June 2014 - HSBC · The market indices BSE Sensex & Nifty gained 4.9% & 5.3% respectively during...

June 2014

Index

1

In this Issue ...

Fund Manager Commentary Pg 2

HSBC Equity Fund Pg 6

HSBC India Opportunities Fund Pg 8

HSBC Midcap Equity Fund Pg 10

HSBC Progressive Themes Fund Pg 12

HSBC Tax Saver Equity Fund Pg 14

HSBC Unique Opportunities Fund Pg 16

HSBC Dynamic Fund Pg 18

HSBC Emerging Markets Fund Pg 20

HSBC Brazil Fund Pg 21

HSBC Asia Pacific (Ex Japan) Dividend Yield Fund Pg 22

HSBC Managed Solutions India - Growth Pg 23

HSBC Managed Solutions India - Moderate Pg 24

HSBC Managed Solutions India - Conservative Pg 25

Fund Managers - Equity Pg 26

Comparative Performance of Equity Schemes Pg 28

HSBC MIP - Savings Plan Pg 32

HSBC MIP - Regular Plan Pg 34

HSBC Income Fund - Investment Plan Pg 36

HSBC Income Fund - Short Term Plan Pg 38

HSBC Floating Rate Fund - Long Term Plan Pg 40

HSBC Cash Fund Pg 42

HSBC Gilt Fund Pg 44

HSBC Ultra Short Term Bond Fund Pg 45

HSBC Flexi Debt Fund Pg 47

Fund Managers - MIP & Debt Pg 49

Comparative Performance of MIP & Debt Schemes Pg 51

Fund Manager Commentary June 2014

2

Equity & MIP

Market UpdateEquities continued to rally on reform hopesThe optimism in the equity markets continued through the month of June 2014 as well, on the expectations of policy reforms by the new government at the Centre. Though the government did not make any big reform announcements during the month, the vibes coming out of the key central ministries appeared positive and there are expectations of some bold steps being taken during the Union Budget slated for 10 July 2014. One of the measures was the hike in railway fares, both passenger and freight and this was perceived as a positive signal compared to the reluctance of the previous regimes to increase the passenger fares on populist considerations. Though there was a partial roll back on a steeper hike proposed in suburban passenger fares, the overall increase of 14.2% in passenger tariff and 6.5% for freight was retained despite political pressure. The finances of the railways are in disarray and this tariff hike will bring in much needed funds to improve efficiency and safety in the sector, though more such measures are needed for a sustainable turnaround. The crisis in Iraq had a negative impact on the optimism seen in the domestic front as escalating tensions in Iraq adversely impacted the global crude oil prices. Given India’s dependence on oil imports, the firming up of the global oil prices is not an ideal scenario from a Current Account Deficit perspective.

The Monsoon rainfall has also remained below par this season with the June 2014 rainfall experiencing a shortfall of 43% from the normal levels (as of 27 June 2014). However the Indian Meteorological Department (IMD) has predicted that the monsoon will revive from the second week of July 2014. However, it needs to be seen that how much of the current shortfall could be made up for.The market indices BSE Sensex & Nifty gained 4.9% & 5.3% respectively during the month of June 2014. The broader market indices continued to outperform with the BSE Midcap & Smallcap indices delivering gains of 10.8% & 13.2% respectively for June 2014. Amongst the sectors, IT & Healthcare did well, helped by a bit of weakness seen in INR on the back of rising global crude oil prices.

FII allocation into Indian equities continued to be strongJune 2014 was another good month from the Foreign Institutional Investor (FII) flows perspective as the segment bought Indian equities worth ~USD 2.2 bn (net) during the month of June 2014. The FIIs have so far added net inflows of ~USD 10.3 bn into Indian equities this calendar year (CY2014). The Domestic institutional investors on the other hand continued to be net sellers and saw a net outflow of ~USD 780 mn and the cumulative year to date (YTD) net outflow from the segment now stood at ~USD 4.9 bn.

Exports saw a rise for the second successive month at ~USD 28 bn,a 12.4% growth for May 2014 year on year (YoY) vs. 5.3% in April 2014. Imports on the other hand continued to see de-growth at ~USD 39.2 bn, -11.4% YoY vs. -15% in April 2014, but on a month on month (MoM) basis showed an increase of 9.8%. Trade deficit for May 2014 widened on a sequential basis to ~USD 11.2 bn or 7% GDP annualised due to the MoM increase in imports (vs. ~USD 10.1 bn in Apr 2014) but recorded a decline on a YOY basis.

Source: Bloomberg ; Central Statistical Organization (CSO) India

Source: Bombay Stock Exchange (BSE)

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Repo Rate Movement

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S&P BSESensex

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S&P BSE200

S&P BSE500

S&P BSEMidCap

S&P BSESmallCap

Indices Performance - June 2014


3



Inflation & Industrial GrowthSpike in WPI data, a negativeInflation reversed the moderating trend as the Wholesale Price Index (WPI) inched upwards to 6% during May 2014 (YoY vs. 5.2% in April 2014). The upward trend was broad based & across constituents led by primary articles and manufactured products. The core WPI inflation also inched up to 3.8% in May 2014 as against 3.4% for the previous month. The Consumer Price Index (CPI) on the other side showed signs of a declining trend with the May 2014 reading at 8.3% (YoY, vs. 8.6% in April 2014), led by fall in food inflation. Another positive factor was the stabilising trends seen in the Core CPI inflation which was steady at 7.7% during May 2014 (YoY).

IIP – bucks the contraction pathPost two consecutive months of negative growth, the industrial production growth (measured through Index of Industrial Production (IIP)) registered a 3.4% growth for April 2014 (YoY, vs. -0.5% in March 2014). This was also the best IIP growth figure since March 2013 and even bettered the consensus estimates of 2% YoY growth. There was growth across all three major sectors with manufacturing reversing its contraction path over the last two months.

Global Economic Scenario

Crisis in Iraq – a sore pointThe internal conflict in Iraq kept the global markets guessing as an extended unrest in that country could lead to volatility in global crude oil prices, as was seen during June 2014. Iraq contributes around 3.3% of the global oil supply and any adverse shocks there could lead to rise in oil prices and this will have direct negative impact on oil importing countries such as India. The likely external intervention targeting the rebel groups may reignite fears of a full blown crisis in the region but that is unlikely at this stage as the Iraq situation is more domestic in nature and not likely to spread beyond Iraq & Syria. Elsewhere in the Eurozone, the European Central Bank (ECB) took some significant measures in early June 2014 such as cutting the deposit rates to -0.1% and opening an EUR 400 bn liquidity channel tied to bank lending. These measures hinted at an asset purchase plan or an easing programme on the anvil, and the ECB appeared more cautious than anticipated due inflationary concerns.

Going ForwardThe equity markets have rallied on the back of the decisive election mandate in favor of the Narendra Modi led National Democratic Alliance (NDA) government and there are expectations that are building up on some bold reform announcements in the upcoming Union Budget. The vibes coming out of the key ministries are also positive as they seem to suggest an inclination for policy reforms to aid the economic revival. That said, the economic growth is unlikely to rebound sharply in the near term and we could only expect a moderate recovery in economic growth in the Financial year 2014-15 vs 2013-14 (FY15 vs. FY14) driven by an improvement in the external demand and a gradual pick-up in the private investment and consumption. The upcoming Union Budget may provide us with the first glimpses of the economic agenda that this government is likely to pursue over their 5 year term. But we must also be wary of near term risks to the growth revival story as well. A weak monsoon can have adverse impact on the Gross Domestic Product (GDP) growth as well as inflation and hence may pose a challenge for the timeline of the economic revival. There are also risks from adverse global newsflows such as the one we are witnessing in Iraq. However for investors with a long term investment horizon, equity investments provide the potential to deliver relatively better returns vis-à-vis other alternatives that have outperformed the asset class over a 5 year period. Therefore, we continue to urge investors to approach equity investing from a long term perspective and always keep the asset allocation plan in mind, taking into account one’s risk appetite and future goals in mind.Source: Bloomberg, for all data except where mentioned otherwise

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Index of Industrial Production (IIP)

IIP YoY Growth (New Series; base 2004- 05)


4

Review: HSBC Progressive Themes FundThe fund is currently focusing on the following themes; 1. Economic Reforms (33.7%) which includes Financial sector reform- 24.8% & Oil & Gas Sector deregulation sub theme- 8.9% 2. Infrastructure (46%) which includes Power- 13.4%, Construction– 19.1% and Logistics- 13.6%. Well diversified exposure across sectors encompassing the above themes.

Review: HSBC Dynamic FundThe cash levels and sector allocation in the fund are likely to change depending on the market conditions and technical factors.

Review: HSBC MIP Regular and Savings PlansOur current exposure is 13.90% in HMIP Regular and 25.09% in HMIP Savings. Currently it is more biased towards large caps than mid or small caps.

Review: HSBC Midcap Equity FundBeing overweight consumer discretionary, industrials and information technology and underweight utilities helped the performance while being overweight healthcare and underweight consumer staples hampered the performance.

Sectors HSBC Equity Fund

HSBC India Opportunities

Fund

HSBCMidcap

Equity FundConsumer Discretionary = = Consumer Staples Energy = Financials =Healthcare = Industrials Information Technology = = Materials Telecommunication Utilities

Overweight Underweight = Neutral

Review: HSBC India Opportunities FundBeing overweight industrials and underweight consumer staples, energy, telecommunication and utilities helped the performance while being overweight financials and materials hampered the performance.

Review: HSBC Equity FundBeing overweight industrials and underweight consumer staples and telecommunication has helped the performance while being overweight financials, materials and underweight healthcare and utilities hampered the performance.

DebtEconomic Events and Data

After a significant rally since April 2014, bond yields reversed the trend starting early June 2014, despite favorable domestic macro data indicators and lower net government securities (G-sec) supply during the month. Escalating geo-political tensions and the delay in the onset of monsoons had a negative impact on the debt market sentiments. The bond yields responded positively to the lower than expected Consumer Price Index (CPI) inflation during the month of June 2014; but the easing in bond yields was curtailed by rise in crude prices led by speculation of further escalation in the Middle East crisis. New government starts off on a positive note for bondsGovernment announced hike in rail fares in both the passenger and freight vertical during the month of June 2014, this action by the government was perceived to be a bold and positive move. The Prime Minister has indicated that tough measures will be required to get the economy back on track. We expect that some of these measures are likely to be announced in the upcoming Union Budget, which may be inflationary in short run, but will augur well for fiscal discipline and longer term inflation trends. The macro data released during the month of June 2014 brought in further optimism on the way ahead for the markets as inflation (CPI) dropped and industrial production (measured by IIP) inched higher.Macro data remains favorable with lower inflation, comfortable trade deficit and higher IIP prints CPI inflation eased to 8.3% year on year (YoY) in May 2014 from 8.6% in April 2014, in line with expectations. Food price inflation inched lower to 9.3% in May 2014 from 9.7% in April 2014, and likewise core CPI inflation eased to 7.8% from 8.0%. Industrial output growth rose to a better-than-expected 3.4% YoY in April 2014 from -0.5% in March 2014, led by a sharp rebound in capital goods output growth. However, Wholesale Price Index (WPI) inflation rose to 6.0% YoY in May 2014 from 5.2% in April 2014 led by higher food price and core inflation. Core WPI inflation rose to 3.8% from 3.4% in April 2014.India’s export trade registered growth of 12.4% YoY in May 2014 from 5.3% YoY in April 2014. The trade deficit widened to USD11.2bn in May 2014 from USD10.1bn in April 2014, as import growth was slightly higher but still in contraction mode at -11.4% YoY in May 2014 versus -15.0% in April 2014.

Market Activity

Bond yield softening tested primarily by emerging geo political tensionsThe month of June 2014 started on a positive note, with G-sec yields easing in anticipation of lower inflation data and lower G-sec net supply. But the easing in yields was curtailed by rise in crude prices due to prospects of further escalation in the Middle East crisis and delay in onset of monsoon in India. Debt market is expecting the new ten year government security bond to debut at a significant premium from existing one, reflecting its comfort level on monetary policy rates outlook and liquidity conditions.Corporate bonds supply likely to resumeCorporate bond credit spread i.e. spread between AAA rated corporate bond and Gsec has shrunk considerably as supply of corporate bond dried up through the first quarter of financial year 2014-15. Though supply is likely to resume post relaxation in norms of corporate bond issuance, spreads are likely to remain low due to pent up demand from pension funds and insurance companies.

Global Economy

As per expectations, the Federal Open Market Committee (FOMC) continued the reduction of its quantitative easing (QE) programme by an additional USD 10 bn, bringing it down from USD 45 bn to USD 35 bn. The US Federal Reserve’s (Fed) estimates were revised this session of which longer run growth rate was cut from 2.2-2.3% to 2.1-2.3% (i.e. 10 bps growth cut).Although US Personal Consumption Expenditure (PCE) rose above average to 1.8% in-line with expectations but US Treasuries failed to react in a significant way. On the other hand US first quarter calendar year 2014 (1QCY14) GDP – third release was somewhat disappointing and was further downgraded for 2QCY14 (second quarter calendar year 2014) by various market participants. On a broader basis, we look forward for second quarter CY2014 data sets to see if the economy justifies the Fed to accelerate the policy rate hike schedule.

Going Forward

Duration segment of the markets would remain impacted in the near term courtesy demand supply dynamics as net supply of bonds increases going into the second quarter financial year 2014-15. The macro parameters of sticky inflation, prospects of weaker monsoon and its impact on food prices would also continue to linger on the markets. Also any escalation of geo-political risks in the Middle east would result in higher crude prices, which would be closely watched by markets.Markets would await the Union Budget announcement, which is scheduled on July 10, 2014 for further insight into structural measures to tackle inflation (supply side) and curbing fiscal deficit. We expect markets to remain range bound till the budget announcements as positive volatility in yields would be offset by any of the abovementioned factors.Prospects of positive announcements on fiscal deficit and inflation expectations coupled with the growth optimism and resultant tax buoyancy augurs for maintaining a higher duration. We believe that fiscal prudence and structural improvements will aid the RBI to lower its guard on interest rates towards the end of the year. Escalation in geo political tensions and extent of monsoon deficit would remain the key risks in the near-term to our view of going long on bonds.Source: Bloomberg, for all data except where mentioned otherwise


5

An Open Ended Diversified Equity SchemeInvestment Objective: Aims to generate long term capital growth from an actively managed portfolio of equity and equity related securities.

