HSBC Global Investment Funds(
Annual Report & Financial Statements for Year Ended
31 March 2007Annual Reports & Financial Statements
for year ended 31 March 2007
Important Notice for Singapore Shareholders This Annual Report of HSBC Global Investment Funds (“the Company”) covers the complete range of sub-funds in the Company, which are available for distribution in various jurisdictions. Singapore shareholders are advised that the Monetary Authority of Singapore has only recognised the following sub-funds of the Company for distribution in Singapore pursuant to the Securities and Futures Act: Recognised Scheme 1) HSBC Global Emerging Markets Bond Fund 2) HSBC Global Core Plus Bond Fund * 3) HSBC Asia ex Japan Equity Fund 4) HSBC Asia Pacific ex Japan Equity High Dividend Fund 5) HSBC Global Equity Fund 6) HSBC Global Emerging Markets Equity Fund 7) HSBC Pan-European Equity Fund 8) HSBC Chinese Equity Fund 9) HSBC Indian Equity Fund 10) HSBC Japanese Equity Fund 11) HSBC Singapore Equity Fund 12) HSBC Thai Equity Fund 13) HSBC US Equity Fund 14) HSBC Asia Freestyle Fund 15) HSBC BRIC Freestyle Fund 16) HSBC Global Emerging Markets Equity Freestyle Fund
Restricted Recognised Scheme 1) HSBC US Dollar Reserve Fund 2) HSBC US Dollar Global Core Plus Bond Fund * 3) HSBC Euroland Equity Fund 4) HSBC Europe ex UK Equity Fund 5) HSBC Asia ex Jap Equity Smaller Companies Fund 6) HSBC UK Equity Fund 7) HSBC Brazil Equity Fund 8) HSBC Hong Kong Equity Fund 9) HSBC US Index 10) HSBC UK Freestyle Fund
* Please note that with effect from 21 May 2007: • HSBC Investment Grade Bond Fund has been renamed to HSBC Core Plus Bond Fund. • HSBC US Dollar Global Investment Grade Bond Fund has been renamed to HSBC US Dollar Global Core
Plus Bond Fund.
This document is prepared by HSBC Investments and should not be considered to be a recommendation by HSBC Investments (Singapore) Limited to any reader of this material to buy or sell securities, commodities, currencies or other investments referred to herein. It is published for information only and does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors may wish to seek advice from a financial advisor before purchasing units in the fund. In the event that the investor chooses not to seek advice from a financial advisor, he should consider whether the fund in question is suitable for him. Past performance and any forecast are not necessarily indicative of any future or likely performance of the Funds. The value of investments may rise as well as fall. Investors should read the prospectus available from our website www.hsbcinvestments.com.sg or our authorized agents before investing.
1HSBC Global Investment Funds
Audited report for the year ended as at 31 March 2007
Société d'Investissement à Capital Variable (SICAV), Luxembourg
2HSBC Global Investment Funds
Information concerning the distribution of shares of HSBC Global Investment Funds in Switzerland orfrom Switzerland. HSBC Private Bank (Suisse) SA, Quai du Général Guisan 2, case postale 3580 CH-1211Geneva 3, is the legal representative of the Fund in Switzerland and the Fund's paying agent. The prospectus,simplified prospectuses, articles and annual and semi-annual reports of the Fund may be obtained free ofcharge upon request from the HSBC Private Bank (Suisse) S.A. A breakdown of all the transactions carried outon behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, freeof charge, from the Fund's representative in Switzerland.
Information concerning the distribution of shares of HSBC Global Investment Funds in Germany orfrom Germany. HSBC Trinkaus & Burkhardt AG, 21-23 Königsallee, D-40212 Düsseldorf, is the legalrepresentative of the Fund in Germany and the Fund's paying agent. The prospectus, simplified prospectuses,articles and annual and semi-annual reports of the Fund may be obtained free of charge upon request from theHSBC Trinkaus & Burkhardt AG. A breakdown of all the transactions carried out on behalf of each sub-fund ofHSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Fund'srepresentative in Germany.
No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on thebasis of the current Prospectus accompanied by the latest annual and the most recent semi-annual report, ifpublished thereafter.
Audited report for the year ended as at 31 March 2007
3HSBC Global Investment Funds
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Table of Contents
4HSBC Global Investment Funds
Board of Directors
Marc-André Bechet, Managing Director, RBC Dexia Investor Services Bank S.A.,14, Porte de France, L-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.(resigned on 19 May 2006)
Simeon Brown, Chief Operating Officer, HSBC Investments (Hong Kong) Limited,Level 22, HSBC Main Building, 1, Queen's Road Central, Hong Kong.
Sylvie Vigneaux, Head of Regulatory and Savings, HSBC Investments (France),4, Place de la Pyramide, Immeuble Ile de France, La Défense 9, 92800 Puteaux, France.
Didier Deleage, Chief Operating Officer, HSBC Investments (France),4, Place de la Pyramide, Immeuble Ile de France, La Défense 9, 92800 Puteaux, France.(since 19 May 2006)
Deshmukh-Rao Dhondee, Assistant Manager, HSBC Offshore Banking Unit,The Hong Kong and Shanghai Banking Corporation LimitedLes Cascades, 5th Floor, Edith Cavell Street, Port Luis, Mauritius.(resigned on 31 May 2007)
David Dibben, Chief Operating Officer, HSBC Group Investment Businesses Limited,8 Canada Square, London E14 5HQ, United Kingdom.(since 19 May 2006)
George Efthimiou, Global Chief Operating Officer, HSBC Group Investment Businesses Limited,8 Canada Square, London E14 5HQ, United Kingdom.
Laurent Facque, Chief Operating Officer, HSBC Investments (France),4, Place de la Pyramide, Immeuble Ile de France, La Défense 9, 92800 Puteaux, France(resigned on 19 May 2006)
Bryan Greener, Head of Product Management - Global Products, HSBC Group Investment BusinessesLimited, Level 21, 8 Canada Square, London E14 5HQ, United Kingdom.
Thies Clemenz, Chief Operating Officer, HSBC Investments Deutschland GmbhKönigsallee 21/23, 40212 Düsseldorf, Germany.(since 28 July 2006)
Jennifer Hau Kau Fong, Vice President, HSBC Offshore Banking Unit, The Hong Kong and Shangai Banking Corporation Limited, Les Cascades, 5th Floor, Edith Cavell Street, Port Luis, Mauritius(since 31 May 2007)
Management and Administration
HSBC Global Investment Funds
5
Registered Office 69, route d’Esch, L-1470 Luxembourg, Grand Duchy of Luxembourg (until 1 June 2006). 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg (since 1 June 2006).
Management Company HSBC Investment Funds (Luxembourg) S.A., 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg.
Custodian, Administration Agent, Transfer Agent and Central Paying Agent Dexia Banque Internationale à Luxembourg S.A., 69 route d’Esch, L-1470 Luxembourg (until 1 June 2006).
RBC Dexia Investor Services Bank S.A., 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg (RBC Dexia Investor Services Bank S.A. since 1 June 2006).
Investment Advisers Halbis Capital Management (Hong Kong) Limited (formerly HSBC Halbis Partners (Hong Kong) Limited), HSBC Main Building, 1, Queen’s Road Central, Hong Kong. HSBC Investments (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. Halbis Capital Management (USA) Inc. (formerly HSBC Halbis Partners (USA) Inc.), 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. Sinopia Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom (since 21 May 2007) HSBC Investments (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. (until 21 May 2007) Halbis Capital Management (UK) Limited (formerly HSBC Halbis Partners (UK) Limited), 8, Canada Square, London E14 5HQ, United Kingdom. Halbis Capital Management (France) (formerly HSBC Halbis Partners (France)), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. HSBC Investment FCP (France) (formerly HSBC FCP2 (France)), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. (since 1 August 2006). HSBC Bank Brazil SA - Banco Múltiplo, Travessa Oliviera Belo, 11-B, 80020-030 Curitiba, Brazil. HSBC Investments Deutschland GmbH, Königsallee 21/23, D-40212 Düsseldorf, Germany. Sinopia Asset Management, Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.
Share Distributor HSBC Investment Funds (Luxembourg) S.A., 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg. Austria and Germany 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,
Management and Administration (continued)
HSBC Global Investment Funds
6
Share Distributor (continued) United Kingdom Representative HSBC Investments (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom, Tel: (44) 207 991 8888 Fax: (44) 207 024 1999 Republic of Ireland Representative HSBC Securities Services (Ireland) Limited, HSBC House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland. Jersey Representative HSBC Funds Nominee (Jersey) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel Islands. Singapore Representative and Share Distributor HSBC Investments (Singapore) Limited, 21, Collyer Quay, #13-02 HSBC Building, Singapore 049320, Singapore. Swiss Representative HSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland. Korea Representative and Share Distributor HSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea. Share Distributor for Continental Europe HSBC Investments FCP (France) S.A., Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.
Paying Agent in Hong Kong The Hongkong and Shanghai Banking Corporation Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong.
Auditor KPMG Audit S.à r.l., 31, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.
Legal Advisers
Luxembourg Elvinger, Hoss & Prussen, 2, Place Winston Churchill, B.P. 425, L-2014 Luxembourg, Grand Duchy of Luxembourg. United Kingdom Linklaters and Paines, Barrington House, 59-67, Gresham Street, London EC2V 7JA, United Kingdom.
7HSBC Global Investment Funds
Asia ex Japan EquityFor the year ending March 2007, the fund delivered a return of 25.53% (gross of fees, share class AC)outperforming the benchmark by 160 basis points in US dollar terms. Stock selection amongst the financial andconsumer sectors contributed positively, offsetting the negative impact of material stocks exposure. Wecontinue to expect strong growth for the region given attractive valuations. In terms of positioning, we continueto favour domestic consumption plays and interest rate sensitives such as bank and property stocks. We arecurrently underweight in cyclicals, given expectations for a moderation in global growth, and continue to fundour overweight positions through telecom and utility picks.
Asia ex Japan Equity Smaller CompaniesFor the year ending March 2007, the fund delivered a return of 36.70% (gross of fees, share class AC) stronglyoutperforming the benchmark by 1064 basis points in US dollar terms. Stock selection in the consumer sectorcontributed significantly, offsetting the negative impact of our telecom exposure. We continue to expect stronggrowth for the region given attractive valuations. In terms of positioning, we continue to favour domesticconsumption plays and interest rate sensitives such as bank and property stocks. We are underweight incyclicals, given expectations for a moderation in global growth, and continue to fund our overweight positionsthrough telecom and utility picks.
Asia Pacific ex Japan Equity High DividendFor the year ending March 2007, the fund delivered a return of 23.93% (gross of fees, share class AD) in USdollar terms. Stock selection in the technology sector and material stocks contributed positively during theperiod, offsetting the poor performance of some industrial stocks. We continue to expect strong growth for theregion given attractive valuations. The fund will maintain its strategy of selecting quality high yield andreasonable growth stocks.
Brazil EquityFor the year ending March 2007, the fund returned 30.90% (net of fees, share class AD) in US dollar terms. Afavourable outlook for the global economy as well as improving fundamentals in Brazil helped support equitymarkets. Inflation ended the period below the Central Bank's target at 4% and appears under control. As aresult interest rates have fallen, dropping from 19.75% in September 2005 to 12.75% at the end of March2007. These two factors have contributed to the recovery in consumption that benefits a good portion of listedcompanies, whilst the positive external scenario benefits exporting companies. We remain positive on Brazilianequity prospects that should continue to benefit from better fundamentals through stronger growth and lowerrisk perception, whilst the global economy remains stable.
BRIC MarketsFor the year ending March 2007, the fund generated a return of 29.2% (gross of fees, share class ZC) in USdollar terms. Over this same period, the official MSCI BRIC index rose 24.3%, whilst an equally weighted indexof MSCI BRIC countries gained 24.2%. China has been the strongest performing country index, rising 43.3%,while Russia has lagged all others with a gain of 16.2%. Our country allocation, in the last year, has generallybeen skewed in favour of Brazil & Russia, while allocation to China has varied between overweight and neutral.Fund exposure to India has been persistently underweight during this review period.
BRIC Markets EquitySince inception, on 1 June 2006, to the end of March 2007, the fund returned 26.4% (gross of fees, share classEC) in US dollar terms. Within the BRIC markets, China and India have posted the strongest returns. StrongChinese performance has been led by leading market-cap stocks, particularly China Mobile and China LifeInsurance, whilst strong inflows into the technology sector benefited the India economy. Russiaunderperformed the other BRIC markets, dampened by profit taking in energy stocks such as Gazprom &Surgutneftegaz. Positive country allocation in Brazil and China in the first quarter of 2007 added to fundperformance. We remain neutral on the outlook for the BRIC markets, with overweight positions in Brazil andIndia, and an underweight position in China.
Chinese EquityFor the year ending March 2007, the fund delivered a return of 44.92% (gross of fees, share class AD) in USdollar terms, underperforming the benchmark by 152 basis points. The single most important factor for ourunderperformance was our structural underweight in China Mobile, which represents about 17% of the entire
Directors' Report
8HSBC Global Investment Funds
benchmark, as the stock rose 5.7% for the first quarter 2007 while the index dropped 4.1%. Stock selection inthe financial sector and in consumer stocks contributed positively during the period, offsetting the poorperformance of some industrial stocks and our underweight in the telecoms sector. Our key overweightpositions remain in the financial sector and in domestic consumption plays.
Emerging Europe EquityFor the year ending March 2007, the fund returned 14.66% (net of fees, share class AD), slightlyunderperforming the market in euro terms. Our Underperformance was mainly a result of our zero weighting toRussian stocks as the fund had been structured as a European convergence fund until it changed in October2006. After the benchmark changed to include Russian and Turkish stocks, the fund began to outperform themarket thanks largely to positive stock selection in the energy sector & telecom stocks. As fundamentals inEastern Europe remain attractive in the long term and valuation levels are not excessive, we see further upsidefor the equity markets in the region.
Euroland EquityFor the year ending March 2007, the fund returned 14.42% (gross of fees, share class AC) in euro terms,underperforming the MSCI EMU index by 0.47%. There was a strong underperformance in the second quarter2006 followed by a steady improvement over the following three quarters. The poor performance was due inpart to positions in technology stocks, which underperformed as the upturn in corporate technology spendingcycle did not materialise. By the fourth quarter, we had started to buy companies that appear most resilient inthe face of a cyclical downturn because of their superior business models and these outperformed in early2007. Looking ahead, we are confident that attractively valued companies, that are improving profitabilitywithout jeopardizing long term prospects will eventually be rewarded by the market.
Euroland Equity Smaller CompaniesFor the year ending March 2007, the fund posted a return of 25.29% (gross of fees, share class AC),outperforming the benchmark return of 21.01%, and is ranked 1/19 in its peer group. The market was boostedby the strength of the global economy alongside strong growth in Eastern Europe, infrastructure investments inChina, and worries over the scarcity of natural resources. A strong overweight position in cyclical stocks was akey contributor to fund performance over the period, as was stock picking: we purchase stocks only after a duediligence process that involves meeting with the company management. We are highly confident on growthprospects as we believe Euroland smaller company earnings should grow by 17% to 19% in 2007 even afterrising by more than 22% in 2006.
Euroland Value CreationFor the year ending March 2007, the fund returned 8.73% (gross of fees, share class M1C) compared to thebenchmark return of 14.66%. Although the underperformance is significant, it is worth mentioning that 80% ofthe underperformance came about between April and July 2006 and that, in July, the fund's investmentphilosophy was significantly modified. Since that date, the fund has focused on companies that have highgrowth characteristics and has underperformed by less than 100 basis points. Since the change of philosophy,underperformance can be mainly blamed on the zero exposure to a number of restructuring companies thathave strongly outperformed since the beginning of 2007.
Sustainability LeadersFor the year ending March 2007, the fund has returned 14.19% (gross of fees, share class M1D) in euro terms,outperforming the MSCI Europe Index by 0.2%. The strategy of the fund is to focus on the best SRI-rankedstocks in the Pan European universe with an emphasis on environmental friendly small-caps. Stock selection inthe last six months was very beneficial to fund performance, especially in the renewable energy space.Solarworld, which develops and produces solar technologies, was one of the best contributors to returns.Finally, relative to its peer group, the fund has performed reasonably well over the period.
Europe ex UK EquityFor the year ending March 2007, the fund gained 11.2% (net of fees, share class AC) in euro terms,underperforming the FT S&P Europe ex UK Index, which rose by 15.6%. Basic materials, lifted by soliddemand and rising commodity prices, and restructuring in the industrials sector boosted returns. Marketsentiment was also helped by an improvement in the European economy led by Germany. The fund'sunderperformance came from a lack of holdings in a number of takeover candidates, such as ABN Amro,
Directors' Report (continued)
9HSBC Global Investment Funds
Arcelor and Endessa. The outlook remains positive but, with forecasts for 2007 growth in the high single digitsand market valuations on the expensive side of long term averages, equity markets may need further merger &acquisition activity for support.
Global Emerging Markets Elite FundThe Global Emerging Markets Elite Fund was launched on the 5th February 2007.
Global Emerging Markets EquityFor the year ending March 2007, the fund outperformed and returned 20.22% (net of fees, share class AC).Markets sold off heavily in May/June 2006 but recovered well moving to new highs. We saw a further setbackin February/March 2007, although most Emerging Markets ended March in positive territory and close to theirearlier peaks. Volatility is likely to be an issue in the short-term, although levels remain around historical lows.With no clear evidence of Japan's export-led recovery spreading to domestic sectors and with inflation at lowlevels, it is unlikely that we will see a rate increase in the near-term and fears of a significant unwinding of thecarry trade appear to be overdone. Global equity valuations, particularly among Emerging Markets, remainsupportive but selective markets, like India and Russia, look expensive.
Global EquityFor the year ending March 2007, the fund underperformed and returned 8.63% (net of fees, share class AD).Exposure to selective stocks within Emerging Markets hurt in the May/June 2006 correction and our overweightposition within global sectors in Japan detracted as Japan lagged. We closed this overweight in late 2006, andnow remain underweight in Japan which has helped recent performance. The rate of global economic growthmay slow, but the US should have a soft landing and consumer expenditure should remain supported by lowunemployment and consistent job creation. We remain underweight in the US and Japan within the globalsectors, and retain exposure to selective Emerging Market stocks where we see attractive risk/rewardopportunities. We will look to add selectively to our key stock positions where we have the greatest convictionin long-term value.
Global Equity SRIFor the year ending March 2007, the fund gained 18.86% (gross of fees, share class AC) in US dollar terms,slightly outperforming the MSCI World Index, which rose by 18.6%. Positive growth, rising inflation and the highlevel of energy prices were the prevailing global economic conditions over the period and should remain so inthe near term at least. These conditions provide a neutral background for global equity markets and in thisenvironment the portfolio will maintain exposure to stocks with good value and momentum.
Global Equity TechnologyFor the year ending March 2007, the fund gained 15.56% (gross of fees, share class AC) in US dollar terms,outperforming its customised benchmark, which rose by 12.92%. Positive growth, rising inflation and the highlevel of energy prices were the prevailing global economic conditions over the period and should remain so inthe near term at least. These conditions provide a neutral background for global equity markets and in thisenvironment the portfolio will maintain exposure to stocks with good value and momentum.
Global ex Euroland EquityFor the year ending March 2007, the fund returned 2.22% (gross of fees, share class AC) in euro terms,underperforming the benchmark, which rose 3.10%. Performance was slightly behind peer group as the fund isrestricted from investing in countries outside the OECD, and was therefore unable to benefit from theoutperformance of Emerging Markets. The fund suffered from its geographical allocation, notably its overweightpositions in Japan and North America, but saw positive contributions from stock selection in North America andEurope. This positive stock picking effect is due to a change in the fund's investment philosophy (low numberof holdings based on strong fundamental convictions, low turnover) reflecting Halbis' approach to investmentmanagement.
Hong Kong EquityFor the year ending March 2007, the fund posted a return of 29.31% (gross of fees, share class PD),outperforming the benchmark, the Hang Seng Index, which posted a gain of 28.55%. The Hong Kong equitymarket benefited from strong liquidity inflows and the robust economic growth in Hong Kong and China. Ourholdings in China-related consumer stocks, namely Nine Dragons and Peacemark, added most value as the
Directors' Report (continued)
10HSBC Global Investment Funds
former continued to gain market share in the containerboard industry and the latter was re-rated on the back ofincreasing contribution from its watch retailing operations in China. In addition, our holdings in financial stocksin China contributed positively to performance as robust premium growth for insurers and strong loan growthfor banks provided positive earnings growth momentum.
Indian EquityFor the year ended 31 March, 2007, the fund returned 14.2% (gross of fees, share class AC), underperformingthe benchmark by 764 basis points. Underweight positions in the energy & IT services sectors and anoverweight position in industrials hurt performance. Significant underperformance came from significantoverweight positions in construction & cement after government's direct attempts to curb inflation. The outlookfor the economy remains robust although we expect the economy to slow with political uncertainty, highinflation, and possible further monetary tightening potential future factors. Floods of new paper are anotherissue to be mindful of, especially from the financial services sector, due to new capital adequacy requirements.The fund remains defensively positioned.
Japanese EquityFor the year ending March 2007, the fund returned 1.01% (net of fees, share class PD) in Japanese yen terms,outperforming its peer group average and ranking in the first quartile over the period. The positive alphagenerated by Sinopia's Quant strategy mainly derived from positive stock selection. Sector allocationgenerated negative results, main losses stemming from our underweight position in defensive stocks such ashealthcare and utilities which outperformed over the period. We remain positive on the Japanese equity marketthat will benefit from a sound macro economic environment and from the significant earnings growthanticipated for the remainder of 2007 and 2008.
Korean EquityFor the year to the end of March 2007, the fund rose by 15.05% (gross of fees, share class AC) in US dollarterms, outperforming the MSCI Korea by 4.9%. Outperformance came from a combination of stock selectionand sector allocation. In terms of sectors, an overweight in industrials and an underweight in technologycontributed positively to performance. Positive stock selection in the consumer discretionary and technologysectors contributed most to outperformance at the bottom-up level. The outlook for the Korean market ispositive, driven by cheap valuations, currently among the lowest in Asia, upward earnings revisions andimproving consumer and corporate sentiment ahead of presidential elections in December 2007.
Pan-European EquityFor the year ending March 2007, the fund gained 10.7% (net of fees, share class PD) in euro terms,underperforming the FT S&P Europe Index which rose 14.6%. The economic situation was positive withimproving economic growth, low inflation and low interest rates. While the ECB did raise interest rates duringthe period, the levels have not subdued economic activity. Fund underperformance came largely from notowning M&A target stocks and being underweight in the strong performing utilities sector. The outlook forEuropean equity markets remains positive, underpinned by continued growth in earnings and cash flows andreasonable market valuations. The forecast is for single digit growth for 2007, although in past years growthestimates from the start of the year have generally been exceeded.
Pan-European Equity High DividendFor the year ending March 2007, the fund returned 8.94% (net of fees, share class AC) in euro terms,underperforming the MSCI Europe index by 3.04%. The fund is strongly focused on companies with improvingdividend prospects and its distinct profile means returns can deviate strongly from the market. In fact the year'sentire underperformance came in the second quarter of 2006 from our relatively low exposure to defensivestocks, since these are generally characterised by low dividend yields and below average dividend growthrates. Looking ahead we believe that the strategy should prove resilient. With historically low pay-out ratios(38% of earnings), companies can boost dividend levels if necessary. We also believe that after rising stronglyfor over 4 years, the market will refocus on income, particularly given the high average dividend yield inEurope.
Singapore EquityFor the year ending March 2007, the fund returned 52.5% (share class PD) in US dollar terms, outperformingthe MSCI Singapore index, which rose 45.7%, and the peer group average. The fund's key strategy was a
Directors' Report (continued)
11HSBC Global Investment Funds
large overweight in the niche luxury condominium developers and luxury hotels sectors, which heavilyoutperformed the index on the back of strong property sales and sharply higher prices. This was partly offsetby underperformance from several holdings in quality small-caps following disappointing earning results. Thefund remains overweight in luxury hotels, luxury condominium developers, cheap quality small-caps, and highyield shares - positions funded by underweighting most large-cap stocks, especially banks.
Thai EquityFor the year ending March 2007, the fund returned 4.0% (net of fees, share class AD) in US dollar terms,lagging the SET total return index, which rose 5.4%, but ahead of its peer group average. The surprise changein government in April 2006 resulted in the fund's holdings in construction companies, including Sino-ThaiEngineering and Italian-Thai Development, underperforming. Meanwhile, a price war in the telecoms sectorhurt another of our holdings True, whilst an Aapico issued a profit warning. Fund performance benefited heavilyfrom strong returns from Banyan Tree, an Asian hotel operator with a large Thai resort. Given the fallinginterest rate outlook, the fund remains overweight in banks, property, and hotels, funded by underweightpositions in materials and energy.
UK EquityFor the year ending March 2007, the fund gained 5.4% (net of fees, share class AC) in sterling terms,underperforming the FTSE All Share Index rise of 11.1%. Exposure to Daily Mail & General Trust was negativefollowing their downturn in cash flows, whilst under-exposure to stocks benefiting from the tremendous rise incommodity prices and in the strong performing utilities sector was negative. On the positive side, the managercorrectly identified a number of companies where cash flow returns were high, including Inchcape &Homeserve, and management could successfully reinvest in the asset base to grow future cash flow. Theoutlook for UK equities remains positive underpinned by continued growth in earnings and cash flows andreasonable market valuations with single digit growth predicted for 2007.
US EquityFor the year ending March 2007, the fund returned 10.20% (net of fees, share class PD) in US dollar terms,underperforming the S&P 500 Composite, which gained 11.8%. The fund benefited from a good industrialallocation based on our quantitative valuation of the market. Significant gains came from our overweightpositions in the energy and materials sectors. The end of period spike in oil prices after inventories declinedboosted energy stocks' performance. Successful stock picking also generated positive returns. The outlook forthe US remains positive despite the slowdown in company earnings. We expect future earnings to rebound andmarkets to be sustained by attractive valuations. We think individual companies could offer investors somepleasant surprises.
US IndexFor the year ending March 2007, the fund returned 10.90% (net of fees, share class PD) in US dollar terms,compared with an increase in the S&P500 Composite of 11.8% .The ex-ante BARRA tracking error was around0.05% over the year. The period saw the run of 17 consecutive interest rate rises in the US come to an endamid signs of slowing economic growth and moderating inflation. Declines in oil prices helped to ease inflationconcerns in the US over the year. The US was supported by buoyant merger & acquisition activity and theStandard and Poor's index boasted positive performance on strong earnings announcements. Exxon Mobilannounced the second highest quarterly earnings in US corporate history during the period.
Asia FreestyleFor the year ending March 2007, the fund delivered a return of 25.62% (gross of fees, share class AC), in USdollar terms, and managed to outperform the benchmark by 199 basis points. Stock selection amongstproperty and consumer stocks contributed positively to performance during the period, offsetting the negativeimpact of our technology sector exposure. We continue to expect strong growth for the region given attractivevaluations. In terms of positioning, we continue to favour domestic consumption plays and interest ratesensitives such as banks and property stocks. We are underweight in cyclicals, given expectations of amoderation in global growth, and continue to fund our overweight positions through telecom and utility stocks.
BRIC FreestyleFor the year ending March 2007, the fund gained 20.93% (net of fees, share class M2C). BRIC markets havebeen among the best performing Emerging Markets over the past 12 months. China was up almost 50% in the
Directors' Report (continued)
12HSBC Global Investment Funds
12 months to end March 2007 while Emerging Markets overall grew 21%. The Indian equity market correctedsharply in the May/June sell-off and more recently has sold off on the back of monetary tightening and anegative Budget. India has been our lowest exposure in the portfolio over the past 12 months though, adding tofund performance. Country allocation and bottom-up stock selection elsewhere in the portfolio added value.
Global Emerging Markets Equity FreestyleFor the year ending March 2007 the fund gained 16.62% (net of fees, share class M1D). Markets sold offheavily in May/June 2006 but recovered well with markets moving to new highs. We saw a further setback inFebruary/March 2007 although most Emerging Markets ended March in positive territory and close to theirearlier peaks. Volatility is likely to be an issue in the short-term, although levels remain around historical lows.With no clear evidence of Japan's export-led recovery spreading to domestic sectors and with inflation at lowlevels, it is unlikely that we will see a rate increase in the near-term and fears of a significant unwinding of thecarry trade appear to be overdone. Global equity valuations, particularly among Emerging Markets, remainsupportive but selective markets, like India and Russia, look expensive.
Latin American FreestyleFor the year ending March 2007, the fund returned 41.47% (gross of fees, share class M1D) in US dollarterms. The positive performance was a consequence of good prospects for the global economy as well asimproving fundamentals in the region. The fund benefited from good stock picking across the region, inparticular among the smaller markets like Peru and Colombia. We believe the region should continue to benefitfrom a healthy global economy and the improving economic fundamentals.
UK FreestyleFor the year ending 31 March 2007, the fund gained 9.6% (net of fees, share class M1D). The aim of themanager was to identify undervalued investments where either cash returns were high and the company couldgrow, or where returns were too low but should improve through management action. The stronger performerswere in the former category. SIG enjoyed good demand growth for its insulation products, whileGlaxoSmithKline successfully developed profitable new drugs, and Inchcape acquired new franchises to furthergrow its profitable asset base. Holdings in Daily Mail, which was effected by a prolonged downturn in the UKadvertising, and EMI, which faced weak demand for its music products, were negatives. The outlook for UKequities remains positive, underpinned by continued growth in earnings and cash flows and reasonable marketvaluations, with high single digit growth predicted for 2007.
Brazil BondSince its inception in June 2006, the fund has returned 14.60% (net of fees, share class AC). Performance wasthe result of the high level of interest rates in the Brazilian local market combined with the currency'sappreciation, which has risen 9.0% since the fund's inception. The main portion of the portfolio is allocated tocertificates of deposit issued by AAA/AA rated Brazilian banks and local sovereign debt, resulting in a verysolid credit profile. The strong fundamentals of the Brazilian economy remain very supportive for inflation. Eventhough the downward path for Brazilian rates will be extended for some time, we believe their levels will remainattractive for investors.
Euro Corporate BondFor the year ending March 2007, the fund returned 4.48% (gross of fees, share class AC) against benchmarkreturns of 4.21%, ranking it 4th out of 58 funds in its peer group and placing it comfortably in the first quartileover the year and since inception. The ongoing recovery of the European economy and solid corporatefundamentals paired with the search for carry, lead to a further tightening of credit spreads. Our overweight insubordinated names, overweight in the 5-10 year part of the yield curve, and short-duration bias all added toperformance. Going forward we expect corporate fundamentals in the Eurozone to stay benign and supportiveof spreads. Although risks from inflation and the situation in the Middle East remain, our main focus will be toavoid LBO-candidates and stocks that we fear will return money to shareholders at the expense ofbondholders.
Euro Credit BondFor the year to the end of March 2007, the fund returned 1.90% (net of fees, share class AC) against a 2.62%rise for the benchmark. In terms of duration, the portfolio spent most of the year with a small underweightposition which proved beneficial as yields increased slightly over the period. On the credit side, the investment
Directors' Report (continued)
13HSBC Global Investment Funds
strategy was focused on issuer selection. Credit quality remains well oriented for most investment gradeissuers but LBO-candidates is paramount. Recognising that most of these LBO targets carry an A credit ratingwe have maintained a barbell strategy of being overweight AAA/AA, underweight A, and overweight BBB.Since the beginning of 2007 we have also invested around 5% of the fund's assets in high yield issuers, whichhas contributed positively to performance.
Euro Investment Grade BondFor the year to the end of March 2007, the fund generated a return of 1.18% (net of fees, share class AC)compared with the benchmark return of 2.01%. Credit allocation of the fund has been neutral and is growingmore defensive as credit spreads tighten driven by the structured credit bid. In late 2006 we moved to a short A/ long BBB credit curve steepening position in view of likely M&A risks for single A-rated entities. BBB ratedHybrid credit and supportive first quarter fundamentals provided better tactical risk / reward. The flight to qualityin February 2007 served to validate our cautious overall stance. Our duration exposure has been positive forperformance. We do not expect a deep bond bear market as both the Federal Reserve and the ECB are atadvanced stages of monetary tightening.
Euro Investment Grade Corporate BondFor the period until its closure on 19 March 2007, the fund returned 4.04% (gross of fees) against benchmarkreturns of 3.14%, placing it comfortably in the second quartile of its respective peer group. The ongoingrecovery of the European economy and solid corporate fundamentals paired with the search for carry, lead to afurther tightening of credit spreads. This was supported by a still contained net issuance of corporate debt. Dueto our increased overweight in subordinated financial and non-financial investment grade issuers the fund faredwell over the period. In addition to the overweight in subordinated names, our curve positioning (overweight inthe 5-10 year part) and the short-duration bias over the period added to the fund's relative performance.
Euro High Yield BondFor the year to end March 2007, the fund returned 6.41% (net of fees, share class AC) against the benchmarkreturn of 7.57%. The fund maintained its focus on issuer selection over the period, except at the end of June2006 when we took advantage of the market sell-off to buy some lower rated bonds at discounted prices, andthis resulted in a slightly lower yield than the benchmark most of the time. However, this focus was more thancompensated for by our zero or strongly underweight positions in the worst performing bonds. Going forward,the economic outlook in Europe looks supportive for high yield bonds. Lower-rated issuance has picked uprecently and we expect a slight increase of default rates from their current very low levels. In this environmentwe will continue with our issuer focused strategy.
Global Emerging Markets BondFor the year ending March 2007, the fund returned 11.29% (gross of fees, share class AC), outperforming thebenchmark's return of 10.86%. The sector experienced some very volatile periods during the 12 month periodand we managed to weather this volatility without posting any significant (<1%) monthly losses. In the secondhalf of the fiscal year, the story was primarily of falling yields across local emerging markets. A rush of rate cutscombined with dollar weakness resulted in most of our second half performance attribution being generated bylocal positions.
Global Investment Grade BondFor the year ending March 2007, the fund returned 7.24% (gross of fees, share class AD), underperforming thebenchmark's return of 8.12% but outperforming its peer group. The global economy continued its steadygrowth despite higher fuel and energy prices. The fund's outperformance was primarily driven by emergingmarket local currencies positions. Exposures to the Mexican, Brazilian and Polish local currency bondscontributed particularly strongly to returns as interest rates fell and the currencies appreciated. In addition,sector and security selection within the credits added to the overall excess performance of the strategy.
Pan-European Government BondFor the year to the end March 2007, the fund returned 1.96% (net of fees, share class ID) against thebenchmark return of 1.95%. Primarily, the fund sources diversified excess returns from duration, yield curveand currency management. Last year, we implemented a new source of excess return, volatility. The fund alsoseeks returns from investment in EU/euro applicant countries' debt. The main drivers of performance over theperiod were a successful position in duration, good excess returns from our investments in Eastern European
Directors' Report (continued)
14HSBC Global Investment Funds
countries, and intensive relatives value arbitrages.
Sterling Investment Grade BondFor the year ending March 2007, the fund returned 0.09% (net of fees, share class PD) underperformed itsbenchmark. Credit markets traded in a narrow range through-out the period but ended the period 4 basis pointswider. The fund retained, and benefited from, an underweight and defensive position in credit for much of theperiod. Buying some selected sectors in the summer sell-off also added value and these positions werereduced into the close of the year. The fund benefited from selective long positions in the first half andweathered the worst of the weakness with a neutral position; however it gave up some gains with a longposition in February and March which was neatly compensated for by our underweight position in credit.
US Dollar High Yield BondFor the year ending March 2007, the fund returned 10.57% (gross of fees, share class AC), outperforming thebenchmark's return of 10.42%. The sector posted strong returns as spreads tightened. Good earnings,declining defaults rates and robust liquidity were key factors. The healthy liquidity allowed the market to easilyabsorb an all-time high level of new issuance for the market. The fund's overweight position in the CCC qualitysector was a strong positive contributor to performance as they outperformed all other quality sectors in theindex. In addition, overweight positions in the wireless and cable sectors proved beneficial as the sectorsoutperformed the high yield market.
US Dollar Investment Grade BondFor the year ending March 2007, the fund returned 7.34% (gross of fees, share class PD), outperforming thebenchmark's return of 6.42%. All spread sectors in the Lehman Aggregate index outperformed treasuries.Allocations within corporate and mortgages over the period contributed positively to fund performance as bothsectors performed well. US Investment grade corporate bonds outperformed duration-adjusted treasuries by 87basis points, whilst US fixed rate mortgage-backed securities outperformed by 76 basis points. Stock selectionwithin high yield and emerging markets were strong positive contributors to performance.
Euro ReserveFor the year ending March 2007, the fund returned 2.59% (net of fees, share class AC), against a benchmarkreturn of 3.17%. Despite some fears over the US housing sector, the Euro economic outlook has been strong.Inflation risks were on the upside following the increase of German VAT and added pressure on energy prices.In this context, the European Central Bank continued its normalisation process and interest rates increased to3.75% in March 2007 from 2.50% in March 2006. As the pace of rate hikes was around every 3 months, weinvested in commercial paper in the 30-90 day range in order to take profit on the increases in yields and so asto avoid volatility. Going forward, the ECB should continue to raise rates slightly and yields should increase.
US Dollar ReserveFor the year ending March 2007, the fund returned 5.38% (gross of fees, share class PD) compared with thebenchmark's 4.91%. Performance was above benchmark for the year due to several subscriptions in the fundand as a result of keeping within our WAM target range of 40-45 days. The Federal Reserve had raisedinterest rates over the period and they reached 5.25% in June, where they remained whilst the Fed maintainedits "Inflation Risk" stance. Going forward, we continue to ladder maturities for the fund for 2007 as we expectthe economy to begin to show positive signs of picking up. We continue to invest in commercial paper in the30-90 day range. With this, yields should either remain stable or rise slightly for 2007.
Turkish ConvergenceFor the year ending March 2007, the fund returned -2.10% (net of fees, share class AC), underperforming theMSCI Emerging Market index. Turkey was one of the worst affected markets during the May/June sell-off.Nonetheless, Turkish markets started to recover in the second half of the 2006 and became one of the topperformers in the first three months of 2007. Going forward, Turkish debt and equity markets still offer hugepotential. Interest rates remain among the highest in emerging markets and from a fundamental perspectiveTurkish stocks are relatively undervalued and likely to be backed by strong M&A activity. Results of upcominggeneral elections will be crucial but as long as global environment stays supportive, Turkey is a candidate to beone of the best performing emerging markets in 2007.
Directors' Report (continued)
15HSBC Global Investment Funds
To the Shareholders ofHSBC Global Investment Funds40, avenue MontereyL-2163 LuxembourgGrand Duchy of Luxembourg
REPORT OF THE REVISEUR D'ENTREPRISES
Following our appointment by the annual general meeting of the shareholders dated 28 July 2006, we haveaudited the accompanying financial statements of HSBC Global Investment Funds and each of its sub-funds,which comprise the statement of net assets and the statement of investments in securities and other net assetsas at 31 March 2007 and the statement of operations and the statement of changes in net assets for the yearthen ended, and a summary of significant accounting policies and other explanatory notes.
Responsibility of the board of directors of the SICAV for the financial statementsThe board of directors of the SICAV is responsible for the preparation and fair presentation of these financialstatements in accordance with Luxembourg legal and regulatory requirements relating to the preparation offinancial statements. This responsibility includes: designing, implementing and maintaining internal controlrelevant to the preparation and fair presentation of financial statements that are free from materialmisstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; andmaking accounting estimates that are reasonable in the circumstances.
Responsibility of the Réviseur d'EntreprisesOur responsibility is to express an opinion on these financial statements based on our audit. We conducted ouraudit in accordance with International Standards on Auditing as adopted by the Institut des Réviseursd'Entreprises. Those standards require that we comply with ethical requirements and plan and perform theaudit 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 thefinancial statements. The procedures selected depend on the judgment of the Réviseur d'Entreprises, includingthe 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'spreparation and fair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theentity's internal control. An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of accounting estimates made by the board of directors, as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion.
OpinionIn our opinion, the financial statements give a true and fair view of the financial position of HSBC GlobalInvestment Funds and each of its sub-funds as of 31 March 2007, and of the results of its operations andchanges in its net assets for the year then ended in accordance with the Luxembourg legal and regulatoryrequirements relating to the preparation of the financial statements.
Other matterSupplementary information included in the annual report has been reviewed in the context of our mandate buthas not been subject to specific audit procedures carried out in accordance with the standards describedabove. Consequently, we express no opinion on such information. However, we have no observation to makeconcerning such information in the context of the financial statements taken as a whole.
Luxembourg, 21 June 2007
KPMG Audit S.à r.l.Réviseurs d'Entreprises
R. Beegun
Auditor's Report
16HSBC Global Investment Funds
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
16,650,944,530 4,796,096,499
21,447,041,029
647,602,376 (13,255,734)248,438,060
(272,271,084)222,063,613
(175,058,972)59,776,372
(151,795,792)
22,012,539,868
USD
ASIA EX JAPANEQUITY
Equity Sub-Funds
432,484,052 169,759,478
602,243,530
12,724,876 -
244,243 -
5,788,964 (9,405,253)1,813,151 (876,816)
612,532,695
USD
ASIA EX JAPANEQUITY SMALLER
COMPANIES
24,850,568 11,086,904
35,937,472
3,270,718 --
(89,039)2,092,311 (182,958)120,352 (60,715)
41,088,141
USD
ASIA PACIFIC EXJAPAN EQUITY
HIGH DIVIDEND
111,571,111 28,425,987
139,997,098
1,256,801 --
(107,713)674,101
(234,694)847,377
(224,029)
142,208,941
Statement of Net Assets as at 31 March 2007
The accompanying notes form an integral part of these financial statements.
17HSBC Global Investment Funds
USD
BRAZIL EQUITY
852,624,152 216,885,368
1,069,509,520
30,422,369 -
3,090,505 (40,421,907)25,974,763 (3,345,935)2,361,310
(1,582,930)
1,086,007,695
USD
BRIC MARKETS
403,062,977 57,376,400
460,439,377
-(12,440,113)
1,212,359 (1,335,565)13,334,997
-924,165
(450,653)
461,684,567
USD
BRIC MARKETSEQUITY
215,706,303 22,213,405
237,919,708
57,153,705 -
4,307,632 -
5,543,705 (448,559)845,114
(289,260)
305,032,045
USD
CHINESE EQUITY
2,800,599,760 1,520,416,838
4,321,016,598
22,576,549 -
60,273,045 (3,330,448)33,064,679
(40,553,054)1,518,969
(6,370,621)
4,388,195,717
EUR
EMERGINGEUROPE EQUITY
21,545,618 3,275,553
24,821,171
673,929 -
100,465 (586,134)159,268
(1,306)128,998 (35,592)
25,260,799
EUR
EUROLAND EQUITY
498,993,902 63,955,899
562,949,801
13,535,031 -
10,267,267 (9,037,020)2,333,075
(1,147,254)896,675
(812,614)
578,984,961
Statement of Net Assets as at 31 March 2007
18HSBC Global Investment Funds
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
86,671,760 18,369,186
105,040,946
1,392,576 --
(3,312,639)1,274,647 (510,883)100,532
(113,144)
103,872,035
EUR
EUROLAND VALUECREATION
125,335,211 15,691,629
141,026,840
9,756,684 --
(79,716)22,047
(508,175)38,427
(295,559)
149,960,548
EUR
SUSTAINABILITYLEADERS
25,257,387 2,481,592
27,738,979
737,766 --
(24,747)14,903
-66,195
(113,146)
28,419,950
EUR
EUROPE EX UKEQUITY
66,037,100 18,458,479
84,495,579
2,638,763 --
(24,869)314,880
(200,836)178,991
(129,715)
87,272,793
Statement of Net Assets as at 31 March 2007
The accompanying notes form an integral part of these financial statements.
19HSBC Global Investment Funds
USD
GLOBALEMERGING
MARKETS ELITEFUND
14,413,036 252,386
14,665,422
643,693 -
155,124 (363,045)
--
19,291 (15,875)
15,104,610
USD
GLOBALEMERGING
MARKETS EQUITY
235,294,706 45,713,214
281,007,920
14,658,213 -
2,145,043 (3,690,419)
474,198 (510,489)
1,122,848 (454,922)
294,752,392
USD
GLOBAL EQUITY
137,423,033 25,954,768
163,377,801
10,177,864 -
3,007,342 (973,691)370,848
(298,733)409,413
(108,921)
175,961,923
USD
GLOBAL EQUITYSRI
18,379,517 2,161,903
20,541,420
334,513 --
(292,494)149,528
-57,558
(13,168)
20,777,357
USD
GLOBAL EQUITYTECHNOLOGY
5,919,886 723,551
6,643,437
56,900 ----
(38,919)8,013
(10,284)
6,659,147
EUR
GLOBAL EXEUROLAND EQUITY
37,183,306 6,761,872
43,945,178
4,771,844 ---
23,245 (60,894)186,459 (25,565)
48,840,267
Statement of Net Assets as at 31 March 2007
20HSBC Global Investment Funds
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
USD
HONG KONGEQUITY
152,866,172 53,434,929
206,301,101
3,914,726 --
(159,069)3,573,247 (395,211)515,073
(192,965)
213,556,902
USD
INDIAN EQUITY
4,004,275,906 1,340,292,828
5,344,568,734
80,207,003 -
60,234,478 (68,476,405)69,526,224
(34,248,129)6,985,210
(7,996,475)
5,450,800,640
JPY
JAPANESE EQUITY
26,815,452,490 4,911,640,950
31,727,093,440
4,800,855,867 ---
169,655,877 (515,588,260)307,701,927 (41,924,401)
36,447,794,450
USD
KOREAN EQUITY
126,830,791 25,246,497
152,077,288
845,861 --
(931,190)2,086,865
(1,287,667)1,042,550 (178,220)
153,655,487
Statement of Net Assets as at 31 March 2007
The accompanying notes form an integral part of these financial statements.
21HSBC Global Investment Funds
EUR
PAN-EUROPEANEQUITY
628,226,365 96,858,005
725,084,370
9,647,332 --
(1,672,603)5,268,111
(6,340,425)2,413,425 (781,774)
733,618,436
EUR
PAN-EUROPEANEQUITY HIGH
DIVIDEND
78,177,743 4,640,232
82,817,975
-(519,824)134,392
(153,584)537,598
(141,432)106,186
(120,833)
82,660,478
USD
SINGAPOREEQUITY
82,542,751 20,100,747
102,643,498
7,028,550 --
(14,615,428)19,421,782 (2,181,263)
223,854 (103,850)
112,417,143
USD
THAI EQUITY
208,818,548 5,719,644
214,538,192
2,621,555 -
1,950,871 -
1,115,458 (3,506,142)1,172,698 (319,695)
217,572,937
GBP
UK EQUITY
84,827,684 11,942,210
96,769,894
896,271 --
(190,890)294,227
(320,667)575,161
(144,225)
97,879,771
USD
US EQUITY
161,251,346 19,848,823
181,100,169
17,320,906 ---
2,556,617 (5,738,175)
834,763 (143,096)
195,931,184
Statement of Net Assets as at 31 March 2007
22HSBC Global Investment Funds
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
USD
US INDEX
34,090,119 9,643,438
43,733,557
960,749 -
593,845 (521,531)492,001
(1,479,326)74,254
(25,088)
43,828,461
USD
ASIA FREESTYLEFreestyle Sub-Funds
216,394,935 51,679,308
268,074,243
1,965,438 -
80,773 -
1,172,424 (1,426,142)
994,543 (538,336)
270,322,943
USD
BRIC FREESTYLE
2,001,649,056 690,392,280
2,692,041,336
180,049,146 -
19,089,922 (28,410,043)
7,728,286 (22,309,104)
6,156,467 (97,262,029)
2,757,083,981
USD
GLOBALEMERGING
MARKETS EQUITYFREESTYLE
737,404,478 96,177,296
833,581,774
36,033,576 -
31,472,227 (22,929,179)
1,555,029 (14,660,880)
4,094,746 (23,357,330)
845,789,963
Statement of Net Assets as at 31 March 2007
The accompanying notes form an integral part of these financial statements.
23HSBC Global Investment Funds
USD
LATIN AMERICANFREESTYLE
31,249,487 6,020,770
37,270,257
896,332 -
466,318 -
3,775,308 (113,181)
26,914 (1,766,297)
40,555,651
GBP
UK FREESTYLE
11,150,619 1,731,898
12,882,517
25,360 -
522 -
2,922 (7,341)45,222
(14,326)
12,934,876
USD
BRAZIL BONDBond Sub-Funds
5,205,682 907,809
6,113,491
837,806 ---
16,863 -
3,140 (2,207)
6,969,093
EUR
EURO CORPORATEBOND
54,075,183 (1,265,135)
52,810,048
5,322,533 -
462,771 (749,016)
-(5,037)
1,300,955 (63,143)
59,079,111
EUR
EURO CREDITBOND
45,451,446 (938,143)
44,513,303
599,012 --
(1,860,832)98,818
(379,109)881,054 (49,788)
43,802,458
EUR
EUROINVESTMENT
GRADE BOND
160,461,501 (3,183,823)
157,277,678
2,214,977 -
95,625 (1,463,800)
456,520 (607,598)
2,765,423 (118,943)
160,619,882
Statement of Net Assets as at 31 March 2007
24HSBC Global Investment Funds
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
EURO HIGH YIELDBOND
81,341,810 1,552,152
82,893,962
1,115,969 -
1,978,066 (415,304)125,447
(3,196,487)1,693,745
(98,499)
84,096,899
USD
GLOBALEMERGING
MARKETS BOND
115,634,941 5,816,682
121,451,623
7,933,419 -
202,519 (94,023)
2,577,276 (117,598)
2,053,213 (109,508)
133,896,921
USD
GLOBALINVESTMENT
GRADE BOND
89,011,171 2,031,291
91,042,462
24,982,963 -
13,530,112 (15,707,983)
246,115 (2,104,719)1,174,494
(4,344,549)
108,818,895
Statement of Net Assets as at 31 March 2007
The accompanying notes form an integral part of these financial statements.
25HSBC Global Investment Funds
EUR
PAN-EUROPEANGOVERNMENT
BOND
139,856,834 (2,032,386)
137,824,448
-(91,816)315,188
(363,726)1,095,722 (751,399)
2,616,829 (123,452)
140,521,794
GBP
STERLINGINVESTMENT
GRADE BOND
26,320,620 (932,096)
25,388,524
609,275 -
3,711,691 (3,706,339)
-(38,027)354,362
(9,071)
26,310,415
USD
US DOLLAR HIGHYIELD BOND
5,420,759 163,893
5,584,652
166,650 --
(25,734)5,000
-116,622
(1,324)
5,845,866
USD
US DOLLARINVESTMENT
GRADE BOND
94,551,501 6,550
94,558,051
1,342,080 -
17,459,051 (34,415,129)
401,295 (129,454)513,097 (30,728)
79,698,263
EUR
EURO RESERVEReserve Sub-Funds
43,693,078 70,423
43,763,501
1,310,732 -
1,200,000 -
157,144 (3,711,122)
408,505 (255,641)
42,873,119
Statement of Net Assets as at 31 March 2007
26HSBC Global Investment Funds
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
USD
US DOLLARRESERVE
19,077,026 83,943
19,160,969
40,336 ---
309,768 (315,882)
8,290 (7,363)
19,196,118
EUR
TURKISHCONVERGENCE
Other Sub-Funds
41,020,235 934,329
41,954,564
8,854,530 -
1,672,123 (1,052,805)
127,021 (1,136,493)
627,086 (67,575)
50,978,451
Statement of Net Assets as at 31 March 2007
The accompanying notes form an integral part of these financial statements.
27HSBC Global Investment Funds
CLASS A C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A C H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS J 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Y C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z D (see note 3)Number of Shares OutstandingNet Asset Value per Share
CONSOLIDATEDUSD
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
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 JAPANEQUITY
4,165,233.315 44.36
623,072.137 20.48
6,320,915.936 42.19
39,948.433 20.36
350.557 41.63
106,137.814 41.63
2,265,295.459 43.00
10,000.000 43.00
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
671,124.853 46.35
332,559.919 42.58
Equity Sub-Funds
USD
ASIA EX JAPANEQUITY SMALLER
COMPANIES
273,634.852 29.12
N/AN/A
1,167,688.235 28.36
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
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 PACIFIC EXJAPAN EQUITY
HIGH DIVIDEND
128,669.933 14.28
N/AN/A
7,331,271.036 13.45
N/AN/A
N/AN/A
N/AN/A
N/AN/A
2,800,000.000 13.82
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
226,190.973 13.57
Key Figures as at 31 March 2007
28HSBC Global Investment Funds
USDBRAZIL EQUITY
18,996,378.742 31.16
N/AN/A
8,120,894.128 31.03
N/AN/A
265,088.333 30.99
N/AN/A
3,086,647.833 31.49
4,087,457.437 31.49
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
243,820.000 32.65
N/AN/A
USDBRIC MARKETS
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
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 21.60
21,337,489.000 21.64
N/AN/A
USD
BRIC MARKETSEQUITY
6,763,408.460 12.69
N/AN/A
2,210,180.495 12.69
N/AN/A
552,440.975 12.64
N/AN/A
125,000.000 12.74
N/AN/A
14,286,661.134 12.78
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USDCHINESE EQUITY
11,267,558.989 67.10
N/AN/A
49,732,281.707 66.18
N/AN/A
719,146.759 66.41
N/AN/A
1,861,226.317 68.06
171,696.251 68.06
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
204,272.000 68.20
2,067,519.401 68.19
EUR
EMERGINGEUROPE EQUITY
940,830.271 14.99
N/AN/A
198,711.383 14.99
N/AN/A
772.791 14.99
N/AN/A
335,500.000 15.17
203,200.000 15.16
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
EUREUROLAND EQUITY
14,882,192.874 33.63
N/AN/A
1,138,188.732 33.55
N/AN/A
459.103 33.58
7,994.310 33.27
1,178,488.612 33.71
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
8,798.935 35.88
N/AN/A
Key Figures as at 31 March 2007
29HSBC Global Investment Funds
CLASS A C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A C H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS J 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Y C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z D (see note 3)Number of Shares OutstandingNet Asset Value per Share
EUR
EUROLAND EQUITYSMALLER
COMPANIES
1,623,219.586 48.58
N/AN/A
68,660.659 48.58
N/AN/A
643.359 48.55
N/AN/A
280,100.000 48.86
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
153,913.606 51.71
N/AN/A
EUR
EUROLAND VALUECREATION
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
10,402,217.103 14.17
182,385.316 14.23
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
EUR
SUSTAINABILITYLEADERS
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
929,134.728 12.14
1,405,605.236 12.20
N/AN/A
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
EUROPE EX UKEQUITY
22,933.498 22.29
N/AN/A
3,933,459.515 22.06
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
Key Figures as at 31 March 2007
30HSBC Global Investment Funds
USD
GLOBALEMERGING
MARKETS ELITEFUND
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
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 10.09
1,499,500.000 10.07
N/AN/A
USD
GLOBALEMERGING
MARKETS EQUITY
1,747,514.895 16.93
N/AN/A
14,070,027.877 16.75
N/AN/A
308,157.366 16.33
4,099.410 16.25
1,026,362.595 17.07
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
408,565.361 16.91
USDGLOBAL EQUITY
54,984.486 26.79
N/AN/A
1,701,225.304 26.79
N/AN/A
N/AN/A
N/AN/A
4,459.624 26.80
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
4,458,643.563 28.89
USD
GLOBAL EQUITYSRI
463,132.998 15.82
N/AN/A
10,433.867 15.81
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
50,001.627 16.51
N/AN/A
N/AN/A
760,200.502 16.39
N/AN/A
USD
GLOBAL EQUITYTECHNOLOGY
19,792.000 23.99
N/AN/A
1,530,139.819 4.02
N/AN/A
N/AN/A
9,000.000 3.90
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
EUR
GLOBAL EXEUROLAND EQUITY
560,082.187 21.32
N/AN/A
2,157.962 21.32
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
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
1,621,840.274 22.72
N/AN/A
Key Figures as at 31 March 2007
31HSBC Global Investment Funds
CLASS A C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A C H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS J 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Y C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z D (see note 3)Number of Shares OutstandingNet Asset Value per Share
USD
HONG KONGEQUITY
59,992.956 98.79
N/AN/A
39,104.546 95.33
N/AN/A
103.688 98.65
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
1,675,108.051 94.36
N/AN/A
N/AN/A
N/AN/A
N/AN/A
463,129.969 98.95
USDINDIAN EQUITY
9,249,636.476 135.24
N/AN/A
28,583,743.981 135.24
N/AN/A
501,704.336 132.59
142.733 132.59
1,467,143.077 140.01
110,255.938 140.00
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
339,437.363 138.08
JPYJAPANESE EQUITY
1,677,125.211 9,989.22
N/AN/A
316,894.882 1,489.96
N/AN/A
447,330.314 1,455.26
161,467.790 1,455.26
134,548.718 10,057.59
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
11,336.102 9,976.79
7,855,741.532 1,523.27
N/AN/A
179,871.242 13,849.43
N/AN/A
212,650.000 10,205.62
161,218.686 1,503.79
USDKOREAN EQUITY
1,950,607.120 15.30
N/AN/A
4,135,058.862 15.30
N/AN/A
13,911.869 15.28
N/AN/A
2,784,592.233 15.46
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
1,106,464.962 15.61
Key Figures as at 31 March 2007
32HSBC Global Investment Funds
EUR
PAN-EUROPEANEQUITY
6,093,677.081 41.44
N/AN/A
375,056.895 40.68
N/AN/A
5,754.492 41.35
145,710.095 40.12
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
12,535.140 42.30
7,981,872.555 40.49
N/AN/A
1,930,269.502 24.94
N/AN/A
N/AN/A
2,141,633.231 41.05
EUR
PAN-EUROPEANEQUITY HIGH
DIVIDEND
3,779,373.876 16.11
N/AN/A
1,229,755.524 16.11
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
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 16.78
N/AN/A
USD
SINGAPOREEQUITY
811,928.623 47.88
N/AN/A
486,783.639 44.42
N/AN/A
21,736.375 47.78
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
974,185.953 44.49
N/AN/A
N/AN/A
N/AN/A
N/AN/A
160,121.903 47.10
USDTHAI EQUITY
979,802.283 9.74
N/AN/A
19,203,016.175 9.44
N/AN/A
26,364.749 9.72
N/AN/A
2,479,467.699 9.84
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
211,460.836 9.76
GBPUK EQUITY
1,383,102.885 28.48
N/AN/A
2,133,133.302 27.24
N/AN/A
N/AN/A
16,451.279 20.10
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
1,926.000 29.17
N/AN/A
USDUS EQUITY
817,818.296 22.54
1,163,078.418 26.92
515,063.443 25.23
9,551.763 27.70
2,982.906 22.52
681.169 25.00
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
988,299.191 25.68
N/AN/A
276,148.459 147.87
N/AN/A
2,439,901.000 23.05
407,935.263 25.46
Key Figures as at 31 March 2007
33HSBC Global Investment Funds
CLASS A C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A C H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS J 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Y C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z D (see note 3)Number of Shares OutstandingNet Asset Value per Share
USDUS INDEX
1,388,428.991 10.27
N/AN/A
25,657.991 10.12
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
2,953,122.036 9.93
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USDASIA FREESTYLE
3,503,449.900 16.08
41,937.472 17.91
10,700,673.394 15.94
1,186,124.745 17.72
257,911.516 15.85
N/AN/A
1,037,872.960 16.49
25,000.000 16.49
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
Freestyle Sub-Funds
USDBRIC 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
41,244,299.499 15.34
5,457,144.526 21.33
N/AN/A
79,590,695.466 20.54
18,289,850.517 20.42
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USD
GLOBALEMERGING
MARKETS EQUITYFREESTYLE
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
68,893,436.839 11.70
3,346,679.968 11.79
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
Key Figures as at 31 March 2007
34HSBC Global Investment Funds
USD
LATIN AMERICANFREESTYLE
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
2,251,723.828 14.24
596,951.905 14.23
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
GBPUK 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
966,563.447 13.38
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
USDBRAZIL BOND
39,720.255 12.02
N/AN/A
22,838.583 12.02
N/AN/A
13,067.400 12.01
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
500,000.000 12.12
N/AN/A
Bond Sub-Funds
EUR
EURO CORPORATEBOND
182,175.000 10.39
N/AN/A
5,446,998.912 10.12
N/AN/A
N/AN/A
N/AN/A
197,556.497 10.40
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
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
EURO CREDITBOND
2,154,573.584 17.31
N/AN/A
25,808.022 15.34
N/AN/A
5,328.157 17.31
N/AN/A
163,931.320 17.73
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
51,997.276 17.74
126,471.149 17.27
EUR
EUROINVESTMENT
GRADE BOND
7,440,306.929 16.91
N/AN/A
10,219.386 16.16
N/AN/A
1,478.716 16.91
N/AN/A
2,007,060.619 17.24
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
N/AN/A
N/AN/A
N/AN/A
N/AN/A
Key Figures as at 31 March 2007
35HSBC Global Investment Funds
CLASS A C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A C H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS J 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Y C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z D (see note 3)Number of Shares OutstandingNet Asset Value per Share
EUR
EURO HIGH YIELDBOND
3,125,423.658 21.60
N/AN/A
49,724.483 18.81
N/AN/A
10,006.482 21.58
N/AN/A
449,031.784 22.21
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
245,128.775 22.24
N/AN/A
USD
GLOBALEMERGING
MARKETS BOND
325,217.945 20.44
N/AN/A
4,789,394.235 17.33
N/AN/A
3,597.554 20.42
N/AN/A
90,000.000 20.57
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
2,024,895.235 20.91
N/AN/A
USD
GLOBALINVESTMENT
GRADE BOND
10,133.634 13.75
N/AN/A
4,519,438.829 13.60
N/AN/A
N/AN/A
N/AN/A
5,796.283 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
21,932.577 185.20
N/AN/A
N/AN/A
3,152,335.322 13.67
Key Figures as at 31 March 2007
36HSBC Global Investment Funds
EUR
PAN-EUROPEANGOVERNMENT
BOND
7,014,997.527 16.73
N/AN/A
88,916.557 13.34
N/AN/A
2,562.397 16.71
N/AN/A
1,203,084.615 17.05
93,076.481 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
GBP
STERLINGINVESTMENT
GRADE BOND
N/AN/A
N/AN/A
N/AN/A
N/AN/A
7,299.558 5.43
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
2,628,330.847 5.44
N/AN/A
123,764.323 96.76
N/AN/A
N/AN/A
N/AN/A
USD
US DOLLAR HIGHYIELD BOND
3,184.332 11.25
N/AN/A
7,391.465 11.27
N/AN/A
1,743.052 11.23
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
N/AN/A
N/AN/A
N/AN/A
499,500.000 11.43
N/AN/A
USD
US DOLLARINVESTMENT
GRADE BOND
173,478.778 12.39
N/AN/A
332,468.426 10.95
N/AN/A
3,051.857 12.38
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
3,424,861.231 10.72
159,249.493 14.26
792,198.189 10.80
N/AN/A
345,721.000 12.57
1,998,112.435 11.00
EUREURO RESERVE
2,582,114.984 16.06
N/AN/A
90,351.957 15.42
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
Reserve Sub-Funds
Key Figures as at 31 March 2007
37HSBC Global Investment Funds
CLASS A C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A C H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS A D H (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS E D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS I D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS J 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 1 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS M 2 D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS P D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS W D (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Y C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z C (see note 3)Number of Shares OutstandingNet Asset Value per ShareCLASS Z D (see note 3)Number of Shares OutstandingNet Asset Value per Share
USD
US DOLLARRESERVE
327,819.915 16.41
N/AN/A
93,800.051 8.19
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
1,523,040.266 8.57
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
EUR
TURKISHCONVERGENCE
3,246,914.480 14.67
N/AN/A
219,357.161 14.02
N/AN/A
19,165.418 14.66
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
N/AN/A
N/AN/A
N/AN/A
N/AN/A
N/AN/A
Other Sub-Funds
Key Figures as at 31 March 2007
38HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets
for the year ended 31 March 2007
The accompanying notes form an integral part of these financial statements.
CONSOLIDATEDUSD
Net Assets at the Beginning of the Year 19,254,376,617
INCOMEInvestment Income 492,733,684 Bank Interest 32,119,399 Other Income 8,994
Total Income 524,862,077
EXPENSESManagement Fees (note 4.2) 261,272,086 Performance Fees (note 4.3) 116,116,938 Operating, Administrative and ServicingFees (note 4.4)
80,073,715
Bank Interest Paid 1,448,159
Total Expenses 458,910,898
Net Investment Profit/(Loss) 65,951,179 Realised Profit/(Loss) on Sale ofInvestments
3,160,899,711
Realised Profit/(Loss) for the Year beforeForeign Currency Movement
3,226,850,890
Profit/(Loss) on Foreign Currency (41,802,825)Change in unrealisedappreciation/(depreciation) of investments,futures and forward exchange contracts
422,695,661
Change in Total Net Assets as a Result of Operations
3,607,743,726
Proceeds on Issue of Shares 13,955,244,434 Payments on Redemption of Shares (15,022,292,141)Dividends Paid (note 11) (55,847,304)Currency Translation 273,314,536
Net Assets as at 31 March 2007 22,012,539,868
USD
ASIA EX JAPANEQUITY
582,349,188
13,285,141 477,288
-
13,762,429
7,387,077 -
1,857,252 -
9,244,329
4,518,100
79,493,365
84,011,465
(2,309,680)
34,240,676
115,942,461
303,304,455 (387,628,529)
(1,434,880)-
612,532,695
Equity Sub-Funds
USD
ASIA EX JAPANEQUITY SMALLER
COMPANIES
31,219,270
603,801 37,130
-
640,931
461,846 -
107,764 75
569,685
71,246
5,043,954
5,115,200
(92,891)
4,482,916
9,505,225
13,883,309 (13,308,733)
(210,930)-
41,088,141
USD
ASIA PACIFIC EXJAPAN EQUITY
HIGH DIVIDEND
192,121,007
8,241,363 36,889
-
8,278,252
2,159,219 -
537,081 9,401
2,705,701
5,572,551
8,471,846
14,044,397
(430,466)
16,465,915
30,079,846
60,836,451 (138,399,634)
(2,428,729)-
142,208,941
39HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets
USDBRAZIL EQUITY
351,102,078
10,339,638 1,891,245
-
12,230,883
10,496,833 -
2,575,283 -
13,072,116
(841,233)
35,687,495
34,846,262
(6,372,812)
177,688,346
206,161,796
1,245,904,544 (716,787,661)
(373,062)-
1,086,007,695
USDBRIC MARKETS
223,573,945
5,801,434 73,266
-
5,874,700
3,003,097 -
750,764 72,960
3,826,821
2,047,879
18,409,131
20,457,010
1,513,729
21,806,638
43,777,377
619,019,208 (424,685,963)
--
461,684,567
USD
BRIC MARKETSEQUITY
-
690,038 961,265
-
1,651,303
1,112,001 -
325,857 67,210
1,505,068
146,235
8,420,941
8,567,176
(430,495)
22,398,884
30,535,565
314,309,822 (39,813,342)
--
305,032,045
USDCHINESE EQUITY
2,891,006,873
83,430,118 6,198,217
-
89,628,335
53,575,491 -
14,764,670 790
68,340,951
21,287,384
507,270,430
528,557,814
(10,974,430)
825,433,496
1,343,016,880
2,832,429,870 (2,662,810,358)
(15,447,548)-
4,388,195,717
EUR
EMERGINGEUROPE EQUITY
29,983,564
759,620 25,678
-
785,298
336,705 -
89,315 9,221
435,241
350,057
2,140,585
2,490,642
(497,081)
(22,495)
1,971,066
18,019,399 (24,713,230)
--
25,260,799
EUREUROLAND EQUITY
292,922,023
8,734,842 108,554
-
8,843,396
6,731,413 -
2,042,322 143,676
8,917,411
(74,015)
42,436,143
42,362,128
(181,846)
22,613,654
64,793,936
463,397,946 (242,128,944)
--
578,984,961
40HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets
for the year ended 31 March 2007
The accompanying notes form an integral part of these financial statements.
EUR
EUROLAND EQUITYSMALLER
COMPANIES
Net Assets at the Beginning of the Year 88,517,699
INCOMEInvestment Income 1,285,552 Bank Interest 56,074 Other Income -
Total Income 1,341,626
EXPENSESManagement Fees (note 4.2) 835,210 Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4)
233,294
Bank Interest Paid 2,862
Total Expenses 1,071,366
Net Investment Profit/(Loss) 270,260 Realised Profit/(Loss) on Sale ofInvestments
14,768,541
Realised Profit/(Loss) for the Year beforeForeign Currency Movement
15,038,801
Profit/(Loss) on Foreign Currency (237,086)Change in unrealisedappreciation/(depreciation) of investments,futures and forward exchange contracts
(792,058)
Change in Total Net Assets as a Result of Operations
14,009,657
Proceeds on Issue of Shares 65,611,124 Payments on Redemption of Shares (64,266,445)Dividends Paid (note 11) -Currency Translation -
Net Assets as at 31 March 2007 103,872,035
EUR
EUROLAND VALUECREATION
28,902,712
826,418 140,480
-
966,898
1,244,102 -
344,097 7,482
1,595,681
(628,783)
3,816,292
3,187,509
(6,713)
12,485,704
15,666,500
126,540,575 (21,149,239)
--
149,960,548
EUR
SUSTAINABILITYLEADERS
9,830,322
362,198 11,954
-
374,152
198,650 46,985
47,673 6,678
299,986
74,166
566,055
640,221
(2,692)
1,735,756
2,373,285
16,497,972 (281,629)
--
28,419,950
EUR
EUROPE EX UKEQUITY
114,656,209
2,360,861 27,120
-
2,387,981
1,383,592 -
475,270 717
1,859,579
528,402
17,432,038
17,960,440
5,258
(9,209,100)
8,756,598
7,068,226 (42,682,065)
(526,175)-
87,272,793
41HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets
USD
GLOBALEMERGING
MARKETS ELITEFUND
-
28,730 9,829
-
38,559
23,762 -
5,351 9
29,122
9,437
(150,043)
(140,606)
(6,230)
251,446
104,610
15,000,000 ---
15,104,610
USD
GLOBALEMERGING
MARKETS EQUITY
232,800,507
5,515,164 361,532
-
5,876,696
3,872,654 -
1,053,413 4,623
4,930,690
946,006
57,645,613
58,591,619
(704,590)
(6,211,119)
51,675,910
103,677,075 (92,249,344)
(1,151,756)-
294,752,392
USDGLOBAL EQUITY
164,972,157
2,809,546 210,482
-
3,020,028
1,106,305 -
578,174 564
1,685,043
1,334,985
18,982,314
20,317,299
(123,309)
(5,342,620)
14,851,370
115,589,920 (119,012,733)
(438,791)-
175,961,923
USD
GLOBAL EQUITYSRI
10,848,034
247,420 7,967
-
255,387
48,553 -
39,647 209
88,409
166,978
1,584,795
1,751,773
14,280
821,212
2,587,265
9,194,102 (1,852,019)
(25)-
20,777,357
USD
GLOBAL EQUITYTECHNOLOGY
7,914,102
142,745 5,474
-
148,219
110,714 -
27,185 415
138,314
9,905
625,285
635,190
(7,999)
206,218
833,409
6,426,866 (8,515,230)
--
6,659,147
EUR
GLOBAL EXEUROLAND EQUITY
59,070,237
799,555 122,172
-
921,727
251,456 -
150,767 94,894
497,117
424,610
1,589,579
2,014,189
(298,043)
(800,419)
915,727
2,218,074 (13,363,771)
--
48,840,267
42HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets
for the year ended 31 March 2007
The accompanying notes form an integral part of these financial statements.
USD
HONG KONGEQUITY
Net Assets at the Beginning of the Year 194,270,521
INCOMEInvestment Income 5,001,002 Bank Interest 281,569 Other Income -
Total Income 5,282,571
EXPENSESManagement Fees (note 4.2) 1,871,715 Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4)
699,112
Bank Interest Paid 149
Total Expenses 2,570,976
Net Investment Profit/(Loss) 2,711,595 Realised Profit/(Loss) on Sale ofInvestments
41,734,161
Realised Profit/(Loss) for the Year beforeForeign Currency Movement
44,445,756
Profit/(Loss) on Foreign Currency (679,404)Change in unrealisedappreciation/(depreciation) of investments,futures and forward exchange contracts
8,400,483
Change in Total Net Assets as a Result of Operations
52,166,835
Proceeds on Issue of Shares 132,121,790 Payments on Redemption of Shares (161,029,770)Dividends Paid (note 11) (3,972,474)Currency Translation -
Net Assets as at 31 March 2007 213,556,902
USDINDIAN EQUITY
6,029,705,648
82,011,218 4,951,450
-
86,962,668
80,979,389 -
21,823,618 554,311
103,357,318
(16,394,650)
1,340,514,597
1,324,119,947
(9,514,126)
(743,439,580)
571,166,241
2,399,094,465 (3,549,138,405)
(27,309)-
5,450,800,640
JPYJAPANESE EQUITY
32,542,790,513
411,668,062 6,227,752
-
417,895,814
408,296,582 -
117,850,880 7,848,174
533,995,636
(116,099,822)
3,952,232,651
3,836,132,829
(17,045,705)
(3,577,634,155)
241,452,969
35,874,405,149 (32,210,854,181)
--
36,447,794,450
USDKOREAN EQUITY
152,431,357
2,194,120 54,545
-
2,248,665
1,798,941 -
550,543 686
2,350,170
(101,505)
7,534,942
7,433,437
(531,515)
6,426,402
13,328,324
153,505,230 (165,577,953)
(31,471)-
153,655,487
43HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets
EUR
PAN-EUROPEANEQUITY
568,630,360
17,080,298 206,492
-
17,286,790
7,543,961 -
3,628,184 354
11,172,499
6,114,291
80,505,611
86,619,902
(211,988)
(12,630,565)
73,777,349
479,142,427 (383,069,593)
(4,862,107)-
733,618,436
EUR
PAN-EUROPEANEQUITY HIGH
DIVIDEND
83,304,250
2,317,751 77,841
-
2,395,592
1,123,783 -
266,882 71,272
1,461,937
933,655
7,689,598
8,623,253
(44,601)
(3,330,806)
5,247,846
46,771,424 (52,663,042)
--
82,660,478
USD
SINGAPOREEQUITY
26,242,522
1,413,969 114,498
-
1,528,467
460,458 -
160,930 237
621,625
906,842
8,378,856
9,285,698
(435,450)
14,892,435
23,742,683
130,868,284 (67,304,121)
(1,132,225)-
112,417,143
USDTHAI EQUITY
264,861,559
6,985,913 302,834
-
7,288,747
3,386,928 -
809,146 28,641
4,224,715
3,064,032
(2,983,135)
80,897
(56,907)
1,675,291
1,699,281
210,886,261 (254,790,966)
(5,083,198)-
217,572,937
GBPUK EQUITY
164,915,960
4,918,587 66,161
-
4,984,748
2,161,682 -
531,227 18,572
2,711,481
2,273,267
15,086,940
17,360,207
(7,467)
(11,325,806)
6,026,934
36,815,894 (108,641,216)
(1,237,801)-
97,879,771
USDUS EQUITY
137,953,697
3,118,875 632,811
-
3,751,686
1,216,112 -
615,282 19,845
1,851,239
1,900,447
11,845,044
13,745,491
27,530
9,820,978
23,593,999
184,375,481 (149,884,512)
(107,481)-
195,931,184
44HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets
for the year ended 31 March 2007
The accompanying notes form an integral part of these financial statements.
USDUS INDEX
Net Assets at the Beginning of the Year 101,754,702
INCOMEInvestment Income 1,222,512 Bank Interest 3,185 Other Income -
Total Income 1,225,697
EXPENSESManagement Fees (note 4.2) 237,738 Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4)
175,639
Bank Interest Paid 2,035
Total Expenses 415,412
Net Investment Profit/(Loss) 810,285 Realised Profit/(Loss) on Sale ofInvestments
9,353,664
Realised Profit/(Loss) for the Year beforeForeign Currency Movement
10,163,949
Profit/(Loss) on Foreign Currency (8,192)Change in unrealisedappreciation/(depreciation) of investments,futures and forward exchange contracts
(8,760,151)
Change in Total Net Assets as a Result of Operations
1,395,606
Proceeds on Issue of Shares 26,426,978 Payments on Redemption of Shares (84,956,593)Dividends Paid (note 11) (792,232)Currency Translation -
Net Assets as at 31 March 2007 43,828,461
USDASIA FREESTYLE
374,242,604
7,201,625 197,736
-
7,399,361
4,964,264 -
1,143,928 13,157
6,121,349
1,278,012
73,201,547
74,479,559
(982,780)
(14,146,222)
59,350,557
59,727,666 (221,427,127)
(1,570,757)-
270,322,943
Freestyle Sub-Funds
USDBRIC FREESTYLE
3,377,707,464
110,762,548 9,959,451
-
120,721,999
28,899,454 93,228,729
12,006,432 998
134,135,613
(13,413,614)
567,433,108
554,019,494
(1,946,288)
(5,370,932)
546,702,274
963,143,904 (2,130,469,661)
--
2,757,083,981
USD
GLOBALEMERGING
MARKETS EQUITYFREESTYLE
660,549,914
21,774,999 1,700,988
-
23,475,987
11,342,363 21,098,281
4,536,945 29,827
37,007,416
(13,531,429)
85,961,799
72,430,370
(5,256,517)
86,992,486
154,166,339
942,413,850 (911,340,140)
--
845,789,963
45HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets
USD
LATIN AMERICANFREESTYLE
-
116,134 47,465
-
163,599
159,254 1,726,672
63,701 927
1,950,554
(1,786,955)
3,962,082
2,175,127
(149,091)
6,020,857
8,046,893
49,816,519 (17,307,761)
--
40,555,651
GBPUK FREESTYLE
14,691,270
379,257 12,112
-
391,369
124,752 307
44,762 236
170,057
221,312
1,034,541
1,255,853
(83)
(218,311)
1,037,459
1,398,957 (4,192,810)
--
12,934,876
USDBRAZIL BOND
-
760,099 12,647
-
772,746
3,043 -
30,895 5,938
39,876
732,870
(523,944)
208,926
18,507
907,809
1,135,242
6,744,315 (910,464)
--
6,969,093
Bond Sub-Funds
EUR
EURO CORPORATEBOND
48,600,380
2,524,720 95,619
-
2,620,339
508,781 -
178,246 -
687,027
1,933,312
(663,740)
1,269,572
(194)
263,473
1,532,851
10,284,111 (1,338,231)
--
59,079,111
EUR
EURO CREDITBOND
90,422,134
2,439,609 25,723
-
2,465,332
500,225 -
182,831 1,695
684,751
1,780,581
(2,075,314)
(294,733)
(1,452)
1,214,652
918,467
11,010,407 (58,548,550)
--
43,802,458
EUR
EUROINVESTMENT
GRADE BOND
141,727,068
6,394,278 101,724
-
6,496,002
1,082,365 -
369,487 -
1,451,852
5,044,150
(2,430,770)
2,613,380
(844)
(241,494)
2,371,042
121,578,376 (105,056,604)
--
160,619,882
46HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets
for the year ended 31 March 2007
The accompanying notes form an integral part of these financial statements.
