/07/2008 405,630 397,043
Asia ex Japan Equity Smaller Companies
AD USD 0.040497 15/07/2008 31/07/2008 1,529,711 61,949
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
67 58
13. Dividends (continued)
Sub-Fund Share class Currency Dividend
per share Ex-date Payment
date Number of
shares Total amount
paid
Asia Pacific ex Japan Equity High Dividend
AD USD 0.012702 15/07/2008 31/07/2008 6,059,135 76,963 ZD USD 0.182764 15/07/2008 31/07/2008 395,803 72,339 AD USD 0.361958 6/02/2009 13/02/2009 5,317,397 1,924,674 ZD USD 0.546193 6/02/2009 13/02/2009 411,006 224,488
Emerging Europe Equity
ID EUR 0.018200 15/07/2008 31/07/2008 80,000 1,456 ZD EUR 0.047502 15/07/2008 31/07/2008 67,485 3,206
Euroland Equity
AD EUR 0.222871 15/07/2008 31/07/2008 12,586,949 2,805,266 ED EUR 0.051160 15/07/2008 31/07/2008 12,121 620 ZD EUR 0.265004 15/07/2008 31/07/2008 196,548 52,086
Euroland Equity Smaller Companies
AD EUR 0.234125 15/07/2008 31/07/2008 61,060 14,296 Euroland Growth
M1D EUR 0.140055 15/07/2008 31/07/2008 183,274 25,668 European Equity
AD EUR 0.345342 15/07/2008 31/07/2008 33,647 11,620 ED EUR 0.153499 15/07/2008 31/07/2008 106,301 16,317 PD EUR 0.537255 15/07/2008 31/07/2008 4,386,094 2,356,451 WD EUR 0.655157 15/07/2008 31/07/2008 854,523 559,847 ZD EUR 0.993029 15/07/2008 31/07/2008 293,701 291,654
European Equity High Dividend AD EUR 0.218431 15/07/2008 31/07/2008 153,920 33,621
Global Emerging Markets Equity AD USD 0.022287 15/07/2008 31/07/2008 13,130,592 292,642 ZD USD 0.358748 15/07/2008 31/07/2008 398,449 142,943
Global Equity
ZD USD 0.476847 15/07/2008 31/07/2008 3,380,267 1,611,870
Sustainability Leaders
M1D EUR 0.183676 15/07/2008 31/07/2008 423,785 77,839 M1D EUR 0.113685 17/12/2008 18/12/2008 348,919 39,667
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
68 59
13. Dividends (continued)
Sub-Fund Share class Currency Dividend
per share Ex-date Payment date Number of
shares Total amount
paid
Brazil Equity
ID USD 0.046931 15/07/2008 31/07/2008 53,836 2,527 Chinese Equity
ID USD 0.682241 15/07/2008 31/07/2008 103,885 70,875 ZD USD 1.399158 15/07/2008 31/07/2008 2,135,373 2,987,725
Hong Kong Equity
AD USD 0.509743 15/07/2008 31/07/2008 92,414 47,107 PD USD 1.096875 15/07/2008 31/07/2008 2,951,693 3,237,638 ZD USD 2.526523 15/07/2008 31/07/2008 447,196 1,129,850
Indian Equity
AD USD 0.482289 15/07/2008 31/07/2008 24,161,886 11,653,012 ID USD 2.180301 15/07/2008 31/07/2008 176,143 384,046 ZD USD 3.620326 15/07/2008 31/07/2008 266,693 965,514
Japanese Equity
PD JPY 2.195992 15/07/2008 31/07/2008 4,908,803 10,779,692 WD JPY 192.206500 15/07/2008 31/07/2008 63,598 12,223,936 ZD JPY 17.478737 15/07/2008 31/07/2008 196,023 3,426,237
Korean Equity
ZD USD 0.281819 15/07/2008 31/07/2008 958,005 269,984
Singapore Equity
AD USD 0.659224 15/07/2008 31/07/2008 1,072,011 706,695 PD USD 0.886641 15/07/2008 31/07/2008 960,438 851,564 ZD USD 1.468846 15/07/2008 31/07/2008 79,255 116,414
Thai Equity
AD USD 0.106134 15/07/2008 31/07/2008 13,393,843 1,421,542 ZD USD 0.297413 15/07/2008 31/07/2008 458,544 136,377
UK Equity
AD GBP 0.368533 15/07/2008 31/07/2008 2,149,891 792,306
US Equity
PD USD 0.087965 15/07/2008 31/07/2008 760,831 66,926 WD USD 2.590861 15/07/2008 31/07/2008 178,042 461,283 ZD USD 0.381141 15/07/2008 31/07/2008 329,956 125,760
US Index
AD USD 0.131161 15/07/2008 31/07/2008 65,564 8,599 PD USD 0.174007 15/07/2008 31/07/2008 3,000,050 522,030
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
69 60
13. Dividends (continued)
Sub-Fund Share class Currency Dividend
per share Ex-date Payment date Number of
shares Total amount
paid
Asia Freestyle
AD USD 0.023296 15/07/2008 31/07/2008 7,914,210 184,369 ADH USD 0.020171 15/07/2008 31/07/2008 23,054 465 ID USD 0.218869 15/07/2008 31/07/2008 80,000 17,510
Brazil Bond
AD USD 1.741304 15/07/2008 31/07/2008 196,979 343,001
Euro Core Bond
AD EUR 0.528745 15/07/2008 31/07/2008 22,895 12,106
Euro Core Credit Bond
AD EUR 0.538402 15/07/2008 31/07/2008 24,532 13,208 ZD EUR 0.783321 15/07/2008 31/07/2008 64,670 50,657
Euro High Yield Bond
AD EUR 1.026957 15/07/2008 31/07/2008 18,264 18,756 ED EUR 0.911242 15/07/2008 31/07/2008 973 886
Euro Strategic Credit Bond
AD EUR 0.385285 15/07/2008 31/07/2008 4,604,789 1,774,156 AD EUR 0.302259 24/09/2008 25/09/2008 48,817 14,755
European Government Bond
AD EUR 0.461567 15/07/2008 31/07/2008 602,375 278,036 ID EUR 0.569456 15/07/2008 31/07/2008 15,615 8,892
Global Core Plus Bond
AD USD 0.477204 15/07/2008 31/07/2008 3,051,687 1,456,277 PD USD 0.391734 15/07/2008 31/07/2008 983,940 385,443 WD USD 8.408585 15/07/2008 31/07/2008 25,557 214,901 ZD USD 0.608798 15/07/2008 31/07/2008 2,948,092 1,794,793
Global Emerging Markets Bond
AD USD 0.958572 15/07/2008 31/07/2008 7,485,863 7,175,738 ED USD 0.878697 15/07/2008 31/07/2008 7,348 6,457 ZD USD 0.569524 15/07/2008 31/07/2008 2,170,985 1,236,428
Global Emerging Markets Local Debt
AD USD 0.245473 15/07/2008 31/07/2008 2,024 497 ID USD 0.262222 15/07/2008 31/07/2008 400,000 104,889 ZD USD 0.423809 15/07/2008 31/07/2008 4,399,532 1,864,561
Global High Yield Bond
AD USD 0.730862 15/07/2008 31/07/2008 14,644 10,703 AD USD 0.433085 11/12/2008 12/12/2008 7,591 3,288
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
70 61
13. Dividends (continued)
Sub-Fund Share class Currency Dividend
per share Ex-date Payment date Number of
shares Total amount
paid
US Dollar Core Plus Bond
AD USD 0.454055 15/07/2008 31/07/2008 224,803 102,073 PD USD 0.481917 15/07/2008 31/07/2008 2,236,974 1,078,036 WD USD 0.561116 15/07/2008 31/07/2008 2,489,819 1,397,077 ZD USD 0.572376 15/07/2008 31/07/2008 1,164,911 666,767
Euro Reserve
AD EUR 0.553057 15/07/2008 31/07/2008 124,368 68,782 US Dollar Reserve
AD USD 0.223013 15/07/2008 31/07/2008 455,107 101,495 PD USD 0.255465 15/07/2008 31/07/2008 1,935,349 494,414 AD USD 0.056414 18/12/2008 19/12/2008 250,452 14,129 PD USD 0.074580 18/12/2008 19/12/2008 4,687,471 349,592
New World Income
L1D USD 0.160598 15/07/2008 31/07/2008 3,856,800 619,394 M1D USD 0.318218 15/07/2008 31/07/2008 18,250,155 5,807,528 ZD USD 0.275462 15/07/2008 31/07/2008 2,134,771 588,048
Turkey Equity (formerly Turkish Convergence)
AD EUR 1.181454 15/07/2008 31/07/2008 314,511 371,580
14. Information concerning the Swiss Investors. Publication of TER (Total Expenses Ratio) and Portfolio Turnover Ratio (PTR)
Please refer to table page 77-84.
15. Equalisation received/(paid) Equalisation is calculated for Bond and Reserve sub-funds only. Equalisation received reflects the amounts received by the sub-fund in respect of undistributed income on the shares issued during the accounting year. Equalisation paid reflects the amounts paid by the sub-fund in respect of undistributed income on shares purchased during the year. Name
Currency Total amountReceived/(paid)
Brazil Bond USD 798,103Euro Core Bond EUR (650,113)Euro Core Credit Bond EUR 2,248,205Euro High Yield Bond EUR 1,430,963European Government Bond EUR (379,962)Global Core Plus Bond USD (678,711)Global Emerging Markets Bond USD (6,304,005)Global Emerging Markets Local Debt USD (848,821)US Dollar Core Plus Bond USD 121,874Euro Reserve EUR 30,815
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
71 62
16. Securities lending
The Company has entered into stock lending agreements for a number of equity and fixed income sub-funds. As at 31 March 2009, the value of securities lent is as follows:
In return for making securities available for loan throughout the year, the sub-funds participating in the programs received fees which are reflected in the financial statements as “other income” for USD 14,199,577. As at 31 March 2009, the Fund Custodian confirmed that only government bonds (issued from the "G20" member States) were used as collateral for the securities lent.
17. Transactions with connected persons and soft commissions
HGIF transactions with connected persons All the figures are expressed in USD Brokerage commission paid per sub-fund ASIA EX JAPAN EQUITY Total Aggregate value of transactions for the period 35,220,807 598,820 Percentage of such transactions in value for the period 3.00% Average rate of commission 4.00% ASIA EX JAPAN EQUITY SMALLER COMPANIES Total Aggregate value of transactions for the period 3,884,878 53,337 Percentage of such transactions in value for the period 6.00% Average rate of commission 5.00% ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND Total Aggregate value of transactions for the period 5,298,659 97,198 Percentage of such transactions in value for the period 4.00% Average rate of commission 5.00% BRIC MARKETS EQUITY Total Aggregate value of transactions for the period 382,546,316 98,071 Percentage of such transactions in value for the period 62.20% Average rate of commission 22.10%
Asia ex Japan Equity 14,071,448 USD Asia Pacific ex Japan Equity High Dividend 3,195,691 USD BRIC Markets 885,585 USD BRIC Markets Equity 37,293,659 USD Climate Change 4,697,187 USD Emerging Europe Equity 391,202 EUR Emerging Wealth 3,186,634 USD Euroland Equity 342,133,392 EUR Euroland Equity Smaller Companies 14,429,527 EUR Euroland Growth 55,463,101 EUR European Equity 48,038,896 EUR European Equity High Dividend 1,304,573 EUR Global Emerging Markets Elite 20,571 USD Global Emerging Markets Equity 32,774,852 USD Global Equity 10,234,475 USD Chinese Equity 690,876,990 USD Hong Kong Equity 87,453,990 USD Indian Equity 222,510 USD Japanese Equity 1,633,638,283 JPY Korean Equity 2,196,307 USD Russia Equity 6,268,075 USD Singapore Equity 6,054,033 USD UK Equity 7,835,436 GBP Asia ex Japan Freestyle 3,647,723 USD BRIC Freestyle 102,484,667 USD Global Emerging Markets Equity Freestyle 58,234,914 USD
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
72 63
17. Transactions with connected persons and soft commissions (continued)
Brokerage commission paid per sub-fund CLIMATE CHANGE Total Aggregate value of transactions for the period 45,947,103 77,492 Percentage of such transactions in value for the period 18.00% Average rate of commission 1.30% EMERGING WEALTH Total Aggregate value of transactions for the period 30,452,462 38,530 Percentage of such transactions in value for the period 25.20% Average rate of commission 2.80% EUROPEAN EQUITY Total Aggregate value of transactions for the period 39,140,865 62,097 Percentage of such transactions in value for the period 8.59% Average rate of commission 0.16% GLOBAL EMERGING MARKETS ELITE Total Aggregate value of transactions for the period 3,144,816 11,546 Percentage of such transactions in value for the period 10.95% Average rate of commission 0.37% GLOBAL EMERGING MARKETS EQUITY Total Aggregate value of transactions for the period 67,997,221 244,474 Percentage of such transactions in value for the period 10.66% Average rate of commission 0.36% GLOBAL EQUITY Total Aggregate value of transactions for the period 78,857,576 45,611 Percentage of such transactions in value for the period 22.80% Average rate of commission 9.90% CHINESE EQUITY Total Aggregate value of transactions for the period 206,032,532 3,157,952 Percentage of such transactions in value for the period 3.00% Average rate of commission 4.00% HONG KONG EQUITY Total Aggregate value of transactions for the period 22,322,158 341,243 Percentage of such transactions in value for the period 4.00% Average rate of commission 4.00% INDIAN EQUITY Total Aggregate value of transactions for the period 344,342,504 4,554,565 Percentage of such transactions in value for the period 13.00% Average rate of commission 12.00% JAPANESE EQUITY Total Aggregate value of transactions for the period 202,742,316 114,793 Percentage of such transactions in value for the period 25.50% Average rate of commission 17.20% KOREAN EQUITY Total Aggregate value of transactions for the period 6,041,294 117,054 Percentage of such transactions in value for the period 1.00% Average rate of commission 2.00%
RUSSIA EQUITY 1,706,495 2,674 Total Aggregate value of transactions for the period 1.16% Percentage of such transactions in value for the period 0.16% Average rate of commission TAIWAN EQUITY Total Aggregate value of transactions for the period 1,080,459 129,098 Percentage of such transactions in value for the period 8.00% Average rate of commission 16.00% TURKEY EQUITY Total Aggregate value of transactions for the period 295,715,731 359,294 Percentage of such transactions in value for the period 0.83% Average rate of commission 0.12%
Notes to the Financial Statements (continued)
HSBC Global Investment Funds
73 64
17. Transactions with connected persons and soft commissions (continued)
Brokerage commission paid per sub-fund UK EQUITY Total Aggregate value of transactions for the period 32,609,973 52,176 Percentage of such transactions in value for the period 17.89% Average rate of commission 0.16% US EQUITY Total Aggregate value of transactions for the period 249,301,037 66,168 Percentage of such transactions in value for the period 47.30% Average rate of commission 5.90% ASIA EX JAPAN FREESTYLE Total Aggregate value of transactions for the period 9,691,950 163,099 Percentage of such transactions in value for the period 3.00% Average rate of commission 3.00% BRIC FREESTYLE Total Aggregate value of transactions for the period 89,168,540 150,293 Percentage of such transactions in value for the period 2.98% Average rate of commission 0.17% GLOBAL EMERGING MARKETS EQUITY FREESTYLE Total Aggregate value of transactions for the period 133,174,913 484,098 Percentage of such transactions in value for the period 10.93% Average rate of commission 0.36% LATIN AMERICAN FREESTYLE Total Aggregate value of transactions for the period 31,891,033 38,069 Percentage of such transactions in value for the period 2.91% Average rate of commission 0.12% US DOLLAR CORE PLUS BOND Total Aggregate value of transactions for the period 879,699,131 33,964 Percentage of such transactions in value for the period 100.00% Average rate of commission 100.00%
The Management Company confirmed the Company did not enter into any transactions in connected persons in relation to the securities lending program described in note 16. The investment adviser and its connected persons of the following mentioned sub-funds have entered into soft commission arrangements with brokers which certain goods and services used to support investment decision making are received by it or its connected persons: Asia ex Japan Equity Asia ex Japan Equity Smaller Companies Asia Pacific ex Japan Equity High Dividend BRIC Markets Equity Climate Change Emerging Wealth European Equity Global Emerging Markets Elite Global Emerging Markets Equity Global Equity Chinese Equity Hong Kong Equity Indian Equity Japanese Equity Korean Equity Russia Equity Taiwan Equity Turkey Equity UK Equity US Equity Asia ex Japan Freestyle BRIC Freestyle
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 74 65
17. Transactions with connected persons and soft commissions (continued)
Global Emerging Markets Equity Freestyle Latin American Freestyle US Dollar Core Plus Bond
It or its connected persons do not make direct payment for these services but transact and agree amount of business with the brokers on behalf of the Company. Commission is paid from the Company on these transactions.
Stock lending transactions were entered into during the period by the Company and borrowers for the first half of the year, during the second half of the year an external stock lending agent was appointed to co-ordinate the arrangements. The transactions have been entered into in the ordinary course of business and on normal commercial terms for which the Company earned no fee and paid no commission.
The goods and services utilized for the Company include the following: research and advisory services; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services; computer hardware and software incidental to the above goods and services; clearing and custodian services and investment related publications.
18. List of movements in the investment portfolio
The detailed list of movements in the investment portfolio can be obtained free of charge upon request at the registered office of the Company. The current prospectus, the articles of association as well as the interim report and the audited annual report are available free of charge upon request from the German payment and information officer from the Management Company.
19. Subsequent events
The following sub-funds have been launched after the year ended 31 March 2009: on 1 April 2009: Global Bond Market Neutral on 6 April 2009: Global Currency With effect from 1 July 2009: the Management Company will be entitled to collect a fee of up to 10% of the stock lending gross fees payable to the Company as a result of any stock lending programme, to cover the administration work the Management Company has to undertaken in the monitoring and oversight of the stock lending activity. Merger of Investment Advisor: on 4th August 2009, the Investment Advisor for the Euro Reserve, HSBC Global Asset Management (FCP) France will be merging into HSBC Global Asset Management (France).
Charges and Expenses
HSBC Global Investment Funds
75 64
Operating, Administration and Servicing Expenses (refer also to note 4.4)
Sub-fund Class A, E, M, P, R, S1 Class I, J, L, Y, Z Class X Class W
RESERVE SUB-FUNDS Euro Reserve 0.15% 0.10% - - US Dollar Reserve (liquidated on 22 December 2008) 0.15% 0.10% - -
BOND SUB-FUNDS Brazil Bond 0.35% 0.25% 0.20% - Euro Core Bond 0.25% 0.15% 0.15% - Euro Core Credit Bond 0.35% 0.25% 0.15% - Euro High Yield Bond 0.35% 0.25% 0.15% - Euro Strategic Credit Bond (liquidated on 26 September 2008) 0.35% 0.25% - - European Government Bond 0.25% 0.15% 0.15% - Global Core Plus Bond 0.25% 0.15% 0.15% - Global Emerging Markets Bond 0.35% 0.25% 0.20% - Global Emerging Markets Local Debt 0.35% 0.25% 0.20% - Global High Yield Bond (liquidated on 15 December 2008) 0.35% 0.25% 0.15% - US Dollar Core Plus Bond 0.25% 0.15% - -
EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity 0.35% 0.25% 0.20% - Asia ex Japan Equity Smaller Companies 0.35% 0.25% 0.20% - Asia Pacific ex Japan Equity High Dividend 0.35% 0.25% 0.20% - BRIC Markets - Y=0.35% / Z=0.25% - - BRIC Markets Equity 0.35% 0.25% 0.20% - Climate Change 0.35% 0.25% 0.20% - Emerging Europe Equity 0.40% 0.30% 0.20% - Emerging Wealth 0.40% 0.25% - - Euroland Equity 0.35% 0.25% 0.20% - Euroland Equity Smaller Companies 0.35% 0.25% 0.20% - Euroland Growth 0.35% 0.25% 0.20% - European Equity 0.35% 0.25% 0.20% - European Equity High Dividend 0.35% 0.25% 0.20% - Global Emerging Markets Elite - J,Z=0.25% / Y=0.35% - - Global Emerging Markets Equity 0.40% 0.30% 0.20% - Global Equity 0.35% 0.25% 0.20% - Global Sustainable Equity 0.35% 0.25% 0.20% - Sustainability Leaders (merged into Euroland Equity on 19 December 2008) 0.30% 0.20% - -
b) Market Specific sub-funds Brazil Equity 0.40% 0.30% 0.20% - Chinese Equity 0.40% 0.30% 0.20% - Hong Kong Equity 0.35% 0.25% 0.20% - Indian Equity 0.40% 0.30% 0.20% - Japanese Equity 0.35% 0.25% 0.20% - Korean Equity 0.40% 0.30% 0.20% - Russia Equity 0.40% 0.30% 0.20% - Singapore Equity 0.40% 0.30% 0.20% - Taiwan Equity 0.40%* 0.30% 0.20% - Thai Equity 0.35% 0.25% 0.20% - Turkey Equity 0.40% 0.30% 0.20% - UK Equity 0.31% 0.25% 0.20% - US Equity 0.35% 0.25% 0.20% - US Index 0.25% 0.15% 0.15% -
FREESTYLE SUB-FUNDS Asia ex Japan Freestyle 0.40% 0.30% 0.20% - BRIC Freestyle 0.40% 0.30% - - Global Emerging Markets Equity Freestyle 0.40% 0.30% - - Latin American Freestyle 0.40% 0.30% - -
OTHER SUB-FUNDS Global Discount Structures 0.35% 0.25% 0.20% - Halbis Global Macro 0.30% 0.20% - - New World Income 0.35% 0.25% - - * 0.30% for class S2
Charges and Expenses (continued)
HSBC Global Investment Funds
76 65
Management Fee Percentages (refer also to note 4.2)
Class Class Class Class Class Class Class Class Class Class Class Class Class Sub-Fund name A E I M P Z J L R S1 W Y X RESERVE SUB-FUNDS Euro Reserve 0.50 - 0.25 - - - - - - - - - - US Dollar Reserve (liquidated on 22 December 2008) 0.50 - 0.25 - 0.25 - - - - - - - - BOND SUB-FUNDS Brazil Bond 1.00 1.30 0.50 - - - - - - - - - 0.60 Euro Core Bond 0.75 1.05 0.375 - 0.50 - 0.60 - - - - - 0.30 Euro Core Credit Bond 1.00 1.30 0.50 - - - 0.60 - - - - - 0.35 Euro High Yield Bond 1.20 1.50 0.60 - - - 0.60 - - - - - 0.50 Euro Strategic Credit Bond (liquidated on 26 September 2008) 1.00 1.30 0.50 - - - 0.60 - - - - - - European Government Bond 0.75 1.05 0.375 - - - - - - - - 0.25 Global Core Plus Bond 0.75 1.05 0.375 0.50 - 0.60 - - - - - 0.35 Global Emerging 1.00 1.30 0.50 - - - 0.60 - - - - - 0.60 Markets Bond Global Emerging 1.25 1.55 0.625 - - - 0.60 - - - - - 0.60 Markets Local Debt Global High Yield Bond (liquidated on 15 December 2008) 1.20 1.50 0.60 - - - - - - - - - 0.50 US Dollar Core Plus Bond 0.75 1.05 0.375 - 0.50 - - - - - - - - EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Asia ex Japan Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Smaller Companies Asia Pacific ex Japan 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Equity High Dividend BRIC Markets - - - - - 1.00 - - - - - 1.50 - BRIC Markets Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Climate Change 1.50 2.00 0.75 - 0.60 - - - - - 0.60 Emerging Europe Equity 1.75 2.25 0.875 - - - 0.60 - - - - - 0.70 Emerging Wealth 1.50 2.00 0.75 - - - 0.60 - - - - - - Euroland Equity 1.50 2.00 0.75 - - - - - - - - - 0.60 Euroland Equity Smaller 1.50 2.00 0.75 - - - - - - - - - 0.70 Companies - Euroland Growth 1.50 2.00 0.75 1.25 - - - - - - - - 0.60 European Equity 1.50 2.00 0.75 - 1.00 - - - - - - - 0.60 European Equity High 1.50 2.00 0.75 - - - - - - - - - 0.60 Dividend Global Emerging - - - - - 1.00 0.60 - - - - 1.50 - Markets Elite Global Emerging 1.50 2.00 0.75 - - - 0.60 - - 1.60 - - 0.70 Markets Equity Global Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.60 Global Sustainable Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.60 Sustainability Leaders (merged into Euroland Equity on 19 December 2008)
- - - 1.25 - - 0.60 0.65 - - - - -
b) Market Specific Equity sub-funds Brazil Equity 1.75 2.25 0.875 - - - - - - - - - 0.70 Chinese Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Hong Kong Equity 1.50 2.00 0.75 - 1.00 - 0.60 - - - - - 0.70 Indian Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Japanese Equity 1.50 2.00 0.75 - 1.00 - - - - - - - 0.60 Korean Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Russia Equity 1.75 2.25 0.875 - - - - - - - 0.70 Singapore Equity 1.50 2.00 0.75 - 1.00 - 0.60 - - - - - 0.70 Taiwan Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Thai Equity 1.50 2.00 0.75 - - - 0.60 - - - - - 0.70 Turkey Equity 1.75 2.25 0.875 - - - 0.60 - - - - - 0.70 UK Equity 1.50 2.00 0.75 - - - - - - - - - 0.60 US Equity 1.50 2.00 0.75 - 1.00 - - - - - - - 0.50 US Index 0.75 1.25 0.375 - 0.30 - - - - - - - 0.20
FREESTYLE SUB-FUNDS Asia ex Japan Freestyle 1.75 2.25 0.875 - - - 0.60 - - - - - 0.70 BRIC Freestyle - - - 1.00 - - 0.60 0.50 - - - - - Global Emerging - - - 1.00 - - 0.60 0.50 - - - 1.50 - Markets Equity Freestyle Latin American Freestyle - - - 1.00 - - - 0.50 - 1.75 - - -
OTHER SUB-FUNDS Global Discount Structures 1.25 1.50 0.625 - - - - - - - - - 0.50 Halbis Global Macro - - - 1.50 - - - 1.00 2.00 - - - - New World Income - - - 1.00 - - 0.60 0.50 - - - - -
Publication of TER (Total Expenses Ratio) – Information concerning the Swiss Investors
HSBC Global Investment Funds
77 66
Sub-Fund Share class
TER excluding the performance fee (in %)
EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity AC 1.84 ACH 1.84 AD 1.84 ADH 1.85 EC 2.34 ED 2.34 IC 1.00 ID 0.99 J1C 0.85 ZC 0.25 ZD 0.25 Asia ex Japan Equity Smaller Companies AC 1.84 AD 1.84 EC 2.34 ED 2.36 IC 0.95 Asia Pacific ex Japan Equity High Dividend AC 1.84 AD 1.84 EC 2.32 ID 0.99 ZD 0.25 BRIC Markets YC 1.83 ZC 1.26 BRIC Markets Equity AC 1.85 AD 1.85 EC 2.35 ED 2.35 IC 1.00 J1C 0.85 ZC 0.25 Climate Change AC 1.85 AD 1.85 EC 2.36 IC 1.00 ZC 0.25 Emerging Europe Equity AC 2.18 AD 2.19 EC 2.70 IC 1.16 ID 1.19 ZD 0.31
Publication of TER (Total Expenses Ratio) – Information concerning the Swiss Investors
HSBC Global Investment Funds
78 67
Sub-Fund Share class
TER excluding the performance fee (in %)
Emerging Wealth AC 1.90 AD 1.89 ZC 0.25 Euroland Equity AC 1.88 AD 1.87 EC 2.38 ED 2.38 IC 1.02 ZC 0.25 ZD 0.26 Euroland Equity Smaller Companies AC 1.88 AD 1.88 EC 2.37 IC 1.02 ZC 0.25 Euroland Growth M1C 1.63 M1D 1.63 European Equity AC 1.85 AD 1.85 ED 2.38 IC 1.03 PC 1.37 PD 1.37 ZD 0.25 European Equity High Dividend AC 1.87 AD 1.88 EC 2.36 ZC 0.25 Global Emerging Markets Elite YC 0.25 ZC 1.25 Global Emerging Markets Equity AC 1.90 AD 1.89 EC 2.40 ED 2.39 IC 1.05 S1D 1.99 ZD 0.30 Global Equity AC 1.83 AD 1.85 EC 2.35 IC 1.00 ZD 0.25
Publication of TER (Total Expenses Ratio) – Information concerning the Swiss Investors
HSBC Global Investment Funds
79 68
Sub-Fund Share class
TER excluding the performance fee (in %)
Global Sustainable Equity AC 1.84 (formerly Global Equity SRI) AD 1.84 EC 2.34 IC 1.00 ZC 0.22 b) Market specific sub-funds Brazil Equity AC 2.15 AD 2.15 EC 2.65 ED 2.66 IC 1.18 ID 1.17 ZC 0.30 Chinese Equity AC 1.89 AD 1.89 EC 2.39 ED 2.39 IC 1.05 ID 1.05 J1C 0.90 ZC 0.30 ZD 0.30 Hong Kong Equity AC 1.85 AD 1.85 EC 2.36 IC 1.00 J1C 0.85 PD 1.35 ZD 0.25 Indian Equity AC 1.89 AD 1.89 EC 2.39 ED 2.39 IC 1.05 ID 1.05 ZD 0.30 Japanese Equity AC 1.87 AD 1.86 EC 2.38 ED 2.38 IC 1.02 PC 1.38 PD 1.37 ZC 0.26 ZD 0.26
Publication of TER (Total Expenses Ratio) – Information concerning the Swiss Investors
HSBC Global Investment Funds
80 69
Sub-Fund Share class
TER excluding the performance fee (in %)
Korean Equity AC 1.90 AD 1.90 EC 2.40 ED 2.40 IC 1.05 ZD 0.30 Russia Equity AC 2.15 AD 2.16 EC 2.67 IC 1.17 ZC 0.30 Singapore Equity AC 1.88 AD 1.90 EC 2.40 IC 1.03 PD 1.40 ZD 0.30 Taiwan Equity AC 1.89 AD 1.88 Thai Equity AC 1.85 AD 1.85 EC 2.36 IC 1.01 J1C 0.85 ZD 0.24 Turkey Equity (formerly Turkish Convergence) AC 1.92 AD 2.02 EC 2.52 IC 1.10 UK Equity AC 1.85 AD 1.84 EC 2.22 IC 1.03 ID 1.03 ZC 0.25 US Equity AC 1.85 ACH 1.84 AD 1.85 ADH 1.85 EC 2.34 ED 2.35 IC 1.00 PD 1.35 ZC 0.25 ZD 0.25
Publication of TER (Total Expenses Ratio) – Information concerning the Swiss Investors
HSBC Global Investment Funds
81 70
Sub-Fund Share class
TER excluding the performance fee (in %)
US Index AC 1.00 AD 1.01 EC 1.51 PD 0.55 FREESTYLE SUB-FUNDS Asia ex Japan Freestyle (formerly Asia Freestyle) AC 2.14 ACH 2.15 AD 2.14 ADH 2.14 EC 2.64 ED 2.64 IC 1.17 ID 1.17 BRIC Freestyle J1C 0.90 M1C 1.40 M2C 1.40 M2D 1.40 Global Emerging Markets Equity Freestyle M1C 1.40 M1D 1.40 Latin American Freestyle M1C 1.40 M1D 1.40 BOND SUB-FUNDS Brazil Bond AC 1.35 AD 1.35 EC 1.64 IC 0.74 ZC 0.25 Euro Core Bond AC 1.01 AD 1.01 EC 1.32 IC 0.54 Euro Core Credit Bond AC 1.37 AD 1.37 EC 1.65 IC 0.76 ZC 0.25 ZD 0.26
Publication of TER (Total Expenses Ratio) – Information concerning the Swiss Investors
HSBC Global Investment Funds
82 71
Sub-Fund Share class
TER excluding the performance fee (in %)
Euro High Yield Bond AC 1.55 AD 1.56 EC 1.85 ED 1.85 IC 0.85 ZC 0.25 European Government Bond AC 1.01 AD 1.03 EC 1.31 IC 0.53 ID 0.54 Global Core Plus Bond AC 1.01 AD 1.00 EC 1.29 IC 0.52 PD 0.75 ZD 0.15 Global Emerging Markets Bond AC 1.35 AD 1.35 EC 1.64 ED 1.64 IC 0.75 ZC 0.25 ZD 0.25 Global Emerging Markets Local Debt AC 1.60 AD 1.60 EC 1.83 IC 0.87 ID 0.87 ZD 0.25 US Dollar Core Plus Bond AC 1.02 AD 1.00 EC 1.30 IC 0.73 PD 0.75 ZC 0.15 ZD 0.15
Publication of TER (Total Expenses Ratio) – Information concerning the Swiss Investors
HSBC Global Investment Funds
83 72
Sub-Fund Share class
TER excluding the performance fee (in %)
RESERVE SUB-FUND Euro Reserve AC 0.66 AD 0.66 IC 0.42 OTHER SUB-FUNDS Global Discount Structures (formerly Global Discount Certificates) AC 1.62 AD 1.55 IC 0.89 ZC 0.25 Halbis Global Macro L1C 1.25 M1C 0.71 M1D 0.21 New World Income L1C 0.74 L1D 0.75 M1C 1.35 M1D 1.35 ZD 0.25
Sub-Fund Share class
TER including the performance fee (in %)
FREESTYLE SUB-FUNDS BRIC Freestyle M1C 1.79 M2C 1.73 M2D 1.49 Latin American Freestyle M1C 1.40
M1D 1.40
OTHER SUB-FUNDS Halbis Global Macro L1C 2.10 M1C 2.56 M1D 2.06 New World Income L1C 0.74 L1D 0.75 M1C 1.35 M1D 1.35
Publication of PTR (Portfolio Turnover Ratio) – Information concerning the Swiss Investors
HSBC Global Investment Funds
84 73
% Asia ex Japan Equity 201.24 Asia ex Japan Equity Smaller Companies 115.62 Asia Pacific ex Japan Equity High Dividend 100.90 BRIC Markets 20.94 BRIC Markets Equity 1.81 Climate Change 254.57 Emerging Europe Equity 184.42 Emerging Wealth 219.02 Euroland Equity 44.48 Euroland Equity Smaller Companies 209.90 Euroland Growth 65.94 European Equity 136.35 European Equity High Dividend 499.04 Global Emerging Markets Elite 303.08 Global Emerging Markets Equity 341.86 Global Equity 256.49 Global Sustainable Equity (formerly Global Equity SRI) 178.77 Brazil Equity 100.86 Chinese Equity 183.98 Hong Kong Equity 109.66 Indian Equity 38.58 Japanese Equity 209.60 Korean Equity 196.25 Russia Equity 231.38 Singapore Equity 170.54 Thai Equity -5.58 UK Equity 120.66
US Equity 88.78 US Index -97.92 Asia ex Freestyle (formerly Asia Freestyle) 182.71 BRIC Freestyle 166.98 Global Emerging Markets Equity Freestyle 355.87 Latin American Freestyle 198.80 Brazil Bond 58.40 Euro Core Bond 130.28 Euro Core Credit Bond 147.52 Euro High Yield Bond -30.93 European Government Bond 50.22 Global Core Plus Bond 376.37 Global Emerging Markets Bond 84.55 Global Emerging Markets Local Debt 2.59
US Dollar Core Plus Bond 935.57
Euro Reserve 1,469.69 Global Discount Structures (formerly Global Discount Certificates) 200.28 Halbis Global Macro 12.71
New World Income 480.93
Turkey Equity (formerly Turkish Convergence) 510.28
Taiwan Equity* 128.50 * The PTR of the Taiwan Equity sub-fund has been annualised.
85HSBC Global Investment Funds
Asia ex Japan EquityUSD
Class AC 28.8950.6644.36
Class ACH 12.8426.7920.48
Class AD 27.2347.9242.19
Class ADH 12.7426.8520.36
Class EC 26.8447.3041.63
Class ED 26.8547.3041.63
Class IC 28.4949.5343.00
Class ID 27.9849.3343.00
Class J1C 6.0010.41N/A
Class ZC N/A53.7946.35
Class ZD 27.7949.0742.58
Total Net Assets 612,532,695 694,218,209 318,220,865
Net Asset Value per Share
Asia ex Japan Equity Smaller CompaniesUSD
Class AC 15.4530.2429.12
Class AD 15.0129.4328.36
Class EC 15.3130.12N/A
Class ED 14.9029.32N/A
Class IC N/A30.42N/A
Total Net Assets 41,088,141 67,815,655 18,640,611
Net Asset Value per Share
Asia Pacific ex Japan Equity High DividendUSD
Class AC 10.3216.8014.28
Class AD 8.9915.2413.45
Class EC 10.2616.78N/A
Class ID N/A15.2213.82
Class ZD 9.1315.2813.57
Total Net Assets 142,208,941 131,437,129 70,708,171
Net Asset Value per Share
BRIC MarketsUSD
Class YC 14.2628.4821.60
Class ZC 14.4328.6521.64
Total Net Assets 461,684,567 483,222,414 28,854,219
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
86HSBC Global Investment Funds
BRIC Markets EquityUSD
Class AC 8.5616.6112.69
Class AD 8.5616.6012.69
Class EC 8.4416.4612.64
Class ED 8.4416.46N/A
Class IC 8.7416.8212.74
Class J1C 8.7916.9012.78
Class ZC 8.64N/AN/A
Total Net Assets 305,032,045 565,309,958 328,357,517
Net Asset Value per Share
Climate ChangeUSD
Class AC 4.358.81N/A
Class AD 4.358.81N/A
Class EC 4.338.80N/A
Class IC 4.418.84N/A
Class ZC N/A8.86N/A
Total Net Assets N/A 59,583,311 28,012,784
Net Asset Value per Share
Emerging Europe EquityEUR
Class AC 5.9613.6314.99
Class AD 5.9513.6314.99
Class EC 5.9013.5814.99
Class IC N/A13.8415.17
Class ID 6.1013.8415.16
Class ZD N/A13.76N/A
Total Net Assets 25,260,799 20,247,254 4,524,888
Net Asset Value per Share
Emerging WealthUSD
Class AC 4.828.41N/A
Class AD 4.828.41N/A
Class ZC 4.87N/AN/A
Total Net Assets N/A 42,528,879 23,790,937
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
87HSBC Global Investment Funds
Euroland EquityEUR
Class AC 16.7529.3833.63
Class AD 16.5429.2633.55
Class EC 16.5629.2033.58
Class ED 16.3728.9233.27
Class IC 17.0829.7133.71
Class ZC 18.4631.8635.88
Class ZD 18.2931.86N/A
Total Net Assets 578,984,961 890,006,808 572,821,302
Net Asset Value per Share
Euroland Equity Smaller CompaniesEUR
Class AC 21.9638.8848.58
Class AD 21.8138.8748.58
Class EC 21.7238.6648.55
Class IC 22.4639.4348.86
Class ZC 24.1342.0451.71
Total Net Assets 103,872,035 60,792,863 30,100,075
Net Asset Value per Share
Euroland GrowthEUR
Class M1C 7.3112.3314.17
Class M1D 7.2512.3714.23
Total Net Assets 149,960,548 172,516,988 92,656,030
Net Asset Value per Share
European EquityEUR
Class AC 19.6733.0341.44
Class AD 19.0232.3140.68
Class EC N/AN/A41.35
Class ED 18.7331.7940.12
Class IC 19.8533.06N/A
Class PC 20.2833.8942.30
Class PD 18.8232.0340.49
Class WD 11.5019.6724.94
Class ZD 19.3633.0841.05
Total Net Assets 733,618,436 227,727,194 93,859,080
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
88HSBC Global Investment Funds
European Equity High DividendEUR
Class AC 6.9012.5316.11
Class AD 6.7012.4216.11
Class EC 6.89N/AN/A
Class ZC 7.4213.2616.78
Total Net Assets 82,660,478 30,640,138 4,981,362
Net Asset Value per Share
Global Emerging Markets EliteUSD
Class YC 6.0412.5510.09
Class ZC 5.9112.4010.07
Total Net Assets 15,104,610 18,603,627 7,999,301
Net Asset Value per Share
Global Emerging Markets EquityUSD
Class AC 9.8520.5516.93
Class AD 9.7120.2816.75
Class EC 9.4019.7216.33
Class ED 9.3619.6316.25
Class IC 9.9720.6217.07
Class S1D 4.769.94N/A
Class WD 9.76N/AN/A
Class ZD 9.9420.7916.91
Total Net Assets 294,752,392 335,694,322 169,609,139
Net Asset Value per Share
Global EquityUSD
Class AC 14.9526.2226.79
Class AD 14.8926.1126.79
Class EC 14.94N/AN/A
Class IC 15.2126.4526.80
Class ZD 16.2228.4928.89
Total Net Assets 175,961,923 136,539,772 73,141,164
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
89HSBC Global Investment Funds
Global Sustainable Equity (formerly Global Equity SRI)USD
Class AC 8.4114.6115.82
Class AD 8.4114.6115.81
Class EC 8.37N/AN/A
Class IC 8.5514.73N/A
Class WC 9.1115.5416.51
Class ZC 8.8415.2116.39
Total Net Assets 20,777,357 22,933,662 5,526,058
Net Asset Value per Share
Sustainability Leaders (merged into Euroland Equity as at 19 December 2008)EUR
Class L1C N/A9.31N/A
Class M1C N/A9.2512.14
Class M1D N/A9.2512.20
Total Net Assets 28,419,950 28,092,014 N/A
Net Asset Value per Share
Brazil EquityUSD
Class AC 14.7137.5431.16
Class AD 14.6437.3931.03
Class EC 14.4837.1530.99
Class ED 14.4837.15N/A
Class IC 15.1538.3131.49
Class ID 15.1038.2231.49
Class ZC 15.9940.0832.65
Total Net Assets 1,086,007,695 1,640,242,424 418,214,041
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
90HSBC Global Investment Funds
Chinese EquityUSD
Class AC 50.7279.8967.10
Class AD 49.8478.5066.18
Class EC 49.7078.6766.41
Class ED 49.7078.67N/A
Class IC 52.3481.7368.06
Class ID 51.4081.1768.06
Class J1C 51.6380.52N/A
Class ZC N/A82.5168.20
Class ZD 51.8881.9168.19
Total Net Assets 4,388,195,717 3,906,152,473 2,209,848,264
Net Asset Value per Share
Hong Kong EquityUSD
Class AC 69.58111.2098.79
Class AD 66.52106.8595.33
Class EC 68.92110.7998.65
Class IC 70.61111.88N/A
Class J1C 4.617.29N/A
Class PD 65.65105.5594.36
Class ZD 69.60112.1498.95
Total Net Assets 213,556,902 475,798,740 290,694,033
Net Asset Value per Share
Indian EquityUSD
Class AC 73.27187.34135.24
Class AD 73.03187.34135.24
Class EC 71.11182.74132.59
Class ED 71.11182.74132.59
Class IC 77.15195.61140.01
Class ID 75.77194.82140.00
Class ZD 75.16193.64138.08
Total Net Assets 5,450,800,640 6,372,330,775 2,241,664,016
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
91HSBC Global Investment Funds
Japanese EquityJPY
Class AC 4,099.606,949.329,989.22
Class AD 611.491,036.531,489.96
Class EC 591.151,007.071,455.26
Class ED 591.031,006.871,455.26
Class IC 4,199.037,056.8210,057.59
Class PC 4,135.966,975.469,976.79
Class PD 630.231,065.021,523.27
Class WD 5,682.949,638.9613,849.43
Class ZC 4,325.357,214.5510,205.62
Class ZD 619.631,050.251,503.79
Total Net Assets 36,447,794,450 26,505,602,664 10,095,771,137
Net Asset Value per Share
Korean EquityUSD
Class AC 8.2717.2015.30
Class AD 8.2717.2015.30
Class EC 8.1917.1315.28
Class ED 8.1917.14N/A
Class IC 8.5017.5315.46
Class ZD N/A17.7015.61
Total Net Assets 153,655,487 387,851,271 83,683,768
Net Asset Value per Share
Russia EquityUSD
Class AC 3.109.60N/A
Class AD 3.109.60N/A
Class EC 3.09N/AN/A
Class IC 3.149.63N/A
Class ZC N/A9.66N/A
Total Net Assets N/A 9,124,672 20,046,275
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
92HSBC Global Investment Funds
Singapore EquityUSD
Class AC 18.0639.9047.88
Class AD 16.4236.9844.42
Class EC 17.8539.6247.78
Class IC 18.18N/AN/A
Class PD 16.4437.0744.49
Class ZD N/A39.2347.10
Total Net Assets 112,417,143 133,238,659 43,907,698
Net Asset Value per Share
Taiwan EquityUSD
Class AC 6.65N/AN/A
Class AD 6.65N/AN/A
Total Net Assets N/A N/A 4,420,988
Net Asset Value per Share
Thai EquityUSD
Class AC 5.3213.009.74
Class AD 5.0512.489.44
Class EC 5.2612.929.72
Class IC 5.4713.259.84
Class J1C 4.139.99N/A
Class ZD 5.2312.959.76
Total Net Assets 217,572,937 349,075,277 72,684,841
Net Asset Value per Share
Turkey Equity (formerly Turkish Convergence)EUR
Class AC 8.1112.4114.67
Class AD 6.3310.8514.02
Class EC 8.0412.3614.66
Class IC 8.17N/AN/A
Total Net Assets 50,978,451 37,525,128 6,482,386
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
93HSBC Global Investment Funds
UK EquityGBP
Class AC 17.5626.2728.48
Class AD 16.0624.4427.24
Class EC 17.56N/AN/A
Class ED N/AN/A20.10
Class IC 17.69N/AN/A
Class ID 17.69N/AN/A
Class ZC 18.5627.3329.17
Total Net Assets 97,879,771 62,297,262 47,251,610
Net Asset Value per Share
US EquityUSD
Class AC 13.4621.7422.54
Class ACH 15.4930.1826.92
Class AD 15.0724.3325.23
Class ADH 15.9931.0427.70
Class EC 13.3121.6022.52
Class ED 14.7923.9925.00
Class IC 13.55N/AN/A
Class PD 15.3524.7625.68
Class WD 88.01142.21147.87
Class ZC 14.2222.5923.05
Class ZD 15.2324.6025.46
Total Net Assets 195,931,184 176,483,049 132,835,254
Net Asset Value per Share
US IndexUSD
Class AC 5.779.5510.27
Class AD 5.529.2610.12
Class EC 5.749.55N/A
Class PD 5.419.099.93
Total Net Assets 43,828,461 38,271,765 22,754,794
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
94HSBC Global Investment Funds
Asia ex Japan Freestyle (formerly Asia Freestyle)USD
Class AC 9.7318.4916.08
Class ACH 10.3523.6817.91
Class AD 9.5918.2515.94
Class ADH 10.3923.4617.72
Class EC 9.4918.1315.85
Class ED 9.4918.13N/A
Class IC 10.1619.1316.49
Class ID N/A19.1316.49
Class ZC N/AN/AN/A
Total Net Assets 270,322,943 258,475,337 94,026,932
Net Asset Value per Share
BRIC FreestyleUSD
Class J1C 8.5219.0115.34
Class M1C 12.0326.9521.33
Class M2C 11.5725.9420.54
Class M2D 11.6026.2220.42
Total Net Assets 2,757,083,981 2,442,202,478 829,973,305
Net Asset Value per Share
Global Emerging Markets Equity FreestyleUSD
Class M1C 6.5513.7911.70
Class M1D 6.6614.0111.79
Total Net Assets 845,789,963 654,007,923 261,391,946