Issuer Market Value(` in Lacs)

% to NetAssets

Auto Tata Motors 2,372.15 3.84%Maruti Suzuki India 2,073.45 3.36%Auto AncillariesMotherson Sumi Systems 1,297.00 2.10%Banks ICICI Bank 4,467.17 7.24%Axis Bank 3,262.05 5.28%State Bank of India 2,417.63 3.92%HDFC Bank 1,643.10 2.66%Yes Bank 1,623.15 2.63%Punjab National Bank 1,240.25 2.01%Bank of Baroda 1,095.56 1.77%CementACC 1,469.25 2.38%ConstructionJaiprakash Associates 1,158.00 1.88%IRB Infrastructure Developers 918.00 1.49%Construction ProjectLarsen & Toubro 3,573.57 5.79%Consumer Non DurablesI T C 2,925.45 4.74%Ferrous MetalsJindal Steel and Power 2,064.32 3.34%Tata Steel 924.70 1.50%Finance LIC Housing Finance 1,473.08 2.39%Rural Electrification Corporation 1,167.73 1.89%Media & EntertainmentSun TV Network 688.43 1.12%Minerals/Mining Sesa Sterlite 2,192.63 3.55%NMDC 1,186.25 1.92%Oil Oil & Natural Gas Corporation 3,186.38 5.16%Cairn India 730.10 1.18%Petroleum Products Bharat Petroleum Corporation 1,050.70 1.70%Reliance Industries 710.78 1.15%Pharmaceuticals Dr Reddy’s Laboratories 918.42 1.49%Lupin 786.04 1.27%Glenmark Pharmaceuticals 712.63 1.15%PowerPower Grid Corporation of India 696.00 1.13%NTPC 624.80 1.01%Software HCL Technologies 2,550.26 4.13%Wipro 2,049.00 3.32%Tech Mahindra 2,044.40 3.31%Infosys 1,497.55 2.43%Transportation Adani Ports and Special Economic Zone 974.80 1.58%Total 96.81%

HSBC Equity Fund (HEF) June 2014

6


% to NetAssets

Other Equity Investments 850.24 1.38%CBLOs 1,562.58 2.53%Net Current Assets -452.46 -0.72%Total Net Assets as on 30 June 2014 61,725.10 100.00%

Asset AllocationAuto 7.20%Auto Ancillaries 2.10%Banks 25.51%Cement 2.38%Construction 3.37%Construction Project 5.79%Consumer Non Durables 4.74%Ferrous Metals 4.84%Finance 4.28%Media & Entertainment 1.12%Minerals/Mining 5.47%Oil 6.34%Petroleum Products 2.85%Pharmaceuticals 3.91%Power 2.14%Software 13.19%Transportation 1.58%Other Equity Investments 1.38%Reverse Repos/CBLOs 2.53%Net Current Assets -0.72%Total Net Assets 100.00%

Dividend DeclarationRecord Date / period of

dividend declaredDividend (` per unit)

Non-InstitutionalDividend (` per unit)

InstitutionalNAV (`) per unit(cum dividend)

HSBC Equity Fund - Dividend19-Nov-10 2.00000 2.00000 29.324422-Feb-13 2.50000 2.50000 26.196227-Jun-14 2.50000 2.50000 31.2065HSBC Equity Fund - Dividend - Direct Plan22-Feb-13 2.50000 2.50000 26.250527-Jun-14 2.50000 2.50000 31.5845

Date of Allotment 10-Dec-02Benchmark S&P BSE 200NAV (Growth) per unit(as on 30.06.14)

` 139.4119

Fund Managers Neelotpal SahaiSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)

Exit Load@ NilStatistical Ratios

Standard Deviation 0.87%R-Squared 0.9522Beta (Slope) 0.9407Sharpe Ratio** 0.0138Total Expense Ratio as on June 30, 2014

Regular 2.40% Direct Plan 1.70% Excludes service tax on Investment Management fees of 0.17% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.44% Direct Plan 1.71% Excludes service tax on Investment Management fees of 0.17% of Total Net Assets. Portfolio Turnover 1.08

Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate: 10 yr Gsec: 8.74% as on June 30, 2014.

HSBC Equity Fund (HEF) June 2014

7

Upon payment of dividend, the NAV per unit falls to the extent of payout and statutory levy, if any. Face value: `10 per unit.

This Product is suitable for investors who are seeking* :l To create wealth over long terml Investment in equity and equity related securitiesl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Flexi-Cap Equity SchemeInvestment Objective: Seeks long term capital growth through investments across all market capitalisations, including small, mid and large cap stocks. It aims to be predominantly invested in equity & equity related securities. However it could move a significant portion of its assets towards fixed income securities if the fund manager becomes negative on equity markets.


% to NetAssets

Auto Eicher Motors 719.51 3.24%Tata Motors 539.13 2.43%Auto AncillariesBalkrishna Industries 603.44 2.72%Sundram Fasteners 240.72 1.08%Banks ICICI Bank 1,418.15 6.38%Axis Bank 1,151.31 5.18%HDFC Bank 821.55 3.70%Yes Bank 676.31 3.04%State Bank of India 537.25 2.42%Punjab National Bank 496.10 2.23%Syndicate Bank 438.13 1.97%Corporation Bank 393.95 1.77%Cement Shree Cement 648.36 2.92%Construction IRB Infrastructure Developers 516.38 2.32%Prestige Estates Project 515.48 2.32%Construction ProjectLarsen & Toubro 765.77 3.45%Consumer Non Durables I T C 975.15 4.39%Ferrous MetalsTata Steel 475.56 2.14%Finance LIC Housing Finance 491.03 2.21%Industrial Capital GoodsAIA Engineering 388.20 1.75%BEML 222.96 1.00%Industrial ProductsSupreme Industries 470.30 2.12%Finolex Industries 236.37 1.06%Minerals/MiningSesa Sterlite 584.70 2.63%Oil Oil & Natural Gas Corporation 849.70 3.82%Petroleum Products Hindustan Petroleum Corporation 624.30 2.81%Pharmaceuticals Aurobindo Pharma 555.64 2.50%Ipca Laboratories 438.93 1.98%PowerCESC 530.10 2.39%Software HCL Technologies 750.08 3.38%Infosys 651.11 2.93%Tech Mahindra 591.80 2.66%Mindtree 440.25 1.98%Eclerx Services 289.90 1.30%Textile ProductsArvind 584.38 2.63%TransportationGateway Distriparks 402.68 1.81%Gujarat Pipavav Port 234.10 1.05%Total 95.71%

HSBC India Opportunities Fund (HIOF) June 2014

8


% to NetAssets

Other Equity Investments 680.15 3.06%CBLOs 774.86 3.49%Net Current Assets -501.56 -2.26%Total Net Assets as on 30 June 2014 22,222.18 100.00%

Asset AllocationAuto 5.67%Auto Ancillaries 3.80%Banks 26.69%Cement 2.92%Construction 4.64%Construction Project 3.45%Consumer Non Durables 4.39%Ferrous Metals 2.14%Finance 2.21%Industrial Capital Goods 2.75%Industrial Products 3.18%Minerals/Mining 2.63%Oil 3.82%Petroleum Products 2.81%Pharmaceuticals 4.48%Power 2.39%Software 12.25%Textile Products 2.63%Transportation 2.86%Other Equity Investments 3.06%Reverse Repos/CBLOs 3.49%Net Current Assets -2.26%Total Net Assets 100.00%





HSBC India Opportunities Fund - Dividend19-Nov-10 1.00000 1.00000 18.231304-Feb-13 1.50000 1.50000 17.731927-Jun-14 1.50000 1.50000 23.2323HSBC India Opportunities Fund - Dividend Direct Plan04-Feb-13 1.50000 1.50000 17.751927-Jun-14 1.50000 1.50000 23.5020

Date of Allotment 24-Feb-04Benchmark S&P BSE 500NAV (Growth) per unit(as on 30.06.14)

` 54.8397

Fund Manager Neelotpal SahaiSIP AvailableMinimumApplication Amount

` 10,000` 1,000 p.m.(SIP)





Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate: 10 yr Gsec: 8.74% as on June 30, 2014.

HSBC India Opportunities Fund (HIOF) June 2014

9


This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities across market capitalisationsl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Diversified Equity SchemeInvestment Objective: Seeks to generate long term capital growth from an actively managed portfolio of equity and equity related securities primarily being midcap stocks. However, it could move a portion of its assets towards fixed income securities if the fund manager becomes negative on the Indian equity markets.


% to NetAssets

AutoVST Tillers Tractors 412.11 2.22%Auto Ancillaries Balkrishna Industries 730.06 3.94%Apollo Tyres 623.18 3.36%Suprajit Engineering 545.72 2.95%Banks Syndicate Bank 499.46 2.70%DCB Bank 480.53 2.59%Jammu & Kashmir Bank 468.62 2.53%Dena Bank 384.73 2.08%South Indian Bank 379.20 2.05%Federal Bank 260.72 1.41%CementEverest Industries 294.25 1.59%ConstructionIRB Infrastructure Developers 539.33 2.91%National Buildings Construction Corporation 373.90 2.02%BF Utilities 195.38 1.05%Construction ProjectKEC International 549.13 2.96%Consumer Non DurablesGodfrey Phillips India 249.86 1.35%FinanceIndiabulls Housing Finance 651.79 3.52%Cholamandalam Investment & Fin. Co. 559.30 3.02%Industrial Capital GoodsBEML 504.85 2.72%Industrial ProductsFinolex Industries 317.08 1.71%Media & Entertainment HT Media 561.51 3.03%Jagran Prakashan 195.00 1.05%Minerals/Mining Gujarat Mineral Development Corporation 195.86 1.06%PesticidesUPL 573.64 3.10%PI Industries 427.60 2.31%Petroleum ProductsHindustan Petroleum Corporation 274.69 1.48%Gulf Oil Corporation 257.60 1.39%Gulf Oil Lubricants 226.93 1.22%PharmaceuticalsAurobindo Pharma 714.92 3.86%Ipca Laboratories 314.27 1.70%Torrent Pharmaceuticals 276.92 1.49%Alembic Pharmaceuticals 236.96 1.28%PowerCESC 505.36 2.73%Software Persistent Systems 513.57 2.77%Tech Mahindra 439.01 2.37%Nucleus Software Exports 402.22 2.17%Textile - CottonVardhman Textiles 256.41 1.38%Textile ProductsArvind 430.10 2.32%Transportation Gateway Distriparks 430.46 2.32%Adani Ports and Special Economic Zone 255.89 1.38%Total 89.09%

HSBC Midcap Equity Fund (HMEF) June 2014

10


% to NetAssets

Other Equity Investments 1,573.74 8.49%CBLOs 707.59 3.82%Net Current Assets -261.40 -1.40%Total Net Assets as on 30 June 2014 18,528.02 100.00%

Asset AllocationAuto 2.22%Auto Ancillaries 10.25%Banks 13.36%Cement 1.59%Construction 5.98%Construction Project 2.96%Consumer Non Durables 1.35%Finance 6.54%Industrial Capital Goods 2.72%Industrial Products 1.71%Media & Entertainment 4.08%Minerals/Mining 1.06%Pesticides 5.41%Petroleum Products 4.09%Pharmaceuticals 8.33%Power 2.73%Software 7.31%Textiles - Cotton 1.38%Textile Products 2.32%Transportation 3.70%Other Equity Investments 8.49%Reverse Repos/CBLOs 3.82%Net Current Assets -1.40%Total Net Assets 100.00%





HSBC Midcap Equity Fund - Dividend24-Mar-08 0.75 0.75 13.379711-Dec-09 1.00 1.00 13.892719-Nov-10 2.00 2.00 15.4864

Date of Allotment 19-May-05Benchmark S&P BSE MidcapNAV (Growth) per unit(as on 30.06.14)

` 30.5205

Fund Manager Dhiraj SachdevSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)






HSBC Midcap Equity Fund (HMEF) June 2014

11


Our exposure to midcap stocks in HSBC Midcap Equity Fund (HMEF) is 84.3700%

This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in predominantly mid cap equity and equity related securitiesl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Flexi-Theme Equity SchemeInvestment Objective: Seeks to generate long term capital growth from an actively managed portfolio of equity and equity related securities by investing primarily in sectors, areas and themes that play an important role in, and/or benefit from India’s progress, reform process and economic development.


% to NetAssets

Auto Tata Motors DVR 474.55 3.22%Auto Ancillaries Apollo Tyres 539.56 3.66%Banks ICICI Bank 687.80 4.66%Jammu & Kashmir Bank 631.38 4.28%Karnataka Bank 469.34 3.18%Dena Bank 418.46 2.84%Union Bank of India 313.11 2.12%United Bank of India 149.86 1.02%CementEverest Industries 437.02 2.96%HIL 205.67 1.39%ConstructionIRB Infrastructure Developers 573.75 3.89%National Buildings Construction Corporation 553.92 3.76%Construction ProjectsGammon Infrastructure Projects 234.85 1.59%Finance Rural Electrification Corporation 862.32 5.85%GasGujarat State Petronet 180.70 1.23%Industrial Capital GoodsBEML 548.13 3.72%Industrial Products FAG Bearings India 706.80 4.79%Minerals/MiningGujarat Mineral Development Corporation 448.22 3.04%Petroleum Products Hindustan Petroleum Corporation 898.99 6.10%Indian Oil Corporation 231.57 1.57%Power JSW Energy 497.67 3.37%Reliance Infrastructure 491.17 3.33%Power Grid Corporation of India 382.80 2.60%PTC India 303.24 2.06%CESC 296.86 2.01%ServicesAditya Birla Nuvo 193.24 1.31%Textile - Cotton Vardhman Textiles 331.40 2.25%TransportationGateway Distriparks 931.79 6.32%Gujarat Pipavav Port 579.40 3.93%Adani Ports and Special Economic Zone 494.71 3.35%Total 95.40%

HSBC Progressive Themes Fund (HPTF) June 2014

12


% to NetAssets


Asset AllocationAuto 3.22%Auto Ancillaries 3.66%Banks 18.10%Cement 4.35%Construction 7.65%Construction Project 1.59%Finance 5.85%Gas 1.23%Industrial Capital Goods 3.72%Industrial Products 4.79%Minerals/Mining 3.04%Petroleum Products 7.67%Power 13.37%Services 1.31%Textiles - Cotton 2.25%Transportation 13.60%Other Equity Investments 4.32%Reverse Repos/CBLOs 0.73%Net Current Assets -0.45%Total Net Assets 100.00%





HSBC Progressive Themes Dividend11-May-07 1.00 1.00 12.239026-May-08 1.00 1.00 13.7160

Date of Allotment 23-Feb-06Benchmark S&P BSE 200NAV (Growth) per unit(as on 30.06.14)

` 15.4474

Fund Manager Dhiraj SachdevSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)


Standard Deviation 1.17%R-Squared 0.7779Beta (Slope) 1.1421Sharpe Ratio** -0.0079Total Expense Ratio as on June 30, 2014




HSBC Progressive Themes Fund (HPTF) June 2014

13


This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities, primarily in themes that play an important role in India’s economic developmentl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Equity Linked Savings Scheme (ELSS)Investment Objective: Aims to provide long term capital appreciation by investing in a diversified portfolio of equity & equity related instruments of companies across various sectors and industries, with no capitalisation bias. The Fund may also invest in fixed income securities.