EUR
EUROINVESTMENT
GRADECORPORATE BOND*
Net Assets at the Beginning of the Year 10,644,652
INCOMEInvestment Income 458,841 Bank Interest 16,783 Other Income -
Total Income 475,624
EXPENSESManagement Fees (note 4.2) 37,073 Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4)
19,797
Bank Interest Paid -
Total Expenses 56,870
Net Investment Profit/(Loss) 418,754 Realised Profit/(Loss) on Sale ofInvestments
(486,200)
Realised Profit/(Loss) for the Year beforeForeign Currency Movement
(67,446)
Profit/(Loss) on Foreign Currency (21)Change in unrealisedappreciation/(depreciation) of investments,futures and forward exchange contracts
403,253
Change in Total Net Assets as a Result of Operations
335,786
Proceeds on Issue of Shares 46,116 Payments on Redemption of Shares (5,054,065)Dividends Paid (note 11) (5,972,489)Currency Translation -
Net Assets as at 31 March 2007 -
EUR
EURO HIGH YIELDBOND
124,271,638
5,955,197 18,458
-
5,973,655
1,028,503 -
306,623 876
1,336,002
4,637,653
1,488,268
6,125,921
13,214
(1,380,102)
4,759,033
106,683,176 (151,616,948)
--
84,096,899
USD
GLOBALEMERGING
MARKETS BOND
119,634,250
7,627,995 250,829
-
7,878,824
716,742 -
357,406 11,082
1,085,230
6,793,594
735,957
7,529,551
(30,505)
2,953,535
10,452,581
79,267,271 (75,457,181)
--
133,896,921
USD
GLOBALINVESTMENT
GRADE BOND
88,081,665
3,687,787 733,941
8,994
4,430,722
567,648 -
225,833 35,769
829,250
3,601,472
(1,090,041)
2,511,431
630,155
4,217,564
7,359,150
77,436,136 (62,949,781)
(1,108,275)-
108,818,895
* The sub-fund Euro Investment Grade Corporate Bond has been liquidated as at 19 March 2007.
47HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets
USD
GLOBALINVESTMENT
GRADE BOND (USDOLLAR-HEDGED)
453,246
1,634 817
-
2,451
612 -
153 -
765
1,686
(7,345)
(5,659)
6,434
6,640
7,415
12,748 (91,628)
(381,781)-
-
EUR
PAN-EUROPEANGOVERNMENT
BOND
117,815,022
5,419,043 37,370
-
5,456,413
947,075 -
319,178 15,386
1,281,639
4,174,774
(2,876,153)
1,298,621
19,685
531,454
1,849,760
162,680,758 (141,823,746)
--
140,521,794
GBP
STERLINGINVESTMENT
GRADE BOND
21,583,331
1,676,990 30,566
-
1,707,556
85,356 -
42,872 106
128,334
1,579,222
(741,952)
837,270
(572)
(792,160)
44,538
29,897,940 (23,992,003)
(1,223,391)-
26,310,415
USD
US DOLLAR HIGHYIELD BOND
5,172,610
424,105 1,673
-
425,778
325 -
13,496 -
13,821
411,957
40,433
452,390
149
89,987
542,526
175,572 (44,842)
--
5,845,866
USD
US DOLLARINVESTMENT
GRADE BOND
46,965,872
3,546,895 89,729
-
3,636,624
228,597 -
127,208 10,006
365,811
3,270,813
195,789
3,466,602
473
741,059
4,208,134
72,848,839 (44,324,582)
--
79,698,263
EUREURO RESERVE
47,661,285
1,295,428 53,776
-
1,349,204
218,736 -
65,625 -
284,361
1,064,843
(764)
1,064,079
94
16,844
1,081,017
83,519,875 (89,389,058)
--
42,873,119
Reserve Sub-Funds
48HSBC Global Investment Funds
Statement of Operations and Changes in Net Assets
for the year ended 31 March 2007
The accompanying notes form an integral part of these financial statements.
USD
US DOLLARRESERVE
Net Assets at the Beginning of the Year 22,672,829
INCOMEInvestment Income 962,091 Bank Interest 75,571 Other Income -
Total Income 1,037,662
EXPENSESManagement Fees (note 4.2) 71,526 Performance Fees (note 4.3) -Operating, Administrative and ServicingFees (note 4.4)
29,591
Bank Interest Paid 1,043
Total Expenses 102,160
Net Investment Profit/(Loss) 935,502 Realised Profit/(Loss) on Sale ofInvestments
8,210
Realised Profit/(Loss) for the Year beforeForeign Currency Movement
943,712
Profit/(Loss) on Foreign Currency (349)Change in unrealisedappreciation/(depreciation) of investments,futures and forward exchange contracts
(9,122)
Change in Total Net Assets as a Result of Operations
934,241
Proceeds on Issue of Shares 36,974,471 Payments on Redemption of Shares (41,385,423)Dividends Paid (note 11) -Currency Translation -
Net Assets as at 31 March 2007 19,196,118
EUR
TURKISHCONVERGENCE
67,383,014
5,180,419 501,952
-
5,682,371
692,990 -
179,471 -
872,461
4,809,910
(6,868,629)
(2,058,719)
(662,536)
(658,305)
(3,379,560)
42,529,373 (55,423,466)
(130,910)-
50,978,451
Other Sub-Funds
Notes to the Financial Statements
HSBC Global Investment Funds 49
1. Basis of presentation 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 enabling it to be freely marketed within member states of the European Community from 1 October 1989, subject to member states enacting enabling legislation and complying with local marketing regulations. The Company has been certified as a recognised collective investment scheme in the United Kingdom under the Financial Services and Markets Act 2000 (the “Act”). 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. Since 1 April 2006, the Company has proceeded to: 1) The opening of new sub-funds: on 1 June 2006, Brazil Bond, on 1 June 2006, BRIC Markets Equity, on 6 July 2006, Latin American Freestyle, on 05 February 2007, Global Emerging Markets Elite Fund. 2) Change in name for the following sub-fund: on 1 June 2006, Pan-European Equity Smaller Companies changed its name to Euroland Equity Smaller Companies. 3) On 3 April 2006, the following sub-funds of HSBC Institutional Client Funds merged into HSBC Global Investment Funds: (exchange ratio 1) - European Equity merged into Pan-European Equity class WD - Japanese Equity merged into Japanese Equity class WD - US Equity merged into US Equity class WD - UK Fixed Income merged into Sterling Investment Grade Bond class WD - US Dollar Opportunities Bond class D merged into US Dollar Investment Grade Bond class WD - US Dollar Opportunities Bond class C merged into US Dollar Investment Grade Bond class WC - International (Ex UK) Fixed Income merged into Global Investment Grade Bond class WD. 4) On 19 May 2006, Global Investment Grade Bond (US Dollar-Hedged) class AC merged into Global Investment Grade Bond class AC (exchange rate 1.218229913). Global Investment Grade Bond (US Dollar-Hedged) class AD merged into Global Investment Grade Bond class AD (exchange rate 1.122148803). 5) On 19 March 2007, the sub-fund Euro Investment Grade Corporate Bond was liquidated.
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.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 50
2. Accounting Policies (continued) b) Assets and portfolio securities valuation The assets of each Class within each sub-fund are valued as at 11.00 a.m. (Luxembourg time) as at 31 March 2007. In addition, 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 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. c) Income and Expenses Interest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis. 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 2007. 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.
3. Share capital The Company has issued either A, E, I, J, M, P, W, Y or Z Shares to investors in one or several sub-funds as detailed below. Within each sub-fund, the Company is entitled to create different share classes and/or sub-classes, distinguished by their distribution policy (Capital-Accumulation (C) and Distribution shares (D)), 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 Pan-European Equity, Hong Kong Equity, Japanese Equity, Singaporean Equity, North American Equity, US Index, US Dollar Bond and US Dollar Reserve were renamed Class P Shares. The rights and obligations relating to such Shares remain unchanged (except that the minimum initial investment amount was increased to USD 50,000).
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 51
3. Share capital (continued)
Description Minimum Initial
Investment Minimum
Holding Class A A Shares are available to all investors.
USD 5,000 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 USD 5,000
Class I I Shares are available through specific distributors selected by the Share Distributor.
EUR 1,000,000 EUR 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 USD 100,000
Class M M Shares are available to all investors.
USD 5,000 USD 5,000
Class P P Shares are available for subscription in certain jurisdictions or through certain selected distributors.
USD 50,000 USD 50,000
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 Share Distributor provided (in addition) the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law. No Operating, Administrative and Services 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 USD 100,000
Class Y Y shares are available to all investors in certain jurisdictions or through certain specific distributors approved by the Share Distributor.
USD 1,000 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 Share Distributor provided that such investors qualify as institutional investors within the meaning of article 129 of the 2002 law.
USD 1,000,000 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, this 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.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 52
3. Share capital (continued)
Share Class Denominations: 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. This means that for example Shares issued in Class A which are distributing income and applying a hedging policy, as defined above, would be identified as ADH whereas Class I Shares accumulating income would be identified as IC.
4. Charges and Expenses 1. Explanation of the Charging Structure Investment in the Company is currently offered via nine charging structures, as represented by the A, E, I, J, M, P, W, Y and Z 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 2. “Management Fee” below). 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 excess of such expenses above such annual rate will be borne directly by the Management Company (see 4. “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 68. The maximum rate for Class E, I, J and M Shares is 3.5%. The maximum rate for Class A, P, Y and Z 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 For sub-funds issuing Classes J Shares, L Shares and M 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.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 53
4. Charges and Expenses (continued)
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 Fund prospectus dated April 2007 on the pages 39-41. If there is a positive balance of the Performance Fee accrual, it will become payable to the Management Company on the following dates each year: BRIC Freestyle Class J1C 2 October Class M1C 31 March Class M1D 10 April Class M2C 31 March Euroland Value Creation Class M1C 31 March Class M1D 11 July Global Emerging Markets Equity Freestyle Class M1C 21 March Class M1D 21 March Sustainability Leaders Class M1C 2 February Class M1D 14 December Class L no shares issued UK Freestyle Class M1D 31 March Latin American Freestyle Class M1C 6 July Class M1D 6 July 4. Operating, Administrative and Servicing 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, the Registrar 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 prospectus. Such fee is accrued daily and payable monthly in arrears at the rates specified in the table below. No Operating, Administrative and Services Expenses will be charged to class W Shares. All the fees and charges allocated to such Class of Share will be paid directly by a member or an affiliated entity of HSBC Group.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 54
4. Charges and Expenses (continued) The maximum rate for class A, E, I, J, M, P, Y and Z Shares is 1.0%. 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 Share. In the event of an increase in 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 Registrar and Transfer Agent. Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; the costs of the Subsidiary (see below); the Luxembourg asset-based taxe d’abonnement, at the rate referred to under “Taxation” below; attendance fees and reasonable out-of-pocket expenses incurred by the Company’s Directors; legal, auditing fees and other expenses; ongoing registration and listing fees, including translation expenses; the costs and expenses of preparing, printing, and distributing the Company’s prospectus, financial reports, statements and other documents made available directly or through intermediaries to its shareholders.
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 The Company wholly owns a subsidiary in Mauritius namely HSBC Global Investment Funds Mauritius Limited, 10, Frère Félix de Valois Street, Port Louis, Mauritius (“the Subsidiary”). The Subsidiary manages the Indian Equity sub-fund’s investments in India. The Subsidiary is a company incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub-fund and the Subsidiary have been consolidated. The Subsidiary has appointed Multi Consult Limited, 10 Frère Félix de Valois Street, Port Louis, Mauritius, to provide administrative services to the Subsidiary in Mauritius, including maintenance of its accounts, books and records. The Subsidiary has appointed KPMG Mauritius of 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 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. Until 1 January 2007, an annual tax of 0.07% has been 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 assets of those sub-funds.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 55
7. Taxation (continued)
The tax increased to 0.08% as at 1 January 2007. The Company understands that the validity of this tax charge is being questioned on the basis that it is contrary to European law and further developments are awaited. To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out of the Operating, Administration 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 nor are dividends paid by the Company liable to any Luxembourg withholding tax. 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 US Dollar Reserve and Euro Reserve sub-funds and Classes J Share, W Share and Z Share in the relevant sub-funds. No stamp duty or other tax is payable in Luxembourg on the issue of Shares. The Class or sub-funds may be exempted of this 0.01% tax if they comply with the requirements of the Luxembourg law of 19 December 2003. 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 Subsidiary is registered with the Mauritius Offshore Business Activities Authority as an offshore company. As a result it is subject to a reduced rate of Mauritian income tax on its income. In addition, no Mauritian capital gains tax will be payable in respect of the Subsidiary’s investments in India and any dividends and redemption proceeds paid by the Subsidiary to the Indian Equity sub-fund will be exempt from Mauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiary by the Commissioner of Income Tax in Mauritius. On the basis that it is Mauritian tax resident, the Subsidiary will qualify for certain reliefs from Indian tax as set out in the Indian tax section below. 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.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 56
7. Taxation (continued)
Turkey A new tax system took effect from 1 January 2006 which charges a 10% withholding tax on dividends received by the Company and a 15% withholding tax on all other investment returns received by the Company from investments made in Turkey. The costs of this tax will be borne by shareholders in sub-funds investing in Turkey. 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 favorable 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. Investors and potential investors should note the paragraph concerning Emerging Markets in the “Risk Factors” section of the Prospectus.
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 2007, the Company had entered into various forward foreign currency contracts for the purpose of hedging the portfolio which oblige the Company to deliver currencies at specified future dates. Open contracts are as follows: Contracts with a settlement date of 30 March 2007 still appear because they were open at the time of the preparation and publication of the net asset value of 30 March 2007. Sub-funds Contract
Date In exchange
for Settlement Contract to
deliver Unrealised
Gain/(loss) by Sub-Fund
Asia Ex Japan Equity
22/12/2006 USD 29,767,652 30/03/2007 EUR 22,467,000 29/12/2006 USD 440,359 30/03/2007 EUR 333,000 03/01/2007 USD 559,200 30/03/2007 EUR 420,000 05/01/2007 EUR 260,000 30/03/2007 USD 341,354 09/01/2007 EUR 640,000 30/03/2007 USD 836,800 11/01/2007 USD 6,501 30/03/2007 EUR 5,000 12/01/2007 EUR 371,000 30/03/2007 USD 480,779 12/01/2007 USD 22,030 30/03/2007 EUR 17,000 15/01/2007 USD 305,077 30/03/2007 EUR 235,000
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 57
9. Forward foreign exchange contracts
Sub-funds Contract
Date In exchange
for Settlement Contract to
deliver
Unrealised Gain/(loss) by
Sub-Fund 16/01/2007 USD 492,548 30/03/2007 EUR 379,000 22/01/2007 USD 6,506 30/03/2007 EUR 5,000 25/01/2007 USD 549,613 30/03/2007 EUR 422,000 26/01/2007 USD 20,704 30/03/2007 EUR 16,000 Asia Ex Japan Equity 29/01/2007 EUR 587,000 30/03/2007 USD 759,825
01/02/2007 USD 22,192 30/03/2007 EUR 17,000 02/02/2007 USD 6,524 30/03/2007 EUR 5,000 05/02/2007 USD 720,889 30/03/2007 EUR 555,000 06/02/2007 USD 22,047 30/03/2007 EUR 17,000 07/02/2007 EUR 6,000 30/03/2007 USD 7,799 14/02/2007 EUR 443,000 30/03/2007 USD 581,127 16/02/2007 USD 531,300 30/03/2007 EUR 404,000 27/02/2007 EUR 14,403,000 30/03/2007 USD 19,052,288 27/02/2007 USD 51,589 30/03/2007 EUR 39,000 28/02/2007 EUR 107,000 30/03/2007 USD 141,422 05/03/2007 EUR 1,257,000 30/03/2007 USD 1,653,081 06/03/2007 EUR 333,000 30/03/2007 USD 437,795 07/03/2007 USD 183,876 30/03/2007 EUR 140,000 09/03/2007 USD 274,898 30/03/2007 EUR 209,000 13/03/2007 USD 113,271 30/03/2007 EUR 86,000 14/03/2007 USD 10,561 30/03/2007 EUR 8,000 14/03/2007 EUR 371,000 30/03/2007 USD 489,757 15/03/2007 EUR 245,000 30/03/2007 USD 323,731 16/03/2007 USD 7,992 30/03/2007 EUR 6,000 19/03/2007 USD 101,194 30/03/2007 EUR 76,000 20/03/2007 USD 11,967 30/03/2007 EUR 9,000 21/03/2007 USD 115,784 30/03/2007 EUR 87,000 23/03/2007 USD 215,898 30/03/2007 EUR 162,000 26/03/2007 EUR 103,000 30/03/2007 USD 136,599 27/03/2007 EUR 6,993,000 30/03/2007 USD 9,331,460 27/03/2007 USD 9,365,026 29/06/2007 EUR 6,993,000 28/03/2007 USD 3,867,889 29/06/2007 EUR 2,890,000 29/03/2007 USD 8,024 29/06/2007 EUR 6,000 29/03/2007 EUR 126,000 29/06/2007 USD 168,512 USD 5,743 BRIC Markets 27/03/2007 EUR 9,999,999 30/03/2007 USD 13,340,998 USD 6,000 Global Emerging Markets Elite Fund 26/03/2007 USD 134,984 30/03/2007 ZAR 974,250
27/03/2007 USD 11,293 02/04/2007 ZAR 81,646 USD (941) Global Emerging Markets Equity 26/03/2007 USD 2,612,575 30/03/2007 ZAR 18,856,258
27/03/2007 EUR 26,035 30/03/2007 USD 34,734 27/03/2007 USD 19,498 30/03/2007 SGD 29,578 27/03/2007 USD 216,066 02/04/2007 ZAR 1,562,158 28/03/2007 EUR 101,841 02/04/2007 USD 135,998 29/03/2007 USD 816 03/04/2007 EUR 612 USD (18,003) Global Equity 27/03/2007 USD 64,667 30/03/2007 SGD 98,100 27/03/2007 JPY 214,194,479 02/04/2007 USD 1,813,670 28/03/2007 SGD 153,200 02/04/2007 USD 100,909 USD (4,575) Global Equity SRI 27/03/2007 GBP 1,785 30/03/2007 USD 3,507 28/03/2007 EUR 106,863 02/04/2007 USD 142,705 29/03/2007 USD 966 03/04/2007 EUR 725 29/03/2007 GBP 1,374 03/04/2007 USD 2,697 USD 188
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 58
9. Forward foreign exchange contracts (continued)
Sub-funds Contract Date
In exchange for
Settlement Contract to deliver
Unrealised Gain/(loss) by
Sub-Fund
Global Ex Euroland Equity 01/03/2007 USD 2,590,000 01/06/2007 CAD 3,033,149
EUR 31,298
Pan-European Equity 27/03/2007 EUR 12,367 30/03/2007 SGD 25,000 28/03/2007 EUR 27,900 02/04/2007 SGD 56,567 29/03/2007 EUR 40,030 03/04/2007 SGD 81,000 EUR 89 UK Equity 27/03/2007 GBP 16,211 30/03/2007 EUR 23,875 28/03/2007 GBP 6,482 02/04/2007 EUR 9,543 29/03/2007 GBP 7,245 03/04/2007 EUR 10,668 GBP 19 US Equity 09/03/2007 USD 28,932,508 11/06/2007 EUR 21,973,000 13/03/2007 USD 17,214 11/06/2007 EUR 13,000 22/03/2007 USD 804,000 11/06/2007 EUR 600,000 USD 449,203 Asia Freestyle 22/12/2006 USD 18,131,941 30/03/2007 EUR 13,685,000 03/01/2007 USD 528,577 30/03/2007 EUR 397,000 09/01/2007 EUR 382,000 30/03/2007 USD 499,465 10/01/2007 EUR 255,000 30/03/2007 USD 332,158 11/01/2007 EUR 9,000 30/03/2007 USD 11,701 16/01/2007 USD 370,386 30/03/2007 EUR 285,000 17/01/2007 USD 7,779 30/03/2007 EUR 6,000 19/01/2007 EUR 11,000 30/03/2007 USD 14,314 22/01/2007 USD 188,662 30/03/2007 EUR 145,000 23/01/2007 USD 9,107 30/03/2007 EUR 7,000 25/01/2007 USD 217,501 30/03/2007 EUR 167,000 29/01/2007 EUR 361,000 30/03/2007 USD 467,285 31/01/2007 USD 15,565 30/03/2007 EUR 12,000 01/02/2007 EUR 6,000 30/03/2007 USD 7,832 02/02/2007 USD 233,550 30/03/2007 EUR 179,000 05/02/2007 USD 301,345 30/03/2007 EUR 232,000 06/02/2007 USD 1,888,286 30/03/2007 EUR 1,456,000 08/02/2007 USD 53,353 30/03/2007 EUR 41,000 09/02/2007 USD 228,043 30/03/2007 EUR 175,000 14/02/2007 EUR 415,000 30/03/2007 USD 544,397 15/02/2007 USD 235,698 30/03/2007 EUR 179,000 16/02/2007 USD 444,504 30/03/2007 EUR 338,000 28/02/2007 EUR 203,000 30/03/2007 USD 268,305 05/03/2007 EUR 550,000 30/03/2007 USD 723,305 06/03/2007 EUR 685,000 30/03/2007 USD 900,569 07/03/2007 USD 281,068 30/03/2007 EUR 214,000 09/03/2007 USD 466,932 30/03/2007 EUR 355,000 13/03/2007 USD 297,665 30/03/2007 EUR 226,000 15/03/2007 EUR 335,000 30/03/2007 USD 442,652 19/03/2007 USD 209,046 30/03/2007 EUR 157,000 20/03/2007 USD 219,393 30/03/2007 EUR 165,000 22/03/2007 USD 20,049 30/03/2007 EUR 15,000 23/03/2007 USD 574,393 30/03/2007 EUR 431,000 27/03/2007 EUR 15,655,000 30/03/2007 USD 20,890,032 27/03/2007 USD 20,965,176 29/06/2007 EUR 15,655,000 USD 163,004
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 59
9. Forward foreign exchange contracts (continued)
Sub-funds Contract
Date In exchange
for Settlement Contract to
deliver
Unrealised Gain/(loss) by
Sub-Fund
BRIC Freestyle 27/03/2007 EUR 18,403 30/03/2007 USD 24,552 27/03/2007 SGD 136,115 30/03/2007 USD 89,727 28/03/2007 USD 424,916 03/04/2007 HKD 3,320,085 29/03/2007 USD 375,035 03/04/2007 EUR 281,178
29/03/2007 SGD 332,237 03/04/2007 USD 218,836 USD (345) Global Emerging Markets Equity Freestyle 26/03/2007 USD 7,939,986 30/03/2007 ZAR 57,306,848
27/03/2007 SGD 19,524 30/03/2007 USD 12,870 27/03/2007 USD 57,708 30/03/2007 EUR 43,256 27/03/2007 USD 664,837 02/04/2007 ZAR 4,806,773 28/03/2007 USD 83,946 02/04/2007 SGD 127,446 29/03/2007 USD 26,828 03/04/2007 EUR 20,114 29/03/2007 HUF 72,206,066 03/04/2007 USD 387,788 29/03/2007 PLN 1,103,982 03/04/2007 USD 380,395 29/03/2007 USD 48,831 03/04/2007 SGD 74,135 29/03/2007 ZAR 16,120,466 04/05/2007 USD 2,207,736 USD (59,666) Latin American Freestyle 27/03/2007 EUR 11,198 30/03/2007 USD 14,939
28/03/2007 EUR 46,290 02/04/2007 USD 61,815 29/03/2007 EUR 13,323 03/04/2007 USD 17,770 USD 88 Global Emerging Markets Bond 26/02/2007 EUR 269,010 30/03/2007 USD 354,663
29/03/2007 SGD 19,893 03/04/2007 USD 13,103 USD (4,079) Global Investment Grade Bond 14/02/2007 USD 728,563 15/05/2007 EUR 555,000
14/02/2007 EUR 414,000 15/05/2007 USD 543,677 07/03/2007 GBP 3,024,000 12/06/2007 USD 5,829,743 08/03/2007 GBP 610,000 12/06/2007 USD 1,178,569 09/03/2007 EUR 141,000 15/05/2007 USD 185,357 13/03/2007 USD 3,455,061 15/06/2007 JPY 400,000,000 14/03/2007 EUR 859,000 15/05/2007 USD 1,139,214 16/03/2007 EUR 1,004,000 15/05/2007 USD 1,339,888 16/03/2007 USD 384,387 15/05/2007 EUR 290,000 20/03/2007 USD 1,668,886 12/06/2007 GBP 854,000 22/03/2007 USD 2,081,426 15/05/2007 EUR 1,551,000 27/03/2007 EUR 470,000 15/05/2007 USD 628,397 27/03/2007 GBP 60,000 12/06/2007 USD 119,120 28/03/2007 GBP 60,000 12/06/2007 USD 117,920 09/03/2007 USD 5,265,380 18/06/2007 EUR 4,000,000 USD (69,734) US Dollar Investment Grade Bond
27/03/2007 EUR 8,713 30/03/2007 USD 11,625 USD 5
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 60
10. Futures As at 31 March 2007, the Company had entered into the following outstanding futures contracts: Number
of contracts
Currency Commitments Maturity Date
Unrealised gain (loss) in sub-fund currency
BRIC Markets Equity HSCEI - HKD China Ent 208 HKD 99,840,000 27/04/2007 185,477 USD 185,477 Euroland Value Creation Dow Jones Euro Stoxx 50 121 EUR 4,956,160 15/06/2007 700 EUR 700 Global Ex Euroland Equity S&P 500 Indices 2 USD 715,450 14/06/2007 8,830 Topix Index 26 JPY 446,290,000 07/06/2007 53,767 SP ASX 200 Finance Index 5 AUD 754,250 21/06/2007 15,366 EUR 77,963 Japanese Equity Topix Index (Tokyo) 310 JPY 5,321,150,000 07/06/2007 116,200,000 JPY 116,200,000 Pan-European Equity High Dividend Dow Jones Euro Stoxx 50 9 EUR 368,640 15/06/2007 5,850 EUR 5,850
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 61
10. Futures (continued)
Number of
contracts
Currency Commitments Maturity Date
Unrealised gain (loss) in sub-fund currency
US Equity S&P 500 Indices 40 USD 14,315,000 14/06/2007 121,000 USD 121,000 Euro Corporate Bond Euro Bund (40) EUR (4,604,800) 07/06/2007 24,560 EUR 24,560 Euro Credit Bond Euro Bund (3) EUR (345,360) 07/06/2007 430 Euro Schatz 35 EUR 3,616,900 07/06/2007 (9,100) Euro BOBL (9) EUR (974,700) 07/06/2007 3,810 EUR (4,860) Euro Investment Grade Bond Euro Bund (14) EUR (1,611,680) 07/06/2007 14,420 Euro Schatz 44 EUR 4,546,960 07/06/2007 (11,440) Euro BOBL (57) EUR (6,173,100) 07/06/2007 37,050 EUR 40,030 Global Investment Grade Bond Euro Bund 14 EUR 1,610,840 07/06/2007 (23,523) Euribor 3 Months 4 EUR 959,000 18/06/2007 (533) Long Gilt Sterling Future 8 GBP 863,520 27/06/2007 (4,239) 3 Months Euro Yen Future 4 JPY 99,305,000 15/06/2007 0 Japanese Gov. Bds Future 10 Y (2) JPY (268,360,000) 11/06/2007 849 10 Y Treasury Notes USA (19) USD (2,056,750) 20/06/2007 2,969 2 Y Treasury Notes USA 51 USD 10,451,813 29/06/2007 11,266 5 Y Treasury Notes USA 48 USD 5,081,250 29/06/2007 40,500 Treasury Bonds USA (10) USD (1,115,625) 20/06/2007 (3,048) USD 24,241 Pan-European Government Bond Euro Bund (15) EUR (1,726,800) 07/06/2007 4,210 Euro Schatz 3 EUR 310,020 07/06/2007 (480) Euro BOBL (3) EUR (324,900) 07/06/2007 1,390 Long Gilt Sterling Futures 8 GBP 863,040 27/06/2007 (19,574) EUR (14,454)
11. Dividends
At the Annual General Meeting held at the Company’s Registered Office, the following dividends were declared, out of the profits for the year ended 31 March 2006, for the classes of shares listed below. Name Currency Dividend
per share Ex-date Payment
date Number
of shares Total amount
paid
Asia Pacific ex Japan Equity High Dividend A D USD 0.029243 31/03/2006 18/04/2006 13,533,871 395,771 Asia Pacific ex Japan Equity High Dividend I D USD 0.057609 31/03/2006 18/04/2006 1,274,002 73,394 Euro Corporate Bond A D EUR 0.261782 31/03/2006 18/04/2006 4,818,335 1,261,353 Euro Credit Bond A D EUR 0.977134 31/03/2006 18/04/2006 14,329 14,001 Euro Credit Bond Z D EUR 0.458083 31/03/2006 18/04/2006 94,245 43,172
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 62
11. Dividends (continued)
Name Currency Dividend per share
Ex-date Payment date
Number of shares
Total amount paid
Euro High Yield Bond A D EUR 1.322955 31/03/2006 18/04/2006 12,226 16,175 Euro Investment Grade Bond A D EUR 0.743922 31/03/2006 18/04/2006 2,995 2,228 Euro Investment Grade Corporate Bond A D EUR 0.248188 31/03/2006 18/04/2006 572,684 142,133 Euro Reserve A D EUR 0.138249 31/03/2006 18/04/2006 35,631 4,926 Global Emerging Markets Bond A D USD 0.77723 31/03/2006 18/04/2006 4,004,930 3,112,752 Global Investment Grade Bond A D USD 0.232852 31/03/2006 18/04/2006 6,852,838 1,595,697 Global Investment Grade Bond (US Dollar-Hedged) A D USD 0.672651 31/03/2006 18/04/2006 6,916 4,652 Pan-European Government Bond A D EUR 0.15977 31/03/2006 18/04/2006 75,997 12,142 Pan-European Government Bond I D EUR 0.553959 31/03/2006 18/04/2006 297,136 164,601 Sterling Investment Grade Bond P D GBP 0.040186 31/03/2006 18/04/2006 3,835,067 154,116 US Dollar Investment Grade Bond A D USD 0.150535 31/03/2006 18/04/2006 445,471 67,059 US Dollar Investment Grade Bond P D USD 0.512539 31/03/2006 18/04/2006 3,671,527 1,881,801 US Dollar Reserve A D USD 0.724053 31/03/2006 18/04/2006 11,089 8,029 US Dollar Reserve P D USD 0.396575 31/03/2006 18/04/2006 1,316,931 522,262 Indian Equity ID USD 0.008111 01/08/2006 11/08/2006 158,048 1,282 Indian Equity ZD USD 0.293054 01/08/2006 11/08/2006 88,813 26,027 Turkish Convergence AD EUR 0.536702 01/08/2006 11/08/2006 243,916 130,910 Global Investment Grade Bond AD USD 0.145793 01/08/2006 11/08/2006 7,601,700 1,108,275 Global Equity ZD USD 0.265724 27/07/2006 11/08/2006 1,651,305 438,791 Chinese Equity AD USD 0.31558 27/07/2006 11/08/2006 48,938,107 15,443,888 Chinese Equity ZD USD 0.004917 27/07/2006 11/08/2006 744,452 3,660 Global Emerging Markets Equity AD USD 0.072614 27/07/2006 11/08/2006 15,858,210 1,151,528 Global Emerging Markets Equity ED USD 0.059201 27/07/2006 11/08/2006 3,850 228 Europe Ex UK Equity AD EUR 0.105715 27/07/2006 11/08/2006 4,977,299 526,175 Hong Kong Equity ZD USD 0.614326 27/07/2006 11/08/2006 36,300 22,300 Hong Kong Equtity AD USD 1.662342 27/07/2006 11/08/2006 46,330 77,016 Hong Kong Equity PD USD 1.755843 27/07/2006 11/08/2006 2,205,868 3,873,158 Pan-European Equity PD EUR 0.496405 27/07/2006 11/08/2006 9,545,231 4,738,300 Pan-European Equity AD EUR 0.216169 27/07/2006 11/08/2006 367,762 79,499 Pan-European Equity ED EUR 0.080845 27/07/2006 11/08/2006 548,068 44,309 Asia Ex Japan Equity Smaller Companies AD USD 0.162267 27/07/2006 11/08/2006 1,299,896 210,930 Global Equity SRI AD USD 0.003923 27/07/2006 11/08/2006 6,484 25 Asia Ex Japan Equity AD USD 0.200877 27/07/2006 11/08/2006 7,133,483 1,432,953 Asia Ex Japan Equity ED USD 0.022678 27/07/2006 11/08/2006 84,971 1,927 Singapore Equity PD USD 1.685429 27/07/2006 11/08/2006 597,349 1,006,790 Singapore Equity ZD USD 0.653734 27/07/2006 11/08/2006 75,085 49,086 Singapore Equity AD USD 1.588733 27/07/2006 11/08/2006 48,057 76,350 UK Equity ED GBP 0.158226 27/07/2006 11/08/2006 21,134 3,344 UK Equity AD GBP 0.285355 27/07/2006 11/08/2006 4,326,041 1,234,457 Korean Equity ZD USD 0.036574 27/07/2006 11/08/2006 860,482 31,471 Sterling Investment Grade Bond PD GBP 0.069367 30/06/2006 14/07/2006 3,165,144 219,555 Sterling Investment Grade Bond WD GBP 1.956263 30/06/2006 14/07/2006 136,119 266,285
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 63
Name Currency
Dividend per share Ex-date
Payment date
Number of shares
Total amount paid
US Equity PD USD 0.072289 27/07/2006 11/08/2006 1,486,826 107,481 Thai Equity ZD USD 0.127101 27/07/2006 11/08/2006 270,626 34,397 Thai Equity AD USD 0.228137 27/07/2006 11/08/2006 22,130,567 5,048,801 Brazil Equity ID USD 0.000444 27/07/2006 11/08/2006 1,130,244 502 Brazil Equity AD USD 0.069403 27/07/2006 11/08/2006 5,368,065 372,560 US Index AD USD 0.059308 27/07/2006 11/08/2006 43,954 2,607 US Index PD USD 0.311783 27/07/2006 11/08/2006 2,532,613 789,626 Asia Freestyle AD USD 0.10843 27/07/2006 11/08/2006 14,486,373 1,570,757 The following dividends have been declared by circular resolutions from the Board of Directors.
Sterling Investment Grade Bond PD GBP 0.06292 29/09/2006 13/10/2006 2,924,445 184,008 Sterling Investment Grade Bond WD GBP 1.212031 29/09/2006 13/10/2006 146,810 177,938 Sterling Investment Grade Bond ZD GBP 0.020072 29/09/2006 13/10/2006 54,347 1,091 Sterling Investment Grade Bond PD GBP 0.061878 29/12/2006 12/01/2007 2,860,865 177,025 Sterling Investment Grade Bond WD GBP 1.252325 29/12/2006 12/01/2007 154,843 193,914 Sterling Investment Grade Bond ZD GBP 0.082681 29/12/2006 12/01/2007 43,234 3,575 Asia Pacific Ex Japan Equity High Dividend AD USD 0.173451 01/08/2006 11/08/2006 12,377,450 2,146,881 Asia Pacific Ex Japan Equity High Dividend ID USD 0.197927 01/08/2006 11/08/2006 1,424,000 281,848 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 year ending 31 March 2007. The following dividends were declared out of the profits for the year ended 31 March 2007, for the classes of shares listed below. They will be approved by the next Annual General Meeting. Name Currency Dividend
per share Ex-date Payment
date Number
of shares Total amount
paid Global Investment Grade Bond – Class AD
USD 0.540506 02/04/2007 16/04/2007 4,518,782 2,442,429
Global Investment Grade Bond – Class WD
USD 7.101101 02/04/2007 16/04/2007 21,933 155,745
Global Investment Grade Bond – Class ZD
USD 0.313387 02/04/2007 16/04/2007 3,152,335 987,901
US Dollar Reserve – Class AD
USD 0.354383 02/04/2007 16/04/2007 93,800 33,241
US Dollar Reserve – Class PD
USD 0.346181 02/04/2007 16/04/2007 1,522,652 527,113
US Dollar Investment Grade Bond – Class AD
USD 0.71145 02/04/2007 16/04/2007 55,371 39,394
US Dollar Investment Grade Bond – Class PD
USD 0.474072 02/04/2007 16/04/2007 3,423,108 1,622,800
US Dollar Investment Grade Bond – Class WD
USD 0.57395 02/04/2007 16/04/2007 792,198 454,682
US Dollar Investment Grade Bond – Class ZD
USD 0.259968 02/04/2007 16/04/2007 1,998,112 519,445
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 64
Name Currency Dividend per share
Ex-date Payment date
Number of shares
Total amount paid
Global Emerging Markets Bond – Class AD
USD 0.750821 02/04/2007 16/04/2007 4,787,808 3,594,786
Euro Investment Grade Bond – Class AD
EUR 0.338822 02/04/2007 16/04/2007 10,308 3,493
Euro Credit Bond – Class AD
EUR 0.364685 02/04/2007 16/04/2007 25,808 9,412
Euro Credit Bond – Class ZD
EUR 0.635605 02/04/2007 16/04/2007 126,471 80,386
Euro High Yield Bond – Class AD
EUR 0.355756 02/04/2007 16/04/2007 49,724 17,690
Pan-European Government Bond – Class AD
EUR 0.371681 02/04/2007 16/04/2007 88,917 33,049
Pan-European Government Bond – Class ID
EUR 1.132748 02/04/2007 16/04/2007 93,076 105,432
Euro Reserve – Class AD EUR 0.271455 02/04/2007 16/04/2007 90,352 24,526 Brazil Bond – Class AD USD 0.576546 02/04/2007 16/04/2007 22,839 13,167 Sterling Investment Grade Bond – Class PD
GBP 0.065409 02/04/2007 16/04/2007 2,612,486 170,880
Sterling Investment Grade Bond - Class WD
GBP 1.461893 02/04/2007 16/04/2007 123,764 180,930
Euro Corporate Bond – Class AD
EUR 0.344748 02/04/2007 16/04/2007 5,421,199 1,868,947
Asia Pacific Ex Japan Equity High Dividend – Class AD
USD 0.245153 02/04/2007 16/04/2007 7,333,595 1,797,853
Asia Pacific Ex Japan Equity High Dividend – Class ID
USD 0.298695 02/04/2007 16/04/2007 2,800,000 836,346
Asia Pacific Ex Japan Equity High Dividend – Class ZD
USD 0.16089 02/04/2007 16/04/2007 226,591 36,456
US Dollar High Yield Bond – Class AD
USD 0.113482 02/04/2007 16/04/2007 4,918 558
12. Information concerning the Swiss Investors. Publication of TER (Total Expenses Ratio) and Portfolio
Turnover Ratio (PTR) Please refer to table page 81.
13. Equalisation received/(paid) Equalisation is calculated for Bond and Reserve sub-funds only and is included in the profit/(loss) on investment. Name
Currency Total amount Received/(paid)
Brazil Bond USD 29,148 Euro Corporate Bond EUR 199,517 Euro Credit Bond EUR (310,263) Euro Investment Grade Bond EUR (52,328) Euro High Yield Bond EUR (366,172) Global Emerging Markets Bond USD 572,779 Global Investment Grade Bond USD (533,072) Pan-European Government Bond EUR 270,773 Sterling Investment Grade Bond GBP (304,113) US Dollar High Yield Bond USD 4,893 US Dollar Investment Grade Bond USD 13,601 Euro Reserve EUR 2,517 US Dollar Reserve USD (41,118) Turkish Convergence EUR (467,265)
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 65
Equalisation received reflects the amounts received by the sub-fund in respect of undistributed income on the shares issued during the accounting period. Equalisation paid reflects the amounts paid by the sub-fund in respect of undistributed income on shares purchased during the period.
14. Swaps Euro Reserve As at 31 March 2007, the Company entered into the following Eonia floating rate swaps: Eligible securities Currency Net notional amount Unrealised gain (loss) in EURHSBC France 3.76% 10/2007 EUR 1,004,269 (511)Société Générale 3.69% 04/2007 EUR 990,785 (136)Société Générale 3.68% 04/2007 EUR 990,988 (97)Bred 3.70% 04/2007 EUR 596,406 (32)Société Générale 3.80% 04/2007 EUR 996,924 (23) (799)
BRIC Markets Equity As at 31 March 2007, the Company entered into the following index swaps:
Eligible securities Currency Net notional amount Unrealised gain (loss) in USD
MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007
USD 9,993,663 913,613
MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007
USD 4,276,764 390,979
MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007
USD 3,756,570 343,423
MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007
USD 3,618,666 330,816
MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007
USD 2,182,023 199,479
MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007
USD 3,508,692 320,762
MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007
USD 1,658,337 151,604
MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007
USD 5,481,241 501,091
MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007
USD 8,859,011 809,884
MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007
USD 5,620,890 306,012
MSCI DTR Net emerg. Mkt Russia 5.32% 03/10/2007
USD 2,147,110 39,968
4,307,631
15. Securities lending HSBC Global Investment Funds has entered an exclusive stock lending agreement with HSBC Bank plc. As at 31 March 2007, the value of securities lent is as follows: Euroland Equity 194,939,181 EUR Euroland Value Creation 33,563,122 EUR Europe Ex UK Equity 44,479,153 USD Global Emerging Markets Equity 13,600,000 USD Global Equity 13,834,929 USD Pan-European Equity 236,543,066 EUR Pan-European Equity High Dividend 7,141,835 EUR UK Equity 15,088,432 GBP US Equity 14,995,417 USD US Index 541,453 USD
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 66
16. Transactions with connected persons and soft commissions The following is a summary of transactions with connected persons for the period. All such transactions were entered into in the ordinary course of business and on normal commercial terms.
All the figures are expressed in USD. HSBC Bank plc ASIA EX JAPAN EQUITY Total Aggregate value of transactions for the period 56,548,412 Percentage of such transactions in value for the period 6.26% Total Brokerage commission paid 153,471 Average rate of commission 0.27% ASIA EX JAPAN EQUITY SMALLER COMPANIES Total Aggregate value of transactions for the period 1,564,661 Percentage of such transactions in value for the period 2.75% Total Brokerage commission paid 3,229 Average rate of commission 0.21% ASIA FREESTYLE Total Aggregate value of transactions for the period 15,100,179 Percentage of such transactions in value for the period 2.02% Total Brokerage commission paid 37,355 Average rate of commission 0.25% ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND Total Aggregate value of transactions for the period 3,569,153 Percentage of such transactions in value for the period 2.08% Total Brokerage commission paid 7,365 Average rate of commission 0.21% BRIC FREESTYLE Total Aggregate value of transactions for the period 133,411,330 Percentage of such transactions in value for the period 4.20% Total Brokerage commission paid 255,788 Average rate of commission 0.19% CHINESE EQUITY Total Aggregate value of transactions for the period 254,637,416 Percentage of such transactions in value for the period 5.63% Total Brokerage commission paid 509,275 Average rate of commission 0.20%
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 67
16. Transactions with connected persons and soft commissions (continued) HONG KONG EQUITY Total Aggregate value of transactions for the period 10,983,886 Percentage of such transactions in value for the period 3.45% Total Brokerage commission paid 21,968 Average rate of commission 0.20%
INDIAN EQUITY Total Aggregate value of transactions for the period 296,158,995 Percentage of such transactions in value for the period 3.58% Total Brokerage commission paid 508,179 Average rate of commission 0.17% KOREAN EQUITY Total Aggregate value of transactions for the period 9,488,856 Percentage of such transactions in value for the period 2.38% Total Brokerage commission paid 28,467 Average rate of commission 0.30%
The Investment Advisers and their connected persons have entered into soft commission arrangements with brokers for the Asia ex Japan Equity, Asia ex Japan Equity Smaller Companies, Asia Freestyle, Asia Pacific ex Japan Equity High Dividend, BRIC Freestyle, Chinese Equity, Thai Equity, Hong Kong Equity, Korean Equity sub-funds under which certain goods and services used to support investment decision making are received by it or its connected persons. It or its connected persons do not make direct payment for these services but transact an agreed amount of business with the brokers on behalf of the Fund. Commission is paid from the Fund on these transactions. The goods and services utilised for the Fund include the following: * research and advisory services, * economic and political analysis, * 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.
Notes to the Financial Statements (continued)
HSBC Global Investment Funds 68
17. Subsequent events
On 16 April 2007 the name of the following sub-funds changed: Euro Credit Bond in Euro Core Credit Bond Euro Corporate Bond in Euro Strategic Credit Bond Euro Investment Grade Bond in Euro Core Bond Pan-European Government Bond in European Government Bond On 21 May 2007, the name of the following sub-funds changed: Global Investment Grade Bond in Gobal Core Plus Bond US Dollar Investment Grade Bond in US Dollar Core Plus Bond On 21 May 2007, the following Investment Advisers have been added as Advisers to the sub-funds listed: HSBC Investments (Singapore) Limited: Indian Equity, Singapore Equity, Thai Equity Sinopia Asset Management (UK) Limited: BRIC Markets, Global Equity SRI, US Index On 20 April 2007, the sub-fund Sterling Investment Grade Bond merged into the sub-fund Global Investment Grade Bond. On 25 May 2007, the sub-fund Global Equity Technology has been liquidated.
Charges and Expenses
HSBC Global Investment Funds
69
Operating, Administration and Servicing Expenses Sub-fund Class A, E, M, P Class I, J,L,Y, Z RESERVE SUB-FUNDS Euro Reserve 0.15% 0.10% US Dollar Reserve 0.15% 0.10% BOND SUB-FUNDS Brazil Bond 0.35% 0.25% Euro Corporate Bond 0.35% 0.25% Euro Credit Bond 0.35% 0.25% Euro Investment Grade Bond 0.25% 0.15% Euro Investment Grade Corporate Bond 0.25% 0.15% Euro High Yield Bond 0.35% 0.25% Global Emerging Markets Bond 0.35% 0.25% Global Investment Grade Bond 0.25% 0.15% Pan-European Government Bond 0.25% 0.15% Sterling Investment Grade Bond 0.25% 0.15% US Dollar High Yield Bond 0.35% 0.25% US Dollar Investment Grade Bond 0.25% 0.15% EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity 0.35% 0.25% Asia Ex Japan Equity Smaller Companies 0.35% 0.25% Asia Pacific Ex Japan Equity High Dividend 0.35% 0.25% BRIC Markets - 0.25% BRIC Markets Equity 0.35% 0.25% Emerging Europe Equity 0.40% 0.30% Euroland Equity 0.35% 0.25% Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies)
0.35% 0.25%
Euroland Value Creation 0.35% - Europe Ex UK Equity 0.35% 0.25% Global Emerging Markets Elite Fund - 0.25% Global Emerging Markets Equity 0.40% 0.30% Global Equity 0.35% 0.25% Global Equity SRI 0.35% 0.25% Global Equity Technology 0.35% 0.25% Global Ex Euroland Equity 0.35% 0.25% Pan-European Equity 0.35% 0.25% Pan-European Equity High Dividend 0.35% 0.25% Sustainability Leaders 0.30% 0.20% b) Market Specific sub-funds Brazil Equity 0.40% 0.30% Chinese Equity 0.40% 0.30% Hong Kong Equity 0.35% 0.25% Indian Equity 0.40% 0.30% Japanese Equity 0.35% 0.25% Korean Equity 0.40% 0.30% Singapore Equity 0.40% 0.30% Thai Equity 0.35% 0.25% UK Equity 0.31% 0.25% US Equity 0.35% 0.25% US Index 0.25% 0.15% FREESTYLE SUB-FUNDS Asia Freestyle 0.40% 0.30% BRIC Freestyle 0.40% 0.30% Global Emerging Markets Equity Freestyle 0.40% 0.30% Latin American Freestyle 0.40% - UK Freestyle 0.35% - OTHER SUB-FUNDS Turkish Convergence 0.35% 0.25%
Charges and Expenses (continued)
HSBC Global Investment Funds
70
Management Fees Percentages Class A Class E
Dealing Currency Dealing Currency Sub-Fund name Base Currency EUR USD SGD GBP OTHER EUR USD GBP OTHER
RESERVE SUB-FUNDS Euro Reserve EUR 0.50 - - - - - - - US Dollar Reserve USD - 0.50 - - - - - - BOND SUB-FUNDS Brazil Bond USD 1.00 1.00 - - - 1.30 1.30 - Euro Corporate Bond EUR 1.00 1.00 1.00 - - 1.30 - - Euro Credit Bond EUR 1.00 1.00 1.00 - - 1.30 - - Euro Investment Grade Bond EUR 0.75 0.75 0.75 0.75 - 1.05 - - Euro Investment Grade Corporate Bond EUR 0.75 0.75 0.75 - - 1.05 - - Euro High Yield Bond EUR 1.20 1.20 1.20 1.20 - 1.50 1.50 - Global Emerging Markets Bond USD 1.00 1.00 1.00 1.00 - 1.30 1.30 - Global Investment Grade Bond USD 0.75 0.75 0.75 0.75 - 1.05 1.05 - Pan -European Government Bond EUR 0.75 0.75 0.75 - - 1.05 - - Sterling Investment Grade Bond GBP 0.75 0.75 0.75 0.75 - 1.05 1.05 - US Dollar High Yield Bond USD 1.20 1.20 1.20 1.20 - 1.50 1.50 - US Dollar Investment Grade Bond USD 0.75 0.75 0.75 0.75 - 1.05 1.05 -
EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 - Asia Ex Japan Equity Smaller Companies USD 1.50 1.50 1.50 1.50 - 2.00 2.00 - Asia Pacific Ex Japan Equity High Dividend USD 1.50 1.50 1.50 1.50 - 2.00 2.00 - BRIC Markets USD - - - - - - - - BRIC Markets Equity USD 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - Emerging Europe Equity EUR 1.75 1.75 1.75 1.75 - 2.25 2.25 - Euroland Equity EUR 1.50 1.50 1.50 - - 2.00 - - - Euroland Equity Smaller Companies (formerly Pan-European Equity Smaller Companies)
EUR 1.50 1.50 1.50 - - 2.00 - -
Euroland Value Creation EUR - - - - - - - - Europe Ex UK Equity EUR 1.50 1.50 1.50 1.50 - 2.00 - - Global Emerging Markets Elite Fund USD - - - - - - - - - Global Emerging Markets Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 - Global Equity USD 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - Global Equity SRI USD 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - Global Equity Technology USD 1.50 1.50 1.50 - - 2.00 2.00 - - Global ex Euroland Equity EUR 1.50 1.50 1.50 - - 2.00 - - - Pan-European Equity EUR 1.50 1.50 - 1.50 - 2.00 - 2.00 - Pan-European Equity High Dividend EUR 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - Sustainability Leaders EUR - - - - - - - - - b) Market Specific Equity sub-funds Brazil Equity USD 1.75 1.75 1.75 - - 2.25 2.25 - - Chinese Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 - Hong Kong Equity USD 1.50 1.50 1.50 - - 2.00 - - - Indian Equity USD 1.50 1.50 1.50 1.50 - 2.00 2.00 2.00 - Japanese Equity JPY 1.50 1.50 - - JPY 1.50 2.00 2.00 - JPY 2.00 Korean Equity USD 1.50 1.50 1.50 - - 2.00 - - - Singapore Equity USD 1.50 1.50 1.50 - - 2.00 - - Thai Equity USD 1.50 1.50 1.50 - CAD 1.50 2.00 - - - UK Equity GBP 1.50 1.50 1.50 1.50 - 2.00 - 2.00 - US Equity USD 1.50 1.50 - - - 2.00 2.00 - - US Index USD 0.75 0.75 0.75 - - 1.25 - - -
FREESTYLE SUB-FUNDS Asia Freestyle USD 1.75 1.75 1.75 1.75 - 2.25 2.25 2.25 SGD 2.25 BRIC Freestyle USD - - - - - - - - - Global Emerging Markets Equity Freestyle USD - - - - - - - - - Latin American Freestyle USD - - - - - - - - - UK Freestyle GBP - - - - - - - - - OTHER SUB-FUNDS Turkish Convergence EUR 1.35 1.35 1.35 - - 1.70 - -
Charges and Expenses (continued)
HSBC Global Investment Funds
71
Management Fees Percentages (continued) Class I Class M
Sub-Fund name Dealing Currency Dealing Currency
Base Currency EUR USD GBP OTHER EUR USD SGD GBP
RESERVE SUB-FUNDS Euro Reserve EUR 0.25 0.25 - - - - - - US Dollar Reserve USD 0.25 0.25 - - - - - - BOND SUB-FUNDS Brazil Bond USD 0.50 0.50 - - - - - - Euro Corporate Bond EUR 0.50 0.50 - - - - - - Euro Credit Bond EUR 0.50 0.50 - - - - - - Euro Investment Grade Bond EUR 0.375 0.375 0.375 - - - - - Euro Investment Grade Corporate Bond EUR 0.375 0.375 - - - - - - Euro High Yield Bond EUR 0.60 0.60 0.60 - - - - - Global Emerging Markets Bond USD 0.50 0.50 0.50 - - - - - Global Investment Grade Bond USD 0.375 0.375 0.375 - - - - - Pan-European Government Bond EUR 0.375 0.375 - - - - - - Sterling Investment Grade Bond GBP 0.375 - 0.375 - - - - - US Dollar High Yield Bond USD 0.60 0.60 0.60 - - - - - US Dollar Investment Grade Bond USD 0.375 0.375 0.375 - - - - -
EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity USD 0.75 0.75 0.75 - - - - - Asia Ex Japan Equity Smaller Companies USD 0.75 0.75 0.75 - - - - - Asia Pacific Ex Japan Equity High Dividend USD 0.75 0.75 0.75 - - - - - BRIC Markets USD - - - - - - - - BRIC Markets Equity USD 0.75 0.75 0.75 - - - - - Emerging Europe Equity EUR 0.875 0.875 0.875 - - - - - Euroland Equity EUR 0.75 0.75 - - - - - - Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies)
EUR 0.75 0.75 - -
- - - -
Euroland Value Creation EUR - - - - 1.25 1.25 1.25 1.25 Europe Ex UK Equity EUR 0.75 0.75 - - - - - - Global Emerging Markets Elite Fund USD - - - - - - - - Global Emerging Markets Equity USD 0.75 0.75 0.75 - - - - - Global Equity USD 0.75 0.75 0.75 - - - - - Global Equity SRI USD 0.75 0.75 0.75 - - - - - Global Equity Technology USD 0.75 0.75 - - - - - - Global Ex Euroland Equity EUR 0.75 0.75 - - - - - - Pan-European Equity EUR 0.75 0.75 0.75 - - - - - Pan-European Equity High Dividend EUR 0.75 0.75 0.75 - - - - - Sustainability Leaders EUR - - - - 1.25 1.25 1.25 1.25 b) Market Specific sub-funds Brazil Equity USD 0.875 0.875 - - - - - - Chinese Equity USD 0.75 0.75 0.75 - - - - - Hong Kong Equity USD 0.75 0.75 - - - - - - Indian Equity USD 0.75 0.75 0.75 - - - - - Japanese Equity JPY 0.75 0.75 - JPY 0.75 - - - - Korean Equity USD 0.75 0.75 - - - - - - Singapore Equity USD 0.75 0.75 - - - - - - Thai Equity USD 0.75 0.75 - CAD 0.75 - - - - UK Equity GBP 0.75 0.75 0.75 - - - - - US Equity USD 0.75 0.75 - - - - - - US Index USD 0.375 0.375 - - - - - - FREESTYLE SUB-FUNDS Asia Freestyle USD 0.875 0.875 0.875 SGD
0.875 - - - -
BRIC Freestyle USD - - - - 1.00 1.00 1.00 1.00 Global Emerging Markets Equity Freestyle USD - - - - 1.00 1.00 1.00 1.00 Latin American Freestyle USD - - - - 1.00 1.00 1.00 1.00 UK Freestyle GBP - - - - 1.00 1.00 1.00 1.00 OTHER SUB-FUNDS Turkish Convergence EUR 0.675 0.675 - - - - - -
Charges and Expenses (continued)
HSBC Global Investment Funds
72
Sub-Fund name Base
Currency Class P Class Y Dealing Currency Dealing Currency
USD GBP OTHER EUR USD GBP OTHER RESERVE SUB-FUNDS Euro Reserve EUR - - - - - - - US Dollar Reserve USD 0.25 - EUR 0.25 - - - - BOND SUB-FUNDS Brazil Bond USD - - - - - - - Euro Corporate Bond EUR - - - - - - - Euro Credit Bond EUR - - - - - - - Euro Investment Grade Bond EUR 0.50 0.50 EUR 0.50 - - - - Euro Investment Grade Corporate Bond EUR - - - - - - - Euro High Yield Bond EUR - - - - - - - Global Emerging Markets Bond USD - - - - - - - Global Investment Grade Bond USD 0.50 0.50 EUR 0.50 - - - - Pan-European Government Bond EUR - - - - - - - Sterling Investment Grade Bond GBP 0.50 0.50 EUR 0.50 - - - - US Dollar High Yield Bond USD - - - - - - - US Dollar Investment Grade Bond USD 0.50 0.50 SGD 0.50
EUR 0.50 - - - -
EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity USD - - - - - - - Asia Ex Japan Equity Smaller Companies USD - - - - - - - Asia Pacific Ex Japan Equity High Dividend USD - - - - - - - BRIC Markets USD - - - - - - - BRIC Markets Equity USD - - - - - - - Emerging Europe Equity EUR - - - - - - - Euroland Equity EUR - - - - - - - Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies)
EUR - - - - - - -
Euroland Value Creation EUR - - - - - - - Europe Ex UK Equity EUR - - - - - - - Global Emerging Markets Elite Fund USD - - - 1.50 1.50 - SGD 1.50 Global Emerging Markets Equity USD - - - - - - - Global Equity USD - - - - - - - Global Equity SRI USD - - - - - - - Global Equity Technology USD - - - - - - - Global Ex Euroland Equity EUR - - - - - - - Pan-European Equity EUR 1.00 1.00 EUR 1.00
SGD 1.00 - - - -
Pan-European Equity High Dividend EUR - - - - - - - Sustainability Leaders EUR - - - - - - - b) Market Specific sub-funds Brazil Equity USD - - - - - - - Chinese Equity USD - - - - - - -
Hong Kong Equity USD 1.00 - SGD 1.00EUR 1.00
- - - -
Indian Equity USD - - - - - - - Japanese Equity JPY 1.00 1.00 JPY 1.00
SGD 1.00EUR 1.00
- - - -
Korean Equity USD - - - - - - - Singapore Equity USD 1.00 - SGD 1.00
EUR 1.00 - - - -
Thai Equity USD - - - - - - - UK Equity GBP - - - - - - -
US Equity USD 1.00 1.00 SGD 1.00 EUR 1.00
- - - -
US Index USD 0.30 - SGD 0.30 EUR 0.30
- - - -
FREESTYLE SUB-FUNDS Asia Freestyle USD - - - - - - - BRIC Freestyle USD - - - - - - - Global Emerging Markets Equity Freestyle USD - - - - - - - Latin American Freestyle USD - - - - - - - UK Freestyle GBP - - - - - - - OTHER SUB-FUNDS Turkish Convergence EUR - - - - - - -
Charges and Expenses (continued)
HSBC Global Investment Funds
73
Sub-Fund name Base
Currency Class Z Dealing Currency
EUR USD GBP OTHER RESERVE SUB-FUNDS Euro Reserve EUR 0.00 - - - US Dollar Reserve USD - 0.00 - - BOND SUB-FUNDS Brazil Bond USD 0.00 0.00 - - Euro Corporate Bond EUR 0.00 - - - Euro Credit Bond EUR 0.00 - - - Euro Investment Grade Bond EUR 0.00 - - - Euro Investment Grade Corporate Bond EUR 0.00 - - - Euro High Yield Bond EUR 0.00 - 0.00 - Global Emerging Markets Bond USD - 0.00 0.00 - Global Investment Grade Bond USD - 0.00 0.00 - Pan-European Government Bond EUR 0.00 - - - Sterling Investment Grade Bond GBP 0.00 - 0.00 - US Dollar High Yield Bond USD - 0.00 0.00 - US Dollar Investment Grade Bond USD - 0.00 0.00 - EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity USD 0.00 0.00 0.00 - Asia Ex Japan Equity Smaller Companies USD - 0.00 0.00 - Asia Pacific Ex Japan Equity High Dividend USD 0.00 - 0.00 - BRIC Markets USD 1.00 1.00 - SGD 1.00
CAD 1.00 BRIC Markets Equity USD 0.00 0.00 - - Emerging Europe Equity EUR 0.00 - - - Euroland Equity EUR 0.00 - - - Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies)
EUR 0.00 0.00 - -
Euroland Value Creation EUR - - - - Europe Ex UK Equity EUR 0.00 - - - Global Emerging Markets Elite Fund USD 1.25 1.25 - SGD 1.25 Global Emerging Markets Equity USD - 0.00 0.00 - Global Equity USD - 0.00 0.00 - Global Equity SRI USD - 0.00 0.00 - Global Equity Technology USD - 0.00 - - Global Ex Euroland Equity EUR 0.00 - - - Pan-European Equity EUR 0.00 - 0.00 - Pan-European Equity High Dividend EUR 0.00 0.00 0.00 - Sustainability Leaders EUR - - - - b) Market Specific sub-funds Brazil Equity USD 0.00 0.00 - - Chinese Equity USD - 0.00 0.00 -
Hong Kong Equity USD - 0.00 - - Indian Equity USD - 0.00 0.00 - Japanese Equity JPY - 0.00 - JPY 0.00 Korean Equity USD - 0.00 - - Singapore Equity USD - 0.00 - -
Thai Equity USD - 0.00 - - UK Equity GBP - - 0.00 -
US Equity USD - 0.00 - - US Index USD - 0.00 - - FREESTYLE SUB-FUNDS Asia Freestyle USD 0.00 0.00 0.00 - BRIC Freestyle USD - - - - Global Emerging Markets Equity Freestyle USD - - - - Latin American Freestyle USD - - - - UK Freestyle GBP - - - - OTHER SUB-FUNDS Turkish Convergence EUR 0.00 0.00 - -
Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued)
HSBC Global Investment Funds
74
TER excluding the performance fees
Asia ex Japan Equity Class AC 1.84 % Class ACH 1.85 % Class AD 1.84 % Class ADH 1.85 % Class EC 2.31 % Class ED 2.37 % Class IC 1.00 % Class ID 1.01 % Class ZC 0.25 % Class ZD 0.25 %
Asia ex Japan Equity Smaller Companies Class AC 1.83 % Class AD 1.84 %
Asia Pacific ex Japan Equity High Dividend Class AC 1.85 % Class AD 1.84 % Class ID 1.00 % Class ZD 0.25 %
Brazil Equity Class AC 2.14 % Class AD 2.14 % Class EC 2.62 % Class IC 1.17 % Class ID 1.17 % Class ZC 0.30 %
BRIC Markets Class ZC 1.23 % Class YC 1.73 %
BRIC Markets Equity Class AC 1.83 % Class AD 1.84 % Class EC 2.33 % Class IC 0.99 % Class J1C 0.84 % Class ZC 0.25 %
Chinese Equity Class AC 1.89 % Class AD 1.89 % Class EC 2.39 % Class IC 1.05 % Class ID 1.05 % Class ZC 0.30 % Class ZD 0.30 %
Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued)
HSBC Global Investment Funds
75
Emerging Europe Equity
Class AC 2.15 % Class AD 2.14 % Class EC 2.33 % Class IC 1.17 % Class ID 1.18 % Class ZC 0.32 %
Euroland Equity Class AC 1.85 % Class AD 1.85 % Class EC 2.35 % Class ED 2.35 % Class IC 0.99 % Class ZC 0.27 %
Euroland Equity Smaller Companies Class AC 1.85 % Class AD 1.85 % Class EC 2.30 % Class IC 1.00 % Class ZC 0.25 %
Euroland Value Creation Class M1C 1.60 % Class M1D 1.60 %
Sustainability Leaders Class M1C 1.54 % Class M1D 1.55 %
Europe ex UK Equity Class AC 1.85 % Class AD 1.85 %
Global Emerging Markets Elite Fund Class YC 0.25 % Class ZC 1.26 %
Global Emerging Markets Equity Class AC 1.89 % Class AD 1.89 % Class EC 2.40 % Class ED 2.40 % Class IC 1.05 % Class ZD 0.30 %
Global Equity Class AC 1.85 % Class AD 1.84 % Class IC 1.05 % Class ZD 0.25 %
Global Equity SRI Class AC 1.84 % Class AD 1.85 % Class ZC 0.25 %
Global Equity Technology
Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued)
HSBC Global Investment Funds
76
Class AC 1.86 % Class AD 1.85 % Class ED 2.37 %
Global Ex Euroland Equity Class AC 1.85 % Class AD 1.84 % Class ZC 0.25 %
Hong Kong Equity Class AC 1.84 % Class AD 1.85 % Class EC 2.31 % Class PD 1.34 % Class ZD 0.25 %
Indian Equity Class AC 1.89 % Class AD 1.89 % Class EC 2.39 % Class ED 2.39 % Class IC 1.05 % Class ID 1.04 % Class ZD 0.30 %
Japanese Equity Class AC 1.84 % Class AD 1.85 % Class EC 2.34 % Class ED 2.35 % Class ID 1.00 % Class PC 1.32 % Class PD 1.34 % Class ZC 0.25 % Class ZD 0.25 %
Korean Equity Class AC 1.90 % Class AD 1.90 % Class EC 2.37 % Class IC 1.05 % Class ZD 0.30 %
Pan-European Equity Class AC 1.84 % Class AD 1.84 % Class EC 2.39 % Class ED 2.33 % Class PC 1.34 % Class PD 1.34 % Class ZD 0.25 %
Pan-European Equity High Dividend Class AC 1.85 % Class AD 1.85 % Class ZC 0.25 %
Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued)
HSBC Global Investment Funds
77
Singapore Equity
Class AC 1.89 % Class AD 1.87 % Class EC 2.35 % Class PD 1.39 % Class ZD 0.30 %
Thai Equity Class AC 1.86 % Class AD 1.84 % Class EC 2.33 % Class IC 1.00 % Class ZD 0.25 %
UK Equity Class AC 1.81 % Class AD 1.81 % Class ED 2.32 % Class ZC 0.25 %
US Equity Class AC 1.83 % Class ACH 1.83 % Class AD 1.83 % Class ADH 1.84 % Class EC 2.33 % Class ED 2.33 % Class PD 1.33 % Class ZC 0.25 % Class ZD 0.25 %
US Index Class AC 1.00 % Class AD 1.00 % Class PD 0.55 %
Asia Freestyle
Class AC 2.14 % Class ACH 2.14 % Class AD 2.14 % Class ADH 2.14 % Class EC 2.62 % Class IC 1.17 % Class ID 1.16 %
BRIC Freestyle Class J1C 0.90 % Class M1C 1.40 % Class M2C 1.40 % Class M2D 1.40 %
Global Emerging Markets Equity Freestyle Class M1C 1.40 % Class M1D 1.39 %
Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued)
HSBC Global Investment Funds
78
Latin American Freestyle Class M1C 1.39 % Class M1D 1.39 %
UK Freestyle Class M1D 1.35 %
Brazil Bond Class AC 1.35 % Class AD 1.35 % Class EC 1.63 % Class ZC 0.25 %
Euro Corporate Bond Class AC 1.35 % Class AD 1.35 % Class IC 0.75 %
Euro Credit Bond Class AC 1.35 % Class AD 1.35 % Class EC 1.61 % Class IC 0.76 % Class ZC 0.25 % Class ZD 0.25 %
Euro Investment Grade Bond Class AC 1.00 % Class AD 1.00 % Class EC 1.29 % Class IC 0.53 % Class ZC 0.11 %
Euro Investment Grade Corporate Bond
Class AC 0.97 % Class AD 0.97 % Class ZC 0.15 %
Euro High Yield Bond Class AC 1.55 % Class AD 1.55 % Class EC 1.84 % Class IC 0.85 % Class ZC 0.25 %
Global Emerging Markets Bond Class AC 1.34 % Class AD 1.34 % Class EC 1.61 % Class IC 0.75 % Class ZC 0.25 %
Global Investment Grade Bond Class AC 0.99 % Class AD 0.98 % Class IC 0.56 % Class ZD 0.15 %
Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued)
HSBC Global Investment Funds
79
Pan-European Government Bond
Class AC 1.00 % Class AD 1.00 % Class EC 1.27 % Class IC 0.52 % Class ID 0.53 %
Sterling Investment Grade Bond Class EC 1.28 % Class PD 0.74 % Class ZD 0.14 %
US Dollar High Yield Bond Class AC 1.53 % Class AD 1.53 % Class EC 1.83 % Class ZC 0.25 %
US Dollar Investment Grade Bond Class AC 0.98 % Class AD 0.99 % Class EC 1.27 % Class PD 0.74 % Class ZC 0.15 % Class ZD 0.15 %
Euro Reserve Class AC 0.65 % Class AD 0.66 %
US Dollar Reserve Class AC 0.65 % Class AD 0.64 % Class PD 0.40 %
Turkish Convergence Class AC 1.70 % Class AD 1.70 % Class EC 2.01 %
Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued)
HSBC Global Investment Funds
80
TER including the performance fees
BRIC Freestyle Class J1C 3.90 % Class M1C 5.25 % Class M2C 4.81 % Class M2D 5.14 %
Latin American Freestyle Class M1C 5.47 %
M1D 6.32 % Euroland Value Creation
Class M1C 1.60 % Class M1D 1.78 %
Sustainability Leaders Class M1C 1.94 % Class M1D 1.57 %
UK Freestyle Class M1D 1.35 %
Global Emerging Markets Equity Freestyle Class M1C 4.01 % Class M1D 1.40 %
Publication of PTR (Portfolio Turnover Ratio) - Information concerning the Swiss Investors
HSBC Global Investment Funds
81
% Asia ex Japan Equity 81.08 Asia ex Japan Equity Smaller Companies 124.17 Asia Pacific ex Japan Equity High Dividend 44.31 Brazil Equity 124.59 BRIC Markets 5.30 BRIC Markets Equity* 45.27 Chinese Equity 64.67 Emerging Europe Equity 127.46 Euroland Equity 159.86 Euroland Equity Smaller Companies 173.24 Euroland Value Creation 74.86 Sustainability Leaders 132.43 Global Equity 149.90 Global Equity SRI 201.35 Global Equity Technology 70.56 Global ex Euroland Equity (4.44) Hong Kong Equity 81.12 Japanese Equity 56.91 Korean Equity 118.73 Pan-European Equity High Dividend 380.52 Singapore Equity 50.89 Thai Equity 11.06 UK Equity 91.22 US Index 24.63 Asia Freestyle 136.32 BRIC Freestyle 102.49 Global Emerging Markets Equity Freestyle 246.24 Latin American Freestyle* 482.67 UK Freestyle 157.22 Brazil Bond* 149.99 Euro Corporate Bond 114.39 Euro Credit Bond 243.73 Euro Investment Grade Bond 170.78 Euro High Yield Bond 219.39 Global Emerging Markets Bond 130.02 Global Investment Grade Bond 491.11 Pan-European Government Bond 223.86 Sterling Investment Grade Bond 287.80 US Dollar High Yield Bond 20.82 US Dollar Investment Grade Bond 875.39 Euro Reserve 936.18 US Dollar Reserve 1200.20 Turkish Convergence 1438.40 Global Emerging Markets Elite Fund * 413.60 Global Emerging Markets Equity 247.34 US Equity 60.96 Pan-European Equity 105.21 Europe ex UK Equity 111.99 Indian Equity 105.78
* The PTR have been annualised
82HSBC Global Investment Funds
ASIA EX JAPAN EQUITYUSD
CLASS A C 44.3635.9827.55
CLASS A C H 20.4815.54N/A
CLASS A D 42.1934.4226.53
CLASS A D H 20.36N/AN/A
CLASS E C 41.63N/AN/A
CLASS E D 41.6333.9726.17
CLASS I C 43.0034.59N/A
CLASS I D 43.0034.59N/A
CLASS Z C 46.3537.0027.89
CLASS Z D 42.58N/AN/A
Total Net Assets 354,554,804 582,349,188 612,532,695
Net Asset Value per Share
ASIA EX JAPAN EQUITY SMALLER COMPANIESUSD
CLASS A C 29.1221.5716.87
CLASS A D 28.3621.1716.67
Total Net Assets 32,023,474 31,219,270 41,088,141
Net Asset Value per Share
ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDENDUSD
CLASS A C 14.2811.7110.17
CLASS A D 13.4511.2110.17
CLASS I D 13.8211.44N/A
CLASS Z D 13.57N/AN/A
Total Net Assets 234,747,567 192,121,007 142,208,941
Net Asset Value per Share
BRAZIL EQUITYUSD
CLASS A C 31.1623.8012.30
CLASS A D 31.0323.7812.30
CLASS E C 30.9923.79N/A
CLASS I C 31.4923.82N/A
CLASS I D 31.4923.82N/A
CLASS Z C 32.6524.4912.42
Total Net Assets 39,199,791 351,102,078 1,086,007,695
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
83HSBC Global Investment Funds
BRIC MARKETSUSD
CLASS Y C 21.60N/AN/A
CLASS Z C 21.6416.75N/A
Total Net Assets N/A 223,573,945 461,684,567
Net Asset Value per Share
BRIC MARKETS EQUITYUSD
CLASS A C 12.69N/AN/A
CLASS A D 12.69N/AN/A
CLASS E C 12.64N/AN/A
CLASS I C 12.74N/AN/A
CLASS J 1 C 12.78N/AN/A
Total Net Assets N/A N/A 305,032,045
Net Asset Value per Share
CHINESE EQUITYUSD
CLASS A C 67.1047.0433.90
CLASS A D 66.1846.7033.90
CLASS E C 66.4146.7933.89
CLASS I C 68.0647.31N/A
CLASS I D 68.0647.31N/A
CLASS Z C 68.2047.06N/A
CLASS Z D 68.1947.06N/A
Total Net Assets 1,545,556,575 2,891,006,873 4,388,195,717
Net Asset Value per Share
EMERGING EUROPE EQUITYEUR
CLASS A C 14.9913.07N/A
CLASS A D 14.9913.07N/A
CLASS E C 14.99N/AN/A
CLASS I C 15.1713.10N/A
CLASS I D 15.16N/AN/A
CLASS Z C N/A13.25N/A
Total Net Assets N/A 29,983,564 25,260,799
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
84HSBC Global Investment Funds
EUROLAND EQUITYEUR
CLASS A C 33.6329.9922.07
CLASS A D 33.5529.9222.02
CLASS E C 33.58N/AN/A
CLASS E D 33.2729.81N/A
CLASS I C 33.71N/AN/A
CLASS Z C 35.8831.4722.80
Total Net Assets 50,171,277 292,922,023 578,984,961
Net Asset Value per Share
EUROLAND EQUITY SMALLER COMPANIESEUR
CLASS A C 48.5839.5027.27
CLASS A D 48.5839.50N/A
CLASS E C 48.55N/AN/A
CLASS I C 48.86N/AN/A
CLASS Z C 51.7141.3728.11
Total Net Assets 60,907,458 88,517,699 103,872,035
Net Asset Value per Share
EUROLAND VALUE CREATIONEUR
CLASS M 1 C 14.1713.189.92
CLASS M 1 D 14.2313.19N/A
Total Net Assets 5,702,275 28,902,712 149,960,548
Net Asset Value per Share
SUSTAINABILITY LEADERSEUR
CLASS M 1 C 12.1410.84N/A
CLASS M 1 D 12.2010.85N/A
Total Net Assets N/A 9,830,322 28,419,950
Net Asset Value per Share
EUROPE EX UK EQUITYEUR
CLASS A C 22.2920.0515.22
CLASS A D 22.0619.9415.19
Total Net Assets 114,215,570 114,656,209 87,272,793
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
85HSBC Global Investment Funds
GLOBAL EMERGING MARKETS ELITE FUNDUSD
CLASS Y C 10.09N/AN/A
CLASS Z C 10.07N/AN/A
Total Net Assets N/A N/A 15,104,610
Net Asset Value per Share
GLOBAL EMERGING MARKETS EQUITYUSD
CLASS A C 16.9314.089.45
CLASS A D 16.7514.019.41
CLASS E C 16.3313.65N/A
CLASS E D 16.2513.659.31
CLASS I C 17.07N/AN/A
CLASS Z D 16.91N/AN/A
Total Net Assets 134,372,978 232,800,507 294,752,392
Net Asset Value per Share
GLOBAL EQUITYUSD
CLASS A C 26.7924.66N/A
CLASS A D 26.7924.6619.81
CLASS I C 26.80N/AN/A
CLASS Z D 28.8926.4421.10
Total Net Assets 144,629,801 164,972,157 175,961,923
Net Asset Value per Share
GLOBAL EQUITY SRIUSD
CLASS A C 15.8213.5911.64
CLASS A D 15.8113.59N/A
CLASS W C 16.5113.9211.71
CLASS Z C 16.3913.8611.69
Total Net Assets 11,695,185 10,848,034 20,777,357
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
86HSBC Global Investment Funds
GLOBAL EQUITY TECHNOLOGYUSD
CLASS A C 23.9921.1719.48
CLASS A D 4.023.553.26
CLASS E D 3.903.463.20
Total Net Assets 9,044,946 7,914,102 6,659,147
Net Asset Value per Share
GLOBAL EX EUROLAND EQUITYEUR
CLASS A C 21.3221.1717.24
CLASS A D 21.3221.17N/A
CLASS Z C 22.7222.2117.80
Total Net Assets 93,199,546 59,070,237 48,840,267
Net Asset Value per Share
HONG KONG EQUITYUSD
CLASS A C 98.7977.9462.84
CLASS A D 95.3376.8362.70
CLASS E C 98.65N/AN/A
CLASS P D 94.3675.7861.60
CLASS Z D 98.9577.42N/A
Total Net Assets 179,118,104 194,270,521 213,556,902
Net Asset Value per Share
INDIAN EQUITYUSD
CLASS A C 135.24120.4970.41
CLASS A D 135.24120.4970.41
CLASS E C 132.59118.7269.72
CLASS E D 132.59N/AN/A
CLASS I C 140.01123.6971.66
CLASS I D 140.00123.69N/A
CLASS Z D 138.08121.42N/A
Total Net Assets 2,763,872,800 6,029,705,648 5,450,800,640
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
87HSBC Global Investment Funds
JAPANESE EQUITYJPY
CLASS A C 9,989.229,938.656,512.80
CLASS A D 1,489.961,482.43971.43
CLASS E C 1,455.261,455.23N/A
CLASS E D 1,455.261,455.23958.42
CLASS I C 10,057.59N/AN/A
CLASS P C 9,976.799,876.686,439.73
CLASS P D 1,523.271,507.99983.23
CLASS W D 13,849.43N/AN/A
CLASS Z C 10,205.629,992.50N/A
CLASS Z D 1,503.79N/AN/A
Total Net Assets 14,660,516,179 32,542,790,513 36,447,794,450
Net Asset Value per Share
KOREAN EQUITYUSD
CLASS A C 15.3013.56N/A
CLASS A D 15.3013.56N/A
CLASS E C 15.28N/AN/A
CLASS I C 15.4613.58N/A
CLASS Z D 15.6113.65N/A
Total Net Assets N/A 152,431,357 153,655,487
Net Asset Value per Share
PAN-EUROPEAN EQUITYEUR
CLASS A C 41.4437.6128.82
CLASS A D 40.6837.1528.70
CLASS E C 41.35N/AN/A
CLASS E D 40.1236.6928.32
CLASS P C 42.3038.2029.13
CLASS P D 40.4937.0828.74
CLASS W D 24.94N/AN/A
CLASS Z D 41.05N/AN/A
Total Net Assets 497,242,491 568,630,360 733,618,436
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
88HSBC Global Investment Funds
PAN-EUROPEAN EQUITY HIGH DIVIDENDEUR
CLASS A C 16.1114.7911.25
CLASS A D 16.1114.79N/A
CLASS Z C 16.7815.1611.35
Total Net Assets 76,520,434 83,304,250 82,660,478
Net Asset Value per Share
SINGAPORE EQUITYUSD
CLASS A C 47.8831.5524.08
CLASS A D 44.4231.0224.08
CLASS E C 47.78N/AN/A
CLASS P D 44.4931.0223.98
CLASS Z D 47.1031.26N/A
Total Net Assets 20,725,989 26,242,522 112,417,143
Net Asset Value per Share
THAI EQUITYUSD
CLASS A C 9.749.368.58
CLASS A D 9.449.328.58
CLASS E C 9.72N/AN/A
CLASS I C 9.849.38N/A
CLASS Z D 9.769.37N/A
Total Net Assets 213,816,074 264,861,559 217,572,937
Net Asset Value per Share
UK EQUITYGBP
CLASS A C 28.4827.0321.53
CLASS A D 27.2426.1421.48
CLASS E D 20.1019.34N/A
CLASS Z C 29.1727.25N/A
Total Net Assets 28,272,884 164,915,960 97,879,771
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
89HSBC Global Investment Funds
US EQUITYUSD
CLASS A C 22.5420.5618.99
CLASS A C H 26.9222.9322.89
CLASS A D 25.2323.0121.26
CLASS A D H 27.7023.62N/A
CLASS E C 22.52N/AN/A
CLASS E D 25.0022.91N/A
CLASS P D 25.6823.3721.50
CLASS W D 147.87N/AN/A
CLASS Z C 23.0520.69N/A
CLASS Z D 25.46N/AN/A
Total Net Assets 125,053,186 137,953,697 195,931,184
Net Asset Value per Share
US INDEXUSD
CLASS A C 10.279.308.41
CLASS A D 10.129.238.38
CLASS P D 9.939.278.42
Total Net Assets 94,645,332 101,754,702 43,828,461
Net Asset Value per Share
ASIA FREESTYLEUSD
CLASS A C 16.0812.9611.09
CLASS A C H 17.9113.54N/A
CLASS A D 15.9412.9611.09
CLASS A D H 17.7213.37N/A
CLASS E C 15.8512.8411.05
CLASS I C 16.4913.1611.15
CLASS I D 16.49N/AN/A
Total Net Assets 500,750,024 374,242,604 270,322,943
Net Asset Value per Share
BRIC FREESTYLEUSD
CLASS J 1 C 15.3412.57N/A
CLASS M 1 C 21.3317.7010.24
CLASS M 2 C 20.5416.98N/A
CLASS M 2 D 20.4216.95N/A
Total Net Assets 155,889,576 3,377,707,464 2,757,083,981
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
90HSBC Global Investment Funds
GLOBAL EMERGING MARKETS EQUITY FREESTYLEUSD
CLASS M 1 C 11.7010.11N/A
CLASS M 1 D 11.7910.11N/A
Total Net Assets N/A 660,549,914 845,789,963
Net Asset Value per Share
LATIN AMERICAN FREESTYLEUSD
CLASS M 1 C 14.24N/AN/A
CLASS M 1 D 14.23N/AN/A
Total Net Assets N/A N/A 40,555,651
Net Asset Value per Share
UK FREESTYLEGBP
CLASS M 1 D 13.3812.2110.06
Total Net Assets 5,308,976 14,691,270 12,934,876
Net Asset Value per Share
BRAZIL BONDUSD
CLASS A C 12.02N/AN/A
CLASS A D 12.02N/AN/A
CLASS E C 12.01N/AN/A
CLASS Z C 12.12N/AN/A
Total Net Assets N/A N/A 6,969,093
Net Asset Value per Share
EURO CORPORATE BONDEUR
CLASS A C 10.3910.08N/A
CLASS A D 10.129.82N/A
CLASS I C 10.40N/AN/A
Total Net Assets N/A 48,600,380 59,079,111
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
91HSBC Global Investment Funds
EURO CREDIT BONDEUR
CLASS A C 17.3116.9916.78
CLASS A D 15.3415.0516.21
CLASS E C 17.31N/AN/A
CLASS I C 17.7317.3016.98
CLASS I D N/AN/A16.47
CLASS Z C 17.7417.2216.83
CLASS Z D 17.2716.77N/A
Total Net Assets 98,866,400 90,422,134 43,802,458
Net Asset Value per Share
EURO INVESTMENT GRADE BONDEUR
CLASS A C 16.9116.7216.44
CLASS A D 16.1615.97N/A
CLASS E C 16.91N/AN/A
CLASS I C 17.2416.9516.60
CLASS Z C N/A17.1516.72
Total Net Assets 125,768,237 141,727,068 160,619,882
Net Asset Value per Share
EURO INVESTMENT GRADE CORPORATE BOND*EUR
CLASS A C 10.3210.01N/A
CLASS A D 10.069.76N/A
CLASS Z C 10.4910.09N/A
Total Net Assets N/A 10,644,652 N/A
Net Asset Value per Share
EURO HIGH YIELD BONDEUR
CLASS A C 21.6020.3018.95
CLASS A D 18.8117.6718.69
CLASS E C 21.58N/AN/A
CLASS I C 22.2120.7319.22
CLASS I D N/AN/A18.16
CLASS Z C 22.2420.6319.01
Total Net Assets 126,066,364 124,271,638 84,096,899
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
* The sub-fund Euro Investment Grade Corporate Bond has been liquidated as at 19 March 2007.