Net Asset Value per Share
Latin American FreestyleUSD
Class M1C 8.1918.4314.24
Class M1D 8.2318.5314.23
Total Net Assets 40,555,651 241,573,437 66,218,462
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
95HSBC Global Investment Funds
Brazil BondUSD
Class AC 12.6314.0912.02
Class AD 10.5913.4112.02
Class EC 12.5414.0412.01
Class IC 12.7114.10N/A
Class ZC 13.0114.3712.12
Total Net Assets 6,969,093 14,115,502 12,717,810
Net Asset Value per Share
Euro Core BondEUR
Class AC 17.1017.1516.91
Class AD 15.4616.0416.16
Class EC 16.9917.0916.91
Class IC 17.5917.5617.24
Total Net Assets 160,619,882 124,216,902 46,473,023
Net Asset Value per Share
Euro Core Credit BondEUR
Class AC 14.9916.6117.31
Class AD 12.4814.3715.34
Class EC 14.8916.5517.31
Class IC 15.5417.1217.73
Class ZC N/A16.6817.74
Class ZD 14.0116.1417.27
Total Net Assets 43,802,458 127,986,610 192,334,689
Net Asset Value per Share
Euro High Yield BondEUR
Class AC 15.9019.5021.60
Class AD 12.7616.6618.81
Class EC 15.7919.4221.58
Class ED 15.0619.42N/A
Class IC 16.5820.1922.21
Class ZC 16.8020.3422.24
Total Net Assets 84,096,899 50,046,935 78,225,553
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
96HSBC Global Investment Funds
Euro Strategic Credit Bond (liquidated as at 26 September 2008)EUR
Class AC N/A9.7310.39
Class AD N/A9.1510.12
Class EC N/A9.72N/A
Class IC N/AN/A10.40
Total Net Assets 59,079,111 42,913,028 N/A
Net Asset Value per Share
European Government BondEUR
Class AC 16.3816.7216.73
Class AD 12.2312.9613.34
Class EC 16.2616.6416.71
Class IC 16.8517.1217.05
Class ID 13.3314.1215.21
Total Net Assets 140,521,794 31,099,983 6,741,368
Net Asset Value per Share
Global Core Plus BondUSD
Class AC 13.6115.3913.75
Class AD 12.5014.6213.60
Class EC 10.5711.98N/A
Class IC 13.7515.4713.75
Class PD 10.2111.91N/A
Class WD 172.31201.38185.20
Class ZD 12.9015.0713.67
Total Net Assets 108,818,895 154,254,904 78,776,684
Net Asset Value per Share
Global Emerging Markets BondUSD
Class AC 18.9520.9920.44
Class AD 14.4917.0217.33
Class EC 18.8220.9120.42
Class ED 18.0220.91N/A
Class IC 19.3021.2520.57
Class ZC 19.8121.7120.91
Class ZD 19.2921.71N/A
Total Net Assets 133,896,921 444,188,082 234,514,986
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
97HSBC Global Investment Funds
Global Emerging Markets Local DebtUSD
Class AC 9.5010.94N/A
Class AD 9.3010.95N/A
Class EC 9.50N/AN/A
Class IC 9.6110.98N/A
Class ID 9.3110.98N/A
Class ZD 9.2910.96N/A
Total Net Assets N/A 45,464,527 44,558,057
Net Asset Value per Share
Global High Yield Bond (liquidated as at 15 December 2008)USD
Class AC N/A10.8811.25
Class AD N/A10.7911.27
Class EC N/A10.8311.23
Class ZC N/A11.2011.43
Total Net Assets 5,845,866 5,853,443 N/A
Net Asset Value per Share
US Dollar Core Plus BondUSD
Class AC 12.1712.5712.39
Class AD 9.6110.3910.95
Class EC 12.0812.5212.38
Class IC 12.17N/AN/A
Class PD 9.6410.4210.72
Class WC 14.2814.6114.26
Class WD 9.6910.4810.80
Class ZC 12.5612.8712.57
Class ZD 10.1710.9911.00
Total Net Assets 79,698,263 83,750,456 79,033,476
Net Asset Value per Share
Euro ReserveEUR
Class AC 17.1816.6616.06
Class AD 15.6415.7115.42
Class IC 17.19N/AN/A
Total Net Assets 42,873,119 43,463,578 56,371,637
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
98HSBC Global Investment Funds
US Dollar Reserve (liquidated as at 22 December 2008)USD
Class AC N/A17.0416.41
Class AD N/A8.138.19
Class PD N/A8.568.57
Total Net Assets 19,196,118 28,435,119 N/A
Net Asset Value per Share
Global Discount Structures (formerly Global Discount Certificates)EUR
Class AC 7.959.97N/A
Class AD 7.939.97N/A
Class IC 7.989.98N/A
Class ZC 8.0910.05N/A
Total Net Assets N/A 20,746,328 6,699,586
Net Asset Value per Share
Halbis Global MacroEUR
Class L1C 112.37100.74N/A
Class M1C 111.37100.27N/A
Class M1D 111.32100.11N/A
Total Net Assets N/A 15,122,422 49,978,596
Net Asset Value per Share
New World IncomeUSD
Class L1C 9.46N/AN/A
Class L1D 9.4310.15N/A
Class M1C 9.5410.13N/A
Class M1D 9.2410.14N/A
Class ZD 9.4410.20N/A
Total Net Assets N/A 219,477,266 254,293,923
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2007 at 31 March 2008 at 31 March 2009
99HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CHINA YURUN FOOD GROUPLTD 1,209,000 1,541,229 0.48HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
ESPRIT HOLDINGS LTD 292,800 1,492,286 0.47HKD
KERRY PROPERTIES LTD 365,500 881,887 0.28HKD
3,915,402 1.23
CHINA HUIYUAN JUICE GROUPLTD OPA 712,000 453,828 0.14HKD
CAYMAN ISLANDS
HENGAN INTERNATIONAL GRP 345,000 1,386,632 0.44HKD
LI NING COMPANY LTD 457,500 755,588 0.24HKD
LONKING HOLDINGS LTD 1,554,000 944,400 0.30HKDREHNE COMMERCIALHOLDING COMP LTD 3,014,000 676,669 0.21HKDSUN HUNG KAI PROPERTIESLTD 735,000 6,581,589 2.06HKD
TENCENT HOLDINGS LIMITED 354,800 2,632,300 0.83HKD
13,431,006 4.22
BANK OF CHINA LTD -H- 11,727,000 3,888,696 1.22HKD
CHINA
CHINA BLUECHEMICAL LTD -H- 1,068,000 584,280 0.18HKDCHINA COMMUNICATIONSSERVICES -H- 1,592,000 953,114 0.30HKDCHINA CONSTRUCTION BANKCO. -H- 14,957,000 8,491,436 2.67HKDCHINA LIFE INSURANCE CO.LTD -H- 2,686,000 8,906,828 2.81HKDCHINA NATIONAL BUILDINGMATERIAL -H- 1,812,000 2,684,009 0.84HKDCHINA PETROLEUM&CHEMCORP. H 6,786,000 4,342,897 1.36HKDCHINA RAILWAYCONSTRUCTION CORP. -H- 608,500 794,557 0.25HKDCHINA SHENHUA ENERGY CO.-H- 1,323,500 2,981,619 0.94HKDCHINA SHIPPINGDEVELOPMENT -H- 2,618,000 2,479,418 0.78HKDCHINA SOUTH LOCOMOTIVE -H- 1,870,000 854,140 0.27HKDCHINA TELECOM CORP. LTD -H- 4,882,000 2,015,727 0.63HKD
DONGFENG MOTOR -H- 2,620,000 1,355,594 0.43HKD
IND & COM BOC -H- 12,194,000 6,340,671 1.99HKD
PETROCHINA CO. LTD /-H- 5,788,000 4,615,311 1.45HKDPING AN INSURANCE GRP CO.-H- 236,500 1,411,324 0.44HKDZHEJIANG EXPRESSWAY CO.LTD H 800,000 583,207 0.18HKD
INVESTMENTS
Asia ex Japan EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
ZIJIN MINING GROUP -H- 1,140,000 811,947 0.26HKD
54,094,775 17.00
BEIJING ENTERPRISESHOLDING LTD 658,500 2,744,368 0.86HKD
HONG KONG
CHEUNG KONG HOLDINGS 523,000 4,504,400 1.42HKD
CHINA EVERBRIGHT LTD 536,000 832,674 0.26HKD
CHINA MOBILE LTD 1,574,500 13,712,934 4.31HKDCHINA OVERSEASLAND&INVESTMENT 1,597,536 2,506,503 0.79HKDCHINA RESOURCES POWERHOLDINGS 900,000 1,885,873 0.59HKD
CHINA UNICO (HK) 1,634,000 1,745,687 0.55HKD
CLP HOLDINGS LTD 639,000 4,390,404 1.38HKD
CNOOC LTD 4,337,000 4,297,685 1.35HKD
COSCO PACIFIC LTD 364,000 359,291 0.11HKD
HANG LUNG PROPERTIES LTD 519,000 1,218,773 0.38HKD
HANG SENG BANK LTD 217,200 2,187,342 0.69HKDHONGKONG ELECTRICHOLDINGS LTD 610,000 3,620,526 1.14HKDHOPEWELL HIGHWAYINFRASTR. 57,150 32,224 0.01HKD
HOPEWELL HOLDINGS LTD 571,500 1,500,599 0.47HKD
HUTCHISON WHAMP 615,000 3,015,384 0.95HKDMASS TRANSIT RAILWAYCORP. 1,133,789 2,726,855 0.86HKDSHANGHAI INDUSTRIALHOLDINGS 656,000 1,815,579 0.57HKDSINO-OCEAN LAND HOLDINGSLTD 3,209,000 2,111,659 0.66HKD
THE WHARF HOLDING 1,004,750 2,494,291 0.78HKD
57,703,051 18.13
TAMBANG BATUBARA /S.-B- 1,628,500 945,564 0.30IDR
INDIA
945,564 0.30
BANK RAKYAT INDONESIA 3,561,500 1,286,713 0.40IDR
INDONESIA
PERUSAHAAN GAS NEGA -B- 8,188,500 1,514,406 0.48IDR
TELKOM INDONESIA S -B- 2,628,000 1,718,060 0.54IDR
UNITED TRACTORS 1,841,500 1,069,239 0.34IDR
5,588,418 1.76
BUMIPUTRA-COMMERCEHOLDINGS 1,418,200 2,663,375 0.83MYR
MALAYSIA
GAMUDA BHD 3,265,100 1,772,416 0.56MYR
KUALA LUMPUR KEPONG BHD 725,600 2,108,663 0.66MYR
PLUS EXPRESSWAYS BHD 1,073,800 865,515 0.27MYR
PUBLIC BANK / FOR.REG 423,800 877,227 0.28MYR
RESORTS WORLD 792,300 464,844 0.15MYR
8,752,040 2.75
AYALA LAND INC. 3,031,000 357,334 0.11PHP
PHILIPPINES
METROPOLITAN BANK &TRUST 1,208,000 649,612 0.21PHP
1,006,946 0.32
Description Quantity Currency Evaluation % netassets
100HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ALLGREEN PROPERTIES LTD 1,859,000 501,391 0.16SGD
SINGAPORE
CITY DEVELOPMENTS LTD 355,000 1,181,660 0.37SGD
DBS GROUP HOLDINGS LTD 592,000 3,271,258 1.03SGD
KEPPEL CORP. LTD 763,000 2,584,910 0.81SGDSINGAPORE PRESS HOLDINGSLTD 844,000 1,410,230 0.44SGDSINGAPORE TELECOM/BOARD LOT 1000 1,911,000 3,193,067 1.00SGD
VENTURE CORPORATION LTD 277,000 918,383 0.29SGD
13,060,899 4.10
AMORE PACIFIC CORP. (NEW) 2,085 919,548 0.29KRW
SOUTH KOREA
CHEIL INDUSTRIAL INC. 39,090 1,066,893 0.34KRW
HITE BREWERY CO. LTD 5,042 499,415 0.16KRWHYUNDAI DEPARTMENTSTORE CO. 13,520 698,910 0.22KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 15,820 384,884 0.12KRWHYUNDAIENGINEERING&CONSTRUCTION CO. 13,730 585,681 0.18KRW
HYUNDAI HEAVY INDUSTRIES 7,002 989,708 0.31KRW
HYUNDAI MOBIS 25,120 1,445,676 0.45KRW
HYUNDAI MOTOR CO. LTD 53,050 2,128,711 0.67KRW
KANGWON LAND INC. 88,550 880,298 0.28KRW
KB FINANCIAL GROUP INC. 44,370 1,057,020 0.33KRWKOREA ELECTRIC POWERCORP. 114,168 2,100,731 0.66KRW
KOREA EXCHANGE BANK 254,400 1,140,373 0.36KRW
KT FREETEL LTD 69,880 1,399,494 0.44KRW
KT&G CORPORATION 49,710 2,735,059 0.86KRW
LG CHEMICAL LTD 17,440 1,134,821 0.36KRW
LG CORP. 35,572 1,265,353 0.40KRW
LG DISPLAY CO. LTD 70,940 1,438,674 0.45KRW
LG ELECTRONICS INC. 26,510 1,751,839 0.55KRW
NHN CORPORATION 9,158 999,806 0.31KRW
POSCO 19,001 5,007,400 1.57KRW
SAMSUNG C&T CORP. 97,370 2,798,341 0.88KRWSAMSUNG ELECTRONICS CO.LTD 34,667 14,236,489 4.46KRWSAMSUNG FIRE&MARINEINSURANCE 11,480 1,328,006 0.42KRW
SAMSUNG HEAVY INDUSTRIES 45,390 840,114 0.26KRWSAMSUNG SECURITIES CO.LTD 24,320 1,016,318 0.32KRW
SAMSUNG TECHWIN CO. LTD 32,160 1,050,976 0.33KRW
SHINHAN FINANCIAL GROUP 111,214 1,978,030 0.62KRW
SHINSEGAE CO. LTD 2,611 812,678 0.26KRW
SK ENERGY 21,252 1,359,820 0.43KRW
SK TELECOM CO. LTD 30,813 4,277,337 1.34KRWWOORIINVESTMENT&SECURITIESCO. 51,270 626,453 0.20KRW
YUHAN CORP. 7,271 972,533 0.31KRW
60,927,389 19.14
ACER INC. 1,849,000 2,777,294 0.87TWD
TAIWAN
Description Quantity Currency Evaluation % netassets
ADVANCED SEMICONDUCTORENG. INC. 1,649,000 798,916 0.25TWD
ASIA CEMENT CORP. 803,000 695,309 0.22TWD
ASUSTEK COMPUTER INC. 575,142 603,878 0.19TWD
AU OPTRONICS CORP. 2,376,929 1,963,649 0.62TWD
CATHAY FINANCIAL HOLDING 1,627,491 1,397,243 0.44TWD
CHINA STEEL 3,152,378 2,061,133 0.65TWDCHINATRUST FINANCIALHOLDING CO. 3,238,453 1,182,699 0.37TWDCHUNGHWA TELECOM CO.LTD 1,812,974 3,305,194 1.04TWD
FAR EASTERN TEXTILE LTD 771,482 599,853 0.19TWDFIRST FINANCIAL HOLDINGCO. 2,529,356 1,165,840 0.37TWD
FORMOSA PLASTICS 1,895,000 2,851,970 0.90TWDHON HAI PRECISIONINDUSTRY CO. LTD 1,986,241 4,486,856 1.41TWD
HTC CORP. 238,400 2,927,906 0.92TWD
MEDIA TEK INCORPORATION 414,297 3,892,398 1.22TWD
NAN YA PLASTICS CORP. 687,000 785,061 0.25TWDPRESIDENT CHAIN STORECORP. 594,000 1,359,322 0.43TWDSILICONWARE PRECISIONINDUSTRIES 1,566,070 1,646,623 0.52TWD
TAIWAN CEMENT CORP. 1,940,000 1,596,976 0.50TWD
TAIWAN FERTILIZER CO. LTD 1,332,000 2,726,489 0.86TWD
TAIWAN MOBILE CORP. 1,266,000 1,832,618 0.58TWDTAIWAN SEMICONDUCTORMANUFACTURING 6,518,530 9,867,964 3.09TWDUNI-PRESIDENT ENTERPRISESCORP. 884,000 715,978 0.22TWD
WISTRON CORP. 711,000 765,371 0.24TWDYUANTA FINANCIAL HOLDINGCO. 3,167,000 1,445,755 0.45TWD
53,452,295 16.80
ADVANCED INFO SERVICEPUB./ FOR. RG 467,100 1,091,317 0.34THB
THAILAND
BANGKOK BANK PUBLIC/FOREIGN 922,400 1,953,839 0.62THBSIAM COMMERC.BANKPUBL./FOR.REG 732,100 1,123,130 0.35THB
4,168,286 1.31
87.06TOTAL SHARES 277,046,071
UBS 07-06.12.10 WRT/JSP 141,700 3,332,479 1.05USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
3,332,479 1.05
MERRILL LYNCHINTERNATIONAL 09-18.02.14CW / OIL 219,450 3,345,798 1.05USD
NETHERLANDS ANTILLES
3,345,798 1.05
2.10TOTAL WARRANTS / EQUITY LINKED SECURITIES 6,678,277
89.16TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 283,724,348
Description Quantity Currency Evaluation % netassets
101HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SWIRE PACIFIC LTD A 204,500 1,364,168 0.43HKD
OTHER TRANSFERABLE SECURITES
SHARES
HONG KONG
1,364,168 0.43
AYALA LAND INC. /PREF 7,908,000 - 0.00PHP
PHILIPPINES
- 0.00
0.43TOTAL SHARES 1,364,168
JP MORGAN INTERNATIONAL07-03.05.12 WRT 798,400 2,790,408 0.88USD
WARRANTS / EQUITY LINKED SECURITIES
JERSEY
JP MORGAN INTERNATIONAL07-04.05.12 WRT / HOUSING 50,250 1,416,002 0.44USDJP MORGAN 07-03.05.12 WRT /HDFC BANK 132,600 2,497,641 0.78USD
JP MORGAN 07-23.10.12 CERT 439,700 2,926,721 0.92USD
9,630,772 3.02
JP MORGAN 09-14.02.14 CERT /RELIANCE 213,200 6,314,984 1.98USD
NETHERLANDS
6,314,984 1.98
MERILL LYNCH 05-14.09.10WRT/BHARAT 101,100 2,995,824 0.94USD
NETHERLANDS ANTILLES
MERRIL LYNCHINTERNATIONAé 02-21.11.10C W / INFO 200,200 6,057,571 1.91USD
9,053,395 2.85
7.85TOTAL WARRANTS / EQUITY LINKED SECURITIES 24,999,151
8.28TOTAL OTHER TRANSFERABLE SECURITIES 26,363,319
Description Quantity Currency Evaluation % netassets
97.44TOTAL INVESTMENTS 310,087,667
2.56OTHER NET ASSETS LESS LIABILITIES 8,133,198
100.00TOTAL NET ASSETS 318,220,865
102HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CAFE DE CORAL HOLDINGSLTD 118,000 231,729 1.24HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
CHINA YURUN FOOD GROUPLTD 217,000 276,631 1.48HKD
TAI CHEUNG HOLDINGS LTD 579,000 191,250 1.03HKD
699,610 3.75
ASIA CEMENT(CN) HOLDINGSCORP. 498,000 269,875 1.45HKD
CAYMAN ISLANDS
CHINA DONGXIANG (GROUP)CO. LTD 511,000 187,910 1.01HKDCHINA STATE CONSTRUCTIONINTERNATIONAL HOLDING LTD 2,356,400 407,416 2.18HKDCOMBA TELECOM SYSTEMSHOLDINGS 1,166,000 412,224 2.20HKD
HENGAN INTERNATIONAL GRP 74,000 297,422 1.60HKDJU TENG INTERNATIONALHOLDING LTD 652,000 196,014 1.05HKDMING FAI INTERNATIONALHOLDING 288,000 31,214 0.17HKDQIN JIA YUAN MEDIASERVICES CO. 813,700 128,088 0.69HKD
1,930,163 10.35
BEIJING JINGKELONGSUPERMARKT -H- 750,000 269,991 1.46HKD
CHINA
CHINA NATIONAL MATERIALCO. -H- 424,000 222,661 1.19HKD
CHINA RESOURCES LAND 172,000 266,314 1.43HKDCHINA SOUTH LOCOMOTIVE -H- 413,000 188,642 1.01HKD
DALIAN PORT PDA CO. LTD -H- 332,000 107,093 0.57HKD
DONGFENG MOTOR -H- 192,000 99,341 0.53HKD
IND & COM BOC -H- 231,000 120,116 0.64HKDZHEJIANG EXPRESSWAY CO.LTD H 296,000 215,786 1.16HKD
1,489,944 7.99
BEIJING ENTERPRISESHOLDING LTD 47,500 197,961 1.06HKD
HONG KONG
CHINA EVERBRIGHT LTD 144,000 223,704 1.20HKDCHINA INSURANCEINTERNATIONAL HOLDING 174,000 279,738 1.50HKD
CNPC (HONG KONG) LTD 1,170,000 495,158 2.66HKDGUANGDONG INVESTMENTLTD 462,000 185,986 1.00HKD
INVESTMENTS
Asia ex Japan Equity Smaller CompaniesStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
INDUSTRIAL ANDCOMMERCIAL BANK OF CHINA 470,055 499,757 2.68HKDSHANGHAI INDUSTRIALHOLDINGS 70,000 193,736 1.04HKDSINO-OCEAN LAND HOLDINGSLTD 491,000 323,099 1.73HKDTIANJIN DEVELOPMENTHOLDING LTD 676,000 250,330 1.34HKD
2,649,469 14.21
TAMBANG BATUBARA /S.-B- 337,000 195,674 1.05IDR
INDIA
195,674 1.05
PT INDOFOOD SUKSES 1,143,000 92,422 0.50IDR
INDONESIA
92,422 0.50
ASIATIC DEVELOPMENT 208,700 244,890 1.31MYR
MALAYSIA
IJM CORPORATION BHD 162,500 186,223 1.00MYR
PARKSON HOLDINGS BHD 124,600 128,443 0.69MYR
559,556 3.00
AYALA LAND INC. 1,180,000 139,114 0.75PHP
PHILIPPINES
139,114 0.75
MOBILEONE LTD 89,000 87,820 0.47SGD
SINGAPORE
SIA ENGINEERING CO. LTD 140,000 172,220 0.92SGDSMRT CORPORATION LTDSMRT 175,000 177,285 0.95SGDSTRAITS ASIA RESOURCESLTD 385,000 208,943 1.12SGD
VENTURE CORPORATION LTD 60,000 198,928 1.07SGD
845,196 4.53
BUSAN BANK 36,690 155,978 0.84KRW
SOUTH KOREA
CHEIL WORLDWIDE INC. 1,697 202,444 1.09KRW
DAEHAN STEEL CO. LTD 21,150 187,320 1.00KRW
DAISHIN SECURITIES CO. LTD 15,200 186,823 1.00KRWDAISHIN SECURITIESPREF/NON-VOT 14,650 74,991 0.40KRWGSENGINEERING&CONSTRUCTTION CORP. 4,300 189,954 1.02KRWHYUNDAI DEPARTMENTSTORE CO. 2,510 129,753 0.70KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 7,160 174,195 0.93KRW
HYUNDAI MOBIS 5,210 299,840 1.62KRWLG HOUSEHOLD &HEALTHCARE LTD 1,770 192,596 1.03KRW
LOTTE SHOPPING LTD 1,293 178,087 0.96KRW
MEGASTUDY CO. LTD 1,365 195,899 1.05KRW
NONG SHIM CO. LTD 1,432 222,597 1.19KRW
ORION CORPORATION 1,926 226,281 1.21KRWSAMSUNG ENGINEERING CO.LTD 3,050 127,458 0.68KRW
Description Quantity Currency Evaluation % netassets
103HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
WOONG JIN COWAY CO. LTD 17,320 374,418 2.02KRW
3,118,634 16.74
ASIA CEMENT CORP. 173,000 149,799 0.80TWD
TAIWAN
CHICONY ELECTRONICS CO.LTD 109,380 140,134 0.75TWDCHINA LIFE INSURANCE CO.LTD 563,900 183,518 0.98TWD
CHROMA ATE INC. 193,181 140,817 0.76TWD
CTCI CORP. 359,000 248,472 1.33TWDFAR EASTERN DEPARTMENTSTORES 422,559 219,036 1.18TWD
GEATEK ELECTRONICS INC. 275,000 196,813 1.06TWDHON HAI PRECISIONINDUSTRY CO. LTD 126,156 284,982 1.53TWD
HTC CORP. 13,000 159,659 0.86TWDNOVATEKMICROELECTRONICS CORP. 194,000 293,684 1.58TWDPRESIDENT CHAIN STORECORP. 93,000 212,823 1.14TWDSILICONWARE PRECISIONINDUSTRIES 243,000 255,499 1.37TWD
SINCERE NAVIGATION CORP. 186,000 152,564 0.82TWD
SINYI REALTY INC. 47,000 54,470 0.29TWDSYNNEX TECHNOLOGYINTERNATIONAL 145,000 182,993 0.98TWD
TAIWAN CEMENT CORP. 177,101 145,787 0.78TWD
TAIWAN FERTILIZER CO. LTD 202,000 413,476 2.22TWDTAIWAN SEMICONDUCTORMANUFACTURING 259,601 392,992 2.11TWDUNIMICRON TECHNOLOGYCORP. 164,000 97,569 0.52TWD
WISTRON CORP. 335,512 361,169 1.94TWD
4,286,256 23.00
MAJOR CINEPLEX GRP/FOREIGN REG 379,100 70,430 0.38THB
THAILAND
THANACHART CAPITALPUBLIC /FOREIGN 694,200 187,594 1.00THB
258,024 1.38
87.25TOTAL SHARES 16,264,062
HSBC 22.10.18 CW / UNSP 14,583 186,799 1.00USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
PUNJ 07-28.09.10 CERT / PUNJ 36,285 64,820 0.35USD
251,619 1.35
JP MORGAN INTERNATIONALJE 08-18.03.13 CERT / HCL 43,500 84,825 0.46USD
JERSEY
JP MORGAN INTERNATIONAL07-3.10.12 CERT / NGVKP 470,127 197,453 1.06USD
282,278 1.52
BNP PARIBAS 01.04.15 CW /UNITECH 168,583 118,179 0.63USD
NETHERLANDS
118,179 0.63
Description Quantity Currency Evaluation % netassets
JP MORGAN 06-30.10.09 WRT /EDUCO 2,250 90,068 0.48USD
UNITED STATES
90,068 0.48
3.98TOTAL WARRANTS / EQUITY LINKED SECURITIES 742,144
91.23TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 17,006,206
Description Quantity Currency Evaluation % netassets
AYALA LAND INC. /PREF 5,644,800 - 0.00PHP
OTHER TRANSFERABLE SECURITES
SHARES
PHILIPPINES
- 0.00
0.00TOTAL SHARES -
UBS LN 19.11.10 CERT / GNC 388,748 154,032 0.83USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
UBS 03.07.10 WRT /INFRASTRUCTURE PROJECT 96,910 232,485 1.24USDUBS 07-10 WRT /DR REDDY SLAB 12,767 115,101 0.62USD
501,618 2.69
JP MORGAN INTERNATIONALDER. 06-14.11.11 /EQ. 135,964 277,367 1.49USD
JERSEY
277,367 1.49
BNP PARIBAS 09-01.04.15 CW /ADITYA 26,485 229,748 1.23USD
NETHERLANDS
229,748 1.23
ML 07-02.01.12WRT/INDIABULLS 66,438 131,948 0.71USD
NETHERLANDS ANTILLES
131,948 0.71
6.12TOTAL WARRANTS / EQUITY LINKED SECURITIES 1,140,681
6.12TOTAL OTHER TRANSFERABLE SECURITIES 1,140,681
97.35TOTAL INVESTMENTS 18,146,887
2.65OTHER NET ASSETS LESS LIABILITIES 493,724
100.00TOTAL NET ASSETS 18,640,611
104HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BHP BILLITON LTD 103,360 2,266,701 3.21AUD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRALIA
COCHLEAR LIMITED 19,485 670,892 0.95AUD
CWTHBK OF AUSTRALIA 38,810 926,325 1.31AUDMETCASH LTD / DEFERREDDELIVERY 155,187 433,008 0.61AUD
NEWCREST MINING 25,944 583,576 0.83AUD
ORIGIN ENERGY LTD 31,261 317,965 0.45AUD
QBE INSURANCE GROUP 44,308 586,784 0.83AUD
RIO TINTO LIMITED 15,409 599,067 0.85AUD
TELSTRA CORPORATION LTD 247,466 545,928 0.77AUD
WESTPAC BANKING CORP. 74,044 971,428 1.37AUD
WOOLWORTHS 24,380 419,046 0.59AUD
8,320,720 11.77
ESPRIT HOLDINGS LTD 101,800 518,835 0.73HKD
BERMUDA ISLANDS
KERRY PROPERTIES LTD 90,000 217,154 0.31HKD
SCMP GROUP LTD 786,000 101,416 0.14HKD
837,405 1.18
ANTA SPORTS PRODUCTS LTD 476,000 313,228 0.44HKD
CAYMAN ISLANDS
HENGAN INTERNATIONAL GRP 97,000 389,865 0.55HKDSUN HUNG KAI PROPERTIESLTD 147,000 1,316,318 1.87HKD
TENCENT HOLDINGS LIMITED 80,000 593,529 0.84HKD
2,612,940 3.70
BANK OF CHINA LTD -H- 2,647,000 877,750 1.24HKD
CHINA
CHINA COAL ENERGY CO. LTD-H- 769,000 567,553 0.80HKDCHINA CONSTRUCTION BANKCO. -H- 2,940,000 1,669,107 2.37HKDCHINA LIFE INSURANCE CO.LTD -H- 482,000 1,598,321 2.27HKDCHINA PETROLEUM&CHEMCORP. H 1,038,000 664,298 0.94HKDCHINA SHIPPINGDEVELOPMENT -H- 272,000 257,602 0.36HKD
DONGFENG MOTOR -H- 1,248,000 645,718 0.91HKD
IND & COM BOC -H- 2,318,000 1,205,320 1.70HKD
PETROCHINA CO. LTD /-H- 1,316,000 1,049,369 1.48HKD
INVESTMENTS
Asia Pacific ex Japan Equity High DividendStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
ZHEJIANG EXPRESSWAY CO.LTD H 494,000 360,130 0.51HKD
8,895,168 12.58
STANDARD CHARTERED PLC 22,850 276,255 0.39HKD
GREAT BRITAIN
276,255 0.39
CHEUNG KONG HOLDINGS 104,000 895,712 1.27HKD
HONG KONG
CHINA EVERBRIGHT LTD 272,000 422,551 0.60HKDCHINA MERCHANTSHOLDINGS 162,000 372,901 0.53HKD
CHINA MOBILE LTD 282,500 2,460,404 3.47HKDCHINA OVERSEASLAND&INVESTMENT 408,546 641,001 0.91HKDCHINA RESOURCES POWERHOLDINGS 332,000 695,678 0.98HKD
CHINA UNICO (HK) 282,000 301,275 0.43HKD
CLP HOLDINGS LTD 151,500 1,040,917 1.47HKD
CNOOC LTD 1,043,000 1,033,545 1.46HKDGUANGDONG INVESTMENTLTD 880,000 354,259 0.50HKD
HANG LUNG PROPERTIES LTD 318,000 746,762 1.06HKD
HANG SENG BANK LTD 46,500 468,285 0.66HKDH.K.EXCHANGES ANDCLEARING LTD 40,900 386,294 0.55HKDHONGKONG ELECTRICHOLDINGS LTD 206,500 1,225,637 1.73HKD
HSBC HOLDINGS PLC 80,082 440,695 0.62HKD
HUTCHISON WHAMP 109,000 534,434 0.76HKDSHANGHAI INDUSTRIALHOLDINGS 206,000 570,136 0.81HKDSINO-OCEAN LAND HOLDINGSLTD 723,500 476,094 0.67HKDTELEVISION BROADCASTSLTD 87,000 277,830 0.39HKD
13,344,410 18.87
BANK RAKYAT INDONESIA 1,014,000 366,342 0.52IDR
INDONESIA
PERUSAHAAN GAS NEGA -B- 2,942,000 544,102 0.77IDR
910,444 1.29
BRITISH AMERICAN TOBACCO 66,000 823,302 1.17MYR
MALAYSIA
KUALA LUMPUR KEPONG BHD 139,000 403,947 0.57MYR
RESORTS WORLD 511,600 300,157 0.42MYR
TENAGA NASIONAL 160,600 268,584 0.38MYR
1,795,990 2.54
ALLGREEN PROPERTIES LTD 1,226,000 330,665 0.47SGD
SINGAPORE
DBS GROUP HOLDINGS LTD 119,000 657,567 0.93SGD
KEPPEL CORP. LTD 130,000 440,417 0.62SGD
MOBILEONE LTD 682,060 673,020 0.96SGD
SINGAPORE AIRLINES LTD 49,001 324,277 0.46SGD
SINGAPORE EXCHANGE LTD 145,000 488,373 0.69SGDSINGAPORE PRESS HOLDINGSLTD 158,000 264,000 0.37SGDSINGAPORE TELECOM/BOARD LOT 1000 392,000 654,988 0.93SGD
Description Quantity Currency Evaluation % netassets
105HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SMRT CORPORATION LTDSMRT 513,000 519,699 0.73SGD
UTD OVERSEAS BANK /LOCAL 71,000 455,850 0.64SGDYELLOW PAGES (SINGAPORE)LTD 2,688,000 291,761 0.41SGD
5,100,617 7.21
DONGBU INSURANCE CO. LTD 22,090 327,407 0.46KRW
SOUTH KOREA
HYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 8,400 204,363 0.29KRW
HYUNDAI HEAVY INDUSTRIES 2,292 323,966 0.46KRWHYUNDAI MIPO DOCKYARDCO. LTD 3,740 350,171 0.50KRW
HYUNDAI MOTOR CO. LTD 7,990 320,611 0.45KRW
KANGWON LAND INC. 38,960 387,311 0.55KRW
KB FINANCIAL GROUP INC. 13,250 315,653 0.45KRWKOREA ELECTRIC POWERCORP. 17,580 323,478 0.46KRW
KOREA EXCHANGE BANK 65,530 293,745 0.42KRW
KT&G CORPORATION 18,080 994,767 1.40KRW
LG CHEMICAL LTD 9,828 639,508 0.90KRW
LG DISPLAY CO. LTD 14,130 286,559 0.41KRW
LOTTE SHOPPING LTD 1,469 202,328 0.29KRW
MEGASTUDY CO. LTD 2,247 322,479 0.46KRW
POSCO 3,168 834,874 1.17KRW
SAMSUNG C&T CORP. 9,360 268,999 0.38KRWSAMSUNG ELECTRONICS CO.LTD 6,104 2,506,692 3.54KRWSAMSUNG FIRE&MARINEINSURANCE 2,990 345,883 0.49KRW
SK TELECOM CO. LTD 5,707 792,223 1.12KRW
S-OIL CORP. 6,850 278,829 0.39KRWWOORIINVESTMENT&SECURITIESCO. 35,590 434,864 0.62KRW
10,754,710 15.21
ACER INC. 428,857 644,166 0.91TWD
TAIWAN
ADVANCED SEMICONDUCTORENG. INC. 383,000 185,558 0.26TWD
ASIA CEMENT CORP. 159,000 137,676 0.19TWD
ASUSTEK COMPUTER INC. 268,326 281,733 0.40TWD
AU OPTRONICS CORP. 278,000 229,664 0.32TWD
CHINA STEEL 1,116,705 730,140 1.03TWDCHUNGHWA TELECOM CO.LTD 278,101 507,000 0.72TWDFAR EASTONE TELECOM. CO.LTD 514,807 529,157 0.75TWD
FORMOSA PLASTICS 331,000 498,154 0.70TWDFUBON FINANCIAL HOLDINGCO. LTD 666,000 401,127 0.57TWDHON HAI PRECISIONINDUSTRY CO. LTD 454,000 1,025,571 1.45TWD
HTC CORP. 83,350 1,023,662 1.45TWD
MEDIA TEK INCORPORATION 124,760 1,172,143 1.66TWDMEGA FINANCIAL HOLDINGCOMPANY 1,376,000 492,390 0.70TWDPRESIDENT CHAIN STORECORP. 116,000 265,457 0.38TWD
QUANTA COMPUTER INC. 454,060 573,032 0.81TWDSILICONWARE PRECISIONINDUSTRIES 472,091 496,374 0.70TWD
Description Quantity Currency Evaluation % netassets
TAIWAN CEMENT CORP. 408,000 335,859 0.47TWD
TAIWAN FERTILIZER CO. LTD 314,000 642,731 0.91TWD
TAIWAN MOBILE CORP. 573,504 830,185 1.17TWDTAIWAN SEMICONDUCTORMANUFACTURING 1,534,723 2,323,313 3.29TWDUNI-PRESIDENT ENTERPRISESCORP. 400,000 323,972 0.46TWD
WISTRON CORP. 133,000 143,171 0.20TWD
13,792,235 19.50
ADVANCED INFO SERVICEPUB./ FOR. RG 161,100 376,389 0.53THB
THAILAND
BANGKOK BANK PUBLIC/FOREIGN 219,900 465,795 0.66THBBANGKOK EXPRESSWAY/FOR. REG 1,199,100 536,680 0.76THBTHAI PLASTIC&CHEMICALSPUBIC /FOR. 707,500 252,926 0.36THB
1,631,790 2.31
96.55TOTAL SHARES 68,272,684
THE LINK REIT 343,500 678,999 0.96HKD
INVESTMENT FUNDS
HONG KONG
678,999 0.96
CPN RETAIL GROWTHPROPERTY 2,333,734 505,831 0.72THB
THAILAND
505,831 0.72
1.68TOTAL INVESTMENT FUNDS 1,184,830
98.23TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 69,457,514
Description Quantity Currency Evaluation % netassets
RIGHTS HSBC 03.04.09 33,367 63,072 0.09HKD
OTHER TRANSFERABLE SECURITES
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
63,072 0.09
0.09TOTAL WARRANTS / EQUITY LINKED SECURITIES 63,072
0.09TOTAL OTHER TRANSFERABLE SECURITIES 63,072
98.32TOTAL INVESTMENTS 69,520,586
1.68OTHER NET ASSETS LESS LIABILITIES 1,187,585
100.00TOTAL NET ASSETS 70,708,171
106HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ALL AMERICA LATINA /UNIT 12,700 53,747 0.19BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BRAZIL
AMBEV CIA DE BEBIDAS/ADR 3,300 156,057 0.54USD
ARACRUZ CEL.-B- PREF/SADR 1,400 9,198 0.03USD
BANCO BRADESCO /SADR 40,900 396,730 1.37USD
BANCO DO BRASIL SA 10,300 73,903 0.26BRLBM&F BOVESPA BOLSA DEVALORES 47,100 145,094 0.50BRL
BRADESPAR SA BRASIL/PREF. 6,500 60,881 0.21BRLBRASIL TELECOMPARTICIPACOES 2,100 55,353 0.19BRL
CEMIG /SADR 5,697 83,404 0.29USDCIA DE CONCESSOESRODOVIARIAS 4,100 36,658 0.13BRLCIA SIDER. NAC/SADR(REP.1SH) 7,600 109,668 0.38USD
CIA VALE RIO DOCE/SADR 38,500 502,425 1.74USDCIA VALE RIO DOCE/SADR(1PREF.) 52,100 590,814 2.05USD
COPEL /SADR (1000 PREF. B) 6,814 69,912 0.24USD
CPFL ENERGIA SA 3,800 49,796 0.17BRLELETROBRAS. CENTR. ELETR.BRASIL 6,500 71,353 0.25BRLELETROBRAS. EL.BRASIL./PREF. B 6,000 62,900 0.22BRL
EMBRAER /SADR 3,200 41,568 0.14USDFOSFERTIL.FER. FOSFATADOS/ PREF. 5,000 29,194 0.10BRL
GERDAU SA SADR PREF. SHS 16,600 89,806 0.31USD
INVESTIMENTOS ITAU /PREF. 52,483 180,167 0.62BRLITAU HOLDING /PREF.SHS/SADR 34,250 376,408 1.30USDMETALURGICA GERDAU/PREF. 8,000 56,198 0.19BRLOGX PETROLEO E GASPARTICIP SA 400 124,082 0.43BRL
PERDIGAO SA 3,600 44,221 0.15BRL
PETROBRAS /SADR 40,700 1,004,476 3.49USD
PETROLEO BRASILEIRO /SADR 30,000 925,200 3.21USD
REDECARD SA 7,500 88,776 0.31BRL
SOUZA CRUZ 2,400 46,196 0.16BRLTELE NORT. LE. TNLP /PREF.SADR 7,200 96,984 0.34USD
UNIBANCO /GDR 2,325 146,987 0.51USDUSIMINAS -A- SADR (10000PREF. REGS) 6,800 82,620 0.29USDVIVO PARTICIPACOES SA/PREF. SHS 3,900 52,279 0.18BRL
5,913,055 20.49
INVESTMENTS
BRIC MarketsStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
CHINA HUIYUAN JUICE GROUPLTD OPA 32,000 20,397 0.07HKD
CAYMAN ISLANDS
HENGAN INTERNATIONAL GRP 24,000 96,461 0.33HKD
PARKSON RETAIL GROUP LTD 21,500 21,749 0.08HKD
TENCENT HOLDINGS LIMITED 19,000 140,963 0.49HKDTINGYI HOLDINGCORP.(CAYMAN ISL.) 42,000 48,556 0.17HKD
328,126 1.14
ALUMINIUM CORP. OF CHINA -H- 96,000 55,121 0.19HKD
CHINA
ANHUI CONCH CEMENT CO. -H- 10,000 55,159 0.19HKD
BANK OF CHINA LTD -H- 813,000 269,592 0.93HKDBANK OF COMMUNICATIONSCO. -H- 178,500 123,909 0.43HKDCHAODA MODERNAGRICULTURE HOLDING 54,000 32,260 0.11HKD
CHINA CITIC BANK -H- 148,000 55,952 0.19HKDCHINA COAL ENERGY CO. LTD-H- 67,000 49,449 0.17HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 82,000 89,933 0.31HKDCHINA CONSTRUCTION BANKCO. -H- 885,000 502,436 1.75HKDCHINA LIFE INSURANCE CO.LTD -H- 137,000 454,295 1.58HKD
CHINA MERCHANTS BANK -H- 42,500 74,249 0.26HKDCHINA PETROLEUM&CHEMCORP. H 314,000 200,953 0.70HKDCHINA RAILWAYCONSTRUCTION CORP. -H- 33,000 43,090 0.15HKDCHINA RAILWAY GROUP LTD-H- 73,000 42,668 0.15HKDCHINA SHENHUA ENERGY CO.-H- 60,500 136,296 0.47HKDCHINA SHIPPING CONTAINER -H- 221,100 39,369 0.14HKDCHINA TELECOM CORP. LTD -H- 330,700 136,543 0.47HKD
IND & COM BOC -H- 807,000 419,626 1.45HKD
PETROCHINA CO. LTD /-H- 521,200 415,601 1.44HKDPING AN INSURANCE GRP CO.-H- 39,800 237,508 0.82HKD
ZIJIN MINING GROUP -H- 94,000 66,950 0.23HKD
3,500,959 12.13
AFK SISTEMA / SGDR 12,000 72,600 0.25USD
FEDERATION OF RUSSIA
AK SBEREGATELNY BANKSBERBANK 783,700 478,057 1.66USD
COMSTAR /SGDR REP. REGS 18,600 64,170 0.22USD
GAZPROM OAO /SADR REGS 93,630 1,415,685 4.91USD
JSC SURGUTNEFTEGAZ /SADR 62,850 422,981 1.47USDJSC SURGUTNEFTEGAZ /SADRPREF. 7,300 18,250 0.06USD
LUKOIL /SADR (REP.1 SHS.) 33,600 1,285,199 4.45USD
MECHEL OJSC /ADR 8,100 32,400 0.11USD
MMC NORILSK NICKEL /SADR 75,900 470,580 1.63USDMOBILE TELESYSTEMSOJS/SADR 18,000 533,339 1.85USD
NOVATEK OAO /SGDR 7,180 167,797 0.58USDNOVOLIPETSK STEEL REGS/GDR 8,000 100,480 0.35USD
Description Quantity Currency Evaluation % netassets
107HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
PHARMSTANDARD OKT /SGDR 8,300 82,170 0.28USDROSNEFT OIL COMPANY OJSC/SGDR 96,000 426,240 1.48USDROSTELECOM /SADR REP. 6SHS 4,750 246,763 0.86USDSEVERSTAL CHEREPOVETSMET/SGDR 18,500 64,195 0.22USDTATNEFT /SGDR REP. 20 SHSREGS 5,700 277,077 0.96USDTRUBNAYA METALL. KOMP./SGDR REG 3,700 16,650 0.06USDVIMPEL COMMUNICATIONS/S.ADR 42,400 273,904 0.95USD
VNESHTORGBANK SGDR 78,200 132,158 0.46USDWIMM-BILL-DANN FODDS/SADR 1,750 54,460 0.19USD
6,635,155 23.00
BEIJING ENTERPRISESHOLDING LTD 10,500 43,760 0.15HKD
HONG KONG
CHINA MERCHANTSHOLDINGS 29,339 67,534 0.23HKD
CHINA MOBILE LTD 116,900 1,018,128 3.53HKDCHINA OVERSEASLAND&INVESTMENT 111,341 174,692 0.61HKDCHINA RESOURCES POWERHOLDINGS 44,000 92,198 0.32HKD
CHINA UNICO (HK) 120,486 128,721 0.45HKD
CITIC PACIFIC LTD 37,000 41,821 0.14HKD
CNOOC LTD 320,200 317,297 1.10HKD
1,884,151 6.53
ABB SHS 4,300 35,894 0.12INR
INDIA
ACC LTD /DEMAT. 4,000 46,875 0.16INRAMBUJA CEMENTSLTD/DEMAT. 41,900 61,506 0.21INR
AXIS BANK LTD /SGDR 2,385 19,521 0.07USDBHARAT HEAVY ELECTRICALS/DEMAT. 8,700 258,326 0.90INR
BHARAT PETROLEUM/DEMAT. 6,200 45,658 0.16INR
CAIRN INDIA LIMITED 19,500 70,286 0.24INR
CIPLA LTD /DEMAT. 20,679 90,130 0.31INR
DLF LIMITED 12,700 42,704 0.15INRDR REDDY SLABORATORIES/ADR 6,500 55,965 0.19USD
GAIL INDIA LTD /GDR REGS 4,050 114,631 0.40USD
GMR INFRASTRUCTURE LTD 31,400 58,874 0.20INRGRASIM INDUSTRIES /GDR144A 1,500 46,432 0.16USDHOUSING DEVELOPMENTFINANCE CORP. /ADR 6,200 346,146 1.20USD
HOUSING DEVT /DEMAT. 15,100 426,980 1.48INR
ICICI BANK /SADR 29,360 372,285 1.29USDINFOSYS TECHNOLOGIES /SADR 26,600 688,142 2.39USD
ITC /GDR 53,200 191,543 0.66USDJINDAL STEEL & POWER/DEMAT. 4,000 94,167 0.33INRLARSEN TOUBRO /GDRREPR.1 SHS 14,600 196,600 0.68USDMAHINDRA & MAHINDRA/DEMAT. 9,400 71,025 0.25INR
NTPC LTD / DEMAT. 49,000 178,061 0.62INR
OIL&NATURAL GAS /DEMAT. 16,050 246,489 0.85INR
Description Quantity Currency Evaluation % netassets
POWER GRID CORP. OF INDIALTD 2,700 5,094 0.02INRRELIANCE CAPITAL LTD/DEMAT. 7,600 53,943 0.19INRRELIANCE COMMUNICATIONS/DEMAT. 40,300 138,363 0.48INRRELIANCE NATURALRESOURCE /GDR 11,700 21,120 0.07USDRELIANCE PETROLEUM/DEMAT. 15,900 30,015 0.10INR
SESA GOA LTD /DEMAT. 26,000 51,638 0.18INRSTATE BANK OF INDIA /GDRREGS 2,010 82,109 0.28USDSTEEL AUTHORITY OFINDIA/DEMAT 32,100 62,143 0.22INRSTERLITE INDUSTRIES (INDIA)/ADR 15,300 98,073 0.34USDSUN PHARMACEUTICALIND.LTD 4,000 87,332 0.30INRTATA CONSULTANCYSERVICES /DEMAT. 21,100 222,454 0.77INR
TATA MOTORS LTD /ADR 12,450 56,648 0.20USD
TATA POWER CO. /DEMAT. 2,400 36,483 0.13INR
TATA STEEL LTD /DEMAT. 13,060 54,239 0.19INRUNITED SPIRITS LIMITED/DEMAT. 3,800 49,444 0.17INR
WIPRO LTD /SADR 16,300 116,056 0.40USD
4,923,394 17.06
80.35TOTAL SHARES 23,184,840
LYXOR INTERNATIONAL ETFRUSSIA -A- 42,500 848,263 2.94EUR
INVESTMENT FUNDS
FRANCE
848,263 2.94
2.94TOTAL INVESTMENT FUNDS 848,263
ISHARES MSCI CHINATRACKER 154,100 272,400 0.94HKD
EXCHANGE TRADED FUNDS
HONG KONG
272,400 0.94
ISHARES MSCI BRAZIL /INDEXFD 24,676 918,441 3.19USD
UNITED STATES
918,441 3.19
4.13TOTAL EXCHANGE TRADED FUNDS 1,190,841
BARCLAYS BANK 6-36-A-WRT/MSCI INC. 22,900 666,161 2.31USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
DEUTSCHE BANK LN -30.01.17WRT /HIND.LEV 44,800 211,204 0.73USD
877,365 3.04
3.04TOTAL WARRANTS / EQUITY LINKED SECURITIES 877,365
90.46TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 26,101,309
Description Quantity Currency Evaluation % netassets
108HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
TRACTEBEL ENERGIA SA/SADR 3,200 23,552 0.08USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
BRAZIL
23,552 0.08
URALKALITY /GDR 13,450 161,400 0.56USD
FEDERATION OF RUSSIA
161,400 0.56
0.64TOTAL SHARES 184,952
0.64TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 184,952
Description Quantity Currency Evaluation % netassets
FSK EES 29,300,000 124,525 0.43USD
OTHER TRANSFERABLE SECURITES
SHARES
FEDERATION OF RUSSIA
POLYUS ZOLOTO OAO /SADR 17,200 430,000 1.50USD
RUSHYDRO OJSC 9,200,000 206,080 0.71USD
760,605 2.64
RELIANCE INDUSTRIES /GDR 2SHS 144A 21,903 1,326,283 4.59USD
INDIA
RELIANCE INFRASTRUCTURELTD 7,100 72,725 0.25INR
1,399,008 4.84
7.48TOTAL SHARES 2,159,613
7.48TOTAL OTHER TRANSFERABLE SECURITIES 2,159,613
98.58TOTAL INVESTMENTS 28,445,874
1.42OTHER NET ASSETS LESS LIABILITIES 408,345
100.00TOTAL NET ASSETS 28,854,219
109HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ALL AMERICA LATINA /UNIT 144,600 611,949 0.19BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BRAZIL
AMBEV CIA DE BEDIDAS/PREF. 79,165 3,714,552 1.13BRLARACRUZ CELULOSE BPREF. NOM. 179,700 116,583 0.04BRL
BANCO BRADESCO SA /PREF. 509,250 4,997,329 1.52BRLBRASIL TELECOMPARTICIPACOES /PREF. 84,016 588,383 0.18BRLB2W COMPANHIA GLOBAL DOVAREJO 23,400 218,065 0.07BRLCIA DE CONCESSOESRODOVIARIAS 50,800 454,199 0.14BRLCIA ENERGET. MIN. GERAIS/PRIV. 129,199 1,870,126 0.57BRLCIA VALE DO RIO DOCE A/PREF. 685,100 7,847,384 2.38BRLCIE ENERGY SAO PAULO/PREF. -B- 86,159 483,453 0.15BRLCOSAN SA INDUSTRIA ECOMERCIO 3,800 16,490 0.01BRL
CYRELA BRAZIL REALTY SA 86,000 329,590 0.10BRLELETROBRAS. CENTR. ELETR.BRASIL 121,961 1,338,821 0.41BRLELETROBRAS. EL.BRASIL./PREF. B 112,982 1,184,431 0.36BRLEMBRAER EMPRESABRASILEIRA AERONAUTICA 170,700 541,987 0.17BRL
GERDAU /PREF. 226,400 1,219,789 0.37BRLGOL LINHAS AEREASINTELIGENTES 21,500 62,722 0.02BRL
ITAU HOLDING SA /PREF. 436,250 4,841,396 1.47BRL
KLABIN RIOCELL SA /PREF. 188,000 226,973 0.07BRL
LOJAS AMERICANAS SA /PRIV. 139,973 390,301 0.12BRL
LOJAS RENNER SA 57,000 342,858 0.10BRL
NATURA COSMETICOS SA 105,000 1,005,114 0.31BRLNET SERVICOS DECOMUNICACAO /PREF 72,300 515,653 0.16BRLPETROBRAS PETROLEOBRASILEIRO 809,000 12,436,542 3.78BRLPETROLEO BRASILEIRO/PREF. 1,114,600 13,782,265 4.19BRL
REDECARD SA 58,200 688,899 0.21BRLSABESP. CIA SANEAM. BAS.ESTADO 63,618 682,784 0.21BRL
SADIA SA /PREF. 150,000 197,208 0.06BRL
SID NACIONAL 135,900 1,956,612 0.60BRL
TAM SA 25,500 144,619 0.04BRL
TELEMAR 26,000 413,319 0.13BRL
TEMAR / PREF. 97,000 1,289,862 0.39BRLTIM PARTICIPACOES SA/PREF. 242,058 296,398 0.09BRL
INVESTMENTS
BRIC Markets EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
UNIBANCO /UNIT(1UBBPN+1UBHDBN) 386,100 2,446,823 0.75BRL
USIMINAS PREF.-A- 94,275 1,140,212 0.35BRL
VALE RIO DOCE /NAM. 482,500 6,308,267 1.91BRLVIVO PARTICIPACOES SA/PREF. SHS 49,825 667,902 0.20BRL
VOTORANTIM /PREF. 37,600 170,432 0.05BRL
75,540,292 23.00
ALIBABA CO. 416,500 382,630 0.12HKD
CAYMAN ISLANDS
BELLE INTERNATIONALHOLDING LTD 1,030,000 524,950 0.16HKDCH HS TRANSMISS EQ GR CO.LTD 347,000 496,977 0.15HKD
COUNTRY GARDEN HOLDINGS 1,469,000 388,561 0.12HKD
HENGAN INTERNATIONAL GRP 286,000 1,149,498 0.35HKD
LI NING COMPANY LTD 214,000 353,434 0.11HKD
TENCENT HOLDINGS LIMITED 342,000 2,537,336 0.77HKDTINGYI HOLDINGCORP.(CAYMAN ISL.) 774,000 894,814 0.27HKD
6,728,200 2.05
AGILE PROPERTY HOLDINGSLTD 784,000 444,083 0.14HKD
CHINA
AIR CHINA LTD -H- 936,000 301,926 0.09HKDALUMINIUM CORP. OF CHINA -H- 1,814,000 1,041,553 0.32HKDANGANG STEEL COMPANYLTD -H- 630,000 638,108 0.19HKDANHUI CONCH CEMENT CO. -H- 230,000 1,268,668 0.39HKD
BANK OF CHINA LTD -H- 10,177,000 3,374,713 1.03HKDBANK OF COMMUNICATIONSCO. -H- 1,318,000 914,917 0.28HKDBEIJING CAPITALINTERNATIONAL AIRPORT -H- 648,000 288,455 0.09HKDCHAODA MODERNAGRICULTURE HOLDING 886,444 529,561 0.16HKDCHINA COAL ENERGY CO. LTD-H- 1,216,000 897,457 0.27HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 1,919,000 2,104,640 0.64HKDCHINA CONSTRUCTION BANKCO. -H- 12,608,000 7,157,854 2.18HKD
CHINA COSCO HOLDINGS -H- 1,226,750 799,340 0.24HKDCHINA LIFE INSURANCE CO.LTD -H- 2,648,000 8,780,821 2.68HKDCHINA MENGNIU DAIRY CO.LTD 445,000 622,405 0.19HKD
CHINA MERCHANTS BANK -H- 1,034,000 1,806,438 0.55HKDCHINA NATIONAL BUILDINGMATERIAL -H- 598,000 885,782 0.27HKD
CHINA OILFIELD SERVICES -H- 660,000 522,021 0.16HKDCHINA PETROLEUM&CHEMCORP. H 6,338,000 4,056,186 1.24HKDCHINA RAILWAYCONSTRUCTION CORP. -H- 1,094,000 1,428,505 0.44HKDCHINA RAILWAY GROUP LTD-H- 2,315,000 1,353,110 0.41HKD
CHINA RESOURCES LAND 514,000 795,845 0.24HKDCHINA SHENHUA ENERGY CO.-H- 1,226,500 2,763,095 0.84HKDCHINA SHIPPINGDEVELOPMENT -H- 934,000 884,559 0.27HKDCHINA TELECOM CORP. LTD -H- 5,316,000 2,194,921 0.67HKD
Description Quantity Currency Evaluation % netassets
110HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
DATANG INT. POWERGENERATION -H- 1,382,000 606,277 0.18HKD
DONGFENG MOTOR -H- 922,000 477,045 0.15HKDGUANGZHOU R&F PROPERTY-H- /NEW 456,000 529,531 0.16HKDHUANENG POWERINTERNATIONAL -H- 1,284,000 851,554 0.26HKD
IND & COM BOC -H- 15,686,000 8,156,451 2.48HKD
JIANGXI COPPER CO. LTD H 750,000 781,910 0.24HKDMAANSHAN IRON & STEEL CO.H 476,000 167,669 0.05HKDNINE DRAGONS PAPERHOLDINGS LTD 457,000 173,359 0.05HKD
PETROCHINA CO. LTD /-H- 7,874,000 6,278,673 1.91HKDPICC PROPERTY & CASUALTY-H- 774,000 422,440 0.13HKDPING AN INSURANCE GRP CO.-H- 320,500 1,912,598 0.58HKDSHANGHAI ELECTRIC GROUPCO. -H- 1,294,000 372,326 0.11HKDSHIMAO PROPERTY HOLDINGLTD 606,000 530,917 0.16HKD
SINOFERT HOLDINGS LTD 782,000 344,069 0.10HKDSINOPEC SHANGHAIPETROCHEMICAL -H- 634,000 156,245 0.05HKD
YANZHOU COAL MINING CO. H 826,000 594,700 0.18HKDZHEJIANG EXPRESSWAY CO.LTD H 666,000 485,519 0.15HKD
ZIJIN MINING GROUP -H- 2,122,000 1,511,362 0.46HKD
70,207,608 21.38
AFK SISTEMA / SGDR 55,750 337,288 0.10USD
FEDERATION OF RUSSIA
AK SBEREGATELNYSBERBANK / GDR 14,550 1,615,717 0.49EUR
AO TATNEFT 235,000 573,310 0.17USD
GAZPROM OAO /SADR REGS 951,780 14,390,913 4.39USD
JSC SURGUTNEFTEGAZ /SADR 304,910 2,052,044 0.62USD
LUKOIL /SADR (REP.1 SHS.) 190,810 7,298,482 2.23USD
MECHEL OJSC /ADR 70,020 280,080 0.09USD
MMC NORILSK NICKEL /SADR 317,570 1,968,934 0.60USDMOBILE TELESYSTEMSOJS/SADR 74,460 2,206,250 0.68USD
NOVATEK OAO /SGDR 33,740 788,504 0.24USDNOVOLIPETSK STEEL REGS/GDR 45,210 567,838 0.17USD