% to NetAssets

Auto Maruti Suzuki India 715.53 3.63%Auto Ancillaries Motherson Sumi Systems 566.99 2.88%MRF 389.12 1.98%Amara Raja Batteries 388.58 1.97%Banks ICICI Bank 1,249.39 6.35%Indusind Bank 663.17 3.37%Federal Bank 637.16 3.24%Axis Bank 627.46 3.19%Jammu & Kashmir Bank 413.94 2.10%South Indian Bank 401.32 2.04%Cement Shree Cements 979.53 4.97%The Ramco Cements 579.69 2.94%ConstructionJaiprakash Associates 316.52 1.61%Construction ProjectLarsen & Toubro 964.86 4.90%Consumer DurablesWhirlpool of India 398.64 2.02%Bajaj Electricals 336.97 1.71%Consumer Non DurablesI T C 760.94 3.86%McLeod Russel India 555.02 2.82%Britannia Industries 313.50 1.59%Ferrous MetalsJindal Steel & Power 351.58 1.79%Finance LIC Housing Finance 574.26 2.92%Sundaram Finance 401.56 2.04%GasPetronet LNG 325.23 1.65%Industrial Capital GoodsCrompton Greaves 465.62 2.36%Sanghvi Movers 245.55 1.25%Industrial ProductsSupreme Industries 384.44 1.95%Finolex Industries 288.25 1.46%OilOil & Natural Gas Corporation 573.55 2.91%Pharmaceuticals Ipca Laboratories 630.95 3.20%Divi's Laboratories 292.75 1.49%Lupin 277.73 1.41%PowerCESC 487.69 2.48%Software Tech Mahindra 660.66 3.36%Infosys 657.62 3.34%Mindtree 431.45 2.19%Textile ProductsArvind 420.75 2.14%TransportationGateway Distriparks 292.23 1.48%Total 96.59%

HSBC Tax Saver Equity Fund (HTSF) June 2014

14

Date of Allotment 05-Jan-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 30.06.14)

` 23.1716

Fund Manager Aditya KhemaniSIP AvailableMinimumApplicationAmount

` 500(Lumpsum & SIP)



Regular 2.58% Direct Plan 1.88% Excludes service tax on Investment Management fees of 0.19% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards




% to NetAssets


Asset AllocationAuto 3.63%Auto Ancillaries 6.83%Banks 20.29%Cement 7.91%Construction 1.61%Construction Project 4.90%Consumer Durables 3.73%Consumer Non Durables 8.27%Ferrous Metals 1.79%Finance 4.96%Gas 1.65%Industrial Capital Goods 3.61%Industrial Products 3.41%Oil 2.91%Pharmaceuticals 6.10%Power 2.48%Software 8.89%Textile Products 2.14%Transportation 1.48%Other Equity Investments 2.53%Reverse Repos/CBLOs 2.05%Net Current Assets -1.17%Total Net Assets 100.00%





HSBC Tax Saver Equity Fund Dividend19-Feb-10 1.00 1.00 12.8713

HSBC Tax Saver Equity Fund (HTSF) June 2014

15


This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities with no market capitilastion biasl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Equity SchemeInvestment Objective: To provide long-term capital growth from a diversified portfolio of equity and equity related instruments. The focus would be to invest in stocks of companies facing “out-of-ordinary” conditions.


% to NetAssets

Auto Maruti Suzuki India 158.56 3.25%Tata Motors 76.34 1.57%Auto Ancillaries Motherson Sumi System 106.35 2.18%MRF 106.25 2.18%Amara Raja Batteries 95.10 1.95%Banks ICICI Bank 326.17 6.69%HDFC Bank 249.26 5.11%Karur Vysya Bank 153.89 3.15%Axis Bank 151.59 3.11%Federal Bank 147.07 3.01%Bank of Baroda 132.78 2.72%Indusind Bank 100.05 2.05%Jammu & Kashmir Bank 88.62 1.82%CementShree Cements 180.10 3.69%Grasim Industries 74.10 1.52%ConstructionIRB Infrastructure Developers 68.85 1.41%Construction ProjectLarsen & Toubro 248.87 5.10%Consumer Non DurablesI T C 262.26 5.38%McLeod Russel India 135.73 2.78%Ferrous MetalsTata Steel 80.18 1.64%FinanceLIC Housing Finance 170.22 3.49%Industrial Products Supreme Industries 156.77 3.21%Minerals/MiningNMDC 82.13 1.68%Non - Ferrous Metals Hindustan Zinc 117.28 2.40%Oil Oil & Natural Gas Corporation 265.53 5.44%Petroleum Products Reliance Industries 158.40 3.25%Bharat Petroleum Corporation 135.09 2.77%Pharmaceuticals Lupin 137.29 2.81%Software Infosys 196.15 4.02%HCL Technologies 164.79 3.38%Tech Mahindra 110.83 2.27%Total 95.03%

HSBC Unique Opportunities Fund (HUOF) June 2014

16


% to NetAssets

Other Equity Investments 89.66 1.83%CBLOs 142.01 2.91%Net Current Assets 9.69 0.23%Total Net Assets as on 30 June 2014 4,877.96 100.00%

Asset AllocationAuto 4.82%Auto Ancillaries 6.31%Banks 27.66%Cement 5.21%Construction 1.41%Construction Project 5.10%Consumer Non Durables 8.16%Ferrous Metals 1.64%Finance 3.49%Industrial Products 3.21%Minerals/Mining 1.68%Non - Ferrous Metals 2.40%Oil 5.44%Petroleum Products 6.02%Pharmaceuticals 2.81%Software 9.67%Other Equity Investments 1.83%Reverse Repos/CBLOs 2.91%Net Current Assets 0.23%Total Net Assets 100.00%

Date of Allotment 21-Mar-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 30.06.14)

` 14.6474

Fund Manager Gaurav Mehrotra & Amaresh Mishra

SIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)


Standard Deviation 0.83%R-Squared,m 0.9344Beta (Slope) 0.8913Sharpe Ratio** 0.0138Total Expense Ratio as on June 30, 2014

Regular 2.70% Direct Plan 2.00% Excludes service tax on Investment Management fees of 0.20% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.70% Direct Plan 2.00% Excludes service tax on Investment Management fees of 0.20% of Total Net Assets.Portfolio Turnover 0.44


HSBC Unique Opportunities Fund (HUOF) June 2014

17

This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities of companies facing “out-of-ordinary” conditionsl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended SchemeInvestment Objective: To provide long term capital appreciation by allocating funds in equity and equity related instruments. It also has the flexibility to move, entirely if required, into debt instruments in times that the view on equity markets seems negative.


% to NetAssets

Auto Tata Motors 215.65 3.14%Maruti Suzuki India 195.15 2.84%Banks ICICI Bank 368.72 5.37%Axis Bank 287.83 4.19%State Bank of India 268.63 3.91%HDFC Bank 205.39 2.99%CementACC 146.93 2.14%Construction ProjectLarsen & Toubro 272.27 3.97%Consumer Non DurablesI T C 373.81 5.44%Ferrous MetalsJindal Steel & Power 129.02 1.88%Minerals/Mining Sesa Sterlite 116.94 1.70%Oil Oil & Natural Gas Corporation 212.43 3.09%Petroleum Products Bharat Petroleum Corporation 162.11 2.36%Reliance Industries 91.39 1.33%Pharmaceuticals Lupin 146.73 2.14%Sun Pharmaceutical Industries 110.07 1.60%PowerPower Grid Corporation Of India 187.92 2.74%Software HCL Technologies 270.03 3.93%Tata Consultancy Services 266.79 3.89%Telecom ServicesBharti Airtel 90.96 1.32%Transportation Adani Ports and Special Economic Zone 97.48 1.42%Total 61.39%

HSBC Dynamic Fund (HDF) June 2014

18


% to NetAssets

CBLOs 2,688.89 39.16%Net Current Assets -38.70 -0.55%Total Net Assets as on 30 June 2014 6,866.42 100.00%

Asset AllocationAuto 5.98%Banks 16.46%Cement 2.14%Construction Project 3.97%Consumer Non Durables 5.44%Ferrous Metals 1.88%Minerals/Mining 1.70%Oil 3.09%Petroleum Products 3.69%Pharmaceuticals 3.74%Power 2.74%Software 7.82%Telecom Services 1.32%Transportation 1.42%Reverse Repos/CBLOs 39.16%Net Current Assets -0.55%Total Net Assets 100.00%

Date of Allotment 24-Sep-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 30.06.14)

` 12.5736

Fund Manager Neelotpal Sahai(for Equity portion)Sanjay Shah (for Fixed Income portion)


` 10,000` 1,000 p.m.(SIP)


Standard Deviation 0.80%R-Squared 0.9501Beta (Slope) 0.8654Sharpe Ratio** -0.0010Total Expense Ratio as on June 30, 2014




HSBC Dynamic Fund (HDF) June 2014

19

This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities and in debt instruments when view on equity markets is negativel High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

Date of Allotment 17-Mar-08Benchmark MSCI Emerging

Markets IndexNAV (Growth) per unit(as on 30.06.14)

` 11.6970

Fund Manager Piyush Harlalka (Dedicated fund manager for overseas investments)


` 10,000` 1,000 p.m.(SIP)



Regular 2.70% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.11% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.70% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.11% of Total Net Assets. Portfolio Turnover 0.47


Asset AllocationOverseas Mutual Fund 99.61%Reverse Repos/CBLOs 2.57%Net Current Assets -2.18%Total Net Assets 100.00%


% to NetAssets

Overseas Mutual FundHSBC GIF Glob Emerg Mkts Eq S1 Dis 1,333.21 99.61%CBLOs 34.41 2.57%Net Current Assets -29.24 -2.18%Total Net Assets as on 30 June 2014 1,338.38 100.00%

An Open Ended SchemeInvestment Objective: To provide long term capital appreciation by investing in India and in the emerging markets, in equity and equity related instruments, share classes and units/securities issued by overseas mutual funds or unit trusts. The fund may also invest a limited proportion in domestic debt and money market instruments.

HSBC Emerging Markets Fund (HEMF) June 2014

20

This Product is suitable for investors who are seeking* :l To create wealth over long terml Investment in equity and equity related securities of Emerging economiesl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


Record Date / period of dividend declared

Dividend (` per unit)Non-Institutional

Dividend (` per unit) Institutional

NAV (`) per unit(cum dividend)

HSBC - Emerging Market Fund - Dividend27-Jun-14 0.50000 0.50000 11.5335HSBC - Emerging Market Fund - Dividend - Direct Plan27-Jun-14 0.50000 0.50000 11.6656

Dividend Declaration

Date of Allotment 06-May-11Benchmark MSCI Brazil

10/40 IndexNAV (Growth) per unit(as on 30.06.14)

` 9.2731

Fund Manager Piyush Harlalka (Dedicated fund manager for overseas investments)


` 10,000` 1,000 p.m.(SIP)


Standard Deviation 1.22% R-Squared 0.3390Beta (Slope) 0.5300Sharpe Ratio** -0.0370Total Expense Ratio as on June 30, 2014


Regular 2.70% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Managementfees of 0.11% of Total Net Assets. Portfolio Turnover 0.06




% to NetAssets

Overseas Mutual FundHSBC GIF BRAZIL EQUITY S3D 8,532.89 99.70%CBLOs 57.29 0.67%

Net Current Assets -31.95 -0.37%

Total Net Assets as on 30 June 2014 8,558.23 100.00%

An Open-Ended Fund of Funds SchemeInvestment Objective: The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units/shares of HSBC Global Investment Funds (HGIF) Brazil Equity Fund. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. The Scheme may also invest a certain proportion of its corpus in money market instruments and/or units of liquid mutual fund schemes, in order to meet liquidity requirements from time to time.

HSBC Brazil Fund (HBF) June 2014

21

This Product is suitable for investors who are seeking* :l To create wealth over long terml Invests in equity and equity related securities through feeder route in Brazilian marketsl High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

Date of Allotment 24-Feb-2014Benchmark MSCI AC Asia

Pacific ex JapanNAV (Growth) per unit(as on 30.06.14)

` 10.5301

Fund Manager Piyush Harlalka (for overseas investments), Sanjay Shah (for investments in Indian Market)


` 10,000` 1,000 p.m.(SIP)




Regular 2.30% Direct Plan 1.60%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Managementfees of 0.09% of Total Net Assets. Portfolio Turnover 0.11




% to NetAssets

Overseas Mutual FundHSBC GIF Asia Pacific (Ex Japan) EQ HD-S9D 5,266.05 99.32%CBLOs 69.45 1.31%

Net Current Assets -33.19 -0.63%

Total Net Assets as on 30 June 2014 5,302.31 100.00%

An Open Ended Fund of Funds Scheme Investment Objective: The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units of HSBC Global Investment Funds (HGIF) Asia Pacific Ex Japan Equity High Dividend Fund (HEHDF). The Scheme may also invest a certain proportion of its corpus in money market instruments and / or units of liquid mutual fund schemes, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be achieved.

