The Asset · from USD 2 billion in February to USD 5 billion in March 2015, accounted for most of...

The Asset

Factsheet – April 2015

Index

Fund Manager Commentary

HSBC Equity Fund

HSBC India Opportunities Fund

HSBC Midcap Equity Fund

HSBC Progressive Themes Fund

HSBC Tax Saver Equity Fund

HSBC Dividend Yield Equity Fund

HSBC Dynamic Fund

HSBC Emerging Markets Fund

HSBC Brazil Fund

HSBCAsia Pacific (Ex Japan) Dividend Yield Fund

HSBC Managed Solutions India - Growth

HSBC Managed Solutions India - Moderate

HSBC Managed Solutions India - Conservative

Fund Managers - Equity

Comparative Performance of Equity Schemes

HSBC MIP - Savings Plan

HSBC MIP - Regular Plan

HSBC Income Fund - Investment Plan

HSBC Income Fund - Short Term Plan

HSBC Floating Rate Fund - Long Term Plan

HSBC Cash Fund

HSBC Gilt Fund

HSBC Ultra Short Term Bond Fund

HSBC Flexi Debt Fund

Fund Managers - MIP & Debt

Comparative Performance of MIP & Debt Schemes

HSBC Global Consumer Opportunities Fund

01

05

06

07

08

09

10

11

12

13

14

15

16

17

19

21

24

25

26

27

28

29

30

31

32

33

34

18

-4.0%

-3.5%

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

Sensex BSE100 BSE200 BSE500 BSE MidCap BSE SmallCap

Indices Performance - April 2015

01


Equity & MIP

Market UpdateAnother weak month for equity markets

Data on Institutional Flows

Trade deficit data

Inflation data:

Indian equity market performance remained weak inApril 2015, for the second month in a row and this halted the upward momentum seen formost part of the past one year. Lack of positive news flows during the month ofApril 2015 and a disappointing start to the earnings season hada bearing on the market performance.

The confusion around the MinimumAlternate Tax (MAT) levy for Foreign Institutional Investors (FIIs) as proposed in the Finance bill came asa dampener for the equity market participants. However, the Finance ministry officials later clarified that only a small number of investors willcome under the ambit and the FIIs from countries with a Double Taxation Avoidance Agreement (DTAA) have been exempted. The RBI in itsbi-monthly policy meet kept all key policy rates unchanged and stated that the accommodative stance of policy will be maintained with futurerate actions to be determined on the basis of the incoming data. The RBI also emphasized on the need for effective transmission of the recentrate hikes and urged bankers to reduce rates. The macro data releases during the month of April 2015 were largely positive but for the tradedata. The industrial production growth for February 2015 surprised the market with a 5% growth, while the inflation readings were within thecomfortable range despite the impact of unseasonal rains. The trade deficit on the other hand moved up for the month of March 2015. On thepositive side, the rating agency Moody’s upgraded India’s sovereign credit outlook to positive from stable.

The domestic market indices S&P BSE Sensex & Nifty were down 3.4% & 3.6% respectively. On the other hand S&P BSE Midcap & S&PBSE Smallcap indices fared better but still declined at 1.9% & 2.8% respectively.

Despite the weak market performance, the FIIs continued to invest into Indian equities and net bought equities worth ~USD 1.2 billion duringthe month of May 2015. This year so far, the segment has net bought equities to the tune of ~USD 7.2 billion. The Domestic InstitutionalInvestors (or DIIs) net bought equities worth USD ~1.8 billion during the month of April 2015, taking their year-to-date (YTD) tally to ~USD0.84 billion of inflows. The domestic insurers turned net buyers for the first time since February 2014 while the buying pattern of the domesticMFs remained healthy.

Trade deficit at ~USD 11.8 billion moved up during March 2015 due to a sharp increase in both gold and non-gold non-oil imports. Exportswere down 15% (YoY, at ~USD 24 billion) due to the decline in oil exports and two other key export items viz engineering and gems &jewellery saw a decline during the month. The subdued global oil prices meant that the oil imports also declined sharply pulling down theoverall imports by 15.7% (YoY at ~USD 35.7 billion). Gold & Silver imports on the other hand saw an upward bias during the month.

The Consumer Price Index (CPI) inflation for the month of March 2015 came marginally lower than the consensus market expectations at5.2% (YoY vs. 5.4% for February 2015). The deceleration in the CPI print was on account of the decline in the food inflation for the month aspick-up in inflation here did not materialize as feared despite the impact of unseasonal rains. Core inflation remained steady at 3.9% (YoY).On the other hand, the WPI inflation continued on a deflationary path and it was the fifth consecutive month of disinflation at -2.3% reading(YoY, vs. -2.1% for February 2015). The WPI data for the month overcame an adverse base effect and also the impact of unseasonal rainsand deflationary momentum was driven by the fall in international fuel & commodity prices. Core WPI inflation also turned negative at -0.4%(YoY).

Inflation & Industrial Growth

Source: Bombay Stock Exchange (BSE)

Source: Bloomberg ; Central Statistical Organization (CSO) India 1

0

1

2

3

4

5

6

7

8

9

10

Jan-

14

Feb-

14

Mar

-14

Apr-

14

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Consumer Price Index (CPI)

102


Industrial Production data:

Global Economic Scenario

Going Forward

Industrial production data as measured by the Index of Industrial Procuction (IIP) surprised with a 5% growth for February 2015 (YoY vs. 2.8% inJanuary 2015) and came higher than the street expectations. The favourable base effect of the previous year helped the reading, while the sequential(month-on-month) momentum continued to remain positive. While the pick-up in growth momentum is positive, we may need to see the consistencyin the growth trajectory to call it a sustianable trend yet.

The developments in Greece were at the forefront as the Greek government struggled to reach an agreement with its European creditors over theeconomic reform proposals at the meeting of Eurozone Finance Ministers. The focus now shifts to the next meeting scheduled in the second week ofMay 2015 and much will depend on the outcome of that meeting. However, in the event of any disagreement, there could be the risk of default andsubsequent withdrawal of the Emergency Liquidity Assistance to Greece by the ECB (European Central Bank). Elsewhere in China, the economicgrowth slowed down to 7% in the first quarter of 2015 (from 7.3% in the previous quarter). Given this background, the People’s Bank of China (PBoC)cut the reserve requirement ratio by 100 bps during April. The PBoC has cut benchmark lending rates twice since October 2014 and stated they arewilling to tolerate above-target money supply growth. Moreover, the Chinese government have announced measures to accelerate fiscal spending,support the property market and help local government refinancing.

Equity markets remained weak through April 2015 as the lack of positive newsflows domestically meant bad news for the market participants. Theconfusion around the tax levy on FIIs came as an unwarranted digression and concerns around the modalities of passing the key pending legislationitems such as the LandAcquisition and Goods and Service Tax (GST) bills by the parliament had an adverse impact on investors’ optimism.Also, theJanuary- March 2015 quarterly earnings season has started on a disappointing note and this also had a bearing on the market performance.However, the macro data releases during the month were largely positive except for the trade date. While the industrial production data surprisedpositively, it may a tad too early to call it a sustainable trend yet.

As we look ahead, it may be a mixed outlook for the near term. The earnings season is unlikely to surprise positively and it may take another quarter orso before we see pick-up in the performance of the corporate sector. The developments on the legislative side also will be closely watched and keybills on Land acquisition & GST will be crucial from a reform agenda point of view. Unseasonal rains and its impact on inflation is another element toconsider, given that further RBI action around the monetary easing cycle will be dependent on the incoming inflation figures. The MeteorologicalDepartment of India has predicted a below normal rains in the upcoming monsoon season in its first release and that aspect will have a say on theeconomic growth especially on the agricultural output during the ongoing financial year.

Despite these near term factors, the longer term picture for India is seems positive. We see that regardless of the slow pace of reforms in the pastthere are significant success stories that bear testimony to the India story and see them as torchbearers for the future and these are Demographics,Deregulation & Domestic Demand.

In conclusion, equities provide the potential to deliver handsome returns vis-à-vis other alternatives over a longer term investment horizon.Investments have not picked up yet, but a gradual return of capital and an enabling environment can unleash a multi-year cycle. We stay positive onequities and urge investors to stay invested & keep investing incrementally too, and look at this asset class as an avenue for long term wealthcreation.

Source: Bloomberg, for all data except where mentioned otherwise

Consumer Discretionary

Consumer Staples

Energy

Financials

Healthcare

Industrials

Information Technology

Materials

Telecommunication

Utilities

Sectors HSBCEquityFund

HSBC IndiaOpportunities

Fund

HSBCMidcap

Equity Fund #

Overweight Underweight Neutral

Source: Bloomberg ; Central Statistical Organization (CSO) India

# The S&P BSE Midcap Index was reconstituted in mid of April ’2015 and hence the relative sector positioning of the fund vs. the benchmark has changed.

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Jan

-13

Feb

-13

Ma

r-1

3

Ap

r-1

3

May

-13

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

De

c-1

3

Jan

-14

Feb

-14

Ma

r-1

4

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Feb

-15

Index of Industrial Production (IIP)

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

103


Review: HSBC Equity FundBeing overweight consumer discretionary, financials and underweight consumer staples, industrials helped performance while beingoverweight information technology and underweight telecommunication hurt performance.

Review: HSBC India Opportunities FundBeing overweight financials, information technology, materials helped performance while being overweight industrials andunderweight energy hurt performance.

Review: HSBC Midcap Equity FundBeing overweight materials and underweight consumer staples, healthcare, utilities helped performance while being overweightenergy hurt performance.

Review: HSBC Progressive Themes FundCurrently focusing on the following themes;1. Economic Reforms (22.5%) which includes Financial sector reform- 11.6% & Oil & Gas Sector deregulation sub theme- 10.9% and2. Infrastructure (62.1%) which includes Power- 13.3%, Construction– 29% and Logistics- 19.8%. Well diversified exposure acrosssectors 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 13.09% in HMIP Regular and 23.00%, in HMIP Savings. Currently it is more biased towards large caps thanmid or small caps.

RBI's First Bi-Monthly Monetary Policy

�

�

�

�

�

The Reserve Bank of India (RBI) kept key policy rates unchanged in its first bi-monthly credit policy released earlier during the month of

April 2015. It maintained Consumer Price Index (CPI) inflation target at 6% by January 2016 and 4% at end of Financial Year 2017-18.

The Central Bank expects CPI inflation to reach 4% during FY16 but would gradually end FY16 at 5.8%. The RBI would intend to spread

disinflationary momentum in the economy, though it would remain vigilant on resurgence of inflationary pressures.

As per the RBI’s guidance, it would maintain accommodative monetary policy stance and future policy action to be data dependent. TheRBI is looking at some of the following events to trigger action

Transmission by banks of RBI’s front loaded rates reduction in January and February 2015 into their lending rates

Development in sectoral prices especially food, though the RBI will look through both seasonal as well as base effect

Progress on repurposing of public spending from poorly targeted subsidies

Reduction in pipeline of stalled investments

Signs of normalisation of the US monetary policy, though India is anticipated to be better buffered against volatility

Trade deficit widens for March 2015

� India's goods trade deficit came in at USD 11.8 billion in March 2015, higher than forecast of USD 7.5 billion. The gold imports jumped

from USD 2 billion in February to USD 5 billion in March 2015, accounted for most of the surprise jump. The unexpected rise in gold

imports in March 2015 likely due to the festive demand during early April 2015. The spurt in gold imports may be largely a one-off event.

Imports fell to USD 35.7 billion (-13.4% YoY), largely due to a low oil import bill. Export growth continues to be low (-21.1% YoY),

predominantly due to weak petrochemicals exports.

Debt

Economic Events and Data

The CPI inflation softens unexpectedly

�

�

The retail inflation in form of CPI moderated for the month of March 2015 to 5.17%. The CPI inflation surprised positively in-spite of

unseasonal rains in March 2015 and resultant fears of hike in food inflation particularly. The moderation was largely broad based with

food inflation declining to 6.2% and core CPI remaining flat at 4.1% negating any impact of hike in petrol and diesel prices. Range bound

food prices, lower commodity prices and lower industrial activity has contributed the bulk in easing of CPI numbers.

Wholesale Price Index (WPI) inflation continues to surprise on downside, with March number coming at (-2.3%). The decline remains

fairly broad based, but bulk of the drop is witnessed in the fuel, minerals and non-food primary articles.

Index of Industrial Production (IIP) surprises on upside

� Industrial production grew 5.0% year-on-year (YoY) in February 2015 against 2.8% in January 2015. Sequentially, the IIP growth was

1.2% month-on-month (MoM), seasonally adjusted. The positive growth were largely driven by healthy growth in consumer goods

segment.

04

The bond markets largely remained range bound during the most part of the month with benchmark oscillating between 7.72% and

7.80%. However, bond yields increased towards the end of month on back of continued auction supply during shortened fortnight, rise in

crude oil prices and weakness in INR.Monthly Foreign Portfolio Investor (FPI) data for INR Debt turned marginally negative for the month of April 2015, owing to higher

maturities of bonds held by FPI’s coupled with selling of bonds. Issuance of the tax free bonds for select infra entities could reduce the

credit supply to some extent. The FPI demand, one of the key drivers for recent lowering of credit spreads (yield spread between G-sec

and corporate bond), continued to remain tepid through the month resulting in marginal increase in corporate spreads.The RBI continued to manage liquidity pro-actively for the banking segment. However, the overnight and money market rates hardened

during the month ofApril 2015 on back of higher demand for liquidity by non-banking participants.