POLYUS GOLD OJSC 15,300 685,111 0.21USDROSNEFT OIL COMPANY OJSC/SGDR 474,370 2,106,203 0.64USDROSTELECOM /SADR REP. 6SHS 28,610 1,486,290 0.45USDSEVERSTAL CHEREPOVETSMET/SGDR 103,140 357,896 0.11USDTATNEFT /SGDR REP. 20 SHSREGS 27,160 1,320,248 0.40USDVIMPEL COMMUNICATIONS/S.ADR 174,220 1,125,461 0.34USD
VNESHTORGBANK SGDR 390,900 660,621 0.20USD
39,821,190 12.13
BEIJING ENTERPRISESHOLDING LTD 176,000 733,498 0.22HKD
HONG KONG
CHINA INSURANCEINTERNATIONAL HOLDING 328,000 527,322 0.16HKDCHINA MERCHANTSHOLDINGS 584,000 1,344,286 0.41HKD
Description Quantity Currency Evaluation % netassets
CHINA MOBILE LTD 2,216,000 19,300,008 5.89HKDCHINA OVERSEASLAND&INVESTMENT 1,532,000 2,403,678 0.73HKDCHINA RESOURCESENTERPRISE LTD 482,000 746,298 0.23HKDCHINA RESOURCES POWERHOLDINGS 592,000 1,240,486 0.38HKDCHINA TRAVELINTERNATIONAL INVESTMENTH.K. 794,000 140,354 0.04HKD
CHINA UNICO (HK) 2,317,280 2,475,670 0.75HKD
CITIC PACIFIC LTD 592,000 669,129 0.20HKD
CNOOC LTD 5,801,000 5,748,414 1.76HKD
COSCO PACIFIC LTD 844,000 833,082 0.25HKD
DENWAY MOTORS LTD 2,094,000 810,554 0.25HKDGUANGDONG INVESTMENTLTD 1,012,000 407,398 0.12HKDGUANGZHOU INVESTMENTCO. LTD 1,240,000 127,996 0.04HKDHOPSON DEVELOPMENTHOLDINGS LTD 160,000 106,319 0.03HKD
LENOVO GROUP LTD 1,642,000 377,118 0.11HKDSHANGHAI INDUSTRIALHOLDINGS 415,000 1,148,575 0.35HKDSINO-OCEAN LAND HOLDINGSLTD 1,396,000 918,628 0.28HKD
40,058,813 12.20
AMBUJA CEMENTSLTD/DEMAT. 408,100 599,057 0.18INR
INDIA
AXIS BANK LTD/DEMAT. 57,500 471,494 0.14INRBHARAT HEAVY ELECTRICALS/DEMAT. 54,100 1,606,372 0.49INR
CIPLA LTD /DEMAT. 134,900 587,965 0.18INR
DLF LIMITED 89,200 299,939 0.09INRDR REDDY SLABORATORIES/DEMAT. 66,500 636,828 0.19INR
GAIL (INDIA) LTD /DEMAT. 149,200 706,182 0.22INR
GRASIM INDUSTRIES /DEMAT. 17,500 545,499 0.17INR
H D F C BANK /DEMAT. 129,900 2,456,522 0.75INRHERO HONDA MOTORS/DEMAT. 33,400 704,328 0.21INRHINDALCO INDUSTRIES /DEMAT. 308,500 316,966 0.10INR
HINDUSTAN UNILEVER LTD 413,000 1,945,035 0.59INR
HOUSING DEVT /DEMAT. 96,220 2,720,797 0.83INR
ICICI BANK /SADR 133,200 1,688,976 0.51USDINDIABULLS FINANCESRV/DEMAT. 78,200 139,010 0.04INRINDIABULLS REAL ESTATE/DEMAT. 94,400 187,949 0.06INRINDIAN HOTELS CO. LTD/DEMAT. 167,700 132,895 0.04INRINFOSYS TECHNOLOGIES LTD/DEMAT. 206,100 5,384,079 1.65INRINFRASTRUCTUREDEVELOPMENT FINANCE/DEMAT. 276,400 299,204 0.09INR
ITC LTD /DEMAT. 532,800 1,920,430 0.58INRJAIPRAKASH ASSOCIATIONLTD 263,000 437,003 0.13INRJINDAL STEEL & POWER/DEMAT. 29,000 682,710 0.21INRKOTAK MAHINDRA BANK LTD/DEMAT 52,100 293,313 0.09INRLARSEN & TOUBRO LTD /DEMAT. 72,600 976,483 0.30INR
Description Quantity Currency Evaluation % netassets
111HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
MAHINDRA & MAHINDRA/DEMAT. 55,900 422,374 0.13INR
MARUTI SUZUKI INDIA LTD 35,600 539,730 0.16INR
NTPC LTD / DEMAT. 308,800 1,122,151 0.34INR
OIL&NATURAL GAS /DEMAT. 139,600 2,143,919 0.65INRRELIANCE CAPITAL LTD/DEMAT. 44,000 312,300 0.10INRRELIANCE COMMUNICATIONS/DEMAT. 228,400 784,174 0.24INRRELIANCE INDUSTRIES/DEMAT. 276,900 8,395,859 2.57INR
SIEMENS LTD /DEMAT. 52,600 273,321 0.08INRSTERLITE INDUSTRIES LTD/DEMAT 100,400 700,864 0.21INRSUN PHARMACEUTICALIND.LTD 25,100 548,007 0.17INRTATA CONSULTANCYSERVICES /DEMAT. 75,500 795,985 0.24INR
TATA MOTORS LTD /DEMAT. 94,300 342,677 0.10INR
TATA POWER CO. /DEMAT. 32,900 500,121 0.15INR
TATA STEEL LTD /DEMAT. 84,900 352,593 0.11INR
UNITECH LTD /DEMAT. 255,400 179,794 0.05INR
WIPRO LTD /DEMAT. 117,500 567,579 0.17INR
43,720,484 13.31
84.07TOTAL SHARES 276,076,587
ISHARES MSCI BRAZIL /INDEXFD 474,220 17,650,468 5.38USD
EXCHANGE TRADED FUNDS
UNITED STATES
17,650,468 5.38
5.38TOTAL EXCHANGE TRADED FUNDS 17,650,468
89.45TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 293,727,055
Description Quantity Currency Evaluation % netassets
URALKALITY /GDR 62,580 750,960 0.23USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
FEDERATION OF RUSSIA
750,960 0.23
0.23TOTAL SHARES 750,960
0.23TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 750,960
GOME ELECTRICALAPPLIANCE HOLDING 4,098,000 592,208 0.18HKD
OTHER TRANSFERABLE SECURITES
SHARES
BERMUDA ISLANDS
592,208 0.18
ROSTELEKOM 70,300 625,599 0.19USD
FEDERATION OF RUSSIA
625,599 0.19
RELIANCE INFRASTRUCTURELTD 44,800 458,885 0.14INR
INDIA
458,885 0.14
0.51TOTAL SHARES 1,676,692
RIGHTS GOL AIRLINES 09-23.04.09 2,794 132 0.00BRL
WARRANTS / EQUITY LINKED SECURITIES
BRAZIL
RIGHTS VOTARIM CEL 09-07.04.09 41,807 180 0.00BRL
312 0.00
0.00TOTAL WARRANTS / EQUITY LINKED SECURITIES 312
0.51TOTAL OTHER TRANSFERABLE SECURITIES 1,677,004
Description Quantity Currency Evaluation % netassets
90.19TOTAL INVESTMENTS 296,155,019
9.81OTHER NET ASSETS LESS LIABILITIES 32,202,498
100.00TOTAL NET ASSETS 328,357,517
112HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ENERGY RESOURCESAUSTRALIA -A- 19,879 290,178 1.04AUD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRALIA
290,178 1.04
OEST.ELEK.WIRT. A ATS100- 1,836 67,434 0.24EUR
AUSTRIA
67,434 0.24
UMICORE SA 10,000 180,003 0.64EUR
BELGIUM
180,003 0.64
CIA ENERGET. MIN. GERAIS/PRIV. 12,988 187,998 0.67BRL
BRAZIL
TRACTEBEL (BRESIL) 35,366 258,617 0.92BRL
446,615 1.59
BOMBARDIER INC -B- 72,933 171,983 0.61CAD
CANADA
BORALEX INC -A- 19,828 78,980 0.28CAD
CAMECO CORP. 24,579 418,641 1.50CAD
669,604 2.39
CH HS TRANSMISS EQ GR CO.LTD 132,077 189,162 0.67HKD
CAYMAN ISLANDS
GUSHAN.ENVIRON.ENERGY/ADR 40,966 80,703 0.29USD
JA SOLAR HOLDINGS CO /ADR 20,483 65,955 0.24USD
YINGLI GREEN HLD / ADR 28,676 162,880 0.58USD
498,700 1.78
LDK SOLAR CO /SADR 8,848 51,849 0.19USD
CHINA
51,849 0.19
CEZ.CESKE ENERGETICKEZAVODY 9,831 349,488 1.25CZK
CZECH REPUBLIC
349,488 1.25
INVESTMENTS
Climate ChangeStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
VESTAS WIND SYSTEMS AS /REG 9,149 390,184 1.39DKK
DENMARK
390,184 1.39
FORTUM CORPORATION 15,166 291,058 1.04EUR
FINLAND
291,058 1.04
ALSTOM 5,735 289,352 1.03EUR
FRANCE
EDF 11,470 436,989 1.56EUR
E.D.F. ENERGIE NOUVELLE SA 2,118 80,076 0.29EUR
SAFT GROUPE SA 8,548 227,292 0.81EUR
SECHILIENNE-SIDEC 6,339 197,710 0.71EUR
SUEZ ENVIRONNEMENT CIE 11,470 166,385 0.59EUR
1,397,804 4.99
E.ON - NAMEN AKT. 40,457 1,104,135 3.93EUR
GERMANY
RWE AG (NEU). ESSEN A 5,735 398,656 1.42EUR
SGL CARBON AG 8,005 187,956 0.67EUR
SIEMENS AG /NAM. 19,720 1,099,610 3.93EUR
SMA SOLAR TECHNOLOGY AG 7,500 330,160 1.18EUR
SOLARWORLD AG BONN 5,043 103,724 0.37EURWACKER CHEMIE AGMUENCHEN 2,048 167,273 0.60EUR
3,391,514 12.10
EAGA PLC 61,449 128,333 0.46GBP
GREAT BRITAIN
RPS GROUP PLC 113,835 244,648 0.87GBP
SERCO GROUP PLC 35,231 184,511 0.66GBP
SIG PLC 45,371 65,114 0.23GBP
WSP GROUP PLC 49,979 174,143 0.62GBP
796,749 2.84
TERNA ENERGY SA 15,000 77,428 0.28EUR
GREECE
77,428 0.28
CHINA AGRI INDUSTRIESHOLDINGS 391,579 186,436 0.67HKD
HONG KONG
GUANGDONG INVESTMENTLTD 833,199 335,419 1.19HKD
521,855 1.86
TATA POWER CO. /DEMAT. 14,338 217,956 0.78INR
INDIA
217,956 0.78
M A INDUSTRIES LTD 57,957 236,700 0.84ILS
ISRAEL
236,700 0.84
Description Quantity Currency Evaluation % netassets
113HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ENEL 32,773 154,313 0.55EUR
ITALY
IMPREGILO/POSTRAGGRUPPAMENTO 63,824 164,725 0.59EUR
LANDI RENZO SPA 28,312 83,282 0.30EUR
402,320 1.44
CHUBU ELECTRIC POWER -C- 30,724 679,104 2.42JPY
JAPAN
DAISEKI CO LTD 8,193 139,450 0.50JPYELECTRIC POWERDEVELOPMENT CO. 9,012 268,042 0.96JPYHOKKAIDO ELECTRCITYPOWER 10,241 206,541 0.74JPYKANSAI ELECTRIC POWER CO.JPY 500 16,386 357,179 1.28JPY
KYUSHU ELECTR.POWER CO. 16,304 367,016 1.31JPY
MARUBENI CORP. 65,546 203,632 0.73JPYSHIKOKU ELECTRIC POWERCO INC. 7,373 197,890 0.71JPYTOKYO ELECTRIC POWERJPY 500 32,773 821,203 2.92JPY
3,240,057 11.57
GOLDEN AGRI-RESOURCESLTD 639,078 115,611 0.41SGD
MAURITIUS
115,611 0.41
ROYAL PHILIPS ELECTRONICS 8,193 119,499 0.43EUR
NETHERLANDS
119,499 0.43
RENEWABLE ENERGY AS 20,483 184,692 0.66NOK
NORWAY
YARA INTERNATIONAL ASA 8,193 173,770 0.62NOK
358,462 1.28
MANILA WATER CO INC 947,506 215,570 0.77PHP
PHILIPPINES
215,570 0.77
EDP-ENERGIAS DE PORTUGALSA 155,188 527,876 1.88EUR
PORTUGAL
527,876 1.88
FIRST RESSOURCES LTD 950,425 184,439 0.66SGD
SINGAPORE
HYFLUX LTD 200,000 217,084 0.78SGD
WILMAR INTERNATIONAL LTD 98,319 205,027 0.73SGD
606,550 2.17
ILLOVO SUGAR LTD 40,000 114,171 0.41ZAR
SOUTH AFRICA
114,171 0.41
ACCIONA SA /ESP 167 1,433 145,568 0.52EUR
SPAIN
Description Quantity Currency Evaluation % netassets
IBERDROLA RENOVABLES SA 115,758 470,359 1.68EUR
IBERDROLA SA 90,861 627,752 2.24EUR
1,243,679 4.44
ABB LTD ZUERICH /NAMEN. 32,773 445,165 1.59CHF
SWITZERLAND
FOSTER WHEELER 10,651 184,262 0.66USD
629,427 2.25
AEROVIRONMENT INC 5,000 106,400 0.38USD
UNITED STATES
AQUA AMERICA INC 14,380 283,142 1.01USD
BALDOR ELECTRIC CO. 8,930 130,021 0.46USDCALIFORNIA WATER SERVICEGROUP 5,715 239,230 0.85USD
CENTERPOINT ENERGY INC. 20,483 207,083 0.74USD
CLEAN HARBORS INC 4,096 195,092 0.70USD
EDISON INTERNATIONAL 14,338 404,905 1.45USD
EMCOR GROUP INC. 9,654 162,960 0.58USD
EMERSON ELECTRIC CO. 16,386 457,661 1.63USDENERGY CONVERSIONDEVICES 4,096 55,009 0.20USD
ENERSYS INC 16,386 198,271 0.71USD
EXELON CORP. 34,411 1,539,203 5.48USD
FIRST SOLAR INC. 3,002 410,554 1.47USD
FIRSTENERGY CORP. 7,142 276,895 0.99USD
FLUOR CORP. (NEW) 5,735 199,750 0.71USD
FPL GROUP INC. 6,144 304,067 1.09USDGRAFTECH INTERNATIONALLTD 18,196 109,540 0.39USD
HEXCEL CORP 12,274 78,799 0.28USDHONEYWELL INTERNATIONALINC. 19,707 548,051 1.96USD
ITT CORP. 5,735 220,339 0.79USDMEMC ELECTRONICMATERIALS 8,193 136,168 0.49USD
NRG ENERGY INC 8,851 150,910 0.54USD
OCEANEERING INTL INC. 5,215 196,293 0.70USD
PG&E CORP. 8,322 316,486 1.13USD
PRAXAIR 6,708 442,191 1.58USD
REPUBLIC SERVICES INC. 7,571 127,344 0.45USD
SHAW GROUP INC 6,000 165,840 0.59USD
SUNPOWER CORP 4,439 105,737 0.38USD
URS CORP 6,554 258,162 0.92USD
WASTE MANAGEMENT INC. 29,142 737,874 2.63USD
8,763,977 31.28
93.57TOTAL SHARES 26,212,318
93.57TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 26,212,318
Description Quantity Currency Evaluation % netassets
HYUNJIN MATERIALS CO LTD 258 6,053 0.02KRW
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
SOUTH KOREA
6,053 0.02
114HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SIMPLO TECHNOLOGY CO.LTD 63,907 175,420 0.63TWD
TAIWAN
175,420 0.63
0.65TOTAL SHARES 181,473
0.65TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 181,473
Description Quantity Currency Evaluation % netassets
94.22TOTAL INVESTMENTS 26,393,791
5.78OTHER NET ASSETS LESS LIABILITIES 1,618,993
100.00TOTAL NET ASSETS 28,012,784
115HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CENTRAL EUROPEAN MEDIAENTREPRISES -A- 700 5,950 0.13USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
5,950 0.13
CEZ.CESKE ENERGETICKEZAVODY 8,000 214,874 4.75CZK
CZECH REPUBLIC
KOMERCNI BANKA AS 650 49,659 1.10CZKTELEFONICA O2 CZECHREPUBLIC 4,500 65,749 1.45CZK
330,282 7.30
AK SBEREGATELNY BANKSBERBANK 363,000 167,300 3.70USD
FEDERATION OF RUSSIA
COMSTAR /SGDR REP. REGS 8,500 22,156 0.49USD
GAZPROM OAO /SADR REGS 34,500 394,122 8.71USD
JSC SURGUTNEFTEGAZ /SADR 40,000 203,392 4.49USD
LUKOIL /SADR (REP.1 SHS.) 14,600 421,934 9.33USD
MECHEL OJSC /ADR 5,000 15,111 0.33USD
MMC NORILSK NICKEL /SADR 35,000 163,953 3.62USDMOBILE TELESYSTEMSOJS/SADR 8,600 192,526 4.25USD
NOVATEK OAO /SGDR 3,000 52,971 1.17USDNOVOLIPETSK STEEL REGS/GDR 2,200 20,877 0.46USD
PHARMSTANDARD OKT /SGDR 3,800 28,424 0.63USD
POLYUS GOLD OJSC 3,600 122,591 2.71USDROSNEFT OIL COMPANY OJSC/SGDR 53,000 177,795 3.93USDROSTELECOM /SADR REP. 6SHS 2,500 98,126 2.17USDSEVERSTAL CHEREPOVETSMET/SGDR 7,000 18,352 0.41USDTATNEFT /SGDR REP. 20 SHSREGS 4,000 146,908 3.25USDVIMPEL COMMUNICATIONS/S.ADR 17,700 86,390 1.91USD
VNESHTORGBANK SGDR 38,000 48,521 1.07USDWIMM-BILL-DANN FODDS/SADR 600 14,108 0.31USD
2,395,557 52.94
MAGYAR TELEKOM LTD 19,000 32,564 0.72HUF
HUNGARY
MOL MAGYAR /-A- 2,300 80,437 1.78HUF
OTP BANK LTD 19,500 116,972 2.58HUF
INVESTMENTS
Emerging Europe EquityStatement of investments as at 31 March 2009 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
RICHTER GEDEON LTD 500 41,060 0.91HUF
271,033 5.99
ASSECO POLAND SA 1,800 16,949 0.37PLN
POLAND
BANK POLSKA KASA OPIEKIPEKAO 7,700 144,603 3.21PLNBANK ZACHODNI WBK SAWROCLAW 700 10,667 0.24PLN
BRE BANK SA 400 9,493 0.21PLN
KGHM POLSKA MIEDZ SA 7,900 76,936 1.70PLN
PBG SA 350 14,103 0.31PLN
POLISH OIL & GAS CO. 44,000 32,660 0.72PLN
POLISH TELECOM WARSZAWA 27,800 115,558 2.55PLNPOLSKI KONCERN NAFTOWYORLEN 13,800 71,265 1.57PLNPOWSZECHNA KASAOSZCZED. POLSKI 20,100 93,227 2.06PLN
TVN 3,600 6,780 0.15PLN
592,241 13.09
AKBANK 38,000 81,666 1.80TRY
TURKEY
ANADOLU EFES BIRACILIK VEMALT 10,000 45,668 1.01TRY
BIM BIRLESIK MAGAZALAR AS 2,000 30,670 0.68TRY
ENKA INSAAT VE SANAYI AS 8,000 21,133 0.47TRY
EREGLI DEMIR CELIK 22,116 29,508 0.65TRY
KOC HOLDING AS 15,000 15,312 0.34TRY
SABANCI HOLDING 16,000 20,202 0.45TRYTUPRAS TURKIYE PETROLRAFINEL 4,300 31,959 0.71TRY
TURK TELEKOMUNIKASYON 25,000 43,206 0.95TRY
TURKCELL ILETISIM HIZMET 27,600 99,477 2.20TRYTURKIYE GARANTI BANKASI/NOM. 71,000 74,068 1.64TRY
TURKIYE HALK BANKASI AS 15,000 24,177 0.53TRY
TURKIYE IS BANKASI AS C 41,000 67,186 1.48TRYTURKIYE VAKIFLAR BANKASITAO 33,800 18,765 0.41TRY
YAPI KREDI BANKASA 37,000 27,831 0.62TRY
630,828 13.94
93.39TOTAL SHARES 4,225,891
93.39TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 4,225,891
Description Quantity Currency Evaluation % netassets
TGK- 5 SGDR 2,786 674 0.01USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
FEDERATION OF RUSSIA
URALKALITY /GDR 6,000 54,399 1.21USD
55,073 1.22
1.22TOTAL SHARES 55,073
1.22TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 55,073
116HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CENTRAL EUROPEAN MEDIAENTREPRISES A 550 4,900 0.11CZK
OTHER TRANSFERABLE SECURITES
SHARES
BERMUDA ISLANDS
4,900 0.11
RUSHYDRO OJSC 3,000,000 50,772 1.12USD
FEDERATION OF RUSSIA
50,772 1.12
1.23TOTAL SHARES 55,672
1.23TOTAL OTHER TRANSFERABLE SECURITIES 55,672
Description Quantity Currency Evaluation % netassets
95.84TOTAL INVESTMENTS 4,336,636
4.16OTHER NET ASSETS LESS LIABILITIES 188,252
100.00TOTAL NET ASSETS 4,524,888
117HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
OMV AG 5,000 165,841 0.70EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRIA
TELEKOM AUSTRIA AG 17,905 265,656 1.11EUR
431,497 1.81
ESPRIT HOLDINGS LTD 35,783 182,372 0.77HKD
BERMUDA ISLANDS
182,372 0.77
AMIL PARTICIPACOES SA 50,000 137,487 0.58BRL
BRAZIL
BRASIL TELECOM SA /PREF. 25,000 132,224 0.56BRL
CYRELA BRAZIL REALTY SA 20,000 76,649 0.32BRL
ITAU HOLDING SA /PREF. 17,500 194,211 0.82BRL
PETROBRAS /SADR 31,170 769,275 3.22USDULTRAPARPARTICIPACOES/PREF. 10,000 237,164 1.00BRLVIVO PARTICIPACOES SA/PREF. SHS 6,000 80,430 0.34BRL
1,627,440 6.84
ONEX CORP /SUB.VOT. 15,000 182,593 0.77CAD
CANADA
182,593 0.77
HENGAN INTERNATIONAL GRP 50,000 200,961 0.84HKD
CAYMAN ISLANDS
SOHO CHINA LTD 500,000 201,284 0.85HKDSUN HUNG KAI PROPERTIESLTD 27,000 241,773 1.01HKDWANT WANT CHINA HOLDINGSLTD 500,000 232,250 0.98HKD
876,268 3.68
BANK OF CHINA LTD -H- 1,000,000 331,602 1.39HKD
CHINA
CHINA CITIC BANK -H- 5,000 1,890 0.01HKDCHINA CONSTRUCTION BANKCO. -H- 700,000 397,406 1.67HKD
CHINA MERCHANTS BANK -H- 150,000 262,056 1.10HKD
IND & COM BOC -H- 1,000,000 519,983 2.19HKD
PETROCHINA CO. LTD /-H- 250,000 199,348 0.84HKD
1,712,285 7.20
INVESTMENTS
Emerging WealthStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
TELEFONICA O2 CZECHREPUBLIC 8,500 164,375 0.69CZK
CZECH REPUBLIC
164,375 0.69
GAZPROM OAO /SADR REGS 25,000 378,000 1.59USD
FEDERATION OF RUSSIA
378,000 1.59
CASINO GUICHARD-PERRACH 3,000 192,279 0.81EUR
FRANCE
EUTELSAT COMMUNICATIONSPARIS 8,000 170,473 0.72EUR
GAZ DE FRANCE 4,500 152,801 0.64EURLVMH MOET HENNESSY EUR0.3 4,500 275,463 1.16EUR
SOCIETE GENERALE PARIS -A- 9,000 341,932 1.43EUR
TOTAL SA 5,000 243,401 1.02EUR
VIVENDI 8,000 208,539 0.88EUR
1,584,888 6.66
ASTRAZENECA PLC 5,000 171,360 0.72GBP
GREAT BRITAIN
BG GROUP PLC 15,000 214,414 0.90GBP
BRITISH AMERICAN TOBACCO 12,231 275,611 1.16GBPCABLE & WIRELESS PLC /GBP0.25 77,700 154,117 0.65GBP
PRUDENTIAL PLC 40,000 180,499 0.76GBPRECKITT BENCKISER GROUPPLC 8,500 310,490 1.30GBP
ROYAL DUTCH SHELL -B- 20,000 434,399 1.82GBP
SMITH AND NEPHEW PLC 25,000 151,368 0.64GBP
1,892,258 7.95
BANQUE NATIONALEGRECE/NOM. S.C.P. 7,500 109,193 0.46EUR
GREECE
109,193 0.46
CHEUNG KONG HOLDINGS 30,000 258,379 1.09HKD
HONG KONG
CHINA MOBILE LTD 75,000 653,204 2.74HKD
911,583 3.83
GLENMARKPHARMACEUTICALS 30,000 92,617 0.39INR
INDIA
HOUSING DEVELOPMENT ANDINFRA 38,571 63,180 0.27INR
HOUSING DEVT /DEMAT. 10,000 282,769 1.19INRMAHINDRA & MAHINDRA/DEMAT. 25,000 188,897 0.79INRUNION BANK OF INDIA/DEMAT. 90,000 256,527 1.08INR
883,990 3.72
BANK RAKYAT INDONESIA 800,000 289,027 1.21IDR
INDONESIA
PT ASTRA INTERNATIONALTBK 170,985 209,591 0.88IDR
Description Quantity Currency Evaluation % netassets
118HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
PT BANK CENTRAL ASIA TBK 750,000 201,609 0.85IDR
700,227 2.94
CELLCOM ISRAEL LTD 10,000 214,234 0.90ILS
ISRAEL
214,234 0.90
ENI SPA ROMA 12,500 236,419 0.99EUR
ITALY
LOTTOMATICA SPA ROMA 8,000 128,649 0.54EUR
365,068 1.53
KAO CORP. 6,000 117,280 0.49JPY
JAPAN
SEKISUI CHEMICAL CO. LTD 30,000 149,733 0.63JPYSUMITOMO MITSUI FINANCIALGROUP 5,000 173,669 0.73JPY
440,682 1.85
REINET INVESTMENTS SCA 500 4,599 0.02EUR
LUXEMBOURG
4,599 0.02
GOLDEN AGRI-RESOURCESLTD 342,014 61,871 0.26SGD
MAURITIUS
61,871 0.26
AMERICA MOVIL SAB DE CV -L- 125,000 166,695 0.70MXN
MEXICO
DESARROLLADORA HOMEXSAB DE CV 50,000 110,722 0.47MXN
277,417 1.17
PHIL.LONG DIST.TEL. 3,500 158,897 0.67PHP
PHILIPPINES
158,897 0.67
ASSECO POLAND SA 9,000 112,167 0.47PLN
POLAND
POWSZECHNA KASAOSZCZED. POLSKI 20,000 122,777 0.52PLN
234,944 0.99
UTD OVERSEAS BANK /LOCAL 30,000 192,613 0.81SGD
SINGAPORE
WILMAR INTERNATIONAL LTD 125,000 260,665 1.10SGD
453,278 1.91
ADCOCK INGRAM HOLDINGSLIMITED 15,000 59,161 0.25ZAR
SOUTH AFRICA
LEWIS GROUP LTD 33,000 143,856 0.60ZAR
MTN GROUP LTD 20,000 220,870 0.93ZAR
SASOL LTD /REG 7,500 214,460 0.90ZAR
TIGER BRANDS LTD 15,000 209,494 0.88ZAR
847,841 3.56
Description Quantity Currency Evaluation % netassets
CJ CHEILJEDANG CORP. 1,250 130,140 0.55KRW
SOUTH KOREA
KT&G CORPORATION 5,000 275,102 1.15KRW
405,242 1.70
BANCO SANTANDER CENTRALHISPANO/REG 25,000 166,106 0.70EUR
SPAIN
TELEFONICA SA 20,000 391,770 1.64EUR
557,876 2.34
ROCHE HOLDING AG/GENUSSSCHEIN 3,000 402,529 1.69CHF
SWITZERLAND
UBS AG /NAMEN. 26,000 240,732 1.01CHF
643,261 2.70
HTC CORP. 15,000 184,222 0.77TWD
TAIWAN
184,222 0.77
ADVANCED INFO SERVICEPUB./ FOR. RG 125,000 292,046 1.23THB
THAILAND
PTT PLC CO. LTD /FOREIGNREG 70,000 302,461 1.27THBSIAM COMMERC.BANKPUBL./FOR.REG 200,000 306,824 1.29THB
901,331 3.79
TOFAS TURK OTOMOBILFABRIKASI 101,992 86,429 0.36TRY
TURKEY
86,429 0.36
AMERICAN TOWER CORP. -A- 8,235 250,920 1.05USD
UNITED STATES
APPLE INC. 3,500 365,715 1.54USD
BAXTER INTERNATIONAL INC. 4,000 202,440 0.85USD
COCA-COLA CO. 12,219 536,659 2.27USD
COLGATE-PALMOLIVE CO. 4,500 264,555 1.11USD
DEVRY INC. 3,500 172,200 0.72USD
DIRECTV GROUP INC. 10,000 224,000 0.94USD
EQUINIX INC 3,000 167,010 0.70USD
HEINZ (H.J.) CO. 7,070 234,653 0.99USD
JOHNSON & JOHNSON 7,500 397,575 1.67USD
JP MORGAN CHASE & CO. 18,000 447,301 1.89USD
LIFE TECHNOLOGIES CORP. 10,000 321,100 1.35USD
MCAFEE INC. 7,500 242,475 1.02USD
MCDONALD S CORP. 6,000 323,520 1.36USD
MEDTRONIC INC. 10,000 290,300 1.22USD
MORGAN STANLEY 10,000 221,300 0.93USD
MYLAN INC. 25,000 326,250 1.37USD
NIKE INC. -B- 5,000 231,300 0.97USD
QUALCOMM INC. 10,000 378,700 1.59USD
SCHERING-PLOUGH CORP. 6,000 141,660 0.60USD
Description Quantity Currency Evaluation % netassets
119HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SOHU.COM INC 3,500 140,350 0.59USD
5,879,983 24.73
98.16TOTAL SHARES 23,354,144
98.16TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 23,354,144
Description Quantity Currency Evaluation % netassets
98.16TOTAL INVESTMENTS 23,354,144
1.84OTHER NET ASSETS LESS LIABILITIES 436,793
100.00TOTAL NET ASSETS 23,790,937
120HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
OMV AG 425,000 10,650,500 1.86EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRIA
VIENNA INSURANCE GROUP 260,000 5,330,000 0.93EUR
ZUMTOBEL AG 515,000 2,842,800 0.50EUR
18,823,300 3.29
DELHAIZE GROUP 255,000 12,423,600 2.17EUR
BELGIUM
FORTIS S.A./NV 1,650,000 2,343,000 0.41EUR
UMICORE SA 380,000 5,168,000 0.90EUR
19,934,600 3.48
BANK OF CYPRUS PUBLICCOMPANY 1,350,000 2,997,000 0.52EUR
CYPRUS
2,997,000 0.52
NOKIA OY 775,000 6,680,500 1.16EUR
FINLAND
OUTOKUMPU OYJ A 350,000 2,782,500 0.49EUR
9,463,000 1.65
ACCOR SA 225,000 5,854,500 1.02EUR
FRANCE
AXA 1,200,000 10,668,000 1.86EUR
BNP PARIBAS 600,000 17,838,000 3.11EUR
BOUYGUES 435,000 11,307,825 1.97EUR
CAP GEMINI SA 325,000 7,722,000 1.35EUR
CARREFOUR SA 450,000 12,901,500 2.25EURCIE GEN.GEOPHYSIQUE /VERITAS 550,000 4,702,500 0.82EUR
GAZ DE FRANCE 675,000 17,317,125 3.02EUR
MICHELIN B /NOM. 230,000 6,434,250 1.12EUR
PEUGEOT SA 395,000 5,545,800 0.97EUR
SAFRAN SA 950,000 6,620,550 1.16EUR
SAINT-GOBAIN 654,284 13,147,837 2.30EUR
SANOFI-AVENTIS 680,000 28,175,800 4.93EUR
SOCIETE GENERALE PARIS -A- 335,000 9,616,175 1.68EUR
TOTAL SA 300,000 11,034,000 1.93EUR
VEOLIA ENVIRONNEMENT 350,000 5,472,250 0.96EUR
VIVENDI 775,000 15,263,625 2.66EUR
189,621,737 33.11
INVESTMENTS
Euroland EquityStatement of investments as at 31 March 2009 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
ALLIANZ SE /NAMEN.VINKULIERT 270,000 16,637,400 2.89EUR
GERMANY
BAYER AG 340,000 12,294,400 2.15EUR
COMMERZBANK AG 850,000 3,421,250 0.60EUR
DEUTSCHE POST AG BONN 1,400,000 11,326,000 1.98EURFRESENIUS MEDICAL CAREAG 400,000 11,552,000 2.02EUR
HENKEL / VORZUG 475,000 9,547,500 1.67EURMUENCHENER RUECKVERS/NAMEN. 140,000 12,776,400 2.23EUR
SIEMENS AG /NAM. 355,000 14,956,150 2.61EUR
92,511,100 16.15
HELLENIC TELECOM 1,220,000 13,395,600 2.34EUR
GREECE
13,395,600 2.34
ASSICURAZIONI GENERALISPA 150,000 1,939,500 0.34EUR
ITALY
AUTOGRILL SPA 1,700,000 7,233,500 1.26EUR
ERG SPA MILANO 525,000 4,872,000 0.85EUR
UNICREDITO ITALIANO SPA 7,700,000 9,332,400 1.63EUR
23,377,400 4.08
ARCELORMITTAL SA REG 700,000 10,668,000 1.86EUR
LUXEMBOURG
10,668,000 1.86
HEINEKEN NV 575,000 12,023,250 2.10EUR
NETHERLANDS
ING GROEP NV/CERT.OF SHS 960,000 3,974,400 0.69EUR
KONINKLIJKE DSM NV 250,000 4,950,000 0.86EUR
KONINKLIJKE KPN NV 1,650,000 16,349,850 2.86EUR
QIAGEN NV 440,000 5,222,800 0.91EUR
RANDSTAD HOLDING (EUR 0.1) 465,000 5,845,050 1.02EUR
REED ELSEVIER NV 1,250,000 9,940,000 1.74EUR
ROYAL PHILIPS ELECTRONICS 680,000 7,493,600 1.31EUR
65,798,950 11.49
BANCO SANTANDER CENTRALHISPANO/REG 4,450,000 22,339,000 3.90EUR
SPAIN
CINTRA CONC. INFRAEST.TRANSPORT 1,900,000 6,365,000 1.11EUR
GESTEVISION TELECINCO SA 1,175,000 5,980,750 1.04EUR
GRIFOLS SA -A- 350,000 3,745,000 0.65EUR
REPSOL YPF SA. MADRID 1,845,000 23,708,250 4.14EUR
SACYR VALLEHERMOSO SA 803,570 4,708,920 0.82EUR
TELEFONICA SA 2,285,000 33,818,000 5.91EUR
100,664,920 17.57
LONZA GROUP AG /NOM. 70,000 5,261,143 0.92CHF
SWITZERLAND
Description Quantity Currency Evaluation % netassets
121HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SYNGENTA AG /NAM. 35,000 5,300,337 0.92CHF
10,561,480 1.84
97.38TOTAL SHARES 557,817,087
97.38TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 557,817,087
Description Quantity Currency Evaluation % netassets
97.38TOTAL INVESTMENTS 557,817,087
2.62OTHER NET ASSETS LESS LIABILITIES 15,004,215
100.00TOTAL NET ASSETS 572,821,302
122HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
FLUGHAFEN WIEN AG 9,900 225,522 0.75EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRIA
OESTERREICHISCHE POST AG 35,000 765,100 2.54EUR
VIENNA INSURANCE GROUP 33,000 676,500 2.25EUR
1,667,122 5.54
MOBISTAR NV 12,000 570,240 1.89EUR
BELGIUM
TELENET GROUP HOLDING 56,159 715,466 2.38EUR
UMICORE SA 43,127 586,527 1.95EUR
1,872,233 6.22
KONECRANES PLC 63,000 800,100 2.67EUR
FINLAND
POHJOLA BANK PLC A 55,000 256,300 0.85EUR
TIETOENATOR OYJ 80,000 606,400 2.01EUR
YIT OYJ 120,000 614,400 2.04EUR
2,277,200 7.57
BIOMERIEUX 10,416 602,930 2.00EUR
FRANCE
BOURBON 31,000 758,415 2.52EUR
BUREAU VERITAS 14,000 383,040 1.27EURCIE GEN.GEOPHYSIQUE /VERITAS 70,000 598,500 1.99EUR
E.D.F. ENERGIE NOUVELLE SA 30,000 856,950 2.85EUR
IPSEN 15,000 429,825 1.43EUR
ORPEA 25,000 737,250 2.45EUR
TELEPERFORMANCE 30,000 628,950 2.09EUR
4,995,860 16.60
BILFINGER BERGER AG 25,093 700,772 2.33EUR
GERMANY
DEUTSCHEEUROSHOP/NAMEN. 35,000 708,050 2.35EUR
FIELMANN AG 14,000 637,420 2.12EUR
LANXESS AG 40,000 516,000 1.71EUR
RHOEN KLINIKUM AG 38,000 560,120 1.86EUR
SOFTWARE AG 16,000 839,041 2.79EUR
SOLARWORLD AG BONN 50,000 777,000 2.58EUR
VOSSLOH AG 10,000 798,200 2.65EUR
WINCOR NIXDORF AG 20,000 687,000 2.28EUR
6,223,603 20.67
INVESTMENTS
Euroland Equity Smaller CompaniesStatement of investments as at 31 March 2009 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
ALPHA BANK 184,000 890,560 2.96EUR
GREECE
890,560 2.96
ANSALDO STS SPA 67,916 787,825 2.62EUR
ITALY
AZIMUT HOLDING SPA 126,728 502,793 1.67EURCREDITO EMILIANO SPACREDEM 240,000 715,200 2.38EUR
DANIELI +C./RISP.N-CV 135,000 567,338 1.88EURUNIPOL GRUPPO FINANZIARIO/ PRIV 1,400,000 613,200 2.04EUR
3,186,356 10.59
AALBERTS INDUSTRIES NV 160,000 648,000 2.15EUR
NETHERLANDS
ARCADIS NV 65,000 613,015 2.04EUR
FUGRO NV 27,000 645,300 2.14EUR
IMTECH NV 80,000 837,200 2.79EUR
KONINKLIJKE BAM GROEP NV 125,000 828,750 2.75EUR
KON.VOPAK NV 25,000 747,500 2.48EUR
QIAGEN NV 30,000 356,100 1.18EUR
SBM OFFSHORE NV 60,000 599,400 1.99EUR
SMIT INTERNATIONAL NV 14,000 567,000 1.88EUR
5,842,265 19.40
BME 38,000 657,020 2.18EUR
SPAIN
GRUPO CATALANAOCCIDENTE SA 17,057 149,760 0.50EUR
LABORATORIE ALMIRALL 100,000 650,000 2.16EUR
OBRASCON HUARTE LAIN SA 100,000 674,000 2.24EUR
TECNICAS REUNIDAS SA 27,000 637,740 2.12EUR
2,768,520 9.20
98.75TOTAL SHARES 29,723,719
98.75TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 29,723,719
Description Quantity Currency Evaluation % netassets
98.75TOTAL INVESTMENTS 29,723,719
1.25OTHER NET ASSETS LESS LIABILITIES 376,356
100.00TOTAL NET ASSETS 30,100,075
123HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
VOESTALPINE AG 37,602 375,268 0.41EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRIA
ZUMTOBEL AG 33,914 187,205 0.20EUR
562,473 0.61
UMICORE SA 161,152 2,191,667 2.37EUR
BELGIUM
2,191,667 2.37
NOKIA OY 215,508 1,857,679 2.00EUR
FINLAND
OUTOKUMPU OYJ A 47,434 377,100 0.41EUR
2,234,779 2.41
AIR LIQUIDE 19,500 1,180,725 1.27EUR
FRANCE
ALSTOM 46,000 1,753,520 1.89EUR
AXA 123,000 1,093,470 1.18EUR
BNP PARIBAS 65,500 1,947,315 2.10EUR
BOUYGUES 43,000 1,117,785 1.21EUR
GAZ DE FRANCE 99,422 2,550,671 2.75EUR
IPSOS SA PARIS 62,312 1,040,610 1.12EUR
PARROT SA 35,061 138,140 0.15EUR
SANOFI-AVENTIS 96,691 4,006,393 4.33EUR
SCHNEIDER ELECTRIC SA 29,217 1,429,880 1.54EUR
SOCIETE GENERALE PARIS -A- 21,200 608,546 0.66EUR
TOTAL SA 164,600 6,053,989 6.54EUR
VEOLIA ENVIRONNEMENT 52,355 818,570 0.88EUR
VIVENDI 161,083 3,172,530 3.43EUR
26,912,144 29.05
ALLIANZ SE /NAMEN.VINKULIERT 50,616 3,118,958 3.37EUR
GERMANY
BAYER AG 30,700 1,110,112 1.20EURDEUTSCHE BOERSE AG/NAMEN. 59,000 2,596,000 2.80EURFRESENIUS MEDICAL CAREAG 33,020 953,618 1.03EURMUENCHENER RUECKVERS/NAMEN. 28,000 2,555,280 2.76EUR
RWE AG (NEU). ESSEN A 49,088 2,578,102 2.78EUR
SAP AG 53,859 1,420,531 1.53EUR
SIEMENS AG /NAM. 79,803 3,362,099 3.62EUR
INVESTMENTS
Euroland GrowthStatement of investments as at 31 March 2009 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
SOFTWARE AG 51,865 2,719,801 2.94EUR
SOLARWORLD AG BONN 25,000 388,500 0.42EUR
20,803,001 22.45
AUTONOMY CORPORATIONPLC 117,000 1,605,687 1.73GBP
GREAT BRITAIN
1,605,687 1.73
BANK OF PIRAEUS 176,193 851,012 0.92EUR
GREECE
BANQUE NATIONALEGRECE/NOM. S.C.P. 95,319 1,048,509 1.13EUR
FOURLIS HOLDING / REG SHS 90,947 625,715 0.68EUR
HELLENIC TELECOM 190,184 2,088,221 2.25EUR
4,613,457 4.98
RECORDATI INDCHIMICA/POST RAG 602,983 2,430,022 2.62EUR
ITALY
UNICREDITO ITALIANO SPA 1,143,892 1,386,397 1.50EUR
3,816,419 4.12
ARCELORMITTAL SA REG 32,000 487,680 0.53EUR
LUXEMBOURG
487,680 0.53
ASML HOLDING NV 50,000 652,750 0.70EUR
NETHERLANDS
HEINEKEN NV 117,527 2,457,490 2.65EUR
ING GROEP NV/CERT.OF SHS 135,431 560,684 0.61EUR
KONINKLIJKE KPN NV 247,100 2,448,514 2.64EUR
6,119,438 6.60
BANCO BILBAO VIZCAYAARGENTARIA/NAM. 222,887 1,344,009 1.45EUR
SPAIN
BANCO SANTANDER CENTRALHISPANO/REG 650,091 3,263,457 3.52EUR
GRIFOLS SA -A- 72,378 774,445 0.84EUR
INDITEX /REG 96,877 2,765,838 2.99EUR
TELEFONICA SA 456,450 6,755,459 7.28EUR
14,903,208 16.08
ELEKTA AB 98,011 713,410 0.77SEK
SWEDEN
713,410 0.77
91.70TOTAL SHARES 84,963,363
91.70TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 84,963,363
Description Quantity Currency Evaluation % netassets
91.70TOTAL INVESTMENTS 84,963,363
8.30OTHER NET ASSETS LESS LIABILITIES 7,692,667
100.00TOTAL NET ASSETS 92,656,030
124HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
MARFIN POPULAR BANKPUBLIC CO. 310,347 471,727 0.50EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
CYPRUS
471,727 0.50
NOVO-NORDISK A/S -B- 83,081 3,184,582 3.39DKK
DENMARK
3,184,582 3.39
NESTE OIL OYJ 108,237 1,069,382 1.14EUR
FINLAND
NOKIA OY 157,063 1,353,883 1.44EUR
2,423,265 2.58
AXA 189,285 1,682,744 1.79EUR
FRANCE
BNP PARIBAS 71,246 2,118,144 2.26EUR
CASINO GUICHARD-PERRACH 48,267 2,337,329 2.49EUR
NEXANS PARIS 62,063 1,744,591 1.86EUR
SOCIETE GENERALE PARIS -A- 55,389 1,589,941 1.69EUR
TOTAL SA 118,336 4,352,398 4.64EUR
VALLOUREC 22,944 1,539,198 1.64EUR
15,364,345 16.37
ALLIANZ SE /NAMEN.VINKULIERT 34,282 2,112,457 2.25EUR
GERMANY
BASF SE 83,586 1,880,685 2.00EUR
LANXESS AG 71,711 925,072 0.99EUR
4,918,214 5.24
ANGLO AMERICAN PLC 84,246 1,023,471 1.09GBP
GREAT BRITAIN
BAE SYSTEMS PLC 497,301 1,746,459 1.86GBP
BG GROUP PLC 286,116 3,090,041 3.29GBP
BP PLC 593,634 2,949,419 3.14GBP
BRITISH AMERICAN TOBACCO 185,637 3,160,528 3.36GBP
CAPITA GRP 203,765 1,460,874 1.56GBP
CENTRICA PLC 809,285 1,947,128 2.07GBP
DANA PETROLEUM PLC 78,682 946,539 1.01GBP
FENNER 505,098 258,855 0.28GBP
HSBC HOLDINGS PLC 565,058 2,342,583 2.50GBP
KAZAKHMYS LIMITED 163,287 627,617 0.67GBP
INVESTMENTS
European EquityStatement of investments as at 31 March 2009 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
LEGAL & GENERAL GROUPPLC 1,328,377 613,413 0.65GBP
NATIONAL GRID PLC 383,599 2,166,617 2.31GBP
PETROFAC LTD 193,970 1,093,475 1.17GBP
UNITED UTILITIES GROUP PLC 367,147 1,867,711 1.99GBP
VODAFONE GROUP PLC 2,781,525 3,578,733 3.80GBPWM MORRISONSUPERMARKETS PLC 532,673 1,449,706 1.54GBP
XSTRATA PLC 343,318 1,657,592 1.77GBP
31,980,761 34.06
HELLENIC TELECOM 113,334 1,244,407 1.33EUR
GREECE
1,244,407 1.33
RESOLUTION LTD 1,884,980 1,994,588 2.13GBP
GUERNSEY
1,994,588 2.13
PARMALAT SPA 531,870 805,251 0.86EUR
ITALY
PRYSMIAN SPA 77,530 586,514 0.62EUR
SNAM RETE GAS SPA 290,535 1,133,087 1.21EURTERNA- RETE ELETTRICANAZIONAL 839,316 1,919,935 2.05EUR
4,444,787 4.74
KONINKLIJKE KPN NV 248,103 2,458,452 2.62EUR
NETHERLANDS
TNT NV 102,919 1,314,276 1.40EUR
3,772,728 4.02
ACCIONA SA /ESP 167 28,092 2,156,061 2.30EUR
SPAIN
BANCO SANTANDER CENTRALHISPANO/REG 299,775 1,504,871 1.60EUR
ENAGAS 115,509 1,276,374 1.36EUR
TELEFONICA SA 280,614 4,153,087 4.43EUR
9,090,393 9.69
NESTLE / ACT NOM 157,532 3,934,899 4.19CHF
SWITZERLAND
ROCHE HOLDING AG/GENUSSSCHEIN 48,229 4,889,262 5.22CHF
SYNGENTA AG /NAM. 14,345 2,172,381 2.31CHF
UBS AG /NAMEN. 139,989 979,298 1.04CHF
11,975,840 12.76
96.81TOTAL SHARES 90,865,637
96.81TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 90,865,637
Description Quantity Currency Evaluation % netassets
125HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
RIGHTS HSBC 03.04.09 235,440 329,591 0.35GBP
OTHER TRANSFERABLE SECURITES
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
329,591 0.35
0.35TOTAL WARRANTS / EQUITY LINKED SECURITIES 329,591
0.35TOTAL OTHER TRANSFERABLE SECURITIES 329,591
Description Quantity Currency Evaluation % netassets
97.16TOTAL INVESTMENTS 91,195,228
2.84OTHER NET ASSETS LESS LIABILITIES 2,663,852
100.00TOTAL NET ASSETS 93,859,080
126HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
TELEKOM AUSTRIA AG 3,410 38,226 0.77EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRIA
38,226 0.77
ANHEUSER-BUSH INBEV SA 1,607 32,952 0.67EUR
BELGIUM
FORTIS S.A./NV 19,103 27,126 0.54EUR
60,078 1.21
CATLIN GROUP LTD 6,731 21,968 0.44GBP
BERMUDA ISLANDS
21,968 0.44
BANK OF CYPRUS PUBLICCOMPANY 13,383 29,710 0.60EUR
CYPRUS
29,710 0.60
NOKIA OY 10,590 91,286 1.83EUR
FINLAND
OUTOKUMPU OYJ A 2,812 22,355 0.45EUR
113,641 2.28
ACCOR SA 2,071 53,887 1.08EUR
FRANCE
ALSTOM 660 25,159 0.51EUR
AXA 10,695 95,079 1.91EUR
BOUYGUES 2,150 55,889 1.12EUR
CAP GEMINI SA 1,032 24,520 0.49EUR
CARREFOUR SA 2,018 57,856 1.16EUR
CREDIT AGRICOLE SA PARIS 2,828 22,915 0.46EUR
GAZ DE FRANCE 2,792 71,629 1.44EUR
LAFARGE SA 1,498 49,314 0.99EUR
LAGARDERE SCA /NOM. 1,800 37,458 0.75EUR
NATIXIS 30,533 37,617 0.76EUR
PPR SA 606 29,461 0.59EUR
SAINT-GOBAIN 5,027 101,018 2.03EUR
SANOFI-AVENTIS 2,133 88,381 1.77EUR
SOCIETE GENERALE PARIS -A- 2,804 80,489 1.62EUR
TELEVISION FRANCAISE 1 6,422 39,110 0.79EUR
TOTAL SA 4,193 154,218 3.09EUR
UNIBAIL-RODAMCO ACT. 503 51,090 1.03EUR
INVESTMENTS
European Equity High DividendStatement of investments as at 31 March 2009 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
VIVENDI 4,393 86,520 1.74EUR
1,161,610 23.33
ALLIANZ SE /NAMEN.VINKULIERT 1,295 79,798 1.60EUR
GERMANY
BAYER AG 1,644 59,447 1.19EUR
DAIMLER CHRYSLER 3,212 60,932 1.22EURDEUTSCHE BOERSE AG/NAMEN. 2,486 109,384 2.20EUR
DEUTSCHE POST AG BONN 10,051 81,313 1.63EUR
FRESENIUS / VZ A 1,312 44,529 0.89EURMUENCHENER RUECKVERS/NAMEN. 385 35,135 0.71EURPROSIEBEN SAT1 MED./VORZUG. 18,505 22,761 0.46EUR
RWE AG (NEU). ESSEN A 1,469 77,152 1.55EUR
SOFTWARE AG 462 24,227 0.49EUR
SYMRISE AG 4,882 44,963 0.90EUR
639,641 12.84
ANGLO AMERICAN PLC 7,401 89,912 1.80GBP
GREAT BRITAIN
ASTRAZENECA PLC 3,462 89,645 1.80GBP
BARCLAYS PLC 23,298 39,138 0.79GBP
BP PLC 41,553 206,451 4.15GBP
BRITISH AMERICAN TOBACCO 2,718 46,275 0.93GBP
HAYS PLC 56,732 44,071 0.88GBP
HOME RETAIL GROUP PLC 27,389 66,489 1.33GBP
HSBC HOLDINGS PLC 16,573 68,707 1.38GBP
INTERNATIONAL POWER PLC 25,000 56,036 1.12GBP
SMITHS GROUP PLC 4,100 29,063 0.58GBPSOUTHERN CROSSHEALTHCARE GROUP 19,834 20,811 0.42GBP
TESCO PLC 28,133 98,496 1.98GBP
UNILEVER PLC 5,406 75,766 1.52GBP
VODAFONE GROUP PLC 128,428 165,236 3.32GBP
1,096,096 22.00
BANQUE NATIONALEGRECE/NOM. S.C.P. 4,391 48,301 0.97EUR
GREECE
HELLENIC TELECOM 5,700 62,586 1.25EUR
OPAP 1,307 26,192 0.53EUR
137,079 2.75
ENI SPA ROMA 5,983 85,498 1.71EUR
ITALY
FINMECCANICA / POSTREGROUP. 5,046 46,650 0.94EUR
UNICREDITO ITALIANO SPA 25,850 31,330 0.63EUR
163,478 3.28
WPP PLC 15,608 64,749 1.30GBP
JERSEY
64,749 1.30
Description Quantity Currency Evaluation % netassets
127HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ARCELORMITTAL SA REG 4,545 69,266 1.39EUR
LUXEMBOURG
69,266 1.39
AEGON NV 7,118 20,849 0.42EUR
NETHERLANDS
HEINEKEN NV 3,943 82,448 1.66EUR
KONINKLIJKE KPN NV 3,186 31,570 0.63EUR
RANDSTAD HOLDING (EUR 0.1) 3,665 46,069 0.92EUR
180,936 3.63
BANCO SANTANDER CENTRALHISPANO/REG 19,425 97,514 1.96EUR
SPAIN
GAS NATURAL SDG /SPLITISSUE 4,125 42,653 0.86EUR
INDITEX /REG 2,386 68,120 1.37EUR
REPSOL YPF SA. MADRID 9,263 119,030 2.39EUR
TELEFONICA SA 10,266 151,936 3.04EUR
479,253 9.62
SKANSKA B 4,315 27,372 0.55SEK
SWEDEN
SVENSKA CELLUL. -B- 7,856 44,993 0.90SEK
72,365 1.45
NOVARTIS AG BASEL/NAM. 4,113 115,036 2.31CHF
SWITZERLAND
ROCHE HOLDING AG/GENUSSSCHEIN 1,173 118,915 2.39CHF
UBS AG /NAMEN. 4,408 30,836 0.62CHFZURICH FINANCIAL SERVICES/ NAMEN 522 59,864 1.20CHF
324,651 6.52
93.41TOTAL SHARES 4,652,747
93.41TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 4,652,747
Description Quantity Currency Evaluation % netassets
RIGHTS HSBC 03.04.09 6,905 9,666 0.19GBP
OTHER TRANSFERABLE SECURITES
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
9,666 0.19
0.19TOTAL WARRANTS / EQUITY LINKED SECURITIES 9,666
0.19TOTAL OTHER TRANSFERABLE SECURITIES 9,666
93.60TOTAL INVESTMENTS 4,662,413
6.40OTHER NET ASSETS LESS LIABILITIES 318,949
100.00TOTAL NET ASSETS 4,981,362
128HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
DUFRY SOUTH AMERICA LTDA 7,800 50,269 0.63BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
50,269 0.63
BANCO BRADESCO /SADR 14,565 141,281 1.77USD
BRAZIL
CIA VALE RIO DOCE/SADR 6,228 81,275 1.02USDCIA VALE RIO DOCE/SADR(1PREF.) 11,152 126,464 1.58USD
GERDAU SA SADR PREF. SHS 7,000 37,870 0.47USDITAU HOLDING /PREF.SHS/SADR 7,829 86,041 1.08USD
PETROBRAS /SADR 11,211 276,687 3.45USD
PETROLEO BRASILEIRO /SADR 2,666 82,219 1.03USDTELE NORT. LE. TNLP /PREF.SADR 4,800 64,656 0.81USD
UNIBANCO /GDR 2,314 146,291 1.83USD
1,042,784 13.04
ALUMINIUM CORP. OF CHINA -H- 32,000 18,374 0.23HKD
CHINA
ANGANG STEEL COMPANYLTD -H- 35,720 36,180 0.45HKDANHUI CONCH CEMENT CO. -H- 16,829 92,828 1.16HKD
BANK OF CHINA LTD -H- 127,000 42,113 0.53HKDBANK OF COMMUNICATIONSCO. -H- 29,000 20,131 0.25HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 50,000 54,837 0.69HKDCHINA CONSTRUCTION BANKCO. -H- 355,000 201,542 2.51HKDCHINA LIFE INSURANCE /SADR 356 17,202 0.22USDCHINA LIFE INSURANCE CO.LTD -H- 50,878 168,712 2.10HKD
CHINA MERCHANTS BANK -H- 12,500 21,838 0.27HKDCHINA NATIONAL BUILDINGMATERIAL -H- 14,000 20,737 0.26HKDCHINA NATIONAL MATERIALCO. -H- 93,159 48,922 0.61HKDCHINA PETROLEUM&CHEMCORP. H 110,000 70,398 0.88HKD
CHINA RESOURCES LAND 62,000 95,997 1.20HKDCHINA SHENHUA ENERGY CO.-H- 24,000 54,068 0.68HKDHUANENG POWERINTERNATIONAL -H- 42,057 27,892 0.35HKD
IND & COM BOC -H- 188,000 97,757 1.22HKD
INVESTMENTS
Global Emerging Markets EliteStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
PETROCHINA CO. LTD /-H- 94,960 75,720 0.95HKDPING AN INSURANCE GRP CO.-H- 18,171 108,436 1.35HKD
1,273,684 15.91
CEZ.CESKE ENERGETICKEZAVODY 1,732 61,572 0.77CZK
CZECH REPUBLIC
61,572 0.77
AK SBEREGATELNY BANKSBERBANK 41,289 25,186 0.31USD
FEDERATION OF RUSSIA
COMSTAR /SGDR REP. REGS 11,432 39,440 0.49USD
GAZPROM OAO /SADR REGS 14,343 216,866 2.72USD
LUKOIL /SADR (REP.1 SHS.) 2,842 108,707 1.36USD
MECHEL OJSC /ADR 711 2,844 0.04USD
MMC NORILSK NICKEL /SADR 2,372 14,706 0.18USDMOBILE TELESYSTEMSOJS/SADR 847 25,097 0.31USDROSNEFT OIL COMPANY OJSC/SGDR 20,633 91,611 1.15USD
524,457 6.56
CHINA MOBILE LTD 25,420 221,393 2.78HKD
HONG KONG
CHINA OVERSEASLAND&INVESTMENT 33,660 52,812 0.66HKDCHINA RESOURCESENTERPRISE LTD 8,000 12,387 0.15HKD
CNOOC LTD 85,000 84,229 1.05HKD
370,821 4.64
OTP BANK LTD 1,402 11,131 0.14HUF
HUNGARY
11,131 0.14
ICICI BANK /SADR 1,089 13,809 0.17USD
INDIA
LARSEN TOUBRO /GDRREPR.1 SHS 912 12,038 0.15USD
25,847 0.32
BANK DANAMON INDONESIATBK -A- 64,000 17,066 0.21IDR
INDONESIA
BANK RAKYAT INDONESIA 42,000 15,174 0.19IDRPT ASTRA INTERNATIONALTBK 15,801 19,369 0.24IDR
TELKOM INDONESIA S -B- 37,000 24,189 0.31IDR
75,798 0.95
TEVA PHM. / ADR REP. 1 SHS 3,531 157,235 1.97USD
ISRAEL
157,235 1.97
RESORTS WORLD 95,500 56,030 0.70MYR
MALAYSIA
56,030 0.70
Description Quantity Currency Evaluation % netassets
129HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
AMERICA MOVIL SAB /ADR -L- 4,374 116,173 1.45USD
MEXICO
CORPORACION GEO SAB DECV B 58,324 60,449 0.76MXN
EMPRESAS ICA SAB DE CV 47,700 75,244 0.94MXN
GRUPO TELEVISA /GDS 3,591 48,263 0.60USD
300,129 3.75
AYALA LAND INC. 309,380 36,474 0.46PHP
PHILIPPINES
36,474 0.46
AFRICAN BANK INVESTMENTS 41,168 108,020 1.35ZAR
SOUTH AFRICA
ANGLOGOLD ASHANTI LTD 2,323 85,160 1.06ZAR
AVENG LTD 4,463 12,632 0.16ZARHARMONY GOLD MINING CO.LTD 8,312 90,542 1.13ZARIMPALA PLATINUM HOLDINGSLTD 2,833 46,332 0.58ZAR
KUMBA IRON ORE LTD 1,309 22,625 0.28ZAR
MTN GROUP LTD 20,758 229,241 2.87ZARPRETORIA PORTLANDCEMENT CO. LTD 22,583 74,654 0.93ZAR
SASOL LTD /REG 2,817 80,551 1.01ZAR
749,757 9.37
DAEGU BANK 14,561 76,746 0.96KRW
SOUTH KOREA
HANA FINANCIAL GROUP INC. 2,606 39,190 0.49KRW
HYNIX SEMICONDUCTOR INC 1,570 14,019 0.18KRWHYUNDAI DEPARTMENTSTORE CO. 716 37,013 0.46KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 729 17,736 0.22KRW
HYUNDAI HEAVY INDUSTRIES 213 30,107 0.38KRWHYUNDAI MIPO DOCKYARDCO. LTD 195 18,258 0.23KRW
HYUNDAI MOBIS 1,116 64,227 0.80KRW
HYUNDAI MOTOR CO. LTD 623 24,999 0.31KRW
KB FINANCIAL GROUP INC. 4,338 103,344 1.29KRW
KB FINANCIAL SADR 197 4,667 0.06USD
KT&G CORPORATION 552 30,371 0.38KRW
LG CORP. 2,063 73,384 0.92KRWMIRAEASSET SECURITIES CO.LTD 331 17,015 0.21KRW
POSCO 285 75,107 0.94KRWSAMSUNG ELECTRONICS CO.LTD 583 239,417 3.00KRWSAMSUNG ENGINEERING CO.LTD 868 36,273 0.45KRWSAMSUNG FIRE&MARINEINSURANCE 190 21,979 0.27KRW
SAMSUNG HEAVY INDUSTRIES 2,656 49,159 0.61KRWSAMSUNG SECURITIES CO.LTD 498 20,811 0.26KRW
SHINHAN FINANCIAL GROUP 2,726 48,484 0.61KRW
SHINSEGAE CO. LTD 181 56,337 0.70KRW
1,098,643 13.73
Description Quantity Currency Evaluation % netassets
AU OPTRONICS CORP. 20,000 16,523 0.21TWD
TAIWAN
AU OPTRONICS CORP. /ADR 2,071 17,438 0.22USD
CATHAY FINANCIAL HOLDING 27,500 23,609 0.30TWDCHI MEI OPTOELECTRONICCORP. 70,000 27,935 0.35TWD
CHINA STEEL 24,000 15,692 0.20TWDCHINATRUST FINANCIALHOLDING CO. 41,386 15,114 0.19TWDCHUNGHWA TELECOM CO.LTD 23,083 42,082 0.53TWD
FAR EASTERN TEXTILE LTD 121,268 94,290 1.18TWD
FORMOSA PLASTICS 17,000 25,585 0.32TWDHON HAI PRECISIONINDUSTRY CO. LTD 56,580 127,812 1.60TWD
HTC CORP. 3,000 36,844 0.46TWD
MEDIA TEK INCORPORATION 4,040 37,957 0.47TWD
NAN YA PLASTICS CORP. 22,000 25,140 0.31TWD
QUANTA COMPUTER INC. 16,700 21,076 0.26TWDSILICONWARE PRECISIONINDUSTRIES 15,000 15,772 0.20TWD
TAIWAN CEMENT CORP. 130,469 107,400 1.34TWD
TAIWAN FERTILIZER CO. LTD 52,000 106,440 1.33TWDTAIWAN SEMICONDUCTORMANUFACTURING 114,529 173,378 2.16TWD
WISTRON CORP. 66,314 71,385 0.89TWD
1,001,472 12.52
BANGKOK BANK PUBLIC/ NVDEP. RECEIPT 8,800 18,640 0.23THB
THAILAND
KASIKORNBANK PUBLICCOMPANY FOR. REG 29,000 37,551 0.47THBPTT PLC CO. LTD /FOREIGNREG 9,700 41,912 0.53THB
98,103 1.23
KOC HOLDING AS 67,538 91,252 1.14TRY
TURKEY
TURKIYE GARANTI BANKASI/NOM. 28,984 40,019 0.50TRY
131,271 1.64
88.33TOTAL SHARES 7,065,477
HSBC 08-29.10.18 CW / DLFLTD 5,052 16,714 0.21USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
16,714 0.21
JP MORGAN INTERNATIONAL07-04.05.12 / WRT LARS 3,512 44,690 0.56USD
JERSEY
JP MORGAN 06-22.09.09 WRT /UNITED S. 3,122 40,518 0.51USDJP MORGAN 07-11.01.11 WRT /CAIRN 13,691 48,261 0.60USDJP MORGAN 07-23.03.12 CERT /INFOSYS 2,306 60,127 0.75USD
193,596 2.42
Description Quantity Currency Evaluation % netassets
130HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
JP MORGAN STRUCTURE 08-30.12.13 CERT / RCOM 9,196 30,209 0.38USD
NETHERLANDS
JP MORGAN 09.01.14 W / BHEL 1,000 29,629 0.37USD
59,838 0.75
CITIGROUP 03-24.10.12 CW /LARSEN 4,377 58,956 0.73USD
UNITED STATES
CITIGROUP 06-24.10.12 WRT /REL. COM 858 2,942 0.04USDCITIGROUP 07-17.01.12 WRT /BHARTI 3,181 39,069 0.49USD
100,967 1.26
4.64TOTAL WARRANTS / EQUITY LINKED SECURITIES 371,115
92.97TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 7,436,592
Description Quantity Currency Evaluation % netassets
COMMERCIAL INTERNATIONALBANK LTD 4,800 27,105 0.34EGP
OTHER TRANSFERABLE SECURITES
SHARES
EGYPT
27,105 0.34
MAGNIT JSC 2,583 58,789 0.73USD
FEDERATION OF RUSSIA
58,789 0.73
1.07TOTAL SHARES 85,894
JP MORGAN INTERNATIONAL07-04.05.12 WRT / HOUSING 2,832 79,803 1.00USD
WARRANTS / EQUITY LINKED SECURITIES
JERSEY
JP MORGAN 07-03.05.12 WRT /HDFC BANK 1,771 33,358 0.42USD
JP MORGAN 07-23.10.12 CERT 10,735 71,454 0.89USD
184,615 2.31
JP MORGAN 09-14.02.14 CERT /RELIANCE 976 28,909 0.36USD
NETHERLANDS
28,909 0.36
CITIGROUP GL.19.1.09 WT /REL. IND 1,468 38,277 0.48USD
UNITED STATES
38,277 0.48
3.15TOTAL WARRANTS / EQUITY LINKED SECURITIES 251,801
4.22TOTAL OTHER TRANSFERABLE SECURITIES 337,695
97.19TOTAL INVESTMENTS 7,774,287
2.81OTHER NET ASSETS LESS LIABILITIES 225,014
100.00TOTAL NET ASSETS 7,999,301
131HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
DUFRY SOUTH AMERICA LTDA 173,200 1,116,220 0.66BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
1,116,220 0.66
BANCO BRADESCO /SADR 311,661 3,023,112 1.78USD
BRAZIL
CIA VALE RIO DOCE/SADR 155,784 2,032,981 1.20USDCIA VALE RIO DOCE/SADR(1PREF.) 202,044 2,291,179 1.35USD
GERDAU SA SADR PREF. SHS 149,778 810,299 0.48USDITAU HOLDING /PREF.SHS/SADR 162,430 1,785,106 1.05USD
PETROBRAS /SADR 267,385 6,599,062 3.89USD
PETROLEO BRASILEIRO /SADR 31,400 968,376 0.57USDTELE NORT. LE. TNLP /PREF.SADR 101,900 1,372,593 0.81USD
UNIBANCO /GDR 48,438 3,062,250 1.81USD
21,944,958 12.94
ALUMINIUM CORP. OF CHINA -H- 690,000 396,180 0.23HKD
CHINA
ANGANG STEEL COMPANYLTD -H- 771,748 781,680 0.46HKDANHUI CONCH CEMENT CO. -H- 360,353 1,987,688 1.17HKD
BANK OF CHINA LTD -H- 2,770,000 918,537 0.54HKDBANK OF COMMUNICATIONSCO. -H- 633,000 439,410 0.26HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 1,070,000 1,173,510 0.69HKDCHINA CONSTRUCTION BANKCO. -H- 7,453,000 4,231,242 2.50HKDCHINA LIFE INSURANCE /SADR 5,388 260,348 0.15USDCHINA LIFE INSURANCE CO.LTD -H- 1,057,479 3,506,622 2.07HKD
CHINA MERCHANTS BANK -H- 276,500 483,056 0.28HKDCHINA NATIONAL BUILDINGMATERIAL -H- 306,000 453,260 0.27HKDCHINA NATIONAL MATERIALCO. -H- 1,991,618 1,045,886 0.62HKDCHINA PETROLEUM&CHEMCORP. H 2,400,000 1,535,949 0.91HKD
CHINA RESOURCES LAND 1,308,000 2,025,223 1.19HKDCHINA SHENHUA ENERGY CO.-H- 486,500 1,096,001 0.65HKDHUANENG POWERINTERNATIONAL -H- 914,636 606,590 0.36HKD
IND & COM BOC -H- 3,884,000 2,019,613 1.19HKD
INVESTMENTS
Global Emerging Markets EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
PETROCHINA CO. LTD /-H- 1,958,635 1,561,802 0.92HKDPING AN INSURANCE GRP CO.-H- 389,124 2,322,116 1.37HKD
26,844,713 15.83
CEZ.CESKE ENERGETICKEZAVODY 36,347 1,292,121 0.76CZK
CZECH REPUBLIC
1,292,121 0.76
AK SBEREGATELNY BANKSBERBANK 898,776 548,253 0.32USD
FEDERATION OF RUSSIA
COMSTAR /SGDR REP. REGS 240,363 829,252 0.49USD
GAZPROM OAO 262,018 990,428 0.58USD
GAZPROM OAO /SADR REGS 242,015 3,659,267 2.16USD
LUKOIL /SADR (REP.1 SHS.) 60,442 2,311,907 1.36USD
MECHEL OJSC /ADR 16,647 66,588 0.04USD
MMC NORILSK NICKEL /SADR 54,213 336,121 0.20USDMOBILE TELESYSTEMSOJS/SADR 18,429 546,051 0.32USDROSNEFT OIL COMPANY OJSC/SGDR 441,448 1,960,029 1.16USD
11,247,896 6.63
CHINA MOBILE LTD 543,663 4,734,973 2.79HKD
HONG KONG
CHINA OVERSEASLAND&INVESTMENT 730,071 1,145,467 0.68HKDCHINA RESOURCESENTERPRISE LTD 164,000 253,927 0.15HKD
CNOOC LTD 1,754,000 1,738,100 1.02HKD
7,872,467 4.64
OTP BANK LTD 30,617 243,081 0.14HUF
HUNGARY
243,081 0.14
BHARAT HEAVY ELECTRICALS/DEMAT. 19,709 585,212 0.35INR
INDIA
BHARTI AIRTEL LTD/DEMAT. 69,243 852,426 0.50INR
CAIRN INDIA LIMITED 293,069 1,056,341 0.62INR
DLF LIMITED 109,926 369,631 0.22INR
H D F C BANK /DEMAT. 37,462 708,439 0.42INR
HOUSING DEVT /DEMAT. 60,522 1,711,370 1.01INR
ICICI BANK LTD /DEMAT. 235,602 1,575,178 0.93INR
ICICI BANK /SADR 21,058 267,015 0.16USDINFOSYS TECHNOLOGIES LTD/DEMAT. 47,546 1,242,074 0.73INRLARSEN & TOUBRO LTD /DEMAT. 164,890 2,217,800 1.30INRLARSEN TOUBRO /GDRREPR.1 SHS 20,186 266,455 0.16USDRELIANCE COMMUNICATIONS/DEMAT. 221,595 760,810 0.45INRRELIANCE INDUSTRIES/DEMAT. 52,529 1,592,727 0.94INRUNITED SPIRITS LIMITED/DEMAT. 66,376 863,663 0.51INR
14,069,141 8.30
Description Quantity Currency Evaluation % netassets
132HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BANK DANAMON INDONESIATBK -A- 1,386,500 369,727 0.22IDR
INDONESIA
BANK RAKYAT INDONESIA 910,500 328,949 0.19IDRPT ASTRA INTERNATIONALTBK 343,928 421,582 0.25IDR
TELKOM INDONESIA S -B- 805,000 526,270 0.31IDR
1,646,528 0.97
TEVA PHM. / ADR REP. 1 SHS 75,094 3,343,936 1.97USD
ISRAEL
3,343,936 1.97
RESORTS WORLD 2,084,900 1,223,216 0.72MYR
MALAYSIA
1,223,216 0.72
AMERICA MOVIL SAB /ADR -L- 91,314 2,425,300 1.42USD
MEXICO
CORPORACION GEO SAB DECV B 1,188,533 1,231,842 0.73MXN
EMPRESAS ICA SAB DE CV 1,026,900 1,619,866 0.96MXN
GRUPO TELEVISA /GDS 76,796 1,032,138 0.61USD
6,309,146 3.72
AYALA LAND INC. 6,747,843 795,524 0.47PHP
PHILIPPINES
795,524 0.47
AFRICAN BANK INVESTMENTS 886,375 2,325,725 1.37ZAR
SOUTH AFRICA
ANGLOGOLD ASHANTI LTD 50,001 1,833,003 1.08ZAR
AVENG LTD 96,838 274,091 0.16ZARHARMONY GOLD MINING CO.LTD 172,424 1,878,210 1.11ZARIMPALA PLATINUM HOLDINGSLTD 56,987 931,994 0.55ZAR
KUMBA IRON ORE LTD 28,447 491,692 0.29ZAR
MTN GROUP LTD 435,575 4,810,259 2.84ZARPRETORIA PORTLANDCEMENT CO. LTD 468,161 1,547,635 0.91ZAR
SASOL LTD /REG 58,075 1,660,637 0.98ZAR
15,753,246 9.29
DAEGU BANK 311,634 1,642,520 0.97KRW
SOUTH KOREA
HANA FINANCIAL GROUP INC. 55,767 838,646 0.49KRW
HYNIX SEMICONDUCTOR INC 34,410 307,249 0.18KRWHYUNDAI DEPARTMENTSTORE CO. 15,326 792,270 0.47KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 15,418 375,104 0.22KRW
HYUNDAI HEAVY INDUSTRIES 4,336 612,878 0.36KRWHYUNDAI MIPO DOCKYARDCO. LTD 4,237 396,704 0.23KRW
HYUNDAI MOBIS 23,851 1,372,644 0.81KRW
HYUNDAI MOTOR CO. LTD 13,346 535,528 0.32KRW
KB FINANCIAL GROUP INC. 97,904 2,332,352 1.38KRW
KT&G CORPORATION 11,999 660,189 0.39KRW
Description Quantity Currency Evaluation % netassets
LG CORP. 44,392 1,579,094 0.93KRWMIRAEASSET SECURITIES CO.LTD 7,130 366,520 0.22KRW
POSCO 6,029 1,588,843 0.94KRWSAMSUNG ELECTRONICS CO.LTD 12,232 5,023,243 2.95KRWSAMSUNG ENGINEERING CO.LTD 18,899 789,778 0.47KRWSAMSUNG FIRE&MARINEINSURANCE 4,090 473,131 0.28KRW
SAMSUNG HEAVY INDUSTRIES 56,774 1,050,819 0.62KRWSAMSUNG SECURITIES CO.LTD 10,647 444,932 0.26KRW
SHINHAN FINANCIAL GROUP 59,328 1,055,196 0.62KRW
SHINSEGAE CO. LTD 3,874 1,205,788 0.71KRW
23,443,428 13.82
AU OPTRONICS CORP. 616,799 509,555 0.30TWD
TAIWAN
AU OPTRONICS CORP. /ADR 13,256 111,616 0.07USD
CATHAY FINANCIAL HOLDING 598,150 513,527 0.30TWDCHI MEI OPTOELECTRONICCORP. 1,517,000 605,396 0.36TWD
CHINA STEEL 516,000 337,379 0.20TWDCHINATRUST FINANCIALHOLDING CO. 905,830 330,813 0.20TWDCHUNGHWA TELECOM CO.LTD 496,655 905,441 0.53TWD
FAR EASTERN TEXTILE LTD 2,598,990 2,020,800 1.19TWD
FORMOSA PLASTICS 361,000 543,304 0.32TWDHON HAI PRECISIONINDUSTRY CO. LTD 1,109,355 2,505,998 1.48TWDHON HAI PRECISIONINDUSTRY /GDR 32,280 145,906 0.09USD
HTC CORP. 57,000 700,045 0.41TWD
MEDIA TEK INCORPORATION 88,890 835,138 0.49TWD
NAN YA PLASTICS CORP. 487,000 556,513 0.33TWD
QUANTA COMPUTER INC. 376,220 474,796 0.28TWDSILICONWARE PRECISIONINDUSTRIES 329,157 346,088 0.20TWD
TAIWAN CEMENT CORP. 2,618,218 2,155,274 1.27TWD
TAIWAN FERTILIZER CO. LTD 1,106,000 2,263,887 1.33TWDTAIWAN SEMICONDUCTORMANUFACTURING 2,401,431 3,635,365 2.14TWD
WISTRON CORP. 1,412,000 1,519,976 0.90TWD
21,016,817 12.39
BANGKOK BANK PUBLIC/ NVDEP. RECEIPT 192,400 407,544 0.24THB
THAILAND
KASIKORNBANK PUBLICCOMPANY FOR. REG 569,300 737,160 0.43THBPTT PLC CO. LTD /FOREIGNREG 210,300 908,680 0.54THB
2,053,384 1.21
KOC HOLDING AS 1,324,701 1,789,820 1.05TRY
TURKEY
Description Quantity Currency Evaluation % netassets
133HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
TURKIYE GARANTI BANKASI/NOM. 613,083 846,509 0.50TRY
2,636,329 1.55
96.01TOTAL SHARES 162,852,151
96.01TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 162,852,151
Description Quantity Currency Evaluation % netassets
COMMERCIAL INTERNATIONALBANK LTD 94,506 533,667 0.31EGP
OTHER TRANSFERABLE SECURITES
SHARES
EGYPT
533,667 0.31
MAGNIT JSC 54,564 1,241,866 0.74USD
FEDERATION OF RUSSIA
1,241,866 0.74
1.05TOTAL SHARES 1,775,533
1.05TOTAL OTHER TRANSFERABLE SECURITIES 1,775,533
97.06TOTAL INVESTMENTS 164,627,684
2.94OTHER NET ASSETS LESS LIABILITIES 4,981,455
100.00TOTAL NET ASSETS 169,609,139
134HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CWTHBK OF AUSTRALIA 29,200 696,951 0.96AUD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRALIA
NEWCREST MINING 11,716 263,536 0.36AUD
NUFARM LIMITED 35,087 272,483 0.37AUD
1,232,970 1.69
MARVELL TECHNOLOGYGROUP 19,000 171,760 0.23USD
BERMUDA ISLANDS
171,760 0.23
CAMECO CORP. 14,400 245,267 0.34CAD
CANADA
CANADIAN NATURALRESOURCES 13,900 539,943 0.73CADPOTASH CORPSASKATCHEWAN 3,700 305,079 0.42CAD
ROGERS COMMUN. -B- NV 22,400 528,035 0.71CAD
ROYAL BANK OF CANADA 16,800 479,140 0.66CAD
YAMANA GOLD INC. 52,300 472,065 0.65CAD
2,569,529 3.51
A.P. MOELLER - MAERSK A/SA 100 430,032 0.59DKK
DENMARK
430,032 0.59
NOKIAN TYRES PLC 12,990 148,719 0.20EUR
FINLAND
148,719 0.20
BOUYGUES 12,099 416,274 0.57EUR
FRANCE
FRANCE TELECOM SA 25,553 570,386 0.78EUR
GAZ DE FRANCE 19,300 655,344 0.89EUR
KLEPIERRE 28,121 477,713 0.65EUR
PERNOD-RICARD 7,767 415,107 0.57EUR
SANOFI-AVENTIS 11,948 655,244 0.90EUR
SOCIETE GENERALE PARIS -A- 8,600 326,736 0.45EUR
TOTAL SA 3,246 158,016 0.22EUR
VIVENDI 20,789 541,913 0.74EUR
4,216,733 5.77
INVESTMENTS
Global EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
ALLIANZ SE /NAMEN.VINKULIERT 8,182 667,301 0.91EUR
GERMANY
DAIMLER CHRYSLER 10,985 275,809 0.38EUR
DEUTSCHE BANK AG NAMEN 6,127 238,903 0.33EUR
E.ON - NAMEN AKT. 27,611 753,547 1.03EUR
K & S AG 11,180 502,368 0.69EUR
SAP AG 9,293 324,406 0.44EUR
SIEMENS AG /NAM. 8,148 454,342 0.62EUR
3,216,676 4.40
BAE SYSTEMS PLC 89,270 414,939 0.57GBP
GREAT BRITAIN
BG GROUP PLC 31,961 456,859 0.62GBP
BP PLC 36,567 240,462 0.33GBP
BRITISH AMERICAN TOBACCO 28,041 631,872 0.86GBP
GLAXOSMITHKLINE PLC 28,488 430,607 0.59GBP
HSBC HOLDINGS PLC 76,610 420,366 0.57GBP
MAN GROUP PLC 97,055 286,891 0.39GBP
TESCO PLC 134,053 621,183 0.85GBP
VODAFONE GROUP PLC 521,341 887,787 1.22GBP
XSTRATA PLC 97,400 622,415 0.85GBP
5,013,381 6.85
HELLENIC TELECOM 29,718 431,879 0.59EUR
GREECE
431,879 0.59
ATLANTIA SPA 38,047 558,964 0.76EUR
ITALY
ENI SPA ROMA 37,188 703,356 0.97EUR
INTESA SANPAOLO SPA 78,390 204,705 0.28EUR
1,467,025 2.01
CREDIT SAISON CO. LTD 55,700 541,823 0.75JPY
JAPAN
DAITO TRUST CONSTRUCTION 13,900 467,227 0.64JPY
EAST JAPAN RAILWAY CO. 5,898 308,192 0.42JPYELECTRIC POWERDEVELOPMENT CO. 3,500 104,100 0.14JPY
JGC CORP. 15,000 170,512 0.23JPYKANSAI ELECTRIC POWER CO.JPY 500 7,500 163,484 0.22JPY
KDDI CORP. 100 470,588 0.64JPY
MITSUI & CO. LTD 33,000 331,428 0.45JPYMIZUHO FINANCIAL GROUPINC. 126,621 242,473 0.33JPY
NIDEC CORP. 4,800 215,126 0.29JPY
NINTENDO CO. LTD 1,900 550,597 0.76JPYNISSAN CHEMICALINDUSTRIES 55,000 459,944 0.63JPY
OJI PAPER CO. LTD 126,000 513,369 0.70JPY
SANKYO 9,200 400,143 0.55JPY
SUMITOMO CORP. 62,400 535,810 0.74JPYSUMITOMO MITSUI FINANCIALGROUP 7,600 263,978 0.36JPYSUMITOMO RUBBERINDUSTRIES 30,900 206,472 0.28JPY
Description Quantity Currency Evaluation % netassets
135HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
TOKYO ELECTRIC POWERJPY 500 8,800 220,504 0.30JPY
6,165,770 8.43
WPP PLC 74,877 411,124 0.56GBP
JERSEY
411,124 0.56
FUGRO NV 15,600 493,472 0.68EUR
NETHERLANDS
KONINKLIJKE AHOLD NV 41,419 446,565 0.61EUR
940,037 1.29
BANCO SANTANDER CENTRALHISPANO/REG 108,330 719,768 0.98EUR
SPAIN
TELEFONICA SA 33,149 649,341 0.89EUR
1,369,109 1.87
NESTLE / ACT NOM 29,652 980,301 1.35CHF
SWITZERLAND
NOBLE CORP. NAMEN - AKT. 8,500 206,380 0.28USD
NOVARTIS AG BASEL/NAM. 23,700 877,334 1.20CHF
TYCO INTERNATIONAL LTD 25,700 485,216 0.66USD
2,549,231 3.49
ABBOTT LABORATORIES INC. 11,600 555,524 0.76USD
UNITED STATES
AMGEN INC. 11,900 601,188 0.82USD
APOLLO GROUP INC. -A- 7,100 560,474 0.77USD
APPLE INC. 8,100 846,369 1.16USD
AT & T 46,000 1,157,360 1.57USDBANK OF NEW YORK MELLONCORP. SHS 14,800 383,616 0.52USD
BAXTER INTERNATIONAL INC. 11,600 587,076 0.80USD
Caremark Group 20,800 567,840 0.78USD
CHEVRON CORPORATION 16,600 1,108,880 1.52USD
COCA-COLA CO. 18,800 825,696 1.13USDCOGNIZANT TECHNOLOGYSOL.CORP. 11,600 232,928 0.32USD
COLGATE-PALMOLIVE CO. 10,000 587,900 0.80USD
CONSOL ENERGY INC. 7,100 182,399 0.25USD
DISH NETWORK CORP. -A- 41,800 460,218 0.63USD
DOLLAR TREE INC. 11,200 503,104 0.69USD
EDISON INTERNATIONAL 14,000 395,360 0.54USD
EMC CORP. 51,200 573,952 0.78USD
EMERSON ELECTRIC CO. 20,200 564,186 0.77USD
EXPRESS SCRIPTS INC. 8,200 369,246 0.50USD
EXXON MOBIL CORP. 27,700 1,901,050 2.59USD
FIRST SOLAR INC. 1,600 218,816 0.30USD
FLOWSERVE CORP. 7,700 424,424 0.58USD
FLUOR CORP. (NEW) 10,900 379,647 0.52USD
FOREST LABORATORIES 22,800 487,920 0.67USD
FPL GROUP INC. 9,700 480,053 0.66USD
GAMESTOP CORP. -A- 15,700 424,999 0.58USD
GILEAD SCIENCES INC. 12,100 552,002 0.75USD
GOOGLE INC. -A- 2,200 753,918 1.03USD
HALLIBURTON CO. 31,800 503,076 0.69USD
Description Quantity Currency Evaluation % netassets
HARRIS CORP. 5,200 144,976 0.20USD
HEWLETT-PACKARD CO. 14,500 465,740 0.64USD
HUDSON CITY BANCORP INC. 18,600 203,856 0.28USD
IBM CORP. 7,400 699,448 0.96USD
INTEL CORP. 34,000 500,480 0.68USD
JOHNSON & JOHNSON 6,300 333,963 0.46USD
JP MORGAN CHASE & CO. 26,100 648,585 0.89USD
KROGER CO. 21,100 452,595 0.62USD
LORILLARD INC. 7,900 498,332 0.68USD
MASTERCARD INC. SHS -A- 3,800 619,590 0.85USD
MCDONALD S CORP. 12,100 652,432 0.89USD
MCKESSON CORP. 13,600 491,232 0.67USDMEMC ELECTRONICMATERIALS 14,400 239,328 0.33USD
METLIFE INC. 7,900 169,850 0.23USD
MICROSOFT CORP. 64,300 1,123,964 1.53USD
MONSANTO CO. 7,400 612,424 0.84USD
MORGAN STANLEY 12,100 267,773 0.37USD
NASDAQ OMX GROUP INC. 9,000 165,150 0.23USDNATIONAL OILWELL VARCOINC. 11,300 334,141 0.46USD
NIKE INC. -B- 10,300 476,478 0.65USD
NUCOR CORP. 13,300 506,597 0.69USD
PEABODY ENERGY 10,800 270,432 0.37USD
PFIZER INC. 57,900 793,230 1.08USDPHILIP MORRISINTERNATIONAL 20,400 749,292 1.02USD
PRAXAIR 7,400 487,808 0.67USD
PROCTER & GAMBLE CO. 6,900 326,232 0.45USD
PRUDENTIAL FINANCIAL INC. 8,800 158,400 0.22USD
RAYTHEON COMPANY 15,100 585,880 0.80USD
SCHERING-PLOUGH CORP. 12,900 304,569 0.42USD
SEMPRA ENERGY 10,100 453,490 0.62USD
STAPLES INC. 28,200 512,676 0.70USD
TRAVELERS COMPANIES INC. 6,100 234,972 0.32USD
UNION PACIFIC CORP. 14,300 586,014 0.80USD
WAL-MART STORES INC. 18,800 973,088 1.33USD
WELLS FARGO & CO. 31,800 425,166 0.58USD
33,657,404 46.01
87.49TOTAL SHARES 63,991,379
87.49TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 63,991,379
Description Quantity Currency Evaluation % netassets
87.49TOTAL INVESTMENTS 63,991,379
12.51OTHER NET ASSETS LESS LIABILITIES 9,149,785
100.00TOTAL NET ASSETS 73,141,164
136HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
AMP LTD 8,301 26,813 0.49AUD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRALIA
BHP BILLITON LTD 1,213 26,601 0.48AUD
BLUESCOPE STEEL LTD 9,607 16,968 0.31AUD
CWTHBK OF AUSTRALIA 52 1,241 0.02AUD
FOSTER S GROUP LTD 5,059 17,593 0.32AUD
WESTPAC BANKING CORP. 2,709 35,541 0.64AUD
124,757 2.26
OMV AG 830 27,530 0.50EUR
AUSTRIA
27,530 0.50
BELGACOM SA 326 10,053 0.18EUR
BELGIUM
10,053 0.18
PARTNERRE LTD BERMUDA 426 25,641 0.46USD
BERMUDA ISLANDS
25,641 0.46
BANK OF NOVA SCOTIA 832 20,269 0.37CAD
CANADA
BARRICK GOLD CORP. 330 10,747 0.19CAD
ENCANA CORP. 962 39,077 0.70CAD
NEXEN INC. 1,647 27,554 0.50CAD
PETRO-CANADA 1,162 31,289 0.57CAD
ROYAL BANK OF CANADA 1,192 33,996 0.62CAD
TALISMAN ENERGY 2,717 28,030 0.51CAD
TECK COMINCO LTD -B- 2,760 15,106 0.27CAD
TORONTO DOMINION BANK 861 28,809 0.52CAD
234,877 4.25
A.P. MOELLER - MAERSK A/SB 3 13,114 0.24DKK
DENMARK
CARLSBERG AS B 502 20,205 0.37DKK
NOVO-NORDISK A/S -B- 685 34,752 0.62DKK
68,071 1.23
INVESTMENTS
Global Sustainable Equity (formerly GlobalEquity SRI)Statement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
NOKIA OY 1,380 15,744 0.28EUR
FINLAND
15,744 0.28
AXA 1,338 15,743 0.28EUR
FRANCE
BOUYGUES 920 31,653 0.57EUR
CNP ASSURANCES 407 25,722 0.47EUR
CREDIT AGRICOLE SA PARIS 1,823 19,551 0.35EUR
ESSILOR INTERNATIONAL 334 12,678 0.23EUR
GAZ DE FRANCE 307 10,424 0.19EUR
KLEPIERRE 669 11,365 0.21EUR
LAFARGE SA 339 14,771 0.27EUR
NEOPOST 147 10,913 0.20EUR
SAFRAN SA 1,547 14,269 0.26EUR
SANOFI-AVENTIS 652 35,757 0.65EUR
TOTAL SA 1,447 70,441 1.27EUR
VIVENDI 962 25,077 0.45EUR
298,364 5.40
ADIDAS AG 836 27,087 0.49EUR
GERMANY
ALLIANZ SE /NAMEN.VINKULIERT 163 13,294 0.24EUR
BASF SE 1,062 31,626 0.57EUR
BAYER AG 289 13,831 0.25EURDEUTSCHELUFTHANSA/NAMEN. 2,073 22,114 0.40EUR
DEUTSCHE TELEKOM NAMEN 1,045 12,808 0.23EUR
HEIDELBERGCEMENT AG 368 10,964 0.20EUR
MAN AG 464 19,542 0.35EUR
METRO AG 502 16,046 0.29EUR
RWE AG (NEU). ESSEN A 556 38,649 0.71EUR
SAP AG 330 11,520 0.21EUR
SIEMENS AG /NAM. 330 18,401 0.33EUR
235,882 4.27
ASTRAZENECA PLC 1,509 51,716 0.94GBP
GREAT BRITAIN
BG GROUP PLC 3,721 53,189 0.96GBP
BHP BILLITON PLC 1,033 19,988 0.36GBP
BP PLC 11,147 73,303 1.33GBP
BRITISH LAND 4,662 23,584 0.43GBP
BT GROUP PLC 13,756 14,693 0.27GBP
CENTRICA PLC 9,725 30,969 0.56GBP
DIAGEO PLC 878 9,617 0.17GBP
GLAXOSMITHKLINE PLC 1,672 25,273 0.46GBPINTERCONT HOTELS GROUPINC. 2,007 14,860 0.27GBP
LADBROKES PLC 5,853 15,483 0.28GBPLEGAL & GENERAL GROUPPLC 24,333 14,872 0.27GBP
LLOYDS BANKING GROUP PLC 2,299 2,242 0.04GBP
MAN GROUP PLC 4,725 13,967 0.25GBP
NEXT PLC 2,099 39,805 0.72GBP
OLD MUTUAL PLC 29,100 19,905 0.36GBP
REED ELSEVIER PLC 4,557 31,756 0.57GBP
Description Quantity Currency Evaluation % netassets
137HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
RIO TINTO PLC /REG 460 15,384 0.28GBP
ROYAL DUTCH SHELL -B- 2,408 52,301 0.95GBP
ROYAL DUTCH SHELL PLC -A- 1,200 26,801 0.48GBP
STAGECOACH GROUP PLC 4,055 6,862 0.12GBP
STANDARD CHARTERED PLC 1,392 16,697 0.30GBP
TATE + LYLE PLC 5,519 20,215 0.37GBP
VODAFONE GROUP PLC 6,104 10,394 0.19GBP
XSTRATA PLC 886 5,662 0.10GBP
609,538 11.03
HELLENIC TELECOM 1,087 15,797 0.29EUR
GREECE
15,797 0.29
ENEL 7,860 37,009 0.67EUR
ITALY
ENI SPA ROMA 2,258 42,707 0.77EUR
79,716 1.44
AEON CREDIT SERVICE LTD 2,000 18,212 0.33JPY
JAPAN
ASAHI BREWERIES 1,100 13,176 0.24JPY
ASTELLAS PHARMA INC. 1,100 33,838 0.61JPY
CANON INC. 1,400 40,215 0.73JPY
DAI NIPPON PRINTING CO. LTD 2,000 18,314 0.33JPY
DOWA HOLDINGS CO. LTD 2,000 7,476 0.14JPY
FAST RETAILING CO. LTD 200 22,755 0.41JPY
FUJITSU LTD 8,000 29,743 0.54JPY
HITACHI CHEMICAL CO. 1,200 14,399 0.26JPYHITACHI CONSTRUCTIONMACHINES 1,200 15,511 0.28JPY
INPEX CORP. 2 13,914 0.25JPY
JTEKT CORP. 2,100 14,631 0.26JPY
KAWASAKI KISEN 8,000 24,854 0.45JPY
KDDI CORP. 4 18,824 0.34JPY
KOMATSU LTD 2,300 25,067 0.45JPYKONICA MINOLTA HOLDINGSINC. 3,500 29,875 0.54JPY
KYUSHU ELECTR.POWER CO. 700 15,758 0.29JPY
LAWSON INC. 700 29,091 0.53JPY
MITSUBISHI ELECTRIC CORP. 7,000 31,444 0.57JPYMITSUI O.S.K. LINES LTDTOKYO 5,000 24,497 0.44JPY
NIPPON TEL&TEL 800 30,395 0.55JPY
NIPPON YUSEN K K 6,000 23,040 0.42JPY
NTT DATA CORP. 11 29,938 0.54JPY
OSAKA GAS CO. LTD 5,000 15,686 0.28JPY
RICOH CO. LTD 2,000 23,692 0.43JPY
TERUMO CORP. 600 22,185 0.40JPY
TOKIO MARINE HOLDINGS INC. 1,400 34,153 0.62JPY
TOKYO GAS CO.LTD 8,000 28,113 0.51JPY
TOPPAN PRINTING CO. LTD 2,000 13,629 0.25JPY
TOYOTA MOTOR CORP. 800 25,424 0.46JPY
687,849 12.45
Description Quantity Currency Evaluation % netassets
TENARIS SA 1,547 15,582 0.28EUR
LUXEMBOURG
15,582 0.28
EADS. EUR. AERONAUT.DEFENCE + SP. 2,550 29,465 0.54EUR
NETHERLANDS
ING GROEP NV/CERT.OF SHS 1,957 10,723 0.19EUR
40,188 0.73
TELENOR AS 2,600 14,917 0.27NOK
NORWAY
14,917 0.27
BANCO BILBAO VIZCAYAARGENTARIA/NAM. 4,411 35,204 0.63EUR
SPAIN
REPSOL YPF SA. MADRID 1,839 31,277 0.57EUR
TELEFONICA SA 1,631 31,949 0.58EUR
98,430 1.78
ALFA LAVAL AB 1,463 10,781 0.20SEK
SWEDEN
ATLAS COPCO AB A 2,383 17,416 0.32SEK
SKF AB B 1,463 12,195 0.22SEK
SVENSKA HANDELSBANKEN A 1,355 19,028 0.34SEK
SWEDBANK AB -A- 2,341 7,805 0.14SEK
67,225 1.22
NESTLE / ACT NOM 1,421 46,978 0.85CHF
SWITZERLAND
NOBLE CORP. NAMEN - AKT. 1,129 27,412 0.50USD
NOVARTIS AG BASEL/NAM. 1,183 43,793 0.79CHFROCHE HOLDING AG/GENUSSSCHEIN 79 10,600 0.19CHF
SONOVA HOLDING AG NOM. 243 14,290 0.26CHFSTRAUMANN HOLDING AG /NOM. 100 15,170 0.27CHF
158,243 2.86
AMERICAN EXPRESS CO. 1,463 18,741 0.34USD
UNITED STATES
AMGEN INC. 1,054 53,248 0.96USD
AT & T 2,174 54,698 0.99USD
AVON PRODUCTS INC. 1,338 25,221 0.46USD
BAXTER INTERNATIONAL INC. 665 33,656 0.61USD
BB&T CORPORATION 1,547 25,170 0.46USD
BECTON DICKINSON & CO. 469 31,132 0.56USD
BMC SOFTWARE INC. 878 28,983 0.52USD
BOEING CO. 627 22,271 0.40USD
BRISTOL MYERS SQUIBB CO. 752 15,807 0.29USD
CHEVRON CORPORATION 1,325 88,509 1.61USD
CIGNA CORP. 1,183 20,265 0.37USD
CISCO SYSTEMS INC. 2,174 35,458 0.64USD
CITRIX SYSTEMS INC. 752 16,559 0.30USD
COCA-COLA CO. 1,505 66,100 1.20USD
COLGATE-PALMOLIVE CO. 698 41,035 0.74USD
Description Quantity Currency Evaluation % netassets
138HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
COMPUTER ASSOCIATESINTERNATIONAL INC. 1,434 24,722 0.45USD
CONOCOPHILLIPS 911 35,547 0.64USD
DELL INC. 3,429 32,541 0.59USD
DISCOVER FIN SVC 3,721 21,507 0.39USD
DONNELLEY AND SONS. RR 2,216 16,243 0.29USD
DU PONT DE NEM.& CO./E.I. 1,288 28,246 0.51USD
EBAY INC. 2,258 28,180 0.51USD
ELI LILLY & CO. 1,213 39,835 0.72USD
EXELON CORP. 234 10,467 0.19USD
FPL GROUP INC. 593 29,348 0.53USD
GAP INC. 2,467 31,997 0.58USD
GENERAL ELECTRIC CO. 5,394 53,562 0.97USD
GENERAL MILLS INC. 669 33,624 0.61USD
GILEAD SCIENCES INC. 752 34,306 0.62USD
GOLDMAN SACHS GROUP INC. 477 47,919 0.87USD
GOOGLE INC. -A- 68 23,303 0.42USD
HASBRO INC. 1,129 28,146 0.51USD
HEALTH NET 1,672 23,425 0.42USD
HEINZ (H.J.) CO. 815 27,050 0.49USD
HEWLETT-PACKARD CO. 1,923 61,767 1.12USD
HOME DEPOT INC. 627 14,659 0.27USD
HUMANA INC. 502 12,620 0.23USD
IBM CORP. 757 71,552 1.29USD
IMS HEALTH 2,584 31,628 0.57USD
INTEL CORP. 4,306 63,384 1.15USD
JOHNSON & JOHNSON 1,484 78,667 1.42USD
KIMBERLY CLARK CORP. 410 19,020 0.34USD
KRAFT FOODS INC -A- 544 11,881 0.21USD
KROGER CO. 1,798 38,567 0.70USD
MATTEL INC. 2,509 29,004 0.52USD
MCDONALD S CORP. 903 48,690 0.88USDMCGRAW HILL COMPANIESINC. 795 18,023 0.33USD
MERCK & CO. INC. 1,798 47,737 0.86USD
MICROSOFT CORP. 4,683 81,858 1.49USDNEW YORK COMMUNITYBANCORP 920 9,789 0.18USD
NIKE INC. -B- 819 37,887 0.69USD
PEPSICO INC. 1,254 64,945 1.18USD
PFIZER INC. 2,460 33,702 0.61USD
PG&E CORP. 920 34,988 0.63USD
PROCTER & GAMBLE CO. 565 26,713 0.48USD
QUEST DIAGNOSTICS INC. 752 35,374 0.64USD
ROCKWELL COLLINS 1,087 35,230 0.64USD
SAFEWAY INC. 836 16,862 0.31USD
STAPLES INC. 2,258 41,050 0.74USD
STATE STREET CORP. 795 22,244 0.40USD
SUNOCO INC. 878 23,276 0.42USD
SYSCO CORP. 1,839 41,911 0.76USD
TIME WARNER 1,519 27,691 0.50USD
TIME WARNER CABLE 381 9,620 0.17USD
TRAVELERS COMPANIES INC. 1,045 40,253 0.73USDUNITED TECHNOLOGIESCORP. 460 19,596 0.35USD
UTD PARCEL SERVICE INC. -B- 255 12,396 0.22USDVARIAN MEDICAL SYSTEMSINC. 707 21,366 0.39USD
Description Quantity Currency Evaluation % netassets
VERIZON COMMUNICATIONS I. 1,045 31,580 0.57USD
WALT DISNEY /DISNEY SER. 2,049 36,575 0.66USD
ZIONS BANCORP 941 8,827 0.16USD
2,407,753 43.57
94.75TOTAL SHARES 5,236,157
94.75TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 5,236,157
Description Quantity Currency Evaluation % netassets
94.75TOTAL INVESTMENTS 5,236,157
5.25OTHER NET ASSETS LESS LIABILITIES 289,901
100.00TOTAL NET ASSETS 5,526,058
139HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
GP INVESTMENTS LTD /BDR 5,790,844 14,554,876 3.48BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
14,554,876 3.48
ACUCAR GUARANI SA AGY 1,667,800 1,375,802 0.33BRL
BRAZIL
ALL AMERICA LATINA /UNIT 5,070,799 21,459,688 5.13BRLANHANGUERA EDUCACIONALPART. 1,659,900 8,165,790 1.95BRL
BANCO BRADESCO SA /PREF. 34,000 333,646 0.08BRL
BANCO BRADESCO /SADR 1,283,400 12,448,980 2.98USD
BANCO DAYCOVAL SA /PREF. 3,871,100 7,817,052 1.87BRL
BANCO INDUSVAL /PREF. 2,302,836 5,332,889 1.28BRL
BR MALLS PARTICIPAES SA 4,253,200 25,948,659 6.20BRL
BRADESPAR SA BRASIL/PREF. 1,059,500 9,923,577 2.37BRL
BRASILAGRO 180,900 446,907 0.11BRL
CIA HERING 3,425,600 9,713,849 2.32BRL
CONTAX PARTICIPACOES SA 164,875 3,223,124 0.77BRLCONTAXPARTICIPACOES/PREF. SHS 495,016 9,357,992 2.24BRLDIAGNOST DA AMERICA SABRL 1,854,600 19,299,016 4.61BRL
DROGASIL SA 50,300 222,595 0.05BRL
DURATEX SA /PRIV. 4,564,600 28,142,677 6.74BRL
GVT HOLDING SA 1,729,341 19,466,716 4.65BRL
INPAR AS ON 3,509,933 2,367,605 0.57BRLINVEST TUR BRASIL-DESE IMOTUR 43,100 8,703,339 2.08BRL
INVESTIMENTOS ITAU /PREF. 3,351,215 11,504,291 2.75BRLITAU HOLDING /PREF.SHS/SADR 750,000 8,242,500 1.97USD
ITAU HOLDING SA /PREF. 23,700 263,017 0.06BRL
JBS AS 19,245,207 42,583,424 10.19BRLKROTON EDUCATION UNITS(1SHS&6PREF.) 480,000 1,959,186 0.47BRL
LOCALIZA RENTA A CAR 670,850 2,320,236 0.55BRL
MARCOPOLO POMO /PREF. 9,893,800 13,177,578 3.15BRL
METALFRIO SOLUTIONS SA 3,469,800 6,410,378 1.53BRLMULTIPLANEMPREENDIMENTOS 2,515,400 15,994,827 3.82BRL
ODONTOPREV SA 462,900 4,633,977 1.11BRLOGX PETROLEO E GASPARTICIP SA 20,400 6,328,170 1.51BRL
PETROBRAS /SADR 1,006,570 24,842,148 5.94USD
PETROLEO BRASILEIRO /SADR 8,068 248,817 0.06USD
PROFAMA SA 1,692,400 3,446,610 0.82BRL
INVESTMENTS
Brazil EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
SADIA SA /PREF. 500,000 657,358 0.16BRLSAO CARLOSEMPREENDIMENTOS 2,097,400 10,903,788 2.61BRL
SAO MARTINHO SA 4,225,000 20,766,510 4.97BRLSARAIVA SA LIVREIROS EDIT/PREF. 2,506,200 15,720,971 3.76BRL
S.E.B. UNIT (1SH.+ 6 PREF.) 520,000 1,899,035 0.45BRL
385,652,724 92.21
95.69TOTAL SHARES 400,207,600
95.69TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 400,207,600
Description Quantity Currency Evaluation % netassets
SAO CARLOSEMPREENDIMENTOS /GDR 1,650,000 17,141,017 4.10USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
BRAZIL
17,141,017 4.10
4.10TOTAL SHARES 17,141,017
4.10TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 17,141,017
99.79TOTAL INVESTMENTS 417,348,617
0.21OTHER NET ASSETS LESS LIABILITIES 865,424
100.00TOTAL NET ASSETS 418,214,041
140HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CHINA YURUN FOOD GROUPLTD 16,137,000 20,571,393 0.93HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
20,571,393 0.93
CHINA HUIYUAN JUICE GROUPLTD OPA 9,500,000 6,055,284 0.27HKD
CAYMAN ISLANDS
HENGAN INTERNATIONAL GRP 5,000,000 20,096,111 0.91HKD
TENCENT HOLDINGS LIMITED 7,553,800 56,042,473 2.54HKDWANT WANT CHINA HOLDINGSLTD 53,951,000 25,060,283 1.13HKD
107,254,151 4.85
ALUMINIUM CORP. OF CHINA -H- 11,582,000 6,650,090 0.30HKD
CHINA
ANHUI CONCH CEMENT CO. -H- 3,914,000 21,589,417 0.98HKD
BANK OF CHINA LTD -H- 337,000,000 111,749,861 5.06HKDBEIJING CAPITALINTERNATIONAL AIRPORT -H- 14,900,000 6,632,684 0.30HKDCHAODA MODERNAGRICULTURE HOLDING 13,391,359 7,999,993 0.36HKDCHINA COAL ENERGY CO. LTD-H- 25,328,000 18,693,081 0.85HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 30,168,000 33,086,392 1.50HKDCHINA COMMUNICATIONSSERVICES -H- 41,394,000 24,782,171 1.12HKDCHINA CONSTRUCTION BANKCO. -H- 321,873,000 182,734,769 8.27HKD
CHINA COSCO HOLDINGS -H- 39,785,000 25,923,564 1.17HKDCHINA LIFE INSURANCE CO.LTD -H- 55,816,000 185,086,949 8.37HKDCHINA NATIONAL BUILDINGMATERIAL -H- 24,458,000 36,228,203 1.64HKD
CHINA OILFIELD SERVICES -H- 12,000,000 9,491,300 0.43HKDCHINA PETROLEUM&CHEMCORP. H 174,004,000 111,358,885 5.04HKDCHINA RAILWAYCONSTRUCTION CORP. -H- 14,907,500 19,465,667 0.88HKDCHINA RAILWAY GROUP LTD-H- 29,851,000 17,447,815 0.79HKD
CHINA RESOURCES LAND 30,632,000 47,428,628 2.15HKDCHINA SHENHUA ENERGY CO.-H- 29,490,500 66,437,050 3.01HKDCHINA SHIPPING CONTAINER -H- 26,000,000 4,629,525 0.21HKDCHINA SHIPPINGDEVELOPMENT -H- 27,618,000 26,156,056 1.18HKD
INVESTMENTS
Chinese EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
CHINA SOUTH LOCOMOTIVE -H- 20,281,000 9,263,532 0.42HKDCHINA TELECOM CORP. LTD -H- 148,952,000 61,500,732 2.78HKD
CHINA VANKE CO. LTD -B- 11,199,854 11,705,268 0.53HKDDATANG INT. POWERGENERATION -H- 13,990,000 6,137,346 0.28HKD
DONGFENG MOTOR -H- 22,800,000 11,796,772 0.53HKDHUANENG POWERINTERNATIONAL -H- 30,000,000 19,896,118 0.90HKD
IND & COM BOC -H- 278,000,000 144,555,229 6.54HKDINNER MONG. YITAI COAL CO.B 2,398,670 11,002,699 0.50USD
JIANGSU EXPRESSWAY CO. H 31,108,000 21,112,604 0.96HKDMAANSHAN IRON & STEEL CO.H 41,000,000 14,442,104 0.65HKD
PETROCHINA CO. LTD /-H- 127,642,000 101,780,842 4.61HKDPICC PROPERTY & CASUALTY-H- 18,790,000 10,255,365 0.46HKDPING AN INSURANCE GRP CO.-H- 14,300,000 85,335,894 3.86HKDSHANGHAI ELECTRIC GROUPCO. -H- 24,896,000 7,163,387 0.32HKD
SINOFERT HOLDINGS LTD 10,214,000 4,494,012 0.20HKDZHEJIANG EXPRESSWAY CO.LTD H 32,100,000 23,401,163 1.06HKD
ZIJIN MINING GROUP -H- 46,198,000 32,903,812 1.49HKD
ZTE CORP. -H- 4,049,999 16,486,871 0.75HKD
1,556,805,850 70.45
BEIJING ENTERPRISESHOLDING LTD 3,440,000 14,336,559 0.65HKD
HONG KONG
CHINA MOBILE LTD 18,360,500 159,908,755 7.23HKDCHINA OVERSEASLAND&INVESTMENT 32,371,202 50,789,784 2.30HKDCHINA RESOURCES POWERHOLDINGS 13,600,000 28,497,640 1.29HKD
CHINA UNICO (HK) 46,958,000 50,167,666 2.27HKD
CNOOC LTD 105,867,000 104,907,320 4.75HKD
DENWAY MOTORS LTD 35,200,000 13,625,357 0.62HKDGUANGDONG INVESTMENTLTD 2,422,000 975,018 0.04HKD
JIAN EPAYMENT SYSTEM LTD 6,080,000 129,441 0.01HKDSHANGHAI INDUSTRIALHOLDINGS 9,701,000 26,848,978 1.21HKDSINO-OCEAN LAND HOLDINGSLTD 55,000,000 36,192,354 1.64HKD
486,378,872 22.01
98.24TOTAL SHARES 2,171,010,266
98.24TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 2,171,010,266
Description Quantity Currency Evaluation % netassets
GOME ELECTRICALAPPLIANCE HOLDING 64,000,000 9,248,727 0.42HKD
OTHER TRANSFERABLE SECURITES
SHARES
BERMUDA ISLANDS
9,248,727 0.42
0.42TOTAL SHARES 9,248,727
0.42TOTAL OTHER TRANSFERABLE SECURITIES 9,248,727
141HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
98.66TOTAL INVESTMENTS 2,180,258,993
Description Quantity Currency Evaluation % netassets
1.34OTHER NET ASSETS LESS LIABILITIES 29,589,271
100.00TOTAL NET ASSETS 2,209,848,264
142HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CHINA YURUN FOOD GROUPLTD 1,155,000 1,472,390 0.51HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
ESPRIT HOLDINGS LTD 663,200 3,380,070 1.16HKD
KERRY PROPERTIES LTD 502,000 1,211,237 0.42HKD
6,063,697 2.09
SOHO CHINA LTD 3,013,000 1,212,935 0.42HKD
CAYMAN ISLANDS
SUN HUNG KAI PROPERTIESLTD 1,195,700 10,706,947 3.68HKD
TENCENT HOLDINGS LIMITED 653,200 4,846,163 1.67HKDWANT WANT CHINA HOLDINGSLTD 4,341,000 2,016,398 0.69HKD
18,782,443 6.46
ANHUI CONCH CEMENT CO. -H- 146,000 805,328 0.28HKD
CHINA
BANK OF CHINA LTD -H- 36,276,000 12,029,193 4.14HKDCHINA CONSTRUCTION BANKCO. -H- 42,244,000 23,982,898 8.24HKDCHINA LIFE INSURANCE CO.LTD -H- 5,407,000 17,929,718 6.17HKDCHINA NATIONAL BUILDINGMATERIAL -H- 708,000 1,048,719 0.36HKDCHINA PETROLEUM&CHEMCORP. H 15,358,000 9,828,796 3.38HKDCHINA RAILWAYCONSTRUCTION CORP. -H- 1,058,500 1,382,151 0.48HKD
CHINA RESOURCES LAND 496,000 767,975 0.26HKDCHINA SHENHUA ENERGY CO.-H- 2,105,500 4,743,331 1.63HKD
IND & COM BOC -H- 39,681,000 20,633,439 7.10HKD
PETROCHINA CO. LTD /-H- 11,948,000 9,527,252 3.28HKDPING AN INSURANCE GRP CO.-H- 939,000 5,603,525 1.93HKD
108,282,325 37.25
STANDARD CHARTERED PLC 74,150 896,468 0.31HKD
GREAT BRITAIN
896,468 0.31
BANK OF EAST ASIA LTD 1,290,400 2,490,806 0.86HKD
HONG KONG
BEIJING ENTERPRISESHOLDING LTD 311,000 1,296,125 0.45HKD
CHEUNG KONG HOLDINGS 1,180,000 10,162,890 3.50HKD
INVESTMENTS
Hong Kong EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
CHINA EVERBRIGHT LTD 1,078,000 1,674,670 0.58HKDCHINA INSURANCEINTERNATIONAL HOLDING 954,000 1,533,735 0.53HKD
CHINA MOBILE LTD 2,944,000 25,640,443 8.81HKDCHINA OVERSEASLAND&INVESTMENT 2,740,080 4,299,132 1.48HKDCHINA RESOURCES POWERHOLDINGS 1,002,000 2,099,606 0.72HKD
CHINA UNICO (HK) 4,352,040 4,649,510 1.60HKD
CLP HOLDINGS LTD 1,245,000 8,554,073 2.94HKD
CNOOC LTD 12,661,000 12,546,228 4.31HKDGUANGDONG INVESTMENTLTD 3,628,000 1,460,514 0.50HKD
HANG LUNG PROPERTIES LTD 1,925,000 4,520,496 1.56HKD
HANG SENG BANK LTD 1,238,200 12,469,460 4.28HKDH.K.EXCHANGES ANDCLEARING LTD 669,600 6,324,271 2.18HKD
HONGKONG & CHINA GAS 2,545,000 4,012,758 1.38HKDHONGKONG ELECTRICHOLDINGS LTD 1,024,500 6,080,703 2.09HKDHOPEWELL HIGHWAYINFRASTR. 19,900 11,221 0.00HKD
HOPEWELL HOLDINGS LTD 199,000 522,518 0.18HKD
HSBC HOLDINGS PLC 2,687,205 14,787,807 5.08HKD
HUTCHISON WHAMP 1,841,261 9,027,821 3.11HKD
LI & FUNG LTD 1,469,000 3,449,667 1.19HKDMASS TRANSIT RAILWAYCORP. 1,616,924 3,888,835 1.34HKDNEW WORLD DEVELOPMENTCO. LTD 1,720,000 1,715,505 0.59HKD
SHUN TAK HOLDINGS LTD 2,340,000 727,641 0.25HKD
THE WHARF HOLDING 932,124 2,313,997 0.80HKD
146,260,432 50.31
96.42TOTAL SHARES 280,285,365
96.42TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 280,285,365
Description Quantity Currency Evaluation % netassets
RIGHTS HSBC 03.04.09 1,119,669 2,116,466 0.73HKD
OTHER TRANSFERABLE SECURITES
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
2,116,466 0.73
0.73TOTAL WARRANTS / EQUITY LINKED SECURITIES 2,116,466
0.73TOTAL OTHER TRANSFERABLE SECURITIES 2,116,466
97.15TOTAL INVESTMENTS 282,401,831
2.85OTHER NET ASSETS LESS LIABILITIES 8,292,202
100.00TOTAL NET ASSETS 290,694,033
143HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
GUJARAT NRE MINERALS LTD- SHS 34,300,000 8,250,436 0.37AUD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRALIA
8,250,436 0.37
NIKO RESOURCES LTD 580,000 27,127,503 1.21CAD
CANADA
27,127,503 1.21
CAIRN ENERGY PLC 7,191,418 214,937,389 9.59GBP
GREAT BRITAIN
214,937,389 9.59
INDIAN FILM CO. LTD 5,010,000 1,806,456 0.08GBP
GUERNSEY
1,806,456 0.08
ADITYA BIRLA NUVO LTD /DEMATER. 7,650,000 66,775,699 2.98INR
INDIA
ANANT RAJ IND LTD 974,908 807,082 0.04INRASHAPURA MINECHEM LTD/DEMAT. 3,400,000 1,544,411 0.07INRBANK OF INDIA /DEMATERIALISED 1,100,000 4,898,204 0.22INR
BF UTILITIES LTD/DEMAT. 150,000 951,541 0.04INR
BHARTI AIRTEL LTD/DEMAT. 793,376 9,766,972 0.44INR
CAIRN INDIA LIMITED 1,110,050 4,001,077 0.18INR
CUMMINS INDIA LTD 4,013,776 14,285,767 0.64INR
DLF LIMITED 19,700,000 66,242,117 2.96INRDR REDDY SLABORATORIES/ADR 3,630,571 31,259,216 1.39USDDR REDDY SLABORATORIES/DEMAT. 6,720,000 64,353,193 2.87INREDUCOMP SOLUTIONS LTD/DEMATERIALISED 100,000 4,145,171 0.18INREVEREADY INDUSTRIES (I)/DEMAT. 6,731,549 2,349,553 0.10INRFINANCIAL TECHNOLOGIES/GDR 6 11 0.00USD
GAMMON INDIA LTD /DEMAT. 5,976,414 6,757,412 0.30INRGAMMON INFRA PROJECTSLTD 2,577,257 2,625,182 0.12INR
GITANJALI GEMS LTD /DEMAT. 3,567,900 3,220,307 0.14INRGLENMARKPHARMACEUTICALS 13,050,000 40,288,586 1.80INRGODREJ INDUSTRIES LTD/DEMATER. 127,474 132,602 0.01INR
INVESTMENTS
Indian EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Currency Evaluation % netassets
Quantity/FaceValue
GREAT EASTERN SHIPPING/DEMAT. 2,250,000 8,222,747 0.37INR
GUJARAT NRE COKE LTD 29,290,000 11,576,767 0.52INRGUJARAT STATE PETRONET/DEMAT. 29,850,000 22,686,406 1.01INRGVK POWERINFRASTRUCTURE 34,608,000 16,502,894 0.74INR
H D F C BANK /DEMAT. 1,150,000 21,747,499 0.97INRHCL INFOSYSTEMS LTD/DEMAT. 12,994,618 19,611,633 0.87INR