92HSBC Global Investment Funds
GLOBAL EMERGING MARKETS BONDUSD
CLASS A C 20.4418.5916.08
CLASS A D 17.3315.7615.13
CLASS E C 20.42N/AN/A
CLASS I C 20.5718.60N/A
CLASS Z C 20.9118.8116.09
Total Net Assets 45,943,698 119,634,250 133,896,921
Net Asset Value per Share
GLOBAL INVESTMENT GRADE BONDUSD
CLASS A C 13.7513.2913.79
CLASS A D 13.6012.8213.79
CLASS I C 13.75N/AN/A
CLASS W D 185.20N/AN/A
CLASS Z D 13.67N/AN/A
Total Net Assets 109,990,135 88,081,665 108,818,895
Net Asset Value per Share
GLOBAL INVESTMENT GRADE BOND (US DOLLAR-HEDGED)USD
CLASS A C N/A15.9715.88
CLASS A D N/A14.7115.51
CLASS E C N/AN/AN/A
CLASS E D N/AN/AN/A
CLASS I C N/AN/AN/A
CLASS I D N/AN/AN/A
CLASS Z C N/AN/AN/A
CLASS Z D N/AN/AN/A
Total Net Assets 20,535,844 453,246 N/A
Net Asset Value per Share
PAN-EUROPEAN GOVERNMENT BONDEUR
CLASS A C 16.7316.4916.17
CLASS A D 13.3413.1515.74
CLASS E C 16.71N/AN/A
CLASS I C 17.0516.7216.32
CLASS I D 15.2114.9215.65
Total Net Assets 78,232,337 117,815,022 140,521,794
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
93HSBC Global Investment Funds
STERLING INVESTMENT GRADE BONDGBP
CLASS A C N/A5.69N/A
CLASS E C 5.43N/AN/A
CLASS P D 5.445.63N/A
CLASS W D 96.76N/AN/A
CLASS Z D N/AN/AN/A
Total Net Assets N/A 21,583,331 26,310,415
Net Asset Value per Share
US DOLLAR HIGH YIELD BONDUSD
CLASS A C 11.2510.31N/A
CLASS A D 11.27N/AN/A
CLASS E C 11.23N/AN/A
CLASS Z C 11.4310.35N/A
Total Net Assets N/A 5,172,610 5,845,866
Net Asset Value per Share
US DOLLAR INVESTMENT GRADE BONDUSD
CLASS A C 12.3911.6811.46
CLASS A D 10.9510.3211.01
CLASS E C 12.38N/AN/A
CLASS P D 10.7210.0810.87
CLASS W C 14.26N/AN/A
CLASS W D 10.80N/AN/A
CLASS Z C 12.5711.75N/A
CLASS Z D 11.00N/AN/A
Total Net Assets 52,169,973 46,965,872 79,698,263
Net Asset Value per Share
EURO RESERVEEUR
CLASS A C 16.0615.6615.42
CLASS A D 15.4215.0315.27
Total Net Assets 69,964,934 47,661,285 42,873,119
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
94HSBC Global Investment Funds
US DOLLAR RESERVEUSD
CLASS A C 16.4115.6715.20
CLASS A D 8.197.828.34
CLASS P D 8.578.168.33
Total Net Assets 51,859,445 22,672,829 19,196,118
Net Asset Value per Share
TURKISH CONVERGENCEEUR
CLASS A C 14.6714.9810.14
CLASS A D 14.0214.98N/A
CLASS E C 14.66N/AN/A
CLASS Z C N/AN/A10.15
Total Net Assets 7,252,084 67,383,014 50,978,451
Net Asset Value per Share
Comparative Table of Net Assets
at 31 March 2005 at 31 March 2006 at 31 March 2007
95HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ESPRIT HOLDINGS LTD 750,500 8,801,790 1.44HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
FIRST PACIFIC CO LTD 3,528,000 2,157,964 0.35HKD
10,959,754 1.79
NORSTAR FOUNDERS GROUPLTD
7,992,000 3,579,409 0.58HKD
CAYMAN ISLANDS
QIN JIA YUAN MEDIASERVICES CO
7,940,000 2,143,832 0.35HKD
XINYI GLASS HOLDING CO LTD 4,852,000 2,390,393 0.39HKD
8,113,634 1.32
AIR CHINA LTD 5,614,000 3,886,489 0.63HKD
CHINA
BANK OF COMMUNICATIONSCO LTD
5,262,000 5,406,973 0.88HKD
CHINA COMMUNICATIONSCONSTR-H-
1,592,000 1,919,030 0.31HKD
CHINA CONSTRUCTION BANKCORP
16,024,000 9,165,714 1.50HKD
CHINA LIFE INSURANCE COLTD-H-
3,064,000 8,802,234 1.44HKD
CHINA MENGNIU DAIRY COLTD
735,000 2,102,097 0.34HKD
CHINA PETROLEUM & CHEMCORP -H-
6,784,000 5,738,192 0.94HKD
CHINA SHENHUA ENERGY CO-H-
1,565,500 3,786,192 0.62HKD
CHINA SHIPPINGDEVELOPMENT -H-
1,860,000 2,837,115 0.46HKD
CHINA TELECOM CORP LTD -H-
6,788,000 3,335,499 0.54HKD
DATANG INT.POWERGENERATION-H-
4,566,000 4,323,699 0.71HKD
JIANGXI COPPER CO LTD -H- 1,197,000 1,449,016 0.24HKD
NINE DRAGONS PAPER HLDGSLTD
2,777,000 5,792,303 0.95HKD
PETROCHINA CO LTD /-H- 7,712,000 9,148,178 1.49HKD
PICC PROPERTY & CASUALTY-H-
4,260,000 2,442,167 0.40HKD
ZIJIN MINING GROUP -H- 3,570,000 2,078,583 0.34HKD
72,213,481 11.79
BANK OF EAST ASIA LTD 697,400 4,056,053 0.66HKD
HONG KONG
BEIJING ENTERPRISES HLD 702,000 1,787,631 0.29HKD
CHEUNG KONG HOLDINGS 894,000 11,314,142 1.85HKD
CHINA MERCHANTSHOLDINGS
394,000 1,658,746 0.27HKD
CHINA MOBILE LTD 2,314,500 21,043,069 3.44HKD
INVESTMENTS
ASIA EX JAPAN EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
CHINA OVERSEAS LAND ANDINVESTMENT
3,670,500 4,612,374 0.75HKD
CHINA RESOURCESENTERPRISE LTD
1,334,000 4,455,374 0.73HKD
CITIC INTL FIN.HLD 2,642,000 2,288,808 0.37HKD
CITIC PACIFIC LTD 486,000 1,797,306 0.29HKD
CNOOC LTD 4,519,000 3,961,145 0.65HKD
COSCO PACIFIC LTD 960,000 2,378,288 0.39HKD
DAH SING BANKING GROUPLTD
879,200 1,966,604 0.32HKD
GREAT EAGLE HOLDINGS LTD 1,610,604 5,461,632 0.89HKD
HONGKONG & CHINA GAS 1,249,000 2,790,580 0.46HKD
HONGKONG LAND HLDS LTD 398,000 1,854,680 0.30USD
HONGKONG+SHANGH.HOTELS 2,207,343 3,485,562 0.57HKD
HUTCHISON WHAMP 882,720 8,488,672 1.39HKD
IND & COM BOC -H- 14,391,000 8,065,901 1.32HKD
KINGBOARD CHEMICALSHOLDINGS
885,500 3,722,303 0.61HKD
MASS TRANSIT RAILWAYCORP
1,499,500 3,753,212 0.61HKD
NEW WORLD DEVELOPMENTCO. LTD
918,000 2,081,585 0.34HKD
SHANGHAI INDUSTRIALHOLDINGS
642,000 1,482,038 0.24HKD
SUN HUNG KAI PROPERTIESLTD
643,000 7,438,189 1.21HKD
WING HANG BANK 70,000 861,710 0.14HKD
110,805,604 18.09
BANK NIAGA TBK -A- 25,457,500 2,062,821 0.34IDR
INDONESIA
PT ASTRA INTERNATIONALTBK
1,771,000 2,559,803 0.42IDR
PT BANK MANDIRI PERSEROTBK
5,509,000 1,508,089 0.25IDR
TELKOM INDONESIA /S-B- 4,484,000 4,836,331 0.78IDR
UNITED TRACTORS 753,500 610,561 0.10IDR
11,577,605 1.89
COMMERCE ASSET-HOLDINGBHD/FOR.REG.
4,045,800 11,651,452 1.90MYR
MALAYSIA
GAMUDA BHD/FOR.REG. 3,243,200 7,509,591 1.23MYR
GENTING BERHAD/FOR.REG. 1,181,000 13,587,500 2.22MYR
32,748,543 5.35
AYALA LAND INC. 4,000,000 1,367,190 0.22PHP
PHILIPPINES
METROPOLITAN BANK &TRUST
1,607,000 2,080,563 0.34PHP
PHIL.LONG DISTANCE/SADR(1ACT)
22,700 1,198,560 0.20USD
UNIVERSAL ROBINA CORP. 2,358,179 842,657 0.14PHP
5,488,970 0.90
ALLGREEN PROPERTIES LTD 3,830,000 4,419,280 0.72SGD
SINGAPORE
BANYAN TREE HOLDINGS LTD 6,037,000 8,717,260 1.42SGD
CITY DEVELOPMENTS LTD 129,000 1,241,816 0.20SGD
INDOFOOD AGRI RESOURCESLTD
5,292 4,082 0.00SGD
KEPPEL CORP. LTD 236,000 2,956,516 0.48SGD
OVERSEA-CHINESE BK CORP 1,868,200 11,086,146 1.81SGD
SEMBCORP INDUSTRIES LTD 904,000 3,039,858 0.50SGD
Description Quantity Currency Evaluation % netassets
96HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SINGAPORE AIRLINES LTD 233,000 2,550,226 0.42SGD
SINGAPORE TELEC/BOARDLOT 1000
2,360,750 5,105,503 0.83SGD
UTD OVERSEAS BANK /LOCAL 494,000 6,840,076 1.12SGD
WING TAI HLDS 2,101,666 4,406,619 0.72SGD
50,367,382 8.22
CHEIL INDUSTRIAL INC 73,920 2,966,280 0.48KRW
SOUTH KOREA
DAELIM INDUSTRIAL CO LTD 27,333 2,617,854 0.43KRW
DAEWOO MOTORS SALESCORP
178,280 5,628,496 0.92KRW
DAISHIN SECURITIES CO LTD 118,930 2,774,976 0.45KRW
DONGBU INSURANCE CO LTD 170,270 4,832,620 0.79KRW
HOTEL SHILLA 268,670 4,269,663 0.70KRW
HYUNDAI DEPARTMENTSTORE CO
26,520 2,227,070 0.36KRW
HYUNDAIENGINEERING+CONSTR.CO
101,890 5,491,270 0.90KRW
KOOKMIN BANK 178,400 16,005,548 2.61KRW
KOREA INVESTMENTHOLDINGS CO
25,670 1,350,717 0.22KRW
KOREAN AIR 109,740 4,287,021 0.70KRW
KT& G CORP 144,660 9,457,075 1.54KRW
LG CORP 100,800 3,412,740 0.56KRW
LG PETROCHEMICAL CO LTD 63,250 1,865,764 0.30KRW
MEGASTUDY CO LTD 35,649 6,252,656 1.02KRW
NHN CORPORATION 42,040 6,167,016 1.01KRW
ORION CORPORATION 6,248 1,547,498 0.25KRW
POSCO 29,670 12,457,988 2.03KRW
SAMSUNG ELECTRONICS COLTD
57,343 34,318,009 5.61KRW
SAMSUNG ENGINEERING COLTD
114,600 7,138,640 1.17KRW
SAMSUNG TECHWIN CO LTD 33,990 1,295,310 0.21KRW
SHINHAN FINANCIAL GROUP 111,420 6,395,731 1.04KRW
SHINSEGAE CO LTD 5,892 3,382,126 0.55KRW
SK CORPORATION 44,590 4,379,683 0.72KRW
S-OIL CORP 35,480 2,443,948 0.40KRW
WOORI FINANCE HOLDINGSCO LTD
90,700 2,193,421 0.36KRW
WOORIINVESTMENT&SECURIT.CO
101,760 2,136,375 0.35KRW
157,295,495 25.68
ACER INC 301,000 577,820 0.09TWD
TAIWAN
ASIA CEMENT CORP 2,507,560 2,425,793 0.40TWD
ASUSTEK COMPUTER INC 1,003,515 2,366,306 0.39TWD
AU OPTRONICS CORP 3,926,504 5,614,611 0.92TWD
CATCHER TECHNOLOGY COLTD
370,213 2,909,896 0.48TWD
CATHAY FINANCIAL HOLDING 1,793,992 3,725,888 0.61TWD
CATHAY FIN.HLD/GDR REG-S 233,993 4,801,630 0.78USD
CHANG HWA COMMERCIALBANK
3,579,000 2,158,525 0.35TWD
CHINA STEEL 5,389,592 6,077,393 0.99TWD
CHUNGHWA TELECOM CO/SADR
125,300 2,498,482 0.41USD
FAR EASTERN TEXTILE LTD 3,769,000 3,247,308 0.53TWD
FAR EASTONE TELECOM. COLTD
1,786,000 2,030,120 0.33TWD
FIRST FINANCIAL HOLDINGCOMP.
5,087,303 3,568,027 0.58TWD
Description Quantity Currency Evaluation % netassets
FORMOSA CHEMICALS &FIBER CO
2,575,000 4,943,146 0.81TWD
HON HAI PRECISION IND /GDR 445,421 5,968,641 0.97USD
HON HAI PRECISION IND.COLTD
1,269,284 8,518,524 1.39TWD
MEDIA TEK INCORPORATION 292,197 3,356,695 0.55TWD
NAN YA PLASTICS CORP. 2,580,860 4,837,363 0.79TWD
SILICONWARE PRECISIONINDUSTR.
3,144,000 5,892,868 0.96TWD
TAINAN SPINNING CO LTD 3,061,000 1,332,534 0.22TWD
TAIWAN CEMENT CORP 3,673,712 3,098,574 0.51TWD
TAIWAN FERTILIZER CO LTD 943,000 1,567,931 0.26TWD
TAIWANSEMICONDUCT.MANUF/SADR
481,859 5,204,077 0.85USD
TAIWAN SEMICONDUCTORMANUFACT.
7,073,476 14,519,618 2.36TWD
TRIPOD TECHNOLOGY CO LTD 319,723 1,314,514 0.21TWD
UNITED MICROELECTRONICSCORP.
7,934,731 4,581,610 0.75TWD
YANG MING MARINETRANSPORT
4,979,000 3,431,859 0.56TWD
110,569,753 18.05
AROMATICS THAILANDPUBLIC/FOR.
1,970,800 2,418,859 0.39THB
THAILAND
BANGKOK BANK PUBLIC /FOR.REG.
1,512,800 4,879,324 0.80THB
ITALIAN-THAI DEV. PUB. /FOR.REG.
5,432,100 759,737 0.12THB
THAI AIRWAYS INTL/FOR.REG. 2,534,800 3,165,347 0.52THB
THAI OIL PUBLIC CO/FOR.REG. 1,585,700 2,647,747 0.43THB
13,871,014 2.26
95.34TOTAL SHARES 584,011,235
MACQUARIE INTLINFRASTRUCTURE
12,068,000 8,832,283 1.44SGD
INVESTMENT COMPANIES
BERMUDA ISLANDS
8,832,283 1.44
1.44TOTAL INVESTMENT COMPANIES 8,832,283
96.78TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 592,843,518
Description Quantity Currency Evaluation % netassets
GLORIA MAT.TECHNOLOGYCORP
1,644,000 2,494,928 0.41TWD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
CHINA
2,494,928 0.41
0.41TOTAL SHARES 2,494,928
0.41TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 2,494,928
97HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SWIRE PACIFIC LTD - A- 481,500 5,403,606 0.88HKD
OTHER TRANSFERABLE SECURITES
SHARES
HONG KONG
5,403,606 0.88
ROAD BUILDERS M HLDS BHD 1,441,000 1,501,478 0.25MYR
MALAYSIA
1,501,478 0.25
1.13TOTAL SHARES 6,905,084
1.13TOTAL OTHER TRANSFERABLE SECURITIES 6,905,084
Description Quantity Currency Evaluation % netassets
98.32TOTAL INVESTMENTS 602,243,530
1.68OTHER NET ASSETS LESS LIABILITIES 10,289,165
100.00TOTAL NET ASSETS 612,532,695
98HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Electronics and electrical equipment 17.52Banks and financial institutions 16.56Holding companies 7.24Real estate companies 7.20News transmission 6.53Gastronomy 4.90Energy 4.63Transport 4.14Coal mines, heavy industries 3.98Construction, building materials 3.84Textile 3.13Insurance 2.63Chemicals 2.55Internet Software 2.03Mechanics, machinery 1.91Tobacco and spirits 1.54Investment companies 1.44Public services 1.17Forest products and paper industry 0.95Retail trade, department stores 0.91Food 0.73Miscellaneous 0.73Pharmaceuticals and cosmetics 0.56Automobile industry 0.52Office equipment and computers 0.39Graphic art and publishing 0.35Non-ferrous metals 0.24
Other net assets less liabilities 1.68
100.00Total Net Assets
ASIA EX JAPAN EQUITY
99HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CHEN HSONG HOLDINGS 286,000 186,648 0.45HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
ESPRIT HOLDINGS LTD 45,000 527,756 1.29HKD
HONGGUO INTERNATIONALHOLDINGS
419,000 353,622 0.86SGD
MIDLAND HOLDINGS LTD 260,000 165,688 0.40HKD
PACIFIC BASIN SHIPPING LTD 485,000 415,819 1.01HKD
PEACE MARK(HOLDINGS)LIMITED
340,000 371,991 0.91HKD
SHANGHAI ZENDAI PROPERTYLTD
7,450,000 276,466 0.67HKD
TAI CHEUNG HOLDINGS LTD 299,000 183,654 0.45HKD
2,481,644 6.04
AAC ACOUSTICTECHNOLOGIES HLD
240,000 227,571 0.55HKD
CAYMAN ISLANDS
CHINA FLAVORS ANDFRAGANCES
586,000 259,455 0.63HKD
CHINA STATE CON INTLHLDGS
316,000 236,554 0.58HKD
CHINA WIRELESSTECHNOLOGIES
316,000 63,081 0.15HKD
HENGAN INTL GROUP CO LTD 62,000 181,683 0.44HKD
LIFESTYLE INTL HLD LTD 195,000 586,396 1.44HKD
NORSTAR FOUNDERS GROUPLTD
972,000 435,334 1.06HKD
QIN JIA YUAN MEDIASERVICES CO
1,008,000 272,164 0.66HKD
WIN HANVERKY HOLDINGSLTD
648,000 378,947 0.92HKD
2,641,185 6.43
ANGANG STEEL COMPANYLTD -H-
406,000 704,487 1.72HKD
CHINA
AWEA MECHANTRONIC COLTD
95,000 247,274 0.60TWD
BEIJING JINGKELONGSUPERMARKET
242,000 234,422 0.57HKD
CHINA CONSTRUCTION BANKCORP
380,000 217,360 0.53HKD
CHINA LIFE INSURANCE COLTD-H-
242,000 695,216 1.69HKD
CHINA SOUTHERN AIRLINES -H-
964,000 440,386 1.07HKD
NINE DRAGONS PAPER HLDGSLTD
318,000 663,289 1.61HKD
WEIFU HIGH TECHNOLOGY -B- 164,500 189,451 0.46HKD
ZHUZHOU CSR TIMESELECTRIC LTD
15,000 24,569 0.06HKD
3,416,454 8.31
INVESTMENTS
ASIA EX JAPAN EQUITY SMALLERCOMPANIES
Statement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
CHEUNG KONG HOLDINGS 34,000 430,292 1.05HKD
HONG KONG
CHINA EVERBRIGHT LTD 122,000 124,893 0.30HKD
CHINA INSURANCE INTLHLDGS CO
264,000 316,542 0.77HKD
CHINA RESOURCES POWERHOLDINGS
86,000 131,839 0.32HKD
CHINA TRAVEL INTL INVESTM. 1,044,000 487,620 1.19HKD
CHONG HING BANK LTD 122,000 322,380 0.78HKD
CITIC 1616 HOLDINGS LTD 267,000 88,149 0.21HKD
GIORDANO INTL LTD 278,000 135,181 0.33HKD
GREAT EAGLE HOLDINGS LTD 157,000 532,393 1.31HKD
HONGKONG LAND HLDS LTD 63,000 293,580 0.71USD
2,862,869 6.97
BANK INTL INDONESIA SERIES-A-
4,501,000 95,122 0.23IDR
INDONESIA
BANK NIAGA TBK -A- 3,646,000 295,435 0.72IDR
UNITED TRACTORS 808,500 655,128 1.59IDR
1,045,685 2.54
SARIN TECHNOLOGIES LTD 695,000 281,822 0.69SGD
ISRAEL
281,822 0.69
COMMERCE ASSET-HOLDINGBHD/FOR.REG.
191,500 551,499 1.34MYR
MALAYSIA
GAMUDA BHD/FOR.REG. 340,500 788,424 1.92MYR
RESORTS WORLD 287,000 1,428,771 3.48MYR
UCHI TECHNOLOGIES BHD 29,000 26,524 0.06MYR
WCT ENGINEERING BHD 148,800 254,102 0.62MYR
3,049,320 7.42
AYALA LAND INC. 4,704,000 1,607,815 3.91PHP
PHILIPPINES
1,607,815 3.91
BANYAN TREE HOLDINGS LTD 114,000 164,613 0.40SGD
SINGAPORE
HO BEE INVESTMENT LTD 128,000 190,736 0.46SGD
HOTEL PROPERTIES 371,000 1,247,552 3.04SGD
INTER-ROLLER ENGINEERINGLTD
780,000 460,291 1.12SGD
WHEELOCKPROPERT(SINGAPORE) LTD
183,000 390,941 0.95SGD
2,454,133 5.97
AMOREPACIFICCORPORATION
1,480 217,107 0.53KRW
SOUTH KOREA
BANK OF PUSAN 17,860 265,793 0.65KRW
CJ HOME SHOPPING 1,816 128,372 0.31KRW
DAEGU BANK 15,640 284,293 0.69KRW
DAEWOO MOTORS SALESCORP
12,400 391,482 0.95KRW
DAISHIN SECURITIES CO LTD 7,440 173,596 0.42KRW
DAISHIN SECURITIES CO LTD-PF
14,650 205,563 0.50KRW
Description Quantity Currency Evaluation % netassets
100HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
DONGBU INSURANCE CO LTD 11,400 323,556 0.79KRW
HANA TOUR SERVICE INC 3,073 237,808 0.58KRW
HOTEL SHILLA 37,890 602,142 1.47KRW
HYUNDAI DEPARTMENTSTORE CO
4,530 380,416 0.93KRW
HYUNDAI MIPO DOCKYARD COLTD
2,610 481,364 1.17KRW
KOREA INVESTMENTHOLDINGS CO
7,380 388,325 0.95KRW
MEGASTUDY CO LTD 4,263 747,708 1.82KRW
MODETOUR NETWORK INC 16,589 703,601 1.71KRW
ORION CORPORATION 1,212 300,187 0.73KRW
SAMSUNG ENGINEERING COLTD
17,240 1,073,910 2.61KRW
SAMSUNG TECHWIN CO LTD 5,200 198,164 0.48KRW
WOONG JIN COWAY CO LTD 7,400 207,668 0.51KRW
7,311,055 17.80
ASIA CEMENT CORP 293,760 284,181 0.69TWD
TAIWAN
AU OPTRONICS CORP 141,730 202,663 0.49TWD
CATCHER TECHNOLOGY COLTD
20,955 164,708 0.40TWD
CHUNG HWA PULP CORP 375,000 163,814 0.40TWD
FAR EASTERN DEPARTMENTSTORES
219,918 146,596 0.36TWD
FORMOSA INTL HOTELS CORP 27,547 306,461 0.75TWD
GEM TEK TECHNOLOGY COLTD
83,000 205,752 0.50TWD
GOLDSUN DEVPT &CONSTRUCTION
316,700 164,676 0.40TWD
G-SHANK ENTERPRISE COLTD
122,000 241,207 0.59TWD
HON HAI PRECISION IND.COLTD
92,694 622,096 1.51TWD
HOTA INDUSTRIALMANUFACTURING
136,200 196,815 0.48TWD
SHIHLIN ELEC.&ENGINEERINGCORP
264,000 260,978 0.64TWD
SILICONWARE PRECISIONINDUSTR.
262,695 492,375 1.20TWD
SINCERE NAVIGATION CORP 143,000 203,399 0.50TWD
TAINAN SPINNING CO LTD 556,000 242,041 0.59TWD
TAIWAN CEMENT CORP 196,370 165,627 0.40TWD
TAIWAN FERTILIZER CO LTD 43,000 71,496 0.17TWD
TAIWAN SEMICONDUCTORMANUFACT.
479,192 983,630 2.38TWD
TRIPOD TECHNOLOGY CO LTD 97,553 401,081 0.98TWD
YANG MING MARINETRANSPORT
501,000 345,323 0.84TWD
5,864,919 14.27
AROMATICS THAILANDPUBLIC/FOR.
175,200 215,032 0.53THB
THAILAND
ASIAN PROPERTY DVPT P/FOR. REG.
818,500 103,262 0.25THB
BANGKOK EXPRESSWAY/FOR.REG.
226,200 149,143 0.36THB
QUALITY HOUSES PUBLIC/FOR.REG
3,041,800 107,659 0.26THB
THAI AIRWAYS INTL/FOR.REG. 77,200 96,404 0.23THB
UNIVANICH PALM OILPUBL.CO/FOR
75,900 76,908 0.19THB
748,408 1.82
82.17TOTAL SHARES 33,765,309
Description Quantity Currency Evaluation % netassets
MACQUARIE INTLINFRASTRUCTURE
1,533,000 1,121,966 2.73SGD
INVESTMENT COMPANIES
BERMUDA ISLANDS
1,121,966 2.73
2.73TOTAL INVESTMENT COMPANIES 1,121,966
84.90TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 34,887,275
Description Quantity Currency Evaluation % netassets
GLORIA MAT.TECHNOLOGYCORP
248,000 376,364 0.92TWD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
CHINA
376,364 0.92
JVM CO LTD 4,888 245,768 0.60KRW
SOUTH KOREA
245,768 0.60
INTL GAMES SYSTEM CO LTD 14,000 136,281 0.33TWD
TAIWAN
136,281 0.33
1.85TOTAL SHARES 758,413
1.85TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 758,413
SWIRE PACIFIC LTD - A- 26,000 291,784 0.71HKD
OTHER TRANSFERABLE SECURITES
SHARES
HONG KONG
291,784 0.71
0.71TOTAL SHARES 291,784
0.71TOTAL OTHER TRANSFERABLE SECURITIES 291,784
87.46TOTAL INVESTMENTS 35,937,472
12.54OTHER NET ASSETS LESS LIABILITIES 5,150,669
100.00TOTAL NET ASSETS 41,088,141
101HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Electronics and electrical equipment 13.02Gastronomy 10.67Real estate companies 8.10Mechanics, machinery 7.38Banks and financial institutions 5.86Transport 5.72Construction, building materials 4.24Textile 3.66Insurance 3.25Retail trade, department stores 3.06Investment companies 2.73Internet Software 2.70Holding companies 2.41Forest products and paper industry 2.01Coal mines, heavy industries 1.72Other services 1.70Automobile industry 1.59Chemicals 1.23Consumer goods 1.01Clock and watch-making industry 0.91Food 0.73Precious metals 0.69Graphic art and publishing 0.66Pharmaceuticals and cosmetics 0.63Other business houses 0.48News transmission 0.46Office equipment and computers 0.33Public services 0.32Agriculture and fishing 0.19
Other net assets less liabilities 12.54
100.00Total Net Assets
ASIA EX JAPAN EQUITY SMALLER COMPANIES
102HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ESPRIT HOLDINGS LTD 154,500 1,811,961 1.27HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
1,811,961 1.27
CHINA COAL ENERGY CO LTD-H-
294,000 314,139 0.22HKD
CHINA
CHINA CONSTRUCTION BANKCORP
3,009,000 1,721,145 1.21HKD
CHINA SHIPPINGDEVELOPMENT -H-
562,000 857,236 0.60HKD
DATANG INT.POWERGENERATION-H-
1,272,000 1,204,500 0.85HKD
JIANGSU EXPRESSWAY CO -H- 1,314,000 1,025,683 0.72HKD
MAANSHAN IRON & STEEL COH
2,484,000 1,630,635 1.15HKD
PETROCHINA CO LTD /-H- 1,784,000 2,116,227 1.49HKD
ZHUZHOU CSR TIMESELECTRIC LTD
77,000 126,121 0.09HKD
8,995,686 6.33
ASM PACIFIC TECHNOLOGYLTD
169,000 996,955 0.70HKD
HONG KONG
BANK OF EAST ASIA LTD 251,600 1,463,296 1.03HKD
CHINA AGRI INDUSTRIESHOLDINGS
42,000 36,976 0.03HKD
CHINA MERCHANTSHOLDINGS
106,000 446,262 0.31HKD
CHINA MOBILE LTD 367,500 3,341,252 2.35HKD
CHINA TRAVEL INTL INVESTM. 982,000 458,661 0.32HKD
CITIC INTL FIN.HLD 2,233,000 1,934,484 1.36HKD
CITIC PACIFIC LTD 159,000 588,007 0.41HKD
CITIC 1616 HOLDINGS LTD 323,000 106,638 0.07HKD
CLP HOLDINGS LTD 379,500 2,770,481 1.95HKD
HANG LUNG PROPERTIES LTD 694,000 1,940,433 1.36HKD
HANG SENG BANK LTD 109,500 1,555,338 1.09HKD
HONG KONG EXCHANGES &CLEARING
190,500 1,856,319 1.31HKD
HONGKONG ELECTRICHOLDINGS LTD
558,500 2,865,863 2.02HKD
HOPEWELL HIGHWAYINFRASTR.
2,462,500 2,331,824 1.64HKD
HSBC HOLDINGS PLC 211,600 3,677,082 2.59HKD
IND & COM BOC -H- 2,148,000 1,203,916 0.85HKD
TELEVISION BROADCASTSLTD
164,000 1,025,171 0.72HKD
WING HANG BANK 143,500 1,766,505 1.24HKD
30,365,463 21.35
INVESTMENTS
ASIA PACIFIC EX JAPAN EQUITY HIGHDIVIDEND
Statement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
BANK RAKYAT INDONESIA 1,438,000 795,178 0.57IDR
INDONESIA
PT ASTRA INTERNATIONALTBK
253,500 366,409 0.26IDR
PT BANK MANDIRI PERSEROTBK
1,317,500 360,666 0.25IDR
TELKOM INDONESIA /S-B- 639,000 689,209 0.48IDR
2,211,462 1.56
BRITISH AMERICAN TOBACCO 243,400 3,240,641 2.28MYR
MALAYSIA
COMMERCE ASSET-HOLDINGBHD/FOR.REG.
201,300 579,721 0.41MYR
MAXIS COMMUNICATIONS BHD 843,400 2,904,913 2.04MYR
RESORTS WORLD 151,200 752,719 0.53MYR
7,477,994 5.26
GLOBAL TELECOM INC 12,520 319,003 0.22PHP
PHILIPPINES
319,003 0.22
BANYAN TREE HOLDINGS LTD 547,000 789,853 0.56SGD
SINGAPORE
CHUAN HUP HOLDINGS LTD 1,282,000 287,397 0.20SGD
COMFORTDELGROCORPORATION LTD
1,368,000 1,794,956 1.26SGD
KEPPEL CORP. LTD 35,000 438,466 0.31SGD
MOBILEONE LTD 1,178,950 1,702,371 1.20SGD
PARKWAY HOLDINGS LTD 876,750 1,896,113 1.33SGD
SINGAPORE AIRPORTTERMIN.SERV.
975,000 1,767,877 1.24SGD
SINGAPORE EXCHANGE LTD 432,000 1,865,691 1.31SGD
SINGAPORE FOODINDUSTRIES
1,415,000 849,009 0.60SGD
SINGAPORE PETROLEUM COLTD
518,000 1,653,065 1.16SGD
SINGAPORE POST LTD 2,510,000 1,837,009 1.29SGD
SINGAPORE PRESS HOLDINGSLTD
236,000 684,667 0.48SGD
SINGAPORE TELEC/BOARDLOT 1000
448,650 970,278 0.68SGD
SMRT CORPORATION LTDSMRT
1,197,000 1,175,967 0.83SGD
UNISTEEL TECHNOLOGY LTD 859,000 1,665,157 1.17SGD
UTD OVERSEAS BANK /LOCAL 223,000 3,087,727 2.17SGD
YELLOW PAGES (SINGAPORE)LTD
3,930,000 3,342,697 2.36SGD
25,808,300 18.15
DAEGU BANK 35,350 642,568 0.45KRW
SOUTH KOREA
DONGBU INSURANCE CO LTD 87,060 2,470,946 1.74KRW
KOOKMIN BANK 16,630 1,491,997 1.05KRW
KOREA ELECTRIC POWERCORP.
12,550 500,941 0.35KRW
KT& G CORP 38,410 2,511,035 1.77KRW
LG PETROCHEMICAL CO LTD 92,810 2,737,732 1.93KRW
POSCO 5,811 2,439,952 1.72KRW
SAMSUNG ELECTRONICS COLTD
5,895 3,527,974 2.47KRW
SK TELECOM CO LTD 4,248 864,742 0.61KRW
Description Quantity Currency Evaluation % netassets
103HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
S-OIL CORP 20,690 1,425,177 1.00KRW
18,613,064 13.09
ACER INC 301,000 577,820 0.41TWD
TAIWAN
AU OPTRONICS CORP 641,000 916,583 0.64TWD
CHINA STEEL 1,591,216 1,794,281 1.26TWD
CHUNGHWA TELECOM CO LTD 456,120 883,873 0.62TWD
DELTA ELECTRONICINDUSTRIAL
640,551 2,072,001 1.46TWD
ELAN MICROELECTRONINCSCORP.
2,012,899 2,364,098 1.67TWD
FAR EASTERN TEXTILE LTD 415,000 357,557 0.25TWD
FAR EASTONE TELECOM. COLTD
741,000 842,284 0.59TWD
FORMOSA CHEMICALS &FIBER CO
992,000 1,904,311 1.34TWD
FU SHENG INDUSTRIAL COLTD
810,200 788,680 0.55TWD
FUBON FINANCIAL HOLDINGCO LTD
1,528,000 1,376,550 0.97TWD
GIANT MANUFACTURE CO LTD 1,132,000 1,755,563 1.23TWD
HIGH TECH COMPUTER CORP 45,000 693,801 0.49TWD
HON HAI PRECISION IND.COLTD
62,000 416,099 0.29TWD
MEDIA TEK INCORPORATION 129,000 1,481,924 1.04TWD
MEGA FINANCIAL HOLDINGCOMPANY
1,376,000 898,514 0.63TWD
NAN YA PLASTICS CORP. 1,107,250 2,075,343 1.47TWD
PHOENIXTEC POWER 1,292,000 1,218,624 0.86TWD
SILICONWARE PRECISIONINDUSTR.
309,000 579,166 0.41TWD
TAIWAN CEMENT CORP 812,000 684,877 0.48TWD
TAIWAN FERTILIZER CO LTD 232,000 385,748 0.27TWD
TAIWAN MOBILE CORP. 987,000 1,057,757 0.74TWD
TAIWAN SEMICONDUCTORMANUFACT.
956,749 1,963,904 1.38TWD
WISTRON CORP 1,062,423 1,612,329 1.13TWD
28,701,687 20.18
BANGKOK EXPRESSWAY/FOR.REG.
2,135,300 1,407,896 0.99THB
THAILAND
KIATNAKIN BANKPUBLIC/FOR.REG
1,643,700 1,348,839 0.95THB
KRUNG THAI BANK /FOR.REG. 3,499,000 1,208,451 0.85THB
THAI PLAST.&CHEMIC.PUB./FOR.REG.
4,991,900 2,493,466 1.75THB
6,458,652 4.54
91.95TOTAL SHARES 130,763,272
MACQUARIE INTLINFRASTRUCTURE
8,895,000 6,510,039 4.58SGD
INVESTMENT COMPANIES
BERMUDA ISLANDS
6,510,039 4.58
PROSPERITY REAL EST.INV.TRUST
1,278,603 289,599 0.20HKD
HONG KONG
THE LINK REIT 674,000 1,621,457 1.14HKD
1,911,056 1.34
Description Quantity Currency Evaluation % netassets
CPN RETAIL GROWTHPROPERTY FD
2,905,500 812,731 0.57THB
THAILAND
812,731 0.57
6.49TOTAL INVESTMENT COMPANIES 9,233,826
98.44TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 139,997,098
Description Quantity Currency Evaluation % netassets
98.44TOTAL INVESTMENTS 139,997,098
1.56OTHER NET ASSETS LESS LIABILITIES 2,211,843
100.00TOTAL NET ASSETS 142,208,941
104HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 18.69Electronics and electrical equipment 13.05News transmission 9.53Transport 8.68Chemicals 6.76Investment companies 6.49Public services 5.17Coal mines, heavy industries 4.35Tobacco and spirits 4.05Holding companies 3.96Energy 3.65Graphic art and publishing 2.84Textile 2.12Insurance 1.74Office equipment and computers 1.62Real estate companies 1.36Gastronomy 1.09Mechanics, machinery 0.81Photography and optics 0.72Food 0.60Construction, building materials 0.48Other services 0.32Automobile industry 0.26Internet Software 0.07Agriculture and fishing 0.03
Other net assets less liabilities 1.56
100.00Total Net Assets
ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND
105HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
DUFRY SOUTH AMERICA LTDA 1,016,200 17,469,906 1.61BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
GP INVESTMENTS LTD /BDR 1,497,200 47,793,593 4.40BRL
65,263,499 6.01
ALL AMERICA LATINA /UNIT 6,867,799 81,972,312 7.56BRL
BRAZIL
AMBEV CIA DE BEDIDAS/PREF.
12,549,382 6,834,075 0.63BRL
ANHANGUERA EDUCACIONALPART.
1,000,000 11,051,618 1.02BRL
BANCO BRADESCO SA /PREF. 668,500 13,715,423 1.26BRL
BANCO BRADESCO /SADR 1,381,400 56,554,516 5.21USD
BRADESPAR SA BRASIL/PREF.
116,400 3,430,422 0.32BRL
BRASIL DISTR.PAO /ADR 100,000 2,935,000 0.27USD
BRASILAGRO 15,900 9,762,262 0.90BRL
CIA VALE DO RIO DOCEA/PREF
639,400 19,942,963 1.84BRL
CIA VALE RIODOCE/SADR(1ORDSH)
2,164,300 80,122,386 7.39USD
COMPANY SA 2,426,400 25,016,017 2.30BRL
CONTAX PARTICIPACOES SA 2,807,500 4,136,989 0.38BRL
CONTAX PARTICIPACOES/PFDSHS
9,218,334 8,829,383 0.81BRL
COSAN SA INDUSTRIA ECOMERCIO
1,053,800 19,358,563 1.78BRL
DATATSUL SA 2,065,000 22,821,590 2.10BRL
DIAGNOST DA AMERICA SABRL
738,300 16,210,026 1.49BRL
DURATEX SA /PRIV. 3,415,700 68,619,311 6.32BRL
EMBRAEREMPR.BRASIL.AERONAUT.
2,253,500 25,137,265 2.31BRL
EMBRAER PREF/SADR 97,500 4,372,875 0.40USD
GERDAU /PREF. 1,143,050 20,492,806 1.89BRL
GERDAU SA / SADR PFD SHS 170,000 3,046,400 0.28USD
GUARARAPES CONFECCOESSA
100 4,273 0.00BRL
GVT HOLDING SA 1,441,700 17,236,092 1.59BRL
INVESTIMENTOS ITAU /PREF. 2,394,900 13,292,576 1.22BRL
ITAU HOLDING /PFD SHS/SADR 518,000 18,202,520 1.68USD
ITAU HOLDING SA /PREF. 148,800 5,234,565 0.48BRL
JBS AS 10,100,000 35,222,733 3.24BRL
LA FONTEPARTICIPACOES/PREF.
2,568,000 1,387,494 0.13BRL
LOCALIZA RENTA A CAR 875,700 26,538,956 2.44BRL
LOJAS AMERICANAS SA /PRIV. 302,000,000 18,838,833 1.73BRL
LOJAS RENNER SA 2,212,000 28,987,735 2.67BRL
MARCOPOLO POMO /PREF. 9,094,900 28,099,067 2.59BRL
INVESTMENTS
BRAZIL EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
OBRASCON HUARTE LAINBRASIL SA
1,171,400 16,685,781 1.54BRL
ODONTOPREV S.A. 354,300 7,135,072 0.66BRL
P.ACUCAR-CBD /PREF. 373,724,500 11,014,027 1.01BRL
PERDIGAO SA 1,684,564 22,853,594 2.10BRL
PETROLEO BRASILEIRO/PREF.SHS
577,200 13,069,849 1.20BRL
PETROLEO BRASILEIRO /SADR 696,167 70,535,640 6.50USD
PROFAMA SA 1,380,400 23,052,986 2.12BRL
SADIA SA/PREF. 6,374,982 24,330,067 2.24BRL
SAO CARLOSEMPREENDIMENTOS
914,400 7,630,850 0.70BRL
SAO MARTINHO SA 3,032,300 40,214,184 3.70BRL
SARAIVA SA LIVREIROS /PRIV. 1,735,600 21,269,806 1.96BRL
SOUZA CRUZ 414,000 8,439,015 0.78BRL
UNIBANCO /ADR 117,900 10,464,804 0.96USD
UNIBANCO/UNIT(1UBBPN+1UBHDBN)
65,000 579,473 0.05BRL
USIMINAS /PREF.-A- 20,000 958,789 0.09BRL
975,640,983 89.84
95.85TOTAL SHARES 1,040,904,482
95.85TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 1,040,904,482
Description Quantity Currency Evaluation % netassets
GAFISA SA /GDR 144A 50,000 1,288,595 0.12USD
OTHER TRANSFERABLE SECURITES
SHARES
BRAZIL
SAO CARLOSEMPREENDIMENTOS/GDR
1,650,000 27,316,443 2.51USD
28,605,038 2.63
2.63TOTAL SHARES 28,605,038
2.63TOTAL OTHER TRANSFERABLE SECURITIES 28,605,038
98.48TOTAL INVESTMENTS 1,069,509,520
1.52OTHER NET ASSETS LESS LIABILITIES 16,498,175
100.00TOTAL NET ASSETS 1,086,007,695
106HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Holding companies 12.33Coal mines, heavy industries 11.49Other services 9.91Energy 7.69Transport 7.56Retail trade, department stores 7.29Food 7.26Banks and financial institutions 6.47Automobile industry 5.03Miscellaneous 4.72Agriculture and fishing 3.00Other business houses 2.73Aerospace technology 2.71Construction, building materials 2.30Pharmaceuticals and cosmetics 2.12Graphic art and publishing 1.96News transmission 1.59Tobacco and spirits 1.41Insurance 0.66Real estate companies 0.25Textile 0.00
Other net assets less liabilities 1.52
100.00Total Net Assets
BRAZIL EQUITY
107HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ALL AMERICA LATINA /UNIT 146,300 1,746,200 0.38BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BRAZIL
AMBEV CIA DE BEBIDAS /ADR 82,800 4,499,352 0.97USD
ARACRUZ CEL.-B- PREF/SADR 19,400 1,014,814 0.22USD
BANCO BRADESCO /SADR 201,600 8,253,504 1.79USD
BANCO NOSSA CAIXA SA 18,300 277,749 0.06BRL
BRASIL DISTR.PAO /ADR 12,300 361,005 0.08USD
BRASIL TELECOMPARTICIPACOES
30,200,000 608,183 0.13BRL
BRASIL TELECOM PART./PFD/SADR
18,300 829,356 0.18USD
BRASKEM /SADR 41,500 619,180 0.13USD
CEMIG /SADR (1000 NV-PFD) 38,700 1,922,616 0.42USD
CIA DE CONCESSOESRODOVIARIAS
59,600 793,339 0.17BRL
CIA SIDERURG. NAC/SADR(REP.1SH)
51,300 2,167,938 0.47USD
CIA VALE DO RIO DOCEA/PREF
24,386 760,602 0.16BRL
CIA VALE RIO DOCE/SADR 378,400 11,836,352 2.56USD
CIA VALE RIODOCE/SADR(1ORDSH)
282,800 10,469,256 2.27USD
CIE ENERG.SAO PAULO/PREF.-B-
62,200,000 876,830 0.19BRL
COPEL /SADR 43,200 519,264 0.11USD
COSAN SA INDUSTRIA ECOMERCIO
23,900 439,049 0.10BRL
CYRELA BRAZIL REALTY SA 74,900 684,287 0.15BRL
DIAGNOST DA AMERICA SABRL
15,800 346,903 0.08BRL
DURATEX SA /PRIV. 33,300 668,977 0.14BRL
EDP ENERGIAS DO BRASIL SA 20,900 301,607 0.07BRL
ELETROBRAS /ADR (500 PFD B)
75,700 794,850 0.17USD
ELETROBRAS /SADR REP.500SH.
94,900 1,048,645 0.23USD
ELETROPAULO -B- /PREF. 8,830,000 418,968 0.09BRL
EMBRAER PREF/SADR 46,300 2,076,555 0.45USD
GAFISA SA 32,300 420,428 0.09BRL
GERDAU SA 24,500 384,847 0.08BRL
GERDAU SA / SADR PFD SHS 127,900 2,291,968 0.50USD
GOL LINHAS AEREAS /ADR 21,800 651,384 0.14USD
ITAU HOLDING /PFD SHS/SADR 217,000 7,625,380 1.65USD
KLABIN SA /SADR 23,300 625,605 0.14USD
LOJAS AMERICANAS SA /PRIV. 11,600,000 723,611 0.16BRL
LOJAS RENNER SA 51,300 672,274 0.15BRL
NATURA COSMETICOS SA 53,600 605,530 0.13BRL
PERDIGAO SA 549 7,448 0.00BRL
PERDIGAO /SADR 17,500 473,550 0.10USD
INVESTMENTS
BRIC MARKETSStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
PETROBRAS /SADR 165,400 15,010,051 3.24USD
PETROLEO BRASILEIRO /SADR 120,200 12,178,665 2.64USD
SABESP /SADR 24,200 836,352 0.18USD
SADIA /ADR 20,000 767,800 0.17USD
SOUZA CRUZ 32,300 658,406 0.14BRL
TAM SA /SADR 28,900 770,474 0.17USD
TELE NORT.LESTE TNLP/PF.SADR
108,300 1,506,453 0.33USD
TELEMAR 27,600 803,638 0.17BRL
TIM PARTICIPACOES SA /SADR 26,600 874,608 0.19USD
TMCP/SPONS.ADR REP.20000PREF.
6,600 247,038 0.05USD
UNIBANCO /ADR 45,225 4,014,171 0.87USD
USIM.-A-/SADR(10000 PFD REGS)
47,700 2,282,445 0.49USD
USIMINAS /PREF.-A- 3,400 162,994 0.04BRL
VIVO PARTICIPACOES SA/SADR
213,780 767,470 0.17USD
VIVO PARTICIPACOES SA/PFDSHS
7,732 27,268 0.01BRL
VOTORANTIN CEL./SADR 39,600 712,008 0.15USD
WEG SA /PREF. 62,700 489,059 0.11BRL
110,926,306 24.03
AGILE PROPERTY HOLDINGSLTD
576,000 567,546 0.12HKD
CHINA
AIR CHINA LTD 830,000 574,597 0.12HKD
ALUMINUM CORP OF CHINALTD
1,080,000 1,113,901 0.24HKD
ANGANG STEEL COMPANYLTD -H-
304,000 527,498 0.11HKD
ANHUI CONCH CEMENT COLTD
148,000 527,442 0.11HKD
BANK OF CHINA LTD-H 7,804,000 3,884,675 0.84HKD
BANK OF COMMUNICATIONSCO LTD
1,973,000 2,027,358 0.44HKD
BEIJING CAP.INTL AIRPORT -H- 456,000 452,808 0.10HKD
BRILLIANCE CHINAAUTOMOTIVE
816,000 199,440 0.04HKD
BYD COMPANY LIMITED -H- 69,500 342,844 0.07HKD
CHAODA MODERNAGRICULT.HOLD.
678,000 475,443 0.10HKD
CHINA COMMUNICATIONSCONSTR-H-
1,439,000 1,734,601 0.38HKD
CHINA CONSTRUCTION BANKCORP
8,458,000 4,837,968 1.05HKD
CHINA COSCO HOLDINGS -H- 740,500 726,789 0.16HKD
CHINA EASTERN AIRLINES -H- 726,000 218,319 0.05HKD
CHINA LIFE INSURANCE COLTD-H-
2,419,000 6,949,284 1.50HKD
CHINA MENGNIU DAIRY COLTD
304,000 869,439 0.19HKD
CHINA PETROLEUM & CHEMCORP -H-
5,742,000 4,856,825 1.05HKD
CHINA RESOURCES LAND 398,000 479,758 0.10HKD
CHINA SHIPPING CONTAINERLINES
416,000 161,828 0.04HKD
CHINA SHIPPINGDEVELOPMENT -H-
444,000 677,247 0.15HKD
CHINA TELECOM CORP LTD -H-
4,750,000 2,334,063 0.51HKD
DATANG INT.POWERGENERATION-H-
490,000 463,997 0.10HKD
DONGFENG MOTOR -H- 978,000 533,134 0.12HKD
FU JI FOOD & CATERINGSERV.
78,000 245,038 0.05HKD
GOME ELECT APPLIANCESHOLDINGS
437,000 485,947 0.11HKD
Description Quantity Currency Evaluation % netassets
108HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
GUANGSHEN RAILWAY COLTD -H-
586,000 371,935 0.08HKD
GUANGZHOU R&F PROP.-H-/NEW
315,800 703,152 0.15HKD
HUADIAN POWER INTL CORP -H-
490,000 175,567 0.04HKD
HUANENG POWER INTL H 1,046,000 910,182 0.20HKD
HUNAN NONFERROUSMETALS CORP-H
466,000 309,486 0.07HKD
JIANGSU EXPRESSWAY CO -H- 500,400 390,602 0.08HKD
JIANGXI COPPER CO LTD -H- 568,200 687,829 0.15HKD
LI NING COMPANY LTD 274,000 542,762 0.12HKD
MAANSHAN IRON & STEEL COH
710,000 466,083 0.10HKD
NINE DRAGONS PAPER HLDGSLTD
426,000 888,556 0.19HKD
PETROCHINA CO LTD /-H- 6,498,000 7,708,099 1.66HKD
PICC PROPERTY & CASUALTY-H-
828,000 474,675 0.10HKD
PING AN INSUR.(GRP)CO -H- 481,500 2,359,842 0.51HKD
SHANGHAI ELECTRIC GROUPCO -H-
966,000 451,188 0.10HKD
SHANGHAI FORTE LAND CO -H-
532,000 222,611 0.05HKD
SHENZHEN EXPRESSWAY H 256,000 160,846 0.03HKD
SHIMAO PROPERTY HLD LTD 262,000 518,991 0.11HKD
SINOFERT HOLDINGS LTD 504,000 278,613 0.06HKD
SINOPEC SHANGHAIPETROCHEM.-H-
954,000 496,856 0.11HKD
SINOTRANS LTD 520,000 208,274 0.05HKD
TPV TECHNOLOGY LTD 398,000 254,139 0.06HKD
TRAVELSKY TECHNOLOGYLTD -H-
96,000 169,035 0.04HKD
TSINGTAO BREWERY CO LTDH
154,000 258,943 0.06HKD
WEICHAI POWER CO LTD /-H- 59,000 306,525 0.07HKD
WEIQIAO TEXTILE COMPANYLTD
141,500 204,608 0.04HKD
YANZHOU COAL MINING CO -H-
670,000 641,304 0.14HKD
ZHEJIANG EXPRESSWAY COLTD -H-
588,000 471,020 0.10HKD
ZIJIN MINING GROUP -H- 1,370,000 797,664 0.17HKD
ZTE CORP H 54,800 257,356 0.06HKD
57,954,532 12.55
AFK SISTEMA /SGDR 66,050 1,892,333 0.41USD
FEDERATION OF RUSSIA
AK SBEREGATELNY BANKSBERBANK
3,378 12,110,130 2.62USD
COMSTAR /SGDR REP.REG.S 114,400 966,680 0.21USD
GAZPROM OAO/SADR 564,330 23,849,207 5.17USD
JSC SURGUTNEFTEGAZ /SADR 99,950 6,296,850 1.36USD
JSC SURGUTNEFTEGAZ /SADRPFD
48,110 4,068,213 0.88USD
LUKOIL /SADR 189,700 16,446,990 3.56USD
MECHEL OJSC /ADR 19,000 625,860 0.14USD
MMC NORILSK NICKEL /SADR 42,280 8,012,060 1.74USD
MOBILE TELESYSTEMSOJS/SADR
136,500 7,861,035 1.70USD
NOVATEK OAO /SGDR 51,980 3,061,622 0.66USD
NOVOLIPETSK STEEL GDRREGS
82,100 2,380,900 0.52USD
RAO UNIFIED ENER.SYS./GDR 56,190 7,726,125 1.67USD
ROSTELECOM /SADR REP.6SHS
42,400 2,229,816 0.48USD
SEVERSTAL CHEREPOVETSMET/SGDR
137,650 1,899,570 0.41USD
Description Quantity Currency Evaluation % netassets
SIBIRTELECOM JSC 3,288,940 416,051 0.09USD
TATNEFT /SGDR REP.20 SHSREG.S
45,050 4,349,487 0.94USD
URALSVYAZINFORM/SADR(200ACT.)
40,100 521,300 0.11USD
VIMPELCOMMUNICATIONS/S.ADR
63,200 6,081,736 1.32USD
WIMM-BILL-DANN FODDS/SADR
15,000 1,180,500 0.26USD
111,976,465 24.25
BEIJING ENTERPRISES HLD 106,000 269,927 0.06HKD
HONG KONG
CHINA AGRI INDUSTRIESHOLDINGS
380,000 334,549 0.07HKD
CHINA EVERBRIGHT LTD 242,000 247,738 0.05HKD
CHINA MERCHANTSHOLDINGS
357,939 1,506,929 0.33HKD
CHINA MOBILE LTD 1,706,000 15,510,683 3.35HKD
CHINA OVERSEAS LAND ANDINVESTMENT
1,194,500 1,501,016 0.33HKD
CHINA RESOURCESENTERPRISE LTD
400,000 1,335,944 0.29HKD
CHINA RESOURCES POWERHOLDINGS
392,000 600,939 0.13HKD
CHINA TRAVEL INTL INVESTM. 1,166,000 544,602 0.12HKD
CITIC PACIFIC LTD 376,000 1,390,508 0.30HKD
CNOOC LTD 5,190,000 4,549,312 0.99HKD
COFCO INTL LTD 258,000 193,136 0.04HKD
COSCO PACIFIC LTD 380,000 941,406 0.20HKD
DENWAY MOTORS LTD 1,672,000 729,589 0.16HKD
GLOBAL BIO-CHEMTECHNOLOGY
702,000 179,661 0.04HKD
GUANGDONG INVESTMENTLTD
824,000 439,695 0.10HKD
GUANGZHOU INVESTMENT COLTD
1,156,000 284,019 0.06HKD
HOPSON DEVELOPMENTHLDGS LTD
220,000 552,344 0.12HKD
IND & COM BOC -H- 9,948,000 5,575,678 1.21HKD
LENOVO GROUP LTD 1,166,000 426,729 0.09HKD
SEMICONDUC.MANUFACT.INTLCORP
4,095,000 565,934 0.12HKD
SHANGHAI INDUSTRIALHOLDINGS
178,000 410,908 0.09HKD
SHENZHEN INVESTMENT LTD 514,000 262,436 0.06HKD
XINAO GAS HOLDINGS LTD 214,000 227,290 0.05HKD
38,580,972 8.36
ABB LTD/DEMAT. 6,000 489,391 0.11INR
INDIA
ASHOK LEYLAND LTD/DEMAT. 311,800 274,653 0.06INR
ASIAN PAINTS /DEMAT. 17,000 299,493 0.06INR
ASSOC.CEMENT /DEMAT. 31,000 529,757 0.11INR
BAJAJ AUTO LTD /GDR REG.S 18,000 1,005,065 0.22USD
BAJAJ HINDUSTHAN LTD 56,400 247,626 0.05INR
BANK OF BARODA /DEMAT. 57,900 285,265 0.06INR
BHARAT ELECTRONICS LTD/DEMAT.
10,800 365,152 0.08INR
BHARAT FORGE LTD /DEMAT. 68,520 496,467 0.11INR
BHARAT PETROL./DEMAT. 60,300 422,365 0.09INR
CIPLA LTD /DEMAT. 184,200 998,067 0.22INR
DISH TV INDIA LIMITED 83,030 421,721 0.09INR
DR REDDY SLABORATORIES/ADR
73,400 1,210,366 0.26USD
GAIL INDIA LTD /GDR REGS 28,100 1,039,192 0.23USD
Description Quantity Currency Evaluation % netassets
109HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
GLAXOSMITHKLINEPHARMA./DEMAT.
12,000 309,007 0.07INR
GRASIM IND./GDR 144A 23,400 1,128,682 0.24USD
GUJARAT AMBUJA CEMENTS/GDR
322,000 789,515 0.17USD
HINDUSTAN PETR./DEMAT. 16,100 90,934 0.02INR
HOUSING DEVT.FIN.CORP/ADR
44,600 2,999,350 0.65USD
ICICI BK /SADR 195,660 7,726,613 1.68USD
INDIABULLS FINANCIALSERVICES /DEMAT.
91,000 849,658 0.18INR
INDIABULLS REAL ESTATE/DEMAT.
91,000 637,400 0.14INR
INDIAN HOTELS CO LTD/DEMAT.
178,300 596,696 0.13INR
INDIANPETROCHEM./DEMATERIALISED
63,200 392,233 0.08INR
INFOSYS TECHNOL./ SADR 251,400 12,610,224 2.74USD
INFRASTRUCTURE DVPTFIN/DEMAT.
182,400 355,692 0.08INR
ITC /GDR 686,900 2,398,961 0.52USD
JAIPRAKASH ASSOCIATES LTD 35,200 433,765 0.09INR
JINDAL STEEL & POWER/DEMAT.
7,300 399,063 0.09INR
KOTAK MAHINDRA BANKLTD/DEMAT.
67,600 744,599 0.16INR
LARSEN & TOUBRO /GDR 67,500 2,522,481 0.55USD
MAHANAGAR TELE.NIGAM/ADR
65,300 434,898 0.09USD
MAHINDRA&MAHINDRA/DEMAT.
83,800 1,507,120 0.33INR
MARUTI UDYOG LTD /DEMAT. 41,100 782,786 0.17INR
NESTLE INDIA /DEMAT. 13,700 292,648 0.06INR
RANBAXY LABORAT./GDR(EQ.SHS).RECEIPTS R
86,200 668,912 0.14USD
RELIANCE CAPITAL LTD/DEMAT.
66,290 1,020,076 0.22INR
RELIANCECOMMUNICATIONS/DEMAT
383,200 3,730,169 0.82INR
RELIANCE NATURALRESOURCES/ DEMAT.
129,800 66,037 0.01INR
SATYAM COMPUTER /ADR 135,400 3,100,660 0.68USD
SIEMENS LTD/DEMATERIALISED
24,000 602,991 0.13INR
STATE BK OF INDIA /GDR(REGS)
12,000 756,000 0.16USD
SUN PHARMACEUTICALIND.LTD /DEMAT.
27,800 674,935 0.15INR
TATA IRON & STEEL/DEMAT. 82,567 848,865 0.18INR
TATA MOTORS LTD /ADR 121,650 2,051,019 0.44USD
TATA POWER CO /DEMAT. 39,500 467,247 0.10INR
TATA TEA LTD / DEMAT. 22,400 312,819 0.07INR
ULTRA TECH CEMENT LTD/DEMAT.
18,400 329,207 0.07INR
UTI BANK LTD /GDR REGS 67,700 760,930 0.16USD
VIDESH SANCHARNIGAM/SADR
15,900 292,878 0.06USD
WIPRO LTD /SADR 105,000 1,683,150 0.36USD
ZEE NEWS LTD/DEMATERALISED
30,245 27,406 0.01INR
ZEE TELEFILMS LTD /DEMAT. 144,400 828,518 0.18INR
64,308,724 13.93
83.12TOTAL SHARES 383,746,999
Description Quantity Currency Evaluation % netassets
LYXOR INTL.ETF RUSSIA -A- 161,000 8,686,499 1.88EUR
INDEX TRACKER
FRANCE
8,686,499 1.88
ISHARE MSCI CHINA TRACKER 1,536,000 9,984,877 2.16HKD
HONG KONG
9,984,877 2.16
ISHARES/MSCI BRAZIL /INDEXFD
295,500 14,574,060 3.16USD
UNITED STATES
14,574,060 3.16
7.20TOTAL INDEX TRACKER 33,245,436
MSDW ASIA SECURITIESPRODUCTS 04-09.12.07 /ONTATA CONSULTANCY 0.0001
41,500 2,344,742 0.51USD
WARRANTS / EQUITY LINKED SECURITIES
CAYMAN ISLANDS
MSDW 05-22.08.08 /ONBHARAT HEAVY 0
34,600 1,808,605 0.39USD
4,153,347 0.90
DEUT.BK 04-8.10.07WRT/REL.EN. 0
73,695 833,085 0.18USD
GREAT BRITAIN
833,085 0.18
RIGHTS CITIC PACIFIC 07 376,000 0.00 0.00HKD
HONG KONG
0.00 0.00
DEUTSCHE BANK AG 04-27.08.07 /ON HINDUSTANLEVER LTD 0.00001
446,700 2,074,284 0.45USD
INDIA
MSDW ASIA 04-10.8.07 /ONHINDUSTAN PETROLEUM0.0001
42,500 240,514 0.05USD
2,314,798 0.50
MERR.LYN.INTL 06-02.05.11/WRT HERO 0
46,700 748,960 0.16USD
NETHERLANDS ANTILLES
748,960 0.16
MERRILL LYNCH INTL & CO 04-23.03.09 /ON OIL & NATURALGAS CORP. 0
144,750 2,906,474 0.63USD
UNITED STATES
2,906,474 0.63
2.37TOTAL WARRANTS / EQUITY LINKED SECURITIES 10,956,664
Description Quantity Currency Evaluation % netassets
110HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ISHARES MSCI INDIA ETF 1,170,000 6,552,000 1.42USD
INVESTMENT COMPANIES
HONG KONG
6,552,000 1.42
1.42TOTAL INVESTMENT COMPANIES 6,552,000
94.11TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 434,501,099
Description Quantity Currency Evaluation % netassets
TRACTEBEL /SADR 12,900 559,215 0.12USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
BRAZIL
559,215 0.12
POLYUS GOLD /ADR 52,900 2,549,780 0.55USD
FEDERATION OF RUSSIA
VOLGATELECOM JSC 58,950 361,364 0.08USD
2,911,144 0.63
0.75TOTAL SHARES 3,470,359
0.75TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 3,470,359
SUBMARINO SA /SGDR -144A- 10,300 690,413 0.15USD
OTHER TRANSFERABLE SECURITES
SHARES
BRAZIL
690,413 0.15
TRANSNEFT OJSC MOSCOW 1,067 2,246,035 0.49USD
FEDERATION OF RUSSIA
UES /PREF. 1,349,500 1,619,400 0.35USD
URALSVYAZINFORM JSC 713,300 46,365 0.01USD
3,911,800 0.85
GLENMARKPHARMACEUTICALS/DEMAT
28,200 400,262 0.09INR
INDIA
HINDALCO IND./GDR 144A REG 288,100 859,585 0.19USD
RELIANCEENERGY/DEMATERIALISED
9,735 109,566 0.02INR
RELIANCE IND./GDR144A 195,400 12,310,199 2.67USD
WIRE AND WIRELESS INDIALTD
33,450 68,495 0.01INR
13,748,107 2.98
3.98TOTAL SHARES 18,350,320
MS ASIA -19.12.08WRT/HOUS.144A 0
117,900 4,117,599 0.89USD
WARRANTS / EQUITY LINKED SECURITIES
CAYMAN ISLANDS
4,117,599 0.89
0.89TOTAL WARRANTS / EQUITY LINKED SECURITIES 4,117,599
4.87TOTAL OTHER TRANSFERABLE SECURITIES 22,467,919
Description Quantity Currency Evaluation % netassets
99.73TOTAL INVESTMENTS 460,439,377
0.27OTHER NET ASSETS LESS LIABILITIES 1,245,190
100.00TOTAL NET ASSETS 461,684,567
111HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Energy 16.56Banks and financial institutions 11.83Holding companies 10.79News transmission 10.52Investment companies 9.52Coal mines, heavy industries 8.43Public services 4.06Internet Software 3.77Chemicals 3.04Non-ferrous metals 2.81Transport 2.47Insurance 2.11Tobacco and spirits 1.69Automobile industry 1.42Miscellaneous 1.38Real estate companies 1.23Construction, building materials 1.14Pharmaceuticals and cosmetics 1.06Electronics and electrical equipment 0.71Forest products and paper industry 0.70Food 0.68Retail trade, department stores 0.66Other services 0.64Precious metals 0.55Mechanics, machinery 0.49Aerospace technology 0.45Agriculture and fishing 0.27Office equipment and computers 0.20Textile 0.19Photography and optics 0.18Gastronomy 0.18
Other net assets less liabilities 0.27
100.00Total Net Assets
BRIC MARKETS
112HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ALL AMERICA LATINA /UNIT 135,000 1,611,326 0.53BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BRAZIL
AMBEV CIA DE BEDIDAS/PREF.
6,854,000 3,732,514 1.22BRL
ARACRUZ CELULOSE BPREF.NOM.
141,400 737,594 0.24BRL
BANCO BRADESCO SA /PREF. 267,600 5,490,273 1.80BRL
BRASIL TELECOMPARTICIP./PREF
70,816,900 642,114 0.21BRL
CIA DE CONCESSOESRODOVIARIAS
6,300 83,860 0.03BRL
CIAENERGET.MIN.GERAIS/PRIV.
30,846,700 1,543,168 0.51BRL
CIA VALE DO RIO DOCEA/PREF
269,000 8,390,141 2.75BRL
CIE ENERG.SAO PAULO/PREF.-B-
64,120,100 903,898 0.30BRL
COSAN SA INDUSTRIA ECOMERCIO
3,800 69,807 0.02BRL
CYRELA BRAZIL REALTY SA 71,700 655,051 0.21BRL
ELETROB.EL.BRASIL./PREF. B 36,942,600 801,309 0.26BRL
ELETROBRAS.CENTR.ELETR.BRAS
43,226,700 973,285 0.32BRL
EMBRAEREMPR.BRASIL.AERONAUT.
136,600 1,523,741 0.50BRL
GERDAU /PREF. 88,800 1,592,022 0.52BRL
GOL LINHAS AEREASINTELIGENTES
19,100 570,401 0.19BRL
ITAU HOLDING SA /PREF. 114,800 4,038,495 1.32BRL
KLABIN RIOCELL SA /PREF. 188,000 517,117 0.17BRL
LOJAS AMERICANAS SA /PRIV. 9,270,400 578,290 0.19BRL
LOJAS RENNER SA 50,800 665,722 0.22BRL
NATURA COSMETICOS SA 105,000 1,186,207 0.39BRL
PETROBRAS.PETR.BRASILEIRO SA
317,000 8,020,364 2.63BRL
PETROLEO BRASILEIRO/PREF.SHS
436,800 9,890,696 3.24BRL
SABESP.CIASANEAM.BAS.ESTADO
5,827,300 812,169 0.27BRL
SADIA SA/PREF. 150,000 572,474 0.19BRL
SID NACIONAL 35,200 1,486,045 0.49BRL
SUBMARINO SA 16,500 557,510 0.18BRL
TAM SA 23,500 626,774 0.21BRL
TELEMAR 21,500 626,023 0.21BRL
TEMAR / PREF. 79,000 1,103,958 0.36BRL
TIM PARTICIPACOES SA/PREF. 195,858,522 646,480 0.21BRL
UNIBANCO/UNIT(1UBBPN+1UBHDBN)
316,100 2,818,022 0.92BRL
USIMINAS /PREF.-A- 32,000 1,534,063 0.50BRL
VALE RIO DOCE /NAM. 189,500 7,008,862 2.30BRL
VIVO PARTICIPACOES SA/PFDSHS
161,300 568,856 0.19BRL
INVESTMENTS
BRIC MARKETS EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
VOTORANTIM /PREF. 28,200 509,869 0.17BRL
73,088,500 23.97
AGILE PROPERTY HOLDINGSLTD
426,000 419,748 0.14HKD
CHINA
AIR CHINA LTD 756,000 523,368 0.17HKD
ALUMINUM CORP OF CHINALTD
758,000 781,794 0.26HKD
ANGANG STEEL COMPANYLTD -H-
234,000 406,035 0.13HKD
ANHUI CONCH CEMENT COLTD
114,000 406,273 0.13HKD
BANK OF CHINA LTD-H 5,127,000 2,552,118 0.84HKD
BANK OF COMMUNICATIONSCO LTD
1,318,000 1,354,312 0.44HKD
BEIJING CAP.INTL AIRPORT -H- 462,000 458,766 0.15HKD
CHAODA MODERNAGRICULT.HOLD.
668,000 468,430 0.15HKD
CHINA COMMUNICATIONSCONSTR-H-
1,064,000 1,282,568 0.42HKD
CHINA CONSTRUCTION BANKCORP
5,537,000 3,167,159 1.04HKD
CHINA COSCO HOLDINGS -H- 685,000 672,316 0.22HKD
CHINA LIFE INSURANCE COLTD-H-
1,578,000 4,533,266 1.49HKD
CHINA MENGNIU DAIRY COLTD
274,000 783,639 0.26HKD
CHINA PETROLEUM & CHEMCORP -H-
3,880,000 3,281,867 1.08HKD
CHINA RESOURCES LAND 298,000 359,215 0.12HKD
CHINA SHIPPINGDEVELOPMENT -H-
400,000 610,132 0.20HKD
CHINA TELECOM CORP LTD -H-
3,066,000 1,506,576 0.49HKD
DATANG INT.POWERGENERATION-H-
438,000 414,757 0.14HKD
DONGFENG MOTOR -H- 754,000 411,025 0.13HKD
GOME ELECT APPLIANCESHOLDINGS
298,000 331,378 0.11HKD
GUANGZHOU R&F PROP.-H-/NEW
248,000 552,190 0.18HKD
HUANENG POWER INTL H 812,000 706,566 0.23HKD
JIANGXI COPPER CO LTD -H- 245,000 296,582 0.10HKD
LI NING COMPANY LTD 186,000 368,444 0.12HKD
MAANSHAN IRON & STEEL COH
476,000 312,473 0.10HKD
NINE DRAGONS PAPER HLDGSLTD
304,000 634,087 0.21HKD
PETROCHINA CO LTD /-H- 4,312,000 5,115,009 1.68HKD
PICC PROPERTY & CASUALTY-H-
608,000 348,553 0.11HKD
PING AN INSUR.(GRP)CO -H- 320,500 1,570,777 0.51HKD
SHANGHAI ELECTRIC GROUPCO -H-
964,000 450,254 0.15HKD
SHIMAO PROPERTY HLD LTD 195,500 387,263 0.13HKD
SINOPEC SHANGHAIPETROCHEM.-H-
634,000 330,196 0.11HKD
ZHEJIANG EXPRESSWAY COLTD -H-
530,000 424,559 0.14HKD
ZIJIN MINING GROUP -H- 1,000,000 582,236 0.19HKD
36,803,931 12.07
AFK SISTEMA /SGDR 28,900 827,985 0.27USD
FEDERATION OF RUSSIA
GAZPROM OAO/SADR 331,500 14,009,555 4.60USD
JSC SURGUTNEFTEGAZ /SADR 26,300 1,656,900 0.54USD
LUKOIL /SADR 70,800 6,138,360 2.02USD
MMC NORILSK NICKEL /SADR 14,700 2,785,650 0.91USD
Description Quantity Currency Evaluation % netassets
113HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
MOBILE TELESYSTEMSOJS/SADR
39,400 2,269,046 0.74USD
NOVATEK OAO /SGDR 18,100 1,066,090 0.35USD
NOVOLIPETSK STEEL GDRREGS
38,200 1,107,800 0.36USD
RAO UNIFIED ENER.SYS./GDR 12,400 1,705,000 0.56USD
VIMPELCOMMUNICATIONS/S.ADR
19,800 1,905,354 0.62USD
33,471,740 10.97
CHINA MERCHANTSHOLDINGS
272,000 1,145,124 0.38HKD
HONG KONG
CHINA MOBILE LTD 1,101,500 10,014,665 3.29HKD
CHINA OVERSEAS LAND ANDINVESTMENT
812,000 1,020,364 0.33HKD
CHINA RESOURCESENTERPRISE LTD
282,000 941,841 0.31HKD
CHINA RESOURCES POWERHOLDINGS
336,000 515,091 0.17HKD
CHINA TRAVEL INTL INVESTM. 794,000 370,852 0.12HKD
CITIC PACIFIC LTD 290,000 1,072,466 0.35HKD
CNOOC LTD 3,515,000 3,081,085 1.01HKD
COSCO PACIFIC LTD 308,000 763,034 0.25HKD
DENWAY MOTORS LTD 1,248,000 544,574 0.18HKD
GUANGDONG INVESTMENTLTD
766,000 408,745 0.13HKD
GUANGZHOU INVESTMENT COLTD
466,000 114,492 0.04HKD
HOPSON DEVELOPMENTHLDGS LTD
160,000 401,705 0.13HKD
IND & COM BOC -H- 6,500,000 3,643,135 1.19HKD
LENOVO GROUP LTD 1,336,000 488,945 0.16HKD
SEMICONDUC.MANUFACT.INTLCORP
4,397,000 607,670 0.20HKD
SHANGHAI INDUSTRIALHOLDINGS
165,000 380,898 0.12HKD
25,514,686 8.36
BAJAJ AUTO LTD /DEMAT. 12,500 698,085 0.23INR
INDIA
BHARAT HEAVY EL./DEMAT. 23,600 1,234,263 0.40INR
CIPLA LTD /DEMAT. 160,200 868,026 0.28INR
DR REDDY S LABORATORIES/DEMAT.
58,100 978,188 0.32INR
DR REDDY SLABORATORIES/ADR
28,300 466,667 0.15USD
GRASIM INDUST./DEMAT. 15,800 763,853 0.25INR
GUJARAT AMBUJA CEMENT/DEMAT.
280,200 690,252 0.23INR
H D F C BANK /DEMAT. 76,300 1,697,330 0.56INR
HERO HONDA MOTORS/DEMAT.
35,500 569,067 0.19INR
HINDALCO INDUSTRIES /DEMAT.
242,900 725,292 0.24INR
HINDUSTAN LEVER LTD/DEMAT.
312,100 1,449,496 0.48INR
HOUSING DEVT /DEMAT. 64,220 2,248,890 0.74INR
ICICI BK /SADR 102,900 4,063,521 1.34USD
INDIABULLS FINANCIALSERVICES /DEMAT.
53,000 494,856 0.16INR
INDIABULLS REAL ESTATE/DEMAT.
19,200 134,484 0.04INR
INDIAN HOTELS CO LTD/DEMAT.