The Federal Open Market Committee (FOMC) kept policy rates unchanged at its April 2015 meeting. It acknowledged weaker economic

growth during the winter months. Nevertheless, it attributes weaker growth to "transitory factors" and did not change its assessment that

the economy will gradually "expand at a moderate pace". Earlier in its March 2015 meeting, the FOMC removed "patient“ from its forward

guidance as expected, giving itself flexibility to hike in June 2015 or later, depending how data evolves. Dropping the pledge to be

“patient” marks a shift away from the explicit calendar based guidance on the future policy path to be more data dependent guidance.‐ ‐

Transmission of the recent rate cuts is the main trigger that the RBI is looking at with priority. We expect inflation trends ease and the

supply side bottlenecks to reduce due to government initiatives/policies, which will pave the way for rate reduction in second half of the

year.We expect the month of May 2015 to witness higher net supply of Government Securities (G-sec) resulting in range-bound bond prices.

However, demand and supply likely to turn favourable in the month of June 2015 on back of large ticket maturities. Moreover,

accommodative policy stance, lower CPI readings, comfortable & accommodative liquidity scenario, soft crude prices, tepid credit

growth may ensure bonds to achieve lower levels over couple of quarters augur well for maintaining duration bias on INR rates.

Source: Bloomberg, for all data except where mentioned otherwise

Market Activity

Global Economic Scenario

Going Forward

4.00%5.00%6.00%7.00%8.00%9.00%

10.00%

Jul/07

Nov/0

7

Mar/

08

Jul/08

Nov/0

8

Mar/

09

Jul/09

Nov/0

9

Mar/

10

Jul/10

Nov/1

0

Mar/

11

Jul/11

Nov/1

1

Mar/

12

Jul/12

Nov/1

2

Mar/

13

Jul/13

Nov/1

3

Mar/

14

Jul/14

Nov/1

4

Mar/

15

Repo Rate Movement

Repo Rate

Source: Bloomberg ; Central Statistical Organization (CSO) India


HSBC Equity Fund (HEF)An Open Ended Diversified Equity Scheme

Investment Objective: Aims to generate long term capital growth from an actively managed portfolio of equity and equityrelated securities.

05

FUND DETAILS

Total Expense Ratio as onApril 30, 2015

Annualised Expense Ratio from 1st April 2015onwards

Portfolio Turnover

Regular 2.39%

Direct Plan 1.69%

Regular 2.39%

Direct Plan 1.69%

0.54

Excludes service tax on Investment Management fees of 0.17%of Total NetAssets.


Asset Allocation

Auto 9.89%

AutoAncillaries 2.73%

Banks 27.00%

Cement 1.88%

Construction Project 2.52%

Consumer Non Durables 6.18%

Finance 7.52%

Minerals/Mining 2.24%

Non - Ferrous Metals 2.27%

Oil 3.29%

Pesticides 1.90%

Petroleum Products 1.33%

Pharmaceuticals 8.77%

Power 1.10%

Software 15.02%

Telecom - Services 1.33%

Transportation 3.48%

Other Equity Investments 0.03%

Reverse Repos/CBLO 1.70%

Net CurrentAssets -0.43%

Bank Fd-Asba 0.25%

Total NetAssets 100.00%

Statistical ratios disclosed as per daily returns of the last 3years/since inception, whichever is later.

@ Effective from March 1, 2013 for prospective investments.

**Risk free rate:7.90% (364 days Treasury bill yield on April 30,2015).

This Product is suitable for investors who are seeking* :

(Brown)

�

�

�

To create wealth over long termInvestment in equity and equity related securitiesHigh risk

*Investors should consult their financial advisers if in doubt about whetherthe product is suitable for them.Note: Risk may be represented as:

Blue:-Yellow:-Brown:-

investors understand that their principal will be at low risk.investors understand that their principal will be at medium risk.investors understand that their principal will be at high risk.

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

FUND PORTFOLIO

Auto

Auto Ancillaries

Banks

Cement

Construction Project

Consumer Non Durables

Finance

Minerals/mining

Non - Ferrous Metals

Oil

Pesticides

Petroleum Products

Pharmaceuticals

Power

Software

Telecom - Services

Transportation

Other Equity Investments 21.68 0.03%

Cash Equivalents

CBLO 1,101.25 1.70%

Net Current Assets -284.13 -0.43%

Tata Motors 3,049.50 4.71%

Maruti Suzuki India 2,421.80 3.74%

Hero Motocorp 931.56 1.44%

Motherson Sumi Systems 1,764.53 2.73%

ICICI Bank 4,718.89 7.29%

HDFC Bank 3,955.20 6.11%

Axis Bank 3,690.70 5.70%

Yes Bank 2,098.63 3.24%

State Bank Of India 1,348.75 2.08%

Bank Of Baroda 845.00 1.31%

Indusind Bank 823.80 1.27%

ACC 1,218.65 1.88%

Larsen & Toubro 1,631.30 2.52%

ITC 3,304.09 5.11%

Glaxosmithkline Consumer Healthcare 689.57 1.07%

LIC Housing Finance 1,505.18 2.33%

Bajaj Finance 1,213.29 1.88%

HDFC 1,170.00 1.81%

Shriram Transport Finance Co. 969.85 1.50%

Coal India 1,451.00 2.24%

Sesa Sterlite 1,468.95 2.27%

Oil & Natural Gas Corporation 2,128.00 3.29%

UPL 1,226.63 1.90%

Reliance Industries 862.35 1.33%

Glenmark Pharmaceuticals 2,670.90 4.13%

Dr. Reddy's Laboratories 1,324.10 2.05%

Aurobindo Pharma 964.24 1.49%

Lupin 709.02 1.10%

Power Grid Corporation Of India 711.00 1.10%

HCL Technologies 2,641.65 4.08%

Tata Consultancy Services 2,463.70 3.81%

Infosys 1,942.25 3.00%

Tech Mahindra 1,864.05 2.88%

Wipro 807.90 1.25%

Bharti Airtel 857.48 1.33%

Adani Ports & Special Economic Zone 1,587.75 2.45%

Gujarat Pipavav Port 664.80 1.03%

Bank Fd- Asba (Tata Motors -Rght) 161.01 0.25%

Total Net Assets As On 30-Apr-2015 64,695.83 100.00%

IssuerMarket Value

( in Lacs)`

% to NetAssets

Dividend DeclarationRecord Date / periodof dividend declared

Dividend ( per unit)Non-Institutional

` Dividend ( per unit)Institutional

` NAV ( ) 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

Benchmark

NAV (Growth)(as on 30.04.15)

Fund Manager

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

10-Dec-02

S&P BSE 200

147.5388

Neelotpal Sahai

Available

10,000

1,000 p.m.(SIP)

Nil

0.96%

0.9480

1.0238

0.0349

`

`

`

HSBC India Opportunities Fund (HIOF)

06

FUND DETAILS



Portfolio Turnover

Regular 2.46%

Direct Plan 1.76%

Regular 2.47%

Direct Plan 1.77%

0.35


Excludes service tax on Investment Management fees of 0.00%on Regular Plan and 0.00% on Direct Plan of Total NetAssets.

Asset Allocation

Auto 6.85%

Banks 24.42%

Cement 2.58%

Chemicals 2.54%

Construction 3.12%



Finance 3.86%

Industrial Products 3.32%

Media & Entertainment 1.53%

Minerals/mining 1.53%

Oil 1.28%

Pesticides 2.59%


Software 13.21%

Textile Products 2.95%





Bank Fd-Asba 0.18%




**Risk free rate:7.90% (364 days Treasury bill yield on April 30,2015).


(Brown)

�

�

�

To create wealth over long termInvests in equity and equity related securities across marketcapitalisationsHigh risk





FUND PORTFOLIO

Auto

Banks

Cement

Chemicals

Construction



Finance

Industrial Products

Media & Entertainment

Minerals/Mining

Oil

Pesticides

Pharmaceuticals

Software

Textile Products

Transportation

Other Equity Investments 2,760.36 5.82%

Cash Equivalents

CBLO 2,351.95 4.96%



Tata Motors 2,033.00 4.29%

Eicher Motors 1,215.33 2.56%

ICICI Bank 2,980.35 6.29%

Axis Bank 2,668.66 5.63%

HDFC Bank 2,472.00 5.21%

Yes Bank 1,888.76 3.98%

Indusind Bank 1,029.75 2.17%

State Bank Of India 539.50 1.14%

Shree Cement 1,223.14 2.58%

Vinati Organics 1,203.10 2.54%

IRB Infrastructure Developers 758.71 1.60%

Prestige Estates Project 718.95 1.52%

Larsen & Toubro 1,386.61 2.92%

ITC 1,611.75 3.40%

Hindustan Unilever 595.25 1.26%

Shriram Transport Finance Co. 969.85 2.05%

LIC Housing Finance 860.10 1.81%

Supreme Industries 1,024.28 2.16%

Finolex Industries 550.60 1.16%

D.B. Corp 726.60 1.53%

Coal India 725.50 1.53%

Oil & Natural Gas Corporation 608.00 1.28%

UPL 1,226.63 2.59%

Glenmark Pharmaceuticals 1,780.60 3.76%

Dr. Reddy's Laboratories 1,158.59 2.44%

Aurobindo Pharma 642.83 1.36%

Ipca Laboratories 481.58 1.02%

HCL Technologies 2,201.38 4.64%

Tata Consultancy Services 1,847.78 3.90%

Tech Mahindra 1,242.70 2.62%

Infosys 971.13 2.05%

Indian Terrain Fashions 763.24 1.61%

Arvind 635.25 1.34%

Gateway Distriparks 968.83 2.04%



IssuerMarket Value

( in Lacs)`

% to NetAssets





`

HSBC India Opportunities Fund - Dividend

HSBC India Opportunities Fund - Dividend Direct Plan

04-Feb-13 1.50000 1.50000 17.731927-Jun-14 1.50000 1.50000 23.232317-Mar-15 2.70000 2.70000 27.0820

04-Feb-13 1.50000 1.50000 17.751927-Jun-14 1.50000 1.50000 23.502017-Mar-15 1.50000 1.50000 27.5575

An Open Ended Flexi-Cap Equity Scheme

Investment 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 asignificant portion of its assets towards fixed income securities if the fund manager becomes negative on equity markets.

Date of Allotment

Benchmark


Fund Manager

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

24-Feb-04

S&P BSE 500

63.8130

Neelotpal Sahai

Available

10,000

1,000 p.m.(SIP)

Nil

0.91%

0.9272

0.9768

0.0602

`

`

`

HSBC Midcap Equity Fund (HMEF)

07

FUND DETAILS



Portfolio Turnover

Regular 2.52%

Direct Plan 1.82%

Regular 2.52%

Direct Plan 1.82%

0.34



Asset Allocation

Auto 1.97%AutoAncillaries 8.27%Banks 11.70%Cement 2.88%Chemicals 6.00%Construction 2.68%Consumer Non Durables 4.05%Finance 13.64%Industrial Capital Goods 2.62%Industrial Products 1.61%Media & Entertainment 1.32%Pesticides 7.23%Petroleum Products 4.94%Pharmaceuticals 4.57%Power 1.27%Software 3.22%Textile Products 2.84%Transportation 4.93%Other Equity Investments 11.79%Reverse Repos/CBLO 2.89%Net CurrentAssets -0.42%Total NetAssets 100.00%



**Risk free rate:7.90% (364 days Treasury bill yield on ,2015).

April 30


(Brown)

�

�

�

To create wealth over long termInvests in predominantly mid cap equity and equity relatedsecuritiesHigh risk





FUND PORTFOLIO

Auto

Auto Ancillaries

Banks

Cement

Chemicals

Construction


Finance

Industrial Capital Goods

Industrial Products


Pesticides

Petroleum Products

Pharmaceuticals

Power

Software

Textile Products

Transportation

Other Equity Investments 4,338.66 11.79%

Cash Equivalents

CBLO 1,062.34 2.89%


Total Net Assets as on 30-Apr-2015 36,788.27 100.00%

VST Tillers Tractors 724.70 1.97%

Balkrishna Industries 1,022.73 2.78%

Sundram Fasteners 919.55 2.50%

Apollo Tyres 719.20 1.95%

Suprajit Engineering 383.22 1.04%

Yes Bank 1,393.49 3.79%

DCB Bank 1,188.82 3.23%

Federal Bank 762.12 2.07%

Syndicate Bank 526.29 1.43%

Jammu & Kashmir Bank 433.19 1.18%

Prism Cement 629.70 1.71%

Everest Industries 430.00 1.17%

Vinati Organics 1,637.50 4.45%

Atul 571.10 1.55%

National Buildings Construction Corp 543.02 1.48%


CCL Products (India) 1,490.59 4.05%

Indiabulls Housing Finance 1,392.11 3.78%

Dewan Housing Finance Corporation 1,343.81 3.65%

Motilal Oswal Financial Services 1,185.06 3.22%

Cholamandalam Investment & Fin Co. 1,101.51 2.99%

BEML 964.57 2.62%


HT Media 484.71 1.32%

UPL 1,722.18 4.68%

PI Industries 939.82 2.55%

Hindustan Petroleum Corporation 1,144.02 3.11%

Gulf Oil Lubricants 672.77 1.83%

Aurobindo Pharma 1,176.37 3.20%

Lupin 505.18 1.37%

Kalpataru Power Transmission 468.77 1.27%

Persistent Systems 604.12 1.64%

Tech Mahindra 581.58 1.58%


Arvind 482.79 1.31%

Gujarat Pipavav Port 1,156.75 3.14%


IssuerMarket Value

( in Lacs)`

% to NetAssets





`

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

An Open Ended Diversified Equity Scheme

Investment Objective: Seeks to generate long term capital growth from an actively managed portfolio of equity and equityrelated securities primarily being midcap stocks. However, it could move a portion of its assets towards fixed income securitiesif the fund manager becomes negative on the Indian equity markets.