HSBC Asia Pacific (Ex Japan)Dividend Yield Fund (HAPDF)

June 2014

22

This Product is suitable for investors who are seeking* :l To create wealth over long terml Investment in equity and equity related securities of Asia Pacific countries (excluding Japan) through fund of funds routel High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk


% to NetAssets

Mutual FundHSBC Equity Fund - Growth Direct 4,651.12 57.11%HSBC Midcap Equity Fund - Growth Direct 1,200.22 14.74%HSBC Income Fund Inv Plan Growth Direct 946.14 11.62%HSBC Flexi Debt Fund - Growth Direct 389.53 4.78%Overseas Mutual FundHSBC MSCI World Ucits ETF 786.52 9.66%Total 97.91%CBLOs 305.99 3.76%Net Current Assets -134.70 -1.67%Total Net Assets as on 30 June 2014 8,144.82 100.00%

An Open Ended Fund of Funds Scheme Investment Objective: The objective of the Plan is to provide long term total return primarily by seeking capital appreciation through an active asset allocation with diversification commensurate with the risk profile of investments by investing predominantly in units of equity mutual funds as well as in a basket of debt mutual funds gold exchange traded funds (ETFs) and other ETFs, offshore mutual funds and money market instruments.

HSBC Managed Solutions India - Growth June 2014

23

Asset Allocation Mutual Fund 88.25%Overseas Mutual Fund 9.66%Reverse Repos/CBLOs 3.76%Net Current Assets -1.67%Total Net Assets + 100.00%

Date of Allotment 30-Apr-2014Benchmark Composite Index con-

stituting 80% of BSE 200 Index and 20% of CRISIL Composite Bond Index

NAV (Growth) per unit(as on 30.06.14)

` 11.5307

Fund Manager Piyush Harlalka (Dedicated Fund Manager for investments in foreign securities)Gaurav Mehrotra (For managing investments in Indian Market – Equity Portion) Sanjay Shah (For managing investments in Indian Market – Fixed Income Portion)


` 5,000` 1,000 p.m.(SIP)



Regular 2.40% Direct Plan 2.13% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.16% on the underlying scheme’s in which the fund of fund invests.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.26% Direct Plan 1.99%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.15% on the underlying scheme’s in which the fund of fund invests. Portfolio Turnover 0.13


This Product is suitable for investors who are seeking* l To create wealth over long terml Investing predominantly in units of equity mutual funds as well as in a basket of debt mutual funds, gold & exchange traded funds, offshore mutual funds and money market instruments.l High risk (Brown)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk


% to NetAssets

Mutual Fund

HSBC Equity Fund - Growth Direct 4,985.39 39.24%HSBC Flexi Debt Fund Growth Direct 2,895.06 22.79%HSBC Income Fund Inv Plan Growth Direct 1,986.39 15.64%HSBC Midcap Equity Fund - Growth Direct 1,373.68 10.81%HSBC Inc Fund Short Term - Growth Direct 329.49 2.59%

Overseas Mutual Fund

HSBC MSCI World Ucits ETF 926.93 7.30%Total 98.37%CBLOs 404.51 3.18%Net Current Assets -197.29 -1.55%Total Net Assets as on 30 June 2014 12,704.16 100.00%

An Open Ended Fund of Funds Scheme Investment Objective: The objective of the fund is to provide long term total return aimed at capital appreciation and providing income through an active asset allocation with diversification commensurate with the risk profile of investments by investing in a basket of debt mutual funds, equity mutual funds, gold ETFs and other ETFs, offshore mutual funds and money market instruments.

HSBC Managed Solutions India - Moderate June 2014

24

Date of Allotment 30-Apr-2014Benchmark CRISIL Balanced

Fund Index NAV (Growth) per unit(as on 30.06.14)

` 11.1104

Fund Manager Piyush Harlalka (Dedicated Fund Manager for investments in foreign securities)Gaurav Mehrotra (For managing investments in Indian Market – Equity Portion) Sanjay Shah (For managing investments in Indian Market – Fixed Income Portion)


` 5,000` 1,000 p.m.(SIP)






Asset Allocation Mutual Fund 91.07%Overseas Mutual Fund 7.30%Reverse Repos/CBLOs 3.18%Net Current Assets -1.55%Total Net Assets 100.00%

This Product is suitable for investors who are seeking* l To create wealth and provide income over the long-terml Investments in a basket of debt mutual funds, equity mutual funds, gold & exchange traded funds, offshore mutual funds and money market instruments.l Medium risk (Yellow)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk


% to NetAssets

Mutual FundHSBC Inc Fund Short Term - Growth Direct 14,312.89 45.21%HSBC Flexi Debt Fund Growth Direct 10,329.61 32.63%HSBC Equity Fund - Growth Direct 3,627.62 11.46%HSBC Income Fund Inv Plan Growth Direct 2,035.29 6.43%HSBC Midcap Equity Fund - Growth Direct 1,092.46 3.45%Total 99.18%CBLOs 1,428.14 4.51%Net Current Assets -1,168.50 -3.69%Total Net Assets as on 30 June 2014 31,657.51 100.00%

An Open Ended Fund of Funds Scheme Investment Objective: The objective of the Plan is to provide long term total return aimed at providing income through an active asset allocation with diversification commensurate with the risk profile of investments by predominantly investing in units of debt mutual funds as well as in a basket of equity mutual funds, gold ETFs and other ETFs and money market instruments.

HSBC Managed Solutions India - Conservative June 2014

25

Date of Allotment 30-Apr-2014Benchmark Composite Index

constituting of 90% into CRISIL Composite Bond Index and 10% of BSE 200 Index

NAV (Growth) per unit(as on 30.06.14)

` 10.4534

Fund Manager Piyush Harlalka (Dedicated Fund Manager for investments in foreign securities)Gaurav Mehrotra (For managing investments in Indian Market – Equity Portion) Sanjay Shah (For managing investments in Indian Market – Fixed Income Portion) SIP AvailableMinimumApplicationAmount

` 5,000` 1,000 p.m.(SIP)






Asset Allocation Mutual Fund 99.18%Reverse Repos/CBLOs 4.51%Net Current Assets -3.69%Total Net Assets 100.00%


This Product is suitable for investors who are seeking*l To provide income over long-terml Investing predominantly in units of debt mutual funds as well as in a basket of equity mutual funds, gold & other exchange traded funds and money market instruments.l Medium risk (Yellow)* Investing predominantly in units of debt mutual funds as well as in a basket of equity mutual funds, gold & other exchange traded funds and money market instruments.

Name of Scheme Fund Manager

HSBC Equity Fund Neelotpal Sahai (from 27 May 2013)

HSBC India Opportunities Fund Neelotpal Sahai (from 27 May 2013)

HSBC Midcap Equity Fund Dhiraj Sachdev (from 01 December 2009)

HSBC Progressive Themes Fund Dhiraj Sachdev (from 01 December 2009)

HSBC Tax Saver Equity Fund Aditya Khemani (from 24 February 2009)

HSBC Unique Opportunities Fund Gaurav Mehrotra and Amaresh Mishra (from 02 July 2012)

HSBC Dynamic Fund For Equity portion: Neelotpal Sahai (from 27 May 2013) & For Debt portion: Sanjay Shah (from 14 August 2009)

HSBC Emerging Markets Fund Piyush Harlalka (from 02 July 2012)

HSBC Brazil Fund Piyush Harlalka (from 02 July 2012)

HSBC Asia Pacific (Ex Japan) Dividend Yield Fund

For overseas investments: Piyush Harlalka (from 24 February 2014) & For investment in Indian markets: Sanjay Shah (from 24 February 2014)

HSBC Managed Solutions For overseas investment : Piyush Harlalka (April 2014) , For Investments in Indian Mar-ket - Equity Portion : Gaurav Mehrotra (April 2014) & For Investments in Indian Market - Debt Portion : Sanjay Shah (April 2014)

Fund Manager’s ExperienceDhiraj Sachdev Senior Vice President and Fund Manager - EquitiesB.Com., ACA, Grad CWA, Diploma in Foreign Trade Management (DFTM)Experience:Over 17 years experience in Equity Research and Fund Management. l HSBC Asset Management (India) Private Ltd Senior Vice President & Fund Manager, from October 2011 to present, Senior Fund Manager from 1 December 2009 to September 2011, Head of Equity-Portfolio Management Services from October 2005 to November 2009 l ASK Raymond James Securities India Private Ltd Portfolio Manager from October 2003 to September 2005 l HDFC Bank Ltd Senior Manager Equities from November 1999 to September 2003 l DSQ Software Ltd Business Analyst from June 1999 to November 1999 l Probity Research & Services Ltd (India Infoline Ltd) Research Analyst from November 1998 to May 1999 l Ford Brothers Capital Services (P) Ltd Manager Research from July 1996 to Sept 1998 Gaurav MehrotraVice President & Assistant Fund ManagerPost Graduate Diploma in Business Management, Bachelor of EngineeringExperience: Over 8 years experience in research. l HSBC Asset Management (India) Private Ltd Vice President & Assistant Fund Manager, from April 2012 to present, Associate Vice President, Investment Management from September 2007 to March 2012 l JPMorgan Services India Private Ltd Equity Research from August 2005 to September 2007 l Tata Consultancy Services Ltd Business Analyst from June 2004 to July 2005

Fund Managers - Equity June 2014

26

Neelotpal Sahai Senior Fund Manager - EquitiesB.Tech, PGDM (IIM Kolkata) Experience:Over 18 years of experience in Research and Fund Management. l HSBC Asset Management (India) Private Ltd Senior Fund Manager – Equities from April 2013 onwards. l IDFC Asset Management Company Ltd. Director from February 2006 to April 2013 l Motilal Oswal Securities Ltd Senior Research Analyst from March 2005 to January 2006 l Infosys Ltd Senior Project Manager from June 1999 to March 2005 l Vickers Ballas Securities Ltd Analyst from September 1998 to June 1999 l SBC Warburg Analyst from May 1997 to May 1998 l UTI Securities Ltd Equity Analyst from June 1995 to May 1997

Aditya KhemaniVice President & Fund Manager - EquitiesB.Com. (Hons.), Post Graduate Diploma in Business ManagementExperience: Over 8 years experience in research. l HSBC Asset Management (India) Private Ltd Vice President & Fund Manager (Equity), from April 2012 to present, Assistant Fund Manager, Equities from February 2009 to March 2012; Associate Vice President - Investment Management from October 2007 to February 2009. l SBI Funds Management India Private Ltd Senior Manager - Equity Research from March 2007 to September 2007 l Prudential ICICI Asset Management Company India Private Ltd Assistant Manager - Equity Research from December 2005 to February 2007 l Morgan Stanley Advantage Services India Private Ltd Research Associate from May 2005 to November 2005

Amaresh Mishra Vice President & Assistant Fund ManagerPost Graduate Diploma in Business Manager Management Bachelor of Engineering (Chemical) Experience: Over 8 years of experience in Equities & Sales l HSBC Asset Management (India) Private Ltd Vice President & Assistant Fund Manager, from April 2012 to present, Associate Vice President, Investment Management from April 2008 to March 2012, Associate Vice President, Equities from October 2007 to March 2008; Associate Vice President, Sales and Distribution from March 2005 to September 2007 l Centre for Science and Environment Trainee Researcher from July 2001 to July 2002

Piyush Harlalka Vice President - Fixed Income M.B.A, (Finance), C.A., C.S. Experience:Over 7 years of experience in Research l HSBC Asset Management (India) Private Ltd

Vice President - Fixed Income from April 2012 to present; Associate Vice President - Fixed Income, from October 2010 to March 2012; Assistant Vice President, Investment Management, PMS, from December 2008 to October 2010; Research Analyst, from, July 2007 to November 2008. l Batlivala & Karanai Securities Pvt. Ltd., Research Analyst from April 2006 to June 2007

Fund Managers - Equity June 2014

27

Funds Managed by Neelotpal Sahai.

Comparative Performance of Equity Schemes June 2014

HSBC Equity Fund Date of Inception : 10 Dec 02Scheme Name & Benchmarks July 13 -

June 14July 12 - June 13

July 11 - June 12

Since Inception

HSBC Equity Fund - Growth 37.45% 6.20% -7.72% 25.60%S&P BSE 200 (Scheme Benchmark) 32.58% 8.52% -7.63% 19.85%CNX Nifty (Standard Benchmark) 29.03% 10.70% -6.19% 18.56%`10,000, if invested in HEF, would have become `13,745 `10,620 `9,228 `1,40,285

`10,000, if invested in S&P BSE 200, would have become `13,258 `10,852 `9,237 `81,561

`10,000, if invested in CNX Nifty, would have become `12,903 `11,070 `9,381 `71,890

HSBC India Opportunities Fund Date of Inception : 24 Feb 04Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC India Opportunities Fund - Growth 53.83% 3.10% -2.19% 17.87%S&P BSE 500 (Scheme Benchmark) 34.74% 6.98% -8.08% 15.24%CNX Nifty (Standard Benchmark) 29.03% 10.70% -6.19% 14.81%`10,000, if invested in HIOF, would have become `15,383 `10,310 `9,781 `54,865



28

Data for the period July to June has been considered in all cases, except for ‘Since Inception’ returns. ‘Since Inception’ (%) returns are compounded annualised, other % returns are absolute. ‘Since inception’ returns are calculated on `10 invested at inception. Standard benchmark is prescribed by SEBI for long-term equity schemes and is used for comparison purposes. Returns on `10,000 are point-to-point returns for the specific time period, invested at the start of the period. The returns provided above have been rounded off and hence there may be minor differences between point-to-point returns vis-a-vis returns indicated above.

Past performance may or may not be sustained in the future. Refer note below.