149,200 499,310 0.16INR
INFOSYS TECH LTD /DEMAT. 145,800 6,777,632 2.23INR
INFOSYS TECHNOL./ SADR 10,800 541,728 0.18USD
ITC LTD /DEMAT. 430,400 1,504,133 0.49INR
Description Quantity Currency Evaluation % netassets
KOTAK MAHINDRA BANKLTD/DEMAT.
51,200 563,957 0.18INR
LARSEN & TOUBRO LTD /DEMAT.
41,000 1,535,018 0.50INR
MAHINDRA&MAHINDRA/DEMAT.
55,100 990,958 0.32INR
MARUTI UDYOG LTD /DEMAT. 30,900 588,518 0.19INR
OIL&NATURAL GAS/DEMAT. 99,000 1,991,509 0.65INR
RELIANCE CAPITAL LTD/DEMAT.
46,300 712,468 0.23INR
RELIANCECOMMUNICATIONS/DEMAT
237,400 2,310,914 0.76INR
RELIANCE INDUS./DEMAT. 210,800 6,627,545 2.18INR
SATYAM COMPUTER /ADR 14,600 334,340 0.11USD
SATYAM COMPUTERSERVICES /DEMAT.
189,700 2,039,179 0.67INR
SIEMENS LTD/DEMATERIALISED
22,200 557,767 0.18INR
SUN PHARMACEUTICALIND.LTD /DEMAT.
28,800 699,213 0.23INR
TATA CONSULTANCYSERV/DEMAT.
58,000 1,640,673 0.54INR
TATA IRON & STEEL/DEMAT. 70,300 722,749 0.24INR
TATA MOTORS LTD/DEMAT. 75,100 1,259,402 0.41INR
TATA POWER CO /DEMAT. 43,500 514,563 0.17INR
UTI BANK LTD /DEMAT. 50,000 562,741 0.18INR
WIPRO LTD /DEMAT. 67,700 875,466 0.29INR
50,932,053 16.70
72.07TOTAL SHARES 219,810,910
ISHARES/MSCI BRAZIL /INDEXFD
330,580 16,304,206 5.34USD
INDEX TRACKER
UNITED STATES
ISHARES/MSCI EMERG.MKTINDX
9,880 1,150,328 0.38USD
17,454,534 5.72
5.72TOTAL INDEX TRACKER 17,454,534
CHINA OVS LD 06-18.7.07 WRT4.5
10,750 7,112 0.00HKD
WARRANTS / EQUITY LINKED SECURITIES
HONG KONG
7,112 0.00
0.00TOTAL WARRANTS / EQUITY LINKED SECURITIES 7,112
77.79TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 237,272,556
Description Quantity Currency Evaluation % netassets
B2W COMPANHIA GLOBAL DOVAREJO
13,500 0.00 0.00BRL
OTHER TRANSFERABLE SECURITES
SHARES
BRAZIL
0.00 0.00
114HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
RELIANCEENERGY/DEMATERIALISED
57,500 647,152 0.21INR
INDIA
647,152 0.21
0.21TOTAL SHARES 647,152
0.21TOTAL OTHER TRANSFERABLE SECURITIES 647,152
Description Quantity Currency Evaluation % netassets
78.00TOTAL INVESTMENTS 237,919,708
22.00OTHER NET ASSETS LESS LIABILITIES 67,112,337
100.00TOTAL NET ASSETS 305,032,045
115HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Energy 12.85Holding companies 9.20Banks and financial institutions 8.36Coal mines, heavy industries 7.58News transmission 7.35Investment companies 5.72Internet Software 4.02Public services 2.63Chemicals 2.29Transport 2.12Insurance 2.11Non-ferrous metals 2.02Pharmaceuticals and cosmetics 1.85Tobacco and spirits 1.71Automobile industry 1.52Real estate companies 1.11Construction, building materials 0.99Forest products and paper industry 0.79Retail trade, department stores 0.71Electronics and electrical equipment 0.53Aerospace technology 0.50Miscellaneous 0.50Food 0.47Office equipment and computers 0.27Textile 0.20Gastronomy 0.16Other services 0.16Agriculture and fishing 0.15Mechanics, machinery 0.13
Other net assets less liabilities 22.00
100.00Total Net Assets
BRIC MARKETS EQUITY
116HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CHINA YURUN FOOD GROUPLTD
31,852,000 34,685,988 0.79HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
34,685,988 0.79
AJISEN CHINA HOLDINGS LTD 2,218,000 2,015,151 0.05HKD
CAYMAN ISLANDS
LIFESTYLE INTL HLD LTD 9,184,000 27,617,703 0.63HKD
29,632,854 0.68
AIR CHINA LTD 121,324,000 83,990,814 1.91HKD
CHINA
ALUMINUM CORP OF CHINALTD
30,000,000 30,941,695 0.71HKD
BANK OF CHINA LTD-H 266,000,000 132,409,469 3.02HKD
BANK OF COMMUNICATIONSCO LTD
104,600,000 107,481,826 2.45HKD
BEIJING CAP.INTL AIRPORT -H- 22,010,000 21,855,944 0.50HKD
BYD COMPANY LIMITED -H- 7,000,000 34,531,085 0.79HKD
CHINA COMMUNICATIONSCONSTR-H-
18,385,000 22,161,663 0.51HKD
CHINA CONSTRUCTION BANKCORP
267,000,000 152,723,754 3.48HKD
CHINA EASTERN AIRLINES -H- 80,000,000 24,057,232 0.55HKD
CHINA INTL MARINE -B- 9,999,987 21,920,205 0.50HKD
CHINA LIFE INSURANCE COLTD-H-
123,830,000 355,737,810 8.11HKD
CHINA MENGNIU DAIRY COLTD
24,681,000 70,587,546 1.61HKD
CHINA PETROLEUM & CHEMCORP -H-
308,370,000 260,832,310 5.94HKD
CHINA RESOURCES LAND 25,000,000 30,135,522 0.69HKD
CHINA SHENHUA ENERGY CO-H-
39,871,500 96,430,004 2.20HKD
CHINA SHIPPINGDEVELOPMENT -H-
51,916,000 79,189,078 1.80HKD
CHINA SOUTHERN AIRLINES -H-
47,150,000 21,539,604 0.49HKD
CHINA TELECOM CORP LTD -H-
205,952,000 101,201,056 2.31HKD
DATANG INT.POWERGENERATION-H-
39,188,000 37,108,434 0.85HKD
DONGFENG MOTOR -H- 114,074,000 62,184,776 1.42HKD
GUANGSHEN RAILWAY COLTD -H-
55,080,000 34,959,355 0.80HKD
GUANGZHOU R&F PROP.-H-/NEW
27,568,000 61,382,181 1.40HKD
HARBIN POWER EQUIPMENTCO H
20,000,000 22,521,664 0.51HKD
HUANENG POWER INTL H 59,672,000 51,923,901 1.18HKD
JIANGSU EXPRESSWAY CO -H- 47,172,000 36,821,539 0.84HKD
JIANGXI COPPER CO LTD -H- 65,585,000 79,393,229 1.81HKD
INVESTMENTS
CHINESE EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
MAANSHAN IRON & STEEL COH
81,102,000 53,239,839 1.21HKD
PETROCHINA CO LTD /-H- 274,670,000 325,820,773 7.42HKD
PING AN INSUR.(GRP)CO -H- 25,339,500 124,189,427 2.83HKD
SHENZHEN EXPRESSWAY H 21,992,000 13,817,645 0.31HKD
WEIQIAO TEXTILE COMPANYLTD
11,605,500 16,781,474 0.38HKD
YANZHOU COAL MINING CO -H-
30,000,000 28,715,122 0.65HKD
ZIJIN MINING GROUP -H- 78,750,000 45,851,101 1.04HKD
ZTE CORP H 6,000,000 28,177,673 0.64HKD
2,670,614,750 60.86
CHINA AGRI INDUSTRIESHOLDINGS
19,305,000 16,995,974 0.39HKD
HONG KONG
CHINA EVERBRIGHT LTD 30,000,000 30,711,360 0.70HKD
CHINA MOBILE LTD 45,400,000 412,769,637 9.40HKD
CHINA OVERSEAS LAND ANDINVESTMENT
103,464,500 130,014,161 2.96HKD
CHINA POWER INTLDEVELOP.LTD
44,999,709 21,824,119 0.50HKD
CHINA RESOURCESENTERPRISE LTD
45,286,000 151,248,918 3.45HKD
CHINA RESOURCES POWERHOLDINGS
27,386,000 41,982,977 0.96HKD
CHINA TRAVEL INTL INVESTM. 100,000,000 46,706,860 1.06HKD
CITIC 1616 HOLDINGS LTD 9,987,000 3,297,179 0.08HKD
CNOOC LTD 219,000,000 191,965,195 4.37HKD
COFCO INTL LTD 18,000,000 13,474,609 0.31HKD
COSCO PACIFIC LTD 28,010,000 69,391,499 1.58HKD
HOPEWELL HOLDINGS 15,600,000 60,685,647 1.38HKD
IND & COM BOC -H- 460,176,000 257,920,512 5.87HKD
JIAN EPAYMENT SYSTEM LTD 7,800,000 1,197,743 0.03HKD
LENOVO GROUP LTD 56,000,000 20,494,714 0.47HKD
SEMICONDUC.MANUFACT.INTLCORP
85,000,000 11,747,095 0.27HKD
SHANGHAI INDUSTRIALHOLDINGS
15,284,000 35,282,664 0.80HKD
SHENZHEN INVESTMENT LTD 25,444,000 12,991,105 0.30HKD
TINGYI HLD CORP.(CAYMANISL.)
8,204,000 7,905,119 0.18HKD
1,538,607,087 35.06
97.39TOTAL SHARES 4,273,540,679
97.39TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 4,273,540,679
Description Quantity Currency Evaluation % netassets
SHANGHAI ZHENHUA PORTMACH.-B-
31,608,468 47,475,919 1.08USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
CHINA
47,475,919 1.08
1.08TOTAL SHARES 47,475,919
1.08TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 47,475,919
98.47TOTAL INVESTMENTS 4,321,016,598
1.53OTHER NET ASSETS LESS LIABILITIES 67,179,119
117HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
100.00TOTAL NET ASSETS 4,388,195,717
Description Quantity Currency Evaluation % netassets
118HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Energy 17.73Banks and financial institutions 14.82News transmission 12.35Insurance 10.94Transport 7.15Real estate companies 6.73Coal mines, heavy industries 5.10Miscellaneous 3.45Mechanics, machinery 3.34Public services 2.99Food 2.94Non-ferrous metals 2.52Textile 2.18Electronics and electrical equipment 2.10Holding companies 1.50Other services 1.06Retail trade, department stores 0.63Office equipment and computers 0.47Agriculture and fishing 0.39Internet Software 0.08
Other net assets less liabilities 1.53
100.00Total Net Assets
CHINESE EQUITY
119HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CENTRAL EUROP.MEDIA ENT.A
1,000 66,614 0.26USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
66,614 0.26
CEZ.CESKE ENERGETICKEZAVODY
26,700 892,621 3.54CZK
CZECH REPUBLIC
KOMERCNI BANKA AS 2,800 362,252 1.43CZK
TELEFONICA O2 CZECHREPUBLIC
11,500 223,501 0.88CZK
1,478,374 5.85
AFK SISTEMA /SGDR 9,000 193,363 0.77USD
FEDERATION OF RUSSIA
AK SBEREGATELNY BANKSBERBANK
613 1,647,998 6.52USD
COMSTAR /SGDR REP.REG.S 16,000 101,387 0.40USD
GAZPROM OAO/SADR 76,500 2,424,428 9.61USD
JSC SURGUTNEFTEGAZ /SADR 17,451 824,457 3.26USD
LUKOIL /SADR 37,900 2,464,138 9.76USD
MMC NORILSK NICKEL /SADR 9,100 1,293,176 5.12USD
MOBILE TELESYSTEMSOJS/SADR
25,620 1,106,454 4.38USD
NOVATEK OAO /SGDR 9,520 420,493 1.66USD
NOVOLIPETSK STEEL GDRREGS
13,400 291,414 1.15USD
POLYUS GOLD OJSC 7,000 253,543 1.00USD
RAO UNIFIED ENER.SYS./GDR 12,300 1,268,279 5.02USD
ROSNEFT OIL COMPANY OJSC/SGDR
15,000 93,813 0.37USD
ROSTELECOM /SADR REP.6SHS
5,700 224,794 0.89USD
SEVERSTAL CHEREPOVETSMET/SGDR
12,000 124,184 0.49USD
SISTEMA HALS JSC /SGDR -REG S-
20,000 181,298 0.72USD
TATNEFT /SGDR REP.20 SHSREG.S
5,500 398,211 1.58USD
VIMPELCOMMUNICATIONS/S.ADR
13,200 952,558 3.77USD
14,263,988 56.47
IMPERIAL ENERGYCORPORATION PLC
29,500 639,518 2.53GBP
GREAT BRITAIN
639,518 2.53
MOL MAGYAR /-A- 7,050 601,994 2.38HUF
HUNGARY
INVESTMENTS
EMERGING EUROPE EQUITYStatement of investments as at 31 March 2007 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
OTP BANK LTD 27,700 950,810 3.77HUF
1,552,804 6.15
ZENTIVA NV 1,800 92,945 0.37CZK
NETHERLANDS
92,945 0.37
BANK BPH S.A. 900 230,191 0.91PLN
POLAND
BANK ZACHODNI WBK SAWROCLAW
6,500 461,055 1.83PLN
BK POLSKA KASA OPIEKIPEKAO
8,500 582,014 2.30PLN
BRE BANK SA 1,200 146,626 0.58PLN
DOM DEVELOPMENT SA 6,000 271,818 1.08PLN
KGHM POLSKA MIEDZ SA 10,500 263,664 1.04PLN
MULTIMEDIA POLSKA S.A/PLN1
15,000 51,141 0.20PLN
POLIMEX - MOSTOSTAL SA 164 9,213 0.04PLN
POLISH OIL & GAS CO 91,500 99,485 0.39PLN
POLISH TELECOM WARSZAWA 67,200 407,945 1.61PLN
POLSKI KONCERN NAFTOWYORLEN
22,000 275,422 1.09PLN
POWSZECHNA KASAOSZCZED.POLSKI
44,600 557,085 2.21PLN
TVN 10,000 69,922 0.28PLN
3,425,581 13.56
AKBANK 90,000 447,593 1.76TRY
TURKEY
ANADOLU EFES BIRACILIK VEMALT
5,600 137,737 0.55TRY
BIM BIRLESIK MAGAZALAR AS 5,300 234,932 0.93TRY
EREGLI DEMIR CELIK 16,000 116,763 0.46TRY
MIGROS TURKEY T.A.S. 9,000 87,086 0.34TRY
SABANCI HOLDING 39,950 120,936 0.48TRY
SELCUK ECZA DEP.TICARETSANAY
82,000 272,610 1.08TRY
TUPRAS TURKIYE PETROLRAFINEL
12,000 204,336 0.81TRY
TURKCELL ILETISIM HIZMET 54,159 206,401 0.82TRY
TURKIYE GARANTI BANKASI/NOM.
102,000 350,128 1.39TRY
TURKIYE IS BANKASI AS C 96,799 350,589 1.39TRY
TURKIYE VAKIFLAR BANKTAO/EM07
27,112 45,433 0.18TRY
TURKIYE VAKIFLAR BANKASITAO
55,400 104,218 0.41TRY
YAPI KREDI BANKASA 63,000 100,125 0.40TRY
2,778,887 11.00
96.19TOTAL SHARES 24,298,711
96.19TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 24,298,711
Description Quantity Currency Evaluation % netassets
120HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CHAGALA GROUP LTD /GDRREG.S
29,000 234,871 0.93USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
VIRGIN ISLANDS
234,871 0.93
0.93TOTAL SHARES 234,871
0.93TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 234,871
Description Quantity Currency Evaluation % netassets
KRASNY KOTELSHIK JSC 200,000 129,734 0.51USD
OTHER TRANSFERABLE SECURITES
SHARES
FEDERATION OF RUSSIA
TRANSNEFT OJSC MOSCOW 100 157,855 0.63USD
287,589 1.14
1.14TOTAL SHARES 287,589
1.14TOTAL OTHER TRANSFERABLE SECURITIES 287,589
98.26TOTAL INVESTMENTS 24,821,171
1.74OTHER NET ASSETS LESS LIABILITIES 439,628
100.00TOTAL NET ASSETS 25,260,799
121HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 25.08Energy 19.64News transmission 12.96Holding companies 11.75Public services 8.56Non-ferrous metals 6.16Miscellaneous 5.36Coal mines, heavy industries 2.10Real estate companies 1.80Precious metals 1.00Food 0.93Transport 0.63Tobacco and spirits 0.55Mechanics, machinery 0.51Graphic art and publishing 0.48Pharmaceuticals and cosmetics 0.37Retail trade, department stores 0.34Construction, building materials 0.04
Other net assets less liabilities 1.74
100.00Total Net Assets
EMERGING EUROPE EQUITY
122HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
OMV AG 105,268 4,973,913 0.86EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRIA
WIENER STAEDTISCHEVERSICHER.
105,000 5,571,300 0.96EUR
ZUMTOBEL AG 215,000 5,461,000 0.94EUR
16,006,213 2.76
UMICORE 53,577 7,156,816 1.24EUR
BELGIUM
7,156,816 1.24
NOKIA OY 603,000 10,269,090 1.78EUR
FINLAND
OKO OSUUSPANKK.KESKUSPANKKI A
470,000 6,039,500 1.04EUR
STOCKMANN -B- 115,000 3,770,850 0.65EUR
20,079,440 3.47
BOUYGUES 300,000 17,205,000 2.97EUR
FRANCE
BULL ACT NOUV.PROV. DEREGROUP.
1,000,000 5,060,000 0.87EUR
CIE GEN.GEOPHYSIQUE /VERITAS
58,000 9,175,020 1.58EUR
NEUF CEGETEL 320,000 8,896,000 1.54EUR
NRJ GROUP 440,000 5,561,600 0.96EUR
PARROT SA 297,201 11,287,694 1.95EUR
PEUGEOT SA 260,000 13,585,000 2.35EUR
SAFRAN SA 260,000 4,737,200 0.82EUR
SANOFI-AVENTIS 314,000 20,246,720 3.49EUR
SUEZ 304,000 12,114,400 2.09EUR
TOTAL SA 113,000 5,942,670 1.03EUR
VIVENDI 552,728 16,742,131 2.89EUR
130,553,435 22.54
ALLIANZ AG /NAM. 107,000 16,425,570 2.84EUR
GERMANY
BAYER AG 254,000 12,128,500 2.09EUR
COMMERZBANK AG 360,000 12,006,000 2.07EUR
DEUTSCHE BOERSE AG /NAM 86,000 14,629,460 2.53EUR
DEUTSCHE POST AG. BONN 200,000 4,548,000 0.79EUR
FRESENIUS MEDICAL CAREAG
187,000 20,485,850 3.54EUR
MUENCHENERRUECKVERSICHER /NAM.
95,000 12,017,500 2.08EUR
PUMA AG 43,000 11,798,770 2.04EUR
INVESTMENTS
EUROLAND EQUITYStatement of investments as at 31 March 2007 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
SIEMENS AG /NAM. 280,000 22,304,800 3.84EUR
126,344,450 21.82
COSMOTE MOBILETELECOMMUNICAT.
430,000 9,847,000 1.70EUR
GREECE
9,847,000 1.70
C&C GROUP PLC 779,904 8,890,906 1.53EUR
IRELAND
SMURFIT KAPPA PLC 443,700 8,208,450 1.42EUR
17,099,356 2.95
ASSICURAZIONI GENERALISPA
360,000 11,498,400 1.99EUR
ITALY
AUTOGRILL SPA 848,600 12,202,868 2.11EUR
CAPITALIA SPA 2,541,000 17,075,520 2.95EUR
SEAT PAGINE GIALLE SPA 17,492,219 8,090,151 1.40EUR
UNICREDITO ITALIANO SPA 2,613,000 18,500,040 3.19EUR
67,366,979 11.64
ARCELOR MITTAL N.V. CLASSA
200,000 7,900,000 1.36EUR
NETHERLANDS
HEINEKEN NV 322,000 12,467,840 2.15EUR
ING GROEP NV/ CERT. OF SHS 481,198 15,176,985 2.62EUR
KONINKLIJKE DSM NV 120,000 4,048,800 0.70EUR
KONINKLIJKE KPN NV 1,754,000 20,539,340 3.55EUR
KONINKLIJKE NUMICO NV 305,800 11,813,054 2.04EUR
QIAGEN NV 630,000 8,045,100 1.39EUR
REED ELSEVIER NV 1,050,000 13,828,500 2.39EUR
VEDIOR NV 335,000 5,607,900 0.97EUR
99,427,519 17.17
MOTA ENGIL SGPS SA 303,200 1,794,944 0.31EUR
PORTUGAL
1,794,944 0.31
ALTADIS SA/REG. 338,000 16,264,560 2.82EUR
SPAIN
CINTRACONC.INFRAEST.TRANSPORT
640,000 8,921,600 1.54EUR
GRIFOLS SA -A- 1,187,000 14,244,000 2.46EUR
REPSOL YPF SA. MADRID 326,000 8,192,380 1.41EUR
47,622,540 8.23
NORDEA BANK AB 1,133,500 13,533,990 2.34EUR
SWEDEN
13,533,990 2.34
LONZA GROUP AG /NOM. 86,000 6,117,119 1.06CHF
SWITZERLAND
6,117,119 1.06
97.23TOTAL SHARES 562,949,801
97.23TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 562,949,801
Description Quantity Currency Evaluation % netassets
123HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
97.23TOTAL INVESTMENTS 562,949,801
Description Quantity Currency Evaluation % netassets
2.77OTHER NET ASSETS LESS LIABILITIES 16,035,160
100.00TOTAL NET ASSETS 578,984,961
124HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 14.21News transmission 12.28Insurance 7.87Pharmaceuticals and cosmetics 7.03Tobacco and spirits 6.50Electronics and electrical equipment 5.74Energy 4.88Chemicals 3.85Graphic art and publishing 3.79Other services 3.43Construction, building materials 3.28Non-ferrous metals 3.19Miscellaneous 2.81Holding companies 2.53Automobile industry 2.35Transport 2.33Gastronomy 2.11Public services 2.09Food 2.04Textile 2.04Coal mines, heavy industries 1.36Office equipment and computers 0.87Retail trade, department stores 0.65
Other net assets less liabilities 2.77
100.00Total Net Assets
EUROLAND EQUITY
125HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
IMMOEAST AG 90,000 997,200 0.96EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRIA
WIENERBERGER AG 20,000 917,600 0.88EUR
1,914,800 1.84
C.F.E. (CIE D ENTREPRISES) 1,400 1,598,800 1.54EUR
BELGIUM
DEVGEN NV ZWIJNAARDE 48,000 1,049,760 1.01EUR
KINEPOLIS GROUP 16,980 954,785 0.92EUR
TELENET GROUP HOLDING 63,000 1,521,450 1.46EUR
UMICORE 8,400 1,122,072 1.08EUR
6,246,867 6.01
FLSMIDTH & CO. A/S B 15,000 753,019 0.72DKK
DENMARK
SYDBANK A/S 38,710 1,556,191 1.50DKK
2,309,210 2.22
KCI KONECRANES PLC 66,000 1,658,580 1.60EUR
FINLAND
OUTKUMPU TECHNOLOGYOYJ
54,000 1,483,920 1.43EUR
RAMIRENT OYJ 30,000 1,781,100 1.70EUR
WARTSILA CORPORATION 32,000 1,470,400 1.42EUR
YIT OYJ 55,000 1,408,550 1.36EUR
7,802,550 7.51
CIE GEN.GEOPHYSIQUE /VERITAS
8,000 1,265,520 1.22EUR
FRANCE
GEODIS (EX-CALBERSON) SA 9,500 1,524,750 1.47EUR
GROUPE STERIA.VELIZYVILLAC.
31,400 1,498,722 1.44EUR
HAULOTTE GROUP 35,000 838,950 0.81EUR
ILIAD 11,000 849,420 0.82EUR
MAISONS FRANCE CONFORT 25,745 1,518,698 1.46EUR
NEXANS PARIS 15,619 1,534,254 1.48EUR
ORPEA 22,000 1,612,600 1.55EUR
SOITEC. BERNIN 50,000 885,500 0.85EUR
TELEPERFORMANCE 35,000 1,144,850 1.10EUR
12,673,264 12.20
AWD HOLDING AG HANNOVER 36,045 1,276,714 1.23EUR
GERMANY
INVESTMENTS
EUROLAND EQUITY SMALLER COMPANIESStatement of investments as at 31 March 2007 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
BILFINGER BERGER AG 20,000 1,358,800 1.31EUR
CONERGY AG 17,600 978,736 0.94EUR
DEMAG CRANES AG 31,500 1,536,570 1.48EUR
DEUTSCHE EUROSHOP/NAMENAKTIE
26,000 1,518,400 1.46EUR
DIC ASSET AG 42,052 1,251,888 1.21EUR
EPCOS AG. MUENCHEN 115,000 1,496,150 1.44EUR
ERSOL SOLAR ENERGY AG 15,000 826,350 0.80EUR
IWKA AG 65,000 1,524,250 1.47EUR
K & S AG 18,400 1,507,880 1.45EUR
MTU AERO ENGINES HLDS/NAMEN.
36,500 1,624,250 1.56EUR
QSC AG 260,000 1,541,800 1.48EUR
SGL CARBON AG 55,000 1,357,950 1.31EUR
SOFTWARE AG 24,600 1,586,454 1.53EUR
STADA ARZNEIMITTEL AG 33,000 1,509,750 1.45EUR
UNITEDINTERN.&CO/NAMENSAKT
110,000 1,542,200 1.48EUR
WINCOR NIXDORF AG 24,000 1,677,361 1.62EUR
24,115,503 23.22
HELLENICEXCH.H.CLEAR.SETT.REG
87,000 1,513,800 1.46EUR
GREECE
HELLENIC TECHNODOMI.TEVSA/REG
135,000 1,466,100 1.41EUR
METKA SA 130,000 1,783,600 1.72EUR
4,763,500 4.59
MCINERNEY HOLDINGS PLC 84,000 1,317,120 1.27EUR
IRELAND
1,317,120 1.27
CEMENTIR. CEM.DEL TIRRENOSPA
163,000 1,507,750 1.45EUR
ITALY
C.I.R.CIE INDUSTRIALI RIUNITE 500,000 1,511,250 1.45EUR
ESPRINET SPA 88,366 1,399,717 1.35EUR
IGD IMMOB.GRANDEDISTR.SPA
200,000 820,000 0.79EUR
IMMSI SPA TORINO 600,000 1,443,000 1.39EUR
IMPREGILO/POSTRAGGRUPPAMENTO
318,000 1,648,035 1.58EUR
ITALMOBILIARE SPA /RISP. /N-CV.
19,224 1,391,241 1.34EUR
MARIELLA BURANI FASHIONGR.SPA
65,000 1,461,850 1.41EUR
TOD S SPA 23,500 1,524,680 1.47EUR
VALENTINO FG 31,000 943,330 0.91EUR
13,650,853 13.14
AALBERTS INDUSTRIES 20,500 1,515,565 1.46EUR
NETHERLANDS
ARCADIS NV 30,000 1,440,000 1.39EUR
DRAKA HOLDING NV 60,000 1,638,600 1.58EUR
HAGEMEYER NV (EUR 1.2) 300,000 1,065,000 1.03EUR
KONINKLIJKE BAM GROEP NV 97,970 1,726,231 1.65EUR
KON.VOPAK NV 37,000 1,543,640 1.49EUR
ORDINA NV EUR 0.1 90,000 1,588,500 1.53EUR
SBM OFFSHORE NV 57,000 1,539,000 1.48EUR
SMIT INTL NV 30,000 1,440,000 1.39EUR
UNIT 4 AGRESSO NV 80,000 1,466,400 1.41EUR
Description Quantity Currency Evaluation % netassets
126HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
USG PEOPLE NV 50,000 1,552,000 1.49EUR
16,514,936 15.90
AKER YARDS ASA 120,350 1,542,253 1.48NOK
NORWAY
PETROLEUM GEO-SERVICESASA
85,000 1,683,628 1.63NOK
3,225,881 3.11
GRUPO CATALANAOCCIDENTE SA
20,000 644,400 0.62EUR
SPAIN
RENTA CORPORACION REALESTATE
40,000 1,446,000 1.40EUR
VOCENTO SA/REG 75,000 1,145,250 1.10EUR
3,235,650 3.12
BANK SARASIN & CIE SA/NAM.-B-
600 1,625,812 1.57CHF
SWITZERLAND
FISCHER GEORG AG/NAM. 3,000 1,608,261 1.55CHF
KOMAX HOLDING AG 15,000 1,625,813 1.56CHF
PUBLIGROUPE SA /NAM. 3,340 913,263 0.88CHF
SULZER AG /NAM. (CHF60) 1,439 1,497,663 1.44CHF
7,270,812 7.00
101.13TOTAL SHARES 105,040,946
101.13TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 105,040,946
Description Quantity Currency Evaluation % netassets
101.13TOTAL INVESTMENTS 105,040,946
(1.13)OTHER NET ASSETS LESS LIABILITIES (1,168,911)
100.00TOTAL NET ASSETS 103,872,035
127HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Construction, building materials 16.55Mechanics, machinery 12.92Electronics and electrical equipment 8.32Internet Software 7.39Real estate companies 7.09Other services 6.03Banks and financial institutions 4.52Transport 4.35Energy 4.33Textile 3.79Holding companies 3.72Aerospace technology 3.04News transmission 2.56Non-ferrous metals 2.51Automobile industry 1.60Healthcare, education and social services 1.55Pharmaceuticals and cosmetics 1.45Chemicals 1.45Environmental services & recycling 1.39Coal mines, heavy industries 1.31Miscellaneous 1.10Public services 0.94Gastronomy 0.92Graphic art and publishing 0.88Undefined 0.80Insurance 0.62
Other net assets less liabilities (1.13)
100.00Total Net Assets
EUROLAND EQUITY SMALLER COMPANIES
128HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ZUMTOBEL AG 28,956 735,482 0.49EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRIA
735,482 0.49
KBC GROUPE SA 45,690 4,248,713 2.83EUR
BELGIUM
UMICORE 29,696 3,966,792 2.65EUR
8,215,505 5.48
NOKIA OY 334,057 5,688,991 3.79EUR
FINLAND
RAMIRENT OYJ 25,425 1,509,482 1.01EUR
7,198,473 4.80
BOUYGUES 90,059 5,164,884 3.44EUR
FRANCE
BUSINESS OBJECTS SA 58,450 1,586,333 1.06EUR
IPSOS SA PARIS 94,664 2,524,689 1.68EUR
SANOFI-AVENTIS 81,742 5,270,725 3.51EUR
SCHNEIDER ELECTRIC /ISS.07 1,092 100,464 0.07EUR
SCHNEIDER ELECTRIC SA 18,573 1,760,535 1.17EUR
TOTAL SA 92,919 4,886,610 3.26EUR
VEOLIA ENVIRONNEMENT 69,778 3,877,563 2.59EUR
VIVENDI 153,743 4,656,875 3.11EUR
29,828,678 19.89
ALLIANZ AG /NAM. 46,967 7,209,904 4.81EUR
GERMANY
BOSSAG.HUGO/VORZUGSAKTIE
130,695 5,652,559 3.77EUR
DEUTSCHE BOERSE AG /NAM 45,946 7,815,874 5.20EUR
FRESENIUS MEDICAL CAREAG
51,052 5,592,747 3.73EUR
MUENCHENERRUECKVERSICHER /NAM.
35,303 4,465,830 2.98EUR
RWE AG (NEU). ESSEN A 112,522 8,846,479 5.89EUR
SAP AG 36,264 1,209,404 0.81EUR
40,792,797 27.19
BQ NATIONA.GRECE/NOM.-S.CP.
100,000 4,040,000 2.70EUR
GREECE
COSMOTE MOBILETELECOMMUNICAT.
121,934 2,792,289 1.86EUR
6,832,289 4.56
INVESTMENTS
EUROLAND VALUE CREATIONStatement of investments as at 31 March 2007 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
CAPITALIA SPA 692,312 4,652,336 3.11EUR
ITALY
RECORDATI INDCHIMICA/POST RAG
436,157 2,579,869 1.72EUR
SAIPEM SPA 203,809 4,459,341 2.97EUR
11,691,546 7.80
HEINEKEN NV 139,889 5,416,502 3.61EUR
NETHERLANDS
ING GROEP NV/ CERT. OF SHS 142,544 4,495,838 3.00EUR
TOMTOM NV 45,829 1,395,493 0.93EUR
11,307,833 7.54
BANCO BILBAOVIZ.ARGENTARIA /NAM
444,183 8,128,548 5.43EUR
SPAIN
GRIFOLS SA -A- 368,802 4,425,624 2.95EUR
INDITEX /REG. 126,614 5,821,712 3.88EUR
TELEFONICA SA 368,802 6,048,353 4.03EUR
24,424,237 16.29
94.04TOTAL SHARES 141,026,840
94.04TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 141,026,840
Description Quantity Currency Evaluation % netassets
94.04TOTAL INVESTMENTS 141,026,840
5.96OTHER NET ASSETS LESS LIABILITIES 8,933,708
100.00TOTAL NET ASSETS 149,960,548
129HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 17.07News transmission 12.79Pharmaceuticals and cosmetics 8.96Public services 8.48Insurance 7.79Textile 7.65Energy 6.23Holding companies 5.20Construction, building materials 4.45Tobacco and spirits 3.61Other services 2.95Electronics and electrical equipment 2.66Non-ferrous metals 2.65Internet Software 1.87Graphic art and publishing 1.68
Other net assets less liabilities 5.96
100.00Total Net Assets
EUROLAND VALUE CREATION
130HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
WIENERBERGER AG 7,127 326,987 1.15EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRIA
326,987 1.15
DEXIA SA 25,204 569,106 2.00EUR
BELGIUM
UMICORE 3,194 426,655 1.50EUR
995,761 3.50
NOKIA OY 36,034 613,659 2.16EUR
FINLAND
613,659 2.16
ACCOR SA 9,785 696,594 2.45EUR
FRANCE
AXA 25,682 809,754 2.85EUR
GROUPE DANONE 4,523 550,766 1.94EUR
L' OREAL 7,543 610,606 2.15EUR
MICHELIN B /NOM. 7,460 615,450 2.17EUR
PEUGEOT SA 10,820 565,345 1.99EUR
SAINT-GOBAIN 7,770 565,811 1.99EUR
SANOFI-AVENTIS 9,351 602,952 2.12EUR
SCHNEIDER ELECTRIC /ISS.07 339 31,188 0.11EUR
SCHNEIDER ELECTRIC SA 6,509 616,988 2.17EUR
VINCI 6,559 759,401 2.67EUR
VIVENDI 20,159 610,616 2.15EUR
7,035,471 24.76
ALLIANZ AG /NAM. 3,898 598,382 2.11EUR
GERMANY
HENKEL PREF 5,717 629,842 2.22EUR
MUENCHENERRUECKVERSICHER /NAM.
4,624 584,936 2.06EUR
SCHMACK BIOGAS AG 5,348 338,154 1.19EUR
SOLARWORLD AG BONN 5,528 319,408 1.12EUR
VERBIO VEREINIGTEBIOENERGIE
22,000 168,080 0.59EUR
2,638,802 9.29
BARCLAYS PLC 73,850 786,353 2.76GBP
GREAT BRITAIN
BP PLC 77,892 638,686 2.25GBP
BT GROUP PLC 136,190 610,449 2.15GBP
INVESTMENTS
SUSTAINABILITY LEADERSStatement of investments as at 31 March 2007 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
DIAGEO PLC 40,912 613,554 2.16GBP
HSBC HOLDINGS PLC 41,095 536,766 1.89GBP
IMPERIAL CHEMICALINDUSTRIES
75,862 556,567 1.96GBP
MARKS AND SPENCER 53,253 532,159 1.87GBP
PEARSON PLC 49,884 640,185 2.25GBP
ROYAL BK OF SCOTLAND PLC 20,005 584,717 2.06GBP
ROYAL DUTCH SHELL PLC-A- 21,875 550,156 1.94EUR
SCOTTISH POWER PLC 55,507 654,756 2.30GBP
YELL GROUP PLC 51,078 449,534 1.58GBP
7,153,882 25.17
CRH PLC 19,686 626,999 2.21EUR
IRELAND
626,999 2.21
ASM BRESCIA SPA 107,023 511,570 1.80EUR
ITALY
CAPITALIA SPA 92,253 619,940 2.18EUR
HERA SPA 170,697 543,243 1.91EUR
1,674,753 5.89
REED ELSEVIER NV 45,854 603,897 2.12EUR
NETHERLANDS
603,897 2.12
RENEWABLE ENERGY AS 20,246 349,256 1.23NOK
NORWAY
STATOIL ASA 18,700 384,799 1.35NOK
734,055 2.58
EBRO PULEVA SA 29,905 525,730 1.85EUR
SPAIN
ENAGAS 32,296 617,500 2.17EUR
GRUPO FERROVIAL SA FER 10,274 771,577 2.72EUR
SOL MELIA SA 35,963 647,334 2.28EUR
2,562,141 9.02
HENNES & MAURITZ AB 13,225 569,683 2.00SEK
SWEDEN
SKF AB B 28,000 429,048 1.51SEK
998,731 3.51
HOLCIM LTD /NAM. 8,283 618,239 2.18CHF
SWITZERLAND
ROCHE HOLDING AG/GENUSSSCHEIN
4,049 540,597 1.90CHF
UBS AG /NAMENSAKTIEN 13,746 615,005 2.16CHF
1,773,841 6.24
97.60TOTAL SHARES 27,738,979
97.60TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 27,738,979
Description Quantity Currency Evaluation % netassets
97.60TOTAL INVESTMENTS 27,738,979
2.40OTHER NET ASSETS LESS LIABILITIES 680,971
131HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
100.00TOTAL NET ASSETS 28,419,950
Description Quantity Currency Evaluation % netassets
132HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Construction, building materials 11.77Banks and financial institutions 11.16Public services 10.53Insurance 7.02News transmission 6.46Graphic art and publishing 5.95Energy 5.54Holding companies 5.20Gastronomy 4.73Consumer goods 4.37Pharmaceuticals and cosmetics 4.02Retail trade, department stores 3.87Food 3.79Mechanics, machinery 2.70Electronics and electrical equipment 2.28Tyres and rubber 2.17Automobile industry 1.99Chemicals 1.96Non-ferrous metals 1.50Index Options 0.59
Other net assets less liabilities 2.40
100.00Total Net Assets
SUSTAINABILITY LEADERS
133HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
DEXIA SA 62,312 1,407,005 1.62EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BELGIUM
UCB 20,244 884,460 1.01EUR
2,291,465 2.63
MARFIN POPULAR BANKPUBLIC CO
208,047 1,668,537 1.91EUR
CYPRUS
1,668,537 1.91
NOVO NORDISK A/S B 16,378 1,127,772 1.29DKK
DENMARK
1,127,772 1.29
NESTE OIL OYJ 49,553 1,285,405 1.48EUR
FINLAND
NOKIA OY 72,461 1,234,011 1.41EUR
2,519,416 2.89
AXA 106,889 3,370,210 3.87EUR
FRANCE
BNP PARIBAS 26,835 2,083,738 2.39EUR
CASINO GUICHARD-PERRACH 21,955 1,653,212 1.89EUR
CREDIT AGRICOLE SA. 45,473 1,329,176 1.52EUR
GROUPE DANONE 9,745 1,186,649 1.36EUR
LAFARGE SA 8,749 1,021,446 1.17EUR
LEGRAND HOLDINGACT.PROV.OPO
25,344 627,771 0.72EUR
NEUF CEGETEL 40,909 1,137,270 1.30EUR
SAINT-GOBAIN 21,476 1,563,882 1.79EUR
SANOFI-AVENTIS 36,109 2,328,308 2.67EUR
TOTAL SA 57,439 3,020,717 3.46EUR
VALLOUREC 10,918 2,143,203 2.46EUR
VEOLIA ENVIRONNEMENT 16,420 912,459 1.05EUR
22,378,041 25.65
ALLIANZ AG /NAM. 18,205 2,794,650 3.21EUR
GERMANY
COMMERZBANK AG 27,528 918,059 1.05EUR
CONTINENTAL AG 13,907 1,343,972 1.54EUR
DEUTSCHE POST AG. BONN 83,305 1,894,356 2.17EUR
E.ON AG 17,819 1,807,559 2.07EUR
HEIDELBERGERDRUCKMASCHINEN AG
30,503 1,041,982 1.19EUR
INVESTMENTS
EUROPE EX UK EQUITYStatement of investments as at 31 March 2007 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
LANXESS AG 40,278 1,544,259 1.77EUR
PORSCHE AG /VZ.A. SDV 725 840,862 0.96EUR
12,185,699 13.96
JAZZTEL PLC 616,073 381,965 0.44EUR
GREAT BRITAIN
381,965 0.44
BANK OF PIRAEUS 45,040 1,170,139 1.34EUR
GREECE
HELLENIC TELECOM 90,250 1,833,881 2.10EUR
OPAP 29,723 856,022 0.98EUR
3,860,042 4.42
BANK OF IRELAND 110,280 1,761,171 2.01EUR
IRELAND
SMURFIT KAPPA PLC 36,611 677,304 0.78EUR
2,438,475 2.79
ENI SPA ROMA 81,354 1,973,648 2.26EUR
ITALY
INTESA SANPAOLO SPA 227,922 1,291,178 1.48EUR
UNICREDITO ITALIANO SPA 383,042 2,711,938 3.11EUR
5,976,764 6.85
ARCELOR MITTAL N.V. CLASSA
36,126 1,426,977 1.63EUR
NETHERLANDS
BUHRMANN NV 88,926 905,267 1.04EUR
KONINKLIJKE NUMICO NV 36,837 1,423,013 1.63EUR
3,755,257 4.30
BCO COMM.PORTUG./NAM. 803,343 2,169,026 2.49EUR
PORTUGAL
2,169,026 2.49
ACCIONA SA 14,359 2,313,235 2.65EUR
SPAIN
ALTADIS SA/REG. 11,550 555,786 0.64EUR
BANCO BILBAOVIZ.ARGENTARIA /NAM
161,340 2,952,522 3.38EUR
ENDESA SA 28,477 1,147,054 1.31EUR
GAMESA CORP.TECNOLOGICASA
62,021 1,648,518 1.89EUR
TELEFONICA SA 130,778 2,144,759 2.46EUR
10,761,874 12.33
BOLIDEN AB 38,728 637,009 0.73SEK
SWEDEN
ERICSSON TEL. -B- 568,278 1,574,103 1.80SEK
2,211,112 2.53
CREDIT SUISSE GROUP /NOM. 37,027 2,000,931 2.29CHF
SWITZERLAND
JULIUS BAER HOLDING/NAMENAKT.
20,700 2,105,944 2.41CHF
NOVARTIS AG BASEL /NAM. 54,273 2,312,898 2.66CHF
ROCHE HOLDING AG/GENUSSSCHEIN
11,271 1,504,833 1.72CHF
Description Quantity Currency Evaluation % netassets
134HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SYNGENTA AG /NAM. 14,553 2,036,232 2.33CHF
ZURICH FINANCIAL SERVICES/NAM
3,752 809,296 0.93CHF
10,770,134 12.34
96.82TOTAL SHARES 84,495,579
96.82TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 84,495,579
Description Quantity Currency Evaluation % netassets
96.82TOTAL INVESTMENTS 84,495,579
3.18OTHER NET ASSETS LESS LIABILITIES 2,777,214
100.00TOTAL NET ASSETS 87,272,793
135HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 27.00News transmission 9.51Pharmaceuticals and cosmetics 9.35Insurance 8.01Energy 7.20Construction, building materials 5.61Public services 4.43Chemicals 4.10Mechanics, machinery 3.65Food 2.99Electronics and electrical equipment 2.61Coal mines, heavy industries 2.36Transport 2.17Real estate companies 1.89Tyres and rubber 1.54Office equipment and computers 1.04Gastronomy 0.98Automobile industry 0.96Miscellaneous 0.78Tobacco and spirits 0.64
Other net assets less liabilities 3.18
100.00Total Net Assets
EUROPE EX UK EQUITY
136HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
DUFRY SOUTH AMERICA LTDA 2,800 48,136 0.32BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
48,136 0.32
ALL AMERICA LATINA /UNIT 18,612 222,148 1.47BRL
BRAZIL
BANCO BRADESCO SA /PREF. 5,400 110,790 0.73BRL
BANCO BRADESCO /SADR 4,764 195,038 1.29USD
CIA VALE RIO DOCE/SADR 5,400 168,912 1.12USD
CIA VALE RIODOCE/SADR(1ORDSH)
2,480 91,810 0.61USD
DURATEX SA /PRIV. 2,400 48,215 0.32BRL
GERDAU /PREF. 4,400 78,884 0.52BRL
GERDAU SA / SADR PFD SHS 2,300 41,216 0.27USD
GVT HOLDING SA 13,600 162,593 1.08BRL
ITAU HOLDING /PFD SHS/SADR 200 7,028 0.05USD
ITAU HOLDING SA /PREF. 1,300 45,732 0.30BRL
JBS AS 43,920 153,167 1.01BRL
LOCALIZA RENTA A CAR 1,600 48,490 0.32BRL
LOPES BRASIL-CONSULTO DEIMOVE
7,400 76,403 0.51BRL
PETROBRAS /SADR 1,756 159,357 1.06USD
PETROLEO BRASILEIRO /SADR 3,300 334,355 2.21USD
TERNA PARTICIPAES SA 5,529 63,521 0.42BRL
2,007,659 13.29
AAC ACOUSTICTECHNOLOGIES HLD
52,000 49,307 0.33HKD
CAYMAN ISLANDS
49,307 0.33
EMPR.NAC.EL./SP.ADR (30A) 3,767 151,320 1.00USD
CHILE
151,320 1.00
ANGANG STEEL COMPANYLTD -H-
104,000 180,460 1.19HKD
CHINA
CHINA CONSTRUCTION BANKCORP
190,000 108,680 0.72HKD
CHINA LIFE INSURANCE COLTD-H-
21,000 60,329 0.40HKD
CHINA SHENHUA ENERGY CO-H-
104,000 251,525 1.67HKD
PETROCHINA CO LTD /-H- 74,000 87,781 0.58HKD
INVESTMENTS
GLOBAL EMERGING MARKETS ELITE FUNDStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
PING AN INSUR.(GRP)CO -H- 19,500 95,570 0.63HKD
784,345 5.19
BANCOLOMBIA SA / ADR 1,305 35,992 0.24USD
COLOMBIA
SURAMERICANA DEINVERSIONES
8,544 73,738 0.49COP
109,730 0.73
ELSEWEDY CABLES 3,688 28,487 0.19EGP
EGYPT
ORASCOM TELECOMHLD/GDR(REG.S)
521 35,689 0.23USD
64,176 0.42
AK SBEREGATELNY BANKSBERBANK
47 168,495 1.12USD
FEDERATION OF RUSSIA
GAZPROM OAO/SADR 18,294 773,124 5.12USD
LUKOIL /SADR 2,595 224,987 1.49USD
MOBILE TELESYSTEMSOJS/SADR
1,303 75,040 0.50USD
NOVOLIPETSK STEEL GDRREGS
5,526 160,254 1.06USD
RAO UNIFIED ENER.SYS./GDR 840 115,500 0.76USD
VIMPELCOMMUNICATIONS/S.ADR
600 57,738 0.38USD
1,575,138 10.43
CHINA MOBILE LTD 31,500 286,393 1.89HKD
HONG KONG
CHINA OVERSEAS LAND ANDINVESTMENT
48,000 60,317 0.40HKD
CHINA RESOURCESENTERPRISE LTD
16,000 53,438 0.35HKD
CNOOC LTD 108,000 94,668 0.63HKD
IND & COM BOC -H- 174,000 97,524 0.65HKD
592,340 3.92
MOL MAGYAR /-A- 992 112,956 0.75HUF
HUNGARY
OTP BANK LTD 1,509 69,071 0.46HUF
182,027 1.21
LARSEN & TOUBRO /GDR 2,227 83,223 0.55USD
INDIA
MAHINDRA&MAHINDRA/GDRREG.S
2,792 50,229 0.33USD
133,452 0.88
BANK DANAMON INDONESIATBK -A-
151,000 108,301 0.72IDR
INDONESIA
BANK RAKYAT INDONESIA 148,000 81,840 0.54IDR
PT ASTRA INTERNATIONALTBK
58,500 84,556 0.56IDR
PT TELEKOM.INDONESIA/SP.ADR
5,170 222,517 1.47USD
497,214 3.29
MALAYAN BANKINGBERHAD/FOR.REG.
54,500 201,911 1.33MYR
MALAYSIA
Description Quantity Currency Evaluation % netassets
137HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
MAXIS COMMUNICATIONS BHD 43,800 150,860 1.00MYR
TELEKOM MALAYSIABHD/FOR.REG.
26,000 75,253 0.50MYR
428,024 2.83
CEMEX /ADR 2,154 70,651 0.47USD
MEXICO
CONTROLADORA COM.SAB/(1C+3 B)
43,790 122,641 0.81MXN
CORP.MOCTEZUMA SA DE CVB2
27,717 78,933 0.52MXN
CORPORACION GEO SAB DECV B
31,700 183,859 1.22MXN
EMPRESAS ICA SAB DE CV 41,600 160,386 1.06MXN
FOMENTO ECONOMICOMEXICANO/ADR
1,233 137,874 0.91USD
GRUPO AEROPORTUARIO -B-SADR
4,847 126,410 0.84USD
880,754 5.83
AYALA LAND INC. 296,400 101,309 0.67PHP
PHILIPPINES
101,309 0.67
BK POLSKA KASA OPIEKIPEKAO
972 88,751 0.59PLN
POLAND
POWSZECHNA KASAOSZCZED.POLSKI
2,534 42,207 0.28PLN
130,958 0.87
ABSA GROUP LTD 5,631 109,442 0.72ZAR
SOUTH AFRICA
BIDVEST GROUP LTD 5,717 108,343 0.72ZAR
GOLD FIELDS 3,524 65,935 0.44ZAR
IMPALA PLATINUM HOLDINGSLTD
4,319 134,653 0.89ZAR
MASSMART HOLDINGS LTD 15,141 174,856 1.16ZAR
MURRAY AND ROBERTSHOLDINGS
9,099 70,450 0.47ZAR
SASOL LTD /REG. 12,770 433,986 2.87ZAR
STANDARD BK GROUP LTD 10,094 147,248 0.97ZAR
1,244,913 8.24
DAEGU BANK 11,610 211,038 1.40KRW
SOUTH KOREA
DAELIM INDUSTRIAL CO LTD 1,370 131,214 0.87KRW
DAISHIN SECURITIES CO LTD 5,790 135,097 0.89KRW
DONGBU INSURANCE CO LTD 5,500 156,102 1.03KRW
DOOSAN HEAVYINDUST.&CONSTR.
1,740 112,457 0.74KRW
HITE BREWERY CO LTD 300 35,876 0.24KRW
HYUNDAI DEVELOPM.CO-ENG.&CONS.
2,700 148,958 0.99KRW
HYUNDAI HEAVY INDUSTRIES 290 57,955 0.38KRW
HYUNDAI MIPO DOCKYARD COLTD
2,300 424,189 2.82KRW
HYUNDAI MOTOR CO LTD 940 66,048 0.44KRW
HYUNDAI MOTOR /PFD ISSUED99
2,740 107,476 0.71KRW
KOOKMIN BANK 1,640 147,136 0.97KRW
KOOKMIN BANK /SADR 400 36,420 0.24USD
POSCO 490 205,744 1.36KRW
Description Quantity Currency Evaluation % netassets
SAMSUNG ELECTRONICS COLTD
790 472,790 3.14KRW
2,448,500 16.22
ASUSTEK COMPUTER INC 61,000 143,839 0.95TWD
TAIWAN
CATCHER TECHNOLOGY COLTD
4,000 31,440 0.21TWD
CATHAY FINANCIAL HOLDING 91,000 188,995 1.25TWD
CHI MEI OPTOELECTRONICCORP
69,000 71,965 0.48TWD
CHINA STEEL 133,000 149,973 0.99TWD
FAR EASTERN TEXTILE LTD 199,000 171,455 1.14TWD
FAR EASTONE TELECOM. COLTD
50,000 56,834 0.38TWD
HON HAI PRECISION IND /GDR 1,068 14,311 0.09USD
HON HAI PRECISION IND.COLTD
45,000 302,009 2.00TWD
MEDIA TEK INCORPORATION 4,000 45,951 0.30TWD
TAIWAN CEMENT CORP 148,000 124,830 0.83TWD
TAIWAN SEMICONDUCTORMANUFACT.
126,000 258,638 1.71TWD
WISTRON CORP 59,000 89,538 0.59TWD
1,649,778 10.92
BANPU PUBLIC COLTD/FOR.REG.
5,700 32,864 0.22THB
THAILAND
BANPU PUBLIC CO /NVDR 8,000 45,669 0.30THB
KASIKORNBANKPUBL.COM.LTD/NVDR
31,966 59,306 0.39THB
KIATNAKIN BANKPUBLIC/FOR.REG
135,400 111,111 0.74THB
KRUNG THAI BANK /FOR.REG. 21,100 7,287 0.05THB
KRUNG THAI BKPUBL.CO/NVDR
110,900 38,302 0.25THB
294,539 1.95
TOFAS TURK OTOMOBILFABRIKASI
44,672 170,670 1.13TRY
TURKEY
TURKIYE GARANTI BANKASI/NOM.
18,148 83,071 0.55TRY
253,741 1.68
90.22TOTAL SHARES 13,627,360
DEUT.BK 07-17.1.17WRT/INFOSYS 0.000001
1,869 86,668 0.57USD
WARRANTS / EQUITY LINKED SECURITIES
GERMANY
86,668 0.57
DB BK LN 06-23.1.09WRT/RELIAN 0
10,820 105,248 0.70USD
GREAT BRITAIN
UBS LDN 06-2.7.07WRT/LARS&TOUB 0
1,645 59,766 0.40USD
165,014 1.10
1.67TOTAL WARRANTS / EQUITY LINKED SECURITIES 251,682
91.89TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 13,879,042
Description Quantity Currency Evaluation % netassets
138HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ORASCOM CONSTR.IND./SGDR 2,411 243,993 1.62USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
EGYPT
243,993 1.62
INDUSTRIAL BANK OF KOREA 12,350 247,464 1.63KRW
SOUTH KOREA
247,464 1.63
CAPITAL SECURITIES CORP 117,000 57,477 0.38TWD
TAIWAN
57,477 0.38
3.63TOTAL SHARES 548,934
3.63TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 548,934
Description Quantity Currency Evaluation % netassets
MAGNIT JSC 1,389 60,144 0.40USD
OTHER TRANSFERABLE SECURITES
SHARES
FEDERATION OF RUSSIA
60,144 0.40
0.40TOTAL SHARES 60,144
DT BK AG 07-17.01.17WRT/SATYAM 0.000001
3,209 34,672 0.23USD
WARRANTS / EQUITY LINKED SECURITIES
GERMANY
34,672 0.23
UBS LDN 06-17.11.07WRT/ICICI0
7,171 142,630 0.94USD
GREAT BRITAIN
142,630 0.94
1.17TOTAL WARRANTS / EQUITY LINKED SECURITIES 177,302
1.57TOTAL OTHER TRANSFERABLE SECURITIES 237,446
97.09TOTAL INVESTMENTS 14,665,422
2.91OTHER NET ASSETS LESS LIABILITIES 439,188
100.00TOTAL NET ASSETS 15,104,610
139HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 20.31Energy 9.59Coal mines, heavy industries 8.79Electronics and electrical equipment 8.26News transmission 7.62Construction, building materials 7.38Holding companies 7.10Automobile industry 4.21Mechanics, machinery 3.94Real estate companies 2.80Public services 2.70Insurance 2.55Transport 2.31Retail trade, department stores 2.29Office equipment and computers 1.54Food 1.41Precious metals 1.33Tobacco and spirits 1.15Textile 1.14Miscellaneous 0.35Other services 0.32
Other net assets less liabilities 2.91
100.00Total Net Assets
GLOBAL EMERGING MARKETS ELITE FUND
140HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
DUFRY SOUTH AMERICA LTDA 59,800 1,028,046 0.35BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
1,028,046 0.35
ALL AMERICA LATINA /UNIT 357,500 4,267,030 1.45BRL
BRAZIL
BANCO BRADESCO SA /PREF. 114,600 2,351,215 0.80BRL
BANCO BRADESCO /SADR 86,267 3,531,771 1.20USD
CIA VALE RIO DOCE/SADR 103,637 3,241,765 1.10USD
CIA VALE RIODOCE/SADR(1ORDSH)
45,595 1,687,927 0.57USD
DURATEX SA /PRIV. 51,200 1,028,577 0.35BRL
GERDAU /PREF. 83,307 1,493,543 0.51BRL
GERDAU SA / SADR PFD SHS 44,100 790,272 0.27USD
GVT HOLDING SA 262,400 3,137,095 1.06BRL
ITAU HOLDING SA /PREF. 25,360 892,127 0.30BRL
LOCALIZA RENTA A CAR 35,200 1,066,771 0.36BRL
LOPES BRASIL-CONSULTO DEIMOVE
152,944 1,579,096 0.54BRL
PETROBRAS /SADR 38,424 3,486,978 1.18USD
PETROLEO BRASILEIRO /SADR 57,925 5,868,961 1.99USD
TERNA PARTICIPAES SA 105,466 1,211,675 0.41BRL
35,634,803 12.09
AAC ACOUSTICTECHNOLOGIES HLD
1,062,899 1,007,855 0.34HKD
CAYMAN ISLANDS
KINGDOM HOTEL INV./SGDRREGS
134,993 1,187,938 0.40USD
2,195,793 0.74
RIPLEY CORP SA 1,439,961 2,030,884 0.69CLP
CHILE
2,030,884 0.69
ANGANG STEEL COMPANYLTD -H-
2,015,739 3,497,694 1.19HKD
CHINA
CHINA CONSTRUCTION BANKCORP
3,743,000 2,140,993 0.73HKD
CHINA LIFE INSURANCE COLTD-H-
404,000 1,160,608 0.39HKD
CHINA SHENHUA ENERGY CO-H-
1,980,300 4,789,393 1.62HKD
PETROCHINA CO LTD /-H- 1,429,363 1,695,548 0.58HKD
PING AN INSUR.(GRP)CO -H- 357,000 1,749,665 0.59HKD
15,033,901 5.10
INVESTMENTS
GLOBAL EMERGING MARKETS EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
BANCOLOMBIA SA / ADR 25,100 692,258 0.23USD
COLOMBIA
SURAMERICANA DEINVERSIONES
166,795 1,439,508 0.49COP
2,131,766 0.72
CEZ.CESKE ENERGETICKEZAVODY
3,300 147,117 0.05CZK
CZECH REPUBLIC
147,117 0.05
ELSEWEDY CABLES 71,425 551,710 0.19EGP
EGYPT
ORASCOM TELECOMHLD/GDR(REG.S)
9,578 656,093 0.22USD
1,207,803 0.41
AK SBEREGATELNY BANKSBERBANK
956 3,427,260 1.16USD
FEDERATION OF RUSSIA
GAZPROM OAO 185,609 1,954,463 0.66USD
GAZPROM OAO/SADR 156,494 6,613,608 2.24USD
LUKOIL /SADR 52,286 4,533,196 1.54USD
MOBILE TELESYSTEMSOJS/SADR
25,240 1,453,572 0.49USD
NOVOLIPETSK STEEL GDRREGS
99,487 2,885,123 0.98USD
RAO UNIFIED ENER.SYS./GDR 15,331 2,108,013 0.72USD
VIMPELCOMMUNICATIONS/S.ADR
12,100 1,164,383 0.40USD
24,139,618 8.19
CHINA MOBILE LTD 605,500 5,505,109 1.87HKD
HONG KONG
CHINA OVERSEAS LAND ANDINVESTMENT
936,000 1,176,184 0.40HKD
CHINA RESOURCESENTERPRISE LTD
324,835 1,084,904 0.37HKD
CNOOC LTD 2,120,456 1,858,693 0.63HKD
IND & COM BOC -H- 3,385,000 1,897,233 0.64HKD
11,522,123 3.91
MOL MAGYAR /-A- 19,427 2,212,084 0.75HUF
HUNGARY
OTP BANK LTD 27,119 1,241,311 0.42HUF
3,453,395 1.17
ICICI BK /SADR 11,726 463,060 0.16USD
INDIA
LARSEN & TOUBRO /GDR 41,936 1,567,152 0.53USD
MAHINDRA&MAHINDRA/GDRREG.S
51,825 932,344 0.32USD
2,962,556 1.01
BANK DANAMON INDONESIATBK -A-
2,925,500 2,098,242 0.71IDR
INDONESIA
BANK RAKYAT INDONESIA 2,872,500 1,588,421 0.54IDR
PT ASTRA INTERNATIONALTBK
1,118,500 1,616,680 0.55IDR
PT TELEKOM.INDONESIA/SP.ADR
88,477 3,808,049 1.29USD
Description Quantity Currency Evaluation % netassets
141HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
TELKOM INDONESIA /S-B- 431,000 464,866 0.16IDR
9,576,258 3.25
MALAYAN BANKINGBERHAD/FOR.REG.
1,122,200 4,157,505 1.41MYR
MALAYSIA
MAXIS COMMUNICATIONS BHD 796,100 2,741,998 0.93MYR
TELEKOM MALAYSIABHD/FOR.REG.
508,450 1,471,637 0.50MYR
8,371,140 2.84
CEMEX /ADR 41,714 1,368,219 0.46USD
MEXICO
CONTROLADORA COM.SAB/(1C+3 B)
798,113 2,235,244 0.76MXN
CORP.MOCTEZUMA SA DE CVB2
529,344 1,507,478 0.51MXN
CORPORACION GEO SAB DECV B
618,200 3,585,527 1.22MXN
EMPRESAS ICA SAB DE CV 839,135 3,235,238 1.10MXN
FOMENTO ECONOMICOMEXICANO/ADR
24,479 2,737,242 0.93USD
GRUPO AEROPORTUARIO -B-SADR
97,182 2,534,507 0.86USD
17,203,455 5.84
AYALA LAND INC. 5,997,600 2,049,965 0.70PHP
PHILIPPINES
2,049,965 0.70
BK POLSKA KASA OPIEKIPEKAO
19,456 1,776,484 0.60PLN
POLAND
POWSZECHNA KASAOSZCZED.POLSKI
47,055 783,764 0.27PLN
2,560,248 0.87
ABSA GROUP LTD 101,577 1,974,211 0.67ZAR
SOUTH AFRICA
BIDVEST GROUP LTD 114,489 2,169,693 0.74ZAR
GOLD FIELDS 64,210 1,201,383 0.41ZAR
IMPALA PLATINUM HOLDINGSLTD
88,597 2,762,173 0.94ZAR
MASSMART HOLDINGS LTD 290,704 3,357,195 1.14ZAR
MURRAY AND ROBERTSHOLDINGS
176,983 1,370,306 0.46ZAR
SASOL LTD /REG. 248,514 8,445,698 2.86ZAR
STANDARD BK GROUP LTD 181,815 2,652,267 0.90ZAR
23,932,926 8.12
DAEGU BANK 221,701 4,029,926 1.37KRW
SOUTH KOREA
DAELIM INDUSTRIAL CO LTD 26,139 2,503,497 0.85KRW
DAISHIN SECURITIES CO LTD 111,630 2,604,646 0.88KRW
DONGBU INSURANCE CO LTD 101,100 2,869,430 0.97KRW
DOOSAN HEAVYINDUST.&CONSTR.
33,800 2,184,508 0.74KRW
HITE BREWERY CO LTD 5,800 693,608 0.24KRW
HYUNDAI DEVELOPM.CO-ENG.&CONS.
52,220 2,880,962 0.98KRW
HYUNDAI HEAVY INDUSTRIES 5,500 1,099,142 0.37KRW
HYUNDAI MIPO DOCKYARD COLTD
44,390 8,186,870 2.77KRW
HYUNDAI MOTOR CO LTD 6,100 428,612 0.15KRW
Description Quantity Currency Evaluation % netassets
HYUNDAI MOTOR /PFD ISSUED99
59,787 2,345,127 0.80KRW
KOOKMIN BANK 37,103 3,328,777 1.13KRW
KOOKMIN BANK /SADR 4,800 437,040 0.15USD
POSCO 9,730 4,085,481 1.38KRW
SAMSUNG ELECTRONICS COLTD
15,324 9,170,938 3.10KRW
46,848,564 15.88
ASUSTEK COMPUTER/GDR(REG.S)
228,219 527,186 0.18USD
TAIWAN
ASUSTEK COMPUTER INC 931,000 2,195,315 0.74TWD
CATCHER TECHNOLOGY COLTD
68,610 539,279 0.18TWD
CATHAY FINANCIAL HOLDING 1,618,477 3,361,366 1.14TWD
CHI MEI OPTOELECTRONICCORP
1,376,000 1,435,126 0.49TWD
CHINA STEEL 1,329,000 1,498,602 0.51TWD
FAR EASTERN TEXTILE LTD 4,149,880 3,575,468 1.21TWD
FAR EASTONE TELECOM. COLTD
913,000 1,037,794 0.35TWD
HON HAI PRECISION IND /GDR 131,892 1,767,353 0.60USD
HON HAI PRECISION IND.COLTD
666,882 4,475,633 1.52TWD
MEDIA TEK INCORPORATION 86,000 987,949 0.34TWD
TAIWAN CEMENT CORP 3,361,205 2,834,991 0.96TWD
TAIWAN SEMICONDUCTORMANUFACT.
2,543,580 5,221,167 1.78TWD
WISTRON CORP 1,113,000 1,689,085 0.57TWD
31,146,314 10.57
BANPU PUBLIC COLTD/FOR.REG.
110,500 637,108 0.22THB
THAILAND
BANPU PUBLIC CO /NVDR 156,000 890,542 0.30THB
KASIKORNBANKPUBL.COM.LTD/NVDR
779,615 1,446,416 0.49THB
KIATNAKIN BANKPUBLIC/FOR.REG
2,058,600 1,689,310 0.57THB
KRUNG THAI BANK /FOR.REG. 416,200 143,743 0.05THB
KRUNG THAI BKPUBL.CO/NVDR
2,126,500 734,430 0.25THB
5,541,549 1.88
TOFAS TURK OTOMOBILFABRIKASI
839,133 3,205,917 1.09TRY
TURKEY
TURKIYE GARANTI BANKASI/NOM.
333,322 1,525,749 0.52TRY
4,731,666 1.61
85.99TOTAL SHARES 253,449,890
DEUT.BK 07-17.1.17WRT/INFOSYS 0.000001
35,627 1,652,063 0.56USD
WARRANTS / EQUITY LINKED SECURITIES
GERMANY
1,652,063 0.56
DB BK LN 06-23.1.09WRT/RELIAN 0
197,456 1,920,685 0.65USD
GREAT BRITAIN
DEUT.BK 04-8.10.07WRT/REL.EN. 0
1 11 0.00USD
Description Quantity Currency Evaluation % netassets
142HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
UBS LDN 06-2.7.07WRT/LARS&TOUB 0
38,175 1,386,974 0.47USD
3,307,670 1.12
1.68TOTAL WARRANTS / EQUITY LINKED SECURITIES 4,959,733
87.67TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 258,409,623
Description Quantity Currency Evaluation % netassets
ORASCOM CONSTR.IND./SGDR 46,695 4,725,534 1.60USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
EGYPT
4,725,534 1.60
INDUSTRIAL BANK OF KOREA 223,313 4,474,645 1.52KRW
SOUTH KOREA
4,474,645 1.52
CAPITAL SECURITIES CORP 2,610,526 1,282,431 0.44TWD
TAIWAN
1,282,431 0.44
3.56TOTAL SHARES 10,482,610
3.56TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 10,482,610
MAGNIT JSC 26,473 1,146,281 0.39USD
OTHER TRANSFERABLE SECURITES
SHARES
FEDERATION OF RUSSIA
1,146,281 0.39
0.39TOTAL SHARES 1,146,281
DEUT.BK 06-03.8.09WRT/CHINAST 0.00001
1,097,902 1,237,029 0.42USD
WARRANTS / EQUITY LINKED SECURITIES
GERMANY
DT BK AG 07-17.01.17WRT/SATYAM 0.000001
59,572 643,652 0.22USD
DT.BK 06-2.2.11 WRTGAZPROM 0
6 6,322,020 2.14USD
8,202,701 2.78
UBS LDN 06-17.11.07WRT/ICICI0
139,101 2,766,705 0.94USD
GREAT BRITAIN
2,766,705 0.94
3.72TOTAL WARRANTS / EQUITY LINKED SECURITIES 10,969,406
4.11TOTAL OTHER TRANSFERABLE SECURITIES 12,115,687
95.34TOTAL INVESTMENTS 281,007,920
4.66OTHER NET ASSETS LESS LIABILITIES 13,744,472
100.00TOTAL NET ASSETS 294,752,392
143HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 20.63Energy 10.19Electronics and electrical equipment 8.35Coal mines, heavy industries 8.13Construction, building materials 7.45News transmission 7.46Holding companies 4.12Automobile industry 4.01Mechanics, machinery 3.88Real estate companies 3.26Insurance 2.44Transport 2.31Retail trade, department stores 2.25States, provinces and municipalities 2.14Public services 1.70Office equipment and computers 1.49Precious metals 1.35Textile 1.21Tobacco and spirits 1.17Other services 1.04Food 0.39Miscellaneous 0.37
Other net assets less liabilities 4.66
100.00Total Net Assets
GLOBAL EMERGING MARKETS EQUITY
144HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ESPRIT HOLDINGS LTD 108,500 1,272,477 0.72HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
1,272,477 0.72
ALL AMERICA LATINA /UNIT 107,930 1,288,225 0.73BRL
BRAZIL
1,288,225 0.73
CHAODA MODERNAGRICULT.HOLD.
1,564,000 1,096,744 0.62HKD
CHINA
CHINA MERCHANTS BANK /-H- 765,500 1,543,793 0.88HKD
CHINA SHENHUA ENERGY CO-H-
324,000 783,600 0.45HKD
3,424,137 1.95
NOVO NORDISK A/S B 25,500 2,341,497 1.33DKK
DENMARK
2,341,497 1.33
AXA 57,362 2,411,800 1.37EUR
FRANCE
GROUPE DANONE 11,042 1,793,003 1.02EUR
STE GEN. PARIS -A- 6,902 1,186,372 0.67EUR
SUEZ 25,333 1,346,195 0.77EUR
TOTAL SA 14,506 1,017,288 0.58EUR
VEOLIA ENVIRONNEMENT 35,389 2,622,417 1.49EUR
10,377,075 5.90
BASF AG 14,182 1,576,101 0.90EUR
GERMANY
DEUTSCHE BANK AG /NAM. 13,429 1,810,276 1.03EUR
HENKEL PREF 11,858 1,742,079 0.99EUR
LINDE A.G. 18,747 2,009,430 1.14EUR
MAN AG 21,193 2,448,521 1.39EUR
PORSCHE AG /VZ.A. SDV 1,229 1,900,780 1.08EUR
11,487,187 6.53
BAE SYSTEMS PLC 142,862 1,291,822 0.73GBP
GREAT BRITAIN
BARCLAYS PLC 186,464 2,647,613 1.51GBP
GLAXOSMITHKLINE PLC 39,612 1,081,899 0.61GBP
KAZAKHMYS LIMITED 32,980 755,663 0.43GBP
INVESTMENTS
GLOBAL EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
RIO TINTO PLC /REG 26,818 1,517,371 0.86GBP
SHIRE PLC 107,647 2,224,595 1.26GBP
VODAFONE GROUP PLC 585,125 1,574,198 0.89GBP
WOOD GROUP (JOHN) PLC 452,699 2,369,925 1.36GBP
13,463,086 7.65
BANK DANAMON INDONESIATBK -A-
1,158,500 830,905 0.47IDR
INDONESIA
TELKOM INDONESIA /S-B- 1,315,000 1,418,326 0.81IDR
2,249,231 1.28
ECI TELECOM LTD 97,536 803,697 0.46USD
ISRAEL
NICE SYSTEMS LTD / SADR 51,300 1,737,531 0.98USD
2,541,228 1.44
CAMPARI AZ/POSTFRAZIONAMENTO
156,222 1,541,583 0.88EUR
ITALY
UNICREDITO ITALIANO SPA 293,999 2,775,698 1.57EUR
4,317,281 2.45
CASIO COMPUTER CO.LTD 73,100 1,600,254 0.91JPY
JAPAN
JAFCO CO LTD 30,300 1,676,263 0.94JPY
MARUBENI CORP. 140,000 850,536 0.48JPY
MAZDA MOTOR CORP 203,000 1,123,041 0.64JPY
MEDICEO PALTAC HOLDINGSCO LTD
73,500 1,400,089 0.80JPY
MITSUBISHI ESTATE CO 33,000 1,083,619 0.62JPY
NIPPON EXPRESS CO.LTD 227,000 1,423,384 0.81JPY
OMRON CORP 37,600 1,011,344 0.57JPY
RESONA HOLDINGS INC 403 1,083,967 0.62JPY
11,252,497 6.39
MEINL EUROPEAN LANDLIMITED
49,697 1,375,785 0.78EUR
JERSEY
1,375,785 0.78
AMERICA MOVIL SA /ADR WI-L- 19,751 945,678 0.54USD
MEXICO
CONTROLADORA COM.SAB/(1C+3 B)
379,033 1,061,543 0.60MXN
2,007,221 1.14
ARCELOR MITTAL N.V. CLASSA
33,327 1,755,441 1.00EUR
NETHERLANDS
ROYAL PHILIPS ELECTRONICSNV
48,366 1,837,493 1.04EUR
3,592,934 2.04
ACCIONA SA 6,075 1,305,073 0.74EUR
SPAIN
1,305,073 0.74
ABB LTD ZUERICH /NAMEN. 99,627 1,701,766 0.97CHF
SWITZERLAND
Description Quantity Currency Evaluation % netassets
145HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CIE FIN.RICHEMONT UNITS -A- 24,725 1,380,717 0.78CHF
GIVAUDAN SA /REG. 1,685 1,563,644 0.89CHF
NESTLE/NOM 8,764 3,373,675 1.92CHF
ROCHE HOLDING AG/GENUSSSCHEIN
8,376 1,491,267 0.85CHF
9,511,069 5.41
FAR EASTERN TEXTILE LTD/GDRS
1 9 0.00USD
TAIWAN
TAIWANSEMICONDUCT.MANUF/SADR
60,700 655,560 0.37USD
655,569 0.37
KASIKORNBANKPUBL.COM.LTD/NVDR
502,700 932,657 0.53THB
THAILAND
932,657 0.53
CIMSA CIMENTO SANAYI VETICAR.
92,377 662,571 0.38TRY
TURKEY
TURKIYE GARANTI BANKASI/NOM.
450,154 2,060,537 1.17TRY
2,723,108 1.55
ABERCROMBIE & FITCH "A" 31,405 2,387,094 1.36USD
UNITED STATES
ACCENTURE LTD /-A- 62,500 2,417,500 1.37USD
AKAMAI TECHNOLOGIES INC 31,993 1,602,849 0.91USD
ALLERGAN INC. 7,598 841,099 0.48USD
ALTRIA GROUP 24,351 2,121,946 1.21USD
AT & T 76,995 3,015,894 1.71USD
BANK OF NEW YORK CO 35,440 1,437,446 0.82USD
BOEING CO 11,498 1,032,060 0.59USD
CISCO SYSTEMS INC 57,585 1,464,387 0.83USD
CIT GROUP INC 21,208 1,128,478 0.64USD
CITIGROUP INC 33,601 1,727,091 0.98USD
CONOCOPHILLIPS 18,707 1,293,963 0.74USD
CYMER INC 19,802 812,278 0.46USD
ELECTRONIC ARTS 29,646 1,520,543 0.86USD
EMBARQ CORP 16,272 913,998 0.52USD
EMERSON ELECTRIC CO. 16,544 709,738 0.40USD
EXXON MOBIL CORP 72,852 5,554,235 3.16USD
GENERAL MOTORS CORP. 35,221 1,087,977 0.62USD
GILEAD SCIENCES INC. 26,660 2,032,825 1.16USD
GOOGLE INC A 5,052 2,328,568 1.32USD
HONEYWELL INTERNATIONALINC.
40,579 1,864,199 1.06USD
MCDONALD'S CORP. 51,872 2,327,497 1.32USD
MERRILL LYNCH & CO INC 30,918 2,520,126 1.43USD
METLIFE INC 52,208 3,306,855 1.88USD
MICROSOFT CORP 121,082 3,360,026 1.91USD
MOODY S CORP / WHENISSUED
15,594 968,231 0.55USD
MORGAN STANLEY 30,690 2,407,017 1.37USD
NVIDIA CORP. 86,381 2,479,135 1.41USD
OMNICOM GROUP INC. 15,827 1,619,419 0.92USD
PEPSICO INC 20,517 1,304,676 0.74USD
SCHLUMBERGER LTD 22,937 1,620,958 0.92USD
Description Quantity Currency Evaluation % netassets
SYSCO CORP. 37,865 1,277,565 0.73USD
TEXAS INSTRUMENTS INC 28,557 867,847 0.49USD
TOLL BROTHERS 56,897 1,576,047 0.90USD
UNITED TECHNOLOGIESCORP.
11,107 721,844 0.41USD
WALT DISNEY /DISNEY SER. 57,297 1,970,444 1.12USD
WELLPOINT INC 21,709 1,745,621 0.99USD
WELLS FARGO & CO 82,078 2,834,974 1.61USD
WYETH 31,442 1,568,956 0.89USD
71,771,406 40.79
89.72TOTAL SHARES 157,888,743
CAPITACOMMERCIAL TRUST/REIT
641,000 1,153,813 0.66SGD
INVESTMENT COMPANIES
SINGAPORE
1,153,813 0.66
0.66TOTAL INVESTMENT COMPANIES 1,153,813
90.38TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 159,042,556
Description Quantity Currency Evaluation % netassets
OSAKA SECURITIESEXCHANGE CO
359 2,068,312 1.18JPY
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
JAPAN
2,068,312 1.18
1.18TOTAL SHARES 2,068,312
1.18TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 2,068,312
SWIRE PACIFIC LTD - A- 202,000 2,266,933 1.29HKD
OTHER TRANSFERABLE SECURITES
SHARES
HONG KONG
2,266,933 1.29
1.29TOTAL SHARES 2,266,933
1.29TOTAL OTHER TRANSFERABLE SECURITIES 2,266,933
92.85TOTAL INVESTMENTS 163,377,801
7.15OTHER NET ASSETS LESS LIABILITIES 12,584,122
100.00TOTAL NET ASSETS 175,961,923
146HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 11.19Holding companies 11.12Internet Software 6.41News transmission 5.91Pharmaceuticals and cosmetics 5.42Electronics and electrical equipment 5.21Energy 4.66Food 3.68Insurance 3.25Aerospace technology 2.79Mechanics, machinery 2.53Chemicals 2.53Miscellaneous 2.35Automobile industry 2.34Public services 2.26Tobacco and spirits 2.09Retail trade, department stores 1.96Other services 1.92Coal mines, heavy industries 1.88Transport 1.54Real estate companies 1.40Gastronomy 1.32Other business houses 1.21Biotechnology 1.16Construction, building materials 1.12Consumer goods 0.99Graphic art and publishing 0.92Non-ferrous metals 0.86Office equipment and computers 0.83Textile 0.72Investment companies 0.66Agriculture and fishing 0.62
Other net assets less liabilities 7.15
100.00Total Net Assets
GLOBAL EQUITY
147HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BHP BILLITON LTD 6,200 149,645 0.72AUD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRALIA
QANTAS AIRWAYS LTD 19,200 81,396 0.39AUD
RIO TINTO LIMITED 1,712 108,950 0.52AUD
SANTOS LTD 13,900 113,926 0.55AUD
453,917 2.18
OMV AG 870 54,817 0.26EUR
AUSTRIA
54,817 0.26
ETABL.FR.COLRUYT SA.HALLE
180 41,273 0.20EUR
BELGIUM
KBC GROUPE SA 960 119,042 0.57EUR
160,315 0.77
BANK OF NOVA SCOTIA 3,000 140,562 0.67CAD
CANADA
BCE INC /NEW 4,000 111,029 0.53CAD
BROOKFI.AS.MGMT-A-/LTDVOT.