Our exposure to midcap stocks in HSBC Midcap Equity Fund(HMEF) is 75.0600%

Date of Allotment

Benchmark


Fund Manager

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

19-May-05

S&P BSE Midcap

37.8488

Dhiraj Sachdev

Available

10,000

1,000 p.m.(SIP)

Nil

1.07%

0.8411

1.0566

0.0282

`

`

`

HSBC Progressive Themes Fund (HPTF)

08

FUND DETAILS

Date of Allotment

Benchmark


Fund Manager

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

23-Feb-06

S&P BSE 200

17.9043

Dhiraj Sachdev

Available

10,000

1,000 p.m.(SIP)

Nil

1.32%

0.7474

1.2523

0.0036

`

`

`



Portfolio Turnover

Regular 2.63%

Direct Plan 1.93%

Regular 2.62%

Direct Plan 1.92%

0.10



Asset Allocation


Banks 5.45%

Cement 9.07%

Construction 10.52%


Finance 5.46%

Gas 1.75%

Industrial Capital Goods 6.21%


Minerals/Mining 1.96%

Petroleum Products 8.93%

Power 13.29%









April 30


(Brown)

�

�

�

To create wealth over long termInvests in equity and equity related securities, primarily in themesthat play an important role in India's economic developmentHigh risk





FUND PORTFOLIO

Auto Ancillaries

Banks

Cement

Construction


Finance

Gas


Industrial Products

Minerals/Mining

Petroleum Products

Power

Transportation


Cash Equivalents

CBLO 371.76 2.71%





Karnataka Bank 359.10 2.62%

Everest Industries 638.63 4.66%

Ahluwalia Contracts (India) 316.64 2.31%

HIL 288.45 2.10%

National Buildings Construction Corp 668.45 4.88%


KNR Constructions 189.01 1.38%

Larsen & Toubro 203.91 1.49%

Gammon Infrastructure Projects 193.71 1.41%

Rural Electrification Corporation 747.72 5.46%

Gujarat State Petronet 240.20 1.75%

BEML 851.41 6.21%

FAG Bearings India 1,126.91 8.22%

Gujarat Mineral Development Corpor 268.40 1.96%

Hindustan Petroleum Corporation 981.49 7.16%

Indian Oil Corporation 242.73 1.77%

JSW Energy 744.25 5.43%


Reliance Infrastructure 263.21 1.92%

PTC India 232.16 1.69%

CESC 191.77 1.40%

Gujarat Pipavav Port 1,096.92 8.00%


Adani Ports & Special Economic Zone 644.63 4.70%

IssuerMarket Value

( in Lacs)`

% to NetAssets





`

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

An Open Ended Flexi-Theme Equity Scheme

Investment Objective: Seeks to generate long term capital growth from an actively managed portfolio of equity and equityrelated securities by investing primarily in sectors, areas and themes that play an important role in, and/or benefit from India'sprogress, reform process and economic development.

HSBC Tax Saver Equity Fund (HTSF)

09

FUND DETAILS

Date of Allotment

Benchmark


Fund Manager

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

05-Jan-07

S&P BSE 200

26.1089

Aditya Khemani

Available

500

(Lumpsum & SIP)

Nil

0.88%

0.8788

0.9051

0.0660

`

`



Portfolio Turnover

Regular 2.58%

Direct Plan 1.88%

Regular 2.58%

Direct Plan 1.88%

0.44



Asset Allocation

Auto 6.04%


Banks 26.34%

Cement 4.95%



Finance 4.10%

Industrial Capital Goods 2.13%


Oil 1.95%

Pesticides 1.20%


Software 11.75%

Textile Products 3.61%





Bank Fd-Asba 0.06%





April 30


(Brown)

�

�

�

To create wealth over long termInvests in equity and equity related securities with no marketcapitilastion biasHigh risk





FUND PORTFOLIO

Auto

Auto Ancillaries

Banks

Cement



Finance


Industrial Products

Oil

Pesticides

Pharmaceuticals

Software

Textile Products

Transportation


Cash Equivalents

CBLO 670.12 3.64%



Maruti Suzuki India 902.89 4.91%

Tata Motors 208.38 1.13%

MRF 384.24 2.09%

Amara Raja Batteries 377.82 2.05%

Motherson Sumi Systems 291.71 1.59%


ICICI Bank 1,319.63 7.18%

HDFC Bank 949.25 5.16%

Axis Bank 928.35 5.05%

Indusind Bank 691.99 3.76%



Shree Cement 529.72 2.88%

The Ramco Cements 381.11 2.07%


ITC 535.42 2.91%

McLeod Russel India 423.56 2.30%


Crompton Greaves 391.38 2.13%

Supreme Industries 464.71 2.53%

Orient Refractories 351.21 1.91%



UPI 220.79 1.20%

Lupin 469.73 2.55%

IPCA Laboratories 410.13 2.23%

Dr. Reddy's Laboratories 364.13 1.98%

Glenmark Pharmaceuticals 356.12 1.94%

Tata Consultancy Services 726.79 3.95%

Infosys 435.06 2.37%


HCL Technologies 352.22 1.92%

Mindtree 268.25 1.46%

Arvind 335.41 1.82%





IssuerMarket Value

( in Lacs)`

% to NetAssets





`

HSBC Tax Saver Equity Fund Dividend

HSBC Tax Saver Equity Fund Dividend Direct

19-Feb-10 1.00000 1.00000 12.871317-Oct-14 1.50000 1.50000 22.105317-Mar-15 2.50000 2.50000 23.9029

17-Oct-14 1.50000 1.50000 22.408317-Mar-15 2.50000 2.50000 24.3256

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 & equityrelated instruments of companies across various sectors and industries, with no capitalisation bias. The Fund may also investin fixed income securities.

HSBC Dynamic Fund (HDF)

10

FUND DETAILS

Date of Allotment

Benchmark


Fund Managers

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

24-Sep-07

S&P BSE 200

13.6425

Neelotpal Sahai

(for Equity portion)

Sanjay Shah

(for Fixed Income portion)

Available

10,000

1,000 p.m.(SIP)

Nil

`

`

`

0.79%

0.9356

0.8340

0.0263



Portfolio Turnover

Regular 2.69%

Direct Plan 1.99%Excludes service tax on Investment Management fees of 0.20%of Total NetAssets.


Regular 2.70%

Direct Plan 2.00%

0.66

Asset Allocation

Auto 5.58%AutoAncillaries 1.84%Banks 19.97%Cement 1.30%Construction Project 3.45%Consumer Non Durables 7.02%Finance 1.71%Non - Ferrous Metals 1.71%Oil 1.48%Pesticides 2.79%Petroleum Products 3.50%Pharmaceuticals 5.22%Power 2.31%Software 9.01%Telecom - Services 1.86%Transportation 2.06%Other Equity Investments 1.24%Reverse Repos/CBLO 28.35%Net CurrentAssets -0.67%Bank Fd-Asba 0.27%





April 30


(Brown)

�

�

�

To create wealth over long termInvests in equity and equity related securities and in debtinstruments when view on equity markets is negativeHigh risk




FUND PORTFOLIO

IssuerMarket Value

( in Lacs)`

% to NetAssets

An Open Ended Scheme

Investment 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.

Auto

Auto Ancillaries

Banks

Cement



Finance


Oil

Pesticides

Petroleum Products

Pharmaceuticals

Power

Software

Telecom - Services

Transportation


Cash Equivalents

Cblo 1,744.11 28.35%





ICICI Bank 347.71 5.65%

HDFC Bank 346.08 5.62%

Axis Bank 283.90 4.61%

Yes Bank 251.84 4.09%

Ultratech Cement 80.16 1.30%


ITC 338.47 5.50%


HDFC 105.30 1.71%

Sesa Sterlite 104.93 1.71%


UPL 171.73 2.79%

Reliance Industries 215.59 3.50%






Infosys 97.11 1.58%

Bharti Airtel 114.33 1.86%

Adani Ports & Special Economic Zone 127.02 2.06%


HSBC Dividend Yield Equity Fund (HDYEF)

11

FUND DETAILS

Date of Allotment

Benchmark


Fund Managers

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

21-Mar-07

S&P BSE 200

16.0111

Gaurav Mehrotra &

Amaresh Mishra

Available

10,000

1,000 p.m.(SIP)

Nil

0.88%

0.9261

0.9267

0.0413

`

`

`



Portfolio Turnover

Regular 2.34%

Direct Plan 1.64%

Regular 2.35%

Direct Plan 1.64%

0.30



Asset Allocation

Auto 6.04%AutoAncillaries 4.64%Banks 21.55%Cement 1.57%Construction 2.01%Construction Project 3.65%Consumer Non Durables 9.10%Finance 3.09%Industrial Products 3.18%Media & Entertainment 1.58%Minerals/Mining 1.61%Non - Ferrous Metals 2.58%Oil 4.12%Petroleum Products 1.87%Pharmaceuticals 4.16%Power 3.07%Software 17.74%Transportation 3.09%Other Equity Investments 1.57%Reverse Repos/CBLO 4.15%Net CurrentAssets -0.46%Bank Fd-Asba 0.08%Total NetAssets 100.00%




April 30


(Brown)

�

�

�

To create wealth over long termInvests in equity and equity related securities of companiesfacing "out-of-ordinary" conditionsHigh risk




FUND PORTFOLIO

IssuerMarket Value

( in Lacs)`

% to NetAssets

An Open Ended Equity Scheme

Investment 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.

Auto

Auto Ancillaries

Banks

Cement

Construction



Finance

ndustrial Products


Minerals/Mining


Oil

Petroleum Products

Pharmaceuticals

Power

Software

Transportation


Cash Equivalents

CBLO 191.52 4.15%



I

Hero Motocorp 117.61 2.55%



MRF 112.93 2.45%


ICICI Bank 225.51 4.89%

Axis Bank 198.73 4.31%

Karur Vysya Bank 159.44 3.46%


Bank Of Baroda 128.02 2.78%


HDFC Bank 68.42 1.48%

ACC 72.40 1.57%



ITC 248.57 5.39%


McLeod Russel India 84.47 1.83%

Indiabulls Housing Finance 142.48 3.09%



Sun TV Network 72.80 1.58%

Coal India 74.36 1.61%

Hindustan Zinc 118.75 2.58%


Bharat Petroleum Corporation 86.42 1.87%

Lupin 191.90 4.16%


NTPC 70.34 1.53%

Infosys 342.42 7.43%


Wipro 117.95 2.56%

Eclerx Services 95.68 2.07%




HSBC Emerging Markets Fund (HEMF)

12

FUND DETAILS



Regular 2.70%

Direct Plan 2.00%

(inclusive of underlying scheme's expenses)



Regular 2.70%

Direct Plan 2.00%


Asset Allocation

Overseas Mutual Fund 99.37%

Reverse Repos/CBLOs 3.04%






April 30


(Brown)

�

�

�

To create wealth over long termInvestment in equity and equity related securities of EmergingeconomiesHigh risk





FUND PORTFOLIO

Overseas Mutual Fund

Cash Equivalents

CBLO 35.48 3.04%



HSBC GIF Glob Emerg Mkts Eq S1 Dis 1,159.03 99.37%

IssuerMarket Value

( in Lacs)`

% to NetAssets

An Open Ended Scheme

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

Date of Allotment

Benchmark


Fund Manager

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

17-Mar-08

MSCI EmergingMarkets Index

12.4924

Anitha Rangan(Dedicated fund

manager foroverseas

investments)

Available

10,000

1,000 p.m.(SIP)

Nil

0.74%

0.5010

0.9400

-0.0080

`

`

` Dividend DeclarationRecord Date / periodof dividend declared




`

HSBC - Emerging Market Fund - Dividend

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

27-Jun-14 0.50000 0.50000 11.6656

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

14

FUND DETAILS



Regular 2.29%

Direct Plan 1.59%


Regular 2.30%

Direct Plan 1.60%



Excludes service tax on Investment Managementfees of 0.09%of Total NetAssets.