HCL TECHNOLOGIES /DEMAT. 47,841,212 96,614,983 4.31INR
HINDUSTAN UNILEVER LTD 882 4,154 0.00INR
ICICI BANK LTD /DEMAT. 766,041 5,121,566 0.23INR
ICICI BANK /SADR 1,650,211 20,924,675 0.93USD
IDEA CELLULAR LTD 59,000,000 58,182,826 2.60INR
INDIA CEMENTS LTD /DEMAT. 19,231,520 41,069,111 1.83INRINDIABULLS FINANCESRV/DEMAT. 3,466,191 6,171,814 0.28INRINDIABULLS REAL ESTATE /SGDR 1,106,679 2,202,259 0.10USDINDIABULLS REAL ESTATE/DEMAT. 21,302,200 42,412,254 1.89INRIRB INFRASTRUCTUREDEVELOPERS 6,584,648 10,630,351 0.47INR
ITC LTD /DEMAT. 1,500 5,407 0.00INRIVR PRIME URBANDEVELOPERS 3,358,864 1,945,134 0.09INRIVRCL INFRASTRUCTURESAND PROJECTS 9,750,000 23,543,707 1.05INRJINDAL SOUTH WESTHOLDINGS 867,025 4,402,951 0.20INRJINDAL STEEL & POWER/DEMAT. 8,703,437 204,894,057 9.13INR
JSW STEEL LTD / DEMAT. 4,775,000 22,318,984 1.00INRKOTAK MAHINDRA BANK LTD/DEMAT 1,500,000 8,444,705 0.38INR
LANCO INFRATECH LTD 40,000 114,209 0.01INRLARSEN TOUBRO /GDRREPR.1 SHS 213,529 2,875,325 0.13USDMAHINDRA & MAHINDRA/DEMAT. 6,700,000 50,624,476 2.26INRMAHINDRA AND MAHINDRAFINANCIAL SERVICES 3,581,675 14,579,022 0.65INR
MAHINDRA LIFESCAPES LTD 2,027,834 5,295,444 0.24INR
MARUTI SUZUKI INDIA LTD 7,972,000 120,863,045 5.38INRMATRIX LABORATORIES/DEMAT. 11,100,000 32,194,884 1.44INR
MAX INDIA LIMITED/DEMAT. 11,397,415 22,333,435 1.00INR
MOSER BAER (INDIA) DEMAT. 8,664,000 9,123,254 0.41INRNAGARJUNA CONSTRUCTION/DEMAT. 10,088,000 12,199,782 0.54INR
NIIT LTD 5,280,047 2,118,068 0.09INRNOIDA TOLLBRIDGE/DEMATERIAL. 13,657,166 6,217,037 0.28INR
PANACEA BIOTEC LTD 1,979,011 2,296,001 0.10INRPATNI COMPUTERS SYSTEMS/ADR 210,500 1,088,285 0.05USD
PENINSULA LAND LTD 9,700,000 4,100,927 0.18INR
PTC INDIA LTD 11,538,000 15,325,962 0.68INR
PUNJ LLOYD LTD 5,402,500 9,672,675 0.43INRPURAVANKARA PROJECTSLTD 9,518,284 7,711,303 0.34INR
RADICO KHAITAN LTD /DEMAT. 2,948,245 3,623,393 0.16INRRELIANCE INDUSTRIES/DEMAT. 50 1,516 0.00INRSATYAM COMPUTERSERVICES 3,000 2,280 0.00INR
Description Currency Evaluation % netassets
Quantity/FaceValue
144HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SESA GOA LTD /DEMAT. 6,000,000 11,916,384 0.53INRSIMPLEX INFRASTRUCTURE/DEMATERIALISED 1,876,756 5,722,047 0.26INRSINTEX INDUSTRIES LTD/DEMAT. 4,000,000 7,944,256 0.35INRSTERLITE INDUSTRIES (INDIA)/ADR 5,308,593 34,028,081 1.52USD
SUBEX LTD 1,721,845 771,971 0.03INR
TATA CHEMICALS LTD /DS 1,553,151 4,336,845 0.19INRTATA CONSULTANCYSERVICES /DEMAT. 7,800,000 82,234,258 3.67INR
TATA STEEL LTD /DEMAT. 13,600,190 56,482,090 2.52INRTATA STEEL (2% CUM CVPREF SHS) 11,173,740 7,481,480 0.33INRTRIVENIENGINEERING&INDUSTRIES/DEMAT 9,314,878 7,308,394 0.33INR
UNITECH LTD /DEMAT. 30,331,776 21,352,697 0.95INRUNITED PHOSPHORUS LTD/DEMAT. 6,674,172 12,848,486 0.57INRUNITED SPIRITS LIMITED/DEMAT. 5,802,437 75,499,388 3.37INR
USHA MARTIN LTD 20,200,000 10,824,049 0.48INR
WELSPUN INDIA LTD 1,961,707 790,788 0.04INR
WIPRO LTD /DEMAT. 24,818,069 119,882,729 5.35INR
1,755,425,253 78.31
UNITECH CORPORATE PARKSPLC 35,999,999 6,708,744 0.30GBP
ISLE OF MAN
6,708,744 0.30
YATRA CAPITAL LTD 988,000 2,602,258 0.12EUR
JERSEY
2,602,258 0.12
89.98TOTAL SHARES 2,016,858,039
HIRCO PLC/REIT 4,100,000 4,639,929 0.21GBP
INVESTMENT FUNDS
ISLE OF MAN
4,639,929 0.21
INDIABULLS PROPERTIESINVESTMENT TRUST 14,000,000 1,841,924 0.08SGD
SINGAPORE
1,841,924 0.08
0.29TOTAL INVESTMENT FUNDS 6,481,853
DEUTSCHE BANK LN-30.01.17WRT /HCL INFOS 2,167,525 3,269,082 0.14USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
HSBC BANKK 21.11.18 CW /HCLT 100,000 200,964 0.01USD
3,470,046 0.15
ORBIT CORP. 07-02.10.09 WRT 602,180 77,087 0.00INR
INDIA
77,087 0.00
Description Currency Evaluation % netassets
Quantity/FaceValue
JP MORGAN INTERNATIONAL08-13 WRT/GAMMON 2,242,255 2,253,466 0.10USD
JERSEY
2,253,466 0.10
ABN AMRO BANK 18.12.06WRT/HCL INF 71,769 108,243 0.00USD
NETHERLANDS
108,243 0.00
CITIGP HOLDING 06-24.10.12CW / UNITED 365,000 4,672,219 0.22USD
UNITED STATES
4,672,219 0.22
0.47TOTAL WARRANTS / EQUITY LINKED SECURITIES 10,581,061
90.74TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 2,033,920,953
Description Currency Evaluation % netassets
Quantity/FaceValue
GITANJALI GEMS / GDR 3,567,900 3,216,758 0.14USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
INDIA
INDIABULLS REAL ESTATE/SGDR 50,000 99,499 0.00USDMAHINDRA&MAHINDRA / GDRREGS 1,600,000 11,536,000 0.52USD
UNITED SPIRITS LTD / GDR 1 6 0.00USD
14,852,263 0.66
0.66TOTAL SHARES 14,852,263
0.66TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 14,852,263
OCTAV INVESTMENTS LTD 73,534 13,014 0.00INR
OTHER TRANSFERABLE SECURITES
SHARES
AUSTRALIA
13,014 0.00
INDIABULLS SECURITIES LTD 15,500,000 6,354,913 0.28INR
INDIA
KESORAM TEXT.MILLS LTD/DM 1,862,491 2,270,920 0.10INR
8,625,833 0.38
0.38TOTAL SHARES 8,638,847
HINDUSTAN LEVER NCD 4,530 - 0.00INR
BONDS
INDIA
- 0.00
0.00TOTAL BONDS -
145HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ABN AMRO BANK 07-03.07.09WRT / IND BULLS 691,100 1,372,552 0.06USD
WARRANTS / EQUITY LINKED SECURITIES
NETHERLANDS
ABN 09-30.6.11 CERT / ADNL 73,004 609,583 0.03USD
1,982,135 0.09
0.09TOTAL WARRANTS / EQUITY LINKED SECURITIES 1,982,135
0.47TOTAL OTHER TRANSFERABLE SECURITIES 10,620,982
Description Currency Evaluation % netassets
Quantity/FaceValue
91.87TOTAL INVESTMENTS 2,059,394,198
8.13OTHER NET ASSETS LESS LIABILITIES 182,269,818
100.00TOTAL NET ASSETS 2,241,664,016
146HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ACOM CO. LTD 17,750 49,345,000 0.49JPY
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
JAPAN
AEON CO. LTD 98,200 63,240,800 0.63JPY
AIOI INSURANCE CO. LTD 135,000 51,300,000 0.51JPY
AISIN SEIKI CO. LTD 20,000 30,920,000 0.31JPY
ASAHI BREWERIES 57,000 67,032,000 0.66JPY
ASAHI KASEI CORP. 117,000 41,535,000 0.41JPY
ASTELLAS PHARMA INC. 39,600 119,592,000 1.18JPY
BANK OF YOKOHAMA 131,000 54,758,000 0.54JPY
BRIDGESTONE CORP. 45,000 63,405,000 0.63JPY
CANON INC. 60,300 170,046,000 1.68JPY
CENTRAL JAPAN RAILWAY CO. 142 78,668,000 0.78JPY
CHIBA BANK 100,000 48,500,000 0.48JPY
CHUBU ELECTRIC POWER -C- 49,900 108,283,000 1.07JPYCHUGAI PHARMACEUTICALCO. LTD 33,900 56,274,000 0.56JPYCHUO MITSUI TRUSTHOLDINGS INC. 145,000 43,500,000 0.43JPY
CITIZEN HOLDINGS CO. LTD 126,100 50,440,000 0.50JPY
DAI NIPPON PRINTING CO. LTD 60,000 53,940,000 0.53JPY
DAIHATSU MOTOR CO. 31,000 23,839,000 0.24JPY
DAIICHI SANKYO CO. LTD 64,200 105,801,600 1.05JPY
DAIKIN INDUSTRIES LTD 10,000 26,800,000 0.27JPYDAINIPPON SUMITOMOPHARMA CO. 39,900 32,638,200 0.32JPYDAIWA HOUSE INDUSTRY CO.LTD 25,000 19,800,000 0.20JPY
DENKI KAGAKU KOGYO KK 99,000 17,523,000 0.17JPY
DENSO CORP. 4,400 8,588,800 0.09JPY
DENTSU INC. TOKYO 30,900 46,226,400 0.46JPY
EAST JAPAN RAILWAY CO. 18,400 94,392,000 0.93JPY
EISAI CO. LTD 28,700 82,656,000 0.82JPY
FANUC LTD JPY 50 8,400 55,692,000 0.55JPY
FAST RETAILING CO. LTD 6,400 71,488,000 0.71JPY
FUJIFILM HOLDINGS CORP. 13,000 27,625,000 0.27JPY
FUKUOKA FINANCIAL GROUP 134,000 40,066,000 0.40JPY
HIKARI TSUSHIN INC. 11,800 21,771,000 0.22JPY
HIROSE ELECTRIC CO. LTD 5,400 51,084,000 0.51JPY
HITACHI LTD 12,000 3,192,000 0.03JPY
HONDA MOTOR CO. LTD 95,500 221,082,500 2.19JPYISETAN MITSUKOSHI HOLDINGLTD 28,400 21,498,800 0.21JPY
ISUZU MOTORS LTD 224,000 26,656,000 0.26JPY
ITOCHU CORP. 188,000 89,864,000 0.89JPY
JAPAN TOBACCO INC. 459 120,212,100 1.19JPY
INVESTMENTS
Japanese EquityStatement of investments as at 31 March 2009 (expressed in JPY)
Description Quantity Currency Evaluation % netassets
JFE HOLDINGS INC. 38,900 83,440,500 0.83JPY
JGC CORP. 53,000 59,148,000 0.59JPY
JS GROUP CORP. 51,900 57,401,400 0.57JPYKANSAI ELECTRIC POWER CO.JPY 500 49,700 106,358,000 1.05JPY
KAO CORP. 22,000 42,218,000 0.42JPY
KAWASAKI KISEN 120,000 36,600,000 0.36JPY
KDDI CORP. 261 120,582,000 1.19JPY
KIRIN HOLDINGS CO. LTD 64,000 66,688,000 0.66JPY
KOBE STEEL LTD 322,000 40,572,000 0.40JPY
KOMATSU LTD 72,500 77,575,000 0.77JPY
KONAMI CORP. 32,500 48,035,000 0.48JPY
KUBOTA CORP. 148,000 79,180,000 0.78JPY
KYOCERA CORP. 2,600 16,848,000 0.17JPY
KYUSHU ELECTR.POWER CO. 35,000 77,350,000 0.77JPY
LAWSON INC. 12,000 48,960,000 0.48JPY
MAKITA CORP. 20,600 45,320,000 0.45JPY
MARUBENI CORP. 235,000 71,675,000 0.71JPY
MARUI GROUP CO. LTD 77,800 40,689,400 0.40JPYMITSUBISHI CHEMICALHOLDINGS CORP. 122,000 40,992,000 0.41JPY
MITSUBISHI CORP. 118,000 151,630,000 1.50JPY
MITSUBISHI ELECTRIC CORP. 79,000 34,839,000 0.35JPY
MITSUBISHI ESTATE CO. 53,000 58,406,000 0.58JPY
MITSUBISHI GAS CHEMICAL 45,000 18,900,000 0.19JPYMITSUBISHI HEAVYINDUSTRIES 365,000 108,770,000 1.08JPYMITSUBISHI TANABE PHARMACORP. 40,000 38,840,000 0.38JPYMITSUBISHI UFJ FINANCIALGROUP 601,300 286,218,800 2.84JPY
MITSUI & CO. LTD 153,000 150,858,000 1.49JPY
MITSUI CHEMICALS INC. 80,000 19,120,000 0.19JPYMITSUIENGINEERING&SHIPBUILDING 291,000 47,724,000 0.47JPY
MITSUI FUDOSAN CO. 40,000 42,680,000 0.42JPYMITSUI O.S.K. LINES LTDTOKYO 117,000 56,277,000 0.56JPY
MITSUMI ELECTRIC CO. 34,000 47,940,000 0.47JPYMIZUHO FINANCIAL GROUPINC. 654,100 122,970,800 1.22JPY
MSIG HOLDINGS 40,900 93,047,500 0.92JPY
NAMCO BANDAI HOLDING 35,000 34,405,000 0.34JPY
NINTENDO CO. LTD 6,200 176,390,000 1.75JPYNIPPON MINING HOLDINGSINC. 164,000 63,960,000 0.63JPY
NIPPON OIL CORP. 191,000 93,017,000 0.92JPY
NIPPON PAPER GROUP INC. 20,000 47,800,000 0.47JPY
NIPPON STEEL CORP. 179,000 47,077,000 0.47JPY
NIPPON TEL&TEL 44,000 164,120,000 1.63JPY
NIPPON YUSEN K K 127,000 47,879,000 0.47JPY
NISSAN MOTOR CO. LTD 172,500 60,375,000 0.60JPY
NISSHIN SEIFUN GROUP INC. 45,000 47,385,000 0.47JPY
NISSHIN STEEL CO. LTD 158,000 26,070,000 0.26JPY
NITTO DENKO CORP. 15,500 31,077,500 0.31JPY
NOMURA HOLDINGS INC. 84,500 41,827,500 0.41JPY
NTT DATA CORP. 207 55,310,400 0.55JPY
NTT DOCOMO INC. 1,105 147,738,500 1.46JPY
OBAYASHI CORP. 90,000 43,020,000 0.43JPY
OBIC CO LTD TOKYO 3,680 45,264,000 0.45JPY
Description Quantity Currency Evaluation % netassets
147HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
OJI PAPER CO. LTD 100,000 40,000,000 0.40JPY
OMRON CORP. 46,500 53,800,500 0.53JPY
ONO PHARMACEUTICAL CO. 13,400 57,754,000 0.57JPY
ORACLE CORP JAPAN TOKY 14,400 53,568,000 0.53JPY
ORIENTAL LAND CO. LTD 6,900 43,332,000 0.43JPY
ORIX CORP. 23,880 75,699,600 0.75JPY
OSAKA GAS CO. LTD 150,000 46,200,000 0.46JPY
PANASONIC CORP. 121,000 129,349,000 1.28JPY
RICOH CO. LTD 62,000 72,106,000 0.71JPY
SANTEN PHARMACEUTICAL 15,600 42,744,000 0.42JPY
SECOM LTD 4,400 15,972,000 0.16JPY
SEGA SAMMY HOLDING INC 40,000 34,520,000 0.34JPY
SEKISUI CHEMICAL CO. LTD 92,000 45,080,000 0.45JPY
SEVEN & I HOLDINGS CO. LTD 66,300 143,208,000 1.42JPY
SHIMAMURA CORP. 6,800 35,768,000 0.35JPY
SHIMANO INC. 12,100 35,876,500 0.36JPY
SHIN-ETSU CHEMICAL CO. 28,000 133,560,000 1.32JPY
SHISEIDO CO. LTD 45,000 64,575,000 0.64JPY
SHIZUOKA BANK LTD 22,000 19,448,000 0.19JPY
SHOWA SHELL SEKIYU KK 49,000 43,904,000 0.43JPY
SOFTBANK 55,600 69,833,600 0.69JPY
SOJITZ CORP. 408,600 47,806,200 0.47JPYSOMPO JAPAN INSURANCEINC. 123,000 62,115,000 0.62JPY
SONY CORP. 32,500 64,935,000 0.64JPY
STANLEY ELECTRIC CO. LTD 18,600 20,348,400 0.20JPY
SUMITOMO CHEMICAL CO.LTD 147,000 48,951,000 0.48JPY
SUMITOMO CORP. 125,850 106,091,550 1.05JPYSUMITOMO HEAVYINDUSTRIES 158,000 51,350,000 0.51JPYSUMITOMO METALINDUSTRIES 299,000 58,903,000 0.58JPYSUMITOMO MITSUI FINANCIALGROUP 44,800 152,768,000 1.51JPYSUMITOMOREALTY+DEVELOPMENT 24,000 25,992,000 0.26JPYSUMITOMO RUBBERINDUSTRIES 34,000 22,304,000 0.22JPY
SUMITOMO TRUST&BANKING 159,000 59,307,000 0.59JPY
TAISEI CORP. 200,000 37,600,000 0.37JPYTAKEDA PHARMACEUTICALCO. LTD 51,267 174,307,800 1.73JPY
TAKEFUJI CORP. 124,760 57,514,360 0.57JPY
TDK CORP. 16,000 58,400,000 0.58JPY
TOHO CO. LTD TOKYO 29,700 40,837,500 0.40JPY
TOHOKU ELECTRIC POWER 36,400 78,806,000 0.78JPY
TOKIO MARINE HOLDINGS INC. 22,600 54,127,000 0.54JPYTOKYO ELECTRIC POWERJPY 500 76,400 187,944,000 1.86JPY
TOKYO GAS CO.LTD 239,000 82,455,000 0.82JPY
TOKYU CORP. 69,000 28,428,000 0.28JPYTONENGENERAL SEKIYU KKTOKYO 57,000 54,891,000 0.54JPY
TOPPAN PRINTING CO. LTD 86,000 57,534,000 0.57JPY
TOYOTA MOTOR CORP. 132,797 414,326,640 4.11JPY
TOYOTA TSUSHO CORP. 60,000 56,760,000 0.56JPY
TREND MICRO INC. TOKYO 20,000 55,400,000 0.55JPY
UNY CO. LTD 55,000 42,240,000 0.42JPY
WEST JAPAN RAILWAY CO. 170 53,040,000 0.53JPY
YAHOO JAPAN CORP TOKYO 2,068 53,499,160 0.53JPY
Description Quantity Currency Evaluation % netassets
YAMAHA CORP. 36,400 34,834,800 0.35JPY
YAMATO HOLDINGS CO. LTD 50,000 46,350,000 0.46JPY
YASKAWA ELECTRIC CORP. 109,000 46,325,000 0.46JPY
9,662,634,110 95.71
95.71TOTAL SHARES 9,662,634,110
95.71TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 9,662,634,110
Description Quantity Currency Evaluation % netassets
95.71TOTAL INVESTMENTS 9,662,634,110
4.29OTHER NET ASSETS LESS LIABILITIES 433,137,027
100.00TOTAL NET ASSETS 10,095,771,137
148HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
AMORE PACIFIC CORP. (NEW) 2,860 1,261,346 1.51KRW
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
SOUTH KOREA
CHEIL INDUSTRIAL INC. 82,800 2,259,881 2.70KRW
DAELIM INDUSTRIAL CO. LTD 31,200 1,184,274 1.42KRW
DOOSAN INFRACORE CO. LTD 40,170 426,931 0.51KRWGSENGINEERING&CONSTRUCTTION CORP. 35,000 1,546,136 1.85KRW
HOTEL SHILLA 45,300 550,232 0.66KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 33,300 810,154 0.97KRWHYUNDAIENGINEERING&CONSTRUCTION CO. 24,300 1,036,565 1.24KRW
HYUNDAI HEAVY INDUSTRIES 15,341 2,168,397 2.59KRW
HYUNDAI MOBIS 20,200 1,162,526 1.39KRW
HYUNDAI MOTOR CO. LTD 45,800 1,837,794 2.20KRW
KANGWON LAND INC. 66,450 660,596 0.79KRW
KB FINANCIAL GROUP INC. 90,690 2,160,494 2.58KRWKOREA ELECTRIC POWERCORP. 105,410 1,939,581 2.32KRW
KOREA EXCHANGE BANK 528,000 2,366,813 2.83KRW
KOREA ZINC CO. LTD 3,400 277,777 0.33KRW
KT CORPORATION 52,200 1,453,013 1.74KRW
KT FREETEL LTD 32,200 644,873 0.77KRW
KT&G CORPORATION 46,600 2,563,946 3.06KRW
LG CHEMICAL LTD 31,600 2,056,212 2.46KRW
LG CORP. 57,300 2,038,253 2.44KRW
LG DISPLAY CO. LTD 50,700 1,028,204 1.23KRW
LG ELECTRONICS INC. 51,300 3,390,017 4.04KRWLG HOUSEHOLD &HEALTHCARE LTD 3,400 369,959 0.44KRW
LOTTE SHOPPING LTD 4,850 667,998 0.80KRW
MEGASTUDY CO. LTD 27,800 3,989,730 4.76KRW
NHN CORPORATION 14,000 1,528,422 1.83KRW
NONG SHIM CO. LTD 19,192 2,983,300 3.56KRW
POSCO 19,250 5,073,019 6.05KRW
SAMSUNG C&T CORP. 65,500 1,882,421 2.25KRWSAMSUNG ELECTRO-MECHANICS CO. 22,900 807,967 0.97KRWSAMSUNG ELECTRONICS CO.LTD 20,300 8,336,478 9.95KRW
SAMSUNG FINE CHEMICALS 37,090 1,169,181 1.40KRWSAMSUNG FIRE&MARINEINSURANCE 21,010 2,430,437 2.90KRW
SAMSUNG HEAVY INDUSTRIES 30,200 558,966 0.67KRW
INVESTMENTS
Korean EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
SAMSUNG SECURITIES CO.LTD 29,800 1,245,324 1.49KRW
SAMSUNG TECHWIN CO. LTD 29,400 960,780 1.15KRW
SHINHAN FINANCIAL GROUP 137,887 2,452,431 2.93KRW
SHINSEGAE CO. LTD 2,450 762,566 0.91KRW
SK ENERGY 23,900 1,529,253 1.83KRW
SK TELECOM CO. LTD 17,800 2,470,925 2.95KRW
S-OIL CORP. 23,380 951,681 1.14KRW
S1 CORPORATION 20,400 682,888 0.82KRWWOORIINVESTMENT&SECURITIESCO. 83,500 1,020,261 1.22KRW
YUHAN CORP. 19,686 2,633,101 3.15KRW
79,331,103 94.80
94.80TOTAL SHARES 79,331,103
94.80TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 79,331,103
Description Quantity Currency Evaluation % netassets
KIWOOM SECURITIES CO. LTD 34,000 1,116,023 1.33KRW
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
SOUTH KOREA
1,116,023 1.33
1.33TOTAL SHARES 1,116,023
1.33TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 1,116,023
96.13TOTAL INVESTMENTS 80,447,126
3.87OTHER NET ASSETS LESS LIABILITIES 3,236,642
100.00TOTAL NET ASSETS 83,683,768
149HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
AFK SISTEMA / SGDR 75,299 455,559 2.27USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
FEDERATION OF RUSSIA
AK SBEREGATELNY BANKSBERBANK 1,221,437 745,077 3.72USD
COMSTAR /SGDR REP. REGS 103,311 356,423 1.78USD
GAZPROM OAO /SADR REGS 107,872 1,631,024 8.14USDGRUPPA KOMP. PIKOAO/SGDR 41,928 55,764 0.28USD
JSC SURGUTNEFTEGAZ /SADR 126,694 852,651 4.25USD
LUKOIL /SADR (REP.1 SHS.) 48,152 1,841,813 9.19USD
MECHEL OJSC /ADR 119,064 476,256 2.38USD
MMC NORILSK NICKEL /SADR 99,395 616,249 3.07USDMOBILE TELESYSTEMSOJS/SADR 35,366 1,047,894 5.23USD
NOVATEK OAO /SGDR 23,526 549,803 2.74USDNOVOLIPETSK STEEL REGS/GDR 52,652 661,309 3.30USD
PHARMSTANDARD OKT /SGDR 60,951 603,415 3.01USDROSNEFT OIL COMPANY OJSC/SGDR 223,947 994,324 4.96USDROSTELECOM /SADR REP. 6SHS 14,026 728,651 3.63USDSEVERSTAL CHEREPOVETSMET/SGDR 118,081 409,741 2.04USDTATNEFT /SGDR REP. 20 SHSREGS 16,682 810,912 4.05USDTRUBNAYA METALL. KOMP./SGDR REG 79,549 357,971 1.79USDVIMPEL COMMUNICATIONS/S.ADR 101,299 654,392 3.26USD
VNESHTORGBANK SGDR 516,313 872,569 4.35USDWIMM-BILL-DANN FODDS/SADR 13,386 416,572 2.08USD
15,138,369 75.52
EVRAZ GROUP SA /SGDR REP.REGS 23,631 184,322 0.92USD
LUXEMBOURG
184,322 0.92
ENERGYO SOL RUS 153,400 302,056 1.51SEK
SWEDEN
302,056 1.51
INVESTMENTS
Russia EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
CENTRAL EUROPEANDISTRIBUTION CORP. 22,140 229,370 1.14USD
UNITED STATES
229,370 1.14
79.09TOTAL SHARES 15,854,117
79.09TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 15,854,117
Description Quantity Currency Evaluation % netassets
M VIDEO COMPANY JSC 176,615 155,421 0.78USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
FEDERATION OF RUSSIA
NOVOROSSIYSK COMM.SEAPORT/GDR 48,920 208,399 1.04USD
RUSHYDRO OJSC 36,980,577 828,366 4.13USDSISTEMA HALS JSC /SGDR -REG S- 34,590 20,943 0.10USD
URALKALITY /GDR 49,900 598,800 2.99USD
1,811,929 9.04
X5 RETAIL GROUP NV / SGDR 20,713 200,916 1.00USD
NETHERLANDS
200,916 1.00
10.04TOTAL SHARES 2,012,845
10.04TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 2,012,845
FSK EES 44,376,965 188,602 0.94USD
OTHER TRANSFERABLE SECURITES
SHARES
FEDERATION OF RUSSIA
GAZ AUTO WORKS 783 6,264 0.03USD
MAGNIT JSC 12,337 280,788 1.40USD
POLYUS ZOLOTO OAO /SADR 32,861 817,253 4.08USD
SOLLERS JSC 8,425 36,649 0.18USD
1,329,556 6.63
6.63TOTAL SHARES 1,329,556
6.63TOTAL OTHER TRANSFERABLE SECURITIES 1,329,556
95.76TOTAL INVESTMENTS 19,196,518
4.24OTHER NET ASSETS LESS LIABILITIES 849,757
100.00TOTAL NET ASSETS 20,046,275
150HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ALLGREEN PROPERTIES LTD 2,937,000 792,139 1.80SGD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
SINGAPORE
BANYAN TREE HOLDINGS LTD 2,000,000 493,373 1.12SGD
CAPITALAND LTD 1,125,000 1,709,536 3.89SGD
CITY DEVELOPMENTS LTD 590,000 1,963,886 4.47SGD
DBS GROUP HOLDINGS LTD 750,000 4,144,328 9.43SGD
HO BEE INVESTMENT LTD 8,498,000 1,816,828 4.14SGD
KEPPEL CORP. LTD 600,000 2,032,695 4.63SGD
MOBILEONE LTD 1,450,000 1,430,780 3.26SGDOVERSEA-CHINESE BANKCORP. 616,000 1,957,228 4.46SGD
SEMBCORP INDUSTRIES LTD 1,000,000 1,539,322 3.51SGD
SINGAPORE EXCHANGE LTD 500,000 1,684,045 3.84SGDSINGAPORE PRESS HOLDINGSLTD 2,390,000 3,993,422 9.10SGDSINGAPORE TECHNOLOGIESENG. 1,100,000 1,772,852 4.04SGDSINGAPORE TELECOM/BOARD LOT 1000 2,380,000 3,976,714 9.06SGD
STARHUB LTD 1,250,000 1,611,684 3.67SGDSTRAITS ASIA RESOURCESLTD 3,150,000 1,709,536 3.89SGD
UTD OVERSEAS BANK /LOCAL 610,000 3,916,457 8.92SGD
VENTURE CORPORATION LTD 510,000 1,690,886 3.85SGD
WILMAR INTERNATIONAL LTD 455,000 948,821 2.16SGD
WING TAI HOLDINGS 1,000,000 463,770 1.06SGD
39,648,302 90.30
90.30TOTAL SHARES 39,648,302
CAPITAMALL TRUST / REIT 2,186,000 1,898,182 4.32SGD
INVESTMENT FUNDS
GREAT BRITAIN
1,898,182 4.32
ASCENDAS REAL ESTATEINVESTMENT 2,121,000 1,730,119 3.94SGD
SINGAPORE
1,730,119 3.94
8.26TOTAL INVESTMENT FUNDS 3,628,301
INVESTMENTS
Singapore EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets SC GLOBAL DEVELOPMENTS
05-10.12.10 WRT 3,004,000 19,761 0.05SGD
WARRANTS / EQUITY LINKED SECURITIES
SINGAPORE
19,761 0.05
0.05TOTAL WARRANTS / EQUITY LINKED SECURITIES 19,761
98.61TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 43,296,364
Description Quantity Currency Evaluation % netassets
98.61TOTAL INVESTMENTS 43,296,364
1.39OTHER NET ASSETS LESS LIABILITIES 611,334
100.00TOTAL NET ASSETS 43,907,698
151HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ACER INC. 91,000 136,687 3.09TWD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
TAIWAN
ADVANCED SEMICONDUCTORENG. INC. 239,000 115,792 2.62TWD
ASIA CEMENT CORP. 59,860 51,832 1.17TWD
ASUSTEK COMPUTER INC. 84,767 89,002 2.01TWD
AU OPTRONICS CORP. 227,000 187,531 4.24TWD
CATHAY FINANCIAL HOLDING 174,000 149,383 3.38TWD
CHINA STEEL 205,000 134,036 3.03TWDCHINATRUST FINANCIALHOLDING CO. 343,201 125,339 2.84TWDCHUNGHWA TELECOM CO.LTD 103,699 189,051 4.28TWD
CTCI CORP. 83,000 57,446 1.30TWDDELTA ELECTRONICINDUSTRIAL 29,000 53,296 1.21TWD
FAR EASTERN TEXTILE LTD 136,000 105,744 2.39TWDFIRST FINANCIAL HOLDINGCO. 144,292 66,508 1.50TWD
FORMOSA INTL HOTELS CORP 3,000 29,864 0.68TWD
FORMOSA PLASTICS 130,000 195,650 4.43TWDFUBON FINANCIAL HOLDINGCO. LTD 90,000 54,206 1.23TWDHON HAI PRECISIONINDUSTRY CO. LTD 163,400 369,115 8.35TWD
HTC CORP. 20,000 245,630 5.56TWD
MEDIA TEK INCORPORATION 25,000 234,880 5.31TWD
NAN YA PLASTICS CORP. 101,000 115,417 2.61TWDNOVATEKMICROELECTRONICS CORP. 22,000 33,304 0.75TWDPRESIDENT CHAIN STORECORP. 40,000 91,537 2.07TWD
QUANTA COMPUTER INC. 64,000 80,769 1.83TWDSILICONWARE PRECISIONINDUSTRIES 173,000 181,899 4.11TWD
SINYI REALTY INC. 25,000 28,973 0.66TWDSYNNEX TECHNOLOGYINTERNATIONAL 51,000 64,363 1.46TWD
TAIWAN CEMENT CORP. 159,000 130,886 2.96TWD
TAIWAN FERTILIZER CO. LTD 62,000 126,909 2.87TWD
TAIWAN MOBILE CORP. 39,000 56,455 1.28TWDTAIWAN SEMICONDUCTORMANUFACTURING 293,000 443,553 10.02TWDUNI-PRESIDENT ENTERPRISESCORP. 90,000 72,894 1.65TWDUNITED MICROELECTRONICCORP 364,000 118,998 2.69TWD
WISTRON CORP. 112,000 120,565 2.73TWD
INVESTMENTS
Taiwan EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
YUANTA FINANCIAL HOLDINGCO. 258,000 117,779 2.66TWD
4,375,293 98.97
98.97TOTAL SHARES 4,375,293
98.97TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 4,375,293
Description Quantity Currency Evaluation % netassets
98.97TOTAL INVESTMENTS 4,375,293
1.03OTHER NET ASSETS LESS LIABILITIES 45,695
100.00TOTAL NET ASSETS 4,420,988
152HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BANYAN TREE HOLDINGS LTD 6,970,000 1,719,403 2.37SGD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
SINGAPORE
1,719,403 2.37
ADVANCED INFO SERVICEPUB./ FOR. RG 1,380,000 3,224,186 4.44THB
THAILAND
ASIAN PROPERTYDEVELOPMENT PUBLIC /FOREIGN 39,681,900 2,569,113 3.53THBASIAN PROPERTYDEVELOPMENT PUBLIC CO. 4,029,200 260,861 0.36THBBANGKOK BANK PUBLIC/FOREIGN 3,080,000 6,524,094 8.98THBBANK OF AYUDHYA PUBLIC/FOR. REG 3,140,000 773,394 1.06THBBANPU PUBLIC CO. LTD/FOR.REG 540,000 3,268,099 4.50THBBEC WORLD PUBLIC CO./FOREIGN 100,000 52,639 0.07THBCHAROONGTHAI&WIRE/FOREIGN 2,010,800 158,486 0.22THB
C.P.ALL - SHS FOREIGN REGS 1,972,486 705,149 0.97THBELECTRICITY GENERATING /FOREIGN REG 1,592,800 3,037,621 4.18THBGLOW ENERGY PUBLIC CO.LTD 3,700,000 2,197,592 3.02THBHEMARAJ LAND AND DEVPUBLIC CO. 100,000,000 1,323,003 1.82THBKASIKORNBANK PUBLICCOMPANY FOR. REG 5,270,000 6,823,881 9.38THBLAGUNA RESORTS &HOTELS/FOR. REG 652,500 442,650 0.61THBLALIN PROPERTYPUB/FOREIGN REG 29,544,000 873,216 1.20THBLAND AND HOUSE PUBLIC/FOR. REG. 39,753,200 3,401,799 4.68THBLPN DEVELOPMENT PUB. /FOR. REG 32,892,700 2,425,849 3.34THBMINOR INTERNATIONALFOREIGN REGISTERED 15,400,000 2,774,365 3.82THB
PHATRA SEC.PUBLIC CO. LTD 5,807,100 1,618,294 2.23THBPHATRA SECURITIES PUB /NON VOT. 192,900 53,756 0.07THBPTT CHEMICAL PUBLIC CO. /FOREIGN 2,030,000 1,671,417 2.30THBPTT EXPL. PROD.PUBLIC /FOR.REG 2,450,000 6,741,334 9.27THBPTT PLC CO. LTD /FOREIGNREG 1,532,000 6,619,575 9.11THBQUALITY HOUSES PUBLIC/FOR. REG 10,967,100 250,057 0.34THBSIAM COMMERC.BANKPUBL./FOR.REG 2,000,000 3,068,241 4.22THB
INVESTMENTS
Thai EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
SRITHAI SUPERWARE PUBLIC/FOR. REG 6,887,200 969,339 1.33THBTHE ERAWAN GROUP /FOR.REG 66,531,700 2,397,185 3.30THBTISCO FINANCIAL GROUP /FOREIGN REG 10,021,100 2,933,673 4.04THBTOTAL ACCESSCOMMUNICATION PCL 2,280,000 1,700,763 2.34THBWORKPOINT ENTERTAINMENTPUBLIC /FOR. 4,969,400 609,893 0.84THB
69,469,524 95.57
97.94TOTAL SHARES 71,188,927
97.94TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 71,188,927
Description Quantity Currency Evaluation % netassets
97.94TOTAL INVESTMENTS 71,188,927
2.06OTHER NET ASSETS LESS LIABILITIES 1,495,914
100.00TOTAL NET ASSETS 72,684,841
153HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
AKBANK 145,000 311,620 4.81TRY
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
TURKEY
AKSIGORTA 222,083 253,555 3.91TRYANADOLU EFES BIRACILIK VEMALT 52,000 237,476 3.66TRY
ARCELIK AS 254,800 206,488 3.19TRY
ASYA KATILIM BANKASI A.S 130,000 64,025 0.99TRY
BAGFAS 5,500 168,682 2.60TRY
BIM BIRLESIK MAGAZALAR AS 21,500 329,697 5.09TRY
COCA COLA ICECEK SANAYI 15,599 50,984 0.79TRYDOGAN SIRKETLER GRUBUHOLDINGS 293,999 68,449 1.06TRY
ENKA INSAAT VE SANAYI AS 38,001 100,384 1.55TRY
EREGLI DEMIR CELIK 85,000 113,410 1.75TRY
FORD OTOMOTIV SANAYI AS 25,493 49,765 0.77TRY
KOC HOLDING AS 135,000 137,811 2.13TRYPETKIM PETROKIMYAHOLDING AS 23,000 40,573 0.63TRY
SABANCI HOLDING 190,000 239,894 3.70TRY
TEKFEN HOLDING AS 235,000 300,919 4.64TRYTOFAS TURK OTOMOBILFABRIKASI 430,000 275,309 4.25TRYTUPRAS TURKIYE PETROLRAFINEL 41,000 304,725 4.70TRY
TURK SISE CAM 25,000 11,081 0.17TRY
TURK TELEKOMUNIKASYON 72,500 125,297 1.93TRY
TURKCELL ILETISIM HIZMET 117,500 423,497 6.53TRYTURKIYE GARANTI BANKASI/NOM. 610,000 636,359 9.81TRY
TURKIYE HALK BANKASI AS 260,000 419,075 6.46TRY
TURKIYE IS BANKASI AS C 350,000 573,542 8.84TRYTURKIYE VAKIFLAR BANKASITAO 190,000 105,485 1.63TRY
YAPI KREDI BANKASA 395,000 297,114 4.58TRY
5,845,216 90.17
90.17TOTAL SHARES 5,845,216
90.17TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 5,845,216
INVESTMENTS
Turkey Equity (formerly Turkish Convergence)Statement of investments as at 31 March 2009 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
90.17TOTAL INVESTMENTS 5,845,216
9.83OTHER NET ASSETS LESS LIABILITIES 637,170
100.00TOTAL NET ASSETS 6,482,386
154HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
POWERFLUTE OYJ 611,996 82,619 0.17GBP
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
FINLAND
82,619 0.17
AMLIN PLC 308,978 1,050,525 2.22GBP
GREAT BRITAIN
ARRIVA PLC 393,891 1,457,397 3.08GBP
BAE SYSTEMS PLC 496,830 1,617,182 3.42GBP
BG GROUP PLC 313,569 3,138,826 6.64GBP
BP PLC 729,149 3,357,731 7.11GBP
BRITISH AMERICAN TOBACCO 130,908 2,065,728 4.37GBP
BRITVIC PLC 208,013 459,709 0.97GBP
CARILLION PLC 587,491 1,389,416 2.94GBP
CENTRICA PLC 511,161 1,139,889 2.41GBP
EXPERIAN GROUP LTD 292,529 1,251,293 2.65GBP
FENNER 844,162 400,977 0.85GBP
GLAXOSMITHKLINE PLC 114,171 1,208,500 2.56GBP
GREGGS PLC 13,730 468,330 0.99GBP
HALMA PLC 302,311 495,034 1.05GBP
HOME RETAIL GROUP PLC 226,439 509,488 1.08GBP
HSBC HOLDINGS PLC 217,282 834,906 1.77GBP
NATIONAL GRID PLC 294,919 1,543,901 3.27GBP
NORTHGATE PLC 292,522 209,153 0.44GBP
PRUDENTIAL PLC 557,794 1,762,629 3.73GBP
ROYAL & SUN ALLIANCE 1,042,026 1,353,592 2.86GBP
ROYAL DUTCH SHELL -B- 242,236 3,684,410 7.80GBP
SEVERN TRENT PLC 137,802 1,335,301 2.83GBPSPIRAX-SARCO ENGINEERINGPLC 47,881 392,145 0.83GBP
STAGECOACH GROUP PLC 1,197,333 1,418,840 3.00GBP
TRADING EMISSIONS PLC 792,159 645,610 1.37GBP
UNILEVER PLC 150,950 1,960,841 4.15GBP
UNITED UTILITIES GROUP PLC 309,790 1,460,660 3.09GBP
VODAFONE GROUP PLC 3,590,754 4,281,973 9.07GBPWM MORRISONSUPERMARKETS PLC 711,968 1,795,939 3.80GBP
WS ATKINS PLC 124,326 607,022 1.28GBP
43,296,947 91.63
INVESTMENTS
UK EquityStatement of investments as at 31 March 2009 (expressed in GBP)
Description Quantity Currency Evaluation % netassets
RESOLUTION LTD 1,486,494 1,457,879 3.09GBP
GUERNSEY
1,457,879 3.09
94.89TOTAL SHARES 44,837,445
94.89TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 44,837,445
Description Quantity Currency Evaluation % netassets
RIGHTS HSBC 03.04.09 90,534 117,468 0.25GBP
OTHER TRANSFERABLE SECURITES
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
117,468 0.25
0.25TOTAL WARRANTS / EQUITY LINKED SECURITIES 117,468
0.25TOTAL OTHER TRANSFERABLE SECURITIES 117,468
95.14TOTAL INVESTMENTS 44,954,913
4.86OTHER NET ASSETS LESS LIABILITIES 2,296,697
100.00TOTAL NET ASSETS 47,251,610
155HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
COVIDIEN LTD 21,470 710,013 0.53USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
710,013 0.53
US EQUITY MOMENT -Z-(3DEC) 50 3,658,320 2.75USD
FRANCE
3,658,320 2.75
ABBOTT LABORATORIES INC. 35,879 1,718,245 1.29USD
UNITED STATES
ADOBE SYSTEMS INC. 25,266 526,038 0.40USD
AFLAC INC. 17,394 306,134 0.23USD
AIR PRODUCTS & CHEMICALS 9,301 515,368 0.39USD
ALTRIA GROUP 57,022 934,020 0.70USDAMERICAN INTERNATIONALGP 59,042 56,090 0.04USD
AMERICAN TOWER CORP. -A- 26,627 811,325 0.61USD
AMGEN INC. 28,824 1,456,188 1.10USD
APACHE CORP. 9,361 594,049 0.45USD
APOLLO GROUP INC. -A- 8,200 647,308 0.49USD
APPLE INC. 15,821 1,653,136 1.24USD
AT & T 69,576 1,750,532 1.32USD
BANK OF AMERICA CORP. 87,754 529,157 0.40USDBANK OF NEW YORK MELLONCORP. SHS 21,897 567,570 0.43USD
BAXTER INTERNATIONAL INC. 22,217 1,124,402 0.85USD
BEST BUY CO. INC. 14,921 551,629 0.42USD
BIG LOTS 21,838 462,310 0.35USD
BIOGEN IDEC INC. 14,910 783,371 0.59USD
BMC SOFTWARE INC. 24,538 809,999 0.61USD
Caremark Group 41,064 1,121,047 0.84USD
CELGENE CORP. 15,903 721,201 0.54USD
CENTURYTEL 22,543 615,649 0.46USD
CEPHALON INC. 10,458 711,876 0.54USD
CHEVRON CORPORATION 36,594 2,444,479 1.84USD
CHUBB CORP. 8,506 347,555 0.26USD
CISCO SYSTEMS INC. 59,243 966,253 0.73USD
CITIGROUP INC. 65,513 151,335 0.11USD
COCA-COLA CO. 49,662 2,181,155 1.64USDCOGNIZANT TECHNOLOGYSOL.CORP. 39,351 790,168 0.59USD
COLGATE-PALMOLIVE CO. 19,569 1,150,462 0.87USD
COMCAST CORP. -A- 79,516 1,085,393 0.82USD
INVESTMENTS
US EquityStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
COMPUTER ASSOCIATESINTERNATIONAL INC. 35,855 618,140 0.47USD
CONAGRA FOODS INC. 34,819 578,692 0.44USD
CONSOL ENERGY INC. 20,891 536,690 0.40USD
DANAHER CORP. 18,081 973,662 0.73USD
DARDEN RESTAURANTS 15,876 554,866 0.42USD
DEAN FOODS CO. 37,273 664,578 0.50USD
EDISON INTERNATIONAL 17,513 494,567 0.37USD
EMC CORP. 59,637 668,531 0.50USD
EMERSON ELECTRIC CO. 31,415 877,421 0.66USD
EXELON CORP. 20,673 924,703 0.70USD
EXPRESS SCRIPTS INC. 14,910 671,397 0.51USD
EXXON MOBIL CORP. 77,030 5,286,569 3.99USD
FLUOR CORP. (NEW) 20,114 700,571 0.53USD
FPL GROUP INC. 12,425 614,913 0.46USDFREEPORT MCMO.COPP&GOLD -B- 21,411 824,966 0.62USD
GAMESTOP CORP. -A- 29,744 805,170 0.61USD
GENERAL ELECTRIC CO. 74,447 739,259 0.56USD
GENERAL MILLS INC. 18,392 924,382 0.70USD
GENZYME CORP. 10,934 644,559 0.49USD
GILEAD SCIENCES INC. 27,331 1,246,840 0.94USD
GOLDMAN SACHS GROUP INC. 3,494 351,007 0.26USD
GOODRICH CORP. 18,300 691,557 0.52USD
GOOGLE INC. -A- 4,558 1,561,981 1.18USD
GRAINGER INC..WW 12,048 850,107 0.64USD
HALLIBURTON CO. 35,108 555,409 0.42USD
HARRIS CORP. 14,910 415,691 0.31USD
HEINZ (H.J.) CO. 24,995 829,584 0.62USD
HEWLETT-PACKARD CO. 46,144 1,482,145 1.12USDHONEYWELL INTERNATIONALINC. 31,458 874,847 0.66USD
HUDSON CITY BANCORP INC. 32,660 357,954 0.27USD
HUMANA INC. 8,186 205,796 0.15USD
IBM CORP. 27,830 2,630,492 1.98USD
INTEL CORP. 125,583 1,848,582 1.39USD
ITT CORP. 14,910 572,842 0.43USD
JOHNSON & JOHNSON 51,457 2,727,736 2.06USD
JP MORGAN CHASE & CO. 71,267 1,770,985 1.33USD
KELLOGG CO. 14,910 543,917 0.41USD
KROGER CO. 31,193 669,090 0.50USD
LIFE TECHNOLOGIES CORP. 24,849 797,901 0.60USD
LOCKHEED MARTIN CORP. 13,734 947,783 0.71USD
LORILLARD INC. 14,910 940,523 0.71USD
MASTERCARD INC. SHS -A- 4,577 746,280 0.56USD
MCAFEE INC. 19,323 624,713 0.47USD
MCDONALD S CORP. 35,125 1,893,940 1.43USDMCGRAW HILL COMPANIESINC. 34,789 788,667 0.59USD
MCKESSON CORP. 19,414 701,234 0.53USD
MEDCOHEALTH SOLUTIONS 23,855 944,658 0.71USD
MEDTRONIC INC. 22,699 658,952 0.50USDMEMC ELECTRONICMATERIALS 23,396 388,842 0.29USD
METLIFE INC. 28,975 622,963 0.47USD
MICROSOFT CORP. 93,554 1,635,324 1.23USD
MONSANTO CO. 13,699 1,133,729 0.85USD
MORGAN STANLEY 24,154 534,528 0.40USD
Description Quantity Currency Evaluation % netassets
156HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
MURPHY OIL CORP. 9,189 418,283 0.31USD
MYLAN INC. 49,553 646,667 0.49USD
NASDAQ OMX GROUP INC. 24,849 455,979 0.34USDNATIONAL OILWELL VARCOINC. 20,665 611,064 0.46USD
NEWMONT MINING CORP. 9,939 450,237 0.34USD
NIKE INC. -B- 22,583 1,044,690 0.79USD
NORFOLK SOUTHERN CORP. 14,910 493,968 0.37USD
NORTHERN TRUST CORP. 9,211 524,935 0.40USD
NUCOR CORP. 21,280 810,555 0.61USDOCCIDENTAL PETROLEUMCORP. 18,306 1,028,797 0.77USD
ORACLE CORP. 100,296 1,771,227 1.33USD
PEABODY ENERGY 27,830 696,863 0.52USD
PFIZER INC. 139,339 1,908,944 1.44USDPHILIP MORRISINTERNATIONAL 18,607 683,435 0.51USD
PRAXAIR 11,453 754,982 0.57USD
PROCTER & GAMBLE CO. 28,555 1,350,080 1.02USD
PRUDENTIAL FINANCIAL INC. 18,749 337,482 0.25USD
QUALCOMM INC. 17,394 658,711 0.50USD
QUESTAR CORP. 13,885 406,275 0.31USD
RANGE RESOURCES 19,879 827,762 0.62USD
RAYTHEON COMPANY 17,975 697,430 0.53USD
ROCKWELL COLLINS 23,072 747,764 0.56USD
SCHLUMBERGER LTD 32,426 1,333,357 1.00USD
SEMPRA ENERGY 14,910 669,459 0.50USDSIMON PROPERTY /PAIREDSHS 7,553 233,086 0.18USD
ST JUDE MEDICAL INC. 21,470 787,090 0.59USD
STATE STREET CORP. 13,419 375,464 0.28USD
STERICYCLE INC. 11,808 556,629 0.42USD
SYMANTEC CORP. 39,477 574,785 0.43USD
TESORO CORP. 41,866 553,887 0.42USD
TRAVELERS COMPANIES INC. 19,409 747,635 0.56USD
UNION PACIFIC CORP. 17,394 712,806 0.54USD
US Bancorp. 20,396 281,057 0.21USD
VERIZON COMMUNICATIONS I. 29,818 901,100 0.68USD
WALGREEN CO. 46,160 1,199,698 0.90USD
WAL-MART STORES INC. 45,441 2,352,026 1.77USD
WASTE MANAGEMENT INC. 34,546 874,705 0.66USD
WELLS FARGO & CO. 62,027 829,301 0.62USD
WINDSTREAM CORP. 59,637 478,289 0.36USD
WISCONSIN ENERGY CORP. 15,029 611,380 0.46USD
XTO ENERGY INC. 27,176 839,738 0.63USD
YUM BRANDS 28,919 799,900 0.60USD
112,771,201 84.90
88.18TOTAL SHARES 117,139,534
88.18TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 117,139,534
Description Quantity Currency Evaluation % netassets
88.18TOTAL INVESTMENTS 117,139,534
11.82OTHER NET ASSETS LESS LIABILITIES 15,695,720
100.00TOTAL NET ASSETS 132,835,254
157HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
COVIDIEN LTD 1,320 43,653 0.19USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
INVESCO LTD 910 11,866 0.05USD
TYCO ELECTRONICS 1,220 12,859 0.06USD
68,378 0.30
ABBOTT LABORATORIES INC. 3,965 189,884 0.83USD
UNITED STATES
ABERCROMBIE & FITCH A 200 4,814 0.02USD
ADOBE SYSTEMS INC. 1,375 28,628 0.13USDADVANCED MICRO DEVICESINC. 1,162 3,707 0.02USD
AES CORP. 1,766 9,978 0.04USD
AETNA INC. 1,125 26,460 0.12USDAFFILIATED COMPUTERSERVICES 261 12,538 0.06USD
AFLAC INC. 1,220 21,472 0.09USD
AGILENT TECHNOLOGIES 921 14,174 0.06USD
AIR PRODUCTS & CHEMICALS 545 30,198 0.13USD
AK STEEL HOLDING 160 1,126 0.00USD
AKAMAI TECHNOLOGIES INC. 470 9,174 0.04USD
ALCOA INC. 2,448 16,377 0.07USD
ALLEGHENY ENERGY INC. 440 10,014 0.04USDALLEGHENYTECHNOLOGIES/WHENISSUED 263 5,707 0.03USD
ALLERGAN INC. 809 39,123 0.17USD
ALLSTATE CORP. 1,402 25,979 0.11USD
ALTERA CORP. 777 13,566 0.06USD
ALTRIA GROUP 5,311 86,994 0.38USD
AMAZON COM INC. 843 60,224 0.26USD
AMEREN CORP. 558 12,700 0.06USDAMERICAN ELECTRIC POWERCO.INC. 1,064 26,685 0.12USD
AMERICAN EXPRESS CO. 3,042 38,968 0.17USDAMERICAN INTERNATIONALGP 7,143 6,786 0.03USD
AMERICAN TOWER CORP. -A- 1,040 31,689 0.14USDAMERIPRISE FINANCIALINC./WHEN ISSUED 566 10,692 0.05USD
AMERISOURCEBERGEN CORP. 411 13,259 0.06USD
AMGEN INC. 2,657 134,232 0.59USD
AMPHENOL CORPORATION -A- 430 12,143 0.05USD
ANADARKO PETROL.CORP. 1,205 46,850 0.21USD
ANALOG DEVICES INC. 768 14,838 0.07USD
AON CORP. 707 27,870 0.12USD
INVESTMENTS
US IndexStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
APACHE CORP. 850 53,941 0.24USDAPARTMENT INVESTMENTAND MANAGMENT -A- 424 2,116 0.01USD
APOLLO GROUP INC. -A- 273 21,551 0.09USD
APPLE INC. 2,309 241,266 1.06USD
APPLIED MATERIALS INC. 3,428 36,542 0.16USDARCHER-DANIELS MIDLANDCO. 1,684 46,108 0.20USD
ASSURANT INC. 290 5,893 0.03USD
AT & T 15,128 380,619 1.66USD
AUTODESK INC. 618 9,412 0.04USDAUTOMATIC DATAPROCESSING 1,317 46,411 0.20USD
AUTOZONE INC. 104 16,994 0.07USDAVALONBAY COMMUNITIESINC. 207 9,073 0.04USD
AVERY DENNISON CORP. 308 6,788 0.03USD
AVON PRODUCTS INC. 1,114 20,999 0.09USD
BAKER HUGHES INC. 808 23,909 0.11USD
BALL CORP. 246 10,649 0.05USD
BANK OF AMERICA CORP. 16,474 99,338 0.44USDBANK OF NEW YORK MELLONCORP. SHS 2,986 77,397 0.34USD
BARD (C.R.) INC. 261 20,705 0.09USD
BAXTER INTERNATIONAL INC. 1,558 78,850 0.35USD
BB&T CORPORATION 1,457 23,705 0.10USD
BECTON DICKINSON & CO. 603 40,027 0.18USD
BED BATH & BEYOND INC. 685 16,714 0.07USD
BEMIS CO. INC. 260 5,387 0.02USD
BEST BUY CO. INC. 886 32,755 0.14USD
BIG LOTS 163 3,451 0.02USD
BIOGEN IDEC INC. 764 40,141 0.18USD
BJ SERVICES CO. 699 6,941 0.03USD
BLACK & DECKER CORP. 159 4,857 0.02USD
BLOCK INC. H+R 889 15,451 0.07USD
BMC SOFTWARE INC. 443 14,623 0.06USD
BOEING CO. 1,841 65,392 0.29USD
BOSTON PROPERTIES 312 9,959 0.04USD
BOSTON SCIENTIFIC CORP. 3,940 31,362 0.14USD
BRISTOL MYERS SQUIBB CO. 5,062 106,403 0.47USD
BROADCOM CORP. -A- 1,093 21,915 0.10USDBROWN-FORMAN CORP. B/NON-VOT. 252 9,657 0.04USDBURLINGTON NORTHERNSANTA FE 712 43,439 0.19USD
CABOT OIL + GAS INC. / CL. 280 6,706 0.03USDCAMERON INTERNATIONALCORP. 580 12,835 0.06USD
CAMPBELL SOUP CO. 537 14,499 0.06USDCAPITAL ONE FINANCIALCORP. 1,027 11,656 0.05USD
CARDINAL HEALTH INC. 945 29,692 0.13USD
Caremark Group 3,765 102,785 0.45USD
CARNIVAL CORP. 1,143 23,912 0.11USD
CATERPILLAR INC. 1,575 43,360 0.19USDCB RICHARD ELLIS GROUPINC. -A- 540 2,036 0.01USD
CBS CORP. -B- /WHEN ISSUED 1,664 6,307 0.03USD
CELGENE CORP. 1,170 53,060 0.23USD
CENTERPOINT ENERGY INC. 905 9,150 0.04USD
CENTURYTEL 283 7,729 0.03USD
Description Quantity Currency Evaluation % netassets
158HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CEPHALON INC. 180 12,253 0.05USDCF INDUSTRIES HOLDINGSINC. 120 8,447 0.04USDC.H. ROBINSON WORLDWIDEINC. 440 19,659 0.09USD
CHARLES SCHWAB CORP. 2,438 35,083 0.15USD
CHESAPEAKE ENERGY 1,417 24,712 0.11USD
CHEVRON CORPORATION 5,158 344,553 1.51USD
CHUBB CORP. 934 38,163 0.17USD
CIENA CORP. 282 2,222 0.01USD
CIGNA CORP. 732 12,539 0.06USD
CINCINNATI FINANCIAL CORP. 396 8,704 0.04USD
CINTAS 347 8,463 0.04USD
CISCO SYSTEMS INC. 14,981 244,339 1.07USD
CITI GROUP INC. 1,068 2,916 0.01USD
CITIGROUP INC. 14,291 33,012 0.15USD
CITRIX SYSTEMS INC. 468 10,305 0.05USD
CLOROX CO. 359 18,298 0.08USD
CME GROUP INC. 167 39,148 0.17USD
CMS ENERGY CORP. 557 6,556 0.03USD
COACH INC. 858 14,045 0.06USD
COCA COLA ENTERPRISE 754 9,870 0.04USD
COCA-COLA CO. 5,119 224,826 0.99USDCOGNIZANT TECHNOLOGYSOL.CORP. 760 15,261 0.07USD
COLGATE-PALMOLIVE CO. 1,293 76,015 0.33USD
COMCAST CORP. -A- 7,358 100,437 0.44USD
COMERICA INC. 379 6,629 0.03USDCOMPUTER ASSOCIATESINTERNATIONAL INC. 987 17,016 0.07USD
COMPUTER SCIENCES CORP. 399 14,635 0.06USD
COMPUWARE CORP. 552 3,616 0.02USD
CONAGRA FOODS INC. 1,172 19,479 0.09USD
CONOCOPHILLIPS 3,788 147,808 0.65USD
CONSOL ENERGY INC. 475 12,203 0.05USD