HSBC Dynamic Fund Date of Inception : 24 Sep 07Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC Dynamic Fund - Growth 26.17% 2.87% -5.69% 3.44%S&P BSE 200 (Scheme Benchmark) 32.58% 8.52% -7.63% 6.26%CNX Nifty (Standard Benchmark) 29.03% 10.70% -6.19% 6.62%`10,000, if invested in HDF, would have become `12,617 `10,287 `9,431 `12,575



Fund Managed by Neelotpal Sahai (for Equity portion)Sanjay Shah (for Fixed Income portion)


29

HSBC Brazil Fund Date Of Inception : 06 May 11

Scheme Name & Benchmarks July 13 - June 14

July 12 - June 13

July 11 - June 12

Since Inception

HSBC Brazil Fund - Growth 9.03% -6.06% -10.27% -2.36%MSCI Brazil 10/40 Index (Scheme Benchmark) 10.99% -14.18% -28.11% -10.58%

CNX Nifty (Standard Benchmark) 29.03% 10.70% -6.19% 10.53%`10,000, if invested in HBF, would have become `10,903 `9,394 `8,973 `10,000

`10,000, if invested in MSCI Brazil 10/40 Index, would have become `11,099 `8,582 `7,189 `10,000



HSBC Emerging Markets Fund Date of Inception : 17 Mar 08Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC Emerging Markets Fund - Growth 16.73% 3.36% -5.63% 2.52%MSCI Emerging Market Index (Scheme Benchmark) 11.27% 3.28% -9.74% 1.83%

CNX Nifty (Standard Benchmark) 29.03% 10.70% -6.19% 8.70%`10,000, if invested in HMEF, would have become `11,673 `10,336 `9,437 `11,698

`10,000, if invested in MSCI Emerging Market Index, would have become `11,127 `10,328 `9,026 `11,207



Funds Managed by - Piyush Harlalka.



30


Fund Managed by Gaurav Mehrotra and Amaresh Mishra.


HSBC Unique Opportunities Fund Date of Inception : 21 Mar 07Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC Unique Opportunities Fund - Growth 38.08% 3.00% -4.03% 5.38%S&P BSE 200 (Scheme Benchmark) 32.58% 8.52% -7.63% 10.21%CNX Nifty (Standard Benchmark) 29.03% 10.70% -6.19% 10.15%`10,000, if invested in HUOF, would have become `13,808 `10,300 `9,597 `14,649



HSBC Tax Saver Equity Fund Date of Inception : 05 Jan 07Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC Tax Saver Equity Fund - Growth 44.72% 12.40% -1.04% 11.88%S&P BSE 200 (Scheme Benchmark) 32.58% 8.52% -7.63% 8.78%CNX Nifty (Standard Benchmark) 29.03% 10.70% -6.19% 9.03%`10,000, if invested in HTSF, would have become `14,472 `11,240 `9,896 `23,179




Fund Managed by - Aditya Khemani.


31


HSBC Progressive Themes Fund Date of Inception : 23 Feb 06Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC Progressive Themes Fund - Growth 67.89% -13.86% -8.34% 5.34%S&P BSE 200 (Scheme Benchmark) 32.58% 8.52% -7.63% 11.28%CNX Nifty (Standard Benchmark) 29.03% 10.70% -6.19% 11.52%`10,000, if invested in HPTF, would have become `16,789 `8,614 `9,166 `15,450




Funds Managed by - Dhiraj Sachdev.

HSBC Midcap Equity Fund Date of Inception : 19 May 05Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC Midcap Equity Fund - Growth 97.40% -15.11% -8.10% 13.01%S&P BSE Midcap (Scheme Benchmark) 54.45% -3.97% -10.84% 12.33%CNX Nifty (Standard Benchmark) 29.03% 10.70% -6.19% 15.84%`10,000, if invested in HMEF, would have become `19,740 `8,489 `9,190 `30,531

`10,000, if invested in S&P BSE Midcap, would have become `15,445 `9,603 `8,916 `28,893



An Open Ended Fund with Regular & Savings Plans.Monthly income is not assured and is subject to availability of distributable surplus.Investment Objective: Seeks to generate reasonable returns through investments in Debt and Money Market Instruments. The secondary objective of the scheme is to invest in equity and equity related instruments to seek capital appreciation.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositPunjab National Bank 472.16 2.86% Fitch A1+Corporate/PSU DebtCorporate Bonds / DebenturesHDFC 1,193.68 7.22% CRISIL AAAIndian Railway Finance Corporation 937.88 5.67% CRISIL AAAPower Finance Corporation 723.77 4.38% CRISIL AAARural Electrification Corporation 507.73 3.07% CRISIL AAAPower Finance Corporation 501.08 3.03% CRISIL AAALIC Housing Finance 495.92 3.00% CRISIL AAABajaj Finance 300.27 1.82% [ICRA]AA+LIC Housing Finance 251.76 1.52% CRISIL AAAPower Finance Corporation 59.08 0.36% CRISIL AAARural Electrification Corporation 19.70 0.12% CARE AAAEquityEquitiesLarsen & Toubro 280.78 1.70%Shree Cements 261.65 1.58%ICICI Bank 261.65 1.58%McLeod Russel India 259.84 1.57%Oil & Natural Gas Corporation 233.67 1.41%Axis Bank 214.91 1.30%The Ramco Cements 197.51 1.19%Crompton Greaves 194.68 1.18%Maruti Suzuki India 189.05 1.14%LIC Housing Finance 186.59 1.13%Supreme Industries 176.01 1.06%IndusInd Bank 174.37 1.05% N.AITC 170.65 1.03%IPCA Laboratories 164.16 0.99%Motherson Sumi Systems 158.15 0.96%Grasim Industries 138.94 0.84%Tech Mahindra 135.58 0.82%Amara Raja Batteries 129.96 0.79%Jaiprakash Associates 108.08 0.65%Karur Vysya Bank 100.18 0.61%MRF 96.81 0.59%Divi's Laboratories 95.02 0.57%Jammu & Kashmir Bank 93.72 0.57%HDFC 90.32 0.55%Hindustan Dorr-Oliver 38.70 0.23%Government Securities8.12% GOVT OF INDIA RED 10-12-2020 1,585.95 9.59% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 1,581.12 9.56% Sovereign8.60% GOVT OF INDIA RED 02-06-2028 970.71 5.87% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 752.55 4.55% Sovereign7.16% GOVT OF INDIA RED 20-05-2023 584.35 3.53% Sovereign8.83% GOVT OF INDIA RED 25-11-2023 537.85 3.25% Sovereign9.01% KARNATAKA SDL RED 25-06-2024 380.25 2.30% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 114.32 0.69% SovereignTotal 97.48%

HSBC MIP - Savings Plan (HMIP-S) June 2014

32

Date of Allotment 24-Feb-04Benchmark CRISIL MIP

Blended IndexNAV (Growth) per unit(as on 30.06.14)

` 26.2909

Average Maturity of Portfolio

87.41 months

Modified Durationof Portfolio

56.56 months

Fund Manager Aditya Khemani(for Equity portion)Sanjay Shah &Ruchir Parekh(for Debt portion)

SIP AvailableMinimum Application AmountGrowth `10,000Quarterly Dividend `10,000Monthly Dividend `25,000SIP `1,000 p.m.Exit Load@ NilTotal Expense Ratio as on June 30, 2014


Regular 2.34% Direct Plan 1.84% Excludes service tax on Investment Management fees of 0.02% of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.

Asset AllocationGovernment Securities 39.34%Corporate/ PSU Debt 30.19%Equity 25.09%Money Market Instrument 2.86%Cash Equivalents 1.62%Net Current Assets 0.90%Total Net Assets 100.00%

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Cash EquivalentsCBLOs 267.25 1.62%Net Current Assets 144.71 0.90%Total Net Assets as on 30 June 2014 16,533.05 100.00%

Rating ProfileSovereign 39.34%AAA and equivalents 31.23%EQUITY 25.09%AA+/ AA-/ AA and equivalents 1.82%Reverse Repos/ CBLOs 1.62%Net Current Assets 0.90%Total Net Assets 100.00%

HSBC MIP - Savings Plan (HMIP-S) June 2014

33





HSBC MIP - Savings Plan - Monthly Dividend25-Apr-14 0.05065 0.04851 12.539826-May-14 0.05845 0.05597 12.922725-Jun-14 0.05845 0.05597 13.1271HSBC MIP - Savings Plan - Monthly Dividend - Direct Plan28-Mar-14 0.05065 0.04851 12.733825-Apr-14 0.05065 0.04851 12.789125-Jun-14 0.05845 0.05597 13.4790HSBC MIP - Savings Plan - Quarterly Dividend13-Dec-13 0.15585 0.14926 12.093314-Mar-14 0.15585 0.14926 12.365725-Jun-14 0.17534 0.16792 13.2284HSBC MIP - Savings Plan - Quarterly Dividend - Direct Plan13-Dec-13 0.11689 0.11195 12.470314-Mar-14 0.15585 0.14926 12.826025-Jun-14 0.17534 0.16792 13.7475


This Product is suitable for investors who are seeking* :l Regular Income over medium terml Investment in fixed income (debt and money market instruments) as well as equity and equity related securitiesl Medium risk (Yellow)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Fund with Regular & Savings Plans. Monthly income is not assured and is subject to availability of distributable surplus.Investment Objective: Seeks to generate reasonable returns through investments in Debt and Money Market Instruments. The secondary objective of the scheme is to invest in equity and equity related instruments to seek capital appreciation.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Corporate/PSU DebtCorporate Bonds / DebenturesHDFC 596.84 6.43% CRISIL AAAIndian Railway Finance Corporation 542.98 5.85% CRISIL AAARural Electrification Corporation 507.73 5.47% CRISIL AAAPower Finance Corporation 501.08 5.40% CRISIL AAALIC Housing Finance 495.92 5.34% CRISIL AAAPower Finance Corporation 336.40 3.62% CRISIL AAALIC Housing Finance 251.76 2.71% CRISIL AAABajaj Finance 200.18 2.16% [ICRA]AA+EquityEquitiesShree Cements 96.17 1.04%Larsen & Toubro 90.19 0.97%McLeod Russel India 87.63 0.94%ICICI Bank 82.96 0.89%Axis Bank 76.75 0.83%Tech Mahindra 76.40 0.82%Maruti Suzuki India 72.38 0.78%Oil & Natural Gas Corporation 72.22 0.78%Karur Vysya Bank 67.17 0.72%IPCA Laboratories 58.82 0.63%Motherson Sumi Systems 55.89 0.60%ITC 52.00 0.56% N.A.HDFC 46.15 0.50%Grasim Industries 44.60 0.48%The Jammu & Kashmir Bank 43.74 0.47%Crompton Greaves 40.14 0.43%Supreme Industries 39.64 0.43%LIC Housing Finance 39.28 0.42%Jaiprakash Associates 38.60 0.42%MRF 35.42 0.38%Divi's Laboratories 31.20 0.34%Amara Raja Batteries 31.15 0.34%Hindustan Dorr-Oliver 11.61 0.13%Government Securities8.12% GOVT OF INDIA RED 10-12-2020 902.10 9.72% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 717.36 7.73% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 705.84 7.60% Sovereign8.60% GOVT OF INDIA RED 02-06-2028 657.10 7.08% Sovereign8.83% GOVT OF INDIA RED 25-11-2023 371.97 4.01% Sovereign7.16% GOVT OF INDIA RED 20-05-2023 287.68 3.10% Sovereign9.01% KARNATAKA SDL RED 25-06-2024 240.16 2.59% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 66.69 0.72% SovereignTotal 93.43%

HSBC MIP - Regular Plan (HMIP-R) June 2014

34

Date of Allotment 24-Feb-04Benchmark CRISIL MIP

Blended IndexNAV (Growth) per unit(as on 30.06.14)

` 22.1829


87.34 months


55.53 months

Fund Manager Aditya Khemani(for Equity portion)Sanjay Shah &Ruchir Parekh(for Debt portion)

SIP AvailableMinimum Application AmountGrowth `10,000Quarterly Dividend `10,000Monthly Dividend `25,000SIP `1,000 p.m.Exit Load@ NilTotal Expense Ratio as on June 30, 2014


Regular 2.47% Direct Plan 1.92% Excludes service tax on Investment Management fees of 0.02% of Total Net Assets.@ Effective from March 1, 2013 for prospective investments.

Asset AllocationGovernment Securities 42.55%Corporate/ PSU Debt 36.98%Equity 13.90%Cash Equivalents 6.63%Net Current Assets -0.06%Total Net Assets 100.00%

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Cash EquivalentsCBLOs 615.94 6.63%Net Current Assets -2.56 -0.06%Total Net Assets as on 30 June 2014 9,285.28 100.00%

Rating ProfileSovereign 42.55%AAA and equivalents 34.82%Equity 13.90%Reverse Repos/ CBLOs 6.63%AA+/ AA-/ AA and equivalents 2.16%Net Current Assets -0.06%Total Net Assets 100.00%

HSBC MIP - Regular Plan (HMIP-R) June 2014

35





HSBC MIP - Regular Plan - Monthly Dividend25-Apr-14 0.05065 0.04851 11.247526-May-14 0.05065 0.04851 11.464425-Jun-14 0.05455 0.05224 11.5762HSBC MIP - Regular Plan - Monthly Dividend - Direct Plan31-Jan-14 0.05065 0.04851 10.979128-Feb-14 0.05065 0.04851 11.0079HSBC MIP - Regular Plan - Quarterly Dividend13-Dec-13 0.15585 0.14926 11.309714-Mar-14 0.15585 0.14926 11.451625-Jun-14 0.17534 0.16792 11.9555


This Product is suitable for investors who are seeking* :l Regular Income over medium terml Investment in fixed income (debt and money market instruments) as well as equity and equity related securitiesl Medium risk (Yellow)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Income SchemeInvestment Objective: Aims to provide reasonable income through a diversified portfolio of fixed income securities. The AMC’s view of interest rate trends and the nature of the Plans will be reflected in the type and maturities of securities in which the Short Term and Investment Plans are invested.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Securitised DebtInvestments - Asset Back Security

India MBS 2002 Series I 18.04 0.17% CRISIL AAA (SO)

Corporate/PSU DebtCorporate Bonds / DebenturesIndian Railway Finance Corporation 839.15 8.14% CRISIL AAAExport Import Bank of India 517.39 5.02% CRISIL AAARural Electrification Corporation 507.73 4.92% CRISIL AAAHDFC 243.91 2.36% CRISIL AAARural Electrification Corporation 187.12 1.81% CARE AAAPower Finance Corporation 152.91 1.48% CRISIL AAAPower Finance Corporation 147.69 1.43% CRISIL AAAHDFC 99.47 0.96% CRISIL AAAGovernment Securities8.60% GOVT OF INDIA RED 02-06-2028 1,558.11 15.11% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 1,464.00 14.19% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 1,219.65 11.82% Sovereign8.83% GOVT OF INDIA RED 25-11-2023 960.09 9.31% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 829.35 8.04% Sovereign7.16% GOVT OF INDIA RED 20-05-2023 440.51 4.27% Sovereign9.01% KARNATAKA SDL RED 25-06-2024 310.21 3.01% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 285.81 2.77% Sovereign8.24% GOVT OF INDIA RED 15-02-2027 157.82 1.53% Sovereign5.59% GOVT OF INDIA RED 04-06-2016 0.38 0.00% SovereignTotal 96.34%Cash EquivalentsCBLOs 230.10 2.23%Net Current Assets 145.04 1.43%Total Net Assets as on 30 June 2014 10,314.49 100.00%

HSBC Income Fund - Investment Plan (HIF-IP) June 2014

36

Date of Allotment 10-Dec-02Benchmark CRISIL Composite

Bond Fund IndexNAV (Growth) per unit(as on 30.06.14)

` 21.4705


121.85 months


72.69 months

Yield To Maturity* 8.85%Fund Manager Ruchir Parekh &

Sanjay ShahSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)

Exit Load@ NilTotal Expense Ratio as on June 30, 2014 Regular 1.85%Direct Plan 1.10%Excludes service tax on Investment Management fees of 0.12% of Total Net Assets.