Asset Allocation








April 30


(Brown)

�

�

�

To create wealth over long termInvestment in equity and equity related securities of Asia

Pacific countries (excluding Japan) through fund of funds routeHigh risk




FUND PORTFOLIO


Cash Equivalents

CBLO 85.19 2.79%



HSBC GIF Asia Pacific Ex Japan Eq Hd-S9D 2,997.80 98.34%

IssuerMarket Value

( in Lacs)`

% to NetAssets

An Open Ended Fund of Funds Scheme

Investment Objective: The primary investment objective of the Scheme is to provide long term capital appreciation byinvesting 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 liquidmutual fund schemes, in order to meet liquidity requirements from time to time. However, there is no assurance that theinvestment objective of the Scheme will be achieved.

Date of AllotmentBenchmark

NAV (Growth)(as on 30.04.15)Fund Manager

SIPMinimumApplication Amount

Exit Load

Standard DeviationR-SquaredBeta (Slope)Sharpe Ratio**

per unit

@

Statistical Ratios

24-Feb-14MSCI AC Asia Pacific

ex Japan

11.3325

Anitha Rangan (foroverseas investments),

Sanjay Shah (forinvestments in Indian

Market)

Available

10,000

1,000 p.m.(SIP)

Nil

0.52%0.58200.70100.0130

`

`

`

HSBC Brazil Fund (HBF)

13

FUND DETAILS



Regular 2.69%

Direct Plan 1.99%




Regular 2.70%

Direct Plan 2.00%


Asset Allocation








April 30


(Brown)

�

�

�

To create wealth over long termInvests in equity and equity related securities through feederroute in Brazilian marketsHigh risk




FUND PORTFOLIO


Cash Equivalents

CBLO 181.94 4.38%



HSBC GIF Brazil Equity S3D 4,041.97 97.34%

IssuerMarket Value

( in Lacs)`

% to NetAssets

An Open-Ended Fund of Funds Scheme

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

Date of Allotment

Benchmark


Fund Manager

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

06-May-11

MSCI Brazil 10/40 Index

6.8534

Anitha Rangan(Dedicated fund

manager for overseasinvestments)

Available

10,000

1,000 p.m.(SIP)

Nil

1.49%

0.4020

0.6720

-0.0290

`

`

`

HSBC Managed Solutions India - Growth

15

FUND DETAILS



Regular 2.28%

Direct Plan 2.01%


Regular 2.30%

Direct Plan 2.03%


Excludes service tax on Investment Management fees of 0.00%of Total Net Assets and of 0.16% on the underlying scheme's inwhich the fund of fund invests.


Asset Allocation

Mutual Fund 98.26%


Net CurrentAssets 0.10%





April 30


(Brown)

�

�

�

To create wealth over long termInvesting predominantly in units of equity mutual funds as well

as in a basket of debt mutual funds, gold & exchange tradedfunds, offshore mutual funds and money market instruments.

High risk




FUND PORTFOLIO

Mutual Fund

Cash Equivalents

CBLO 210.80 1.64%

Net Current Assets 14.12 0.10%


HSBC Equity Fund - Growth Direct 6,946.72 53.92%

HSBC Midcap Equity Fund - Growth Direct 2,332.19 18.10%

HSBC Income Fund Short Term - Growth Direct 1,699.02 13.19%

HSBC Income Fund Inv Plan Growth Direct 1,331.91 10.34%

HSBC Flexi Debt Fund Growth Direct 349.10 2.71%

IssuerMarket Value

( in Lacs)`

% to NetAssets


Investment Objective: The objective of the Plan is to provide long term total return primarily by seeking capital appreciationthrough an active asset allocation with diversification commensurate with the risk profile of investments by investingpredominantly in units of equity mutual funds as well as in a basket of debt mutual funds gold exchange traded funds (ETFs) andother ETFs, offshore mutual funds and money market instruments.

Date of Allotment

Benchmark


Fund Managers

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

30-Apr-14Composite Index constituting

80% of BSE 200 Index and20% of CRISIL

Bond Index

12.6810

Anitha Rangan (DedicatedFund Manager for investments

in foreign securities)Gaurav Mehrotra (For

managing investments inIndian Market – Equity Portion)

Sanjay Shah (For managinginvestments in Indian Market –

Fixed Income Portion)

Available

5,000

1,000 p.m.(SIP)

Nil

0.76%0.93450.82780.0565

Composite

`

`

`

HSBC Managed Solutions India - Moderate

16

FUND DETAILS



Regular 2.09%

Direct Plan 1.84%


Regular 2.16%

Direct Plan 1.91%




Asset Allocation

Mutual Fund 98.32%







April 30

This Product is suitable for investors who are seeking* :�

�

�

To create wealth and provide income over the long termInvestments in a basket of debt mutual funds, equity mutual

funds, gold & exchange traded funds, offshore mutual funds andmoney market instruments.

High risk ( )Yellow




FUND PORTFOLIO

Mutual Fund

Cash Equivalents

CBLO 665.89 2.75%





HSBC Flexi Debt Fund Growth Direct 4,018.82 16.59%



IssuerMarket Value

( in Lacs)`

% to NetAssets


Investment Objective: The objective of the fund is to provide long term total return aimed at capital appreciation and providingincome through an active asset allocation with diversification commensurate with the risk profile of investments by investing in abasket of debt mutual funds, equity mutual funds, gold ETFs and other ETFs, offshore mutual funds and money marketinstruments.

Date of Allotment

Benchmark


Fund Managers

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

30-Apr-14

CRISIL Balanced Fund Index

12.2322


in foreign securities)

Gaurav Mehrotra (Formanaging investments in

Indian Market – Equity Portion)



Available

5,000

1,000 p.m.(SIP)

Nil

0.54%

0.6900

0.6798

0.0669

`

`

`

HSBC Managed Solutions India - Conservative

17

FUND DETAILS



Regular 1.64%

Direct Plan 1.39%


Regular 1.64%

Direct Plan 1.39%




Asset Allocation

Mutual Fund 98.20%







April 30


�

�

To create wealth over long termInvesting predominantly in units of debt mutual funds as well asin a basket of equity mutual funds, gold & other exchangetraded funds and money market instruments.Medium risk (Yellow)




FUND PORTFOLIO

Mutual Fund

Cash Equivalents

CBLO 934.21 3.05%




HSBC Flexi Debt Fund Growth Direct 9,161.41 29.95%



HDFC Income Fund Direct Plan - Growth 1,647.05 5.38%


IssuerMarket Value

( in Lacs)`

% to NetAssets


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.

Date of Allotment

Benchmark


Fund Managers

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

30-Apr-14

Composite Index constitutingof 90% into CRISIL Composite

Bond Index and 10% of BSE

200 Index

11.4575


in foreign securities)

Gaurav Mehrotra (Formanaging investments in

Indian Market – Equity Portion)



Available

5,000

1,000 p.m.(SIP)

Nil

0.21%

0.7611

0.2017

0.1056

`

`

`

HSBC Global Consumer Opportunities Fund -(HGCOF)

Benefiting from China’sGrowing Consumption Power

17

FUND DETAILS



Regular 2.34%

Direct Plan 1.64%


Regular 2.34%

Direct Plan 1.64%




Asset Allocation








April 30


�

�

To create wealth over long termInvesting predominantly in units of debt mutual funds as well asin a basket of equity mutual funds, gold & other exchangetraded funds and money market instruments.Medium risk (Yellow)




FUND PORTFOLIO

OVERSEAS MUTUAL FUND

Cash Equivalents 1.99%

CBLO 44.80 1.99%



HSBC GIF-CHINA CONSUMER OPP S5 CAP 2,216.76 98.30%

IssuerMarket Value

( in Lacs)`

% to NetAssets

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) China Consumer Opportunities Fund (Underlying scheme).

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. instruments.

Date of Allotment

Benchmark


Fund Managers

SIP

Minimum

Application Amount

Exit Load

Standard Deviation

R-Squared

Beta (Slope)

Sharpe Ratio**

per unit

@

Statistical Ratios

23-Feb-15

MSCI AC World Index

10.3446

Anitha Rangan (DedicatedFund Manager) & Sanjay Shah

(for investments in IndianMarket)

Available

1,000 p.m.(SIP)

Nil

0.64%

0.2640

0.5790

-0.0430

`

`

`

5,000

18

HSBC Equity Fund


HSBC Midcap Equity Fund

HSBC Progressive Themes Fund

HSBC Tax Saver Equity Fund

HSBC Dividend Yield Equity Fund

HSBC Dynamic Fund

HSBC Emerging Markets Fund

HSBC Brazil Fund

HSBC Asia Pacific (Ex Japan) Dividend Yield Fund

HSBC Managed Solutions

Neelotpal Sahai (from 27 May 2013)

Neelotpal Sahai (from 27 May 2013)

Dhiraj Sachdev (from 01 December 2009)

Dhiraj Sachdev (from 01 December 2009)

Aditya Khemani (from 24 February 2009)

Gaurav Mehrotra and Amaresh Mishra (from 02 July 2012)

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

Anitha Rangan (from 18 October 2014)

Anitha Rangan (from 18 October 2014)

For overseas investments: Anitha Rangan (from 18 October 2014) &For investment in Indian markets: Sanjay Shah (from 24 February 2014)

For overseas investment : Anitha Rangan (from 18 October 2014),For Investments in Indian Market - Equity Portion : Gaurav Mehrotra (April 2014)& For Investments in Indian Market - Debt Portion : Sanjay Shah (April 2014)

Name of Scheme Fund Manager

Fund Manager’s Experience

Dhiraj SachdevSenior Vice President and Fund Manager - EquitiesB.Com., ACA, Grad CWA, Diploma in Foreign Trade Management (DFTM)

Experience:

Over 18 years experience in Equity Research and Fund Management.

HSBC Asset Management (India) Private LtdSenior 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

ASK Raymond James Securities India Private LtdPortfolio Manager from October 2003 to September 2005

HDFC Bank LtdSenior Manager Equities from November 1999 to September 2003

DSQ Software LtdBusiness Analyst from June 1999 to November 1999

Probity Research & Services Ltd (India Infoline Ltd)Research Analyst from November 1998 to May 1999

Ford Brothers Capital Services (P) LtdManager Research from July 1996 to Sept 1998

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Gaurav Mehrotra

Vice President & Assistant Fund Manager

Post Graduate Diploma in Business Management, Bachelor of Engineering

Over 9 years experience in research.

HSBC Asset Management (India) Private LtdVice President & Assistant Fund Manager, from April 2012 to present,Associate Vice President, Investment Management from September 2007 to March 2012

JPMorgan Services India Private LtdEquity Research from August 2005 to September 2007

Tata Consultancy Services LtdBusiness Analyst from June 2004 to July 2005

Experience:

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19

Neelotpal Sahai

Senior Fund Manager - Equities

B.Tech, PGDM (IIM Kolkata)

Over 21 years of experience in Research and Fund Management.

HSBC Asset Management (India) Private LtdSenior Fund Manager – Equities from April 2013 onwards.

IDFC Asset Management Company Ltd.Director from February 2006 to April 2013

Motilal Oswal Securities LtdSenior Research Analyst from March 2005 to January 2006

Infosys LtdSenior Project Manager from June 1999 to March 2005

Vickers Ballas Securities LtdAnalyst from September 1998 to June 1999

SBC WarburgAnalyst from May 1997 to May 1998

UTI Securities LtdEquity Analyst from June 1995 to May 1997

Experience:

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Aditya Khemani

Vice President & Fund Manager - Equities

B.Com. (Hons.), Post Graduate Diploma in Business Management

Over 9 years experience in research.

HSBC Asset Management (India) Private LtdVice 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.

SBI Funds Management India Private LtdSenior Manager - Equity Research from March 2007 to September 2007

Prudential ICICI Asset Management Company India Private LtdAssistant Manager - Equity Research from December 2005 to February 2007

Morgan Stanley Advantage Services India Private LtdResearch Associate from May 2005 to November 2005

Experience:

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�

�

�

Amaresh Mishra

Vice President & Assistant Fund Manager

Post Graduate Diploma in Business Manager Management

Bachelor of Engineering (Chemical)

Over 9 years of experience in Equities & Sales

HSBC Asset Management (India) Private LtdVice 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

Centre for Science and EnvironmentTrainee Researcher from July 2001 to July 2002

Experience:

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�

Anitha Rangan

Associate Vice President - Investment Management

PGDBM (SPJIMR, Mumbai); CA; M.Com

Over 8 years of experience in areas of research and risk

HSBC Asset Management (India) Private LtdAssociate Vice President - Investment Management, from February 2013 onwards

CRISIL LimitedSenior Manager - Customised Industry Research, from December 2010 to May 2012

Nomura Structured Financial ServicesVice President - Credit Research , from December 2008 to November 2010

Lehman Brothers Structured Financial Services AnalystCredit Research, from June 2006 to November 2008

Ambattur Clothing LimitedExecutive - October 2002 to March 2004

Experience:

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Funds Managed by Neelotpal Sahai.