CONSOLIDATED EDISON INC. 724 28,055 0.12USD
CONSTELLATION BRAND -A- 462 5,465 0.02USDCONSTELLATION ENERGYGROUP INC. 520 10,348 0.05USD
CONVERGYS CORP. 426 3,331 0.01USD
COOPER INDUSTRIES LTD -A- 436 11,297 0.05USD
CORNING INC. 3,949 50,824 0.22USD
COSTCO WHOLESALE CORP. 1,130 52,263 0.23USD
COVENTRY HEALTH CARE INC. 430 5,508 0.02USD
CSX CORP. 1,038 26,604 0.12USD
CUMMINS INC. 528 12,952 0.06USD
DANAHER CORP. 670 36,080 0.16USD
DARDEN RESTAURANTS 333 11,638 0.05USD
DAVITA INC. 270 11,821 0.05USD
DEAN FOODS CO. 367 6,544 0.03USD
DEERE & CO. 1,122 36,353 0.16USD
DELL INC. 4,536 43,047 0.19USDDENTSPLY INTERNATIONALINC. 360 9,468 0.04USD
DEVON ENERGY CORP. (NEW) 1,163 51,893 0.23USDDIAMOND OFFSHOREDRILLING 150 9,873 0.04USD
DIRECTV GROUP INC. 1,330 29,792 0.13USD
DISCOVER FIN SVC 1,085 6,271 0.03USD
Description Quantity Currency Evaluation % netassets
DOMINION RESOURCES INC. 1,470 44,850 0.20USD
DONNELLEY AND SONS. RR 512 3,753 0.02USD
DOVER CORP. 487 12,540 0.06USD
DOW CHEMICAL CO. 2,425 20,128 0.09USD
DR HORTON INC. 804 8,096 0.04USDDR PEPPER SNAPPLE GROUPINC. 660 11,121 0.05USD
DTE ENERGY COMPANY 430 11,881 0.05USD
DU PONT DE NEM.& CO./E.I. 2,368 51,930 0.23USDDUKE ENERGY HOLDINGCORP. 3,318 46,817 0.21USD
DUN AND BRADSTREET CORP. 140 10,566 0.05USD
DYNEGY INC. -A- 1,507 2,019 0.01USD
EASTMAN CHEMICAL CO. 204 5,373 0.02USD
EASTMAN KODAK CO. 780 3,073 0.01USD
EATON CORP. 433 15,679 0.07USD
EBAY INC. 2,765 34,507 0.15USD
ECOLAB INC. 440 15,039 0.07USD
EDISON INTERNATIONAL 861 24,315 0.11USD
EL PASO ENERGY CORP. 1,842 11,476 0.05USD
ELECTRONIC ARTS 822 14,944 0.07USD
ELI LILLY & CO. 2,624 86,172 0.38USD
EMBARQ CORP. 375 13,766 0.06USD
EMC CORP. 5,153 57,765 0.25USD
EMERSON ELECTRIC CO. 1,966 54,910 0.24USD
ENSCO INTERNATIONAL INC. 340 9,336 0.04USD
ENTERGY CORP. 500 33,465 0.15USD
EOG RESOURCES INC. 652 36,942 0.16USD
EQT 340 10,625 0.05USD
EQUIFAX INC. 327 7,871 0.03USD
EQUITY RESIDENTIAL SBI 716 12,193 0.05USD
ESTEE LAUDER COS -A- 303 7,466 0.03USD
EXELON CORP. 1,706 76,309 0.34USD
EXPEDIA INC. DEL 460 4,099 0.02USDEXPEDITORS INTERNATIONALWASH. 560 15,557 0.07USD
EXPRESS SCRIPTS INC. 650 29,270 0.13USD
EXXON MOBIL CORP. 12,709 872,218 3.82USD
FAMILY DOLLAR STORES INC. 361 12,180 0.05USD
FASTENAL 340 10,836 0.05USDFEDERATED INVESTORS INC.-B- 235 4,921 0.02USD
FEDEX CORP. 815 35,925 0.16USDFIDELITY NATIONAL INFORMSERV 450 8,019 0.04USD
FIFTH THIRD BANCORP. 1,039 2,577 0.01USDFIRST HORIZON NATIONALCORP. 510 5,177 0.02USD
FIRSTENERGY CORP. 801 31,055 0.14USD
FISERV INC. 416 14,701 0.06USD
FLIR SYSTEMS 330 6,739 0.03USD
FLOWSERVE CORP. 130 7,166 0.03USD
FLUOR CORP. (NEW) 478 16,649 0.07USD
FORD MOTOR CO. 6,238 17,217 0.08USD
FOREST LABORATORIES 790 16,906 0.07USD
FORTUNE BRANDS 398 9,787 0.04USD
FPL GROUP INC. 1,024 50,678 0.22USD
FRANKLIN RESOURCES INC. 394 20,153 0.09USD
Description Quantity Currency Evaluation % netassets
159HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
FREEPORT MCMO.COPP&GOLD -B- 1,059 40,803 0.18USDFRONTIER COMMUNICATIONSCO. 745 5,245 0.02USD
GAMESTOP CORP. -A- 410 11,099 0.05USD
GANNETT CO. INC. 708 1,600 0.01USD
GAP INC. 1,220 15,823 0.07USD
GENERAL DYNAMICS CORP. 965 40,858 0.18USD
GENERAL ELECTRIC CO. 27,069 268,794 1.18USD
GENERAL MILLS INC. 827 41,565 0.18USD
GENERAL MOTORS CORP. 1,427 3,853 0.02USD
GENUINE PARTS CO. 420 12,482 0.05USD
GENZYME CORP. 713 42,031 0.18USD
GILEAD SCIENCES INC. 2,334 106,477 0.47USD
GOLDMAN SACHS GROUP INC. 1,191 119,648 0.53USD
GOODRICH CORP. 334 12,622 0.06USD
GOODYEAR TIRE & RUBBER 704 4,358 0.02USD
GOOGLE INC. -A- 613 210,069 0.92USD
GRAINGER INC..WW 166 11,713 0.05USD
HALLIBURTON CO. 2,348 37,145 0.16USD
HARLEY DAVIDSON INC. 626 8,401 0.04USDHARMAN INTERNATIONALINDUSTRIES INC. 188 2,489 0.01USD
HARRIS CORP. 350 9,758 0.04USDHARTFORD FINANCIALSERVICES GROUP 789 6,083 0.03USD
HASBRO INC. 297 7,404 0.03USD
HCP INC. 660 10,864 0.05USD
HEALTH CARE REIT INC. 280 7,882 0.03USD
HEINZ (H.J.) CO. 828 27,481 0.12USD
HESS CORP. 707 39,012 0.17USD
HEWLETT-PACKARD CO. 6,151 197,570 0.87USD
HOME DEPOT INC. 4,345 101,586 0.45USDHONEYWELL INTERNATIONALINC. 1,903 52,922 0.23USD
HOSPIRA INC. 386 11,773 0.05USDHOST HOTELS & RESORTSINC. 1,200 4,464 0.02USD
HUDSON CITY BANCORP INC. 1,370 15,015 0.07USD
HUMANA INC. 440 11,062 0.05USD
IBM CORP. 3,452 326,282 1.43USD
ILLINOIS TOOL WORKS 930 28,235 0.12USD
IMS HEALTH 467 5,716 0.03USDINGERSOLL-RAND COMPANY -A- 833 11,645 0.05USDINTEGRYS ENERGY GROUPINC. 223 5,736 0.03USD
INTEL CORP. 14,327 210,893 0.93USDINTERCONTINENTALEXCHANGE INC. 200 14,614 0.06USDINTERNATIONAL FLAVORS &FRAGR. 193 5,813 0.03USDINTERNATIONAL GAMETECHNOLOGY 748 6,874 0.03USD
INTERNATIONAL PAPER CO. 1,117 8,255 0.04USD
INTERPUBLIC GROUP 1,428 5,955 0.03USD
INTUIT 814 21,831 0.10USD
INTUITIVE SURGICAL INC. 100 9,390 0.04USD
IRON MOUNTAIN INC. 450 9,747 0.04USD
ITT CORP. 460 17,673 0.08USD
JABIL CIRCUIT INC. 641 3,506 0.02USD
Description Quantity Currency Evaluation % netassets
JACOBS ENGINEERINGGROUP 320 12,346 0.05USD
JANUS CAPITAL GROUP INC. 452 2,753 0.01USD
JDS UNIPHASE CORP. 587 2,131 0.01USD
JM SMUCKER CO. 310 11,241 0.05USD
JOHNSON & JOHNSON 7,113 377,059 1.65USD
JOHNSON CONTROLS INC. 1,421 16,768 0.07USD
JP MORGAN CHASE & CO. 9,672 240,348 1.06USD
JUNIPER NETWORKS INC. 1,380 20,866 0.09USD
KELLOGG CO. 663 24,186 0.11USD
KEYCORP 1,296 9,435 0.04USD
KIMBERLY CLARK CORP. 1,046 48,524 0.21USD
KIMCO REALTY CORP. 538 3,750 0.02USD
KING PHARMACEUTICALS INC. 580 4,008 0.02USD
KLA TENCOR CORPORATION 403 8,096 0.04USD
KOHL S CORP. 801 33,346 0.15USD
KRAFT FOODS INC -A- 3,850 84,084 0.37USD
KROGER CO. 1,664 35,693 0.16USDLABORATORY CORPORATIONOF AMERICA HOLDINGS 278 16,121 0.07USD
LEGG MASON INC. 235 3,511 0.02USD
LEGGETT + PLATT INC. 433 5,547 0.02USD
LENNAR CORP. -A- 415 3,615 0.02USD
LEUCADIA NATIONAL CORP. 520 7,171 0.03USDLEXMARK INTERNATIONALINC. 222 3,743 0.02USD
LIFE TECHNOLOGIES CORP. 453 14,546 0.06USD
LIMITED BRANDS INC. 774 6,734 0.03USD
LINCOLN NATIONAL CORP. 773 4,955 0.02USD
LINEAR TECHNOLOGY 580 13,253 0.06USD
LOCKHEED MARTIN CORP. 873 60,246 0.26USD
LOEWS CORP. 942 20,291 0.09USD
LORILLARD INC. 440 27,755 0.12USD
LOWE S COMPANIES INC. 3,839 70,830 0.31USD
LSI CORPORATION 1,509 4,602 0.02USDL-3 COMMUNICATIONSHOLDINGS INC. 307 20,729 0.09USD
MACY S 1,067 9,507 0.04USD
MARATHON OIL CORP. 1,852 47,152 0.21USDMARRIOTT INTERNATIONALINC. -A- 717 11,637 0.05USDMARSH & MC-LENNAN COSINC. 1,346 26,732 0.12USDMARSHALL & IISLEY CORP./W.I. 752 3,828 0.02USD
MASCO CORP. 640 4,288 0.02USD
MASSEY ENERGY CO. 200 2,056 0.01USD
MASTERCARD INC. SHS -A- 190 30,980 0.14USD
MATTEL INC. 935 10,809 0.05USD
MCAFEE INC. 390 12,609 0.06USD
MC-CORMICK&CO. /NON-VOT 372 10,922 0.05USD
MCDONALD S CORP. 2,910 156,907 0.69USDMCGRAW HILL COMPANIESINC. 817 18,521 0.08USD
MCKESSON CORP. 722 26,079 0.11USD
MEADWESTVACO CORP. 385 4,585 0.02USD
MEDCOHEALTH SOLUTIONS 1,240 49,104 0.22USD
MEDTRONIC INC. 2,855 82,881 0.36USDMEMC ELECTRONICMATERIALS 580 9,640 0.04USD
Description Quantity Currency Evaluation % netassets
160HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
MERCK & CO. INC. 5,456 144,857 0.64USD
METLIFE INC. 2,079 44,699 0.20USDMICROCHIP TECHNOLOGYINC. 470 9,936 0.04USD
MICRON TECHNOLOGY INC. 1,999 7,756 0.03USD
MICROSOFT CORP. 19,670 343,831 1.51USD
MILLIPORE CORP. 137 7,750 0.03USD
MOLEX INC. 420 5,662 0.02USDMOLSON COORS BREW-B-NON-VOT 388 13,289 0.06USD
MONSANTO CO. 1,410 116,692 0.51USD
MONSTER WORLDWIDE INC. 404 3,276 0.01USDMOODY S CORP. / WHENISSUED 481 10,534 0.05USD
MORGAN STANLEY 2,785 61,632 0.27USD
MOTOROLA INC. 5,972 25,082 0.11USD
M&T BANK CORPORATION 196 8,624 0.04USD
MURPHY OIL CORP. 500 22,760 0.10USD
MYLAN INC. 800 10,440 0.05USD
NABORS INDUSTRIES LTD 814 8,083 0.04USD
NASDAQ OMX GROUP INC. 350 6,423 0.03USDNATIONAL OILWELL VARCOINC. 1,094 32,350 0.14USDNATIONAL SEMICONDUCTORCORP. 522 5,314 0.02USD
NETAPP INC. 816 11,971 0.05USD
NEW YORK TIMES A 337 1,557 0.01USD
NEWELL RUBBERMAID INC. 608 3,867 0.02USD
NEWMONT MINING CORP. 1,273 57,667 0.25USD
NEWS CORP. -A- 5,785 37,487 0.16USD
NICOR INC. 82 2,691 0.01USD
NIKE INC. -B- 1,010 46,723 0.21USD
NISOURCE INC. 644 6,247 0.03USD
NOBLE ENERGY 390 20,362 0.09USD
NORDSTROM INC. 374 6,276 0.03USD
NORFOLK SOUTHERN CORP. 967 32,037 0.14USD
NORTHEAST UTILITIES 400 8,608 0.04USD
NORTHERN TRUST CORP. 583 33,225 0.15USD
NORTHROP GRUMMAN CORP. 856 37,227 0.16USD
NOVELL INC. 1,042 4,491 0.02USD
NOVELLUS SYSTEMS INC. 198 3,239 0.01USD
NUCOR CORP. 819 31,196 0.14USD
NVIDIA CORP. 1,418 13,882 0.06USD
NYSE EURONEXT INC. 690 11,840 0.05USD
O REILLY AUTOMOTIVE INC. 350 12,268 0.05USDOCCIDENTAL PETROLEUMCORP. 2,080 116,896 0.51USD
OMNICOM GROUP INC. 810 18,638 0.08USD
ORACLE CORP. 9,857 174,075 0.77USD
OWENS-ILLINOIS INC. 440 6,314 0.03USD
PACCAR INC. 951 23,889 0.10USD
PACTIV CORP. 308 4,389 0.02USD
PALL CORP. 333 6,790 0.03USD
PARKER-HANNIFIN 418 14,103 0.06USD
PATTERSON COMPANIES INC. 210 4,022 0.02USD
PAYCHEX INC. 837 21,076 0.09USD
PEABODY ENERGY 695 17,403 0.08USD
PENNEY (J.C.) CO. INC. 579 11,823 0.05USD
Description Quantity Currency Evaluation % netassets
PEOPLE S UNITED FINANCIALINC. 910 15,889 0.07USD
PEPCO HOLDINGS INC. 570 6,983 0.03USD
PEPSI BOTTLING GROUP INC. 316 6,984 0.03USD
PEPSICO INC. 4,030 208,714 0.92USD
PERKINELMER INC. 341 4,222 0.02USD
PFIZER INC. 17,298 236,982 1.04USD
PG&E CORP. 904 34,379 0.15USDPHILIP MORRISINTERNATIONAL 5,151 189,196 0.83USDPINNACLE WEST CAPITALCORP. 242 6,294 0.03USDPIONEER NATURALRESOURCES 260 4,371 0.02USD
PITNEY BOWES INC. 505 11,660 0.05USD
PNC FINANCIAL SERVICES GP 1,073 28,671 0.13USD
POLO RALPH LAUREN A 130 5,534 0.02USD
PPG INDUSTRIES INC. 435 16,038 0.07USD
PPL CORP. 990 27,621 0.12USD
PRAXAIR 776 51,154 0.22USD
PRECISION CASTPARTS 365 21,761 0.10USDPRINCIPAL FINANCIAL GROUPINC. 608 4,852 0.02USD
PROCTER & GAMBLE CO. 7,545 356,727 1.56USD
PROGRESS ENERGY INC. 690 24,881 0.11USD
PROGRESSIVE CORP. 1,769 22,626 0.10USD
PROLOGIS /SHS OF BENEF.INT 696 3,661 0.02USD
PRUDENTIAL FINANCIAL INC. 1,085 19,530 0.09USDPUBLIC SERVICESENTERPRISE 1,282 36,396 0.16USD
PUBLIC STORAGE INC. 324 16,764 0.07USD
PULTE HOMES INC. 598 6,590 0.03USD
Q LOGIC CORP. 290 3,268 0.01USD
QUALCOMM INC. 4,226 160,039 0.70USD
QUEST DIAGNOSTICS INC. 379 17,828 0.08USD
QUESTAR CORP. 460 13,460 0.06USDQWEST COMMUNICATIONSINTERNATIONAL 3,847 13,503 0.06USD
RADIOSHACK CORP. 275 2,475 0.01USD
RANGE RESOURCES 410 17,072 0.08USD
RAYTHEON COMPANY 1,009 39,149 0.17USD
REGIONS FINANCIAL CORP. 2,027 7,905 0.03USD
REPUBLIC SERVICES INC. 838 14,095 0.06USD
REYNOLDS AMERICAN INC. 444 16,255 0.07USDROBERT HALFINTERNATIONAL INC. 352 6,132 0.03USD
ROCKWELL AUTOMATION 352 7,681 0.03USD
ROCKWELL COLLINS 415 13,450 0.06USD
ROHM & HAAS CO. 323 25,385 0.11USD
ROWAN COMPANIES INC. 297 3,647 0.02USD
RYDER SYSTEM INC. 132 3,555 0.02USD
SAFEWAY INC. 1,124 22,671 0.10USD
SALESFORCE COM INC. 250 8,143 0.04USD
SANDISK CORP. 545 6,616 0.03USD
SARA LEE CORP. 1,849 15,032 0.07USD
SCANA CORPORATION 300 9,120 0.04USD
SCHERING-PLOUGH CORP. 4,170 98,454 0.43USD
SCHLUMBERGER LTD 3,094 127,225 0.56USDSCRIPPS NETWORKSINTERACTIVE INTERNATIONAL 244 5,329 0.02USD
Description Quantity Currency Evaluation % netassets
161HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SEALED AIR CORP. (NEW) 358 4,890 0.02USD
SEARS HOLDINGS CORP. 163 7,389 0.03USD
SEMPRA ENERGY 604 27,120 0.12USD
SHERWIN-WILLIAMS CO. 259 13,502 0.06USD
SIGMA-ALDRICH CORP. 326 12,183 0.05USDSIMON PROPERTY /PAIREDSHS 705 21,756 0.10USD
SLM CORP. 1,213 5,277 0.02USD
SMITH INTERNATIONAL INC. 570 12,802 0.06USD
SNAP-ON INC. 174 4,383 0.02USD
SOUTHERN CO. 2,036 61,772 0.27USD
SOUTHWEST AIRLINES CO. 1,937 11,951 0.05USD
SOUTHWESTERN ENERGY CO. 900 27,333 0.12USD
SPECTRA ENERGY CORP. 1,604 22,504 0.10USDSPRINT NEXTEL CORP. /FONSER.1 7,493 26,750 0.12USD
ST JUDE MEDICAL INC. 904 33,141 0.15USD
STANLEY WORKS 225 6,530 0.03USD
STAPLES INC. 1,869 33,978 0.15USD
STARBUCKS CORP. 1,929 21,721 0.10USDSTARWOOD HOTELSRESORTS WW 487 6,151 0.03USD
STATE STREET CORP. 1,104 30,890 0.14USD
STERICYCLE INC. 220 10,371 0.05USD
STRYKER CORP. 633 21,174 0.09USD
SUN MICROSYSTEMS INC. 1,866 13,510 0.06USD
SUNOCO INC. 305 8,086 0.04USD
SUNTRUST BANKS INC. 931 10,101 0.04USD
SUPERVALU INC. 569 7,920 0.03USD
SYMANTEC CORP. 2,053 29,892 0.13USD
SYSCO CORP. 1,574 35,871 0.16USD
T ROWE PRICE GROUP INC. 626 17,134 0.08USD
TARGET CORP. 1,928 64,164 0.28USD
TECO ENERGY INC. 561 6,059 0.03USD
TELLABS INC. 1,002 4,379 0.02USD
TERADATA 460 7,544 0.03USD
TERADYNE INC. 530 2,406 0.01USD
TESORO CORP. 320 4,234 0.02USD
TEXAS INSTRUMENTS INC. 3,328 54,646 0.24USD
TEXTRON INC. 694 3,838 0.02USD
THE HERSHEY CO. 436 15,147 0.07USDTHERMO FISHER SCIENTIFICINC. 1,058 37,982 0.17USD
TIFFANY & CO. 337 7,148 0.03USD
TIME WARNER 3,137 57,188 0.25USD
TIME WARNER CABLE 937 23,659 0.10USD
TJX COS INC. 1,095 28,185 0.12USD
TORCHMARK CORP. 198 4,994 0.02USDTOTAL SYSTEM SERVICESINC. 530 7,256 0.03USD
TRAVELERS COMPANIES INC. 1,531 58,974 0.26USD
TYSON FOODS INC. -A- 783 7,305 0.03USD
UNION PACIFIC CORP. 1,270 52,045 0.23USD
UNITED STATES STEEL 289 6,228 0.03USDUNITED TECHNOLOGIESCORP. 2,441 103,987 0.46USD
UNITEDHEALTH GROUP INC. 3,169 65,091 0.29USD
UNUM GROUP. 865 10,172 0.04USD
US Bancorp. 4,598 63,360 0.28USD
Description Quantity Currency Evaluation % netassets
UTD PARCEL SERVICE INC. -B- 2,541 123,518 0.54USD
VALERO ENERGY CORP. 1,358 24,077 0.11USDVARIAN MEDICAL SYSTEMSINC. 260 7,857 0.03USD
VENTAS INC. 350 7,504 0.03USD
VERISIGN INC. 461 8,685 0.04USD
VERIZON COMMUNICATIONS I. 7,273 219,790 0.97USD
VF CORP. 236 13,499 0.06USD
VIACOM INC. -B- 1,540 26,580 0.12USDVORNADOREAL.TRUST/BEN.IN 358 11,173 0.05USDVULCAN MATERIALS CO.(HOLD. CO.) 285 12,640 0.06USD
WALGREEN CO. 2,546 66,171 0.29USD
WAL-MART STORES INC. 5,744 297,308 1.31USD
WALT DISNEY /DISNEY SER. 4,854 86,644 0.38USD
WASHINGTON POST -B- 11 3,886 0.02USD
WASTE MANAGEMENT INC. 1,285 32,536 0.14USD
WATERS CORPORATION 259 9,425 0.04USDWATSON PHARMACEUTICALSINC. 258 7,441 0.03USD
WELLPOINT INC. 1,333 47,628 0.21USD
WELLS FARGO & CO. 10,909 145,853 0.64USD
WESTERN UNION COMPANY 1,872 22,464 0.10USD
WEYERHAEUSER CO. 551 15,009 0.07USD
WHIRLPOOL CORP. 169 4,916 0.02USD
WHOLE FOODS MARKET INC. 215 3,649 0.02USD
WILLIAMS COMPANIES INC. 1,517 16,793 0.07USD
WINDSTREAM CORP. 1,191 9,552 0.04USD
WISCONSIN ENERGY CORP. 300 12,204 0.05USD
WYETH 3,429 147,447 0.65USD
WYNN RESORTS LTD 150 2,879 0.01USD
XCEL ENERGY INC. 1,174 21,367 0.09USD
XEROX CORP. 2,265 10,396 0.05USD
XILINX INC. 691 13,302 0.06USD
XL CAPITAL LTD -A- 1,061 5,623 0.02USD
XTO ENERGY INC. 1,515 46,814 0.21USD
YAHOO INC. 3,579 45,453 0.20USD
YUM BRANDS 1,186 32,805 0.14USD
ZIMMER HOLDINGS INC. 588 21,550 0.09USD
ZIONS BANCORP 323 3,030 0.01USD
3M CO. 1,761 85,673 0.38USD
17,509,800 76.95
77.25TOTAL SHARES 17,578,178
HUGOTON ROYALTY TRUST/UN. BENEF 1 9 0.00USD
INVESTMENT FUNDS
UNITED STATES
PLUM CREEK TIMBER CO. INC./REIT 444 11,984 0.05USD
11,993 0.05
0.05TOTAL INVESTMENT FUNDS 11,993
Description Quantity Currency Evaluation % netassets
162HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ISHARES TRUST / S&P 500INDEX FD 23,650 1,868,114 8.21USD
EXCHANGE TRADED FUNDS
UNITED STATES
1,868,114 8.21
8.21TOTAL EXCHANGE TRADED FUNDS 1,868,114
85.51TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 19,458,285
Description Quantity Currency Evaluation % netassets
SEAGATE TECHNOLOGY 147 - 0.00USD
OTHER TRANSFERABLE SECURITES
SHARES
UNITED STATES
- 0.00
0.00TOTAL SHARES -
0.00TOTAL OTHER TRANSFERABLE SECURITIES -
85.51TOTAL INVESTMENTS 19,458,285
14.49OTHER NET ASSETS LESS LIABILITIES 3,296,509
100.00TOTAL NET ASSETS 22,754,794
163HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SINO GOLD MINING LTD 526,657 1,914,689 2.04AUD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRALIA
1,914,689 2.04
CHINA YURUN FOOD GROUPLTD 2,644,000 3,370,562 3.59HKD
BERMUDA ISLANDS
ESPRIT HOLDINGS LTD 64,600 329,241 0.35HKD
KERRY PROPERTIES LTD 390,000 941,001 1.00HKD
4,640,804 4.94
LI NING COMPANY LTD 945,500 1,561,548 1.66HKD
CAYMAN ISLANDS
SUN HUNG KAI PROPERTIESLTD 223,000 1,996,864 2.12HKD
TENCENT HOLDINGS LIMITED 101,000 749,330 0.80HKD
4,307,742 4.58
BANK OF CHINA LTD -H- 6,948,000 2,303,970 2.45HKD
CHINA
CHINA CONSTRUCTION BANKCO. -H- 5,912,000 3,356,380 3.58HKDCHINA LIFE INSURANCE CO.LTD -H- 914,000 3,030,842 3.22HKD
CHINA RESOURCES LAND 676,000 1,046,675 1.11HKDCHINA SHENHUA ENERGY CO.-H- 882,500 1,988,121 2.11HKD
PETROCHINA CO. LTD /-H- 2,304,000 1,837,194 1.95HKD
13,563,182 14.42
CAIRN ENERGY PLC 33,959 1,014,968 1.08GBP
GREAT BRITAIN
1,014,968 1.08
BEIJING ENTERPRISESHOLDING LTD 211,500 881,448 0.94HKD
HONG KONG
CHEUNG KONG HOLDINGS 267,000 2,299,570 2.45HKD
CHINA MOBILE LTD 401,000 3,492,466 3.71HKD
CNOOC LTD 437,000 433,039 0.46HKD
HANG LUNG PROPERTIES LTD 459,000 1,077,874 1.15HKD
HANG SENG BANK LTD 66,000 664,662 0.71HKD
HONGKONG & CHINA GAS 539,000 849,853 0.90HKDHONGKONG ELECTRICHOLDINGS LTD 352,000 2,089,221 2.22HKD
INVESTMENTS
Asia ex Japan Freestyle (formerly AsiaFreestyle)Statement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
HUTCHISON WHAMP 271,000 1,328,730 1.41HKD
13,116,863 13.95
PERUSAHAAN GAS NEGA -B- 5,103,000 943,764 1.00IDR
INDONESIA
UNITED TRACTORS 888,500 515,894 0.55IDR
1,459,658 1.55
GENTING INTERNATIONAL 551,330 190,408 0.20SGD
ISLE OF MAN
190,408 0.20
BRITISH AMERICAN TOBACCO 155,200 1,936,009 2.05MYR
MALAYSIA
RESORTS WORLD 2,941,100 1,725,550 1.84MYR
3,661,559 3.89
DBS GROUP HOLDINGS LTD 416,000 2,298,721 2.45SGD
SINGAPORE
KEPPEL CORP. LTD 372,000 1,260,271 1.34SGDSINGAPORE PRESS HOLDINGSLTD 250,000 417,722 0.44SGDSINGAPORE TELECOM/BOARD LOT 1000 1,123,000 1,876,407 2.00SGD
VENTURE CORPORATION LTD 310,000 1,027,794 1.09SGD
6,880,915 7.32
KOREA EXCHANGE BANK 98,140 439,922 0.47KRW
SOUTH KOREA
KT&G CORPORATION 44,460 2,446,203 2.60KRW
LOTTE SHOPPING LTD 6,450 888,368 0.94KRW
NHN CORPORATION 18,442 2,013,368 2.14KRWSAMSUNG ELECTRONICS CO.LTD 8,664 3,557,994 3.79KRWSAMSUNG FIRE&MARINEINSURANCE 15,040 1,739,827 1.85KRW
SK TELECOM CO. LTD 16,543 2,296,433 2.44KRW
13,382,115 14.23
AU OPTRONICS CORP. 1,190,687 983,661 1.05TWD
TAIWAN
CATHAY FINANCIAL HOLDING 975,000 837,063 0.89TWDCHUNGHWA TELECOM CO.LTD 1,554,035 2,833,128 3.01TWDGIANT MANUFACTURE CO.LTD 424,000 871,638 0.93TWDHON HAI PRECISIONINDUSTRY CO. LTD 964,193 2,178,082 2.32TWD
MEDIA TEK INCORPORATION 59,170 555,913 0.59TWDPRESIDENT CHAIN STORECORP. 327,000 748,313 0.80TWD
TAIWAN CEMENT CORP. 748,000 615,741 0.65TWD
TAIWAN FERTILIZER CO. LTD 1,123,000 2,298,684 2.44TWDTAIWAN SEMICONDUCTORMANUFACTURING 1,488,566 2,253,440 2.40TWD
14,175,663 15.08
Description Quantity Currency Evaluation % netassets
164HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BANGKOK BANK PUBLIC/FOREIGN 1,002,500 2,123,508 2.26THB
THAILAND
2,123,508 2.26
85.54TOTAL SHARES 80,432,074
MOR ST AS 13.1.14 CW/BHEL 16,575 491,106 0.52USD
WARRANTS / EQUITY LINKED SECURITIES
CAYMAN ISLANDS
491,106 0.52
BNP PARIBAS 06.04.10 CW /ICICI BK 172,755 1,152,266 1.23USD
FRANCE
1,152,266 1.23
HSBC 22.10.18 CW / UNSP 97,634 1,250,633 1.33USD
GREAT BRITAIN
1,250,633 1.33
JP MORGAN INTERNATIONALJE 08-18.03.13 CERT / HCL 747,310 1,457,255 1.55USD
JERSEY
JP MORGAN INTERNATIONALJE 22.05.12 CERT / IBREL 432,593 780,830 0.83USD
2,238,085 2.38
5.46TOTAL WARRANTS / EQUITY LINKED SECURITIES 5,132,090
91.00TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 85,564,164
Description Quantity Currency Evaluation % netassets
PEACE MARK HOLDINGSLIMITED 4,314,000 - 0.00HKD
OTHER TRANSFERABLE SECURITES
SHARES
BERMUDA ISLANDS
- 0.00
AYALA LAND INC. /PREF 4,221,600 - 0.00PHP
PHILIPPINES
- 0.00
0.00TOTAL SHARES -
UBS 03.07.10 WRT /INFRASTRUCTURE PROJECT 356,395 854,983 0.91USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
854,983 0.91
BNP PARIBAS 09-01.04.15 CW /ADITYA 72,995 633,207 0.67USD
NETHERLANDS
633,207 0.67
MERILL LYNCH 05-14.09.10WRT/BHARAT 17,753 526,062 0.56USD
NETHERLANDS ANTILLES
526,062 0.56
2.14TOTAL WARRANTS / EQUITY LINKED SECURITIES 2,014,252
2.14TOTAL OTHER TRANSFERABLE SECURITIES 2,014,252
Description Quantity Currency Evaluation % netassets
93.14TOTAL INVESTMENTS 87,578,416
6.86OTHER NET ASSETS LESS LIABILITIES 6,448,516
100.00TOTAL NET ASSETS 94,026,932
165HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CHINA YURUN FOOD GROUPLTD 1,500,000 1,912,195 0.23HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
GP INVESTMENTS LTD /BDR 3,716,796 9,341,903 1.13BRL
11,254,098 1.36
ALL AMERICA LATINA /UNIT 2,258,320 9,557,240 1.15BRL
BRAZIL
ANHANGUERA EDUCACIONALPART. 460,000 2,262,945 0.27BRL
BANCO BRADESCO SA /PREF. 1,046 10,265 0.00BRL
BANCO BRADESCO /SADR 1,480,000 14,356,000 1.73USD
BR MALLS PARTICIPAES SA 46,700 284,915 0.03BRL
BRADESPAR SA BRASIL/PREF. 2,225,400 20,843,726 2.51BRL
BRASILAGRO 1,864,400 4,605,934 0.55BRLCIA VALE DO RIO DOCE A/PREF. 65,000 744,534 0.09BRL
CIA VALE RIO DOCE/SADR 15,000 195,750 0.02USDCIA VALE RIO DOCE/SADR(1PREF.) 291,000 3,299,940 0.40USDDIAGNOST DA AMERICA SABRL 1,687,865 17,563,967 2.12BRL
DURATEX SA /PRIV. 1,596,700 9,844,326 1.19BRL
GVT HOLDING SA 1,035,000 11,650,711 1.40BRL
INPAR AS ON 90,000 60,709 0.01BRLITAU HOLDING /PREF.SHS/SADR 345,337 3,795,254 0.46USD
JBS AS 17,709,701 39,185,846 4.73BRL
MARCOPOLO POMO /PREF. 4,698,400 6,257,811 0.75BRL
PETROBRAS /SADR 1,010,100 24,929,268 3.00USDPETROLEO BRASILEIRO/PREF. 180,000 2,225,738 0.27BRL
PETROLEO BRASILEIRO /SADR 37,200 1,147,248 0.14USDSAO CARLOSEMPREENDIMENTOS 2,134,300 11,095,621 1.34BRLTELE NORT. LE. TNLP /PREF.SADR 220,000 2,963,400 0.36USD
186,881,148 22.52
CHINA DONGXIANG (GROUP)CO. LTD 8,000,000 2,941,838 0.35HKD
CAYMAN ISLANDS
COMBA TELECOM SYSTEMSHOLDINGS 382,000 135,051 0.02HKD
LONKING HOLDINGS LTD 8,200,000 4,983,319 0.60HKD
NETEASE COM INC. / ADR 179,688 4,544,310 0.55USD
TENCENT HOLDINGS LIMITED 800,000 5,935,288 0.72HKD
INVESTMENTS
BRIC FreestyleStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
WANT WANT CHINA HOLDINGSLTD 8,602,000 3,995,636 0.48HKD
22,535,442 2.72
BANK OF CHINA LTD -H- 32,700,000 10,843,384 1.31HKD
CHINA
CHINA BLUECHEMICAL LTD -H- 8,000,000 4,376,630 0.53HKDCHINA COMMUNICATIONSSERVICES -H- 5,054,000 3,025,779 0.36HKDCHINA CONSTRUCTION BANKCO. -H- 25,167,000 14,287,890 1.71HKDCHINA LIFE INSURANCE CO.LTD -H- 5,770,000 19,133,434 2.30HKDCHINA NATIONAL BUILDINGMATERIAL -H- 2,000,000 2,962,483 0.36HKDCHINA PETROLEUM&CHEMCORP. H 12,162,000 7,783,423 0.94HKD
CHINA RESOURCES LAND 2,000,000 3,096,672 0.37HKDCHINA SHENHUA ENERGY CO.-H- 1,150,000 2,590,753 0.31HKDCHINA SOUTH LOCOMOTIVE -H- 5,000,000 2,283,796 0.28HKDCHINA TELECOM CORP. LTD -H- 12,500,000 5,161,120 0.62HKD
DONGFENG MOTOR -H- 13,000,000 6,726,230 0.81HKD
JIANGSU EXPRESSWAY CO. H 4,000,000 2,714,749 0.33HKD
PETROCHINA CO. LTD /-H- 14,800,000 11,801,417 1.42HKDPING AN INSURANCE GRP CO.-H- 1,200,000 7,161,054 0.86HKD
SINOFERT HOLDINGS LTD 5,962,000 2,623,193 0.32HKDYANTAI CHANGYU PIONEERWINE -B- 629,052 2,288,862 0.28HKDZHEJIANG EXPRESSWAY CO.LTD H 4,064,000 2,962,689 0.36HKD
ZIJIN MINING GROUP -H- 8,000,000 5,697,876 0.69HKD
ZTE CORP. -H- 1,314,200 5,349,889 0.64HKD
122,871,323 14.80
AFK SISTEMA / SGDR 177,433 1,073,470 0.13USD
FEDERATION OF RUSSIA
AK SBEREGATELNY BANKSBERBANK 16,148,713 9,850,715 1.19USD
COMSTAR /SGDR REP. REGS 608,770 2,100,257 0.25USD
GAZPROM OAO 13,551,802 51,272,919 6.19USD
GAZPROM OAO /SADR REGS 1,400,518 21,175,832 2.55USDGRUPPA KOMP. PIKOAO/SGDR 317,031 421,651 0.05USD
JSC SURGUTNEFTEGAZ /SADR 962,398 6,476,939 0.78USD
LUKOIL /SADR (REP.1 SHS.) 1,118,501 42,782,663 5.15USD
MECHEL OJSC /ADR 287,537 1,150,148 0.14USD
MMC NORILSK NICKEL 41,598 2,579,076 0.31USD
MMC NORILSK NICKEL /SADR 759,327 4,707,827 0.57USDMOBILE TELESYSTEMSOJS/SADR 420,137 12,448,659 1.50USD
NOVATEK OAO /SGDR 108,307 2,531,135 0.30USDNOVOLIPETSK STEEL REGS/GDR 146,045 1,834,325 0.22USD
PHARMSTANDARD OKT /SGDR 99,936 989,366 0.12USDROSNEFT OIL COMPANY OJSC/SGDR 2,797,919 12,422,760 1.50USDROSTELECOM /SADR REP. 6SHS 54,960 2,855,172 0.34USDSEVERSTAL CHEREPOVETSMET/SGDR 477,770 1,657,862 0.20USDTATNEFT /SGDR REP. 20 SHSREGS 68,866 3,347,576 0.40USD
Description Quantity Currency Evaluation % netassets
166HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
VIMPEL COMMUNICATIONS/S.ADR 815,922 5,270,856 0.64USDWIMM-BILL-DANN FODDS/SADR 44,753 1,392,713 0.17USD
188,341,921 22.70
CAIRN ENERGY PLC 1,175,000 35,118,447 4.23GBP
GREAT BRITAIN
35,118,447 4.23
BEIJING ENTERPRISESHOLDING LTD 1,695,500 7,066,173 0.85HKD
HONG KONG
CHINA EVERBRIGHT LTD 2,000,000 3,106,994 0.37HKDCHINA INSURANCEINTERNATIONAL HOLDING 2,526,000 4,061,022 0.49HKD
CHINA MOBILE LTD 1,711,500 14,906,121 1.80HKDCHINA OVERSEASLAND&INVESTMENT 3,300,000 5,177,636 0.62HKD
CHINA UNICO (HK) 3,885,644 4,151,235 0.50HKD
CNOOC LTD 9,100,000 9,017,509 1.09HKDGUANGDONG INVESTMENTLTD 6,000,000 2,415,404 0.29HKDSINO-OCEAN LAND HOLDINGSLTD 4,000,000 2,632,171 0.32HKD
52,534,265 6.33
ADITYA BIRLA NUVO LTD /DEMATER. 871,092 7,603,631 0.92INR
INDIA
ANANT RAJ INDUSTRIESLTD/GDR 400,000 330,351 0.04USD
DLF LIMITED 2,101,458 7,066,245 0.85INRDR REDDY SLABORATORIES/ADR 430,351 3,705,322 0.45USDDR REDDY SLABORATORIES/DEMAT. 800,000 7,661,094 0.92INRFINANCIAL TECHNOLOGIES/GDR 3 5 0.00USD
GUJARAT NRE COKE LTD 3,360,000 1,328,028 0.16INRHCL INFOSYSTEMS LTD/DEMAT. 964,652 1,455,864 0.18INR
HCL TECHNOLOGIES /DEMAT. 5,414,445 10,934,433 1.32INR
ICICI BANK /SADR 430,000 5,452,400 0.66USD
IDEA CELLULAR LTD 5,000,000 4,930,748 0.59INR
INDIA CEMENTS LTD /DEMAT. 2,700,000 5,765,878 0.69INRINDIABULLS REAL ESTATE/DEMAT. 1,662,365 3,309,735 0.40INRIRB INFRASTRUCTUREDEVELOPERS 420,164 678,319 0.08INRIVRCL INFRASTRUCTURESAND PROJECTS 1,311,348 3,166,563 0.38INRJINDAL STEEL & POWER/DEMAT. 1,192,935 28,083,768 3.39INRMAHINDRA & MAHINDRA/DEMAT. 712,016 5,379,916 0.65INRMAHINDRA UGINE STEEL/DEMAT. 1,316,587 538,499 0.06INR
MARUTI SUZUKI INDIA LTD 1,140,000 17,283,476 2.08INR
PUNJ LLOYD LTD 700,000 1,253,285 0.15INRPURAVANKARA PROJECTSLTD 634,842 514,322 0.06INRSTERLITE INDUSTRIES (INDIA)/ADR 400,000 2,564,000 0.31USD
TATA STEEL LTD /DEMAT. 1,100,000 4,568,340 0.55INRTATA STEEL (2% CUM CVPREF SHS) 994,500 665,877 0.08INR
Description Quantity Currency Evaluation % netassets
UNITECH LTD /DEMAT. 4,000,000 2,815,885 0.34INR
VISA STEEL LTD /DEMAT. 2,460,000 894,909 0.11INR
WIPRO LTD /DEMAT. 1,550,000 7,487,215 0.90INR
135,438,108 16.32
ENERGYO SOL RUS 1,280,700 2,521,791 0.30SEK
SWEDEN
2,521,791 0.30
CENTRAL EUROPEANDISTRIBUTION CORP. 115,251 1,194,000 0.14USD
UNITED STATES
1,194,000 0.14
91.42TOTAL SHARES 758,690,543
INDIABULLS PROPERTIESINVESTMENT TRUST 16,000,000 2,105,056 0.25SGD
INVESTMENT FUNDS
SINGAPORE
2,105,056 0.25
0.25TOTAL INVESTMENT FUNDS 2,105,056
DEUTSCHE BANK LN-30.01.17WRT /HCL INFOS 734,500 1,107,780 0.13USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
HSBC BANKK 21.11.18 CW /HCLT 485,555 975,788 0.12USDHSBC BK PLC 14.01.19 CW /BOI 333,000 1,480,984 0.18USDHSBC 08-29.10.18 CW / DLFLTD 400,000 1,323,370 0.16USD
HSBC 22.10.18 CW / UNSP 635,000 8,249,159 1.00USD
HSBC 30.07.18 CW / HDFC 190,000 3,578,822 0.43USD
PUNJ 07-28.09.10 CERT / PUNJ 900,000 1,607,760 0.19USD
UBS LN 17.11.11 CERT / ABNL 75,000 670,118 0.08USD
18,993,781 2.29
ABN AMRO BANK 06-30.06.09WRT/JSP IN 100,000 2,358,569 0.28USD
NETHERLANDS
ABN AMRO BANK 07-30.06.09WRT/WIPRO 800,000 3,861,960 0.47USDABN AMRO BANK 18.12.06WRT/HCL INF 928,767 1,400,776 0.17USD
ABN AMRO 05-30.06.09/ ICICI 250,000 1,667,486 0.20USDBNP PARIBAS 01.04.10 CW /BHARTI IN 177,131 1,976,162 0.24USD
11,264,953 1.36
MERRILL LYNCH 05-01.09.10WRT / HCL 75,000 151,091 0.02USD
NETHERLANDS ANTILLES
MERRILL LYNCH 07-28.08.12WRT/PURAV 26,708 21,559 0.00USD
172,650 0.02
Description Quantity Currency Evaluation % netassets
167HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CITIGROUP 24.01.10 CW / UT 500,000 343,115 0.04USD
UNITED STATES
343,115 0.04
3.71TOTAL WARRANTS / EQUITY LINKED SECURITIES 30,774,499
95.38TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 791,570,098
Description Quantity Currency Evaluation % netassets
MAGNIT OJSC - SGDR 41,208 221,299 0.03USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
FEDERATION OF RUSSIA
URALKALITY /GDR 251,050 3,012,600 0.36USD
3,233,899 0.39
0.39TOTAL SHARES 3,233,899
0.39TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 3,233,899
MAGNIT JSC 225,455 5,131,312 0.62USD
OTHER TRANSFERABLE SECURITES
SHARES
FEDERATION OF RUSSIA
POLYUS ZOLOTO OAO /SADR 140,821 3,520,525 0.42USD
RUSHYDRO OJSC 159,945,109 3,582,770 0.43USD
12,234,607 1.47
1.47TOTAL SHARES 12,234,607
UBS LN 19.11.10 CERT / GNC 240,000 95,094 0.01USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
UBS LONDON 07-22.02.10WRT/MAHINDRA 215,250 84,701 0.01USDUBS 07-10 WRT /DR REDDY SLAB 50,000 450,775 0.06USD
630,570 0.08
JP MORGAN INTERNATIONAL06-26.10.09 WRT/EQ 75,000 113,116 0.01USD
JERSEY
113,116 0.01
ABN AMRO BANK 07-03.07.09WRT / IND BULLS 504,998 1,002,945 0.12USD
NETHERLANDS
1,002,945 0.12
0.21TOTAL WARRANTS / EQUITY LINKED SECURITIES 1,746,631
1.68TOTAL OTHER TRANSFERABLE SECURITIES 13,981,238
97.45TOTAL INVESTMENTS 808,785,235
2.55OTHER NET ASSETS LESS LIABILITIES 21,188,070
100.00TOTAL NET ASSETS 829,973,305
Description Quantity Currency Evaluation % netassets
168HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
DUFRY SOUTH AMERICA LTDA 294,300 1,896,672 0.73BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
1,896,672 0.73
BANCO BRADESCO /SADR 397,935 3,859,970 1.48USD
BRAZIL
CIA VALE RIO DOCE/SADR 187,357 2,445,009 0.94USDCIA VALE RIO DOCE/SADR(1PREF.) 402,996 4,569,975 1.75USD
GERDAU SA SADR PREF. SHS 230,458 1,246,778 0.48USDITAU HOLDING /PREF.SHS/SADR 276,213 3,035,581 1.16USD
PETROBRAS /SADR 469,158 11,578,818 4.43USDTELE NORT. LE. TNLP /PREF.SADR 156,200 2,104,014 0.80USD
UNIBANCO /GDR 79,889 5,050,583 1.93USD
33,890,728 12.97
ALUMINIUM CORP. OF CHINA -H- 1,070,000 614,367 0.24HKD
CHINA
ANGANG STEEL COMPANYLTD -H- 1,189,732 1,205,044 0.46HKDANHUI CONCH CEMENT CO. -H- 730,257 4,028,059 1.54HKD
BANK OF CHINA LTD -H- 4,278,000 1,418,593 0.54HKDBANK OF COMMUNICATIONSCO. -H- 982,000 681,676 0.26HKDCHINA COMMUNICATIONSCONSTRUCTION -H- 1,147,000 1,257,958 0.48HKDCHINA CONSTRUCTION BANKCO. -H- 12,035,000 6,832,550 2.60HKDCHINA LIFE INSURANCE /SADR 15,581 752,874 0.29USDCHINA LIFE INSURANCE CO.LTD -H- 1,664,322 5,518,924 2.11HKD
CHINA MERCHANTS BANK -H- 433,500 757,341 0.29HKDCHINA NATIONAL BUILDINGMATERIAL -H- 472,000 699,146 0.27HKDCHINA NATIONAL MATERIALCO. -H- 3,082,058 1,618,524 0.62HKDCHINA PETROLEUM&CHEMCORP. H 3,799,380 2,431,523 0.93HKD
CHINA RESOURCES LAND 1,990,000 3,081,189 1.18HKDCHINA SHENHUA ENERGY CO.-H- 707,000 1,592,750 0.61HKDHUANENG POWERINTERNATIONAL -H- 1,403,433 930,762 0.36HKD
IND & COM BOC -H- 6,216,000 3,232,213 1.24HKD
PETROCHINA CO. LTD /-H- 2,806,396 2,237,801 0.86HKD
INVESTMENTS
Global Emerging Markets Equity FreestyleStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
PING AN INSURANCE GRP CO.-H- 606,303 3,618,140 1.38HKD
42,509,434 16.26
CEZ.CESKE ENERGETICKEZAVODY 57,790 2,054,411 0.79CZK
CZECH REPUBLIC
2,054,411 0.79
AK SBEREGATELNY BANKSBERBANK 1,388,118 846,752 0.32USD
FEDERATION OF RUSSIA
COMSTAR /SGDR REP. REGS 521,249 1,798,309 0.69USD
GAZPROM OAO 1,276,143 4,823,821 1.85USD
GAZPROM OAO /SADR REGS 177,462 2,683,225 1.03USD
LUKOIL /SADR (REP.1 SHS.) 95,720 3,661,290 1.40USD
MECHEL OJSC /ADR 28,094 112,376 0.04USD
MMC NORILSK NICKEL /SADR 45,432 281,678 0.11USDMOBILE TELESYSTEMSOJS/SADR 23,573 698,468 0.27USDROSNEFT OIL COMPANY OJSC/SGDR 638,270 2,833,919 1.08USD
17,739,838 6.79
CHINA MOBILE LTD 851,183 7,413,284 2.83HKD
HONG KONG
CHINA OVERSEASLAND&INVESTMENT 1,452,380 2,278,756 0.87HKD
CNOOC LTD 2,756,564 2,731,576 1.05HKD
12,423,616 4.75
OTP BANK LTD 47,195 374,700 0.14HUF
HUNGARY
374,700 0.14
ICICI BANK /SADR 39,263 497,855 0.19USD
INDIA
497,855 0.19
BANK DANAMON INDONESIATBK -A- 2,167,000 577,857 0.22IDR
INDONESIA
BANK RAKYAT INDONESIA 1,423,000 514,107 0.20IDR
TELKOM INDONESIA S -B- 1,258,500 822,747 0.31IDR
1,914,711 0.73
TEVA PHM. / ADR REP. 1 SHS 175,702 7,824,010 2.99USD
ISRAEL
7,824,010 2.99
RESORTS WORLD 3,436,223 2,016,040 0.77MYR
MALAYSIA
2,016,040 0.77
AMERICA MOVIL SAB /ADR -L- 145,382 3,861,346 1.48USD
MEXICO
CORPORACION GEO SAB DECV B 2,074,045 2,149,621 0.82MXN
EMPRESAS ICA SAB DE CV 1,600,800 2,525,155 0.97MXN
Description Quantity Currency Evaluation % netassets
169HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
GRUPO TELEVISA /GDS 157,995 2,123,453 0.81USD
10,659,575 4.08
METROPOLITAN BANK &TRUST 2,187,200 1,176,184 0.45PHP
PHILIPPINES
1,176,184 0.45
AFRICAN BANK INVESTMENTS 1,377,999 3,615,679 1.38ZAR
SOUTH AFRICA
ANGLOGOLD ASHANTI LTD 77,273 2,832,777 1.08ZAR
AVENG LTD 149,692 423,689 0.16ZARHARMONY GOLD MINING CO.LTD 280,849 3,059,280 1.17ZARIMPALA PLATINUM HOLDINGSLTD 82,881 1,355,478 0.52ZAR
KUMBA IRON ORE LTD 45,169 780,723 0.30ZAR
MTN GROUP LTD 678,669 7,494,859 2.87ZARPRETORIA PORTLANDCEMENT CO. LTD 766,310 2,533,249 0.97ZAR
SASOL LTD /REG 94,754 2,709,462 1.04ZAR
24,805,196 9.49
AMORE PACIFIC CORP. (NEW) 1,850 726,290 0.28KRW
SOUTH KOREA
DAEGU BANK 549,331 2,895,342 1.12KRW
HANA FINANCIAL GROUP INC. 87,596 1,317,304 0.50KRWHYUNDAI DEPARTMENTSTORE CO. 24,018 1,241,599 0.47KRWHYUNDAI DEVELOPMENT CO.ENGINEERING&CONSTRUCTION 23,925 582,070 0.22KRW
HYUNDAI HEAVY INDUSTRIES 7,387 1,044,127 0.40KRWHYUNDAI MIPO DOCKYARDCO. LTD 5,154 482,561 0.18KRW
HYUNDAI MOBIS 17,514 1,007,945 0.39KRW
HYUNDAI MOTOR CO. LTD 15,656 628,220 0.24KRW
KB FINANCIAL GROUP INC. 86,599 2,063,035 0.79KRW
KB FINANCIAL SADR 56,175 1,330,786 0.51USD
KT&G CORPORATION 18,412 1,013,034 0.39KRW
LG CORP. 66,272 2,357,401 0.91KRWMIRAEASSET SECURITIES CO.LTD 754 38,760 0.01KRW
POSCO 9,867 2,600,285 1.00KRWSAMSUNG ELECTRONICS CO.LTD 18,600 7,638,349 2.93KRWSAMSUNG ELECTRONICSPREF. NON-VOT. 1,277 291,292 0.11KRWSAMSUNG ENGINEERING CO.LTD 35,940 1,501,911 0.57KRWSAMSUNG FIRE&MARINEINSURANCE 6,434 744,285 0.28KRW
SAMSUNG HEAVY INDUSTRIES 58,439 1,081,636 0.41KRWSAMSUNG SECURITIES CO.LTD 16,477 688,564 0.26KRW
SHINHAN FINANCIAL GROUP 60,719 1,079,936 0.41KRW
SHINSEGAE CO. LTD 5,995 1,865,953 0.71KRW
34,220,685 13.09
AU OPTRONICS CORP. 1,376,267 1,136,974 0.43TWD
TAIWAN
AU OPTRONICS CORP. /ADR 7,224 60,826 0.02USD
CATHAY FINANCIAL HOLDING 685,550 588,562 0.23TWD
Description Quantity Currency Evaluation % netassets
CHI MEI OPTOELECTRONICCORP. 1,573,000 627,744 0.24TWDCHINATRUST FINANCIALHOLDING CO. 2,708,945 989,320 0.38TWDCHUNGHWA TELECOM CO.LTD 1,265,251 2,306,652 0.88TWD
FAR EASTERN TEXTILE LTD 4,182,038 3,251,672 1.24TWD
FORMOSA PLASTICS 632,000 951,158 0.36TWDHON HAI PRECISIONINDUSTRY CO. LTD 1,283,947 2,900,396 1.11TWDHON HAI PRECISIONINDUSTRY /GDR 469,641 2,122,777 0.81USD
HTC CORP. 93,000 1,142,178 0.44TWD
MEDIA TEK INCORPORATION 138,000 1,296,536 0.50TWD
NAN YA PLASTICS CORP. 675,778 772,237 0.30TWDSILICONWARE PRECISIONINDUSTRIES 736,057 773,917 0.30TWD
TAIWAN CEMENT CORP. 4,295,000 3,535,573 1.35TWD
TAIWAN FERTILIZER CO. LTD 1,180,000 2,415,359 0.92TWDTAIWAN SEMICONDUCTORMANUFACTURING 684,452 1,036,146 0.40TWDTAIWAN SEMICONDUCTORMANUFACTURING/SADR 416,548 3,703,111 1.41USD
WISTRON CORP. 2,273,757 2,447,633 0.94TWD
32,058,771 12.26
BANGKOK BANK PUBLIC/ NVDEP. RECEIPT 600,000 1,270,927 0.49THB
THAILAND
KASIKORNBANK PUBLICCOMPANY FOR. REG 1,392,900 1,803,602 0.69THB
3,074,529 1.18
KOC HOLDING AS 1,687,791 2,280,394 0.88TRY
TURKEY
TURKIYE GARANTI BANKASI/NOM. 1,274,753 1,760,105 0.67TRY
4,040,499 1.55
89.21TOTAL SHARES 233,177,454
JP MORGAN INTERNATIONAL07-04.05.12 / WRT LARS 141,730 1,803,514 0.68USD
WARRANTS / EQUITY LINKED SECURITIES
JERSEY
JP MORGAN 06-22.09.09 WRT /UNITED S. 103,357 1,341,375 0.51USDJP MORGAN 07-11.01.11 WRT /CAIRN 449,286 1,583,733 0.61USDJP MORGAN 07-23.03.12 CERT /INFOSYS 67,488 1,759,691 0.67USD
6,488,313 2.47
JP MORGAN STRUCTURE 08-30.12.13 CERT / RCOM 290,932 955,712 0.37USD
NETHERLANDS
JP MORGAN 09.01.14 W / BHEL 29,077 861,532 0.33USD
1,817,244 0.70
CITIGROUP 03-24.10.12 CW /LARSEN 143,460 1,932,358 0.74USD
UNITED STATES
CITIGROUP 06-24.10.12 WRT /REL. COM 23,353 80,063 0.03USD
Description Quantity Currency Evaluation % netassets
170HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CITIGROUP 07-17.01.12 WRT /BHARTI 108,021 1,326,712 0.51USD
3,339,133 1.28
4.45TOTAL WARRANTS / EQUITY LINKED SECURITIES 11,644,690
93.66TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 244,822,144
Description Quantity Currency Evaluation % netassets
COMMERCIAL INTERNATIONALBANK LTD 161,688 913,038 0.35EGP
OTHER TRANSFERABLE SECURITES
SHARES
EGYPT
913,038 0.35
MAGNIT JSC 135,685 3,088,163 1.18USD
FEDERATION OF RUSSIA
3,088,163 1.18
1.53TOTAL SHARES 4,001,201
JP MORGAN INTERNATIONAL07-04.05.12 WRT / HOUSING 93,709 2,640,639 1.01USD
WARRANTS / EQUITY LINKED SECURITIES
JERSEY
JP MORGAN 07-03.05.12 WRT /HDFC BANK 51,066 961,874 0.37USD
JP MORGAN 07-23.10.12 CERT 406,830 2,707,933 1.04USD
6,310,446 2.42
JP MORGAN 09-14.02.14 CERT /RELIANCE 36,322 1,075,858 0.41USD
NETHERLANDS
1,075,858 0.41
CITIGROUP GL.19.1.09 WT /REL. IND 49,434 1,288,949 0.49USD
UNITED STATES
1,288,949 0.49
3.32TOTAL WARRANTS / EQUITY LINKED SECURITIES 8,675,253
4.85TOTAL OTHER TRANSFERABLE SECURITIES 12,676,454
98.51TOTAL INVESTMENTS 257,498,598
1.49OTHER NET ASSETS LESS LIABILITIES 3,893,348
100.00TOTAL NET ASSETS 261,391,946
171HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CREDICORP. 6,800 308,448 0.47USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
GP INVESTMENTS LTD /BDR 471,412 1,184,861 1.79BRL
1,493,309 2.26
ALL AMERICA LATINA /UNIT 254,358 1,076,446 1.63BRL
BRAZIL
BANCO BRADESCO /SADR 266,640 2,586,408 3.91USD
BANCO DAYCOVAL SA /PREF. 317,700 641,543 0.97BRL
BANCO INDUSVAL /PREF. 444,900 1,030,296 1.56BRL
BR MALLS PARTICIPAES SA 524,700 3,201,181 4.83BRL
BRADESPAR SA BRASIL/PREF. 80,200 751,176 1.13BRL
CIA HERING 516,600 1,464,904 2.21BRLCIA VALE RIO DOCE/SADR(1PREF.) 319,351 3,621,440 5.47USDDIAGNOST DA AMERICA SABRL 26,000 270,557 0.41BRL
DROGASIL SA 495,400 2,192,320 3.31BRL
DURATEX SA /PRIV. 118,800 732,452 1.11BRL
GVT HOLDING SA 114,800 1,292,272 1.95BRLITAU HOLDING /PREF.SHS/SADR 102,119 1,122,288 1.69USD
ITAU HOLDING SA /PREF. 76,400 847,869 1.28BRL
JBS AS 2,713,085 6,003,181 9.06BRLKROTON EDUCATION UNITS(1SHS&6PREF.) 224,500 916,328 1.38BRL
MARCOPOLO POMO /PREF. 616,200 820,718 1.24BRL
METALFRIO SOLUTIONS SA 85,900 158,698 0.24BRLOGX PETROLEO E GASPARTICIP SA 2,700 837,552 1.26BRL
PERDIGAO SA 16,500 202,679 0.31BRL
PETROBRAS /SADR 204,900 5,056,932 7.64USD
SADIA SA /PREF. 188,300 247,561 0.37BRL
SAO MARTINHO SA 205,800 1,011,538 1.53BRLSARAIVA SA LIVREIROS EDIT/PREF. 131,074 822,205 1.24BRL
UNIBANCO /GDR 13,968 883,057 1.33USDUNIBANCO /UNIT(1UBBPN+1UBHDBN) 96,400 610,914 0.92BRL
38,402,515 57.98
PAN AMERICAN SILVER CORP. 51,200 878,080 1.33USD
CANADA
878,080 1.33
INVESTMENTS
Latin American FreestyleStatement of investments as at 31 March 2009 (expressed in USD)
Description Quantity Currency Evaluation % netassets
EMPRESAS LA POLAR S.A 480,000 1,031,247 1.56CLP
CHILE
1,031,247 1.56
BANCOLOMBIA SA / ADR 34,012 642,487 0.97USD
COLOMBIA
SURAMERICANA DEINVERSIONES 151,893 920,565 1.39COP