2,200 116,511 0.56CAD
CANAD.IMPER.BK OFCOMMERCE
1,300 113,658 0.55CAD
ENCANA CORP 2,310 118,736 0.57CAD
PETRO-CANADA 2,300 90,454 0.44CAD
TALISMAN ENERGY 6,500 116,135 0.56CAD
TELUS CORP 800 41,017 0.20CAD
848,102 4.08
SEAGATE TECHNOLOGY 4,400 103,048 0.50USD
CAYMAN ISLANDS
103,048 0.50
NOVO NORDISK A/S B 800 73,459 0.35DKK
DENMARK
73,459 0.35
NOKIA OY 7,400 168,051 0.81EUR
FINLAND
RAUTARUUKKI OY K 900 41,753 0.20EUR
209,804 1.01
INVESTMENTS
GLOBAL EQUITY SRIStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
AXA 3,500 147,158 0.71EUR
FRANCE
BNP PARIBAS 1,600 165,675 0.79EUR
BOUYGUES 1,600 122,362 0.59EUR
CNP ASSURANCES 857 98,704 0.48EUR
SAINT-GOBAIN 1,300 126,237 0.61EUR
SANOFI-AVENTIS 460 39,553 0.19EUR
SCHNEIDER ELECTRIC /ISS.07 58 7,116 0.03EUR
SCHNEIDER ELECTRIC SA 1,000 126,402 0.61EUR
STE AIR FRANCE 2,100 94,652 0.46EUR
STE GEN. PARIS -A- 945 162,434 0.78EUR
VIVENDI 3,200 129,253 0.62EUR
1,219,546 5.87
DEUTSCHE BANK AG /NAM. 990 133,455 0.64EUR
GERMANY
DEUTSCHE LUFTHANSA /NAM. 3,550 95,862 0.46EUR
E.ON AG 1,200 162,324 0.78EUR
FRESENIUS MEDICAL CAREAG
750 109,564 0.53EUR
HENKEL PREF 710 104,307 0.50EUR
MAN AG 980 113,224 0.54EUR
METRO AG 1,600 112,142 0.54EUR
MUENCHENERRUECKVERSICHER /NAM.
440 74,223 0.36EUR
VOLKSWAGEN AG 1,100 165,960 0.80EUR
1,071,061 5.15
ASTRAZENECA PLC 1,210 64,995 0.31GBP
GREAT BRITAIN
BARCLAYS PLC 10,200 144,830 0.70GBP
BG GROUP PLC 3,000 43,363 0.21GBP
BP PLC 6,660 72,822 0.35GBP
BRITISH AIRWAYS PLC 10,300 99,252 0.48GBP
BRITISH LAND 3,700 109,793 0.53GBP
BT GROUP PLC 21,600 129,107 0.62GBP
CARPHONE WAREHOUSEGROUP
7,000 38,294 0.18GBP
HBOS PLC 7,500 154,458 0.74GBP
HSBC HOLDINGS PLC 2,500 43,544 0.21GBP
LAND SECURITIES GROUP PLC 3,400 140,059 0.67GBP
NATIONAL GRID PLC 2,700 42,038 0.20GBP
NEXT PLC 2,420 107,288 0.52GBP
PEARSON PLC 6,800 116,371 0.56GBP
ROLLS-ROYCE GROUP PLC 11,900 115,926 0.56GBP
ROYAL DUTCH SHELL -B- 4,350 145,418 0.70GBP
ROYAL DUTCH SHELL PLC -A- 4,870 163,150 0.78GBP
TESCO PLC 17,600 153,189 0.74GBP
TRAVIS PERKINS PLC 1,600 62,676 0.30GBP
WPP GROUP PLC /ISS.05 4,000 60,407 0.29GBP
YELL GROUP PLC 9,300 109,145 0.53GBP
2,116,125 10.18
ENEL 3,700 39,496 0.19EUR
ITALY
Description Quantity Currency Evaluation % netassets
148HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ENI SPA ROMA 4,300 139,108 0.67EUR
178,604 0.86
AEON CO LTD 3,800 75,771 0.36JPY
JAPAN
AISIN SEIKI CO LTD 3,100 108,633 0.52JPY
ASAHI BREWERIES 2,500 40,092 0.19JPY
ASAHI KASEI CORP 15,000 109,202 0.53JPY
BENESSE CORP. 2,700 100,344 0.48JPY
CANON INC 2,200 118,162 0.57JPY
CANON MARKETING JAPANINC
4,700 98,502 0.47JPY
DAIWA H. INDUSTR.CO. LTD 6,000 98,409 0.47JPY
EISAI CO LTD 1,200 57,528 0.28JPY
FUJI PHOTO FILM CO LTD 2,800 114,514 0.55JPY
FUJITSU LTD 16,000 106,572 0.51JPY
KAWASAKI KISEN 4,000 37,945 0.18JPY
KOMATSU LTD 5,200 109,423 0.53JPY
MITSUBISHI ELECTRIC CORP 10,000 103,008 0.50JPY
MITSUBISHI MATERIALS CORP 14,000 66,404 0.32JPY
MITSUI OSK LINES LTD 3,000 33,295 0.16JPY
NIPPON STEEL CORP 21,000 147,537 0.72JPY
NIPPON TEL & TEL 22 116,295 0.56JPY
NOMURA RESEARCHINSTITUTE LTD
2,000 58,886 0.28JPY
OMRON CORP 2,000 53,795 0.26JPY
RICOH CO LTD 4,000 90,111 0.43JPY
SOMPO JAPAN INSURANCEINC
8,000 99,716 0.48JPY
SONY CORP 2,900 147,393 0.71JPY
TDK CORP 1,300 112,732 0.54JPY
TOKYO ELECTRIC POWER 2,300 78,647 0.38JPY
TOKYO GAS CO LTD 19,000 105,918 0.51JPY
TOKYU CORP 6,000 46,735 0.22JPY
TOSHIBA CORP 9,000 60,099 0.29JPY
TOYOTA MOTOR CORP 3,600 230,622 1.12JPY
WEST JAPAN RAILWAY CO 22 101,548 0.49JPY
YAMAHA MOTOR CO LTD 1,300 36,401 0.18JPY
2,864,239 13.79
AEGON NV 6,200 123,023 0.59EUR
NETHERLANDS
HEINEKEN NV 2,100 108,430 0.52EUR
ING GROEP NV/ CERT. OF SHS 3,780 158,981 0.77EUR
390,434 1.88
DNB NOR ASA 7,000 98,456 0.47NOK
NORWAY
NORSK HYDRO AS 3,500 115,881 0.56NOK
214,337 1.03
BCO POPULAR ESPANOL/REG.
5,600 114,030 0.55EUR
SPAIN
BCO SANTANDER CENTR.HISP /REG.
9,450 167,475 0.81EUR
ENDESA SA 1,930 103,667 0.50EUR
INDRA SISTEMAS SA 4,400 110,248 0.53EUR
Description Quantity Currency Evaluation % netassets
TELEFONICA SA 8,100 177,143 0.85EUR
672,563 3.24
SANDVIK AB 7,000 122,029 0.59SEK
SWEDEN
SCANIA AB - B- 1,100 85,506 0.41SEK
SKANDINAV.ENSK.BANKEN A 3,200 102,424 0.49SEK
SKF AB B 2,000 40,867 0.20SEK
VOLVO -B- 1,450 121,000 0.58SEK
471,826 2.27
CREDIT SUISSE GROUP /NOM. 2,100 151,331 0.73CHF
SWITZERLAND
SWISSCOM /NAM. 270 97,117 0.47CHF
248,448 1.20
ACE LTD 2,000 114,760 0.55USD
UNITED STATES
ADOBE SYSTEMS INC 2,500 103,825 0.50USD
AETNA INC 2,400 104,280 0.50USD
AIR PRODUCTS & CHEMICALS 470 34,663 0.17USD
ALCOA INC 3,700 124,616 0.60USD
AMERICAN EXPRESS CO. 1,500 84,690 0.41USD
AMERICAN INTERNATIONALGP
1,870 125,664 0.60USD
AMERICAN STANDARD CIESINC
2,000 106,160 0.51USD
AMGEN INC 1,900 106,077 0.51USD
ANHEUSER-BUSCH COS INC 2,510 125,902 0.61USD
AT & T 6,980 273,406 1.32USD
BANK OF AMERICA CORP 3,254 166,572 0.80USD
BAXTER INTL INC. 2,400 127,728 0.61USD
BEA SYSTEMS INC. 2,100 24,213 0.12USD
BECTON DICKINSON & CO. 1,500 114,165 0.55USD
BMC SOFTWARE INC. 3,400 106,216 0.51USD
BRISTOL MYERS SQUIBB CO 3,260 90,987 0.44USD
CAMERON INTERNATIONALCORP
640 40,627 0.20USD
CAPITAL ONE FINANCIALCORP
1,280 96,832 0.47USD
CISCO SYSTEMS INC 7,800 198,354 0.95USD
CITIGROUP INC 3,600 185,040 0.89USD
COCA-COLA CO 3,300 158,763 0.76USD
COUNTRYWIDE FINANCIALCORP
2,860 96,811 0.47USD
CUMMINS INC 870 126,080 0.61USD
DELL INC 1,600 37,424 0.18USD
DONNELLEY AND SONS.RR 2,300 84,548 0.41USD
DOW JONES + CO INC. 2,600 88,998 0.43USD
DU PONT (E.I.) DE NEMOURS. 780 38,516 0.19USD
DUKE ENERGY HOLDINGCORP
3,400 69,598 0.33USD
EATON CORP 1,200 99,516 0.48USD
FPL GROUP INC 580 35,786 0.17USD
GAP INC. 5,800 100,514 0.48USD
GENENTECH INC. 300 24,489 0.12USD
GENERAL ELECTRIC CO 7,700 273,734 1.33USD
GENERAL MILLS INC 2,000 115,840 0.56USD
GENWAORTH FINANCIAL / -A- 910 31,850 0.15USD
Description Quantity Currency Evaluation % netassets
149HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
GENZYME CORP. 1,400 84,098 0.40USD
GETTY IMAGES INC 1,100 53,273 0.26USD
GILEAD SCIENCES INC. 1,780 135,725 0.65USD
GOLDMAN SACHS GROUP INC 730 151,256 0.73USD
GOOGLE INC A 160 73,747 0.35USD
HEWLETT-PACKARD CO 4,500 180,000 0.87USD
HOME DEPOT INC 2,100 77,322 0.37USD
IBM CORP 2,170 205,217 0.99USD
IMS HEALTH 3,600 106,488 0.51USD
INTEL CORP 8,400 160,356 0.77USD
INTERNATIONAL PAPER CO 930 33,378 0.16USD
JOHNSON & JOHNSON 2,960 178,606 0.86USD
JOHNSON CONTROLS INC. 1,300 123,851 0.60USD
J.P. MORGAN CHASE & CO 4,210 204,185 0.98USD
KIMBERLY CLARK CORP 1,300 89,440 0.43USD
KRAFT FOODS INC -A- 1,010 31,835 0.15USD
LIZ CLAIBORNE INC. 2,270 96,089 0.46USD
MANPOWER INC. 1,300 95,407 0.46USD
MATTEL INC 4,100 113,488 0.55USD
MCGRAW HILL COMPANIESINC
1,620 101,477 0.49USD
MERRILL LYNCH & CO INC 1,640 133,676 0.64USD
MOTOROLA INC. 2,700 47,817 0.23USD
NIKE INC -B- 1,080 113,368 0.55USD
NOBLE CORP 1,030 81,854 0.39USD
PEPSICO INC 2,300 146,257 0.70USD
PG&E CORP (HOLDING CO) 2,400 116,568 0.56USD
PINNACLE WEST CAP.CORP. 1,800 87,516 0.42USD
PITNEY BOWES INC 1,730 78,611 0.38USD
PPL CORP 2,400 98,952 0.48USD
PRAXAIR 550 34,606 0.17USD
PROCTER & GAMBLE CO 2,300 145,498 0.70USD
QWEST COMMUNICATIONSINTL
11,000 98,450 0.47USD
ROCKWELL COLLINS 1,500 100,335 0.48USD
ROHM + HAAS CO. 1,970 102,007 0.49USD
SCHLUMBERGER LTD 2,100 148,407 0.71USD
STATE STREET CORP 1,600 104,112 0.50USD
SUNOCO INC. 1,300 91,403 0.44USD
T ROWE PRICE GROUP INC. 860 40,678 0.20USD
TARGET CORP 2,030 121,293 0.58USD
TIME WARNER INC 6,900 136,965 0.66USD
TXU 1,580 101,689 0.49USD
UNITED TECHNOLOGIESCORP.
2,040 132,580 0.64USD
UTD PARCEL SERVICE INC "B" 530 37,185 0.18USD
WALT DISNEY /DISNEY SER. 4,000 137,560 0.66USD
WELLS FARGO & CO 4,770 164,756 0.79USD
XEROX CORP. 2,000 34,000 0.16USD
XL CAPITAL LTD -A- 1,500 105,180 0.51USD
ZIMMER HOLDINGS INC 1,380 118,307 0.57USD
3M CO 560 42,610 0.21USD
9,034,722 43.49
98.11TOTAL SHARES 20,385,367
Description Quantity Currency Evaluation % netassets
MACQUARIE OFFICE TRUST 45,000 55,051 0.26AUD
INVESTMENT COMPANIES
AUSTRALIA
55,051 0.26
0.26TOTAL INVESTMENT COMPANIES 55,051
98.37TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 20,440,418
Description Quantity Currency Evaluation % netassets
SWIRE PACIFIC LTD - A- 9,000 101,002 0.49HKD
OTHER TRANSFERABLE SECURITES
SHARES
HONG KONG
101,002 0.49
0.49TOTAL SHARES 101,002
0.49TOTAL OTHER TRANSFERABLE SECURITIES 101,002
98.86TOTAL INVESTMENTS 20,541,420
1.14OTHER NET ASSETS LESS LIABILITIES 235,937
100.00TOTAL NET ASSETS 20,777,357
150HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 12.74Holding companies 8.35Energy 6.83News transmission 6.68Electronics and electrical equipment 5.05Public services 4.68Office equipment and computers 4.67Pharmaceuticals and cosmetics 4.63Insurance 4.28Automobile industry 3.89Graphic art and publishing 3.34Transport 3.02Mechanics, machinery 2.98Retail trade, department stores 2.91Consumer goods 2.21Food 2.17Chemicals 2.11Internet Software 2.01Construction, building materials 1.97Other services 1.76Aerospace technology 1.68Coal mines, heavy industries 1.64Investment companies 1.46Non-ferrous metals 1.44Tobacco and spirits 1.32Miscellaneous 1.21Biotechnology 1.05Textile 1.01Forest products and paper industry 0.59Real estate companies 0.56Healthcare, education and social services 0.50Index Options 0.12
Other net assets less liabilities 1.14
100.00Total Net Assets
GLOBAL EQUITY SRI
151HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BARCO NV 190 17,472 0.26EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BELGIUM
BELGACOM SA 1,060 47,070 0.71EUR
MOBISTAR 190 16,063 0.24EUR
80,605 1.21
ASTRAL MEDIA INC -A- 400 13,961 0.21CAD
CANADA
CGI GROUP INC./SUB.VOT - A- 4,100 35,544 0.53CAD
SHAW COMMUNIC.-B/NON-VOT.
600 22,495 0.34CAD
72,000 1.08
SEAGATE TECHNOLOGY 2,000 46,840 0.71USD
CAYMAN ISLANDS
SOLOMON SYSTECH (INTL)LTD
99,300 15,629 0.23HKD
62,469 0.94
NOKIA OY 6,950 157,831 2.37EUR
FINLAND
157,831 2.37
FRANCE TELECOM SA 1,058 27,653 0.42EUR
FRANCE
LAGARDERE SCA /NOM. 210 16,178 0.24EUR
METROPOLE TELEVISION SAM6
540 19,673 0.30EUR
VIVENDI 2,890 116,731 1.75EUR
180,235 2.71
DEUTSCHE TELEKOM /NAM. 3,000 49,606 0.75EUR
GERMANY
INFINEON TECHNOLOGIES/NAM.
1,200 18,514 0.28EUR
SAP AG 500 22,236 0.33EUR
WINCOR NIXDORF AG 180 16,776 0.25EUR
107,132 1.61
BT GROUP PLC 16,300 97,428 1.46GBP
GREAT BRITAIN
CSR PLC 1,100 14,281 0.21GBP
DAILY MAIL & GENERAL TR. -A- 2,170 34,474 0.52GBP
SAGE GROUP PLC 3,400 17,165 0.26GBP
INVESTMENTS
GLOBAL EQUITY TECHNOLOGYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
VODAFONE GROUP PLC 68,125 183,282 2.76GBP
346,630 5.21
ASM PACIFIC TECHNOLOGYLTD
2,600 15,338 0.23HKD
HONG KONG
KINGBOARD CHEMICALSHOLDINGS
8,500 35,731 0.53HKD
TELEVISION BROADCASTSLTD
2,000 12,502 0.19HKD
63,571 0.95
MEDIASET SPA 1,500 16,232 0.24EUR
ITALY
TELECOM ITALIA SPA 5,900 16,797 0.26EUR
33,029 0.50
ALPS ELECTRIC CO 3,100 36,299 0.55JPY
JAPAN
CANON INC 2,250 120,849 1.80JPY
ELPIDA MEMORY INC 800 31,021 0.47JPY
FUJI SOFT INC. 600 17,869 0.27JPY
IBIDEN CO LTD 1,000 51,843 0.78JPY
KONAMI CORP 1,400 37,419 0.56JPY
KONICA MINOLTA HOLDINGSINC
3,000 39,404 0.59JPY
NIPPON TEL & TEL 17 89,866 1.35JPY
NTT DATA CORP 8 40,660 0.61JPY
NTT DOCOMO INC 12 22,197 0.33JPY
RICOH CO LTD 3,000 67,583 1.01JPY
SHINKO ELECTRICINDUSTRIES CO
1,500 33,855 0.51JPY
TAIYO YUDEN CO LTD 2,000 41,661 0.63JPY
630,526 9.46
ASML HOLDING NV 2,150 52,983 0.80EUR
NETHERLANDS
KONINKLIJKE KPN NV 4,700 73,391 1.10EUR
OCE NV 1,100 20,140 0.30EUR
WOLTERS KLUWER NV 1,650 49,418 0.74EUR
195,932 2.94
TELECOM CORP.OF NEWZEALAND
18,707 63,120 0.95NZD
NEW ZEALAND
63,120 0.95
SCHIBSTED 350 15,412 0.23NOK
NORWAY
TANDBERG ASA 900 18,670 0.28NOK
TELENOR AS 2,700 47,581 0.72NOK
81,663 1.23
CHARTEREDSEMICONDUCTOR MANUF.
17,000 16,253 0.24SGD
SINGAPORE
SINGAPORE PRESS HOLDINGSLTD
17,000 49,319 0.75SGD
STATS CHIPPAC LTD 25,000 30,000 0.45SGD
95,572 1.44
Description Quantity Currency Evaluation % netassets
152HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
PROMOTORA DEINFORMACIONES SA
2,750 60,911 0.91EUR
SPAIN
TELEFONICA SA 8,313 181,800 2.73EUR
242,711 3.64
ENIRO AB 900 11,478 0.17SEK
SWEDEN
ERICSSON TEL. -B- 11,800 43,587 0.66SEK
MODERN TIMES GROUP AB -B-
275 15,973 0.24SEK
TELELOGIC 9,200 17,418 0.26SEK
88,456 1.33
LOGITECH INTERNATIONAL SA 700 19,459 0.29CHF
SWITZERLAND
19,459 0.29
ACCENTURE LTD /-A- 1,800 69,624 1.05USD
UNITED STATES
APPLE INC 790 74,063 1.11USD
APPLIED MATERIALS INC 3,600 66,600 1.00USD
AT & T 9,275 363,301 5.45USD
AUTODESK INC. 870 32,321 0.49USD
AUTOMATIC DATA PROCES. 580 28,298 0.42USD
AVNET INC 1,000 36,320 0.55USD
BMC SOFTWARE INC. 1,300 40,612 0.61USD
CADENCE DESIGN SYSTEMS 1,900 39,786 0.60USD
CISCO SYSTEMS INC 9,350 237,770 3.56USD
COMCAST CORP/-A- 1,400 36,204 0.54USD
COMPUTER SCIENCES CORP 840 43,940 0.66USD
CONVERGYS CORP 2,200 55,792 0.84USD
CORNING INC. 900 20,547 0.31USD
DELL INC 2,610 61,048 0.92USD
DIRECTV GROUP INC 3,000 68,610 1.03USD
EBAY INC 570 18,833 0.28USD
ECHOSTARCOMMUNICATIONS A
1,000 42,870 0.64USD
ELECTRONIC DATA SYSTEMS 1,800 50,184 0.75USD
EMBARQ CORP 900 50,553 0.76USD
FISERV INC. 940 49,811 0.75USD
GANNETT CO INC 540 30,343 0.46USD
GOOGLE INC A 230 106,012 1.59USD
HEWLETT-PACKARD CO 4,480 179,200 2.69USD
IBM CORP 2,370 224,130 3.36USD
IDEARC INC 190 6,599 0.10USD
INTEL CORP 9,600 183,264 2.74USD
LAM RESEARCH CORP 1,300 61,295 0.92USD
LEXMARK INTL INC. 930 54,275 0.82USD
MCGRAW HILL COMPANIESINC
1,200 75,168 1.13USD
MEMC ELECTRONICMATERIALS
940 56,400 0.85USD
MICRON TECHNOLOGY INC 3,800 44,992 0.68USD
MICROSOFT CORP 11,870 329,392 4.94USD
MOTOROLA INC. 1,530 27,096 0.41USD
NEWS CORP -A- 1,200 27,492 0.41USD
OMNICOM GROUP INC. 610 62,415 0.94USD
Description Quantity Currency Evaluation % netassets
ORACLE CORP 7,500 136,200 2.05USD
QUALCOMM INC. 1,530 64,643 0.97USD
QWEST COMMUNICATIONSINTL
7,650 68,468 1.03USD
SPRINT NEXTEL CORP/FONSER.1
2,107 40,033 0.60USD
TEXAS INSTRUMENTS INC 980 29,782 0.45USD
TIME WARNER INC 7,420 147,287 2.21USD
VERIZON COMMUNICATIONSINC
4,140 155,540 2.34USD
VIACOM INC -B- 1,600 65,056 0.98USD
WALT DISNEY /DISNEY SER. 3,570 122,772 1.84USD
WESTERN DIGITAL CORP. 2,750 47,053 0.71USD
WESTERN UNION COMPANY 3,350 74,404 1.12USD
YAHOO INC 560 17,550 0.26USD
3,923,948 58.92
96.78TOTAL SHARES 6,444,889
YELLOW PAGES INCOMEFUND
2,100 24,789 0.37CAD
INVESTMENT COMPANIES
CANADA
24,789 0.37
0.37TOTAL INVESTMENT COMPANIES 24,789
ISHARES/S&PGL.INF.TECH.S.IND.
3,050 173,759 2.61USD
INDEX TRACKER
UNITED STATES
173,759 2.61
2.61TOTAL INDEX TRACKER 173,759
99.76TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 6,643,437
Description Quantity Currency Evaluation % netassets
99.76TOTAL INVESTMENTS 6,643,437
0.24OTHER NET ASSETS LESS LIABILITIES 15,710
100.00TOTAL NET ASSETS 6,659,147
153HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
News transmission 32.97Electronics and electrical equipment 17.43Internet Software 15.19Office equipment and computers 14.17Graphic art and publishing 8.32Other services 3.41Holding companies 3.18Investment companies 2.98Miscellaneous 0.93States, provinces and municipalities 0.71Retail trade, department stores 0.28Photography and optics 0.19
Other net assets less liabilities 0.24
100.00Total Net Assets
GLOBAL EQUITY TECHNOLOGY
154HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BRAMBLES LTD 31,349 258,364 0.53AUD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRALIA
258,364 0.53
CANADIAN NATIONALRAILWAY
9,894 328,873 0.67CAD
CANADA
328,873 0.67
A.P. MOELLER - MAERSK A/SB
10 79,463 0.16DKK
DENMARK
DANISCO A/S 1,956 115,128 0.24DKK
194,591 0.40
ASTRAZENECA PLC 6,582 265,131 0.54GBP
GREAT BRITAIN
BAE SYSTEMS PLC 42,556 288,572 0.59GBP
BG GROUP PLC 14,579 158,026 0.32GBP
BHP BILLITON PLC 10,057 167,697 0.34GBP
BIFFA PLC BIRMINGHAM 6,884 34,332 0.07GBP
BP PLC 71,482 586,126 1.19GBP
BRITISH AMERICAN TOBACCO 14,633 340,481 0.70GBP
BRITISH SKY BROADCASTINGGROUP
18,885 155,922 0.32GBP
BT GROUP PLC 35,007 156,913 0.32GBP
CABLE & WIRELESS PLC /GBP0.25
49,000 120,936 0.25GBP
COMPASS GROUP PLC 30,283 151,310 0.31GBP
GALLAHER GROUP PLC 9,079 151,256 0.31GBP
GLAXOSMITHKLINE PLC 22,882 468,664 0.96GBP
HSBC HOLDINGS PLC 35,754 467,004 0.96GBP
INTERNATIONAL POWER PLC 31,459 182,939 0.37GBP
LAND SECURITIES GROUP PLC 4,745 146,581 0.30GBP
PRUDENTIAL PLC 14,065 148,418 0.30GBP
RIO TINTO PLC /REG 8,812 373,893 0.77GBP
ROYAL BK OF SCOTLAND PLC 17,896 523,074 1.07GBP
ROYAL DUTCH SHELL -B- 13,179 330,384 0.68GBP
SCHRODERS PLC 8,537 159,690 0.33GBP
SCOTTISH POWER PLC 5,857 69,089 0.14GBP
SEVERN TRENT PLC 4,590 96,938 0.20GBP
VODAFONE GROUP PLC 199,804 403,109 0.83GBP
WPP GROUP PLC /ISS.05 15,797 178,900 0.37GBP
6,125,385 12.54
INVESTMENTS
GLOBAL EX EUROLAND EQUITYStatement of investments as at 31 March 2007 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
ACERGY SA 11,914 189,375 0.39NOK
NORWAY
DNB NOR ASA 26,912 283,855 0.58NOK
NORSK HYDRO AS 6,129 152,174 0.31NOK
ORKLA AS A 3,117 165,343 0.34NOK
790,747 1.62
ELEKTA AB 8,609 115,312 0.24SEK
SWEDEN
ERICSSON TEL. -B- 127,799 353,996 0.72SEK
HENNES & MAURITZ AB 6,048 260,525 0.53SEK
NORDEA BANK AB 6,946 83,064 0.17SEK
SKANSKA B 10,178 166,320 0.34SEK
SKF AB B 10,155 155,607 0.32SEK
1,134,824 2.32
ALCON INC /NOM. 3,100 307,699 0.63USD
SWITZERLAND
CREDIT SUISSE GROUP /NOM. 3,977 214,916 0.44CHF
NESTLE/NOM 1,378 397,792 0.81CHF
NOVARTIS AG BASEL /NAM. 7,792 332,064 0.68CHF
PHONAK HOLDING AG /NOM. 3,180 182,030 0.37CHF
ROCHE HOLDING AG/GENUSSSCHEIN
2,547 340,059 0.70CHF
SYNGENTA AG /NAM. 1,155 161,606 0.33CHF
UBS AG /NAMENSAKTIEN 7,302 326,696 0.67CHF
ZURICH FINANCIAL SERVICES/NAM
929 200,383 0.41CHF
2,463,245 5.04
ACCENTURE LTD /-A- 7,473 216,765 0.44USD
UNITED STATES
AKAMAI TECHNOLOGIES INC 8,160 306,574 0.63USD
ALTRIA GROUP 16,972 1,109,066 2.27USD
AMGEN INC 12,830 537,157 1.10USD
ARCHER-DANIELS MIDLANDCO.
21,471 591,881 1.21USD
AT & T 18,971 557,251 1.14USD
BANK OF AMERICA CORP 23,457 900,460 1.84USD
BEST BUY CO INC 14,415 528,928 1.08USD
BOSTON SCIENTIFIC CORP. 16,140 175,985 0.36USD
CISCO SYSTEMS INC 37,868 722,147 1.48USD
CITIGROUP INC 23,120 891,165 1.82USD
CITRIX SYSTEMS INC 8,767 208,015 0.43USD
COACH INC 10,826 404,301 0.83USD
COUNTRYWIDE FINANCIALCORP
12,113 307,480 0.63USD
CVS/CAREMARK CORP 40,585 1,039,658 2.13USD
DEAN FOODS CO 5,916 205,186 0.42USD
DEERE & CO. 4,389 357,012 0.73USD
DOW CHEMICAL CO 13,216 456,291 0.93USD
EMC CORP 14,411 147,622 0.30USD
EXELON CORP 11,341 587,674 1.20USD
EXXON MOBIL CORP 28,032 1,602,669 3.29USD
FREEPORTMCMO.COPP&GOLD -B-
2,796 137,022 0.28USD
GENERAL ELECTRIC CO 44,023 1,173,617 2.41USD
GOLDMAN SACHS GROUP INC 10,906 1,694,581 3.48USD
Description Quantity Currency Evaluation % netassets
155HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
GOOGLE INC A 910 314,539 0.64USD
HEWLETT-PACKARD CO 18,193 545,722 1.12USD
HOME DEPOT INC 8,994 248,338 0.51USD
IBM CORP 8,783 622,878 1.28USD
ITT CORP 12,096 545,885 1.12USD
MCDONALD'S CORP. 10,837 364,647 0.75USD
METLIFE INC 23,006 1,092,763 2.24USD
MICROSOFT CORP 32,908 684,812 1.40USD
PEPSICO INC 18,064 861,410 1.76USD
PFIZER INC 67,779 1,291,537 2.65USD
PROCTER & GAMBLE CO 12,878 610,920 1.25USD
PRUDENTIAL FINANCIAL INC 14,989 1,012,867 2.07USD
RED HAT INC 14,147 245,491 0.50USD
REPUBLIC SERVICES INC. 10,896 226,173 0.46USD
ROCKWELL AUTOMATION 4,444 200,188 0.41USD
SPRINT NEXTEL CORP/FONSER.1
10,659 151,872 0.31USD
TEXAS INSTRUMENTS INC 39,195 893,240 1.83USD
TREEHOUSE FOODS /WHENISSUED
1 23 0.00USD
UNITED HEALTH GROUP INC 6,449 255,542 0.52USD
UNITED TECHNOLOGIESCORP.
7,703 375,417 0.77USD
VALERO ENER.CORP/WH.ISSUED
14,640 715,148 1.46USD
VERIZON COMMUNICATIONSINC
15,647 440,838 0.90USD
WASHINGTON MUTUAL INC 7,470 227,993 0.47USD
XTO ENERGY INC 29,660 1,236,000 2.54USD
3M CO 3,364 191,951 0.39USD
28,214,701 57.78
80.90TOTAL SHARES 39,510,730
ISHARES INC/MSCI AUSTRALIAIND
58,800 1,134,110 2.32USD
INDEX TRACKER
UNITED STATES
ISHARES /MSCI JAPAN INDEXFD
300,000 3,300,338 6.76USD
4,434,448 9.08
9.08TOTAL INDEX TRACKER 4,434,448
89.98TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 43,945,178
Description Quantity Currency Evaluation % netassets
89.98TOTAL INVESTMENTS 43,945,178
10.02OTHER NET ASSETS LESS LIABILITIES 4,895,089
100.00TOTAL NET ASSETS 48,840,267
156HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Energy 9.87Investment companies 9.38Banks and financial institutions 9.03Holding companies 8.30Pharmaceuticals and cosmetics 8.23News transmission 4.79Food 4.54Retail trade, department stores 4.25Office equipment and computers 4.18Internet Software 3.60Tobacco and spirits 3.28Insurance 2.95Electronics and electrical equipment 2.61Mechanics, machinery 2.17Chemicals 1.57Public services 1.54Aerospace technology 1.36Other services 1.34Consumer goods 1.25Gastronomy 1.06Textile 0.83Non-ferrous metals 0.77States, provinces and municipalities 0.67Precious metals 0.62Healthcare, education and social services 0.52Environmental services & recycling 0.46Construction, building materials 0.34Agriculture and fishing 0.24Transport 0.16Miscellaneous 0.07
Other net assets less liabilities 10.02
100.00Total Net Assets
GLOBAL EX EUROLAND EQUITY
157HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ESPRIT HOLDINGS LTD 740,000 8,678,647 4.06HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
KERRY PROPERTIES LTD 578,000 2,969,622 1.39HKD
PEACE MARK(HOLDINGS)LIMITED
2,400,000 2,625,821 1.23HKD
14,274,090 6.68
AAC ACOUSTICTECHNOLOGIES HLD
2,160,000 2,048,141 0.96HKD
CAYMAN ISLANDS
AJISEN CHINA HOLDINGS LTD 106,000 96,306 0.05HKD
LIFESTYLE INTL HLD LTD 648,000 1,948,636 0.91HKD
PANVA GAS HOLDINGS LTD 1,716,000 944,221 0.44HKD
QIN JIA YUAN MEDIASERVICES CO
7,684,000 2,074,711 0.97HKD
TONGDA GROUP HOLDINGSLTD
16,120,000 1,196,412 0.56HKD
XINYI GLASS HOLDING CO LTD 5,484,000 2,701,754 1.27HKD
11,010,181 5.16
BANK OF CHINA LTD-H 8,707,000 4,334,170 2.03HKD
CHINA
CHINA CONSTRUCTION BANKCORP
8,300,000 4,747,592 2.22HKD
CHINA LIFE INSURANCE COLTD-H-
2,580,000 7,411,803 3.47HKD
CHINA MENGNIU DAIRY COLTD
1,188,000 3,397,675 1.59HKD
CHINA PETROLEUM & CHEMCORP -H-
6,770,000 5,726,351 2.68HKD
CHINA RESOURCES LAND 2,984,000 3,596,976 1.68HKD
DONGFENG MOTOR -H- 3,240,000 1,766,210 0.83HKD
HANGZHOU STEAM TURBINE -B-
699,934 1,691,908 0.79HKD
HARBIN POWER EQUIPMENTCO H
988,000 1,112,570 0.52HKD
NINE DRAGONS PAPER HLDGSLTD
2,971,000 6,196,951 2.90HKD
SHANGHAI JIN JIANG INT HOT.-H-
2,550,000 1,484,702 0.70HKD
ZHUZHOU CSR TIMESELECTRIC LTD
961,000 1,574,060 0.74HKD
43,040,968 20.15
BANK OF EAST ASIA LTD 383,000 2,227,514 1.04HKD
HONG KONG
BEIJING ENTERPRISES HLD 1,426,000 3,631,286 1.70HKD
CATHAY PACIFIC AIRWAYS 1,030,000 2,620,242 1.23HKD
CHEUNG KONG HOLDINGS 782,000 9,896,710 4.64HKD
INVESTMENTS
HONG KONG EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
CHINA MERCHANTSHOLDINGS
530,000 2,231,308 1.04HKD
CHINA MOBILE LTD 2,165,000 19,683,839 9.23HKD
CHINA NETCOM GROUP CORPHK LTD
1,809,000 4,722,332 2.21HKD
CHINA RESOURCESENTERPRISE LTD
752,000 2,511,575 1.18HKD
CHINA UNICOM LTD 2,890,000 4,164,128 1.95HKD
CITIC INTL FIN.HLD 2,300,000 1,992,527 0.93HKD
CITIC 1616 HOLDINGS LTD 477,000 157,480 0.07HKD
CLP HOLDINGS LTD 518,000 3,781,579 1.77HKD
CNOOC LTD 8,250,000 7,231,566 3.39HKD
HANG LUNG PROPERTIES LTD 1,072,000 2,997,326 1.40HKD
HONG KONG EXCHANGES &CLEARING
268,000 2,611,515 1.22HKD
HONGKONG+SHANGH.HOTELS 1,303,703 2,058,646 0.96HKD
HSBC HOLDINGS PLC 1,051,072 18,265,015 8.56HKD
HUTCHISON WHAMP 1,006,261 9,676,703 4.53HKD
IND & COM BOC -H- 6,000,000 3,362,894 1.57HKD
KINGBOARD CHEMICALSHOLDINGS
850,000 3,573,075 1.67HKD
LI & FUNG LTD 637,000 2,001,146 0.94HKD
MASS TRANSIT RAILWAYCORP
1,510,000 3,779,494 1.77HKD
NEW WORLD DEVELOPMENTCO. LTD
2,600,000 5,895,557 2.76HKD
SUN HUNG KAI PROPERTIESLTD
631,700 7,307,471 3.42HKD
WING HANG BANK 203,000 2,498,958 1.17HKD
WING LUNG BANK LTD 352,000 3,882,735 1.82HKD
132,762,621 62.17
94.16TOTAL SHARES 201,087,860
THE LINK REIT 893,500 2,149,514 1.01HKD
INVESTMENT COMPANIES
HONG KONG
2,149,514 1.01
1.01TOTAL INVESTMENT COMPANIES 2,149,514
95.17TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 203,237,374
Description Quantity Currency Evaluation % netassets
SWIRE PACIFIC LTD - A- 273,000 3,063,727 1.43HKD
OTHER TRANSFERABLE SECURITES
SHARES
HONG KONG
3,063,727 1.43
1.43TOTAL SHARES 3,063,727
1.43TOTAL OTHER TRANSFERABLE SECURITIES 3,063,727
96.60TOTAL INVESTMENTS 206,301,101
3.40OTHER NET ASSETS LESS LIABILITIES 7,255,801
100.00TOTAL NET ASSETS 213,556,902
158HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 20.56Real estate companies 15.29News transmission 13.39Holding companies 8.70Energy 6.07Electronics and electrical equipment 5.77Textile 4.06Insurance 3.47Transport 3.00Forest products and paper industry 2.90Public services 2.21Gastronomy 1.66Food 1.64Mechanics, machinery 1.57Clock and watch-making industry 1.23Miscellaneous 1.18Investment companies 1.01Graphic art and publishing 0.97Other business houses 0.94Retail trade, department stores 0.91Internet Software 0.07
Other net assets less liabilities 3.40
100.00Total Net Assets
HONG KONG EQUITY
159HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CAIRN ENERGY PLC 3,142,370 96,329,450 1.77GBP
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
GREAT BRITAIN
96,329,450 1.77
ABB LTD/DEMAT. 49,890 4,069,289 0.07INR
INDIA
ADITYA BIRLA NUVOLTD/DEMATER.
2,551,435 62,706,184 1.15INR
ALLAHABAD BANK /DEMAT. 3,821,596 6,390,256 0.12INR
ALOK IND LTD/DEMAT. 4,605,632 6,029,845 0.11INR
AMBIKA COTTON MILLS LTD/DEMAT
202,228 608,956 0.01INR
AMTEK AUTO LTD /DEMAT. 3,429,352 29,144,451 0.53INR
ANANT RAJ INDUSTRIES/DEMAT.
86,759 2,222,832 0.04INR
ANDHRA BANK / DEMAT. 6,281,307 11,008,208 0.20INR
APOLLO TYRES LTD / DEMAT. 1,754,033 11,081,320 0.20INR
ASHAPURA MINECHEM LTD/DEMAT
1,982,255 9,606,918 0.18INR
ASSOC.CEMENT /DEMAT. 4,467,861 76,350,991 1.40INR
BAJAJ AUTO LTD /DEMAT. 230,622 12,879,507 0.24INR
BAJAJ HINDUSTHAN LTD 2,354,105 10,335,755 0.19INR
BALRAMPUR CHINI MILLS/DEMAT.
4,868,467 7,307,687 0.13INR
BANK OF BARODA /DEMAT. 1,500,000 7,390,276 0.14INR
BANK OF INDIA/DEMAT. 2,374,604 9,190,374 0.17INR
BF UTILITIES LTD /DEMAT. 221,634 11,734,090 0.22INR
BHARAT FORGE LTD /DEMAT. 3,081,120 22,324,474 0.41INR
BHARAT HEAVY EL./DEMAT. 1,364,206 71,346,970 1.31INR
BHARTI AIRTEL LTD 4,739,193 83,491,420 1.53INR
BOMBAY DYEING &MANUFACT/DEMAT.
1,663,856 20,770,998 0.38INR
C & C CONSTRUCTIONSLTD/DEMAT.
57,942 226,181 0.00INR
CADILA HEALTHCARE LTD/DEMAT.
2,349,888 18,135,458 0.33INR
CAIRN INDIA LIMITED 22,163,774 66,333,088 1.22INR
CANARA BANK /DEMAT. 10,538,409 47,491,528 0.87INR
CASTROL INDIA /DEMAT. 1,176,071 5,718,689 0.10INR
CEAT LTD 898,575 2,244,531 0.04INR
CENTURION BANK LIMITED/DEMAT.
20,691,457 17,941,143 0.33INR
CESC LTD /DEMAT. 4,750,437 41,451,948 0.76INR
CHENNAI PETROLEUM CORP/DEMAT.
4,265,654 17,836,860 0.33INR
CROMPTON GREAVESLTD/DEMAT.
2,896,282 13,171,891 0.24INR
CUMMINS INDIA LTD /DEMAT. 5,347,578 32,488,143 0.60INR
INVESTMENTS
INDIAN EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Currency Evaluation % netassets
Quantity/FaceValue
DHAMPUR SUGAR MILLS LTDDEMAT.
762,544 1,293,473 0.02INR
DR REDDY S LABORATORIES/DEMAT.
6,450,000 108,593,987 1.99INR
DR REDDY SLABORATORIES/ADR
4,398,800 72,536,212 1.33USD
EMCO LTD /DEMAT. 218,000 4,045,852 0.07INR
ERA CONSTRUCTION LTD/DEMAT.
1,430,000 10,446,565 0.19INR
EVEREADY INDUSTRIES(I)/DEMAT.
6,913,429 10,536,018 0.19INR
FINANCIAL TECHNO.INDIA/DEMAT.
128,591 5,493,708 0.10INR
GAMMON INDIA LTD /DEMAT. 6,008,321 41,677,548 0.76INR
GANESH HOUS.CORPLTD/DEMATER.
1,350,000 10,015,632 0.18INR
GATEWAY DISTRIPARKS LTD 1,267,764 4,804,680 0.09INR
GODREJ INDUSTRIESLTD/DEMATER.
1,252,561 4,689,522 0.09INR
GRASIM INDUST./DEMAT. 2,490,330 120,395,380 2.21INR
GUJARAT AMBUJA CEMENT/DEMAT.
2,610,378 6,430,471 0.12INR
GUJARAT NRE COKE LTD /DEMAT.
12,000,000 11,149,153 0.20INR
GUJARAT STATE PETRONET/DEMAT.
36,458,000 40,111,642 0.74INR
H D F C BANK /DEMAT. 1,250,000 27,806,846 0.51INR
HAVELL S INDIA LTD /DEMAT. 310,621 3,113,206 0.06INR
HCL INFOSYSTEMS LTD/DEMAT.
13,092,078 39,092,552 0.72INR
HCL TECHNOLOGIES /DEMAT. 24,000,000 162,069,264 2.97INR
HEXAWARE TECH/DEMAT. 1,898,789 7,281,238 0.13INR
HINDALCO IND LTD /DEMAT 5,431,527 10,067,869 0.18INR
HINDALCO INDUSTRIES /DEMAT.
11,637,100 34,748,031 0.64INR
HINDUJA TMT LTD /DEMAT. 158,759 2,125,383 0.04INR
HINDUSTAN CONSTR. LTD/DEMAT.
5,447,762 11,249,155 0.21INR
HINDUSTAN LEVER 755 3,506 0.00INR
HINDUSTAN LEVER LTD/DEMAT.
2,876,807 13,360,846 0.25INR
HINDUSTAN PETR./DEMAT. 4,400,001 24,851,545 0.46INR
HINDUSTAN ZINC/DEMAT. 1,214,429 15,537,080 0.29INR
HOTEL LEELA VENTURE LTD 7,397,060 9,548,553 0.18INR
HUTCHISON TELECOM.INTL/SADR
6,255,400 185,159,841 3.40USD
HUTCHISONTELECOMM.INTERNAT.
28,000,000 56,754,593 1.04HKD
IBP CO LTD /DEMAT. 1,913,472 17,953,795 0.33INR
ICICI BK LTD /DEMAT. 2,936,009 57,652,054 1.06INR
ICICI BK /SADR 995,200 39,300,448 0.72USD
IDEA CELLULAR LTD 37,711,984 83,025,899 1.52INR
IND.DEV.BK INDIA/DEMAT. 5,000,000 8,934,941 0.16INR
INDIA CEMENTS LTD/DEMAT. 6,719,074 25,163,573 0.46INR
INDIAN OIL CORP/DEMAT. 2,856,193 26,175,955 0.48INR
INDIANPETROCHEM./DEMATERIALISED
2,700,000 16,756,804 0.31INR
INFOSYS TECH LTD /DEMAT. 521,934 24,262,525 0.45INR
INFOSYS TECHNOL./ SADR 380,000 19,060,800 0.35USD
ITC /GDR 7,232,788 25,260,122 0.46USD
ITC LTD /DEMAT. 38,426,500 134,290,371 2.46INR
IVRCL INFRASTRUCTURESAND PROJ
7,635,165 50,244,108 0.92INR
JAIN IRRIGATIONSYSTEMS/DEMAT
655,430 6,300,338 0.12INR
JET AIRWAYS INDIA LTD/DEMAT.
2,453,926 35,678,555 0.65INR
Description Currency Evaluation % netassets
Quantity/FaceValue
160HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
JINDAL SOUTH WEST HLDGS/DEMAT.
867,025 4,480,807 0.08INR
JINDAL STEEL & POWER/DEMAT.
2,434,333 133,075,783 2.44INR
J.K. CEMENT LTD 637,818 2,152,091 0.04INR
JSW STEEL LTD / DEMAT 8,143,741 92,095,834 1.69INR
KEC INTERNATIONAL LTD/DEMAT.
932,831 470,305 0.01INR
KEC INTERNATIONALLTD/DEMAT.
972,057 11,477,285 0.21INR
KESORAM IND.LTD/DEMAT. 856,798 6,779,689 0.12INR
KOTAK MAHINDRA BANKLTD/DEMAT.
2,275,000 25,058,633 0.46INR
KULKARNIDEVEL./DEMATERIALISED
276,565 1,646,230 0.03INR
LANCO INFRATECH LTD 675,603 2,475,109 0.05INR
LARSEN & TOUBRO /GDR 409,000 15,284,364 0.28USD
LARSEN & TOUBRO LTD /DEMAT.
881,000 32,984,173 0.61INR
LUPIN LIMITED /DEMAT. 2,051,599 28,745,138 0.53INR
MADHUCONPROJECTS/DEMAT.
1,102,400 5,241,452 0.10INR
MAHANAGAR TELEPH./DEMAT. 441,000 1,491,544 0.03INR
MAHINDRA ANDMAHINDRA.FIN SECS / DEMAT.
3,820,996 20,536,883 0.38INR
MAHINDRA GESCO /DEMAT. 1,403,624 18,602,387 0.34INR
MAHINDRA&MAHINDRA/DEMAT.
10,605,528 190,737,527 3.50INR
MAHINDRA&MAHINDRA/GDRREG.S
1,700,000 30,583,405 0.56USD
MARUTI UDYOG LTD /DEMAT. 6,546,564 124,685,169 2.29INR
MASTEK /DEMAT. 1,562,504 11,070,010 0.20INR
MATRIXLABORATORIES/DEMAT.
500,000 2,010,936 0.04INR
MICRO INKS LTD /DEMAT. 729,342 5,536,621 0.10INR
MONNETISPAT&ENERGY/DEMATERIA.
881,980 4,861,968 0.09INR
MOSER BAER (INDIA) DEMAT. 1,184,142 8,171,807 0.15INR
NAGARJUNA CONSTRUCTION/DEMAT.
10,916,000 39,991,372 0.73INR
NESTLE INDIA /DEMAT. 1,614,451 34,486,562 0.63INR
NICHOLAS PIRAMALINDIA/DEMAT.
850,300 4,726,391 0.09INR
NIIT TECHNOLOGIESLTD/DEMAT.
1,441,333 14,566,630 0.27INR
NOIDA TOLLBRIDGE/DEMATERIAL.
16,680,138 9,233,339 0.17INR
OIL&NATURAL GAS/DEMAT. 10,550,041 212,227,265 3.90INR
ORCHID CHEMICALS PHARMA/DEMAT
200,000 1,177,161 0.02INR
ORIENT.BKCOMMERCE/DEMAT.
955,480 4,137,998 0.08INR
PANACEA BIOTEC LTD 2,593,538 24,304,958 0.45INR
PATEL ENGINEERING LTD/DEMAT.
102,523 803,946 0.01INR
PATNI COMPUTER SYSTEMS/ADR
430,700 9,949,170 0.18USD
PATNI COMPUTERS SYSTEMSLTD /DEMAT.
8,188,428 71,846,561 1.32INR
RADICO KHAITAN LTD /DEMAT. 3,200,000 9,867,482 0.18INR
RANBAXY LABORAT./GDR(EQ.SHS).RECEIPTS R
350,000 2,716,000 0.05USD
RANBAXY LABS /DEMAT. 1,961,500 15,793,572 0.29INR
RAYMOND LTD /DEMAT. 311,272 2,430,866 0.04INR
RELIANCE CAPITAL LTD/DEMAT.
1,464,622 22,537,723 0.41INR
RELIANCECOMMUNICATIONS/DEMAT
16,319,097 158,854,369 2.91INR
RELIANCE INDUSTRIES LTD 50 1,572 0.00INR
RELIANCE NATURALRESOURCES/ DEMAT.
4,150,000 2,111,368 0.04INR
Description Currency Evaluation % netassets
Quantity/FaceValue
RUCHI SOYA IND/DEMAT. 879,366 6,425,034 0.12INR
S. KUMARS NATIONWIDE LTD/DEMAT.
4,522,685 7,479,472 0.14INR
SASKEN COMMC.TECHN.LTD/DEMAT.
200,000 2,233,965 0.04INR
SATYAM COMPUTERSERVICES /DEMAT.
6,125,000 65,840,639 1.21INR
SESA GOA LTD /DEMAT. 252,560 10,064,243 0.18INR
SHREE RENUKA SUGARS LTD 731,000 7,589,233 0.14INR
SIEMENS LTD/DEMATERIALISED
148,535 3,731,889 0.07INR
STEEL AUTHORITY OFINDIA/DEMAT.
36,226,154 95,023,368 1.74INR
STERLITE INDUSTRIES LTD/DEMAT
5,600,000 60,840,287 1.12INR
SUZLON ENERGY LTD /DEMAT. 278,000 6,430,080 0.12INR
SYNDICATE BANK LTD/DEMAT.
10,800,000 16,049,818 0.29INR
TASC PHARMACEUTICALSLTD/DEMAT.
1,157,918 1,369,705 0.03INR
TATA CHEMICALS LTD/DS/DEMAT.
2,258,115 10,762,329 0.20INR
TATA CONSULTANCYSERV/DEMAT.
4,000,000 113,149,888 2.08INR
TATA IRON & STEEL/DEMAT. 15,976,000 164,248,048 3.01INR
TATA MOTORS LTD /ADR 701,100 11,820,546 0.22USD
TATA MOTORS LTD/DEMAT. 7,483,841 125,501,521 2.30INR
TATA TEA LTD / DEMAT. 794,500 11,095,313 0.20INR
TORRENT PHARMACEUTICALSLTD
45 204 0.00INR
TRIVENIENGINEER.INDUSTR/DEMAT
9,663,217 11,918,953 0.22INR
ULTRA TECH CEMENT LTD/DEMAT.
2,185,129 39,095,678 0.72INR
UNION BANK OF INDIA/DEMAT. 4,112,808 9,895,427 0.18INR
UNITECH LTD /DEMAT. 729,550 6,557,865 0.12INR
UNITED PHOSPHORUSLTD/DEMAT.
6,161,013 46,691,986 0.86INR
UNITED SPIRITSLIMITED/DEMAT.
2,330,871 44,757,581 0.82INR
USHA MARTIN LTD 4,040,000 16,981,441 0.31INR
VIDEOCON INDUSTRIES LTD/DEMAT.
965,071 9,864,189 0.18INR
VIDESH SANCHAR /DEMAT. 424,951 3,950,155 0.07INR
VIDESH SANCHARNIGAM/SADR
66,000 1,215,720 0.02USD
VIJAYA BANK LTD/DEMAT. 8,468,000 8,305,214 0.15INR
WELSPUN GUJARAT STAHL/DEMAT.
4,500,000 10,801,172 0.20INR
WELSPUN INDIA LTD /DEMAT. 1,432,262 2,335,731 0.04INR
WIPRO LTD /DEMAT. 5,916,735 76,512,537 1.40INR
WYETH LTD /DEMATERIALISED 307,178 3,225,102 0.06INR
YES BANK /DEMAT. 6,617,937 21,851,063 0.40INR
4,819,714,751 88.42
HIRCO PLC 4,500,000 36,209,048 0.66GBP
ISLE OF MAN
UNITECH CORPORATE PARKSPLC
20,625,816 37,038,463 0.68GBP
73,247,511 1.34
TRANS INDIA ACQUISITIONCORP
480,000 3,916,800 0.07USD
UNITED STATES
3,916,800 0.07
91.60TOTAL SHARES 4,993,208,512
Description Currency Evaluation % netassets
Quantity/FaceValue
161HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CLSA FIN.05-27.09.10WRT/GAMMON 0
317,000 2,206,563 0.04USD
WARRANTS / EQUITY LINKED SECURITIES
BERMUDA ISLANDS
2,206,563 0.04
MSDW AS.SEC.05-19.9.08WRT/ICIC 0
1,570,432 30,800,638 0.57USD
CAYMAN ISLANDS
30,800,638 0.57
DT BK AG 07-2.1.17WRT/CARNIND 0.000001
14,000,000 41,900,319 0.76USD
GERMANY
41,900,319 0.76
UBS LDN 07-23.02.10WRT/PATNI 0
339,641 2,931,000 0.05USD
GREAT BRITAIN
2,931,000 0.05
DEUTSCHE BANK AG 04-06.08.07 /ON HCL-INFOSYSTEMS LTD 0.000001
2,167,525 6,474,313 0.12USD
INDIA
MERRILL LYNCH INTL 04-22.06.09 /ON AMTEK 0.000001
92,808 789,846 0.01USD
MERR.L.04-13.3.09 PATNICOMPUTER SYSTEMS LTD0.00001
124,923 1,097,175 0.02USD
MSDW ASIA 04-10.8.07 /ONHINDUSTAN PETROLEUM0.0001
1,164,567 6,590,450 0.12USD
14,951,784 0.27
ABN AMRO 05-18.12.06WRT/HCL INF 0
71,769 214,372 0.01USD
NETHERLANDS
ABN AMRO 05-22.12.06WRT/JINDAL 0
27,862 144,039 0.00USD
358,411 0.01
MERR.LYNCH 06-2.5.11WRT/GRASIM 0.00001
29,200 1,409,799 0.03USD
NETHERLANDS ANTILLES
1,409,799 0.03
CITIGRP GMH-17.01.06WRT/IPC0.00010
500,000 2,240,350 0.04USD
UNITED STATES
CITIGRP 07-02.03.09WT/IPCIDEA 0.000010
16,300,000 35,693,740 0.66USD
37,934,090 0.70
2.43TOTAL WARRANTS / EQUITY LINKED SECURITIES 132,492,604
94.03TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 5,125,701,116
Description Currency Evaluation % netassets
Quantity/FaceValue
SUBEX AZURE LTD /GDR 783,699 10,174,372 0.19USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
INDIA
10,174,372 0.19
0.19TOTAL SHARES 10,174,372
0.19TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 10,174,372
Description Currency Evaluation % netassets
Quantity/FaceValue
BROOKE BOND LIPTON INR10 60 0.00 0.00INR
OTHER TRANSFERABLE SECURITES
SHARES
INDIA
GLENMARKPHARMACEUTICALS/DEMAT
9,057,923 128,565,384 2.36INR
HINDUSTAN LEVER LTD 50 232 0.00INR
KESORAM TEXT.MILLS LTD /DM
1,014,882 5,828 0.00INR
MCDOWELL HOLDINGS LTD 463,854 440,554 0.01INR
RELIANCEENERGY/DEMATERIALISED
1,398,432 15,739,086 0.29INR
RELIANCE IND./GDR144A 165,470 10,424,610 0.19USD
155,175,694 2.85
2.85TOTAL SHARES 155,175,694
HINDUSTAN LEVER NCD 4,530 0.00 0.00INR
BONDS
INDIA
0.00 0.00
0.00TOTAL BONDS 0.00
MACQ.07-20.3.09 WRT /IDEACELL
12,058,928 26,378,905 0.48USD
WARRANTS / EQUITY LINKED SECURITIES
AUSTRALIA
26,378,905 0.48
UBS LN 06-19.12.07 WRT/JINDAL 0
119,805 6,580,661 0.12USD
GREAT BRITAIN
UBS LN06-13.12.07WRT/DR.REDDYS 0
1,075,151 17,254,023 0.32USD
UBS LN06-15.12.07WRT/JSWSTEEL 0
304,000 3,303,963 0.06USD
27,138,647 0.50
0.98TOTAL WARRANTS / EQUITY LINKED SECURITIES 53,517,552
3.83TOTAL OTHER TRANSFERABLE SECURITIES 208,693,246
98.05TOTAL INVESTMENTS 5,344,568,734
1.95OTHER NET ASSETS LESS LIABILITIES 106,231,906
162HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
100.00TOTAL NET ASSETS 5,450,800,640
Description Currency Evaluation % netassets
Quantity/FaceValue
163HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
News transmission 10.52Automobile industry 10.02Coal mines, heavy industries 9.06Internet Software 8.80Banks and financial institutions 7.71Pharmaceuticals and cosmetics 7.30Energy 7.20Construction, building materials 6.55Holding companies 6.39Chemicals 3.47Tobacco and spirits 2.92Office equipment and computers 2.37Non-ferrous metals 2.23Other services 2.07Other business houses 1.92Food 1.78Electronics and electrical equipment 1.51Mechanics, machinery 1.25Public services 1.21Miscellaneous 1.01Textile 0.72Investment companies 0.66Transport 0.65Tyres and rubber 0.24Real estate companies 0.18Gastronomy 0.18Healthcare, education and social services 0.13
Other net assets less liabilities 1.95
100.00Total Net Assets
INDIAN EQUITY
164HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ACOM CO LTD 700 3,507,000 0.01JPY
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
JAPAN
AEON CO LTD 89,400 210,090,000 0.58JPY
AEON CREDIT SERVICE LTD 14,500 28,797,000 0.08JPY
AJINOMOTO CO INC 27,000 36,612,000 0.10JPY
ALFRESA HLD CORP TOKYO 3,600 27,000,000 0.07JPY
ASICS CORP. 68,000 89,692,000 0.25JPY
ASTELLAS PHARMA INC 55,600 282,448,000 0.77JPY
BENESSE CORP. 25,800 113,004,000 0.31JPY
CANON INC 61,300 388,029,000 1.06JPY
CENTRAL JAPAN RAILWAY CO 377 505,180,000 1.39JPY
CIRCLE K SUNKUS CO LTD 8,700 19,140,000 0.05JPY
DAIMARU INC. 54,000 82,458,000 0.23JPY
DAINIPPON SCREENMANUFACT.
43,000 38,313,000 0.11JPY
DAITO TRUST CONSTRUCT. 35,200 195,360,000 0.54JPY
DAIWA SECURITIES GROUPINC
151,000 214,873,000 0.59JPY
DENKI KAGAKU KOGYO KK 105,000 57,960,000 0.16JPY
DOWA HOLDINGS CO LTD 41,000 49,118,000 0.13JPY
EISAI CO LTD 19,600 110,740,000 0.30JPY
ELPIDA MEMORY INC 27,200 124,304,000 0.34JPY
FAMILYMART CO LTD 12,800 41,984,000 0.12JPY
FUJI ELECTRIC HOLDINGS COLTD
143,000 78,221,000 0.21JPY
FUJI TELEVISION NETWORKINC
1,035 282,555,000 0.78JPY
FUJIKURA LTD 85,000 70,635,000 0.19JPY
HASEKO CORP 322,500 138,675,000 0.38JPY
HITACHI CONSTR.MACHIN. 23,200 74,008,000 0.20JPY
HITACHI HIGH-TECHNOLOGIESCORP
13,800 44,436,000 0.12JPY
HOKUHOKU FINANCIALGROUP
183,000 74,298,000 0.20JPY
HONDA MOTOR CO LTD 87,000 357,570,000 0.98JPY
HOYA CORP 94,021 367,622,110 1.01JPY
IBIDEN CO LTD 30,600 186,966,000 0.51JPY
INPEX HOLDINGS INC TOKYO 186 189,720,000 0.52JPY
ISETAN CO LTD 37,900 77,884,500 0.21JPY
ITOCHU CORP 337,000 393,616,000 1.08JPY
ITOCHU TECHNO-SOLUTIONSCORP
8,200 46,330,000 0.13JPY
JFE HOLDINGS INC 63,300 441,201,000 1.21JPY
KANSAI ELECTR. POWERCORP
104,300 353,577,000 0.97JPY
KAO CORP 41,000 141,450,000 0.39JPY
KAWASAKI KISEN 121,000 135,278,000 0.37JPY
INVESTMENTS
JAPANESE EQUITYStatement of investments as at 31 March 2007 (expressed in JPY)
Description Quantity Currency Evaluation % netassets
KIKKOMAN CORP. 16,000 24,160,000 0.07JPY
KOKUYO CO LTD 25,800 40,222,200 0.11JPY
KOMATSU LTD 201,200 498,976,000 1.37JPY
KONICA MINOLTA HOLDINGSINC
109,000 168,732,000 0.46JPY
KYOCERA CORP 37,000 411,070,000 1.13JPY
MAKITA CORP 46,200 201,894,000 0.55JPY
MARUBENI CORP. 342,000 244,872,000 0.67JPY
MARUI CO LTD 2,200 3,179,000 0.01JPY
MATSUSHITA ELECTR. IND. 414,000 983,250,000 2.71JPY
MEIJI DAIRIES CORP 30,000 27,750,000 0.08JPY
MILLEA HOLDINGS INC 30,000 130,800,000 0.36JPY
MINEBEA CO LTD 75,000 54,750,000 0.15JPY
MITSUBISHI CORP 302,400 827,064,000 2.27JPY
MITSUBISHI ELECTRIC CORP 432,000 524,448,000 1.44JPY
MITSUBISHI ESTATE CO 157,000 607,590,000 1.67JPY
MITSUBISHI GAS CHEMICAL 337,000 380,810,000 1.04JPY
MITSUBISHI UFJ FINANCIALGROUP
1,265 1,682,450,00 4.63JPY
MITSUBISHI UFJ SECURIT. CO 20,000 26,920,000 0.07JPY
MITSUI & CO LTD 347,000 763,400,000 2.09JPY
MITSUI CHEMICALS INC. 300,000 309,000,000 0.85JPY
MITSUI FUDOSAN CO 113,000 390,980,000 1.07JPY
MITSUI OSK LINES LTD 261,000 341,388,000 0.94JPY
MIZUHO FINANCIAL GROUPINC
1,395 1,058,805,00 2.91JPY
NIKON CORP. 127,000 315,595,000 0.87JPY
NINTENDO CO.LTD 20,700 708,975,000 1.95JPY
NIPPON ELECTRIC GLASS 76,500 157,972,500 0.43JPY
NIPPON MINING HOLDINGSINC
199,000 202,383,000 0.56JPY
NIPPON STEEL CORP 834,000 690,552,000 1.89JPY
NIPPON TEL & TEL 687 428,001,000 1.17JPY
NIPPON YUSEN K K 251,000 237,195,000 0.65JPY
NISSAN MOTOR CO LTD 197,200 249,063,600 0.68JPY
NITORI CO LTD 9,250 54,205,000 0.15JPY
NOMURA HOLDINGS INC. 210,000 515,550,000 1.41JPY
NTT DOCOMO INC 1,858 405,044,000 1.11JPY
OKUMA CORP 34,000 46,852,000 0.13JPY
OLYMPUS CORP 34,000 137,020,000 0.38JPY
ORIX CORP 10,800 331,560,000 0.91JPY
OTSUKA CORP 9,400 106,032,000 0.29JPY
RICOH CO LTD 152,000 403,560,000 1.11JPY
ROUND ONE CORP SAKAI 139 33,082,000 0.09JPY
SANWA SHUTTER CORP. 52,000 38,168,000 0.10JPY
SBI HOLDINGS INC 1,292 57,752,400 0.16JPY
SECOM LTD (SECURITYPATROLS)
62,400 341,328,000 0.94JPY
SEGA SAMMY HOLDING INC 80,000 220,000,000 0.60JPY
SEVEN & I HOLDINGS CO LTD 115,600 415,004,000 1.14JPY
SHIN-ETSU CHEMICAL CO 46,300 332,897,000 0.91JPY
SHINKO SECURITIES CO LTD 50,000 29,850,000 0.08JPY
SHOWA SHELL SEKIYU KK 85,200 122,943,600 0.34JPY
SOMPO JAPAN INSURANCEINC
140,000 205,660,000 0.56JPY
SONY CORP 120,000 718,800,000 1.97JPY
STANLEY ELECTRIC CO LTD 13,600 32,572,000 0.09JPY
SUMCO CORP 27,400 134,260,000 0.37JPY
SUMITOMO CORP. 238,000 504,560,000 1.38JPY
Description Quantity Currency Evaluation % netassets
165HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SUMITOMO HEAVYINDUSTRIES
128,000 150,272,000 0.41JPY
SUMITOMO METALINDUSTRIES
622,000 378,798,000 1.04JPY
SUMITOMO MITSUI FINANCIALGR.
902 965,140,000 2.66JPY
SUMITOMO RUBBER IND. 15,400 19,881,400 0.05JPY
SUMITOMO TR.+ BANKING 185,000 227,365,000 0.62JPY
SURUGA BANK LTD 104,000 159,744,000 0.44JPY
TAKEDA PHARMACEUTICALCO LTD
119,400 922,962,000 2.54JPY
TANABE SEIYAKU CO.LTD 23,000 36,869,000 0.10JPY
T&D HOLDINGS INC TOKYO 39,200 318,696,000 0.87JPY
TERUMO CORP. 25,400 116,586,000 0.32JPY
TOKUYAMA 61,000 125,660,000 0.34JPY
TOKYO ELECTRIC POWER 146,900 592,007,000 1.62JPY
TOKYO ELECTRON CO LTD 58,817 484,652,080 1.33JPY
TOKYO GAS CO LTD 407,000 267,399,000 0.73JPY
TOSHIBA CORP 580,000 456,460,000 1.25JPY
TOYOTA MOTOR CORP 287,197 2,168,337,35 5.96JPY
UNI-CHARM CORP. 2,800 20,888,000 0.06JPY
USS CO LTD TOKAI 9,190 70,671,100 0.19JPY
YAMADA DENKI CO LTD 21,370 234,642,600 0.64JPY
YASKAWA ELECTRIC CORP. 42,000 58,464,000 0.16JPY
31,727,093,440 87.05
87.05TOTAL SHARES 31,727,093,440
87.05TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 31,727,093,440
Description Quantity Currency Evaluation % netassets
87.05TOTAL INVESTMENTS 31,727,093,440
12.95OTHER NET ASSETS LESS LIABILITIES 4,720,701,010
100.00TOTAL NET ASSETS 36,447,794,450
166HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Holding companies 18.26Electronics and electrical equipment 17.24Automobile industry 7.90Other business houses 7.61Pharmaceuticals and cosmetics 4.48Transport 3.35Public services 3.32Chemicals 3.30News transmission 3.06Coal mines, heavy industries 2.93Banks and financial institutions 2.80Real estate companies 2.74Mechanics, machinery 2.13Retail trade, department stores 1.94Other services 1.54Office equipment and computers 1.25Construction, building materials 1.02Insurance 0.56Photography and optics 0.38Energy 0.34Textile 0.25Food 0.25Non-ferrous metals 0.13Internet Software 0.13Gastronomy 0.09Tyres and rubber 0.05
Other net assets less liabilities 12.95
100.00Total Net Assets
JAPANESE EQUITY
167HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
AMORE PACIFIC CORP (NEW) 2,530 1,393,104 0.91KRW
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
SOUTH KOREA
DAELIM INDUSTRIAL CO LTD 11,002 1,053,731 0.69KRW
DAEWOO SHIPBLDG+MARINEENGIN.
86,000 3,158,492 2.06KRW
DONG-A PHARMACEUTICALCO LTD
22,179 1,721,068 1.12KRW
DONGBU INSURANCE CO LTD 156,500 4,441,799 2.89KRW
DOOSAN HEAVYINDUST.&CONSTR.
23,000 1,486,499 0.97KRW
DOOSAN INFRACORE CO LTD 64,310 1,640,677 1.07KRW
GSENGINEERING&CONSTRUCT.CORP
31,200 2,792,544 1.82KRW
HAN KOOK TIREMANUFACTURING CO
63,500 1,053,008 0.69KRW
HANA FINANCIAL GROUP INC 49,500 2,562,521 1.67KRW
HANA TOUR SERVICE INC 49,000 3,791,934 2.47KRW
HOTEL SHILLA 191,000 3,035,343 1.98KRW
HYUNDAI DEPARTMENTSTORE CO
46,700 3,921,726 2.55KRW
HYUNDAIENGINEERING+CONSTR.CO
68,210 3,676,117 2.39KRW
HYUNDAI FIRE & MARINE INSCO
230,700 3,188,043 2.07KRW
KOOKMIN BANK 151,500 13,592,155 8.84KRW
KOREA ELECTRIC POWERCORP.
34,000 1,357,132 0.88KRW
KOREA INVESTMENTHOLDINGS CO
89,580 4,713,565 3.07KRW
KOREAN AIR 94,800 3,703,386 2.41KRW
KT& G CORP 74,500 4,870,400 3.17KRW
LG CHEMICAL LTD 43,000 2,164,321 1.41KRW
LG PETROCHEMICAL CO LTD 111,700 3,294,955 2.14KRW
MEGASTUDY CO LTD 35,230 6,179,166 4.02KRW
MODETOUR NETWORK INC 56,400 2,392,133 1.56KRW
NHN CORPORATION 44,646 6,549,300 4.26KRW
ORION CORPORATION 14,700 3,640,881 2.37KRW
POSCO 27,000 11,336,895 7.38KRW
SAMSUNG ELECTRONICS COLTD
20,180 12,077,103 7.85KRW
SAMSUNG ENGINEERING COLTD
97,000 6,042,305 3.93KRW
SAMSUNG HEAVY INDUSTRIES 176,000 4,695,909 3.06KRW
SAMSUNG TECHWIN CO LTD 40,000 1,524,342 0.99KRW
SHINHAN FINANCIAL GROUP 89,600 5,143,219 3.35KRW
SHINSEGAE CO LTD 7,000 4,018,140 2.62KRW
SK CORPORATION 24,310 2,387,757 1.55KRW
SK TELECOM CO LTD 10,150 2,066,180 1.34KRW
INVESTMENTS
KOREAN EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
S-OIL CORP 50,000 3,444,120 2.24KRW
WOORI FINANCE HOLDINGSCO LTD
56,500 1,366,354 0.89KRW
WOORIINVESTMENT&SECURIT.CO
236,000 4,954,643 3.22KRW
YUHAN CORP 10,500 1,646,321 1.07KRW
152,077,288 98.97
98.97TOTAL SHARES 152,077,288
98.97TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 152,077,288
Description Quantity Currency Evaluation % netassets
98.97TOTAL INVESTMENTS 152,077,288
1.03OTHER NET ASSETS LESS LIABILITIES 1,578,199
100.00TOTAL NET ASSETS 153,655,487
168HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 15.41Electronics and electrical equipment 12.77Internet Software 8.28Coal mines, heavy industries 7.38Mechanics, machinery 7.16Holding companies 5.63Retail trade, department stores 5.17Insurance 4.96Construction, building materials 4.90Gastronomy 4.45Transport 3.97Energy 3.79Chemicals 3.55Tobacco and spirits 3.17Pharmaceuticals and cosmetics 3.10Food 2.37News transmission 1.34Public services 0.88Tyres and rubber 0.69
Other net assets less liabilities 1.03
100.00Total Net Assets
KOREAN EQUITY
169HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
DEXIA SA 513,313 11,590,608 1.58EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BELGIUM
UCB 169,606 7,410,086 1.01EUR
19,000,694 2.59
MARFIN POPULAR BANKPUBLIC CO
1,255,520 10,069,270 1.37EUR
CYPRUS
10,069,270 1.37
NOVO NORDISK A/S B 112,962 7,778,445 1.06DKK
DENMARK
7,778,445 1.06
NESTE OIL OYJ 457,620 11,870,663 1.62EUR
FINLAND
NOKIA OY 423,870 7,218,506 0.98EUR
19,089,169 2.60
AXA 570,756 17,995,936 2.44EUR
FRANCE
BNP PARIBAS 177,192 13,758,959 1.88EUR
CASINO GUICHARD-PERRACH 170,533 12,841,135 1.75EUR
CREDIT AGRICOLE SA. 292,545 8,551,090 1.17EUR
GROUPE DANONE 57,596 7,013,465 0.96EUR
LEGRAND HOLDINGACT.PROV.OPO
230,433 5,707,825 0.78EUR
SAINT-GOBAIN 188,988 13,762,106 1.88EUR
SANOFI-AVENTIS 208,783 13,462,328 1.84EUR
TOTAL SA 336,264 17,684,124 2.41EUR
VALLOUREC 77,167 15,147,882 2.06EUR
125,924,850 17.17
ALLIANZ AG /NAM. 129,055 19,811,233 2.71EUR
GERMANY
COMMERZBANK AG 250,392 8,350,573 1.14EUR
DEUTSCHE POST AG. BONN 653,220 14,854,223 2.02EUR
E.ON AG 80,594 8,175,455 1.11EUR
HEIDELBERGERDRUCKMASCHINEN AG
312,981 10,691,431 1.46EUR
LANXESS AG 287,967 11,040,655 1.50EUR
72,923,570 9.94
INVESTMENTS
PAN-EUROPEAN EQUITYStatement of investments as at 31 March 2007 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
ANGLO AMERICAN PLC 241,574 9,528,243 1.30GBP
GREAT BRITAIN
ASTRAZENECA PLC 386,887 15,584,281 2.12GBP
BAE SYSTEMS PLC 2,484,378 16,846,546 2.30GBP
BARCLAYS PLC 1,749,966 18,633,567 2.54GBP
BP PLC 3,157,376 25,889,317 3.54GBP
CARPHONE WAREHOUSEGROUP
2,065,744 8,474,600 1.16GBP
EMI GROUP PLC 1,760,374 5,861,670 0.80GBP
FKI PLC 3,757,992 6,360,358 0.87GBP
GKN PLC 2,121,788 11,835,021 1.61GBP
HSBC HOLDINGS PLC 1,424,074 18,600,678 2.54GBP
JAZZTEL PLC 4,850,139 3,007,086 0.41EUR
KAZAKHMYS LIMITED 246,734 4,239,491 0.58GBP
LADBROKES PLC 1 6 0.00GBP
NEXT PLC 355,689 11,825,364 1.61GBP
PUNCH TAVERNS LTD 197,607 3,612,033 0.49GBP
RESOLUTION PLC 1,574,666 14,250,867 1.94GBP
SHIRE PLC 626,381 9,707,218 1.32GBP
UNILEVER PLC 894,253 19,952,047 2.72GBP
XSTRATA PLC 262,650 9,982,644 1.36GBP
214,191,037 29.21
BANK OF PIRAEUS 148,130 3,848,417 0.52EUR
GREECE
HELLENIC TELECOM 620,143 12,601,306 1.73EUR
OPAP 250,822 7,223,674 0.98EUR
23,673,397 3.23
BANK OF IRELAND 405,943 6,482,909 0.88EUR
IRELAND
SMURFIT KAPPA PLC 317,283 5,869,736 0.80EUR
12,352,645 1.68
ENI SPA ROMA 745,559 18,087,261 2.47EUR
ITALY
INTESA SANPAOLO SPA 2,071,279 11,733,796 1.60EUR
UNICREDITO ITALIANO SPA 3,055,075 21,629,931 2.94EUR
51,450,988 7.01
ARCELOR MITTAL N.V. CLASSA
170,174 6,721,873 0.92EUR
NETHERLANDS
BUHRMANN NV 865,731 8,813,142 1.20EUR
KONINKLIJKE NUMICO NV 332,965 12,862,438 1.75EUR
28,397,453 3.87
BCO COMM.PORTUG./NAM. 2,909,075 7,854,503 1.07EUR
PORTUGAL
7,854,503 1.07
ACCIONA SA 108,871 17,539,118 2.39EUR
SPAIN
ALTADIS SA/REG. 100,279 4,825,425 0.66EUR
BANCO BILBAOVIZ.ARGENTARIA /NAM
1,196,849 21,902,338 2.98EUR
ENDESA SA 186,828 7,525,432 1.03EUR
Description Quantity Currency Evaluation % netassets
170HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
GAMESA CORP.TECNOLOGICASA
435,440 11,573,995 1.58EUR
TELEFONICA SA 1,017,068 16,679,915 2.27EUR
80,046,223 10.91
ERICSSON TEL. -B- 3,024,482 8,377,673 1.14SEK
SWEDEN
8,377,673 1.14
JULIUS BAER HOLDING/NAMENAKT.