Annualised Expense Ratio from 1st April 2014 onwards Regular 1.85%Direct Plan 1.10%Excludes service tax on Investment Management fees of 0.12% of Total Net Assets.

@ Effective from March 1, 2013 for prospective investments.* Based on invested Amount

Asset AllocationGovernment Securities 70.05%Corporate/ PSU Debt 26.12%Cash Equivalents 2.23%Net Current Assets 1.43%Securitised Debt 0.17%





HSBC Income Fund - Investment Plan - Regular Option - Quarterly Dividend13-Dec-13 0.15585 0.14926 10.819414-Mar-14 0.15585 0.14926 10.844825-Jun-14 0.15585 0.14926 11.0590HSBC Income Fund - Investment Plan - Institutional Option - Quarterly Dividend12-Jun-09 0.11387 0.10598 11.029411-Sep-09 0.11387 0.10598 10.996011-Dec-09 0.11387 0.10598 11.0973

Rating ProfileSovereign 70.05%AAA and equivalents 26.29%Reverse Repos/ CBLOs 2.23%Net Current Assets 1.43%

HSBC Income Fund - Investment Plan (HIF-IP) June 2014

37


This Product is suitable for investors who are seeking* :l Regular Income over long terml Investment in diversified portfolio of fixed income securitiesl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Income SchemeInvestment Objective: Aims to provide reasonable income through a diversified portfolio of fixed income securities. The AMC’s view of interest rate trends and the nature of the Plans will be reflected in the type and maturities of securities in which the Short Term and Investment Plans are invested.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositCorporation Bank 4,715.00 5.07% CRISIL A1+Corporation Bank 2,359.19 2.54% CRISIL A1+UCO Bank 2,346.89 2.53% CRISIL A1+Punjab National Bank 2,266.37 2.44% Fitch A1+Indian Bank 1,690.88 1.82% Fitch A1+ICICI Bank 1,478.24 1.59% CRISIL A1+Bank of Baroda 1,416.43 1.52% [ICRA]A1+Union Bank of India 1,414.50 1.52% CRISIL A1+Corporation Bank 1,379.03 1.48% CRISIL A1+State Bank of Patiala 980.37 1.05% [ICRA]A1+Vijaya Bank 844.88 0.91% CARE A1+Oriental Bank of Commerce 462.40 0.50% CRISIL A1+Axis Bank 228.72 0.25% CRISIL A1+Corporation Bank 204.31 0.22% CRISIL A1+Oriental Bank of Commerce 189.30 0.20% CRISIL A1+ICICI Bank 187.16 0.20% [ICRA]A1+Kotak Mahindra Bank 167.83 0.18% CRISIL A1+State Bank of Patiala 152.69 0.16% [ICRA]A1+State Bank of Patiala 125.44 0.13% [ICRA]A1+Oriental Bank of Commerce 125.41 0.13% CRISIL A1+IndusInd Bank 98.72 0.11% CRISIL A1+ING Vysya Bank 97.24 0.10% CRISIL A1+ICICI Bank 97.23 0.10% [ICRA]A1+Yes Bank 97.22 0.10% [ICRA]A1+Yes Bank 92.75 0.10% [ICRA]A1+Yes Bank 23.50 0.03% CARE A1+Commercial PaperL&T Fincorp 2,465.84 2.65% CARE A1+Edelweiss Financial Services 2,464.59 2.65% CRISIL A1+Kotak Mahindra Investments 2,397.96 2.58% [ICRA]A1+Vodafone India 2,347.81 2.53% CRISIL A1+Corporate/PSU Debt

Corporate Bonds / DebenturesShriram Transport Finance Company 5,015.78 5.40% CARE AA+LIC Housing Finance 4,608.19 4.96% CRISIL AAAExport Import Bank of India 4,073.48 4.38% CRISIL AAARural Electrification Corporation 4,061.86 4.37% CRISIL AAAPower Finance Corporation 4,008.64 4.31% CRISIL AAALIC Housing Finance 3,967.33 4.27% CRISIL AAAKotak Mahindra Prime 3,505.61 3.77% CRISIL AA+Power Finance Corporation 3,448.17 3.71% CRISIL AAAKotak Mahindra Prime 2,515.55 2.71% CRISIL AA+HDFC 2,506.33 2.70% CRISIL AAARural Electrification Corporation 2,506.30 2.70% CRISIL AAAKotak Mahindra Prime 2,498.43 2.69% CRISIL AA+LIC Housing Finance 1,510.59 1.63% CRISIL AAARural Electrification Corporation 1,507.93 1.62% CRISIL AAAPower Grid Corporation of India 1,492.27 1.61% CRISIL AAAPower Grid Corporation of India 1,479.19 1.59% CRISIL AAANABARD 1,006.58 1.08% CRISIL AAARural Electrification Corporation 1,005.52 1.08% CRISIL AAAPower Grid Corporation of India 1,004.94 1.08% CRISIL AAAPower Grid Corporation of India 992.63 1.07% CRISIL AAAPower Finance Corporation 506.32 0.54% CRISIL AAAHDFC 501.38 0.54% CRISIL AAANABARD 361.46 0.39% CRISIL AAAHDFC 340.09 0.37% CRISIL AAAPower Finance Corporation 300.74 0.32% CRISIL AAALIC Housing Finance 140.40 0.15% CRISIL AAAExport Import Bank of India 120.48 0.13% CRISIL AAATotal 94.56%

HSBC Income Fund - Short Term Plan (HIF-STP) June 2014

38

Date of Allotment 10-Dec-02Benchmark CRISIL Short Term


` 21.5700


20.74 months


16.71 months


Sanjay ShahSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)

Exit Load@ NilTotal Expense Ratio as on June 30, 2014 Regular 1.25%Institutional # 0.70%Institutional Plus # 0.60%Direct Plan 0.50%Excludes service tax on Investment Management fees of 0.05% of Total Net Assets.

Annualised Expense Ratio from 1st April 2014 onwards Regular 1.25%Institutional # 0.70%Institutional Plus # 0.60%Direct Plan 0.50%Excludes service tax on Investment Management fees of 0.05% of Total Net Assets.

@ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. October 01, 2012

Asset AllocationCorporate / PSU Debt 59.17%Money Market Instruments 35.39%Cash Equivalents 3.55%Net Current Assets 1.89%

Rating ProfileAAA and equivalents 79.99%AA+/ AA-/ AA and equivalents 14.57%

Reverse Repos/ CBLOs 3.55%Net Current Assets 1.89%





HSBC Income Fund - Short Term Plan - Regular Option - Monthly Dividend25-Apr-14 0.05192 0.04972 11.057826-May-14 0.05952 0.05701 11.107525-Jun-14 0.05601 0.05364 11.1060HSBC Income Fund - Short Term Plan - Monthly Dividend - Direct Plan25-Apr-14 0.05712 0.05471 11.106026-May-14 0.06523 0.06247 11.156625-Jun-14 0.06156 0.05896 11.1549HSBC Income Fund - Short Term Plan - Institutional Option - Monthly Dividend27-Dec-13 0.04864 0.04658 10.968724-Jan-13 0.06312 0.05410 10.635922-Feb-13 0.06114 0.05240 10.5969HSBC Income Fund - Short Term Plan - Institutional Plus Option - Monthly Dividend30-Dec-11 0.08478 0.07266 10.120027-Jan-12 0.05533 0.04742 10.086624-Feb-12 0.05663 0.04854 10.0881

HSBC Income Fund - Short Term Plan (HIF-STP) June 2014

39

Cash EquivalentsCBLOs 3,303.25 3.55%Net Current Assets 1,724.16 1.89%Total Net Assets as on 30 June 2014 92,931.49 100.00%


This Product is suitable for investors who are seeking* :l Regular Income over Medium terml Investment in diversified portfolio of fixed income securitiesl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Income SchemeInvestment Objective: Seeks to generate a reasonable return with commensurate risk through investments in floating rate debt instruments and fixed rate debt instruments swapped for floating rate returns. The Scheme may also invest in fixed rate money market and debt instruments.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositState Bank of Patiala 1,470.55 13.72% [ICRA]A1+Indian Bank 985.00 9.19% Fitch A1+Oriental Bank of Commerce 942.82 8.80% CRISIL A1+Corporation Bank 394.01 3.68% CRISIL A1+Indian Bank 281.81 2.63% Fitch A1+Punjab National Bank 188.86 1.76% Fitch A1+Commercial PaperIndia Infoline Finance 1,392.03 12.99% [ICRA]A1+Kotak Mahindra Investments 1,348.78 12.58% [ICRA]A1+Sundaram BNP Paribas Home Finance 962.35 8.98% CRISIL A1+Vodafone India 939.13 8.76% CRISIL A1+Edelweiss Financial Services 492.92 4.60% CRISIL A1+Fixed DepositFixed DepositAndhra Bank 1,100.00 10.26% Fixed DepositTotal 97.95%Cash EquivalentsCBLOs 240.38 2.24%Net Current Assets -19.77 -0.19%Total Net Assets as on 30 June 2014 10,718.87 100.00%

HSBC Floating Rate Fund - Long Term Plan (HFRF-LTP)

June 2014

40

Date of Allotment 16-Nov-04Benchmark CRISIL Liquid Fund

IndexNAV (Growth) per unit(as on 30.06.14)

` 20.4762


4.11 months


3.78 months

Yield To Maturity* 8.96%Fund Manager Sanjay Shah &

Ruchir ParekhSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)

Sub OptionsGrowth, Daily Dividend, Reinvestment Weekly Dividend, Reinvestment, Monthly Dividend (Payout & Reinvestment)Exit Load@ Nil

Total Expense Ratio as on June 30, 2014 Regular # 1.29% Institutional 0.74%Direct Plan 0.19% Excludes service tax on Investment Management fees of 0.01% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.29% Institutional 0.74%Direct Plan 0.19% Excludes service tax on Investment Management fees of 0.01% of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. October 01, 2012

Asset AllocationMoney Market Instruments 87.69%Fixed Deposit 10.26%Cash Equivalents 2.24%Net Current Assets -0.19%





HSBC Floating Rate Fund - Long Term Plan - Regular Option - Monthly Dividend25-Apr-14 0.04575 0.04382 10.058726-May-14 0.05612 0.05375 10.072025-Jun-14 0.05028 0.04815 10.0645HSBC Floating Rate Fund - Long Term Plan - Monthly Dividend - Direct Plan25-Jun-14 0.05926 0.05676 10.0771HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Monthly Dividend28-Feb-14 0.03694 0.03538 10.660828-Mar-14 0.17909 0.17152 10.699625-Apr-14 0.05133 0.04916 10.5356

Rating ProfileAAA and equivalents 87.69%Fixed Deposit 10.26%Reverse Repos/ CBLOs 2.24%Net Current Assets -0.19%

HSBC Floating Rate Fund - Long Term Plan (HFRF-LTP)

June 2014

41


This Product is suitable for investors who are seeking* :l Liquidity over short terml Investment in floating rate and fixed rate Debt and Money Market Instrumentsl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


An Open Ended Liquid SchemeInvestment Objective: Aims to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities.