1,563,052 2.36
AMERICA MOVIL SAB /ADR -L- 87,617 2,327,107 3.51USD
MEXICO
BANCO COMPARTAMOS SA DECV 530,000 1,013,573 1.53MXNCORP. MOCTEZUMA SA DE CVB2 1,121,400 1,610,979 2.43MXNCORPORACION GEO SAB DECV B 1,714,000 1,776,456 2.68MXN
EMPRESAS ICA SAB DE CV 463,563 731,240 1.10MXNFOMENTO ECONOMICOMEXICANO / ADR 79,000 1,959,200 2.96USDGRUPO FINANCIEROBANORTE SA DE CV -O- 1,839,000 2,411,187 3.65MXNGRUPO MODELO SAB DE CVC 484,000 1,423,508 2.15MXN
GRUPO TELEVISA /GDS 127,700 1,716,288 2.59USDWAL-MART DE MEXIC. SAB DECV V 604,600 1,474,426 2.23MXN
16,443,964 24.83
ALICORP SA 460,000 217,803 0.33PEN
PERU
BUENAVENTURA / SADR(1SHS) 117,000 2,785,770 4.21USD
3,003,573 4.54
94.86TOTAL SHARES 62,815,740
94.86TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 62,815,740
Description Quantity Currency Evaluation % netassets
ALMACENES EXITO SA /GDR 392,805 1,609,527 2.43USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
COLOMBIA
1,609,527 2.43
2.43TOTAL SHARES 1,609,527
2.43TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 1,609,527
BANCOLOMBIA SABANCOLOMBIA 83,000 388,735 0.59COP
OTHER TRANSFERABLE SECURITES
SHARES
COLOMBIA
388,735 0.59
0.59TOTAL SHARES 388,735
0.59TOTAL OTHER TRANSFERABLE SECURITIES 388,735
172HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
97.88TOTAL INVESTMENTS 64,814,002
Description Quantity Currency Evaluation % netassets
2.12OTHER NET ASSETS LESS LIABILITIES 1,404,460
100.00TOTAL NET ASSETS 66,218,462
173HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BANCO BES 0% 08-25.06.09 1,000 472,707 3.72BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
BRAZIL
BANCO GARANTIA 0% 08-09.07.09 1,500 704,497 5.54BRL
BRAZIL FRN 07-07.06.2010 91 149,836 1.18BRL
BRAZIL 0% 05-16.12.09 256 421,502 3.31BRL
HSBC BRAZIL 0% 08-08.06.09 1,000 474,442 3.73BRL
UNIBANCO 0% 08-09.07.09 1,000 469,254 3.69BRL
2,692,238 21.17
21.17TOTAL BONDS 2,692,238
21.17TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 2,692,238
INVESTMENTS
Brazil BondStatement of investments as at 31 March 2009 (expressed in USD)
Description Currency Evaluation % netassets
Face Value
BANCO VOTORANTIM 0% 08-03.07.09 900 424,048 3.33BRL
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
BAHAMAS
424,048 3.33
BRAZIL FRN 07-07.09.10 281 462,682 3.64BRL
BRAZIL
BRAZIL 10% 05-01.01.12SERIES F 6,121 2,570,325 20.21BRL
3,033,007 23.85
27.18TOTAL BONDS 3,457,055
27.18TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 3,457,055
BRAZIL 0% 09-01.04.10 TB 1,800 702,806 5.53BRL
FINANCIAL INSTRUMENTS
TREASURY BILLS
BRAZIL
702,806 5.53
5.53TOTAL TREASURY BILLS 702,806
BANCO VOTORANTIM 0% 08-17.08.09 800 371,267 2.92BRL
CERTIFICATE OF DEPOSIT
BAHAMAS
371,267 2.92
BANCO ABN 0% 08-04.09.09 CD 1,000 460,942 3.62BRL
BRAZIL
BANCO BNP 0% 09-01.03.10CDI 1,140 493,703 3.88BRLBANCO BRADESCO 0% 08-04.09.09 CD 1,000 460,942 3.62BRLBANCO SAFRA 0% 08-15.06.09CDI 155 73,364 0.58BRLBES INV BRASIL 0% 08-23.07.09 CD 1,050 491,665 3.87BRL
BRADESCO 0% 08-08.6.09 CDI 410 194,526 1.53BRL
HSBC CDB 0% 08-16.11.09 CD 1,400 628,139 4.94BRL
HSBC CDB 0% 08-7.05.09 CD 330 158,106 1.24BRL
2,961,387 23.28
ABN AMRO BANK 0% 08-23.07.09 CD 1,050 491,460 3.86BRL
NETHERLANDS
RABOBANK 0% 08-01.06.09 CDI 770 364,798 2.87BRL
RABOBANK 0% 08-08.6.09 CDI 1,000 473,763 3.73BRL
1,330,021 10.46
SANTANDER 0% 08-23.07.2009CD 1,250 584,707 4.60BRL
SPAIN
584,707 4.60
41.26TOTAL CERTIFICATE OF DEPOSIT 5,247,382
46.79TOTAL FINANCIAL INSTRUMENTS 5,950,188
Description Currency Evaluation % netassets
Face Value
95.14TOTAL INVESTMENTS 12,099,481
4.86OTHER NET ASSETS LESS LIABILITIES 618,329
100.00TOTAL NET ASSETS 12,717,810
174HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
AUSTRIA 3.5% 05-15.09.21 500,000 465,400 1.01EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
AUSTRIA
ERSTE BANK 06-19.07.17 500,000 276,423 0.59EUR
741,823 1.60
BELGIUM 4.00% 07-28.03.13S.50 1,000,000 1,044,750 2.25EUR
BELGIUM
1,044,750 2.25
BBVA BANCOMER 4.799% (TV)07-17 500,000 180,909 0.39EUR
CAYMAN ISLANDS
MIZUHO FINANCE 4.75% 04-15.04.14 REG 900,000 899,599 1.94EUR
1,080,508 2.33
FORTUM OYJ 4.625% 09-20.03.14 310,000 312,011 0.67EUR
FINLAND
SAMPO OYJ 4.625% (TV) 04-14REG 900,000 868,500 1.87EUR
1,180,511 2.54
ASF 5.625% 07-04.07.22 400,000 325,661 0.70EUR
FRANCE
BANQUE POSTALE FRN 06-12.12.16 1,000,000 769,218 1.66EUR
BOUY 6.125% 08-03.07.2015 850,000 875,740 1.88EUR
CIE ST GOBAIN TV 07-11.04.12 600,000 512,187 1.10EUR
CNCEP 5.60% 99-05.11.11 500,000 525,674 1.13EURCNP ASSURANCE FRN 06-PERP. 400,000 116,369 0.25EURCREDIT LOGEMENT FRN 07-15.06.17 1,000,000 740,051 1.59EURCREDIT LOGEMENT TV 04-PERP. 900,000 369,000 0.79EURFRANCE 3.75% 05-25.04.21OAT 1,500,000 1,489,349 3.21EUR
GDF SUEZ 6.375% 09-18.01.21 160,000 171,891 0.37EUR
LA POSTE 4.75% 09-17.02.16 300,000 306,812 0.66EUR
NATIXIS FRN 07-06.07.17 500,000 247,662 0.53EUR
PPR 8.625% 09-03.04.14 230,000 232,804 0.50EUR
RTE EDF 5.125% 08-09.12.18 350,000 358,585 0.77EURSCOR ASSIST 6.154% (TV )06-PERP. 400,000 141,540 0.30EURSOCIETE GENERALE 4.875%02-14 EMTN 1,000,000 962,634 2.08EUR
INVESTMENTS
Euro Core BondStatement of investments as at 31 March 2009 (expressed in EUR)
Description Currency Evaluation % netassets
Face Value
SODEXO 6.25% 09-30.01.15 250,000 259,093 0.56EURTOTALFINAELF 3.5% 09-27.02.14 400,000 401,522 0.86EUR
8,805,792 18.94
GERMANY 4.25% 04-04.07.14 1,500,000 1,642,876 3.54EUR
GERMANY
GERMANY 4.75% 98-28 500,000 549,100 1.18EUR
GERMANY 5.50% 00-04.01.31 1,150,000 1,376,550 2.96EURHSH NORDBANK 4.375% (TV)07-14.02.08 800,000 260,000 0.56EURMERK GMBH 4.875% 09-27.09.13 160,000 164,200 0.35EUR
METRO 7.625% 09-05.03.15 310,000 300,540 0.65EUR
4,293,266 9.24
BAT INTERNATIONAL FIN.5.375% 07-29.06.17 550,000 510,840 1.10EUR
GREAT BRITAIN
CREDIT SUISSE LN FRN 08-08.04.10 500,000 493,525 1.06EURCREDIT SUISSE 6.125% 08-05.08.13 600,000 614,185 1.32EURIMPERIAL TOBACCO FRANCE7.25% 08-15.09.14 550,000 543,341 1.17EUR
VODAFONE 6.25% 09-15.01.16 150,000 156,688 0.34EUR
2,318,579 4.99
GREECE 6% 09-19.07.2019 1,000,000 1,018,700 2.19EUR
GREECE
1,018,700 2.19
GE CAP EUR FD 5.25% 08-18.05.15 700,000 608,197 1.31EUR
IRELAND
608,197 1.31
HERA SPA 4.125% 06-16.02.16 400,000 361,131 0.78EUR
ITALY
ITALY 4.00% 05-01.02.37 BTP 1,900,000 1,581,845 3.40EUR
ITALY 4.25% 04-01.02.15 BTP 2,800,000 2,928,380 6.30EUR
ITALY 4.25% 08-15.04.13 BTP 500,000 523,075 1.13EURTELECOM IT SPA 6.75% 09-21.03.13 430,000 429,518 0.92EUR
5,823,949 12.53
BANK TOKYO MITSUB. 3.50%05-15 800,000 696,614 1.50EUR
JAPAN
696,614 1.50
AIG. SUN. III 4.75% 03-11.09.13 1,100,000 659,716 1.42EUR
JERSEY
659,716 1.42
PROLOGIS INTERNATIONAL5.875% 07-23.10.14 400,000 120,000 0.26EUR
LUXEMBOURG
120,000 0.26
Description Currency Evaluation % netassets
Face Value
175HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
AKZO NOBEL 7.25% 09-27.03.15 480,000 480,074 1.03EUR
NETHERLANDS
DSM 5.75% 09-17.03.14 300,000 304,630 0.66EUR
ELM BV 6.5% 09-02.04.13 500,000 500,515 1.08EUR
HIT FIN BV 4.875% 06-27.10.21 850,000 597,544 1.29EUR
NETHERLANDS 4% 09-15.07.19 820,000 837,548 1.80EURNETHERLANDS 5.00% 01-15.07.11 1,500,000 1,611,525 3.46EUR
NL GASU 5.125% 09-31.03.17 210,000 217,940 0.47EURURENCO FINANCE 3.375% 05-10 1,500,000 1,472,212 3.17EURVW INTERNATIONAL FIN 5.25%09-01.04.11 500,000 502,609 1.08EUR
6,524,597 14.04
DNB NOR BANK 4.625% 07-03.07.12 1,500,000 1,561,889 3.36EUR
NORWAY
1,561,889 3.36
BCP 3.625% 09-19.01.12 450,000 455,809 0.98EUR
PORTUGAL
455,809 0.98
SVSK HDBK 4.875% 09-25.03.14 860,000 861,860 1.85EUR
SWEDEN
861,860 1.85
JP MORGAN CHASE 6.125% 09-01.04.14 950,000 935,704 2.02EUR
UNITED STATES
MORGAN STANLEY 6.5% 08-15.04.11 400,000 388,434 0.84EURPHILIP MORRIS 4.25% 09-23.03.12 350,000 353,460 0.76EURPHILIP MORRIS 5.875% 08-04.09.15 350,000 360,152 0.77EURVERIZON W 8.75% 08-18.12.15REGS 500,000 564,403 1.21EUR
2,602,153 5.60
86.93TOTAL BONDS 40,398,713
86.93TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 40,398,713
Description Currency Evaluation % netassets
Face Value
BELGIUM 3.5% 09-28.03.15 1,000,000 1,000,150 2.15EUR
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
BELGIUM
1,000,150 2.15
2.15TOTAL BONDS 1,000,150
2.15TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 1,000,150
INT SANPAOLO 5.375% 08-19.12.13 750,000 783,471 1.69EUR
OTHER TRANSFERABLE SECURITES
BONDS
ITALY
783,471 1.69
1.69TOTAL BONDS 783,471
1.69TOTAL OTHER TRANSFERABLE SECURITIES 783,471
Description Currency Evaluation % netassets
Face Value
90.77TOTAL INVESTMENTS 42,182,334
9.23OTHER NET ASSETS LESS LIABILITIES 4,290,689
100.00TOTAL NET ASSETS 46,473,023
176HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ERSTE BANK 06-19.07.17 1,050,000 580,487 0.30EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
AUSTRIA
TELEKOM FINANCIAL 6.375%09-29.01.16 610,000 609,899 0.32EUR
1,190,386 0.62
BOMBARDIER FRN 06-15.11.13REGS 900,000 589,500 0.31EUR
CANADA
BOMBARDIER 7.25% 06-15.11.16 300,000 196,300 0.10EURC.C.JARD. QUEBEC 5.375% 09-14 1,000,000 1,022,608 0.53EUR
1,808,408 0.94
BBVA BANCOMER 4.799% (TV)07-17 1,400,000 506,545 0.26EUR
CAYMAN ISLANDS
MIZUHO FINANCE 4.75% 04-15.04.14 REG 1,500,000 1,499,331 0.78EUR
2,005,876 1.04
DANSKE BANK 4.25% 03-20.06.16 1,000,000 707,316 0.37EUR
DENMARK
DANSKE BANK 5.125% 02-12EMTN 1,000,000 915,011 0.47EURDANSKE BANK 5.375% (TV) 08-18.08.14 950,000 741,274 0.39EURDANSKE BANK 6.00% (TV) 07-20.03.16 1,150,000 873,055 0.45EUR
3,236,656 1.68
GAZPROM CAPITAL 5.03% 06-14 REGS 1,000,000 750,110 0.39EUR
FEDERATION OF RUSSIA
750,110 0.39
FORTUM OYJ 4.625% 09-20.03.14 470,000 473,048 0.25EUR
FINLAND
FORTUM 6% 09-20.03.19 670,000 667,708 0.35EURSAMPO OYJ 4.625% (TV) 04-14REG 2,950,000 2,846,751 1.47EUR
3,987,507 2.07
ACCOR SA 7.5% 09-04.02.14 700,000 714,375 0.37EUR
FRANCE
ASF 5.625% 07-04.07.22 1,150,000 936,274 0.49EUR
INVESTMENTS
Euro Core Credit BondStatement of investments as at 31 March 2009 (expressed in EUR)
Description Currency Evaluation % netassets
Face Value
BANQUE POSTALE FRN 06-12.12.16 2,500,000 1,923,045 1.00EUR
BFCM FRN 06-19.12.16 1,000,000 744,209 0.39EURBNP PARIBAS 5% 08-16.12.2013 2,000,000 2,091,255 1.09EURBNP PARIBAS 8.667% 08 -PERP 950,000 611,777 0.32EUR
BOUY 6.125% 08-03.07.2015 1,450,000 1,493,909 0.78EURCASINO GUICHARD 7.875% 09-09.08.12 550,000 579,593 0.30EUR
CDEE 4.625% 04-PERP. 1,000,000 253,333 0.13EUR
CIE ST GOBAIN TV 07-11.04.12 850,000 725,598 0.38EURCIE ST.GOBAIN 4.75% 07-17EMTN 500,000 390,148 0.20EURCNCE 6.117% PERPETUALEMTN 2,900,000 638,000 0.33EUR
CNCEP 5.60% 99-05.11.11 1,000,000 1,051,347 0.55EURCNP ASSURANCE FRN 06-PERP. 1,700,000 494,568 0.26EURCREDIT LOGEMENT FRN 07-15.06.17 1,900,000 1,406,097 0.73EURCREDIT LOGEMENT TV 04-PERP. 1,200,000 492,000 0.26EURCREDIT LOGEMENT 4.604%(TV) 06-PERP 1,050,000 317,625 0.17EUR
EDF 6.25% 09-25.01.21 1,000,000 1,057,579 0.55EURELECETRICITE DE FRANCE5.375% 08-20 EMTN 1,050,000 1,059,543 0.55EURFIN. FONCIER 4.625% 07-23.09.17 1,500,000 1,497,263 0.78EURFRANCE TELECOM 4.75% 07-21.02.17 1,000,000 989,652 0.51EURFRANCE TELECOM 5% 09-22.01.14 600,000 623,393 0.32EURFRANCE TELECOM 8.125% 03-28.01.33 100,000 122,773 0.06EUR
FRANCE 5.75% 01-25.10.32 825,000 1,005,510 0.52EUR
GDF SUEZ 6.25% 08-24.01.14 1,500,000 1,645,674 0.86EUR
GDF SUEZ 6.375% 09-18.01.21 810,000 870,196 0.45EURGROUPAMA 6.298% (TV) 07-PERP 2,500,000 750,000 0.39EURHSBC FRANCE 4.75% 09-15.01.10 1,700,000 1,733,685 0.90EURHSBC FRANCE 5.75% 08-19.06.13 EMTN 2,550,000 2,695,506 1.39EUR
LA POSTE 4.75% 09-17.02.16 810,000 828,392 0.43EUR
LAFARGE 4.25% 05-23.03.16 650,000 465,666 0.24EUR
NATIXIS FRN 07-06.07.17 2,000,000 990,648 0.52EUR
NATIXIS 6.307% (TV) 07-PERP. 2,000,000 460,000 0.24EUR
PPR 8.625% 09-03.04.14 340,000 344,145 0.18EUR
RFF 4.375% 06-02.06.22 550,000 548,330 0.29EUR
RHODIA FRN 06-15.10.13 REGS 1,750,000 925,179 0.48EUR
RTE EDF 5.125% 08-09.12.18 1,050,000 1,075,754 0.56EURSCHNEIDER EL 5.375% 07-08.01.15 1,000,000 1,010,748 0.53EURSCHNEIDER ELECECTRIC6.75% 16.07.13 550,000 590,466 0.31EURSCOR ASSIST 6.154% (TV )06-PERP. 2,200,000 778,471 0.40EURSOCIETE GENERALE 4.875%02-14 EMTN 3,324,000 3,199,798 1.65EURSOCIETE GENERALE 7.756%(TV) 08-PERP. 3,900,000 1,872,000 0.97EUR
SODEXO 6.25% 09-30.01.15 1,550,000 1,606,376 0.84EURTOTALFINAELF 3.5% 09-27.02.14 990,000 993,767 0.52EUR
VEOLIA 4.375% 06-16.01.17 1,000,000 909,614 0.47EUR
VIVENDI 7.75% 09-23.01.14 600,000 637,467 0.33EUR
Description Currency Evaluation % netassets
Face Value
177HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
WENDEL INVESTMENT 4.375%05-09.08.17 1,350,000 711,210 0.37EUR
46,861,958 24.36
COMMERZBANK 5.625%(TV)07-29.11.17 3,000,000 1,876,808 0.98EUR
GERMANY
COMZBK 5% 09-06.02.14 600,000 611,466 0.32EURDEUTSCHE BANK 4.875% 07-24.09.12 2,000,000 2,081,670 1.08EURHENKEL 5.375% 05-2104 STEP-UP 500,000 325,358 0.17EURMERK GMBH 4.875% 09-27.09.13 470,000 482,339 0.25EUR
METRO 7.625% 09-05.03.15 620,000 601,080 0.31EURMUNICH RE FIN. 6.75% 03-21.06.23 2,800,000 2,398,933 1.25EURSGL CARBON AG FRN 07-15.05.15 600,000 412,200 0.21EUR
8,789,854 4.57
ANGLIAN WATER 4.625% 03-13 3,145,000 3,092,034 1.62EUR
GREAT BRITAIN
BARCLAYS BANK FRN 06-20.04.16 1,000,000 582,340 0.30EURBARCLAYS BANK FRN 07-30.05.17 700,000 400,054 0.21EURBAT INTERNATIONAL FIN.5.375% 07-29.06.17 1,700,000 1,578,961 0.82EURBAT INTERNATIONAL FIN.5.875% 08-12.03.15 950,000 947,082 0.49EURBRITISH TELECOM 6.5% 08-07.07.15 EMTN 1,100,000 1,049,331 0.55EURCREDIT SUISSE LN FRN 08-08.04.10 2,000,000 1,974,098 1.03EURCREDIT SUISSE 6.125% 08-05.08.13 2,000,000 2,047,283 1.06EUR
DIAGEO 6.625% 08-05.12.14 1,050,000 1,135,119 0.59EURIMPERIAL TOBACCO FRANCE7.25% 08-15.09.14 1,100,000 1,086,681 0.56EURIMPERIAL TOBACCO 8.375%09-17.02.16 460,000 459,873 0.24EUROTE PLC 5.375% 08-14.02.11GMTN 2,500,000 2,515,177 1.31EUR
TESCO 5.125% 09-24.02.15 140,000 141,748 0.07EUR
VODAFONE 6.25% 09-15.01.16 1,700,000 1,775,800 0.92EURWPP GRP 6.625% 08-12.05.16EMTN 2,000,000 1,556,489 0.81EUR
20,342,070 10.58
FIDIS RETAIL FIN FRN 06-11.05.09 900,000 897,893 0.47EUR
IRELAND
GE CAP EUR FD 5.25% 08-18.05.15 3,000,000 2,606,560 1.36EURGE CAP 5.75% 08-23.09.11EMTN 2,830,000 2,777,230 1.44EURLEASEPLAN FIN. 4.50% 06-08.11.16 600,000 273,671 0.14EUR
6,555,354 3.41
ASSGEN 4.875% 09-11.11.14 550,000 559,266 0.29EUR
ITALY
BANCO POPOLARE VERONAFRN 07-08.02.17 1,050,000 746,351 0.39EUR
ENI 5% 09-28.01.16 1,800,000 1,859,224 0.97EUR
HERA SPA 4.125% 06-16.02.16 1,500,000 1,354,241 0.70EUR
Description Currency Evaluation % netassets
Face Value
IFIL INVEST SPA 5.375% 07-17 1,150,000 640,075 0.33EURINTESA SANPA 6.625% 08-18EMTN 1,500,000 1,105,556 0.57EURMONTE PASCHI 6% 08-11EMTN 1,850,000 1,944,692 1.01EURTELECOM IT SPA 6.75% 09-21.03.13 850,000 849,047 0.44EURTELECOM ITALIA FRN 05-06.12.12 1,000,000 855,946 0.45EURTELECOM ITALIA FRN 07-07.06.10 2,400,000 2,319,061 1.21EUR
UNICREDIT 5.25% 09-14.01.14 1,500,000 1,528,811 0.79EURUNICREDITO IT FRN 06-20.09.16 1,500,000 1,010,000 0.53EUR
14,772,270 7.68
BANK TOKYO MITSUB. 3.50%05-15 500,000 435,384 0.23EUR
JAPAN
435,384 0.23
HSBC CAPITAL 8.03% 00-.. 1,000,000 530,000 0.28EUR
JERSEY
530,000 0.28
PROLOGIS INTERNATIONAL5.875% 07-23.10.14 1,600,000 480,000 0.25EUR
LUXEMBOURG
SOGERIM 7.00% 01-20.04.11 600,000 621,360 0.32EUR
1,101,360 0.57
ABN AMRO BANK FRN 06-14.09.16 2,300,000 1,433,512 0.75EUR
NETHERLANDS
AKZO NOBEL 7.25% 09-27.03.15 960,000 960,148 0.50EUR
BASF FIN 5.125% 09-09.06.15 1,350,000 1,367,366 0.71EURDAIMLER INTERNATIONAL7.75% 09-26.03.12 1,500,000 1,565,797 0.81EURDAIMLER INTERNATIONAL7.875 09-16.01.14 350,000 364,527 0.19EURDEUTSCHE TELEKOMINTERNATIONAL.FINANCE7.125% 01-11STEPPD 3,500,000 3,733,158 1.94EUR
DSM 5.75% 09-17.03.14 650,000 660,032 0.34EUR
EDP FIN BV 5.5% 09-18.02.14 1,150,000 1,183,849 0.62EUR
ELM BV 5.849% (TV) 07-PERP 1,500,000 307,500 0.16EUR
ELM BV 6.5% 09-02.04.13 1,050,000 1,051,081 0.55EURE.ON INTERNATIONALFINANCE 5.5% 09-19.01.16 500,000 525,190 0.27EUR
HIT FIN BV 4.875% 06-27.10.21 2,800,000 1,968,381 1.02EURING GROEP NV 5.625% 08-03.09.13 1,000,000 998,893 0.52EURKONINKLIJKE KPN 4.75% 07-29.05.14 690,000 677,202 0.35EURKONINKLIJKE 5.00% 07-13.11.12 1,150,000 1,155,995 0.60EUR
KPN 6.25% 09-04.02.14 636,000 663,097 0.34EURLEHMAN 4.625% 07-14.03.19DEFLT 900,000 90 0.00EURLINDE FINNANCE 6.75% 08-08.12.15 1,000,000 1,061,020 0.55EUR
NL GASU 5.125% 09-31.03.17 420,000 435,881 0.23EURPORTUGAL TELECOMINTERNATIONAL 3.75% 05-12 1,150,000 1,082,158 0.56EUR
RABOBANK 4.375% 09-22.01.14 5,000,000 5,110,099 2.67EUR
Description Currency Evaluation % netassets
Face Value
178HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SIEMENS FIN 4.125% 09-20.02.13 600,000 611,782 0.32EURSIEMENS FIN 5.125% 09-20.02.17 640,000 648,684 0.34EURTHYSSENKRUPP 6.75% 09-25.02.13 350,000 355,472 0.18EURURENCO FINANCE 3.375% 05-10 1,500,000 1,472,212 0.77EURVOLKSWAGENINTERNATIONAL 5.625% 09-09.02.12 800,000 815,713 0.42EURVW INTERNATIONAL FIN 5.25%09-01.04.11 1,000,000 1,005,217 0.52EUR
31,214,056 16.23
BANCO COMERCIALPORTUGUES FRN 08-10 1,500,000 1,470,212 0.76EUR
PORTUGAL
BANCO ESPIRITO FRN 08-10EMTN 2,000,000 1,958,012 1.02EUR
3,428,224 1.78
IBERDROLA 4.875% 09-04.03.14REGS 550,000 557,599 0.29EUR
SPAIN
OBRASCON HUARTE 5.00% 07-18.05.12 1,600,000 1,072,906 0.56EURSANTANDER ISS. FRN 07-23.03.17 2,000,000 1,444,055 0.75EURTELEFONICA 5.431% 09-03.02.14 1,000,000 1,032,920 0.54EUR
4,107,480 2.14
SVSK HDBK 4.875% 09-25.03.14 1,720,000 1,723,721 0.90EUR
SWEDEN
VATTENFALL TR 6.75% 08-31.01.19 600,000 644,180 0.33EUR
2,367,901 1.23
BANK AMERICA 5.125% 07-26.09.14 1,000,000 858,722 0.45EUR
UNITED STATES
CARGILL INC. 6.25 08-24.07.15 1,000,000 976,795 0.51EURCL CAPITAL TRUST 7.047% 02-PERP. 1,600,000 792,000 0.41EURCOMMERZBANK CAPITAL5.012% (TV) 06-PERP 500,000 92,518 0.05EURCS GRPOUP (US) 3.625% (TV)05-14.09.20 700,000 424,311 0.22EUREUROHYPO CAPITAL 6.445%03-23.05.33 500,000 62,500 0.03EURFIAT FINANCE NORTHAMERICA 5.625% 07-17 4,100,000 2,326,165 1.21EUR
HVB FD TR VIII PREF. 02-... 1,000,000 250,000 0.13EURJP MORGAN CHASE 6.125% 09-01.04.14 2,800,000 2,757,863 1.43EURKRAFT FOODS 6.25% 08-15EMTN 2,000,000 2,078,810 1.08EURMERRILL LYNCH 6.75% 08-13EMTN 1,750,000 1,532,755 0.80EURMORGAN STANLEY 6.5% 08-15.04.11 3,150,000 3,058,920 1.58EURPHILIP MORRIS 4.25% 09-23.03.12 700,000 706,921 0.37EURPHILIP MORRIS 5.875% 08-04.09.15 1,000,000 1,029,005 0.54EUR
Description Currency Evaluation % netassets
Face Value
VERIZON W 8.75% 08-18.12.15REGS 1,500,000 1,693,209 0.88EUR
18,640,494 9.69
89.49TOTAL BONDS 172,125,348
89.49TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 172,125,348
Description Currency Evaluation % netassets
Face Value
CITIGROUP INC. 6.40% 08-27.03.13 2,500,000 2,217,692 1.15EUR
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
UNITED STATES
2,217,692 1.15
1.15TOTAL BONDS 2,217,692
1.15TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 2,217,692
DANSKE BANK 5.875% 08-23.06.11 1,350,000 1,388,016 0.72EUR
OTHER TRANSFERABLE SECURITES
BONDS
DENMARK
1,388,016 0.72
CARREFOUR SA 5.375% 08-15EMTN 1,500,000 1,571,431 0.81EUR
FRANCE
DANONE FINANCIAL 6.375%08-04.02.14 1,000,000 1,091,247 0.57EUR
2,662,678 1.38
CRED AGR 6% 09-24.06.13EMTN 1,750,000 1,902,407 0.99EUR
GREAT BRITAIN
TESCO PLC 5.875% 08-12.09.16 2,150,000 2,207,202 1.15EUR
4,109,609 2.14
INT SANPAOLO 5.375% 08-19.12.13 1,450,000 1,514,710 0.79EUR
ITALY
1,514,710 0.79
DEUTSCHE TELEKOMINTERNATIONAL FINANCE 6%09-20.1.17 1,000,000 1,013,672 0.53EUR
NETHERLANDS
1,013,672 0.53
5.56TOTAL BONDS 10,688,685
5.56TOTAL OTHER TRANSFERABLE SECURITIES 10,688,685
96.20TOTAL INVESTMENTS 185,031,725
3.80OTHER NET ASSETS LESS LIABILITIES 7,302,964
100.00TOTAL NET ASSETS 192,334,689
179HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BARRY CALL.SVCS 6.00% 07-13.07.17 1,290,000 1,122,300 1.43EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
BELGIUM
FORTIS BANK 4.625% 04 -PERP. 1,550,000 372,000 0.48EUR
1,494,300 1.91
CENTRAL EUROPEAN MEDIAFRN 07-15.05.14 1,100,000 572,000 0.73EUR
BERMUDA ISLANDS
572,000 0.73
BOMBARDIER 7.25% 06-15.11.16 4,485,000 2,934,685 3.75EUR
CANADA
2,934,685 3.75
FS FUNDING 8.875% 06-15.05.16 REG 750,000 445,938 0.57EUR
DENMARK
NORDIC TELEPHONE 8.25%06-01.05.16 REGS 3,445,000 2,917,484 3.73EUR
3,363,422 4.30
GAZPROM CAPITAL 5.03% 06-14 REGS 310,000 232,534 0.30EUR
FEDERATION OF RUSSIA
232,534 0.30
STORA ENSO 3.25% 05-22.06.10 550,000 528,015 0.67EUR
FINLAND
528,015 0.67
ALCATEL 6.375% 04-07.04.14EMTN 1,608,000 930,342 1.19EUR
FRANCE
BANQUE POSTALE FRN 06-12.12.16 850,000 653,835 0.84EURBNP PARIBAS 8.667% 08 -PERP 1,250,000 804,970 1.03EURCIE ST.GOBAIN 4.75% 07-17EMTN 400,000 312,118 0.40EURCNCE 6.117% PERPETUALEMTN 850,000 187,000 0.24EURCNP ASSURANCE FRN 06-PERP. 1,600,000 465,476 0.60EURCREDIT LOGEMENT TV 04-PERP. 1,250,000 512,500 0.66EUR
INVESTMENTS
Euro High Yield BondStatement of investments as at 31 March 2009 (expressed in EUR)
Description Currency Evaluation % netassets
Face Value
CROWN EURO 6.25% 05-01.09.11 1,500,000 1,457,500 1.86EUR
GECINA 4.875% 03-19.02.10 250,000 232,313 0.30EUR
GECINA 4.875% 04-25.01.12 3,644,000 2,639,160 3.37EURGROUPAMA 6.298% (TV) 07-PERP 400,000 120,000 0.15EURMICHELIN 6.375% 03-03.12.33EMTN 1,400,000 739,486 0.95EUR
NEXANS 5.75% 07-02.05.17 3,550,000 2,733,500 3.48EUR
PPR 8.625% 09-03.04.14 140,000 141,707 0.18EURREMY COINTREAU 5.20% 05-12REGS 1,300,000 1,144,000 1.46EUR
RHODIA FRN 06-15.10.13 REGS 3,625,000 1,916,443 2.45EURSCOR ASSIST 6.154% (TV )06-PERP. 1,500,000 530,776 0.68EURSOCIETE GENERALE 7.756%(TV) 08-PERP. 3,000,000 1,440,000 1.84EURTEREOS EUROPE 6.375% 07-14REGS 2,150,000 1,386,750 1.77EUR
VALEO 3.75% 05-24.06.13 1,200,000 896,470 1.15EURWENDEL INVESTMENT 4.375%05-09.08.17 5,050,000 2,660,452 3.40EUR
21,904,798 28.00
ATU AUTO-TEILE TV 04-01.10.14 350,000 77,000 0.10EUR
GERMANY
BAYER AG 5.00% (TV) 05-29.07.15 2,000,000 1,408,676 1.80EURGERRESHEIMER 7.875% 05-15REGS 1,941,000 1,863,359 2.37EURIESY & ISH NRW FRN 06-15.04.13 1,350,000 1,170,000 1.50EURIESY REPOS.10.125% 05-15REGS 350,000 332,719 0.43EURKABEL DEUTSCHLAND 10.75%06-14 600,000 594,000 0.76EUR
METRO 7.625% 09-05.03.15 610,000 591,386 0.76EUR
PERI 5.625% 04-15.12.11 REGS 650,000 519,594 0.66EURSGL CARBON AG FRN 07-15.05.15 1,164,000 799,668 1.02EUR
7,356,402 9.40
AVIS FINANCE FRN 06-31.07.13 900,000 279,000 0.36EUR
GREAT BRITAIN
BARCLAYS BANK 4.75% 05-PERP. 1,400,000 411,633 0.53EURECO-BAT 10.125% 03-31.01.13REGS 1,854,000 1,705,680 2.17EURFRANCE BANK 7.125% 07-16.01.12 2,250,000 1,515,938 1.94EURIMPERIAL TOBACCO 8.375%09-17.02.16 740,000 739,796 0.95EUR
NTL CABLE 8.75% 04-15.04.14 250,000 221,625 0.28EURREXAM PLC 6.75%(TV) 07-29.06.67 2,270,000 1,081,056 1.38EUR
5,954,728 7.61
JSG FUNDING 7.75% 05-01.04.15 425,000 295,375 0.38EUR
IRELAND
295,375 0.38
BCA INTAL FRN 06-28.06.16 S-31 900,000 356,090 0.46EUR
ITALY
CIRINT 5.75% 04-16.12.24 1,200,000 741,480 0.95EUR
Description Currency Evaluation % netassets
Face Value
180HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
IFIL INVEST SPA 5.375% 07-17 600,000 333,952 0.43EURINTESA SAN PAOLO8.047(FRN) 08-PERP. 2,100,000 1,050,000 1.33EURUNICRED ITALY 5.75% 07-26.09.17 250,000 201,200 0.26EUR
2,682,722 3.43
HSBC CAP 5.13% 04-... 700,000 330,810 0.42EUR
JERSEY
HSBC CAPITAL 8.03% 00-.. 1,200,000 636,000 0.82EUR
966,810 1.24
CABLECOM 8% 06-01.11.16 1,150,000 881,906 1.13EUR
LUXEMBOURG
CALCIPAR FRN 07-01.07.14REGS 550,000 231,000 0.30EURGAZ CAPITAL 6.605% 07-13.02.18 EMTN 1,565,000 1,102,479 1.41EUR
HOLCIM FIN 9% 09-26.03.14 500,000 520,997 0.67EURWIND ACQUISITION 9.75% 05-01.12.15 3,350,000 2,957,422 3.77EUR
5,693,804 7.28
AKZO NOBEL 7.25% 09-27.03.15 240,000 240,037 0.31EUR
NETHERLANDS
ASML HOLDING 5.75% 07-13.06.17 1,550,000 998,200 1.28EURCARLS. WAGONLIT FRN 06-01.05.15 REG 500,000 70,000 0.09EUR
ELM BV 6.5% 09-02.04.13 150,000 150,154 0.19EURFRESENIUS FIN. 5.50% 06-16REGS 1,775,000 1,616,766 2.07EURGENERALI FINANCES 5.479%(TV) 07-..PERP 600,000 285,000 0.36EURIFCO SYSTEMS 10.375% 03-10REG 400,000 348,000 0.44EURKAZKOMMERTS 6.875% 07-13.02.17 1,100,000 439,580 0.56EUR
KPN 7.5% 09-04.02.19 300,000 317,648 0.41EURLINDE FINANCE 7.375% (TV)06-14.07.66 1,520,000 1,055,522 1.35EUR
MUNICH RE 5.767%(TV) 07-49 1,000,000 580,397 0.74EUROI EUROPEAN GP 6.875% 07-17 550,000 462,917 0.59EURPFEIDERER 7.125% (TV) 07-..PERP 100,000 23,000 0.03EURSUEDZUCK.INTERNATIONAL5.25% (TV) 05-PERP 500,000 313,524 0.40EURTHYSSENKRUPP 8.5% 09-25.02.16 550,000 533,206 0.68EURUPC HOLDING 7.75% 05-15.01.14 REG 500,000 419,000 0.54EURVOLKSWAGENINTERNATIONAL 7% 09-09.02.16 600,000 610,992 0.78EUR
8,463,943 10.82
CONSOL GLASS 7.625% 07-15.04.14 550,000 347,050 0.44EUR
SOUTH AFRICA
FOODCORP 8.875% 05-15.06.12REGS 1,000,000 593,333 0.76EURSAVCIO HOLDINGS LTD 8.00%06-13 REGS 300,000 180,000 0.23EUR
1,120,383 1.43
Description Currency Evaluation % netassets
Face Value
STENA 5.875% 07-01.02.19REGS 1,250,000 560,417 0.72EUR
SWEDEN
VOLVO TREA 9.875% 09-27.02.14 1,000,000 992,808 1.27EUR
1,553,225 1.99
AGCO 6.875% 04-15.04.14 3,108,000 2,299,920 2.94EUR
UNITED STATES
CENTRAL EURODISTRIBUTION 8% 05-12 680,000 396,100 0.51EURCHESAPEAKE 6.25% 06-15.01.17 1,710,000 1,237,613 1.58EURCL CAPITAL TRUST 7.047% 02-PERP. 1,900,000 940,500 1.20EURFIAT FINANCE NORTHAMERICA 5.625% 07-17 5,100,000 2,893,522 3.70EUR
HVB FD TR VIII PREF. 02-... 250,000 62,500 0.08EURJP MORGAN CHASE 6.125% 09-01.04.14 450,000 443,228 0.57EUR
8,273,383 10.58
C10 CAP SPV 6.277% (TV) 07-09.05.49 1,200,000 300,000 0.38EUR
VIRGIN ISLANDS
300,000 0.38
94.20TOTAL BONDS 73,690,529
94.20TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 73,690,529
Description Currency Evaluation % netassets
Face Value
HUNSTMANN INTERNATIONAL7.50% 07-15 300,000 93,000 0.12EUR
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
UNITED STATES
TRW AUTOM. 6.375% 07-14REGS 600,000 156,000 0.20EUR
249,000 0.32
0.32TOTAL BONDS 249,000
0.32TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 249,000
FRESENIUS FII 8.75% 09-15.07.15 750,000 776,991 0.99EUR
OTHER TRANSFERABLE SECURITES
BONDS
UNITED STATES
776,991 0.99
0.99TOTAL BONDS 776,991
0.99TOTAL OTHER TRANSFERABLE SECURITIES 776,991
95.51TOTAL INVESTMENTS 74,716,520
4.49OTHER NET ASSETS LESS LIABILITIES 3,509,033
100.00TOTAL NET ASSETS 78,225,553
181HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
AUSTRIA 3.4% 09-20.10.14 80,000 80,360 1.19EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
AUSTRIA
80,360 1.19
BELGIUM 3.75% 05-28.09.15OLO46 215,000 217,591 3.23EUR
BELGIUM
217,591 3.23
CYPRUS 5.50% 02-27.02.12EMTN 284,000 300,870 4.46EUR
CYPRUS
300,870 4.46
DENMARK 6.00% 99-15.11.11 1,935,000 286,023 4.24DKK
DENMARK
286,023 4.24
FINLAND 3.875% 06-15.09.17 462,000 474,497 7.04EUR
FINLAND
474,497 7.04
FRANCE 4% 06-25.10.38 OAT 50,000 48,810 0.72EUR
FRANCE
FRANCE 4.25% 03-25.04.19OAT 50,000 52,575 0.78EUR
101,385 1.50
GERMANY 3.75% 08-04.01.19 68,000 72,151 1.07EUR
GERMANY
GERMANY 5.50% 00-04.01.31 27,000 32,319 0.48EUR
KFW 5.50% 01-07.12.15 130,000 154,797 2.30GBP
259,267 3.85
EBRD 0% 98-2048 EMTN 8,000,000,000 415,975 6.17ITL
GREAT BRITAIN
UK TSY 4.75% 04-07.12.38 327,250 386,530 5.73GBP
802,505 11.90
GREECE (30Y) 4.50% 05-20.09.37 35,000 28,275 0.42EUR
GREECE
GREECE 4.6% 03-20.05.13 150,000 151,455 2.25EUR
INVESTMENTS
European Government BondStatement of investments as at 31 March 2009 (expressed in EUR)
Description Currency Evaluation % netassets
Face Value
GREECE 6% 09-19.07.2019 100,000 101,870 1.51EUR
281,600 4.18
ITALY 4.25% 08-15.04.13 BTP 300,000 313,844 4.65EUR
ITALY
ITALY 5.00% 07-01.08.39 BTP 322,000 307,816 4.57EUR
ITALY 5.5% 99-01.11.10 BTP 70,000 74,130 1.10EUR
ITALY 5.75% 02-01.02.33 BTP 50,000 52,493 0.78EUR
748,283 11.10
NETHERLANDS 4% 09-15.07.19 50,000 51,070 0.76EUR
NETHERLANDS
51,070 0.76
SLOVENIA 4.375% 08-6.02.19RS63 250,000 244,513 3.63EUR
SLOVENIA
SLOVENIA 5.375% 01-11.04.11 540,000 566,676 8.41EUR
811,189 12.04
CAJA DE AH. GALICIA 4.375%07-19 500,000 456,000 6.76EUR
SPAIN
456,000 6.76
SWEDEN 3.00% 05-12.07.16 1,610,000 149,731 2.22SEK
SWEDEN
149,731 2.22
KFW INTERNATIONAL 5.375%01-07.12.11EMTN 424,000 495,956 7.36GBP
UNITED STATES
495,956 7.36
81.83TOTAL BONDS 5,516,327
81.83TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 5,516,327
Description Currency Evaluation % netassets
Face Value
BELGIUM 3.5% 08-28.03.2011 110,000 113,647 1.69EUR
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
BELGIUM
113,647 1.69
FINLAND 4.375% 08-04.07.19 125,000 132,031 1.95EUR
FINLAND
132,031 1.95
3.64TOTAL BONDS 245,678
3.64TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 245,678
182HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SFEF 3.25% 09-16.01.14 150,000 152,427 2.26EUR
OTHER TRANSFERABLE SECURITES
BONDS
FRANCE
152,427 2.26
2.26TOTAL BONDS 152,427
2.26TOTAL OTHER TRANSFERABLE SECURITIES 152,427
Description Currency Evaluation % netassets
Face Value
87.73TOTAL INVESTMENTS 5,914,432
12.27OTHER NET ASSETS LESS LIABILITIES 826,936
100.00TOTAL NET ASSETS 6,741,368
183HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
TWU CAYMAN 6.125% 09-04.02.13 350,000 471,273 0.60EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
CAYMAN ISLANDS
471,273 0.60
GAZPROM CAPITAL 5.03% 06-14 REGS 380,000 377,267 0.48EUR
FEDERATION OF RUSSIA
377,267 0.48
CFF 0.60% 05-23.03.10 339,000,000 3,398,248 4.31JPY
FRANCE
CNCE 6.117% PERPETUALEMTN 300,000 87,354 0.11EUR
FRANCE 4% 07-25.04.18 OAT 1,833,000 2,518,986 3.20EURFRANCE 5.00% 02-25.04.12OAT 2,685,000 3,867,349 4.90EUR
FRANCE 5.75% 01-25.10.32 738,000 1,190,499 1.51EURVEOLIA ENVIRONNEMENT5.25% 08-03.06.13 580,000 579,738 0.74USD
11,642,174 14.77
GERMANY 3.75% 08-04.01.19 2,000,000 2,808,706 3.56EUR
GERMANY
GERMANY 4.00% 07-04.01.18S.07 192,000 275,582 0.35EUR
GERMANY 4.75% 03-04.07.34 482,000 705,191 0.90EURHENKEL 5.375% 05-2104 STEP-UP 180,000 155,026 0.20EURHSH NORDBANK 4.375% (TV)07-14.02.08 900,000 387,138 0.49EUR
KFW 4.125% 04-15.10.14 GLOB. 1,500,000 1,548,720 1.96USD
5,880,363 7.46
BAT INTERNATIONAL FINANCE8.125% 08-13 144A 500,000 538,512 0.68USD
GREAT BRITAIN
BBC 5.0636% 03-10.08.33 REG 497,121 585,978 0.74GBPDEUTSCHE BANK LN 4.875%08-20.05.13 385,000 379,473 0.48USDNETWORK RAILWYINFRASTRUCTURE 5.25% 06-09.05.11 1,500,000 1,594,857 2.03USD
UK TSY 4.00% 06-07.09.16 TSY 500,000 773,084 0.98GBP
UK TSY 4.25% 03-36 650,000 932,284 1.19GBP
UK TSY 4.75% 04-07.12.38 400,000 625,321 0.79GBP
UK TSY 8.00% 93-13 270,000 476,803 0.61GBP
5,906,312 7.50
INVESTMENTS
Global Core Plus BondStatement of investments as at 31 March 2009 (expressed in USD)
Description Currency Evaluation % netassets
Face Value
OTP BANK 5.75% 08-16.5.11EMTN 600,000 587,331 0.75EUR
HUNGARY
587,331 0.75
CAIRN MEZZ.FRN 07-47 07-3AB1 DEFLT 860,000 - 0.00USD
IRELAND
- 0.00
ITALY 4.25% 08-15.04.13 BTP 3,164,000 4,380,975 5.56EUR
ITALY
4,380,975 5.56
JAPAN 1.10% 07-20.09.12 S.66 245,000,000 2,538,229 3.22JPY
JAPAN
JAPAN 1.70% 06-20.12.16 N284 549,500,000 5,871,183 7.46JPY
8,409,412 10.68
FIAT FINANCE 6.625% 06-15.02.13 800,000 746,716 0.95EUR
LUXEMBOURG
746,716 0.95
LINDE FINANCE 7.375% (TV)06-14.07.66 185,000 170,034 0.22EUR
NETHERLANDS
NETHERLANDS 5.50% 00-15.07.10 2,324,000 3,242,030 4.11EUR
3,412,064 4.33
ASIA DVLP BANK 2.35% 07-21.06.27 50,000,000 506,615 0.64JPY
PHILIPPINES
506,615 0.64
SANTANDER ISS. FRN 06-30.05.18 495,000 490,040 0.62EUR
SPAIN
490,040 0.62
BEAR STEARNS 4.5% 03-10GLOBAL 500,000 496,762 0.63USD
UNITED STATES
BELLSOUTH TELEC. 7.00% 95-01.12.95 425,000 333,795 0.42USDBURL.NORTHERN 5.65% 07-01.05.17 1,000,000 976,663 1.24USD
CITIGROUP 3.625% 06-28.03.11 1,500,000 1,800,042 2.29EURCOMMERCIA MTG FRN 06-20FL12 A2 1,295,682 913,786 1.16USDFREDDIE MAC 5.125% 07-17.11.17 1,600,000 1,786,646 2.27USDGECC 5.50% (TV) 07-15.09.67REGS 445,000 225,285 0.29EURMIDAMERICAN ENERGY 5.95%07-17 610,000 625,361 0.79USDMORGAN STANLEY 5.61% 07-49 07-IQ14-A2 450,000 365,046 0.46USDMORGAN STANLEY 6% 08-28.10.08 600,000 565,208 0.72USD
Description Currency Evaluation % netassets
Face Value
184HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
XEROX CORP. 5.50% 07-15.05.12 215,000 188,145 0.24USD
8,276,739 10.51
64.85TOTAL BONDS 51,087,281
64.85TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 51,087,281
Description Currency Evaluation % netassets
Face Value
CANADA 4.00% 06-01.06.17 2,465,000 2,183,993 2.77CAD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
CANADA
2,183,993 2.77
JLOC FRN 07-15.01.15 37X A1 38,706,000 380,259 0.48JPY
CAYMAN ISLANDS
380,259 0.48
VIVENDI 5.75% 08-04.04.13144A 475,000 443,121 0.56USD
FRANCE
443,121 0.56
JAPAN 2.00% 07-20.03.27 NO 93(20Y) 148,550,000 1,530,287 1.95JPY
JAPAN
JLOC FRN 07-16.02.16 36X-A1 28,284,000 278,879 0.35JPY
1,809,166 2.30
ABFC 3.684% 05-33 03-AHL1 A1 788,694 665,707 0.85USD
UNITED STATES
BEAR ST. 6.95% 07-10.08.12 500,000 508,841 0.65USDBEAR STEARNS FRN 07-41 06-T24 A2 1,340,000 1,205,179 1.53USDCHICAGO IL 6.89908-01.12.40PF-A 800,000 793,808 1.01USDCOMM MTG FRN 05-01.05.43LP5 AJ 500,000 221,565 0.28USDCONTL AIR PT. 5.983% 07-22CI-A 292,000 216,080 0.27USDCOUNTRYW. HOM. 4% 04-22.03.11 EMTN 765,000 685,468 0.87USD
COX COMM.7.125% 02-01.10.12 600,000 592,858 0.75USDFHLMC 4.14% 04-01.12.34P.1B2655 382,748 392,006 0.50USDFHLMC 5.359% 07-01.07.34P.847557 195,910 199,377 0.25USDFNMA (30Y) 6.00% 07-01.06.37P.GO2981 366,190 382,611 0.49USDFNMA 5.5% 08-01.11.38P.889982 2,342,448 2,429,193 3.07USDFNMA 5.933% 07-01.03.37P.922090 172,687 179,965 0.23USDFNMA 6.303% 06-01.06.36P.896286 459,218 479,233 0.61USDFNMA 6.50% 07-01.05.37P.256723 369,127 388,794 0.49USD
GCCCFC FRN 06-16 06-GG7 A4 450,000 320,351 0.41USDJP MORGAN CC 5.875533% 06-45 06-LD P7 A4 220,000 162,780 0.21USD
USA 4.375% 08-15.2.38 TBO 773,000 869,867 1.10USD
XTRA FIN. 5.15% 07-01.04.17 905,000 887,010 1.13USD
11,580,693 14.70
20.81TOTAL BONDS 16,397,232
20.81TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 16,397,232
Description Currency Evaluation % netassets
Face Value
PREFERR. TERM XXI FRN 06-38 REGS 925,726 330,947 0.42USD
OTHER TRANSFERABLE SECURITES
BONDS
CAYMAN ISLANDS
330,947 0.42
BARCLAYS BANK 5.926% 06-PERP 144A 925,000 258,718 0.33USD
GREAT BRITAIN
258,718 0.33
BACM 5.634% 06-10.07.46 06-4A4 500,000 386,343 0.49USD
UNITED STATES
TIME WARNER CABLE 6.2%08-01.07.13 535,000 518,978 0.66USD
905,321 1.15
1.90TOTAL BONDS 1,494,986
1.90TOTAL OTHER TRANSFERABLE SECURITIES 1,494,986
87.56TOTAL INVESTMENTS 68,979,499
12.44OTHER NET ASSETS LESS LIABILITIES 9,797,185
100.00TOTAL NET ASSETS 78,776,684
185HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ARGENTINA 1.33% 03-31.12.38 4,675,000 806,438 0.34USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
ARGENTINA
ARGENTINA 8.28% 03-31.12.33PIK 3,155,000 1,015,244 0.44USD
1,821,682 0.78
BRAZIL 10.125% 97-27 2,500,000 3,125,000 1.33USD
BRAZIL
BRAZIL 11.00% 00-17.08.40 5,500,000 6,938,249 2.96USDBRAZIL 6% 03-15.05.15 S.B /INDEX 3,000 2,235,825 0.95BRL
BRAZIL 6.00% 06-17.01.17 2,400,000 2,376,000 1.01USD
BRAZIL 7.125% 06-20.01.37 4,700,000 4,660,050 1.99USD
BRAZIL 8.00% 05-15.01.18 4,300,000 4,665,500 1.99USDBRAZIL 8.75% 05-04.02.25GLOBAL 3,600,000 4,068,000 1.73USDEMPRESA EN.10.5% 06-19.07.13 REGS 750,000 695,625 0.30USD
28,764,249 12.26
COLOMBIA 10% 01-23.01.12 550,000 627,000 0.27USD
COLOMBIA
COLOMBIA 10.75%-15.01.13 450,000 531,450 0.23USD
COLOMBIA 7.375% 06-18.09.37 1,500,000 1,336,500 0.57USD
COLOMBIA 8.125% 04-21.05.24 1,800,000 1,791,000 0.76USDREPUBLIC OF COLUMBIA7.375% 06-27.01.17 3,425,000 3,425,000 1.46USD
7,710,950 3.29
EL SALVADOR 7.75% 02-24.01.23 REG 2,700,000 2,551,500 1.09USD
EL SALVADOR
2,551,500 1.09
RUSSIA 12.75% 98-28 REG.S 2,200,000 2,864,444 1.22USD
FEDERATION OF RUSSIA
RUSSIA 7.50% 00-31.03.30REG/ST-UP 25,529,000 23,945,181 10.21USD
26,809,625 11.43
REP OF GEORGIA 7.5% 08-15.04.13 500,000 340,125 0.15USD
GEORGIEN
340,125 0.15
INVESTMENTS
Global Emerging Markets BondStatement of investments as at 31 March 2009 (expressed in USD)
Description Currency Evaluation % netassets
Face Value
VEDANTA RESOURCES 9.5%08-18.07.18 1,850,000 1,165,500 0.50USD
GREAT BRITAIN
1,165,500 0.50
INDONESIA 11.625% 09-04.03.19 600,000 656,557 0.28USD
INDONESIA
INDONESIA 6.875% 08-17.01.18 4,200,000 3,400,950 1.45USDINDONESIA 8.5% 05-12.10.35REGS 2,000,000 1,712,500 0.73USD
5,770,007 2.46
IRAQ 5.80% 06-15.01.28 STEP-UP 4,950,000 2,475,000 1.06USD
IRAQ
2,475,000 1.06
LEBANON 8.25% 06-12.04.21 1,575,000 1,464,750 0.62USD
LEBANON
LEBANON 8.50% 05-19.01.16REG 900,000 897,750 0.38USD
LEBANON 9.125% 08-12.03.13 2,000,000 2,090,000 0.90USD
4,452,500 1.90
GAZPROM 5.625% 05-22.07.13REG 1,963,201 1,796,629 0.76USD
LUXEMBOURG
RSHB CAPITAL 7.125% 08-14.01.14 1,000,000 768,650 0.33USD
2,565,279 1.09
PETRONA CAPITAL 7.00% 02-22.05.12 2,100,000 2,248,911 0.96USD
MALAYSIA
2,248,911 0.96
MEXICO 6.375% 03-16.01.13 3,450,000 3,644,925 1.55USD
MEXICO
MEXICO 6.625% 03-03.03.15 1,740,000 1,831,350 0.78USD
MEXICO 7.5% 02-14.01.12 2,000,000 2,180,000 0.93USDPETROLEOS MEXICA 8% 09-03.05.19 1,600,000 1,568,000 0.67USD
9,224,275 3.93
PAKISTAN 6.875% 07-01.06.17 900,000 441,000 0.18USD
PAKISTAN
PAKISTAN 7.125% 06-31.03.16 400,000 200,263 0.09USD
641,263 0.27
PANANA 7.25% 04-15.03.15 2,000,000 2,057,400 0.88USD
PANAMA
REPUBLIC PANAMA 7.125% 05-29.01.26 2,200,000 2,084,500 0.89USD
4,141,900 1.77
PERU 7.35% 05-21.07.25 1,450,000 1,435,500 0.61USD
PERU
PERU 8.375% 04-03.05.16 925,000 1,019,813 0.43USD
PERU 9.875% 03-06.02.15 1,400,000 1,655,500 0.71USD
Description Currency Evaluation % netassets
Face Value
186HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
REP OF PERU 6.55% 07-14.03.37 1,500,000 1,327,500 0.57USD
5,438,313 2.32
PHILIPPINES 10.625% 00-16.03.25 1,000,000 1,279,109 0.55USD
PHILIPPINES
PHILIPPINES 7.75% 06-14.01.31 4,250,000 4,313,750 1.84USD
PHILIPPINES 8.25% 03-15.01.14 4,050,000 4,546,125 1.93USDPHILIPPINES 9.375% 02-18.01.17 2,200,000 2,563,000 1.09USD
PHILIPPINES 9.875% 99-19 1,000,000 1,191,977 0.51USD
13,893,961 5.92
POLAND 5.00% 05-19.10.15 2,000,000 1,895,960 0.81USD
POLAND
1,895,960 0.81
EMPIRE CAPRES RES. PTE9.375% 06-11 1,700,000 1,424,566 0.61USD
SINGAPORE
1,424,566 0.61
SOUTH AFRICA 5.875% 07-30.05.22 875,000 783,125 0.33USD
SOUTH AFRICA
SOUTH AFRICA 7.375% 02-25.04.12 1,900,000 1,966,500 0.84USD
2,749,625 1.17
TURKEY GOVERNMENT BOND10.00% 07-15.12 S.CPI 3,700,000 2,442,869 1.04TRY
TURKEY
TURKEY 11.00% 03-14.01.13 3,350,000 3,785,500 1.60USD
TURKEY 16.00% 07-07.03.12 2,000,000 1,199,408 0.51TRY
TURKEY 6.75% 07-03.04.18 1,750,000 1,610,000 0.69USD
TURKEY 6.875% 06-17.03.36 3,330,000 2,614,050 1.11USD
TURKEY 7.00% 05-05.06.20 2,000,000 1,800,000 0.77USDTURKEY 7.00% 06-26.09.16GLOBAL 3,000,000 2,880,000 1.23USD
TURKEY 7.25% 04-15.03.15 3,250,000 3,217,500 1.37USD
TURKEY 7.375% 05-05.02.25 3,000,000 2,640,000 1.13USD
TURKEY 8% 04-14.02.34 2,450,000 2,180,500 0.93USD
TURKEY 9.00% 04-30.06.11 1,000,000 1,072,500 0.46USD
TURKEY 9.50% 03-15.01.14 2,600,000 2,853,500 1.22USD
28,295,827 12.06
CITIGROUP 0% 08-11.01.10 /USD / UYU 2,077,922 1,423,377 0.61USD
UNITED STATES
PEMEX PROJECT FUNDING6.625% 05-35 4,500,000 3,266,280 1.39USDPEMEX PROJECT 5.75% 07-01.03.18 13,125,000 10,959,375 4.67USD
15,649,032 6.67
REPUBLIC URUGUAY 7.625%06-21.03.36 2,150,000 1,741,500 0.74USD