HSBC Equity Fund Date of Inception : 10 Dec 02

Scheme Name & Benchmarks April 14 -March 15

April 13 -March 14

April 12 -March 13

SinceInception

HSBC Equity Fund - Growth

S&P BSE 200 (Scheme Benchmark)

CNX Nifty (Standard Benchmark)

10,000, if invested in HEF, would have become

10,000, if invested in S&P BSE 200, would have become

10,000, if invested in CNX Nifty, would have become

`

`

`

27.89% 16.82% 4.20% 24.66%

31.72% 16.65% 5.41% 19.74%

26.33% 17.53% 6.93% 18.38%

12,789 11,682 10,420 1,51,791

13,172 11,665 10,541 92,353

12,633 11,753 10,693 80,211

` ` ` `

` ` ` `

` ` ` `


HSBC Dynamic Fund

Date of Inception : 24 Feb 04

Date of Inception : 24 Sep 07

Scheme Name & Benchmarks


April 14 -March 15

April 14 -March 15

April 13 -March 14

April 13 -March 14

April 12 -March 13

April 12 -March 13

SinceInception

SinceInception

HSBC India Opportunities Fund - Growth



10,000, if invested in HIOF, would have become



`

`

`

HSBC Dynamic Fund - Growth



10,000, if invested in HDF, would have become



`

`

`

45.06% 27.93% 0.21% 18.38%

32.97% 16.44% 4.14% 15.39%

26.33% 17.53% 6.93% 14.87%

14,506 12,793 10,021 65,147

13,297 11,644 10,414 49,033

12,633 11,753 10,693 46,634

` ` ` `

` ` ` `

` ` ` `

23.22% 13.20% 1.59% 4.37%

31.72% 16.65% 5.41% 7.38%

26.33% 17.53% 6.93% 7.49%

12,322 11,320 10,159 13,796

13,172 11,665 10,541 17,086

12,633 11,753 10,693 17,218

` ` ` `

` ` ` `

` ` ` `

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


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


Data for the period April to March 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 equityschemes 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. Thereturns provided above have been rounded off and hence there may be minor differences between point-to-point returns vis-a-vis returns indicated above.

`

`


Funds Managed by - Anitha Rangan.

HSBC Emerging Markets Fund Date of Inception : 17 Mar 08


April 13 -March 14

April 12 -March 13

SinceInception

HSBC Emerging Markets Fund - Growth

MSCI Emerging Market Index (Scheme Benchmark)


10,000, if invested in HMEF, would have become

10,000, if invested in MSCI Emerging Market Index, would have become


`

`

`

4.55% 3.94% 4.55% 1.91%

7.64% 0.81% 1.77% 2.18%

26.33% 17.53% 6.93% 9.43%

10,455 10,394 10,455 11,426

10,764 10,081 10,177 11,641

12,633 11,753 10,693 18,866

` ` ` `

` ` ` `

` ` ` `


20

HSBC Brazil Fund

HSBC Asia Pacific (Ex Japan) DividendYield Fund

Date Of Inception : 06 May 11




April 14 -March 15

April 14 - March 15

April 13 -March 14

April 12 -March 13

SinceInception

Since Inception

HSBC Brazil Fund - Growth

MSCI Brazil 10/40 Index (Scheme Benchmark)


10,000, if invested in HBF, would have become

10,000, if invested in MSCI Brazil 10/40 Index, would have become


`

`

`

HSBC Asia Pacific (Ex Japan) Dividend Yield Fund - Growth

MSCI AC Asia Pacific ex Japan (Scheme Benchmark)


10,000, if invested in HAPDF, would have become

10,000, if invested in MSCI AC Asia Pacific ex Japan, would have become


`

`

`

-28.85% -11.37% -2.50% -11.87%

-29.37% -14.46% -14.53% -17.89%

26.33% 17.53% 6.93% 11.50%

7,115 8,863 9,750 6,104

7,063 8,554 8,547 4,630

12,633 11,753 10,693 15,300

` ` ` `

` ` ` `

` ` ` `

6.87% 5.08%

2.65% 5.43%

26.33% 33.51%

10,687 10,559

10,265 10,598

12,633 13,737

` `

` `

` `

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


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

`

`


Fund Managed by Gaurav Mehrotra and Amaresh Mishra.

HSBC Dividend Yield Equity Fund Date of Inception : 21 Mar 07


April 13 -March 14

April 12 -March 13

SinceInception

HSBC Dividend Yield Equity Fund - Growth



10,000, if invested in HUOF, would have become



`

`

`

33.35% 17.03% 4.82% 6.63%

31.72% 16.65% 5.41% 10.91%

26.33% 17.53% 6.93% 10.66%

13,335 11,703 10,482 16,751

13,172 11,665 10,541 22,981

12,633 11,753 10,693 22,568

` ` ` `

` ` ` `

` ` ` `


21

HSBC Tax Saver Equity Fund Date of Inception : 05 Jan 07


April 13 -March 14

April 12 -March 13

SinceInception

HSBC Tax Saver Equity Fund - Growth



10,000, if invested in HTSF, would have become



`

`

`

39.09% 22.52% 11.90% 12.70%

31.72% 16.65% 5.41% 9.59%

26.33% 17.53% 6.93% 9.62%

13,909 12,252 11,190 26,786

13,172 11,665 10,541 21,269

12,633 11,753 10,693 21,317

` ` ` `

` ` ` `

` ` ` `

Fund Managed by - Aditya Khemani.


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

`

`


Funds Managed by - Dhiraj Sachdev.

HSBC Progressive Themes Fund Date of Inception : 23 Feb 06


April 13 -March 14

April 12 -March 13

SinceInception

HSBC Progressive Themes Fund - Growth



10,000, if invested in HPTF, would have become



`

`

`

73.87% 4.65% -10.58% 7.26%

31.72% 16.65% 5.41% 11.82%

26.33% 17.53% 6.93% 11.85%

17,387 10,465 8,942 18,932

13,172 11,665 10,541 27,660

12,633 11,753 10,693 27,728

` ` ` `

` ` ` `

` ` ` `

HSBC Midcap Equity Fund Date of Inception : 19 May 05


April 13 -March 14

April 12 -March 13

SinceInception

HSBC Midcap Equity Fund - Growth

S&P BSE Midcap (Scheme Benchmark)


10,000, if invested in HMEF, would have become

10,000, if invested in S&P BSE Midcap, would have become


`

`

`

66.69% 28.40% -8.82% 14.31%

49.48% 13.86% -4.30% 12.72%

26.33% 17.53% 6.93% 15.83%

16,669 12,840 9,118 37,456

14,948 11,386 9,570 32,618

12,633 11,753 10,693 42,674

` ` ` `

` ` ` `

` ` ` `



22

HSBC MIP - Savings Plan (HMIP-S)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. Thesecondary objective of the scheme is to invest in equity and equity related instruments to seek capital appreciation.

23

FUND DETAILS

Date of Allotment

Benchmark

NAV (Growth)

(as on 30.04.15)

Average Maturity ofPortfolio

Modified Duration

of PortfolioFund Managers

SIPMinimum ApplicationAmountGrowthQuarterly DividendMonthly DividendSIP

per unit



Regular 2.32%Direct Plan 1.82%




Asset Allocation

Government Securities 41.25%

Equity 23.00%

Corporate/ PSU Debt 21.54%

Money Market Instruments 9.14%






(Yellow)

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�

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Regular Income over medium termInvestment in fixed income (debt and money marketinstruments) as well as equity and equity related securitiesMedium risk




FUND PORTFOLIO

Money Market Instruments

Corporate/ PSU Debt

EQUITY

Government Securities

Cash EquivalentsCBLO 1,105.48 5.69%Net Current Assets -115.91 -0.62%Total Net Assets as on 30-Apr-2015 19,434.83 100.00%

Certificate of Deposit

Corporate Bonds / Debentures

Equities

Indian Bank 933.85 4.81% Fitch A1+Canara Bank 842.21 4.33% CRISIL A1+

Rural Electrification Corporation 1,047.15 5.39% CARE AAAPower Grid Corporation of India 613.26 3.16% CRISIL AAARural Electrification Corporation 519.11 2.67% CRISIL AAAPower Finance Corporation 508.96 2.62% CRISIL AAALIC Housing Finance 506.61 2.61% CRISIL AAAPower Finance Corporation 498.61 2.57% CRISIL AAAPower Finance Corporation 229.12 1.18% CRISIL AAASmall Industries Development Bk of India 140.57 0.72% CARE AAAPower Finance Corporation 119.97 0.62% CRISIL AAA

ICICI Bank 305.49 1.57%Larsen & Toubro 269.16 1.38%Axis Bank 251.54 1.29%HDFC Bank 215.56 1.11%Maruti Suzuki India 206.78 1.06%Mcleod Russel India 198.30 1.02%Supreme Industries 195.86 1.01%ITC 169.23 0.87%IndusInd Bank 168.88 0.87%Tata Consultancy Services 167.53 0.86%Shree Cements 166.35 0.86%Amara Raja Batteries 163.76 0.84%Crompton Greaves 163.64 0.84%LIC Housing Finance 163.42 0.84%The Ramco Cements 135.14 0.70%Lupin 132.94 0.68%Tech Mahindra 124.27 0.64%The Federal Bank 123.52 0.64%IPCA Laboratories 120.07 0.62%Motherson Sumi Systems 109.77 0.56%Apollo Tyres 109.18 0.56%Glenmark Pharmaceuticals 106.84 0.55%Karur Vysya Bank 89.34 0.46%Arvind 88.94 0.46%CESC 87.66 0.45%Oil & Natural Gas Corp 83.60 0.43%MRF 73.33 0.38%Finolex Industries 71.58 0.37%Orient Refractories 65.20 0.34%The Jammu & Kashmir Bank 57.63 0.30%Dr. Reddy's Laboratories 46.34 0.24%Hindustan Dorr-Oliver 39.60 0.20%

8.24% GOVT OF INDIA RED 10-11-2033 1,959.41 10.08% SOVEREIGN8.60% GOVT OF INDIA RED 02-06-2028 1,809.16 9.31% SOVEREIGN8.15% GOVT OF INDIA RED 24-11-2026 933.85 4.81% SOVEREIGN8.28% GOVT OF INDIA RED 21-09-2027 808.18 4.16% SOVEREIGN8.35% GOVT OF INDIA RED 14-05-2022 741.90 3.82% SOVEREIGN8.17% GOVT OF INDIA RED 01-12-2044 571.92 2.94% SOVEREIGN7.95% GOVT OF INDIA RED 28-08-2032 401.80 2.07% SOVEREIGN8.12% GOVT OF INDIA RED 10-12-2020 303.23 1.56% SOVEREIGN8.40% GOVT OF INDIA RED 28-07-2024 263.88 1.36% SOVEREIGN8.30% GOVT OF INDIA RED 31-12-2042 177.77 0.91% SOVEREIGN9.20% GOVT OF INDIA RED 30-09-2030 44.32 0.23% SOVEREIGN

IssuerMarket Value

( in Lacs)`

% to NetAssets





`

HSBC MIP - Savings Plan - Monthly Dividend

HSBC MIP - Savings Plan - Monthly Dividend - Direct Plan

HSBC MIP - Savings Plan - Quarterly Dividend

HSBC MIP - Savings Plan - Quarterly Dividend - Direct Plan

25-Feb-15 0.05444 0.05049 13.988425-Mar-15 0.06533 0.06058 13.8271

27-Oct-14 0.05444 0.05049 13.791325-Mar-15 0.05444 0.05049 14.6599

27-Apr-15 0.06500 0.06022 13.6580

27-Apr-15 0.06500 0.06022 14.5084

25-Sep-14 0.17534 0.16792 13.309826-Dec-14 0.16332 0.15146 13.782925-Mar-15 0.20324 0.18848 13.9286

25-Sep-14 0.17534 0.16792 13.859526-Dec-14 0.16332 0.15146 14.379725-Mar-15 0.21050 0.19521 14.5619

Rating24-Feb-04

CRISIL MIP Blended Index

28.9247

116.80 months

65.21 months

Aditya Khemani(for Equity portion) Sanjay

Shah (for Debt portion)

Available

10,00010,00025,000

1,000 p.m.Nil

`

`

`

`

`

Rating Profile

Sovereign 41.25%

AAAand equivalents 30.68%

Equity 23.00%

Reverse Repos/ CBLOs 5.69%



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

HSBC MIP - Regular Plan (HMIP-R)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. Thesecondary objective of the scheme is to invest in equity and equity related instruments to seek capital appreciation.