131,675 13,396,146 1.83CHF
SWITZERLAND
NOVARTIS AG BASEL /NAM. 390,439 16,638,945 2.26CHF
SYNGENTA AG /NAM. 99,482 13,919,362 1.90CHF
43,954,453 5.99
98.84TOTAL SHARES 725,084,370
98.84TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 725,084,370
Description Quantity Currency Evaluation % netassets
98.84TOTAL INVESTMENTS 725,084,370
1.16OTHER NET ASSETS LESS LIABILITIES 8,534,066
100.00TOTAL NET ASSETS 733,618,436
171HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 21.50Energy 10.04Pharmaceuticals and cosmetics 9.61Insurance 7.09News transmission 6.53Food 5.43Mechanics, machinery 5.13Construction, building materials 4.27Chemicals 3.40Electronics and electrical equipment 3.23Coal mines, heavy industries 2.86Holding companies 2.54Miscellaneous 2.41Aerospace technology 2.30Public services 2.14Transport 2.02Real estate companies 1.75Gastronomy 1.47Non-ferrous metals 1.30Office equipment and computers 1.20Retail trade, department stores 1.16Graphic art and publishing 0.80Tobacco and spirits 0.66
Other net assets less liabilities 1.16
100.00Total Net Assets
PAN-EUROPEAN EQUITY
172HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
OMV AG 29,700 1,403,325 1.70EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
AUSTRIA
ZUMTOBEL AG 37,155 943,737 1.14EUR
2,347,062 2.84
CATLIN GROUP LTD 158,500 1,159,347 1.40GBP
BERMUDA ISLANDS
1,159,347 1.40
TELEFONICA O2 CZECHREPUBLIC
61,894 1,202,901 1.46CZK
CZECH REPUBLIC
1,202,901 1.46
KEMIRA OYJ 46,691 797,015 0.96EUR
FINLAND
797,015 0.96
AXA 68,311 2,153,846 2.60EUR
FRANCE
BNP PARIBAS 19,868 1,542,750 1.87EUR
NATIXIS 75,226 1,367,609 1.65EUR
NEOPOST 17,636 1,865,889 2.26EUR
NEUF CEGETEL 41,277 1,147,501 1.39EUR
RENAULT SA 19,110 1,678,622 2.03EUR
SAINT-GOBAIN 22,770 1,658,111 2.01EUR
STE AIR FRANCE 24,700 834,860 1.01EUR
SUEZ 67,758 2,700,156 3.26EUR
VIVENDI 38,217 1,157,593 1.40EUR
WENDEL INVESTISSEMENT 10,110 1,271,939 1.54EUR
17,378,876 21.02
ALLIANZ AG /NAM. 12,275 1,884,335 2.28EUR
GERMANY
COMMERZBANK AG 48,571 1,619,843 1.96EUR
DEUTSCHE BANK AG /NAM. 14,520 1,467,827 1.78EUR
DEUTSCHE BOERSE AG /NAM 10,346 1,759,958 2.13EUR
DEUTSCHE POST AG. BONN 87,081 1,980,222 2.39EUR
HEIDELBERGERDRUCKMASCHINEN AG
44,793 1,530,129 1.85EUR
HYPO REAL ESTATE HOLDINGAG
23,802 1,121,788 1.36EUR
PROSIEBEN SAT 1MED./VORZ. 58,380 1,524,886 1.84EUR
RWE AG (NEU). ESSEN A 20,168 1,585,608 1.92EUR
INVESTMENTS
PAN-EUROPEAN EQUITY HIGH DIVIDENDStatement of investments as at 31 March 2007 (expressed in EUR)
Description Quantity Currency Evaluation % netassets
UNITEDINTERN.&CO/NAMENSAKT
58,500 820,170 0.99EUR
15,294,766 18.50
ASTRAZENECA PLC 73,575 2,963,690 3.59GBP
GREAT BRITAIN
BARCLAYS PLC 121,149 1,289,990 1.56GBP
BRITISH LAND 74,925 1,667,272 2.02GBP
CARPHONE WAREHOUSEGROUP
254,145 1,042,616 1.26GBP
FIRST CHOICE HOLIDAYS 209,396 879,837 1.06GBP
HOME RETAIL GROUP PLC 280,550 1,838,409 2.22GBP
VODAFONE GROUP PLC 921,583 1,859,312 2.25GBP
11,541,126 13.96
BQ NATIONA.GRECE/NOM.-S.CP.
37,425 1,511,970 1.83EUR
GREECE
HELLENIC TELECOM 63,500 1,290,320 1.56EUR
OPAP 37,638 1,083,974 1.31EUR
3,886,264 4.70
C&C GROUP PLC 125,304 1,428,466 1.73EUR
IRELAND
1,428,466 1.73
ASSICURAZIONI GENERALISPA
69,200 2,210,248 2.67EUR
ITALY
BCA POPOLARE DI MILANO 62,133 720,743 0.87EUR
CAPITALIA SPA 282,276 1,896,895 2.29EUR
ENI SPA ROMA 121,589 2,949,749 3.58EUR
7,777,635 9.41
ARCELOR MITTAL N.V. CLASSA
48,964 1,934,078 2.34EUR
NETHERLANDS
ING GROEP NV/ CERT. OF SHS 70,213 2,214,518 2.68EUR
KONINKLIJKE KPN NV 121,220 1,419,486 1.72EUR
SNS REAAL NV 52,099 902,355 1.09EUR
USG PEOPLE NV 24,222 751,851 0.91EUR
7,222,288 8.74
NORSKE SKOGINDUSTRIER AS 92,771 1,194,551 1.45NOK
NORWAY
STATOIL ASA 140,660 2,894,432 3.50NOK
4,088,983 4.95
BCO SANTANDER CENTR.HISP /REG.
100,863 1,340,469 1.62EUR
SPAIN
1,340,469 1.62
ENIRO AB 21,461 205,244 0.25SEK
SWEDEN
HENNES & MAURITZ AB 34,333 1,478,938 1.79SEK
NORDEA BANK AB 100,260 1,198,957 1.45SEK
SKF AB B 56,230 861,620 1.04SEK
3,744,759 4.53
Description Quantity Currency Evaluation % netassets
173HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ZURICH FINANCIAL SERVICES/NAM
7,427 1,601,984 1.94CHF
SWITZERLAND
1,601,984 1.94
97.76TOTAL SHARES 80,811,941
DEUTSCHE BK 07-17.12.17WRT/YIT
32,881 815,120 0.99EUR
WARRANTS / EQUITY LINKED SECURITIES
GERMANY
815,120 0.99
0.99TOTAL WARRANTS / EQUITY LINKED SECURITIES 815,120
98.75TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 81,627,061
Description Quantity Currency Evaluation % netassets
DT.BK 06-16.12.11 WRT/NESTLE
43,445 1,190,914 1.44EUR
OTHER TRANSFERABLE SECURITES
WARRANTS / EQUITY LINKED SECURITIES
GERMANY
1,190,914 1.44
1.44TOTAL WARRANTS / EQUITY LINKED SECURITIES 1,190,914
1.44TOTAL OTHER TRANSFERABLE SECURITIES 1,190,914
100.19TOTAL INVESTMENTS 82,817,975
(0.19)OTHER NET ASSETS LESS LIABILITIES (157,497)
100.00TOTAL NET ASSETS 82,660,478
174HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 24.44Insurance 10.89News transmission 9.78Energy 8.78Public services 5.18Coal mines, heavy industries 3.88Pharmaceuticals and cosmetics 3.59Transport 3.40Electronics and electrical equipment 3.40Retail trade, department stores 3.05Mechanics, machinery 2.89Gastronomy 2.37Miscellaneous 2.22Holding companies 2.13Graphic art and publishing 2.09Automobile industry 2.03Investment companies 2.02Construction, building materials 2.01Other services 1.90Tobacco and spirits 1.73Forest products and paper industry 1.45Chemicals 0.96
Other net assets less liabilities (0.19)
100.00Total Net Assets
PAN-EUROPEAN EQUITY HIGH DIVIDEND
175HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SARIN TECHNOLOGIES LTD 9,787,000 3,968,619 3.53SGD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
ISRAEL
3,968,619 3.53
ALLGREEN PROPERTIES LTD 6,419,500 7,407,198 6.59SGD
SINGAPORE
BANYAN TREE HOLDINGS LTD 2,740,000 3,956,484 3.52SGD
HO BEE INVESTMENT LTD 5,680,000 8,463,918 7.53SGD
HOTEL PROPERTIES 2,882,000 9,691,229 8.63SGD
HTL INTERNATL HLDGS LTD 2,259,500 1,355,715 1.21SGD
INTER-ROLLER ENGINEERINGLTD
7,650,000 4,514,391 4.02SGD
JARDINE CYCLE & CARRIAGELTD
376,000 2,950,187 2.62SGD
KEPPEL CORP. LTD 389,000 4,873,241 4.33SGD
MEIBAN GROUP 1,700,000 325,059 0.29SGD
OVERSEA-CHINESE BK CORP 821,000 4,871,922 4.33SGD
SC GLOBAL DEVELOPMENTSLTD
370,000 1,131,969 1.01SGD
SINGAPORE AIRLINES LTD 436,000 4,772,097 4.24SGD
SINGAPORE PRESS HOLDINGSLTD
1,276,000 3,701,843 3.29SGD
SINGAPORE TELEC/BOARDLOT 1000
2,252,300 4,870,962 4.33SGD
STRAITS ASIA RESOURCESLTD
6,457,000 4,427,706 3.94SGD
STRAITS TRADING CO STCL 639,000 1,744,279 1.55SGD
SUNNINGDALE TECH LTD 1,287,000 246,088 0.22SGD
UNITED TEST & ASSEMBLYCENTER
4,900,000 2,940,033 2.62SGD
UTD OVERSEAS BANK /LOCAL 355,000 4,915,439 4.37SGD
VENTURE CORPORATION LTD 495,000 4,765,108 4.24SGD
WHEELOCKPROPERT(SINGAPORE) LTD
2,570,000 5,490,259 4.88SGD
87,415,127 77.76
81.29TOTAL SHARES 91,383,746
MACQUARIE INTLINFRASTRUCTURE
11,190,000 8,189,696 7.29SGD
INVESTMENT COMPANIES
BERMUDA ISLANDS
8,189,696 7.29
7.29TOTAL INVESTMENT COMPANIES 8,189,696
INVESTMENTS
SINGAPORE EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets SC GLOBAL DEVTS 05-
10.12.10WRT1,502,000 3,070,056 2.73SGD
WARRANTS / EQUITY LINKED SECURITIES
SINGAPORE
3,070,056 2.73
2.73TOTAL WARRANTS / EQUITY LINKED SECURITIES 3,070,056
91.31TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 102,643,498
Description Quantity Currency Evaluation % netassets
91.31TOTAL INVESTMENTS 102,643,498
8.69OTHER NET ASSETS LESS LIABILITIES 9,773,645
100.00TOTAL NET ASSETS 112,417,143
176HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Real estate companies 17.86Gastronomy 17.03Banks and financial institutions 8.70Investment companies 7.29Electronics and electrical equipment 7.08Holding companies 4.33News transmission 4.33Mechanics, machinery 4.31Transport 4.24Coal mines, heavy industries 3.94Precious metals 3.53Graphic art and publishing 3.29Automobile industry 2.62Other business houses 1.55Forest products and paper industry 1.21
Other net assets less liabilities 8.69
100.00Total Net Assets
SINGAPORE EQUITY
177HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BANYAN TREE HOLDINGS LTD 9,870,000 14,252,005 6.55SGD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
SINGAPORE
14,252,005 6.55
AAPICO HITECH PCL/FOR.REG.
8,153,100 3,141,638 1.44THB
THAILAND
ADVANCED INFO SERV. PUB./FOR. REG
2,822,300 5,397,313 2.48THB
AIRPORTS OF THAILAND PUB./FOR. REG.
1,950,000 3,228,213 1.48THB
BANGKOK BANK PUBLIC /FOR.REG.
6,378,800 20,573,921 9.46THB
BANPU PUBLIC COLTD/FOR.REG.
1,330,000 7,668,362 3.52THB
BEC WORLD PUBLIC CO/FOREIGN
5,700,000 3,546,753 1.63THB
CENTRAL PATTANA PUBLICCO LTD
4,247,900 2,861,448 1.32THB
CHAROONGTHAI&WIRE/FOR.REG.
6,304,800 1,448,661 0.67THB
HANA MICROELECTRONICS/FOR. REG.
8,399,900 6,293,657 2.89THB
HEMARAJ LANDDEVEL.FOREIG.REG.
45,651,700 1,146,672 0.53THB
ITALIAN-THAI DEV. PUB. /FOR.REG.
51,438,800 7,194,267 3.31THB
KASIKORNBANKPUB.COMP./FOR.REG
10,300,000 19,697,525 9.05THB
KRUNG THAI BANK /FOR.REG. 22,339,000 7,715,227 3.55THB
LAGUNA RESORTS&HOTELS/FOR.REG.
261,000 581,078 0.27THB
LALIN PROPERTYPUB/FOREIGN REG
25,146,600 3,172,497 1.46THB
LAND AND HOUSEPUBLIC/FOR.REG.
32,550,000 6,178,346 2.84THB
LPN DEVELOPMENTPUB./FOR.REG.
34,392,700 5,742,774 2.64THB
MURAMOTO ELECTRON (THAI)PLC /FOR. REG.
320,000 1,735,414 0.80THB
PHATRA SEC.PUBLIC CO LTD/FOR. REG.
2,259,400 1,837,967 0.84THB
PTT EXPL.PROD.PUBLIC/FOR.REG
3,350,000 8,605,715 3.96THB
PTT PLC CO LTD /FOR.REG. 3,265,000 19,384,123 8.91THB
QUALITY HOUSES PUBLIC/FOR.REG
19,967,100 706,702 0.32THB
SIAM COMMERC.BANKPUBL./FOR.REG.
5,280,000 10,248,079 4.71THB
SINO-THAI ENGIN.&CONS/FOR.REG
35,776,100 4,390,976 2.02THB
SRITHAI SUPERWAREPUB./FOR.REG
10,680,000 2,789,279 1.28THB
SUPALAI PUBLIC COLTD/FOREIGN
30,464,400 2,921,672 1.34THB
THAI AIRWAYS INTL/FOR.REG. 7,458,900 9,314,348 4.28THB
THAI CANE PAPER /FOR.REG. 10,161,329 4,089,491 1.88THB
INVESTMENTS
THAI EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
THAI OIL PUBLIC CO/FOR.REG. 6,020,000 10,051,988 4.62THB
THAI PLAST.&CHEMIC.PUB./FOR.REG.
11,260,500 5,624,648 2.59THB
THE ERAWAN GROUP/FOR.REG.
51,201,700 4,968,930 2.28THB
TRUE CORP. PUBLIC /FOR.REG.
36,763,000 5,718,828 2.63THB
WORKPOINTENTERTAINM.PUB./FOR.
3,661,500 2,309,675 1.06THB
200,286,187 92.06
98.61TOTAL SHARES 214,538,192
98.61TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 214,538,192
Description Quantity Currency Evaluation % netassets
98.61TOTAL INVESTMENTS 214,538,192
1.39OTHER NET ASSETS LESS LIABILITIES 3,034,745
100.00TOTAL NET ASSETS 217,572,937
178HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 26.77Energy 17.49Real estate companies 9.36Construction, building materials 8.17Gastronomy 6.82News transmission 5.11Electronics and electrical equipment 4.36Transport 4.28Public services 3.52Chemicals 2.59Forest products and paper industry 1.88Other services 1.63Aerospace technology 1.48Mechanics, machinery 1.44Consumer goods 1.28Graphic art and publishing 1.06Holding companies 0.84Tyres and rubber 0.53
Other net assets less liabilities 1.39
100.00Total Net Assets
THAI EQUITY
179HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ANGLO AMERICAN PLC 119,901 3,213,347 3.28GBP
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
GREAT BRITAIN
ASTRAZENECA PLC 120,237 3,290,887 3.36GBP
AVIVA PLC 235,885 1,767,253 1.81GBP
BAE SYSTEMS PLC 712,102 3,281,010 3.35GBP
BARCLAYS PLC 714,001 5,165,797 5.28GBP
BBA AVIATION PLC 1 3 0.00GBP
BG GROUP PLC 279,708 2,060,049 2.10GBP
BP PLC 1,436,334 8,002,430 8.19GBP
BRITISH AMERICAN TOBACCO 70,253 1,110,700 1.13GBP
BT GROUP PLC 250,848 763,989 0.78GBP
CARPHONE WAREHOUSEGROUP
398,281 1,110,208 1.13GBP
CENTRICA PLC 545,694 2,067,416 2.11GBP
CLIPPER WINDPOWER PLC 193,183 1,358,076 1.39GBP
DANA PETROLEUM PLC 65,068 646,776 0.66GBP
DOMESTIC & GENERALGROUP PLC
171,858 2,027,924 2.07GBP
ECONERGY INTERNATIONALPLC
626,326 538,640 0.55GBP
EMI GROUP PLC 409,471 926,428 0.95GBP
EXPERIAN GROUP LTD 228,303 1,337,011 1.37GBP
FIBERWEB PLC 1 2 0.00GBP
FKI PLC 784,588 902,276 0.92GBP
GKN PLC 548,097 2,077,288 2.12GBP
GLAXOSMITHKLINE PLC 104,492 1,454,194 1.49GBP
HANSON PLC 227,295 1,854,727 1.89GBP
HBOS PLC 426,210 4,472,482 4.57GBP
HELPHIRE GROUP LONDON 501,828 2,218,080 2.27GBP
HOMESERVE 80,711 1,437,382 1.47GBP
HSBC HOLDINGS PLC 723,468 6,420,779 6.56GBP
ICAP PLC 305,498 1,605,392 1.64GBP
INCHCAPE PLC 341,141 1,944,504 1.99GBP
JOHNSON MATTHEY PLC 145,942 2,293,479 2.34GBP
KAZAKHMYS LIMITED 83,133 970,578 0.99GBP
LEGAL & GENERAL GROUPPLC
1,139,582 1,788,574 1.83GBP
MARKS AND SPENCER 175,276 1,190,124 1.22GBP
NEXT PLC 71,217 1,608,792 1.64GBP
PETROFAC LTD 223,704 990,449 1.01GBP
PUNCH TAVERNS LTD 67,229 834,984 0.85GBP
RECKITT BENCKISER PLC 36,242 954,252 0.97GBP
RESOLUTION PLC 353,169 2,171,739 2.22GBP
ROYAL DUTCH SHELL -B- 175,865 2,995,632 3.06GBP
INVESTMENTS
UK EQUITYStatement of investments as at 31 March 2007 (expressed in GBP)
Description Quantity Currency Evaluation % netassets
SCOTTISH POWER PLC 185,546 1,487,151 1.52GBP
SHIRE PLC 168,107 1,770,167 1.81GBP
SIG PLC 162,026 2,051,249 2.10GBP
SOCO INTL PLC 43,731 691,387 0.71GBP
TRADING EMISSIONS PLC 600,000 733,164 0.75GBP
UNILEVER PLC 144,195 2,185,996 2.23GBP
UTD BUSINESS MEDIA PLC 177,941 1,423,528 1.45GBP
VODAFONE GROUP PLC 1,312,447 1,799,168 1.84GBP
XSTRATA PLC 89,399 2,308,729 2.36GBP
3I GROUP PLC 145,020 1,646,209 1.68GBP
94,950,401 97.01
RAVEN RUSSIA PLC 996,983 1,203,857 1.23GBP
GUERNSEY
1,203,857 1.23
98.24TOTAL SHARES 96,154,258
98.24TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 96,154,258
Description Quantity Currency Evaluation % netassets
TRADING EMISSIONS PLC -C- 552,140 615,636 0.63GBP
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
GREAT BRITAIN
615,636 0.63
0.63TOTAL SHARES 615,636
0.63TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 615,636
98.87TOTAL INVESTMENTS 96,769,894
1.13OTHER NET ASSETS LESS LIABILITIES 1,109,877
100.00TOTAL NET ASSETS 97,879,771
180HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Energy 14.72Holding companies 12.32Banks and financial institutions 12.12Insurance 7.93Pharmaceuticals and cosmetics 6.66Public services 6.48Miscellaneous 5.63Coal mines, heavy industries 4.36Aerospace technology 3.35Non-ferrous metals 3.28News transmission 2.62Graphic art and publishing 2.40Retail trade, department stores 2.35Precious metals 2.34Food 2.23Mechanics, machinery 2.12Other services 2.10Other business houses 1.99Tobacco and spirits 1.13Consumer goods 0.97Electronics and electrical equipment 0.92Gastronomy 0.85Transport 0.00
Other net assets less liabilities 1.13
100.00Total Net Assets
UK EQUITY
181HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ABBOTT LABORATORIES INC 58,300 3,253,723 1.66USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
UNITED STATES
ADOBE SYSTEMS INC 33,223 1,379,751 0.70USD
ALLTEL CORP. 16,000 999,680 0.51USD
ALTRIA GROUP 37,000 3,224,180 1.65USD
AMERICAN INTERNATIONALGP
53,652 3,605,414 1.84USD
APPLE INC 32,504 3,047,250 1.56USD
APPLIED MATERIALS INC 54,500 1,008,250 0.51USD
AT & T 104,545 4,095,028 2.08USD
BEAR STEARNS COMPANIES 17,034 2,573,497 1.31USD
CARDINAL HEALTH INC 25,000 1,812,750 0.93USD
CHEVRON CORPORATION 56,541 4,237,748 2.15USD
CISCO SYSTEMS INC 151,945 3,863,961 1.97USD
CITRIX SYSTEMS INC 45,000 1,423,800 0.73USD
COCA-COLA CO 64,661 3,110,841 1.59USD
COGNIZANT TECHNOLOGYSOL.CORP
15,000 1,345,350 0.69USD
CONAGRA FOODS INC 30,000 737,700 0.38USD
COOPER INDUSTRIES LTD -A- 40,000 1,812,800 0.93USD
DEERE & CO. 10,841 1,175,923 0.60USD
ENSCO INTL INC. 29,446 1,629,836 0.83USD
EXPRESS SCRIPTS INC - A- 26,000 2,126,280 1.09USD
EXXON MOBIL CORP 106,075 8,087,157 4.12USD
FEDEX CORP. 15,600 1,680,120 0.86USD
FISERV INC. 19,376 1,026,734 0.52USD
FOREST LABORATORIES 39,800 2,052,486 1.05USD
FPL GROUP INC 15,000 925,500 0.47USD
FRANKLIN RESOURCES INC. 23,702 2,855,380 1.46USD
FREEPORTMCMO.COPP&GOLD -B-
24,000 1,568,400 0.80USD
GENERAL ELECTRIC CO 160,000 5,688,000 2.89USD
GILEAD SCIENCES INC. 49,235 3,754,169 1.92USD
GOOGLE INC A 4,600 2,120,232 1.08USD
GRAINGER INC WW 23,200 1,777,584 0.91USD
HALLIBURTON CO 53,856 1,725,546 0.88USD
IBM CORP 40,879 3,865,927 1.97USD
INTEL CORP 88,000 1,679,920 0.86USD
J.P. MORGAN CHASE & CO 96,506 4,680,541 2.38USD
KEYCORP 45,000 1,697,400 0.87USD
LEHMAN BROTHERS HOLD.INC
38,212 2,686,686 1.37USD
LOCKHEED MARTIN CORP 22,700 2,226,870 1.14USD
LSI LOGIC CORP. 45,000 451,350 0.23USD
INVESTMENTS
US EQUITYStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
MARRIOTT INTL INC. -A- 30,902 1,505,854 0.77USD
MCDONALD'S CORP. 50,172 2,251,218 1.15USD
MCGRAW HILL COMPANIESINC
24,378 1,527,038 0.78USD
MERRILL LYNCH & CO INC 39,100 3,187,041 1.63USD
METLIFE INC 35,440 2,244,770 1.15USD
MICROSOFT CORP 173,753 4,821,646 2.45USD
MORGAN STANLEY 45,000 3,529,350 1.80USD
NATIONAL OILWELL VARCOINC
22,000 1,731,620 0.88USD
NEWMONT MINING CORP 35,000 1,487,150 0.76USD
NEWS CORP -A- 85,248 1,953,032 1.00USD
NIKE INC -B- 17,927 1,881,797 0.96USD
NVIDIA CORP. 35,000 1,004,500 0.51USD
OMNICOM GROUP INC. 14,800 1,514,336 0.77USD
PACTIV CORP. 38,000 1,288,200 0.66USD
PNC FINANCIAL SERVICESGROUP
25,800 1,861,470 0.95USD
PRAXAIR 24,000 1,510,080 0.77USD
PRINCIPAL FINANCIAL GROUPINC
28,000 1,676,080 0.86USD
PRUDENTIAL FINANCIAL INC 24,053 2,167,416 1.11USD
PUBL.SERV.ENTERPRISE 25,971 2,165,202 1.11USD
Q LOGIC CORP 36,000 612,000 0.31USD
QUALCOMM INC. 48,163 2,034,887 1.04USD
ROCKWELL COLLINS 27,500 1,839,475 0.94USD
ROHM + HAAS CO. 22,000 1,139,160 0.58USD
SCHLUMBERGER LTD 35,096 2,480,234 1.27USD
SEARS HOLDINGS CORP 11,947 2,164,796 1.10USD
TARGET CORP 43,558 2,602,591 1.33USD
TIFFANY & CO 35,500 1,617,735 0.83USD
TIME WARNER INC 117,755 2,337,437 1.19USD
UNITED HEALTH GROUP INC 44,815 2,368,025 1.21USD
UNITED TECHNOLOGIESCORP.
39,376 2,559,046 1.31USD
VALERO ENER.CORP/WH.ISSUED
44,120 2,873,977 1.47USD
VERIZON COMMUNICATIONSINC
71,297 2,678,628 1.37USD
WACHOVIA CORP 51,337 2,836,883 1.45USD
WALGREEN CO. 60,000 2,772,000 1.41USD
WALT DISNEY /DISNEY SER. 73,359 2,522,816 1.29USD
WASTE MANAGEMENT INC. 34,800 1,208,256 0.62USD
WATERS CORPORATION 36,500 2,087,070 1.07USD
WELLPOINT INC 26,386 2,121,698 1.08USD
WYETH 78,595 3,921,891 2.00USD
181,100,169 92.43
92.43TOTAL SHARES 181,100,169
92.43TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 181,100,169
Description Quantity Currency Evaluation % netassets
92.43TOTAL INVESTMENTS 181,100,169
7.57OTHER NET ASSETS LESS LIABILITIES 14,831,015
100.00TOTAL NET ASSETS 195,931,184
182HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Holding companies 17.06Energy 9.45Pharmaceuticals and cosmetics 6.73Internet Software 6.68Office equipment and computers 5.50News transmission 5.00Electronics and electrical equipment 4.82Banks and financial institutions 4.70Insurance 3.85Aerospace technology 3.39Graphic art and publishing 2.74Retail trade, department stores 2.74Miscellaneous 2.08Food 1.97Gastronomy 1.92Biotechnology 1.92Tobacco and spirits 1.65Public services 1.58Precious metals 1.56Chemicals 1.35Healthcare, education and social services 1.21Textile 0.96Transport 0.86Consumer goods 0.83Package and container industry 0.66Environmental services & recycling 0.62Mechanics, machinery 0.60
Other net assets less liabilities 7.57
100.00Total Net Assets
US EQUITY
183HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
WEATHERFORDINTERNATIONAL LTD
1,126 51,965 0.12USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
51,965 0.12
ABBOTT LABORATORIES INC 5,225 291,607 0.67USD
UNITED STATES
ABERCROMBIE & FITCH "A" 300 22,803 0.05USD
ACE LTD 1,039 59,618 0.14USD
ADC TELECOMMUNICATIONSINC.
345 5,765 0.01USD
ADOBE SYSTEMS INC 1,995 82,852 0.19USD
ADVANCED MICRO DEVICESINC
1,672 21,870 0.05USD
AES CORP. 2,116 46,044 0.11USD
AETNA INC 1,785 77,558 0.18USD
AFFILIATED COMPUTER SERV. 331 19,532 0.04USD
AFLAC INC. 1,660 77,887 0.18USD
AGILENT TECHNOLOGIES 1,371 46,216 0.11USD
AIR PRODUCTS & CHEMICALS 755 55,681 0.13USD
ALCOA INC 2,928 98,615 0.23USD
ALLEGHENY ENERGY INC 520 25,709 0.06USD
ALLEGHENYTECHNOLOGIES/WHEN ISS
323 34,784 0.08USD
ALLERGAN INC. 517 57,232 0.13USD
ALLIED WASTE INDUSTRIESINC.
949 12,052 0.03USD
ALLSTATE CORP 2,082 125,253 0.29USD
ALLTEL CORP. 1,171 73,164 0.17USD
ALTERA CORP 1,107 22,251 0.05USD
ALTRIA GROUP 7,081 617,038 1.41USD
AMAZON COM INC 1,033 41,124 0.09USD
AMBAC FINANCIAL GROUP INC 362 31,251 0.07USD
AMEREN CORP 718 36,726 0.08USD
AMERICAN ELECTRIC POWERCO.INC
1,354 66,387 0.15USD
AMERICAN EXPRESS CO. 4,042 228,211 0.52USD
AMERICAN INTERNATIONALGP
8,793 590,890 1.35USD
AMERICAN STANDARD CIESINC
588 31,211 0.07USD
AMERIPRISE FINANCIALINC/WH.I
736 42,173 0.10USD
AMERISOURCEBERGEN CORP 671 35,878 0.08USD
AMGEN INC 3,952 220,640 0.50USD
ANADARKO PETROL.CORP. 1,575 68,182 0.16USD
ANALOG DEVICES INC 1,088 37,384 0.09USD
INVESTMENTS
US INDEXStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
ANHEUSER-BUSCH COS INC 2,568 128,811 0.29USD
AON CORP 1,017 38,727 0.09USD
APACHE CORP. 1,140 81,510 0.19USD
APARTMENT INV.+MANAG. A 383 21,854 0.05USD
APOLLO GROUP INC. A 463 20,539 0.05USD
APPLE INC 2,904 272,250 0.62USD
APPLERA /APPLIEDBIOSYSTEMS GR
603 17,740 0.04USD
APPLIED MATERIALS INC 4,728 87,468 0.20USD
ARCHER-DANIELS MIDLANDCO.
2,214 81,387 0.19USD
ARCHSTONE SMITH TRUST 760 40,379 0.09USD
ASHLAND INC 211 13,913 0.03USD
AT & T 21,078 825,624 1.87USD
AUTODESK INC. 778 28,903 0.07USD
AUTOMATIC DATA PROCES. 1,877 91,579 0.21USD
AUTONATION INC 624 13,141 0.03USD
AUTOZONE INC 144 18,386 0.04USD
AVALONBAY COMMUNITIESINC.
250 31,455 0.07USD
AVAYA INC 1,348 15,718 0.04USD
AVERY DENNISON CORP 328 21,133 0.05USD
AVON PRODUCTS INC. 1,484 55,264 0.13USD
BAKER HUGHES INC 1,018 68,369 0.16USD
BALL CORP. 336 15,516 0.04USD
BANK OF AMERICA CORP 15,117 773,839 1.77USD
BANK OF NEW YORK CO 2,532 102,698 0.23USD
BARD (C.R.) INC 331 26,358 0.06USD
BARR PHARMACEUTICALS INC 339 15,719 0.04USD
BAUSCH & LOMB INC 159 7,977 0.02USD
BAXTER INTL INC. 2,178 115,913 0.26USD
BB&T CORPORATION 1,822 75,358 0.17USD
BEAR STEARNS COMPANIES 424 64,058 0.15USD
BECTON DICKINSON & CO. 833 63,400 0.14USD
BED BATH & BEYOND INC. 965 38,291 0.09USD
BEMIS CO INC 320 10,726 0.02USD
BEST BUY CO INC 1,376 67,328 0.15USD
BIG LOTS 343 11,010 0.03USD
BIOGEN IDEC INC 1,174 51,985 0.12USD
BIOMET INC. 795 33,780 0.08USD
BJ SERVICES CO 989 27,850 0.06USD
BLACK & DECKER CORP 219 17,838 0.04USD
BLOCK INC. H+R 979 20,402 0.05USD
BMC SOFTWARE INC. 663 20,712 0.05USD
BOEING CO 2,651 237,954 0.54USD
BOSTON PROPERTIES 402 46,089 0.11USD
BOSTON SCIENTIFIC CORP. 3,995 58,087 0.13USD
BRISTOL MYERS SQUIBB CO 6,832 190,681 0.44USD
BROADCOM CORP -A- 1,603 49,773 0.11USD
BROWN-FORMAN CORP. B/NON-VOT.
256 16,758 0.04USD
BRUNSWICK CORP 287 9,066 0.02USD
BURLINGTON NORTHERNSANTA FE
1,217 97,384 0.22USD
CAMPBELL SOUP CO. 727 28,084 0.06USD
CAPITAL ONE FINANCIALCORP
1,407 106,440 0.24USD
CARDINAL HEALTH INC 1,365 98,976 0.23USD
CARNIVAL CORP 1,503 70,476 0.16USD
Description Quantity Currency Evaluation % netassets
184HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CATERPILLAR INC. 2,175 143,963 0.33USD
CB RICHARD ELLIS GROUPINC -A-
600 20,478 0.05USD
CBS CORP -B- /WHEN ISSUED 2,404 73,322 0.17USD
CELGENE CORP. 1,250 65,875 0.15USD
CENTERPOINT ENERGY INC 1,115 20,182 0.05USD
CENTEX CORP 437 18,262 0.04USD
CENTURYTEL 353 15,860 0.04USD
CHARLES SCHWAB CORP 3,448 63,305 0.14USD
CHESAPEAKE ENERGY 1,367 42,459 0.10USD
CHEVRON CORPORATION 7,293 546,610 1.25USD
CHICAGO MERCANTILEEX.HLDGS-A-
110 58,422 0.13USD
C.H.ROBINSON WORLDWIDEINC
550 26,169 0.06USD
CHUBB CORP 1,364 70,942 0.16USD
CIENA CORP 242 6,720 0.02USD
CIGNA CORP. 324 45,927 0.10USD
CINCINNATI FINANCIAL CORP 526 22,287 0.05USD
CINTAS 437 15,793 0.04USD
CIRCUIT CITY STORES 479 8,828 0.02USD
CISCO SYSTEMS INC 20,406 518,925 1.18USD
CIT GROUP INC 588 31,287 0.07USD
CITIGROUP INC 16,561 851,234 1.93USD
CITIZENS COMMUNICATIONSCO
1,175 17,378 0.04USD
CITRIX SYSTEMS INC 588 18,604 0.04USD
CLEAR CHANNELCOMMUNICATIONS
1,664 57,924 0.13USD
CLOROX CO 479 30,685 0.07USD
CMS ENERGY CORP. 697 12,448 0.03USD
COACH INC 1,248 62,150 0.14USD
COCA COLA ENTERPRISE 964 19,299 0.04USD
COCA-COLA CO 6,789 326,619 0.75USD
COGNIZANT TECHNOLOGYSOL.CORP
500 44,845 0.10USD
COLGATE-PALMOLIVE CO. 1,723 115,165 0.26USD
COMCAST CORP/-A- 10,518 271,995 0.62USD
COMERICA INC. 529 31,523 0.07USD
COMMERCE BANCORP 565 18,984 0.04USD
COMPASS BANCSHARES INC. 377 25,881 0.06USD
COMPUTER ASSOCIATES INTLINC
1,317 34,295 0.08USD
COMPUTER SCIENCES CORP 599 31,334 0.07USD
COMPUWARE CORP. 1,152 10,898 0.02USD
CONAGRA FOODS INC 1,762 43,328 0.10USD
CONOCOPHILLIPS 5,568 385,139 0.88USD
CONSOL ENERGY INC 565 21,956 0.05USD
CONSOLIDATED EDISON INC 834 42,743 0.10USD
CONSTELLATION BRAND -A- 622 12,956 0.03USD
CONSTELLATION ENERGYGROUP INC
630 54,823 0.13USD
CONVERGYS CORP 426 10,803 0.02USD
COOPER INDUSTRIES LTD -A- 616 27,917 0.06USD
CORNING INC. 5,299 120,976 0.28USD
COSTCO WHOLESALE CORP 1,550 83,235 0.19USD
COUNTRYWIDE FINANCIALCORP
1,886 63,841 0.15USD
COVENTRY HEALTH CARE INC. 580 32,283 0.07USD
CSX CORP. 1,498 59,785 0.14USD
CUMMINS INC 172 24,926 0.06USD
Description Quantity Currency Evaluation % netassets
CVS/CAREMARK CORP 5,204 177,769 0.41USD
DANAHER CORP 750 52,950 0.12USD
DARDEN RESTAURANTS 533 22,199 0.05USD
DEAN FOODS CO 377 17,436 0.04USD
DEERE & CO. 776 84,173 0.19USD
DELL INC 7,686 179,776 0.41USD
DEVELOPERS DIVERSIFIEDREALTY
870 54,593 0.12USD
DEVON ENERGY CORP.(NEW) 1,503 105,285 0.24USD
DILLARDS INC A 249 8,195 0.02USD
DIRECTV GROUP INC 2,600 59,462 0.14USD
DOLLAR GENERAL CORP. 1,047 22,123 0.05USD
DOMINION RESOURCES INC 1,170 104,282 0.24USD
DONNELLEY AND SONS.RR 752 27,644 0.06USD
DOVER CORP. 707 34,473 0.08USD
DOW CHEMICAL CO 3,225 148,479 0.34USD
DOW JONES + CO INC. 113 3,868 0.01USD
DR HORTON INC 904 19,960 0.05USD
DTE ENERGY COMPANY 620 29,872 0.07USD
DU PONT (E.I.) DE NEMOURS. 3,138 154,954 0.35USD
DUKE ENERGY HOLDINGCORP
4,218 86,342 0.20USD
DYNEGY INC. A 1,000 9,470 0.02USD
E TRADE FINANCIAL CORP 1,374 29,101 0.07USD
EASTMAN CHEMICAL CO 334 20,985 0.05USD
EASTMAN KODAK CO. 930 21,037 0.05USD
EATON CORP 483 40,055 0.09USD
EBAY INC 3,855 127,369 0.29USD
ECOLAB INC. 580 24,778 0.06USD
EDISON INTERNATIONAL 1,121 55,512 0.13USD
EL PASO ENERGY CORP 2,172 31,820 0.07USD
ELECTRONIC ARTS 1,042 53,444 0.12USD
ELECTRONIC DATA SYSTEMS 1,726 48,121 0.11USD
EMBARQ CORP 465 26,119 0.06USD
EMC CORP 6,983 95,388 0.22USD
EMERSON ELECTRIC CO. 2,716 116,516 0.27USD
ENSCO INTL INC. 500 27,675 0.06USD
ENTERGY CORP. 690 72,560 0.17USD
EOG RESOURCES INC. 817 58,718 0.13USD
EQUIFAX INC 407 14,876 0.03USD
EQUITY RESIDENTIAL SBI 956 45,573 0.10USD
ESTEE LAUDER COS A 383 18,679 0.04USD
E.W. SCRIPPS CO A 264 11,774 0.03USD
EXELON CORP 2,286 157,963 0.36USD
EXPRESS SCRIPTS INC - A- 460 37,619 0.09USD
EXXON MOBIL CORP 19,169 1,461,444 3.32USD
FAMILY DOLLAR STORES INC. 501 14,659 0.03USD
FANNIE MAE 3,276 180,802 0.41USD
FEDERATEDDEPARTM.STORES
1,787 81,058 0.18USD
FEDERATED INVESTORS INC.B
255 9,379 0.02USD
FEDEX CORP. 1,050 113,085 0.26USD
FIDELITY NATIONAL INFORMSERV
500 22,750 0.05USD
FIFTH THIRD BANCORP 1,879 73,262 0.17USD
FIRST DATA CORP 2,552 67,526 0.15USD
FIRST HORIZON NATL CORP 369 15,343 0.04USD
FIRSTENERGY CORP 1,121 74,905 0.17USD
Description Quantity Currency Evaluation % netassets
185HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
FISERV INC. 536 28,403 0.06USD
FLUOR CORP (NEW) 289 25,975 0.06USD
FORD MOTOR CO 6,388 50,785 0.12USD
FOREST LABORATORIES 1,090 56,211 0.13USD
FORTUNE BRANDS 498 39,198 0.09USD
FPL GROUP INC 1,389 85,701 0.20USD
FRANKLIN RESOURCES INC. 579 69,752 0.16USD
FREDDIE MAC 2,365 141,474 0.32USD
FREEPORTMCMO.COPP&GOLD -B-
1,249 81,622 0.19USD
GANNETT CO INC 808 45,402 0.10USD
GAP INC. 1,600 27,728 0.06USD
GENERAL DYNAMICS CORP 1,365 104,627 0.24USD
GENERAL ELECTRIC CO 34,729 1,234,615 2.81USD
GENERAL MILLS INC 1,197 69,330 0.16USD
GENERAL MOTORS CORP. 1,857 57,363 0.13USD
GENUINE PARTS CO 620 30,225 0.07USD
GENWAORTH FINANCIAL / -A- 1,392 48,720 0.11USD
GENZYME CORP. 823 49,438 0.11USD
GILEAD SCIENCES INC. 1,557 118,721 0.27USD
GOLDMAN SACHS GROUP INC 1,396 289,251 0.66USD
GOODRICH CORP 354 18,281 0.04USD
GOODYEAR TIRE & RUBBER 674 20,894 0.05USD
GOOGLE INC A 735 338,776 0.77USD
GRAINGER INC WW 246 18,849 0.04USD
HALLIBURTON CO 3,388 108,552 0.25USD
HARLEY DAVIDSON INC. 806 47,030 0.11USD
HARMAN INTL INDUSTRIES INC 208 20,126 0.05USD
HARRAHS ENTERTAINMENTINC
620 52,291 0.12USD
HARTFORD FIN.SERV.GROUP 1,089 104,283 0.24USD
HASBRO INC. 627 18,064 0.04USD
HEINZ (H.J.) CO 1,128 53,039 0.12USD
HERCULES INC. 332 6,564 0.01USD
HESS CORP 857 48,772 0.11USD
HEWLETT-PACKARD CO 9,036 361,440 0.82USD
HILTON HOTELS CORP. 1,304 46,918 0.11USD
HOME DEPOT INC 6,915 254,610 0.58USD
HONEYWELL INTERNATIONALINC.
2,703 124,176 0.28USD
HOSPIRA INC 566 22,991 0.05USD
HOST HOTELS & RESORTS INC 1,650 42,983 0.10USD
HUDSON CITY BANCORP INC 1,650 22,490 0.05USD
HUMANA INC 575 32,936 0.08USD
HUNTINGTON BANCSHARESINC.
686 15,085 0.03USD
IAC/INTERACTIVE CORP/WHENISS.
750 28,193 0.06USD
IBM CORP 5,102 482,496 1.10USD
ILLINOIS TOOL WORKS 1,380 71,153 0.16USD
IMS HEALTH 697 20,617 0.05USD
INGERSOLL-RAND COMPANY -A-
994 43,070 0.10USD
INTEGRYS ENERGY GROUPINC
243 13,572 0.03USD
INTEL CORP 19,467 371,625 0.85USD
INTERNATIONAL PAPER CO 1,487 53,368 0.12USD
INTERPUBLIC GROUP 1,558 19,148 0.04USD
INTL FLAVORS & FRAGR. 283 13,352 0.03USD
INTL GAME TECHNOLOGY 1,138 46,203 0.11USD
Description Quantity Currency Evaluation % netassets
INTUIT 1,144 30,945 0.07USD
ITT CORP 650 39,117 0.09USD
JABIL CIRCUIT INC. 611 13,069 0.03USD
JANUS CAPITAL GROUP INC 712 14,966 0.03USD
JDS UNIPHASE CORP 536 8,104 0.02USD
JOHNSON & JOHNSON 9,763 589,099 1.34USD
JOHNSON CONTROLS INC. 677 64,498 0.15USD
JONES APPAREL GROUP LTD 373 11,488 0.03USD
J.P. MORGAN CHASE & CO 11,712 568,032 1.30USD
JUNIPER NETWORKS INC. 1,970 39,223 0.09USD
KB HOME 223 9,598 0.02USD
KELLOGG CO 823 42,121 0.10USD
KEYCORP 1,366 51,526 0.12USD
KEYSPAN CORP 554 22,764 0.05USD
KIMBERLY CLARK CORP 1,516 104,301 0.24USD
KIMCO REALTY CORP. 778 37,577 0.09USD
KINDER MORGAN INC 353 37,531 0.09USD
KING PHARMACEUTICALS INC 870 17,078 0.04USD
KLA TENCOR CORPORATION 753 40,263 0.09USD
KOHL'S CORP 1,131 86,205 0.20USD
KROGER CO. 2,274 63,672 0.15USD
LABORATORY CORP OFAMER.HLD
358 26,059 0.06USD
LEGG MASON INC. 465 44,073 0.10USD
LEGGETT + PLATT INC. 573 12,898 0.03USD
LEHMAN BROTHERS HOLD.INC
1,770 124,449 0.28USD
LENNAR CORP. -A- 465 20,018 0.05USD
LEXMARK INTL INC. 292 17,041 0.04USD
LILLY (ELI) & CO 3,354 179,137 0.41USD
LIMITED BRANDS INC 1,164 30,613 0.07USD
LINCOLN NATIONAL CORP. 923 62,349 0.14USD
LINEAR TECHNOLOGY 1,040 32,729 0.07USD
LIZ CLAIBORNE INC. 320 13,546 0.03USD
LOCKHEED MARTIN CORP 1,193 117,033 0.27USD
LOEWS CORP 1,542 70,577 0.16USD
LOWE S COMPANIES INC. 5,139 160,028 0.37USD
LSI LOGIC CORP. 1,549 15,536 0.04USD
L-3 COMMUNICATIONS HLDSINC
427 37,405 0.09USD
MANOR CARE INC 260 14,087 0.03USD
MARATHON OIL CORP. 1,176 119,787 0.27USD
MARRIOTT INTL INC. -A- 1,087 52,970 0.12USD
MARSH & MC-LENNAN COSINC
1,756 51,802 0.12USD
MARSHALL & ILSLEY CORP. 872 40,609 0.09USD
MASCO CORP. 1,260 34,310 0.08USD
MATTEL INC 1,385 38,337 0.09USD
MAXIM INTEGRATEDPRODUCTS
1,106 32,892 0.08USD
MBIA INC. 469 30,846 0.07USD
MC-CORMICK&CO/N.VOTING 432 16,615 0.04USD
MCDONALD'S CORP. 4,080 183,070 0.42USD
MCGRAW HILL COMPANIESINC
1,177 73,727 0.17USD
MCKESSON CORP 1,032 59,990 0.14USD
MEADWESTVACO CORP 515 15,723 0.04USD
MEDCOHEALTH SOLUTIONS 1,005 72,189 0.16USD
MEDIMMUNE INC 799 28,540 0.07USD
Description Quantity Currency Evaluation % netassets
186HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
MEDTRONIC INC 3,885 190,248 0.43USD
MELLON FINANCIAL CO 1,417 61,002 0.14USD
MERCK & CO INC 7,316 321,538 0.73USD
MEREDITH CORP. 151 8,693 0.02USD
MERRILL LYNCH & CO INC 2,996 244,204 0.56USD
METLIFE INC 2,549 161,454 0.37USD
MGIC INVESTMENT CORP 294 17,146 0.04USD
MICRON TECHNOLOGY INC 2,549 30,180 0.07USD
MICROSOFT CORP 29,110 807,802 1.83USD
MILLIPORE CORP 147 10,497 0.02USD
MOLEX INC. 490 13,794 0.03USD
MOLSON COORS BREW.-B-/NON-VOT
159 14,943 0.03USD
MONSANTO CO 1,840 100,961 0.23USD
MONSTER WORLDWIDE INC 454 21,392 0.05USD
MOODY S CORP / WHENISSUED
731 45,388 0.10USD
MORGAN STANLEY 3,600 282,348 0.64USD
MOTOROLA INC. 8,082 143,132 0.33USD
M&T BANK CORPORATION 256 29,791 0.07USD
MURPHY OIL CORP. 590 32,008 0.07USD
MYLAN LABORATORIES INC 670 14,077 0.03USD
NABORS INDUSTRIES LTD 964 28,853 0.07USD
NATIONAL CITY CORP. 2,022 75,845 0.17USD
NATIONAL OILWELL VARCOINC
597 46,990 0.11USD
NATIONAL SEMICONDUCTORCORP
1,022 24,354 0.06USD
NCR CORP 658 31,591 0.07USD
NETWORK APPLIANCE CORP 1,226 44,614 0.10USD
NEW YORK TIMES -A- 437 10,291 0.02USD
NEWELL RUBBERMAID INC. 978 30,494 0.07USD
NEWMONT MINING CORP 1,513 64,287 0.15USD
NEWS CORP -A- 7,935 181,791 0.41USD
NICOR INC. 132 6,407 0.01USD
NIKE INC -B- 640 67,181 0.15USD
NISOURCE INC 934 22,995 0.05USD
NOBLE CORP 450 35,762 0.08USD
NORDSTROM INC 704 36,721 0.08USD
NORFOLK SOUTHERN CORP. 1,357 67,755 0.15USD
NORTHERN TRUST CORP 643 38,831 0.09USD
NORTHROP GRUMMAN CORP 1,176 87,965 0.20USD
NOVELL INC. 1,152 8,398 0.02USD
NOVELLUS SYSTEMS INC 338 10,884 0.02USD
NUCOR CORP. 1,049 69,349 0.16USD
NVIDIA CORP. 1,145 32,862 0.07USD
OCCIDENTAL PETROLEUMCORP
2,850 143,355 0.33USD
OFFICE DEPOT INC 834 29,190 0.07USD
OFFICEMAX INC 264 13,646 0.03USD
OMNICOM GROUP INC. 570 58,322 0.13USD
ORACLE CORP 13,477 244,742 0.56USD
PACCAR INC. 854 62,974 0.14USD
PACTIV CORP. 448 15,187 0.03USD
PALL CORP. 373 14,077 0.03USD
PARKER-HANNIFIN 392 33,653 0.08USD
PATTERSON COMPANIES INC 420 14,826 0.03USD
PAYCHEX INC. 1,157 44,464 0.10USD
PEABODY ENERGY 900 36,315 0.08USD
Description Quantity Currency Evaluation % netassets
PENNEY (J.C.) CO.INC 739 60,059 0.14USD
PEPSI BOTTLING GROUP INC 456 14,501 0.03USD
PEPSICO INC 5,550 352,925 0.81USD
PERKINELMER INC 381 9,133 0.02USD
PFIZER INC 23,978 609,281 1.39USD
PG&E CORP (HOLDING CO) 1,189 57,750 0.13USD
PINNACLE WEST CAP.CORP. 272 13,225 0.03USD
PITNEY BOWES INC 765 34,762 0.08USD
PLUM CREEK TIMBER CO INC 584 22,811 0.05USD
PMC-SIERRA INC. 527 3,320 0.01USD
PNC FINANCIAL SERVICESGROUP
1,186 85,570 0.20USD
POLO RALPH LAUREN A 250 21,883 0.05USD
PPG INDUSTRIES INC. 575 40,601 0.09USD
PPL CORP 1,305 53,805 0.12USD
PRAXAIR 1,106 69,590 0.16USD
PRINCIPAL FINANCIAL GROUPINC
878 52,557 0.12USD
PROCTER & GAMBLE CO 10,665 674,668 1.54USD
PROGRESS ENERGY INC 870 44,205 0.10USD
PROGRESSIVE CORP 2,629 57,338 0.13USD
PROLOGIS/SHS OF BENEF.INT 851 54,796 0.13USD
PRUDENTIAL FINANCIAL INC 1,585 142,824 0.33USD
PUBLIC STORAGE INC. 404 37,928 0.09USD
PUBL.SERV.ENTERPRISE 841 70,114 0.16USD
PULTE HOMES INC 678 17,926 0.04USD
Q LOGIC CORP 550 9,350 0.02USD
QUALCOMM INC. 5,616 237,276 0.54USD
QUEST DIAGNOSTICS INC. 479 23,912 0.05USD
QUESTAR CORP 300 27,081 0.06USD
QWEST COMMUNICATIONSINTL
5,267 47,140 0.11USD
RADIOSHACK CORP. 475 12,896 0.03USD
RAYTHEON COMPANY 1,489 78,366 0.18USD
REALOGY CORP 786 23,336 0.05USD
REGIONS FINANCIAL CORP 2,447 87,064 0.20USD
REYNOLDS AMERICAN INC 544 34,288 0.08USD
ROBERT HALF INTL INC. 512 19,005 0.04USD
ROCKWELL AUTOMATION 512 30,756 0.07USD
ROCKWELL COLLINS 565 37,793 0.09USD
ROHM + HAAS CO. 463 23,974 0.05USD
ROWAN COMPANIES INC 317 10,442 0.02USD
RYDER SYSTEM INC. 192 9,352 0.02USD
SABRE HOLDINGS CORP 411 13,448 0.03USD
SAFECO CORP 339 22,608 0.05USD
SAFEWAY INC. 1,534 56,160 0.13USD
SANDISK CORP 765 33,522 0.08USD
SANMINA-SCI CORP 1,551 5,522 0.01USD
SARA LEE CORP. 2,589 43,418 0.10USD
SCHERING-PLOUGH CORP 5,040 128,318 0.29USD
SCHLUMBERGER LTD 3,984 281,549 0.64USD
SEALED AIR CORP (NEW) 498 15,787 0.04USD
SEARS HOLDINGS CORP 303 54,904 0.13USD
SEMPRA ENERGY 914 56,147 0.13USD
SHERWIN-WILLIAMS CO. 369 24,229 0.06USD
SIGMA-ALDRICH CORP 416 17,322 0.04USD
SIMON PROPERTY/PAIREDSHS
739 80,699 0.18USD
Description Quantity Currency Evaluation % netassets
187HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SLM CORP 1,393 56,807 0.13USD
SMITH INTERNATIONAL INC 650 31,571 0.07USD
SNAP-ON INC 174 8,380 0.02USD
SOLECTRON CORP 2,865 8,824 0.02USD
SOUTHERN CO 2,536 93,604 0.21USD
SOUTHWEST AIRLINES CO 2,627 38,433 0.09USD
SOVEREIGN BANCORP INC. 1,194 30,328 0.07USD
SPECTRA ENERGY CORP 2,134 55,399 0.13USD
SPRINT NEXTEL CORP/FONSER.1
9,783 185,877 0.42USD
ST JUDE MEDICAL INC 1,099 41,267 0.09USD
STANLEY WORKS 245 13,553 0.03USD
STAPLES INC 2,419 62,870 0.14USD
STARBUCKS CORP. 2,559 80,173 0.18USD
STARWOOD HOTELSRESORTS WW
747 48,480 0.11USD
STATE STREET CORP 1,139 74,115 0.17USD
STRYKER CORP. 953 62,717 0.14USD
SUN MICROSYSTEMS 12,125 72,265 0.16USD
SUNOCO INC. 415 29,179 0.07USD
SUNTRUST BANKS INC. 1,191 99,973 0.23USD
SUPERVALU INC. 699 27,023 0.06USD
SYMANTEC CORP. 3,033 52,926 0.12USD
SYNOVUS FINANCIAL CORP 1,098 35,795 0.08USD
SYSCO CORP. 2,104 70,989 0.16USD
T ROWE PRICE GROUP INC. 861 40,725 0.09USD
TARGET CORP 2,908 173,753 0.40USD
TECO ENERGY INC. 591 10,189 0.02USD
TEKTRONIX INC. 275 7,728 0.02USD
TELLABS INC. 1,502 14,885 0.03USD
TEMPLE-INLAND INC. 369 21,967 0.05USD
TENET HEALTHCARE CORP 1,389 8,945 0.02USD
TERADYNE INC 580 9,535 0.02USD
TEREX CORP. 400 28,552 0.07USD
TEXAS INSTRUMENTS INC 4,898 148,850 0.34USD
TEXTRON INC. 422 38,018 0.09USD
THE HERSEY CO 546 29,833 0.07USD
THERMO FISHER SCIENTIFICINC
1,398 64,196 0.15USD
TIFFANY & CO 437 19,914 0.05USD
TIME WARNER INC 12,931 256,680 0.59USD
TJX COS INC 1,475 39,604 0.09USD
TORCHMARK CORP. 328 21,454 0.05USD
TRANSOCEAN INC 994 82,254 0.19USD
TRAVELERS COMPANIES INC 2,301 119,238 0.27USD
TRIBUNE CO 629 19,832 0.05USD
TXU 1,568 100,916 0.23USD
TYCO INTL LTD (NEW) 6,698 208,576 0.48USD
TYSON FOODS INC.-A- 823 15,604 0.04USD
UNION PACIFIC CORP 890 90,157 0.21USD
UNISYS CORP 998 8,463 0.02USD
UNITED HEALTH GROUP INC 4,569 241,426 0.55USD
UNITED STATES STEEL 409 41,399 0.09USD
UNITED TECHNOLOGIESCORP.
3,351 217,781 0.50USD
UNUM GROUP 1,085 24,879 0.06USD
US BANCORP 5,998 209,990 0.48USD
UST INC 494 28,514 0.07USD
Description Quantity Currency Evaluation % netassets
UTD PARCEL SERVICE INC "B" 3,616 253,699 0.58USD
VALERO ENER.CORP/WH.ISSUED
2,028 132,104 0.30USD
VARIAN MEDICAL SYSTEMSINC
400 18,828 0.04USD
VERISIGN INC 791 19,838 0.05USD
VERIZON COMMUNICATIONSINC
9,853 370,177 0.84USD
VF CORP 306 25,184 0.06USD
VIACOM INC -B- 2,370 96,364 0.22USD
VORNADOREAL.TRUST/BEN.IN
458 53,788 0.12USD
VULCAN MATERIALS CO 305 35,645 0.08USD
WACHOVIA CORP 6,434 355,543 0.81USD
WAL- MART STORES INC 8,294 387,496 0.88USD
WALGREEN CO. 3,376 155,971 0.36USD
WALT DISNEY /DISNEY SER. 6,924 238,116 0.54USD
WASHINGTON MUTUAL INC 3,015 122,711 0.28USD
WASTE MANAGEMENT INC. 1,815 63,017 0.14USD
WATERS CORPORATION 339 19,384 0.04USD
WATSON PHARMACEUTICALSINC.
328 8,715 0.02USD
WELLPOINT INC 2,083 167,494 0.38USD
WELLS FARGO & CO 11,434 394,930 0.90USD
WENDY S INTERNATIONAL INC 339 10,553 0.02USD
WESTERN UNION COMPANY 2,602 57,790 0.13USD
WEYERHAEUSER CO 701 52,316 0.12USD
WHIRLPOOL CORP. 274 23,150 0.05USD
WHOLE FOODS MARKET INC. 415 18,368 0.04USD
WILLIAMS COMPANIES INC 2,097 60,687 0.14USD
WINDSTREAM CORP 1,611 23,553 0.05USD
WRIGLEY JR CO .WM 727 36,982 0.08USD
WYETH 4,559 227,494 0.52USD
WYNDHAM WORLDWIDE CORP 629 21,386 0.05USD
XCEL ENERGY INC 1,284 31,959 0.07USD
XEROX CORP. 3,225 54,825 0.13USD
XILINX INC. 1,111 28,364 0.06USD
XL CAPITAL LTD -A- 661 46,349 0.11USD
XTO ENERGY INC 1,236 68,685 0.16USD
YAHOO INC 4,129 129,403 0.30USD
YUM BRANDS 928 53,546 0.12USD
ZIMMER HOLDINGS INC 818 70,127 0.16USD
ZIONS BANCORP 393 33,326 0.08USD
3M CO 2,481 188,779 0.43USD
42,813,558 97.68
97.80TOTAL SHARES 42,865,523
ISHARES TRUST/S&P 500INDEX FD
6,105 868,009 1.98USD
INDEX TRACKER
UNITED STATES
868,009 1.98
1.98TOTAL INDEX TRACKER 868,009
Description Quantity Currency Evaluation % netassets
188HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
HUGOTON ROYALTYTRUST/UN.BENEF
1 25 0.00USD
INVESTMENT COMPANIES
UNITED STATES
25 0.00
0.00TOTAL INVESTMENT COMPANIES 25
99.78TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 43,733,557
Description Quantity Currency Evaluation % netassets
SEAGATE TECHNOLOGY(ESCROW)
147 0.00 0.00USD
OTHER TRANSFERABLE SECURITES
SHARES
UNITED STATES
0.00 0.00
0.00TOTAL SHARES 0.00
RIGHT PARKER-HANNIFIN 07-.. 392 0.00 0.00USD
WARRANTS / EQUITY LINKED SECURITIES
UNITED STATES
0.00 0.00
0.00TOTAL WARRANTS / EQUITY LINKED SECURITIES 0.00
0.00TOTAL OTHER TRANSFERABLE SECURITIES 0.00
99.78TOTAL INVESTMENTS 43,733,557
0.22OTHER NET ASSETS LESS LIABILITIES 94,904
100.00TOTAL NET ASSETS 43,828,461
189HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Holding companies 13.21Pharmaceuticals and cosmetics 9.03Banks and financial institutions 8.43Energy 7.31News transmission 5.41Retail trade, department stores 5.37Internet Software 5.26Office equipment and computers 5.08Insurance 4.06Public services 3.74Electronics and electrical equipment 3.30Food 2.73Aerospace technology 2.43Consumer goods 2.40Chemicals 2.39Investment companies 2.10Tobacco and spirits 2.04Graphic art and publishing 1.89Transport 1.85Gastronomy 1.73Miscellaneous 1.25Mechanics, machinery 1.23Healthcare, education and social services 1.03Other services 0.92Real estate companies 0.87Biotechnology 0.61Automobile industry 0.55Forest products and paper industry 0.51Textile 0.50Construction, building materials 0.48States, provinces and municipalities 0.41Precious metals 0.34Coal mines, heavy industries 0.33Non-ferrous metals 0.23Package and container industry 0.18Environmental services & recycling 0.17Other business houses 0.16Index Options 0.15Tyres and rubber 0.05Photography and optics 0.05
Other net assets less liabilities 0.22
100.00Total Net Assets
US INDEX
190HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ESPRIT HOLDINGS LTD 453,500 5,318,603 1.96HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
PEACE MARK(HOLDINGS)LIMITED
2,520,000 2,757,112 1.02HKD
TAI CHEUNG HOLDINGS LTD 2,049,000 1,258,552 0.47HKD
9,334,267 3.45
AAC ACOUSTICTECHNOLOGIES HLD
2,476,000 2,347,776 0.87HKD
CAYMAN ISLANDS
WIN HANVERKY HOLDINGSLTD
5,966,000 3,488,890 1.29HKD
5,836,666 2.16
AIR CHINA LTD 3,904,000 2,702,682 1.00HKD
CHINA
CHINA CONSTRUCTION BANKCORP
8,870,000 5,073,631 1.87HKD
CHINA LIFE INSURANCE COLTD-H-
1,152,000 3,309,456 1.22HKD
CHINA MERCHANTS BANK /-H- 1,308,000 2,637,860 0.98HKD
CHINA PETROLEUM & CHEMCORP -H-
4,500,000 3,806,289 1.41HKD
CHINA SHIPPINGDEVELOPMENT -H-
814,000 1,241,619 0.46HKD
CHINA TELECOM CORP LTD -H-
2,760,000 1,356,214 0.50HKD
NINE DRAGONS PAPER HLDGSLTD
2,107,000 4,394,808 1.63HKD
PETROCHINA CO LTD /-H- 1,726,000 2,047,427 0.76HKD
ZHUZHOU CSR TIMESELECTRIC LTD
136,000 222,760 0.08HKD
ZIJIN MINING GROUP -H- 4,135,000 2,407,547 0.89HKD
29,200,293 10.80
CHEUNG KONG HOLDINGS 316,000 3,999,182 1.48HKD
HONG KONG
CHINA MOBILE LTD 900,500 8,187,204 3.03HKD
CHINA OVERSEAS LAND ANDINVESTMENT
854,000 1,073,142 0.40HKD
CHINA RESOURCES POWERHOLDINGS
744,000 1,140,558 0.42HKD
GREAT EAGLE HOLDINGS LTD 1,402,000 4,754,246 1.76HKD
HONGKONG LAND HLDS LTD 707,000 3,294,620 1.22USD
HUTCHISON WHAMP 293,000 2,817,633 1.04HKD
IND & COM BOC -H- 6,553,000 3,672,841 1.36HKD
KINGBOARD CHEMICALSHOLDINGS
740,000 3,110,677 1.15HKD
MASS TRANSIT RAILWAYCORP
511,500 1,280,272 0.47HKD
INVESTMENTS
ASIA FREESTYLEStatement of investments as at 31 March 2007 (expressed in USD)
Description Currency Evaluation % netassets
Quantity/FaceValue
SUN HUNG KAI PROPERTIESLTD
169,000 1,954,983 0.72HKD
35,285,358 13.05
HUTCHISONTELECOMM.INTERNAT.
590,000 1,195,900 0.44HKD
INDIA
1,195,900 0.44
BANK NIAGA TBK -A- 16,094,000 1,304,097 0.48IDR
INDONESIA
PT ASTRA INTERNATIONALTBK
1,416,000 2,046,686 0.76IDR
TELKOM INDONESIA /S-B- 2,729,500 2,943,971 1.09IDR
6,294,754 2.33
SARIN TECHNOLOGIES LTD 2,577,000 1,044,971 0.39SGD
ISRAEL
1,044,971 0.39
COMMERCE ASSET-HOLDINGBHD/FOR.REG.
1,767,500 5,090,202 1.88MYR
MALAYSIA
GAMUDA BHD/FOR.REG. 1,375,600 3,185,185 1.18MYR
RESORTS WORLD 1,161,100 5,780,304 2.14MYR
14,055,691 5.20
AYALA LAND INC. 3,518,000 1,202,444 0.44PHP
PHILIPPINES
1,202,444 0.44
BANYAN TREE HOLDINGS LTD 624,000 901,039 0.33SGD
SINGAPORE
HO BEE INVESTMENT LTD 2,941,000 4,382,462 1.63SGD
HOTEL PROPERTIES 1,110,000 3,732,569 1.38SGD
KEPPEL CORP. LTD 185,000 2,317,608 0.86SGD
MEIBAN GROUP 4,694,000 897,544 0.33SGD
OVERSEA-CHINESE BK CORP 569,000 3,376,521 1.25SGD
UTD OVERSEAS BANK /LOCAL 263,000 3,641,579 1.35SGD
WHEELOCKPROPERT(SINGAPORE) LTD
1,347,000 2,877,579 1.06SGD
22,126,901 8.19
DONGKUK STEEL MILL CO LTD 92,480 2,555,962 0.95KRW
SOUTH KOREA
HYUNDAIENGINEERING+CONSTR.CO
72,130 3,887,381 1.44KRW
HYUNDAI MOTOR /SGDR 144A 35,350 1,241,768 0.46USD
KOOKMIN BANK 118,570 10,637,769 3.93KRW
KOREAN AIR 36,592 1,429,476 0.53KRW
KT& G CORP 85,690 5,601,942 2.06KRW
MEGASTUDY CO LTD 16,310 2,860,692 1.06KRW
NHN CORPORATION 32,551 4,775,037 1.77KRW
POSCO 9,519 3,996,885 1.48KRW
SAMSUNG ELECTRONICS COLTD
24,753 14,813,904 5.47KRW
SAMSUNG ENGINEERING COLTD
22,870 1,424,613 0.53KRW
SAMSUNG FIRE&MARINEINSUR.
15,120 2,531,428 0.94KRW
SAMSUNG TECHWIN CO LTD 36,710 1,398,965 0.52KRW
Description Currency Evaluation % netassets
Quantity/FaceValue
191HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SHINSEGAE CO LTD 3,895 2,235,808 0.83KRW
SK CORPORATION 9,871 969,541 0.36KRW
S-OIL CORP 18,400 1,267,436 0.47KRW
WOORIINVESTMENT&SECURIT.CO
74,430 1,562,602 0.58KRW
63,191,209 23.38
ASIA CEMENT CORP 2,573,680 2,489,757 0.92TWD
TAIWAN
ASUSTEK COMPUTER INC 480,300 1,132,556 0.42TWD
AU OPTRONICS CORP 1,669,050 2,386,618 0.88TWD
CATCHER TECHNOLOGY COLTD
265,376 2,085,871 0.77TWD
CATHAY FINANCIAL HOLDING 1,727,178 3,587,124 1.33TWD
CHANG HWA COMMERCIALBANK
3,626,000 2,186,871 0.81TWD
CHUNGHWA TELECOM CO/SADR
110,500 2,203,370 0.82USD
FAR EASTERN TEXTILE LTD/GDRS
224,000 1,904,000 0.70USD
FORMOSA CHEMICALS &FIBER CO
1,036,000 1,988,777 0.74TWD
HON HAI PRECISION IND.COLTD
1,186,850 7,965,285 2.95TWD
MEDIA TEK INCORPORATION 134,200 1,541,660 0.57TWD
SILICONWARE PRECISIONINDUSTR.
1,011,000 1,894,940 0.70TWD
TAIWAN FERTILIZER CO LTD 735,000 1,222,088 0.45TWD
TAIWAN SEMICONDUCTORMANUFACT.
4,083,095 8,381,308 3.10TWD
TRIPOD TECHNOLOGY CO LTD 463,150 1,904,202 0.70TWD
42,874,427 15.86
AROMATICS THAILANDPUBLIC/FOR.
1,624,400 1,993,706 0.74THB
THAILAND
BANGKOK BANK PUBLIC /FOR.REG.
762,400 2,459,014 0.91THB
THAI AIRWAYS INTL/FOR.REG. 1,216,100 1,518,612 0.56THB
5,971,332 2.21
87.90TOTAL SHARES 237,614,213
JPM.INTL DER.0% 06-2.3.09IVRC
144,000 927,360 0.34USD
BONDS
JERSEY
927,360 0.34
0.34TOTAL BONDS 927,360
MACQUARIE INTLINFRASTRUCTURE
6,867,000 5,025,794 1.86SGD
INVESTMENT COMPANIES
BERMUDA ISLANDS
5,025,794 1.86
1.86TOTAL INVESTMENT COMPANIES 5,025,794
DT.BK LN 05-19.8.08WRT/ASS.CEM 0
70,000 1,193,888 0.44USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
JP MORG DERIV.-31.03.08 HCL 314,732 2,124,608 0.79USD
Description Currency Evaluation % netassets
Quantity/FaceValue
UBS LD 06-4.9.07 IVRCL INFR &PRY LTD
117,000 777,465 0.29USD
UBS LDN 07-23.2.10WRT/O.N.G.
78,996 1,583,491 0.59USD
UBS LN 06-18.12.07WRT/UNITECH 0
243,000 2,200,681 0.81USD
UBS LN 06-21.12.07 WRT /TATA 249,637 2,554,535 0.94USD
10,434,668 3.86
JP MORGAN INTERNATIONALDERIVATIVES LTD 04-30.04.07/ON ITC LTD 0
224,200 783,006 0.29USD
INDIA
JP MORGAN INTERNATIONALDERIVATIVES LTD 7.4.08 /ONMAHINDRA
119,500 2,149,889 0.80USD
MERRILL LYNCH 04-17.03.09/ON IBP CO LTD 0.000001
86,556 812,410 0.30USD
MSDW ASIA 05-21.02.08WT/HINDUSTAN ZINCLTD 0.000001
73,500 951,538 0.35USD
4,696,843 1.74
ABN AMRO 05-18.12.06WRT/HCL INF 0
638,744 1,907,903 0.71USD
NETHERLANDS
1,907,903 0.71
CITIGR GLBL 04-20.1.10/INDR&I
24,410 600,728 0.22USD
UNITED STATES
600,728 0.22
6.53TOTAL WARRANTS / EQUITY LINKED SECURITIES 17,640,142
96.63TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 261,207,509
Description Currency Evaluation % netassets
Quantity/FaceValue
GLORIA MAT.TECHNOLOGYCORP
367,000 556,958 0.21TWD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
CHINA
556,958 0.21
JVM CO LTD 21,259 1,068,900 0.39KRW
SOUTH KOREA
1,068,900 0.39
WISTRON CORP /GDR 1 15 0.00USD
TAIWAN
15 0.00
0.60TOTAL SHARES 1,625,873
0.60TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 1,625,873
192HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SWIRE PACIFIC LTD - A- 249,500 2,800,000 1.04HKD
OTHER TRANSFERABLE SECURITES
SHARES
HONG KONG
2,800,000 1.04
ROAD BUILDERS M HLDS BHD 703,800 733,338 0.27MYR
MALAYSIA
733,338 0.27
1.31TOTAL SHARES 3,533,338
UBS LN06-13.12.07WRT/DR.REDDYS 0
106,401 1,707,523 0.63USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
1,707,523 0.63
0.63TOTAL WARRANTS / EQUITY LINKED SECURITIES 1,707,523
1.94TOTAL OTHER TRANSFERABLE SECURITIES 5,240,861
Description Currency Evaluation % netassets
Quantity/FaceValue
99.17TOTAL INVESTMENTS 268,074,243
0.83OTHER NET ASSETS LESS LIABILITIES 2,248,700
100.00TOTAL NET ASSETS 270,322,943
193HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 19.81Electronics and electrical equipment 18.21Real estate companies 7.65Holding companies 7.48News transmission 5.88Gastronomy 4.91Textile 4.41Construction, building materials 3.81Coal mines, heavy industries 3.32Energy 3.00Internet Software 2.83Transport 2.56Insurance 2.16Tobacco and spirits 2.06Chemicals 1.93Investment companies 1.86Forest products and paper industry 1.63Automobile industry 1.22Clock and watch-making industry 1.02Mechanics, machinery 1.01Retail trade, department stores 0.83Public services 0.42Office equipment and computers 0.42Precious metals 0.39Miscellaneous 0.35
Other net assets less liabilities 0.83
100.00Total Net Assets
ASIA FREESTYLE
194HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CHINA YURUN FOOD GROUPLTD
13,700,000 14,918,939 0.54HKD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BERMUDA ISLANDS
DUFRY SOUTH AMERICA LTDA 779,200 13,395,543 0.49BRL
GP INVESTMENTS LTD /BDR 1,201,000 38,338,301 1.39BRL
66,652,783 2.42
ALL AMERICA LATINA /UNIT 4,548,420 54,288,790 1.97BRL
BRAZIL
ANHANGUERA EDUCACIONALPART.
400,000 4,420,647 0.16BRL
BANCO BRADESCO SA /PREF. 422,688 8,672,169 0.31BRL
BANCO BRADESCO /SADR 1,978,700 81,007,978 2.94USD
BRADESPAR SA BRASIL/PREF.
1,475,200 43,475,590 1.58BRL
BRASILAGRO 35,500 21,796,246 0.79BRL
CIA VALE DO RIO DOCEA/PREF
100,000 3,119,012 0.11BRL
CIA VALE RIO DOCE/SADR 2,817,400 88,128,272 3.20USD
CIA VALE RIODOCE/SADR(1ORDSH)
895,600 33,155,112 1.20USD
COSAN SA INDUSTRIA ECOMERCIO
1,300,000 23,881,317 0.87BRL
DIAGNOST DA AMERICA SABRL
1,362,665 29,918,509 1.09BRL
DURATEX SA /PRIV. 2,131,700 42,824,541 1.55BRL
GVT HOLDING SA 950,000 11,357,625 0.41BRL
ITAU HOLDING /PFD SHS/SADR 1,367,635 48,058,694 1.74USD
JBS AS 5,150,000 17,707,147 0.64BRL
LOJAS AMERICANAS SA /PRIV. 452,100,000 28,202,107 1.02BRL
MARCOPOLO POMO /PREF. 4,098,400 12,662,175 0.46BRL
PERDIGAO SA 367,500 4,985,679 0.18BRL
PETROBRAS /SADR 1,663,200 150,935,400 5.47USD
PETROLEO BRASILEIRO /SADR 9,300 942,276 0.03USD
SADIA SA/PREF. 8,608,300 32,853,507 1.19BRL
SAO CARLOSEMPREENDIMENTOS
2,140,300 17,861,230 0.65BRL
760,254,023 27.56
AJISEN CHINA HOLDINGS LTD 282,000 256,210 0.01HKD
CAYMAN ISLANDS
ENRIC ENERGY EQUIPMENT 15,544,000 8,513,229 0.31HKD
8,769,439 0.32
AIR CHINA LTD 37,372,000 25,872,084 0.94HKD
CHINA
INVESTMENTS
BRIC FREESTYLEStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
BANK OF COMMUNICATIONSCO LTD
32,489,000 33,384,102 1.21HKD
CHINA LIFE INSURANCE COLTD-H-
9,700,000 27,866,080 1.01HKD
CHINA MENGNIU DAIRY COLTD
5,194,000 14,854,816 0.54HKD
CHINA NATL BLDINGMATERIAL -H-
27,000,000 23,770,593 0.86HKD
CHINA RESOURCES LAND 28,986,000 34,940,330 1.27HKD
CHINA SHENHUA ENERGY CO-H-
12,515,000 30,267,773 1.10HKD
CHINA SHIPPINGDEVELOPMENT -H-
4,800,000 7,321,588 0.27HKD
DATANG INT.POWERGENERATION-H-
10,000,000 9,469,336 0.34HKD
DONGFENG MOTOR -H- 20,158,000 10,988,663 0.40HKD
JIANGXI COPPER CO LTD -H- 14,400,000 17,431,768 0.63HKD
PETROCHINA CO LTD /-H- 45,920,000 54,471,510 1.97HKD
ZHEJIANG EXPRESSWAY COLTD -H-
40,000,000 32,042,186 1.16HKD
ZIJIN MINING GROUP -H- 48,750,000 28,384,015 1.03HKD
351,064,844 12.73
GAZPROM OAO/SADR 1,020,550 43,129,566 1.56USD
FEDERATION OF RUSSIA
JSC SURGUTNEFTEGAZ /SADR 570,745 35,956,935 1.30USD
JSC SURGUTNEFTEGAZ /SADRPFD
596,909 50,475,020 1.83USD
LUKOIL /SADR 760,184 65,907,953 2.39USD
MMC NORILSK NICKEL /SADR 421,000 79,779,500 2.89USD
MOBILE TELESYSTEMSOJS/SADR
545,000 31,386,550 1.14USD
RAO UNIFIED ENER.SYS./GDR 1,472,910 202,525,124 7.36USD
TATNEFT /SGDR REP.20 SHSREG.S
543,435 52,467,562 1.90USD
TNK-BP HOLDING 18,057,193 39,906,397 1.45USD
TRUBNAYAMETALL.KOMP./SGDR REG
200,000 6,700,000 0.24USD
608,234,607 22.06
CAIRN ENERGY PLC 517,949 15,877,743 0.58GBP
GREAT BRITAIN
15,877,743 0.58
CHINA MOBILE LTD 12,450,000 113,193,434 4.11HKD
HONG KONG
CHINA OVERSEAS LAND ANDINVESTMENT
4,270,000 5,365,710 0.19HKD
CHINA RESOURCESENTERPRISE LTD
11,078,000 36,998,974 1.34HKD
CHINA RESOURCES POWERHOLDINGS
3,982,000 6,104,441 0.22HKD
CITIC 1616 HOLDINGS LTD 1,274,000 420,607 0.02HKD
IND & COM BOC -H- 20,554,000 11,520,154 0.42HKD
173,603,320 6.30
ADITYA BIRLA NUVOLTD/DEMATER.
58,686 1,442,316 0.05INR
INDIA
AMTEK AUTO LTD /DEMAT. 597,600 5,078,722 0.18INR
BAJAJ HINDUSTHAN LTD 314,716 1,381,768 0.05INR
BALRAMPUR CHINI MILLS/DEMAT.
1,308,200 1,963,640 0.07INR
BOMBAY DYEING &MANUFACT/DEMAT.
685,000 8,551,301 0.31INR
BRITANNIA INDUSTRIESLTD/DEMAT.
396,101 11,372,555 0.41INR
Description Quantity Currency Evaluation % netassets
195HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CESC LTD /DEMAT. 442,600 3,862,094 0.14INR
DHAMPUR SUGAR MILLS LTDDEMAT.
158,409 268,703 0.01INR
DR REDDY S LABORATORIES/DEMAT.
1,251,430 21,069,422 0.76INR
DR REDDY SLABORATORIES/ADR
485,000 7,997,650 0.29USD
DWARIKESH SUGAR IND LTD 820,971 1,390,695 0.05INR
ELECTROSTEEL CASTINGLTD/DEMAT
538,631 4,701,290 0.17INR
GAMMON INDIA LTD /DEMAT. 754,615 5,234,491 0.19INR
GRASIM INDUST./DEMAT. 424,307 20,513,186 0.74INR
H D F C BANK /DEMAT. 250,000 5,561,369 0.20INR
HCL INFOSYSTEMS LTD/DEMAT.
964,652 2,880,422 0.10INR
HCL TECHNOLOGIES /DEMAT. 3,456,000 23,337,975 0.85INR
HINDUJA TMT LTD /DEMAT. 203,100 2,718,998 0.10INR
HINDUSTAN OILEXPLORAT./DEMAT.
2,226,619 3,677,197 0.13INR
HINDUSTAN PETR./DEMAT. 566,802 3,201,341 0.12INR
HUTCHISON TELECOM.INTL/SADR
33,920 1,004,032 0.04USD
HUTCHISONTELECOMM.INTERNAT.
12,000,000 24,323,398 0.89HKD
IBP CO LTD /DEMAT. 300,000 2,814,851 0.10INR
INDIA CEMENTS LTD/DEMAT. 1,399,054 5,239,591 0.19INR
INDO RAMA SYNTHETICSLTD/DEMAT
1,341,457 1,557,543 0.06INR
ITC /GDR 3,813,466 13,318,324 0.48USD
ITC LTD /DEMAT. 1,399,000 4,889,132 0.18INR
IVRCL INFRASTRUCTURESAND PROJ
2,170,431 14,282,778 0.52INR
JET AIRWAYS INDIA LTD/DEMAT.