IssuerMarketValue

(` in Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositIndian Overseas Bank 9,913.39 3.81% [ICRA]A1+UCO Bank 9,905.58 3.81% CRISIL A1+State Bank of Mysore 9,880.59 3.80% [ICRA]A1+Union Bank of India 4,968.63 1.91% CRISIL A1+IDBI Bank 4,968.48 1.91% CRISIL A1+UCO Bank 4,963.89 1.91% CRISIL A1+IDBI Bank 4,960.89 1.91% CRISIL A1+Andhra Bank 4,959.88 1.91% CARE A1+Union Bank of India 4,956.15 1.91% CRISIL A1+Canara Bank 4,956.12 1.91% CRISIL A1+Bank of Maharashtra 4,940.29 1.90% CRISIL A1+Allahabad Bank 4,940.18 1.90% [ICRA]A1+UCO Bank 4,940.05 1.90% CRISIL A1+Union Bank of India 2,479.76 0.95% CRISIL A1+IDBI Bank 992.71 0.38% CRISIL A1+Allahabad Bank 989.77 0.38% [ICRA]A1+Commercial PaperIndia Infoline Finance 13,357.71 5.14% [ICRA]A1+Edelweiss Financial Services 12,470.62 4.80% CRISIL A1+Aditya Birla Finance 9,869.15 3.80% [ICRA]A1+Chambal Fertilizers & Chemicals 9,860.92 3.79% CRISIL A1+Indiabulls Housing Finance 7,914.03 3.05% CARE A1+Magma Fincorp 7,443.62 2.86% CARE A1+Reliance Capital 7,442.89 2.86% CRISIL A1+Raymond 5,946.30 2.29% CARE A1+Aditya Birla Finance 4,942.70 1.90% [ICRA]A1+Cholamandalam Investment & Fin Co 4,934.35 1.90% [ICRA]A1+Magma Fincorp 4,463.56 1.72% CARE A1+Magma Fincorp 2,960.29 1.14% CARE A1+Kotak Mahindra Investments 2,470.56 0.95% [ICRA]A1+Redington (India) 990.96 0.38% [ICRA]A1+Fixed DepositFixed DepositSyndicate Bank 19,500.00 7.50% Fixed DepositAllahabad Bank 10,000.00 3.85% Fixed DepositAndhra Bank 10,000.00 3.85% Fixed DepositCanara Bank 10,000.00 3.85% Fixed DepositAndhra Bank 7,500.00 2.89% Fixed DepositTreasury Bill91 DAYS TREASURY BILL RED 07-08-2014 9,419.20 3.62% Sovereign

91 DAYS TREASURY BILL RED 14-08-2014 2,474.65 0.95% Sovereign

91 DAYS TREASURY BILL RED 28-08-2014 2,466.85 0.95% Sovereign

Total 96.24 %Cash EquivalentsCBLOs 27,262.17 10.49%Net Current Assets -17,541.96 -6.73%

Total Net Assets as on 30 June 2014 2,59,864.91 100.00%

HSBC Cash Fund (HCF) June 2014

42

Date of Allotment 04-Dec-02Benchmark CRISIL Liquid Fund


` 1308.4507


1.42 months


1.31 months


Kapil PunjabiSIP AvailableMinimumApplicationAmount

` 10,000` 1,000 p.m.(SIP)

Sub OptionsGrowth, Daily Dividend, Reinvestment Weekly Dividend, Reinvestment, Monthly Dividend (Payout & Reinvestment) Exit Load@ Nil

Total Expense Ratio as on June 30, 2014 Regular # 1.00% Institutional # 0.35%Institutional Plus 0.06%Direct Plan 0.01%Currently there is no Service Tax levied due to nil Investment Management Fees being charged.

Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.00% Institutional # 0.35%Institutional Plus 0.10%Direct Plan 0.06%Currently there is no Service Tax levied due to nil Investment Management Fees being charged.@ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. October 01, 2012





HSBC Cash Fund - Institutional Option - Monthly Dividend25-Apr-14 5.59575 5.35917 1007.237226-May-14 5.89904 5.64963 1007.626425-Jun-14 5.55741 5.32244 1007.1880HSBC Cash Fund - Monthly Dividend - Direct Plan25-Jun-14 5.57474 5.33904 1007.1548HSBC Cash Fund - Institutional Plus Option - Monthly Dividend26-Aug-11 0.04886 0.04686 10.138329-Sep-11 0.05876 0.05636 10.150928-Oct-11 0.05244 0.05030 10.1428

Asset AllocationMoney Market Instruments 68.78%Fixed Deposit 21.94%Cash Equivalents 10.49%Treasury Bill 5.52%Net Current Assets -6.73%

Rating ProfileAAA and equivalents 68.78%Fixed Deposit 21.94%Reverse Repos/ CBLOs 10.49%Sovereign 5.52%Net Current Assets -6.73%

HSBC Cash Fund (HCF) June 2014

43

Upon payment of dividend, the NAV per unit falls to the extent of payout and statutory levy, if any. Face value: `1,000 per unit.

This Product is suitable for investors who are seeking* :l Overnight Liquidity over short terml Invests in Money Market Instrumentsl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


HSBC Cash Fund 01 June 2014 to 12 June 2014***

13 June 2014 to 30 June 2014***

Average for the Month

Normal (erstwhile insti - plus) 0.15 0.06 0.10Direct 0.10 0.01 0.05

*** Service tax on AMC fees is charged in addition to the above stated TERs .

Date of Allotment 05-Dec-03Benchmark I-Sec Composite


` 15.9905


119.30 months


71.06 months

Yield To Maturity* 8.77%Fund Manager Sanjay ShahSIP AvailableMinimum ` 10,000Application ` 1,000 p.m.(SIP)AmountExit Load@ Nil

Total Expense Ratio as on June 30, 2014 Regular 1.00% Direct Plan 0.50% Excludes service tax on Investment Management fees of 0.06% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards Regular 1.00% Direct Plan 0.50% Excludes service tax on Investment Management fees of 0.06% of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.* Based on invested Amount

An Open Ended Gilt SchemeInvestment Objective: Aims to generate reasonable returns through investments in Government Securities of various maturities. The AMC’s view of interest rate trends and the nature of the plans will be reflected in the maturities of securities in which the Plans are invested.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Government Securities8.60% GOVT OF INDIA RED 02-06-2028 54.76 20.68% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 53.68 20.27% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 38.80 14.65% Sovereign8.83% GOVT OF INDIA RED 25-11-2023 35.19 13.29% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 20.76 7.84% Sovereign7.16% GOVT OF INDIA RED 20-05-2023 13.49 5.09% Sovereign9.01% KARNATAKA SDL RED 25-06-2024 10.01 3.78% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 9.53 3.60% SovereignTotal 89.20%Cash EquivalentsCBLOs 26.50 10.01%Net Current Assets 2.12 0.79%Total Net Assets as on 30 June 2014 264.83 100.00%





HSBC Gilt Fund - Monthly Dividend31-Oct-08 0.06136 0.05711 10.807728-Nov-08 0.04193 0.03903 10.785526-Dec-08 0.03400 0.03164 10.7764

Asset AllocationGovernment Securities 89.20%Cash Equivalents 10.01%Net Current Assets 0.79%

Rating ProfileSovereign 89.20%Reverse Repos/ CBLOs 10.01%Net Current Assets 0.79%

HSBC Gilt Fund (HGF) June 2014

44


This Product is suitable for investors who are seeking* :l Regular Income over long terml Investment in Government Securitiesl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


An Open Ended Debt SchemeInvestment Objective: Seeks to provide liquidity and reasonable returns by investing primarily in a mix of short term debt and money market instruments.

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositPunjab National Bank 1,794.21 7.25% Fitch A1+Vijaya Bank 1,502.02 6.07% CARE A1+Indian Bank 1,477.50 5.97% Fitch A1+Oriental Bank of Commerce 1,414.22 5.71% CRISIL A1+ICICI Bank 985.49 3.98% CRISIL A1+Bank of Baroda 944.29 3.81% [ICRA]A1+Union Bank of India 943.00 3.81% CRISIL A1+Corporation Bank 689.51 2.79% CRISIL A1+Indian Bank 375.75 1.52% Fitch A1+Commercial PaperSundaram BNP Paribas Home Finance 1,443.53 5.83% CRISIL A1+Vodafone India 1,408.69 5.69% CRISIL A1+India Infoline Finance 1,093.74 4.42% [ICRA]A1+Kotak Mahindra Investments 1,059.76 4.28% [ICRA]A1+Sundaram Finance 982.09 3.97% [ICRA]A1+Kotak Mahindra Investments 671.43 2.71% [ICRA]A1+Magma Fincorp 495.95 2.00% CARE A1+Corporate/ PSU DebtCorporate Bonds / DebenturesLIC Housing Finance 1,536.06 6.20% CRISIL AAAKotak Mahindra Prime 1,001.60 4.05% CRISIL AA+Power Finance Corporation 985.19 3.98% CRISIL AAAKotak Mahindra Prime 503.11 2.03% CRISIL AA+HDFC 502.32 2.03% CRISIL AAAShriram Transport Finance Company 500.15 2.02% CRISIL AAFixed DepositFixed DepositAndhra Bank 2,000.00 8.08% Fixed DepositTotal 98.20%Cash EquivalentsCBLOs 1,040.88 4.20%Net Current Assets -594.28 -2.40%Total Net Assets as on 30 June 2014 24,756.22 100.00%

HSBC Ultra Short Term Bond Fund (HUSBF) June 2014

45

Date of Allotment 17-Oct-06Benchmark Customised

Benchmark Index**NAV (Growth) per unit(as on 30.06.14)

` 11.6235


8.52 months


7.50 months


Ruchir ParekhSIP AvailableMinimum ` 10,000Application ` 1,000 p.m.(SIP)Amount

Sub OptionsGrowth, Daily Dividend, Reinvestment Weekly Dividend, Reinvestment, Monthly Dividend (Payout & Reinvestment)Exit Load@ NilTotal Expense Ratio as on June 30, 2014 Regular # 1.28% Institutional 0.98%Institutional Plus # 0.23%Direct Plan 0.33%Excludes service tax on Investment Management fees of 0.03% of Total Net Assets.

Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.28% Institutional 0.98%Institutional Plus # 0.23%Direct Plan 0.33%Excludes service tax on Investment Management fees of 0.03% of Total Net Assets.

@ Effective from March 1, 2013 for prospective investments.** Composite index of CRISIL Liquid Fund Index(90%) and CRISIL Short Term Bond Fund Index(10%).* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. October 01, 2012

Asset AllocationMoney Market Instruments 69.81%Corporate/ PSU Debt 20.31%Fixed Deposit 8.08%Cash Equivalents 4.20%Net Current Assets -2.40%

Rating ProfileAAA and equivalents 82.02%AA+/ AA-/ AA and equivalents 8.10%Fixed Deposit 8.08%Reverse Repos/ CBLOs 4.20%Net Current Assets -2.40%





HSBC Ultra Short Term Bond Fund - Institutional Option - Monthly Dividend25-Apr-14 0.04780 0.04578 10.188126-May-14 0.07115 0.06814 10.218125-Jun-14 0.05225 0.05004 10.1938HSBC Ultra Short Term Bond Fund - Monthly Dividend - Direct Plan25-Jun-14 0.15218 0.14575 10.1953HSBC Ultra Short Term Bond Fund - Institutional Plus Option - Monthly Dividend28-Jan-11 0.04829 0.04501 10.382125-Feb-11 0.04125 0.03845 10.374125-Mar-11 0.05214 0.04859 10.3865

HSBC Ultra Short Term Bond Fund (HUSBF) June 2014

46


This Product is suitable for investors who are seeking* :l Liquidity over short terml Investment in Debt / Money Market Instrumentsl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

An Open Ended Debt SchemeInvestment Objective: Seeks to deliver returns in the form of interest income and capital gains, along with high liquidity, commensurate with the current view on the markets and the interest rate cycle, through active invest-ment in debt and money market instruments.

IssuerMarketValue

(` in Lacs)

% toNet

AssetsRating

Corporate/PSU DebtCorporate Bonds / DebenturesIndian Railway Finance Corporation 5,084.29 9.87% CRISIL AAA

Power Finance Corporation 3,883.91 7.54% CRISIL AAA

HDFC 2,195.17 4.26% CRISIL AAA

LIC Housing Finance 2,014.11 3.91% CRISIL AAA

Rural Electrification Corporation 1,762.89 3.42% CARE AAA

HDFC 596.84 1.16% CRISIL AAA

Power Finance Corporation 285.54 0.55% CRISIL AAA

Government Securities9.20% GOVT OF INDIA RED 30-09-2030 6,124.20 11.89% Sovereign

8.60% GOVT OF INDIA RED 02-06-2028 5,719.72 11.10% Sovereign






9.01% KARNATAKA SDL RED 25-06-2024 1,561.04 3.03% Sovereign


8.24% GOVT OF INDIA RED 15-02-2027 798.68 1.55% Sovereign

Total 96.43%Cash EquivalentsCBLOs 1,194.81 2.32%Net Current Assets 649.77 1.25%Total Net Assets as on 30 June 2014 51,526.75 100.00%

HSBC Flexi Debt Fund (HFDF) June 2014

47

Date of Allotment 05-Oct-07Benchmark CRISIL Composite


` 17.3759


120.42 months


69.78 months


Ruchir ParekhSIP AvailableMinimum ` 10,000Application ` 1,000 p.m.(SIP)AmountExit Load@ Nil

Total Expense Ratio as on June 30, 2014 Regular # 1.85%Institutional 1.60% Direct Plan 0.85%Excludes service tax on Investment Management fees of 0.06% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.85%Institutional 1.60% Direct Plan 0.85%Excludes service tax on Investment Management fees of 0.06% of Total Net Assets.@ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. October 01, 2012





HSBC Flexi Debt Fund - Regular Option - Monthly Dividend26-Apr-13 0.05836 0.04973 10.494931-May-13 0.11214 0.10740 10.671828-Jun-13 0.03263 0.03125 10.4175HSBC Flexi Debt Fund - Institutional Option - Monthly Dividend25-Apr-14 0.05770 0.05526 10.659726-May-14 0.11711 0.11216 10.736025-Jun-14 0.06689 0.06406 10.6714HSBC Flexi Debt Fund - Monthly Dividend - Direct Plan25-Jun-14 0.07291 0.06983 10.8081HSBC Flexi Debt Fund - Regular Option - Quarterly Dividend13-Dec-13 0.15585 0.14926 11.463114-Mar-14 0.15585 0.14926 11.504325-Jun-14 0.17534 0.16792 11.7032HSBC Flexi Debt Fund - Institutional Option - Quarterly Dividend13-Dec-13 0.15585 0.14926 11.389114-Mar-14 0.15585 0.14926 11.435825-Jun-14 0.17534 0.16792 11.6405HSBC Flexi Debt Fund - Quarterly Dividend - Direct Plan25-Jun-14 0.17534 0.16792 11.7928HSBC Flexi Debt Fund - Regular Option - Half Yearly Dividend16-Mar-12 0.35236 0.30201 11.267214-Sep-12 0.35236 0.30201 11.431515-Mar-13 0.35236 0.30201 11.6629HSBC Flexi Debt Fund - Institutional Option - Half-yearly Dividend15-Mar-13 0.35236 0.30201 10.9757HSBC Flexi Debt Fund - Half-yearly Dividend - Direct Plan13-Sep-13 0.31171 0.29853 10.7220