24

FUND DETAILS

Date of Allotment

Benchmark

NAV (Growth)

(as on 30.04.15)


Modified Duration

of Portfolio

Fund Managers

SIP

Minimum ApplicationAmount

Growth

Quarterly Dividend

Monthly Dividend

SIP

Exit Load

per unit

@



Regular 2.29%

Direct Plan 1.79%

Regular 2.30%

Direct Plan 1.80%



Asset Allocation



Equity 13.09%






FUND PORTFOLIO


Corporate/ PSU Debt

EQUITY


Cash Equivalents

CBLO 570.46 5.88%





Equities

Canara Bank 495.42 5.11% CRISIL A1+

Indian Bank 466.92 4.81% Fitch A1+

Rural Electrification Corporation 519.11 5.35% CRISIL AAA

Power Finance Corporation 508.96 5.25% CRISIL AAA

LIC Housing Finance 506.61 5.22% CRISIL AAA

Rural Electrification Corporation 448.78 4.63% CARE AAA

Power Grid Corporation of India 408.84 4.21% CRISIL AAA


ICICI Bank 96.86 1.00%


Axis Bank 76.65 0.79%

Mcleod Russel India 66.87 0.69%

HDFC Bank 62.29 0.64%



Shree Cements 52.49 0.54%




ITC 51.57 0.53%


IPCA Laboratories 43.02 0.44%


The Federal Bank 39.42 0.41%


Arvind 38.12 0.39%

Crompton Greaves 33.74 0.35%



Orient Refractories 30.35 0.31%

MRF 27.50 0.28%

The Jammu & Kashmir Bank 26.89 0.28%

Oil & Natural Gas Corp 25.84 0.27%


CESC 21.92 0.23%

Hindustan Dorr-Oliver 11.88 0.12%

8.24% GOVT OF INDIA RED 10-11-2033 1,127.05 11.62% SOVEREIGN

8.35% GOVT OF INDIA RED 14-05-2022 603.75 6.22% SOVEREIGN










IssuerMarket Value

( in Lacs)`

% to NetAssets





`

HSBC MIP - Regular Plan - Monthly Dividend

HSBC MIP - Regular Plan - Monthly Dividend - Direct Plan

HSBC MIP - Regular Plan - Quarterly Dividend

25-Feb-15 0.05081 0.04712 12.179225-Mar-15 0.05807 0.05385 12.052127-Apr-15 0.05778 0.05353 11.9681

31-Jan-14 0.05065 0.04851 10.979128-Feb-14 0.05065 0.04851 11.0079

25-Sep-14 0.17534 0.16792 11.980926-Dec-14 0.16332 0.15146 12.331225-Mar-15 0.18147 0.16829 12.4116

Rating24-Feb-04

CRISIL MIP Blended Index

24.3139

119.36 months

64.79 months

Aditya Khemani

(for Equity portion) SanjayShah (for Debt portion)

Available

10,000

10,000

25,000

1,000 p.m.

Nil

`

`

`

`

`


(Yellow)

�

�

�

Regular Income over medium termInvestment in fixed income (debt and money marketinstruments) as well as equity and equity related securitiesMedium risk




Rating Profile

Sovereign 47.37%


Equity 13.09%




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

HSBC Income Fund - Investment Plan (HIF-IP)An Open Ended Income Scheme

Investment Objective: Aims to provide reasonable income through a diversified portfolio of fixed income securities. The AMC'sview of interest rate trends and the nature of the Plans will be reflected in the type and maturities of securities in which the ShortTerm and Investment Plans are invested.

25

FUND DETAILS

Date of Allotment

Benchmark



Modified Duration

of Portfolio

Yield To Maturity*

Fund Manager

SIP

Minimum

Application Amount

Exit Load

per unit

@







Asset Allocation





Securitised Debt 0.11%



* Based on invested Amount


(Blue)

�

�

�

Regular Income over long termInvestment in diversified portfolio of fixed income securitiesLow risk




FUND PORTFOLIO

Securitised Debt


Corporate/ PSU Debt


Cash Equivalents

CBLO 432.55 4.05%



Investments - Asset Back Security



India MBS 2002 Series I 11.68 0.11% CRISIL AAA (SO)

Indian Bank 466.92 4.38% Fitch A1+


Export Import Bank of India 542.25 5.08% CRISIL AAA

Rural Electrification Corporation 519.11 4.87% CRISIL AAA

National Bk for Agriculture & Rural Dev 500.89 4.69% CRISIL AAA

Rural Electrification Corporation 498.64 4.67% CARE AAA















IssuerMarket Value

( in Lacs)`

% to NetAssets

Rating10-Dec-02

CRISIL Composite BondFund Index

23.7501

137.77 months

76.54 months

7.99%

Sanjay Shah

Available

10,000

1,000 p.m.(SIP)

Nil

`

`

`

Rating Profile

Sovereign 69.17%



Net CurrentAssets -0.59%Dividend DeclarationRecord Date / periodof dividend declared




`

HSBC Income Fund - Investment Plan - Regular Option - Quarterly Dividend

HSBC Income Fund - Investment Plan - Institutional Option - Quarterly Dividend

25-Sep-14 0.15585 0.14926 11.0481

26-Dec-14 0.14517 0.13463 11.4391

25-Mar-15 0.17421 0.16155 11.5709

12-Jun-09 0.11387 0.10598 11.0294

11-Sep-09 0.11387 0.10598 10.9960

11-Dec-09 0.11387 0.10598 11.0973


HSBC Income Fund - Short Term Plan (HIF-STP)An Open Ended Income Scheme

Investment Objective: Aims to provide reasonable income through a diversified portfolio of fixed income securities. The AMC’sview of interest rate trends and the nature of the Plans will be reflected in the type and maturities of securities in which the ShortTerm and Investment Plans are invested.

26

FUND DETAILS

Date of Allotment

Benchmark

NAV (Growth)

(as on 30.04.15)


Modified Duration

of Portfolio

Yield To Maturity*

Fund Managers

SIP

Minimum

Application Amount

Exit Load

per unit

@



Regular 1.25%Institutional # 0.70%Institutional Plus # 0.60%Direct Plan 0.30%

Regular 1.25%

Direct Plan 0.30%



Institutional # 0.70%Institutional Plus # 0.60%

Asset Allocation

Corporate/ PSU Debt 54.61%Money Market Instruments 31.86%Government Securities 11.32%Net CurrentAssets 1.24%Cash Equivalents 0.97%



# Plan(s) discontinued from accepting subscriptions w.e.f.November 01, 2012


(Blue)

�

�

�

Regular Income over Medium termInvestment in diversified portfolio of fixed income securitiesLow risk




FUND PORTFOLIO


Corporate/ PSU Debt


Cash EquivalentsCBLO 1,489.78 0.97%Net Current Assets 1,910.95 1.24%Total Net Assets as on 30-Apr-2015 1,53,713.22 100.00%


Commercial Paper


Canara Bank 4,954.15 3.22% CRISIL A1+State Bank of Bikaner & Jaipur 4,940.66 3.21% CRISIL A1+ING Vysya Bank 4,765.19 3.10% CRISIL A1+IndusInd Bank 2,472.71 1.61% CRISIL A1+Oriental Bank of Commerce 2,469.76 1.61% CRISIL A1+State Bank of Bikaner & Jaipur 2,469.73 1.61% CARE A1+Andhra Bank 2,334.53 1.52% CARE A1+Corporation Bank 2,332.61 1.52% CRISIL A1+Bank of Maharashtra 2,332.49 1.52% CRISIL A1+Canara Bank 2,330.90 1.52% CRISIL A1+Punjab & Sind Bank 2,327.65 1.51% CARE A1+Andhra Bank 1,868.82 1.22% CARE A1+IDBI Bank 703.03 0.46% CRISIL A1+Corporation Bank 219.49 0.14% CRISIL A1+Yes Bank 99.72 0.06% [ICRA]A1+

Kotak Mahindra Investments 4,067.12 2.65% CRISIL A1+Edelweiss Financial Services 3,273.57 2.13% CRISIL A1+National Fertilizers 2,488.77 1.62% CRISIL A1+Fullerton India Credit Co 2,415.41 1.57% [ICRA]A1+SREI Equipment Finance 98.84 0.06% [ICRA]A1+

Shriram Transport Finance Company 6,573.89 4.28% CRISIL AAPower Finance Corporation 5,070.84 3.30% CRISIL AAATata Capital Financial Services 5,000.25 3.25% CRISIL AA+National Bk for Agriculture & Rural Dev 4,997.80 3.25% CRISIL AAAPower Finance Corporation 4,071.67 2.65% CRISIL AAARural Electrification Corporation 4,070.85 2.65% CRISIL AAAKotak Mahindra Prime 3,522.75 2.29% [ICRA]AAARural Electrification Corporation 3,114.68 2.03% CRISIL AAARural Electrification Corporation 2,991.87 1.95% CARE AAAHousing Development Finance Corp 2,580.13 1.68% CRISIL AAAPower Grid Corporation of India 2,555.25 1.66% CRISIL AAASRF 2,535.76 1.65% Fitch AABajaj Finance 2,533.08 1.65% CRISIL AA+Kotak Mahindra Prime 2,525.30 1.64% [ICRA]AAAKotak Mahindra Prime 2,512.68 1.63% [ICRA]AAATata Capital Financial Services 2,509.57 1.63% CRISIL AA+Power Finance Corporation 2,509.40 1.63% CRISIL AAALIC Housing Finance 2,502.65 1.63% CARE AAATata Capital Financial Services 2,501.71 1.63% CRISIL AA+HDFC 2,035.90 1.32% CRISIL AAATata Sons 2,027.56 1.32% CRISIL AAALIC Housing Finance 1,528.97 0.99% CRISIL AAAKotak Mahindra Prime 1,527.35 0.99% [ICRA]AAAHousing Development Finance Corp 1,020.75 0.66% CRISIL AAALIC Housing Finance 1,020.15 0.66% CRISIL AAAShriram Transport Finance Company 1,019.41 0.66% CRISIL AALIC Housing Finance 1,019.10 0.66% CRISIL AAALIC Housing Finance 1,015.26 0.66% CARE AAAPower Grid Corporation of India 1,011.29 0.66% CRISIL AAAPower Finance Corporation 997.21 0.65% CRISIL AAAPower Grid Corporation of India 992.22 0.65% CRISIL AAANabha Power 508.74 0.33% [ICRA]AAALIC Housing Finance 506.74 0.33% CRISIL AAAPower Grid Corporation of India 504.38 0.33% CRISIL AAAPower Finance Corporation 503.52 0.33% CRISIL AAAHousing Development Finance Corp 503.49 0.33% CRISIL AAANational Bk for Agriculture & Rural Dev 360.75 0.23% CRISIL AAAPower Finance Corporation 300.00 0.20% CRISIL AAAShriram Transport Finance Company 275.90 0.18% CRISIL AARural Electrification Corporation 171.19 0.11% CRISIL AAALIC Housing Finance 140.11 0.09% CRISIL AAAExport Import Bank of India 120.07 0.08% CRISIL AAAHousing Development Finance Corp 91.21 0.06% CRISIL AAARural Electrification Corporation 71.71 0.05% CRISIL AAA

8.35% GOVT OF INDIA RED 14-05-2022 4,604.90 3.00% SOVEREIGN8.12% GOVT OF INDIA RED 10-12-2020 4,043.03 2.63% SOVEREIGN7.16% GOVT OF INDIA RED 20-05-2023 3,347.20 2.18% SOVEREIGN8.15% GOVT OF INDIA RED 24-11-2026 3,061.80 1.99% SOVEREIGN8.27% GOVT OF INDIA RED- 09-06-2020 2,337.30 1.52% SOVEREIGN

IssuerMarket Value

( in Lacs)`

% to NetAssets

Rating10-Dec-02

CRISIL Short Term BondFund Index

23.2542

30.79 months

23.44 months

8.45%

Sanjay Shah &

Piyush Harlalka

Available

10,000

1,000 p.m.(SIP)

Nil

`

`

`

Rating Profile

Sovereign 11.32%AAAand equivalents 71.54%AA+/AA-/AAand equivalents 14.93%Reverse Repos/ CBLOs 0.97%Net CurrentAssets 1.24%





`

HSBC Income Fund - Short Term Plan - Regular Option - Monthly Dividend

HSBC Income Fund - Short Term Plan - Monthly Dividend - Direct Plan

HSBC Income Fund - Short Term Plan - Institutional Option - Monthly Dividend

HSBC Income Fund - Short Term Plan - Institutional Plus Option - Monthly Dividend

25-Feb-15 0.05062 0.04694 11.206225-Mar-15 0.05022 0.04657 11.1906

25-Feb-15 0.05700 0.05286 11.258125-Mar-15 0.05634 0.05225 11.2421

25-Feb-15 0.05825 0.05402 12.053925-Mar-15 0.05778 0.05358 12.0370

27-Apr-15 0.06947 0.06436 11.2210

27-Apr-15 0.07670 0.07107 11.2741

27-Apr-15 0.07902 0.07321 12.0705

30-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 Floating Rate Fund - Long Term Plan (HFRF-LTP)An Open Ended Income Scheme

Investment Objective: Seeks to generate a reasonable return with commensurate risk through investments in floating rate debtinstruments and fixed rate debt instruments swapped for floating rate returns. The Scheme may also invest in fixed rate moneymarket and debt instruments.

27

FUND DETAILS

Date of Allotment

Benchmark



Modified Duration ofPortfolio

Yield To Maturity*

Fund Managers

SIP

Minimum

Application Amount

Sub Options

Exit Load

per unit

@



Regular 1.30%

Institutional 0.75%

Direct Plan 0.20%

Regular 1.30%

Direct Plan 0.20%

#

#


Excludes service tax on Investment Management fees of 0.02%on Regular #, Institutional and 0.02% on Direct Plan of Total NetAssets.