URUGUAY
REPUBLIC URUGUAY 8.00% 05-18.11.22 3,500,000 3,150,000 1.35USDURUGUAY 7.875% 03-15.01.33PIK 600,000 504,000 0.21USD
Description Currency Evaluation % netassets
Face Value
URUGUAY 9.25% 05-17.05.17 650,000 689,000 0.29USD
6,084,500 2.59
PETROL VENEZ 5.5% 07-12.04.37 3,500,000 1,207,500 0.51USD
VENEZUELA
PETROLEOS VENEZUELA5.25% 07-12.04.17 8,670,000 3,663,075 1.57USDPETROLEOS VENEZUELA5.375% 07-12.04.27 5,000,000 1,775,000 0.76USDVENEZUELA 5.375% 03-07.08.10 1,000,000 850,000 0.36USDVENEZUELA 5.75% 05-26.02.16REGS 4,800,000 2,280,000 0.97USD
VENEZUELA 7.00% 03-01.12.18 1,000,000 480,000 0.20USDVENEZUELA 7.00% 07-31.03.38REGS 1,500,000 633,750 0.27USD
VENEZUELA 7.65% 05-21.04.25 3,200,000 1,456,000 0.62USDVENEZUELA 8.5% 04-8.10.14GLOBAL 2,100,000 1,270,500 0.54USDVENEZUELA 9% 08-07.05.23REGS 3,450,000 1,742,250 0.74USDVENEZUELA 9.375% 04-13.01.34 1,100,000 552,750 0.24USD
15,910,825 6.78
VIETNAM 6.875% 05-15.01.16REG.S 400,000 368,996 0.16USD
VIETNAM
368,996 0.16
REPUBLIC SERBIA 3.75% 04-24STEP-UP 1,150,000 747,500 0.32USD
YOUGOSLAVIA
747,500 0.32
82.35TOTAL BONDS 193,141,871
82.35TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 193,141,871
Description Currency Evaluation % netassets
Face Value
INDONESIA 10.375% 09-04.05.14 2,000,000 2,117,634 0.90USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
INDONESIA
INDONESIA 6.625% 07-17.02.37 5,000,000 3,512,780 1.50USDINDONESIA 6.875% 06-09.03.17REGS 2,400,000 2,052,204 0.88USD
7,682,618 3.28
MAJAPAHIT HOLDING 7.25%07-28.06.17 2,675,000 1,859,245 0.79USD
NETHERLANDS
MAJAPAHIT HOLDING 7.75%06-16 REGS 1,900,000 1,375,649 0.59USDMAJAPAHIT HOLDING 7.875%07-37 REG 500,000 285,837 0.12USD
RUBRIKA BV 8.98% 07-28.04.09 800,000 600,000 0.26USD
4,120,731 1.76
187HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
PANAMA 6.7% 06-26.01.36 1,525,000 1,338,188 0.57USD
PANAMA
1,338,188 0.57
PANAMA CAN 7.00% 07-01.11.26 REGS 1,400,000 700,000 0.30USD
UNITED STATES
700,000 0.30
CITIC RES.6.75% 07-15.5.2014 1,650,000 1,254,000 0.53USD
VIRGIN ISLANDS
1,254,000 0.53
6.44TOTAL BONDS 15,095,537
6.44TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 15,095,537
Description Currency Evaluation % netassets
Face Value
BLUE CITY 13.75% 06-13 REG -B1- 3,000,000 660,000 0.28USD
OTHER TRANSFERABLE SECURITES
BONDS
CAYMAN ISLANDS
PETROBRAS INTERNATIONAL7.875% 09-15.03.19 2,200,000 2,266,480 0.97USD
2,926,480 1.25
COLOMBIA 7.375% 09-18.03.19 125,000 124,500 0.05USD
COLOMBIA
124,500 0.05
INDEPENDENT PAR. FRN 08-15.12.09/PIK 2,400,000 192,000 0.08USD
GREAT BRITAIN
STANDARD BANK FRN 07-15.11.12 2,300,000 1,564,000 0.67USD
1,756,000 0.75
AEROMEXICO SERIES 2007-1 1,800,000 1,530,000 0.65USD
MEXICO
1,530,000 0.65
PEROU 7.125% 09-30.03.19 1,000,000 1,003,660 0.43USD
PERU
1,003,660 0.43
PHILIPPINES 8.375% 09-17.06.19 4,500,000 4,882,500 2.09USD
PHILIPPINES
4,882,500 2.09
EXPORT-IMPORT BANK OFKOREA 8.125% 21.01.14 1,900,000 1,959,905 0.84USD
SOUTH KOREA
KOREA DEVELOPMENT BANK8% 09-23.01.14 2,500,000 2,566,425 1.09USD
4,526,330 1.93
VENEZUELA 9.25% 08-07.05.28REG 6,925,000 3,407,100 1.45USD
VENEZUELA
3,407,100 1.45
8.60TOTAL BONDS 20,156,570
TRANS. INTERM. 06-01.06.16WRT /SHS 500 5 0.00USD
WARRANTS / EQUITY LINKED SECURITIES
COLOMBIA
5 0.00
0.00TOTAL WARRANTS / EQUITY LINKED SECURITIES 5
8.60TOTAL OTHER TRANSFERABLE SECURITIES 20,156,575
Description Currency Evaluation % netassets
Face Value
97.39TOTAL INVESTMENTS 228,393,983
2.61OTHER NET ASSETS LESS LIABILITIES 6,121,003
100.00TOTAL NET ASSETS 234,514,986
188HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BRAZIL 10% 06-1.1.14 S.F 3,600 1,441,081 3.23BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
BRAZIL
1,441,081 3.23
COLUMBIA 12.00% 05-22.10.15 4,650,000,000 2,024,573 4.54COP
COLOMBIA
2,024,573 4.54
HUNGARY 6% 07-24.10.12SERIE C 100,000,000 349,130 0.78HUF
HUNGARY
HUNGARY 6.25% 07-24.8.1010/D 155,000,000 616,202 1.38HUFHUNGARY 6.5% 08-24.6.19S.19/A 100,000,000 293,314 0.66HUF
HUNGARY 6.75% 06-24.2.17 S.B 330,000,000 1,056,549 2.37HUFHUNGARY 6.75% 08-22.04.11S.C 139,000,000 537,928 1.21HUF
HUNGARY 8% 04-12.2.15 S.-A- 150,000,000 528,830 1.19HUF
3,381,953 7.59
INDONESIA 11% 03-12.S.FR0023
10,000,000,000 854,169 1.92IDR
INDONESIA
INDONESIA 12.9%06-15.6.22FR35 5,000,000,000 433,690 0.97IDRINDONESIA 9% 08-15.9.13FR0049
29,500,000,000 2,324,240 5.22IDR
3,612,099 8.11
MALAYSIA 3.7% 07-13S.0507 3,000,000 824,294 1.85MYR
MALAYSIA
MALAYSIA 3.814% 07-17 S.0207 2,500,000 669,077 1.50MYR
MALAYSIA 5.094% 04-30.04.14 5,500,000 1,600,716 3.59MYR
3,094,087 6.94
MEXICO 7.25% 07-15.12.16 50,000 340,392 0.76MXN
MEXICO
MEXICO 8% 03-19.12.13SR131219 708,550 5,094,652 11.44MXN
5,435,044 12.20
REP OF PERU 12.25% 04-10.8.11 1,500,000 543,817 1.23PEN
PERU
REP PERU 7.84% 05-12.08.20 1,500,000 518,882 1.16PEN
INVESTMENTS
Global Emerging Markets Local DebtStatement of investments as at 31 March 2009 (expressed in USD)
Description Currency Evaluation % netassets
Quantity/FaceValue
REPUBLIC PERU 8.6%05-12.8.17 1,000,000 366,099 0.82PEN
1,428,798 3.21
POLAND 4.75%07-25.4.12PS0412 6,000,000 1,626,451 3.65PLN
POLAND
POLAND 5% 02-24.10.13DS1013 1,000,000 269,079 0.60PLNPOLAND 5.25%06-25.10.17DS1017 1,300,000 341,501 0.77PLNPOLAND 5.25%07-25.4.2013S0413 1,900,000 518,280 1.16PLN
POLAND 5.75% 01-23.9.22 1,300,000 343,454 0.77PLN
POLAND 5.75% 04-10 PS0310 1,700,000 480,791 1.08PLNPOLAND 6.25% 04-24.10.15 DS1015 2,000,000 566,231 1.27PLN
4,145,787 9.30
SOUTH AFRICA 13.5%94-15LOAN157 5,000,000 654,118 1.47ZAR
SOUTH AFRICA
654,118 1.47
THAILAND GOV 4.25% 07-13 35,000,000 1,061,666 2.38THB
THAILAND
THAILAND GOV 5.125% 07-13.3.18 32,000,000 1,021,317 2.29THB
2,082,983 4.67
TURKEY GOVERNMENT BOND10.00% 07-15.12 S.CPI 1,381,000 911,784 2.05TRY
TURKEY
TURKEY GOVERNMENT BOND14.00% 07-26.09.12 500,000 282,074 0.63TRY
TURKEY 0% 08-14.04.10 3,350,000 1,733,227 3.89TRY
TURKEY 0% 08-23.6.10 3,500,000 1,763,711 3.96TRY
TURKEY 12% 08-14.8.13/CPI 400,000 238,563 0.54TRY
TURKEY 14% 06-19.01.11 1,500,000 879,112 1.97TRY
TURKEY 16.00% 07-07.03.12 910,000 545,731 1.22TRY
6,354,202 14.26
CITIGROUP 0% 08-11.01.10 /USD / UYU 883,117 604,935 1.36USD
UNITED STATES
604,935 1.36
76.88TOTAL BONDS 34,259,660
76.88TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 34,259,660
Description Currency Evaluation % netassets
Quantity/FaceValue
BRAZIL 6% 07-15.5.17 IPCA-IDX 3,000 2,211,170 4.96BRL
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
BRAZIL
2,211,170 4.96
189HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
INDONESIA 10.375% 09-04.05.14 1,250,000 1,323,521 2.97USD
INDONESIA
1,323,521 2.97
MALAYSIA3.833%01-28.9.1101/01 5,500,000 1,546,020 3.47MYR
MALAYSIA
1,546,020 3.47
11.40TOTAL BONDS 5,080,711
11.40TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 5,080,711
Description Currency Evaluation % netassets
Quantity/FaceValue
JP MORGAN 6% 07-12INT.USD/REGS 8,000,000 148,918 0.33PHP
OTHER TRANSFERABLE SECURITES
BONDS
UNITED STATES
JP MORGAN 8% 07-9.7.12/INT.USD 21,500,000 401,637 0.91INR
550,555 1.24
1.24TOTAL BONDS 550,555
1.24TOTAL OTHER TRANSFERABLE SECURITIES 550,555
CALL EUR/USD SPOT -CROSSRATES 22/06/09 1.4 1,785,714 34,521 0.07EUR
FINANCIAL INSTRUMENTS
OPTIONS
GREAT BRITAIN
CALL EUR/USD SPOT -CROSSRATES 22/06/2009 1.45 (1,724,138) (18,757) (0.04)EURPUT USD/BRL SPOT - CROSS08/04/2009 2.3 1,000,000 6,877 0.02USDPUT USD/ILS SPOT - CROSSRATES 16/04/2009 4.1 2,500,000 7,699 0.02USD
30,340 0.07
CALL USD/JPY SPOT - CROSS27/05/2009 100 2,000,000 31,938 0.07USD
JAPAN
31,938 0.07
PUT USD/AUD SPOT CROSS07/05/09 1.43 5,000,000 56,350 0.13AUD
SWITZERLAND
56,350 0.13
0.27TOTAL OPTIONS 118,628
0.27TOTAL FINANCIAL INSTRUMENTS 118,628
89.79TOTAL INVESTMENTS 40,009,554
10.21OTHER NET ASSETS LESS LIABILITIES 4,548,503
100.00TOTAL NET ASSETS 44,558,057
190HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CWCI 06-15.08.48 06-C1 A2 900,000 759,436 0.96USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
CAYMAN ISLANDS
759,436 0.96
KFW 4.125% 04-15.10.14 GLOB. 1,500,000 1,548,720 1.96USD
GERMANY
1,548,720 1.96
NETWORK RAILWYINFRASTRUCTURE 5.25% 06-09.05.11 2,500,000 2,658,096 3.36USD
GREAT BRITAIN
2,658,096 3.36
CAIRN MEZZ.FRN 07-47 07-3AB1 DEFLT 605,000 - 0.00USD
IRELAND
- 0.00
BEI 4.625% 04-15.5.14 EMTN 1,000,000 1,075,150 1.36USD
LUXEMBOURG
1,075,150 1.36
AOL TIME WARNER 6.875% 02-01.05.12 500,000 509,734 0.64USD
UNITED STATES
AOL TIME 7.70% 02-01.05.32 400,000 359,982 0.46USDBEAR STEARNS 4.5% 03-10GLOBAL 450,000 447,086 0.57USDBELLSOUTH TELEC. 7.00% 95-01.12.95 700,000 549,781 0.70USDBURL.NORTHERN 5.65% 07-01.05.17 350,000 341,832 0.43USDCARAT FRN -20.03.10 06 - SN1A A4B 521,375 517,953 0.66USDCITIGROUP INC. 6.5% 08-19.08.13 150,000 139,920 0.18USDCOMMERCIA MTG FRN 06-20FL12 A2 1,036,546 731,029 0.92USDCWL 5.753% 06-25.07.27 06-S2A5 794,892 292,868 0.37USD
DMSI FRN 06-35 2005-WF1 1A1 426,675 421,637 0.53USDDOMINION RES 6.4% 08-15.06.18 200,000 203,324 0.26USDFLORIDA POWER CORP. 5.65%08-18 550,000 578,957 0.73USDFREDDIE MAC 5.125% 07-17.11.17 2,500,000 2,791,634 3.54USDGCCFC FRN 06-10.07.38 06-GG7 A2 520,000 468,386 0.59USD
INVESTMENTS
US Dollar Core Plus BondStatement of investments as at 31 March 2009 (expressed in USD)
Description Currency Evaluation % netassets
Face Value
GE BUS.FRN06-15.11.34 06-2AA 946,998 643,081 0.81USDGLAXOSMITHKL 4.85% 08-15.05.13 250,000 260,319 0.33USD
KROGER CO. 5.00% 08-15.04.13 200,000 200,358 0.25USDMARTIN MARIETTA FRN 07-30.04.10 400,000 374,740 0.47USDMIDAMERICAN ENERGY 5.95%07-17 2,500,000 2,562,955 3.25USDMORGAN STANLEY 5.61% 07-49 07-IQ14-A2 1,060,000 859,887 1.09USDMORGAN STANLEY 6% 08-28.10.08 435,000 409,776 0.52USDNCSLT FRN 06-25.09.19 2006-03 A1 454,111 425,445 0.54USD
SLM PR CR FRN 06-20 06-B A1 966,156 918,150 1.16USD
SLM ST LN FRN 05-23 S05-09 A-4 1,050,000 1,015,219 1.28USD
SLM ST.LN FRN 06-16 06-07 A2 425,861 425,195 0.54USDSLM STU FRN 05-26.04.21 05-04A2 380,000 363,494 0.46USDSLM STU FRN 06-25.4.17 06-9A2 187,880 186,412 0.24USDTIME WARNER 7.3% 08-01.07.38 525,000 466,686 0.59USDVERIZON COMMUNICATION6.1% 08-15.04.18 1,000,000 999,536 1.26USDVERIZON PENNSYLVANIA5.65% 01-15.11.11 500,000 506,573 0.64USDWELLS FARGO FINANCE 5.5%02-12 825,000 798,471 1.01USD
19,770,420 25.02
32.66TOTAL BONDS 25,811,822
32.66TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 25,811,822
Description Currency Evaluation % netassets
Face Value
PREFERR. TERM XXII TV 06-36144A 579,613 208,661 0.26USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
CAYMAN ISLANDS
208,661 0.26
VIVENDI 5.75% 08-04.04.13144A 250,000 233,222 0.30USD
FRANCE
233,222 0.30
ABFC 3.684% 05-33 03-AHL1 A1 255,011 215,245 0.27USD
UNITED STATES
AMER EXP CENT 5.95% 07-12.06.17 500,000 416,661 0.53USDAMER HONDA 4.625% 08-02.04.13 200,000 182,043 0.23USDAMERICAN AIRLINES 6.978%02-01.04.11 283,872 249,808 0.32USDAMERICAN AIRLINES7.858%01-11-A2S01-2 900,000 729,000 0.92USD
AT&T INC. 5.50% 08-02.01.18 600,000 584,370 0.74USD
BEAR ST. 6.95% 07-10.08.12 800,000 814,146 1.03USD
BOAMS FRN 06-35 05-D 2A4 691,336 634,236 0.80USDBURLINGTON 4.83% 05-01.15.23 499,502 472,494 0.60USD
CAP 1 P 4.99% 06-15.09.10 A-3 175,001 175,383 0.22USD
191HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CAPITAL AU FRN 07-10 07 -SN1A3B 461,513 450,696 0.57USDCARAT 5.38% 07-10 07-SN1A3A 396,559 391,726 0.50USDCARGILL 5.60% 07-15.09.12144A 475,000 471,982 0.60USDCARMX FRN 08-15.09.11 08-02A2B 1,360,599 1,322,759 1.67USDCGCMT 5.378% 06-49 2006-C5A2 950,000 825,381 1.04USDCHICAGO IL 6.89908-01.12.40PF-A 650,000 644,969 0.82USDCIT. DT 5.205% 07-49 07-CD4A2B 900,000 743,663 0.94USD
CLOROX CO. 5.45% 07-15.10.12 500,000 515,615 0.65USDCOMM MTG FRN 05-01.05.43LP5 AJ 1,150,000 509,600 0.64USDCOMMONWEALTH EDISON6.45% 08-38 550,000 504,231 0.64USDCONTL AIR PT. 5.983% 07-22CI-A 600,000 444,000 0.56USDCOUNTRYW. HOM. 4% 04-22.03.11 EMTN 850,000 761,631 0.96USDCWL 5.804% 06-25.07.34 06-S4A3 557,193 186,311 0.24USD
DPABS 5.261% 07-37 2007-1 A2 800,000 425,250 0.54USDDUANE FRN 07-14.11.21 2007-4A C 650,000 78,000 0.10USDELECTRON.DATA 6.5%03-01.08.13-B- 350,000 375,617 0.48USDFHLM 5.50% 06-15.09.36 3212BK 600,000 628,696 0.80USDFHLMC 4.14% 04-01.12.34P.1B2655 205,550 210,522 0.27USDFHLMC 5.359% 07-01.07.34P.847557 425,558 433,087 0.55USDFHLMC 6.582% 06-01.06.36P1J1313 537,945 554,978 0.70USD
FHLMC 8.00% 00-01.02.30 154,473 166,276 0.21USDFHLMC 8.00% 00-01.04.30POOL C00972 69,087 74,365 0.09USDFIRST TENNESSEE FRN04-17.12.09 100,000 99,413 0.13USDFNMA (30Y) 6.00% 07-01.06.37P.GO2981 607,876 635,135 0.80USDFNMA 5.5% 08-01.11.38P.889982 2,501,735 2,594,378 3.28USDFNMA 5.933% 07-01.03.37P.922090 172,687 179,965 0.23USDFNMA 6.303% 06-01.06.36P.896286 600,516 626,689 0.79USD
GCCCFC FRN 06-16 06-GG7 A4 800,000 569,513 0.72USDGMAC MTG 5.805% 06-36/06-HE3-A3 480,000 134,250 0.17USDHONEYWELL INTERNATIONAL5.30% 08-01.03.18 450,000 460,330 0.58USDHYUNDAI 4.16% 08-11 2008-AA2 831,213 833,031 1.05USDRAST TV 03-25.02.34 03-A151A2 836,510 683,542 0.86USDRFMS2 FRN 06-25.02.36 06-HSA1 A5 367,249 107,076 0.14USDSTH CAROLINA FRN 08-14 08-01 A1 556,514 552,514 0.70USDTIME WARNER ENTMT. 8.375%93-23 525,000 511,336 0.65USDTRANSCONT GAS 6.05% 08-15.06.18 350,000 327,336 0.41USD
UNION PAC. 5.082% 05-01.02.29 482,628 474,143 0.60USD
UNION PAC. 5.75% 07-15.11.17 800,000 771,107 0.98USD
USA 3.375% 08-31.07.13 TBO 490,000 528,664 0.67USD
USA 3.75% 08-15.11.18 TBO 3,100,000 3,365,923 4.25USD
Description Currency Evaluation % netassets
Face Value
USA 4% 08-15.08.18 S.E - 2018 800,000 885,625 1.12USD
USA 4.375% 08-15.2.38 TBO 930,000 1,046,541 1.32USDWAL-MART STORES 6.50%07-15.08.37 1,250,000 1,294,016 1.64USDWAMU 5.303% 06-43 2006-SL11A 668,344 367,589 0.47USD
XEROX CORP. TV 06-18.12.09 300,000 291,751 0.37USD
XTRA FIN. 5.15% 07-01.04.17 1,000,000 980,122 1.24USD
33,512,730 42.40
42.96TOTAL BONDS 33,954,613
42.96TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 33,954,613
Description Currency Evaluation % netassets
Face Value
BARCLAYS BANK 5.926% 06-PERP 144A 400,000 111,878 0.14USD
OTHER TRANSFERABLE SECURITES
BONDS
GREAT BRITAIN
111,878 0.14
COVIDIEN INTERNATIONAL5.45% 08-15.10.12 400,000 410,185 0.52USD
LUXEMBOURG
410,185 0.52
BANK AMERICA 4.9% 08-01.05.13 850,000 764,974 0.97USD
UNITED STATES
COPAR FRN 05-15.04.11 05-01A4 223,201 220,969 0.28USD
FHR TV 05-15.06.35 2988 AF 699,590 677,746 0.86USDSTETE CONNECTICUT 5% 08-15.04.18 300,000 342,333 0.43USD
2,006,022 2.54
3.20TOTAL BONDS 2,528,085
3.20TOTAL OTHER TRANSFERABLE SECURITIES 2,528,085
78.82TOTAL INVESTMENTS 62,294,520
21.18OTHER NET ASSETS LESS LIABILITIES 16,738,956
100.00TOTAL NET ASSETS 79,033,476
192HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
NETHERLANDS 0% 08-31.03.09(RBG) 1,000,000 999,992 1.77EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
NETHERLANDS
999,992 1.77
1.77TOTAL BONDS 999,992
1.77TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 999,992
INVESTMENTS
Euro ReserveStatement of investments as at 31 March 2009 (expressed in EUR)
Description Currency Evaluation % netassets
Face Value
SUN MET CORP. 0% 09-9.4.09CP 500,000 499,883 0.89EUR
FINANCIAL INSTRUMENTS
COMMERCIAL PAPER
AUSTRALIA
499,883 0.89
DSK BK 0% 09-14.04.09 CP 500,000 499,777 0.89EUR
DENMARK
499,777 0.89
POHJOLA BK 0% 09-17.04.09CP 500,000 499,724 0.88EUR
FINLAND
POHJOLA BK 0% 09-27.04.09CP 500,000 499,569 0.89EUR
999,293 1.77
ANTA 0% 09-16.04.09 CP 1,000,000 999,423 1.77EUR
FRANCE
CDF NBSO 0% 09-30.04.09 CP 600,000 599,451 1.06EUR
ELIOPEE 0% 09-9.04.09 CP 2,500,000 2,499,632 4.44EUR
LMA 0% 09-27.04.09 CP 1,000,000 999,142 1.77EUR
5,097,648 9.04
LBK BW LN 0% 09-27.04.09 CP 500,000 499,494 0.89EUR
GREAT BRITAIN
LLOYDS 0% 09-16.04.09 CP 500,000 499,747 0.88EUR
999,241 1.77
MATCHPOINT FIN 0% 09-20.04.09 CD 500,000 499,642 0.89EUR
IRELAND
499,642 0.89
15.25TOTAL COMMERCIAL PAPER 8,595,484
BELGIUM 0% 08-14.05.09 CT 1,500,000 1,497,771 2.66EUR
TREASURY BILLS
BELGIUM
BELGIUM 0% 08-16.04.09 CT 6,500,000 6,495,912 11.52EUR
BELGIUM 0% 08-18.6.09 TB 4,000,000 3,992,685 7.08EUR
11,986,368 21.26
FRANCE 0% 08-07.05.09 BTF 2,000,000 1,996,406 3.54EUR
FRANCE
FRANCE 0% 08-09.04.09 BTF 3,195,000 3,192,764 5.67EUR
FRANCE 0% 08-20.05.09 BTF 1,200,000 1,198,818 2.13EUR
FRANCE 0% 09-11.06.09 BTF 2,000,000 1,997,117 3.54EUR
FRANCE 0% 09-14.05.09 BTF 1,000,000 998,781 1.77EUR
FRANCE 0% 09-18.06.09 BTF 2,000,000 1,992,444 3.53EUR
FRANCE 0% 09-25.06.09 BTF 10,000,000 9,983,546 17.72EUR
21,359,876 37.90
ITALY 0% 08-15.04.09 BOT 1,600,000 1,599,367 2.84EUR
ITALY
ITALY 0% 08-29.05.09 BOT 500,000 498,001 0.88EUR
ITALY 0% 08-30.06.09 BOT 1,500,000 1,492,821 2.65EUR
3,590,189 6.37
NETHERLAND 0% 08-29.05.09TB 2,000,000 1,996,796 3.54EUR
NETHERLANDS
1,996,796 3.54
PORTUGAL 0% 08-17.07.09 TB 1,000,000 988,009 1.75EUR
PORTUGAL
PORTUGAL 0% 08-18.09.09 TB 1,000,000 981,931 1.74EUR
1,969,940 3.49
72.56TOTAL TREASURY BILLS 40,903,169
BNP PARIBAS 0% 09-05.05.09CD 1,000,000 999,029 1.77EUR
CERTIFICATE OF DEPOSIT
FRANCE
BRED EO + 0.02% 09-02.04.09CD 500,000 500,000 0.89EURDEXIA CLF EO + 0.43 09-24.03.09 CD 500,000 500,000 0.89EURDEXIA CLF EO+ 0.38 09-27.04.09 CD 700,000 700,000 1.24EUR
HSBC 0% 09-05.04.09 CD 1,500,000 1,497,895 2.66EUR
SOCGEN 0% 09-04.06.09 CD 500,000 498,830 0.88EUR
4,695,754 8.33
BARCLAYS 0% 09-16.04.09 CD 500,000 499,794 0.89EUR
GREAT BRITAIN
RBS 0% 09-30.06.09 CP 800,000 797,038 1.41EUR
1,296,832 2.30
UNICREDIT 0% 09-31.03.09 CD 500,000 500,000 0.89EUR
ITALY
Description Currency Evaluation % netassets
Face Value
193HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
UNICREDIT 0% 09-9.04.09 CD 1,000,000 999,755 1.77EUR
1,499,755 2.66
13.29TOTAL CERTIFICATE OF DEPOSIT 7,492,341
101.10TOTAL FINANCIAL INSTRUMENTS 56,990,994
Description Currency Evaluation % netassets
Face Value
102.87TOTAL INVESTMENTS 57,990,986
(2.87)OTHER NET ASSETS LESS LIABILITIES (1,619,349)
100.00TOTAL NET ASSETS 56,371,637
194HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BHF BK CERT 07-19.06.09/DAX 7,900 233,682 3.49EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
WARRANTS / EQUITY LINKED SECURITIES
GERMANY
BHVB 08-24.6.09 WRT/SX5E 17,000 290,700 4.34EURBNPP M&HA07-25.6.9CERT/DJEURO 41,900 615,092 9.18EUR
CITI 08-23.6.09 CERT /SX5E 11,500 195,845 2.92EUR
COMZBK 30.9.09 CERT/NIKKEI 125,000 661,250 9.87EUR
DEKABK PERP CERT/SX5E 9,000 140,580 2.10EURDEUT BK 08-30.12.09 CERT/DAX 8,700 292,668 4.37EUR
DZ BK 28.12.09 CERT/EX5E 28,200 325,428 4.86EUR
HSBC T&B 28.12.09 CERT/DAX 26,400 656,832 9.80EUR
LBK BW 26.02.10 CERT/ DAX 11,500 302,220 4.51EURSOCGEN EFF 08-26.06.09WT/GS5Y 5,000 600,850 8.97EUR
WESTLB 08-28.12.09 CERT/ESX 14,000 238,420 3.56EUR
WGZ BK 11.12.09 CERT/DAX 11,350 312,806 4.67EUR
4,866,373 72.64
CS LN 08-24.6.09 CERT/SX5E 180 307,224 4.58EUR
GREAT BRITAIN
UBS LN 26.6.09 CERT/SX5E 15,900 233,571 3.49EUR
540,795 8.07
ABN 22.09.09 CERT/SX5E 25,500 320,535 4.78EUR
NETHERLANDS
320,535 4.78
85.49TOTAL WARRANTS / EQUITY LINKED SECURITIES 5,727,703
85.49TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 5,727,703
INVESTMENTS
Global Discount Structures (formerly GlobalDiscount Certificates)Statement of investments as at 31 March 2009 (expressed in EUR)
Description Currency Evaluation % netassets
DEUT BK 08-PERP CERT/SX5E 8,800 156,640 2.34EUR
OTHER TRANSFERABLE SECURITES
WARRANTS / EQUITY LINKED SECURITIES
GERMANY
156,640 2.34
ING NV 2.7.09 CERT/DAX 90 294,180 4.39EUR
NETHERLANDS
294,180 4.39
6.73TOTAL WARRANTS / EQUITY LINKED SECURITIES 450,820
6.73TOTAL OTHER TRANSFERABLE SECURITIES 450,820
92.22TOTAL INVESTMENTS 6,178,523
Description Currency Evaluation % netassets
7.78OTHER NET ASSETS LESS LIABILITIES 521,063
100.00TOTAL NET ASSETS 6,699,586
195HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CREDIT AGR 0% 09-29.04.09CP 1,200,000 1,198,201 2.40EUR
FINANCIAL INSTRUMENTS
COMMERCIAL PAPER
BELGIUM
1,198,201 2.40
BFCM 0% 09-11.05.09 CP 1,000,000 998,016 2.00EUR
FRANCE
BFCM 0% 09-18.5.09 CP 600,000 598,709 1.20EUR
CDF NATB 0% 09-06.04.09 CP 1,100,000 1,099,771 2.20EUR
CDF 0% 09-03.06.09 CP 500,000 498,866 1.00EUR
CDF 0% 09-08.06.09 CP 500,000 498,854 1.00EUR
CDF 0% 09-18.05.09 CP 600,000 598,815 1.20EUR
CDF 0% 09-18.5.09 CP 600,000 598,852 1.20EUR
CDN 0% 09-27.04.09 450,000 449,619 0.90EUR
CNCEP 0% 09-29.6.10 CP CDN 1,500,000 1,496,072 2.98EUR
HSBC FR 0% 09-11.6.09 CP 1,000,000 997,846 2.00EUR
7,835,420 15.68
RBS 0% 09-11.6.09 CP 1,000,000 996,738 1.99EUR
GREAT BRITAIN
996,738 1.99
SANTANDER COM 0% 08-14.4.09 CP 2,000,000 1,997,945 4.00EUR
SPAIN
1,997,945 4.00
24.07TOTAL COMMERCIAL PAPER 12,028,304
FRANCE 0% 08-07.05.09 BTF 1,200,000 1,199,220 2.40EUR
TREASURY BILLS
FRANCE
FRANCE 0% 08-19.11.09 BTF 2,140,000 2,129,835 4.26EUR
FRANCE 0% 08-20.05.09 BTF 1,000,000 999,050 2.00EUR
FRANCE 0% 08-23.4.09 BTF 3,000,000 2,998,650 6.00EUR
FRANCE 0% 08-24.09.09 BTF 1,000,000 996,550 1.99EUR
FRANCE 0% 08-27.8.09 BTF 1,750,000 1,745,013 3.49EUR
FRANCE 0% 09-11.02.10 BTF 1,000,000 993,450 1.99EUR
FRANCE 0% 09-14.01.10 BTF 3,500,000 3,479,524 6.96EUR
FRANCE 0% 09-16.4.09 BTF 1,500,000 1,499,475 3.00EUR
FRANCE 0% 09-17.12.09 BTF 1,000,000 994,350 1.99EUR
INVESTMENTS
Halbis Global MacroStatement of investments as at 31 March 2009 (expressed in EUR)
Description Currency Evaluation % netassets
Quantity/FaceValue
FRANCE 0% 09-22.10.09 BTF 3,000,000 2,987,550 5.98EUR
20,022,667 40.06
40.06TOTAL TREASURY BILLS 20,022,667
BFCM 0% 09-4.6.09 CD 400,000 398,964 0.80EUR
CERTIFICATE OF DEPOSIT
FRANCE
BNPP PARIS.0% 09-18.5.09 CD 600,000 598,992 1.20EUR
BNPP 0% 09-19.6.09 CD 500,000 498,947 1.00EUR
DEXIA CLF 0% 09-06.04.09 CD 1,100,000 1,099,741 2.20EUR
DEXIA CLF 0% 09-20.04.09 CD 500,000 499,673 1.00EUR
HSBC FR 0% 09-25.05.09 CD 2,000,000 1,995,707 3.99EUR
NATIXIS 0% 09-20.04.9 CD 500,000 499,689 1.00EUR
NATIXIS 0% 09-27.4.09 CD 450,000 449,612 0.90EUR
SOCGEN 0% 09-20.4.09 CD 700,000 699,303 1.40EUR
6,740,628 13.49
CAYLON 0% 09-11.05.09 CD 500,000 499,149 1.00EUR
GREAT BRITAIN
LLOYDS BANKING 0% 9-11.6.09CD 1,000,000 1,000,000 2.00EUR
1,499,149 3.00
BNPP AR 0% 09-20.04.09 CD 1,400,000 1,398,630 2.80EUR
NETHERLANDS
1,398,630 2.80
19.29TOTAL CERTIFICATE OF DEPOSIT 9,638,407
CALL S&P 500 INDICES18/04/2009 815 40 47,539 0.09USD
OPTIONS
UNITED STATES
CALL S&P 500 INDICES18/04/2009 870 (40) (10,880) (0.02)USD
36,659 0.07
0.07TOTAL OPTIONS 36,659
83.49TOTAL FINANCIAL INSTRUMENTS 41,726,037
Description Currency Evaluation % netassets
Quantity/FaceValue
83.49TOTAL INVESTMENTS 41,726,037
16.51OTHER NET ASSETS LESS LIABILITIES 8,252,559
100.00TOTAL NET ASSETS 49,978,596
196HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
LONZIM PLC 1,050,000 491,054 0.19GBP
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
ISLE OF MAN
491,054 0.19
0.19TOTAL SHARES 491,054
ARGENTINA 9% 00-03/FLAT*OPE* 3,382,000 268,575 0.11EUR
BONDS
ARGENTINA
ARGENTINA11%98-05 XWFLAT*OPE* 2,000,000 240,000 0.09USDARGENTINA(12% PIK)-31FLAT*OPE* 1,000,000 127,200 0.05USDARGENTINA15.5%08GL.FLAT/DEFAU. 5,000,000 631,250 0.25USD
1,267,025 0.50
BRAZIL 10% 06-1.1.14 S.F 5,400 2,161,621 0.85BRL
BRAZIL
EMPRESA EN.10.5% 06-19.07.13 REGS 1,225,000 1,136,188 0.45USD
3,297,809 1.30
PARKSON RETAIL 7.125% 07-12 1,500,000 1,215,000 0.48USD
CAYMAN ISLANDS
PETROL.EXP 5.265% 05-11 C1A-S 567,151 479,396 0.19USD
1,694,396 0.67
TRANSGAS OCCID.9.79%95-10144A 205,784 209,900 0.08USD
COLOMBIA
209,900 0.08
XXI CENTURY INVESTMENTS10.00% 07-24.05.10 400,000 16,000 0.01USD
CYPRUS
16,000 0.01
CESPM FRN 08-27.12.2010LOAN 2,457,073 2,457,073 0.97USD
DOMINICAN REPUBLIC
CESPM 8.5% 08-27.12.10 LOAN 2,457,073 2,457,073 0.96USD
4,914,146 1.93
INVESTMENTS
New World IncomeStatement of investments as at 31 March 2009 (expressed in USD)
Description Currency Evaluation % netassets
Quantity/FaceValue
RUSSIA 7.50% 00-31.03.30REG/ST-UP 15,268,400 14,321,148 5.63USD
FEDERATION OF RUSSIA
14,321,148 5.63
DOMAS AGR FRN 08-24.10.12LOAN 939,294 727,953 0.29USD
FRANCE
727,953 0.29
ROYAL BK SCOT. 10% 07-10EMTN 750,000 300,000 0.12USD
GREAT BRITAIN
STANDARD BK FRN 07-19.10.19 900,000 906,390 0.36USDSTANDARD BK TV 07-19.10.09EMTN 1,200,000 1,208,520 0.47USDSTANDARD BK 9% 07-15.8.12CV 1,500,000 600,000 0.24USDVEDANTA RESOURCES 9.5%08-18.07.18 4,225,000 2,661,750 1.04USD
5,676,660 2.23
INDONESIA 10.375% 09-04.05.14 1,000,000 1,045,000 0.41USD
INDONESIA
INDONESIA 11.625% 09-04.03.19 4,800,000 5,252,458 2.07USDINDONESIA 7.75% 08-17.1.38REGS 4,200,000 3,361,999 1.32USD
9,659,457 3.80
IRAQ 5.80% 06-15.01.28 STEP-UP 6,300,000 3,150,000 1.24USD
IRAQ
3,150,000 1.24
TENGIZCH.6.124%4-15.11.14/REGS 2,829,000 2,180,658 0.86USD
KAZAKHSTAN
2,180,658 0.86
UBS LUX.8.375%04-22.10.11REGS 3,400,000 2,897,888 1.14USD
LUXEMBOURG
2,897,888 1.14
EMPIRE CAPRES RES. PTE9.375% 06-11 1,590,000 1,332,388 0.52USD
SINGAPORE
1,332,388 0.52
TURKEY GOVERNMENT BOND10.00% 07-15.12 S.CPI 8,600,000 5,678,020 2.23TRY
TURKEY
TURKEY 16.00% 07-07.03.12 7,750,000 4,647,707 1.83TRY
10,325,727 4.06
CITIGROUP 0% 08-11.01.10 /USD / UYU 2,649,351 1,814,805 0.71USD
UNITED STATES
CONCOURSE PWR 0% 08-PERP LOAN 176,628 105,977 0.04USDINDEPENDENCIA FRN08-5.3.09/PIK 2,400,000 192,000 0.08USD
Description Currency Evaluation % netassets
Quantity/FaceValue
197HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
INDEPEND.PART 08-26.6.09/PIK 1,839,344 147,148 0.06USDPEMEX PROJ FRN 04-15.6.10REG 4,000,000 3,840,000 1.50USDPEMEX PROJECT 5.75% 07-01.03.18 17,000,000 14,195,000 5.57USDSALTA HYDROC.11.55% 05-15/144A 4,612,651 3,344,172 1.32USD
TRIL 0% 07-22.6.12 2,000,000 860,000 0.34USD
24,499,102 9.62
REPUBLIC URUGUAY 7.625%06-21.03.36 4,170,000 3,377,700 1.33USD
URUGUAY
3,377,700 1.33
PETROLEOS VENEZUELA5.25% 07-12.04.17 16,950,000 7,161,375 2.82USD
VENEZUELA
VENEZUELA 6% 05-09.12.20REGS 3,000,000 1,275,000 0.50USDVENEZUELA 9% 08-07.05.23REGS 5,000,000 2,525,000 0.99USD
10,961,375 4.31
39.52TOTAL BONDS 100,509,332
TURKISH INVESTM.FD INC. 10,000 48,100 0.02USD
INVESTMENT FUNDS
UNITED STATES
48,100 0.02
0.02TOTAL INVESTMENT FUNDS 48,100
ISHARES MSCI BRAZIL /INDEXFD 36,000 1,339,920 0.53USD
EXCHANGE TRADED FUNDS
UNITED STATES
ISHARES MSCI EMERGINGMARKET INDEX 508,000 12,334,240 4.85USD
13,674,160 5.38
5.38TOTAL EXCHANGE TRADED FUNDS 13,674,160
45.11TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 114,722,646
Description Currency Evaluation % netassets
Quantity/FaceValue
BRAZIL 6% 07-15.5.17 IPCA-IDX 7,000 5,159,396 2.03BRL
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
BRAZIL
5,159,396 2.03
INDONESIA 10.375% 09-04.05.14 10,275,000 10,879,345 4.27USD
INDONESIA
10,879,345 4.27
MAJAPAHIT HLDG 7.25%06-11REG.S 1,500,000 1,381,175 0.55USD
NETHERLANDS
RUBRIKA BV 8.98% 07-28.04.09 1,200,000 900,000 0.35USD
2,281,175 0.90
PEMEX PROJ FRN 04-15.6.10144A 704,000 675,840 0.27USD
UNITED STATES
675,840 0.27
FERTINITRO 8.29% 98-01.04.20REG 1,990,000 776,100 0.31USD
VENEZUELA
776,100 0.31
CITIC RES.6.75% 07-15.5.2014 3,750,000 2,850,000 1.12USD
VIRGIN ISLANDS
2,850,000 1.12
8.90TOTAL BONDS 22,621,856
8.90TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 22,621,856
Description Currency Evaluation % netassets
Quantity/FaceValue
CHINA HYDRO CORPPREF./RESTR 2,275 2,275,000 0.89USD
OTHER TRANSFERABLE SECURITES
SHARES
CAYMAN ISLANDS
CHINA HYDROELECTRIC CORP 1,750 1,750,000 0.69USD
4,025,000 1.58
1.58TOTAL SHARES 4,025,000
BLUE CITY 13.75% 06-13 REG -B1- 7,900,000 1,738,000 0.68USD
BONDS
CAYMAN ISLANDS
1,738,000 0.68
INDEPENDENT PAR. FRN 08-15.12.09/PIK 3,100,000 248,000 0.10USD
GREAT BRITAIN
STANDARD BANK FRN 07-15.11.12 3,200,000 2,176,000 0.85USD
2,424,000 0.95
AEROMEXICO SERIES 2007-1 2,500,000 2,125,000 0.84USD
MEXICO
2,125,000 0.84
CITIGROUP FNDG FRN 06-4.10.11 1,044,776 976,552 0.38USD
UNITED STATES
SALTA HYD.ROY.11.55% 01-15REG 2,398,219 1,780,677 0.71USD
2,757,229 1.09
198HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
FERTINITRO FINANCE 8.29%98-20 144A 700,000 273,000 0.11USD
VENEZUELA
273,000 0.11
3.67TOTAL BONDS 9,317,229
5.25TOTAL OTHER TRANSFERABLE SECURITIES 13,342,229
Description Currency Evaluation % netassets
Quantity/FaceValue
USA 0% 08-09.04.09 TB 13,000,000 12,999,896 5.11USD
FINANCIAL INSTRUMENTS
TREASURY BILLS
UNITED STATES
USA 0% 08-14.5.09 TB 20,000,000 19,997,020 7.86USD
32,996,916 12.97
12.97TOTAL TREASURY BILLS 32,996,916
CALL EUR/USD SPOT -CROSSRATES 22/06/09 1.4 5,357,143 103,562 0.04EUR
OPTIONS
GREAT BRITAIN
CALL EUR/USD SPOT -CROSSRATES 22/06/2009 1.45 (5,172,414) (56,271) (0.02)EURPUT USD/BRL SPOT - CROSS08/04/2009 2.3 4,000,000 27,506 0.01USDPUT USD/ILS SPOT - CROSSRATES 16/04/2009 4.1 7,500,000 23,098 0.01USD
97,895 0.04
CALL USD/JPY SPOT - CROSS27/05/2009 100 8,000,000 127,751 0.05USD
JAPAN
127,751 0.05
PUT CDX EMERGING SERIES10 15/04/2009 84.70 (10,000,000) (173,717) (0.07)USD
LUXEMBOURG
(173,717) (0.07)
PUT USD/AUD SPOT CROSS07/05/09 1.43 5,000,000 56,350 0.02AUD
SWITZERLAND
56,350 0.02
CALL ISHARES/MSCIEMERG.MKT INDX 18/04/200926 (1,128) (64,296) (0.03)USD
UNITED STATES
CALL ISHARES/MSCIEMERG.MKT INDX 20/06/200925 1,446 289,200 0.12USDPUT ISHARES/MSCIEMERG.MKT INDX 18/04/200924 2,000 226,000 0.09USDPUT USA 2.75% 09-15/02/2019B-2019 97.88 10,000,000 41,000 0.02USD
491,904 0.20
0.24TOTAL OPTIONS 600,183
13.21TOTAL FINANCIAL INSTRUMENTS 33,597,099
72.47TOTAL INVESTMENTS 184,283,830
27.53OTHER NET ASSETS LESS LIABILITIES 70,010,093
Description Currency Evaluation % netassets
Quantity/FaceValue
100.00TOTAL NET ASSETS 254,293,923
Currency Conversion Table
HSBC Global Investment Funds 199
To help shareholders to calculate the performance of their individual investment, in the relevant reference currency, we have produced the following table. It shows the value of one US Dollar against various currencies (as at the given dates).
31 March 2008 31 March 2009
USD USD AUD 1.0922 1.4551
CAD 1.0239 1.2553
HKD 7.7842 7.7503
JPY 99.6200 98.1750
GBP 0.5035 0.7002
SGD 1.3809 1.5201
CHF 0.9969 1.1470
EUR 0.63340 0.7555
Dealing Days of the Fund
HSBC Global Investment Funds 200
Dealing for Shares of the Company will take place on any Business Day (other than days during a period of suspension of dealing in Shares) and which is also for each sub-fund (other than those materially invested in North or South America), a day where stock exchanges and regulated markets in countries where the sub-fund is materially invested are open for normal trading. The Business Days which are not Dealing Days will be listed in the annual report and semi-annual reports and available at the registered office of the Company. Any amendments to such lists are also available at the registered office of the Company. For sub-funds materially invested in North or South American markets, dealing for Shares of the sub-fund will take place on any Business Day (other than days during a period of suspension of dealing in Shares) except a Business Day following the day where stock exchanges and regulated markets in such countries were closed for normal trading.
Shareholders who deal through the Company's local distributor or representative should note that there will be no dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a day which is not a business day in such jurisdiction.
The Company will determine the dealing/non-dealing calendar according to the latest market information obtained by the Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar of the Company from the registered office of the Company or from the Company's local distributor or representative.
Non-Dealing Days of the Fund
HSBC Global Investment Funds 201
HSBC Global Investment Funds (“HGIF”)
Fund non-dealing days for 2009
Data updated on 31 March 2009
All HSBC Global Investment Funds sub-funds will have non-dealing days on the following days
all Saturdays and Sundays
and on the following dates :
01-Jan Luxembourg 10-Apr Luxembourg 13-Apr Luxembourg 01-May Luxembourg 21-May Luxembourg 01-Jun Luxembourg 23-Jun Luxembourg 25-Dec Luxembourg
In addition the following sub-funds will have non-dealing days on the following dates:
Asia ex Japan Equity Asia ex Japan Equity Smaller Companies Asia ex Japan Freestyle (Hong Kong, Korea, Taiwan)
02-Jan Taiwan 22-23 Jan Taiwan 29-30 Jan Taiwan 26-28 Jan Hong Kong, Korea,Taiwan 05-May Korea 28-May Hong Kong, Korea 29-May Taiwan 01-Jul Hong Kong 01-Oct Hong Kong 02-Oct Korea 26-Oct Hong Kong 31-Dec Korea
Non-Dealing Days of the Fund (continued)
HSBC Global Investment Funds 202
Asia Pacific ex Japan Equity High Dividend (Hong Kong, Korea, Singapore, Taiwan)
02-Jan Taiwan 22-23 Jan Taiwan 29-30 Jan Taiwan 26-27 Jan Hong Kong, Korea, Singapore,Taiwan 28-Jan Hong Kong, Taiwan 05-May Korea 28-May Hong Kong, Korea 29-May Taiwan 01-Jul Hong Kong 10-Aug Singapore 21-Sept Singapore 01-Oct Hong Kong 02-Oct Korea 26-Oct Hong Kong 27-Nov Singapore 31-Dec Korea
Brazil Bond Brazil Equity (Brazil)
02-Jan Brazil 24-25 Feb Brazil 22-Apr Brazil 04-May Brazil 12-Jun Brazil 10-Jul Brazil 08-Sep Brazil 13-Oct Brazil 03-Nov Brazil 23-Nov Brazil 28-Dec Brazil
Non-Dealing Days of the Fund (continued)
HSBC Global Investment Funds 203
BRIC Freestyle BRIC Markets BRIC Markets Equity (Brazil, Hong Kong, India, Russia, UK, US*)
02-Jan Brazil, Russia, US 05-09 Jan Russia 08-Jan Russia 20-Jan US 26-Jan Hong Kong, India 27-28 Jan Hong Kong 17-Feb US 23-Feb Russia, India 24-25 Feb Brazil 09-Mar Russia 10-11 Mar India 03-Apr India 07-Apr India 14-Apr India 22-Apr Brazil 30-Apr India 04-May Brazil, UK 11-May Russia 25-May UK 26-May US 28-May Hong Kong 12-Jun Brazil, Russia 01-Jul Hong Kong 06-Jul US 10-Jul Brazil 31-Aug UK 08-Sep Brazil, US 21-Sep India 28-Sep India 01-Oct Hong Kong 02-Oct India 13-Oct Brazil 19-Oct India 26-Oct Hong Kong 02-Nov India 03-Nov Brazil 04-Nov Russia 23-Nov Brazil 27-Nov US 28-Dec Brazil, India, UK, US
Non-Dealing Days of the Fund (continued)
HSBC Global Investment Funds 204
Chinese Equity Hong Kong Equity (Hong Kong)
26-28 Jan Hong Kong 28-May Hong Kong 01-Jul Hong Kong 01-Oct Hong Kong 26-Oct Hong Kong
Global Core Plus Bond (Italy, Japan, UK, US*)
02-Jan Japan, US 12-Jan Japan 20-Jan US 11-Feb Japan 17-Feb US 20-Mar Japan 29-Apr Japan 03-06 May Japan 04-May UK 25-May UK 26-May US 06-Jul US 20-Jul Japan 31-Aug UK 08-Sep US 21-23 Sep Japan 12-Oct Japan 13-Oct US 12-Nov US 03-Nov Japan 23-Nov Japan 27-Nov US 23-Dec Japan 24-Dec Italy 28-Dec UK, US 31-Dec Japan, Italy
Emerging Europe Equity UK Equity Euro Core Bond Euro Core Credit Bond European Government Bond Euro High Yield Bond Global Discount Structures Global Currency (UK)
04-May UK 25-May UK 31-Aug UK 28-Dec UK
Non-Dealing Days of the Fund (continued)
HSBC Global Investment Funds 205
Global Emerging Markets Equity Global Emerging Markets Elite Global Emerging Markets Equity Freestyle (Hong Kong, Korea, Taiwan, UK, US*)
02-Jan Taiwan, US 20-Jan US 22-23 Jan Taiwan 26-28 Jan Hong Kong, Korea, Taiwan 29-30 Jan Taiwan 17-Feb US 04-May UK 05-May Korea 25-May UK 26-May US 28-May Hong Kong, Taiwan 29-May Taiwan 01-Jul Hong Kong 06-Jul US 31-Aug UK 08-Sep US 01-Oct Hong Kong 02-Oct Korea 26-Oct Hong Kong 27-Nov US 28-Dec UK, US 31-Dec Korea
Climate Change Emerging Wealth (UK, US*)
02-Jan US 20-Jan US 17-Feb US 04-May UK 25-May UK 26-May US 06-Jul US 31-Aug UK 08-Sep US 27-Nov US 28-Dec UK, US
Non-Dealing Days of the Fund (continued)
HSBC Global Investment Funds 206
Global Bond Market Neutral (UK,US)
01-Jan US 19-Jan US 16-Feb US 04-May UK 25-May UK, US 03-Jul US 31-Aug UK 07-Sep US 26-Nov US 28-Dec UK, US 31-Dec UK
New World Income Global Emerging Markets Bond Global Emerging Markets Local Debt US Dollar Core Plus Bond (UK, US*)
02-Jan US 20-Jan US 17-Feb US 04-May UK 25-May UK 26-May US 06-Jul US 31-Aug UK 08-Sep US 13-Oct US 12-Nov US 27-Nov US 28-Dec UK, US
European Equity High Dividend (Greece, Spain, UK)
06-Jan Greece 02-Mar Greece 25-Mar Greece 17-Apr Greece 20-Apr Greece 04-May UK 25-May UK 08-Jun Greece 31-Aug UK 28-Oct Greece 24-Dec Spain 28-Dec UK 31-Dec Spain
Non-Dealing Days of the Fund (continued)
HSBC Global Investment Funds 207
Euroland Equity Smaller Companies (Italy)
24-Dec Italy 31-Dec Italy
Global Equity Global Sustainable Equity Halbis Global Macro(Japan, UK, US*)
02-Jan US, Japan 12-Jan Japan 20-Jan US 11-Feb Japan 17-Feb US 20-Mar Japan 29-Apr Japan 03-06 May Japan 04-May UK 25-May UK 26-May US 06-Jul US 20-Jul Japan 31-Aug UK 08-Sep US 21-23 Sep Japan 12-Oct Japan 03-Nov Japan 23-Nov Japan 27-Nov US 23-Dec Japan 28-Dec UK, US 31-Dec Japan
Indian Equity (India)
08-Jan India 26-Jan India 23-Feb India 10-11 Mar India 03-Apr India 07-Apr India 14-Apr India 30-Apr India 21-Sep India 28-Sep India 02-Oct India 19-Oct India 02-Nov India 28-Dec India
Non-Dealing Days of the Fund (continued)
HSBC Global Investment Funds 208
Japanese Equity (Japan)
02-Jan Japan 12-Jan Japan 11-Feb Japan 20-Mar Japan 29-Apr Japan 3-6-May Japan 20-Jul Japan 21-23 Sep Japan 12-Oct Japan 03-Nov Japan 23-Nov Japan 23-Dec Japan 31-Dec Japan
Korean Equity (Korea)
26-27 Jan Korea 05-May Korea 02-Oct Korea 31-Dec Korea
Latin American Freestyle (Brazil, Mexico, UK, US*)
02-Jan Brazil, Mexico, US 20-Jan US 17-Feb US 24-25 Feb Brazil 17-Mar Mexico 22-Apr Brazil 04-May Brazil, Mexico, UK 25-May UK 26-May US 12-Jun Brazil 06-Jul US 10-Jul Brazil 31-Aug Brazil 08-Sep Mexico 17-Sep Mexico 13-Oct Brazil 03-Nov Brazil, Mexico 17-Nov Mexico 23-Nov Brazil 27-Nov US 28-Dec Brazil, Mexico, UK, US
Non-Dealing Days of the Fund (continued)
HSBC Global Investment Funds 209
Russia Equity (Russia, UK)
02-Jan Russia 05-09 Jan Russia 23-Feb Russia 09-Mar Russia 04-May UK 11-May Russia 25-May UK 12-Jun Russia 31-Aug UK 04-Nov Russia 28-Dec UK
Singapore Equity (Singapore)
26-27 Jan Singapore 10-Aug Singapore 21-Sept Singapore 27-Nov Singapore
Taiwan Equity (Taiwan)
02-Jan Taiwan 22-23 Jan Taiwan 26-30 Jan Taiwan 28-29 May Taiwan
Thai Equity (Thailand)
09-Feb Thailand 06-Apr Thailand 14-15 Apr Thailand 05-May Thailand 08-May Thailand 01-Jul Thailand 07-Jul Thailand 12-Aug Thailand 23-Oct Thailand 07-Dec Thailand 10-Dec Thailand 31-Dec Thailand
Non-Dealing Days of the Fund (continued)
HSBC Global Investment Funds 210
Turkey Equity (Turkey)
23-Apr Turkey 19-May Turkey 21-22 Sep Turkey 28-29 Oct Turkey 26-27 Nov Turkey 30-Nov Turkey
US Equity US Index (US*)
02-Jan US 20-Jan US 17-Feb US 26-May US 06-Jul US 08-Sep US 27-Nov US 28-Dec US
* US markets will observe different closure dates. The NYSE and Nasdaq are open on Columbus Day and Veterans Day and therefore equity sub-funds listing the US as a material market will not have a non-dealing day for these dates. The Bond markets will be closed to trading on these dates and Bond sub-funds listing the US as a material market will have non-dealing days delayed by one business day in line with GIF Board policy.
HSBC Global Asset Management, the sponsor to the HSBC Global Investment Funds Company, is the asset management specialist of the HSBC Group and operates through HSBC Bank plc and it subsidiaries.
HSBC Global Asset Management is the trading name of HSBC Global Asset Management Limited. HSBC Global Asset Management is established at 8 Canada Square, London E14 5HQ which is its registered office.
© Copyright. HSBC Global Asset Management Limited 2009. All Rights Reserved 14846/0608