170,000 2,471,694 0.09INR
JINDAL STEEL & POWER/DEMAT.
243,162 13,292,747 0.48INR
J.K. CEMENT LTD 2,700,000 9,110,194 0.33INR
JSW STEEL LTD / DEMAT 1,842,033 20,831,159 0.76INR
KEI INDUSTRIES LTD /DEMAT. 2,763,578 4,281,498 0.16INR
LARSEN & TOUBRO /GDR 233,000 8,707,229 0.32USD
MAHINDRA UGINE STEEL/DEMAT.
2,316,587 4,948,501 0.18INR
MAHINDRA&MAHINDRA/DEMAT.
442,000 7,949,249 0.29INR
MICRO INKS LTD /DEMAT. 645,372 4,899,183 0.18INR
NAGARJUNA CONSTRUCTION/DEMAT.
1,750,484 6,412,995 0.23INR
OIL&NATURAL GAS/DEMAT. 1,272,999 25,607,967 0.94INR
PATNI COMPUTER SYSTEMS/ADR
5,550 128,205 0.00USD
PATNI COMPUTERS SYSTEMSLTD /DEMAT.
1,063,000 9,326,930 0.34INR
RAYMOND LTD /DEMAT. 497,192 3,882,801 0.14INR
RELIANCE CAPITAL LTD/GDRREGS
5,205 78,710 0.00USD
RELIANCE COMMUNICATION/GDR
526,316 4,736,844 0.17USD
RELIANCECOMMUNICATIONS/DEMAT
800,000 7,787,410 0.28INR
RELIANCE NATURALRESOURCE /GDR
52,054 48,410 0.00USD
RICO AUTO IND LTD/DEMATERIAL
1,056,441 1,131,981 0.04INR
STEEL AUTHORITY OFINDIA/DEMAT.
5,400,000 14,164,523 0.51INR
STERLITE INDUSTRIES LTD/DEMAT
187,590 2,038,041 0.07INR
TATA IRON & STEEL/DEMAT. 1,551,315 15,948,952 0.58INR
TATA MOTORS LTD/DEMAT. 720,920 12,089,588 0.44INR
TATA POWER CO /DEMAT. 120,000 1,419,484 0.05INR
Description Quantity Currency Evaluation % netassets
TRIVENIENGINEER.INDUSTR/DEMAT
2,470,000 3,046,585 0.11INR
VISA STEEL LTD /DEMAT. 2,945,584 1,823,359 0.07INR
WIPRO LTD /DEMAT. 360,000 4,655,357 0.17INR
394,454,380 14.31
86.28TOTAL SHARES 2,378,911,139
CLSA FIN.05-27.09.10WRT/GAMMON 0
59,675 415,384 0.02USD
WARRANTS / EQUITY LINKED SECURITIES
BERMUDA ISLANDS
415,384 0.02
MSDW ASIA SEC04-20.7.07WRTITC 0.0001
37,079 1,920,512 0.07USD
CAYMAN ISLANDS
MSDW AS.SEC.05-19.9.08WRT/ICIC 0
7,517 147,430 0.01USD
2,067,942 0.08
DT BK AG 07-2.1.17WRT/CARNIND 0.000001
2,304,375 6,896,718 0.25USD
GERMANY
DT.BK 06-18.05.09WRT/ADITYAB. 0
150,000 3,689,055 0.13USD
10,585,773 0.38
DT BK LDN 05-3.1.08WRT/NAG.CON 0.000001
40,204 148,194 0.01USD
GREAT BRITAIN
DT.BK 06-18.05.09WRT/INFRAST. 0
343,750 2,308,899 0.08USD
JP MORG.INTL.0%06-27.1.09NGCN 0
320,612 1,147,791 0.04USD
UBS LDN 07-13.3.10WRT/NAGARJ. 0
195,000 717,971 0.03USD
UBS LDN 07-20.2.08WRT/HINDALCO 0
660,000 1,990,890 0.07USD
UBS LDN 07-23.02.10WRT/PATNI 0
257,706 2,223,925 0.08USD
UBS LN 06-18.12.07WRT/UNITECH 0
100,000 905,630 0.03USD
9,443,300 0.34
DEUTSCHE BANK AG 04-06.08.07 /ON HCL-INFOSYSTEMS LTD 0.000001
734,500 2,193,923 0.08USD
INDIA
DEUTSCHE BANK AG 04-31.05.07 /ON MAHINDRA &MAHINDRA LTD 0.000001
235,000 4,227,813 0.15USD
DEUTSCHE BANK AG 05-29.04.08 /ON BRITAININDUSTRIES LTD 0
23,531 675,829 0.02USD
JP MORGAN INTERNATIONALDERIVATIVES LTD 04-30.04.07/ON ITC LTD 0
2,000,000 6,984,891 0.25USD
JP MORGAN INTERNATIONALDERIVATIVES LTD 04-30.04.07/ON RANBAXY LABORATORIESLTD 0
750,000 6,044,288 0.22USD
MERRILL LYNCH INTL 05-07.01.10 /ON BRITANNIAINDUSTRIES LTD 0.000001
5,018 144,121 0.01USD
MERRILL LYNCH INTL 04-22.06.09 /ON AMTEK 0.000001
92,808 789,846 0.03USD
MERRILL LYNCH 04-17.03.09/ON IBP CO LTD 0.000001
200,000 1,877,190 0.07USD
Description Quantity Currency Evaluation % netassets
196HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
MERRILL LYNCH 05-08.01.10/ON MAHINDRA UGINE STEELCO 0.000001
505,727 1,077,746 0.04USD
MERR.L.04-13.3.09 PATNICOMPUTER SYSTEMS LTD0.00001
637,500 5,599,043 0.20USD
29,614,690 1.07
ABN AMRO 05-18.12.06WRT/HCL INF 0
928,767 2,774,191 0.10USD
NETHERLANDS
ABN NV 07-30.6.09WRT/IDEACELL 0
3,000,000 6,514,140 0.24USD
9,288,331 0.34
2.23TOTAL WARRANTS / EQUITY LINKED SECURITIES 61,415,420
88.51TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 2,440,326,559
Description Quantity Currency Evaluation % netassets
TRANSNEFT OJSC MOSCOW 32,289 67,968,345 2.46USD
OTHER TRANSFERABLE SECURITES
SHARES
FEDERATION OF RUSSIA
67,968,345 2.46
HINDALCO IND./GDR 144A REG 300,000 895,090 0.04USD
INDIA
MCDOWELL HOLDINGS LTD 59,036 56,071 0.00INR
RELIANCE ENERGY/GDR 144A 2,603 88,796 0.00USD
1,039,957 0.04
2.50TOTAL SHARES 69,008,302
DT.BK 06-2.2.11 WRTGAZPROM 0
147 154,889,490 5.62USD
WARRANTS / EQUITY LINKED SECURITIES
GERMANY
154,889,490 5.62
UBS LN 06-19.12.07 WRT/JINDAL 0
50,000 2,746,405 0.10USD
GREAT BRITAIN
UBS LN 06-8.12.07WRT /TATAMOT 0
24,199 403,746 0.01USD
UBS LN06-13.12.07WRT/DR.REDDYS 0
400,000 6,419,200 0.24USD
UBS LN06-15.12.07WRT/JSWSTEEL 0
150,000 1,630,245 0.06USD
11,199,596 0.41
JP MORGAN 07-11.1.11WRT/CAIRN 0
1,395,625 4,033,356 0.15USD
JERSEY
JPM INTL DER.06-19.1.09WRT/EQ. 0
94,500 900,585 0.03USD
4,933,941 0.18
ABN AMRO 05-7.12.06WRT/JIND.P. 0
23,079 1,262,060 0.05USD
NETHERLANDS
ABN AMRO06-30.6.09WRT/STERLITE 0
150,000 1,626,745 0.05USD
2,888,805 0.10
JPM INTL 07-23.3.12WRT/SATYAM 0
837,585 8,794,643 0.32USD
UNITED STATES
8,794,643 0.32
6.63TOTAL WARRANTS / EQUITY LINKED SECURITIES 182,706,475
9.13TOTAL OTHER TRANSFERABLE SECURITIES 251,714,777
Description Quantity Currency Evaluation % netassets
97.64TOTAL INVESTMENTS 2,692,041,336
2.36OTHER NET ASSETS LESS LIABILITIES 65,042,645
100.00TOTAL NET ASSETS 2,757,083,981
197HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Energy 16.67Holding companies 10.64Coal mines, heavy industries 9.22Public services 8.28News transmission 7.04Banks and financial institutions 6.86Transport 6.63States, provinces and municipalities 5.61Food 4.31Non-ferrous metals 3.62Construction, building materials 2.64Other services 2.64Miscellaneous 1.58Retail trade, department stores 1.51Real estate companies 1.46Automobile industry 1.37Pharmaceuticals and cosmetics 1.05Internet Software 1.04Insurance 1.01Mechanics, machinery 0.99Agriculture and fishing 0.97Textile 0.72Tobacco and spirits 0.66Office equipment and computers 0.44Electronics and electrical equipment 0.27Chemicals 0.24Other business houses 0.17
Other net assets less liabilities 2.36
100.00Total Net Assets
BRIC FREESTYLE
198HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
PAMPA HOLDING SA/SGDRREGS
306,046 5,921,072 0.70USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
ARGENTINA
5,921,072 0.70
DUFRY SOUTH AMERICA LTDA 424,800 7,302,909 0.86BRL
BERMUDA ISLANDS
7,302,909 0.86
ALL AMERICA LATINA /UNIT 1,358,193 16,211,048 1.92BRL
BRAZIL
BANCO BRADESCO SA /PREF. 247,100 5,069,680 0.60BRL
BANCO BRADESCO /SADR 489,095 20,023,549 2.37USD
CIA VALE RIO DOCE/SADR 250,600 7,838,768 0.93USD
CIA VALE RIODOCE/SADR(1ORDSH)
131,042 4,851,175 0.57USD
DURATEX SA /PRIV. 348,000 6,991,106 0.83BRL
GERDAU SA / SADR PFD SHS 538,399 9,648,110 1.14USD
JBS AS 2,552,754 8,902,473 1.05BRL
PETROBRAS /SADR 314,541 28,544,595 3.37USD
108,080,504 12.78
CENCOSUD SA 3,041,871 10,388,111 1.23CLP
CHILE
10,388,111 1.23
ANGANG STEEL COMPANYLTD -H-
10,086,692 17,502,346 2.07HKD
CHINA
CHINA CONSTRUCTION BANKCORP
13,321,000 7,619,600 0.90HKD
CHINA SHENHUA ENERGY CO-H-
7,085,000 17,135,211 2.03HKD
PETROCHINA CO LTD /-H- 4,722,000 5,601,360 0.66HKD
PING AN INSUR.(GRP)CO -H- 478,000 2,342,688 0.28HKD
50,201,205 5.94
SURAMERICANA DEINVERSIONES
1,141,070 9,847,891 1.16COP
COLOMBIA
9,847,891 1.16
AK SBEREGATELNY BANKSBERBANK
8,877 31,824,045 3.76USD
FEDERATION OF RUSSIA
GAZPROM OAO 2,725,542 28,699,957 3.39USD
INVESTMENTS
GLOBAL EMERGING MARKETS EQUITYFREESTYLE
Statement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
GAZPROM OAO/SADR 467,807 19,770,038 2.34USD
LUKOIL /SADR 131,510 11,401,917 1.35USD
MOBILE TELESYSTEMSOJS/SADR
73,651 4,241,561 0.50USD
RAO UNIFIED ENER.SYS./GDR 28,121 3,866,638 0.46USD
SEVERSTAL CHEREPOVETSMET/SGDR
362,811 5,006,792 0.59USD
VIMPELCOMMUNICATIONS/S.ADR
35,300 3,396,919 0.40USD
108,207,867 12.79
CHINA MOBILE LTD 1,811,500 16,469,873 1.95HKD
HONG KONG
IND & COM BOC -H- 13,720,000 7,689,817 0.91HKD
24,159,690 2.86
MOL MAGYAR /-A- 97,311 11,080,459 1.31HUF
HUNGARY
11,080,459 1.31
ICICI BK /SADR 76,974 3,039,703 0.36USD
INDIA
3,039,703 0.36
BANK DANAMON INDONESIATBK -A-
5,164,500 3,704,109 0.44IDR
INDONESIA
BANK RAKYAT INDONESIA 14,992,000 8,290,201 0.98IDR
PT TELEKOM.INDONESIA/SP.ADR
226,340 9,741,673 1.15USD
TELKOM INDONESIA /S-B- 7,667,000 8,269,435 0.98IDR
30,005,418 3.55
MALAYAN BANKINGBERHAD/FOR.REG.
3,542,000 13,122,334 1.55MYR
MALAYSIA
RESORTS WORLD 502,000 2,499,106 0.30MYR
15,621,440 1.85
CEMEX /ADR 121,725 3,992,580 0.47USD
MEXICO
CONSORCIO ARA SAB DE CV 3,104,700 5,341,587 0.63MXN
CONTROLADORA COM.SAB/(1C+3 B)
2,101,374 5,885,237 0.70MXN
EMPRESAS ICA SAB DE CV 3,513,914 13,547,701 1.60MXN
FOMENTO ECONOMICOMEXICANO/ADR
78,076 8,730,458 1.03USD
37,497,563 4.43
BK POLSKA KASA OPIEKIPEKAO
81,670 7,457,106 0.88PLN
POLAND
POWSZECHNA KASAOSZCZED.POLSKI
214,299 3,569,436 0.42PLN
11,026,542 1.30
BIDVEST GROUP LTD 693,173 13,136,392 1.55ZAR
SOUTH AFRICA
IMPALA PLATINUM HOLDINGSLTD
276,622 8,624,194 1.02ZAR
MASSMART HOLDINGS LTD 1,005,604 11,613,217 1.37ZAR
SASOL LTD /REG. 999,610 33,971,543 4.02ZAR
Description Quantity Currency Evaluation % netassets
199HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
STANDARD BK GROUP LTD 381,178 5,560,519 0.66ZAR
72,905,865 8.62
DAEGU BANK 1,106,569 20,114,437 2.38KRW
SOUTH KOREA
DAELIM INDUSTRIAL CO LTD 106,261 10,177,285 1.20KRW
DAISHIN SECURITIES CO LTD 352,430 8,223,196 0.97KRW
DOOSAN HEAVYINDUST.&CONSTR.
118,840 7,680,677 0.91KRW
HYUNDAI DEVELOPM.CO-ENG.&CONS.
201,620 11,123,315 1.32KRW
HYUNDAI MIPO DOCKYARD COLTD
161,195 29,729,275 3.52KRW
HYUNDAI MOTOR CO LTD 58,970 4,143,486 0.49KRW
KOOKMIN BANK /SADR 74,518 6,784,864 0.80USD
POSCO 28,250 11,861,751 1.40KRW
SAMSUNG ELECTRONICS COLTD
33,670 20,150,452 2.38KRW
SAMSUNG FIRE&MARINEINSUR.
31,770 5,319,013 0.63KRW
135,307,751 16.00
ASUSTEK COMPUTER INC 3,979,000 9,382,554 1.11TWD
TAIWAN
CATCHER TECHNOLOGY COLTD
683,056 5,368,861 0.63TWD
CATHAY FINANCIAL HOLDING 2,473,000 5,136,099 0.61TWD
CHINA STEEL 6,766,000 7,629,452 0.90TWD
FAR EASTERN TEXTILE LTD 12,483,820 10,755,853 1.27TWD
HON HAI PRECISION IND /GDR 949,841 12,727,869 1.50USD
HON HAI PRECISION IND.COLTD
1,180,000 7,919,313 0.94TWD
TAIWAN CEMENT CORP 10,439,030 8,804,747 1.04TWD
TAIWANSEMICONDUCT.MANUF/SADR
1,258,440 13,591,151 1.62USD
WISTRON CORP 6,425,000 9,750,556 1.15TWD
91,066,455 10.77
KASIKORNBANKPUBL.COM.LTD/NVDR
3,638,525 6,750,537 0.81THB
THAILAND
KRUNG THAI BANK /FOR.REG. 10,352,500 3,575,446 0.42THB
KRUNG THAI BKPUBL.CO/NVDR
4,769,500 1,647,244 0.19THB
11,973,227 1.42
TOFAS TURK OTOMOBILFABRIKASI
3,376,775 12,901,004 1.53TRY
TURKEY
TURKIYE GARANTI BANKASI/NOM.
414,880 1,899,073 0.22TRY
14,800,077 1.75
89.68TOTAL SHARES 758,433,749
DB BK LN 06-23.1.09WRT/RELIAN 0
1,420,000 13,812,557 1.63USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
Description Quantity Currency Evaluation % netassets
UBS LDN 06-2.7.07WRT/LARS&TOUB 0
142,000 5,159,144 0.61USD
18,971,701 2.24
2.24TOTAL WARRANTS / EQUITY LINKED SECURITIES 18,971,701
91.92TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 777,405,450
Description Quantity Currency Evaluation % netassets
ORASCOM CONSTR.IND./SGDR 174,544 17,663,853 2.09USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
EGYPT
17,663,853 2.09
INDUSTRIAL BANK OF KOREA 973,978 19,516,132 2.30KRW
SOUTH KOREA
19,516,132 2.30
CAPITAL SECURITIES CORP 5,484,220 2,694,144 0.32TWD
TAIWAN
2,694,144 0.32
4.71TOTAL SHARES 39,874,129
4.71TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 39,874,129
MAGNIT JSC 270,503 11,712,780 1.39USD
OTHER TRANSFERABLE SECURITES
SHARES
FEDERATION OF RUSSIA
11,712,780 1.39
1.39TOTAL SHARES 11,712,780
UBS LDN 06-17.11.07WRT/ICICI0
230,741 4,589,415 0.54USD
WARRANTS / EQUITY LINKED SECURITIES
GREAT BRITAIN
4,589,415 0.54
0.54TOTAL WARRANTS / EQUITY LINKED SECURITIES 4,589,415
1.93TOTAL OTHER TRANSFERABLE SECURITIES 16,302,195
98.56TOTAL INVESTMENTS 833,581,774
1.44OTHER NET ASSETS LESS LIABILITIES 12,208,189
100.00TOTAL NET ASSETS 845,789,963
200HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Banks and financial institutions 24.70Energy 14.10Coal mines, heavy industries 9.63Construction, building materials 7.72Electronics and electrical equipment 7.07News transmission 4.98Mechanics, machinery 4.43Automobile industry 3.57Holding companies 3.27Food 3.14Retail trade, department stores 2.93Office equipment and computers 2.26Insurance 2.07Other services 2.06Transport 1.92Textile 1.27Tobacco and spirits 1.03Precious metals 1.02Real estate companies 0.63Public services 0.46Gastronomy 0.30
Other net assets less liabilities 1.44
100.00Total Net Assets
GLOBAL EMERGING MARKETS EQUITY FREESTYLE
201HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ULTRAPETROL BAHAMAS LTD 62,500 1,062,500 2.62USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
BAHAMAS
1,062,500 2.62
CREDICORP 22,200 1,083,360 2.67USD
BERMUDA ISLANDS
DUFRY SOUTH AMERICA LTDA 83,400 1,433,763 3.53BRL
GP INVESTMENTS LTD /BDR 44,300 1,414,144 3.49BRL
OCEAN WILSON PLC 3,000 48,132 0.12GBP
3,979,399 9.81
ALL AMERICA LATINA /UNIT 71,958 858,872 2.12BRL
BRAZIL
AMBEV CIA DE BEBIDAS /ADR 5,100 277,134 0.68USD
ANHANGUERA EDUCACIONALPART.
100,000 1,105,162 2.73BRL
BANCO BRADESCO /SADR 28,669 1,173,709 2.89USD
BRADESPAR SA BRASIL/PREF.
21,000 618,891 1.53BRL
CIA VALE RIODOCE/SADR(1ORDSH)
92,243 3,414,836 8.43USD
DURATEX SA /PRIV. 46,500 934,156 2.30BRL
GVT HOLDING SA 125,000 1,494,424 3.68BRL
LOJAS AMERICANAS SA /PRIV. 8,200,000 511,518 1.26BRL
NATURA COSMETICOS SA 5,400 61,005 0.15BRL
ODONTOPREV S.A. 48,500 976,717 2.41BRL
PERDIGAO SA 41,900 568,435 1.40BRL
PETROLEO BRASILEIRO /SADR 39,300 3,981,876 9.83USD
PROFAMA SA 65,000 1,085,514 2.68BRL
SADIA SA/PREF. 250,000 954,123 2.35BRL
SAO CARLOSEMPREENDIMENTOS
55,000 458,986 1.13BRL
SAO MARTINHO SA 186,000 2,466,721 6.08BRL
SARAIVA SA LIVREIROS /PRIV. 42,000 514,711 1.27BRL
21,456,790 52.92
PAN AMERICAN SILVER CORP. 65,000 1,918,800 4.73USD
CANADA
1,918,800 4.73
MASISA SA / ADR 50 SHS 6,000 67,500 0.17USD
CHILE
RIPLEY CORP SA 491,962 693,851 1.71CLP
761,351 1.88
INVESTMENTS
LATIN AMERICAN FREESTYLEStatement of investments as at 31 March 2007 (expressed in USD)
Description Quantity Currency Evaluation % netassets
BANCOLOMBIA SA / ADR 10,000 275,800 0.68USD
COLOMBIA
SURAMERICANA DEINVERSIONES
103,093 889,734 2.19COP
1,165,534 2.87
ANTOFAGASTA PLC 41,182 412,797 1.02GBP
GREAT BRITAIN
412,797 1.02
CONSORCIO ARA SAB DE CV 342,400 589,094 1.45MXN
MEXICO
CONTROLADORA COM.SAB/(1C+3 B)
267,872 750,219 1.85MXN
CORP.MOCTEZUMA SA DE CVB2
121,900 347,150 0.86MXN
CORPORACION GEO SAB DECV B
58,600 339,877 0.84MXN
EMPRESAS ICA SAB DE CV 401,463 1,547,817 3.81MXN
GRUPO FAMSA SA DE CV -A- 108,872 585,833 1.44MXN
GRUPO FIN.BANORTEGFNORTE -O-
50,000 230,501 0.57MXN
GRUPO MODELO SAB DE CVC
115,700 592,773 1.46MXN
WAL-MART DE MEXICO -V- 124,400 529,486 1.31MXN
5,512,750 13.59
COPA HOLDINGS -A- 6,000 303,900 0.75USD
PANAMA
303,900 0.75
SOUTHERN COPPER CORP 2,226 159,293 0.39USD
UNITED STATES
159,293 0.39
90.58TOTAL SHARES 36,733,114
90.58TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 36,733,114
Description Quantity Currency Evaluation % netassets
ALMACENES EXITO /TEMP 6,575 57,356 0.14COP
OTHER TRANSFERABLE SECURITES
SHARES
COLOMBIA
EXITO .ALMACENES EXITO SA 55,000 479,787 1.18COP
537,143 1.32
1.32TOTAL SHARES 537,143
1.32TOTAL OTHER TRANSFERABLE SECURITIES 537,143
91.90TOTAL INVESTMENTS 37,270,257
8.10OTHER NET ASSETS LESS LIABILITIES 3,285,394
100.00TOTAL NET ASSETS 40,555,651
202HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Coal mines, heavy industries 13.16Energy 9.83Miscellaneous 9.56Retail trade, department stores 7.95Holding companies 7.59Banks and financial institutions 6.81Transport 4.86Construction, building materials 4.67Insurance 4.60Other services 4.18News transmission 3.68Pharmaceuticals and cosmetics 2.83Food 2.35Real estate companies 2.29Tobacco and spirits 2.14Non-ferrous metals 1.41Agriculture and fishing 1.40Consumer goods 1.32Graphic art and publishing 1.27
Other net assets less liabilities 8.10
100.00Total Net Assets
LATIN AMERICAN FREESTYLE
203HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BAE SYSTEMS PLC 112,616 518,878 4.01GBP
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
GREAT BRITAIN
BARCLAYS PLC 71,206 515,175 3.98GBP
BG GROUP PLC 73,470 541,107 4.19GBP
BP PLC 98,966 551,381 4.27GBP
CENTRICA PLC 138,687 525,430 4.06GBP
DOMESTIC & GENERALGROUP PLC
43,851 517,442 4.00GBP
EMI GROUP PLC 197,946 447,853 3.46GBP
HBOS PLC 49,434 518,741 4.01GBP
HELPHIRE GROUP LONDON 118,184 522,373 4.04GBP
HOMESERVE 28,599 509,320 3.94GBP
HSBC HOLDINGS PLC 57,524 510,526 3.95GBP
ICAP PLC 97,312 511,375 3.95GBP
INCHCAPE PLC 91,915 523,916 4.05GBP
JOHNSON MATTHEY PLC 33,086 519,946 4.02GBP
LEGAL & GENERAL GROUPPLC
329,294 516,827 4.00GBP
RESOLUTION PLC 78,543 482,984 3.73GBP
ROYAL DUTCH SHELL -B- 2 34 0.00GBP
ROYAL DUTCH SHELL PLC -A- 31,075 530,450 4.10GBP
SHIRE PLC 47,221 497,237 3.84GBP
SIG PLC 40,887 517,629 4.00GBP
UNILEVER PLC 33,194 503,221 3.89GBP
UTD BUSINESS MEDIA PLC 65,278 522,224 4.04GBP
XSTRATA PLC 20,644 533,131 4.12GBP
3I GROUP PLC 45,117 512,150 3.96GBP
11,849,350 91.61
RAVEN RUSSIA PLC 438,276 529,218 4.09GBP
GUERNSEY
529,218 4.09
95.70TOTAL SHARES 12,378,568
95.70TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 12,378,568
INVESTMENTS
UK FREESTYLEStatement of investments as at 31 March 2007 (expressed in GBP)
Description Quantity Currency Evaluation % netassets
TRADING EMISSIONS PLC -C- 451,972 503,949 3.90GBP
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
SHARES
GREAT BRITAIN
503,949 3.90
3.90TOTAL SHARES 503,949
3.90TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 503,949
Description Quantity Currency Evaluation % netassets
99.60TOTAL INVESTMENTS 12,882,517
0.40OTHER NET ASSETS LESS LIABILITIES 52,359
100.00TOTAL NET ASSETS 12,934,876
204HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
%
Economic Division of Investment
(expressed as a percentage of net assets)
Energy 12.56Banks and financial institutions 12.03Public services 11.90Holding companies 11.86Insurance 11.73Graphic art and publishing 7.50Coal mines, heavy industries 4.12Miscellaneous 4.09Other business houses 4.05Precious metals 4.02Aerospace technology 4.01Other services 4.00Food 3.89Pharmaceuticals and cosmetics 3.84
Other net assets less liabilities 0.40
100.00Total Net Assets
UK FREESTYLE
205HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BRAZIL TV 03-20.06.07 407 609,774 8.75BRL
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
BRAZIL
BRAZIL TV 05-16.12.09 830 1,243,504 17.84BRL
1,853,278 26.59
26.59TOTAL BONDS 1,853,278
26.59TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 1,853,278
INVESTMENTS
BRAZIL BONDStatement of investments as at 31 March 2007 (expressed in USD)
Description Currency Evaluation % netassets
Face Value
BANCO BRADESCO 06-28.5.07CD
565 307,836 4.42BRL
FINANCIAL INSTRUMENTS
COMMERCIAL PAPER
BRAZIL
BCO BNP BRAZIL 06-28.5.07 CD 1,130 616,321 8.84BRL
BCO SANT.BRASIL 06-28.5.07CD
1,130 617,100 8.86BRL
CITIBANK BRAZIL 06-04.6.07CD
565 306,507 4.40BRL
1,847,764 26.52
BCO ABN AMRO REAL06-28.5.07 CD
1,100 600,780 8.62BRL
CAYMAN ISLANDS
600,780 8.62
HSBC 06-28.5.07 CD 1,130 616,646 8.85BRL
GREAT BRITAIN
616,646 8.85
BANCO ITAU S.A.06-18.6.07 CD 550 299,979 4.30BRL
PORTUGAL
299,979 4.30
48.29TOTAL COMMERCIAL PAPER 3,365,169
BCO INVEST BRASIL 0%-6.12.07CD
594 302,452 4.34BRL
CERTIFICATE OF DEPOSIT
BRAZIL
BIFB 0% 06-6.12.07 CD 575 292,698 4.20BRL
ING BK BRAZIL 0%06-10.12.07CD
590 299,894 4.30BRL
895,044 12.84
12.84TOTAL CERTIFICATE OF DEPOSIT 895,044
61.13TOTAL FINANCIAL INSTRUMENTS 4,260,213
Description Currency Evaluation % netassets
Face Value
87.72TOTAL INVESTMENTS 6,113,491
12.28OTHER NET ASSETS LESS LIABILITIES 855,602
100.00TOTAL NET ASSETS 6,969,093
206HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
TELSTRA CORP 4.75% 07-21.3.17
300,000 297,328 0.50EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
AUSTRALIA
297,328 0.50
TELEKOM F.3.375% 05-10EMTN
155,000 150,943 0.26EUR
AUSTRIA
150,943 0.26
FORTIS BANK 4.625% 04-PERP. 400,000 392,384 0.66EUR
BELGIUM
392,384 0.66
BOMBARDIER 7.25% 06-15.11.16
550,000 570,900 0.97EUR
CANADA
570,900 0.97
BCP FIN.5.543% 04-... 120,000 123,774 0.21EUR
CAYMAN ISLANDS
BES FIN 6.625% 02-... EMTN 250,000 272,215 0.46EUR
MUFG CAP FIN2 4.85%(TV)06-PERP
520,000 509,070 0.86EUR
905,059 1.53
DANSK NATURGAS A/S5.5%05-PERP
750,000 756,975 1.28EUR
DENMARK
DANSKE BK A/S 4.878% 07-PERP.
500,000 496,085 0.84EUR
NORDIC TEL.8.25%06-1.5.16REGS
250,000 273,377 0.46EUR
1,526,437 2.58
GAZPROM CAP.5.03% 06-14REGS
650,000 644,794 1.09EUR
FEDERATION OF RUSSIA
644,794 1.09
M-REAL TV 06-13 SEN./MULTICP
250,000 256,451 0.42EUR
FINLAND
NORDEA BK FIN.5.75%(TV) 02-14
170,000 174,452 0.30EUR
SAMPO OYJ 4.625%(TV)04-14REG
150,000 150,677 0.26EUR
INVESTMENTS
EURO CORPORATE BONDStatement of investments as at 31 March 2007 (expressed in EUR)
Description Currency Evaluation % netassets
Face Value
STORA ENSO 5.125% 04-23.6.14
150,000 152,448 0.26EUR
734,028 1.24
AGF 4.625%(TV) 05-PERP. 210,000 204,205 0.35EUR
FRANCE
ALCATEL 6.375% 04-7.4.14EMTN
400,000 423,232 0.72EUR
AXA SA 5.777%(TV) 06-...PERP 220,000 228,158 0.39EUR
BFCM 4.375% 06-31.5.16 EMTN 600,000 597,402 1.01EUR
BOUYGUES 4.5% 06-24.5.13 50,000 49,898 0.08EUR
CARREFOUR 4.375% 03-11EMTN
350,000 349,269 0.59EUR
CIE ST.GOBAIN 4.75% 07-17EMTN
600,000 596,008 1.01EUR
CNCEP 5.25% 03-... EMTN 120,000 122,849 0.21EUR
CROWN EUR.6.25% 05-01.09.11 850,000 877,624 1.49EUR
EUROPCAR GR.8.125% 06-14REGS
250,000 266,964 0.45EUR
FRANCE TELECOM 7.25% 03-13 EMTN
1,100,000 1,248,191 2.12EUR
LAFARGE 5.875%01-06.11.08 255,000 260,945 0.44EUR
LVMH 5% 03-29.4.10 EMTN 350,000 356,395 0.60EUR
PERNOD RICARD 4.625%06-6.12.13
200,000 196,669 0.33EUR
REMY COINTR.6.5% 03-1.7.10 235,000 244,165 0.41EUR
SCHNEID.ELECT.3.125%05-11.8.10
175,000 168,135 0.28EUR
THALES 4.375% 04-22.07.11EMTN
150,000 150,148 0.25EUR
VEOLIA ENV.6.125% 03-33EMTN
300,000 332,142 0.56EUR
VIVENDI 4.5% 06-3.10.13 200,000 198,428 0.34EUR
6,870,827 11.63
BERTELSMANN 3.625% 05-06.10.15
50,000 46,242 0.08EUR
GERMANY
BERTELSMANN 4.75% 06-26.09.16
130,000 129,592 0.22EUR
DEGUSSA 5.125%03-10.12.13 1,150,000 1,151,764 1.94EUR
ESCADA 7.5% 05-1.04.12 REGS 150,000 160,436 0.27EUR
EWE AG 4.875% 04-14.10.19 120,000 122,361 0.21EUR
GERLING LEBEN.6.75%(TV)05-PERP
300,000 320,767 0.54EUR
HENKEL 5.375 05-2104 STEP-UP
300,000 293,120 0.50EUR
HORNBACH BAU 6.125% 04-14REGS
100,000 103,863 0.18EUR
HSH NORDBK4.375%(TV)07-14.2.08
310,000 307,012 0.52EUR
HT1 FDG 6.352%(TV) 06-...PERP
130,000 137,498 0.23EUR
KABEL DEUTSCHLAND 10.75%06-14
230,000 263,787 0.45EUR
MUNICH RE FIN.6.75%03-21.06.23
200,000 222,202 0.38EUR
PERI 5.625% 04-15.12.11 REGS 275,000 280,503 0.47EUR
VOLKSWAG.LEAS.4.125%06-31.5.11
695,000 687,945 1.16EUR
4,227,092 7.15
AIB UK 2 5.142%(TV) 06-PERP. 310,000 309,795 0.52EUR
GREAT BRITAIN
ANGLIAN WATER 4.625% 03-13 260,000 262,352 0.44EUR
ANGLO AM.CAP.3.625%03-05.06.08
150,000 148,780 0.25EUR
BAA 4.5% 04-30.9.14 EMTN 125,000 124,321 0.21EUR
Description Currency Evaluation % netassets
Face Value
207HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BARCLAYS 4.875% 04-PERP 210,000 202,662 0.34EUR
BAT INTL FIN.5.125% 03-13EMTN
295,000 302,440 0.51EUR
CARNIVAL PLC 4.25% 06-13GTD
250,000 246,027 0.42EUR
COMPASS GR.6% 02-29.5.09EMTN
120,000 123,818 0.21EUR
CORUS 7.5% 04-1.10.11SENIOR
340,000 365,552 0.62EUR
DEPFA FDG IV 5.029%(TV)07-PERP
550,000 540,636 0.92EUR
HBOS CAP.4.939%(TV)06-PERP 550,000 545,075 0.92EUR
IMP.TOBACCO 4.375% 06-22.11.13
150,000 147,703 0.25EUR
IMP.TOBA.FIN.6.25%02-06.06.07 335,000 336,207 0.57EUR
INEOS GROUP 7.875% 06-16REG.
300,000 281,711 0.48EUR
KINGFISHER 4.125% 05-23.11.12
180,000 174,564 0.30EUR
NATIONAL GRID 5% 03-2.7.18 200,000 201,956 0.34EUR
NTH.W.WAT.F.4.875%99-18.03.09
450,000 454,451 0.77EUR
OTE PLC 4.625% 06-20.5.16 100,000 98,146 0.17EUR
OTE PLC 5% 03-5.8.13 EMTN 255,000 259,835 0.44EUR
RENTOKIL INITIAL 5.75% 02-07 125,000 125,268 0.21EUR
RENTOKIL 4.625 07-27.3.14 300,000 293,366 0.50EUR
RZB FIN.5.169%(TV)06-PERP. 500,000 493,995 0.84EUR
TESCO PLC 3.875% 06-24.03.11 150,000 147,680 0.25EUR
VODAF.AIR.4.25%03-27.05.09 600,000 599,432 1.01EUR
6,785,772 11.49
PUBLIC POWER 6.25% 00-8.11.10
200,000 211,627 0.36EUR
GREECE
211,627 0.36
ABB INT.FIN.6.5% 03-11 EMTN-TERM NOTES 2
250,000 271,751 0.46EUR
GUERNSEY
271,751 0.46
HUTCHINSON WHAMPOAF.5.875 % 03-8.7.13
150,000 159,938 0.27EUR
HONG KONG
STD CHART.5.375% 99-6.5.09EMTN
120,000 122,429 0.21EUR
282,367 0.48
BINA-ISTRA 8% 03-15.12.22 550,000 604,305 1.02EUR
HUNGARY
MOL HUNG.OIL 3.875%05-05.10.05
300,000 271,654 0.46EUR
875,959 1.48
AUTOSTRADE 5% 04-9.6.14EMTN
500,000 511,995 0.86EUR
ITALY
BCO POP VERONA TV 07-08.02.17
500,000 499,516 0.85EUR
ENEL 5.25% 04-20.05.24 EMTN 135,000 140,389 0.24EUR
HERA SPA 4.125% 06-16.02.16 160,000 154,181 0.26EUR
MONT.PASCHI SIENA 4.875%06-16
400,000 397,530 0.67EUR
TELE.ITALIA 5.375% 04-19EMTN
300,000 299,490 0.51EUR
Description Currency Evaluation % netassets
Face Value
UNICREDITO 3.95% 06-1.2.16 450,000 424,557 0.72EUR
2,427,658 4.11
HSBC CAP.FDG 5.3687%03-PERP.
1,450,000 1,486,026 2.52EUR
JERSEY
PROSECURE FD 4.668% 06-30.6.16
200,000 193,876 0.33EUR
RESPARCS FD II LSH 7.5%03-PERP
550,000 580,028 0.98EUR
2,259,930 3.83
DEXIA FD 4.892%(TV)06-30.11.49
250,000 247,015 0.42EUR
LUXEMBOURG
FINMECCANICA 5.75%03-12.12.18
150,000 163,147 0.28EUR
GLENCORE FIN.5.375% 04-30.9.11
530,000 539,776 0.91EUR
HELLAS TELECOM TV 05-15.10.12
300,000 307,289 0.52EUR
HOLCIM FIN.LUX.4.375%-23.6.10
150,000 150,022 0.25EUR
KLOCKNER INV.10.5% 05-15REG.S
228,846 272,785 0.46EUR
KLOECKNER PENTAPL.9.375%02-12
230,000 241,983 0.41EUR
OLIVETTI 6.575%99-09 BS2/STEP
1,350,000 1,412,396 2.40EUR
SYNGENTA LUX 4.125%06-21.09.11
205,000 202,975 0.34EUR
WIND ACQUISIT.9.75% 05-1.12.15
500,000 571,911 0.97EUR
4,109,299 6.96
ABN AMRO 4.31%(TV) 06-PERP. 250,000 236,399 0.40EUR
NETHERLANDS
ALLIANZ FIN TV 05-PERP 350,000 331,237 0.56EUR
ALTADIS FIN.4.25% 03-2.10.08 200,000 199,705 0.34EUR
ALTADIS FIN.5.125% 03-2.10.13 300,000 303,597 0.51EUR
CARLS.WAGONLIT TV 06-1.5.15REG
100,000 106,083 0.18EUR
DEUTSCH.TELEK.7.5%03-33/STEPP.
250,000 316,784 0.54EUR
DT TEL.INTL.FIN 4% 05-19.01.15 155,000 147,431 0.25EUR
DT.TEL.INT.F.7.125%01-11STEPPD
750,000 813,483 1.37EUR
EADS FIN.4.625%03-03.03.10 150,000 151,096 0.26EUR
EDP FINANCE 3.75% 05-22.06.15
210,000 199,028 0.34EUR
EUREKO 5.125% 05-29.06.49 100,000 99,480 0.17EUR
FRESENIUS FIN.5.5% 06-16REG.S
800,000 814,239 1.37EUR
GENERALI F.5.317%(TV)06-..PERP
400,000 400,200 0.68EUR
IBERDROLA I.4.875% 03-18.2.13 100,000 102,184 0.17EUR
ING VERZEK.6.25%01-21.06.21 700,000 748,390 1.27EUR
KAZKOMMERTS 6.875% 07-13.2.17
500,000 489,005 0.83EUR
KON.PHILIPS 6.125%01-16.05.11
265,000 282,041 0.48EUR
KPN NV 4.5% 04-21.7.11 EMTN 500,000 497,235 0.84EUR
LINDE FIN.7.375%(TV)06-14.7.66
700,000 759,646 1.29EUR
METRO FIN.4.625% 04-11 EMTN 100,000 100,222 0.17EUR
PORTUGAL TELE.INTL4.375%05-17
50,000 46,388 0.08EUR
RED ELECTRICA 4.75% 03-13EMTN
120,000 122,639 0.21EUR
REPSOL INTL 5% 03-22.7.13EMTN
250,000 254,226 0.43EUR
Description Currency Evaluation % netassets
Face Value
208HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SIEMENS F.5.25%(TV)06-14.9.66
700,000 706,024 1.20EUR
TELEFONICA 5.125%03-14.02.13
400,000 409,666 0.69EUR
TNT NV 5.125%01-05.12.08SENIOR
350,000 354,070 0.60EUR
8,990,498 15.23
TELENOR ASA 4.5% 06-28.03.14
80,000 79,565 0.13EUR
NORWAY
79,565 0.13
CONSOL GLASS 7.625% 07-15.4.14
150,000 152,044 0.26EUR
SOUTH AFRICA
152,044 0.26
BBVA INTL 4.952%(TV) 06-PERP.
200,000 198,004 0.34EUR
SPAIN
SANTANDER TV 04-..PERP. 300,000 293,519 0.49EUR
491,523 0.83
SCA FINANS AB5.375%02-25.06.07
150,000 150,404 0.25EUR
SWEDEN
SCA FINANS 3.875% 06-7.03.11 65,000 63,680 0.11EUR
SECURITAS 6.125%01-14.03.08 210,000 213,303 0.36EUR
SKAND.ENSK.BANK.TV 02-6.6.12
170,000 170,424 0.29EUR
TELIASONERA 4.125% 05-11.5.15
125,000 119,256 0.20EUR
717,067 1.21
AM.GEN.FIN.3.25% 05-16.1.05-16.1.13
290,000 270,899 0.46EUR
UNITED STATES
AT&T 4.375% 07-15.3.13 200,000 198,148 0.34EUR
CA PREF.TRUST III 6% 03-PERP
125,000 128,720 0.22EUR
CITIGR.4.75% 04-10.2.19 INTL 1,000,000 1,012,156 1.70EUR
COMMZBK CAP.5.012%(TV)06-PERP
400,000 393,928 0.67EUR
CS GRP(US)3.625%(TV)05-14.9.20
760,000 707,442 1.20EUR
DAIMLER CHRYS.4.25%04-4.10.11
450,000 444,503 0.75EUR
DEUTSCHE CAP.5.33% 03-...EMTN
600,000 617,355 1.04EUR
GECC 4.625% 06-15.9.66 REGS 625,000 621,169 1.05EUR
GMAC 5.375% 04-6.6.11 EMTN 650,000 637,406 1.08EUR
GMAC 6%03-03.07.08 400,000 403,500 0.68EUR
GOLDMAN SACHS 4% 05-02.02.15
550,000 527,689 0.89EUR
LEHMAN BROTH 4.25% 06-26.09.16
300,000 294,375 0.50EUR
MERRILL LYNCH 4.45% 07-31.1.14
700,000 695,975 1.18EUR
MORGAN STANLEY 3.75% 06-1.3.13
400,000 383,374 0.65EUR
PEMEX FUND.MASTER 6.375%04-16
225,000 247,244 0.42EUR
ROCKWOOD SPEC.7.625% 04-14
250,000 263,750 0.45EUR
SAN PAOLO IMI 8.126%00-PERP.
200,000 223,729 0.38EUR
Description Currency Evaluation % netassets
Face Value
WACHOVIA COR 4.375% 06-18EMTN
500,000 483,684 0.82EUR
8,555,046 14.48
88.92TOTAL BONDS 52,529,898
88.92TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 52,529,898
Description Currency Evaluation % netassets
Face Value
CARMEUSE LIME 10.75% 02-12REGS
260,000 280,150 0.47EUR
OTHER TRANSFERABLE SECURITES
BONDS
NETHERLANDS
280,150 0.47
0.47TOTAL BONDS 280,150
0.47TOTAL OTHER TRANSFERABLE SECURITIES 280,150
89.39TOTAL INVESTMENTS 52,810,048
10.61OTHER NET ASSETS LESS LIABILITIES 6,269,063
100.00TOTAL NET ASSETS 59,079,111
209HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ERSTE BK TV 07-19.7.17 TR.2 350,000 350,000 0.80EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
AUSTRIA
350,000 0.80
TELENET COM.9% 03-15.12.13REGS
186,750 204,945 0.47EUR
BELGIUM
204,945 0.47
BOMBARDIER TV 06-15.11.13REGS
400,000 413,000 0.94EUR
CANADA
413,000 0.94
BCP FINANCE TV 05-PERP. 500,000 470,043 1.07EUR
CAYMAN ISLANDS
DUBAI HOLDING 4.75%07-30.01.14
500,000 497,782 1.14EUR
MIZUHO FIN.4.75% 04-15.4.14REG
1,500,000 1,509,517 3.45EUR
2,477,342 5.66
GAZPROM CAP.5.03% 06-14REGS
500,000 495,996 1.13EUR
FEDERATION OF RUSSIA
495,996 1.13
SAMPO OYJ 4.625%(TV)04-14REG
1,550,000 1,556,998 3.55EUR
FINLAND
1,556,998 3.55
BFCM 4.471%(TV) 05-PERP. 600,000 577,644 1.32EUR
FRANCE
BQ.POSTALE TV 06-12.12.16EMTN
700,000 700,600 1.60EUR
CASINO GUICHARD P.4.875%07-14
200,000 198,680 0.45EUR
CIE ST.GOBAIN TV 07-11.4.12 850,000 848,871 1.94EUR
CIE ST.GOBAIN 4.75% 07-17EMTN
600,000 596,008 1.36EUR
CNCEP 5.6% 99-5.11.2011 1,000,000 1,048,931 2.39EUR
CNP ASS.4.75%(TV)06-PERP. 700,000 681,920 1.56EUR
CREDIT LOGEM.4.604%(TV)06-PERP
550,000 549,005 1.25EUR
CRH 4.25% 03-25.10.14 1,000,000 1,000,042 2.28EUR
DEXIA MUN.AG 3.875%06-24.11.16
800,000 775,121 1.77EUR
INVESTMENTS
EURO CREDIT BONDStatement of investments as at 31 March 2007 (expressed in EUR)
Description Currency Evaluation % netassets
Quantity/FaceValue
FRANCE TELEC 4.75% 07-21.02.17
300,000 298,755 0.68EUR
FRANCE 3.25% 05-25.4.16 OAT 430,000 403,512 0.92EUR
FRANCE 5.75% 01-25.10.32BTAN
600,000 735,000 1.68EUR
FR.TELECOM 8.125%03-28.01.33
100,000 135,115 0.31EUR
GECINA 4.875% 04-25.1.12 1,500,000 1,472,999 3.37EUR
IMERYS 5% 07-18.04.17 200,000 200,120 0.46EUR
LA BQUE POSTALE 4% 06-8.11.13
900,000 887,961 2.03EUR
RFF 4.375% 06-2.6.22 550,000 549,071 1.25EUR
RHODIA TV 06-15.10.13 REGS 500,000 511,322 1.17EUR
SCOR ASSIST.6.154%(TV)06-PERP.
550,000 556,540 1.27EUR
12,727,217 29.06
DEGUSSA 5.125%03-10.12.13 250,000 250,384 0.57EUR
GERMANY
HENKEL 5.375 05-2104 STEP-UP
400,000 390,826 0.89EUR
HSH NORDBK4.375%(TV)07-14.2.08
450,000 445,662 1.02EUR
1,086,872 2.48
ANGLIAN WATER 4.625% 03-13 1,000,000 1,009,045 2.31EUR
GREAT BRITAIN
DEPFA FDG IV 5.029%(TV)07-PERP
430,000 422,679 0.96EUR
HSBC HLDS.5.375%02-20.12.12 600,000 628,443 1.43EUR
IMP.TOBACCO 4.375% 06-22.11.13
250,000 246,171 0.56EUR
OTE PLC 5% 03-5.8.13 EMTN 1,230,000 1,253,321 2.87EUR
3,559,659 8.13
FIDIS RETAIL FIN TV06-11.05.09 900,000 910,398 2.08EUR
IRELAND
LEASEPLAN FIN.4.5% 06-08.11.16
600,000 596,306 1.36EUR
1,506,704 3.44
BCO POP VERONA TV 07-08.02.17
1,050,000 1,048,983 2.39EUR
ITALY
CIRINT 5.75% 04-16.12.2024 250,000 234,794 0.54EUR
EDISON 5.125% 03-10.12.10EMTN
1,000,000 1,025,290 2.34EUR
HERA SPA 4.125% 06-16.02.16 500,000 481,814 1.10EUR
2,790,881 6.37
BK TOKYO MITSUB.3.5% 05-15 700,000 678,496 1.55EUR
JAPAN
678,496 1.55
AIG.SUN.III 4.75% 03-11.09.13 800,000 816,184 1.86EUR
JERSEY
816,184 1.86
BANQUE DU LUXEMBOURG TV02-PERP.
1,000,000 1,140,080 2.60EUR
LUXEMBOURG
FIAT FIN.6.625% 06-15.02.13 500,000 538,225 1.23EUR
MERCK FIN.3.75% 05-07.12.12 800,000 767,520 1.75EUR
Description Currency Evaluation % netassets
Quantity/FaceValue
210HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
SOGERIM 7%01-20.04.11 600,000 658,713 1.50EUR
TELECOM ITA 5.15%99-09/MLTICPN
600,000 607,581 1.39EUR
3,712,119 8.47
GENERALI F.5.479%(TV)07-PERP
750,000 756,431 1.73EUR
NETHERLANDS
HIT FIN BV 4.875% 06-27.10.21 950,000 923,056 2.11EUR
ING VERZ.3.5% 05-28.11.12 700,000 671,363 1.53EUR
KAZKOMMERTS 6.875% 07-13.2.17
320,000 312,963 0.71EUR
KPN NV 4.75% 06-17.1.17 GMTN 290,000 286,595 0.65EUR
LEHMAN BROS 4.625% 07-14.3.19
1,700,000 1,677,195 3.83EUR
SOLVAY FIN.6.375% 06-2.6.2104
250,000 265,269 0.61EUR
URENCO FINANCE 3.375% 05-10
1,500,000 1,449,203 3.31EUR
6,342,075 14.48
TELEFONICA 4.674% 07-7.2.2014
500,000 498,828 1.14EUR
SPAIN
498,828 1.14
STENA AB 6.125% 07-1.2.17REG-S
200,000 201,997 0.46EUR
SWEDEN
201,997 0.46
CARGILL 4.375% 06-29.4.13 350,000 347,211 0.79EUR
UNITED STATES
CL.CAP.TRUST 1 CRYL.TV-PERP
1,600,000 1,775,815 4.06EUR
CS GRP(US)3.625%(TV)05-14.9.20
700,000 651,592 1.49EUR
DAIMLERCHR.NA 4.375%07-16.3.10
1,250,000 1,245,769 2.84EUR
EUROHYPO CAP 6.445% 03-..PERP
500,000 539,260 1.23EUR
SG CAP.TR.III 03-... 500,000 520,343 1.19EUR
5,079,990 11.60
101.59TOTAL BONDS 44,499,303
101.59TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 44,499,303
Description Currency Evaluation % netassets
Quantity/FaceValue
PUT EURO SCHATZ 2YFUTURE 24/05/2007 103.40
100 14,000 0.03EUR
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
OPTIONS ON FUTURES
GERMANY
14,000 0.03
0.03TOTAL OPTIONS ON FUTURES 14,000
0.03TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 14,000
101.62TOTAL INVESTMENTS 44,513,303
(1.62)OTHER NET ASSETS LESS LIABILITIES (710,845)
100.00TOTAL NET ASSETS 43,802,458
Description Currency Evaluation % netassets
Quantity/FaceValue
211HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BK AUSTRIA 5.75% 01-22.2.13EMTN
5,000,000 5,360,968 3.34EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
AUSTRIA
BUNDESIMMOB.4.375% 03-24.9.13
5,000,000 5,030,500 3.13EUR
ERSTE BK TV 07-19.7.17 TR.2 500,000 500,000 0.31EUR
REP.AUSTRIA 3.5% 05-15.9.21 7,000,000 6,467,300 4.03EUR
17,358,768 10.81
ROYAL BK CDA 3.875%06-31.10.11
1,000,000 985,447 0.61EUR
CANADA
985,447 0.61
DUBAI HOLDING 4.75%07-30.01.14
100,000 99,556 0.06EUR
CAYMAN ISLANDS
MIZUHO FIN.4.75% 04-15.4.14REG
900,000 905,711 0.57EUR
1,005,267 0.63
SAMPO OYJ 4.625%(TV)04-14REG
900,000 904,063 0.56EUR
FINLAND
904,063 0.56
BFCM 4.471%(TV) 05-PERP. 700,000 673,918 0.42EUR
FRANCE
BNP PARIB.3.75% 06-13.12.11 1,600,000 1,571,964 0.98EUR
BQ.POSTALE TV 06-12.12.16EMTN
1,000,000 1,000,857 0.62EUR
CARREFOUR 4.375% 06-2.11.16 500,000 487,693 0.30EUR
CASINO GUICHARD P.4.875%07-14
150,000 149,010 0.09EUR
CIE FIN.FONC.4.25% 04-29.1.14 2,600,000 2,606,154 1.62EUR
CIE ST.GOBAIN TV 07-11.4.12 600,000 599,203 0.37EUR
CIE ST.GOBAIN 4.75% 07-17EMTN
450,000 447,006 0.28EUR
CNCEP 5.6% 99-5.11.2011 500,000 524,466 0.33EUR
CNP ASS.4.75%(TV)06-PERP. 400,000 389,669 0.24EUR
CREDIT LOGEM.4.604%(TV)06-PERP
600,000 598,914 0.37EUR
CSSE REFI.HABIT.4% 02-25.10.09
3,400,000 3,385,980 2.11EUR
DEXIA MUN.AG 3.875%06-24.11.16
900,000 872,011 0.54EUR
FRANCE TELEC.4.375%07-21.02.12
1,000,000 995,425 0.62EUR
FRANCE 5.25% 98-25.4.08 OAT 3,000,000 3,035,400 1.89EUR
INVESTMENTS
EURO INVESTMENT GRADE BONDStatement of investments as at 31 March 2007 (expressed in EUR)
Description Currency Evaluation % netassets
Quantity/FaceValue
FRANCE 5.75% 01-25.10.32BTAN
5,390,000 6,602,749 4.11EUR
IMERYS 5% 07-18.04.17 150,000 150,090 0.09EUR
LA BQUE POSTALE 4% 06-8.11.13
650,000 641,305 0.40EUR
RTE EDF TR. 4.125% 06-27.9.16 1,000,000 982,845 0.61EUR
SCOR ASSIST.6.154%(TV)06-PERP.
300,000 303,567 0.19EUR
TOTAL CAPITAL 3.875% 06-6.9.11
2,000,000 1,968,985 1.23EUR
VAUBAN MOBIL.4.5%01-28.10.08
4,400,000 4,417,099 2.75EUR
VEOLIA 4.375% 06-16.1.17 400,000 385,854 0.24EUR
32,790,164 20.40
BERTELSMANN 3.625% 05-06.10.15
500,000 462,420 0.29EUR
GERMANY
GERMANY 4% 06-4.07.16 6,800,000 6,779,600 4.22EUR
GERMANY 4.5% 03-4.1.13 10,900,000 11,161,600 6.94EUR
GERMANY 4.75% 98-28 4,135,000 4,425,691 2.76EUR
HSH NORDBK4.375%(TV)07-14.2.08
1,000,000 990,360 0.62EUR
23,819,671 14.83
ANGLIAN WATER 4.625% 03-13 600,000 605,427 0.38EUR
GREAT BRITAIN
BP CAPITAL 3.75% 06-14.1.09 4,000,000 3,967,951 2.47EUR
CARNIVAL PLC 4.25% 06-13GTD
700,000 688,876 0.43EUR
DEPFA FDG IV 5.029%(TV)07-PERP
360,000 353,871 0.22EUR
HBOS TRS.SERV.3.5% 04-12.2.09
4,400,000 4,351,141 2.70EUR
HSBC BANK 3.875% 06-9.11.11 2,000,000 1,973,710 1.23EUR
IMP.TOBACCO 4.375% 06-22.11.13
800,000 787,748 0.49EUR
OTE PLC 5% 03-5.8.13 EMTN 610,000 621,566 0.39EUR
13,350,290 8.31
GREECE 4.3% 07-20.7.2017 6,950,000 6,947,220 4.33EUR
GREECE
6,947,220 4.33
DEPFA ACS BK 3.875%06-14.11.16
1,000,000 969,851 0.60EUR
IRELAND
GERM.POST.PE.3.75%06-18.1.10/1
4,500,000 4,454,150 2.78EUR
5,424,001 3.38
BCO POP VERONA TV 07-08.02.17
400,000 399,613 0.25EUR
ITALY
CIRINT 5.75% 04-16.12.2024 300,000 281,753 0.18EUR
EDISON 5.125% 03-10.12.10EMTN
1,100,000 1,127,819 0.70EUR
HERA SPA 4.125% 06-16.02.16 400,000 385,451 0.24EUR
ITALY 4% 05-1.2.37 BTP 4,000,000 3,652,000 2.27EUR
TERNA SPA 4.9% 04-28.10.24 650,000 666,604 0.42EUR
6,513,240 4.06
Description Currency Evaluation % netassets
Quantity/FaceValue
212HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BK TOKYO MITSUB.3.5% 05-15 800,000 775,424 0.48EUR
JAPAN
775,424 0.48
AIG.SUN.III 4.75% 03-11.09.13 1,325,000 1,351,805 0.84EUR
JERSEY
UBS JSY 4.125%(TV) 06-25.9.18 700,000 687,547 0.43EUR
2,039,352 1.27
BANQUE DU LUXEMBOURG TV02-PERP.
600,000 684,048 0.42EUR
LUXEMBOURG
MERCK FIN.3.75% 05-07.12.12 680,000 652,392 0.41EUR
1,336,440 0.83
ALLIANZ FIN BV 4% 06-23.11.16 1,000,000 964,140 0.60EUR
NETHERLANDS
GENERALI F.5.479%(TV)07-PERP
400,000 403,430 0.25EUR
HIT FIN BV 4.875% 06-27.10.21 650,000 631,565 0.39EUR
ING BK NV 3.5% 05-16.09.20 340,000 315,904 0.20EUR
ING VERZ.3.5% 05-28.11.12 1,000,000 959,090 0.60EUR
KPN NV 4.75% 06-17.1.17 GMTN 210,000 207,535 0.13EUR
LEHMAN BROS 4.625% 07-14.3.19
700,000 690,610 0.43EUR
NEDERLD GASUNIE 4.25%6-20.6.16
900,000 896,235 0.56EUR
NETHERLANDS 3% 04-15.01.10 11,600,000 11,294,920 7.03EUR
NETHERLANDS 5% 01-15.07.11 12,000,000 12,454,799 7.75EUR
RABOBK NEDL.4.25% 07-16.1.17
900,000 894,060 0.56EUR
REPSOL INT FI 4.75%07-16.02.17
500,000 491,260 0.31EUR
URENCO FINANCE 3.375% 05-10
1,100,000 1,062,749 0.66EUR
31,266,297 19.47
STATKRAFT 4.625% 07-22.09.17 400,000 396,707 0.25EUR
NORWAY
396,707 0.25
CAJA BARCELONA 3.75%06-13.9.11
4,000,000 3,930,009 2.45EUR
SPAIN
TELEFONICA 4.674% 07-7.2.2014
500,000 498,828 0.31EUR
4,428,837 2.76
BANK AMERICA CORP 4% 05-15
1,100,000 1,067,919 0.66EUR
UNITED STATES
CITIGROUP INC 3.95% 06-13EMTN
1,400,000 1,362,514 0.86EUR
CITIGROUP 5% 04-2.8.2019 800,000 830,304 0.52EUR
CS GRP FIN(US)3.125% 05-12 700,000 658,466 0.41EUR
DAIMLERCHR.NA 4.375%07-16.3.10
1,000,000 996,615 0.62EUR
EUROHYPO CAP 6.445% 03-..PERP
800,000 862,816 0.54EUR
HSBC FIN.3.75% 05-4.11.15 400,000 375,440 0.23EUR
NY LIFE GLB 4.375% 07-2017EMTN
800,000 794,436 0.49EUR
Description Currency Evaluation % netassets
Quantity/FaceValue
WELLS FARGO 4.375% 06-16REG.
1,000,000 966,730 0.60EUR
7,915,240 4.93
97.91TOTAL BONDS 157,256,428
97.91TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 157,256,428
Description Currency Evaluation % netassets
Quantity/FaceValue
PUT EURIBOR 360 /3 MONATE17/09/2007 95.625
425 10,625 0.01EUR
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
OPTIONS ON FUTURES
GERMANY
PUT EURIBOR 360 /3 MONATE17/09/2007 95.75
(850) (95,625) (0.06)EUR
PUT EURIBOR 360 /3 MONATE17/09/2007 95.875
425 106,250 0.06EUR
21,250 0.01
0.01TOTAL OPTIONS ON FUTURES 21,250
0.01TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 21,250
97.92TOTAL INVESTMENTS 157,277,678
2.08OTHER NET ASSETS LESS LIABILITIES 3,342,204
100.00TOTAL NET ASSETS 160,619,882
213HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
TELENET COM.9% 03-15.12.13REGS
2,875,950 3,156,154 3.75EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
BELGIUM
3,156,154 3.75
CEN.EURO MEDIA 8.25%05-12REG.S
1,650,000 1,801,164 2.14EUR
BERMUDA ISLANDS
1,801,164 2.14
BOMBARDIER TV 06-15.11.13REGS
1,200,000 1,239,000 1.47EUR
CANADA
BOMBARDIER 7.25% 06-15.11.16
1,360,000 1,411,680 1.68EUR
2,650,680 3.15
AGROKOR 7% 06-23.11.11 100,000 102,880 0.12EUR
CROATIA
102,880 0.12
DANSK NATURGAS A/S5.5%05-PERP
1,400,000 1,413,021 1.69EUR
DENMARK
FS FUNDG 8.875% 06-15.5.16REG
450,000 472,817 0.56EUR
ISS GLOBAL A/S 4.5% 04-14EMTN
800,000 707,420 0.84EUR
NORDIC TEL.8.25%06-1.5.16REGS
780,000 852,937 1.01EUR
TDC AS 6.5% 02-19.4.12 1,100,000 1,150,589 1.37EUR
4,596,784 5.47
GAZPROM CAP.5.03% 06-14REGS
210,000 208,318 0.25EUR
FEDERATION OF RUSSIA
208,318 0.25
ALCATEL 6.375% 04-7.4.14EMTN
1,658,000 1,754,297 2.09EUR
FRANCE
CROWN EUR.6.25% 05-01.09.11 400,000 413,000 0.49EUR
EUROPCAR TV 06-15.5.13REGS.
1,550,000 1,586,732 1.89EUR
FG4 8.375% 05-30.4.15 REG.S 1,700,000 1,921,000 2.28EUR
GECINA 4.875% 04-25.1.12 600,000 589,200 0.70EUR
KAUFMAN ET BR.8.75% 02-09REGS
1,850,000 2,022,975 2.41EUR
RAY ACQ SCA 9.375% 05-15REG.S
300,000 343,956 0.41EUR
INVESTMENTS
EURO HIGH YIELD BONDStatement of investments as at 31 March 2007 (expressed in EUR)
Description Currency Evaluation % netassets
Face Value
RHODIA TV 06-15.10.13 REGS 3,100,000 3,170,196 3.77EUR
VINCI 6.25% 06-PERP 1,800,000 1,784,790 2.12EUR
13,586,146 16.16
ATU AUTO-TEILE TV 04-1.10.14 750,000 777,375 0.92EUR
GERMANY
BAYER AG 5%(TV) 05-29.7.2015 1,750,000 1,658,729 1.97EUR
DEGUSSA 5.125%03-10.12.13 2,250,000 2,253,453 2.69EUR
HENKEL 5.375 05-2104 STEP-UP
1,700,000 1,661,011 1.98EUR
HORNBACH BAU 6.125% 04-14REGS
400,000 415,451 0.49EUR
PERI TV 04-15.12.09 200,000 204,753 0.24EUR
PERI 5.625% 04-15.12.11 REGS 1,300,000 1,326,013 1.58EUR
SGL CARBON 8.5% 04-1.2.12EMTN
1,800,000 1,926,599 2.29EUR
10,223,384 12.16
CORUS 7.5% 04-1.10.11SENIOR
1,185,000 1,274,056 1.51EUR
GREAT BRITAIN
ECO-BAT 10.125% 03-31.1.13REGS
1,454,000 1,590,676 1.89EUR
INVENSYS 9.875% 04-15.3.11 1,625,000 1,777,264 2.12EUR
LOUIS NO1 8.5% 06-1.12.14REGS
1,000,000 1,035,394 1.23EUR
5,677,390 6.75
ABB INT.FIN.6.5% 03-11 EMTN-TERM NOTES 2
325,000 353,277 0.42EUR
GUERNSEY
353,277 0.42
MDP AQUISIT.10.125% 03-12REG.
300,000 323,550 0.38EUR
IRELAND
323,550 0.38
CIRINT 5.75% 04-16.12.2024 1,200,000 1,127,010 1.34EUR
ITALY
1,127,010 1.34
ROYAL CARIBB.5.625% 07-14REGS
650,000 650,416 0.77EUR
LIBERIA
650,416 0.77
CABLECOM 8% 06-1.11.16 600,000 619,125 0.74EUR
LUXEMBOURG
CODERE FIN.8.25% 05-15.06.15 1,000,000 1,064,430 1.27EUR
FIAT FIN.6.625% 06-15.02.13 3,020,000 3,250,878 3.87EUR
GAZ CAPITAL 7.8% 03-27.9.10 600,000 659,828 0.78EUR
HELLAS TELECOM TV 05-15.10.12
500,000 512,149 0.61EUR
LIGHTHOUSE INTL 8% 04-14REGS
900,000 976,249 1.16EUR
NELL AF 8.375% 05-15 REGS. 1,750,000 1,895,059 2.25EUR
WIND ACQUISIT.9.75% 05-1.12.15
1,000,000 1,143,822 1.36EUR
10,121,540 12.04
Description Currency Evaluation % netassets
Face Value
214HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CARLS.WAGONLIT TV 06-1.5.15REG
350,000 371,292 0.44EUR
NETHERLANDS
COGNIS 9.5% 04-15.5.14 EMTN 250,000 272,556 0.32EUR
FRESENIUS FIN.5%06-31.1.13REG
3,075,000 3,074,000 3.65EUR
GENERALI F.5.479%(TV)07-PERP
600,000 605,145 0.72EUR
HEIDELB.FIN.7.375% 03-10REGS
487,500 510,457 0.61EUR
IFCO SYSTEMS 10.375% 03-10REG
400,000 435,000 0.52EUR
IMPRESS MET.TV 06-15.9.13REGS
950,000 976,268 1.16EUR
KAZKOMMERTS 6.875% 07-13.2.17
1,000,000 978,009 1.16EUR
LINDE FIN.7.375%(TV)06-14.7.66
1,550,000 1,682,076 2.00EUR
NXP BV TV 06-15.10.13 REG.S 500,000 509,954 0.61EUR
PORTUGAL TELE.INTL 4.5% 05-25
650,000 556,254 0.66EUR
SIEMENS F.5.25%(TV)06-14.9.66
280,000 282,409 0.34EUR
UPC HLD 7.75% 05-15.1.14 REG 1,450,000 1,480,015 1.76EUR
VICTORIA ACQ.II TV 06-15.05.15
386,311 395,244 0.47EUR
VICTORIA ACQ.7.875% 04-14REG
2,550,000 2,830,499 3.37EUR
14,959,178 17.79
AKER KVAERN.8.375% 04-15.6.11
1,600,000 1,744,480 2.07EUR
NORWAY
1,744,480 2.07
CONSOL GLASS 7.625% 07-15.4.14
200,000 202,725 0.24EUR
SOUTH AFRICA
SAVCIO HLDS LTD 8% 06-13REG.S
200,000 211,500 0.25EUR
414,225 0.49
STENA AB 6.125% 07-1.2.17REG-S
980,000 989,784 1.18EUR
SWEDEN
STENA 5.875% 07-1.2.19 REG.S 500,000 486,274 0.58EUR
1,476,058 1.76
AGCO 6.875% 04-15.4.14 300,000 314,125 0.37EUR
UNITED STATES
BCP CRYST.US 10.375% 04-14EMTN
312,000 365,820 0.43EUR
CENTRAL EUR.DIST.8% 05-12 880,000 960,712 1.15EUR
CHESAPEAKE 6.25% 06-15.1.2017
600,000 622,125 0.74EUR
EB HOLDING 10% 05-15.2.15REGS
218,400 224,254 0.27EUR
XEROX 9.75% 03-15.01.09 700,000 760,190 0.90EUR
3,247,226 3.86
90.87TOTAL BONDS 76,419,860
90.87TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 76,419,860
Description Currency Evaluation % netassets
Face Value
HUNTSMAN LLC 04-15REGS/MULTICP
300,000 316,875 0.38EUR
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
UNITED STATES
316,875 0.38
0.38TOTAL BONDS 316,875
0.38TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 316,875
Description Currency Evaluation % netassets
Face Value
FLENDER HLDG 11% 03-1.8.10REGS
675,000 745,875 0.89EUR
OTHER TRANSFERABLE SECURITES
BONDS
GERMANY
745,875 0.89
CARMEUSE LIME 10.75% 02-12REGS
1,050,000 1,131,375 1.34EUR
NETHERLANDS
1,131,375 1.34
2.23TOTAL BONDS 1,877,250
BELGIUM 0% 06-12.4.07 CT 1,300,000 1,298,645 1.54EUR
TREASURY BILLS
BELGIUM
1,298,645 1.54
FRANCE 0% 07-14.06.07 BTF 1,400,000 1,388,940 1.65EUR
FRANCE
1,388,940 1.65
PORTUGAL 0% 06-18.5.07 TB 1,600,000 1,592,392 1.90EUR
PORTUGAL
1,592,392 1.90
5.09TOTAL TREASURY BILLS 4,279,977
7.32TOTAL OTHER TRANSFERABLE SECURITIES 6,157,227
98.57TOTAL INVESTMENTS 82,893,962
1.43OTHER NET ASSETS LESS LIABILITIES 1,202,937
100.00TOTAL NET ASSETS 84,096,899
215HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
ARGENTINA TV 02-3.8.12 /FLAT 1,600,000 1,134,257 0.85USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
ARGENTINA
ARGENTINA 2%02-3.1.16BON.CS4
398 220 0.00ARS
ARGENTINA 5.83%05-31.12.33-DIS
1,046,297 507,753 0.38ARS
ARGENTINA 8.28% 03-31.12.33PIK
500,000 660,608 0.49USD
IMPSA 8.75% 02-30.11.11 ST-UP 300,000 254,250 0.19USD
IRSA 8.5% 07-2.2.17 S.1 REG.S 250,000 250,401 0.19USD
TRANAR 8.875% 06-15.12.16REGS
700,000 702,650 0.52USD
3,510,139 2.62
SAGICOR FINANCIAL 7.5% 06-16
300,000 306,264 0.23USD
BARBADE
306,264 0.23
BELIZE 4.25% 07-20.2.29STEUP
600,000 503,460 0.38USD
BELIZE
503,460 0.38
BRAZIL 10.25% 03-17.6.13 1,000,000 1,246,910 0.93USD
BRAZIL
BRAZIL 10.5% 04-14.7.14 250,000 321,856 0.24USD
BRAZIL 7.125% 06-20.01.37 1,000,000 1,102,406 0.82USD
BRAZIL 7.875% 05-7.3.15GLOBAL
1,500,000 1,708,060 1.28USD
BRAZIL 8% 05-15.1.18 1,600,000 1,806,535 1.35USD
BRAZIL 8.25% 04-20.1.34 2,250,000 2,813,819 2.09USD
BRAZIL 8.75% 05-4.2.25GLOBAL
2,000,000 2,567,310 1.92USD
ELECTROBRAS 7.75% 05-15REG.S
400,000 445,891 0.33USD
ISA CAPITAL 8.8% 07-17 REG.S 1,000,000 1,068,353 0.80USD
SUL AMERICA 8.625% 07-12REG.S
500,000 522,094 0.39USD
VIGOR 9.25% 07-23.02.17 STUP 250,000 249,792 0.19USD
13,853,026 10.34
BOSPHORUS FIN TV 05-15.2.12 750,000 757,536 0.57USD
CAYMAN ISLANDS
BOSPHORUS TV 05-12 05-AREGS
950,000 961,875 0.72USD
CSN ISLANDS IX 10% 04-14REGS
750,000 885,019 0.66USD
PERU ENCHANCED TV 06-18REG.S
1,250,000 836,719 0.62USD
INVESTMENTS
GLOBAL EMERGING MARKETS BONDStatement of investments as at 31 March 2007 (expressed in USD)
Description Currency Evaluation % netassets
Quantity/FaceValue
PETROL.EXP 5.265% 05-11 C1A-S
300,934 297,332 0.22USD
VALE OVERS 6.875% 06-21.11.36
550,000 570,207 0.43USD
VALE OVERSEAS 6.25% 06-11.1.16
1,000,000 1,020,185 0.76USD
5,328,873 3.98
COLOMBIA 10.375% 03-28.1.33 500,000 727,550 0.54USD
COLOMBIA
COLOMBIA 11.75% 04-1.3.10GLOB
2,170,000,000 1,073,227 0.80COP
COLOMBIA 7.375% 06-18.9.37 500,000 544,366 0.41USD
COLOMBIA 8.125% 04-21.5.24 500,000 586,029 0.44USD
COLUMBIA 12% 05-22.10.15 1,000,000,000 538,283 0.40COP
COLUMBIA 8.25% 04-22.12.14GL
500,000 571,069 0.43USD
4,040,524 3.02
COSTA RICA 6.548% 04-14REG.