Institutional 0.75%

Asset Allocation

Money Market Instruments 98.72%Cash Equivalents 1.55%Net CurrentAssets -0.27%



# Plan(s) discontinued from accepting subscriptions

w.e.f. November 01, 2012


(Blue)

�

�

�

Liquidity over short termInvestment in floating rate and fixed rate Debt and MoneyMarket InstrumentsLow risk




FUND PORTFOLIO


Cash Equivalents

CBLO 95.68 1.55%




Commercial Paper

UCO Bank 698.88 11.32% CRISIL A1+

Punjab & Sind Bank 698.30 11.31% CARE A1+


Union Bank of India 595.65 9.65% CRISIL A1+

Corporation Bank 559.54 9.06% CRISIL A1+

IDBI Bank 234.34 3.80% CRISIL A1+

SREI Equipment Finance 798.54 12.94% [ICRA]A1+

Kotak Mahindra Investments 774.69 12.55% CRISIL A1+

Kalpataru Power Transmission 594.78 9.64% CARE A1+

BILT Graphics Paper Products 495.18 8.02% Fitch A1+

IssuerMarket Value

( in Lacs)`

% to NetAssets

Rating16-Nov-04

CRISIL Liquid Fund Index

21.9230

4.85 months

4.47 months

8.62%

Kapil Punjabi &

Piyush Harlalka

Available

10,000

1,000 p.m.(SIP)

Growth, Daily Dividend,Reinvestment Weekly

Dividend, Reinvestment,Monthly Dividend (Payout &

Reinvestment)

Nil

`

`

`

Rating Profile

AAAand equivalents 98.72%Reverse Repos/ CBLOs 1.55%Net CurrentAssets -0.27%





`

HSBC Floating Rate Fund - Long Term Plan - Regular Option - Monthly Dividend

HSBC Floating Rate Fund - Long Term Plan - Monthly Dividend - Direct Plan

HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Monthly Dividend

25-Feb-15 0.04322 0.04008 10.0596

25-Mar-15 0.04051 0.03757 10.0558

25-Feb-15 0.04963 0.04602 10.0691

25-Mar-15 0.04664 0.04326 10.0650

27-Apr-15 0.05836 0.05407 10.0808

27-Apr-15 0.06226 0.05768 10.0915

25-Apr-14 0.05133 0.04916 10.5356

25-Aug-14 0.06294 0.06028 10.7639

25-Sep-14 0.17600 0.16856 10.7615


HSBC Cash Fund (HCF)An Open Ended Liquid Scheme

Investment 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.

28

FUND DETAILS

Date of Allotment

Benchmark

NAV (Growth)

(as on 30.04.15)


Modified Duration

of Portfolio

Yield To Maturity*

Fund Managers

SIP

Minimum

Application Amount

Sub Options

Exit Load

per unit

@

Asset Allocation

Money Market Instruments 89.20%Fixed Deposit 6.60%Treasury Bill 5.45%Cash Equivalents 0.92%Net CurrentAssets -2.17%






(Blue)

�

�

�

Overnight Liquidity over short termInvests in Money Market InstrumentsLow risk




FUND PORTFOLIO


Commercial Paper

Fixed Deposit

CBLO 2,100.09 0.92%

Net Current Assets -4,996.21 -2.17%

Total Net Assets as on 30-Apr-2015 2,27,275.48 100.00%


Fixed Deposit

Treasury Bill

Bank of Baroda 12,393.53 5.45% [ICRA]A1+

Oriental Bank of Commerce 9,928.16 4.37% CRISIL A1+

Dena Bank 9,878.33 4.35% CRISIL A1+

Dena Bank 7,462.17 3.28% CRISIL A1+

IDBI Bank 7,444.73 3.28% CRISIL A1+

Canara Bank 4,972.77 2.19% CRISIL A1+

State Bank of Hyderabad 4,972.12 2.19% [ICRA]A1+

Punjab National Bank 4,964.21 2.18% CARE A1+

Canara Bank 4,962.85 2.18% CRISIL A1+

Union Bank of India 4,956.84 2.18% CRISIL A1+




The South Indian Bank 2,480.80 1.09% CARE A1+

State Bank of Hyderabad 2,479.89 1.09% [ICRA]A1+

The South Indian Bank 2,479.11 1.09% CARE A1+

Corporation Bank 2,477.15 1.09% CRISIL A1+



IndusInd Bank 2,472.71 1.09% CRISIL A1+


State Bank of Bikaner & Jaipur 2,469.73 1.09% CARE A1+

IndusInd Bank 498.79 0.22% CRISIL A1+

SREI Equipment Finance 9,981.69 4.39% [ICRA]A1+

Edelweiss Financial Services 9,911.11 4.36% CRISIL A1+

India Infoline Finance 7,972.09 3.51% [ICRA]A1+

L&T Infrastructure Finance Co 7,452.30 3.28% CARE A1+

JK TYRES & INDUSTRIES 7,440.40 3.27% CARE A1+

Kalpataru Power Transmission 7,434.81 3.27% CARE A1+

BILT Graphics Paper Products 6,932.57 3.05% Fitch A1+

BILT Graphics Paper Products 4,961.80 2.18% Fitch A1+

Aditya Birla Finance 4,956.67 2.18% [ICRA]A1+

Reliance Infrastructure 4,951.95 2.18% Fitch A1+

Magma Fincorp @ 4,936.92 2.17% CARE A1+

Magma Fincorp 4,936.87 2.17% CARE A1+

India Infoline Finance 3,958.79 1.74% [ICRA]A1+

National Fertilizers 2,488.77 1.10% CRISIL A1+

Tata Capital Housing Finance 2,483.01 1.09% CRISIL A1+

Family Credit 2,480.60 1.09% CARE A1+

Reliance Capital 2,480.18 1.09% CARE A1+

SREI Equipment Finance . 2,372.20 1.04% [ICRA]A1+

Syndicate Bank 5,000.00 2.20% Fixed Deposit

Punjab & Sind Bank 5,000.00 2.20% Fixed Deposit

Indian Overseas Bank 5,000.00 2.20% Fixed Deposit

91 DAYS TREASURY BILL RED 04-06-2015 4,964.48 2.18% SOVEREIGN



Cash Equivalents

IssuerMarket Value

( in Lacs)`

% to NetAssets

Rating04-Dec-02

CRISIL Liquid Fund Index

1404.3687

1.23 months

1.13 months

8.37%

Kapil Punjabi

Available

10,000

1,000 p.m.(SIP)

Growth, Daily Dividend,Reinvestment

Weekly Dividend,Reinvestment,

Monthly Dividend (Payout &Reinvestment)

Nil

`

`

`

Rating Profile

AAAand equivalents 89.20%Fixed Deposit 6.60%

Reverse Repos/ CBLOs 0.92%Net CurrentAssets -2.17%

Sovereign 5.45% Dividend DeclarationRecord Date / periodof dividend declared




`

HSBC Cash Fund - Institutional Option - Monthly Dividend

HSBC Cash Fund - Monthly Dividend - Direct Plan

HSBC Cash Fund - Institutional Plus Option - Monthly Dividend

25-Feb-15 4.79882 4.45026 1006.6677

25-Mar-15 4.63369 4.29712 1006.4402

25-Feb-15 4.85660 4.50384 1006.6945

25-Mar-15 4.68040 4.34044 1006.4517

27-Apr-15 5.90146 5.46759 1008.2273

27-Apr-15 5.76411 5.34034 1008.2196

26-Aug-11 0.04886 0.04686 10.1383

29-Sep-11 0.05876 0.05636 10.1509

28-Oct-11 0.05244 0.05030 10.1428

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.`



Regular 1.00%Institutional 0.35%Institutional Plus 0.06%Direct Plan 0.01%

Regular 1.00%

Direct Plan 0.01%

#

#

#

#

Currently there is no Service Tax levied due to nil InvestmentManagement Fees being charged.

Currently there is no Service Tax levied due to nil InvestmentManagement Fees being charged.

Institutional 0.35%Institutional Plus 0.06%

HSBC Gilt Fund (HGF)An Open Ended Gilt Scheme

Investment Objective: Aims to generate reasonable returns through investments in Government Securities of variousmaturities. The AMC's view of interest rate trends and the nature of the plans will be reflected in the maturities of securities inwhich the Plans are invested.

29

FUND DETAILS

Date of Allotment

Benchmark



Modified Durationof Portfolio

Yield To Maturity*

Fund Managers

SIP

Minimum

Application Amount

Exit Load

per unit

@

Asset Allocation







(Blue)

�

�

�

Regular Income over long termInvestment in Government SecuritiesLow risk




FUND PORTFOLIO


Cash Equivalents

CBLO 32.53 9.63%


Total Net Assets as on 30-Apr-2015 337.68 100.00%









IssuerMarket Value

( in Lacs)`

% to NetAssets

Rating05-Dec-03

I-Sec Composite Index

17.9234

190.40 months

93.71 months

7.87%

Sanjay Shah

Available

10,000

1,000 p.m.(SIP)

Nil

`

`

`

Rating Profile

SOVEREIGN 90.65%







`

HSBC Gilt Fund - Monthly Dividend

31-Oct-08 0.06136 0.05711 10.8077

28-Nov-08 0.04193 0.03903 10.7855

26-Dec-08 0.03400 0.03164 10.7764




Regular 1.00%

Direct Plan 0.50%

Regular 1.00%

Direct Plan 0.50%



HSBC Ultra Short Term Bond Fund (HUSBF)An Open Ended Debt Scheme

Investment Objective: Seeks to provide liquidity and reasonable returns by investing primarily in a mix of short term debt andmoney market instruments.

30

FUND DETAILS

Date of AllotmentBenchmark

NAV (Growth)(as on 30.04.15)Average Maturity ofPortfolioModified Durationof PortfolioYield To Maturity*Fund Managers

SIPMinimum ApplicationAmountSub Options

Exit Load

per unit

@

Asset Allocation






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


# Plan(s) discontinued from accepting subscriptions w.e.f.November 01, 2012


(Blue)

�

�

�

Liquidity over short termInvestment in Debt / Money Market InstrumentsLow risk




FUND PORTFOLIO


Corporate/ PSU Debt

Cash Equivalents

CBLO 2,928.05 12.97%




Commercial Paper


Union Bank of India 1,886.23 8.36% CRISIL A1+


UCO Bank 1,630.72 7.22% CRISIL A1+

Punjab & Sind Bank 1,629.36 7.22% CARE A1+


Andhra Bank 467.21 2.07% CARE A1+

Kalpataru Power Transmission 1,883.49 8.34% CARE A1+

SREI Equipment Finance 1,696.89 7.52% [ICRA]A1+

Edelweiss Financial Services 1,686.39 7.47% CRISIL A1+

Fullerton India Credit Co 483.08 2.14% [ICRA]A1+

Housing Development Finance Corp 1,014.35 4.49% CRISIL AAA

Kotak Mahindra Prime 1,006.50 4.46% [ICRA]AAA

Tata Capital Financial Services 999.73 4.43% CRISIL AA+

Shriram Transport Finance Company 510.92 2.26% CRISIL AA

Bajaj Finance 508.59 2.25% [ICRA]AA+

Tata Sons 506.89 2.25% CRISIL AAA

LIC Housing Finance 506.74 2.24% CRISIL AAA

Kotak Mahindra Prime 505.06 2.24% [ICRA]AAA

Shriram Transport Finance Company 61.04 0.27% CRISIL AA

IssuerMarket Value

( in Lacs)`

% to NetAssets

Rating17-Oct-06

CustomisedBenchmark Index**

12.4621

7.85 months

7.00 months8.48%

Piyush Harlalka & KapilPunjabi

Available10,000

1,000 p.m.(SIP)Growth, Daily Dividend,

ReinvestmentWeekly Dividend,

ReinvestmentMonthly Dividend (Payout &

Reinvestment)Nil

`

`

`

Rating Profile




AA+/AA-/AAand equivalents 9.21%





`

HSBC Ultra Short Term Bond Fund - Institutional Option - Monthly Dividend

HSBC Ultra Short Term Bond Fund - Monthly Dividend - Direct Plan

HSBC Ultra Short Term Bond Fund - Institutional Plus Option - Monthly Dividend

25-Feb-15 0.04125 0.03826 10.1836

25-Mar-15 0.04319 0.04006 10.1863

27-Apr-15 0.06299 0.05836 10.2140

25-Jun-14 0.15218 0.14575 10.1953

28-Jan-11 0.04829 0.04501 10.3821

25-Feb-11 0.04125 0.03845 10.3741

25-Mar-11 0.05214 0.04859 10.3865




Regular 1.30%

Institutional 1.00%

Institutional Plus 0.25%

Direct Plan 0.20%

Regular 1.30%

Institutional 1.00%

Institutional Plus 0.25%

Direct Plan 0.20%

#

#

#

#


Excludes service tax on Investment Management fees of 0.02%on Regular #, Direct and 0.02% on Institutional Plus # of Total NetAssets.

HSBC Flexi Debt Fund (HFDF)An Open Ended Debt Scheme

Investment 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 investment in debt and moneymarket instruments.