Asset AllocationGovernment Securities 65.72%Corporate / PSU Debt 30.71%Cash Equivalents 2.32%Net Current Assets 1.25%

Rating ProfileSovereign 65.72%AAA and equivalents 30.71%Reverse Repos/ CBLOs 2.32%Net Current Assets 1.25%

HSBC Flexi Debt Fund (HFDF) June 2014

48


This Product is suitable for investors who are seeking* :l Regular Income over long terml Investment in Debt / Money Market Instrumentsl Low risk (Blue)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk (YELLOW) investors understand that their principal will be at medium risk (BROWN) investors understand that their principal will be at high risk

Name of Scheme Fund Manager

HSBC MIP - Savings & Regular Plan

For Debt portion: Sanjay Shah (from 14 August 2009) & Ruchir Parekh (from 25 January 2011) & For Equity portion: Aditya Khemani (from 24 February 2009)

HSBC Income Fund - Investment Plan

Ruchir Parekh (from 25 January 2011) &Sanjay Shah (from 09 January 2009)

HSBC Income Fund - Short Term Plan

Ruchir Parekh (from 25 January 2011) &Sanjay Shah (from 09 January 2009)

HSBC Floating Rate Fund Long Term Plan

Sanjay Shah (from 09 January 2009) & Ruchir Parekh (from 22 September 2012)

HSBC Cash Fund Ruchir Parekh (from 25 January 2011) &Kapil Punjabi (from 14 March 2014)

HSBC Gilt Fund Sanjay Shah (from 09 January 2009)

HSBC Ultra Short Term Bond Fund

Sanjay Shah (from 22 September 2012) & Ruchir Parekh (from 22 September 2012)

HSBC Flexi Debt Fund Sanjay Shah (from 09 January 2009) &Ruchir Parekh (from 25 January 2011)

Fund Managers - MIP & Debt June 2014

49

Fund Manager’s Experience

Sanjay Shah Senior Vice President Head - Fixed IncomeB. Com, A.C.A., Post Graduate Diploma in ManagementExperience:Over 14 years of experience in research and risk l HSBC Asset Management (India) Private Ltd Senior Vice President & Fund Manager, Fixed Income since October 2011 to present, Vice President & Fund Manager, Fixed Income since December 2008 to September 2011. l FIL Fund Management Private Ltd Credit Analyst from September 2008 to December 2008 l Lehman Brothers Structured Financial Services Private Ltd Vice President, Convertible Products from September 2006 to Sep tember 2008 l Rabo India Finance Private Ltd Senior Manager – Credit Risk from July 2004 to September 2006 l ICICI Bank Ltd Manager, Credit Risk from January 2003 to June 2004 l SBI Funds Management Private Ltd Chief Manager, Debt Funds from June 1999 to January 2003

Fund Managers - MIP & Debt June 2014

50

Kapil Punjabi Vice President & Fund Manager - Fixed Income B.M.S, M.M.S (Mumbai University) Experience:Over 7 years of experience in research and Fund Management l HSBC Asset Management (India) Private Ltd. Vice President & Fund Manager - Fixed Income from March 04, 2014 onwards. l Taurus Asset Management Company Limited Fund Manager Fixed Income from June 07, 2012 to February 27, 2014. l Edelweiss Asset Management Limited Fund Manager Fixed Income from December 05, 2009 to June 06, 2012. l Edelweiss Securities Limited Manager - Investments from October 2007 to November 2009 l Trans Market Group Research (India) Private Limited Research Analyst and Proprietary Trader from May 2006 to October 2007.

Ruchir ParekhSenior Vice President and Fund Manager - Fixed IncomeMBA, B.ComExperience:Over 16 years of experience in research and fixed income management l HSBC Asset Management (India) Private Ltd Senior Vice President & Fund Manager, Fixed Income since September 2011 to present, Vice President & Fund Manager, Fixed Income since January 2011 to September 2011. l AIG Global Asset Management (India) Private Ltd Fund Manager, Fixed Income from April 2007 - January 2011 l HDFC Asset Management Company Ltd Sr. Manager, Fixed Income Analyst from February 2003 - April 2007 l Bear Stearns & Co., New York, NY Fixed Income Analyst from October 2000 - March 2002 l Moodys Investors Service, New York, NY Senior Associate from June 1997 - October 2000

Comparative Performance of Debt Schemes June 2014

51

Data for the period July to June has been considered in all cases, except for ‘Since Inception’ returns. ‘Since Inception’ (%) returns are compounded annualised, other % returns are simple annualised. ‘Since inception’ returns are calculated on `10 invested at inception. Standard benchmark is prescribed by SEBI and is used for comparison purposes. Returns on ̀ 10,000 are point-to-point returns for the specific time period, invested at the start of the period. The returns provided above have been rounded off and hence there may be minor differences between point-to-point returns vis-a-vis returns indicated above.

HSBC MIP - Regular Plan Date of Inception : 24 Feb 04Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC MIP - Regular Plan - Growth 9.82% 10.18% 6.72% 8.00%Crisil MIP Blended Index (Scheme Benchmark) 7.85% 10.87% 6.58% 7.45%Crisil 1 Year T-Bill Index (Standard Benchmark) 5.91% 8.19% 7.72% 5.52%Crisil 10 Year Gilt Index (Standard Benchmark) -2.43% 12.14% 7.25% 4.36%`10,000, if invested in HMIP - R, would have become `10,982 `11,018 `10,672 `10,000

`10,000, if invested in Crisil MIP Blended Index, would have become `10,785 `11,087 `10,658 `10,000

`10,000, if invested in Crisil 1 Year T-Bill Index, would have become `10,591 `10,819 `10,772 `10,000

`10,000, if invested in Crisil 10 Year Gilt Index, would have become `9,757 `11,214 `10,725 `10,000

HSBC MIP - Savings Plan Date of Inception : 24 Feb 04Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC MIP - Savings Plan - Growth 14.33% 11.43% 6.58% 9.79%Crisil MIP Blended Index (Scheme Benchmark) 7.85% 10.87% 6.58% 7.45%Crisil 1 Year T-Bill Index (Standard Benchmark) 5.91% 8.19% 7.72% 5.52%Crisil 10 Year Gilt Index (Standard Benchmark) -2.43% 12.14% 7.25% 4.36%`10,000, if invested in HMIP - S, would have become `11,433 `11,143 `10,658 `26,298

`10,000, if invested in Crisil MIP Blended Index, would have become `10,785 `11,087 `10,658 `21,048



Funds Managed by - Sanjay Shah & Ruchir Parekh (for Debt portion) &Aditya Khemani (for Equity portion)



HSBC Gilt Fund Date of Inception : 05 Dec 03Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC Gilt Fund - Growth 1.57% 12.21% 10.69% 4.54%I-Sec Composite Index (Scheme Benchmark) 3.98% 12.02% 9.90% 6.71%Crisil 10 Year Gilt Index (Standard Benchmark) -2.43% 12.14% 7.25% 4.34%`10,000, if invested in HGF, would have become `10,157 `11,221 `11,069 `15,992

`10,000, if invested in I-Sec Composite Bond Fund Index, would have become `10,398 `11,202 `10,990 `19,881


Fund Managed by - Sanjay Shah.



52


47

HSBC FRF - LTP - Regular Plan Date of Inception : 16 Nov 04Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC FRF - LTP - Growth 9.39% 8.68% 9.00% 7.71%Crisil Liquid Fund Index (Scheme Benchmark) 9.64% 8.14% 8.67% 7.02%Crisil 1 Year T-Bill Index (Standard Benchmark) 5.91% 8.19% 7.72% 5.74%

`10,000, if invested HFRF - LTP, would have become `10,939 `10,868 `10,900 `20,447

`10,000, if invested in Crisil Liquid Fund Index, would have become `10,964 `10,814 `10,867 `19,214


Funds Managed by - Sanjay Shah & Ruchir Parekh.


HSBC Ultra Short Term Bond Fund$ Date of Inception : 17 Oct 06Scheme Name & Benchmarks July 13 - June 14 Since InceptionHSBC Ultra Short Term Bond Fund - Growth 9.32% 9.00%Customised Benchmark Index (Scheme Benchmark)* 9.55% 8.18%

Crisil 1 Year T-Bill Index (Standard Benchmark) 5.91% 9.00%

`10,000, if invested in HUSTBF, would have become `10,932 `11,626

`10,000, if invested in Customised Benchmark Index, would have become `10,955 `11,473

`10,000, if invested in Crisil 1 Year T-Bill Index, would have become `10,591 `11,626


HSBC Flexi Debt Fund Date of Inception: 05 Oct 07Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC Flexi Debt Fund - Growth 3.88% 11.44% 9.91% 8.55%Crisil Composite Bond Fund Index (Scheme Benchmark) 4.51% 10.73% 8.67% 6.88%

Crisil 10 Year Gilt Index (Standard Benchmark) -2.43% 12.14% 7.25% 5.67%`10,000, if invested in HFDF, would have become `10,388 `11,144 `10,991 `17,392

`10,000, if invested in Crisil Composite Bond Fund Index, would have become `10,451 `11,073 `10,867 `15,658



*Composite index of Crisil Liquid Fund Index(90%) and Crisil Short Term Bond Fund Index(10%).

$Pursuant to SEBI circular dated Sept 13, 2012, certain Plans/options within the schemes have been discontinued to comply with a single plan structure. Since there was no continuous NAV history available for the surviving Plan prior to 1 October 2012, returns since the said date have been considered for calculating performance. The inception date of HSBC Ultra Short Term Bond Fund however is 17 October 2006.


53


HSBC Income Fund - Investment Plan Date of Inception : 10 Dec 02Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC Income Fund - Investment Plan - Growth 2.47% 11.56% 9.63% 6.83%Crisil Composite Bond Fund Index (Scheme Benchmark) 4.51% 10.76% 8.67% 5.93%

Crisil 10 Year Gilt Index (Standard Benchmark) -2.43% 12.14% 7.25% 5.15%`10,000, if invested in HIF - IP, would have become `10,247 `11,156 `10,963 `21,474

`10,000, if invested in Crisil Composite Bond Fund Index, would have become `10,451 `11,076 `10,867 `19,471


HSBC Income Fund - S T P Date of Inception : 10 Dec 02Scheme Name & Benchmarks July 13 -


July 11 - June 12

Since Inception

HSBC Income Fund - S T P - Growth 7.56% 9.26% 8.70% 6.87%Crisil Short Term Bond Fund Index (Scheme Benchmark) 8.75% 9.33% 8.77% 6.71%

Crisil 1 Year T-Bill Index (Standard Benchmark) 5.91% 8.19% 7.72% 5.50%

`10,000, if invested in HIF -ST, would have become `10,756 `10,926 `10,870 `21,574

`10,000, if invested in Crisil Short Term Bond Fund Index, would have become `10,875 `10,933 `10,877 `21,200


Funds Managed by - Ruchir Parekh & Sanjay Shah.



HSBC Cash Fund@ Date of Inception: 04 Dec 02Scheme Name & Benchmarks

Last 7 Days as on 30

June 2014

Last 15 Days as

on 30 June 2014

Last 30Days as

on 30 June 2014

July 13 - June 14

July 12 - June 13

July 11 - June 12

Since Inception

HSBC Cash Fund - Growth 8.64% 8.64% 8.65% 9.59% 8.78% 8.80% 9.01%

Crisil Liquid Fund Index (Scheme Benchmark) 8.52% 8.43% 8.42% 9.64% 8.14% 8.69% 8.80%

Crisil 91 Day T-Bill Index (Standard Benchmark)

8.84% 8.35% 8.41% 8.76% 8.31% 8.04% 8.30%

`10,000, if invested in HCF, would have become

`10,017 `10,036 `10,071 `10,959 `10,878 `10,880 `13,088

`10,000, if invested in Crisil Liquid Fund Index, would have become

`10,016 `10,035 `10,069 `10,964 `10,814 `10,869 `13,009

`10,000, if invested in Crisil 91 Day T-Bill Index, would have become

`10,017 `10,034 `10,069 `10,876 `10,831 `10,804 `12,824


@Pursuant to SEBI circular dated Sept 13, 2012, certain Plans/options within the schemes have been discontinued to comply with a single plan structure. Since there was no continuous NAV history available for the surviving Plan prior to 19 May 2011, returns since the said date have been considered for calculating performance. The inception date of HSBC Cash Fund however is 4 December 2002.

Fund Managed by - Ruchir Parekh & Kapil Punjabi.

Statutory Details & Disclaimers

All returns have been sourced from MutualFundsIndia Explorer software unless otherwise stated. With regard to equity schemes (including the equity component of MIPs), Fund performance is calculated on a total return basis (i.e. it includes dividends re-invested) while the benchmark is calculated on a price return basis (i.e. it does not consider dividends re-invested). This document has been prepared by HSBC Asset Management (India) Private Ltd (HSBC) for information purposes only and should not be construed as an offer or solicitation of an offer for purchase of any of the funds of HSBC Mutual Fund. All information contained in this document (including that sourced from third parties), is obtained from sources HSBC, the third party believes to be reliable but which it has not independently verified and HSBC, the third party makes no guarantee, representation or warranty and accepts no responsibility or liability as to the accuracy or completeness of such information. The information and opinions contained within the document are based upon publicly available information and rates of taxation applicable at the time of publication, which are subject to change from time to time. Expressions of opinion are those of HSBC only and are subject to change without notice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies that may have been discussed or recommended in this report and should understand that the views regarding future prospects may or may not be realized. Neither this document nor the units of HSBC Mutual Fund have been registered in any jurisdiction. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions. Mutual fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.

Investors should not invest in the Scheme solely based on the information provided in this document and should read the Combined Scheme Information Document and, Statement of Additional Information of the Fund for details. This document does not constitute an offering document. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, with-out the prior written permission of HSBC Asset Management (India) Private Ltd.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

HSBC Asset Management (India) Private Limited, 16, V.N. Road, Fort, Mumbai-400001 Email: [email protected] Website: www.assetmanagement.hsbc.com/in

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