400,000 410,640 0.31USD
COSTA RICA
COSTA RICA 9.995% 00-1.8.20 500,000 661,688 0.49USD
1,072,328 0.80
CAP CANA 9.625% 06-03.11.13-S-
750,000 783,281 0.58USD
DOMINICAN REPUBLIC
CAP CANA 9.625%06-3.11.13144A
300,000 313,875 0.23USD
CERVECERIA NACIO 8% 07-14144A
100,000 101,750 0.08USD
CERVECERIA NACIO 8% 07-27.3.14
320,000 327,307 0.24USD
REP.DOMINIC.8.625% 06-27REG.S
400,000 464,100 0.35USD
REP.DOMINIC.9.5%05-27.9.11REG
869,495 932,218 0.70USD
2,922,531 2.18
EL SALVADOR7.65%05-15.6.35REGS
1,250,000 1,432,400 1.07USD
EL SALVADOR
1,432,400 1.07
BSPB FIN.9.501% 06-25.11.09 300,000 301,992 0.23USD
FEDERATION OF RUSSIA
RUSSIA 7.5%00-31.3.30REG/ST-UP
8,600,000 9,766,240 7.29USD
10,068,232 7.52
REPUBLIC FIJI 6.875%06-13.9.11
250,000 236,784 0.18USD
FIJI ISLANDS
236,784 0.18
DRESD.KLEINW.7.75%04-23.9.09
1,000,000 1,027,101 0.77USD
GERMANY
1,027,101 0.77
INDONESIA 8.5% 05-12.10.35REGS
500,000 614,643 0.46USD
INDONESIA
Description Currency Evaluation % netassets
Quantity/FaceValue
216HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
INDONESIA 8.5%05-12.10.35144A
250,000 307,343 0.23USD
921,986 0.69
IRAQ 5.8% 06-15.1.28 STEP-UP 2,000,000 1,308,695 0.98USD
IRAQ
1,308,695 0.98
JAMAICA 8% 07-15.03.39 400,000 401,608 0.30USD
JAMAÏCA
401,608 0.30
GAZ CAPITAL 6.212% 06-22.11.16
1,500,000 1,502,454 1.12USD
LUXEMBOURG
GAZPROM 5.625% 05-22.7.13REG
2,989,098 2,988,209 2.23USD
OR-ICB 6.875% 05-29.7.08SENIOR
300,000 303,719 0.23USD
RUSS.AGRIC.7.175%06-16.5.13REG
200,000 211,383 0.16USD
RUSSIA INTL CARD 9.75% 04-09
334,651 348,416 0.26USD
SLAVINVEST 9.875% 06-21.12.09
500,000 508,382 0.38USD
TNK BP FIN.6.875% 06-18.07.11 300,000 308,471 0.23USD
TNK BP FIN.7.5% 06-18.07.16 500,000 529,376 0.40USD
TNK-BP FIN 6.625% 07-20.03.17 500,000 498,102 0.37USD
UBS LUX (VIMPELCOM)8% 05-10REG
1,000,000 1,043,740 0.78USD
UBS SA 8.25% 06-23.05.16REG.S
1,000,000 1,070,979 0.80USD
UBS(LUX)6.23%(TV) -11.02.15 500,000 508,688 0.38USD
VTB CAP.7.5% 04-12.10.11REGS
1,000,000 1,071,140 0.80USD
10,893,059 8.14
AMERIC.MOVIL 8.46% 06-18.12.36
6,000,000 540,995 0.40MXN
MEXICO
DURANGO 9.5% 05-12 STEPUP 292,925 299,214 0.22USD
HIPO.CASITA 8.5%06-4.10.16REGS
500,000 535,458 0.40USD
JPM(SU CAS)6.1%06-25.9.35-06U-
1,100,000 374,221 0.28MXN
MEXIC0 9% 06-20.6.13 BD 2,000,000 195,538 0.15MXN
TELEFONOS MEX.5.5% 05-27.1.15
3,250,000 3,208,068 2.40USD
5,153,494 3.85
TRADE&DVP MONGOLIA8.625%07-10
400,000 405,500 0.30USD
MONGOLIA
405,500 0.30
BG FIN.9% 07-8.2.12 750,000 756,944 0.57USD
NETHERLANDS
BULGARIA STEEL 12% 06-4.5.13
900,000 880,110 0.66EUR
ING BK 10% 06-01.01.14 REG. 1,800,000 812,918 0.61BRL
KAZKOMMERTS INT.7.875%04-14REG
500,000 509,331 0.38USD
KAZKOMMERTS IN7.5% 06-29.11.16
900,000 875,215 0.65USD
KAZKOMMERTS 8% 05-3.11.15REGS
500,000 507,930 0.38USD
Description Currency Evaluation % netassets
Quantity/FaceValue
TURANALEM FIN.BV 8% 04-14REGS
1,000,000 996,144 0.74USD
5,338,592 3.99
AES PANAMA 6.35% 06-21.12.16
1,000,000 986,300 0.74USD
PANAMA
PANAMA 8.125% 04-28.4.34 1,000,000 1,208,853 0.90USD
REP.PANAMA 7.125% 05-29.1.26
400,000 433,047 0.32USD
2,628,200 1.96
PHILIPPINES 7.75% 06-14.1.31 2,500,000 2,820,432 2.10USD
PHILIPPINES
PHILIPPINES 8.875% 04-17.03.15
1,500,000 1,761,653 1.32USD
PHILIPPINES 9% 02-15.02.13 500,000 576,276 0.43USD
5,158,361 3.85
POLOGNE 4.25%05-24.5.11PS0511
3,000,000 1,009,219 0.75PLN
POLAND
1,009,219 0.75
TURKEY 0% 06-13.08.08 1,000,000 560,928 0.42TRY
TURKEY
TURKEY 14% 06-19.01.11 2,000,000 1,313,391 0.98TRY
TURKEY 6.875% 06-17.3.36 5,500,000 5,259,204 3.93USD
TURKEY 7% 05-05.06.20 250,000 251,969 0.19USD
TURKEY 7.25% 04-15.3.15 500,000 518,294 0.39USD
TURKEY 7.375% 05-05.02.25 1,850,000 1,900,572 1.42USD
TURKEY 9% 04-30.6.11 1,000,000 1,110,851 0.83USD
TURKEY 9.5% 03-15.1.14 500,000 581,178 0.43USD
11,496,387 8.59
UKRAINE FIN.6.58% 06-21.11.16 600,000 608,875 0.45USD
UKRAINE
UKRAINE 6.875% 04-4.3.11 1,000,000 1,035,107 0.78USD
1,643,982 1.23
EDEL CAP.SINEK 7.7%05-03.08.15
500,000 510,742 0.38USD
UNITED STATES
GECC 9.5% 05-04.08.10SENIORDIUM-TERM NO
16,700,000 1,571,410 1.17MXN
GECC 9.5% 05-11.12.14SENIOR
8,000,000 768,271 0.57MXN
MARFRIG OVER.9.625% 06-16REGS
1,000,000 1,044,738 0.78USD
PEMEX PROJ.FDG 6.625% 05-35
1,500,000 1,546,192 1.15USD
PEMEX PROJ.5.75% 05-15.12.15
1,750,000 1,753,940 1.32USD
7,195,293 5.37
IMCOPA 10.375% 06-27.11.09 500,000 517,313 0.39USD
URUGUAY
REP.URUGUAY 8% 05-18.11.22 1,000,000 1,138,666 0.85USD
1,655,979 1.24
VENEZUELA 5.375% 03-7.8.10 600,000 585,741 0.44USD
VENEZUELA
Description Currency Evaluation % netassets
Quantity/FaceValue
217HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
VENEZUELA 5.75% 05-26.2.16REGS
1,900,000 1,785,572 1.33USD
VENEZUELA 7.65% 05-21.04.25 2,000,000 2,112,929 1.58USD
VENEZUELA 8.5% 04-8.10.14GLOB
1,000,000 1,110,809 0.83USD
5,595,051 4.18
REP.SERBIA 3.75% 04-24STEP-UP
1,250,000 1,180,936 0.88USD
YOUGOSLAVIA
1,180,936 0.88
79.39TOTAL BONDS 106,288,004
EGYPT 0% 06-1.5.07 TB S.364 6,000,000 1,046,701 0.78EGP
TREASURY BILLS
EGYPT
1,046,701 0.78
0.78TOTAL TREASURY BILLS 1,046,701
80.17TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 107,334,705
Description Currency Evaluation % netassets
Quantity/FaceValue
INDONESIA 6.875%06-09.3.17REGS
1,000,000 1,058,364 0.79USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
INDONESIA
REP.INDONESIA 6.625%07-17.2.37
1,000,000 986,940 0.74USD
2,045,304 1.53
VITRO SA 9.125% 07-17 REG.S 150,000 153,706 0.11USD
MEXICO
153,706 0.11
ING BK 7.5% 07-7.3.08 400,000 408,130 0.30USD
NETHERLANDS
MAJAPAHIT HLD 7.75% 06-16REGS
1,500,000 1,575,937 1.18USD
1,984,067 1.48
3.12TOTAL BONDS 4,183,077
3.12TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 4,183,077
BANCO VOTORANTIM 9.25%05-12
1,200,000 593,840 0.44BRL
OTHER TRANSFERABLE SECURITES
BONDS
BAHAMAS
593,840 0.44
GOV BELIZE 4.5%07-20.2.29144A
125,000 105,000 0.08USD
BELIZE
105,000 0.08
PERU ENHANCD 0%06-31.5.18144A
250,000 165,500 0.12USD
CAYMAN ISLANDS
165,500 0.12
REP.DOMINIC. 9.04%05-18REG/PIK
600,000 759,321 0.57USD
DOMINICAN REPUBLIC
759,321 0.57
JP MORGAN CHASE 0% 06-19.03.13
495,000 495,000 0.37USD
GREAT BRITAIN
JP MORGAN LN 12.5% 06-19.3.13
500,000 500,000 0.37USD
JP MORG.CHASE TV 06-3.1.2012
4,831,000 2,195,043 1.64BRL
3,190,043 2.38
VITRO SA 9.125% 07-17 144A 100,000 102,250 0.08USD
MEXICO
102,250 0.08
ING BANK NV 13% 07-26.02.09 400,000 400,649 0.30USD
NETHERLANDS
ING BK NV 8.04% 06-23.8.07REGS
17,484,000 670,475 0.50RUB
1,071,124 0.80
CITIG.G.MKT 0%02-22.10.07144A
600,000 531,789 0.40USD
UNITED STATES
SALTA HYD.ROY.11.55% 01-15REG
248,925 217,183 0.16USD
748,972 0.56
FERTINITRO FIN.8.29%98-20144A
300,000 264,000 0.20USD
VENEZUELA
264,000 0.20
VIETNAM TV -2016 ST-UP 1,424,348 1,431,024 1.07USD
VIETNAM
1,431,024 1.07
6.30TOTAL BONDS 8,431,074
TRANSTEL INTERMEDIAS.A.06-1.6.16 SHS REG.S
1,000 0.00 0.00USD
WARRANTS / EQUITY LINKED SECURITIES
COLOMBIA
0.00 0.00
0.00TOTAL WARRANTS / EQUITY LINKED SECURITIES 0.00
6.30TOTAL OTHER TRANSFERABLE SECURITIES 8,431,074
Description Currency Evaluation % netassets
Quantity/FaceValue
218HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
STANDARD BK 0% 06-03.06.07CP
502,687 502,767 0.38USD
FINANCIAL INSTRUMENTS
COMMERCIAL PAPER
GREAT BRITAIN
502,767 0.38
SWEDISH EXP. 0% 07-24.1.08CP
1,000,000 1,000,000 0.74USD
SWEDEN
1,000,000 0.74
1.12TOTAL COMMERCIAL PAPER 1,502,767
1.12TOTAL FINANCIAL INSTRUMENTS 1,502,767
Description Currency Evaluation % netassets
Quantity/FaceValue
90.71TOTAL INVESTMENTS 121,451,623
9.29OTHER NET ASSETS LESS LIABILITIES 12,445,298
100.00TOTAL NET ASSETS 133,896,921
ARGENTINA 2%02-3.1.16BON.CS4
790,000 432,127 0.40ARS
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
ARGENTINA
432,127 0.40
BELGIUM 5% 04-28.3.35 S44OLO
510,000 756,255 0.69EUR
BELGIUM
756,255 0.69
BCO ABN AM.15.8607%05-13.12.07
650,000 329,366 0.30BRL
CAYMAN ISLANDS
BCP FIN.5.543% 04-... 500,000 687,352 0.63EUR
1,016,718 0.93
AVENTIS SA 4.25% 03-15.9.10 415,000 552,804 0.51EUR
FRANCE
CASINO 5.875% 02-23.11.07EMTN
550,000 740,508 0.68EUR
FRANCE 5% 00-25.10.16 OAT 720,000 1,028,577 0.95EUR
FRANCE 5.75% 01-25.10.32BTAN
1,695,000 2,761,387 2.54EUR
FR.TELECOM 4.625% 04-12EMTN
385,000 516,739 0.47EUR
PINAULT PRINTEMPS 5% 03-23.1.09 REG
375,000 504,928 0.46EUR
6,104,943 5.61
BMW FIN.5% 03-6.8.18 EMTN 210,000 291,079 0.27EUR
GERMANY
GERMANY 3.5% 06-14.10.11S149
2,370,000 3,095,922 2.85EUR
GERMANY 3.75% 06-4.1.17 S.6 1,105,000 1,438,890 1.32EUR
GERMANY 4% 05-4.1.37 365,000 467,502 0.43EUR
GERMANY 5.625% 98-4.1.28 1,405,000 2,217,367 2.04EUR
KFW 2.05% 06-16.02.06GLOBAL
92,000,000 770,692 0.71JPY
MUNICH RE FIN.6.75%03-21.06.23
450,000 666,641 0.61EUR
RWE FIN.6.125% 02-26.10.12EMTN
200,000 290,212 0.27EUR
9,238,305 8.50
BBC 5.0636% 03-10.08.2033REG.
498,998 969,061 0.89GBP
GREAT BRITAIN
GREAT BRITAIN 4% 03-7.3.09TSY STOCK
3,321,000 6,350,777 5.85GBP
INVESTMENTS
GLOBAL INVESTMENT GRADE BONDStatement of investments as at 31 March 2007 (expressed in USD)
Description Currency Evaluation % netassets
Quantity/FaceValue
219HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
GREAT BRITAIN 4.25% 03-36TSY STOCK
390,000 744,117 0.68GBP
UK TSY 4% 06-7.9.16 TSY 1,060,000 1,932,393 1.78GBP
9,996,348 9.20
KAUPTHING 5.75% 06-11 144A 605,000 612,689 0.56USD
ICELAND
612,689 0.56
CAIRN MEZZAN.TV07-47 07-3AB1
860,000 843,741 0.77USD
IRELAND
DEPFA ACS 1.65% 04-20.12.16 10,000,000 84,101 0.08JPY
927,842 0.85
OLIVETTI FIN.6.5% EMTN(RBG)
525,000 701,057 0.64EUR
ITALY
701,057 0.64
DEV. BK JAPAN 1.05% 03-23EMTN
86,000,000 629,027 0.58JPY
JAPAN
DEV.BK JAPAN 1.7% 02-20.9.22 3,000,000 24,420 0.02JPY
JAPAN GOV.0.5% 06-10.12.14 350,000,000 2,852,444 2.63JPY
JAPAN 1.4% 02-20.3.12 N.238 150,000,000 1,285,732 1.18JPY
JAPAN 1.70% 06-20.12.16 N284 255,000,000 2,177,274 2.00JPY
JAPAN 2.3% 07-20.12.36 N.25 193,000,000 1,625,978 1.49JPY
8,594,875 7.90
BANQUE DU LUXEMBOURG TV02-PERP.
450,000 684,270 0.63EUR
LUXEMBOURG
684,270 0.63
AMERICA MOVIL 9% 05-15.1.16 5,000,000 479,405 0.44MXN
MEXICO
MEXICO 9.50% 04-18.12.14BONOS
8,200,000 830,652 0.76MXN
1,310,057 1.20
KAZKOMMERTS IN7.5% 06-29.11.16
325,000 316,050 0.29USD
NETHERLANDS
KAZKOMMERTS 8% 05-3.11.15REGS
225,000 228,569 0.21USD
NETHERLANDS 2.75% 06-15.04.09
6,406,000 8,335,674 7.66EUR
8,880,293 8.16
POLAND 6.25%04-24.10.15DS1015
2,655,000 980,870 0.90PLN
POLAND
980,870 0.90
CITIBANK KOREA 4.68%(TV)03-13
2,700,000 2,680,469 2.46USD
SOUTH KOREA
2,680,469 2.46
Description Currency Evaluation % netassets
Quantity/FaceValue
ICO 0.8% 06-28.09.09 157,000,000 1,329,629 1.22JPY
SPAIN
1,329,629 1.22
FEDERATED DEP.5.9% 06-01.12.16
830,000 829,596 0.76USD
UNITED STATES
FNMA(15Y)5% 06-1.4.22 800,000 788,625 0.72USD
FNMA(15Y)5%06-01.02.21P.781922
796,305 784,983 0.72USD
FNMA(15Y)5.5% 07-01.04.22 400,000 400,813 0.37USD
FNMA(30)5% 06-1.5.37 2,600,000 2,514,687 2.31USD
GECC 9.5% 05-04.08.10SENIORDIUM-TERM NO
1,450,000 136,440 0.13MXN
GECC 9.5% 05-11.12.14SENIOR
1,700,000 163,258 0.15MXN
KFW INT. FIN 1.75% 00-23.3.10/REGS
241,000,000 2,094,871 1.93JPY
PEMEX FUND.MASTER 6.375%04-16
420,000 615,440 0.57EUR
PROCTER&GAMBLE 5.55% 07-5.3.37
340,000 331,881 0.30USD
USA 4.75% 07-15.2.10 TSY 850,000 854,780 0.79USD
9,515,374 8.75
C8 CAP. 6.64%(TV)07-PERP./144A
600,000 592,794 0.54USD
VIRGIN ISLANDS
592,794 0.54
59.14TOTAL BONDS 64,354,915
CALL 10Y TREASURY NOTESUSA 20/04/2007 111.00
65 1,016 0.00USD
OPTIONS ON FUTURES
UNITED STATES
1,016 0.00
0.00TOTAL OPTIONS ON FUTURES 1,016
59.14TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 64,355,931
Description Currency Evaluation % netassets
Quantity/FaceValue
CANADA 4% 06-1.6.17 2,890,000 2,474,038 2.27CAD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
CANADA
2,474,038 2.27
COX COMM.7.125% 02-1.10.12 850,000 917,243 0.84USD
UNITED STATES
FHLMC 4.14% 04-1.12.34P.1B2655
1,339,136 1,341,183 1.23USD
FHLMC 5.5% 06-1.8.21P.G12317
399,777 400,754 0.37USD
GCCFC 5.475% 07-17 2007-GG9AM
870,000 873,870 0.80USD
GEORGIA PAC.7.7% 95-15.6.15 445,000 458,332 0.42USD
GMAC 6.75% 04-1.12.14 260,000 255,970 0.24USD
LBUBS 5.43424% 06-36 06-C6A4
720,000 720,586 0.66USD
TIME WARNER ENTMT.8.375%93-23
380,000 449,219 0.41USD
220HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
USA 2.375% 04-15.1.25 TSYINFL
735,000 796,516 0.73USD
USA 4.5% 06-15.02.36 1,660,000 1,566,625 1.45USD
USA 4.625% 07-11 TBO S.R-2011
990,000 993,248 0.91USD
USA 4.625% 07-15.2.17 S.B-2017
2,981,000 2,975,412 2.74USD
11,748,958 10.80
13.07TOTAL BONDS 14,222,996
PUT US TSY 10YR NOTE20/04/2006 107.00
65 6,094 0.00USD
OPTIONS ON FUTURES
UNITED STATES
PUT US TSY 10YR NOTE20/04/2007 106.00
(130) (2,031) 0.00USD
4,063 0.00
0.00TOTAL OPTIONS ON FUTURES 4,063
13.07TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 14,227,059
Description Currency Evaluation % netassets
Quantity/FaceValue
PREFERR.TERM XXI TV 06-38REG.S
950,000 950,000 0.87USD
OTHER TRANSFERABLE SECURITES
BONDS
CAYMAN ISLANDS
950,000 0.87
BARCLAY.B 5.926%06-..PERP144A
925,000 927,723 0.85USD
GREAT BRITAIN
JP MORG.CHASE TV 06-3.1.2012
1,908,000 866,931 0.80BRL
1,794,654 1.65
ING BANK NV 13% 07-26.02.09 275,000 275,447 0.26USD
NETHERLANDS
ING BK NV 8.04% 06-23.8.07REGS
6,345,000 243,317 0.22RUB
518,764 0.48
CITIG.G.MKT 0%02-22.10.07144A
295,000 261,463 0.24USD
UNITED STATES
IRON MOUNTAIN6.625% 03-1.1.16
610,000 590,175 0.54USD
TULANE UN.TV 05-15.11.12144A
1,345,000 1,379,472 1.27USD
WAL-MART 5.25% 05-1.9.35 950,000 870,280 0.80USD
XTRA FIN CORP 5.15% 07-17144A
905,000 889,010 0.82USD
3,990,400 3.67
6.67TOTAL BONDS 7,253,818
6.67TOTAL OTHER TRANSFERABLE SECURITIES 7,253,818
FNMA(30Y)6% 06-01.05.37 2,200,000 2,215,469 2.04USD
FINANCIAL INSTRUMENTS
BONDS
UNITED STATES
2,215,469 2.04
2.04TOTAL BONDS 2,215,469
SOLITAIRE FD 0% 07-16.4.07CP
2,000,000 1,995,023 1.83USD
COMMERCIAL PAPER
GUERNSEY
1,995,023 1.83
SCALDIS CAPITAL 0%07-2.5.07CP
1,000,000 995,162 0.91USD
UNITED STATES
995,162 0.91
2.74TOTAL COMMERCIAL PAPER 2,990,185
4.78TOTAL FINANCIAL INSTRUMENTS 5,205,654
Description Currency Evaluation % netassets
Quantity/FaceValue
83.66TOTAL INVESTMENTS 91,042,462
16.34OTHER NET ASSETS LESS LIABILITIES 17,776,433
100.00TOTAL NET ASSETS 108,818,895
221HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
AUSTRIA 3.9% 04-15.7.20SENIOR
1,315,000 1,277,523 0.91EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
AUSTRIA
AUSTRIA 4.15% 06-15.3.37(RBG)
4,040,000 3,953,543 2.81EUR
AUSTRIA 4.3% 03-15.7.14 800,000 811,920 0.58EUR
AUSTRIA 5.5% 99-15.1.10 S99 410,000 425,580 0.30EUR
OESTER KONTR 4.125% 07-21.2.12
700,000 700,303 0.50EUR
7,168,869 5.10
BELGIUM 3.25% 06-28.09.16S47
1,718,000 1,605,127 1.14EUR
BELGIUM
BELGIUM 3.75%05-28.09.15OLO46
7,390,000 7,218,552 5.14EUR
BELGIUM 4.25% 03-13 S41 OLO 400,000 404,480 0.29EUR
9,228,159 6.57
ROY.BK CANADA 4.125%07-26.1.10
500,000 498,720 0.35EUR
CANADA
498,720 0.35
CYPRUS 5.5% 02-27.2.12EMTN 1,044,000 1,105,779 0.79EUR
CYPRUS
1,105,779 0.79
TCHEQUE REP.4.125% 05-18.3.20
116,000 112,980 0.08EUR
CZECH REPUBLIC
112,980 0.08
DENMARK 4% 01-15.08.08 9,000,000 1,205,539 0.86DKK
DENMARK
DENMARK 6% 99-15.11.2011 6,000,000 872,012 0.62DKK
DENMARK 7% 95-07 2,300,000 313,837 0.22DKK
2,391,388 1.70
B.E.I. 5.375% 98-2021 1,014,000 1,525,612 1.09GBP
EUROPEAN UNION
B.E.I. 8.75% 95-17 793,000 1,481,376 1.05GBP
3,006,988 2.14
B.EI. 4.25% 03-7.12.10 EMTN 402,000 566,210 0.40GBP
EUROPEAN UNION
INVESTMENTS
PAN-EUROPEAN GOVERNMENT BONDStatement of investments as at 31 March 2007 (expressed in EUR)
Description Currency Evaluation % netassets
Quantity/FaceValue
B.E.I. 6.25% 99-14 624,000 961,521 0.69GBP
1,527,731 1.09
BNP PARIBAS 4% 07-22.03.10 500,000 497,782 0.35EUR
FRANCE
CSSE REFI.HABIT.4% 02-25.10.09
1,000,000 995,877 0.71EUR
EDF 4.625% 03-6.11.13 EMTN 350,000 357,465 0.25EUR
EDF 8.75% 92-22 4,150,000 922,156 0.66FRF
FRANCE 4% 03-25.10.14 OAT 3,700,000 3,684,460 2.62EUR
FRANCE 4% 04-25.4.14 OAT 2,172,000 2,165,267 1.54EUR
FRANCE 5.5% 98-2029 OAT 2,727,500 3,197,448 2.28EUR
FRANCE 5.75% 01-25.10.32BTAN
3,049,438 3,735,561 2.67EUR
15,556,016 11.08
EUROHYPO 3.25%05-26.10.15/2194
300,000 279,630 0.20EUR
GERMANY
GEM.BDESLD 2.625%05-7.10.10S22
3,750,000 3,568,873 2.54EUR
GERMANY 3.5% 06-14.10.11S149
4,810,000 4,709,472 3.36EUR
GERMANY 4.25% 07-4.7.39 540,000 542,916 0.39EUR
GERMANY 5.25% 00-4.7.2010 1,125,000 1,166,175 0.83EUR
KFW 5.375% 04-29.1.14 EMTN 155,000 227,297 0.16GBP
KFW 5.375% 04-7.12.07 EMTN 385,000 565,312 0.40GBP
KFW 5.5% 01-7.12.15 300,000 445,876 0.32GBP
KFW 5.5% 04-15.9.09 455,000 667,239 0.47GBP
KFW 5.75% 01-07.06.32 600,000 1,002,415 0.71GBP
13,175,205 9.38
EBRD 0% 98-2048 EMTN 8,000,000,000 514,246 0.37ITL
GREAT BRITAIN
GREAT BRITAIN 4.25% 03-36TSY STOCK
273,000 390,211 0.28GBP
GREAT BRITAIN 4.75% 03-7.9.15 TSY STOCK
660,000 954,051 0.67GBP
GREAT BRITAIN 4.75% 04-7.12.38 TSY STOCK
3,268,000 5,095,301 3.62GBP
GREAT BRITAIN 5.75% 98-09TSY STOCK
365,000 542,016 0.39GBP
GREAT BRITAIN 7.25% 97-07TSY
385,000 572,848 0.41GBP
GREAT BRITAIN 8% 96-21 TSYSTOCK
160,000 310,641 0.22GBP
HBOS TSY SVCES 4.125%07-6.2.12
500,000 496,530 0.35EUR
MBNA EUR.FDG.4.5% 03-23.1.09
600,000 602,295 0.43EUR
UK TSY 4.25% 05-7.3.11 287,000 407,054 0.29GBP
UK TSY 4.75% 05-7.3.20 140,000 204,270 0.15GBP
10,089,463 7.18
GREECE 3.10% 05-20.04.10 1,585,000 1,540,937 1.10EUR
GREECE
GREECE 3.5% 04-20.04.09 3,135,000 3,098,634 2.21EUR
GREECE 4.3% 07-20.7.2017 4,105,000 4,103,358 2.91EUR
GREECE 4.5% 05-20.9.37 (30Y) 375,000 369,863 0.26EUR
GREECE 5.25% 02-18.5.2012 995,000 1,045,546 0.74EUR
GREECE 5.90% 02-22.10.22 20,000 23,246 0.02EUR
GREECE 6% 00-19.5.10 585,000 617,058 0.44EUR
Description Currency Evaluation % netassets
Quantity/FaceValue
222HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
GREECE 6.3% 99-09 500,000 518,850 0.37EUR
11,317,492 8.05
HUNGARY 4% 03-27.9.10 300,000 297,580 0.21EUR
HUNGARY
HUNGARY 4.5% 03-6.2.13 750,000 754,811 0.54EUR
HUNGARY 5.625% 01-11 3,932,000 4,128,896 2.94EUR
REP OF HUNGARY 4.375%07-4.7.17
600,000 592,817 0.42EUR
5,774,104 4.11
AEGON GL.INST.4.25% 07-23.1.12
300,000 298,978 0.21EUR
IRELAND
IRELAND 3.25% 03-18.4.09 1,700,000 1,673,990 1.19EUR
1,972,968 1.40
ITALIE 0% 07-31.12.08 CTZ 7,510,000 6,999,319 4.99EUR
ITALY
ITALY 0% 05-28.9.07 CTZ 200,000 196,180 0.14EUR
ITALY 2.75% 05-15.06.10 BTP 4,050,000 3,894,479 2.77EUR
ITALY 3% 05-15.1.10 BTP 640,000 623,040 0.44EUR
ITALY 3.75% 05-01.08.15 BTP 1,100,000 1,068,540 0.76EUR
ITALY 3.75% 06-01.08.21 BTP 1,530,000 1,426,878 1.02EUR
ITALY 4% 05-1.2.37 BTP 1,210,000 1,104,730 0.79EUR
ITALY 5% 01-1.2.12 BTP 1,373,000 1,428,057 1.02EUR
ITALY 5.25% 98-29 BTP 1,652,500 1,821,551 1.30EUR
ITALY 5.75% 02-1.2.33 BTP 374,000 442,592 0.31EUR
ITALY 6% 00-01.5.31 BTP 1,335,000 1,619,756 1.15EUR
ITALY 6.5% 97-2027 BTP 258,750 327,966 0.23EUR
ITALY 7.25% 96-26 BTP 990,000 1,349,865 0.96EUR
ITALY 9% 93-23 BTP 350,000 536,865 0.38EUR
22,839,818 16.26
ASIF III 3.5% 04-11.3.09 EMTN 1,357,000 1,338,131 0.95EUR
JERSEY
1,338,131 0.95
LITHUANIA 4.5% 03-5.3.13EMTN
1,567,000 1,586,949 1.13EUR
LITHUANIA
LITHUANIA 5.875% 02-10.5.12 750,000 805,253 0.57EUR
2,392,202 1.70
IEB FINANCE 0% 02-11.10.2007 637,000 623,565 0.44EUR
LUXEMBOURG
623,565 0.44
BNG 7.375%97-06.08.07 160,000 236,607 0.17GBP
NETHERLANDS
BOUWFONDS 6% 00-10 EMTNS.33
300,000 314,899 0.22EUR
DT.BAHN.FIN.5.125%01-28.11.13
500,000 524,628 0.37EUR
NETHERLANDS 2.75% 06-15.04.09
1,010,000 985,254 0.70EUR
RABOBK NEDL.4.25% 07-16.1.17
220,000 218,548 0.16EUR
2,279,936 1.62
Description Currency Evaluation % netassets
Quantity/FaceValue
POLAND 3.875% 04-15.01.09EMTN
799,000 795,405 0.57EUR
POLAND
POLAND 4.5% 07-18.1.22 EMTN 500,000 496,500 0.35EUR
POLAND 5.5% 01-14.2.11 1,678,000 1,754,348 1.24EUR
POLAND 5.5% 02-12.3.12 308,000 325,741 0.23EUR
POLAND 5.75% 02-24.6.08PS0608
1,860,000 488,103 0.35PLN
REP.OF POLAND 4.2% 05-15.4.20
400,000 387,160 0.28EUR
4,247,257 3.02
IGCP 3.85% 05-15.04.21 200,000 191,160 0.14EUR
PORTUGAL
PARPUBLICA 4.191% 04-15.10.14
1,500,000 1,487,850 1.06EUR
PORTUGAL 3.2% 05-15.4.11 950,000 920,075 0.65EUR
2,599,085 1.85
ROUMANIE 10.625% 01-27.06.08
900,000 966,244 0.69EUR
ROUMANIA
ROUMANIE 5.75% 03-2.7.10 200,000 208,155 0.15EUR
1,174,399 0.84
SLOVAKIA 4% 06-26.3.21 952,000 909,581 0.65EUR
SLOVAKIA
SLOWAKIA 4.5% 04-20.5.14 420,000 426,229 0.30EUR
1,335,810 0.95
SLOVENIA 4% 07-22.3.2018 3,500,000 3,430,954 2.44EUR
SLOVENIA
SLOVENIA 5.375% 01-11.4.11 540,000 564,399 0.40EUR
3,995,353 2.84
BCO SANT.CTR 4% 03-10.9.10 200,000 199,057 0.14EUR
SPAIN
CAJA DE AH.GALICIA4.375%07-19
1,300,000 1,294,500 0.92EUR
ICO 4% 07-1.2.10 1,200,000 1,196,928 0.85EUR
SPAIN 4.2% 03-30.7.13 3,820,000 3,851,324 2.74EUR
SPAIN 4.4% 04-31.1.15 290,000 296,264 0.21EUR
SPAIN 5% 02-30.7.12 655,000 684,410 0.49EUR
7,522,483 5.35
NORDEA HYPOTEK 4.25% 07-6.2.14
200,000 200,403 0.14EUR
SWEDEN
SWEDEN 3% 05-12.07.16 4,000,000 398,916 0.28SEK
SWEDEN 5% 98-09 NR.1043 7,000,000 765,911 0.55SEK
SWEDEN 5.25% 00-15.03.11S.1045
2,350,000 264,002 0.19SEK
SWEDEN 5.5% 02-8.10.12TREAS.BD
2,170,000 250,291 0.18SEK
1,879,523 1.34
GECC 5.125%02-04.03.09 743,000 755,430 0.54EUR
UNITED STATES
Description Currency Evaluation % netassets
Quantity/FaceValue
223HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
KFW INTL 5.375% 01-7.12.11EMTN
800,000 1,172,698 0.83GBP
1,928,128 1.37
97.55TOTAL BONDS 137,081,552
97.55TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 137,081,552
Description Currency Evaluation % netassets
Quantity/FaceValue
SWEDEN 8% 95-07 N.1037 6,600,000 718,608 0.51SEK
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
SWEDEN
718,608 0.51
0.51TOTAL BONDS 718,608
CALL EURO BUND 23/04/2007115.50
(5) (1,250) 0.00EUR
OPTIONS ON FUTURES
GERMANY
PUT EURIBOR 3 MONTHS17/12/2007 95.75
(325) (69,063) (0.05)EUR
PUT EURIBOR 3 MONTHS17/12/2007 96.00
325 195,001 0.14EUR
PUT EURIBOR 3MONTHS17/12/2007 95.875
(325) (121,875) (0.09)EUR
PUT EURIBOR 360 /3 MONATE17/09/2007 95.625
425 10,625 0.01EUR
PUT EURIBOR 360 /3 MONATE17/09/2007 95.75
(848) (95,400) (0.07)EUR
PUT EURIBOR 360 /3 MONATE17/09/2007 95.875
425 106,250 0.08EUR
24,288 0.02
0.02TOTAL OPTIONS ON FUTURES 24,288
0.53TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 742,896
98.08TOTAL INVESTMENTS 137,824,448
1.92OTHER NET ASSETS LESS LIABILITIES 2,697,346
100.00TOTAL NET ASSETS 140,521,794
AIG SUNAMER. II 5.625% 02-12EMTN
600,000 596,512 2.26GBP
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
CAYMAN ISLANDS
LUNAR FD 6.442% 05-18.9.32EMTN
95,000 112,175 0.43GBP
LUNAR FDG 5.75% 04-18.10.33S.4
140,000 154,934 0.59GBP
STH WATER SV.5%05-31.3.21EMTN
420,000 405,344 1.54GBP
1,268,965 4.82
FIN.FOR DANISH IND.6%07-6.2.12
400,000 399,334 1.52GBP
DENMARK
399,334 1.52
BEI 5.5% 00-2025 210,000 221,907 0.84GBP
EUROPEAN UNION
BEI 5.625% 00-32 450,000 502,470 1.91GBP
BEI 6% 98-2028 PARALLEL BDS 520,000 591,864 2.25GBP
1,316,241 5.00
CIE ST GOBAIN 5.625% 06-24 50,000 48,242 0.18GBP
FRANCE
CREDIT AGRICOLE 5.36% 06-PERP
250,000 233,195 0.89GBP
SOC.GEN. 5.4% 03-30.1.18EMTN
750,000 734,381 2.79GBP
1,015,818 3.86
KFW INTL FIN 6% 00-7.12.28T16
680,000 774,085 2.94GBP
GERMANY
KFW 5.5% 01-7.12.15 850,000 858,389 3.26GBP
KREDIT WIEDER.5.625%01-25.8.17
300,000 307,650 1.17GBP
1,940,124 7.37
ANGLIAN WATER SERV.5.25%05-15
150,000 145,324 0.55GBP
GREAT BRITAIN
BAA 5.75% 03-27.11.13 EMTN 400,000 394,352 1.50GBP
BARCLAYS BK 5.75% 01-26EMTN
170,000 176,344 0.67GBP
BK SCOTLAND 6.375% 99-19EMTN
50,000 53,343 0.20GBP
GREAT BRITAIN 4.25% 03-36TSY STOCK
230,000 223,376 0.85GBP
GREAT BRITAIN 4.75% 04-7.12.38 TSY STOCK
2,426,000 2,570,104 9.77GBP
INVESTMENTS
STERLING INVESTMENT GRADE BONDStatement of investments as at 31 March 2007 (expressed in GBP)
Description Currency Evaluation % netassets
Face Value
224HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
GREAT BRITAIN 5.75% 98-09TSY STOCK
688,000 694,192 2.64GBP
GREAT BRITAIN 6% 98-28 TSYSTOCK
1,198,000 1,421,307 5.40GBP
GREAT BRITAIN 8% 93-13 TSYSTOCK
270,000 312,120 1.19GBP
GREAT BRITAIN 8% 96-21 TSYSTOCK
1,002,000 1,321,838 5.02GBP
GREAT BRITIAN 5% 02-7.9.14TSY STOCK
3,365,000 3,348,848 12.74GBP
HAMMERSON 7.25% 98-21.4.28 100,000 113,140 0.43GBP
METRONET TV 03-15.3.32EMTN
315,000 316,040 1.20GBP
MITCHELLS BUTL.5.965% 03-23/B1
133,386 136,921 0.52GBP
NET RAIL INFR.4.625%05-21.7.20
110,000 104,603 0.40GBP
NETWORK RAIL 4.875%04-27.11.15
310,000 300,926 1.14GBP
NETWRK RAIL INFRA.4.75% 05-24
350,000 339,771 1.29GBP
TESCO 5.5% 02-13.12.2019EMTN
150,000 148,438 0.56GBP
UK TSY 4.75% 05-7.3.20 5,735,000 5,685,680 21.62GBP
17,806,667 67.69
CITIGROUP 4.5% 06-3.3.2031EMTN
100,000 87,853 0.33GBP
UNITED STATES
CITIGROUP 5.25% 03-21.05.26 90,000 87,285 0.33GBP
GECC 5.5% 98-7.6.21 EMTN 300,000 299,673 1.14GBP
GECC 6.125% 02-17.5.12 EMTN 750,000 763,372 2.91GBP
RABOBK CAP.5.556% 04-PERP.REG
410,000 403,192 1.53GBP
1,641,375 6.24
96.50TOTAL BONDS 25,388,524
96.50TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 25,388,524
Description Currency Evaluation % netassets
Face Value
96.50TOTAL INVESTMENTS 25,388,524
3.50OTHER NET ASSETS LESS LIABILITIES 921,891
100.00TOTAL NET ASSETS 26,310,415
CIE GEN.GEOPHYSIQUE7.5%05-15
25,000 25,917 0.44USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
FRANCE
25,917 0.44
NTL CABLE 9.125% 06-15.08.16 25,000 26,396 0.45USD
GREAT BRITAIN
26,396 0.45
CARRIAGE SER 7.875% 05-15.1.15
25,000 25,828 0.44USD
UNITED STATES
CASE NEW HOLD 7.125% 06-1.3.14
50,000 52,125 0.89USD
CHESAPEAKE EN.6.875% 03-16 150,000 152,019 2.60USD
CINCINNATI BELL 8.375% 03-14/S
250,000 255,974 4.38USD
COPANO ENERGY 8.125% 06-1.3.16
20,000 20,713 0.35USD
EDUCAT.MNGT F.10.25% 06-16 15,000 16,313 0.28USD
EXOPACK HLDG 11.25% 06-1.2.14
50,000 53,500 0.92USD
FORDMO.CR7.375%09GL.LAND
100,000 99,999 1.71USD
FORD MOTOR 7.375% 01-1.2.11 50,000 49,267 0.84USD
FREEPORT MCMORAN 8.25%07-15
25,000 26,746 0.46USD
GMAC 6.875% 02-28.8.12 250,000 250,023 4.28USD
HERTZ CORP 8.875% 07-01.01.14
150,000 161,399 2.76USD
INNOPHOS 8.75% 06-15.08.14 25,000 25,875 0.44USD
MASSEY ENERGY 6.875% 06-13
150,000 143,005 2.45USD
MIRANT NTH.AM.7.375% 06-13 150,000 154,457 2.64USD
PQ CORP 7.5% 05-15.2.13 50,000 50,625 0.87USD
1,537,868 26.31
27.20TOTAL BONDS 1,590,181
27.20TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 1,590,181
INVESTMENTS
US DOLLAR HIGH YIELD BONDStatement of investments as at 31 March 2007 (expressed in USD)
Description Currency Evaluation % netassets
Face Value
COMPTON PET.7.625% 05-01.12.13
150,000 147,000 2.52USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
CANADA
STONE CONT.7.375% 04-15.07.14
25,000 24,031 0.41USD
225HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
TEMBEC IND. 7.75% 02-15.3.12 25,000 15,219 0.26USD
186,250 3.19
NELL AF 8.375% 05-15.8.15144A
200,000 208,500 3.57USD
LUXEMBOURG
208,500 3.57
AK STEEL CORP 7.75% 02-15.6.12
100,000 101,843 1.74USD
UNITED STATES
ALLIED WASTE 7.375% 04-15.4.14
250,000 252,916 4.33USD
AMERICAN RAILCAR 7.5%07-1.3.14
25,000 25,688 0.44USD
BEVERAGES MORE INC 9.25%07-12
25,000 25,438 0.44USD
BUFFALO THUND DEV 9.375%06-14
25,000 25,500 0.44USD
CABLEVISION 8% 05-15.4.12SR.B
250,000 254,577 4.35USD
CCM MERGER 8% 05-8.1.13144A
200,000 201,000 3.44USD
CELL TIS HOL 9.75% 04-15.3.10 25,000 25,125 0.43USD
CENTENNIAL COM.10% 05-1.1.13
200,000 216,500 3.70USD
CMS ENERGY 6.875% 05-15.12.15
250,000 261,483 4.47USD
GENERAL CABLE 7.125%07-1.4.17
25,000 25,250 0.43USD
GEN.MOTORS.7.125% 03-15.7.13
25,000 23,373 0.40USD
GEORGIA PAC.7.7% 95-15.6.15 100,000 102,996 1.76USD
GREEKTOWN HDG 10.75%05-13/144A
150,000 160,500 2.75USD
IDEARC INC 8% 06-15.11.16144A
25,000 25,750 0.44USD
ISLE OF CAPRI CAS.7% 04-14WI
150,000 146,500 2.51USD
K2 7.375% 04-1.7.2014 91,000 90,886 1.55USD
LANDRY S REST.7.5% 04-15.12.14
150,000 147,186 2.52USD
LYONDELL CHEMICAL 8%06-15.9.14
5,000 5,251 0.09USD
LYONDELL CH.8.25% 06-15.9.16 5,000 5,371 0.09USD
MAAX CORP 9.75% 04-15.6.12 25,000 17,000 0.29USD
MEDIACOM LLC 7.875% 99-11 150,000 150,384 2.57USD
MILLENIUM AMER.9.25%01-15.6.08
25,000 25,968 0.44USD
OMNICARE 6.75% 05-15.12.13 150,000 151,688 2.59USD
PLY GEM IND.9% 04-15.2.12 100,000 88,121 1.51USD
REGENCY ENGY 8.375%06-15.12.13
25,000 25,438 0.44USD
RURAL CELLUL.9.75% 02-15.1.10
50,000 51,750 0.89USD
SOLO CUP 8.5% 04-15.2.14 150,000 128,769 2.20USD
SUSSER 10.625% 06-15.12.13 106,000 115,673 1.98USD
UCI HOLDCO TV 06-13 144A/PIK
25,000 24,813 0.42USD
WILLIAMS 6.375%05-1.10.10144A
50,000 50,625 0.87USD
YANKEE ACQ.9.75% 07-17 144A 25,000 25,313 0.43USD
2,978,675 50.95
57.71TOTAL BONDS 3,373,425
57.71TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 3,373,425
Description Currency Evaluation % netassets
Face Value
KERSZNER INT 6.75% 05-01.10.15
150,000 150,000 2.57USD
OTHER TRANSFERABLE SECURITES
BONDS
BAHAMAS
150,000 2.57
CHAPARRAL 8.875%07-1.2.17144A
25,000 25,250 0.43USD
UNITED STATES
COMPUCOM SYST.12% 06-14144A
25,000 26,687 0.46USD
GEORGIA GULF 9.5% 06-14 -144A-
25,000 24,125 0.41USD
GIBRALTAR.IND.8% 06-15/MUTLICP
150,000 151,499 2.59USD
HAWKER BEECHC.8.5% 07-15144A
25,000 25,938 0.44USD
POKAGON 10.375%06-15.6.14144A
25,000 27,562 0.47USD
RH DONNELLEY 6.875% 06-13S A2
10,000 9,888 0.17USD
SWIFT ENERGY 7.625% 04-15.7.11
25,000 25,688 0.44USD
TRANSDIGM 7.75%07-15.7.14144A
25,000 25,813 0.44USD
TRIMAS 9.875% 02-15.6.12 25,000 25,031 0.43USD
TUBE CITY IMS 9.875%07-15144A
25,000 26,000 0.44USD
TURNING STONE 9.125%06-14144A
25,000 25,688 0.44USD
US CONCRETE 8.375% 04-4.1.14
25,000 25,440 0.44USD
WILLIAMS 7.5% 06-15.06.11144A
25,000 26,437 0.45USD
471,046 8.05
10.62TOTAL BONDS 621,046
10.62TOTAL OTHER TRANSFERABLE SECURITIES 621,046
Description Currency Evaluation % netassets
Face Value
95.53TOTAL INVESTMENTS 5,584,652
4.47OTHER NET ASSETS LESS LIABILITIES 261,214
100.00TOTAL NET ASSETS 5,845,866
226HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
CWCI 06-15.08.48 06-C1 A2 900,000 900,164 1.13USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
CAYMAN ISLANDS
900,164 1.13
GRANM TV 05-19.11.06 2005-4A3
1,600,000 1,600,190 2.01USD
GREAT BRITAIN
1,600,190 2.01
ISLANDSBANKI HF TV 07-12144A
650,000 654,289 0.82USD
ICELAND
KAUPTHING TV 06-15.01.10144A
300,000 303,461 0.38USD
KAUPTHING 5.75% 06-11 144A 500,000 506,355 0.64USD
1,464,105 1.84
CAIRN MEZZAN.TV07-47 07-3AB1
605,000 593,562 0.74USD
IRELAND
593,562 0.74
SHELL INTL FIN.5.2% 07-22.3.17 1,600,000 1,590,484 2.00USD
NETHERLANDS
1,590,484 2.00
AOL TIME 7.7% 02-1.5.32 350,000 397,953 0.50USD
UNITED STATES
COMMERCIA MTG TV 06-20FL12 A2
1,486,212 1,486,204 1.86USD
DAIMLERCHRY.4.05% 03-4.6.08 725,000 714,470 0.90USD
DMSI TV 06-35 2005-WF1 1A1 718,796 714,132 0.90USD
FED RETAIL 6.375% 07-15.3.37SR
1,200,000 1,170,982 1.47USD
FEDERATED DEP.5.9% 06-01.12.16
625,000 624,695 0.78USD
FNMA TV 07-07-25.3.37 07-13FA
930,450 932,311 1.17USD
FNMA(15Y)5% 06-1.4.22 1,710,000 1,685,686 2.11USD
FNMA(15Y)5%06-01.02.21P.781922
1,716,480 1,693,894 2.12USD
FNMA(15Y)5.5% 07-01.04.22 720,000 721,463 0.91USD
FNMA(30Y)5% 07-01.05.37 3,820,000 3,694,655 4.63USD
FNMA(30Y)5% 07-1.4.37 P16654 1,300,000 1,256,328 1.58USD
FNMA(30Y)6.5% 07-1.4.37 2,500,000 2,551,171 3.19USD
FNMA(30)5% 06-1.5.37 600,000 580,313 0.73USD
FORD MOTOR CR.5.8% 12.1.09 600,000 587,451 0.74USD
INVESTMENTS
US DOLLAR INVESTMENT GRADE BONDStatement of investments as at 31 March 2007 (expressed in USD)
Description Currency Evaluation % netassets
Face Value
GE BUSIN.TV06-15.11.34 06-2AA
1,059,452 1,057,351 1.33USD
GMAC 7.179% 99-36 1999-C3 A2 975,766 1,011,321 1.27USD
HOME DEPOT TV 06-16.12.09 750,000 750,827 0.94USD
INTL LEASE FIN.TV 06-11.7.11Q
600,000 604,340 0.76USD
JPMORGAN CHA.TV07-22.2.12TR67
1,250,000 1,248,730 1.57USD
MSC 5.328% 06-41 2006-HQ10A4
800,000 797,787 1.00USD
PROCTER&GAMBLE 5.55% 07-5.3.37
800,000 780,896 0.98USD
RALI TV07-25.1.37 2007-QS12A8
1,172,247 1,169,599 1.47USD
RESIDENT ACCR 6.25% 07-25.1.37
776,407 773,932 0.97USD
USA TSY 4.75% 07-28.2.09-W-09-
320,000 320,750 0.40USD
USA TSY4.625%07-28.2.12 G-2012
450,000 451,723 0.57USD
USA 4.5% 05-30.11.11 TBO 465,000 464,201 0.58USD
USA 4.75% 07-15.2.10 TSY 470,000 472,644 0.59USD
USA 4.875% 06-15.05.09 TSY 1,500,000 1,507,969 1.89USD
USA 4.875% 06-15.08.09 TB0 1,000,000 1,006,406 1.26USD
VERIZON PENN.5.65% 01-15.11.11
500,000 506,936 0.64USD
31,737,120 39.81
C8 CAP. 6.64%(TV)07-PERP./144A
400,000 395,196 0.50USD
VIRGIN ISLANDS
395,196 0.50
48.03TOTAL BONDS 38,280,821
48.03TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 38,280,821
Description Currency Evaluation % netassets
Face Value
ABFC 3.684% 05-33 03-AHL1 A1 255,011 249,990 0.31USD
TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATEDMARKET
BONDS
UNITED STATES
AT AND T TV 07-5.02.10 800,000 800,496 1.00USD
BEAR ST.5.537% 06-41 06-T24A4
750,000 760,433 0.95USD
BOAMS 4.7789% 06-35 05-D2A4
900,000 891,549 1.12USD
BURLINGTON 4.83% 05-01.15.23
586,964 557,663 0.70USD
CMLTI 4.922% 05-35 05-WF2AF2
168,546 167,335 0.21USD
CWHL TV 05-35 05-HYB8 2A1 577,940 580,232 0.73USD
CWL 5.804%06-25.07.34 06-S4A3
570,000 572,850 0.72USD
FHLM 5.5% 06-15.9.36 3212 BK 600,000 587,766 0.74USD
FHLMC 4.14% 04-1.12.34P.1B2655
719,165 720,265 0.90USD
FHLMC 5.125% 06-13 R004 AL 646,043 642,692 0.81USD
FHLMC 5.5% 05-15.11.23 2962CJ
728,178 727,741 0.91USD
FHLMC 5.5% 06-1.8.21P.G12317
836,742 838,787 1.05USD
FHLMC 6.582% 06-1.6.36P1J1313 0
964,927 980,893 1.23USD
FHLMC 8% 00-1.2.2030 222,557 230,207 0.29USD
FHLMC 8% 00-1.4.30 POOLC00972
109,376 113,135 0.14USD
FHLMC(30Y)5.5% 07-1.4.37 3,600,000 3,562,314 4.48USD
227HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
FREDDIE MAC TV 06-23 R008-FK
1,205,533 1,211,275 1.52USD
GCCFC 5.475% 07-17 2007-GG9AM
660,000 662,936 0.83USD
GENERAL ELEC.CO 5% 03-1.2.13
1,000,000 993,604 1.25USD
GMAC MTG 5.805%06-36/06-HE3-A3
480,000 483,750 0.61USD
LBUBS 5.43424% 06-36 06-C6A4
600,000 600,488 0.75USD
MERCK & CO 5.75% 06-15.11.36 900,000 884,734 1.11USD
MSM TV 06-36 06-3AR 2A3 629,397 637,537 0.80USD
PROGRESS ENGY TV05-14.11.08-A-
450,000 450,150 0.56USD
SBC COMM.5.1% 04-3.11.14GLOB.
750,000 733,596 0.92USD
TARGET CRED.TV 02-11 2002-1A
1,550,000 1,550,000 1.94USD
TIME WARNER ENTMT.8.375%93-23
525,000 620,632 0.78USD
TIME WARNER 5.875% 06-15.11.16
950,000 957,634 1.20USD
USA TSY 4.25%04-15.8.14/E-2014
1,000,000 977,813 1.23USD
USA 4.125% 05-15.08.10 M-2010 1,300,000 1,283,750 1.61USD
USA 4.5% 06-15.02.36 1,577,000 1,488,294 1.87USD
USA 4.625% 07-11 TBO S.R-2011
1,570,000 1,575,152 1.98USD
USA 4.625% 07-15.2.17 S.B-2017
2,365,000 2,360,566 2.97USD
USA 4.75% 07-31.1.12 S.F-2012 500,000 504,414 0.63USD
USA 4.875% 06-31.07.11S.L-2011
1,525,000 1,544,777 1.94USD
32,505,450 40.79
40.79TOTAL BONDS 32,505,450
40.79TOTAL TRANSFERABLE SECURITIES TRADED ONANOTHER REGULATED MARKET 32,505,450
Description Currency Evaluation % netassets
Face Value
PREFERR.T.XXII TV 06-36 144A 600,000 601,200 0.75USD
OTHER TRANSFERABLE SECURITES
BONDS
CAYMAN ISLANDS
601,200 0.75
ARRMF TV 06-20.9.56 06-2AA2B
3,000,000 2,994,163 3.76USD
GREAT BRITAIN
BARCLAY.B 5.926%06-..PERP144A
1,000,000 1,002,944 1.26USD
3,997,107 5.02
AMCAR 4.47% 05-6.5.10 05-CFA3
1,163,311 1,157,857 1.45USD
UNITED STATES
CAP.ONE AUTO 5.53%6-09 06-BA2
242,801 242,801 0.30USD
CARAT 5.03% 06-08 2006-1 A2A 384,423 383,943 0.48USD
CGCMT 5.378% 06-49 2006-C5A2
950,000 958,022 1.20USD
CIT.DT 5.205&07-49 07-CD4 A2B 900,000 904,493 1.13USD
COUNTRYWIDE TV 03-18 03-8A2
735,058 741,087 0.93USD
FHR TV 05-15.6.35 2988 AF 947,007 946,015 1.19USD
GE 05-2A A3 4.88% 06-22.10.09 1,600,000 1,592,499 2.01USD
HOME DEPOT 5.25% 06-16.12.13
950,000 946,239 1.19USD
PUGET SOUND 6.274% 06-15.03.37
550,000 564,158 0.71USD
RAST TV 03-25.2.34 03-A15 1A2 1,245,796 1,249,586 1.57USD
RAST 6% 06-25.4.36 06-A1-1A3- 407,827 411,331 0.52USD
SLM TV05-15.6.18 2005-A A1 864,577 864,577 1.08USD
SVHE 5.998% 06-36 2006-WF1A1F
1,294,302 1,292,280 1.62USD
TULANE UN.TV 05-15.11.12144A
1,000,000 1,025,630 1.29USD
UNION PAC.5.082% 05-1.2.29 499,930 487,736 0.61USD
WAMU 5.303% 06-43 2006-SL11A
695,426 695,417 0.87USD
XEROX CORP TV 06-18.12.09 300,000 301,971 0.38USD
XTRA FIN CORP 5.15% 07-17144A
1,000,000 982,331 1.23USD
15,747,973 19.76
25.53TOTAL BONDS 20,346,280
25.53TOTAL OTHER TRANSFERABLE SECURITIES 20,346,280
Description Currency Evaluation % netassets
Face Value
FNMA(30Y)6% 06-01.05.37 3,400,000 3,425,500 4.30USD
FINANCIAL INSTRUMENTS
BONDS
UNITED STATES
3,425,500 4.30
4.30TOTAL BONDS 3,425,500
4.30TOTAL FINANCIAL INSTRUMENTS 3,425,500
118.65TOTAL INVESTMENTS 94,558,051
(18.65)OTHER NET ASSETS LESS LIABILITIES (14,859,788)
100.00TOTAL NET ASSETS 79,698,263
228HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
EDF TV 04-7.5.07 S.64 (RBG) 1,100,000 1,099,918 2.56EUR
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
FRANCE
SANOFI AVENTIS TV 05-30.05.07
500,000 499,866 1.17EUR
1,599,784 3.73
ALLIED IRISH BK TV 05-27.6.07 1,250,000 1,249,968 2.92EUR
IRELAND
1,249,968 2.92
KBC IFIMA TV 05-20.4.07 (RBG) 1,000,000 999,932 2.33EUR
NETHERLANDS
KBC IFIMA TV 06-17.8.07 300,000 299,963 0.70EUR
1,299,895 3.03
BBVA TV 05-28.09.07 500,000 499,985 1.17EUR
SPAIN
BPE FIN.TV 06-13.09.07 1,500,000 1,499,749 3.50EUR
1,999,734 4.67
AB SPINTAB TV 06-14.1.08 1,000,000 999,865 2.33EUR
SWEDEN
999,865 2.33
16.68TOTAL BONDS 7,149,246
16.68TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 7,149,246
INVESTMENTS
EURO RESERVEStatement of investments as at 31 March 2007 (expressed in EUR)
Description Currency Evaluation % netassets
Face Value
UNICRED.IRELD TV 06-25.1.08 400,000 399,942 0.93EUR
OTHER TRANSFERABLE SECURITES
BONDS
IRELAND
399,942 0.93
0.93TOTAL BONDS 399,942
BNP PARIBAS 0% 07-11.6.07CD
1,000,000 1,000,000 2.33EUR
CERTIFICATE OF DEPOSIT
FRANCE
CEPME 0% 07-20.08.07 CD 1,000,000 1,000,000 2.34EUR
CREDIT FONCIER 0%07-13.8.07CD
1,000,000 1,000,000 2.33EUR
CR.MUTUEL L.AT.0% 06-13.4.07CD
2,000,000 2,000,000 4.67EUR
5,000,000 11.67
BAY.HYPOBK 0% 06-13.4.07 CD 1,000,000 1,000,000 2.33EUR
GERMANY
1,000,000 2.33
14.00TOTAL CERTIFICATE OF DEPOSIT 6,000,000
14.93TOTAL OTHER TRANSFERABLE SECURITIES 6,399,942
Description Currency Evaluation % netassets
Face Value
QUASAR SEC.0% 07-28.05.07CP
1,000,000 993,766 2.32EUR
FINANCIAL INSTRUMENTS
COMMERCIAL PAPER
BELGIUM
993,766 2.32
CULLINAN FIN.0% 07-26.4.07CP
1,000,000 997,201 2.33EUR
CAYMAN ISLANDS
GOLDEN KEY 0% 07-14.05.07ECP
1,000,000 995,294 2.32EUR
SILVER TOWER FD 0%07-08.5.07CP
1,000,000 995,948 2.32EUR
2,988,443 6.97
ACOSS 0% 07-23.4.07 CP 1,000,000 997,450 2.33EUR
FRANCE
ANTALIS 0% 07-13.04.07 CP 1,000,000 998,566 2.33EUR
LMA 0% 07-10.4.07 CP 1,000,000 998,832 2.33EUR
SCHNEIDER 0% 07-10.4.07 CP 1,000,000 998,833 2.33EUR
SOFINCO 0% 07-11.04.07 CP 1,200,000 1,198,512 2.79EUR
UNEDIC 0% 07-12.04.07 CP 700,000 699,058 1.63EUR
5,891,251 13.74
ABBEY NAT TSY 0% 07-10.04.07CP
1,000,000 998,874 2.33EUR
GREAT BRITAIN
ALLIANCE&LEIC.0% 07-14.5.07CP
1,000,000 995,268 2.32EUR
BARCLAYS 0% 07-12.4.2007ECP
600,000 599,195 1.40EUR
BRITANNIA BLDG SOC.0%-5.4.07CP
1,000,000 999,356 2.33EUR
HBOS TSY.SERV.0%07-25.05.07 CP
1,500,000 1,491,362 3.48EUR
NORTHERN ROCK 0% 07-6.6.07CP
1,000,000 992,780 2.32EUR
REGENCY ASS.0% 07-20.4.07CP
1,500,000 1,496,634 3.49EUR
7,573,469 17.67
ANGLO IRISH BK 0% 07-12.4.07CP
1,500,000 1,497,821 3.49EUR
IRELAND
DZ BK IRELAND 0% 07-2.4.07CP
1,300,000 1,299,586 3.03EUR
2,797,407 6.52
229HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
BCA POP DI VERONA 07-7.6.07CP
1,500,000 1,488,952 3.47EUR
ITALY
1,488,952 3.47
AMSTEL EURO 0% 07-6.6.07 CP 1,000,000 992,834 2.32EUR
JERSEY
992,834 2.32
UNILEVER FIN INT 0% 30.4.07CP
1,000,000 996,688 2.32EUR
NETHERLANDS
996,688 2.32
SIMBA FUND 0% 07-12.06.07CP
1,000,000 992,133 2.31EUR
UNITED STATES
992,133 2.31
57.64TOTAL COMMERCIAL PAPER 24,714,943
BFCM 0% 07-29.5.07 CD 1,000,000 1,000,000 2.33EUR
CERTIFICATE OF DEPOSIT
FRANCE
BQ.SOLFEA 0% 06-20.7.07 CD 1,000,000 1,000,000 2.33EUR
NATIXIS 0% 07-1.6.07 CD 1,500,000 1,500,000 3.51EUR
STE GENERALE 0%07-12.6.07CD
1,000,000 1,000,000 2.33EUR
4,500,000 10.50
DEPFA BANK 3.73% 06-11.10.07CP
1,000,000 999,370 2.33EUR
IRELAND
999,370 2.33
12.83TOTAL CERTIFICATE OF DEPOSIT 5,499,370
70.47TOTAL FINANCIAL INSTRUMENTS 30,214,313
Description Currency Evaluation % netassets
Face Value
102.08TOTAL INVESTMENTS 43,763,501
(2.08)OTHER NET ASSETS LESS LIABILITIES (890,382)
100.00TOTAL NET ASSETS 42,873,119
CIT GROUP INC TV 05-24.8.07 700,000 700,230 3.65USD
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
BONDS
UNITED STATES
700,230 3.65
3.65TOTAL BONDS 700,230
3.65TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 700,230
INVESTMENTS
US DOLLAR RESERVEStatement of investments as at 31 March 2007 (expressed in USD)
Description Currency Evaluation % netassets
Face Value
GOLDM.SACHS TV 04-07T205(RBG)
400,000 400,029 2.08USD
OTHER TRANSFERABLE SECURITES
BONDS
UNITED STATES
400,029 2.08
2.08TOTAL BONDS 400,029
2.08TOTAL OTHER TRANSFERABLE SECURITIES 400,029
ANZ NATL.0% 07-27.4.07 CP 700,000 697,150 3.63USD
FINANCIAL INSTRUMENTS
COMMERCIAL PAPER
AUSTRALIA
WESTPAC BANKING 0%07-5.04.07CP
700,000 699,389 3.65USD
1,396,539 7.28
BK NOVA SCOTIA 0% 07-9.04.07CP
700,000 698,979 3.64USD
CANADA
CC JARD QUEBEC 0%07-13.4.07CP
500,000 498,976 2.60USD
1,197,955 6.24
K2 CORP 0% 06-17.05.07 CP 500,000 496,527 2.59USD
CAYMAN ISLANDS
496,527 2.59
DANSKE CORP 0% 07-9.4.07DCP
700,000 698,985 3.64USD
DENMARK
698,985 3.64
230HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
IXIS 0% 07-23.4.2007 CP 705,000 702,537 3.66USD
FRANCE
702,537 3.66
BARCLAYS BK 0% 07-10.04.07CP
700,000 698,879 3.64USD
GREAT BRITAIN
HARRIER FIN.0% 07-12.4.07 CP 700,000 698,677 3.64USD
HBOS TREASURY 0% 07-4.04.07 CP
414,000 413,699 2.16USD
1,811,255 9.44
CALYON 0% 07-11.6.07 DCP 400,000 395,774 2.06USD
GUERNSEY
395,774 2.06
DEPFA BK PLC 0% 06-20.04.07CP
500,000 498,488 2.60USD
IRELAND
498,488 2.60
RABOBANK NED.0% 07-11.5.07CP
650,000 646,030 3.37USD
NETHERLANDS
646,030 3.37
STE GENERALE 0% 07-02.04.07CP
700,000 699,694 3.64USD
NETHERLANDS ANTILLES
699,694 3.64
SKANDINAV ENSK0% 07-10.4.07 CP
429,000 428,310 2.23USD
SWEDEN
SVENSKA HDLSBK 0%07-02.05.07CP
700,000 696,647 3.63USD
SWEDBANK 0% 07-11.4.2007CP
700,000 698,780 3.64USD
1,823,737 9.50
BANK AMERICA 0%07-24.4.07CP
350,000 348,724 1.82USD
UNITED STATES
CARGILL INC 0% 07-09.04.07CP
700,000 698,984 3.65USD
DEXIA DELAWARE 0% 07-5.2.07CP
700,000 696,644 3.63USD
FIVE FINANCE 0% 07-17.4.07CP
700,000 698,169 3.64USD
FORTIS FDG 0% 07-10.4.07 CP 495,000 494,206 2.57USD
GOLDMAN SACHS 0% 07-10.5.07CP
300,000 298,213 1.55USD
KFW INTL FIN.0% 07-12.4.07 CP 600,000 598,867 3.12USD
MERRILL LYNCH 0% 07-20.4.07CP
470,000 468,572 2.44USD
NESTLE CAP.0% 07-24.04.07CP
600,000 597,829 3.11USD
PACCAR FIN 0% 07-20.4.07 CP 700,000 697,724 3.63USD
PRUDENTIAL 0% 07-24.4.07 CP 700,000 697,458 3.63USD
STANFIELD VICT.0%07-21.5.07CP
600,000 595,441 3.10USD
UBS FIN.DEL.0% 07-24.4.07 CP 300,000 298,909 1.56USD
Description Currency Evaluation % netassets
Face Value
WHISTLEJACKET 0% 12.4.07DCP
505,000 503,449 2.62USD
7,693,189 40.07
94.09TOTAL COMMERCIAL PAPER 18,060,710
94.09TOTAL FINANCIAL INSTRUMENTS 18,060,710
Description Currency Evaluation % netassets
Face Value
99.82TOTAL INVESTMENTS 19,160,969
0.18OTHER NET ASSETS LESS LIABILITIES 35,149
100.00TOTAL NET ASSETS 19,196,118
231HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
AKBANK 400,000 1,989,300 3.90TRY
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCKEXCHANGE LISTING
SHARES
TURKEY
AKCANSA CIMENTO SANAYIVE TIC
131,196 613,464 1.20TRY
AKSIGORTA 49,425 180,345 0.35TRY
ALARKO GAYRIMENKULYATIRIM
35,373 607,111 1.19TRY
ALARKO HLD 448,488 819,445 1.61TRY
ANADOLU EFES BIRACILIK VEMALT
24,611 605,331 1.19TRY
ARCELIK AS 120,492 615,520 1.21TRY
AYAN ENERJI AS 129,874 130,583 0.26TRY
AYGAZ 200,000 417,321 0.82TRY
BOLU CIMENTO SANAYI AS 50,000 68,652 0.13TRY
CIMSA CIMENTO SANAYI VETICAR.
48,561 261,194 0.51TRY
DOGAN SIRKETLER GRUBUHOLDINGS
200,000 250,825 0.49TRY
DOGAN YAYIN HOLDING 100,000 278,394 0.55TRY
DOGUS OTOMOTIV SERVIS VETICAR
50,000 171,631 0.34TRY
ECZACIBASI ILAC 700,000 2,497,438 4.89TRY
ENKA INSAAT VE SANAYI AS 50,000 500,028 0.98TRY
FORD OTOMOTIV SANAYI AS 81,344 540,858 1.06TRY
KOC HLD AS 102,710 349,789 0.69TRY
MIGROS TURKEY T.A.S. 80,000 774,097 1.52TRY
SELCUK ECZA DEP.TICARETSANAY
100,000 332,451 0.65TRY
TAV HAVALIMALARI HOLDINGAS
175,000 1,097,358 2.15TRY
TOFAS TURK OTOMOBILFABRIKASI
52,542 150,534 0.30TRY
TUPRAS TURKIYE PETROLRAFINEL
90,000 1,532,518 3.01TRY
TURK DEMIR DOKUM 75,000 478,405 0.94TRY
TURK EKONOMI BANKASI AS 345 4,103 0.01TRY
TURK SISE CAM 100,000 289,205 0.57TRY
TURKIYE IS BANKASI AS C 600,000 2,173,094 4.26TRY
TURKIYE VAKIFLAR BANKASITAO
100,000 188,119 0.37TRY
VESTEL BEYAZ ESA TICAR.SANAYI
652,935 850,628 1.67TRY
VESTEL ELEKTR.SANAYITICARET
150,000 288,665 0.57TRY
YAPI KREDI BANKASA 750,000 1,191,958 2.34TRY
YAZICILAR HOLD ANOMINSIRKETI
125,190 598,915 1.17TRY
YAZICILAR HOLDING ANONIMSIRKE
17,527 92,851 0.18TRY
20,940,130 41.08
41.08TOTAL SHARES 20,940,130
INVESTMENTS
TURKISH CONVERGENCEStatement of investments as at 31 March 2007 (expressed in EUR)
Description Currency Evaluation % netassets
Quantity/FaceValue TURKEY TV 05-18.8.10 2,000,000 1,118,575 2.19TRY
BONDS
TURKEY
TURKEY TV 06-02.07.08 91R 6,100,000 3,308,995 6.49TRY
TURKEY TV 07-26.02.14 2,000,000 1,101,590 2.16TRY
TURKEY 0% 05-09.05.07(RBG)
700,000 371,800 0.73TRY
TURKEY 0% 06-05.09.07 1,000,000 500,801 0.98TRY
TURKEY 0% 06-13.06.07 TRY100
500,000 261,293 0.51TRY
TURKEY 0% 06-16.7.08 900,000 383,830 0.75TRY
TURKEY 0% 07-26.11.08 1,300,000 520,458 1.02TRY
TURKEY 14% 06-19.01.11 600,000 286,092 0.56TRY
TURKEY 15% 5-10.2.10 200,000 100,213 0.20TRY
TURKEY 16% 07-7.3.12 8,000,000 4,056,383 7.97TRY
TURKEY 20% 04-17.10.07 6,800,000 3,723,612 7.30TRY
15,733,642 30.86
30.86TOTAL BONDS 15,733,642
TURKEY 0% 06-4.4.07 TB 1,000,000 516,202 1.01TRY
TREASURY BILLS
TURKEY
516,202 1.01
1.01TOTAL TREASURY BILLS 516,202
72.95TOTAL TRANSFERABLE SECURITIES ADMITTED TOAN OFFICIAL STOCK EXCHANGE LISTING 37,189,974
Description Currency Evaluation % netassets
Quantity/FaceValue
TURKEY 0% 06-12.12.2007 TB 10,000,000 4,764,590 9.35TRY
OTHER TRANSFERABLE SECURITES
TREASURY BILLS
TURKEY
4,764,590 9.35
9.35TOTAL TREASURY BILLS 4,764,590
9.35TOTAL OTHER TRANSFERABLE SECURITIES 4,764,590
82.30TOTAL INVESTMENTS 41,954,564
17.70OTHER NET ASSETS LESS LIABILITIES 9,023,887
100.00TOTAL NET ASSETS 50,978,451
232HSBC Global Investment Funds
Portfolio of Investments and Other Net Assets
The detailed list of movements in the investment portfolio can be obtained free of charge upon request at theregistered office of the Company. The current prospectus, the articles of association as well as the interimreport and the audited annual report are available free of charge upon request from the German payment andinformation office.
Currency Conversion Table
HSBC Global Investment Funds
233
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 2006 31 March 2007
USD USDAUD 1.3975 1.2384
CAD 1.1619 1.1546
HKD 7.7599 7.8146
JPY 117.4349 117.8550
GBP 0.5737 0.5095
SGD 1.6181 1.5166
CHF 1.2999 1.2177
EUR 0.8238 0.7499
234HSBC Global Investment Funds
Dealing for Shares of the Company will take place on any Business Day (a day on which banks are open fornormal banking business in Luxembourg) other than days during a period of suspension of dealing in Sharesprovided that, for sub-funds materially invested in markets other than North or South American markets, suchBusiness Day is a day where stock exchanges and regulated markets in countries where the sub-fund ismaterially invested are open for normal trading. For sub-funds materially invested in North or South Americanmarkets, dealing for Shares of the sub-fund will take place on any Business Day (other than days during aperiod of suspension of dealing in Shares) except a Business Day following the day where stock exchangesand 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 beno dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operateson 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 informationobtained by the Company from time to time. Shareholders can obtain the latest dealing/non-dealing calendar ofthe Company from the registered office of the Company or from the Company's local distributor orrepresentative.
Dealing Day of the Fund
Dealing Day of the Fund (continued)
HSBC Global Investment Funds
235
FUND NON-DEALING DAYS FOR 2007 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 January (Luxembourg public holiday) • 06 April (Luxembourg public holiday) • 09 April (Luxembourg public holiday) • 01 May (Luxembourg public holiday) • 17 May (Luxembourg public holiday) • 28 May (Luxembourg public holiday) • 15 August (Luxembourg public holiday) • 01 November (Luxembourg public holiday) • 25 December (Luxembourg public holiday) • 26 December (Luxembourg public holiday) In addition the following sub-funds will have non-dealing days on the following dates (reason in brackets): Asia ex Japan Equity, Asia ex Japan Equity Smaller Companies, Asia Freestyle (Public holiday in Hong Kong, Korea, and Taiwan) • 16 February Taiwan • 19 February Hong Kong, Taiwan, Korea • 20 February Hong Kong, Taiwan • 21 February Taiwan • 22 February Taiwan • 23 February Taiwan • 28 February Taiwan • 01 March Korea • 05 April Hong Kong, Taiwan • 24 May Hong Kong, Korea • 06 June Korea • 18 June Taiwan • 19 June Hong Kong, Taiwan • 02 July Hong Kong • 17 July Korea • 24 September Korea, Taiwan • 25 September Korea, Taiwan • 26 September Hong Kong, Korea • 01 October Hong Kong • 03 October Korea • 10 October Taiwan • 19 October Hong Kong Asia Pacific ex Japan Equity High Dividend (Public holiday in Hong Kong, Korea, Singapore, and Taiwan) • 02 January Singapore • 16 February Taiwan • 19 February Hong Kong, Korea, Singapore, Taiwan • 20 February Hong Kong, Singapore, Taiwan • 21 February Taiwan • 22 February Taiwan • 23 February Taiwan • 28 February Taiwan • 01 March Korea • 05 April Hong Kong, Taiwan
Dealing Day of the Fund (continued)
HSBC Global Investment Funds
236
• 24 May Hong Kong, Korea • 31 May Singapore • 06 June Korea • 18 June Taiwan • 19 June Hong Kong, Taiwan • 02 July Hong Kong • 17 July Korea • 09 August Singapore • 24 September Korea, Taiwan • 25 September Korea, Taiwan • 26 September Hong Kong, Korea • 01 October Hong Kong • 03 October Korea • 10 October Taiwan • 19 October Hong Kong • 08 November Singapore • 20 December Singapore Brazil Bond, Brazil Equity, Global Emerging Markets Bond (Public holiday in Brazil) • 02 January Brazil • 26 January Brazil • 20 February Brazil • 21 February Brazil • 02 May Brazil • 08 June Brazil • 10 July Brazil • 10 September Brazil • 15 October Brazil • 05 November Brazil • 16 November Brazil • 21 November Brazil BRIC Freestyle, BRIC Markets (Public holiday in Brazil, Hong Kong, India, Russia, and in the United States*) • 02 January Brazil, United States, Russia • 03 January Russia, United States • 04 January Russia • 05 January Russia • 08 January Russia • 16 January United States • 26 January Brazil, India • 30 January India • 16 February India • 19 February Hong Kong • 20 February United States, Brazil, Hong Kong • 21 February Brazil • 23 February Russia • 08 March Russia • 19 March India • 27 March India • 05 April Hong Kong • 02 May Brazil, India • 09 May Russia • 24 May Hong Kong • 29 May United States • 08 June Brazil • 12 June Russia • 19 June Hong Kong • 02 July Hong Kong
Dealing Day of the Fund (continued)
HSBC Global Investment Funds
237
• 05 July United States • 10 July Brazil • 20 August India • 04 September United States • 10 September Brazil • 26 September Hong Kong • 01 October Hong Kong • 02 October India • 15 October Brazil • 19 October Hong Kong • 05 November Brazil, Russia • 09 November India • 16 November Brazil • 21 November Brazil • 23 November United States BRIC Markets Equity (Public holiday in Brazil, Hong Kong, India, Great Britain and in the United States*) • 02 January Brazil, United States • 03 January United States • 16 January United States • 26 January Brazil, India • 30 January India • 16 February India • 19 February Hong Kong • 20 February Brazil, Hong Kong, United States • 21 February Brazil • 19 March India • 27 March India • 05 April Hong Kong • 02 May Brazil, India • 07 May Great Britain • 24 May Hong Kong • 29 May United States • 08 June Brazil • 19 June Hong Kong • 02 July Hong Kong • 05 July United States • 10 July Brazil • 20 August India • 27 August Great Britain • 04 September United States • 10 September Brazil • 26 September Hong Kong • 01 October Hong Kong • 02 October India • 15 October Brazil • 19 October Hong Kong • 05 November Brazil • 09 November India • 16 November Brazil • 21 November Brazil • 23 November United States Chinese Equity, Hong Kong Equity (Public holiday in Hong Kong) • 19 February Hong Kong • 20 February Hong Kong • 05 April Hong Kong • 24 May Hong Kong
Dealing Day of the Fund (continued)
HSBC Global Investment Funds
238
• 19 June Hong Kong • 02 July Hong Kong • 26 September Hong Kong • 01 October Hong Kong • 19 October Hong Kong Euro Corporate Bond, Euroland Equity, Euroland Value Creation (Public holiday in Germany, France and in the Netherlands) • 30 April the Netherlands • 24 December Germany • 31 December Germany Euro Credit Bond, Euro Investment Grade Bond, Pan-European Equity (Public holiday in Great Britain and in France) • 07 May Great Britain • 27 August Great Britain Emerging Europe Equity, Euro High Yield Bond, Sterling Investment Grade Bond, UK Equity, UK Freestyle (Public holiday in Great Britain) • 07 May Great Britain • 27 August Great Britain Euroland Equity Smaller Companies (Public holiday in France, Germany, Italy and in the Netherlands) • 30 April the Netherlands • 24 December Germany • 31 December Germany Europe ex UK Equity (Public holiday in France and Germany) • 24 December Germany • 31 December Germany Global Emerging Markets Elite Fund, Global Emerging Markets Equity (Public holiday in Korea, Taiwan and in the United States*) • 02 January United States • 03 January United States • 16 January United States • 16 February Taiwan • 19 February Korea, Taiwan • 20 February Taiwan, United States • 21 February Taiwan • 22 February Taiwan • 23 February Taiwan • 28 February Taiwan • 01 March Korea • 05 April Taiwan • 24 May Korea • 29 May United States • 06 June Korea • 18 June Taiwan • 19 June Taiwan • 05 July United States • 17 July Korea • 04 September United States • 24 September Korea, Taiwan • 25 September Korea, Taiwan
Dealing Day of the Fund (continued)
HSBC Global Investment Funds
239
• 26 September Korea • 03 October Korea • 10 October Taiwan • 23 November United States Global Emerging Markets Equity Freestyle (Public holiday in Korea, Great Britain, and in the United States*) • 02 January United States • 03 January United States • 16 January United States • 19 February Korea • 20 February United States • 01 March Korea • 07 May Great Britain • 24 May Korea • 29 May United States • 06 June Korea • 05 July United States • 17 July Korea • 27 August Great Britain • 04 September United States • 24 September Korea • 25 September Korea • 26 September Korea • 03 October Korea • 23 November United States Global Equity (Public holiday in Japan, and in the United States*) • 02 January United States, Japan • 03 January United States, Japan • 08 January Japan • 16 January United States • 12 February Japan • 20 February United States • 21 March Japan • 30 April Japan • 03 May Japan • 04 May Japan • 29 May United States • 05 July United States • 16 July Japan • 04 September United States • 17 September Japan • 24 September Japan • 08 October Japan • 23 November Japan, United States • 24 December Japan • 31 December Japan Global Equity SRI, Global ex Euroland Equity, Global Equity Technology, US Dollar Reserve, US Equity, US Index (Public holiday in the United States*) • 02 January United States • 03 January United States • 16 January United States • 20 February United States • 29 May United States • 05 July United States • 04 September United States
Dealing Day of the Fund (continued)
HSBC Global Investment Funds
240
• 23 November United States Global Investment Grade Bond (Public holiday in Germany, Italy, Japana, France, Great Britain and in the United States*) • 02 January United States • 08 January Japan • 16 January United States • 12 February Japan • 20 February United States • 21 March Japan • 30 April Japan • 03 May Japan • 04 May Japan • 07 May Great Britain • 29 May United States • 05 July United States • 16 July Japan • 27 August Great Britain • 04 September United States • 17 September Japan • 24 September Japan • 08 October Japan • 09 October United States* • 13 November United States* • 23 November Japan, United States • 24 December Germany, Japan • 31 December Germany, Japan a Exposure to Japan was below 20% for the holiday announced on 3 January – the sub-fund did not observe this date as a non-dealing day. Indian Equity (Public holiday in India) • 26 January India • 30 January India • 16 February India • 19 March India • 27 March India • 02 May India • 20 August India • 02 October India • 09 November India Japanese Equity (Public holiday in Japan) • 02 January Japan • 03 January Japan • 08 January Japan • 12 February Japan • 21 March Japan • 30 April Japan • 03 May Japan • 04 May Japan • 16 July Japan • 17 September Japan • 24 September Japan • 08 October Japan • 23 November Japan • 24 December Japan • 31 December Japan
Dealing Day of the Fund (continued)
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Korean Equity (Public holiday in Korea) • 19 February Korea • 01 March Korea • 24 May Korea • 06 June Korea • 17 July Korea • 24 September Korea • 25 September Korea • 26 September Korea • 03 October Korea Latin American Freestyle (Public holiday in Argentina, Brazil, Chile and Mexico) • 02 January Argentina, Brazil, Chile, Mexico • 26 January Brazil • 06 February Mexico • 20 February Brazil • 21 February Brazil • 20 March Mexico • 03 April Argentina • 02 May Argentina, Brazil, Chile, Mexico • 22 May Chile • 05 June Chile • 08 June Brazil • 19 June Argentina • 03 July Chile • 10 July Argentina, Brazil • 16 August Chile • 21 August Argentina • 10 September Brazil • 19 September Chile • 20 September Chile • 15 October Brazil • 16 October Argentina, Chile • 02 November Chile • 05 November Brazil, Mexico • 16 November Brazil • 20 November Mexico • 21 November Brazil • 13 December Mexico Pan-European Equity High Dividend (Public holiday Germany, France and Great Britain) • 07 May Great Britain • 27 August Great Britain • 24 December Germany • 31 December Germany Singapore Equity (Public holiday in Singapore) • 02 January Singapore • 19 February Singapore • 20 February Singapore • 31 May Singapore • 09 August Singapore • 08 November Singapore • 20 December Singapore
Dealing Day of the Fund (continued)
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Sustainability Leaders (Public holiday in Germany, Switzerland, Great Britain and in France) • 07 May Great Britain • 01 August Switzerland • 27 August Great Britain • 24 December Germany, Switzerland • 31 December Germany Thai Equity (Public holiday in Thailand) • 02 January Thailand • 05 March Thailand • 13 April Thailand • 16 April Thailand • 07 May Thailand • 31 May Thailand • 30 July Thailand • 13 August Thailand • 23 October Thailand • 05 December Thailand • 10 December Thailand • 31 December Thailand Turkish Convergence (Public holiday in Turkey) • 02 January Turkey • 03 January Turkey • 23 April Turkey • 30 August Turkey • 11 October Turkey • 12 October Turkey • 29 October Turkey • 19 December Turkey • 20 December Turkey • 21 December Turkey
US Dollar High Yield Bond, US Dollar Investment Grade Bond (Public holiday in the United States*) • 02 January United States • 16 January United States • 20 February United States • 29 May United States • 05 July United States • 04 September United States • 09 October United States* • 13 November United States* • 23 November United States * US markets will observe different closures dates. The NYSE and Nasdaq are open on Columbus Day (08 October) and Veterans Day (12 November) 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 on 09 October and 13 November (non-dealing day delayed by one business day in line with GIF Board policy).
Dealing Day of the Fund (continued)
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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.
Issued by HSBC Investments (Singapore) LimitedCompany registration no.: 198602036R
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