31

FUND DETAILS

Date of Allotment

Benchmark



Modified Duration

of Portfolio

Yield To Maturity*

Fund Manager

SIP

Minimum

Application Amount

Exit Load

per unit

@

Asset Allocation










FUND PORTFOLIO


Corporate/ PSU Debt


Cash Equivalents

CBLO 2,128.10 3.80%





Indian Bank 2,801.54 5.00% Fitch A1+


Rural Electrification Corporation 4,986.45 8.90% CARE AAA

National Bk for Agriculture & Rural Dev 2,003.56 3.58% CRISIL AAA

Power Finance Corporation 1,197.65 2.14% CRISIL AAA
















8.27% GOVT OF INDIA RED- 09-06-2020 203.24 0.36% SOVEREIGN

IssuerMarket Value

( in Lacs)`

% to NetAssets

Rating05-Oct-07

CRISIL Composite BondFund Index

19.2562

148.41 months

81.12 months

7.97%

Sanjay Shah

Available

10,000

1,000 p.m.(SIP)

Nil

`

`

`

Rating Profile

SOVEREIGN 74.48%








`

HSBC Flexi Debt Fund - Regular Option - Monthly Dividend

HSBC Flexi Debt Fund - Institutional Option - Monthly Dividend

HSBC Flexi Debt Fund - Monthly Dividend - Direct Plan

HSBC Flexi Debt Fund - Regular Option - Quarterly Dividend

HSBC Flexi Debt Fund - Institutional Option - Quarterly Dividend

HSBC Flexi Debt Fund - Quarterly Dividend - Direct Plan

HSBC Flexi Debt Fund - Regular Option - Half Yearly Dividend

HSBC Flexi Debt Fund - Institutional Option - Half-yearly Dividend

HSBC Flexi Debt Fund - Half-yearly Dividend - Direct Plan

26-Apr-13 0.05836 0.04973 10.4949

31-May-13 0.11214 0.10740 10.6718

28-Jun-13 0.03263 0.03125 10.4175

27-Apr-15 0.01724 0.01597 10.6092

27-Apr-15 0.02708 0.02509 10.7518

25-Sep-14 0.17534 0.16792 11.6755

26-Dec-14 0.16332 0.15146 12.0792

25-Mar-15 0.18147 0.16829 12.2052

25-Sep-14 0.17534 0.16792 11.6190

26-Dec-14 0.16332 0.15146 12.0271

25-Mar-15 0.18147 0.16829 12.1590

25-Sep-14 0.17534 0.16792 11.7964

26-Dec-14 0.16332 0.15146 12.2374

25-Mar-15 0.18147 0.16829 12.3982

14-Sep-12 0.35236 0.30201 11.4315

15-Mar-13 0.35236 0.30201 11.6629

25-Mar-15 0.37019 0.34330 12.5368

15-Mar-13 0.35236 0.30201 10.9757

25-Sep-14 0.31171 0.29853 11.2593

25-Mar-15 0.34842 0.32311 11.8530

27-Jan-15 0.21014 0.19488 10.8749

25-Feb-15 0.03739 0.03467 10.6368

27-Jan-15 0.21790 0.20207 11.0144

25-Feb-15 0.04250 0.03941 10.7726



(Blue)

�

�

�

Regular Income over long termInvestment in Debt / Money Market InstrumentsLow risk






Regular # 1.85%Institutional 1.60%

Regular # 1.85%Institutional 1.60%Direct Plan 0.85%

Direct Plan 0.85%


Excludes service tax on Investment Management fees of0.07% on Regular Plan and 0.07% on Direct Plan of Total NetAssets.

32

HSBC MIP - Savings & Regular Plan


HSBC Income Fund - Short Term Plan

HSBC Floating Rate Fund Long Term Plan

HSBC Cash Fund

HSBC Gilt Fund

HSBC Ultra Short Term Bond Fund


For Debt portion: Sanjay Shah (from 14 August 2009) & ForEquity portion: Aditya Khemani (from 24 February 2009)

Sanjay Shah (from 09 January 2009)

Sanjay Shah (from 09 January 2009) & Piyush Harlalka (from 18 October 2014)

Kapil Punjabi & Piyush Harlalka (from 18 October 2014)

Kapil Punjabi (from 14 March 2014)


Piyush Harlalka & Kapil Punjabi (from 18 October 2014)


Name of Scheme Fund Manager

Fund Manager’s Experience

Sanjay ShahSenior Vice President Head - Fixed IncomeB. Com, A.C.A., Post Graduate Diploma in Management

Experience:

Over 15 years of experience in research and risk

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.

FIL Fund Management Private Ltd

Credit Analyst from September 2008 to December 2008

Lehman Brothers Structured Financial Services Private LtdVice President, Convertible Products from September 2006 to September 2008

Rabo India Finance Private LtdSenior Manager – Credit Risk from July 2004 to September 2006

ICICI Bank LtdManager, Credit Risk from January 2003 to June 2004

SBI Funds Management Private LtdChief Manager, Debt Funds from June 1999 to January 2003

�

�

�

�

�

�

Kapil Punjabi

Vice President & Fund Manager - Fixed Income

B.M.S, M.M.S (Mumbai University)

Experience:

Over 8 years of experience in research and Fund Management

HSBC Asset Management (India) Private Ltd.Vice President & Fund Manager - Fixed Income from March 04, 2014 onwards.

Taurus Asset Management Company LimitedFund Manager Fixed Income from June 07, 2012 to February 27, 2014.

Edelweiss Asset Management LimitedFund Manager Fixed Income from December 05, 2009 to June 06, 2012.

Edelweiss Securities LimitedManager - Investments from October 2007 to November 2009

Trans Market Group Research (India) Private LimitedResearch Analyst and Proprietary Trader from May 2006 to October 2007.

�

�

�

�

�

Piyush Harlalka

Vice President & Fund Manager - Fixed Income

M.B.A, (Finance), C.A., C.S.

Over 8 years of experience in Research

HSBC Asset Management (India) Private LtdVice President & Fund Manager - Fixed Income from October 2014 to presentVice President - Fixed Income from April 2012 to October 2014;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.

Batlivala & Karanai Securities Pvt. Ltd.,Research Analyst from April 2006 to June 2007

Experience:

�

�

Fund Managers - MIP & Debt

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

Funds Managed by - Sanjay Shah.

HSBC MIP - Regular Plan

HSBC MIP - Savings Plan

HSBC Gilt Fund



Date of Inception : 05 Dec 03




April 14 -March 15

April 14 -March 15

April 14 -March 15

April 13 -March 14

April 13 -March 14

April 13 -March 14

April 12 -March 13

April 12 -March 13

April 12 -March 13

SinceInception

SinceInception

SinceInception

HSBC MIP - Regular Plan - Growth

Crisil MIP Blended Index (Scheme Benchmark)

Crisil 1 Year T-Bill Index (Standard Benchmark)

Crisil 10 Year Gilt Index (Standard Benchmark)

10,000, if invested in HMIP - R, would have become

10,000, if invested in Crisil MIP Blended Index, would have become

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

10,000, if invested in Crisil 10 Year Gilt Index, would have become

`

`

`

`

HSBC MIP - Savings Plan - Growth

Crisil MIP Blended Index (Scheme Benchmark)



10,000, if invested in HMIP - S, would have become

10,000, if invested in Crisil MIP Blended Index, would have become



`

`

`

`

HSBC Gilt Fund - Growth

I-Sec Composite Bond Fund Index (Scheme Benchmark)


10,000, if invested in HGF, would have become

10,000, if invested in I-Sec Composite Bond Fund Index, would have become


`

`

`

15.60% 6.60% 10.07% 8.36%

16.42% 6.42% 9.09% 7.93%

8.74% 5.78% 8.37% 5.74%

14.58% -0.79% 11.31% 5.10%

11,560 10,660 11,007 24,387

11,642 10,642 10,909 23,346

10,874 10,578 10,837 18,585

11,458 9,921 11,131 17,381

` ` ` `

` ` ` `

` ` ` `

` ` ` `

18.57% 8.99% 10.74% 10.10%

16.42% 6.42% 9.09% 7.93%

8.74% 5.78% 8.37% 5.74%

14.58% -0.79% 11.31% 5.10%

11,857 10,899 11,074 29,112

11,642 10,642 10,909 23,346

10,874 10,578 10,837 18,585

11,458 9,921 11,131 17,381

` ` ` `

` ` ` `

` ` ` `

` ` ` `

16.35% 1.99% 12.37% 5.31%

15.68% 3.95% 11.71% 7.27%

14.58% -0.79% 11.31% 5.08%

11,635 10,199 11,237 17,970

11,568 10,395 11,171 22,146

11,458 9,921 11,131 17,524

` ` ` `

` ` ` `

` ` ` `




Data for the period April to March has been considered in all cases, except for ‘Since Inception’ returns. ‘Since Inception’ (%) returns arecompounded 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 thespecific time period, invested at the start of the period. The returns provided above have been rounded off and hence there may be minordifferences between point-to-point returns vis-a-vis returns indicated above.

`

`

Comparative Performance of Debt Schemes

33

Funds Managed by - Piyush Harlalka & Kapil Punjabi.

HSBC Ultra Short Term Bond Fund$ Date of Inception : 17 Oct 06


April 13 -March 14

SinceInception

HSBC Ultra Short Term Bond Fund - Growth

Customised Benchmark Index Fund (Scheme Benchmark)*


10,000, if invested in HUSTBF, would have become

10,000, if invested in Customised Benchmark Index, would have become


`

`

`

9.04% 9.04% 8.96%

9.11% 8.60% 9.01%

8.74% 5.78% 7.45%

10,904 10,904 21,584

10,911 10,860 21,676

10,874 10,578 19,042

` ` `

` ` `

` ` `


*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 singleplan structure. Since there was no continuous NAV history available for the surviving Plan prior to 1 October 2012, returns since the said datehave been considered for calculating performance. The inception date of HSBC Ultra Short Term Bond Fund however is 17 October 2006.


`

`




Date of Inception: 05 Oct 07



April 14 -March 15

April 14 -March 15

April 13 -March 14

April 13 -March 14

April 12 -March 13

April 12 -March 13

SinceInception

SinceInception

HSBC Income Fund - Investment Plan - Growth

Crisil Composite Bond Fund Index (Scheme Benchmark)


10,000, if invested in HIF - IP, would have become

10,000, if invested in Crisil Composite Bond Fund Index, would have become


`

`

`

HSBC Flexi Debt Fund - Growth

Crisil Composite Bond Fund Index (Scheme Benchmark)


10,000, if invested in HFDF, would have become

10,000, if invested in Crisil Composite Bond Fund Index, would have become


`

`

`

14.88% 1.85% 11.19% 7.30%

14.60% 4.34% 9.27% 6.42%

14.58% -0.79% 11.31% 5.78%

11,488 10,185 11,119 23,801

11,460 10,434 10,927 21,505

11,458 9,921 11,131 19,971

` ` ` `

` ` ` `

` ` ` `

14.56% 3.69% 11.26% 9.18%

14.60% 4.34% 9.27% 7.58%

14.58% -0.79% 11.31% 6.66%

11,456 10,369 11,126 19,314

11,460 10,434 10,927 17,294

11,458 9,921 11,131 16,210

` ` ` `

` ` ` `

` ` ` `




34

Fund Managed by - Kapil Punjabi.

HSBC Cash Fund@ Date of Inception: 04 Dec 02


April 13 -March 14

SinceInception

HSBC Cash Fund - Growth

Crisil Liquid Fund Index (SchemeBenchmark)

Crisil 91 Day T-Bill Index (StandardBenchmark)

`

`

`

10,000, if invested in HCF, would havebecome

10,000, if invested in Crisil Liquid FundIndex, would have become

10,000, if invested in Crisil 91 Day T-BillIndex, would have become

HSBC FRF - LTP - Regular Plan

HSBC Income Fund - STP

Date of Inception : 16 Nov 04




April 14 -March 15

April 14 -March 15

April 13 -March 14

April 13 -March 14

April 12 -March 13

April 12 -March 13

SinceInception

SinceInception

HSBC FRF - LTP - Growth

Crisil Liquid Fund Index (Scheme Benchmark)


10,000, if invested HFRF - LTP, would have become

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


`

`

`

HSBC Income Fund - S T P - Growth

Crisil Short Term Bond Fund Index (Scheme Benchmark)


10,000, if invested in HIF -ST, would have become

10,000, if invested in Crisil Short Term Bond Fund Index, would have become


`

`

`

8.73% 9.21% 9.17% 7.78%

8.97% 9.46% 8.22% 7.15%

8.74% 5.78% 8.37% 5.96%

10,873 10,921 10,917 21,761

10,897 10,946 10,822 20,485

10,874 10,578 10,837 18,243

` ` ` `

` ` ` `

` ` ` `

9.95% 7.23% 9.26% 7.05%

10.33% 8.79% 9.09% 6.93%

8.74% 5.78% 8.37% 5.70%

10,995 10,723 10,926 23,138

11,033 10,879 10,909 22,828

10,874 10,578 10,837 19,797

` ` ` `

` ` ` `

` ` ` `



Fund Managed by - Sanjay Shah & Piyush Harlalka

Last 7 Daysas on 31

March 2015

Last 15 Daysas on 31

March 2015

Last 30 Daysas on 31

March 2015

10.53% 9.39% 8.84% 8.95% 9.42% 8.98%

13.63% 10.39% 9.58% 8.97% 9.46% 8.82%

12.87% 10.21% 9.12% 8.84% 8.55% 8.40%

10,020 10,039 10,073 10,895 10,942 13,948

10,026 10,043 10,079 10,897 10,946 13,869

10,025 10,042 10,075 10,884 10,855 13,664

` ` ` ` ` `

` ` ` ` ` `

` ` ` ` ` `


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


`

`


35

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 HSBCAsset 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, without 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.

HSBCAsset Management (India) Private Limited,

16, V.N. Road, Fort, Mumbai-400001

Email: [email protected]

Website: www.assetmanagement.hsbc.com/in

Statutory Details & Disclaimers

35

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